邁威爾科技 (MRVL) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Marvell Technology Inc. Third Quarter of Fiscal Year 2024 Earnings Conference Call. (Operator Instructions). Please note, this event is being recorded.

下午好，歡迎參加 Marvell Technology Inc. 2024 財年第三季財報電話會議。 （操作員說明）。請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

我現在將會議交給投資者關係資深副總裁 Ashish Saran 先生主持。請繼續。

Thank you, and good afternoon, everyone. Welcome to Marvell's Third Fiscal Quarter 2024 Earnings Call. Joining me today are Matt Murphy, Marvell's Chair CEO; and Willem Meintjes, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2024 年第三財季財報電話會議。今天加入我的是 Marvell 主席兼執行長 Matt Murphy；以及我們的財務長 Willem Meintjes。

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. 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.

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階層目前的預期有重大差異。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。

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

在今天的電話會議中，我們將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 財務指標之間的調整表。

Let me now turn the call over to Matt for his comments on the quarter. Matt?

現在讓我將電話轉給馬特，請他對本季發表評論。馬特？

Thanks, Ashish, and good afternoon, everyone. For the third quarter of fiscal 2024, Marvell's revenue of $1.42 billion, growing 6% sequentially above the midpoint of guidance. In addition, on a non-GAAP basis, the Marvell team drove a sequential increase in gross margin, remained disciplined on operating expenses and delivered EPS of $0.41, above the midpoint of our guidance. We are pleased with our results and execution.

謝謝阿什什，大家下午好。 2024 財年第三季度，Marvell 營收為 14.2 億美元，季增 6%，高於指導中位數。此外，在非 GAAP 基礎上，Marvell 團隊推動了毛利率環比增長，保持了營運支出的紀律性，並實現了 0.41 美元的每股收益，高於我們指導的中點。我們對我們的結果和執行感到滿意。

In our data center end market, revenue for the third quarter was $556 million, well above our guidance, driven by stronger than forecasted AI revenue. We are also encouraged by revenue from cloud returning to year-over-year growth. On a sequential basis, overall data center revenue grew 21% in the third quarter, while cloud grew well in excess of 30%. As expected, revenue from the enterprise on-premise portion of our data center end market declined sequentially in the third quarter, reflecting weakening demand. Demand for data center storage also remains depressed and industry expectations for recovery have continued to push out.

在我們的資料中心終端市場，第三季的營收為 5.56 億美元，遠高於我們的指導，這得益於強於預期的人工智慧收入。我們也對雲端收入恢復年增率感到鼓舞。以環比計算，第三季資料中心整體營收成長了 21%，而雲端運算成長遠超過 30%。正如預期的那樣，我們的資料中心終端市場的企業本地部分的收入在第三季度連續下降，反映出需求疲軟。資料中心儲存的需求也仍然低迷，產業對復甦的預期持續下降。

In cloud, revenue from both AI and standard cloud infrastructure grew sequentially with AI growing significantly faster. Growth was broad-based, led by our PAM4 optical products, Teralynx Ethernet switches as well as our data center Interconnect or DCI products.

在雲端領域，來自人工智慧和標準雲端基礎設施的收入連續成長，其中人工智慧的成長速度顯著加快。在我們的 PAM4 光學產品、Teralynx 乙太網路交換器以及我們的資料中心互連或 DCI 產品的帶動下，成長基礎廣泛。

Earlier today, we released a video highlighting our long-standing collaboration with NVIDIA, we're using Marvell's optical interconnect technology to enable the bandwidth, scale and reliability required by generative AI. Marvell has built a broad product portfolio, which our customers are relying upon to power their accelerated computing infrastructure. We are benefiting from strong demand for our 800-gig PAM electro-optic products tightly correlated to the growth of -- in deployment of AI accelerators, our PAM products to accelerators being higher than 1:1 in high-performance AI systems currently shipping in the market.

今天早些時候，我們發布了一段視頻，重點介紹了我們與 NVIDIA 的長期合作，我們正在使用 Marvell 的光學互連技術來實現生成式 AI 所需的頻寬、規模和可靠性。 Marvell 建立了廣泛的產品組合，我們的客戶依靠這些產品組合來為其加速運算基礎設施提供支援。我們受益於對我們的 800G PAM 電光產品的強勁需求，這與 AI 加速器部署的增長密切相關，我們的 PAM 產品與目前出貨的高性能 AI 系統中的加速器的比例高於 1:1。市場。

We are also seeing strong customer traction for our next-generation 1.6T 200-gig per Lane PAM platform that we started sampling this past April. Some customer qualifications have begun and we are looking forward to ramping our 1.6T solution into production.

我們還看到，我們的下一代 1.6T 每通道 200g PAM 平台具有強大的客戶吸引力，我們在去年 4 月開始提供樣品。一些客戶資格認證已經開始，我們期待將 1.6T 解決方案投入生產。

Complementing our optical solutions, we expect our PAM DSPs for the active electrical cable or AEC market to start ramping in our next fiscal year in Tier 1 cloud deployments. We also demonstrated our 224 gigabits per second, long-reach SerDes at the OCP Global Summit held in October. We expect that this technology will serve as a building block for our next-generation 200-gig per Lane AECs.

作為我們光學解決方案的補充，我們預計用於主動電纜或 AEC 市場的 PAM DSP 將在下一財年開始在一級雲端部署中增加。我們也在 10 月舉行的 OCP 全球高峰會上展示了我們的每秒 224 吉比特的長距離 SerDes。我們預計這項技術將成為我們下一代每通道 200 Gb AEC 的建構模組。

In our switching portfolio, we are making great progress on our next-generation 51.2T cloud switching platform. At OCP, we demonstrated Marvell's 51.2T solution, operating at full capacity with very low industry-leading latency running on SONiC. Our enabled Meta SONiC and agile open source network operating system is very important for cloud customers who value the flexibility, interoperability and scalability of an Open Ethernet Switch ecosystem.

在我們的交換產品組合中，我們在下一代51.2T雲端交換平台方面取得了巨大進展。在 OCP 上，我們展示了 Marvell 的 51.2T 解決方案，該解決方案在 SONiC 上滿載運行，並具有業界領先的極低延遲。我們啟用的 Meta SONiC 和靈活的開源網路作業系統對於重視開放乙太網路交換器生態系統的靈活性、互通性和可擴展性的雲端客戶來說非常重要。

Customers have started development on our 51.2T solution, and we look forward to ramping this platform into production. In addition, earlier this week, we announced our membership in the Ultra Ethernet Consortium. This is another step in our commitment to driving continuous innovation on an open Ethernet-based cloud fabric, which can deliver the scale and performance required for next-generation workloads, including generative AI.

客戶已開始開發我們的 51.2T 解決方案，我們期待將該平台投入生產。此外，本週早些時候，我們宣布加入超級乙太網路聯盟。這是我們致力於推動基於開放乙太網路的雲端結構持續創新的又一步，該結構可以提供下一代工作負載（包括生成式人工智慧）所需的規模和效能。

As our 400-gig DCI modules continue to ramp, we are also seeing strong interest for our next-generation 800-gig products that we launched this past October. These modules are based on our new 5-nanometer 800-gig coherent DSP and silicon photonics or [SiPh] platform, which integrates multiple discrete components within a single device. This level of integration enables the performance in packaging density required for small form factor pluggable modules to drive a high-bandwidth signal across long distances between data centers.

隨著我們的 400 GB DCI 模組不斷增加，我們也看到人們對我們去年 10 月推出的下一代 800 GB 產品產生了濃厚的興趣。這些模組基於我們全新的 5 奈米 800g 相干 DSP 和矽光子學或 [SiPh] 平台，該平台在單一設備中整合了多個分立組件。這種等級的整合可實現小型可插拔模組所需的封裝密度效能，以在資料中心之間的長距離上驅動高頻寬訊號。

Marvell's SiPh platform has accumulated billions of operating hours over the past 7 years in DCI applications. In addition, we are starting to see emerging applications for our field-proven SiPh technology to power next-generation higher bandwidth and optical connections inside data centers. We look forward to updating investors as this opportunity unfolds over time.

Marvell 的 SiPh 平台在過去 7 年中在 DCI 應用中累積運行了數十億小時。此外，我們開始看到我們經過現場驗證的 SiPh 技術的新興應用，為資料中心內的下一代更高頻寬和光學連接提供動力。隨著這項機會的逐漸顯現，我們期待向投資者通報最新情況。

Cloud customers remain focused on enhancing their AI offerings by building custom compute solutions of their own, and we have already won a number of these designs. We have completed qualification of 1 key AI project and have started wafers under production. For another project, we have received first silicon back from the fab and the initial testing is looking positive. As a result, we expect both of these custom compute programs to start volume production next year.

雲端客戶仍然專注於透過建立自己的客製化運算解決方案來增強他們的人工智慧產品，我們已經贏得了其中的一些設計。我們已完成1個人工智慧重點專案的資質認定，並已開始晶圓生產。對於另一個項目，我們已經從晶圓廠收到了第一塊矽片，初步測試看起來很積極。因此，我們預計這兩個客製化計算程式將於明年開始批量生產。

Turning now to our guidance for overall data center end market. In the fourth quarter of fiscal 2024, we expect revenue from our data center end market to grow in the mid-30% range on a sequential basis. In our last earnings call, we provided a forecast for AI revenue to cross a $200 million quarterly run rate exiting this year. Since then, demand has continued to grow, and we now expect our AI revenue in the fourth quarter to come in significantly above our forecast.

現在轉向我們對整個資料中心終端市場的指導。 2024 財年第四季度，我們預期資料中心終端市場的營收將較上季成長 30% 左右。在我們上次的財報電話會議中，我們預測今年人工智慧營收季度運行率將突破 2 億美元。從那時起，需求持續成長，我們現在預計第四季度的人工智慧收入將大大高於我們的預測。

In addition to strong growth from AI, we also expect revenue from standard cloud infrastructure to grow sequentially in the fourth quarter. For the enterprise on-premise portion of our data center end market, we expect revenue to decline sequentially in the quarter.

除了人工智慧的強勁成長之外，我們還預計第四季度標準雲端基礎設施的營收將環比成長。對於資料中心終端市場的企業本地部署部分，我們預計本季營收將季減。

Turning to our carrier infrastructure end market. Revenue for the third quarter was $317 million, above guidance growing 17% year-over-year and 15% sequentially. The overachievement in the third quarter was driven entirely by the wireless portion of our carrier end market. Marvell-specific product cycles have enabled our wireless revenue to buck the trend of a soft end market for several quarters.

