芯源系統 (MPWR) 2026 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Monolithic Power Systems third-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝各位撥冗等候。歡迎參加 Monolithic Power Systems 2026 年第三季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Arthur Lee. Please go ahead.

現在我想把會議交給今天的發言人 Arthur Lee。請開始。

Earlier today, MPS released a written commentary on the results of its operations for the third quarter ended September 30, 2026. This document can be found on our website.

今天稍早，MPS 已就截至 2026 年 9 月 30 日止第三季的營運結果發布書面評論。該文件可在我們的網站上查閱。

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 risks and uncertainties. The 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 Q3 2026 earnings commentary and in our SEC filings, including our Form 10-K and Forms 10-Q, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

在開始之前，我想提醒各位，在今天的簡報過程中，我們可能會在 1995 年《私人證券訴訟改革法》所界定的範圍內，作出涉及風險與不確定性的前瞻性陳述與預測。可能導致實際結果與這些前瞻性陳述不同的風險、不確定性及其他因素，已在 Q3 2026 財報評論以及我們向 SEC 提交的文件（包括 Form 10-K 與 Form 10-Q）中的「安全港」聲明裡加以說明；上述文件可在我們的網站上查閱。我們的陳述以今日為準，且我們不承擔更新此資訊的任何義務。

Now, I would like to turn the call over to Tony.

現在，我想把電話會議交給 Tony。

Thanks, Arthur. Good afternoon, and for us, good morning from Shanghai, and welcome to our Q3 2026 earnings call.

謝謝你，Arthur。各位下午好；對我們而言，從上海這邊是早安，歡迎參加我們 2026 年第三季財報電話會議。

In Q3, MPS achieved another significant milestone, exceeding $1 billion in quarterly revenue for the first time. Q3 revenue of $1.2 billion was 22% higher than the second quarter of 2026 and 63% higher than the third quarter of 2025.

在第三季，MPS 達成另一項重要里程碑，季度營收首次突破 10 億美元。第三季營收為 12 億美元，較 2026 年第二季高出 22%，較 2025 年第三季高出 63%。

During the quarter, our capacity surpassed $6 billion in annual revenue support. We expect to have $8 billion of capacity in place by the second half of 2027 on our way to $10 billion in support of our rapidly expanding business.

本季期間，我們的產能已可支援年化營收超過 60 億美元。我們預期在 2027 年下半年前將具備 80 億美元的產能，並朝向 100 億美元邁進，以支援我們快速擴張的業務。

In our Enterprise Data end market, we saw strong demand across existing customers, which we expect to continue into 2027. In addition, using our in-house developed AI design tools, we significantly expanded our customer base in traditional areas as well as landing new wins in applications such as desktop AI designs.

在企業資料（Enterprise Data）終端市場方面，我們看到既有客戶的需求強勁，且預期將延續至 2027 年。此外，透過我們自研的 AI 設計工具，我們在傳統領域大幅擴展客戶基礎，並在桌上型 AI 設計等應用中取得新的勝利案（new wins）。

Beyond our strong Enterprise Data growth, in Automotive, we received first orders for our 48-volt power solutions and expect design wins for 48-volt and zonal architectures to be a driver of growth in 2027.

除了企業資料業務的強勁成長之外，在車用（Automotive）方面，我們已收到 48 伏電源解決方案的首批訂單，並預期 48 伏與分區（zonal）架構的設計導入（design wins）將成為 2027 年的成長動能。

We started ramping robotic solutions with sensor and motor control products across multiple geographies. We continue to increase our SAM with the ramp of our high-speed memory products. We landed our first large data converter design win, which we expect to ramp next year. And we continue to build out our high-voltage portfolio and began sampling GaN-based solutions for use in 800-volt data center architectures, complementing our existing silicon carbide-based designs.

我們已在多個地區開始放量（ramp）機器人解決方案，涵蓋感測器與馬達控制產品。隨著我們高速記憶體產品的放量，我們持續擴大 SAM（可服務市場規模）。我們拿下首個大型資料轉換器（data converter）設計導入案，預期將於明年放量。我們也持續擴充高電壓產品組合，並開始提供以 GaN 為基礎的解決方案樣品，用於 800 伏資料中心架構，與我們既有的碳化矽（silicon carbide）設計相互補強。

And finally, in Q3, we repurchased over $450 million of our own stock.

最後，在第三季，我們回購了超過 4.5 億美元的自家股票。

Overall, we see accelerated growth. Our diversified growth strategy is paying off.

整體而言，我們看到成長正在加速。我們多元化的成長策略正在發揮成效。

Operator, you may now open the webinar for questions.

接線員，您現在可以開放線上會議進行提問。

(Operator Instructions) Tore Svanberg, Stifel.

(接線員指示) Tore Svanberg，Stifel。

Yes, thank you. Michael and Tony, congratulations on that $1 billion milestone. And to you, Tony, congratulations on your CFO appointment.

好的，謝謝。Michael 和 Tony，恭喜達成 10 億美元的里程碑。另外也恭喜你，Tony，獲任命為 CFO。

I guess for my first question, you talked about accelerated growth. I was hoping you can maybe elaborate a little bit of that. I mean, I'm sure you're not going to give us calendar '27 guidance, but you are on track to growing 50%, 60% this year. And especially in light of your $8 billion capacity and then $10 billion, when could we potentially see $10 billion capacity in place? Thank you.

我想先問第一個問題：你們提到成長加速。我希望你們能再多談一點。我的意思是，我知道你們不會提供 2027 年的年度指引，但你們今年看起來有望成長 50%、60%。特別是考量你們 80 億美元、以及之後 100 億美元的產能規劃，什麼時候我們可能看到 100 億美元的產能到位？謝謝。

Yeah. Thanks, Tore. See, as Tony mentioned is only a few items, so we see beyond that. And I see this explosive growth period in the next few years. And even this year, you see the first nine months. And we don't see anything -- any signs of the slowdown.

是的，謝謝你，Tore。你看，正如 Tony 提到的只是其中幾個項目，所以我們看到的不只如此。我認為未來幾年會進入一段爆發式成長期。即使是今年，你看前九個月的表現。我們沒有看到任何——任何放緩的跡象。

Yeah. The other thing I'd add is I think as we've come into the second half, you started to see growth across multiple of our end markets, including like auto, which the ramp started here in Q3, and we've talked about continuing here through the second half. And then as we start to see applications like robotics begin to ramp, we'd expect that then to continue into the future.

是的。我想補充的是，我認為進入下半年後，你開始看到我們多個終端市場的成長，包括像車用，這一季（第三季）開始放量，我們也談到會在下半年持續。另外，當我們開始看到像機器人這類應用開始放量時，我們預期也會在未來持續延伸。

So I think it's not just the existing businesses, it's adding on the additional growth areas over time, which is really giving us confidence going forward.

所以我認為不只是既有業務，而是隨著時間推進把額外的成長領域疊加上去，這也是讓我們對未來更有信心的原因。

Very good. And as my follow-up, you mentioned the 800-volt GaN product sampling. Now that you are sampling GaN, could you maybe elaborate a little bit more, help us understand a little bit more the positioning there? Is this vertical GaN? Is it horizontal GaN? Is it your own process? Any more color you can help us there? And when do you expect to start to see some 800-volt GaN revenue? Thank you.

