邁威爾科技 (MRVL) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Marvell Technology Inc. First Quarter of Fiscal Year 2024 Earnings Conference Call.

下午好，歡迎參加 Marvell Technology Inc. 2024 財年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

Please note, this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給投資者關係資深副總裁 Ashish Saran 先生。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's First Fiscal Quarter 2024 Earnings Call. Joining me today are Matt Murphy, Marvell's President and CEO; and Willem Meintjes, our CFO. Let me remind everyone that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties and that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 10-K and 10-Q filings. We do not intend to update our forward-looking statements.

謝謝大家，下午好。歡迎參加 Marvell 2024 財年第一季財報電話會議。今天與我一起出席的還有 Marvell 總裁兼執行長 Matt Murphy；以及我們的財務長 Willem Meintjes。我要提醒大家，今天發表的某些評論包括前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致我們的實際結果與管理階層目前的預期有重大差異。請查看我們今天向美國證券交易委員會提交並在我們的網站上發布的收益新聞稿中包含的警告聲明和風險因素，以及我們最近的 10-K 和 10-Q 文件。我們不打算更新我們的前瞻性陳述。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in the Investor Relations section of our website.

在今天的電話會議中，我們將參考某些非 GAAP 財務指標。我們的 GAAP 和非 GAAP 財務指標之間的對帳表可在我們網站的「投資者關係」部分找到。

With that, I'll turn the call over to Matt for his comments on our performance. Matt?

說完這些，我將把電話轉給馬特，請他對我們的表現發表評論。馬特？

Thanks, Ashish, and good afternoon, everyone. For the first quarter of fiscal 2024, Marvell's revenue was $1.322 billion, above the midpoint of guidance. Higher revenue drove our non-GAAP earnings per share to $0.31, $0.02 above the midpoint. We are guiding revenue for the second quarter to grow to $1.33 billion at the midpoint and expect sequential revenue growth will accelerate in the second half of the fiscal year.

謝謝，Ashish，大家下午好。 2024 財年第一季度，Marvell 的營收為 13.22 億美元，高於預期中位數。更高的收入推動我們的非 GAAP 每股收益達到 0.31 美元，比中間值高出 0.02 美元。我們預計第二季的營收中位數將成長至 13.3 億美元，並預計本財年下半年的營收連續成長將加速。

Before we get to our results for each end market, let me start by discussing the tremendous opportunity that AI represents for Marvell. In the past, we considered AI to be one of many applications within cloud, but its importance and therefore, the opportunity has increased dramatically. Generative AI is rapidly driving new applications and changing the investment priorities for our cloud customers. Today's AI workloads require a truly massive data sets. To efficiently process this data, the architecture for AI data centers is significantly different than standard cloud infrastructure.

在我們了解每個終端市場的表現之前，我首先想討論一下人工智慧為 Marvell 帶來的巨大機會。過去，我們認為人工智慧是雲端中的眾多應用之一，但它的重要性以及因此帶來的機會急劇增加。生成式人工智慧正在迅速推動新應用的發展並改變我們雲端客戶的投資重點。現今的人工智慧工作負載需要真正大量的資料集。為了有效地處理這些數據，人工智慧資料中心的架構與標準雲端基礎架構有很大不同。

Rather than dual-socket servers as the core element in, the primary building block in AI is a system containing multiple accelerators such as GPUs. In large deployments, thousands of these systems are interconnected to form a data center-sized AI cluster. Bandwidth required to interconnect these systems is orders of magnitude higher than in standard cloud infrastructure. To give you an idea, the latest dual CPU server in a cloud data center today can drive up to 200 gigabits per second of IO and contains the network interfaces to support that bandwidth. In contrast, an example of an advanced AI system containing 8 accelerators can drive close to 30 terabits of full duplex bandwidth. That's hundreds of times more bandwidth required to connect these systems together. Keep in mind, these cloud data centers connect thousands of these systems in a single cluster to provide maximum scalability for their customers with each of these systems capable of driving tens of terabits of network traffic.

人工智慧的主要建置模組不是以雙插槽伺服器作為核心元素，而是包含多個加速器（如 GPU）的系統。在大規模部署中，數千個這樣的系統相互連接，形成資料中心大小的 AI 叢集。連接這些系統所需的頻寬比標準雲端基礎設施高出幾個數量級。舉個例子，當今雲端資料中心中最新的雙 CPU 伺服器可以驅動高達每秒 200 千兆位元的 IO，並包含支援該頻寬的網路介面。相比之下，包含 8 個加速器的先進 AI 系統範例可以驅動接近 30 太比特的全雙工頻寬。將這些系統連接在一起需要數百倍的頻寬。請記住，這些雲端資料中心在單一叢集中連接數千個這樣的系統，為客戶提供最大的可擴展性，每個系統都能夠驅動數十兆位元的網路流量。

And in order to create the largest possible cluster sizes at data center scale, these connections need to be able to operate over increasingly long distances. These clusters require a staggering amount of high-bandwidth connectivity, all of which needs to be provided at ultra-low latency and high reliability and within a reasonable power outlook. This connectivity is best provided by wholly optically connected infrastructure. utilizing digital signal processing and the latency high-capacity fabric switches. This way AI is a strong growth driver for our PAM4 optical DSP platform. And it is important to note that these DSPs are compatible with a variety of network protocols such as Ethernet, InfiniBand and other proprietary solutions for maximum breadth and flexibility.

為了在資料中心規模上創建盡可能大的叢集規模，這些連接需要能夠在越來越長的距離上運行。這些集群需要大量的高頻寬連接，所有這些都需要以超低延遲和高可靠性以及合理的功率範圍內提供。這種連接最好由全光學連接的基礎設施來提供。利用數位訊號處理和延遲高容量結構交換器。這樣，AI 就成為我們 PAM4 光學 DSP 平台的強勁成長動力。值得注意的是，這些 DSP 與多種網路協定相容，例如乙太網路、InfiniBand 和其他專有解決方案，以實現最大的廣度和靈活性。

Going forward, we see this trend only accelerating. While today's most advanced AI systems are already using the highest bandwidth interfaces available, it might surprise you to learn that the performance scale of current AI implementations are still constrained by network capacity. Take the Accelerator AI system I discussed earlier, for example, those systems today typically contain 4800 gigabit per second optical interfaces. For external connectivity, which provided an aggregate of 3.2 terabits per second of bandwidth. But that isn't a system capable of driving close to 10x that bandwidth. To erase this gap, we expect that the number of optical interfaces per AI system to continue to grow as these clusters scale. And the next generation of accelerators are expected to have even more compute capability and higher bandwidth requirements.

展望未來，我們看到這一趨勢只會加速。儘管當今最先進的人工智慧系統已經在使用可用的最高頻寬接口，但您可能會驚訝地發現，當前人工智慧實現的效能規模仍然受到網路容量的限制。以我之前討論過的加速器 AI 系統為例，現今的這些系統通常包含每秒 4800 千兆位元的光纖介面。對於外部連接，它提供了總計每秒 3.2 太比特的頻寬。但該系統尚無法驅動接近 10 倍的頻寬。為了消除這一差距，我們預計隨著這些集群的擴大，每個人工智慧系統的光學介面數量將繼續增長。下一代加速器預計將具有更強大的運算能力和更高的頻寬要求。

Given the speed at which AI infrastructure is advancing, the technology refresh rate is happening at 18 to 24 months versus 4-plus years in standard infrastructure. Altogether, we expect a massive amount of connectivity in these AI clusters, increasing adoption of higher-speed optical interfaces and faster refresh rates to be a major demand drivers for our PAM4 DSP platform. In fact, in our last earnings call, we indicated that the ramp in our industry-leading 800-gig DSP platform was driven almost entirely by AI applications.

鑑於人工智慧基礎設施發展的速度，技術更新率為 18 到 24 個月，而標準基礎設施的更新率則為 4 年以上。總而言之，我們預計這些 AI 叢集中的大量連接、更高速度光纖介面的採用率和更快的刷新率將成為我們 PAM4 DSP 平台的主要需求驅動因素。事實上，在我們上次的財報電話會議上，我們指出，我們在業界領先的 800-gig DSP 平台的成長幾乎完全是由 AI 應用推動的。

We have also announced the industry's first 1.6 terabit PAM4 PSP platform, doubling the throughput from the current generation, and we expect AI to drive the initial adoption of these products as well. In addition, as inferences deployed at multiple regional data centers, they need to be connected by high-bandwidth, low-latency optical lengths over tens of kilometers. This technology is known as Data Center Interconnect or DCI and Marvell has been a pioneer in this market. We created the industry's first pluggable module for DCI, and we are now providing 400 gigabits per second in our latest DCI product line. We're already seeing that AI cloud data centers are driving a significant increase in demand for our 400ZR solution.

我們也發布了業界首個 1.6 太比特 PAM4 PSP 平台，其吞吐量是當前世代的兩倍，我們預計 AI 也將推動這些產品的初步採用。此外，由於推理端部署在多個區域資料中心，因此需要透過數十公里的高頻寬、低延遲光纖長度進行連接。這項技術被稱為資料中心互連或 DCI，Marvell 是該市場的先驅。我們創建了業界第一個用於 DCI 的可插拔模組，現在我們在最新的 DCI 產品線中提供每秒 400 千兆位元的速度。我們已經看到 AI 雲端資料中心正在推動我們的 400ZR 解決方案的需求大幅成長。

Another demand driver for our DCI products is that the next-generation AI implementations are planning on clustering accelerators across different sites. AI is also a key growth driver of demand for switching inside the data center. Marvell has a growing position in the market for low latency, high capacity switches, and we are seeing strong demand for our products. We recently announced our next-generation 51.2T HaraLynx-10 Ethernet switching platform. Platform is based on the low latency architecture we acquired from Innovium and is built on Marvell's leading 5-nanometer technology platform. We are seeing strong interest for this product. We expect AI believe the industry's transition from today's 12.8T switches to 51.2T, enabling a quadrupling and network bandwidth. We expect 51.2T adoption will be a strong growth driver for the networking semiconductor market. Putting it all together, Marvell has built a leading position in network connectivity for AI. We expect tremendous growth for our PAM4 optics, DCI and Ethernet switching solutions, fueled by the growing investment in AI.

我們 DCI 產品的另一個需求驅動因素是下一代 AI 實施計劃在不同站點上聚集加速器。人工智慧也是資料中心內部交換需求的主要成長動力。 Marvell 在低延遲、高容量交換器市場的地位日益提高，我們的產品需求旺盛。我們最近發布了下一代 51.2T HaraLynx-10 乙太網路交換平台。平台基於我們從 Innovium 收購的低延遲架構，並建立在 Marvell 領先的 5 奈米技術平台上。我們看到人們對該產品有濃厚的興趣。我們預計人工智慧產業將從今天的 12.8T 交換器過渡到 51.2T，從而實現四倍的網路頻寬。我們預計 51.2T 的採用將成為網路半導體市場的強勁成長動力。綜上所述，Marvell 已在 AI 網路連接領域建立了領先地位。我們預計，隨著對人工智慧的投資不斷增加，我們的 PAM4 光學、DCI 和乙太網路交換解決方案將實現巨大的成長。

Perhaps even more exciting is Marvell's opportunity to address compute and AI through our cloud optimized silicon platform. As you heard earlier, the architecture of an AI data center is fundamentally different. In standard cloud infrastructure, the bulk of the compute is performed by CPUs, while accelerators are primarily used for offload tasks such as networking and security. In contrast, and AI infrastructure, accelerators like GPUs are the primary compute engines, while CPUs are used for control purposes, a 180-degree reversal from standard cloud infrastructure. fundamental difference results in a higher ratio of accelerators to CPUs in AI with accelerators now the dominant compute opportunity.

也許更令人興奮的是 Marvell 有機會透過我們的雲端優化矽平台解決運算和人工智慧問題。正如您之前所聽到的，AI 資料中心的架構有著根本的不同。在標準雲端基礎架構中，大部分運算由 CPU 執行，而加速器主要用於卸載網路和安全性等任務。相較之下，在人工智慧基礎架構中，GPU 等加速器是主要的運算引擎，而 CPU 用於控制目的，與標準雲端基礎架構完全相反。根本的差異導致人工智慧中加速器與 CPU 的比例更高，加速器現在是主要的電腦會。

This, combined with the sharp increase in AI investment is driving a higher proportion of the incremental compute TAM and cloud data centers towards accelerators. Today, we see cloud customers enhancing their AI offerings by building custom accelerators of their own designed to address their specific needs. This is a core part of Marvell's cloud optimized silicon strategy, and we now see a much larger and faster-growing opportunity for custom compute and AI infrastructure. When we previously discussed our cloud optimized silicon opportunities and revenue ramp expectations at our Investor Day in October 2021, we projected revenue from the first set of design wins to grow to $800 million annually once all the programs were in production. The design included a variety of accelerated computing applications, including AI, security, storage and video, along with several networking applications.