轉向我們的營運商基礎設施終端市場。第三季營收為 3.17 億美元，高於預期，年增 17%，季增 15%。第三季的超額業績完全是由我們的營運商終端市場的無線部分所推動的。 Marvell 特定的產品週期使我們的無線收入能夠在幾個季度內逆勢而上地應對軟終端市場的趨勢。

However, we have been forecasting for some time that this wave of above-market wireless growth for Marvell would start to decline by the fourth quarter as the initial wave of 5G rollout completion. Additionally, demand is continuing to soften as carriers are managing CapEx in a difficult macroeconomic environment. As a result, following an extended multiyear period of strong growth, we are expecting a period of digestion.

然而，一段時間以來，我們一直預測，隨著第一波 5G 部署的完成，Marvell 高於市場水平的無線成長浪潮將在第四季度開始下降。此外，由於營運商在困難的宏觀經濟環境中管理資本支出，需求持續疲軟。因此，在經歷了多年的強勁成長之後，我們預計將迎來一段消化期。

In addition, we expect revenue from the wired portion of our carrier end markets to continue to decline, reflecting weakening demand. As a result, for the fourth quarter, we expect revenue from our overall carrier end market to decline in the mid-40% range on a sequential basis.

此外，我們預期營運商終端市場有線部分的營收將持續下降，反映出需求疲軟。因此，我們預計第四季度整個營運商終端市場的營收將季減 40% 左右。

Looking longer term as data traffic continues to grow, we expect that operators will need to continue to intending capacity in both the wireless and wired end markets. We also expect to benefit from share gains, including significant 5-nanometer base station design wins, which we have won but are not in production. We are optimistic that carrier CapEx will normalize over time, and our revenue from this end market will return to growth.

從長遠來看，隨著數據流量持續成長，我們預期營運商將需要繼續增加無線和有線終端市場的容量。我們也期望從份額成長中受益，包括重大的 5 奈米基地台設計勝利，我們已經贏得了這些勝利，但尚未投入生產。我們樂觀地認為，隨著時間的推移，營運商資本支出將正常化，我們來自該終端市場的收入將恢復成長。

Turning to our enterprise networking end market. Revenue for the third quarter was $271 million, declining 28% year-over-year and 17% sequentially. As we have been signaling, we see weak demand in this end market. As a result, for the fourth quarter of fiscal 2024, we project enterprise networking revenue to decline in the mid-single digits sequentially on a percentage basis.

轉向我們的企業網路終端市場。第三季營收為 2.71 億美元，年減 28%，季減 17%。正如我們一直表示的那樣，我們看到這個終端市場的需求疲軟。因此，我們預期 2024 財年第四季企業網路營收將以百分比連續下降中個位數。

Turning to our automotive and industrial end markets. Revenue in the third quarter was $107 million, growing 26% year-over-year and declining 3% sequentially. Looking to the fourth quarter of fiscal 2024, we expect revenue from our overall auto and industrial end market to decline by approximately 20% on a sequential basis. We expect the sequential decline to come from our industrial end market, which includes aerospace and defense, where order patterns can be lumpy in any given quarter.

轉向我們的汽車和工業終端市場。第三季營收為 1.07 億美元，年增 26%，季減 3%。展望 2024 財年第四季度，我們預計整個汽車和工業終端市場的營收將較上季下降約 20%。我們預計連續下降將來自我們的工業終端市場，其中包括航空航太和國防，這些市場的訂單模式在任何特定季度都可能不穩定。

Moving on to our consumer end market. Revenue for the third quarter was $169 million, declining 5% year-over and growing 1% sequentially. In the fourth quarter, we are expecting revenue from the consumer end market to sequentially decline in the mid-teens on a percentage basis.

轉向我們的消費終端市場。第三季營收為 1.69 億美元，年減 5%，季增 1%。在第四季度，我們預計消費終端市場的收入將以百分比連續下降。

In summary, we delivered revenue and non-GAAP earnings above the midpoint of guidance for the fiscal third quarter. The diversification in our end markets is serving us well with strong growth from AI and cloud carrying us through a softening demand environment across other end markets.

總而言之，我們的收入和非公認會計原則收益高於第三財季指引的中點。終端市場的多元化為我們提供了良好的服務，人工智慧和雲端的強勁成長使我們度過了其他終端市場疲軟的需求環境。

Through fiscal 2024, the Marvell team has continued to execute in a dynamic environment, remaining focused on driving continuous improvement on what we can control while dealing with inventory corrections and macroeconomic-induced demand headwinds in many end markets.

到 2024 財年，Marvell 團隊將繼續在動態環境中執行任務，繼續專注於推動我們能夠控制的內容的持續改進，同時應對許多終端市場的庫存調整和宏觀經濟引發的需求逆風。

We reprioritized our investments to align to the highest ROI opportunities in front of us. Our team drove efficiency improvements to reduce operating expenses, and we are well on track to meet our commitment. We've worked proactively with our customers and suppliers to best manage inventory across the combined supply chain. Our operations group has rapidly responded to the increase in demand from AI.

我們重新調整了投資的優先順序，以適應我們面前最高的投資報酬率機會。我們的團隊推動效率提高，以減少營運費用，並且我們正在順利履行我們的承諾。我們積極與客戶和供應商合作，以最佳方式管理整個供應鏈的庫存。我們的營運團隊對人工智慧需求的成長做出了快速回應。

At the midpoint of our guidance for the fourth quarter, we are forecasting that our revenue for the second half of this fiscal year should grow approximately 7% over the first half. In addition, we are forecasting a 300-plus basis point sequential improvement in our non-GAAP gross margin in the fourth quarter. This projection reflects our expectation for an improving product mix as well as a multi-quarter cross-functional effort to further optimize our cost structure.

在我們第四季指引的中期，我們預測本財年下半年的營收將比上半年成長約 7%。此外，我們預計第四季非 GAAP 毛利率將較上季提高 300 個基點以上。這項預測反映了我們對改善產品組合以及多季度跨職能努力進一步優化成本結構的期望。

Heading into next year, while we don't typically guide beyond a quarter, we expect softness in demand to impact revenue from our enterprise and carrier markets in the first quarter. We also anticipate a significant reduction in consumer end market revenue due to seasonality in demand and the completion of deliveries for an end-of-life program in the fourth quarter. Although the enterprise and carrier markets are experiencing near-term headwinds, these large and long-lasting end markets are critical to the global economy. So we expect them to recover and turn into our revenue tailwind over time.

進入明年，雖然我們通常不會超過一個季度進行指導，但我們預計需求疲軟將影響第一季企業和營運商市場的收入。我們也預計，由於需求季節性以及第四季報廢項目的交付完成，消費者終端市場收入將大幅減少。儘管企業和營運商市場近期面臨阻力，但這些龐大且持久的終端市場對全球經濟至關重要。因此，我們預計它們會隨著時間的推移而恢復並成為我們的收入推動力。

In the meantime, our data center revenue is growing rapidly, reflecting our emergence as a key enabler of accelerated computing. We project data center revenue, driven by the ongoing strength in our connectivity solutions inside and between data centers to grow to over 50% of our total revenue in the fourth quarter. Longer term, we expect additional tailwinds to data center growth from the ramp of multiple custom accelerated compute programs for AI. We are also looking forward to a number of new Marvell products entering the data center market, as I discussed earlier.

同時，我們的資料中心收入正在快速成長，反映出我們已成為加速運算的關鍵推動者。我們預計，在資料中心內部和資料中心之間的連接解決方案持續強勁的推動下，資料中心收入將在第四季度增長到我們總收入的 50% 以上。從長遠來看，我們預計多個人工智慧客製化加速運算程式的增加將進一步推動資料中心的成長。正如我之前所討論的，我們也期待 Marvell 的一些新產品進入資料中心市場。

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，以了解有關我們最近的業績和前景的更多詳細資訊。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of our financial results for the third quarter of fiscal 2024. Revenue in the third quarter was $1.49 billion, exceeding the midpoint of our guidance, declining 8% year-over-year, and growing 6% sequentially. data center was our largest end market driving 39% of total revenue. The next largest was carrier infrastructure with 22%, followed by enterprise networking at 19%, consumer at 12%, and auto industrial at 8%.

謝謝馬特，大家下午好。首先讓我總結我們 2024 財年第三季的財務表現。第三季的營收為 14.9 億美元，超過了我們所指導的中位數，年減 8%，季增 6%。資料中心是我們最大的終端市場，佔總營收的 39%。其次是營運商基礎設施，佔 22%，其次是企業網絡，佔 19%，消費者佔 12%，汽車工業佔 8%。

GAAP gross margin was 38.9%. Non-GAAP gross margin was 60.6%, growing 30 basis points sequentially, driven by higher revenue and cost improvements. Moving on to operating expenses. GAAP operating expenses were $698 million, including stock-based compensation, amortization of acquired intangible assets, restructuring costs, and acquisition-related costs. Non-GAAP operating expenses were $437 million, in line with our guidance. GAAP operating margin was negative 10.3%. Non-GAAP operating margin was 29.8%. For the third quarter, GAAP loss per diluted share was $0.19. Non-GAAP income per diluted share was $0.41, $0.01 above the midpoint of guidance.

GAAP 毛利率為 38.9%。在營收增加和成本改善的推動下，非 GAAP 毛利率為 60.6%，季增 30 個基點。接下來是營運費用。 GAAP 營運費用為 6.98 億美元，包括股票薪酬、收購無形資產攤提、重組成本和收購相關成本。非 GAAP 營運費用為 4.37 億美元，與我們的指引一致。 GAAP 營運利潤率為負 10.3%。非 GAAP 營運利潤率為 29.8%。第三季度，GAAP 稀釋後每股虧損為 0.19 美元。非 GAAP 攤薄每股收益為 0.41 美元，比指引中位數高出 0.01 美元。

Now turning to our cash flow and balance sheet. Cash flow from operations in the third quarter was $503 million, which grew by $391 million sequentially. This significant growth was driven by our relative improvement in DSO, lower inventory along with better profitability. Our inventory at the end of the third quarter was $942 million decreasing by $74 million from the prior quarter. Our DSO was 78 days, reducing by 4 days from the prior quarter.

