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，歡迎來到 Marvell Technology Inc. 2024 財年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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，正在記錄此事件。我現在想將會議轉交給投資者關係高級副總裁 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。歡迎來到 Marvell 2024 財年第一季度財報電話會議。今天加入我的是 Marvell 總裁兼首席執行官 Matt Murphy；和我們的首席財務官 Willem Meintjes。讓我提醒大家，今天發表的某些評論包括前瞻性陳述，這些陳述存在重大風險和不確定性，可能導致我們的實際結果與管理層當前的預期存在重大差異。請查看我們今天向美國證券交易委員會提交並發佈在我們網站上的收益新聞稿以及我們最近的 10-K 和 10-Q 文件中包含的警示性聲明和風險因素。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.

在我們今天的電話會議中，我們將提及某些非 GAAP 財務指標。我們網站的投資者關係部分提供了我們的 GAAP 和非 GAAP 財務指標之間的對賬。

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

有了這個，我會把電話轉給馬特，聽取他對我們表現的評論。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 的收入為 13.22 億美元，高於指引的中點。更高的收入推動我們的非 GAAP 每股收益達到 0.31 美元，比中點高出 0.02 美元。我們指導第二季度的收入在中點增長至 13.3 億美元，並預計本財年下半年的連續收入增長將加速。

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.

在我們得出每個終端市場的結果之前，讓我首先討論人工智能為 Marvell 帶來的巨大機遇。過去，我們認為 AI 是雲中的眾多應用程序之一，但它的重要性和機會都在急劇增加。生成式 AI 正在迅速推動新的應用程序並改變我們的雲客戶的投資優先級。今天的人工智能工作負載需要真正龐大的數據集。為了有效地處理這些數據，人工智能數據中心的架構與標準的雲基礎設施有很大不同。

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.

人工智能的主要構建塊不是雙路服務器作為核心元素，而是包含多個加速器（如 GPU）的系統。在大型部署中，數以千計的此類系統相互連接，形成一個數據中心大小的 AI 集群。互連這些系統所需的帶寬比標準雲基礎設施高幾個數量級。給你一個想法，今天雲數據中心中最新的雙 CPU 服務器可以驅動高達每秒 200 吉比特的 IO，並包含支持該帶寬的網絡接口。相比之下，包含 8 個加速器的高級 AI 系統的示例可以驅動接近 30 太比特的全雙工帶寬。這是將這些系統連接在一起所需帶寬的數百倍。請記住，這些雲數據中心將數以千計的此類系統連接到一個集群中，從而為其客戶提供最大的可擴展性，其中每個系統都能夠驅動數十 TB 的網絡流量。

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.

為了在數據中心規模上創建盡可能大的集群規模，這些連接需要能夠在越來越遠的距離上運行。這些集群需要數量驚人的高帶寬連接，所有這些都需要以超低延遲和高可靠性提供，並且在合理的功率範圍內。這種連接最好由完全光學連接的基礎設施提供。利用數字信號處理和延遲高容量光纖交換機。通過這種方式，AI 成為我們 PAM4 光學 DSP 平台的強大增長動力。值得注意的是，這些 DSP 兼容各種網絡協議，例如以太網、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，我們看到這種趨勢只會加速。雖然當今最先進的 AI 系統已經在使用可用的最高帶寬接口，但您可能會驚訝地發現當前 AI 實施的性能規模仍然受到網絡容量的限制。以我之前討論的 Accelerator AI 系統為例，如今這些系統通常包含每秒 4800 Gb 的光接口。對於外部連接，它提供了每秒 3.2 太比特的總帶寬。但這不是一個能夠驅動接近 10 倍帶寬的系統。為了消除這一差距，我們預計每個 AI 系統的光學接口數量將隨著這些集群的擴展而繼續增長。預計下一代加速器將具有更強的計算能力和更高的帶寬要求。

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 AI 基礎設施的發展速度，技術更新速度為 18 到 24 個月，而標準基礎設施為 4 年以上。總而言之，我們預計這些 AI 集群中的大量連接、越來越多地採用更高速的光學接口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，我們表示我們行業領先的 800-gig DSP 平台的增長幾乎完全由 AI 應用程序驅動。

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.

我們還發布了業界首款 1.6 太比特 PAM4 PSP 平台，將當前一代的吞吐量翻了一番，我們預計人工智能也將推動這些產品的初步採用。此外，由於推理部署在多個區域數據中心，它們需要通過數十公里的高帶寬、低延遲光程連接。這項技術被稱為數據中心互連或 DCI，而 Marvell 一直是該市場的先驅。我們為 DCI 創建了業界第一個可插拔模塊，現在我們最新的 DCI 產品線提供每秒 400 GB 的速度。我們已經看到人工智能雲數據中心正在推動對我們 400ZR 解決方案的需求顯著增加。

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 實施正在計劃跨不同站點的集群加速器。人工智能也是數據中心內部交換需求的主要增長動力。 Marvell 在低延遲、高容量交換機市場的地位不斷提高，我們看到了對我們產品的強勁需求。我們最近發布了下一代 51.2T HaraLynx-10 以太網交換平台。平台基於我們從 Innovium 獲得的低延遲架構，並建立在 Marvell 領先的 5 納米技術平台之上。我們看到了對該產品的濃厚興趣。我們預計 AI 相信行業從今天的 12.8T 交換機過渡到 51.2T，從而使網絡帶寬翻兩番。我們預計 51.2T 的採用將成為網絡半導體市場的強勁增長動力。綜上所述，Marvell 在 AI 網絡連接領域建立了領先地位。在人工智能投資不斷增長的推動下，我們預計 PAM4 光學、DCI 和以太網交換解決方案將實現巨大增長。

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 有機會通過我們的雲優化矽平台解決計算和人工智能問題。正如您之前所聽到的，AI 數據中心的架構有著根本的不同。在標準雲基礎架構中，大部分計算由 CPU 執行，而加速器主要用於卸載網絡和安全等任務。相比之下，AI 基礎設施、GPU 等加速器是主要的計算引擎，而 CPU 則用於控制目的，這是與標準雲基礎設施的 180 度逆轉。根本差異導致人工智能中加速器與 CPU 的比例更高，而加速器現在是主要的計算機會。

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.

