邁威爾科技 (MRVL) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Marvell Technology Inc. Second Quarter of Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn this conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加 Marvell Technology Inc. 2024 財年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想將這次會議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 Second Fiscal Quarter 2024 Earnings Call. Joining me today are Matt Murphy, Marvell's Chairman 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 that could cause our actual results to differ materially from management's current expectations.

謝謝大家，大家下午好。歡迎參加 Marvell 2024 年第二財季財報電話會議。今天與我一起出席的有 Marvell 董事長兼首席執行官 Matt Murphy；以及我們的首席財務官 Willem Meintjes。讓我提醒大家，今天發表的某些評論包括前瞻性陳述，這些陳述受到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層當前的預期存在重大差異。

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. 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.

請查看我們今天向 SEC 提交並發佈在我們網站上的收益新聞稿中包含的警示性聲明和風險因素，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。在今天的電話會議中，我們將提及某些非公認會計準則財務指標。我們網站的投資者關係部分提供了我們的 GAAP 和非 GAAP 財務指標之間的調節表。

Before I turn the call over to Matt for his comments on our performance, let me highlight several new product announcements, starting with our electro-optics portfolio. First, we announced the release of Orion, the industry's first 800-gig coherent optical DSP for pluggable modules. Orion is our fifth generation of coherent DSPs and is produced in 5-nanometer technology incorporating our 112-gig SerDes, enabling 800 gigabits per second of throughput within the tight power and space constraints of small form factor pluggable optical modules.

在我將電話轉給馬特以徵求他對我們業績的評論之前，讓我重點介紹幾項新產品的發布，首先是我們的電光產品組合。首先，我們宣布發布 Orion，這是業界首款用於可插拔模塊的 800g 相干光學 DSP。 Orion 是我們的第五代相干 DSP，採用 5 納米技術生產，結合了我們的 112 g SerDes，可在小型可插拔光學模塊的嚴格功率和空間限制下實現每秒 800 GB 的吞吐量。

Orion enables high-performance probabilistic traffic shaping in addition to supporting standards compliant transmission modes. We expect that Orion is well positioned to continue to drive Marvell's leadership in coherent technology in both the carrier optical transport market as well as data center interconnects, or DCI, in the cloud market. In parallel with Orion, we launched the industry's first 800-gig DCI ZR module, our COLORZ 800 platform. We will be demonstrating our 800 ZR module at the ECOC Conference in October.

除了支持符合標準的傳輸模式之外，Orion 還能夠實現高性能概率流量整形。我們預計 Orion 能夠繼續推動 Marvell 在運營商光傳輸市場以及雲市場數據中心互連 (DCI) 相干技術方面的領導地位。與 Orion 同期，我們推出了業界首款 800g DCI ZR 模塊，即我們的 COLORZ 800 平台。我們將在 10 月份的 ECOC 會議上展示我們的 800 ZR 模塊。

Marvell Pioneer DCI technology at 100-gig, followed by a 400 ZR platform, which has been shipping in volume since last year. COLORZ 800 will be our third generation of DCI modules, powered by a new Orion DSP, COLORZ 800 incorporates Marvell's innovative silicon photonics technology, which integrates multiple discrete components on a single die. Marvell's 800 ZR modules provide twice the bandwidth of current solutions while lowering power and cost per bit by 30%. Our 800 ZR modules will enable the deployment of next-generation 51.2T switches and routers by cloud operators to support the massive increase in traffic between data centers driven by continuing growth from Generative AI.

Marvell Pioneer DCI 技術為 100 Gig，其次是 400 ZR 平台，該平台自去年以來一直在批量發貨。 COLORZ 800 將是我們的第三代 DCI 模塊，由全新 Orion DSP 提供支持，COLORZ 800 融合了 Marvell 的創新矽光子技術，該技術在單個芯片上集成了多個分立組件。 Marvell 的 800 ZR 模塊提供的帶寬是當前解決方案的兩倍，同時將每比特的功耗和成本降低了 30%。我們的 800 ZR 模塊將使雲運營商能夠部署下一代 51.2T 交換機和路由器，以支持由 Generative AI 持續增長推動的數據中心之間流量的大幅增長。

Moving to our copper connectivity portfolio. We announced the industry's first 5-nanometer multi-gigabit PHY platform. This platform represents a significant leap in performance compared to products on the market today and is a key milestone in Marvell's journey to physical layer technology leadership. It is based on an innovative architecture that includes optimized circuit design, custom digital logic and enhanced DSP algorithms. This PHY platform will deliver 10-gig performance at half the power of previous generation Marvell devices and will become the building block for multiple stand-alone PHY products, integrated SoCs and custom ASICs optimized for specific markets and applications.

轉向我們的銅連接產品組合。我們推出了業界首款 5 納米多千兆位 PHY 平台。與當今市場上的產品相比，該平台代表了性能的顯著飛躍，是 Marvell 邁向物理層技術領先地位的重要里程碑。它基於創新架構，包括優化的電路設計、定制數字邏輯和增強的 DSP 算法。該 PHY 平台將以上一代 Marvell 設備一半的功耗提供 10 GB 性能，並將成為多個獨立 PHY 產品、集成 SoC 和針對特定市場和應用優化的定制 ASIC 的構建模塊。

We expect the adoption of multi-gig PHY will continue to grow in enterprise networking. In our automotive end market, we announced the industry's highest capacity automotive central Ethernet switch to support the zonal networking architectures of next-generation vehicles. This addition to our Bright Lane family of auto Ethernet switches delivers 90 gigabits per second of bandwidth, nearly 2x higher than current commercially available solutions. The new switch family also includes a combination of our advanced security features not found together in any other automotive switch product. These features include MACsec link security on every port, deep packet inspection for heightened intrusion detection and an embedded hardware security module for encryption. This product has started sampling to multiple leading automotive customers and partners. Let me now turn the call over to Matt for his comments on the quarter. Matt?

我們預計多千兆 PHY 在企業網絡中的採用將繼續增長。在我們的汽車終端市場，我們推出了業界最高容量的汽車中央以太網交換機，以支持下一代車輛的區域網絡架構。 Bright Lane 汽車以太網交換機系列的這一新成員可提供每秒 90 GB 的帶寬，比當前商用解決方案高出近 2 倍。新的開關係列還結合了我們其他汽車開關產品所沒有的先進安全功能。這些功能包括每個端口上的 MACsec 鏈路安全、用於增強入侵檢測的深度數據包檢測以及用於加密的嵌入式硬件安全模塊。該產品已開始向多個領先的汽車客戶和合作夥伴提供樣品。現在讓我將電話轉給馬特，請他對本季度發表評論。馬特？

Thanks, Ashish, and good afternoon, everyone. For the second quarter of fiscal 2024, the Marvell team continued to execute, delivering revenue of $1.34 billion. These results were above the midpoint of our guidance, primarily driven by demand from AI applications growing faster than our prior forecast. Our non-GAAP operating expenses were better than guidance due to an acceleration of the cost reduction plan we outlined last quarter. As a result, our non-GAAP earnings per share was $0.33, $0.01 above the midpoint of our guidance. We are pleased with our performance for the quarter in a challenging macro environment.

謝謝阿什什，大家下午好。 2024 財年第二季度，Marvell 團隊繼續執行，實現收入 13.4 億美元。這些結果高於我們指導的中點，主要是由於人工智能應用的需求增長速度快於我們之前的預測。由於我們上季度概述的成本削減計劃的加速實施，我們的非公認會計準則運營費用好於指導。因此，我們的非 GAAP 每股收益為 0.33 美元，比我們指導的中點高出 0.01 美元。我們對本季度在充滿挑戰的宏觀環境中的表現感到滿意。

Let me now move on to reviewing our results and expectations by end market, starting with data center. In our data center end market, revenue for the second quarter was $460 million, growing 6% sequentially, well above our guidance for a flat outlook. We were able to outperform our guidance in this end market because of accelerating demand for our optical products to meet the continuing expansion of cloud AI deployments. Our overall revenue from cloud grew over 20% sequentially. Notably, revenue from both Cloud AI and standard cloud infrastructure grew sequentially with AI growing faster. As expected, revenue from the enterprise on-premise portion of our data center end market declined significantly on a sequential basis in the second quarter, reflecting a weakening enterprise market. As you heard in detail last quarter, AI infrastructure requires a staggering amount of high bandwidth connectivity, that's provided by an optically connected infrastructure, operating at the highest available speeds.

現在讓我從數據中心開始，按終端市場回顧我們的結果和預期。在我們的數據中心終端市場，第二季度收入為 4.6 億美元，環比增長 6%，遠高於我們持平前景的指引。由於我們的光學產品的需求不斷增長，以滿足雲人工智能部署的持續擴展，我們能夠在這個終端市場超越我們的指導。我們來自云的整體收入環比增長超過 20%。值得注意的是，雲人工智能和標準雲基礎設施的收入均連續增長，人工智能增長速度更快。正如預期的那樣，第二季度數據中心終端市場的企業本地部署部分的收入環比大幅下降，反映出企業市場的疲軟。正如您在上個季度詳細了解的那樣，人工智能基礎設施需要大量的高帶寬連接，這些連接由光學連接的基礎設施提供，並以最高的可用速度運行。

Marvell is enabling AI with a broad range of solutions, which include PAM4-based optical DSPs and AECs for connecting accelerator clusters inside AI data centers. DCI products for connectivity between regional data centers, low-latency, high-capacity Ethernet switches for fabric connectivity inside data centers and custom silicon for compute acceleration. We are confident that the breadth of Marvell's technology positions us as one of a scarce few semiconductor companies that can enable the industry to capitalize on the rapid growth in AI. Marvell's market-leading PAM4 optical DSPs are indispensable for the pluggable optical module ecosystem that cloud customers rely upon to build their massively scalable networks.

Marvell 正在通過廣泛的解決方案支持 AI，其中包括基於 PAM4 的光學 DSP 和 AEC，用於連接 AI 數據中心內的加速器集群。用於區域數據中心之間連接的 DCI 產品、用於數據中心內部結構連接的低延遲、高容量以太網交換機以及用於計算加速的定制芯片。我們相信，Marvell 技術的廣度使我們成為為數不多的能夠使行業受益於人工智能快速增長的半導體公司之一。 Marvell 市場領先的 PAM4 光學 DSP 對於雲客戶構建大規模可擴展網絡的可插拔光學模塊生態系統不可或缺。

Our DSPs enable full interoperability and backward and forward compatibility. They also provide the advanced telemetry and diagnostics critical to maintaining an extremely resilient and serviceable network. We've been shipping the industry's highest speed 800-gig PAM4 DSPs in high volume for several quarters and have begun sampling our next-generation 1.6T platform.