很好。接著我的追問：你們提到 800 伏 GaN 產品正在送樣。既然你們已在送樣 GaN，能否再多說一些，幫助我們更理解你們在這方面的定位？這是垂直 GaN 嗎？還是水平 GaN？是你們自己的製程嗎？你們能否提供更多細節？另外，你們預期何時會開始看到一些 800 伏 GaN 的營收？謝謝。

Yeah. We let -- it is based on MPS own development, which is later than we developed silicon carbide device. And we start to sampling that this type of solutions. We let our customers choose in either using GaN, the GaN is a new technology for everyone. And for everyone adopting it in the data centers and the industrial automotive type of applications. This is the first time.

是的。我們——這是基於 MPS 自主開發，相較於我們開發碳化矽元件的時間點更晚。我們開始對這類解決方案進行送樣。我們讓客戶自行選擇是否採用 GaN；GaN 對所有人而言都是新技術。而在資料中心以及工業、車用這類應用中導入它，這是第一次。

And we are always very cautious about the reliability. We want to achieve below 1 ppm failures and for these modules. And we let our customers choose, GaN or silicon carbide. Silicon carbide is known, we know the data.

而且我們一向對可靠度非常謹慎。我們希望這些模組的失效率能達到低於 1 ppm。我們讓客戶選擇使用 GaN 或碳化矽。碳化矽是已知的，我們掌握相關數據。

And so that's a very high reliability product and GaNs we have to ship somewhere 50 million units before we can say this is a good -- this is a new one for GaN, but we let our customers choose.

因此那是一個可靠度非常高的產品；而 GaN 我們必須出貨到大約 5,000 萬顆之後，才能說這是好的——這對 GaN 來說是新的，但我們讓客戶自行選擇。

Yeah. I'll just add on it, I think all of the experience -- I was just going to add a few things there. This is just the experience we've already gained in data center, I think, puts us in a really good position to do what Michael is talking about in terms of making sure we can meet all the standards that customer requires.

是的。我再補充一下，我想我們所有的經驗——我只是想再加幾點。我們在資料中心已累積的經驗，我認為讓我們處於非常有利的位置，去做 Michael 所說的事情，也就是確保我們能符合客戶所要求的所有標準。

You asked a question on the timing of it. I think right now, we're still -- we've always kind of been late in '27 for I think kind of the 800-volt kind of architecture ramps with probably more in '28. I don't think our thinking on that has changed. We're just obviously getting ahead of that design work now.

你問到時程問題。我想目前我們仍然——我們一直以來的看法大致是，800 伏這類架構的放量大概會在 2027 年偏後期，且 2028 年可能會更多。我認為我們對此的看法沒有改變。我們只是顯然現在就先把設計工作提前進行。

Yeah, even for our customers, they use both. They don't want to have a failure either. They use both solutions.

是的，即使對我們的客戶而言，他們也兩者都用。他們也不希望發生故障。他們兩種解決方案都會採用。

Makes a lot of sense. Congrats again. Thank you.

很有道理。再次恭喜。謝謝。

Rick Schafer, Oppenheimer & Co.

Rick Schafer，Oppenheimer & Co.。

Thanks, and congratulations to you guys, and congratulations, Tony, on the appointment.

謝謝，也恭喜你們各位，並且恭喜 Tony 獲得任命。

If I could ask a question on storage and compute for my first one, I was hoping maybe you could level set us on some of the moving parts in there. I mean, how does that segment split now if you look at SSD, HDD, DDR5, PMIC versus the PC, the VCore power piece? Because I know we all see PC units tracking down about 20% here in the second half. So I'm just curious, is that kind of what you guys are seeing on the PC side of that segment? And then how much is the storage piece growing and what's it contributing?

如果我第一個問題可以問一下儲存與運算方面，我希望你們能幫我們釐清其中一些變動因素。我的意思是，如果看 SSD、HDD、DDR5、PMIC，相對於 PC 端的 VCore 供電這一塊，這個事業部現在的拆分是怎麼樣？因為我知道我們都看到 PC 出貨量在下半年大約下滑 20%。所以我很好奇，你們在這個事業部的 PC 端看到的情況是否也是如此？另外，儲存那一塊成長多少、貢獻了多少？

Yeah, Rick, let me start, and then I'll let Michael come in. I think just kind of mechanically, if you look at it, the big driver of growth in that segment has been the DDR5, primarily on the PMIC solution. As we said, we're just starting the high-speed journey on the DDR5.

好的，Rick，我先回答，然後再請 Michael 補充。我想從比較機械式的角度來看，這個事業部成長的最大驅動因素是 DDR5，主要是在 PMIC 解決方案上。如同我們所說，我們才剛開始 DDR5 的高速旅程。

We have seen pretty healthy growth over the past year or so on the hard disk drive and SSD part of that storage business as well. But clearly, DDR5 is the biggest portion of that.

在儲存業務中，硬碟（HDD）與 SSD 這一部分，在過去一年左右我們也看到相當健康的成長。但很明顯，DDR5 佔比最大。

On notebook, sort of tactically, yeah, I think we're -- we've been talking about this, and that's what we're seeing as well, right? We're seeing not the same strength on notebook due to what's happening downstream with some of the memory constraints.

至於筆電，從戰術面來看，是的，我想我們——我們一直在談這件事，而我們看到的情況也一樣，對吧？由於下游一些記憶體供給限制的影響，我們在筆電端沒有看到同樣的強勁力道。

But I think, if you look forward, I think we're still pretty bullish on notebook in the long term because we have really good technology and good share. And then I think there's applications around AI that will continue to build out over time at the edge, of which notebook will play a part.

但我認為，往前看，長期而言我們對筆電仍然相當看多，因為我們有非常好的技術與不錯的市佔。另外，我認為圍繞 AI 的應用會隨時間在邊緣端持續擴展，而筆電也會在其中扮演一部分角色。

So I think what you're seeing in the short term around notebook tracks with what you're seeing, Rick. But I think long term, I think we're still pretty high on what notebook could be for the company.

所以我認為你在短期看到的筆電情況，與你所看到的趨勢一致，Rick。

For that segment, we have a new products like a clock drivers and RCD. These all lined up and other than in addition to our power management product. These will be lined up for revenue in 2027 or '28. And we see even '28, these products will really ramping up. So that's part of a TAM is much bigger than power management.

在這個事業部，我們有一些新產品，例如時脈驅動器（clock drivers）與 RCD。這些產品都已就位，並且除了我們的電源管理產品之外，也會一併布局。這些產品預計在 2027 或 2028 年開始貢獻營收。而我們甚至看到在 2028 年，這些產品將會大幅放量。

And the notebooks, as Tony mentioned it, we will see this as a very fast growing market segments because after the manufacturing capacity opens up, that the segment will grow along with the desktop.

至於筆電，如 Tony 所提到的，我們會把它視為成長非常快的市場區隔，因為在製造產能開出之後，該區隔將會與桌機一起成長。

If you sum that up a little bit, what we said for kind of the segment overall is with the puts and takes, it could be kind of flattish, up a couple of points year over year is kind of how we positioned it, but it's really a tale of two cities, as we've talked about with really strong storage and then the TAM just being limited on the notebook side.