這一點，再加上人工智能投資的急劇增加，正在推動更高比例的增量計算 TAM 和雲數據中心轉向加速器。今天，我們看到雲客戶通過構建自己的定制加速器來增強他們的 AI 產品，這些加速器旨在滿足他們的特定需求。這是 Marvell 雲優化矽戰略的核心部分，我們現在看到了定制計算和 AI 基礎設施更大、增長更快的機會。當我們之前在 2021 年 10 月的投資者日討論我們的雲優化矽機會和收入增長預期時，我們預計一旦所有項目都投入生產，第一組設計獲勝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 AI、安全、存儲和視頻，以及多個網絡應用程序。

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.

今天，當我們審視由 AI 驅動的同一組設計勝利時，我們對這些設計的總生命週期收入預期顯著增加。與此同時，人工智能預計生命週期收入的相對比例已從我們之前預測的約 20% 增加，但我們今天只有一半。因此，計算和人工智能應用現已發展成為 Marvell 雲優化矽平台的最大單一收入驅動因素和機會。隨著人工智能需求的持續增長，我們看到同一套雲優化設計的年收入隨著這些項目的增加而獲勝，遠遠超過之前的 8 億美元預測。事實上，我們有許多與人工智能相關的定制矽產品，預計明年將投入量產。

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，我們希望在日曆年結束前取出本季度的第一塊矽。如您所見，除了我們在 AI 網絡連接方面的強大地位外，我們相信我們已做好充分準備來應對計算機會。在過去的幾個月裡，我們花時間仔細繪製了我們從 AI 獲得的收入，以便我們可以跟踪它隨時間的進展。鑑於我們取得的巨大進步，包括最近在 AI 應用程序的推動下，我們的客戶需求增加，以加速增長。

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.

在 2023 財年，我們估計我們的 AI 收入約為 2 億美元，比上一年大幅增長。該收入主要來自我們的 PAM4 光學器件和 400ZR BCI 產品。自我們在 3 月初的最後一次財報電話會議以來，這些產品的預訂量大幅增加。因此，我們預計 Marvell 的整體 AI 收入在 2024 財年至少翻一番。

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，我們預計 AI 將繼續在網絡連接方面實現強勁增長。最重要的是我們期望從我們在電話會議中早些時候討論的雲優化程序的增長中獲得增長。總的來說，我們預計明年我們的人工智能總收入將至少再翻一番。換句話說，我們預測 2023 年至 2025 財年的人工智能收入複合年增長率將超過 100%。未來，我們預計涉及視頻和圖像的生成式 AI 實施將為 HDD 和閃存中的整體存儲和運動增長提供順風。然而，很難準確分配我們存儲業務的收入，特別是人工智能。所以我剛才討論的人工智能收入預測不包括任何存儲貢獻。

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 AI 的網絡流量會增加，並且隨著時間的推移也將為我們更廣泛的網絡產品組合提供順風，我們尚未在 AI 收入預測中體現這一點。我們已經看到我們的雲客戶的計劃發生了快速轉變，因為人工智能基礎設施的支出在他們的資本支出中所佔的比重越來越大。我們相信，Marvell 是為數不多的能夠實現這一趨勢的半導體公司之一，並且能夠獨特地參與人工智能係統、網絡、計算和存儲的所有 3 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 年著手將 Marvell 轉向數據基礎架構，並成功執行了該戰略，組建了合適的團隊、技術和客戶關係，以引領該市場。隨著 AI 成為最終的數據基礎設施應用程序，Marvell 處於這一令人難以置信的轉型的中心。我們有信心，我們將成為幫助客戶實現願景的最雄厚的半導體公司之一。我們期待在未來分享我們在人工智能方面的持續進展。

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.

現在讓我繼續回顧我們在終端市場的結果和期望，從數據中心開始。在我們的數據中心終端市場，第一季度收入為 4.36 億美元，同比下降 32%，環比下降 12%。在雲的推動下，我們第一季度的整體數據中心收入高於預期，我們看到擴展的 AI 部署對我們的光學數據中心互連產品的需求更加強勁。正如預期的那樣，存儲是第一季度數據中心收入整體環比下降的主要原因，儘管我們預測環比增長將在第二季度開始，並且我們的數據中心存儲業務在下半年繼續增長.

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.

展望我們整個數據中心終端市場的第二季度，我們預計雲收入將連續增長 10% 以上。然而，我們預計我們數據中心終端市場的企業內部部署部分將下降並抵消來自云的增長。因此，我們預計第二季度整體數據中心終端市場的收入將持平。

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.

轉向我們的運營商基礎設施終端市場。第一季度收入為 2.9 億美元，同比增長 15%，環比增長 5%。隨著 5G 的採用在新的地理區域以及我們針對客戶的產品不斷增加，我們看到了對我們的無線產品的強勁需求。這導致無線收入連續增長約 25%，部分抵消了我們的無線增長是我們有線終端市場庫存消化的開始。

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.

繼續我們對下一季度的展望。我們預計，由於有線終端市場的庫存持續消化，我們整體運營商終端市場的收入將連續下降中等個位數。

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.

繼續我們的企業網絡終端市場。第一季度收入為 3.65 億美元，同比增長 27%，環比持平，好於我們的指引。我們第一季度的企業網絡業績反映出定制 ASIC 的強勁增長被我們計劃減少的商業產品渠道和客戶庫存所抵消。展望 2024 財年第二季度，我們預計我們的企業網絡收入將連續下降 10% 以上，並且由於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。第一季度收入為 8900 萬美元，同比持平，環比下降 10%。雖然我們的汽車業務繼續實現同比和環比的強勁增長，但這些收益被我們工業業務的下滑所抵消。展望 2024 財年第二季度，我們預計汽車和工業終端市場的收入將按百分比連續增長。

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。第一季度收入為 1.42 億美元，低於我們的指引，同比下降 20%，環比下降 21%。展望第二季度，我們預計收入將在 30% 左右的範圍內連續增長，這主要受定制 SSD 控制器需求強勁季節性增長的推動。此外，隨著我們開始接近終端市場消費，我們預計 ACD 控制器將實現增長。

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，我們正在引導從第二季度開始恢復連續增長，我們預計本財年下半年增長將加速。很少有市場仍然如此，我們預計由於宏觀經濟的不確定性和庫存調整，我們的有線和企業終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收入將在第三季度增加，然後在第四季度暫停並下降。我們在數據中心終端市場看到了許多積極跡象。我們預測我們的數據中心存儲收入將在第二季度恢復增長，並隨著我們開始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.