我們的 DSP 可實現完全的互操作性以及向後和向前兼容性。它們還提供先進的遙測和診斷功能，這對於維護極具彈性和可維護的網絡至關重要。幾個季度以來，我們一直在大批量發貨業界速度最高的 800-g PAM4 DSP，並已開始對我們的下一代 1.6T 平台進行採樣。

We are seeing demand for connectivity between regional data centers accelerate as inferences deployed across multiple locations. As Ashish told you, Marvell has been a key enabler of this application with our DCI products, and we just announced our plan to demonstrate the industry's first 800 ZR modules in October based on our new Orion coherent DSP.

我們看到，隨著推理部署在多個地點，區域數據中心之間的連接需求也在加速增長。正如 Ashish 告訴您的那樣，Marvell 一直是我們 DCI 產品這一應用的關鍵推動者，我們剛剛宣布計劃於 10 月份展示業界首款基於我們全新 Orion 相干 DSP 的 800 ZR 模塊。

Looking at the future of optical connectivity, we are uniquely positioned in the industry with a leadership position in both PAM and coherent technology. We are also excited about the opportunity for our next generation of Ethernet switches, our 51.2T Teralynx 10 platform, which we announced earlier this year. We have begun sampling this product, and we are seeing strong interest from customers. Last quarter, we told you how cloud customers are enhancing their AI offerings by building custom accelerators of their own. Trend is leading to a larger and faster growing opportunity for Marvell's custom compute portfolio. We have won a number of custom silicon programs tied to AI, and these are well underway to start ramping into volume production next year.

展望光連接的未來，我們在行業中處於獨特的地位，在 PAM 和相干技術方面均處於領先地位。我們還對今年早些時候發布的下一代以太網交換機 51.2T Teralynx 10 平台的機會感到興奮。我們已經開始對該產品進行樣品測試，並且我們看到客戶對此表現出濃厚的興趣。上個季度，我們告訴您雲客戶如何通過構建自己的定制加速器來增強他們的人工智能產品。這一趨勢為 Marvell 的定制計算產品組合帶來了更大、更快增長的機會。我們已經贏得了許多與人工智能相關的定制芯片項目，這些項目正在順利進行，明年將開始量產。

Let me now talk about what we are seeing in storage and data center. As we expected, from a low base in the first quarter, we saw sequential storage data center revenue growth in the second quarter, and we are expecting modest sequential growth in the third quarter. However, storage end market demand remains significantly depressed and customer inventory remains high. As a result, the industry's expectations for a data center storage recovery have pushed out meaningfully.

現在讓我談談我們在存儲和數據中心看到的情況。正如我們預期的那樣，從第一季度的低基數開始，我們看到第二季度存儲數據中心收入環比增長，並且我們預計第三季度將出現溫和的環比增長。然而，存儲終端市場需求依然顯著低迷，客戶庫存依然居高不下。因此，業界對數據中心存儲恢復的預期已經大大超出了預期。

Looking ahead to the third quarter, we expect sequential revenue growth from overall cloud to accelerate above last quarter's performance, driven by continued strong growth from Cloud AI as well as standard cloud infrastructure. Demand for our AI products continues to grow at an extraordinary rate, and we are working very closely with our customers to meet their rapidly evolving needs.

展望第三季度，在雲人工智能和標準雲基礎設施持續強勁增長的推動下，我們預計整體雲收入的環比增長將加速超過上季度的業績。對我們人工智能產品的需求持續以驚人的速度增長，我們正在與客戶密切合作，以滿足他們快速變化的需求。

On the other hand, enterprise on-premise is expected to continue to trend down. As a result, we are projecting overall data center revenue in the third quarter to grow in the mid-teens sequentially on a percentage basis.

另一方面，企業內部部署預計將繼續呈下降趨勢。因此，我們預計第三季度數據中心整體收入將按百分比連續增長百分之十左右。

Turning to our carrier infrastructure end market. Revenue for the second quarter was in line with our guidance at $276 million, declining 3% year-over-year and 5% sequentially. Sequential and year-over-year decline were driven entirely by the wired portion of our carrier end market, reflecting ongoing demand weakness and inventory digestion at wired customers. In contrast, our wireless revenue continued to grow in the second quarter, building upon the 25% sequential growth we saw in the first quarter, and we are expecting additional growth in the third quarter. As a result of significant share and content gains for Marvell products in conjunction with the 5G upgrade cycle, we have grown our wireless revenue significantly over a multiyear period. While the full conversion to 5G in the world's installed base of wireless infrastructure will take many years, a number of regions are completing their initial phase of 5G deployments and are taking a pause in a challenging macroeconomic environment before they upgrade the balance of their networks. As a result, following an extended period of strong growth, we are expecting a significant sequential reduction in our wireless revenue in the fourth quarter. However, we expect that once customer and operator inventories normalize and carrier CapEx returns to more healthy levels, we can resume growth in our overall carrier end market and start to realize additional share gains.

轉向我們的運營商基礎設施終端市場。第二季度收入為 2.76 億美元，符合我們的指引，同比下降 3%，環比下降 5%。連續和同比下降完全是由我們的運營商終端市場的有線部分驅動的，反映了有線客戶持續的需求疲軟和庫存消化。相比之下，我們的無線收入在第一季度環比增長 25% 的基礎上，在第二季度繼續增長，並且我們預計第三季度將出現進一步增長。由於 Marvell 產品的市場份額和內容隨著 5G 升級週期的大幅增長，我們的無線收入在多年內大幅增長。雖然全球無線基礎設施安裝基礎全面轉向 5G 需要很多年的時間，但許多地區正在完成 5G 部署的初始階段，並在升級網絡平衡之前在充滿挑戰的宏觀經濟環境中暫停。因此，在經歷了長期的強勁增長之後，我們預計第四季度的無線收入將大幅下降。然而，我們預計，一旦客戶和運營商庫存正常化，運營商資本支出恢復到更健康的水平，我們就可以恢復整體運營商終端市場的增長，並開始實現額外的份額收益。

These will come for 5-nanometer based station designs we have won but which are not yet in production. In addition, we expect the launch of our next-generation 800-gig Orion coherent DSP platform will drive long-term growth from the wired optical transport market. Moving to our outlook for the third quarter. We expect revenue from our overall carrier end market to grow in the low single digits sequentially on a percentage basis driven by wireless.

這些將用於我們已贏得但尚未投入生產的 5 納米基站設計。此外，我們預計下一代 800g Orion 相干 DSP 平台的推出將推動有線光傳輸市場的長期增長。轉向我們對第三季度的展望。我們預計，在無線的推動下，我們整個運營商終端市場的收入將以較低的個位數百分比連續增長。

Turning to our enterprise networking end market. Revenue for the second quarter was $328 million, declining 4% year-over-year and 10% sequentially. As we have been signaling for the last few quarters, we continue to see inventory corrections impact customer demand in this end market. We expect this inventory renormalization to take a few quarters to resolve as customer balance sheets get worked down over time.

轉向我們的企業網絡終端市場。第二季度收入為 3.28 億美元，同比下降 4%，環比下降 10%。正如我們在過去幾個季度中一直發出的信號，我們繼續看到庫存調整影響著這個終端市場的客戶需求。我們預計，隨著客戶資產負債表隨著時間的推移而減少，庫存重新調整將需要幾個季度才能解決。

While we deal with these market dynamics in the near term, I would note that enterprise networking has been an important contributor to Marvell's successful transformation to a leader in data infrastructure. The Marvell team has driven an extended multiyear period of exceptional revenue growth with enterprise networking revenue essentially doubling over the last few years.

雖然我們在短期內應對這些市場動態，但我要指出的是，企業網絡一直是 Marvell 成功轉型為數據基礎設施領導者的重要貢獻者。 Marvell 團隊在過去幾年中推動了收入的出色增長，企業網絡收入在過去幾年中基本翻了一番。

This was enabled by significant share in content gains, a testament to the consistent investment we made in refreshing our enterprise networking product portfolio. As Ashish told you, we continue to introduce new products such as the industry's first 5-nanometer Multi-Gig Ethernet PHY transceiver.

這是通過內容收益的巨大份額實現的，這證明了我們在更新企業網絡產品組合方面所做的持續投資。正如 Ashish 告訴您的那樣，我們不斷推出新產品，例如業界首款 5 納米多千兆以太網 PHY 收發器。

Looking ahead to the third quarter of fiscal 2024, we project our enterprise networking revenue to decline in the low teens sequentially on a percentage basis due to the market dynamics outlined earlier. Turning to our automotive and industrial end market. Revenue in the second quarter was $110 million, above guidance, growing 32% year-over-year and 23% sequentially. Year-over-year growth was led by our automotive business, which continued to benefit from the growing adoption of Ethernet and cars.

展望 2024 財年第三季度，由於前面概述的市場動態，我們預計我們的企業網絡收入將按百分比連續下降。轉向我們的汽車和工業終端市場。第二季度收入為 1.1 億美元，高於預期，同比增長 32%，環比增長 23%。我們的汽車業務帶動了同比增長，該業務繼續受益於以太網和汽車的日益普及。

We also closed on a number of new automotive Ethernet design wins with multiple top 10 automotive OEMs during the quarter. Looking to the third quarter of fiscal 2024, we project revenue from our auto and industrial end market to be flattish sequentially and to continue growing year-over-year in the 30% range. Moving on to our consumer end market. Revenue for the second quarter was $168 million, growing 2% year-over-year and 18% sequentially.

本季度我們還與多家排名前 10 的汽車原始設備製造商贏得了多項新的汽車以太網設計。展望 2024 財年第三季度，我們預計汽車和工業終端市場的收入將環比持平，並繼續在 30% 的範圍內同比增長。轉向我們的消費終端市場。第二季度收入為 1.68 億美元，同比增長 2%，環比增長 18%。

Revenue was below guidance as deliveries for an end-of-life program were rescheduled to the third quarter. As a result, we are forecasting consumer end market revenue to grow sequentially in the low teens on a percentage basis in the third quarter. In summary, we delivered revenue and earnings above the midpoint of guidance for the fiscal second quarter. We are forecasting revenue growth to accelerate in the third quarter, accompanied by gross margin expansion.

由於生命週期終止項目的交付被重新安排到第三季度，收入低於預期。因此，我們預測第三季度消費者終端市場收入將按百分比連續增長。總而言之，我們的收入和收益高於第二財季指引的中點。我們預計第三季度收入增長將加速，毛利率也會隨之擴張。

We intend to remain disciplined on operating expenses to help us deliver strong operating leverage. Looking ahead, while inventory digestion in some end markets is taking longer to resolve, demand from AI applications continues to strengthen, and Marvell is well positioned to benefit from that trend. Based on our latest demand outlook for our Electro-Optics products, we now expect revenue from AI to exit this year at over a $200 million quarterly revenue run rate or $800 million annualized. This is well above what we had outlined last quarter. Put this in perspective, this would put us at the run rate we had previously communicated for all of next year.