現在轉向我們的現金流和資產負債表。第三季營運現金流為 5.03 億美元，季增 3.91 億美元。這一顯著增長是由於我們 DSO 的相對改善、庫存降低以及盈利能力提高而推動的。第三季末我們的庫存為 9.42 億美元，比上一季減少 7,400 萬美元。我們的 DSO 為 78 天，比上一季減少了 4 天。

Our CapEx was $54 million. We returned $52 million to shareholders through cash dividends and we repurchased $50 million of our stock during the third quarter. Our total debt was $4.19 billion. Our gross debt-to-EBITDA ratio was 2.21x and net debt-to-EBITDA ratio was 1.83x. During the quarter, we issued new bonds and used the proceeds to pay down our upcoming debt maturities.

我們的資本支出為 5400 萬美元。我們透過現金股利向股東返還了 5,200 萬美元，並在第三季回購了 5,000 萬美元的股票。我們的總債務為 41.9 億美元。我們的總負債與 EBITDA 比率為 2.21 倍，淨負債與 EBITDA 比率為 1.83 倍。在本季度，我們發行了新債券，並用所得款項來償還即將到期的債務。

With our investment-grade credit rating, we were able to execute this refinancing while decreasing our average interest rate on our outstanding debt balance. In addition, we increased our average debt maturity from 3.9 years to 5.3 years. As of the end of the third fiscal quarter, our cash and cash equivalents were $726 million increasing by $202 million from the prior quarter.

憑藉我們的投資等級信用評級，我們能夠執行此次再融資，同時降低未償債務餘額的平均利率。此外，我們將平均債務期限從 3.9 年延長至 5.3 年。截至第三財季末，我們的現金和現金等價物為 7.26 億美元，比上一季增加 2.02 億美元。

Turning to our guidance for the fourth quarter of fiscal 2024. We are forecasting revenue to be in the range of $1.42 billion, plus or minus 5%. We expect our GAAP gross margin to be in the range of 48.2% to 50.7%. We expect our non-GAAP gross margin to be in the range of 63.5% to 64.5%, with the midpoint projected to be back to the low end of our long-term target model.

轉向我們對 2024 財年第四季的指引。我們預測營收將在 14.2 億美元範圍內，上下浮動 5%。我們預計 GAAP 毛利率將在 48.2% 至 50.7% 之間。我們預計非 GAAP 毛利率將在 63.5% 至 64.5% 之間，中點預計將回到我們長期目標模式的低端。

Our forecast for this large sequential improvement is driven by expectations of a significantly stronger product mix and our ongoing cost optimization activities. Looking forward, we expect that product mix as well as the overall level of revenue will remain key determinants of our gross margin in any given quarter.

我們對這一大幅連續改善的預測是由對產品組合顯著增強的預期以及我們正在進行的成本優化活動所推動的。展望未來，我們預計產品組合以及整體收入水準仍將是任何特定季度毛利率的關鍵決定因素。

For the fourth quarter, we project our GAAP operating expenses to be approximately $680 million. We anticipate our non-GAAP operating expenses to be approximately $430 million. This level of operating expense reflects the completion of the cost reduction plan we communicated in our first fiscal quarter of this year. Looking ahead to the first quarter of fiscal 2025, we anticipate typical seasonality in payroll taxes and employee salary merit increases. As a result, we expect OpEx to increase by mid- to high single digits on a percentage basis.

對於第四季度，我們預計 GAAP 營運費用約為 6.8 億美元。我們預計非 GAAP 營運費用約為 4.3 億美元。這一營運費用水準反映了我們在今年第一財季傳達的成本削減計劃的完成情況。展望 2025 財年第一季度，我們預期工資稅和員工薪資績效成長將出現典型的季節性。因此，我們預計營運支出將按百分比成長中高個位數。

For the fourth quarter, we expect other income and expense, including interest on our debt to be approximately $50 million. We expect our non-GAAP tax rate of 6% for the fourth quarter, increasing to 7% in fiscal 2025.

對於第四季度，我們預計其他收入和支出（包括債務利息）約為 5,000 萬美元。我們預計第四季的非 GAAP 稅率為 6%，到 ​​2025 財年將增加至 7%。

We expect our basic average shares outstanding to be 865 million and our diluted weighted average shares outstanding to be $874 million. We anticipate GAAP earnings per diluted share in the range of a loss of $0.08 to a gain of $0.02 per share. We expect non-GAAP income per diluted share in the range of $0.41 to $0.51.

我們預期基本平均流通股為 8.65 億股，稀釋加權平均流通股數為 8.74 億美元。我們預計 GAAP 攤薄後每股盈餘將在每股虧損 0.08 美元至獲利 0.02 美元之間。我們預計非 GAAP 每股攤薄收益在 0.41 美元至 0.51 美元之間。

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示。謝謝。

(Operator Instructions). And our first question will come from Toshiya Hari of Goldman Sachs.

（操作員說明）。我們的第一個問題將來自高盛的 Toshiya Hari。

Matt, I had a multipart question on your data center business. It sounds like the outlook has improved since 90 days ago. Just curious how if you can size the AI business for us where you landed in the October quarter. It sounds like you'll be in excess of $200 million in Q4, but the outlook there. And then more importantly, into calendar '24, if you can speak to visibility you have across your optical business as well as the compute business, that would be helpful.

馬特，我有一個關於您的資料中心業務的多部分問題。自 90 天前以來，前景似乎有所改善。只是好奇你能否為我們確定十月份季度的人工智慧業務規模。聽起來第四季你的營收將超過 2 億美元，但前景不容樂觀。更重要的是，在日曆 '24 中，如果您能談談您在光學業務以及計算業務中的可見性，那將會很有幫助。

Yes. Thanks, Toshiya, for the question. We're very pleased with the performance of our data center business grew over 20%. In Q3, we're guiding it up 35%, in Q4, as you noted, that is driven by AI and the Q4 exit rate is well north now of $200 million. What's very encouraging as well is that the traditional cloud infrastructure piece of it is also growing nicely. That's come back very strong for us. And those 2 will be growth drivers for us into next year.

是的。謝謝 Toshiya 的提問。我們對資料中心業務的業績成長超過 20% 感到非常高興。正如您所指出的，在第三季度，我們引導其成長 35%，在第四季度，這是由人工智慧驅動的，而第四季度的退出率目前已遠超 2 億美元。同樣令人鼓舞的是，傳統的雲端基礎設施部分也成長良好。這對我們來說非常有力。這兩者將成為我們明年的成長動力。

We see continued weakness in softness, and this is a broader market statement than the on-premise piece and that probably persists for some time, but the mix now of cloud and AI is so much higher that it's driving the overall segment in a very positive trajectory, both in the third quarter and into the fourth quarter.

我們看到軟性持續疲軟，這是一個比本地部署更廣泛的市場聲明，並且可能會持續一段時間，但現在雲端和人工智慧的組合要高得多，以至於它正在以非常積極的方式推動整個細分市場軌跡，無論是第三季還是第四季。

And then as we head into next year, as you've seen, most of the strong growth we saw in the current fiscal year in AI and cloud infra for that matter has been in the optics area, but we are tracking well for growth there next year as well as the ramp of our custom silicon programs. And in my prepared remarks, I talked about the strong progress we made on new product development and starting to plan for ramps there.

然後，當我們進入明年時，正如您所看到的，我們在本財年看到的人工智慧和雲端基礎設施方面的大部分強勁增長都出現在光學領域，但我們正在很好地跟踪該領域的增長明年以及我們的定制芯片計劃的斜坡。在我準備好的演講中，我談到了我們在新產品開發方面取得的巨大進展，並開始規劃在那裡的坡道。

So while we're not resizing those specifically, the performance clearly in the fourth quarter as well as what you would how you think about next year is much, much stronger than when we first signaled the AI opportunity for Marvell a couple of quarters back. So I think things are tracking nicely. And as you said, compared to 90 days ago, I think the overall aggregate data center business, as you can see from our results, is doing quite well.

因此，雖然我們沒有具體調整這些規模，但第四季度的表現以及你對明年的看法顯然比我們幾個季度前首次向 Marvell 發出人工智慧機會信號時要強得多。所以我認為事情進展順利。正如您所說，與 90 天前相比，我認為整個聚合資料中心業務，正如您從我們的結果中看到的那樣，表現得相當不錯。

The next question comes from Tim Arcuri of UBS.

下一個問題來自瑞銀集團的提姆·阿庫裡。

I also had a multipart question. So enterprise networking is going to be down about 35% from the peak in fiscal Q4. And the customers are still though reporting that their inventory levels are actually going up. So is this Marvell product? Is this product from another supplier. And can you talk about just the dynamics going on in that segment? And then also for fiscal Q1, do you still think that revenue can grow? I know you said that networking is down and carriers down. But data center would be up. Do you think that total revenue can be up?

我還有一個多部分的問題。因此，企業網路業務將比第四財季的峰值下降約 35%。但客戶仍然報告稱，他們的庫存水準實際上正在上升。那麼這是Marvell的產品嗎？該產品是來自其他供應商的嗎？您能談談該領域的動態嗎？那麼對於第一財季，您仍然認為營收可以成長嗎？我知道你說過網路已經癱瘓，運營商也癱瘓了。但資料中心將會啟動。你覺得總收入還能上嗎？

Yes. Thanks, Tim, and appreciate the creativity on the 2-parter, but no problem. On the enterprise side, it's hard to comment. I mean if you look, balance sheets are still pretty heavy from the OEMs out there.

是的。謝謝蒂姆，並欣賞兩人的創造力，但沒問題。企業方面，很難評論。我的意思是，如果你仔細觀察，原始設備製造商的資產負債表仍然相當沉重。

We've been saying, I think since even going back to December of last year that enterprise was going to come down this year and it's just continued to come down. I think there's a combination of both inventory management at the OEM level as well as from some of the projections you see out there at the end market level, a softer and more weakening demand environment.

我們一直在說，我認為從去年 12 月開始，企業今年就會下滑，而且還會繼續下滑。我認為，原始設備製造商層面的庫存管理以及終端市場層面的一些預測相結合，導致需求環境更加疲軟和疲軟。

So we still feel very good about our position. We had grown this business significantly from where it was just a few years ago. We had great years the last couple of years and even in the first half of this year. So we're going through what would be kind of a normal inventory correction cycle. It's taking a little bit longer than we thought if you went back to the beginning of the year, but I also think the macro and the environment has deteriorated more than we would have anticipated at that time. And so we see it down, and we see that having to work through that issue for the next couple of quarters.