撇開存儲不談，我們預計雲將成為我們數據中心收入的主要增長動力。我們正在引導我們的雲收入在第二季度連續增長 10% 以上，並且我們看到今年剩餘時間來自 AI 的需求顯著增加。此外，我們預計我們的雲優化矽計劃將隨著今年的進展而更加有意義，這與我們在上一季度電話會議中概述的修訂預期一致。因此，我們對公司下半年實現更高增長的預期充滿信心。我們還希望推動未來利潤率的顯著提高。我們預計，到今年年底，庫存調整將基本結束，我們對 Marvell 特定產品的增長推動收入恢復增長感到興奮。

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.

我們一直專注於多項成本改進措施，以提高毛利率。因此，我們對我們的非 GAAP 毛利率預測有信心在本財年第四季度至少回到我們目標範圍的低端。我們一直在與客戶進行廣泛的討論，並清楚地了解他們當前的路線圖。雖然一些計劃已經推出，但其他計劃已經加速。我們正在積極調整我們的投資優先級，以適應我們面前的最高投資回報率機會。我們還專注於提高效率，以進一步降低我們的運營費用。

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.

我們正在調整戰略路線圖，合併我們的一些業務以反映市場變化。例如，由於我們的客戶對定制計算的需求不斷增長，我們已將我們的定制 ASIC 和處理器產品組合併到一個組織中。其他團隊也在致力於提高效率。因此，我們預計我們的運營支出將以低於之前溝通的運行率退出。這種支出紀律預計將延續到 2025 財年，並幫助我們在未來提供強大的運營槓桿。

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.

威廉將在他的評論中提供更多細節。在結束之前，我想對 Rick Hill 表示感謝，他將在本屆任期結束時從 Marvell 董事會退休。 7 年多前，Rick 在一段非常困難的時期加入 Marvell，擔任董事會主席兼代理首席執行官。他迅速採取行動穩定公司，親自安撫客戶、員工和股東。幫助建立了世界一流的董事會，並在招聘第一批關鍵管理人員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 很大程度上是因為 Rick。很難找到一個人願意貢獻自己的時間和精力，並將自己的智慧傳授給他人，以看到公司蓬勃發展和下一代領導者成功的滿足感。在過去 7 年最關鍵的時刻，Rick 始終支持 Marvell 團隊，他對團隊的信念使我們能夠採取大膽的步驟來改造公司。沒有他的領導和指導，Marvell 不會有今天的成就。我非常感謝 Rick 對 Marvell 做出的傑出貢獻，我很榮幸能接替他擔任董事會主席。

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，我還要感謝 Ed Frank 博士，他於 2018 年從 Cavium 董事會加入我們。他一直是一位傑出的董事，並將在 6 月任期屆滿時從 Marvell 董事會退休。我很感謝 Ed 多年來為 Marvell 竭誠服務。最後，我要感謝我們敬業的員工團隊，我們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.

有了這個，我會把電話轉給 Willem，了解我們最近的結果和前景的更多細節。

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。首先讓我總結一下我們 2024 財年第一季度的財務業績。第一季度的收入為 13.22 億美元，超過了我們指引的中點，同比下降 9%，環比下降 7%。數據中心是我們最大的終端市場，佔總收入的 33%。企業網絡位居第二，佔總收入的 27%，其次是運營商基礎設施，佔 22%；消費佔 11%，汽車工業佔 7%。毛利率為 42.2%。非 GAAP 毛利率為 60%，符合指引。我們的毛利率結果反映了我們對第一季度預測的不利收入組合。

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%.

GAAP 運營費用為 7.4 億美元，包括收購無形資產的股份補償攤銷、與裁員相關的重組成本和收購相關成本。非 GAAP 運營費用為 4.59 億美元，略低於指引。由於工資稅和員工薪資增長的典型季節性，第一季度運營支出較上一季度有所增加。 GAAP 營業利潤率為負 13.8%。非 GAAP 營業利潤率為 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，GAAP 每股攤薄虧損為 0.20 美元。非 GAAP 每股攤薄收益為 0.31 美元，比指導中值高 0.02 美元。現在轉向我們的現金流量和資產負債表。本季度，運營現金流為 2.08 億美元。這包括為先前承諾的長期容量協議支付的 4000 萬美元款項。展望未來，我們目前預計 2024 財年剩餘時間及以後的產能追加費用最少。因此，我們預計與 2023 財年相比，運營現金流的逆風將大大減少，2023 財年為長期產能支付的款項總額約為 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.

第一季度末庫存為 10.3 億美元，環比減少 4200 萬美元。我們的銷售未清天數為 69 天，比上一季度減少 7 天。我們通過現金股息向股東返還了 5100 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，幾乎全部存放在具有系統重要性的銀行中。我們的總債務為 46.8 億美元，其中包括從我們的循環信貸額度中提取的 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.

我們的總債務與 EBITDA 比率為 2.1 倍，淨債務與 EBITDA 比率為 1.6 倍。在我為第二季度提供具體指導之前，讓我描述一下我們今年剩餘時間的毛利率、運營費用和資本配置計劃。如您所知，某些業務的重大庫存調整導致不利的收入組合，從而影響了我們的毛利率。我們樂觀地認為，庫存修正將在第四季度基本完成，屆時我們將在接近終端需求時發貨。我們還採取了多項降低成本的措施來提高毛利率。在內部，我們正在優化員工人數並進一步精簡運營。在外部，我們繼續與我們的戰略供應商合作，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，由於組合改進和我們降低成本的努力，我們的非 GAAP 毛利率將開始改善。我們預計第三季度會適度改善。到第四季度，我們至少可以回到 64% 至 66% 目標範圍的低端。正如 Matt 告訴您的那樣，我們正在調整戰略路線圖並提高效率，同時保持我們的長期增長前景。因此，我們預計第四季度的非 GAAP 運營費用將減少約 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 財年第四季度是一個為期 14 週的季度。因此，此預測中包括額外一周的大約 1000 萬美元的費用。因此，在標準化的 13 週基礎上，我們預計今年退出的非 GAAP 運營支出的運行率為 4.2 億美元。展望 2025 財年，我們預計第一季度工資稅和員工薪資增長的典型季節性將導致 OpEx 依次上升。因此，我們正在對 2025 財年第一季度運營支出進行建模，使其從上一季度標準化的 13 週退出率 4.2 億美元的百分比基礎上連續增加中高個位數。

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，這將使我們在明年推動巨大的經營槓桿。在資本配置方面，我們計劃在 2023 年 1 月的總債務交易中有 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些債務。這將有意義地提高我們的總槓桿率。獲得回報後，我們預計將在第三季度恢復我們的回購計劃。

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. We expect non-GAAP income per diluted share in the range of $0.27 to $0.37.