我們打算繼續嚴格控制運營費用，以幫助我們實現強大的運營槓桿。展望未來，雖然一些終端市場的庫存消化需要更長的時間才能解決，但人工智能應用的需求持續增強，Marvell 已做好充分準備從這一趨勢中受益。根據我們對電光產品的最新需求展望，我們現在預計今年人工智能的收入將以超過 2 億美元的季度收入運行速度或 8 億美元的年收入增長。這遠高於我們上季度概述的水平。從長遠來看，這將使我們達到之前溝通的明年全年的運行速度。

Looking forward, between the ongoing strength from Electro-Optics and the expected ramp of multiple custom compute programs, we are expecting continued outsized growth from AI. Our results and outlook continue to validate our strategy to focus on developing the most advanced silicon for data infrastructure. The diversification in our end markets is serving us well with strong growth from AI and cloud, carrying us through a softening macro environment.

展望未來，在光電技術的持續強勁和多個定制計算程序的預期增長之間，我們預計人工智能將持續大幅增長。我們的結果和前景繼續驗證我們的戰略，即專注於為數據基礎設施開發最先進的芯片。終端市場的多元化為我們帶來了人工智能和雲的強勁增長，幫助我們度過了疲軟的宏觀環境。

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

接下來，我會將電話轉給威廉，了解有關我們最近的業績和前景的更多詳細信息。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of our financial results for the second quarter of fiscal 2024. Revenue in the second quarter was $1.341 billion, exceeding the midpoint of our guidance, declining 12% year-over-year and growing 1% sequentially. Data center was our largest end market, driving 34% of total revenue.

謝謝馬特，大家下午好。首先讓我總結一下我們 2024 財年第二季度的財務業績。第二季度的收入為 13.41 億美元，超過了我們指導的中值，同比下降 12%，環比增長 1%。數據中心是我們最大的終端市場，佔總收入的 34%。

Enterprise networking was the next largest end market with 24% of total revenue, followed by carrier infrastructure at 21%, consumer at 13% and auto/industrial at 8%. The GAAP gross margin was 38.9%. Non-GAAP gross margin was 60.3%, growing 30 basis points sequentially, driven by cost improvements, partially offset by weaker revenue mix.

企業網絡是第二大終端市場，佔總收入的 24%，其次是運營商基礎設施（21%）、消費者（13%）和汽車/工業（8%）。 GAAP 毛利率為 38.9%。在成本改善的推動下，非公認會計原則毛利率為 60.3%，環比增長 30 個基點，但部分被疲軟的收入組合所抵消。

Looking ahead, we expect gross margin to continue to improve in the third quarter and then to increase significantly in the fourth quarter. As Matt told you, the recovery in storage continues to push out, which is negatively impacting our product mix. However, in the fourth quarter, we project a significant improvement in our overall product mix to lead to stronger gross margin. We expect this improvement will be driven by our continuing growth in data center, while wireless carrier and consumer revenue declined on a relative basis. In addition, the Marvell team continues to execute well on our efforts to reduce costs. As a result, we continue to target non-GAAP gross margin returning to the bottom end of our long-term model of 64% to 66% in the fourth quarter. Moving on to operating expenses. GAAP operating expenses were $727 million, including share-based compensation, amortization of acquired intangible assets, restructuring costs and acquired -- and acquisition-related costs.

展望未來，我們預計第三季度毛利率將繼續改善，第四季度毛利率將大幅提升。正如馬特告訴您的那樣，存儲的恢復繼續推進，這對我們的產品組合產生了負面影響。然而，在第四季度，我們預計整體產品組合將顯著改善，從而帶來更高的毛利率。我們預計這一改善將由我們數據中心的持續增長推動，而無線運營商和消費者收入相對下降。此外，Marvell 團隊繼續出色地執行降低成本的工作。因此，我們繼續目標是在第四季度將非 GAAP 毛利率恢復到長期模型的底部 64% 至 66%。接下來是運營費用。 GAAP 運營費用為 7.27 億美元，包括股權激勵、收購無形資產攤銷、重組成本和收購及收購相關成本。

Non-GAAP operating expenses were $448 million, $7 million below guidance. We are pleased to report that we accelerated our cost reduction plan we outlined last quarter. We remain on track to execute the remainder of our cost reduction plan by the end of this fiscal year as we communicated last quarter. Moving on to the rest of the income statement. GAAP operating margin was negative 15.7%. Non-GAAP operating margin was 26.9%. For the second quarter, GAAP loss per diluted share was $0.24. Non-GAAP income per diluted share was $0.33, $0.01 above the midpoint of guidance.

非 GAAP 運營支出為 4.48 億美元，比指導值低 700 萬美元。我們很高興地報告，我們加快了上季度製定的成本削減計劃。正如我們上季度所傳達的那樣，我們仍有望在本財年末執行剩餘的成本削減計劃。繼續看損益表的其餘部分。 GAAP 營業利潤率為負 15.7%。非 GAAP 營業利潤率為 26.9%。第二季度，GAAP 稀釋後每股虧損為 0.24 美元。非 GAAP 稀釋每股收益為 0.33 美元，比指導中值高出 0.01 美元。

Now turning to our cash flow and balance sheet. During the quarter, cash flow from operations was $113 million. Operating cash flow was negatively impacted by an increase in DSO as well as severance-related cash restructuring charges. Our DSO increased [13] days from the prior quarter, primarily due to worse (inaudible) as we ramped shipments on orders that were received well within lead time. CapEx was $111 million, which included a large number of leading node tapeouts that we expect to drive our future growth.

現在轉向我們的現金流和資產負債表。本季度運營現金流為 1.13 億美元。運營現金流受到 DSO 增加以及與遣散費相關的現金重組費用的負面影響。我們的 DSO 比上一季度增加了 [13] 天，主要是由於我們在交貨時間內收到的訂單的發貨量增加，情況更糟（聽不清）。資本支出為 1.11 億美元，其中包括大量領先節點流片，我們預計這些節點將推動我們未來的增長。

As a reminder, our CapEx can be lumpy in any given quarter. We expect CapEx on average to be approximately mid-single digits of revenue on a percentage basis. Inventory at the end of the first quarter was $1.02 billion, decreasing by $10 million sequentially. We returned $52 million to shareholders through cash dividends. Our total debt was $4.15 billion. Our gross debt-to-EBITDA ratio was 2.04x and net debt-to-EBITDA ratio was 1.83x.

提醒一下，我們的資本支出在任何特定季度都可能不穩定。我們預計資本支出按百分比計算平均約為收入的中個位數。一季度末庫存為10.2億美元，環比減少1000萬美元。我們通過現金股息向股東返還 5200 萬美元。我們的總債務為 41.5 億美元。我們的總債務與 EBITDA 比率為 2.04 倍，淨債務與 EBITDA 比率為 1.83 倍。

During the quarter, we paid down $500 million of our total debt. Looking ahead, we will opportunistically explore accessing the debt capital markets to refinance our upcoming debt maturities. As of the end of the second fiscal quarter, our cash and cash equivalents were $423 million. Turning to our guidance for the third quarter of fiscal 2024. We are forecasting revenue to be in the range of $1.4 billion, plus or minus 5%. We expect our GAAP gross margin will be in the range of 45.6% to 48%. We project our non-GAAP gross margin will be in the range of 60.3% to 61.3%. We project our GAAP operating expenses to be in the range of $666 million to $671 million. We anticipate our non-GAAP operating expenses will be in the range of $435 million to $440 million. We expect other income and expense, including interest on our debt to be approximately $48 million.

本季度，我們償還了 5 億美元的總債務。展望未來，我們將機會主義地探索進入債務資本市場，為即將到期的債務進行再融資。截至第二財季末，我們的現金和現金等價物為 4.23 億美元。轉向我們對 2024 財年第三季度的指導。我們預測收入將在 14 億美元範圍內，上下浮動 5%。我們預計我們的 GAAP 毛利率將在 45.6% 至 48% 之間。我們預計非 GAAP 毛利率將在 60.3% 至 61.3% 之間。我們預計 GAAP 運營費用將在 6.66 億美元至 6.71 億美元之間。我們預計我們的非 GAAP 運營費用將在 4.35 億美元至 4.4 億美元之間。我們預計其他收入和支出（包括債務利息）約為 4800 萬美元。

For the third quarter, we expect a non-GAAP tax rate of 6%. We expect our basic weighted average shares outstanding to be 863 million and our diluted weighted average shares outstanding to be 869 million. As a result, we anticipate GAAP loss per diluted share in the range of a loss of $0.02 to $0.12 per share. We expect non-GAAP income per diluted share in the range of $0.35 to $0.45.

對於第三季度，我們預計非 GAAP 稅率為 6%。我們預計基本加權平均流通股為 8.63 億股，稀釋加權平均流通股為 8.69 億股。因此，我們預計 GAAP 稀釋後每股虧損將在每股 0.02 美元至 0.12 美元之間。我們預計非 GAAP 每股攤薄收益在 0.35 美元至 0.45 美元之間。

In summary, for the third quarter, we are guiding for solid sequential revenue growth, further expansion in non-GAAP gross margin and additional reductions in non-GAAP OpEx, all of which positions Marvell for strong operating leverage and earnings growth. In addition, following the paydown of $500 million in debt in the second quarter, we resume buybacks in the third quarter.

總而言之，我們預計第三季度收入將實現穩健的連續增長，非 GAAP 毛利率進一步擴大，非 GAAP 運營支出進一步減少，所有這些都使 Marvell 能夠實現強勁的運營槓桿和盈利增長。此外，繼第二季度償還 5 億美元債務後，我們將在第三季度恢復回購。

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

接線員，請開通線路並公佈問答指令。謝謝。

(Operator Instructions) Our first question today is from Tore Svanberg with Stifel.

（操作員說明）我們今天的第一個問題來自 Stifel 的 Tore Svanberg。

Matt, could you just elaborate a little bit more on the storage business? I'm just trying to understand all the dynamics there. So it sounds like there's a delay in the recovery, obviously, because there's still some inventories out there. But I'm also trying to understand the growth in storage associated with AI. I know these are different architectures, right? But if you could give us any more color on the digestion of the inventory on the compute side, coupled with how storage could benefit more on the AI side?

Matt，您能詳細介紹一下存儲業務嗎？我只是想了解那裡的所有動態。因此，聽起來顯然復甦有所延遲，因為仍然有一些庫存。但我也試圖了解與人工智能相關的存儲增長。我知道這些是不同的架構，對嗎？但是，您能否為我們提供有關計算端庫存消化的更多信息，以及存儲如何在人工智能方面獲得更多好處？

Yes, sure. Thanks, Tore, for the question. Yes, on storage, I would say the best guidepost is to look at the end customer commentary and both what the hard drive companies are saying as well as the flash industry and just relative to the sort of extended time it's taking for inventory to work down at their level.