所以我們仍然對自己的處境感到非常滿意。與幾年前相比，我們的業務有了顯著成長。過去幾年，甚至今年上半年，我們都度過了美好的時光。因此，我們正在經歷正常的庫存調整週期。如果你回到年初，這比我們想像的要長一些，但我也認為宏觀和環境的惡化程度超出了我們當時的預期。所以我們看到了它，我們看到必須在接下來的幾個季度解決這個問題。

On Q1, while we don't guide specifically, I understand what you're looking for. I think the way to think about it is that, and I guess I gave the information. Carrier is down after a really great run in that's going to stay weak. The telco environment and CapEx spending is very constrained out there and the end customers seem to be having some trouble.

關於第一季度，雖然我們沒有具體指導，但我明白您在尋找什麼。我認為思考這個問題的方式是這樣的，我想我提供了這些資訊。承運人在經歷了一段非常出色的運行後卻陷入了低迷，並且將繼續保持疲軟狀態。電信環境和資本支出非常有限，最終客戶似乎遇到了一些麻煩。

We talked about enterprise being down. And then on consumer, which actually did a little bit better than we thought it would have this year. The last time buy program that we had has been largely going to conclude now in the fourth quarter, and so we see a stepping down there.

我們談到企業正在衰退。然後在消費者方面，今年的表現其實比我們想像的要好一些。我們上次的購買計劃基本上將在第四季度結束，因此我們看到了這項計劃的減少。

So if you kind of add all that up, that's about half our revenue that's going to come down in Q1. And then the real question is the data center strength and how does that continue? And it's too early to call, but just the way to think about it is it's a lot to offset at this juncture when you have that much of your revenue coming down.

因此，如果將所有這些加起來，我們的收入將在第一季下降約一半。真正的問題是資料中心的實力以及如何繼續下去？現在斷言還為時過早，但思考這個問題的方式是，當你的收入大幅下降時，在這個時刻需要抵消很多。

The last thing I would say, though, on carrier and enterprise is that this is a cyclical downturn on these and the kind of design win strength we've had in the design position we had is such that these will recover, and they will come back to a normalized run rate over time.

不過，對於營運商和企業，我要說的最後一件事是，這是這些行業的周期性衰退，而我們在設計職位上所擁有的設計獲勝力量使得這些行業將會復甦，而且它們將會到來隨著時間的推移回到正常化的運行率。

And when that happens, that will be a tailwind to EPS and a tailwind to revenue growth as that kind of think of it as the base business of Marvell returns to growth. And in the meantime, our diversified strategy is working well because we've got AI and cloud that's really firing on all cylinders. So a lot of information there. You guys are going to have to come up with your own model, but hopefully, that gave you some pieces on how to think about it.

當這種情況發生時，這將推動每股收益和收入成長，因為人們將其視為 Marvell 的基礎業務恢復成長。同時，我們的多元化策略運作良好，因為我們擁有真正全速運轉的人工智慧和雲端。所以那裡有很多資訊。你們必須想出自己的模型，但希望這能給你們一些關於如何思考它的資訊。

Next question comes from Vivek Arya of Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

Matt, so I think in the data center, the value of the optics business, I think, is well understood and appreciate it. The challenge is still for us to how we value your ASIC business. So is it 1 or 2 customers? Is it more customers? How is the visibility for the next 1 or 2 years? Like are we talking $100 million to $200 million next year? Are we talking $300 million, $400 million next year?

馬特，所以我認為在資料中心，光學業務的價值，我認為，是很好理解和欣​​賞的。我們面臨的挑戰仍然是如何評估您的 ASIC 業務。那麼是 1 個還是 2 個客戶？是不是顧客多了？未來1、2年的能見度如何？就像我們談論明年 1 億到 2 億美元嗎？我們談論的是明年 3 億、4 億美元嗎？

Because unless we have a good way of sizing what this business is and what the visibility and what the growth potential, it's just very hard to value and give appropriate value to Marvell for this business. So could you just help us understand what is the right way you think about your ASIC business? Can the lumpiness here really swing your sales next year?

因為除非我們有一個很好的方法來衡量這項業務的規模、知名度和成長潛力，否則很難對 Marvell 的這項業務進行評估並給予適當的價值。那麼您能否幫助我們了解您對 ASIC 業務的正確看法是什麼？這裡的塊狀狀況真的會影響你明年的銷售嗎？

Yes. Thanks, Vivek. I think a couple of ways to think about it. The first is on the customer opportunity, just by design, it's highly concentrated, if you think about it. And there's just a handful of companies that can really drive the kind of silicon TAM opportunity that that's out there.

是的。謝謝，維韋克。我認為有幾種思考方式。第一個是關於客戶機會，如果你仔細想想，就設計而言，它是高度集中的。只有少數公司能夠真正推動現有的矽 TAM 機會。

And you've probably seen in the last few weeks, there's just been a tremendous number of announcements across the industry around AI, whether it's strategic partnerships that are being announced, people doing their own silicon, behind that, their own silicon. There's typically partners there, people like Marvell, who are going to participate.

在過去的幾周里，您可能已經看到，整個行業圍繞著人工智慧發布了大量公告，無論是正在宣布的戰略合作夥伴關係，還是人們在製作自己的晶片，在這背後，都有自己的晶片。通常會有像 Marvell 這樣的合作夥伴參與其中。

So a lot of activity, you can see -- and I would say even one broader statement, then I'll get to your question, we do see as the TAM is moving from traditional computing architectures to accelerated computing, it is really opening up the custom silicon piece of that. And so that we believe will be a larger portion of the TAM going forward.

所以你可以看到很多活動 - 我想說甚至是一個更廣泛的聲明，然後我會回答你的問題，我們確實看到 TAM 正在從傳統計算架構轉向加速計算，它確實在開放定制的矽片。因此我們相信未來 TAM 將佔據更大的比例。

When we talked about sizing, if you remember, a couple of quarters back, our AI opportunity, we had signaled already that this year, we would do about $400 million on the optical area. Well, said another way, we do about $400 million this year in total AI revenue, most of it driven by optics and that next year would be about $800 million. That was the original sort of bogey we put out to help investors to your point, size this.

當我們談論調整規模時，如果你還記得的話，幾個季度前，我們的人工智慧機會，我們已經表示今年我們將在光學領域投入約 4 億美元。好吧，換句話說，我們今年的人工智慧總收入約為 4 億美元，其中大部分由光學驅動，明年將約為 8 億美元。這是我們最初提出的忌諱，旨在幫助投資人理解你的觀點，並確定規模。

And then you would assume some optics growth, and so you could sort of do the math on what the difference might be. Now AI's got a bigger head of steam than it was back then. The optics piece is higher and we've made significant progress now on new product development in terms of getting the chips actually taped out and through the fab. And now starting to think about ramping.

然後你會假設一些光學成長，所以你可以計算一下可能有什麼差異。現在人工智慧的發展勢頭比以前更大。光學部件更高，我們現在在新產品開發方面取得了重大進展，使晶片實際流片並通過晶圓廠。現在開始考慮提升。

But what I would say is, and I've been saying this to investors for about 6 months, we are not in a position to call the ball just yet on how big the custom silicon opportunity can be for next year. It's still early, Vivek. I understand the investor appetite for this. I would say between us and our customers, we don't fully know how big this can be yet.

但我要說的是，我已經向投資者說這件事大約 6 個月了，我們還不能決定明年定制晶片的機會有多大。現在還早，維韋克。我理解投資者對此的興趣。我想說的是，在我們和我們的客戶之間，我們還不完全知道這有多大。

So I'm going to need a little bit more time to probably size that for you. But what I can say is from when we first talked about AI 2 quarters back and what the opportunity was looking out to next year, it's much, much higher.

因此，我可能需要更多時間來為您確定尺寸。但我可以說的是，從兩個季度前我們第一次談論人工智慧以及明年的機會來看，它要高得多。

And that's both on the custom side as well as on the optic side. So I hope that helps. I understand the question, but it's a pretty dynamic market as you see what's going on. But the good news is it's all moving in a very positive and upward direction.

這既包括客製化方面，也包括光學方面。所以我希望這會有所幫助。我理解這個問題，但正如你所看到的，這是一個非常活躍的市場。但好消息是，一切都朝著非常正面的方向發展。

The next question comes from Harsh Kumar of Piper Sandler.

下一個問題來自 Piper Sandler 的 Harsh Kumar。

Yes. Great tremendous execution and very choppy environment. So Matt, a question for you was on the carrier side, you're guiding down significantly down mid-40s on a sequential basis. And I think you mentioned both the wired and the wireless pieces are down. I was curious if you can help us think about perhaps what is taking the bigger part of the hit. And which one do you have more confidence in, in terms of returning back to growth first?

是的。偉大的執行力和非常不穩定的環境。所以馬特，你要問的一個問題是運營商方面，你的指導價將連續大幅下降到 40 多歲左右。我想你提到有線和無線部分都已關閉。我很好奇你能否幫助我們思考一下是什麼造成了最大的打擊。就先恢復成長而言，您對哪一個更有信心？

Yes. Thanks, Harsh. And it is a choppy environment, as you point out. Look, I think on carrier, we're coming off a very, very strong Q3. It was over $300 million. And I think if you just kind of infer the whole year, it's going to be -- have been like a $1 billion business for Marvell. So I think that's been a success story for us. Clearly, some -- and we've been trying to signal if you go back over the last couple of calls, we've attempted to signal to investors the fourth quarter that there would be -- that sort of the third quarter would be the peak of 5G stuff, and then it would take some time for that to judge that through.

是的。謝謝，嚴酷。正如您所指出的，這是一個動蕩的環境。看，我認為在營運商方面，我們的第三季非常非常強勁。金額超過 3 億美元。我認為，如果你推斷一整年，Marvell 的業務價值將達到 10 億美元。所以我認為這對我們來說是一個成功的故事。顯然，有些——如果你回顧過去幾次電話會議，我們一直試圖向投資者發出信號，我們試圖在第四季度向投資者發出信號——第三季度將是5G 的巔峰，然後需要一些時間來判斷。

And we bucked the trend, if you remember, on our performance here. So both of those are -- that carrier segment is a strong segment for Marvell. It will return over time, back to a normalized run rate, but it's very lumpy and volatile as carrier usually is.

如果你還記得的話，我們在這裡的表現逆勢而上。因此，營運商細分市場對於 Marvell 來說是一個強大的細分市場。它會隨著時間的推移而恢復，回到正常的運行率，但它像載體通常一樣非常不穩定和不穩定。

What I would say on the timing, I think they're both going to come back. It's just -- it's hard to know exactly when on these. I think the predictability in the segment is tough. So I don't think I have an exact answer on which one comes back sooner.

