邁威爾科技 (MRVL) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Marvell Technology, Inc.'s First Quarter of Fiscal Year 2025 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

下午好，歡迎參加 Marvell Technology, Inc. 2025 財年第一季財報電話會議。 （操作員說明）請注意，該事件正在被記錄。

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 First Fiscal Quarter 2025 Earnings Call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO.

謝謝大家，大家下午好。歡迎參加 Marvell 2025 年第一個財季財報電話會議。今天與我一起出席的有 Marvell 董事長兼執行長 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.

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。

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.

請查看我們今天向 SEC 提交的收益新聞稿中包含的警告聲明和風險因素。並發佈在我們的網站上以及我們最近的 10-K 和 10-Q 備案中。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 first quarter of fiscal 2025, Marvell delivered revenue of $1.16 billion, above the midpoint of guidance, driven by stronger than forecasted results from our data center end market. Higher revenue, combined with disciplined expense control, drove non-GAAP earnings per share of $0.24, also above the midpoint of guidance. The Marvell team executed well in the first quarter and we are looking forward to revenue growth and financial performance strengthening throughout this fiscal year.

謝謝阿什什，大家下午好。 2025 財年第一季，Marvell 的營收達到 11.6 億美元，高於指引中位數，這得益於資料中心終端市場強於預期的業績。更高的收入加上嚴格的費用控制，使非公認會計準則每股收益達到 0.24 美元，也高於指導中位數。 Marvell 團隊在第一季表現良好，我們期待整個財年的營收成長和財務表現的加強。

Let me now discuss our results and expectations for each of our end markets. In our data center end market for the first quarter, we drove record revenue of $816 million, well above our guidance. The outperformance was driven by strong demand from cloud AI applications for our electro-optics portfolio including PAM, DSPs, TIAs and drivers as well as our ZR data center interconnect products.

現在讓我討論我們對每個終端市場的結果和期望。在第一季的資料中心終端市場，我們實現了創紀錄的 8.16 億美元收入，遠高於我們的指引。雲端人工智慧應用對我們的電光產品組合（包括 PAM、DSP、TIA 和驅動器以及我們的 ZR 資料中心互連產品）的強勁需求推動了這一出色表現。

Data center revenue grew 87% year-over-year and 7% sequentially with double-digit growth from cloud more than offsetting a higher than seasonal decline in revenue from enterprise on-premise data centers. Strong revenue growth was driven by cloud AI as well as standard cloud infrastructure.

資料中心營收年增 87%，較上季成長 7%，其中來自雲端的兩位數成長足以抵銷企業本地資料中心營收高於季節性的下降。雲端人工智慧和標準雲端基礎設施推動了收入的強勁成長。

In addition to strong contributions from our market-leading electro-optics products, we also benefited in the first quarter from the initial shipments of our custom AI compute programs.

除了市場領先的電光產品的強勁貢獻外，我們在第一季還受益於客製化人工智慧運算程式的首次出貨。

Turning to the second quarter of fiscal 2025. We expect our overall data center revenue to grow in the mid-single digits sequentially on a percentage basis as our custom AI silicon continues ramping.

談到 2025 財年第二季。

I'm very pleased with our results and projected guidance for our data center end market. Our continued growth in data center and AI, in particular, is being driven by our leading portfolio of connectivity and custom compute products.

我對我們的結果和對資料中心終端市場的預期指導感到非常滿意。我們領先的連接和客製化運算產品組合推動了我們在資料中心和人工智慧方面的持續成長。

Starting with our interconnect solutions. Our 100-gig per lane 800 gig PAM products are the primary interconnect enabler for state-of-the-art AI deployments today and customers have already started qualifying our first-to-market next-generation 200-gig per lane 1.6T solutions. Our 1.6T solutions are poised to enable the next generation of AI accelerators. We are seeing similar success with our DCI products with 400-gig ZR shipping at high volume, strong interest for our next-generation 800-gig products and an expanding DCI customer base with design wins at multiple new data center customers.

從我們的互連解決方案開始。我們的每通道 100 GB 800 GB PAM 產品是當今最先進的 AI 部署的主要互連推動者，客戶已經開始對我們首款上市的下一代每通道 200 GB 1.6T 解決方案進行資格認證。我們的 1.6T 解決方案已準備好支援下一代人工智慧加速器。我們看到我們的DCI 產品也取得了類似的成功，400 GB ZR 的大批量出貨，對我們下一代800 GB 產品的濃厚興趣，以及不斷擴大的DCI 客戶群，贏得了多個新資料中心客戶的設計。

As we discussed at our recent AI event, we are further expanding our DCI opportunity enabled by our new coherent DSP, which extends the reach of our DCI modules to 1,000 kilometers, rating is expected to be a new $1 billion market for Marvell over the long term. In aggregate, we expect our overall market for DCI products to grow $3 billion by calendar 2028.

正如我們在最近的AI 活動中討論的那樣，我們正在進一步擴大由新的相干DSP 帶來的DCI 機會，它將DCI 模組的覆蓋範圍擴展到1,000 公里，預計長期內將為Marvell 帶來10 億美元的新市場學期。總的來說，我們預計到 2028 年 DCI 產品的整體市場將成長 30 億美元。

Complementing our optical interconnect solutions, we have started shipping PAM DSPs for active electrical cables with design wins at multiple Tier 1 cloud customers. This is expected to be another new and completely additive $1 billion market for Marvell over the long term.

為了補充我們的光學互連解決方案，我們已開始提供用於主動電纜的 PAM DSP，並贏得了多個 1 級雲端客戶的設計。從長遠來看，這預計將成為 Marvell 另一個新的、完全附加的 10 億美元市場。

This morning, we announced that we are entering a new interconnect market with our PCIe Gen 6 retimers. AI applications are driving data flows and connections inside server systems are significantly higher bandwidth, driving the need for PCIe retimers to meet the required connection distances at the faster speeds. PCIe Gen 6 is the first PCI standard use PAM4 signal. Technology Marvell has been leading for many generations. We have also been working closely with key customers and industry partners to intercept this technology transition and are now sampling our new 8 and 16 lane PAM4-based PCIe Gen 6 retimers.