再加上人工智慧投資的急劇增加，推動了增量運算 TAM 和雲端資料中心的更大比例轉向加速器。今天，我們看到雲端客戶透過建立自己的客製化加速器來增強他們的人工智慧產品，以滿足他們的特定需求。這是 Marvell 雲端優化矽片策略的核心部分，我們現在看到客製化運算和 AI 基礎架構的規模更大、成長更快的機會。當我們之前在 2021 年 10 月的投資者日上討論我們的雲端優化矽片機會和收入成長預期時，我們預計，一旦所有項目投入生產，第一批設計勝利的收入將增長到每年 8 億美元。該設計包括各種加速計算應用程序，包括人工智慧、安全、儲存和視頻，以及多個網路應用程式。

When we look today at the same set of design wins driven by AI, our total lifetime revenue expectations from these have increased significantly. At the same time, the relative proportion of projected lifetime revenue from AI has increased from approximately 20% in our prior forecast, but we're half today. As a result, computing and AI applications has now grown to become the single largest revenue driver and opportunity for Marvell's cloud optimized silicon platform. The continuing increase in demand from AI, we see annual revenue from those same set of cloud optimized design wins, well exceeding the prior $800 million projection as these programs ramp over time. In fact, we have a number of custom silicon products tied to AI, expected to ramp into volume production next year.

當我們今天看到由人工智慧推動的同一套設計成果時，我們對這些設計的終身收入預期已大幅增加。同時，人工智慧預計的終身收入相對比例已從我們先前預測的約 20% 增加，但目前只有一半。因此，運算和人工智慧應用現已發展成為 Marvell 雲端優化矽平台最大的收入驅動力和機會。隨著人工智慧的需求持續成長，我們看到，隨著這些專案隨著時間的推移而發展，同一組雲端優化設計勝利所帶來的年收入將遠遠超過先前 8 億美元的預測。事實上，我們有許多與人工智慧相關的客製化矽產品，預計明年將實現量產。

As an example, for 1 of these programs, initial samples are already up and running at our customers' lab and qualification is proceeding well. And in other cases, we expect to take out this quarter of first silicon before the end of the calendar year. As you can see, in addition to our strong position in network connectivity for AI, we believe we are well positioned to address a compute opportunity. Over the last few months, we have taken time carefully map our revenue from AI so we can track its progress over time. Given the tremendous progress we've made including the recent demand increases from our customers driven by AI applications to grow at an accelerated pace.

例如，對於其中一個項目，初始樣品已經在我們客戶的實驗室中啟動並運行，並且資格認證進展順利。在其他情況下，我們預計在年底之前取出本季的第一批矽片。正如您所看到的，除了我們在人工智慧網路連接方面的強大地位之外，我們相信我們還能很好地應對電腦會。在過去的幾個月裡，我們花了很多時間仔細規劃來自人工智慧的收入，以便能夠追蹤其隨時間的進展。鑑於我們的巨大進步，包括最近在人工智慧應用推動下客戶需求的增加而加速成長。

In fiscal 2023, we estimate that our AI revenue was approximately $200 million, up dramatically from the prior year. This revenue was primarily from our PAM4 optics and 400ZR BCI products. Since our last earnings call in early March, bookings for these products have increased very significantly. As a result, we expect Marvell's overall AI revenue to at least double in fiscal 2024.

2023財年，我們預計我們的AI收入約為2億美元，比前一年大幅成長。此收入主要來自我們的 PAM4 光學產品和 400ZR BCI 產品。自三月初我們上次召開財報電話會議以來，這些產品的預訂量已大幅增加。因此，我們預計 Marvell 的整體 AI 收入在 2024 財年將至少翻倍。

Looking to fiscal 2025, we expect robust growth to continue from AI for network connectivity. Layering on top of this is the growth we expect from the ramp of the cloud optimized programs we discussed earlier in the call. In aggregate, we foresee our overall AI revenue to at least double again next year. In other words, we are forecasting an AI revenue growth CAGR of over 100% for the fiscal 2023 to 2025 time frame. In the future, we expect generative AI implementations involving video and images to provide a tailwind to overall storage and exercise growth, both in HDD and flash. However, it is difficult to accurately allocate revenue from our storage business, specifically to AI. So the AI revenue forecast I just discussed does not include any storage contributions.

展望 2025 財年，我們預期網路連接人工智慧將持續實現強勁成長。除此之外，我們預計，我們在電話會議中早些時候討論過的雲端優化程序的普及將帶來成長。總體而言，我們預計明年我們的整體 AI 收入將至少再翻倍。換句話說，我們預測 2023 財年至 2025 財年期間 AI 收入複合年增長率將超過 100%。未來，我們預計涉及視訊和影像的生成式人工智慧實作將為 HDD 和快閃記憶體中的整體儲存和活動成長提供助力。然而，我們很難準確地將儲存業務的收入分配給人工智慧。所以我剛才討論的 AI 收入預測不包括任何儲存貢獻。

In addition, we expect the increase in network traffic from AI and will also provide a tailwind for our broader networking portfolio over time, which we have not yet captured in our AI revenue forecast. We've seen a rapid shift in our cloud customers' plans as spending on AI infrastructure is becoming a much bigger portion of their CapEx. We believe that Marvell is 1 of a scarce few semiconductor companies positioned to enable this trend and is uniquely able to participate in all 3 aspects of AI systems, networking, compute and storage.

此外，我們預計來自人工智慧的網路流量將會增加，隨著時間的推移，也會為我們更廣泛的網路產品組合提供推動力，而這一點我們還沒有在人工智慧收入預測中捕捉到。我們看到雲端客戶的計畫發生了快速變化，因為人工智慧基礎設施支出在其資本支出中所佔的比例越來越大。我們相信，Marvell 是少數能夠推動這一趨勢的半導體公司之一，並且能夠獨特地參與 AI 系統、網路、運算和儲存的所有三個方面。

We set out in 2016 to Pivot Marvell to data infrastructure and have successfully executed that strategy, forming the right team, technology and customer relationships to lead in this market. With AI becoming the ultimate data infrastructure application, Marvell is at the center of this incredible transformation. We are confident that we will be 1 of the most lion semiconductor companies to help our customers achieve their vision. We look forward to sharing our continued progress in AI in the future.

我們於 2016 年開始將 Marvell 轉向資料基礎設施，並成功執行了該策略，組建了合適的團隊、技術和客戶關係，以引領該市場。隨著 AI 成為終極資料基礎設施應用，Marvell 正處於這一驚人轉變的中心。我們有信心成為最優秀的半導體公司之一，幫助我們的客戶實現他們的願景。我們期待未來分享我們在人工智慧領域不斷的進步。

Let me move on now to reviewing our results and expectations by end market, starting with data center. In our data center end market, revenue for the first quarter was $436 million, declining 32% year-over-year and 12% sequentially. Our overall data center revenue in the first quarter was higher than guidance, driven by cloud, where we saw stronger demand for our optical data center interconnect products from expanding AI deployments. As expected, storage was responsible for the majority of the overall sequential decline in our data center revenue in the first quarter, although we are forecasting sequential growth to start in the second quarter, and our data center storage business continued to grow in the second half.

現在讓我繼續回顧一下按終端市場劃分的績效和預期，從資料中心開始。在我們的資料中心終端市場，第一季的營收為 4.36 億美元，年減 32%，季減 12%。在雲端運算的推動下，我們第一季的整體資料中心營收高於預期，隨著人工智慧部署的不斷擴大，我們看到光學資料中心互連產品的需求更加強勁。正如預期的那樣，儲存是造成第一季資料中心收入整體環比下降的主要原因，儘管我們預測第二季將開始環比成長，並且我們的資料中心儲存業務在下半年將繼續成長。

Looking ahead to the second quarter for our overall data center end market, we expect cloud revenue to grow over 10% sequentially. However, we are expecting the enterprise on-premise portion of our data center end market to decline and offset growth from cloud. As a result, we expect revenue from our overall data center end market to be flat sequentially in the second quarter.

展望第二季的整體資料中心終端市場，我們預期雲端營收將較上季成長 10% 以上。然而，我們預期資料中心終端市場的企業內部部署部分將會下降，並抵銷雲端運算的成長。因此，我們預計第二季整體資料中心終端市場的營收將環比持平。

Turning to our carrier infrastructure end market. Revenue for the first quarter was $290 million, growing 15% year-over-year and 5% sequentially. We saw strong demand for our wireless products as 5G adoption continued to expand in new geographic regions along with our customer-specific product ramps. This resulted in an approximate 25% sequential growth in wireless revenue, partially offsetting our wireless growth was the start of inventory digestion in our wired end market.

轉向我們的營運商基礎設施終端市場。第一季營收為 2.9 億美元，年增 15%，季增 5%。隨著 5G 在新的地理區域的普及以及我們針對客戶的特定產品的推出，我們看到了對無線產品的強勁需求。這導致無線收入持續成長約 25%，部分抵消了我們的無線成長，因為我們有線終端市場開始消化庫存。

Moving on to our outlook for the next quarter. We expect revenue from our overall carrier end market to decline in the mid-single digits sequentially and due to continued inventory digestion in our wired end market.

接下來是我們對下一季的展望。我們預計，由於有線終端市場持續消化庫存，我們整體營運商終端市場的收入將環比下降中等個位數。

Moving on to our enterprise networking end market. Revenue for the first quarter was $365 million, growing 27% year-over-year and flat sequentially, which is better than our guidance. Our first quarter enterprise networking results reflected a strong ramp in custom ASICs offset by our planned reduction in channel and customer inventory of our merchant products. Looking ahead to the second quarter of fiscal 2024, we project our enterprise networking revenue to decline by more than 10% sequentially and due to inventory corrections in this end market.

轉向我們的企業網路終端市場。第一季營收為 3.65 億美元，年增 27%，與上一季持平，優於我們的預期。我們第一季的企業網路業績反映出客製化 ASIC 的強勁成長，但我們計劃減少商用產品的通路和客戶庫存。展望 2024 財年第二季度，我們預期企業網路營收將季減 10% 以上，原因是該終端市場的庫存調整。

Turning to our automotive and industrial end market. Revenue in the first quarter was $89 million, flat year-over-year and declining 10% sequentially. While our automotive business continued to deliver strong growth both year-over-year and sequentially, these gains were offset by a decline in our industrial business. Looking to the second quarter of fiscal 2024, we project revenue from our auto and industrial end market to grow sequentially in the low teens on a percentage basis.

轉向我們的汽車和工業終端市場。第一季營收為 8,900 萬美元，與去年同期持平，季減 10%。儘管我們的汽車業務繼續保持同比和環比強勁增長，但這些成長被工業業務的下滑所抵消。展望 2024 財年第二季度，我們預期汽車和工業終端市場的營收將以百分比連續成長百分之十幾。

Moving on to our consumer end market. Revenue for the first quarter was $142 million, below our guidance, declining 20% year-over-year and 21% sequentially. Looking ahead to the second quarter, we are forecasting revenue to grow sequentially in the mid-30% range, driven by strong seasonal growth in demand for our custom SSD controllers. In addition, we are expecting growth from our ACD controllers as we start shipping closer to end market consumption.

轉向我們的消費者終端市場。第一季營收為 1.42 億美元，低於我們的預期，年減 20%，季減 21%。展望第二季度，我們預計營收將環比成長 30% 左右，這得益於我們客製化 SSD 控制器需求的強勁季節性成長。此外，隨著我們開始越來越接近終端市場消費，我們預計 ACD 控制器的銷售將會成長。

In summary, we are guiding sequential growth to resume starting with the second quarter, and we expect growth will accelerate in the second half of the fiscal year. Few markets remain so, and we expect revenue from our wired and enterprise end markets to continue to trend down due to macroeconomic uncertainty and inventory corrections. We expect revenue from our wireless end market to step up in the third quarter before taking a pause and declining in the fourth quarter. We see many positive signs in our data center end markets. We are forecasting our data center storage revenue to resume growth in the second quarter and continue to improve as we start shipping closer to end market demand.

總而言之，我們預期從第二季開始將恢復連續成長，並且我們預計成長將在本財年下半年加速。很少有市場能維持這種狀態，我們預計，由於宏觀經濟的不確定性和庫存調整，我們的有線和企業端市場的收入將繼續呈下降趨勢。我們預計無線終端市場的營收將在第三季上升，然後在第四季暫停並下降。我們在資料中心終端市場看到許多正面跡象。我們預測我們的資料中心儲存收入將在第二季度恢復成長，並且隨著我們開始更接近終端市場需求而繼續改善。

Putting aside storage, we expect cloud to be the key growth driver for our data center revenue. We are guiding our cloud revenue to grow over 10% sequentially in the second quarter, and we are seeing a significant increase in demand from AI for the rest of the year. In addition, we expect our cloud optimized silicon programs to ramp more meaningfully as the year progresses in line with the revised expectations we outlined during last quarter's call. As a result, confident in our expectations for higher growth for the company in the second half of the year. We also expect to drive significant margin improvement going forward. We anticipate that inventory corrections will be mostly behind us by the end of this year, and we are excited about the resumption of revenue growth driven by Marvell-specific product ramps.