轉向我們對 2024 財年第二季度的指導。我們預計收入將在 13.3 億美元的範圍內，上下浮動 5%。我們預計我們的 GAAP 毛利率將在 44.3% 至 46.8% 之間。我們預計我們的非 GAAP 毛利率將在 60% 至 61% 的範圍內。我們預計我們的 GAAP 運營費用約為 6.94 億美元。我們預計我們的非 GAAP 運營費用約為 4.55 億美元。我們預計包括債務利息在內的其他收入和支出約為 5100 萬美元。對於第二季度，我們預計非 GAAP 稅率為 7%。我們預計我們的基本加權平均流通股為 8.61 億股，稀釋後的加權平均流通股為 8.65 億股。因此，我們預計 GAAP 每股收益在低端每股虧損 0.16 美元到高端每股攤薄收益 0.05 美元之間。我們預計非 GAAP 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，我們預計第四季度收入將繼續環比增長，毛利率將顯著提高，運營支出將繼續下降。我們的 DSO 和庫存已經顯示出改善的跡象。因此，我們期待在今年推動巨大的經營槓桿和現金流產生的顯著改善，同時為明年的增長建立一個強大的平台。

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

接線員，請開通線路並發布問答說明。謝謝。

(Operator Instructions)

（操作員說明）

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 Ross Seymore。

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，自從你上次打電話以來，情況似乎發生了重大變化。您詳細介紹了 AI 方面，然後周期性方面聽起來像是觸底。我只是想讓你深入了解一下客戶行為。您最終找到底部的只是周期方面嗎？人工智能方面真的在加速嗎？如果可以的話，請談談這種行為在您所在季度的過程中發生了怎樣的變化？

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，我認為看到第二季度的收入增長令人鼓舞。因此，總的來說，隨著公司總收入觸底，然後令人鼓舞地看到雲業務回升，在第二季度連續增長，增長 10% 以上，這是由 AI 驅動的。所以這肯定是積極的。我想也許我會談談剩下的事情。有許多移動件。很多都是公平的——在汽車運輸等方面幾乎是一致的。

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.

所以我們在那裡沒有看到大量的行為改變。真的，我想說的是，最大的變化是——我認為有兩件事與人工智能有關。首先是預訂、積壓、預測增加的水平，特別是我們的光學產品，已經顯著增加。這是積極的。第二個是我們真的花了上個季度和本季度之間的時間，以非常詳細的方式量化我們的 AI 收入流來自哪裡，是什麼推動了它。我們現在已經將它作為一個單獨的終端市場嵌入到我們的系統中，我們可以根據它進行過濾。所以我們對歷史有很好的看法，對未來有很好的燃料。我們絕對想花時間，這樣當我們傳達數字時，它們是堅如磐石的。

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.

你看到的是一個非常積極的故事，去年 AI 的收入基本上約為 2 億美元，然後至少我們看到今年翻了一番，明年至少又翻了一番。所以這可能是最大的變化。我想說的是 AI 的上升，這比上個季度的一些公告要晚一些，但它肯定是為我們準備的。我想說的是，在更廣泛的雲基礎設施方面，非人工智能也在加速發展，並將在第二季度和全年增長，實際上為明年做好了準備。以及。所以這些是一些已經發生的事情。

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.

關於 AI 的東西只有 1 個最後的註釋。我在準備好的發言中說過，但只是為了電話中的每個人，我們現在故意不在 AI 中包括存儲。我們發現很難將特定的一組產品直接映射到人工智能係統或不映射。顯然，只要考慮到需要存儲的數據量，隨著時間的推移，該業務將會出現。因此，我認為，您真正看到的是一個非常乾淨且非常令人興奮的 AI 數字。

The next question comes from Timothy Arcuri with UBS.

下一個問題來自瑞銀的 Timothy Arcuri。

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?

我有點想知道你是否可以陷害馬特，你認為今年下半年收入將開始增長多少。有很多有線移動部件，企業業務仍在調整庫存數據中心將在今年下半年增加。這聽起來像是雲的原因，並且還有一些存儲空間也恢復了。但許多大型網絡原始設備製造商的庫存仍處於創紀錄水平，例如思科、Arista 和瞻博網絡。那麼，當您進入第三財季和第四財季時，您能否大致了解一下您認為收入可以增長多少？期望每個季度的中等個位數甚至更好是否合理？

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。蒂姆，所以我會給你一些數據來思考它。我認為首先是我們從第二季度開始，好嗎？所以我們——我們看到了連續增長。再一次，當你看數據中心部分時，雲的增長被企業的持續疲軟所抵消。正如您所指出的，這顯然是過去 5 個季度整個服務器市場的一個問題。如果你有點通讀企業網絡，同樣的，客戶有很多庫存。

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。所以我們已經發出信號一段時間了。我們預計，這一情況將在全年繼續糾正。我想我真正要指出的是，公司在第二季度的增長方面有所回升。當我們展望下半年以後，如果你只是展望明年，至少在我們的 25 財年，我們的 AI 再次翻了一番。我們看到我們的雲基礎設施持續強勁增長，因此非人工智能、雲也在推動有意義的增長。這既是光學的增長，也是存儲的回歸，以及一些雲優化程序。所以這是積極的。

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.

汽車業明年繼續增長。然後正如您所指出的，存儲空間仍然很低。它在我們的第二季度指南中處於底部，但明年應該會回來。所以有很多非常強大的增長動力。所以你需要在現在和明年上半年之間劃一條線。而且我認為你考慮它的方式是正確的，一些市場將像企業一樣更加動盪。

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.

我們還說過，在 Carrier 中，我們在過去幾年的 5G 無線業務中取得了令人難以置信的成績。實際上，我們看到第二季度和第三季度繼續如此，但很可能在第四季度，從長遠來看，這種情況會下降，它只是——我們有自己的產品週期，但顯然，所有人都抵消了這一點數據中心的增長。因此，下半年的一個很好的設置，真正由雲 AI 驅動，可以抵消其他一些終端市場的任何形式的綜合疲軟或動盪。希望這會有所幫助。

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，就像中間的個位數一樣。

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.