今天早上，我們宣布我們將透過 PCIe Gen 6 重定時器進入一個新的互連市場。 AI 應用正在推動資料流的發展，而伺服器系統內部的連線頻寬顯著提高，從而推動了對 PCIe 重定時器的需求，以便以更快的速度滿足所需的連線距離。 PCIe Gen 6 是第一個使用 PAM4 訊號的 PCI 標準。技術 Marvell 多年來一直處於領先地位。我們也一直與主要客戶和產業合作夥伴密切合作，以攔截這項技術轉型，現在正在對基於 PAM4 的新型 8 和 16 通道 PCIe Gen 6 重定時器進行取樣。

These products are designed to help data center compute fabrics continue to scale inside accelerated servers. We look forward to updating you on our progress in this new market.

這些產品旨在幫助資料中心運算結構在加速伺服器內繼續擴展。我們期待向您通報我們在這個新市場的最新進展。

In data center switching, we are looking forward to starting production shipments of our next-generation 51.2T switch later this year. We are encouraged by the traction we seeing with both existing and new customers, which has expanded our opportunity funnel for cloud switching. As we discussed at our AI Day, we have also been making excellent progress with our custom compute business.

在資料中心交換方面，我們期待在今年稍後開始生產出貨下一代 51.2T 交換器。我們對現有客戶和新客戶的吸引力感到鼓舞，這擴大了我們在雲端轉換的機會管道。正如我們在人工智慧日討論的那樣，我們的客製化計算業務也取得了巨大進展。

Our custom compute AI programs are beginning to ship in the first half of this fiscal year. And we are expecting a very substantial ramp in second half of this year followed by a full year of high volume production in fiscal 2026.

我們的客製化計算人工智慧程式將於本財年上半年開始出貨。我們預計今年下半年產量將大幅成長，然後在 2026 財年全年實現大量生產。

The multiple custom cloud products we are ramping today are validating the strategy we put in place following the acquisition of Cavium and Avera, combining decades of experience in both compute and custom silicon. As we gain momentum, we are now even more optimistic about our prospects and benefiting from the rapidly expanding opportunity funnel for custom cloud silicon.

我們今天推出的多種客製化雲端產品正在驗證我們在收購 Cavium 和 Avera 後製定的策略，結合了數十年的運算和客製化晶片經驗。隨著我們獲得動力，我們現在對我們的前景更加樂觀，並受益於客製化雲端晶片快速擴大的機會漏斗。

In fact, at our AI Day in April, we outlined our significant and growing new design wins for custom AI compute in addition to our continued work with existing customers on a multigenerational basis. As a result, we are increasingly confident in our ability to meaningfully grow our share over the next several years in the market for custom accelerated compute, which is expected to grow from approximately $7 billion in calendar 2023 to over $40 billion in calendar 2028, a 45% CAGR.

事實上，在四月的人工智慧日上，我們概述了我們在客製化人工智慧運算方面取得的重大且不斷增長的新設計勝利，以及我們與現有客戶在多代基礎上的持續合作。因此，我們對未來幾年在客製化加速運算市場上有意義地增加份額的能力越來越有信心，預計該市場將從 2023 年的約 70 億美元增長到 2028 年的超過 400 億美元，複合年成長率45%。

Underscoring Marvell's strategy to be the leader in data infrastructure, data center drove approximately 70% of our consolidated revenue in the first quarter. We see a massive opportunity ahead with the data center TAM expected to grow from $21 billion last year, $75 billion in calendar 2028 and a 29% CAGR.

資料中心在第一季約占我們綜合收入的 70%，凸顯了 Marvell 成為資料基礎設施領域領導者的策略。我們看到了巨大的機遇，資料中心 TAM 預計將從去年的 210 億美元成長到 2028 年的 750 億美元，複合年增長率為 29%。

We have numerous opportunities across compute, interconnect, switching and storage. And as a result, we expect to double our market share over the next several years from our approximately 10% share last fiscal year.

我們在運算、互連、交換和儲存方面擁有大量機會。因此，我們預計未來幾年我們的市佔率將比上一財年約 10% 的市佔率翻倍。

Now let me turn to Marvell's enterprise networking and carrier end markets together. As expected, reflecting a period of inventory correction and soft industry demand revenue from both end markets declined in the first quarter. Enterprise networking revenue was $153 million, while carrier revenue was $72 million. In line with our expectations for these end markets to reach a bottom in the first half of the fiscal year, we project our revenue second quarter for both enterprise networking and carrier infrastructure to be flat sequential.

現在讓我一起談談 Marvell 的企業網路和營運商終端市場。正如預期，反映了一段時期的庫存調整和軟工業需求，來自兩端市場的收入在第一季有所下降。企業網路收入為 1.53 億美元，而營運商收入為 7,200 萬美元。根據我們對這些終端市場在本財年上半年觸底的預期，我們預計第二季企業網路和營運商基礎設施的收入將與環比持平。

Enterprise networking, we are encouraged by recent comments from our networking customers that their order patterns are stabilizing and that they expect their end customers' inventory to start to normalize. As a result, we expect to start a recovery in the second half of this fiscal year as we begin shipping closer to end market demand.

企業網路方面，我們對網路客戶最近的評論感到鼓舞，他們的訂單模式正在穩定，並且他們期望最終客戶的庫存開始正常化。因此，隨著我們開始接近終端市場需求，我們預計將在本財年下半年開始復甦。

In the carrier end market, while overall demand remains subdued, we are looking forward to the initial transition to our next-generation 5-nanometer-based OCTEON 10 DPUs at a Tier 1 customer.

在營運商終端市場，雖然整體需求仍然低迷，但我們期待一級客戶初步過渡到基於 5 奈米的下一代 OCTEON 10 DPU。

As previously outlined, while we are shipping the baseband socket in the current generation, we have already secured both the transport and baseband sockets in the next generation. The transition begins towards the end of this fiscal year and more meaningfully next year, we expect Marvell's market share to continue to grow on the 5G market.

如前所述，雖然我們正在運送當前世代的基帶插座，但我們已經確保了下一代的傳輸和基帶插座。這項過渡將於本財年末開始，明年更有意義，我們預計 Marvell 在 5G 市場的市佔率將繼續成長。

In aggregate, we are beginning to see encouraging signs that support our expectations for the start of a modest revenue recovery later this fiscal year in both the enterprise networking and carrier end markets. While the pace of recovery will depend on how quickly the still elevated inventory levels normalize at our customers, we are looking forward to these 2 end markets returning to strength for Marvell.

總的來說，我們開始看到令人鼓舞的跡象，支持我們對本財年稍後企業網路和營運商終端市場收入開始溫和復甦的預期。雖然復甦的速度將取決於我們客戶仍處於高位的庫存水準恢復正常的速度，但我們期待 Marvell 這兩個終端市場恢復強勁。

Turning to the consumer end market. Revenue in the first quarter was $42 million, declining 70% year-over-year and 71% sequentially. These results were in line with our forecast and reflected the completion of deliveries for an end-of-life program in the prior quarter as well as the change in demand from the game console market.