如果把這些稍微總結一下，我們對整體事業部的說法是：在各種利多利空拉扯下，年對年可能大致持平、或小幅成長幾個百分點，這是我們的定位。

Got it. And then if I could -- this is your first call with the CFO moniker. And I'm curious how you look at OpEx growth going forward? I mean, any meaningful changes to the prior targets that you guys have laid out? I mean, at these type of top-line growth rates that Tore called out, 50%, 60% type top line, how fast can you actually scale R&D, et cetera? It seems like we're -- it seems like you guys are set for some pretty material operating leverage to be flowing through the model. Is that the right way to be thinking about it? Any rules of thumb in there?

了解。另外，如果我可以——這是你以 CFO 身分的第一通電話。我很好奇你如何看待未來 OpEx 的成長？你們先前提出的目標，有沒有任何重大變動？我的意思是，在 Tore 提到的那種 50%、60% 的營收成長率下，研發等費用實際上能以多快的速度擴張？看起來——看起來你們的模型應該會有相當可觀的營運槓桿流入。這樣理解對嗎？有沒有什麼經驗法則可以分享？

Let me answer that part of the question, Rick. I never believe the big dollars R&D equivalent to a bigger result. It's -- for our business, it's inversely proportional to that. We just need some good ideas, good people that we're going to make everything happen.

Rick，我來回答這部分。我從來不相信研發投入的大筆金額就等同於更大的成果。對我們的業務而言，兩者反而是成反比的。我們只需要一些好點子、好人才，就能讓一切成真。

So I think, Rick, you're not going to see us necessarily change our model. What we've seen pragmatically, though, as we start to get to higher levels of growth that we start to fall below our model range in terms of we just can't spend money that fast.

所以我想，Rick，你不會看到我們一定要去改變我們的模型。不過從務實面來看，當我們開始達到更高的成長水準時，我們會發現實際的支出會低於模型區間，因為我們就是沒辦法那麼快把錢花出去。

But I completely can agree with Michael on that. It's about the efficiency of the R&D and the people that you get versus just spending more. But in general, I'd say at the growth rates that we've seen, for example, this year, you're going to fall below the model from an OpEx perspective.

但我完全同意 Michael 的看法。重點在於研發效率，以及你找到的人才，而不是單純花更多錢。但整體而言，我會說以我們看到的成長率——例如今年——從 OpEx 的角度，你會看到我們低於模型。

Thanks again, and congrats to you, guys.

再次感謝，也恭喜你們各位。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Hey, guys. I'll echo my congratulations and Tony, congratulations on the new role. I guess I want to start with the Enterprise Data. Last quarter, you gave us a floor of 130%. With September results and December guidance, it kind of looks like you're tracking to maybe 150% growth. But wondering, Tony, if you might be able to level set us what a new floor growth for Enterprise Data might be?

嗨，各位。我也要再次表達恭喜，Tony，也恭喜你擔任新職務。我想先從企業資料（Enterprise Data）開始。上季你們給了我們 130% 的底線。從 9 月的結果與 12 月的指引來看，似乎你們的成長可能在追蹤到約 150%。但想請教 Tony，你是否能幫我們釐清一下，企業資料這一塊新的成長底線可能會是多少？

And then I know it's early, but any sort of thoughts on that segment as you look into 2027, what kind of growth rate you might be looking at in the forward case? And then I've got a follow-on in the comms business.

另外我知道現在還早，但當你們展望 2027 年時，對該事業部在較長期情境下可能的成長率，有沒有任何想法？然後我還有一個關於通訊業務的追問。

Sure. Let me start just kind of with the -- to answer your question, straight. I think at this point, given what we've seen in Q3 and Q4, we're comfortable raising the floor from -- we were at 130% year over year. But to your point, I think we're comfortable with a floor of 150% year over year now going forward.

當然。我先直接回答你的問題。我想以目前的情況來看，基於我們在第三季與第四季看到的表現，我們有信心把底線上調——先前我們的年對年底線是 130%。但如你所說，我們現在有信心把年對年成長的底線提高到 150%，並作為未來的基準。

On 2027, I think it's a little early for us to go put a percentage out at this time, but I'll start and Michael, I'm sure, will follow up in that. Structurally, the growth drivers that we're seeing this year are all intact whether you see the diversification of customers, the growth in modules, the content gains as new platforms roll out.

至於 2027 年，我認為現在要給出一個百分比還稍早，不過我先說，Michael 也一定會補充。從結構面來看，我們今年看到的成長驅動因素都仍然完好無缺，包括客戶多元化、模組成長、以及隨著新平台推出所帶來的內容價值提升。

And I think over time, as you start to see even stronger growth in GPU potentially driven by the agentic AI workloads, that's going to be even a further tailwind out in time.

而且我認為隨著時間推進，若 GPU 因代理式（agentic）AI 工作負載而帶來更強勁的成長，這也會在更長的時間維度上形成額外的順風。

So while a little early to call next year, I feel really good about the growth drivers.

所以雖然現在要預測明年還有點早，但我對這些成長驅動因素感到非常有信心。

Well, I see in the next years and beyond next years, and I'm very excited to see that we build our own data centers. And as Tony mentioned earlier, the result is a tremendous improvement. And so this is not in the data centers, but in MPS own servers. And all these server, we believe -- I believe it will change and change to a GaN type of servers, and again the hardware will change and that will trickle down to desktops and even the notebook I said earlier.

我看到在未來幾年以及更長遠的未來，我對我們自建資料中心這件事感到非常興奮。而如 Tony 先前提到的，成果是非常顯著的改善。因此這不只是在資料中心，而是在 MPS 自有的伺服器上。而這些伺服器，我們相信——我相信——將會轉向 GaN 類型的伺服器；同樣地，硬體會改變，而這也會向下滲透到桌機，甚至我先前提到的筆電。

And this type of growth, it will trickle down in the next year and the year after. We see those trends, these design activities is really happening. And so this is not only this year, not only in the data centers, it will trickle down to all other areas.

而這類成長會在明年以及後年逐步向下滲透。我們看得到這些趨勢，這些設計活動確實正在發生。因此，這不僅是今年、不僅是在資料中心，還會擴散到其他所有領域。

Do you have follow-up accounts?

你有後續追問的客戶嗎？

Yeah. It's obviously congrats on the nice growth. I think it was 43% sequentially. It really looks like it was a breakout quarter in September. Wondering if that was primarily driven by optical modules? Or are you seeing a broader set of contributors to that growth? And just any thoughts into the December quarter? Does that sort of pace of growth continue into December?

有的。首先恭喜你們有很漂亮的成長。我想按季成長顯然是 43%。看起來 9 月那一季真的是突破性的一季。想請教這主要是由光學模組帶動的嗎？還是你們看到有更廣泛的成長貢獻來源？另外對 12 月季度有什麼看法？這樣的成長速度會延續到 12 月嗎？

It's a great question. And to take us back here, obviously, coming into the year, we obviously had very strong growth in optical modules. And what we added beginning of the year is what we've been calling the switch business.