除了儲存之外，我們預計雲端運算將成為我們資料中心收入的主要成長動力。我們預計第二季雲端收入將環比成長 10% 以上，並且我們預計今年剩餘時間內對人工智慧的需求將顯著增長。此外，我們預計，隨著時間的推移，我們的雲端優化矽片計畫將更有意義地發展，這符合我們在上個季度電話會議上概述的修訂預期。因此，我們對公司下半年實現更高成長的預期充滿信心。我們也預計未來利潤率將大幅提高。我們預計到今年年底庫存調整將基本結束，我們對 Marvell 特定產品成長所推動的營收恢復感到興奮。

We have been laser-focused on a number of cost improvement actions to improve gross margin. As a result, we have confidence in our forecast for our non-GAAP gross margin to return to at least the low end of our target range in the fourth quarter of this fiscal year. We have been in extensive discussions with our customers and have a clear view of their current road maps. While some programs have been pushed out, others have been accelerated. We are aggressively reprioritizing our investments aligning to the highest ROI opportunities in front of us. We are also focused on driving additional efficiency to further reduce our operating expenses.

我們一直專注於採取一系列成本改善措施來提高毛利率。因此，我們有信心預測本財年第四季我們的非公認會計準則毛利率將至少回到目標範圍的低端。我們已經與客戶進行了廣泛的討論，並且對他們目前的路線圖有清晰的了解。雖然一些項目已被推遲，但其他項目卻加速推進。我們正在積極重新調整投資優先順序，以適應我們面前最高的投資報酬率機會。我們也致力於提高效率，以進一步降低營運費用。

We are making strategic road map adjustments in combining some of our businesses to reflect changes in the market. As an example, resulting from our customers' growing needs for custom compute, we have combined our custom ASIC and processor product groups into a single organization. Other teams are also working on efficiency improvements. As a result, we expect our OpEx to exit at a lower run rate than previously communicated. This discipline on expenses is expected to carry into fiscal 2025 and help us to deliver strong operating leverage going forward.

我們正在對部分業務的合併進行策略路線圖調整，以反映市場的變化。例如，由於客戶對客製化運算的需求不斷增長，我們將客製化的 ASIC 和處理器產品組合併為一個組織。其他團隊也正在致力於提高效率。因此，我們預計我們的營運支出將以低於先前傳達的運行率退出。這種費用控制預計將延續到 2025 財年，並幫助我們在未來實現強大的營運槓桿。

Willem will provide more details in his commentary. Before closing, I'd like to express my appreciation to Rick Hill, who will be retiring from the Marvell board at the end of his current term. Rick joined Marvell a little over 7 years ago as Chairman of the Board and acting CEO during a very difficult time. He moved quickly to stabilize the company, personally reassuring customers, employees and shareholders. help established a world-class Board of Directors and was instrumental in the recruiting of the first key group of executives.

Willem 將在他的評論中提供更多細節。最後，我想向里克·希爾 (Rick Hill) 表示感謝，他將在本任期結束後從 Marvell 董事會退休。七年多前，Rick 在 Marvell 最困難的時期加入該公司，擔任董事會主席兼代理執行長。他迅速採取行動穩定公司局面，親自安撫顧客、員工和股東。幫助建立了世界一流的董事會，並在招募第一批關鍵高管方面發揮了重要作用。

I joined Marvell in large part because of Rick. It is very rare to find an individual who is willing to contribute their time and energy and impart their wisdom to others for the satisfaction of seeing a company thrive and the next-generation leaders succeed. At the most critical moments over the past 7 years, Rick always had the Marvell teams back and his belief in the team enabled us to take bold steps to transform the company. Without his leadership and mentorship, Marvell would not be where it is today. I'm truly grateful to Rick for his exceptional contributions to Marvell and it's an honor for me to succeed him as Board Chair.

我加入 Marvell 很大程度是因為 Rick。很少人願意貢獻自己的時間和精力，將自己的智慧傳授給他人，只為看到公司蓬勃發展和下一代領導者取得成功而感到滿意。在過去 7 年最關鍵的時刻，Rick 總是支持 Marvell 團隊，他對團隊的信任使我們能夠採取大膽的措施來改變公司。如果沒有他的領導和指導，Marvell 就不會有今天的成就。我由衷感謝 Rick 為 Marvell 做出的傑出貢獻，我很榮幸能接任他擔任董事會主席。

Additionally, I would like to express my appreciation to Dr. Ed Frank, who joined us from the Cavium Board in 2018. He has been an outstanding director and will be retiring from the Marvell board when his term expires in June. I'm grateful to Ed for his years of dedicated service to Marvell. Finally, I want to thank our dedicated team of employees Together, we are moving forward with confidence that Marvell's best days are yet to come.

此外，我還要向 2018 年從 Cavium 董事會加入我們的 Ed Frank 博士表示感謝。我非常感謝 Ed 多年來對 Marvell 的忠誠服務。最後，我要感謝我們敬業的員工團隊，我們齊心協力，滿懷信心地向前邁進，Marvell 最好的日子還在後頭。

With that, I'll turn the call over to Willem for more detail on our recent results and outlook.

說完這些，我將把電話轉給威廉，以了解有關我們最近的業績和前景的更多詳細資訊。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of our financial results for the first quarter of fiscal 2024. Revenue in the first quarter was $1.322 billion, exceeding the midpoint of our guidance, declining 9% year-over-year and 7% sequentially. Data center was our largest end market, driving 33% of total revenue. Enterprise Networking was the next largest with 27% of total revenue, followed by carrier infrastructure at 22%; consumer at 11% and auto industrial at 7%. Gross margin was 42.2%. Non-GAAP gross margin was 60%, in line with guidance. Our gross margin results reflected the adverse revenue mix we had forecasted for this first quarter.

謝謝，馬特，大家下午好。首先，我來總結我們 2024 財年第一季的財務表現。資料中心是我們最大的終端市場，佔總收入的 33%。企業網路則位居第二，佔總收入的 27%，其次是營運商基礎設施，佔 22%；消費品佔11%，汽車工業佔7%。毛利率為42.2%。非公認會計準則毛利率為 60%，符合預期。我們的毛利率結果反映了我們預測的第一季營收組合不利。

GAAP operating expenses were $740 million, including share-based compensation amortization of acquired intangible assets, restructuring costs related to headcount reductions and acquisition-related costs. Non-GAAP operating expenses were $459 million, slightly below guidance. First quarter operating expenses reflected the step-up from the prior quarter due to typical seasonality in payroll taxes and employee salary merit increases. GAAP operating margin was negative 13.8%. Non-GAAP operating margin was 25.3%.

根據美國通用會計準則，營業費用為 7.4 億美元，包括收購無形資產的股權激勵攤銷、與裁員相關的重組費用以及收購相關費用。非公認會計準則營運費用為 4.59 億美元，略低於預期。第一季的營運費用較上一季增加，原因是薪資稅和員工薪資績效成長的典型季節性。 GAAP營業利益率為-13.8%。非公認會計準則營業利益率為25.3%。

For the first quarter, GAAP loss per diluted share was $0.20. Non-GAAP income per diluted share was $0.31, $0.02 above the midpoint of guidance. Now turning to our cash flow and balance sheet. During the quarter, cash flow from operations was $208 million. This included $40 million in payments for previously committed long-term capacity agreements. Looking ahead, we are currently anticipating minimal additional payments for capacity for the rest of fiscal 2024 and beyond. As a result, we expect a much reduced headwind to operating cash flow as compared to fiscal 2023, where payments for long-term capacity totaled approximately $250 million.

第一季度，每股 GAAP 虧損為 0.20 美元。非公認會計準則每股攤薄收益為 0.31 美元，比預期中位數高出 0.02 美元。現在來談談我們的現金流和資產負債表。本季度，經營活動現金流為 2.08 億美元。其中包括先前承諾的長期產能協議支付的 4,000 萬美元。展望未來，我們目前預計 2024 財年剩餘時間及以後的產能額外支付將維持在最低水準。因此，我們預計，與 2023 財年相比，經營現金流面臨的阻力將大大減少，當時長期產能支付總額約為 2.5 億美元。

Inventory at the end of the first quarter was $1.03 billion, decreased by $42 million sequentially. Our days sales outstanding was 69 days, a decrease of 7 days from the prior quarter. We returned $51 million to shareholders through cash dividends. As of the end of the fiscal first quarter, our cash and cash equivalents were $1.03 billion, almost all of which is held in systemically important banks. Our total debt was $4.68 billion, which included a drawdown of $200 million from our revolving line of credit.

第一季末庫存為10.3億美元，季減4,200萬美元。我們的應收帳款週轉天數為 69 天，比上一季減少了 7 天。我們透過現金股利向股東返還了 5,100 萬美元。截至第一財季末，我們的現金和現金等價物為 10.3 億美元，幾乎全部存放在系統重要性銀行。我們的總債務為 46.8 億美元，其中包括從循環信用額度中提取的 2 億美元。

Our gross debt-to-EBITDA ratio was 2.1x and net debt-to-EBITDA ratio was 1.6x. Before I provide specific guidance for the second quarter, let me describe our plan for gross margin, operating expenses and capital allocation for the rest of the year. As you are aware, significant inventory corrections in certain businesses caused an adverse revenue mix, which impacted our gross margin. We are optimistic that inventory corrections will be largely done by the fourth quarter and that we will be shipping closer to end demand at that time. We have also put in place multiple cost reduction efforts to improve gross margin. Internally, we are optimizing headcount and further streamlining operations. Externally, we continue to partner with our strategic suppliers to drive more efficiency in the supply chain.

我們的總負債與 EBITDA 比率為 2.1 倍，淨負債與 EBITDA 比率為 1.6 倍。在我提供第二季的具體指導之前，讓我先描述一下我們今年剩餘時間的毛利率、營運費用和資本配置計劃。如您所知，某些業務的大幅庫存調整導致了不利的收入結構，從而影響了我們的毛利率。我們樂觀地認為，庫存調整將在第四季度基本完成，屆時我們的發貨量將更接近最終需求。我們也採取了多種成本削減措施來提高毛利率。在內部，我們正在優化員工數量並進一步精簡營運。在外部，我們繼續與我們的策略供應商合作，以提高供應鏈的效率。

We are confident that as a result of mix improvement and our cost reduction efforts, our non-GAAP gross margin will start to improve. We expect modest improvement in the third quarter. And by the fourth quarter, we can return to at least the low end of our target range of 64% to 66%. As Matt told you, we are making strategic road map adjustments and driving additional efficiencies, all whilst maintaining our long-term growth outlook. As a result, we expect to reduce our non-GAAP operating expense in the fourth quarter to be approximately $430 million.

我們相信，透過產品組合的改善和成本削減的努力，我們的非公認會計準則毛利率將開始提高。我們預計第三季情況會略有改善。到第四季度，我們至少可以回到64%至66%的目標範圍的低端。正如馬特所說，我們正在調整策略路線圖並提高效率，同時保持我們的長期成長前景。因此，我們預計第四季非公認會計準則營業費用將減少至約 4.3 億美元。

The fourth quarter of fiscal 2024 is a 14-week quarter. So included in this forecast is approximately $10 million in expenses for the extra week. Therefore, on a normalized 13-week basis, we expect the run rate for our non-GAAP OpEx exiting this year to be $420 million. As we look ahead to fiscal 2025, we expect that typical seasonality in payroll taxes and employee salary merit increases in the first quarter will cause OpEx to step up sequentially. As a result, we are modeling first quarter fiscal 2025 OpEx to increase sequentially by mid- to high single digits on a percentage basis from the normalized 13-week exit rate of $420 million in the prior quarter.

2024財年第四季為14週的季度。因此，該預測中包括了額外一周約 1000 萬美元的支出。因此，以標準化的 13 週為基礎，我們預計今年非 GAAP 營運支出的運行率為 4.2 億美元。展望 2025 財年，我們預計第一季工資稅和員工薪資成長的典型季節性將導致營運支出連續上升。因此，我們預測 2025 財年第一季的營運支出將比上一季 4.2 億美元的標準化 13 週退出率環比成長中高個位數（百分比）。

We are confident that this sets us up to drive tremendous operating leverage next year. In terms of capital allocation, we have $500 million of our total debt deal in January 2023 that we are planning on paying off using our cash balance and free cash flow. This will improve our gross leverage meaningfully going forward. Following this payoff, we expect to resume our buyback program in the third quarter.