轉向消費端市場。第一季營收為 4,200 萬美元，年減 70%，季減 71%。這些結果符合我們的預測，反映了上一季報廢專案的交付完成情況以及遊戲機市場需求的變化。

During the quarter, we work closely with our gaming customer to help them quickly complete the realignment of their inventory of our products to their updated production plan. This gaming inventory correction behind us, we were expecting our revenue in the second quarter from the consumer end market to rebound and approximately double on a sequential basis.

在本季度，我們與遊戲客戶密切合作，幫助他們快速完成我們產品庫存的調整，以適應更新的生產計劃。這次遊戲庫存調整已經過去，我們預計第二季度來自消費者終端市場的收入將反彈，並且比上季約翻一番。

Turning to our automotive and industrial end market. Revenue in the first quarter was $78 million, declining 13% year-over-year, 6% sequentially. These results are reflective of a broad inventory correction taking place across the automotive end market, which is expected to take some time to fully resolve. As a result, we are forecasting revenue from our overall auto and industrial end markets for the second quarter of fiscal 2025 to be flat sequentially.

轉向我們的汽車和工業終端市場。第一季營收為 7,800 萬美元，年減 13%，季減 6%。這些結果反映了整個汽車終端市場正在發生的廣泛庫存調整，預計需要一段時間才能完全解決。因此，我們預計 2025 財年第二季整個汽車和工業終端市場的營收將與上一季持平。

Looking further ahead, we expect revenue growth to resume in the second half of this fiscal year, driven by an increase in Marvell's Ethernet content and upcoming model year 2025 vehicles as they enter production towards the end of this calendar year.

展望未來，我們預計，在 Marvell 乙太網路內容增加以及即將於本日曆年年底投入生產的 2025 年汽車的推動下，營收將在本財年下半年恢復成長。

Marvell continues to deepen relationships with the world's largest automotive OEMs. General Motors recently named us Supplier of Year and honored us with the 2023 Overdrive Award for automotive Ethernet technology. This prestigious award recognizes suppliers who consistently exceed expectations in their partnership with GM. We are excited that our automotive Ethernet portfolio is being recognized for playing a critical role in the industry.

Marvell 不斷深化與全球最大的汽車 OEM 廠商的關係。通用汽車最近將我們評為年度供應商，並授予我們 2023 年汽車乙太網路技術 Overdrive 獎。這項享有聲望的獎項旨在表彰那些在與通用汽車的合作中始終超出預期的供應商。我們很高興我們的汽車乙太網路產品組合被認可在業界發揮關鍵作用。

In summary, the first fiscal quarter played out largely as we had expected. Led by AI, data center continued to outperform, with revenue almost doubling on a year-over-year basis, while our other end markets found what is expected to be their bottom.

總而言之，第一財季的表現基本上符合我們的預期。在人工智慧的帶動下，資料中心繼續表現出色，收入同比幾乎翻倍，而我們的其他終端市場則發現了預期的底部。

For the second quarter, at the midpoint of guidance, we are forecasting consolidated revenue to grow 8% on a sequential basis. We expect a favorable setup for the rest of this fiscal year, driven by continued growth from data center and a recovery in the rest of our end markets. Our storage revenue has also resumed year-over-year growth. And given positive demand commentary from customers, we are expecting that to continue.

對於第二季度，在指導的中點，我們預測綜合收入將環比成長 8%。我們預計，在資料中心持續成長和其他終端市場復甦的推動下，本財年剩餘時間將出現有利的環境。我們的儲存收入也恢復了同比增長。鑑於客戶的積極需求評論，我們預計這種情況將持續下去。

We project robust growth to continue from AI with the expected ramp in our cloud, custom AI programs to augment our substantial base of electro-optics revenue, which we expect will remain correlated to accelerator shipments. Given the strong start in the first quarter from AI and our expectations for continued growth in the rest of this fiscal year, we are confident that we are well on our way to exceed the full year AI revenue target we had discussed earlier this year and at our AI event.

我們預計人工智慧將繼續強勁成長，隨著我們雲端的預期成長，客製化人工智慧程式將擴大我們龐大的電光收入基礎，我們預計這將與加速器出貨量保持相關。鑑於人工智慧在第一季的強勁開局以及我們對本財年剩餘時間持續增長的預期，我們有信心我們將很好地超越我們今年早些時候討論的全年人工智慧收入目標。 。

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

因此，我將把電話轉給威廉，以了解有關我們最近的業績和前景的更多詳細資訊。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of our financial results for the first quarter of fiscal 2025. Revenue in the first quarter was $1.161 billion, exceeding the midpoint of our guidance, declining 12% year-over-year and 19% sequentially. Data center was our largest end market, driving 70% of total revenue. The next largest was enterprise networking with 13% followed by auto industrial at 7%, carrier infrastructure at 6% and consumer at 4%. GAAP gross margin was 45.5%. Non-GAAP gross margin was 62.4%.

謝謝馬特，大家下午好。首先讓我總結我們 2025 財年第一季的財務表現。資料中心是我們最大的終端市場，佔總收入的 70%。其次是企業網絡，佔 13%，其次是汽車工業，佔 7%，營運商基礎設施佔 6%，消費者佔 4%。 GAAP 毛利率為 45.5%。非 GAAP 毛利率為 62.4%。

Moving on to operating expenses. GAAP operating expenses were $680 million, including stock-based compensation, amortization of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses were $454 million in line with our guidance. GAAP operating margin was negative 13.1%, while non-GAAP operating margin was 23.3%. For the first quarter, GAAP loss per diluted share was $0.25. Non-GAAP income per diluted share was $0.24, $0.01 above the midpoint of guidance.

接下來是營運費用。 GAAP 營運費用為 6.8 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。根據我們的指引，非 GAAP 營運費用為 4.54 億美元。 GAAP 營運利潤率為負 13.1%，而非 GAAP 營運利潤率為 23.3%。第一季度，GAAP 稀釋後每股虧損為 0.25 美元。非 GAAP 攤薄每股收益為 0.24 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 first quarter was. $325 million. As a reminder, our first quarter cash flow results reflect the payment of annual employee cash bonuses for the prior fiscal year. Our inventory at the end of the first quarter was $826 million, decreasing by $38 million from the prior quarter. On a year-over-year basis, we have reduced our inventory by $200 million or almost 20%. Our DSO was 69 days, decreasing by 8 days from the prior quarter. We returned $52 million to shareholders through cash dividends.