這是個很好的問題。回到背景來看，顯然我們在年初時，光學模組的成長非常強勁。而我們在年初新增的，是我們所稱的交換器（switch）業務。

And I know I've talked about this before. But to answer your question, why are you starting to see the accelerated growth in that particular end market is because you are adding both of those growth drivers together, and we saw the effect really in Q3.

我知道我之前談過這點。但回答你的問題：為什麼你開始看到那個特定終端市場的成長加速，是因為你把這兩個成長驅動因素加在一起，而我們在第三季（Q3）確實看到了效果。

And I think for the year, we've been positioning it is it's -- I think comms is going to be our second fastest-growing end market for sure. It won't be quite as fast as Enterprise Data, but certainly won't be far behind. And just like Enterprise Data, I think if you go into next year, all of those growth drivers are intact. On optical modules, you see the transition to 1.6. That's not just a volume play, but there's a content play there as well.

我想就今年而言，我們一直把它定位為——我認為通訊（comms）肯定會是我們第二快成長的終端市場。它不會像企業資料（Enterprise Data）那麼快，但肯定也不會差太多。而且就像企業資料一樣，我認為如果你看向明年，所有這些成長驅動因素都仍然存在。在光學模組方面，你會看到往 1.6 的轉換。這不只是出貨量的題材，內容價值（content）也會提升。

And then certainly, as we continue to build out additional sockets in the switch business, that's going to be a driver of growth as well.

然後當然，隨著我們持續在交換器業務中擴增更多插槽（socket），那也會成為成長的驅動因素。

So I think right now, we really like the comms business, not just this year, but going into next year.

所以我認為目前我們非常看好通訊業務，不只是今年，進入明年也是如此。

And on the macroeconomy and market segment predictions, I only care what is the design activity and what our customers are excited about it, what we're excited about it, all these new technology, new product introductions. And as I said earlier, all these segments, we introduced the new product and all the design activities that give us an indication clearly the growth for even beyond next year.

至於總體經濟與市場區隔的預測，我只在乎設計活動是什麼、我們的客戶對什麼感到興奮、我們自己對什麼感到興奮——所有這些新技術、新產品導入。而且如我先前所說，在所有這些區隔中，我們推出新產品與所有設計活動，清楚地給了我們一個指標，顯示成長甚至會延伸到明年之後。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my question. Congrats on the results, and echoing the congrats to Tony on the CFO gig. Best of luck.

嗨，各位。謝謝讓我提問。恭喜你們的成績，也再次恭喜 Tony 擔任 CFO 的職務。祝一切順利。

I'll stick with policy and ask one on Enterprise Data and then one on another segment. Maybe can you comment on the diversity of Enterprise Data? Like how has that business evolved over the last year or two and looking into 2027? I would just be curious to hear how much you see coming from GPUs versus ASICs or even any comments you can help us on how much is coming from modules versus discrete at this point and expectations into '27? Thank you.

我會遵守規則，先問一題企業資料（Enterprise Data），再問另一個區隔。你們能否談談企業資料業務的多元性？例如這個業務在過去一兩年如何演變，以及展望到 2027 年？我也想了解你們看到的來源中，GPU 相對於 ASIC 的占比如何；另外也想請你們協助評論一下，目前模組（modules）相對於分立元件（discrete）的貢獻大概如何，以及對 2027 年的預期？謝謝。

Yeah. Modules versus the chip design, chip power supplies, and then ICs on the chip all of them. I mean, even for the server side, and okay, we see some -- many activities and going through using modules because of the high current high-power demand. That's my comment. And it's all segments -- from growth -- the real growth percentage, I'll let Tony to --

是的。模組相對於晶片設計、晶片電源供應，還有晶片上的 IC——全部都有。我的意思是，即便在伺服器端，我們也看到一些——很多活動正在轉向使用模組，因為有高電流、高功率的需求。以上是我的評論。至於各區隔——從成長——實際的成長百分比，我讓 Tony 來——

Yes, I think -- and that -- I think it's an important point around this customer diversity that starting in the middle of 2025 until now, what we've seen is a really rapid growth in a lot of ASIC customers, which again are primarily using modules over time. And so that's benefited from a revenue diversity perspective as those carry the higher ASP associated with that.

是的，我認為——而且——我覺得這是關於客戶多元性的一個重要觀點：從 2025 年年中到現在，我們看到許多 ASIC 客戶非常快速地成長，而這些客戶隨時間推進主要是採用模組。因此，從營收多元化的角度來看，這帶來了好處，因為模組通常對應較高的平均售價（ASP）。

I think furthermore, what Michael was talking about in terms of how we've been using AI to create scale to allow us to go address even a longer tail of small customers over time, which may be big customers in the future. And that's really what we try to do, go in every socket, not knowing who ultimately in the long term might grow into a sizable customer.

我想更進一步，Michael 談到我們如何運用 AI 來建立規模，使我們能隨時間推進去服務更長尾的小型客戶——這些客戶未來可能會變成大客戶。這正是我們努力在做的：進入每一個插槽（socket），因為我們不知道長期來看，最終誰會成長為具規模的客戶。

Yeah. All we clearly see is that we have the huge beneficial from these artificial environment, these artificial intelligence based on these large language model. Of course, MPS (inaudible) is internal. And it benefit us, it will benefit for everybody. And that's where I'm very optimistic about this, and our growth trend will continue.

是的。我們清楚看到，我們從這些人工環境、這些以大型語言模型為基礎的人工智慧中獲得了巨大的助益。當然，MPS（聽不清）是內部的。它讓我們受益，也會讓所有人受益。這也是我對此非常樂觀的原因，我們的成長趨勢會持續。

Thank you, both, for the color there. Maybe in the same theme of starting with small sockets that become big opportunities. Any context you can provide on how much revenue contribution we can expect from the initial high-speed data converter design win? And how big is that TAM as we think about you growing into this new market? Thank you.

謝謝兩位提供的說明。延續同樣的主題：從小插槽開始，最後變成大機會。你們能否提供一些背景：初期高速資料轉換器（high-speed data converter）設計案的 design win，預期能帶來多少營收貢獻？以及當我們思考你們在這個新市場的成長時，這個 TAM（可服務總市場）有多大？謝謝。

Yeah. This is -- we can't tell because we have -- we just counted, these are over -- conservatively well over 6,000 products. And we continue to develop newer products.

是的。這個——我們無法說，因為我們——我們剛統計過，保守估計產品數量遠超過 6,000 項。而且我們持續開發更新的產品。

So what we do is we do every segment in our best, far better than -- or to meet the new market demand. And we are much faster than any of our competitors. And as long as we do, the segments do the best and the revenue will come. And we don't -- we just don't know what -- which segment.

所以我們做的是：在每個區隔都做到最好，遠遠優於——或至少能滿足新的市場需求。而且我們比任何競爭對手都更快。只要我們做到這點，各區隔都做到最好，營收自然就會來。而我們——我們就是不知道會是——哪一個區隔。

Seven, probably eight years ago, we look at our product lines, look at the optical market segment, one of the perfect example. We didn't know today was that high demand. And we got it in there. We serve our customers regardless of the large or small. And that's what happened today. I cannot predict next 10 years, next 5 years, we will be bigger, and we serve our small customers well.