底線是我們不是 - 像大多數公司一樣，我們不會在這一點上具體指導下半年，但顯然會加速我們今天的位置。

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公司的 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AI具體包括哪些內容？我想你是在暗示銷售額大約是 4 億美元左右，比去年翻了一番。其中有多少是您的電光器件，您是否將 Innovium 開關包括在內？你的雲優化芯片怎麼樣，我認為今年的數字是 2 億美元。那麼今年的 AI 到底包括哪些內容呢？當你談到明年它有可能再次翻倍時。這 3 件中的 3 件都會加倍嗎？一個人會長得更多嗎？那麼，能否讓我們更清楚地了解今年 AI 的具體內容？其中，明年會增長什麼？

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。好問題，維維克。所以當你想到今年時，它是——我們說它至少翻了一番。所以把它想像成 4 億美元以上，順便說一句，它還想更多。我們正在努力。這幾乎完全由我們的 PAM4 光學器件、PAM4 DSP 以及一些驅動區域數據中心大量 AI 流量的 DCI 材料驅動。因此，正如您指出的那樣，將其視為主要由光學驅動，一些網絡驅動，並且可能有一點雲優化。但可以把它想像成我們在 PAM4 中看到的這個非常強大的 800 gig ramp。

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，但隨後我們也會在雲優化坡道中分層。因此，這兩者都有助於增量增長和明年的翻倍。隨著我們度過這一年，Vivek，我們將能夠對此進行更多量化。我的意思是，您可以想像這個領域的發展速度有多快。這是令人難以置信的動態。這是非常令人興奮和積極的。我會說，幾乎每天或每隔一天，都會有一些新的積極增量更新。因此，隨著我們的前進，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.

但是今年真的想起來 PAM4 火車在明年仍然非常強大，然後我們開始在它之上優化的雲中分層。正如我們在準備好的發言中所說，我認為真正令人興奮的是我們幾年前在 2021 年分析師日上闡明的那些勝利。所以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，然後再經過一段時間才能上線。所以明年，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，在這個優化的雲上，今年是否仍然是 2 億美元，部分用於人工智能？那麼明年雲優化的數量是多少？

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。所以我們所說的 - 我所說的有很多細節，但我們再次確認我們正在跟踪我們上次給你們的數字，即 2 億美元。我會說它可能更高，但我認為這是一個安全的數字。然後在高層次上，我認為，考慮到形勢的動態變化，我們沒有指導明年的具體數字，但我們所說的是最初的估計——當我們在2021 年的分析師日是，在 25 到 26 財年的時間範圍內，你將擁有 8 億美元的資金。然後我在電話中更新的是，峰值收入實際上將超過 8 億美元，只是考慮到這些相同設計獲勝的總生命週期數量實際上已經顯著增加。

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.

然後其中的百分比已經有意義地轉向人工智能。所以今年和明年都在朝著正確的方向發展。我們會看看進展如何。坦率地說，我真的不想限制它，現在打電話還為時過早。

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。我實際上想在毛利率方面求助於威廉。那麼第四節的假設是什麼，因為你們聽起來非常，我不知道在第四節達到這個目標是正確的詞。所以只是幫助我們理解假設，其中有多少 - 其中一些也必須基於頂線恢復，對吧？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。琥珀色，謝謝你的問題。所以是的，我們非常有信心在第四季度回到我們範圍的底端。因此，我認為一些主要驅動因素，正如馬特指出的那樣，無線運營商，我們預計它會在第三季度繼續保持強勁勢頭，然後在第四季度真正走下坡路。我們已經看到存儲恢復開始，我們預計這將持續到第四季度。然後我還要指出光學產品和人工智能。我們看到這一年的力量在增強。所有這些都極大地增加了我們的毛利率。

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.

但除此之外，我們在內部推動的所有 OpEx 減少計劃以及我們在供應鏈中所做的工作。我們希望所有這些都能真正更有意義地影響我們在第四季度的損益表。所以這給了我們信心。希望這會澄清。

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。所以只是澄清一下，因為與此相關，你說庫存將在很大程度上超過庫存。所以這聽起來像是在我們身後的雲端。並且假設網絡是到年底仍然存在的痕跡是否公平。馬特，從庫存過剩的角度來看，這是正確的思考方式嗎？

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走出困境，但還沒有上雲。所以我會說 - 順便說一句，將其視為 10% 的連續增長，這確實是積極的。我們很高興看到這種變化又回來了。正如您可以想像的那樣，思考它的方式是它的 AI 部分正在急劇上升。但傳統基礎設施方面也在上升，但仍有一點需要清理。所以實際上，我想說在雲方面的庫存消化方面有更多的順風，這將是一種額外的東西。這樣就可以開始了。

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——我們仍然處於運輸需求之下。所以這將是一個積極的退出年。然後，是的，你是對的，就像我們在第一季度自己在企業中採取了一些行動，但並沒有完全完成。所以我們正在完成這一切——其餘的在第二季度完成。這些更多是我們在降低工作庫存方面推動它，所以當我們退出這一年時，它會更加平衡。

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.

所以有幾個口袋仍然有一些庫存過剩，顯然，人工智能之類的東西不是，然後是無線 5G，我的意思是它只是連續增加了 25%。所以我們一直在努力解決這個問題。但是，是的，有幾件。但是，當您將所有這些加起來時，我們會全面看到，在運送回到正常需求方面，我們應該處於非常好的狀態。這真的是 Willem 的觀點，只是其中一些產品線，當它們恢復正常運輸到需求運行率時，這絕對是毛利率的順風。然後，當然，最重要的是，我們有自己的計劃，我們正在推動以確保我們成功地獲得毛利率。

The next question is from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

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?

Matt，我只是想看看你的一些 AI 評論，我認為它非常有趣。你談到了生命週期收入從 20% 增加到 50% 的組合。你也給了我們額外的一年。但我只是想了解一下，您是否看到過您已經開始的大量新項目隨後會出現？我的意思是你給了我們一個額外的觀點，所以也許其中一些是以前的作品？然後我想從概念上講，為什麼這種混合會發生如此大的變化？我的意思是，這表明你在那裡度過了相當高的比例。所以有點好奇這一切在上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。好吧，我想，Blayne，其中有幾部分。因此，首先是我們在 2021 年 10 月的投資者日上確定並闡明了一組初步的設計勝利。那就是這 4 億美元變成 8 億美元。正如你所指出的，當時大約 20% 的生命週期收入用於人工智能，80% 用於傳統雲基礎設施。然後現在我們已經看到某種人工智能作品在對它的期望方面真正起飛。所以 - 澄清一下，這只是我們 2 年前交流的內容。 .

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 - 這些是現在即將實現的項目。但我的意思是，非常清楚，從那時起，我們已經在大量增量新設計勝利中分層。這些都是——其中許多現在正在進行中，明年的收入可能不會那麼多，但那些會在後一年。我還要補充一點，我們的設計獲勝漏斗，這是我剛剛在公司層面審查的數據，他們剛剛大幅擴張，其中最大部分來自我們的雲設計獲勝漏斗。然後是雲，你可以想像人工智能部分與 2 或 3 年前相比變得非常重要。

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.