我們相信，這將為我們明年實現巨大的經營槓桿奠定基礎。在資本配置方面，我們在 2023 年 1 月的總債務交易中擁有 5 億美元，我們計劃使用我們的現金餘額和自由現金流來償還。這將顯著提高我們未來的總槓桿率。此次還款後，我們預計將在第三季恢復回購計畫。

Turning to our guidance for the second quarter of fiscal 2024. We are forecasting revenue to be in the range of $1.33 billion, plus or minus 5%. We expect our GAAP gross margin will be in the range of 44.3% to 46.8%. We project our non-GAAP gross margin will be in the range of 60% to 61%. We project our GAAP operating expenses to be approximately $694 million. We anticipate our non-GAAP operating expenses to be approximately $455 million. We expect other income and expense, including interest on our debt to be approximately $51 million. For the second quarter, we expect a non-GAAP tax rate of 7%. We expect our basic weighted average shares outstanding will be 861 million, and our diluted weighted average shares outstanding will be 865 million. As a result, we anticipate GAAP earnings per share in the range of a loss of $0.16 per share on the low end to an income of $0.05 per diluted share on the high end (sic) [to $0.16 plus or minus $0.05]. We expect non-GAAP income per diluted share in the range of $0.27 to $0.37.

談到我們對 2024 財年第二季的預期。我們預計我們的 GAAP 毛利率將在 44.3% 至 46.8% 之間。我們預計非公認會計準則毛利率將在 60% 至 61% 之間。我們預計我們的 GAAP 營運費用約為 6.94 億美元。我們預計非公認會計準則營運費用約為 4.55 億美元。我們預計其他收入和支出（包括債務利息）約為 5,100 萬美元。對於第二季度，我們預計非公認會計準則稅率為 7%。我們預期基本加權平均流通股數為 8.61 億股，稀釋加權平均流通股數為 8.65 億股。因此，我們預計 GAAP 每股收益將在每股虧損 0.16 美元（最低）到每股攤薄收益 0.05 美元（最高）之間 [0.16 美元上下浮動 0.05 美元]。我們預計非公認會計準則每股攤薄收益在 0.27 美元至 0.37 美元之間。

In summary, as we move forward through this fiscal year, we project our revenue to continue to grow sequentially and gross margin to improve significantly in the fourth quarter and operating expenses to continue to step down. Our DSO and inventory have already shown signs of improvement. As a result, we are looking forward to driving tremendous operating leverage and significant improvement in cash flow generation over this year, while setting up a strong platform for growth next year.

總而言之，隨著本財年的推進，我們預計我們的收入將繼續環比增長，毛利率將在第四季度大幅提高，而營運費用將繼續下降。我們的DSO和庫存已經顯示出改善的跡象。因此，我們期待今年能夠實現巨大的經營槓桿和現金流的顯著改善，同時為明年的成長奠定堅實的基礎。

Operator, please open the line and announce Q&A instructions. Thank you.

接線員，請接通電話並播報問答指示。謝謝。

(Operator Instructions)

（操作員指令）

Today's first question comes from Ross Seymore with Deutsche Bank.

今天的第一個問題來自德意志銀行的羅斯·西摩。

Sounds like things have changed significantly since your last call, Matt. You went through the AI side in great details and then the cyclical side sounds like it's bottoming. I just wanted to have you dive into a little bit about the customer behavior. Is it just the cycle side that you find the bottom on finally? Is it the AI side that's really accelerating? Just talk about how that behavior has changed over the course of your quarter, if you could, please?

馬特，聽起來自從你上次打電話以來情況已經發生了很大的變化。您非常詳細地介紹了人工智慧方面，然後週期性方面聽起來好像正在觸底。我只是想讓你深入了解客戶行為。是不是只有在周期方面你才能最終找到底部呢？是人工智慧方面確實在加速發展嗎？如果可以的話，請談談這種行為在本季發生了怎樣的變化，可以嗎？

Ross, thanks for the question. Yes, I think it's encouraging to see revenue growth in the second quarter. So overall, with the total company revenue, bottoming and then encouraging to see cloud pick back up, growing sequentially in Q2, 10% kind of plus, and that's driven by AI. So that's certainly been a positive. I think maybe I'll just talk about the rest of the business. There's a number of moving pieces. A lot of it fairly -- pretty much came in line in terms of things like carrier automotive, et cetera.

羅斯，謝謝你的提問。是的，我認為第二季的營收成長令人鼓舞。因此總體而言，隨著公司總收入觸底，然後令人鼓舞的是看到雲端運算業務回升，第二季季增 10% 以上，這是由人工智慧推動的。這當然是一件正面的事情。我想也許我只會談論其餘的業務。有許多移動的部件。很多事情都相當合理 — — 基本上與汽車承運人等方面的事情相符。

So we haven't seen a ton of behavior change there. Really, the biggest change, I would say, is that the -- I think 2 things related to AI. The first is just the level of bookings, backlog, forecast increase, particularly for our optical products, has increased significantly. That's a positive. The second is that we really took the time between last quarter and this quarter to, in a very detailed manner, quantify our AI revenue stream where it was coming from, what's driving it. We now have it actually embedded in our system as a separate end market that we can filter by. So we have a good view of the history, a good fuel of the future. And we definitely wanted to take the time so that when we communicated numbers they were rock-solid.

因此我們還沒有看到那裡發生很大的行為變化。真的，我想說，最大的變化是——我認為有兩件事與人工智慧有關。首先是預訂量、積壓訂單量和預測成長水平，特別是我們的光學產品，都有了大幅成長。這是積極的。第二，我們確實在上個季度和本季之間花了一些時間，非常詳細地量化了我們的 AI 收入流，包括它的來源和推動因素。現在，我們實際上已經將其嵌入到我們的系統中，作為我們可以過濾的單獨終端市場。因此，我們對歷史有良好的認識，對未來也有良好的預期。我們確實願意花些時間，以便我們傳達的數字是可靠的。

And what you're seeing is a really positive story, which is basically around a $200 million level of revenue for AI last year and then at least what we see is doubling this year and then at least doubling again next year. So that's probably been the single biggest change. I'd say just the uptick in AI, which was a little bit behind some of the announcements may be going on last quarter, but it's definitely here for us. And I'd say the broader cloud infrastructure side, non-AI is also picking up and will also grow in the second quarter and grow throughout the year and actually has a great setup for next year. as well. So those are some of the things that have gone on.

你所看到的是一個非常積極的故事，去年人工智慧的收入基本上在 2 億美元左右，至少今年會翻一番，明年至少會再翻倍。所以這可能是最大的改變。我想說的是人工智慧的上升，這可能比上個季度的一些公告稍微落後一點，但對我們來說肯定是這樣的。我想說，更廣泛的雲端基礎設施方面，非人工智慧也在加速發展，並且將在第二季度實現成長，並將在全年實現成長，實際上為明年做好了良好的準備。也一樣。這些就是已經發生的一些事情。

And just 1 final note on the AI stuff. I said in my prepared remarks, but just for everybody on the call, we deliberately don't include storage at this time in AI. We found it pretty difficult to map that particular set of products directly to AI systems or not. Clearly, there's going to be an for that business over time, just given the amount of data that's going to need to get stored. So really what you're seeing is, I think, a very clean and very exciting AI number.

最後再說一下關於 AI 的內容。我在準備好的發言中說過，但對於電話會議中的每個人來說，我們目前故意沒有在人工智慧中包含儲存。我們發現將該特定產品組直接對應到 AI 系統非常困難。顯然，隨著時間的推移，考慮到需要儲存的資料量，這項業務將會成長。所以我認為，你真正看到的是一個非常乾淨且非常令人興奮的人工智慧數字。

The next question comes from Timothy Arcuri with UBS.

下一個問題來自瑞銀的提摩西‧阿庫裡。

I'm kind of wondering if you can frame Matt, how much you think revenue is going to start to grow in the back half of the year. There's kind of a lot of moving parts wired and enterprise business are still adjusting inventory data center is going to be up in the back half of the year. It sounds like that's due to cloud, and there is some storage coming back as well. But many of the big networking OEMs are still sitting on record inventories, Cisco, Arista, Juniper. So can you just sort of frame how much you think revenue can grow as you get into fiscal Q3 and fiscal Q4? Is it reasonable to expect kind of mid-single digits or even better for each of those quarters?

我想知道您是否可以告訴馬特，您認為今年下半年的收入將會成長多少。有許多活動部件連接，企業業務仍在調整庫存資料中心，預計下半年將會上升。聽起來這是由於雲造成的，並且也有一些存儲回來了。但許多大型網路 OEM 廠商仍有大量庫存，如思科、Arista、瞻博網路。那麼您能否大概描述一下，在進入第三財季和第四財季時，您認為營收可以成長多少？預期每季的成長率都達到中等個位數甚至更高是否合理？

Yes. Tim, so I'd give you some data sort of way to think about it. I think the first is we start with the second quarter, okay? So we -- we're seeing sequential growth. And again, when you look at the data center piece, the cloud growth is being offset by continued weakness in enterprise. And as you noted, that's clearly been an issue for kind of the overall server market the last probably 5 quarters. If you kind of take the read-through to enterprise networking, same thing, there's a lot of inventory on the customer.

是的。提姆，所以我會給你一些數據的方式來思考這個問題。我認為首先我們從第二季開始，好嗎？因此，我們看到了連續的成長。再者，當你查看資料中心部分時，雲端運算的成長被企業的持續疲軟所抵消。正如您所提到的，這顯然是過去 5 個季度以來整個伺服器市場的一個問題。如果您對企業網路進行深入研究，您會發現同樣的事情，客戶有大量的庫存。

Balance sheet. So we have signaled for some time. We expect that, that continues to correct throughout the year. I think what I'd really point you to is the company is inflected back up in terms of growth in Q2. And as we look out even beyond the second half and if you just kind of look into the next year, we have the AI doubling again at least in our fiscal '25. We see strong continued growth in our cloud infrastructure, so non-AI, the cloud also driving meaningful growth. That's both growth in optics as well as storage coming back as well as some cloud-optimized programs. So that's a positive.

資產負債表。因此我們已經發出訊號一段時間了。我們預計，這種情況將在全年持續糾正。我想我真正想指出的是，公司第二季的成長動能已經回升。如果我們展望下半年以後以及明年，我們會發現至少在 25 財年，人工智慧將再次翻倍。我們看到雲端基礎設施持續強勁成長，因此非人工智慧、雲端運算也推動了有意義的成長。這既包括光學領域的成長，也包括儲存領域的成長，以及一些雲端優化程式的成長。這是積極的。

Automotive continues to grow next year. And then as you indicated, storage is still very low. It's come off the bottom in our guide for Q2, but should be back next year. So a lot of very strong growth drivers. So you need to kind of draw a line between the first half now and next year. And I think the way you're thinking about it is the right one, which is some of the markets are going to be choppier like enterprise.

明年汽車業將持續成長。正如您所說，儲存空間仍然很低。它在我們的第二季指南中已經跌至谷底，但明年應該會回升。因此有許多非常強勁的成長動力。因此你需要在現在上半年和明年之間劃一條界線。我認為你的想法是對的，有些市場將會變得更動盪，例如企業市場。

And we also said that in Carrier, we've had this incredible run in our 5G wireless business over the last several years. We actually see that continuing in Q2 and Q3, but probably in the fourth quarter where that will drop off after a long run, it just -- we've got our own product cycles going but that gets more than offset, obviously, by all the growth in data center. So a great setup for the second half, really cloud AI-driven and would more than offset any kind of comprehensive weakness or choppiness in some of the other end markets. Hopefully, that's helpful.

我們也說過，在營運商方面，我們在過去幾年的 5G 無線業務取得了令人難以置信的發展。我們實際上看到這種情況將在第二季度和第三季度繼續下去，但可能在第四季度，這種情況將在長期持續之後下降，這只是 - 我們有自己的產品週期，但顯然，數據中心的所有增長都會抵消這種情況。因此，這對於下半年來說是一個很好的設置，真正由雲端運算人工智慧驅動，並且可以抵消其他一些終端市場的任何全面疲軟或波動。希望這對你有幫助。

So I guess you don't want to put a number on it, so like mid-single digits.

所以我猜你不想在上面放一個數字，所以像中間個位數。

The bottom line is we're not -- like most companies, we're not going to guide the second half specifically at this point, but clearly going to accelerate off of where we are today.

重點是，我們不會像大多數公司一樣，現在還不會具體指導下半年的發展，但顯然會在目前的基礎上加速發展。

The next question is from Vivek Arya with Bank of America Securities.

下一個問題來自美國銀行證券的 Vivek Arya。

Matt, I just wanted to understand what specifically is included in AI this year? I think you're suggesting about $400 million or so in sales that kind of doubled from last year. How much of that is your electrooptics, are you including the Innovium switches in that? What about your cloud optimized silicon where I think the number was $200 million for this year. So what exactly is included in AI for this year? And when you spoke about the potential for it to double again next year. Of those 3 pieces are all 3 going to double? Is one going to grow more? So just if you could give us a little more clarity around what exactly is included in AI for this year? And among that, what will grow next year?