大概七、八年前，我們檢視我們的產品線，看看光學市場區隔，這就是一個很好的例子。我們當時不知道今天的需求會這麼高。但我們先切入了。不論客戶大或小，我們都服務。而這就是今天發生的事。我無法預測未來 10 年、未來 5 年，但我們會變得更大，而且我們會把小客戶也服務好。

Yeah. I think -- and again, to Michael's point, we're not ready to call the long term. We're just beginning that process. So I wouldn't necessarily say it moves the needle here in 2026. And I think as we get into next year, we'll talk more and see how that ramp goes.

是的。我想——同樣回到 Michael 的觀點，我們還沒準備好去談長期。我們才剛開始這個過程。所以我不一定會說它在 2026 年就能帶來顯著影響。我想等我們進入明年，我們會談得更多，也會看看爬坡（ramp）進展如何。

Understood. Thank you, both.

了解。謝謝兩位。

Will Stein, Truist Securities.

Will Stein，Truist Securities。

Great. Thanks for taking my question. First, on data center vertical power. I think there's still one meaningful customer doing lateral, and I'm wondering if you can comment as to whether you think that converts to vertical in the coming year and whether that would necessarily require a module from you instead of some other sort of solution.

很好。謝謝讓我提問。首先關於資料中心的垂直供電（vertical power）。我想目前仍有一個重要客戶在做橫向（lateral），我想請你們評論一下：你們是否認為它會在未來一年轉為垂直？以及這是否必然需要你們的模組，而不是其他類型的解決方案？

Certainly. Okay, I don't want to speak for our customers, in particular that one customer. But I said earlier, and you know that what we did in the -- we predicted in the 2016 -- and for the server market, MPS solution is so small, and we have to use the adapter to meet the common footprint.

當然可以。好，我不想替我們的客戶發言，尤其是那一位客戶。但我先前說過，而且你也知道，我們在——我們在2016年的預測中——針對伺服器市場，MPS 解決方案的尺寸非常小，因此我們必須使用轉接器來符合通用的占板面積（footprint）。

And so when -- for the server market segment, we predicted and if you go above 600, 700 watts and you run out of peripheral and you have to use a smaller footprint. But the server GPU never get that never get to the 600, 700 watts, but the GPU did it.

因此當——就伺服器市場區隔而言，我們的預測是：如果你超過600、700瓦，周邊空間就會不夠，你就必須採用更小的占板面積。但伺服器 GPU 從來沒有——從來沒有到600、700瓦，不過 GPU 做到了。

And as GPU power increase, I don't have a generalized numbers, okay? It will -- the power goes up, you run out of peripheral, you have to do vertical. And we said this many years earlier. I still believe that very logical to me.

而隨著 GPU 功耗增加，我沒有一個通用的數字，好嗎？它會——功率上升後，你的周邊空間會用完，你就得做垂直化（vertical）。而我們在很多年前就這麼說了。我仍然相信，這對我來說非常合乎邏輯。

Yeah. I mean, I'm just going to echo Michael. I think that we won't speak for that. Most of the industry has already moved to modules, and that's what we've seen in terms of content gains as well as the volume gains as we've gone through Enterprise Data. And I think that will be a great question for our customers. Yes, take a last (inaudible).

是的。我的意思是，我只是呼應 Michael。我想我們不會替那個（客戶/情況）發言。產業大多數已經轉向模組化，而我們在企業資料（Enterprise Data）一路走來，也在內容量提升以及出貨量提升上看到了這點。我想這會是問我們客戶的好問題。是的，最後再（聽不清）。

Great. And a different topic. Someone asked about the OpEx leverage. And I guess, I understand that for the time being, with the rapid growth, you're going to sort of undershoot on spending, overshoot on margins. What about gross margin? I think the company has talked for a long time about 10 to 20 bps per quarter gross margin expansion. There was a time when you weren't in that range, and it seems like you are today. Any likelihood that because of the growth, you could exceed that expansion rate, or should we still think about 10 bps to 20 bps is likely? Or any update there would be helpful. Thank you.

很好。換個話題。有人問到營業費用（OpEx）的槓桿。我想，我理解目前在快速成長下，你們會在支出上相對保守、在利潤率上相對超前。那毛利率呢？我想公司長期以來一直談到每季毛利率擴張10到20個基點（bps）。曾經有一段時間你們不在那個區間，但看起來現在又回到那個區間。是否有可能因為成長而超過那個擴張速度，還是我們仍應該認為10到20個基點比較可能？或任何更新都會很有幫助。謝謝。

No. And thanks for calling out. Yes, you saw that we obviously did increase 10 basis points here in Q3. The midpoint of our guide in Q4 is kind of another 10 basis points. So I think we're kind of squarely in the model that we like, right? 55% to 60% is the sweet spot for sure. And within that being kind of slow, methodical about expansion.

不會。也謝謝你點出這點。是的，你看到我們在第三季（Q3）確實提升了10個基點。我們對第四季（Q4）的指引中位數大概也是再增加10個基點。所以我想我們正好落在我們喜歡的模型裡，對吧？55%到60%肯定是甜蜜點。而在這個區間內，以緩慢、循序漸進的方式擴張。

I think we're going to continue on that path. Structurally, I feel pretty good about that. We'll see what happens in the future.

我想我們會持續走這條路。從結構面來看，我對此相當有信心。未來會怎麼發展，我們再看。

But remember, what we don't want to do ever is put a bunch of gross margin in one quarter and then take it away the next quarter and move it around a bunch of --

但請記住，我們永遠不想做的是：在某一季塞進一大堆毛利率，下一季又把它拿掉，然後在——之間大幅來回挪動——

During the capacity constraint, we don't gouge our customers. And so we want to deliver to you guys a very consistent story. And I don't want to answer a question when the margins drops? And I want our MPS to keep it same business, same performance year over year -- quarter over quarter, year over year.

在產能受限期間，我們不會對客戶漫天要價。因此我們希望提供給各位的是一個非常一致的故事。我不想在毛利率下滑時還要回答這種問題。我希望我們的 MPS 維持同樣的生意、同樣的表現——季對季、年對年都一致。

That's right. So I think the model still holds. I'm very comfortable with that. And I think you called it out, but I'll highlight it again. I think if you look at the flow-through to operating margin, we've been growing operating margin, it's kind of a point a quarter almost. So we've seen a lot of expansion on the operating margin line.

沒錯。所以我認為這個模型仍然成立。我對此非常放心。而且你也提到了，我再強調一次。我想如果你看營業利益率的流量（flow-through），我們的營業利益率一直在成長，幾乎每季增加約一個百分點。所以我們在營業利益率這一行看到很多擴張。

We are in a making money business. And that's all I would point here.

我們是在賺錢的生意裡。我在這裡想指出的就這些。

Next question, operator.

下一題，接線員。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yes, good afternoon. Just following from the prior discussion, maybe you could talk about how you're dealing with rising costs. And obviously, costs are going up a lot of different places. There's a lot of talk of foundry wafer prices going higher. So to what extent are you passing that along?