所以我想在很多方面說，我們在 2 年前宣稱的勝利將投入生產。自那時以來的增量活動和勝利，因此就我們的 AI 潛力而言，這將表明長期甚至更高的數字。然後漏斗看起來非常強大。因此，我認為所有這一切都導致了一個非常光明的前景，即未來 5 到 7 年的發展前景，具體取決於所有這些流動需要多長時間。因此，正如您想像的那樣，我認為布萊恩，我們處於非常早期的局中。

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?

我只想跟進運營商方面。我想在過去，你談到也許印度會成為增長的源泉。我想你現在是說在經歷了幾個季度的增長之後，可能會有所下降。我只是想了解一下，您對印度推出的期望有什麼變化嗎？還是僅僅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，我認為，Blayne，思考它的方式是。總的來說，我想說這就是我們 5G 的故事，因為它在過去的 3 年裡展開了。它幾乎每個季度都在增長。如果你看看我們去年取得的成績，我們會非常興奮，對吧？我們擊中了我們之前談到的 6 億美元的柏忌。然後我們不得不在第一季度大幅增加第四季度的 25%，我們說這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.

所以在某些時候，這個基站市場非常不穩定，尤其是部署。人們對資本支出有很多擔憂。有些人已經看到了，但考慮到我們主要是新產品，而且我們沒有太多的 4G 懸垂，我們已經能夠通過。但是，是的，我認為印度的東西肯定包含在我們已經採取的這 25% 的提升中，然後在我們看到第四季度下降之前，今年真的有 3 個非常強勁的季度。然後在明年的某個時候，我們將在某個時候再次取得一些增長。但它一直很熱。而且我認為，就其他人在電信市場上看到的情況而言，我們的表現要好得多。

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?

恭喜你在這裡掉頭了。我有一個關於存儲的問題，馬特。所以我知道你很難確定有多少與 AI 相關，而且你也不想給出未來的數字。但是當我們開始考慮特別是因為現在有 - 人工智能正在推動一些下一代技術的發展，我認為明年這對你來說可能已經是一個機會。那麼，您能告訴我們未來幾年人工智能存儲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。撕裂，你提出了一個很好的觀點。所以當我之前提到存儲時，它實際上是在我們現有的產品線上，主要是硬盤驅動器控制器、前置放大器和閃存控制器。而那個，我們只是 - 我們試過了。在過去的 3 個月裡，我們在它上面花費了大量時間，試圖對其進行映射，最終，我們只是說，讓我們暫時將其排除在外。但是你有一個很好的觀點，我沒有談到，那就是在這些大型系統中將對 CXL 有巨大的需求，特別是因為 DRAM 和內存確實需要非常顯著地擴展。我們看到客戶對這些解決方案的強烈拉動，而我們正在做的主要產品由於需要而面臨很大的進度壓力。

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.

所以我認為這是凳子的另一條腿。這並不是我們真正理解的明年數字本身，但它肯定在那裡。我認為這將為我們帶來另一個細分市場。我還要說的是像 AECs 這樣的東西，這是我們投資的另一個產品類別，它正在獲得極強的牽引力，對那裡的進展非常滿意。隨著時間的推移，這是可以再次疊加的東西。

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，它們真正利用了我們在 Marvell 內部擁有的核心 DSP 模擬混合信號功能。我們將繼續嘗試利用這些，並儘可能地成為一個基礎廣泛的供應商。再一次，如果你考慮所有的躍點，所有進出這些系統的數據中心，我們希望成為我們的客戶尋求這些解決方案的領先公司，無論是 EXL、AC、 PAM4 DSP、光學、DCI。然後，當然，更令人興奮，不是更多，而是在定制矽領域有令人興奮的機會。所以發生了很多事情。

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。一個關於存儲的後續問題，並真正嘗試考慮下半年的增長，包括數據中心和消費者。對於數據中心，我認為僅控制器方面的業務從高峰到低谷可能下降了 1.5 億美元。很好奇我們應該如何考慮進入 10 月和 1 月的升級？然後在消費者方面也是一樣，我認為該業務在增長，這意味著 7 月份的環比約為 5000 萬美元。這能持續到下半年嗎？

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。讓我把它分成兩部分。所以在數據中心方面，確實如此——而且確實在第一季度觸底反彈。所以它會在第二季度有所上升，但更多 - 它會在全年增長，但我真的不認為它會恢復 - 即使它沒有一路恢復，它大部分都會恢復可能到第四季度，C.J.，一月份的季度，而不是第三季度。但它會認為 Q1 和 Q2 非常非常低。然後在第三季度和第四季度的下半場升級中回歸。

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.

即使在第四季度恢復到原來的 100%，我們現在也真的沒有對其進行建模。我認為，我們可能在 75% 到 80%，只是在我們自己的模型中，只是為了保守。但可以肯定的是，隨著時間的推移，這應該會正常化。這就是數據中心。好消息是它已經觸底，並在下半年第二季度增長。

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.

在消費者方面，是的，這對我們來說不是一個超級戰略終端市場。有一些動人的片段。 Q1，如果你看的話，有點低，Q2 這種時髦的 30% 增長。那是在閃存方面，對那些 2 進行標準化。它可能在它應該在的範圍內。考慮整體消費者的方式就是，如果你回到幾年前我們的投資者日模型，它實際上表現得更好，看到了很多力量。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下降。

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.

我想說這可能從下半年開始，一直持續到明年。看，如果我們得到一隻藍鳥，那就太好了。你永遠不知道，在過去的幾年裡，我們得到了很多藍鳥。但考慮到我們沒有在其背後投入大量研發，考慮消費者的方式是你有第一季度和第二季度，假設下半年可能會更低，然後它會隨著時間的推移呈下降趨勢，更符合預期與我們在投資者日模型中討論的內容。希望這會有所幫助。

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，我想知道您的數據中心業務前景的上升有多少來自於競爭對手退出其網絡 ASIC 部門的投資所帶來的擴大 TAM 機會？您的 Innovium 業務在該部門競爭相當激烈？

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，我會說肯定知道其他公司之一正在進行的重新定位。我們並沒有真正看到這種解決方案。我的意思是，也許這就是他們重新確定優先級的原因之一。但我們看到該產品線有很大的吸引力。我的意思是你可以這樣想——也許我會用這個，卡爾，花點時間回答一些投資者提出的一個更大的問題，那就是，嘿，如果你有讓所有這些資本支出都轉向人工智能，然後傳統的雲基礎設施方面會發生什麼。 Marvell 會受到影響嗎？例如，交換機或網絡之類的東西會減少支出嗎？還是光學器件的花費更少？你怎麼看？

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，我們肯定看到人工智能趨勢很明顯，資本支出將轉移到那裡。但我們仍然看到我們在傳統基礎設施中的產品組合增長非常強勁，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能。但是，如果您只是想一想，剩下的支出將是——將迫切需要美元來確保整個前端網絡和數據中心之間的連接以及所需的所有帶寬。實際上將大量數據移入和移出數據中心，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.