現在轉向我們的現金流和資產負債表。第一季經營活動現金流量為。 3.25 億美元。提醒一下，我們第一季的現金流量結果反映了上一財政年度員工現金獎金的支付。第一季末我們的庫存為 8.26 億美元，比上季減少 3,800 萬美元。與去年同期相比，我們的庫存減少了 2 億美元，即近 20%。我們的 DSO 為 69 天，比上一季減少了 8 天。我們透過現金股利向股東返還 5,200 萬美元。

In addition, we repurchased $150 million of our stock during the first quarter, an increase of $50 million from the prior quarter. We expect to further increase repurchases in the second quarter of fiscal 2025. Our total debt was $4.15 billion. Our gross debt-to-EBITDA ratio was 2.27x and net debt-to-EBITDA ratio was 1.8x.

此外，我們在第一季回購了 1.5 億美元的股票，比上一季增加了 5,000 萬美元。我們預計在 2025 財年第二季進一步增加回購。我們的總負債與 EBITDA 比率為 2.27 倍，淨負債與 EBITDA 比率為 1.8 倍。

As of the end of the first fiscal quarter, our cash and cash equivalents were $848 million, decreasing by $103 million from the prior quarter. This is primarily due to payment of annual employee bonuses as we funded stock repurchases and dividend payments for our operating cash flow generation during the quarter.

截至第一季末，我們的現金及現金等價物為8.48億美元，較上季減少1.03億美元。這主要是由於我們支付了年度員工獎金，因為我們為股票回購提供了資金，並為我們在本季度產生的營運現金流支付了股息。

Turning to our guidance for the second quarter of fiscal 2025. We are forecasting revenue to be in the range of $1.25 billion, plus or minus 5%. We expect our GAAP gross margin to be approximately 46.2%. We expect our non-GAAP gross margin to be approximately 62%. We are forecasting a small sequential decrease in non-GAAP gross margin due to a projected change in product mix as our consumer revenue rebounds and custom cloud silicon continues to ramp.

轉向我們對 2025 財年第二季的指引。我們預計 GAAP 毛利率約為 46.2%。我們預計非 GAAP 毛利率約為 62%。我們預計，隨著我們的消費者收入反彈和客製化雲端晶片的持續成長，產品組合預計將發生變化，非公認會計準則毛利率將出現環比小幅下降。

In the second half, we expect a substantial ramp in our custom silicon programs to drive strong revenue growth with only a modest recovery in our traditional businesses. As a result, we expect this revenue growth and accompanying mix shift is likely to be dilutive to our current gross margins, but to be accretive to operating margin and earnings. We expect that a rebound in our traditional businesses to more normalized levels would meaningfully improve our overall gross margins in the future.

下半年，我們預計客製化晶片計畫將大幅成長，從而推動營收強勁成長，而傳統業務只會小幅復甦。因此，我們預計這種收入成長和隨之而來的組合轉變可能會稀釋我們目前的毛利率，但會增加營業利潤和收益。我們預計，傳統業務反彈至更正常化的水平將顯著提高我們未來的整體毛利率。

For the second quarter, we project our GAAP operating expenses to be approximately $688 million. We anticipate our non-GAAP operating expenses to be approximately $455 million. For the second quarter, we expect other income and expense, including interest on our debt to be approximately $46 million. We expect a non-GAAP tax rate of 7% for the second quarter. We expect our basic weighted average shares outstanding to be 867 million and our diluted weighted average shares outstanding to be 877 million.

對於第二季度，我們預計 GAAP 營運費用約為 6.88 億美元。我們預計非 GAAP 營運費用約為 4.55 億美元。對於第二季度，我們預計其他收入和支出（包括債務利息）約為 4,600 萬美元。我們預計第二季的非 GAAP 稅率為 7%。我們預期基本加權平均流通股數為 8.67 億股，稀釋加權平均流通股數為 8.77 億股。

We anticipate GAAP loss per diluted share in the range of $0.15 to $0.25. We expect non-GAAP income per diluted share in the range of $0.24 to $0.34.

我們預計 GAAP 稀釋後每股虧損在 0.15 美元至 0.25 美元之間。我們預計非 GAAP 每股攤薄收益在 0.24 美元至 0.34 美元之間。

Our guidance for revenue in the second quarter is to grow sequentially the high single digits at the midpoint on a percentage basis and we continue to be optimistic about the prospects in the second half of this fiscal year. As we drive revenue growth, we remain focused on delivering robust operating leverage, strong cash flow generation and returning increasing amounts of capital to investors through our active stock repurchase program.

我們對第二季營收的指引是按百分比在中點連續成長高個位數，我們繼續對本財年下半年的前景持樂觀態度。在推動營收成長的同時，我們仍然專注於提供強勁的營運槓桿、強勁的現金流生成，並透過積極的股票回購計劃向投資者返還越來越多的資本。

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) Vivek Arya, Bank of America Securities.

（操作員指令）Vivek Arya，美國銀行證券。

Thanks for taking my question. Matt, just kind of near term, I was hoping you could help quantify how much custom compute accounted for in Q1 and how you are thinking about -- about it in Q2? And then as we look into the back half, I think you've given an overall AI number for the data center. But is that a supply constrained number? Just give us a sense for what are the puts and takes in the back half? How much flexibility is in the model to upside expectations from here on?

感謝您提出我的問題。馬特，只是近期，我希望您能幫助量化第一季度定制計算的佔比以及您在第二季度的想法如何？然後，當我們查看後半部分時，我認為您已經給出了資料中心的總體 AI 數字。但這是供應受限的數字嗎？請讓我們了解下半場的看跌期權和吃期權是什麼？從現在開始，該模型有多大的彈性來提高預期？

Vivek, thanks for the question. Yes, so we started production shipments, which was great in our first quarter, and that's on its way up. If you look at our Q2, most of the growth in the data center segment is coming from custom. So that's a positive. And then the whole thing in flex, meaningfully in the second half. And I'd say from a full year perspective, the way to think about it, maybe some additional color would be, we talked about a floor of $1.5 billion for AI revenue for Marvell for this fiscal year with about 2/3 in electro-optics and 1/3 in custom. And we see now both of those exceeding that number.