是的，下午好。延續前面的討論，也許你們可以談談如何因應成本上升。顯然，很多地方的成本都在上升。市場上也有很多在談晶圓代工（foundry）晶圓價格上漲。所以你們在多大程度上把這些成本轉嫁出去？

And as you go forward, does any of that result in pricing or any kind of revenue tailwind as you have to absorb some of those costs and pass them along to customers?

另外往前看，這是否會在定價上反映，或在你們必須吸收部分成本、並將部分成本轉嫁給客戶時，形成某種營收順風（tailwind）？

We definitely absorb some of the cost increase, and not that we don't increase the price. And we some -- we share the cost with -- the cost increase with our customers.

我們確實會吸收一部分成本上升，但也不是說我們不調漲價格。我們會——我們會與客戶分攤——這些成本上升。

Yeah, I think that's right, Chris. And I think if what you're asking is from some of the results, how much of that is from pricing, it's really not a significant contributor to the revenue growth that we've had. We are more just making sure that we don't dilute ourselves on the gross margin line.

是的，我想你說得對，Chris。我想如果你問的是：從一些結果來看，其中有多少是來自漲價，其實它並不是我們營收成長的重要貢獻因素。我們更多是在確保毛利率這一行不會被稀釋。

Yeah, our customers have a very long memory.

是的，我們的客戶記性很好。

Right. Okay. Thanks for that. As a follow-up, it's a question on the 800-volt transition. And I know there's a lot of noise out there with regard to the pace of that transition. What -- in terms of MPS, how important is that to you in '27?

對。好，謝謝。追問一題，關於800伏轉換。我知道外界對於這個轉換速度有很多雜音。就 MPS 而言，這在你們2027年有多重要？

And I guess, maybe the question is, is it really 800 volts a very material driver of content in the EV segment, or is the majority of that still going to wind up in the existing low power -- I'm sorry, low-voltage designs?

我想問題也許是：800伏是否真的是電動車（EV）區隔內容量（content）的重大驅動因素，還是其中大部分最終仍會落在既有的低功率——抱歉，低電壓設計上？

Yeah, we don't want to add more voices, okay? We don't talk about it until the revenue for sure will come, okay? I do see the revenue for sure will come. Not this quarter, not next quarter, probably end of the '27 and 2028. And it's clearly the DC supply for high power demand and will be the trend, will be the data center, all will convert it to that. And the power savings is, I think, beyond like single-digit percentage improvement versus the traditional power supply.

是的，我們不想再增加更多聲音，好嗎？在我們確定營收一定會來之前，我們不會談它，好嗎？我確實看到營收一定會來。不是這一季，也不是下一季，可能是2027年底以及2028年。而且這很明顯是針對高功率需求的直流供電（DC supply）的趨勢，資料中心也都會轉向這個。而節能幅度，我認為相較於傳統電源供應器，不只是個位數百分比的改善。

I see this is even beyond the data center. And if the data center can improve, let's say, 5%, where do you get the 5% money returns? And all the commercial building, even residential, they all can be like this, 400 volt these are in -- there will be -- in Europe will be 800 volts in US will be 400 volts. And that these will be a significant power savings across the board. That's what I'm excited about this opportunity now.

我認為這甚至不只是在資料中心。如果資料中心能改善，比如說5%，那5%的回報從哪裡來？而所有商用建築，甚至住宅，都可以是這樣；400伏這些在——將會——在歐洲會是800伏，在美國會是400伏。而這些將會在各方面帶來顯著的節能。這就是我現在對這個機會感到興奮的原因。

Yeah. I mean, I'll even try to just address the question the other way, which is when we talked about our -- how we are excited about growth in Enterprise Data, it's not because we're -- we have a big built-in ramp on 800-volt. It's really around the existing customers, the new customers, transition to modules, all the things that we've been talking about, Chris.

是的。我的意思是，我甚至可以換個角度回答這個問題：當我們談到我們——為什麼我們對企業資料（Enterprise Data）的成長感到興奮，並不是因為我們——在800伏上有一個很大的內建放量（ramp）。而是圍繞既有客戶、新客戶、轉向模組化，以及我們一直在談的所有事情，Chris。

So if you're kind of trying to figure out how much of that excitement was just at 800-volt, I really think the business we have today is what we're confident in.

所以如果你是在試著判斷那股興奮有多少只是因為 800 伏特，我真的認為我們今天所擁有的業務，才是我們有信心的部分。

Yeah. MPS now we're using our own building do a lot experiment, using these 800 volts and using the technology and see what the power saving is.

是的。MPS 現在我們用自己的大樓做很多實驗，使用這些 800 伏特並運用這項技術，看看能省下多少電力。

Thank you. Next question.

謝謝。下一個問題。

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

Yeah, good afternoon, or good morning for you, guys. Thanks for taking the questions, and congratulations, Tony, on your appointment. I wanted to maybe just ask my first question, given some of the news around integrated voltage regulators and the acquisition of Empower by Analog Devices, maybe could you just give us your view on this technology and whether you see it as a competitive risk in the AI data center or the larger data center?

是的，下午好，或對你們來說是早安。謝謝讓我提問，也恭喜 Tony 獲得任命。我想先問第一個問題：鑑於近期關於整合式電壓調節器（integrated voltage regulators）以及 Analog Devices 收購 Empower 的一些消息，你能否談談你們對這項技術的看法？以及你們是否認為它在 AI 資料中心或更廣泛的資料中心市場構成競爭風險？

Yeah, we don't comment on other companies' activities. And we have our own solutions. We have our own and we can deliver whatever customer wanted. And this is not BS talks, we do have multiple beyond what you guys beyond the noise levels. And we have those technologies and we can deliver. And the GPU evolves very quickly, the power levels, the architecture and in terms of the power delivery. And we don't talk about those until we have -- we see -- clearly see where the revenue will come.

是的，我們不評論其他公司的動態。而且我們有自己的解決方案。我們有自己的方案，也能交付客戶想要的任何東西。這不是空口說白話；我們確實有多項技術，不只是你們聽到的那些雜音層級。我們具備那些技術，也能交付。而 GPU 演進非常快，無論是功率等級、架構，還是供電方式。在我們——清楚看到營收會從哪裡來之前，我們不會談這些。

Okay, great. That's helpful. We'll look forward to those announcements when those products are ready.

好的，很棒。這很有幫助。等產品準備好時，我們也期待你們的相關公告。

Maybe moving to something that's a little bit closer to your heart, Michael, which is the building automation opportunity. I think last quarter, you talked about $40 billion to $50 billion in size, but that the real bottleneck was the software still needed to catch up. Can you maybe just talk a little bit about the progress that's been made here as we get to the end of the year?

接著談一個可能更貼近你心頭好的主題，Michael，也就是樓宇自動化的機會。我記得上季你提到市場規模約 400 億到 500 億美元，但真正的瓶頸在於軟體仍需要追上。能否談談到年底為止，這方面的進展如何？

Well, good questions. That's my baby project. And we just have installed in our 1 million square feet building. That's in China. And we -- as I said just a minute ago, we're experimenting our own AC to DC power. These are for 800-volt supply. And for across the building -- and that project -- these projects just started. But in terms of turning to a $50 billion revenue will take some time. We don't know how to get there yet, but the goal is very clear, and we will get there. There's a lot of software involved in it.