是的，當然。謝謝托雷提出這個問題。是的，在存儲方面，我想說最好的指導方針是查看最終客戶的評論以及硬盤驅動器公司和閃存行業的說法，以及相對於庫存減少所需的延長時間在他們的水平上。

That being said, eventually, it's going to come back. It's a little bit longer than we had modeled. But at this point, we're following the market and following our customers. And hopefully, that sometime at the beginning of next year in the first half, but we'll see how that goes. But eventually, it will come back.

話雖如此，最終它還是會回來。它比我們建模的要長一點。但目前，我們正在跟隨市場並跟隨我們的客戶。希望是在明年上半年的某個時候，但我們會看看情況如何。但最終，它會回來。

On the AI question, it's kind of interesting. We continue to make attempts to model that. We don't have a great model for storage at this point. We've got, I think, an excellent view now of where we sit in the block diagrams relative to our optical products, our custom silicon, networking, but the storage impact in our view, at a high level, is net positive, but we don't have a particularly helpful model how to think about that.

關於人工智能問題，這很有趣。我們繼續嘗試對此進行建模。目前我們還沒有一個很好的存儲模型。我認為，我們現在已經很好地了解了我們在框圖中相對於我們的光學產品、定制芯片、網絡的位置，但在我們看來，從高層次來看，存儲影響是淨積極的，但是我們沒有一個特別有用的模型來思考這個問題。

Certainly, AI should be an overall tailwind for storage. But I think there's -- that's all caught up in the inventory that's being worked out at the DSPs.

當然，人工智能應該成為存儲的整體推動力。但我認為，這一切都包含在 DSP 正在製定的清單中。

The next question is from Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的蒂莫西·阿庫裡。

Matt, so AI revenue was supposed to be, I think, $400 million this year. It's actually going to exit at $200 million a quarter. So it's going to -- so it's obviously going to be higher than 4 for the year. Can you talk about how much of whatever the number will be for the year, probably 5 or 550, something like that, I would think. How much of that is going to be custom ASIC?

馬特，所以我認為今年人工智能的收入應該是 4 億美元。實際上每季度退出金額為 2 億美元。所以今年的數字顯然會高於 4。你能否談談今年的數字是多少，我想可能是 5 或 550 之類的。其中有多少是定制 ASIC？

And then next year, you said that AI would be greater than 800. Obviously, it's going to be quite a bit greater than 800. Can you maybe update that number and give us an idea of how much of that's going to be custom ASIC? I'm guessing $150 million, something like that. But I'm wondering if you can give us some more milepost there.

然後明年，您說 AI 將超過 800。顯然，它將比 800 大很多。您能否更新一下這個數字，讓我們了解其中有多少是定制 ASIC？我猜大概是 1.5 億美元吧。但我想知道你是否可以給我們一些更多的里程碑。

Yes. Thanks, Tim. Yes. So I think very encouraged by the demand trajectory upwards on the AI segment for us. exiting the year at a $200 million run rate, that is still mostly driven by the Electro-Optics platform, the DSP, TAs drivers at 800-gig. There's probably going to be a little contribution even in the fourth quarter from custom silicon, but that really ramps up more meaningfully next year. But we look at this as just a very positive sign that a quarter ago when we made our best estimates as to the opportunity in front of us, the fact that exiting the year will be at next year's run rate is very positive. So think of it as this year mostly Electro-Optics that's going to grow again next year, obviously, and then you need to layer on top a more meaningful ramp in custom silicon. But at this point, demand is so far up into the right. It's actually hard for us to put an exact number or give you a refined number on next year other than it's going to be obviously bigger than we said the last time around.

是的。謝謝，蒂姆。是的。因此，我認為人工智能領域的需求上升對我們來說非常鼓舞。今年的運行費用為 2 億美元，這仍然主要由電光平台、DSP、800 G 的 TA 驅動器驅動。即使在第四季度，定制芯片也可能會做出一些貢獻，但明年這種貢獻確實會更有意義。但我們認為這只是一個非常積極的跡象，一個季度前，當我們對擺在我們面前的機會做出最佳估計時，今年退出將以明年的運行速度這一事實是非常積極的。因此，可以將其視為今年主要是光電器件，顯然明年將再次增長，然後您需要在定制矽中添加更有意義的斜坡。但目前來看，需求已經完全轉向右翼。事實上，我們很難給出明年的確切數字或給你一個精確的數字，除非它會明顯比我們上次說的要大。

Right. I guess just -- but is the -- so there's obviously this big surge happening during the back half of the year. But if you took the AI piece, does it continue at that sort of linear rate through the year? Or does it sort of flatten off as you kind of go out through next year? Just trying to shape that.

正確的。我想只是 - 但確實是 - 因此，今年下半年顯然會出現大幅增長。但如果你考慮人工智能部分，它會全年以這種線性速度持續嗎？或者當你明年出去時，它會趨於平緩嗎？只是想塑造它。

Yes. I think -- well, I think the way you should think about it is, in Q4, we're already at $200 million, it's going to be at a higher run rate throughout fiscal '25 each quarter. So it's going to keep growing on the optics side and then you're going to layer in custom silicon on top. So we're not -- we're certainly not saying it's going to flatline at that level. We're just saying it's come in a lot faster. Demand has been a lot better. The supply chain team and Marvell is doing a great job to source the components and the capability that we need. So I think it's a great setup for next year relative to the AI revenue.

是的。我認為——嗯，我認為你應該這樣考慮，在第四季度，我們已經達到了 2 億美元，整個 25 財年每個季度的運行速度將會更高。因此，它將在光學方面繼續增長，然後您將在頂部分層定制矽。所以我們不會——我們當然不會說它會在這個水平上持平。我們只是說它的速度要快得多。需求已經好很多了。供應鏈團隊和 Marvell 在採購我們所需的組件和功能方面做得非常出色。所以我認為相對於人工智能收入來說，這是明年的一個很好的設置。

The next question is from Blayne Curtis with Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

I want to ask, it's either Matt or Willem, I guess, on the gross margin. Can you just remind us what the headwinds are that you expect to resolve in Q4? Because I guess storage taking longer, but I think the gross margin Electro-Optics are quite good. So you would think that would be a tailwind. So if you could just walk us through the puts and takes on the gross margin guide, that would be helpful?

我想問一下，我猜，在毛利率方面，要么是馬特，要么是威廉。您能否提醒我們您希望在第四季度解決哪些不利因素？因為我猜存儲需要更長的時間，但我認為光電的毛利率相當不錯。所以你會認為這將是順風。那麼，如果您能向我們介紹一下毛利率指南中的看跌期權和看跌期權，會有幫助嗎？

Yes. Thanks, Blayne. Yes, certainly, the optics is a tailwind. And then in addition to that, we've signaled that the wireless carrier is really stepping down in the fourth quarter and then consumer is also really stepping down. So the combination of those things. And in addition, cost structure for our products has really improved and the overhead on manufacturing, and we see that benefit really starting to flow through more significantly in the fourth quarter. And so storage is a headwind for us, as that recovery is pushed out.

是的。謝謝，布萊恩。是的，當然，光學是一種順風。除此之外，我們還表示無線運營商將在第四季度真正退出，然後消費者也將真正退出。所以這些東西的組合。此外，我們產品的成本結構和製造費用確實得到了改善，我們看到這種效益在第四季度真正開始更加顯著地體現。因此，隨著復甦被推遲，存儲對我們來說是一個阻力。

The next question is from Matt Ramsay with TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

Matt, I think you addressed the AI revenue commentary. I wanted to ask about the sort of goalpost for custom silicon. We had been in -- we had that conversation around $400 million and the $800 million and then it got pushed out a little bit. And there's been -- I mean, I don't think any of us have seen anything like the CapEx shifts that have happened around Generative AI and spending patterns at a lot of your large customers.

馬特，我認為你談到了人工智能收入評論。我想詢問定制矽球門柱的類型。我們曾經討論過大約 4 億美元和 8 億美元，然後它被推遲了一點。我的意思是，我認為我們中沒有人看到過圍繞生成人工智能和許多大客戶的支出模式發生的資本支出變化。

What we've observed is a lot of custom compute ASIC programs in flight. Some of them or for sort of CPU offload and whether it's called DPU or smartNIC or whatever you want to call it, some of them are for smaller model inference custom silicon programs at hyperscale. Maybe you could talk a little bit about where your engagements are, what you're seeing in terms of timing and magnitude because it's been such a tumultuous CapEx environment with AI versus traditional compute?

我們觀察到大量正在運行的定制計算 ASIC 程序。其中一些或用於某種 CPU 卸載，無論它被稱為 DPU 或 smartNIC 或任何您想稱呼的名稱，其中一些用於超大規模的較小模型推理定制矽程序。也許您可以談談您的參與情況，您在時間和規模方面看到了什麼，因為與傳統計算相比，人工智能的資本支出環境如此混亂？

And if you have any updates on some of those numbers around the custom compute programs and timing, that would be really helpful?

如果您對自定義計算程序和計時方面的一些數字有任何更新，那真的會有幫助嗎？

Yes, great. Thanks for the question. I'd say a couple of things, Matt. The first is on your question about the custom silicon opportunity, which really -- if you sort of summarize the different pieces of it, as you mentioned, is really all to provide accelerated computing, right, in a custom format for these various companies. I think the overall CapEx shift towards accelerated computing is clearly going to benefit those that are participating in that segment, including us.

對，很好。謝謝你的提問。我想說幾件事，馬特。第一個是關於定制芯片機會的問題，如果你總結一下它的不同部分，正如你提到的，實際上就是以定制格式為這些不同的公司提供加速計算，對吧。我認為整體資本支出向加速計算的轉變顯然將使那些參與該領域的人受益，包括我們。

And we do see -- and some of that over -- and that's why last quarter, we try to decouple them somewhat. But some of that revenue obviously overlaps with the AI numbers I gave earlier. But it's certainly a positive setup. We talked about having 2 different products last quarter that were kind of the lead ones that were tied to AI, one of which was in sample stage. That product is looking very good and most likely go into production first pass.

我們確實看到了——其中一些已經結束——這就是為什麼上個季度，我們試圖在某種程度上將它們脫鉤。但其中一些收入顯然與我之前給出的人工智能數字重疊。但這無疑是一個積極的設置。我們談到上個季度有兩種不同的產品，它們是與人工智能相關的領先產品，其中之一處於樣品階段。該產品看起來非常好，很可能會一次性投入生產。

The second product taped out as we expected in the second quarter, and that's also planned to ramp up next year. The size and the timing of those are still to be determined. We're working with our customers on those, but the overall shift in CapEx spending is clearly a tailwind on that business. So I'd sort of say to calibrate it today, kind of tracking towards what we updated you guys on the last time.