所以我認為我們仍然看到我們的傳統雲基礎設施組合在今年下半年增長非常強勁，明年交換組合是其中的一部分。卡爾，我們在這方面確實加倍努力。我們採用了 Innovia 產品線。我們已將其與我們更廣泛的交換組織相結合。我們聘請了一位直接向我匯報的新總經理，他負責管理我們所有的高層網絡技術。我們正在利用我們的光學器件和長期的、甚至是聯合封裝的光學器件路線圖來利用這一點。

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.

所以很多投資，很多興奮，我們對我們的第一個產品在 5 納米，即 51.2T 的外觀感到非常高興，我們最近宣布了它，現在又回來了.所以一切都很順利，卡爾。我們沒有看到競爭對手退出的任何實際影響。我們更多地看到市場在不斷增長，我認為，對於那些為所有人提供高性能、更高層網絡技術的人來說，這是一個巨大的機會，市場將會增長很多。

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。這很有幫助。也許我可以問另一個後續問題。你能談談關於人工智能競爭動態的辯論嗎？中國有一些 ASIC 設計公司贏得了超大規模的 AI 設計。但考慮到您今天談到的 AI 項目的長期收入軌跡，競爭格局似乎並沒有改變您對 AI 不同領域計算卸載的長期機會的看法。但是，如果您可以就此提出更好的觀點，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.

好吧，是的，我想，是的，正如你從我們的評論中聽到的那樣，即使是幾年前我們取得的勝利，我當時認為我們認為我們簽署得當，也許有點保守，但我們認為我們的規模操作。那些已經擴展，那些是我們已經開發或已經開發的產品。所以那種機會已經存在了。我想我看的另一件事是設計獲勝漏斗，它在人工智能方面得到了全面擴展，但其中很多是在計算卸載加速和某種定制計算方面。

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.

我會從競爭的角度說，你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系統的關鍵性。甚至在某些時候，也許是對這種人工智能技術的國家安全擔憂，我相信那些在美國擁有強大影響力、強大的知識產權組合、能夠投資前沿技術路線圖的公司，比如5 納米，如 3 納米，隨你便。那些將獲勝並能夠做到這些的人 - 不僅將它們設計成大批量製造，而且具有規模和能力來做到這一點。而 Marvell 可能是僅有的幾家能夠真正、真正在該級別競爭的公司之一。可能到處都是一次性的。但我只是認為，從長遠來看，最大的公司將尋求擴大規模的最大供應商來支持他們。

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快速跟進。所以我想你可能已經提到了這個數學，但我只是想驗證一下。團隊是否在您的下一代 1.2 Terralink、10 交換芯片組上獲得了第一個矽篡改矽，對性能有任何反饋嗎？您要向客戶運送樣品嗎？然後，正如您提到的，您的設計獲勝渠道顯然正在以顯著的速度擴展，對嗎？我想是在去年 10 月，該團隊宣布了他們的 3 納米 IP 庫，對，高速空閒構建塊，基於 ARM 的內核，so 庫。那麼在這個不斷擴大的設計勝利漏斗中，團隊是否已經參與並開始在 3 納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，我們手頭有產品。它看起來不錯。坦率地說，我們有很多需求來嘗試盡快推出該產品。一切順利。在 3 納米上，那裡有很多活動，與我們說的 5 納米非常相似，我們在正確的時間真正做好了準備，能夠與最好的最好的競爭競標。我想說我們今天在 3 納米上的定位非常好。

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.

我想說的是一般情況下，有很多活動。但是 - 我認為我們在所有這些對話中都有點。我想說的是，當我們之前說過這一點時，5 納米將繼續是一種非常長的、穩定的主力技術，可以長期滿足許多需求。我認為總的來說，當你達到我們所處的領先優勢時，我認為客戶將越來越挑剔真正權衡成本、功率、性能、時間、進度、整個 9 碼與它過去只是一種自動的。你從 28 歲開始，然後你去了 16 歲，然後你去了 12 歲，然後你去了——就像你喜歡的人，你就跳了。

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.

而且我認為它們中的每一個都將在它們所服務的應用程序集方面佔有一席之地。所以我們在這兩個方面都處於非常有利的位置。但可以肯定的是，對於 3 納米，我們正在幾乎所有主要終端市場進行一些非常激動人心的討論。

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

我想我們可能還有幾個問題，然後我們將把它包裝起來。

The next question comes from Matt Ramsay with TD Cowen.

下一個問題來自 Matt Ramsay 和 TD Cowen。

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.

Cracker Jack（聽不清）安全人員（聽不清）到達這裡。所以我很感激它。這是一項成就。所以我有兩個不同的問題要問你們。他們是無關的。第一個是短期內的指導。當然，消費類 SSD 似乎正在推動相當強勁的增長。也許你可以給我們更多關於你對該市場的可見能力的信心，只是給出 - 我的意思是中國復甦的步伐肯定存在一些擔憂，只是企業在筆記本市場和其他方面的支出回歸像那樣。我只是想了解它的可持續性？還是這種從底部回彈？那裡的任何顏色都會有所幫助。

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.

我想我的第二個問題，真的，真的很令人鼓舞，聽到設計獲勝管道中的所有這些動力。很明顯，庫存出現了近期修正並且很少有推出。但如果你回到 10,000 英尺的視角，似乎商業勢頭仍然非常非常強勁，我正試圖將其與一些運營支出削減和緊縮腰帶以及你們所做的其他事情並列，現在似乎是時候增加而不是減少投資了。所以我只是想平方那個圓圈？希望這是有道理的。

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 Willem 想在最後加入第二個 1，他可以。關於第一個，是的，我真的不會對這個讀太多，馬特。思考消費者存儲業務如何發展的方式。這是數量有限的產品。他們真的是定制設計，我會說。而且我不會 - 我想有人早些時候你可能已經過安檢，因為我們基本上說，嘿，只是假設上半年，Q1 加上 Q2 有點平均，那可能就是 - 有有點腫塊。我們在第一季度表現不佳。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，一半以上，下半年應該會下降，隨著時間的推移，我們的消費者只會呈下降趨勢，這與我們的投資者日模型一致。所以我不會 - 我不會假設它會一直持續下去。我對我們的消費者業務持非常保守的看法。如果它做得更好，那就把它存起來，把它收起來並兌現聊天。但是——這不是我們投入大量研發的東西了。這些是前段時間的設計，有一點只是一個時髦的 Q1，Q2 動態需求。所以我不會對此讀太多。

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.