Matt，我只是想了解今年的人工智慧具體包含哪些內容？我認為您所指的銷售額大約是 4 億美元左右，比去年增長了一倍。其中有多少是電光元件？那你們的雲端優化矽片呢？那麼今年的人工智慧到底包含哪些內容呢？當您談到明年再次翻倍的可能性時。這 3 塊中所有 3 塊都會翻倍嗎？還會再長出來嗎？那麼，您能否向我們更清楚地介紹今年的人工智慧具體包含哪些內容？其中，明年哪些會成長？

Yes. Great question, Vivek. So when you think about this year, it's -- we said it's at least doubling. So think of it as $400 million plus, and it wants to be more, by the way. And we're working on that. That is almost completely driven by our PAM4 optics, PAM4 DSP as well as some of the DCI stuff that's driving a lot of the AI traffic in regional data centers. So think of it as mostly driven by optics, some networking, as you point out and probably a little bit of cloud optimized. But think of it as mostly just this really strong 800 gig ramp that we're seeing in PAM4.

是的。很好的問題，維韋克。所以當你想到今年的時候，我們說它至少翻了一番。因此，可以將其想像為 4 億美元以上，而且順便說一句，它還想要更多。我們正在努力實現這一目標。這幾乎完全由我們的 PAM4 光學元件、PAM4 DSP 以及一些 DCI 產品驅動，這些產品推動了區域資料中心的大量 AI 流量。因此，可以認為它主要是由光學、一些網路驅動，正如你所指出的，並且可能還有一點雲優化。但可以把它想像成我們在 PAM4 中看到的真正強大的 800Gig 斜坡。

That continues into next year, but then we layer in the cloud optimized ramps as well. And so both of those contribute to the incremental growth and the sort of over doubling into the next year. And as we get through the year, Vivek, we'll be able to quantify this a little bit more. I mean, you can imagine how fast things are moving in this area. It's incredibly dynamic. It's incredibly exciting and positive. And I'd say, almost on a daily or every other day basis, there's sort of new positive incremental updates. So as we go forward, we'll share more.

這種情況會持續到明年，但我們也會在雲端優化坡道上進行分層。因此，這兩者都有助於實現增量成長，並在明年實現翻倍。隨著這一年逐漸過去，維維克，我們將能夠對此進行更多的量化。我的意思是，你可以想像這個領域的發展速度有多快。它極具活力。這是令人難以置信的興奮和積極影響。我想說的是，幾乎每天或每隔一天，都會有新的正面的增量更新。因此，隨著我們不斷前進，我們將分享更多。

But think of it really this year is the PAM4 train remain very strong into next year, and then we start layering in the cloud optimized on top of it. And as we said in the prepared remarks, I think what's really exciting is those wins we articulated several years ago, right, at our 2021 Analyst Day. So these are products we've been working on for some time now. And normally, products take about 18 to 24 months to develop and then a period of time to ramp. So next year, the timing looks really good.

但想想今年的 PAM4 列車在明年確實會保持強勁，然後我們開始在雲端進行分層優化。正如我們在準備好的演講中所說，我認為真正令人興奮的是幾年前我們在 2021 年分析師日上所闡明的那些勝利。這些是我們已經研究了一段時間的產品。通常情況下，產品需要大約 18 到 24 個月的時間來開發，然後需要一段時間來提升。因此明年的時機看起來非常好。

Sorry, Matt, on this cloud optimized, is it still $200 million for this year, so partially in AI? And then what is the number for cloud optimized for next year?

抱歉，馬特，在這個雲端優化方面，今年的預算是否仍為 2 億美元，其中一部分用於人工智慧？那麼明年雲端優化的數字是多少呢？

Sure. So what we said -- what I said there was a lot in the detail, but we reconfirmed we're tracking to the number we gave you guys last time, which was the $200 million. I'd say it's potentially higher, but I think that's a safe number. And then at a high level, I think, just given how dynamic the situation is, we're not guiding a specific number for next year, but what we did say is the original sort of estimate back in -- when we gave it at the Analyst Day in 2021 was that you'd have $800 million in kind of the fiscal '25 to '26 time frame. And then what I updated on the call was that, that peak revenue is actually going to exceed the $800 million, just given that the total lifetime volume now of those same design wins has actually increased pretty significantly.

當然。所以我們說過——我說過有很多細節，但我們再次確認，我們正在追蹤上次給你們的數字，也就是 2 億美元。我想說這個數字可能會更高，但我認為這是一個安全的數字。從高層次來看，我認為，考慮到情況的動態變化，我們不會為明年提供具體的數字，但我們確實說過，在 2021 年分析師日上給出的最初估計是，在 25 至 26 財年期間，收入將達到 8 億美元。然後我在電話會議上更新說，高峰收入實際上將超過 8 億美元，因為現在相同設計中標的總生命週期數量實際上已經相當顯著增加。

And then the percentage of those has moved meaningfully towards AI. So it's all tracking in the right direction for this year and then for next year. We'll see how it goes. I really don't want to cap it quite frankly, and it's too early to even call the number.

然後這些百分比就顯著地轉向人工智慧了。因此，今年和明年一切都朝著正確的方向發展。我們將看看事情進展如何。坦白說我真的不想對此作出限制，而且現在說出這個數字還為時過早。

The next question is from Ambrish Srivastava with BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

That's a lot of very helpful details there, Matt. I actually wanted to turn to Willem on the gross margin side. So what are the assumptions for the fourth quarter because you guys sound very, I don't know it's the right word convicted about hitting that in the fourth quarter. So just kind of help us understand the assumptions, how much of it is -- some of it has to be based on the top line recovery as well, right? So just give us confidence on that, please?

馬特，那裡有很多非常有用的細節。我實際上想就毛利率方面的問題向威廉尋求幫助。那麼對於第四節的假設是什麼，因為你們聽起來非常，我不知道這是否是正確的詞，對於在第四節達到這一點深信不疑。所以只是幫助我們理解這些假設，其中有多少——其中一些也必須基於頂線復甦，對嗎？所以請給我們信心，好嗎？

Yes. Amber, thanks for the question. So yes, we're very confident on getting back to the bottom end of our range in Q4. So some of the main drivers, I think, as Matt pointed out, that wireless carrier, we expect that to continue to be really strong through the third quarter and then really to take a step down in Q4. We've seen the storage recovery starting, and we expect that to continue through the fourth quarter. And then I'd also point to the optical products and by AI. We're seeing that strength pick up through the year. And all of those are very much accretive to our gross margin.

是的。 Amber，謝謝你的提問。所以是的，我們非常有信心在第四季度回到我們的範圍的底端。因此，我認為，正如馬特指出的那樣，一些主要的驅動因素是無線運營商，我們預計它將在第三季度繼續保持強勁，然後在第四季度真正下降。我們已經看到儲存恢復開始，我們預計這種恢復將持續到第四季度。然後我還要指出光學產品和人工智慧。我們看到這種實力在今年不斷增強。所有這些都大大提高了我們的毛利率。

But then in addition to that, all the OpEx reduction initiatives that we're driving internally as well as the work that we're doing with our supply chain. We expect all that to really more meaningfully impact our P&L in Q4. So that gives us confidence. Hopefully, that would clarifies.

除此之外，我們還在內部推動所有營運成本削減舉措，以及我們在供應鏈中所進行的工作。我們預計所有這些都將對我們第四季的損益產生更有意義的影響。這給了我們信心。希望這可以澄清一切。

Yes. So just a clarification because tied to that, you said the inventory would be largely over excess inventory. So it sounds like on the cloud side that is behind us. And is it fair to assume that networking is where the vestiges remain towards the end of the year. Matt, is that the right way to think about it in terms of excess inventory?

是的。因此，我只是想澄清一下，因為與此相關，您說庫存將大大超過過剩庫存。因此，這聽起來就像是我們身後的雲端。並且可以公平地假設，網路是年底殘留的痕跡。馬特，從庫存過剩的角度來看，這是正確的方法嗎？

Yes. I think I would -- well, let me clarify what's that. I'd say we're not completely out of the woods yet on cloud. So I'd say the -- think of it as the 10% sequential growth, which is really positive, by the way. We're happy to see that inflect back up. The way to kind of think about it is the AI portion of it is moving up quite dramatically, as you can imagine. But the traditional infrastructure side is also going up, but it still got a little bit to clear. So actually, I'd say there's a little bit more tailwind there in terms of inventory digestion on the cloud side, which would be kind of additional stuff. So that would kick in.

是的。我想我會——好吧，讓我澄清一下那是什麼。我想說我們還沒有完全擺脫雲端運算的困境。因此，我會說 — — 可以將其視為 10% 的連續增長，順便說一句，這確實是積極的。我們很高興看到這種轉變再次出現。你可以想像，人工智慧部分正在快速發展。但傳統基礎設施方面也在上升，但還有一點需要澄清。因此實際上，我認為在雲端庫存消化方面會有更多的順風，這將是額外的因素。這樣它就會發揮作用。

And then storage is still -- we're still way under shipping demand. So that will be a positive exiting the year. And then, yes, you're right, like we took some actions in enterprise on our own some in Q1 that didn't quite get it all done. So we're getting it all -- the rest of it done in Q2. These are more us driving it in terms of working inventory down, so that when we exit the year, it's more rebalanced.

然後存儲仍然——我們仍然遠低於運輸需求。因此，這將是一個積極結束的一年。是的，你是對的，就像我們在第一季在企業中自己採取了一些行動，但並沒有完全完成。因此，我們將在第二季完成所有剩餘工作。這些更多的是我們透過降低庫存來推動它，以便當我們結束這一年時，它更加平衡。

So there's a few pockets where there's still some inventory overhang, obviously, something like an AI is not, and then wireless 5G, I mean that just stepped up 25% sequentially. So we've been shipping pretty hard on that one. But yes, there's a few pieces. But when you kind of add it all up, we see across the board, we should be in pretty good shape in terms of shipping back to what normalized demand would be. And that was really Willem's point, is just some of these product lines that just when they come back to normal shipping to demand run rate, it's definitely a tailwind for gross margin. And then, of course, on top of that, we have our own programs we're driving to ensure our success to get the gross margins back up.

因此，在某些領域仍然存在一些庫存積壓，顯然，像人工智慧這樣的東西不是，然後是無線 5G，我的意思是它環比增長了 25％。因此，我們對此非常努力。但確實有幾件。但當你把所有這些加起來時，我們就會全面看到，我們的運輸狀況應該會恢復到正常需求的水平。這就是威廉的觀點，就是當其中一些產品線恢復正常運輸並達到需求運行率時，這對毛利率來說絕對是一個順風。當然，除此之外，我們還有自己的計劃，以確保成功恢復毛利率。

The next question is from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的布萊恩柯蒂斯。

Matt, I just wanted to go to some of your AI comments, I thought it was super interesting. You talked about the mix of lifetime revenue moving from 20% to 50%. And you also gave us that extra year. But I'm just trying to understand, have you seen an influx of new projects that you've started that would then come out then? I mean you're giving us an extra view, so maybe some of this was in the works before? And then I guess kind of just conceptually why that mix kind of shifted so much? I mean it would suggest a pretty high percentage of your out-year there. So just kind of curious how all this unfolds over the last quarter?

馬特，我只是想看看你的一些人工智慧評論，我認為這非常有趣。您談到了終身收入結構從 20% 變成 50% 。而且您還給了我們額外一年的時間。但我只是想知道，您是否看到您啟動並隨後推出的大量新項目？我的意思是您為我們提供了額外的觀點，所以也許其中一些內容之前就已經在籌劃了？然後我想，從概念上來說，為什麼這種混合會發生如此大的變化？我的意思是，這顯示你的年收入佔比相當高。所以只是有點好奇這一切在過去一個季度是如何展開的？

Yes. Well, I think, Blayne, there's kind of a couple of pieces to that. So the first is we had an initial set of design wins that we sized and articulated at the October 2021 Investor Day. And that was this $400 million going to $800 million. And as you pointed out, roughly 20% of that lifetime revenue at the time was for AI, 80% was sort of for traditional cloud infrastructure. And then now we've seen sort of the AI piece really take off in terms of expectations for it. So that -- just to clarify, that is just going apples-to-apples with what we communicated 2 years ago. .

是的。嗯，布萊恩，我認為，這其中有幾部分。首先，我們已經獲得了一系列初步的設計成果，並在 2021 年 10 月的投資者日上進行了規模化和闡述。這就是說，這 4 億美元將變成 8 億美元。正如您所指出的，當時大約 20% 的終身收入來自人工智慧，80% 來自傳統的雲端基礎設施。現在我們看到人工智慧在人們的期望方面真正開始起飛。所以—只是為了澄清一下，這與我們兩年前傳達的訊息完全一致。 。

I mean -- and those are the projects now that are coming to fruition. But I mean, just to be very clear, since that time, we have layered in a significant number of incremental new design wins. And those are -- many of those are now underway, probably not as much revenue from those next year, but then those would be sort of the year after. And I would just also add that our design win funnel, and this is data I was just reviewing at the company level, who's just expanded dramatically with the biggest portion of that coming from our cloud design win funnel. And then of the cloud, you can imagine the AI portion has become very significant versus where it was 2 or 3 years ago.