第二個產品正如我們預期的那樣在第二季度流片，並且還計劃在明年增加。這些活動的規模和時間仍有待確定。我們正在與客戶合作解決這些問題，但資本支出支出的整體轉變顯然對該業務有利。所以我想說今天要校準它，有點跟踪我們上次更新的內容。

And then next year, really depends on how much it moves over, Matt, and how much it can actually -- how much business can be driven. So we're not calling that other than to say it's -- the custom stuff for us is mostly going to be driven by AI next year in terms of the (inaudible).

然後明年，真正取決於它移動了多少，馬特，以及它實際上可以移動多少——可以驅動多少業務。因此，我們並不是這麼稱呼它，而是說它是——明年，就（聽不清）而言，我們的定制內容主要將由人工智能驅動。

The next question is from Harsh Kumar with Piper Sandler.

下一個問題來自 Harsh Kumar 和 Piper Sandler。

I think when you talked about gross margin drivers for fourth quarter, Matt, you mentioned that you might be expecting a significant recovery in revenues as well. Did I understand that correctly? And if so, could you talk about what might be happening in the fourth quarter to drive that recovery?

馬特，我認為當您談到第四季度的毛利率驅動因素時，您提到您可能預計收入也會大幅復甦。我理解正確嗎？如果是這樣，您能否談談第四季度可能會發生什麼來推動復甦？

Yes. You're saying overall, Harsh? Your question is what's sort of the view?

是的。你是說總體而言，嚴厲嗎？你的問題是什麼樣的觀點？

Yes.

是的。

Yes. Obviously, we're guiding one quarter at a time. But to give you some perspective, because we gave you lots of puts and takes, including commentary about carrier and wireless, which we've been actually saying for several quarters now relative to that 5G run taking a pause. Overall, we expect revenues to be up again in the fourth quarter. We were sort of consistent with what we outlined in the last quarter's call, which is that Q3 and Q4 growth would accelerate, so kind of think of that as growing again in the fourth quarter sort of like we did in Q3, but really driven by cloud and AI and AI being the big driver. But also as we've said in our prepared remarks, standard cloud infrastructure revenues are also growing very nicely through the year, not only from Q1 to Q2 and Q2 to Q3. But also into the fourth quarter and beyond.

是的。顯然，我們一次指導一個季度。但為了給你一些觀點，因為我們給了你很多看法，包括關於運營商和無線的評論，實際上我們已經在幾個季度裡談論過這些評論，因為 5G 運行暫停了。總體而言，我們預計第四季度收入將再次增長。我們與我們在上個季度的電話會議中概述的內容有點一致，即第三季度和第四季度的增長將加速，因此可以認為第四季度再次增長，就像我們在第三季度所做的那樣，但實際上是由雲和人工智能是最大的驅動力。但正如我們在準備好的發言中所說，標準雲基礎設施收入在這一年中也增長得非常好，不僅是從第一季度到第二季度以及從第二季度到第三季度。而且還持續到第四季度及以後。

And that means if you kind of do the back of the envelope, data center becomes a bigger part of our revenue, and AI becomes a bigger part of our revenue by the fourth quarter. And then overall, Marvell Inc. is also up. So I just kind of frame it at a high level. We did set out a long time ago to have a diversified strategy within data infrastructure by serving multiple end markets with a suite of products.

這意味著，如果你做一些深入的研究，到第四季度，數據中心將成為我們收入的更大部分，而人工智能將成為我們收入的更大部分。總體而言，Marvell Inc. 也在上漲。所以我只是把它放在一個高層次上。我們很早以前就制定了數據基礎設施多元化戰略，通過一套產品為多個終端市場提供服務。

So we've got enterprise 5G automotive data center. And as you've seen even this dynamic environment, certain quarters, some are performing better than others, and then we're sort of blessed to have markets that then have kicked in at the right time. So even in a tough macro right now, Marvell's continuing to grow throughout the year, starting from our first quarter. And we anticipate that growth obviously going through Q3 and then through Q4. But the mix shifting by end market if that makes sense. And I know you'll create your model and we give enough commentary, I think, to put the pieces together.

所以我們有了企業 5G 汽車數據中心。正如您所看到的，即使在這種動態的環境中，某些季度的表現也比其他季度要好，然後我們很幸運地擁有在正確的時間啟動的市場。因此，即使目前宏觀形勢嚴峻，Marvell 從第一季度開始全年仍持續增長。我們預計增長顯然會持續到第三季度，然後是第四季度。但如果這有意義的話，最終市場的組合會發生變化。我知道你會創建你的模型，我認為我們會提供足夠的評論來將各個部分組合在一起。

The next question is from Christopher Rolland with Susquehanna.

下一個問題來自薩斯奎哈納的克里斯托弗·羅蘭。

And this one is for Matt. Just kind of an amazing revision here on the Electro-Optics portion. Since you've seen this inflection, you've probably done some more research here. How are you thinking about the attach rate for these products per GPU, call it, is it one for one? Are you thinking it could be two for one? I've seen some research that suggests depending on how many layers there are could even be 3 for 1? And the revenue that we're talking about here all 800-gig PAM4 DSP? Is there anything else related in that as well?

這是給馬特的。只是對電光部分進行了令人驚奇的修訂。既然您已經看到了這種變化，您可能已經在這裡做了一些更多的研究。您如何看待這些產品每個 GPU 的附加率，稱之為一對一？你認為這可能是二合一嗎？我看到一些研究表明，根據有多少層，甚至可以是 3 比 1？我們在這裡討論的所有 800-g PAM4 DSP 的收入是多少？還有其他相關的事情嗎？

Yes. Thanks, Chris. Yes, I think it's fairly similar to our view last quarter. We were pretty clear about the direct attach which was the 1:1 you mentioned. Understanding that as you get to the upper layers of the network, there's more. And there's a range and you probably sized the range. We're still, I think, refining our exact models there. So I don't know that I have an exact number to give you, but I think you're thinking about it the right way is starting at the direct attach and then building higher.

是的。謝謝，克里斯。是的，我認為這與我們上季度的觀點非常相似。我們非常清楚直接連接，即您提到的 1:1。了解當您到達網絡的上層時，還有更多。並且有一個範圍，您可能確定了該範圍的大小。我認為，我們仍在完善我們的精確模型。所以我不知道我可以給你一個確切的數字，但我認為你正在考慮的正確方法是從直接連接開始，然後構建更高的高度。

And the second part of your question, it's all 800-gig for AI at this point. We have strong traction on our next-generation products at 1.6T, which would be starting sometime next year. The products that are at frequencies lower than 800 gigabits are typically served for the traditional cloud infrastructure, which is also seeing a recovery as well. So hopefully, that's helpful.

你問題的第二部分，目前人工智能的規模都是 800 億。我們對 1.6T 的下一代產品有很強的吸引力，該產品將於明年某個時候推出。頻率低於 800 GB 的產品通常服務於傳統雲基礎設施，該基礎設施也正在復蘇。希望這會有所幫助。

The next question is from Ross Seymore with Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

I don't know if this one is for Matt or Willem. But I just want to talk about the puts and takes to next year's gross margin. And I know you're not guiding that far out with any specifics. But seems like you're going to have a number of custom products that will be going up? On the data center side, the storage side should recover at some point in time. But the general question is if custom products tend to be lower gross margin and storage in some other areas like enterprise eventually come back cyclically, how do we think about the puts and takes on your gross margin versus that 64 to 66 historical target range?

我不知道這是給馬特的還是給威廉的。但我只想談談看跌期權和看跌期權對明年毛利率的影響。我知道你並沒有提供任何具體的指導。但看起來你們將會有一些定制產品上漲？在數據中心側，存儲側應該在某個時間點恢復。但普遍的問題是，如果定制產品的毛利率往往較低，而企業等其他領域的存儲最終會周期性地回歸，我們如何考慮毛利率相對於64 至66 歷史目標範圍的看跌期權和承付期權？

Yes, Ross, maybe I can start and Matt can add. So when you look back, certainly, over the last couple of years, we've grown both our carrier and ASIC business sort of faster than the rest of the business, and we were able to maintain our gross margin within our target range. We're talking to get back to that 64 exiting this year and then to maintain that through next year.

是的，羅斯，也許我可以開始，馬特可以補充。因此，當你回顧過去時，當然，在過去的幾年裡，我們的運營商和 ASIC 業務的增長速度比其他業務要快，而且我們能夠將毛利率維持在我們的目標範圍內。我們正在討論將今年退出的數量恢復到 64 個，然後將其維持到明年。

But clearly, it's sort of early to decide exactly how big the ASIC ramp is next year. Now if we do show outsized growth there, that would negatively impact our gross margin. But certainly, our view is that, that would be very accretive to operating income and to EPS. But it's too early right now to know exactly the extent to that. So hopefully, that's helpful, Ross?

但顯然，現在確定明年 ASIC 的具體增長規模還為時過早。現在，如果我們確實在那裡表現出過大的增長，那將對我們的毛利率產生負面影響。但當然，我們的觀點是，這將非常增加營業收入和每股收益。但現在要確切了解其程度還為時過早。希望這有幫助，羅斯？

And Ross, maybe -- this is Matt. I'll just add. I think the -- clearly, the custom business carries a lower gross margin. We've been very, very open about that. But I think looking out to next year, it's a little early to call it, right? We don't know the rate of recovery for storage. That's a big part of the equation. We also have what's the -- even within like AI and cloud, what's the optics revenue going to be versus the custom stuff.

羅斯，也許——這是馬特。我就補充一下。我認為，顯然，定制業務的毛利率較低。我們對此一直非常非常開放。但我認為展望明年，現在斷言還為時過早，對吧？我們不知道存儲的恢復率。這是等式的重要組成部分。我們還知道，即使在人工智能和雲等領域，光學器件的收入與定制產品相比是多少。

You've got automotive continuing to perform well and growing, which is a higher than average gross margin category for us. So we've got a lot of irons in the fire relative to various businesses that may or may not pick up at different times. As Willem said, we had a pretty consistent ability to manage gross margins in the range that we were targeting, understanding there's mix issues all the time. We've been going through a period here Q1, Q2 and Q3, where we've had it for a longer period, I'd say, unfavorable gross margin relative to our traditional mix.

汽車業務繼續表現良好並不斷增長，這對我們來說是一個高於平均毛利率的類別。因此，我們有很多與各種業務相關的問題，這些業務可能會或可能不會在不同的時間恢復。正如威廉所說，我們有相當一致的能力將毛利率管理在我們的目標範圍內，並理解始終存在混合問題。我們已經經歷了第一季度、第二季度和第三季度的一段時期，我想說，相對於我們的傳統組合，我們已經經歷了更長的時期，毛利率不利。

But it's such a dynamic environment. It's really hard to call the ball exactly, Ross, on when all those markets sort of burn through inventory, kick back in, what does the recovery look like. But when we look at it at a very high level, we continue to believe we have a very nice balanced portfolio of different products, technologies with different business models behind them that generate different gross and operating margin profiles.