維韋克，謝謝你的提問。是的，所以我們開始生產出貨，第一季的情況非常好，而且還在增加。如果你看看我們的第二季度，資料中心領域的大部分成長來自於客製化。所以這是積極的。然後整件事情都是靈活的，在下半場有意義。我想說的是，從全年的角度來看，思考這個問題的方式，也許會有一些額外的色彩，我們討論了Marvell 本財年人工智慧收入的下限為15 億美元，其中約2/3來自電子領域。現在我們看到這兩個數字都超過了這個數字。

And then kind of to flow into your second part of your question on the supply constraints in the second half and how do we think about it? We feel like we're in a good position. We -- on the optics side, we did get that initial very strong upside about a year ago, if you recall, and the team did a great job, and we've been reacting as you saw in our fourth quarter and our first quarter where we overachieved on our revenues there. And so we're continuing to manage that supply chain very, very carefully and in a very focused manner to make sure we have the flexibility we need for that. And the same is true for the second half, both on the optics and the custom side. And so we're positioning ourselves very much to handle upside above and beyond the numbers we've talked about.

然後進入問題的第二部分，即下半年的供應限制以及我們如何看待它？我們感覺自己處於一個有利的位置。在光學方面，如果您還記得的話，大約一年前我們確實獲得了最初非常強勁的優勢，並且團隊做得很好，我們一直在做出反應，正如您在第四季度和第一季度看到的那樣我們在那裡的收入超額完成。因此，我們將繼續非常、非常仔細、非常專注地管理供應鏈，以確保我們擁有所需的靈活性。下半年也是如此，無論是在光學方面還是在客製化方面。因此，我們對自己的定位非常好，可以應對超出我們所討論的數字的上行空間。

Thank you, Matt.

謝謝你，馬特。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Matt, I wanted to ask about the evolution of the custom ASIC TAM. You had said it's roughly [ 66% ], I think you said last year. And I guess at the Analyst Day, you said that you'd beat a 10% share very soon. So is it fair to say that you could be at $1 billion in custom compute next year? I mean, I would think that the TAM gets to roughly $10 billion next year. So do you think you can get to that $1 billion in custom compute number next year? And then also, I'm just kind of wondering if you can talk about the upside. Data center came in $30 million, $35 million better in fiscal Q1. What was that from?It sounds like it wasn't necessarily custom compute because that's still pretty small. So is it more on the connectivity side? Thanks.

多謝。 Matt，我想問一下客製化 ASIC TAM 的演進。你曾說過大約是[66%]，我想你去年也說過。我想在分析師日，您說過您很快就會突破 10% 的份額。那麼，明年的客製化計算規模可能會達到 10 億美元，這樣說公平嗎？我的意思是，我認為 TAM 明年將達到約 100 億美元。那麼您認為明年可以達到 10 億美元的客製化運算數量嗎？另外，我只是想知道你是否可以談談好處。資料中心收入為 3,000 萬美元，比第一財季增加了 3,500 萬美元。那是什麼？ 聽起來它不一定是定制計算，因為它仍然很小。那麼更多的是在連線方面嗎？謝謝。

Yes. Great. Thanks, Tim. Yes. So we articulated the AI Day, a very robust custom silicon TAM in excess of $40 billion going out into 2028 time frame and that TAM growing very significantly. And yes, we -- I think your numbers are about right in terms of the share. We're going to end up with near term and then Raghib articulated our goal to drive that in the custom silicon area to 20%. So you got to draw a line kind of from here to there in terms of the opportunity. And obviously, the TAM has got to materialize.

是的。偉大的。謝謝，蒂姆。是的。因此，我們明確提出了“AI Day”，這是一個非常強大的客製化矽 TAM，到 2028 年時間框架將超過 400 億美元，而 TAM 成長非常顯著。是的，我們——我認為你們的數字就份額而言是正確的。我們將在近期結束，然後 Raghib 闡明了我們的目標，將客製化晶片領域的比例提高到 20%。所以你必須在機會方面從這裡到那裡畫一條線。顯然，TAM 必須實作。

But yes, we're well on our way. Our programs are -- continue to kind of upsize in terms of the magnitude we're looking at. I'd just say we didn't give the breakout exactly for next year, but we did talk about incremental $1 billion is the floor for next year from this year, so going from $1.5 billion to $2.5 billion.

但是，是的，我們正在路上。我們的計劃正在繼續擴大我們所關注的規模。我想說的是，我們沒有給出明年的具體突破，但我們確實談到了從今年開始增量 10 億美元是明年的底線，因此從 15 億美元增加到 25 億美元。

And a lot of that is going to be due to the custom programs hitting their first full year of volume. So we're not calling out the exact split for next year, but maybe that will help you triangulate in the middle in terms of where we are today, where we're trying to drive the business and then also where we see the overall AI business for next year. And I'm confident you and the team can come up with a great model around that.

其中很大一部分原因是定制項目達到了第一年的銷售。因此，我們不會說出明年的具體劃分，但這也許會幫助您根據我們今天所處的位置、我們正在努力推動業務的位置以及我們看到的整體人工智慧的位置來進行三角測量明年的業務。我相信您和團隊可以圍繞這個提出一個很棒的模型。

On Q1, yes, most of the -- because custom had just started. Again, our optics business continued to be very strong, outperformed again -- and it's -- and all indications are that business, certainly, on a year-over-year basis will perform very well and be above the targets we outlined even at the AI Day.

在第一季度，是的，大部分 - 因為定制才剛剛開始。我們的光學業務再次表現強勁，再次超越大盤，而且所有跡像都表明，我們的光學業務肯定會同比表現非常好，甚至超出我們在去年制定的目標。

Great Matt. Thank you so much.

偉大的馬特。太感謝了。

Thanks Tim.

謝謝蒂姆。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes, thank you. Good afternoon. Question is on gross margins and some of the comments that you made with regard to gross margins in the second half of the year. Could you give a little more detail about some of the puts and takes of that? Understand that some of the lower-margin segments, such as consumer, I guess you would include some of the carrier business and that coming back will weigh on margins. What are the segments in the traditional businesses that need to come back to bring the gross margins back to more normalized levels?

是的，謝謝。午安.問題是關於毛利率以及您對下半年毛利率的一些評論。您能否更詳細地介紹其中的一些執行和執行操作？了解一些利潤率較低的細分市場，例如消費者，我想您會包括一些運營商業務，而這些業務的回歸將影響利潤率。傳統業務中哪些細分市場需要回歸以使毛利率恢復到更正常的水平？

Thanks, Chris. Yes, thanks. Let me take that. So when we look at our gross margin, it's still very much driven by overall product mix and then as well as the overall level of revenue and the overhead absorption that we get. If you look at the merchant side of our business, those gross margins continue to be extremely healthy, actually, quite a bit above our overall corporate target range. However, some of the key components of that, if you look at data center storage, enterprise networking, enterprise on-prem are really going through a significant inventory correction.