關於時間，我想說的是，我認為他們都會回來。只是——很難確切知道什麼時候該使用這些。我認為該領域的可預測性很難。所以我認為我沒有一個確切的答案來確定哪個人會更快回來。

I'd say wire has been trending down for some time as I think some of that pandemic led infrastructure build has waned. The carrier 5G stuff has really performed extremely well for us this year. And by the way, when it does come back, both on the carrier on the wireless and wired side, we have incremental design wins in those segments.

我想說，一段時間以來，電線一直呈下降趨勢，因為我認為一些流行病主導的基礎設施建設已經減弱。今年營運商 5G 的表現確實非常出色。順便說一句，當它回來時，無論是在無線還是有線方面的運營商，我們都在這些領域取得了漸進的設計勝利。

One is incremental content base stations with the layer 2 processor opportunity and also our new 800-gig DSPs for wired infrastructure, those are going to be new revenue drivers for us when we come back out of this. So timing is still unknown. But I would just say that this is a part of the base business of Marvell, kind of the core part of Marvell that over time will return to a normalized run rate.

一是具有第 2 層處理器機會的增量內容基地台，以及我們用於有線基礎設施的新 800G DSP，當我們走出困境時，這些將成為我們新的收入驅動力。所以具體時間還是未知數。但我只想說，這是 Marvell 基礎業務的一部分，也是 Marvell 的核心部分，隨著時間的推移，它將恢復到正常化的運行速度。

The next question comes from Tore Svanberg of Stifel.

下一個問題來自 Stifel 的 Tore Svanberg。

Yes. Matt, you mentioned the NVIDIA and Marvell partnership, and I do appreciate the video on your website, but could you add a little bit more color on exactly what this means. I assume this is a multiyear partnership. But yes, any additional color you could share with us would be great.

是的。 Matt，您提到了 NVIDIA 和 Marvell 的合作夥伴關係，我非常欣賞您網站上的視頻，但是您能否進一步說明一下這意味著什麼。我認為這是一個多年的合作關係。但是，是的，您可以與我們分享的任何其他顏色都會很棒。

Yes. Thanks, Tore. I think yes, the video was posted today, but it really, I think, just sort of captures a very long-term working relationship between the 2 companies across a number of opportunities, by the way. I think we've had a complementary and very strong partnership with NVIDIA to really help enable them and their products. In the optical area, we've been working with them for some time, and this goes back even to working with Mellanox in some of their applications.

是的。謝謝，托雷。我想是的，該視頻是今天發布的，但順便說一句，我認為它確實捕捉到了兩家公司之間在許多機會中建立的長期合作關係。我認為我們與 NVIDIA 建立了互補且非常牢固的合作夥伴關係，能夠真正幫助他們及其產品發展。在光學領域，我們已經與他們合作了一段時間，甚至可以追溯到在他們的一些應用中與 Mellanox 的合作。

So this was really a way just to, I think, highlight the years of work we've done together and also signify that there's a lot of opportunity for us to kind of double down together on this AI opportunity. So we're proud to be a partner of them and support them in their growth. That's really what's behind it. There's not a new announcement or anything per se. It's just a recognition of a long-standing cooperation between the 2 companies.

因此，我認為，這實際上是一種強調我們多年來共同完成的工作的方式，也表明我們有很多機會在這個人工智慧機會上共同加倍努力。因此，我們很自豪能夠成為他們的合作夥伴並支持他們的成長。這確實是背後的原因。本身沒有新的公告或任何內容。這只是對兩家公司之間長期合作的認可。

Great. Since that was kind of a soft question, I had a question on the enterprise networking business. It sounds like the sequential decline is going to be a little bit better than what we've seen lately. Is that a sign that you're starting to see stability there? Or are the order rates and the visibility is still very limited?

偉大的。由於這是一個軟問題，我有一個關於企業網路業務的問題。聽起來連續下降的情況會比我們最近看到的更好。這是您開始看到那裡穩定的跡象嗎？還是訂單率和可見度仍然非常有限？

I'd say it's still limited. I think it's still coming down. And I think we want to see when the customer balance sheets get back in shape to them talk a little bit more robustly about their end market demand, strengthening before we make a call there.

我想說還是有限的。我認為它還在下降。我認為我們希望看到客戶資產負債表何時恢復正常，以便他們更強有力地談論他們的終端市場需求，在我們做出決定之前加強。

So we'll have to see where enterprise IT spending really ends up, Tore, next year, given the macro. And so right now, we're just sort of taking it week by week, and we're monitoring what products they need and looking at their forecast for next year, and we're trying to plan accordingly. But I'd say visibility is pretty limited at this point for the full year.

因此，考慮到宏觀情況，我們必須看看明年企業 IT 支出的真正結果。所以現在，我們只是每週都在進行，我們正在監控他們需要什麼產品，並查看他們對明年的預測，我們正在努力製定相應的計劃。但我想說，目前全年的能見度相當有限。

The next question comes from Ross Seymore of Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西莫爾。

Matt, I just wanted to ask about your business and perhaps a different way to split it. I think everybody is excited about the AI and the cloud is a part of it and for good reason. But if I took that out of the revenues, everything else seems to be down in your guidance, 30%, 35% year-over-year, somewhere in that range.

馬特，我只是想問你的業務，也許還有一種不同的分割方式。我認為每個人都對人工智慧感到興奮，而雲端是其中的一部分，這是有充分理由的。但如果我把它從收入中扣除，其他一切似乎都在你的指導下下降，比去年同期下降 30%、35%，在這個範圍內。

I really just wanted to get what percentage of that, I think, is down just because of cyclicality, and it sounds like the first quarter might come down again, but should bounce back at some point versus the businesses you are just deprioritizing. So how much of a cyclical snapback whenever that happens, should we expect out of Marvell versus a focus away from some of those non-cloud areas?

我真的只是想知道其中有多少百分比是由於週期性而下降的，聽起來第一季可能會再次下降，但應該會在某個時候與您剛剛取消優先級的業務相比反彈。那麼，每當這種情況發生時，我們是否應該期待 Marvell 出現多大程度的周期性反彈，而不是將焦點從某些非雲端領域轉移出去？

Yes. Got you, Ross. Yes, I think maybe I'll start just super fast at the high level and we'll just dive in. I'd say that this sort of supply demand inventory cycle we've gone through in the industry has taken a lot longer than historical to play out. And it's sort of the dynamic I would characterize this time is you had various end markets resetting and correcting at different times in a pretty protracted manner.

是的。找到你了，羅斯。是的，我想也許我會在高水準上以非常快的速度開始，然後我們就會深入研究。我想說的是，我們在行業中經歷的這種供需庫存週期花費的時間比歷史性的發揮。我這次所描述的動態是，各種終端市場在不同時間以相當漫長的方式進行重置和修正。

And if you go all the way back to last year in 2022, it started early with PCs then went to smartphones that went to gaming and then it started with data center and cloud, and it sort of had this kind of couple year series of resets, if you will. In our business, we saw these sort of declines in that manner as you talked about earlier this year in data center as an example. And a few quarters later, it's like roaring back as we work through some of those issues. So that's the cyclicality part you're talking about.

如果你一直追溯到去年 2022 年，它很早就開始於 PC，然後進入到遊戲領域的智慧型手機，然後又開始於資料中心和雲，並且經歷了這種幾年的一系列重置，如果你願意的話。在我們的業務中，我們以這種方式看到了這種下降，正如您今年早些時候談到的資料中心為例。幾個季度後，當我們解決其中一些問題時，這就像咆哮一樣。這就是你所說的周期性部分。

And you're asking the right question, which is, hey, over time, do these come back or not because maybe we pulled R&D or we sort of have shifted our bets. So I'd say for our business, we are committed to a diversified portfolio. We invest R&D across those various segments, including enterprise carrier. And then within the cloud, there's a number of opportunities in AI.

你問的是正確的問題，那就是，嘿，隨著時間的推移，這些是否會回來，因為也許我們取消了研發，或者我們改變了我們的賭注。所以我想說，對於我們的業務，我們致力於多元化的投資組合。我們在各個領域進行研發投資，包括企業經營者。然後在雲端中，人工智慧有很多機會。

The only one that we really have deemphasized, and this goes back 5 or 6 years ago is consumer. And we've always projected in our models, in our Analyst Days that, that would be a declining business for us over time, both in revenue as a percent of total. But then our investments in the other areas would more than offset that. And that's proven to be the case.

我們真正不再強調的唯一問題是消費者，這可以追溯到五、六年前。我們總是在分析師日的模型中預測，隨著時間的推移，這對我們來說將是一項不斷下降的業務，無論是收入佔總收入的百分比。但我們在其他領域的投資將足以抵消這一點。事實證明確實如此。

And so I think when you think about and model us going forward, we have R&D that's going in and will continue to be invested in kind of the core base of Marvell. And we've been able to grow that very nicely over time if you look at it on a trend line. It's really the consumer piece that is not going to come back.

因此，我認為，當您思考我們的未來並對其進行建模時，我們正在進行研發，並將繼續投資於 Marvell 的核心基礎。如果你從趨勢線上看的話，隨著時間的推移，我們已經能夠很好地成長。這實際上是不會再回來的消費者部分。

And just to give you an example, this year, one reason it did better is one of the programs we had, which has been in last time buy mode for several quarters. It actually outperformed during the year. Now it looks like it's not going to continue into next year. But that business is probably in like the $50 million a quarter range type of thing, and that was a design we won years and years ago, and that's just not going to repeat as an example.

舉個例子，今年表現更好的一個原因是我們的一個計劃，該計劃已經有幾個季度處於上次購買模式。它實際上在這一年中表現出色。現在看來，這種情況不會持續到明年。但這項業務可能類似於每季 5000 萬美元的範圍，這是我們多年前贏得的設計，但不會作為例子重複。

It's not going to come back. And that's okay because that's not something we're putting R&D into. But for the rest of the segments, we still take a long-term view that we can grow them at or above market and then, of course, take advantage of the cloud AI opportunity, which is really the big growth driver for Marvell. Hope that's helpful.