但這是一個充滿活力的環境。羅斯，當所有這些市場都在消耗庫存、重新恢復時，很難準確地判斷復甦會是什麼樣子。但當我們從一個非常高的水平來看時，我們仍然相信我們擁有一個非常平衡的不同產品和技術組合，其背後有不同的商業模式，產生不同的毛利率和營業利潤率。

And as an example, like Willem said, just because some of these custom programs are at lower than corporate average gross margin, especially if they ramp significantly, they're extremely accretive to operating margin and operating income at the bottom line level, which ultimately, over time, it's what we're laser focused on is driving earnings per share and driving operating profits for the company. So high-level answer, but maybe it just frames it up, we need a little more time in front of us to really figure out what that looks like for next year.

舉個例子，正如威廉所說，僅僅因為其中一些定制計劃的毛利率低於企業平均毛利率，特別是如果它們大幅增長，它們就會極大地增加底線水平的營業利潤和營業收入，最終隨著時間的推移，我們的重點是提高每股收益和公司的營業利潤。如此高水平的答案，但也許它只是框架，我們需要更多的時間來真正弄清楚明年會是什麼樣子。

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

下一個問題來自美國銀行的 Vivek Arya。

Matt, I was hoping you could help us size how big storage is currently in the quarter? You reported both kind of data center and outside of data center. And I forgot whether you mentioned whether it was going to be up, down, flat in Q3 and Q4? Or can it kind of hold at these low levels? And what are you looking for to inform you as to when it starts to grow sequentially? Like how much excess inventory is out there? Or do you think that it can actually hold at these low levels? So just help us kind of set what the right baseline view is of storage as you get into next year?

馬特，我希望你能幫助我們估算本季度目前的存儲容量有多大？您報告了數據中心類型和數據中心外部類型。我忘了你有沒有提到第三季度和第四季度是上漲、下跌還是持平？或者它能保持在這麼低的水平嗎？您正在尋找什麼來通知您它何時開始連續增長？比如還有多少過剩庫存？或者您認為它實際上可以保持在這麼低的水平嗎？那麼，請幫助我們確定進入明年時正確的存儲基線視圖是什麼？

Sure, sure. Thanks, Vivek. It's a great question. Okay. I think it's, in some ways, the million-dollar question. Let me tell you where we're at so far. So obviously, Q1 was very, very low in terms of our storage revenues. And in particular, we're really talking about data center storage, if you think about it. The consumer piece is kind of hung in there because of some of the specific applications we have. But that's -- what's moving the needle is the data center side.

一定一定。謝謝，維韋克。這是一個很好的問題。好的。我認為，從某種程度上來說，這是一個價值百萬美元的問題。讓我告訴你我們目前的進展。顯然，第一季度我們的存儲收入非常非常低。特別是，如果您考慮一下的話，我們實際上正在談論數據中心存儲。由於我們擁有一些特定的應用程序，消費者部分有點掛在那裡。但這是——推動發展的是數據中心方面。

In Q2 that -- it had recovered, which was nice to see. It was coming off a bottom, right around $100 million, let's call it, something like that. And then from there, we said in our prepared remarks, Q3, we'd see a modest recovery again, so that would be up. It's still not sloping towards, I think, where we thought it was going to be a quarter or 2 ago relative to the year-end exit rate.

在第二季度，它已經恢復，這是很高興看到的。它正在觸底，大約是 1 億美元，我們可以這樣稱呼它。然後，我們在準備好的第三季度講話中表示，從那時起，我們將再次看到溫和復蘇，因此這一數字將會上升。我認為，相對於年底退出率，它仍然沒有朝著我們認為的一兩個季度前的方向傾斜。

And I think most of the end customer commentary suggests this is more of a first half of '24 type of recovery. But I guess the good news is, it's come off the bottom. Good growth in Q2. It's going to grow again in Q3, and it will grow again in Q4. But it's just not quite at that slope in that rate. When we've dug in with the customer base kind of all the way to the end companies that consume the storage, it's hard to get an exact clear picture of where the inventory is and the timing, as I mentioned.

我認為大多數最終客戶評論都表明這更像是 24 年上半年的複蘇。但我想好消息是，它已經走出谷底了。第二季度增長良好。第三季度將再次增長，第四季度也將再次增長。但它只是沒有達到那個速度的斜率。正如我提到的，當我們深入了解客戶群一直到消耗存儲的最終公司時，很難準確清楚地了解庫存的位置和時間。

However, what we do understand is that, there's a lot of activity on qualifying the next-generation drives and technologies. There's a big TCO benefit. We haven't been able to detect anything structurally that's changed per se, although we continue to study that. So in our mind, it looks like, this has to come back to where it was at some point in terms of the number of exabytes that are being shipped or consumed. And then it should grow from there for all the reasons it's been growing for the last 20 years.

然而，我們確實了解的是，有很多活動都在驗證下一代驅動器和技術的資格。這有很大的 TCO 優勢。儘管我們仍在繼續研究，但我們還無法檢測到任何結構本身發生的變化。因此，在我們看來，就運輸或消耗的艾字節數量而言，這必須回到某個時刻的水平。然後它應該從那裡開始增長，因為它在過去 20 年裡一直在增長。

And AI, there was a question earlier about that, it's probably a tailwind on that. But I think with how far back we are in the supply chain, I'll just conclude my remarks by saying, it's just very difficult to get a full read on where it all is, what's going on at the end customer level and when it comes back. So all we can do is sort of look at what our customers are saying and talking to us about and follow their lead. Hopefully, that's helpful.

人工智能，早些時候有一個關於這個的問題，它可能是一個順風車。但我認為，考慮到我們在供應鏈中的位置有多遠，我只想說，要全面了解這一切在哪裡、最終客戶層面發生了什麼以及何時發生，是非常困難的。回來。因此，我們所能做的就是看看我們的客戶在說什麼以及與我們談論什麼，並遵循他們的領導。希望這有幫助。

The next question is from Srini Pajjuri with Raymond James.

下一個問題是斯里尼·帕朱里 (Srini Pajjuri) 和雷蒙德·詹姆斯 (Raymond James) 提出的。

Matt, my question is on the custom silicon side. I think you called out 2 programs that in AI that you expect to ramp next year. Can you talk about the design win pipeline? And also I want -- if you could touch on, I know it's difficult to predict what kind of revenue opportunity -- forecast the revenue opportunity this early. But could you give us at least some sense because some of these programs -- we do hear that some of these programs do get canceled.

馬特，我的問題是關於定制矽方面的。我認為您列出了預計明年將推出的 2 個人工智能項目。您能談談設計獲勝流程嗎？我還想 - 如果你能談談，我知道很難預測什麼樣的收入機會 - 儘早預測收入機會。但你能否至少給我們一些感覺，因為其中一些計劃——我們確實聽說其中一些計劃確實被取消了。

So I just want to make sure that you have that visibility that these programs for real, what you have for next year? And then if you can talk about other opportunities beyond those 2 programs that you talked about, that will be helpful?

所以我只是想確保你們對這些計劃的真實性有了解，明年你們有什麼計劃？然後，如果您能談談您談到的這兩個項目之外的其他機會，這會有幫助嗎？

Yes. Great question. Let me start with the, are they real, because I think that was the big question, probably 2 quarters back, Srini, and even at the end of last year when I think the reality of the macro economy really hit the cloud companies pretty significantly, and that's when you saw those companies at a very high level take actions on headcount, take actions on expenses, look at program priorities down at the infrastructure level.

是的。很好的問題。讓我從它們是否真實開始，因為我認為這是一個大問題，可能是兩個季度前，斯里尼，甚至在去年年底，當時我認為宏觀經濟的現實確實對雲公司造成了相當大的打擊，那時你會看到那些公司在非常高的層面上對員工人數採取行動，對費用採取行動，在基礎設施層面審視項目的優先事項。

And part of our call in Q1 and Q2 was sort of advising investors how that had changed. What emerged from that was a shift from traditional cloud infrastructure to AI. Now we've seen that play out through the first half of the year. So those programs not only are getting funded, there's extreme urgency around them. And so now we're at a point, given where these products are at, actually talking about when do we start wafers, how do we make sure the capacity is lined up, how do we have 3-way calls to make sure we're all dialed in on what's needed.

我們在第一季度和第二季度的電話會議的一部分是向投資者建議這種情況發生了怎樣的變化。由此產生的是從傳統雲基礎設施到人工智能的轉變。現在我們已經看到了今年上半年的情況。因此，這些項目不僅得到了資助，而且還非常緊迫。因此，現在我們正處於這樣一個時刻，考慮到這些產品的現狀，我們實際上正在討論我們什麼時候開始生產晶圓，我們如何確保產能一致，我們如何進行三方通話以確保我們“大家都已經撥通了所需的內容。

So that gives us quite a bit of comfort. And that -- and we're farther along. And a quarter from now and 2 quarters from now, we'll be even farther along relative to being able to provide more visibility on what that ramp looks like. But we feel good about that. And certainly, going through that process, we -- for all the programs in the pipeline, we have both won and open a good view of where our customers want to go.

所以這給了我們很大的安慰。而且我們已經走得更遠了。從現在起四分之一和從現在起兩個季度後，我們將在能夠提供更多有關坡道外觀的可見性方面走得更遠。但我們對此感覺良好。當然，通過這個過程，我們——對於正在醞釀中的所有項目，我們都贏得了勝利，並為我們的客戶想要去的地方打開了一個良好的視野。

On the opportunity size, just to give you a sense, if you look at the overall Marvell just total design opportunity pipeline, the biggest segment is data center. It wouldn't surprise you, but it's a huge portion of our open funnel. And of that, we look at it every quarter, the AI portion just continues to grow and has become very significant from an opportunity standpoint.

關於機會規模，只是為了讓您有一個感覺，如果您看一下 Marvell 的整體設計機會管道，就會發現最大的部分是數據中心。你不會感到驚訝，但它是我們開放漏斗的很大一部分。其中，我們每個季度都會審視一下，人工智能部分持續增長，從機會的角度來看已經變得非常重要。

And what I would say is, it's really a combination of all the technologies I mentioned in the prepared remarks. It's the PAM products going from 800-gig to 1.6T. It's our AEC offerings. It's the big custom compute silicon programs that are out there. And there's a tremendous urgency to increase the beat rate on those and get them out faster.

我想說的是，它實際上是我在準備好的評論中提到的所有技術的組合。這是從 800g 到 1.6T 的 PAM 產品。這是我們的 AEC 產品。這是現有的大型定制計算芯片程序。提高這些內容的節奏並讓它們更快地發布是非常緊迫的。

Significant interest in our Ethernet switching platform at 51.2T. And not only that, the roadmap beyond that. We have a number of new exciting technologies too, like bringing silicon photonics inside the data center. So when you think about the conversations we're having, it's just a number of technologies that really work well together. And I think customers are engaging with us now to figure out how they can get the best out of Marvell overall and really differentiate themselves within their data center architectures on TCO, on power, on performance and using the suite of technologies and really optimizing for their architecture.