這問題問得很好。那是我的寶貝專案。我們剛在我們一棟 100 萬平方英尺的大樓完成安裝。那在中國。而且——就像我剛才提到的，我們正在用自家的 AC 轉 DC 供電做實驗。這些是用於 800 伏特供電。而且是跨整棟大樓——那個專案——這些專案才剛開始。但要把它變成 500 億美元營收還需要一些時間。我們還不知道要怎麼走到那一步，但目標非常清楚，我們會達成。其中牽涉到很多軟體。

But on the hardware side, we pretty much have every single component. And our single -- our components, our chips, our module technology is far better than -- sorry to say these are the current existing technology. These are 50-year old, and we will do some significant improvement on it.

但在硬體端，我們幾乎擁有每一個元件。而且我們的元件、晶片、模組技術都遠優於——不好意思地說——目前既有的技術。那些技術已經 50 年了，我們會在這上面做出顯著的改進。

Great. Thank you.

很好。謝謝。

Kelsey Chia, Citi.

Kelsey Chia，花旗（Citi）。

Hi, Michael and Tony. Congrats on the great results again. And Tony, congrats on your well-deserved appointment.

嗨，Michael 和 Tony。再次恭喜你們有很棒的成果。Tony，也恭喜你獲得實至名歸的任命。

So my question is on the switching business. So to what extent is that contributing to the strong communications growth that we saw in third quarter? And how should we think about the ramp as we head into 2027 and if that business is accretive to gross margins?

我的問題是關於 switching（交換/切換）業務。它在多大程度上貢獻了我們在第三季看到的強勁通訊成長？以及展望 2027 年，我們應該如何看待其放量（ramp）？另外，這項業務是否能提升（accretive to）毛利率？

Yeah, I'll start on that one. So we're obviously not going to start guiding sub end markets a little bit. But certainly, from just a percentage basis, it's been growing very quickly, probably on a percentage basis, the fastest-growing sub end market inside of communications just because it started from a very low amount at the beginning of the year. As we go forward, again, I still think that and optical modules are going to be significant growth drivers for communications into 2027.

是的，我先回答這題。我們顯然不會開始對更細分的終端市場提供指引。但就占比而言，它確實成長非常快；可能以百分比來看，是通訊領域內成長最快的子終端市場，因為它在年初的基期非常低。往後看，我仍然認為它和光模組將會是通訊業務到 2027 年的重要成長驅動因素。

On the margin side, I think if you look at all of our end markets, plus or minus, they'll all operate around the corporate average because to Michael's point, we have north of 6,000, 7,000 products. And so if you look at the distribution of that, basically, what we said is as we grow this, we don't think growing one end market over another will necessarily take us out of our model.

在毛利率方面，我認為如果你看我們所有終端市場，上下浮動不大，基本都會落在公司平均附近；因為如 Michael 所說，我們有超過 6,000、7,000 個產品。所以如果你看那個分布，我們的意思是：當我們擴張時，我們不認為某一個終端市場成長快於另一個，就一定會讓我們偏離既有的營運模型。

And so right now, I would still take MPS as a total kind of in that 55% to 60% range with sort of the slow methodical expansion when we can provide it versus worrying about whether growth in one end market would take you out of model.

因此目前我仍會把 MPS 整體看作大約在 55% 到 60% 的區間，並在我們能提供的情況下，採取較慢且有節奏的擴張，而不是去擔心某個終端市場的成長會不會讓你偏離模型。

Got it. And my second question is on the industrial end market. I mean, very strong growth this quarter as well. What drove that strong growth this quarter? And if you could talk about the ramp of the robotic solutions? And how do you see that ramping in '27?

了解。第二個問題是關於工業終端市場。這一季成長也非常強勁。是什麼驅動了本季的強勁成長？另外也想請你談談機器人解決方案的放量進度。你們怎麼看它在 2027 年的放量？

The robotics, we -- I tried to enter the robotics in 2016. On the Analyst Day, we talked about robotics, that's the area we're focused on. We have a product for these sensors and motor controls -- and I didn't know what I was talking about, the revenue didn't come, okay? And now it shows up.

機器人方面，我——我在 2016 年就嘗試切入機器人領域。在分析師日（Analyst Day）上，我們談到機器人是我們聚焦的領域。我們有用於感測器與馬達控制的產品——但我當時其實不知道自己在講什麼，營收沒有來，好嗎？而現在它出現了。

And I think this is still at the very beginning, once the vision for the recognition and visual recognition and improved from using the AI-based vision improvement technology. These robots, as you know, they will propagate in everyday life.

我認為這仍然非常早期；一旦用於辨識與視覺辨識的能力，透過 AI 視覺增強技術而提升。如你所知，這些機器人將會在日常生活中普及。

So I see this -- that's the future. And the revenue would be significantly higher than that.

所以我認為這——那就是未來。而營收會顯著高於目前的水準。

Yeah. I think the only thing I'd add kind of on the overall segment is, I think this year, we still look at it as just piling up design wins in robotics and other places and really look for more of that in 2027.

是的。我想我唯一要補充、就整體部門而言：我認為今年我們仍把重點放在機器人及其他領域累積設計導入（design wins），並期待在 2027 年看到更多成果。

The growth in the quarter was fairly broad-based, but I think you start to see a lot of these other design wins come to turn into revenue in the future.

本季的成長相當廣泛，但我認為你開始會看到許多其他的設計導入在未來轉化為營收。

So I think that in kind of consumer and industrial, 2026, I think, really does still remain mostly about winning all the designs that support future growth.

所以我認為在消費與工業領域，2026 年仍主要是關於贏得所有能支撐未來成長的設計案。

Got it. Thank you.

了解。謝謝。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行（Wells Fargo）。

Yeah, thanks for taking the question, and my congrats as well, Tony.

是的，謝謝讓我提問，我也要恭喜你，Tony。

Maybe just kind of a finer point on the expansion of capacity to $8 billion. I can appreciate that you can't grow OpEx as fast and you don't need to grow as fast. But how do we think about like maybe some of the investments you have to make on the working capital side or go-to-market side to support that?

想更細一點追問一下產能擴張到 80 億美元這件事。我理解你們不可能讓營運費用（OpEx）成長得一樣快，而且也不需要成長那麼快。但我們應該如何看待你們在營運資金（working capital）或市場推進（go-to-market）方面，為了支撐這個目標所必須做的一些投資？

Yeah. I think on -- one of the nice things about being in a fabless model is we don't have to dig a hole and pour concrete into it.

是的。我認為——採用無晶圓廠（fabless）模式的一個好處是，我們不必挖個坑再往裡面灌混凝土。

We don't make it and it will wake our brain generally.

我們不自己製造，而這通常會讓我們的大腦保持清醒。

That's right. So we -- I don't anticipate at this point seeing a large increase in capital intensity just to go ramp this capacity, so it gives us a lot of flexibility.

沒錯。所以我們——就目前而言，我不預期為了擴產爬坡而看到資本密集度大幅上升，因此這給了我們很大的彈性。

As a matter of fact, I am personally just amazed at the amount of capacity we've been able to put on just even over the last year. And I think the operations team has done a tremendous job. But I don't see it necessarily reflecting the overall OpEx at this point or any kind of change to our capital structure just to put on that extra capacity.