它不會再回來了。沒關係，因為這不是我們投入研發的內容。但對於其餘細分市場，我們仍然持有長遠觀點，認為我們可以將它們成長到市場水平或高於市場水平，然後當然可以利用雲端人工智慧機會，這確實是 Marvell 的巨大成長動力。希望有幫助。

The next question comes from Matt Ramsay of TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

Matt, I wanted to go back to some of the custom compute and ASIC programs and maybe ask a couple of questions about that. One is, I mean it's been a heck of a year from a Gen AI perspective, when you just go back 12 months, we were just starting to hear ChatGPT then the whole thing has blown up.

Matt，我想回到一些客製化計算和 ASIC 程序，也許會問幾個相關問題。一個是，我的意思是，從 Gen AI 的角度來看，已經過去了一年，當你回到 12 個月前時，我們剛開始聽到 ChatGPT，然後整個事情就爆炸了。

So the customer base all had to think about that, react to that. And so I wanted to think about the programs that you have in flight and the interactions that you have with the customers and the limited set of customers in that space that are all going to be large.

因此，客戶群都必須考慮這一點，並做出反應。因此，我想考慮一下您正在運行的專案以及您與客戶以及該領域有限的客戶群之間的互動，這些都會很大。

Have you seen them lean more into merchant, more into using ASIC houses or more into doing some of the silicon directly with the foundries themselves? There have been a change in that mix. That's the first part of the question.

您是否看到他們更傾向於商人、更多地使用 ASIC 公司或更多地直接與代工廠自己生產一些矽？這種組合發生了變化。這是問題的第一部分。

The second part is when you look at AI overall, the leader in that space, which you guys announced a partnership with today, leads not just because of the silicon, but hugely because of software. And I was curious as to whether with the custom programs you're doing for AI compute, are you seeing the customers invest at the scale and software that can make those programs successful at volume over time?

第二部分是，當你從整體上看人工智慧時，你們今天宣布與之合作的該領域的領導者，其領先地位不僅是因為晶片，而且很大程度上是因為軟體。我很好奇，對於您為人工智慧計算所做的定製程序，您是否看到客戶的投資規模和軟體可以使這些程序隨著時間的推移而取得成功？

Yes. Thanks, Matt. Yes, I think you're right to kind of reflect that how much things have changed in basically a year. I think it's a pretty simple answer. On the first one, I'd say, every one of those different sort of segments, if you will, that you mentioned, all of them are up in terms of the activity. You can see it from the leaders numbers and their guide, you can see it from some of the other companies in the ecosystem talking about ASIC and custom.

是的。謝謝，馬特。是的，我認為你對一年內發生了多少變化的反映是正確的。我認為這是一個非常簡單的答案。關於第一個，我想說的是，如果您願意的話，您提到的每一個不同類型的細分市場都在活動方面有所上升。你可以從領導者的數字和他們的指南中看到這一點，你可以從生態系統中談論 ASIC 和定制的其他一些公司看到這一點。

I mean, look at where we've come from even on that, from having very kind of modest expectations to this being a significant revenue driver for us next year. And then there's various business models, I think that all the large companies are trying to pursue to figure out how to, I think, do all of the above, which is kind of have a nice mix of custom for things that are very, very specific to them as well as take advantage of the market unlock that's happening because of the work of, say, somebody like NVIDIA, right, that's actually helping to create a market. So I think all of that is going to be -- it's not a zero-sum game at all.

我的意思是，看看我們在這方面的起點，從非常溫和的期望到成為我們明年的重要收入驅動力。然後還有各種商業模式，我認為所有大公司都在努力弄清楚如何做上述所有事情，這對於非常非常需要的事情有一個很好的定制組合特定於他們的產品，以及利用因NVIDIA 等公司的工作而發生的市場解鎖，對吧，這實際上有助於創建一個市場。所以我認為這一切都將是——這根本不是一場零和遊戲。

And I'd say on the sort of customization side and working with those hyperscalers, the design activities through the roof at this point. And so a lot of excitement in that area, both for the custom and then all the stuff we can do around it from an optics and networking perspective.

我想說的是，在客製化方面以及與那些超大規模企業合作方面，此時的設計活動已經達到頂峰。因此，該領域有很多令人興奮的事情，無論是定制還是從光學和網路角度來看我們可以圍繞它所做的所有事情。

And then I'm not probably the best person to comment on the second one. But clearly, these are very, very well-capitalized smart companies. They understand their customers and they're going to do what they need to do for their workloads and for their custom silicon to make sure, I'm sure that the software and the service offerings are more than competitive, but you've got a great company that's also out there that's driving the market. So I think both are going to exist.

然後我可能不是評論第二個的最佳人選。但顯然，這些都是資本非常非常充足的聰明公司。他們了解他們的客戶，他們將做他們需要做的事情來處理他們的工作負載和他們的定制晶片，以確保，我確信軟體和服務產品不僅具有競爭力，而且你有一個偉大的公司也在推動市場。所以我認為兩者都會存在。

And my last point would be to reiterate, this is clearly not like in traditional computing, where it's more of a zero-sum game. It's just highly hard to grow the pie. In fact, it may be hard to keep the pie even flat. In this area, there's going to be a lot of winners and there's going to be a lot of opportunity created for the companies that have the right positioning, customer relationship and IP portfolios to support these emerging needs. But it's very dynamic at this juncture. And I think for us, that's what creates a lot of opportunity.

我的最後一點是重申，這顯然不像傳統計算，它更像是一場零和遊戲。把蛋糕做大是非常困難的。事實上，要讓餡餅保持平整可能很難。在這一領域，將會有許多贏家，並將為那些擁有正確定位、客戶關係和智慧財產權組合來支持這些新興需求的公司創造大量機會。但此時此刻它非常活躍。我認為對我們來說，這創造了很多機會。

The next question comes from Ambrish Srivastava of BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Matt, I had a question on gross margin. You surprised us negatively early in the year, and then you gave us good counsel, don't panic. And you're back at 64%. So just wanted to think through for the next year and what's the right way to think about the gross margin profile, given you have customer is coming in, but typically is lower margin than the corporate and maybe it's not for you guys, but what's the right year to think about the margin profile for the company near to medium term, Matt.

馬特，我有一個關於毛利率的問題。今年年初你給我們帶來了負面的驚喜，然後你給了我們很好的建議，不要驚慌。你又回到了 64%。因此，我只想考慮一下明年的情況，考慮到毛利率狀況的正確方法是什麼，考慮到你有客戶進來，但通常利潤率低於公司，也許這不適合你們，但毛利率是多少？馬特，是時候考慮公司近中期的利潤狀況了。

I'll let Willem take a victory lap on this one. So Willem, go ahead.

我會讓威廉在這場比賽中繞一圈取得勝利。所以威廉，繼續吧。

Yes. Ambrish, so thanks for the question. So first of all, really pleased to be guiding back to 64% at the midpoint, right? I think the team and [Tony] has done a phenomenal job controlling what we can control in a pretty volatile environment. When we look at it to next year, we've been discussing some of the uncertainty on the recovery on some of our core businesses, right, enterprise networking and storage. And then also the timing and the scale of the ramp on custom.

是的。安布里什，謝謝你的提問。首先，我真的很高興能回到中點的 64%，對嗎？我認為團隊和[托尼]在控制我們在相當不穩定的環境中可以控制的事情方面做得非常出色。當我們展望明年時，我們一直在討論我們的一些核心業務（對的，企業網路和儲存）復甦的一些不確定性。然後還有客製化坡道的時間和規模。

I'll just remind you, prior to this last year, we scaled our carrier and custom businesses very significantly while maintaining our gross margin, right? And so looking ahead at next year, if custom on a relative basis grow significantly more, yes, clearly, that would put pressure on our gross margin. However, our view is that they'll be very accretive on operating margin and on EPS. So yes, so that's how we're looking at it. Hopefully, that's helpful, Ambrish.

我只是提醒您，去年之前，我們在保持毛利率的同時大幅擴展了承運商和定制業務，對嗎？因此，展望明年，如果定制業務相對增長顯著，是的，顯然，這會給我們的毛利率帶來壓力。然而，我們的觀點是，它們將極大地增加營業利潤和每股收益。所以是的，這就是我們的看法。希望這對您有所幫助，安布里什。

It is. I had a quick clarification for you, Matt, sorry. You mentioned something about 1:1 pull attach rate for your business. I was just wondering what was it before? And what has changed in the dynamic to push it to greater than 1:1?

這是。我很快就向你澄清了，馬特，抱歉。您提到了有關您的業務 1:1 拉動附加率的內容。我只是想知道之前是什麼？到底發生了什麼變化才使得這比例達到 1:1 以上呢？

Yes. Thanks, Ambrish. It's been a little bit of a journey on this topic. I think if you go back 2 quarters ago, we were still we were still building models out for how to think about the attach rate and help investors size the opportunity. And we ballparked it at 1.1:1 initially. And subsequent to that, as we sort of look at all of the optics through up into the switch and in the network.

是的。謝謝，安布里什。關於這個主題，我們經歷了一段旅程。我認為，如果你回到兩個季度前，我們仍然在建立模型，以思考附加率並幫助投資者把握機會。我們最初將其定為 1.1:1。接下來，我們查看交換器和網路中的所有光學元件。

And I think we've updated -- I think we were really reiterating this. We've updated this number before that it had grown to greater than 1. I think that was more of a clarification we were doing. But initially, it was a little bit of how do we actually get our hands around how big this could be and people wanted to know, balance that against how many GPUs they thought were going to shift.

我認為我們已經更新了——我認為我們確實重申了這一點。我們之前已經更新了這個數字，它已經成長到大於 1。我認為這更多的是我們正在做的澄清。但最初，我們如何真正掌握這可能有多大，人們想知道，平衡這一點與他們認為要轉移的 GPU 數量。

But I wouldn't say that's really incrementally new news. I think that was more of a reiteration, if you will. Because it's not just the optics attaching from the accelerators to the switch, but also in between switch layers, and that was sort of the nuance that I think we needed to clarify. So (inaudible).

但我不會說這真的是一個增量新消息。如果你願意的話，我認為這更像是一次重申。因為它不僅是從加速器連接到開關的光學器件，而且還包括開關層之間的光學器件，我認為這是我們需要澄清的細微差別。所以（聽不清楚）。

The next question comes from Harlan Sur of JPMorgan.

下一個問題來自摩根大通的哈蘭‧蘇爾。

After 6 quarters of sequential shipment declines in nearline or capacity optimized HDDs by your customers, cloud and hyperscale excess inventory of drives appears to be normalizing. And then on top of that, you have cloud storage utilizations to keep on increasing. I think your storage customers are cautiously optimistic on sequential shipment improvements on their new 20 terabyte platforms.