我的意思是——這些項目現在正在取得成果。但我的意思是，要非常清楚，從那時起，我們已經獲得了大量新的設計勝利。其中許多現在正在進行中，明年的收入可能不會那麼多，但那些將是後年的收入。我還要補充一點，我們的設計成功管道，這是我在公司層級審查的數據，它急劇擴張，其中最大部分來自我們的雲端設計成功管道。然後就雲端運算而言，你可以想像與兩三年前相比，人工智慧部分已經變得非常重要。

So I'd say on a number of aspects, wins we claimed 2 years ago going to production. Incremental activity and wins since then, so that would indicate long term even a higher number in terms of our AI potential. And then the funnel looks extremely robust. And so that all leads to a I think, a very bright outlook in terms of where this can go over the next 5 to 7 years depending on how long it takes to sort of flow all these through. So we're in the very early innings here, Blayne, I think, as you can imagine.

因此我想說，從多個方面來說，我們兩年前在生產方面都取得了勝利。從那時起，活動和勝利不斷增加，這表明從長遠來看，我們的人工智慧潛力甚至會更高。漏斗看起來非常堅固。所以，我認為，這一切都將帶來非常光明的前景，即未來 5 到 7 年內這一進程將如何發展，這取決於完成所有這些工作需要多長時間。所以，布萊恩，我想，正如你所想像的，我們現在正處於非常早期的階段。

I just want to follow up on the carrier side. I think in the past, you talked about maybe India would be that source of growth. I think you're now saying after a bunch of quarters of growth, maybe it would be down a bit. I just trying to understand, did something change in your expectation for that India rollout? Or is it just the softness in the inventory with the other regions?

我只是想跟進一下承運商方面的情況。我想過去您曾談論過印度也許會成為成長源。我想你現在說的是，經過幾個季度的成長之後，可能會有所下降。我只是想知道，您對印度推出該產品的預期是否發生了變化？還是只是其他地區的庫存疲軟？

Yes, I think, Blayne, the way to think about it is. And generally, I'd say this has been our story for 5G as it's unfolded over the last, call it, 3 years. It's grown virtually almost every quarter. And if you look at where we were coming off of last year, we were pretty excited, right? We hit kind of the $600 million bogey we had talked about. And then we had to step up big time in Q1 of 25% sequential off of Q4, which we said is going to continue actually in Q2 and probably remain strong through Q3.

是的，布萊恩，我認為應該這樣思考。總的來說，我想說這就是我們 5G 在過去 3 年中的發展。幾乎每個季度它都在成長。如果你回顧我們去年的成績，你會發現我們非常興奮，對吧？我們達到了之前談到的 6 億美元的目標。然後，我們必須在第一季度加大力度，使第一季的銷售額比第四季度增長 25％，我們表示，這種勢頭實際上將在第二季度繼續，並且可能在第三季度保持強勁。

So at some point, this base station market is pretty lumpy, especially the deployment. There's a lot of concern around CapEx out there. Some people have already sort of seen it, but given that we're mostly in new products, and we don't have a lot of 4G overhang, we've been able to power through. But yes, I think the India stuff is definitely comprehended in this 25% step-up we already took and then really 3 very strong quarters this year before we see a drop off in Q4. And then sometime in next year, we'll have some growth again at some point. But it's been running pretty hot. And I think we've been pretty much way outperforming in terms of what other people are seeing in the telecom market.

因此在某種程度上，這個基地台市場相當不穩定，特別是部署方面。人們對資本支出 (CapEx) 有許多擔憂。有些人可能已經看到了這一點，但考慮到我們主要推出的是新產品，而且沒有太多的 4G 懸而未決的問題，我們能夠堅持下去。但是的，我認為印度市場的情況肯定已經體現在我們已經實現的 25% 的成長中，而且今年印度市場經歷了 3 個非常強勁的季度，但在第四季度出現下滑之前。然後明年某個時候，我們會在某個時候再次實現一些成長。但它運行得相當熱。我認為，就電信市場其他人所見而言，我們的表現相當出色。

The next question is from Tore Svanberg with Stifel.

下一個問題來自 Stifel 的 Tore Svanberg。

Congrats on turning around the ship here. I had a question about storage, Matt. So I know it's hard for you to identify how much was related to AI and you kind of don't want to give a number going forward either. But as we start to think about especially because now that there's -- AI is driving some pull-in on some of these next-generation technologies, I would think that, that could be already an opportunity for you next year. So any color you can give us on how big the storage business could be in AI over the next few years?

恭喜您在這裡扭轉局勢。我有一個關於存儲的問題，馬特。所以我知道你很難確定其中有多少是與人工智慧有關，而且你也不想給出一個具體數字。但是，當我們開始思考，特別是因為現在人工智慧正在推動一些下一代技術的吸引力時，我想，這可能已經成為你們明年的機會。那麼，您能告訴我們未來幾年人工智慧儲存業務的規模有多大嗎？

Got it. Yes. Tore, you bring up a very good point. So when I referred to storage earlier, it was really on the existing product lines we have, which is primarily hard disk drive controllers, preamplifiers and flash controllers. And that one, we just -- we tried. We spent a lot of time on it over the last 3 months, trying to map it and ultimately, we just said, let's keep it out for now. But you have a very good point in that something I haven't talked about, which is there's going to be a tremendous demand for CXL in these large systems, especially as the as the DRAM and the memory really needs to scale pretty dramatically. And we are seeing strong pull from customers on those solutions and kind of the lead product we're doing is under a lot of schedule pressure to get it out because of the need.

知道了。是的。托爾，你提出了一個很好的觀點。所以當我之前提到儲存時，它實際上涉及我們現有的產品線，主要是硬碟控制器、前級擴大機和快閃記憶體控制器。而那個，我們只是—我們嘗試過了。在過去的三個月裡，我們花了很多時間試圖繪製它，最後我們說，暫時先把它保留下來。但您說的非常有道理，我還沒有談到這一點，那就是這些大型系統對 CXL 的需求將會非常巨大，尤其是當 DRAM 和記憶體確實需要大幅擴展時。我們看到客戶對這些解決方案的強烈需求，而且由於需求的緣故，我們正在開發的主導產品的推出面臨很大的時間壓力。

So I think that's another leg to the stool. That's not really in our kind of comprehended in our next year numbers per se, but it's definitely out there. And I think that's going to drive a whole other segment for us. I'd also say there's things like AECs, which is another product category that we've invested in that's getting extremely strong traction, very happy with the progress there. That's something that can layer in again over time.

因此我認為這是凳子的另一條腿。從本質上來說這並不在我們能夠理解的明年的數字範圍內，但肯定是存在的。我認為這將會為我們帶來全新的領域。我還要說的是，還有像 AEC 這樣的產品，這是我們投資的另一個產品類別，它正在獲得極其強勁的發展勢頭，我們對那裡取得的進展感到非常高興。隨著時間的推移，這種情況會再次出現。

So there's a few other shots on goal we have that really leverage the core DSP analog mixed signal capability we have inside of Marvell. And we're going to continue to try to leverage those and really be as broad-based as a supplier as we can. And again, and if you think about sort of all the hops, all the data hubs that are coming in and out of these systems, we want to be the lead company that our customers go to for these solutions, whether it's EXL, ACs, PAM4 DSP, optics, DCI. And then, of course, more exciting, not more but has exciting opportunity in the custom silicon area. So a lot of stuff going on.

因此，我們還有其他一些目標，可以真正利用 Marvell 內部的核心 DSP 模擬混合訊號功能。我們將繼續嘗試利用這些優勢，盡可能成為具有廣泛基礎的供應商。再說一次，如果你考慮所有的跳躍，所有進出這些系統的資料中心，我們希望成為客戶尋求這些解決方案的領先公司，無論是 EXL、AC、PAM4 DSP、光學還是 DCI。當然，更令人興奮的是，在客製化矽片領域有令人興奮的機會。有很多事情正在發生。

The next question comes from C.J. Muse with Evercore.

下一個問題來自 Evercore 的 C.J. Muse。

Yes. A follow-up question on storage and really trying to think through the ramp in the second half, both for data center and consumer. For data center, I think that business was probably down $150 million peak to trough, just for the controller side. And so curious how we should think about that step-up into October and January? And then the same thing on the consumer side, that business is up, I think, implied about $50 million sequentially in July. Is that sustainable into the second half of the year?

是的。關於儲存的後續問題，以及真正試圖思考下半年資料中心和消費者的成長。對於資料中心，我認為業務可能從高峰到低谷下降了 1.5 億美元，只是控制器方面。所以很好奇我們該如何看待 10 月和 1 月的這項舉措？在消費者方面也出現了同樣的情況，我認為，7 月份業務有所增長，環比增長約 5,000 萬美元。這種狀況能持續到下半年嗎？

Sure. Let me take it in 2 pieces. So on the data center side, it did -- and it did bottom out in Q1. So it will be up a little bit in Q2, but more -- it will kind of grow throughout the year, but really I don't think it recovers -- and even if it doesn't recover all the way, it recovers mostly probably by the fourth quarter, C.J., the January quarter, not the third quarter. But it will think of Q1 and Q2 as being very, very low. And then it comes back in the second half step-up in Q3 and then in Q4.

當然。讓我把它分成兩個部分。因此，在資料中心方面，它確實在第一季觸底。因此，它在第二季度會略有上漲，但更重要的是——它會在全年增長，但我真的不認為它會復甦——即使它沒有完全復甦，它也很可能在第四季度、即 1 月份季度復甦，而不是第三季度。但它會認為 Q1 和 Q2 非常非常低。然後它在下半年再次回升，在第三季和第四季都有所提升。

And we're really not modeling it at this point even in Q4 getting back up to like 100% of where it was. I think, we're probably at 75% to 80%, just in our own models, just to be conservative. But certainly, over time, that should normalize. So that's the data center one. The good news is it's come off the bottom and it's growing in Q2 in the second half.

我們現在還沒有真正對其進行建模，即使在第四季度也無法恢復到原來的 100％ 水平。我認為，根據我們自己的模型，我們可能處於 75% 到 80% 之間，只是為了保守起見。但可以肯定的是，隨著時間的推移，這種情況應該會正常化。這就是資料中心。好消息是，它已經走出低谷，並且在下半年第二季開始成長。

On the consumer side, yes, this is not a super strategic end market for us. There's some moving pieces. Q1, if you looked at it, was a little bit low, Q2 this kind of funky 30% growth. That's on the flash side, kind of normalize those 2. It's probably in the range of where it should be. Just the way to think about overall consumer is it's actually outperformed if you went back to kind of our Investor Day model a few years ago a seen a lot of strength. But at some point, it's going to in our model was always to trend down over time.

從消費者方面來說，是的，這對我們來說不是一個超級策略終端市場。有一些移動的部件。如果你看一下，你會發現第一季的成長率有點低，而第二季的成長率則達到了驚人的 30%。這是在閃存方面，將這兩者標準化。如果你回顧幾年前的投資人日模型，你會發現整體消費者的表現其實更為出色，而且實力強勁。但在某些時候，在我們的模型中，它總是會隨著時間的推移而呈現下降趨勢。

I would say that probably starts in the second half and continues through next year. And look, if we get a bluebird, that's great. You never know, we got a lot of bluebirds over the last few years. But just given we don't put a lot of R&D behind it, the way to think about consumer is you got Q1 and Q2, just assume the second half is probably is probably lower and then it just trends down over time, more in line with what we talked about at the Investor Day model. Hopefully, that's helpful.

我認為這可能從下半年開始並持續到明年。瞧，如果我們得到一隻藍鳥，那就太好了。你永遠不會知道，過去幾年我們得到了很多藍鳥。但鑑於我們並沒有投入大量的研發，考慮消費者的情況是，你有第一季和第二季的數據，就假設下半年可能會更低，然後隨著時間的推移呈下降趨勢，更符合我們在投資者日模型中討論的情況。希望這對你有幫助。

The next question comes from Karl Ackerman with BNP Paribas.

下一個問題來自法國巴黎銀行的卡爾‧阿克曼。

Gentlemen, I was wondering how much of the uptick in your data center business outlook is coming from the expanded TAM opportunity from a competitor exiting investment of their networking ASIC division where your Innovium business competes quite well?

先生們，我想知道，您的資料中心業務前景的成長有多少來自於競爭對手退出其網路 ASIC 部門的投資所帶來的擴大的 TAM 機會，而您的 Innovium 業務在該部門的競爭力很強？

Oh, I see. Yes, you're talking about the switching portfolio, Karl?

我懂了。是的，你在談論轉換投資組合，卡爾？

Correct.