謝謝，克里斯。對了謝謝。讓我來吧。因此，當我們審視我們的毛利率時，它仍然在很大程度上受到整體產品組合以及整體收入水平和我們獲得的管理費用吸收的推動。如果你看看我們業務的商家方面，你會發現這些毛利率仍然非常健康，實際上，遠高於我們的整體公司目標範圍。然而，如果你看看資料中心儲存、企業網路、企業本地部署，其中的一些關鍵元件確實正在經歷重大的庫存調整。

And so at the same time, we're seeing the beginning of a very strong ramp on our custom programs. And those are typically lower gross margin. However, we get a ton of leverage on OpEx, especially as we are able to recognize the NRE on that as contra R&D and so as a result, that really drives strong operating margin for us.

因此，與此同時，我們看到我們的客製化計劃開始強勁成長。這些通常是較低的毛利率。然而，我們在營運支出上獲得了大量的槓桿，特別是當我們能夠將 NRE 視為相反的研發時，因此，這確實為我們帶來了強勁的營運利潤。

So overall, I'm not going to guide more than 1 quarter at a time. I think you have to triangulate with what we're indicating here, but we do see -- as those other merchant businesses start recovering that drives a nice tailwind for us across next year.

所以總的來說，我一次不會指導超過一個季度。我認為你必須對我們在這裡指出的內容進行三角測量，但我們確實看到 - 隨著其他商業企業開始復蘇，這將為我們明年帶來良好的推動力。

Thanks, Will.

謝謝，威爾。

Yes. Thanks, Willem. And Chris, just one more add and then we can go to the next question. I'd say, in addition to that, which is really as Willem said, both the on-prem data center or the enterprise networking, those types of segments being weaker that are healthier gross margins. The other one that is poised for a stronger recovery as well is automotive in the second half, and that's been a strong driver us as well.

是的。謝謝，威廉。克里斯，再補充一點，然後我們就可以進入下一個問題。我想說的是，除此之外，正如威廉所說，無論是本地資料中心還是企業網絡，這些類型的細分市場都較弱，但毛利率更健康。下半年也有望實現更強勁復甦的另一個產業是汽車產業，這也是我們的強勁推動力。

So there's some goodness out there for sure, where we'll have better read, obviously, as this current quarter progresses and in terms of what the second half is going to look like on those other businesses. But we do expect them to recover and return to growth. It's just a timing issue. And so hopefully, that's helpful to think about the different drivers of gross margin. Next question.

因此，隨著本季度的進展以及下半年其他業務的情況，肯定會有一些好的東西，顯然，我們需要更好地閱讀。但我們確實期望它們能夠復甦並恢復成長。這只是一個時間問題。希望這有助於思考毛利率的不同驅動因素。下一個問題。

Karl Ackerman of BNB Paribas.

法國巴黎銀行的卡爾·阿克曼。

Thank you. Within data center, it looks like the AI portion of your business are about $500 million this past quarter. And so I was hoping you could just also size the non-AI portion of data center. And I guess what you're seeing there both this quarter and going forward because there does appear to be green shoots within the storage ecosystem and perhaps even fiber channel from a seasonal basis. So if you could just discuss the non-AI portion of data center, both this quarter and throughout the balance of fiscal '25? That would be very helpful.

謝謝。在資料中心內，上個季度您業務的 AI 部分看起來約為 5 億美元。因此，我希望您也可以調整資料中心的非人工智慧部分的規模。我猜你在本季和未來都會看到什麼，因為儲存生態系統中似乎確實出現了新芽，甚至可能是季節性的光纖通道。那麼，您是否可以只討論本季以及整個 25 財年的資料中心的非人工智慧部分？這將非常有幫助。

Thank you. Karl, Karl, thanks. Yes. So yes, without getting into the granularity by quarter relative to the pieces within data center. The way I'd say it is the AI, as we discussed, has been very strong. It continues to upside and it continues to look very promising this year and next year.

謝謝。卡爾，卡爾，謝謝。是的。所以是的，無需了解與資料中心內的各個部分相關的季度粒度。正如我們所討論的，我想說的是人工智慧非常強大。它繼續上漲，並且今年和明年看起來仍然非常有希望。

But to your point, a couple of other things are going on that we see playing out through the year. The first is in standard cloud infrastructure, those companies providing those services, in particular, are continuing to invest for sure. And that -- and so when we are seeing our recent results, we're seeing growth in both AI and standard cloud infrastructure. And we see that continuing throughout the year. And then as it relates to the on-prem piece, which has been very depressed relative to just what's happened with traditional server shipments over really probably the last 8 quarters or so, we do very much see a bottom in our first quarter in that business. And so that's going to be part of the growth throughout the rest of the year as well with some of that coming back to normalized levels. And that ties back to Willem's comment earlier about some of the gross margin improvement we can look forward to as those businesses recover.

但就你而言，我們看到今年還會發生一些其他事情。首先是在標準雲端基礎設施方面，特別是那些提供這些服務的公司肯定會繼續投資。因此，當我們看到最近的結果時，我們看到人工智慧和標準雲端基礎設施都在成長。我們看到這種情況全年持續。然後，由於與本地部署相關，相對於過去 8 個季度左右的傳統伺服器出貨量，該業務一直非常低迷，我們確實看到該業務在第一季度觸底。因此，這將成為今年剩餘時間成長的一部分，其中一些將恢復到正常水平。這與威廉早些時候的評論有關，即隨著這些業務的復甦，我們可以期待毛利率的一些改善。

So I see growth in all 3 kind of from here, but with different dynamics driving those.

因此，我從這裡看到了所有三種類型的成長，但驅動這些成長的動力不同。

Thanks.

謝謝。

Tom O'Malley of Barclays.

巴克萊銀行的湯姆·奧馬利。

Good afternoon, guys. Thanks for taking my question. Matt, just one for you and it's sort of a follow up on the AI Day. So you talked about with the kind of timing inference and CPU and when you look into the future, could you talk about if you think any of the 3 are more or less defensible? Do you think it could be over-indexed to any of those? I know that you spent a lot of time at the AI Day saying this is really a process that both involves your chip design as well the customers' design. So I understand that where flags are planted today. There may be some defensibility. But just could you talk about those 3 opportunities and where you see defensibility and where you maybe see some more success?