人們對我們的 51.2T 以太網交換平台非常感興趣。不僅如此，還有除此之外的路線圖。我們還擁有許多令人興奮的新技術，例如將矽光子學引入數據中心。因此，當您考慮我們正在進行的對話時，您會發現這只是許多真正協同工作的技術。我認為客戶現在正在與我們合作，了解他們如何才能充分利用Marvell 的整體優勢，並在其數據中心架構中在TCO、功耗、性能和使用技術套件方面真正實現差異化，並真正針對他們的需求進行優化。建築學。

So I'd say there's a number of sockets, the pipeline is big. Those are all the catchalls. That sounds great. But I'd say the more strategic and interesting piece and that's where I'm spending time is really making sure we marshal the resources of Marvell to engage very deeply at the highest levels with our big cloud customers and partners in the ecosystem and present ourselves as one company with a suite of solutions that can process the data, it can move the data, it can store the data and it can even secure the data inside your cloud. And I think all of those together is very exciting. So, yes, we'll see. Lots of opportunity in front of us.

所以我想說有很多套接字，管道很大。這些都是包羅萬象的。聽起來不錯。但我想說，更具戰略意義和更有趣的部分是，我花時間真正確保我們整合 Marvell 的資源，與生態系統中的大型雲客戶和合作夥伴進行最高級別的深入接觸，並展示我們自己作為一家擁有一套可以處理數據的解決方案的公司，它可以移動數據，可以存儲數據，甚至可以保護雲中的數據。我認為所有這些加在一起非常令人興奮。所以，是的，我們拭目以待。很多機會擺在我們面前。

The next question is from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

There's been a lot of focus on your Electro-Optical business tied to AI, but I think the bigger portion of your Electro-Optical business is focused on the persistent upgrade cycles across the entire cloud data center footprint, right? And I think these tailwinds are still in front of the team, right? I think you still have -- there still is one more cloud titan that is yet to upgrade to 400-gig across 6 data centers.

人們非常關注與人工智能相關的光電業務，但我認為您的光電業務的大部分都集中在整個雲數據中心足蹟的持續升級週期上，對嗎？我認為這些順風仍然在團隊面前，對吧？我認為，還有一個雲巨頭尚未在 6 個數據中心升級到 400 GB。

You still have the 800-gig, 1.6T optical upgrade across the remaining 3 titans. And then on DCI, you're still ramping 400 ZR DCI. But you still, I think, have 2 more cloud customers that are in the pipeline. So are these broad upgrade cycles starting to line up to fire next year, maybe even some starting in the second half of this year? Maybe it ties into some of your commentary on strength in broader cloud, but just trying to get a sense of the ramp profile on these upgrade cycles.

其餘 3 個泰坦仍然擁有 800 G、1.6T 光學升級。然後在 DCI 上，您仍然需要增加 400 ZR DCI。但我認為，您還有另外 2 個雲客戶正在醞釀之中。那麼，這些廣泛的升級週期是否會在明年開始，甚至可能從今年下半年開始？也許它與您對更廣泛的雲的實力的一些評論有關，但只是試圖了解這些升級週期的斜坡概況。

Yes. I think you did a great job summarizing it. The AI piece has obviously become very meaningful, and we gave you a sense of what that level of revenue is going to be in the fourth quarter. So it's pretty amazing how fast that's grown obviously. But to your point, the standard cloud infrastructure side of connectivity is having a nice recovery off of some inventory that was built last year. That's now becoming a tailwind as that burns down.

是的。我認為你總結得很好。人工智能部分顯然變得非常有意義，我們讓您了解了第四季度的收入水平。所以它的增長速度顯然是非常驚人的。但就您而言，連接的標準雲基礎設施方面正在從去年建立的一些庫存中得到很好的恢復。隨著它的燃燒，它現在正成為一股順風。

You pointed out that there's still a major cloud company to go through their upgrade. So that's also in front of us. As we transition each of the technologies in terms of speed, there's always an ASP bump. And it makes sense because you're delivering 2x the bandwidth for not 2x the price, right? So it's -- we're on a nice sort of share the benefits with our customer trajectory there.

您指出仍有一家大型雲公司需要進行升級。這也擺在我們面前。當我們在速度方面轉變每項技術時，ASP 總會發生變化。這是有道理的，因為您以 2 倍的價格提供 2 倍的帶寬，對吧？所以，我們正在與我們的客戶軌跡分享利益。

And even at 1.6T for next year, while AI will lead it right behind it, it's going to be a key part of the overall infrastructure build, probably the year after. And then the regional data center stuff, which is really the ZR products, also just doing extremely well this year. I mean large upsides due to Generative AI. And then we said in the prepared remarks and we just put out the press release, I think it was today or it was yesterday, about 800 ZR.

即使明年的 1.6T，雖然人工智能將緊隨其後，但它可能會在後年成為整體基礎設施建設的關鍵部分。然後是區域數據中心產品，也就是 ZR 產品，今年也表現得非常好。我的意思是生成式人工智能帶來的巨大優勢。然後我們在準備好的發言中說，我們剛剛發布了新聞稿，我認為是今天或昨天，大約 800 ZR。

And there'll be more to come on that, but there's another frequency kicker coming in probably faster than we would have thought if you went back 6 or 9 months ago because that between data center, bandwidth is actually now becoming a bottleneck.

還會有更多的事情發生，但如果你回到6 或9 個月前，還有另一個頻率踢的出現可能比我們想像的要快，因為數據中心之間的帶寬實際上現在正在成為瓶頸。

So just tremendous across-the-board opportunities that are not just AI but it's really driving our cloud growth. And that's -- a lot of that we're seeing in the second half, and we're going to see it through next year. So we have both of those irons in the fire for Marvell overall growth.

因此，巨大的全面機會不僅是人工智能，而且確實推動了我們的雲增長。這就是我們在下半年看到的很多情況，並且我們將在明年看到它。因此，我們為 Marvell 的整體增長全力以赴。

The next question is from Ambrish Srivastava with BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Willem, I had a question on the cash flow side. I was trying to see if there was a discernible pattern of seasonality doesn't seem to be, but you gave a reason for DSOs and impacting the CFO. Could you just walk us through how should we think about cash flow for the rest of the year?

威廉，我有一個關於現金流方面的問題。我試圖看看是否存在明顯的季節性模式，但似乎沒有，但您給出了 DSO 和影響 CFO 的原因。您能否向我們介紹一下我們應該如何考慮今年剩餘時間的現金流？

Yes, sure. Thanks, Ambrish. Yes, so this quarter, certainly, our DSO was impacted somewhat by linearity. We do expect a bounce back in Q3 and some normalization. As we've mentioned, we're really focused on driving down our days of inventory, and we've consistently reduced that through this year. And we expect to continue driving that down through the rest of this year. And so yes, you should expect some good improvement in the second half here.

是的，當然。謝謝，安布里什。是的，所以這個季度，我們的 DSO 當然受到了線性度的影響。我們確實預計第三季度會出現反彈並實現一定程度的正常化。正如我們所提到的，我們確實專注於減少庫存天數，並且今年我們一直在減少庫存天數。我們預計今年剩餘時間將繼續推動這一趨勢下降。所以，是的，你應該期待下半年會有一些良好的進步。

Okay. And a quick question for you, Matt. We're hearing a lot of companies are talking about the push out of CapEx, general purpose CPU towards AI. I know you addressed it in some ways earlier. Is that -- are you seeing that manifest in your business that certain projects are being sacrificed at the AI alter?

好的。馬特，我想問你一個簡單的問題。我們聽到很多公司都在談論將資本支出、通用 CPU 轉向人工智能。我知道您之前已經通過某些方式解決了這個問題。您是否在您的業務中看到某些項目在人工智能變革中被犧牲的現象？

Funny way to phrase it. Yes, I think there's two aspects. I think one is were there project reprioritizations or not within those companies? And then also, is it affecting our business right now, which is kind of the two pieces? So our view is on the first one, at least for Marvell, I can't comment about everybody. But for us, we really worked through that issue at the end of last year, early this year.

有趣的措辭方式。是的，我認為有兩個方面。我認為其中一個問題是這些公司內部是否重新調整了項目的優先順序？然後，它現在是否影響我們的業務，這是這兩部分的一部分？所以我們的觀點是第一個，至少對於 Marvell 來說，我無法對所有人發表評論。但對我們來說，我們在去年底、今年年初確實解決了這個問題。

That -- there was a big, I'd say, kind of reprioritization that went on, first, driven by the budget squeeze, and companies just trying to get more efficient. And then almost in line with that was sort of the release of ChatGPT and the realization that there was this potential massive opportunity, right, for productivity gains through AI and then what are people going to do and then sort of the race was on.

我想說的是，首先是在預算緊縮的推動下，公司進行了一次重大的優先順序調整，而公司只是想提高效率。然後幾乎與此一致的是 ChatGPT 的發布，並意識到存在潛在的巨大機會，對吧，通過人工智能提高生產力，然後人們將做什麼，然後某種競賽就開始了。

So from that standpoint, we feel very good about our WIP, and what we're working on and that, at least for us, those decisions and reprioritizations were made. And some of those are why we were lighter on our custom silicon revenue this year. We sort of talked about that a couple of quarters ago. So those programs got delayed. So we've, I guess, taken some medicine on that, and we move past it now we've got this off to the races with the AI stuff.

因此，從這個角度來看，我們對我們的 WIP 以及我們正在開展的工作感到非常滿意，並且至少對我們而言，我們做出了這些決定和重新調整優先級。其中一些就是我們今年定制芯片收入減少的原因。幾個季度前我們就討論過這個問題。所以這些計劃被推遲了。所以我想我們已經採取了一些藥物來解決這個問題，現在我們已經克服了它，我們已經把這個問題帶到了人工智能的比賽中。

And then on our current business, as you saw, we had -- in Q2, we had overall data center revenues up pretty nicely, and that included on-prem being down, AI being up a lot, but we also said that standard cloud infrastructure was up, and it's going to be up again nicely in the third quarter, and it's going to continue through the fourth quarter into next year.

然後就我們當前的業務而言，正如您所看到的，我們在第二季度，我們的整體數據中心收入增長得相當不錯，其中包括本地部署的下降，人工智能的增長很多，但我們也說標準雲基礎設施已經恢復，第三季度將再次恢復良好，並將從第四季度持續到明年。

So I think we've worked through that as well. And probably the reason we don't get hit quite as much there is that we're tied more to the networking and connectivity than selling CPUs as an example. And so that overall kind of network bandwidth needs to continue to get upgraded and deal with it because a lot of these big data centers are multi-tenant, and they've got AI sitting in there and they've got specialty-built servers and storage for other things, but it all needs to work together, and it all needs to ultimately have the right level of bandwidth to support the compute power.