事實上，我個人對於我們即使只在過去一年內就能增加的產能規模感到非常驚訝。我認為營運團隊做得非常出色。但我不認為在此時這必然會反映在整體營運費用（OpEx）上，或需要為了增加那部分額外產能而對我們的資本結構做任何改變。

Okay, thanks. And then maybe as a follow-up, I think auto is continuing to see some inflection. Can you just talk about the breadth of demand you're seeing there from a geographic perspective and how we think about like the design pipeline looking into '27?

好的，謝謝。接著可能追問一下，我認為汽車領域持續出現一些拐點。你能否談談從地理角度來看你們所看到的需求廣度，以及我們如何看待一路到 2027 年的設計導入管線？

It's, of course, geographic in US side, Europe side, and also in Asia, China. We see -- in China, particularly, we see a lot of activities. And so that's probably the world. And we -- as we said -- as I said earlier, we can't predict which market segment. And that's our diversified growth strategy.

當然，地理上涵蓋美國、歐洲，也包括亞洲、中國。我們看到——尤其在中國，我們看到很多活動。所以那大概就是全球的情況。而且我們——正如我們說過——正如我先前提到的，我們無法預測會是哪個市場區隔。這就是我們的多元化成長策略。

And some years, one segment is good, even with a mature market and some years, one market segment is good and the other one is not so good. And in the last few years, all of a sudden, the GPU market happened or the optical market and the revenue happened. And so we didn't anticipate it. We just provide the best highest performance product. Our customers will realize it.

有些年份，即使市場成熟，某個區隔表現仍然很好；有些年份，某個市場區隔很好，另一個則沒那麼好。而在過去幾年裡，突然之間，GPU 市場出現了，或是光學市場出現了，營收也隨之發生。所以我們並沒有預期到。我們只是提供最佳、最高效能的產品。客戶會意識到這一點。

Yeah. The only thing I'd add is I think the reason we've been pretty confident on the ramp in the second half is because it is so diverse amongst customers and regions and not dependent just on one.

是的。我唯一要補充的是，我認為我們對下半年爬坡相當有信心的原因，是因為客戶與區域分布非常多元，而不是只依賴單一客戶或單一地區。

You've seen that same level of customer diversity grow in auto over the past several years, like we've been talking about in Enterprise Data, and the pipeline is similar, right? It's very geographically diverse and very customer diverse. We were just very excited to start seeing some of the architectural transitions that we've been talking about in sort of 48-volt and zonal because those sort of form the next wave of growth for us.

你也看到在汽車領域，過去幾年客戶多樣性同樣在提升，就像我們在企業資料（Enterprise Data）所談到的那樣，而管線也類似，對吧？它在地理上非常多元，客戶面也非常多元。我們也很興奮開始看到我們一直在談的某些架構轉換，例如 48 伏特與區域化（zonal），因為這些將形成我們下一波成長。

We're not predicting what the market is.

我們不會去預測市場會怎麼走。

Next question.

下一個問題。

Last question.

最後一個問題。

Gary Mobley, with StoneX.

StoneX 的 Gary Mobley。

Good morning, gentlemen. Thanks for squeezing in my question. Congrats Tony, again.

各位先生早安。謝謝讓我插入提問。也再次恭喜你，Tony。

I wanted to ask about what you might be signaling in your capacity milestones. You're currently at $6 billion in production capacity, which I assume supports your 2027 outlook. It doesn't take much to get there, just extrapolating out Q4 revenue guidance. And you're expected to be at $8 billion in capacity exiting fiscal year '27. So should we think about that in terms of the revenue velocity exiting fiscal year '27?

我想問的是，你們在產能里程碑方面可能想傳達什麼訊號。你們目前的量產產能是 60 億美元，我假設這支撐你們對 2027 年的展望。要達到那個水準其實不需要太多，只要把第四季營收指引外推一下就可以。而你們預期在 2027 會計年度結束時產能達到 80 億美元。所以我們是否應該把這解讀為 2027 會計年度結束時的營收速度（revenue velocity）？

It doesn't take much to get there, oh, come on, this is the market that move the numbers. There's a lot of work behind it.

「不需要太多就能達到」——拜託，這可是會讓數字變動的市場。背後有很多工作要做。

Yeah. I'll add, so right now, I think what we're trying to strongly signal is that just like we've been doing in the past 20 years, we're making sure that capacity stays ahead of the business. And in a world where there's a lot of narrative around there being tightness, we wanted to be very clear to you and our customers how we're growing capacity to support that business.

是的。我補充一下：目前我認為我們想強烈傳達的是，就像過去 20 年我們一直在做的，我們會確保產能始終領先於業務需求。在一個市場敘事普遍認為供給吃緊的環境下，我們希望非常清楚地向你們以及我們的客戶說明：我們正如何擴增產能以支撐業務。

So I think, again, it's too early to go right into a quarterly revenue ramp and what that means for 2027. But we wanted to make sure it was loud and clear was that we see the demand coming, and we're going to make sure capacity is there to deal with it.

所以我認為，再次強調，現在就直接推到按季的營收爬坡以及這對 2027 年意味著什麼，仍然太早。但我們希望非常明確、清楚地表達：我們看到需求正在到來，而我們會確保產能到位以因應。

Thanks for that. And on inventory, I just want to confirm that the distribution inventory is still within that normal five- to eight-week range. And then it looks like your internal inventory is down to 117 days based on a forward revenue guide basis, and that's been trickling down. Are you inventoried properly to support sales, I guess, is really the question.

謝謝你的說明。另外關於庫存，我想確認一下，通路庫存仍在正常的 5 到 8 週區間內。然後看起來你們的內部庫存按前瞻營收指引來算已降到 117 天，而且一直在逐步下降。我想問的核心是：你們的庫存配置是否足以支撐銷售？

I think right now, we're still on the channel side, certainly in the lean end of our range like we've been for some time now. And internally, I think we grew dollars on a gross basis, but obviously, as the revenues ramp, that's come down from a day's perspective.

我認為目前在通路端，我們仍然處於區間的偏精實端，就像我們一段時間以來一直如此。而在內部方面，我認為我們以毛額口徑來看庫存金額是增加的，但顯然隨著營收爬坡，從天數角度來看就下降了。

So I think that our range certainly hasn't changed, and it's something that as we increase our capacity and our wafer starts, we'll make sure that we're positioned for the business. But right now, it's not limiting us on the business.

所以我認為我們的區間當然沒有改變；而且隨著我們提高產能與晶圓投片（wafer starts），我們會確保自身處於能支撐業務的位置。但就目前而言，它並沒有對業務造成限制。

Got it. Thank you, all, again.

了解。再次謝謝各位。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Tony Balow for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給 Tony Balow 作結語。

All right. Thank you, operator, and thank you all for joining us for this conference call today. I look forward to speaking with you on the next call for the fourth-quarter and full-year '26 revenue guidance.

好的。謝謝主持人，也謝謝各位今天參加我們的電話會議。我期待在下一次電話會議中與各位交流，屆時我們將提供 2026 年第四季與全年營收指引。

Thank you again, and have a great day.

再次感謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。