下午好，夥計們。感謝您提出我的問題。馬特，這只是給你的一個，它是人工智慧日的後續活動。所以你談到了時序推理和 CPU 的類型，當你展望未來時，你能談談你是否認為這 3 者中的任何一個或多或少是可以防禦的嗎？您認為它可能對其中任何一個過度索引嗎？我知道您在人工智慧日上花了很多時間說這實際上是一個既涉及您的晶片設計也涉及客戶設計的過程。所以我明白今天插旗的地方。可能有一定的辯護性。但您能否談談這 3 個機會以及您在哪些方面看到了防禦性以及您可能在哪些方面看到了更多成功？

Yes. Tom, Thanks for the question. I think I would bucket them all largely in the same camp, okay? And what I mean by that is if you're in the data center custom silicon market as we are and providing a wide variety of solutions. Raghib showed those types of solutions on a slide at the AI Day plus a bunch of other ones, right, that we're involved in. But these are multiyear development cycles, these are multiyear -- or multigenerational types of engagements we have because you're talking about developing literally the most state-of-the-art semiconductor products in the industry.

是的。湯姆，謝謝你的提問。我想我會把他們大部分放在同一個陣營，好嗎？我的意思是，如果您像我們一樣處於數據中心定制晶片市場並提供各種解決方案。 Raghib 在人工智慧日的幻燈片上展示了這些類型的解決方案，還有我們參與的其他一些解決方案。我們談論的是開發業界最先進的半導體產品。

Some of these are $100 billion type of transistors and up. It's the most advanced packaging, the most advanced process node, the most advanced IO and as a key partner, we have to be able put all that together for the customer and then actually deliver it in high volume, with high yield, high reliability as well as have the parallelism to be working on the next generation.

其中一些是價值 1000 億美元或以上的晶體管。它是最先進的封裝、最先進的製程節點、最先進的 IO，作為關鍵合作夥伴，我們必須能夠為客戶將所有這些整合在一起，然後以高產量、高可靠性的方式實際大量交付。並且具有在下一代上工作的並行性。

And these plans typically get set well in advance. The first wins we talked about on these custom programs was in 2021, Tom, and then we're sort of looking out to the 2024 ramp we're seeing. I'm talking about calendar now and then really 2025 for kind of full year. So -- and that's moving heaven and earth with the engineering teams in both companies.

這些計劃通常是事先制定好的。湯姆，我們談論的這些客製化計畫的第一次勝利是在 2021 年，然後我們正在展望我們所看到的 2024 年的成長。我時不時地談論日曆，然後真正談論 2025 年全年。因此，這兩家公司的工程團隊都在為此努力。

So these are very defensible, very sticky sockets when you partner and when you do a great job. And I wouldn't sort of put one over the other. There's various dynamics within all the different kinds of custom silicon investments our customers are making with us. But in general, once we're in and we are -- and we prove our execution and partnership, it typically leads to the next one.

因此，當你合作並且做得很好時，這些都是非常有防禦性、非常黏性的插座。我不會把其中一個放在另一個之上。我們的客戶與我們進行的各種不同類型的客製化晶片投資存在著各種動態。但總的來說，一旦我們進入並且我們證明了我們的執行力和合作夥伴關係，它通常會導致下一個。

So I feel really good about our position there. And so does Raghib and that's why we are very confident in our ability to drive share gains over the next few years. And if the market really develops like I think we all think and hope it will, it will be very meaningful for Marvell. So thanks for the question.

所以我對我們在那裡的地位感到非常滿意。拉吉布也是如此，這就是為什麼我們對未來幾年推動份額成長的能力非常有信心。如果市場真的像我認為我們都認為和希望的那樣發展，這對 Marvell 來說將非常有意義。謝謝你的提問。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

Thank you. Hey, Matt, just wanted to, I guess, to come back to the gross margin question. Obviously, I understand the ramp of custom compute is a bit of a headwind. But what do you talk about sort of the pressure on margins is because from compute ramps?

謝謝。嘿，馬特，我想，只是想回到毛利率問題。顯然，我知道定制計算的成長有點逆風。但是，您所說的利潤率壓力是由於計算量增加而造成的嗎？

Can you just level set us you kind of talking relative to the long-term model of 64 plus, are you sort of talking about pressure from sort of the July quarter guidance level of 62?

您能否向我們介紹一下相對於 64+ 的長期模型，您是否在談論來自 7 月季度指導水平 62 的壓力？

Yes. Thanks for the question, Quinn, and the clarification. We're really talking about in the short term here as we think about there custom programs ramping and what that's going to do to our business programs starting in Q2 and through this year. We have a mix of different business models and product lines, as you know. And we're in a period right now where the custom piece is well indicated, which does drive tremendous operating leverage, does carry a lower than corporate average gross margin. So in the near term, as we see a very strong ramp and inflection on that business, with the sort of margin-rich businesses is taking longer to recover. I think that's what we're trying to say. We've successfully managed for some time now, the ability to drive a healthy gross margin across the portfolio of products. But we still got to kind of get through this post-cyclical period we're in and get back to a period of normalcy in terms of demand.

是的。感謝奎因的提問與澄清。我們在這裡真正談論的是短期，因為我們考慮了客製化計畫的增加，以及這將對我們從第二季開始一直到今年的業務計畫產生什麼影響。如您所知，我們混合了不同的商業模式和產品線。我們現在正處於客製化產品的明確時期，這確實帶來了巨大的營運槓桿，但毛利率確實低於企業平均水平。因此，在短期內，我們看到該業務出現非常強勁的成長和變化，而這類利潤豐厚的業務需要更長的時間才能恢復。我想這就是我們想說的。一段時間以來，我們已經成功地管理了整個產品組合的健康毛利率。但我們仍然需要度過當前的後週期時期，並在需求方面回到正常時期。

And I think when that happens and you see those other more margin-rich businesses return to their run rates that they were at and then grow from there, I think we'll have a much healthier margin profile. But that's really sort of beyond, I would say, the next few quarters. And that's really what we're just trying to signal to everybody on how to think about the business as you model in the near term.

我認為，當這種情況發生時，你會看到其他利潤更豐富的企業恢復到原來的運行速度，然後從那裡開始成長，我認為我們將擁有更健康的利潤狀況。但我想說，這確實超出了未來幾季的時間。這確實是我們試圖向每個人發出的信號，告訴他們在近期建模時如何考慮業務。

Willem, do you have anything to add?

威廉，你還有什麼要補充的嗎？

No, I think that's perfect, Matt. Nothing else.