所以我認為我們也已經解決了這個問題。我們沒有受到那麼多打擊的原因可能是我們更多地依賴於網絡和連接，而不是銷售 CPU。因此，整體網絡帶寬需要繼續升級並處理它，因為許多大型數據中心都是多租戶的，並且他們擁有人工智能，並且擁有專門構建的服務器和存儲用於其他事物，但所有這些都需要協同工作，並且最終需要有適當水平的帶寬來支持計算能力。

So those are some puts and takes. I think the headwind on the whole thing would -- for us really would be the storage piece, which shows up in our data center near line and that we've just been kind of -- I answered the questions about that already. So that's the puts and takes. But overall, it's actually growing very nicely for us, and it will be a growth driver for us next year, too.

這些是一些投入和採取的事情。我認為整個事情的逆風——對我們來說確實是存儲部分，它出現在我們的數據中心附近，我們只是——我已經回答了相關問題。這就是投入和採取的情況。但總的來說，它實際上對我們來說增長得非常好，它也將成為我們明年的增長動力。

The next question is from Chris Caso with Wolfe Research.

下一個問題來自 Wolfe Research 的 Chris Caso。

I guess the question is digging into the enterprise on-premise a little bit more. If you give some detail on what you include in that, that's still looking to be down? Does that include, for example, fiber channel as well? And do you think that business -- that this will mark a bottom to that business, obviously, probably difficult to figure out when that starts getting better?

我想問題在於進一步深入研究企業內部部署。如果你提供一些關於其中包含的內容的詳細信息，那看起來仍然會下降嗎？例如，這是否也包括光纖通道？您是否認為這將標誌著該業務的觸底，顯然，可能很難弄清楚何時開始好轉？

Chris, thanks for the question. Yes, I mean, it's -- enterprise on-premise business has just kept coming down. Now I think the reality is if you look at overall enterprise server shipments and you look at sort of the end data, that's probably been down for, I don't know, 8 quarters or something. So the end markets just not doing as well. It's mostly fiber channel that's within there. There's also some Ethernet and some NIC products as well.

克里斯，謝謝你的提問。是的，我的意思是，企業本地業務一直在下降。現在我認為現實情況是，如果你看看整體企業服務器出貨量，看看最終數據，我不知道，這可能已經下降了 8 個季度或其他時間。因此，終端市場表現不佳。裡面主要是光纖通道。還有一些以太網和一些網卡產品。

I don't know that we're necessarily calling a bottom, but it's got to be close just because at some point, people need to -- people actually need to buy servers and customers need to work through inventory. So it's been a headwind. I think we're close to it, maybe needs a little more time, maybe another quarter. But at some point, that will renormalize as well.

我不知道我們是否一定要稱之為底部，但它必須接近底部，因為在某些時候，人們需要——人們實際上需要購買服務器，而客戶需要清理庫存。所以這是一個逆風。我認為我們已經接近了，也許還需要一點時間，也許還需要一個季度。但在某個時候，這也會重新正常化。

And it's obviously within overall data center, all of that sort of inventory adjustment and weakness at the end market levels being just blown away, obviously, by the AI and cloud infrastructure piece, which is still driving very healthy growth into Q3 and then another step-up obviously in Q4. And that's assuming really no material recovery in the on-prem side. But I do expect over time, if you just sort of step back and look at like fiber channel, it's been a pretty stable business for us.

顯然，在整個數據中心內，所有此類庫存調整和終端市場水平的疲軟顯然都被人工智能和雲基礎設施部分所抵消，這仍然推動著第三季度的非常健康的增長，然後又邁出了一步第四季度明顯上升。這是假設本地方面確實沒有材料回收的情況。但我確實預計，隨著時間的推移，如果你退一步看看光纖通道，這對我們來說是一項相當穩定的業務。

Ever since we've owned it through the Cavium acquisition and we don't see any reason why, at some point, that just doesn't come back to where it was. And when it does that, that will also be a positive thing for us. Hopefully, that's helpful.

自從我們通過收購 Cavium 擁有它以來，我們看不出有任何理由在某些時候它不會回到原來的狀態。當它做到這一點時，這對我們來說也將是一件積極的事情。希望這有幫助。

The next question is from Quinn Bolton with Needham & Company.

下一個問題來自 Needham & Company 的 Quinn Bolton。

Matt, I wanted to ask, you talked about the Electro-Optics driving most of that $200 million of AI revenue. Can you give us some sense how much of that is InfiniBand versus Ethernet within those 800-gig modules? And do you guys see any share difference between your position in Ethernet versus InfiniBand? I know your share is very high in general in that market, but just wondering if you would say your share is higher either in the Ethernet or InfiniBand? And then I got a follow-up.

馬特，我想問一下，你談到電光技術推動了 2 億美元人工智能收入的大部分。您能否告訴我們 800 GB 模塊中 InfiniBand 與以太網的比例有多少？你們認為你們在以太網和 InfiniBand 領域的地位之間有什麼份額差異嗎？我知道您在該市場中的份額總體上非常高，但只是想知道您是否會說您在以太網或 InfiniBand 中的份額更高？然後我得到了跟進。

Maybe the simple answer is, first of all, as you point out, we're agnostic. We participate broadly in the connectivity independent of whether it's InfiniBand or Ethernet. And I'd say that we continue to have very high market share and penetration into both those applications. And the demand we're seeing is broad-based from both of those as well as multiple customers driving it. So it's actually really kind of hard to break it down exactly. And I don't know that it's super helpful because overall, the shares still very healthy, and we're agnostic. So the same module can kind of be used in either one.

也許簡單的答案是，首先，正如您所指出的，我們是不可知論者。我們廣泛參與連接，無論是 InfiniBand 還是以太網。我想說的是，我們在這兩個應用程序中仍然擁有非常高的市場份額和滲透率。我們看到的需求是來自這兩個領域以及推動它的多個客戶的廣泛需求。所以實際上很難準確地分解它。我不知道這是否超級有幫助，因為總的來說，股票仍然非常健康，而且我們是不可知論的。因此，同一模塊可以在任一模塊中使用。

Got it. Okay. So it's pretty broad-based across both. The follow-up question is just you mentioned 51.2T terabit switch and starting to sample. Just as you look out to calendar '24, fiscal '25, do you see that starting to get deployed at the U.S. hyperscaler partners?

知道了。好的。所以它在兩者之間都有相當廣泛的基礎。後續問題就是您剛剛提到的51.2T太比特交換機並開始採樣。正如您展望 24 年日曆和 25 財年一樣，您是否看到美國超大規模合作夥伴開始部署這種技術？

Yes. I think we'll have some contribution from that product area next year. The bigger ramp is a little bit further out. But very pleased, I'd say, with the open funnel on that technology. I'm very happy with the team. I mean this -- the architecture and the key pieces of that initially came from Innovium, right, which is a company we acquired in 2021. But the thing that we did upfront is we put it on the Marvell 5-nanometer design flow using our SerDes, our IP platform, our new product development process.

是的。我認為明年我們將從該產品領域做出一些貢獻。較大的坡道稍遠一些。但我想說，對該技術的開放渠道感到非常高興。我對球隊非常滿意。我的意思是 - 架構和關鍵部分最初來自 Innovium，沒錯，這是我們在 2021 年收購的一家公司。但我們預先做的事情是，我們使用我們的SerDes，我們的IP 平台，我們的新產品開發流程。

So you kind of got the best of both worlds and teams executed extremely well on the chip. And as a result, it's giving customers confidence we can really be there for them not only on the feature set, including very, very low latency and in the right power envelope, but also being able to manufacture for high volume, which is no small task on these effectively reticle buster type switches or type products.

所以你可以說是兩全其美，團隊在芯片上的表現也非常出色。因此，這讓客戶相信我們不僅可以在功能集上真正為他們提供幫助，包括非常非常低的延遲和合適的功率範圍，而且還能夠進行大批量生產，這是不小的這些有效的十字線破壞型開關或型產品的任務。

So we'll see how it goes, Quinn, but pipeline is strong. This is going to be a big upgrade cycle for the industry. And I think it's going to be overall positive for the people that are in that ecosystem. I think we'll do -- Perfect, Quinn. And I think we'll do, Gary, one more question, and then we can wrap it.

所以我們會看看事情進展如何，奎因，但管道很強大。這將是行業的一次大升級週期。我認為這對於該生態系統中的人們來說總體上是積極的。我想我們會做的——完美，奎因。加里，我想我們再問一個問題，然後我們就可以結束它了。

And that question will be from Gary Mobley with Wells Fargo Securities.

這個問題將由富國銀行證券公司的加里·莫布里提出。

I don't think there's been a mention so far the influence on an extra week in the fourth quarter. Matt, I want to verify your expectation of sequential revenue growth in the fourth quarter, is that independent of the extra week or inclusive of the extra week? And Willem, the target of OpEx for the fourth quarter, I think you said $430 million with the extra week? Is that still the target?

我認為到目前為止還沒有提到第四季度額外一周的影響。馬特，我想核實一下您對第四季度收入環比增長的預期，這與額外一周無關還是包含額外一周？威廉，第四季度運營支出的目標，我想你說的是額外一周 4.3 億美元？這還是目標嗎？

That's correct.

這是正確的。

Okay. Willem, you go and I'll go.

好的。威廉，你走，我也走。

Yes, sure. Yes, just on the OpEx, that's correct, Gary. So for the 13 weeks normalized, we said $420 million. And so for the full 14 weeks, we guided $430 million. So you've got the correct number.

是的，當然。是的，就 OpEx 而言，沒錯，加里。因此，對於正常化的 13 週，我們說的是 4.2 億美元。因此，在整整 14 週內，我們指導了 4.3 億美元。所以你得到了正確的號碼。

Yes. And then on the revenue side, Gary, it's been my experience doing this for a long time and having the famous 14-week quarter roll through, it's -- I think the best practice I found is, you end up really not getting the extra revenue per se, but you got to obviously count the expenses. So that's sort of the way to think about it.

是的。然後在收入方面，加里，這是我長期以來這樣做的經驗，並且經歷了著名的 14 周季度，我認為我發現的最佳實踐是，你最終真的沒有得到額外的收入收入本身，但你顯然必須計算支出。這就是思考這個問題的方式。

So we don't -- we're not saying, hey, because Q4 is 14 weeks, we're going to have some better growth than we would have. I think it's just -- that's kind of what the market is doing. So the -- and then Willem gave you sort of the run rate on OpEx, if you look at it, netting out what 13 weeks would have been, which is about $420 million.

所以我們不會——我們不會說，嘿，因為第四季度是 14 週，我們將會有比預期更好的增長。我認為這就是市場正在做的事情。然後 Willem 給了你 OpEx 的運行率，如果你看一下的話，扣除 13 週的時間，大約是 4.2 億美元。

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。