很高興您在 OpEx 上提問。讓我告訴你我的看法，Willem 可以插話。所以當 Look 時，我們通常每年 8 月，大約 9 月在 Marvell 制定年度戰略計劃。所以我們去年就這樣做了。從現在到那時，世界真的發生了變化。它在市場動態方面發生了變化，我們的一些主要客戶正在發生什麼。宏觀經濟不同。利率不同。你的名字，對不對？與現在相比，這是去年的夏天。

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，我們總是非常仔細地思考我們如何看待我們的研發和資本配置。我的意思是，在我看來，馬特，這是我們所做的最重要的事情，好嗎？這個槓桿是否真的會成為我們的未來。事情發生了變化。因此，我們在上個季度非常有條不紊地按業務部門、按產品線對所有正在運行的項目進行了非常廣泛的審查，研究了它們如何能夠完成我們最初的估計，至少在我們上次發佈時是這樣。我們對一些項目做出了很多決定，這些項目實際上沒有贊助，或者客戶在動搖，或者他們的計劃發生了變化。與此同時，你會遇到這種拐點，對 AI 類型的東西，光學，你的名字的需求激增。

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非常積極的重新定位。因此，我們能夠以比今天更低的 OpEx 足跡結束這一年，但它仍處於令人難以置信的健康水平。我們在研發中所佔的百分比比幾乎所有類似或更大規模的同行都多，我們已經將更多的研發分配給一些我們看到很多活動和增長的關鍵領域。在某些情況下，我們對某些產品組進行了調整，也許他們的新現實是不同的。也許這是一項傳統業務。它的運行水平低於以前。我們只是在逐個小組的基礎上處理這個問題。然後在某些情況下，我們只是獲得了更高的效率。

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.

我的意思是，舉個例子，我們以我們的處理器業務部門和我們的定制 ASIC 團隊為例。隨著時間的推移，這兩個團隊最終會成為同一個客戶，他們最終會共享 IP。我們一起參加所有聯席會議。所以 Raghib Hussain 做出了我認為很重要的決定，即將這些組織合併為一個組織。當您這樣做時，您通常會節省一些效率。因此，我對公司今年的運營支出情況非常有信心。我認為這適合我們所處的條件。增長領域越來越多，我們只是非常明智地對待我們的做法。

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.

坦率地說，我們有很多增長數學。我們在過去幾年收購了幾家公司。 Marvell 在收入方面實際上翻了一番，對，有點像現在這樣。因此，我們有機會真正系統地審視一下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，並為明年的運營支出配置和支出水平做準備，以真正實現隨著我們在其中一些新設計的勝利中獲得影響力，利潤大幅下降。

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.

所以看，我們將繼續系統地評估所有機會。隨著我們收入的增加以及我們看到未來的增長，我們將以深思熟慮的方式重新投入。但現在，以 Willem 談到的第四季度退出率為例，第一季度會有一些正常的上升，這實際上只是正常的工資稅和功績。然後這可能是我們明年上半年閒逛的地方，至少在這個時候是這樣。同樣，如果情況發生變化並且收入大增，我們會關注它。但是我們現在已經準備好在明年有一個非常強大的流量，並且沒有犧牲任何增長機會。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.

準備回答最後一個問題。

That's the last question.

這是最後一個問題。

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

是的。我想還有一個，馬特。

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

今天的最後一個問題將來自 Srini Paju 和 Raymond James。

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，您的企業網絡業務和運營商，顯然，他們在過去幾年中增長非常強勁。你正在指導下半場稍微軟一點，這是有道理的。我只是好奇，隨著我們進入明年，5G 似乎正處於世界上大部分地區現在都擁有 5G 的地步。在企業中，宏觀經濟目前並不十分令人鼓舞。因此，很想听聽您對我們進入明年上半年時如何看待細分市場增長的看法？

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。 Srini，我認為我們對這些有非常實際的看法。所以在企業方面，我想你在你的問題中已經指出，我的意思是，相對於我們在 2021 年投資者日設定的預期，這家企業的表現確實好於預期。在份額收益、內容收益等方面取得了很大進展multi-gig 增加了，我們添加了新的定制 ASIC 之類的東西。因此，該業務表現優於大盤，但它之所以跑贏大盤，是因為市場表現良好，但也確實是因為我們自己的努力。所以我們已經說了一段時間了，它會糾正的。它在第一季度的表現比我們想像的要好，但它會在第二季度下降。

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，我認為你所擁有的環境是正確的。但我想到企業，至少現在至少如果你從去年、今年或明年的同比來看，它有點平淡。我們已經 - 即使有一些 - 也會有一些季度下降更多。但如果你將它標準化，那麼——如果你願意的話，我們仍然有一個強有力的故事。但我們並不是說它肯定是一個種植者，而且會有幾個季度或者不管需要多長時間來做一些庫存清理。

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.

我認為您對整體運營商的看法是正確的，尤其是在 5G 方面。全球範圍內的部署非常穩健。你仍然有像印度這樣的事情，今年正在發生，明年還會有更多其他地區。但我確實認為，總體而言，市場方面可能會向下移動。與此同時，我們面前還有內容收穫。所以這有點抵消。至少還有一種更大的插座還沒有升級。所以我認為我們的內容故事在 5G 中還是相當不錯的。但是看，今年第三季度我們的能見度非常好。我們確實認為它會在第四季度下降，然後它明年結束的地方有點早。

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.

但我會說，在某些時候，我們也有分層的內容。所以希望這有助於描繪一幅畫，但我們並沒有敲桌子說這些將成為 25 世紀的持續增長動力。我們實際上是在建模。然後像有線這樣的東西，我們正在建模它在一段時間內仍然在電信領域保持相當薄弱的狀態。因此，在整個業務中顯然有一些投入和投入。有了這個，我想我們可以把它包裝起來。我們——我知道有很多問題。但我們想確保我們回答了所有問題。我們感謝大家今天的參與。我期待著回電並在之後與大家交談。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。您現在可以斷開連接。