正確的。

Yes. Okay. No, I would say definitely aware of that repositioning going on by 1 of the other companies. We hadn't really seen that solution very much out there. I mean maybe that's 1 of the reasons why they've sort of reprioritized. But we see a lot of traction for that product line. I mean the way you can think about it is -- and maybe I'll just use this, Karl, just to take a second just to answer kind of a bigger question that some investors have, which is, hey, if you've got all this CapEx shifting to AI, then what happens to the traditional cloud infrastructure side. Does that -- does Marvell get impacted by that? Do things like switches, right, as an example, or networking get less spend? Or do the optics get less spend? And how do you think about that?

是的。好的。不，我想說我肯定知道另外一家公司正在進行重新定位。我們確實沒有見過太多這樣的解決方案。我的意思是，這也許就是他們重新調整優先順序的原因之一。但我們看到該產品線具有很大的吸引力。我的意思是，你可以這樣思考——也許我會用這個，卡爾，花一點時間來回答一些投資者提出的一個更大的問題，那就是，嘿，如果你把所有這些資本支出都轉向人工智能，那麼傳統的雲基礎設施方面會發生什麼。那 Marvell 會受到影響嗎？舉例來說，像交換器或網路這樣的設備支出是否會減少？還是光學方面的花費較少？您對此有什麼看法？

So I'd say, one, first of all, we definitely see the AI trend that's obvious that the CapEx is going to move there. But we still see very strong growth for our portfolio in the traditional infrastructure, which includes our switching platforms, which, by the way, some of those will also go back into AI as well. But if you just sort of think about that the spend that's left is going to be -- the dollars are going to be badly needed to make sure that the entire front end network and the connections between data centers and all of the bandwidth that's required to actually move vast amounts of data inside and out of the data centers, that all needs to still get upgraded.

所以我想說，首先，我們確實看到了人工智慧的趨勢，很明顯資本支出將會轉移到那裡。但我們仍然看到傳統基礎設施投資組合的強勁成長，其中包括我們的交換平台，順便說一句，其中一些也將回歸人工智慧領域。但是如果你想一下，剩下的開支將是——這些資金將急需確保整個前端網路和資料中心之間的連接以及實際在資料中心內外移動大量資料所需的所有頻寬，所有這些都需要升級。

So I think we still see our traditional cloud infrastructure portfolio growing very strongly second half of this year and next year switching portfolio is part of it. We've really doubled down in this area, Karl. We've taken the Innovia product line. We've combined it with our switching broader switching organization. We brought in a new general manager reporting directly to me who is managing all of our higher layer networking technology. We're leveraging that with our optics and long term, even co-packaged optics road map.

因此，我認為我們仍然會看到我們的傳統雲端基礎設施投資組合在今年下半年將強勁成長，而明年的轉換投資組合也是其中的一部分。卡爾，我們確實在這個領域加倍努力。我們採用了Innovia產品線。我們將其與我們的轉換更廣泛的轉換組織結合。我們聘請了一位新的總經理，直接向我報告，負責管理我們所有的高階網路技術。我們正在利用我們的光學技術和長期甚至是共同封裝的光學技術路線圖來發揮這一點。

So a lot of investment, a lot of excitement, and we're very happy with how the -- how our -- our first product looks in 5-nanometer, which is at 51.2T, we announced it recently, and now it's back. So all that's going well, Karl. We don't see any real impact from the competitor exiting. We look at more that there's just a growing market, a large opportunity for, I think, people who provide high-performance, higher layer networking technologies to all grow and the market is going to grow a lot.

因此，我們投入了大量的資金，感到非常興奮，我們對我們的第一款 5 奈米產品的外觀感到非常滿意，該產品的速度為 51.2T，我們最近發布了它，現在它又回來了。一切進展順利，卡爾。我們沒有看到競爭對手退出帶來任何實際影響。我們更關注的是，這是一個不斷成長的市場，我認為，對於提供高效能、更高層次網路技術的人來說，這是一個巨大的機遇，而且市場將會大幅成長。

Yes. That's very helpful. Perhaps if I could ask another follow-up. Could you discuss the debate on the competitive dynamics of AI. There have been some ASIC design houses in China winning AI designs from hyperscalers. But given the extended revenue trajectory that you spoke about today of your AI programs, it doesn't sound like the competitive landscape has altered your view of the long-term opportunity you see in compute offload in different areas of AI. But if you could just perhaps put a finer point on that, that would be quite helpful?

是的。這非常有幫助。也許我可以再問一個後續問題。您能討論一下有關人力智慧競爭動態的爭論嗎？中國已經有一些 ASIC 設計公司從超大規模企業手中贏得了 AI 設計。但考慮到您今天談到的人工智慧專案的長期收入軌跡，競爭格局似乎並沒有改變您對人工智慧不同領域計算卸載的長期機會的看法。但如果您能對此進行更詳細的闡述，那會很有幫助嗎？

Well, yes, I think, yes, as you heard from our comments, even the wins we got a few years ago, which we had I think at the time, thought we signed appropriately, maybe a little conservatively, but we thought we size to operate. Those have expanded, and those are products we're already developing or have developed. And so that sort of opportunity that's already there. And I guess the other thing I look at is the design win funnel, and that's expanded dramatically across the board for AI, but a lot of it is in compute offload acceleration, and kind of custom computing.

嗯，是的，我認為，是的，正如您從我們的評論中聽到的那樣，即使是我們幾年前獲得的勝利，我認為當時我們簽署了適當的協議，可能有點保守，但我們認為我們的規模適合運營。這些已經擴展了，這些都是我們正在開發或已經開發的產品。所以這種機會已經存在了。我想我關注的另一件事是設計勝利漏斗，它在人工智慧領域已全面擴展，但其中很大一部分是在計算卸載加速和某種自訂運算方面。

I'd say from a competitive standpoint, and you mentioned potentially overseas competitors. I mean just given the nature of the criticality of these types of systems. And even at some point, maybe a national security type of concern for this type of AI technology, my belief is that the companies that have strong U.S.-based presence, strong IP portfolio, able to invest in the bleeding edge technology road map, like 5-nanometer, like 3-nanometer, you name it. Those are the ones that are going to win and be able to do these -- not only design the manufacture them into high volume and have the scale and capacity to do that. And Marvell is one of just a couple of companies probably that can really, really compete at that level. There may be one-offs here and there. But I just think long term, the largest companies out there are going to look to the scaled up largest suppliers to support them.

我想從競爭的角度來看，您提到了潛在的海外競爭對手。我的意思是僅僅考慮到這些類型的系統的關鍵性質。甚至在某種程度上，也許國家會擔心這種人工智慧技術的安全，但我相信，那些在美國擁有強大影響力和強大知識產權組合的公司，能夠投資於前沿技術路線圖，例如 5 奈米、3 奈米等等。這些才是最終獲勝者，他們不僅能夠設計、大量生產，而且具備做到這一點的規模和能力。而 Marvell 可能是少數幾家能夠真正在該層面上競爭的公司之一。這裡或那裡可能會有一次性事件。但我認為，從長遠來看，最大的公司將尋求最大的供應商來支持他們。

The next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Maybe just a quick follow-up to the last question on switching. So I think you might have mentioned this math, but I just wanted to verify. Did the team get first silicon tampered silicon back on your next-generation 1.2 Terralink, 10 switching chipset, any feedback on the performance? Are you shipping samples to customers? And then your design win funnel is clearly expanding at a significant pace, as you mentioned, right? I think it was last October, the team announced their 3-nanometer IP libraries, right, high-speed idle building blocks, ARM-based cores, so library. So on this expanding design win funnel, has the team already engaged and is already starting new design wins on 3-nanometer?

也許只是對關於切換的最後一個問題的一個快速跟進。所以我想你可能有提到這個數學問題，但我只是想驗證一下。團隊是否將第一塊矽篡改矽片放回下一代 1.2 Terralink、10 交換晶片組上，對其性能有何回饋？您正在向客戶發送樣品嗎？然後，正如您所說，您的設計成功管道顯然正在以顯著的速度擴大，對嗎？我想是在去年十月，該團隊宣布了他們的 3 奈米 IP 庫，對，高速空閒構建塊、基於 ARM 的內核等等庫。那麼，在這個不斷擴大的設計勝利管道中，團隊是否已經參與其中並開始在 3 奈米上贏得新的設計勝利？

Yes, a couple of questions. I think the first 1 is pretty simple, the product, which we call TL10 or Terralink 10, we have product in hand. It's looking good. We have a lot of demand to try to ramp this product up, quite frankly, as fast as we can. That's all going well. And on 3-nanometer, a lot of activity there, pretty similar to let's say to 5-nanometer, where we really readied ourselves at the right time to be able to bid competitively with the best of the best out there. And I'd say we're extremely well positioned today on 3-nanometer.

是的，有幾個問題。我認為第一個非常簡單，我們稱之為 TL10 或 Terralink 10 的產品，我們手中有產品。看起來不錯。坦白說，我們有很大的需求，因此我們會盡快提高該產品的銷售量。一切進展順利。在 3 奈米領域，有許多活動，與 5 奈米領域非常相似，我們確實在正確的時間做好了準備，以便能夠與市場上最優秀的企業進行競爭競標。我想說，我們目前在 3 奈米領域處於非常有利的地位。

I'd say just in general, there's a ton of activity. But -- and I think we're sort of in all those conversations. I would say though that when we said this previously, the 5-nanometer is going to continue to be a very long, steady workhorse technology that serves a lot of needs for a long time. And I think just in general, as you sort of get to this leading edge we're at, I think it's going to be customers are going to be more and more choosy about really weighing cost, power, performance, timing, schedule, the whole 9 yards versus it used to be just kind of automatic. You went from 28, then when you went to 16 and then you went to 12 and then you went to -- just people you just sort of was like, you just jump.

我想說，整體來說，有很多活動。但是──我想我們都參與了這些對話。我想說的是，正如我們之前所說，5 奈米將繼續成為長期穩定的主力技術，能夠長期滿足許多需求。而且我認為，總的來說，當我們達到我們所處的這種前沿時，我認為客戶會越來越挑剔，真正權衡成本、功率、性能、時間、進度等方方面面，而不是像過去那樣只是自動化的。你從 28 歲開始，然後到了 16 歲，然後到了 12 歲，然後到了——就像你曾經那樣，你只是跳躍而已。

And I think it's each of these is going to have their place in terms of the application set that they serve. So we're well positioned really well on both. But certainly, the 3-nanometer, we're in the middle of some pretty exciting discussions across almost all of our major end markets.

我認為，就它們所服務的應用程式集而言，每個技術都有其適用之處。因此，我們在這兩方面都處於非常有利的地位。但可以肯定的是，關於 3 奈米，我們幾乎在所有主要終端市場都處於非常令人興奮的討論之中。

I think we maybe a couple more questions, and then we'll wrap it.

我想我們可能還會再問幾個問題，然後我們就結束了。

The next question comes from Matt Ramsay with TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

Cracker Jack (inaudible) security got (inaudible) getting here. So I appreciate It. It was an achievement. So I have 2 different questions for you guys. They're unrelated. The first one is in the guidance here in the short term. Certainly, it seems like consumer SSD is driving some pretty strong growth. And maybe you could give us a little bit more color on your confidence of seen ability of that market, just given -- I mean there certainly are some concerns in pace of China recovery, just return of enterprise sort of spend in notebook markets and things like that. I'm just trying to understand like the sustainability of that? Or is this sort of a snapback off the bottom? Any color there would be helpful.

克拉克傑克（聽不清楚）保全已經（聽不清楚）到達這裡。所以我很感激。這是一個成就。所以我有兩個不同的問題想問你們。他們沒有關係。第一個是短期的指導。當然，看起來消費級 SSD 正在推動相當強勁的成長。也許您可以給我們多一點關於您對該市場可見能力的信心，只是考慮到——我的意思是，人們對中國復甦的速度、企業在筆記型電腦市場支出的回升等等確實存在一些擔憂。我只是想知道這樣的做法是否具有永續性？或者這是一種從底部反彈的情況？任何顏色都有幫助。

And I guess my second question, really, really encouraging to hear about all these sort of momentum in the design win pipeline. And obviously, there was a near-term correction in storage and few pushouts. But if you back up to the 10,000-foot view, it seems like the business momentum has still been really, really strong, and I'm trying to juxtapose that against some OpEx cuts and belt tightening and other things that you guys have done, which it seems like this would be the time to be investing more rather than less. So I'm just trying to square that circle? Hopefully, that makes sense.

我的第二個問題是，聽到設計獲勝流程中出現如此強勁的勢頭，真的非常令人鼓舞。顯然，近期儲存方面出現了調整，並且很少有延期的情況。但是，如果從更高的角度來看，似乎業務發展勢頭仍然非常強勁，我試圖將其與你們所做的一些營運支出削減、緊縮開支等措施進行對比，似乎現在應該是增加投資而不是減少投資的時候。所以我只是想解決這個問題？希望這是有意義的。

Yes, let me answer both and if Willem wants to jump in on the second 1 at the end, he can. On the first one, yes, I wouldn't really read too much into this one, Matt. The way to think about how that consumer storage business has evolved. It's a limited number of products. They're really customized designs, I would say. And I wouldn't -- I think somebody earlier you may have been going through security as this we basically said, hey, just sort of assume the first half, Q1 plus Q2 kind of average that out, that's probably where that -- there's a little bit of lumpiness. We were down in Q1. It's kind of going back up in Q2.