在客戶的近線或容量優化 HDD 出貨量連續 6 個季度下降之後，雲端和超大規模驅動器庫存過剩似乎正在正常化。最重要的是，雲端儲存利用率可以不斷增加。我認為您的儲存客戶對其新的 20 TB 平台上的連續發貨改進持謹慎樂觀的態度。

You guys are still shipping about half the rate of your pre-slowdown run rate on storage. I know you've been growing slightly sequentially the last few quarters. But are you guys starting to see signs of a sustainable pickup in data center stores moving into next year?

你們的儲存速度仍然是減速前運行速度的一半左右。我知道過去幾季你們一直在略有成長。但是，你們是否開始看到明年資料中心儲存可持續回升的跡象？

Yes. Thanks. I think this is one of those markets, Harlan, where any good news is good news. I mean it's been very, very rough out there for that part of the electronics industry, and you certainly saw the impact on our revenues. Look, I'm encouraged to see the same reports of inventory coming down and some of the end customer commentary.

是的。謝謝。我認為這就是哈倫市場之一，任何好消息都是好消息。我的意思是，對於電子產業的這一部分來說，情況非常非常艱難，你當然也看到了這對我們收入的影響。看，看到相同的庫存下降報告和一些最終客戶評論，我很受鼓舞。

We, I think, aren't going to call this until we really see the backlog build again. I mean it's come off the bottom and it's grown a little bit. And it's -- but even if it's sort of improving off the bottom, at least the end market side, it's still kind of flattish units, right? I don't think it's necessarily off to the races.

我認為，在我們真正再次看到積壓的情況之前，我們不會呼叫此方法。我的意思是它已經脫離底部並且增長了一點。但即使它從底部有所改善，至少在終端市場方面，它仍然是一種持平的單位，對吧？我認為這不一定是比賽。

So we're staying pretty cautious on this. We got hit pretty hard on the downside here, and we're going to cautiously kind of guide our way back into that market normalizing. But I will say the end market signs were hearing and seeing are positive, and it certainly gives us some hope for next year but we're not ready to call any kind of recovery in that area with any certainty or timing. But it has come off the bottom and it's continued to grow, which is a good thing.

所以我們對此保持非常謹慎的態度。我們在下行方面受到了相當嚴重的打擊，我們將謹慎地引導我們回到市場正常化的道路。但我要說的是，我們所聽到和看到的終端市場跡像是積極的，這肯定給我們帶來了明年的一些希望，但我們還沒有準備好在該領域以任何確定性或時機宣布任何形式的復甦。但它已經走出谷底並繼續增長，這是一件好事。

The next question comes from Christopher Rolland of Susquehanna.

下一個問題來自薩斯奎哈納的克里斯多福羅蘭。

I'm kind of hearing mixed signals on the custom silicon opportunity. And I just wanted you guys to clarify on that. I guess, first of all, are you guys above or below $200 million expectation you guys had for the year? Second, are you expecting this to kind of double off of that $200 million or even $600 million originally that had been an $800 million number you had discussed. And then third, where are we on that $800 million long-term goal that you had? Is that like a 2025, 2026 opportunity? Or is it something beyond that?

我在定制晶片機會方面聽到了一些混合信號。我只是想讓你們澄清這一點。我想，首先，你們對今年 2 億美元的預期是高於還是低於？其次，您是否預計這會比您最初討論的 8 億美元的 2 億美元甚至 6 億美元增加一倍。第三，您設定的 8 億美元長期目標目前進展如何？這就像 2025 年、2026 年的機會嗎？或是有其他的事情嗎？

Got you. Yes, you're going back to the original like 2021 Investor Day, hey, here's kind of the custom silicon opportunity, which a couple of quarters back, we had reset to $200 million this year and then over time, getting to $800 million. I just want to clarify, that's what you're asking about?

明白你了。是的，你會回到原來的情況，例如2021 年投資者日，嘿，這是一種定制晶片機會，幾個季度前，我們今年將其重置為2 億美元，然後隨著時間的推移，達到8 億美元。我只是想澄清一下，你問的是這個嗎？

Yes, that's right. I think that was in March. You guys talked about that $200 million for this year.

恩，那就對了。我想那是在三月。你們談到了今年的 2 億美元。

Yes, exactly. So yes, so we're tracking, I'd say, close to the $200 million, okay, for this year. And then what we had said at the Investor Day and kind of the long term was this $800 million, and that was between, sometime between FY '25 and '26, that was if you looked at the slide from a couple of years back.

對，就是這樣。所以，是的，所以我想說，今年我們的銷售額接近 2 億美元。然後我們在投資者日所說的長期投資是 8 億美元，這是在 25 財年和 26 財年之間的某個時間，如果你看幾年前的幻燈片的話。

And what we had said, I think 2 quarters back or it was a quarter back that, that number would be bigger over time now because of the AI piece of it, even though some of the stuff had shifted around that wasn't an AI. And I think that's still largely on track in that time frame. We never gave an exact kind of -- it's going to happen in XYZ quarter. But in that FY '24, '25, FY '25, '26 time frame it should be able to get towards above that number we gave before which is the $800 million.

我們說過，我認為 2 個季度前或 1 個季度前，隨著時間的推移，這個數字會更大，因為人工智慧的一部分，儘管有些東西已經發生了變化，但不是人工智慧。我認為在那個時間範圍內這基本上仍然在正軌上。我們從未給出過確切的資訊——這將在 XYZ 季度發生。但在 24、25、25、26 財年的時間範圍內，它應該能夠超過我們之前給出的數字 8 億美元。

So I don't think there's any mixed signals. I don't think there's any update, which I think we're -- I think there's some enthusiasm around, but nothing's changed from a quarter ago.

所以我認為不存在任何混合訊號。我認為沒有任何更新，我認為我們有一些熱情，但與一個季度前相比沒有任何變化。

In fact, I think the thing that's positive is that the chips are looking really good to go to production for next year, and that was always a risk. Chris, if you remember in our commentary was, hey, these are extremely large die, very complex and a respin either by us or by our customer could cause some delay. And so far, knock on wood, both these programs look like they're in good shape.

事實上，我認為積極的一點是，這些晶片看起來非常適合明年投入生產，但這始終是一個風險。克里斯，如果您還記得我們的評論中說的是，嘿，這些晶片非常大，非常複雜，我們或我們的客戶重新設計可能會導致一些延遲。到目前為止，天哪，這兩個程序看起來都狀況良好。

The real issue is given the sort of growth that we've seen in gen AI. We just don't know the total magnitude, but it will be bigger than what we sized before. And I think we're largely tracking to what we thought was going to happen.

真正的問題是我們在新一代人工智慧中看到的那種成長。我們只是不知道總大小，但它會比我們之前計算的大小更大。我認為我們很大程度上是在追蹤我們認為將會發生的事情。

One last one on carrier. Is Q4 going to be the bottom? Or do you think there could be some more yet to drop? And then I think you have some additional content coming at one of your customers at the end of the year. Is that going to be a meaningful lift for the segment?

最後一張在航母上。 Q4會是底部嗎？還是你認為可能還會有更多的東西要掉落？然後我認為您將在年底向您的一位客戶提供一些額外的內容。這對該細分市場來說會是一個有意義的提升嗎？

Yes. So there's -- as I think I said in my remarks, there's going to be continued softness into Q1 in carrier, okay? It's going to take, who knows how many quarters. And it really depends, I think, there'll be some inventory and then you've got to also look at kind of where the CapEx ends up during next year and where carriers are actually going to spend globally on their deployments.

是的。因此，正如我在演講中所說的那樣，運營商第一季將持續疲軟，好嗎？這將需要，誰知道需要多少個季度。我認為，這實際上取決於會有一些庫存，然後你還必須考慮明年資本支出的最終結果，以及營運商實際上將在全球範圍內的部署支出。

But over time, there is a lift. There's a content lift we get from the additional sockets. And we still don't know kind of where -- let's go a couple of years out over the next couple of years where the market share is going to go as well relative to the sort of Western suppliers versus the Chinese suppliers on a global basis.

但隨著時間的推移，會有提升。我們從額外的插座中獲得了內容提升。我們仍然不知道在未來幾年中，相對於西方供應商與中國供應商在全球範圍內的市場份額將走向何方。 。

So there's a few factors in there that need to be considered. But yes, over time, sort of the number of base stations per year has been relatively well understood. Our content is going to be larger. And it's a solid business for us, I think that we built from a very kind of nascent position just a few years ago. But it will come back and it will have a little tailwind because of the content.

所以有幾個因素要考慮。但是，是的，隨著時間的推移，每年的基地台數量已經相對較好地了解了。我們的內容將會更大。這對我們來說是一項穩固的業務，我認為我們是在幾年前剛起步的時候建立起來的。但它會回來，並且會因為內容而帶來一些順風。

Next question comes from Srini Pajjuri of Raymond James.

下一個問題來自 Raymond James 的 Srini Pajjuri。

Matt, I have a couple of clarifications at this point. First, on the custom silicon, understanding that it's a little bit early to size the opportunity. Given the complexity of these chips and the supply chain issues that we've been hearing about on the HBM and the CoWos side, I would think that the lead times from your customers are fairly long. So my question is, when do you expect to start building inventory, I guess, in terms of wafer inventory and packaging and et cetera. What time frame should we kind of expect that if you, I guess, are looking to ramp next year?

馬特，我現在有幾點需要澄清。首先，在客製化晶片上，要了解現在判斷機會的大小還為時過早。考慮到這些晶片的複雜性以及我們在 HBM 和 CoWos 方面聽到的供應鏈問題，我認為客戶的交貨時間相當長。所以我的問題是，我猜你預計什麼時候開始建立庫存，包括晶圓庫存和包裝等方面。我想，如果您希望明年能成長，我們應該預期什麼時間框架？

Well, the planning certainly is happening now, Srini, to your point. And I think between ourselves, our supply chain partners, and our end customers who have a vested interest to make sure this all goes well. I think we've been working quite well as a kind of a team to make sure we've got the necessary capacity that's required from wafers packaging and kind of third-party component perspective, including HBM.