是的，讓我回答這兩個問題，如果威廉最後想加入第二個問題，他可以。關於第一個問題，是的，馬特，我不會對此進行過多的解讀。思考消費者儲存業務如何發展的方式。這是數量有限的產品。我想說，它們確實都是客製化設計。而且我不會——我想早些時候有人可能已經通過了安全檢查，我們基本上說過，嘿，只是假設上半年，第一季度加上第二季度的平均值，這可能就是——有一點點不均勻。我們在第一季處於下滑狀態。它在第二季度有所回升。

But if you look at that, half over half, it should be down in the second half and over time, consumer for us will just trend down kind of in line with our Investor Day model. So I wouldn't -- I would not sort of assume that, that just keeps going. I would take a very kind of conservative view on our consumer business. And if it does better, that sort of bank it, put it away and cash the chat. But -- it's not something we put a lot of R&D to in anymore. These are designs from some time ago, and there's a little bit of just a funky Q1, Q2 dynamic on the demand. So I wouldn't read too much into that.

但如果你看一下，你會發現有一半以上的消費者在下半年會下降，隨著時間的推移，我們的消費者支出將呈現下降趨勢，這與我們的投資者日模型一致。所以我不會——我不會假設這種情況會一直持續下去。我對我們的消費者業務持非常保守的看法。如果業績表現較好，那就把錢存入銀行，然後兌現。但是——我們不再在這方面投入大量的研發了。這些都是之前的設計，需求上有一點時髦的 Q1、Q2 動態。所以我不會對此進行過多的解讀。

I'm glad you asked on the OpEx. Let me just give you my take and Willem can chime in. So when Look, we do our annual strategic plan in Marvell usually every August, kind of September. And so we did that last year. And between now and then, the world has really changed. It's changed in terms of the market dynamics, what's happening with some of our major customers. the macro economy is different. Interest rates are different. You name it, right? It's sort of summer of last year versus now.

我很高興您詢問有關 OpEx 的問題。讓我跟你談談我的看法，威廉也可以插話。去年我們就是這樣做的。從現在到那時，世界確實發生了變化。就市場動態而言，我們的一些主要客戶的情況也發生了變化。宏觀經濟則不同。利率不同。您說對了嗎？這有點像去年夏天與現在的對比。

And so we're always very thoughtful about how we think about our R&D and capital allocation. I mean, in my mind, it's the most important thing, Matt, that we do, okay? That lever is really going to be our future or not. And things have changed. And so we did a very extensive review last quarter very methodically of all the programs in flight by business unit, by product line, looked at how they can do what our original estimates were for our estimates, at least the last time we posted it. And we made a number of decisions on some programs where the sponsorship really wasn't there or the customer they were wavering or their plans changed. And at the same time, you've got this inflection where huge surge in demand for AI type of things, optics, you name it.

因此，我們總是非常認真地考慮我們的研發和資本配置。我的意思是，在我看來，這是我們所做的最重要的事情，馬特，好嗎？這個槓桿真的會決定我們的未來嗎？事情已經改變了。因此，我們在上個季度對按業務部門、按產品線進行的所有正在進行的項目進行了一次非常廣泛、非常有條不紊的審查，研究了它們如何能夠達到我們最初的估計，至少是上次我們發佈時是這樣。我們對一些項目做出了一些決定，這些項目實際上並沒有贊助商，或者客戶動搖了，或者他們的計劃改變了。同時，你會看到這種轉折點，對人工智慧類產品、光學產品等的需求激增。

And so we've done some pretty aggressive repositioning in terms of our spending footprint. And so we're able to exit the year in a lower OpEx footprint than we're running today, but it's still at an incredibly healthy level. We're spending more as a percent of R&D than almost all of our peers of sort of similar or even larger sized we've allocated more R&D to some of the key areas where we see just a lot of activity and growth. In some cases, we've rightsized certain product groups that maybe their new reality is different. Maybe it's a legacy business. It's running at a lower level than it was before. We're just sort of dealing with that on an individual group by individual group basis. And then in some cases, we're just getting more efficiency.

因此，我們在支出足跡方面做了一些相當積極的重新定位。因此，我們能夠以比現在更低的營運支出足跡結束今年，但仍然處於非常健康的水平。我們在研發上的支出比例比幾乎所有類似甚至規模更大的同業都要高，我們在一些關鍵領域分配了更多的研發資金，我們看到這些領域有大量的活動和成長。在某些情況下，我們對某些產品組進行了適當調整，也許它們的新現實有所不同。也許這是一項遺留業務。它的運行水平比以前更低了。我們只是根據每個群體的具體情況來處理這個問題。在某些情況下，我們的效率會更高。

I mean as an example, we took our processor business unit and our custom ASIC group. And over time, those 2 teams end up kind of at the same customer, they end up sharing IP. We're in all the joint meetings together. And so Raghib Hussain made the decision, which I think is a lot on, which was to combine those into a single organization. And when you do that, you typically get some efficiency savings. So I feel very confident in the OpEx profile of the company exiting the year. I think it's appropriate for the conditions we're in. The growth areas are getting more and we're just being very judicious about how we do it.

舉個例子，我們以處理器業務部門和客製化 ASIC 群組為例。隨著時間的推移，這兩個團隊最終會服務同一個客戶，並共享 IP。我們一起參加了所有的聯席會議。所以拉吉布·侯賽因做出了一個決定，我認為這個決定意義重大，那就是將這些組織合併為一個組織。當你這樣做的時候，你通常可以獲得一些效率節省。因此，我對公司今年末的營運支出狀況非常有信心。我認為這適合我們所處的環境。

And quite frankly, we had a lot of growth math. We acquired a couple of companies over the last few years. Marvell effectively doubled, right, kind of tandem to now in terms of revenues. And so there was just an opportunity really to go through kind of systematically and look at what do we need to run this company and run it with compelling financials with a setup for next year with that sort of OpEx profile and spending level to really enable a tremendous drop through to the bottom line as we get leverage in some of these new design wins kicking in.

坦白說，我們進行了大量成長數學計算。過去幾年我們收購了幾家公司。就收入而言，Marvell 實際上已經翻了一番，與現在相比是同步的。因此，這確實是一個機會，可以系統地研究我們需要什麼來運營這家公司，並以令人信服的財務狀況來運營它，為明年做好準備，這種運營支出狀況和支出水平可以真正實現利潤的大幅下降，因為我們可以從一些新的設計中獲益。

And so look, we're going to keep evaluating all the opportunities on a systematic basis. And as our revenues improve and as we see the growth ahead, we'll layer back in, in a thoughtful way. But right now, take kind of the Q4 exit rate that Willem talked about There'll be some normal step-up in Q1, which would really be just normal payroll tax and merit. And then that's probably kind of where we hang out for the first half of next year, at least at this time. Again, if things change and revenues going gangbusters and something we'll look at it. But we're sort of set up right now to have a very strong flow through drop through next year and have not sacrificed any growth opportunities. Long answer, but I did want to cover it for the whole investor team out there.

所以，我們將繼續有系統地評估所有機會。隨著我們收入的提高和未來成長的前景，我們會以深思熟慮的方式重新加入。但現在，以威廉談到的第四季的退出率來看，第一季會出現一些正常的成長，這實際上只是正常的薪資稅和績效稅。那麼這可能就是我們明年上半年的去處，至少目前是這樣。再說了，如果情況發生變化，收入大幅成長，我們就會考慮。但我們現在已經做好了準備，明年的流量將非常強勁，而且不會犧牲任何成長機會。答案很長，但我確實想為整個投資者團隊介紹一下。

Going to get the last question.

接下來是最後一個問題。

That's the last question.

這是最後一個問題。

Yes. I think there's one more, Matt.

是的。我認為還有一個，馬特。

The last question today will come from Srini Paju with Raymond James.

今天的最後一個問題來自 Raymond James 的 Srini Paju。

Matt, your enterprise networking business and carrier, obviously, they've grown very strongly in the last couple of years. and you're guiding for kind of somewhat softer second half, which makes sense. I'm just curious, as we go into the next year, it looks like 5G is at a point where most of the world now has 5G. And in enterprise, the macro is not exactly encouraging right now. So just curious to hear your thoughts on how you're thinking about the growth in the segments as we go into the first half of next year?

馬特，您的企業網路業務和營運商顯然在過去幾年中發展非常強勁。而您預計下半年會稍微疲軟一些，這是有道理的。我只是很好奇，隨著我們進入明年，5G 看起來已經達到了世界上大多數地方都擁有 5G 的水平。而對企業來說，目前的宏觀經濟情勢並不十分樂觀。所以我很好奇想聽聽您對明年上半年各細分市場成長的看法？

Sure. Yes, great questions. And I think we've got a very kind of practical view on these, Srini. So on enterprise, I think you indicated in your part of your question, I mean, this actually business is really outperformed relative to the expectations we set at our Investor Day in 2021. Lot of great progress on share gains, content gains as things like multi-gig ramped up, we added things like new custom ASICs. So that business has sort of outperformed, but it's outperformed because the market was good but also really because of our own doing. And so we've been saying for some time, it's going to correct. It did better than we thought in Q1, but it will come down in Q2.

當然。是的，很好的問題。我認為我們對此有非常實用的看法，Srini。因此，在企業方面，我想您在問題的部分中已經指出，我的意思是，這項業務的實際表現確實超出了我們在 2021 年投資者日設定的預期。因此，該業務的表現有點出色，但其出色的表現是因為市場良好，但實際上也歸功於我們自己的努力。所以我們一直在說，這種情況將會得到糾正。它在第一季的表現優於我們的預期，但在第二季會下降。

And yes, I think that environment you've sort of got is correct. But I think of enterprise, at least now it's kind of at least if you look at it year-on-year from last year, this year or next year, it's kind of flattish. We've got -- even if there's some -- there'll be quarters where it's down more. But if you sort of normalize it, there'll be -- we still have sort of a strong story underneath, if you will. But we're not saying it's a grower for sure, and there'll be a couple of quarters or however long it takes to do some inventory clearing.

是的，我認為您所擁有的環境是正確的。但我認為對於企業來說，至少現在如果與去年、今年或明年相比，它是持平的。即使有，也會出現下降幅度更大的季度。但如果你將其正常化，那麼——如果你願意的話，我們仍然會有一個強而有力的故事。但我們並不能肯定地說它是一種成長，而且還需要幾個季度或更長的時間來清理庫存。

I think you're right on overall carrier, especially on 5G. There's been very robust deployments worldwide. You still got things like India, which are happening this year, and there'll be more other regions next year. But I do think that overall, the market side will probably move down. At the same time, we still have content gains in front of us. So that's a little bit of an offset. There's still at least 1 kind of bigger socket that still hasn't ramped. So I think our content story is still pretty good in 5G. But look, we've got pretty good visibility through the third quarter of this year. We do think it's going to drop in Q4, and then where it end up next year is kind of a little bit early.

我認為你對整體運營商的看法是正確的，特別是 5G。世界各地都有非常強大的部署。今年仍會發生像印度這樣的事件，明年還會有更多其他地區發生。但我確實認為，總體而言，市場方面可能會走低。同時，我們仍然有內容上的收穫。所以這有一點偏移。至少還有 1 種較大的插座尚未坡道。所以我認為我們的內容故事在5G方面仍然相當不錯。但看看吧，我們對今年第三季的預期相當樂觀。我們確實認為它將在第四季度下降，然後確定明年的最終結果還為時過早。

But I'd say, at some point, we have content that layers in there, too. So hopefully, that's helpful to kind of paint a picture, but we're not pounding the table that these are going to be continued growth drivers into '25. We're actually modeling. And then something like wired, we're modeling it to still stay pretty weak in telecom for some time. So there's some puts and takes, obviously, in the overall business. With that I think we could wrap it. We -- a lot of questions, I know. But we want to make sure we answered them all. We appreciate everybody's participation today. I look forward to the call back and talking to everybody afterwards. So thanks very much, everybody.

但我想說，在某種程度上，我們也有包含其中的內容。所以希望這能有助於描繪出一幅圖景，但我們不會強調這些將成為2025年的持續成長動力。我們實際上正在做模特兒。然後像有線這樣的東西，我們建模顯示它在電信領域一段時間內仍然會保持相當薄弱的狀態。因此，在整個業務中顯然存在一些利弊。我想這樣我們就可以結束了。我知道，我們有很多問題。但我們想確保回答了所有問題。我們感謝今天大家的參與。我期待回電並與大家交談。非常感謝大家。

This concludes our question-and-answer session. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。感謝您參加今天的演講。您現在可以斷開連線。