好吧，斯里尼，按照你的觀點，計劃現在肯定正在發生。我認為在我們自己、我們的供應鏈合作夥伴和我們擁有既得利益的最終客戶之間，要確保這一切順利進行。我認為我們作為一個團隊一直工作得很好，以確保我們擁有晶圓封裝和第三方組件（包括 HBM）所需的必要能力。

And yes, I mean, all of those are either capacity that's reserved or we're in the process of starting wafers. I mean again, there's multiple programs. So it's not sort of a -- each product is at a different point. But yes, I think the answer is, well -- and I think I was saying this even a quarter or 2 ago, we'll have a lot better visibility kind of come, call it, March, what this is going to look like because at that point, given lead times and all the other factors we'll just have much better visibility.

是的，我的意思是，所有這些要么是預留的產能，要么是我們正在啟動晶圓。我再說一遍，有多個程序。所以這並不是一種——每種產品都處於不同的階段。但是，是的，我認為答案是，嗯，我想我在一兩個季度前就說過了，我們將會有更好的可見度，稱之為三月，這會是什麼樣子因為到那時，考慮到交貨時間和所有其他因素，我們將獲得更好的可見度。

So that's sort of the, I guess, the pro, if you will, of some of the complexity we're dealing with is you do have to plan in advance and you do have to start wafers. So all of that is kind of in motion. I would say the capacity planning has been done some time ago. So we feel comfortable with where we are on that, even though it's tight.

所以，我想，如果你願意的話，我們正在處理的一些複雜性的優點是你必須提前規劃，你必須開始晶圓。所以這一切都在進行中。我想說容量規劃已經在一段時間前完成了。因此，儘管情況很緊張，但我們對目前的情況感到滿意。

But yes, we're in that process, but I don't think we're going to get that granular on when exactly we're starting wafers, and we're just going to try to size the opportunity for investors when we have a better view in terms of what the revenue is, but the capacity side is looking to be in good shape for us.

但是，是的，我們正處於這個過程中，但我認為我們不會詳細了解我們何時開始生產晶圓，我們只是在有機會時嘗試為投資者確定機會的大小對收入有更好的了解，但產能方面對我們來說狀況良好。

That makes sense. And then my other follow-up, Matt, on your Q1 guidance. And obviously, you said half of your business is going to be down. But I would have to imagine that the data center will continue to be staying healthy and strong, especially kind of what your customers are talking about in terms of AI investments continuing and also NVIDIA kind of sounded fairly positive about next year as well.

這就說得通了。然後是我的另一個後續行動，馬特，關於第一季的指導。顯然，您說過您一半的業務將會下降。但我不得不想像，資料中心將繼續保持健康和強大，尤其是您的客戶所談論的人工智慧投資的持續性，而且 NVIDIA 對明年的態度也相當積極。

So my question is, given the strength that you saw in the last 2 quarters, I mean, are you concerned about any inventory build in your components? Or is that what's giving you pause about guiding for growth in the first quarter for the overall business? Because even if 50% of the business is down because looking at how much this business has grown in the last 2 quarters and if that trend continues, I would have to imagine that the total revenue should grow in Q1. So I'm just wondering what's giving you that pause looking for growth in Q1.

所以我的問題是，考慮到您在過去兩個季度中看到的實力，我的意思是，您是否擔心組件中的庫存增加？或者這就是讓您對第一季整體業務成長指引猶豫不決的原因嗎？因為即使 50% 的業務下降，因為看看該業務在過去兩個季度的成長情況，如果這種趨勢持續下去，我也不得不想像第一季的總收入應該會成長。所以我只是想知道是什麼讓你暫停尋找第一季的成長。

Yes, yes. No, no problem. I'll maybe give you a little bit of a bad time here. I think we're trying to get to the Q4 call first. And then we could do the Q1 call, okay? So maybe first things first. So that being said, I mean, look, I think I would agree with the market commentary you gave, which is year-over-year, we do expect strong growth. I'd say on our side, if you look at kind of the growth we've seen on AI, we're having a very, very strong fourth quarter. And some of that we're catching up from the upsides we had.

是的是的。不，沒問題。我可能會讓你在這裡度過一段不愉快的時光。我認為我們正在嘗試首先進行第四季度的電話會議。然後我們就可以進行 Q1 通話，好嗎？所以也許首先要做的事情。話雖這麼說，我的意思是，我想我同意你給出的市場評論，與去年同期相比，我們確實預計會有強勁增長。我想說，就我們而言，如果你看看我們在人工智慧方面看到的成長，就會發現我們第四季的表現非常非常強勁。其中一些我們正在從我們擁有的優勢中迎頭趕上。

I mean our supply chain team has done a phenomenal job, right? So I'd just say that we're not guiding Q1, it's dynamic at this point. And I need to really see where the orders flow in and what people really need. And right now, we're just focused on executing Q4.

我的意思是我們的供應鏈團隊做得非常出色，對吧？所以我只想說我們不會指導第一季度，目前它是動態的。我需要真正了解訂單流向以及人們真正需要什麼。現在，我們只專注於執行第四季。

But yes, overall demand looks good. Overall growth next year should be good. But I think trying to guide 2 quarters now with this precision, Srini, is just not going to be helpful for anybody given how fast things are moving. So I'd prefer to give you my Q1 guide when we guide Q1.

但是，是的，總體需求看起來不錯。明年的整體成長應該會不錯。但我認為，斯里尼，考慮到事情發展的速度有多快，現在試圖以這種精確度來指導兩個季度對任何人來說都是沒有幫助的。因此，當我們指導 Q1 時，我更願意向您提供我的 Q1 指南。

Our last question will come from Chris Caso of Wolfe.

我們的最後一個問題將來自 Wolfe 的 Chris Caso。

My question is on the cloud part of data center. It sounds like that was an area which may have surprised you a little bit coming back here. Can you talk about the driver of that? And to what extent you're seeing in kind of traditional cloud business is it cyclical or product cycle-driven?

我的問題是關於資料中心的雲端部分。聽起來這個領域可能會讓你回到這裡感到有點驚訝。能談談它的驅動力嗎？您認為傳統雲端業務在多大程度上是週期性的或產品週期驅動的？

Yes, thanks. Our thesis earlier this year, which actually did play out, I think we had a lot of predictions and in some cases, the market didn't cooperate. But one area it did was that we did not believe that our traditional cloud business was going to be really impacted by the shift to AI. And in fact, it might even provide a tailwind.

對了謝謝。我們今年早些時候的論文確實得到了驗證，我認為我們有很多預測，但在某些情況下，市場並不配合。但它所做的一個領域是，我們不相信我們的傳統雲端業務會真正受到向人工智慧的轉變的影響。事實上，它甚至可能提供順風。

And our position was that, hey, because of our position in switching and in optics, that, that broader networking build was going to be required in data centers, in particular, multi-tenant data centers where you had to actually put in increased networking bandwidth to handle the AI capability that was being put in and that's played out.

我們的立場是，嘿，由於我們在交換和光學領域的地位，資料中心將需要更廣泛的網路構建，特別是多租戶資料中心，您必須在其中實際增加網路頻寬來處理正在投入和發揮的人工智能功能。

So I'd say there's been some on the product cycle in terms of new products kicking in at that time. But also, I'd just say that it's increased demand, increased demand for products, we added 400-gig and increased demand for our 12.8T switches, things that had been a little bit depressed earlier in the year with inventory correction.

所以我想說，當時在產品週期中出現了一些新產品。而且，我只想說，需求增加，對產品的需求增加，我們增加了 400 台交換機，對 12.8T 交換機的需求增加，今年早些時候由於庫存調整，這些情況有點低迷。

So that's been a real positive. It's kind of a nice combination of strong growth on the products we have as well as new products wrapping up -- ramping up, sorry. So yes, and that's played out, and that should be a nice driver and tailwind for us into next year as well. Chris.

所以這是一個真正的正面因素。這是我們現有產品的強勁成長和新產品的完美結合——抱歉，正在增加。所以是的，這已經結束了，這對我們明年來說也應該是一個很好的驅動力和順風。克里斯。

Thanks.

謝謝。

All right, fantastic. Hey, listen, I think we're pretty much at time. I'm going to conclude the call, maybe just a few words. First, I appreciate everybody's interest in the company. A couple of final comments would be despite kind of the challenging macro out there, I'm very, very pleased with the Marvell team and our performance.

好吧，太棒了。嘿，聽著，我想我們差不多準時了。我要結束這通通話，也許只是幾句話。首先，我感謝大家對公司的興趣。最後的幾點評論是，儘管宏觀環境具有挑戰性，但我對 Marvell 團隊和我們的表現非常非常滿意。

And I think what it shows is that even when you have a lot of volatility from a cyclical perspective in some of these end markets, right now, it's enterprise and carrier as an example, the diversified business model that we've really put together at Marvell has been able to have some strong offsets to those things.

我認為這表明，即使從週期性的角度來看，某些終端市場存在很大的波動性，但目前，以企業和運營商為例，我們真正整合的多元化業務模式Marvell 已經能夠對這些事情做出一些強而有力的抵消。

And like right now, we're seeing our data center business come roaring back with strong growth in the third quarter and then a very, very strong growth in the fourth quarter. And that's the commitment we made several years ago, right? It was to diversify the company by end market, focus on data infrastructure, which, in our view, is going to be probably the best TAM growth opportunity in semis.

就像現在一樣，我們看到我們的資料中心業務在第三季度強勁成長，然後在第四季度出現非常非常強勁的成長。這是我們幾年前做出的承諾，對吧？我們的目標是透過終端市場實現公司多元化，重點關注數據基礎設施，我們認為這可能是半成品行業中最好的 TAM 成長機會。

And we still believe that and while we have some inventory digestion and end market weakness we're seeing in some segments that's going to revert over time in enterprise and carrier. And I would view that as, and describe that as kind of the core foundation of Marvell.

我們仍然相信，雖然我們有一些庫存消化和終端市場疲軟，但我們看到一些細分市場的企業和營運商將隨著時間的推移而恢復。我將其視為並描述為 Marvell 的核心基礎。

And then you have these nice growth driver with large TAMs on top of it in cloud, in AI, in things like automotive that are going to drive our growth over time. So I think our model is working, and we're managing in a tough environment, and we're managing what we can control at this point. And with that, I will conclude the meeting. Thanks, everybody.

然後，在雲端、人工智慧、汽車等領域，您將擁有這些良好的成長動力，以及大型 TAM，這些將隨著時間的推移推動我們的成長。所以我認為我們的模式正在發揮作用，我們正在一個艱難的環境中進行管理，我們正在管理我們目前可以控制的事情。我將結束會議。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。