不，我認為這很完美，馬特。沒有其他的。

Okay, thanks.

好的謝謝。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Thanks from asking a question. Wanted to get to the cyclical parts of your business. Matt, you talked about kind of a slow recovery in the combination of the enterprise networking and carrier business. Just wondered if they're dropping so hard and so abruptly over the course of a couple of quarters, why would it be such a gradual increase? Usually, if you have those kind of big drops, you'd have big step-ups. Are you just being conservative in that? Is there a share loss? Just what sort of slope would you expect in that recovery? And I think last quarter, you said they should get to be $1 billion businesses individually, to $2 billion overall. The timetable for that is -- can you get there next year? Is it further off? Any color on those 2 topics would be helpful.

感謝提問。想要了解您業務的周期性部分。馬特，您談到了企業網路和營運商業務相結合的緩慢復甦。只是想知道如果它們在幾個季度內下降得如此劇烈和突然，為什麼會如此逐漸增加？通常，如果你有這樣大的下降，你就會有很大的進步。你只是在這方面保守嗎？是否有股份損失？您預計復甦的斜率會是怎樣的？我認為上個季度，您說過他們的業務規模應該達到 10 億美元，整體規模達到 20 億美元。時間表是－明年你能到達那裡嗎？還遠嗎？這兩個主題的任何顏色都會有幫助。

Yes. No, it's a great question, Ross, and maybe I'll give you one example. So to answer the first part, yes, I think we're taking -- given the magnitude of the drop, we are taking a conservative view on the recovery slope. I would say until we really see the bookings and the backlog laying in. And I'd say when it's here, it will be much easier to call. I know that sounds a little bit snarky, but it's not. It's just the reality is when something drops, you want to be a little thoughtful about the recovery.

是的。不，這是一個很好的問題，羅斯，也許我可以舉個例子給你聽。因此，為了回答第一部分，是的，我認為我們正在考慮——考慮到下降的幅度，我們對復甦斜率採取保守的看法。我想說，直到我們真正看到預訂和積壓的情況。我知道這聽起來有點尖酸刻薄，但事實並非如此。現實是，當事情下降時，你需要對恢復進行一些深思熟慮。

But that being said, I'm -- I've seen this pattern too. And in fact, look at our consumer business. It had a down Q1, and now it's doubling going into Q2, right, as that inventory worked through and we realigned. And so that was like a -- that was a fairly quick one.

但話雖如此，我也看到過這種模式。事實上，看看我們的消費者業務。它的第一季業績有所下降，現在進入第二季度，它的業績翻了一番，對吧，因為庫存已經耗盡，我們也進行了重新調整。所以這就像是——這是一個相當快的過程。

On those 2 dynamics, it's probably important for me to take a second on what we're seeing there in both the carrier and enterprise markets. And we do -- and I do see those returning back to their -- to kind of, call it, $2 billion combined, $1 billion each run rate, but it's very different, I think, the PAS and maybe a little counterintuitive in terms of what we're seeing, but here it goes.

關於這兩個動態，對我來說，考慮一下我們在營運商和企業市場中所看到的情況可能很重要。我們確實——而且我確實看到那些人回到了他們的——可以稱之為，總計20 億美元，每次運行率10 億美元，但我認為，PAS 是非常不同的，也許在術語上有點違反直覺。

On the carrier side, the overall environment, the end environment with operators and capital spending still looks very weak and it still looks depressed. However, we have some of our own growth drivers in this market, in particular, on the wireless side with some new content ramping and in this area, we've actually seen bookings and demand improve in terms of the outlook for later this year. And so when you start getting those orders for the second half and really kind of into Q4, it starts to give us a lot of confidence in that return to growth, even in sort of a broader more depressed environment. So that one counterintuitively, we're feeling pretty good about just in terms of -- because we're seeing the order activity.

在營運商方面，整體環境、營運商的終端環境和資本支出仍然看起來非常疲弱，而且仍然看起來很蕭條。然而，我們在這個市場上有一些自己的成長動力，特別是在無線方面，一些新內容不斷增加，在這個領域，我們實際上已經看到預訂和需求在今年稍後的前景有所改善。因此，當你開始收到下半年的訂單並真正進入第四季度時，即使在更廣泛、更蕭條的環境下，我們也開始對恢復成長充滿信心。因此，與直覺相反的是，我們感覺非常好，因為我們看到了訂單活動。

On the enterprise side, it's a little bit different. The end market commentary continues to strengthen, which is good. Our end customers are talking about improvements in their order backlog and their sales activity. And they're also starting to modestly work down their own internal inventory and even talk about their customer inventory starting to work down. So that's positive. But I think given the magnitude of the inventory out there, we still haven't seen that recovery as yet.

在企業方面，情況略有不同。終端市場評論繼續加強，這是利好。我們的最終客戶正在談論他們的訂單積壓和銷售活動的改進。他們也開始適度地減少自己的內部庫存，甚至談論他們的客戶庫存開始減少。所以這是積極的。但我認為考慮到庫存的規模，我們仍然沒有看到這種復甦。

And so hopefully, that's helpful in terms of how you think about modeling it. But I'm hopeful within the next quarter, we'll have a much better visibility on the second half for both of those businesses. But I'd say kind of to my surprise, carriers started to pick back up first. But we do expect enterprise to follow. The question is when. But I'd say if anything, if you -- like the carrier example, it wasn't share loss. It was actually a share gain we've got going forward. It's just a tough depressed environment at the moment. But all of our indications are that they will return to growth. And hopefully, we'll have a better second half.

希望這對您如何思考建模有所幫助。但我希望在下個季度，我們對這兩項業務的下半年會有更好的了解。但令我驚訝的是，運營商首先開始恢復。但我們確實希望企業能夠跟進。問題是什麼時候。但我想說的是，如果你像運營商的例子一樣，那不是份額損失。這實際上是我們未來的份額成長。目前的環境非常嚴峻、蕭條。但我們所有的跡像都表明它們將恢復成長。希望我們下半場會有更好的表現。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

Actually, my question was similar to Ross, but I was wondering -- you did a pretty good explanation there, if you could talk in data center, right? So outside of electro-optical, we know the ASIC ramp is going to be what it is. I'm just kind of curious to cyclical correction. I thought you said storage was up year-over-year, but I think it's a pretty easy comp. So if you look at kind of storage and kind of the other bits of data centers that aren't the AI and optical, what kind of cyclical correction is going on there? How much -- I don't know if you can comment on how much is down? And kind of are you seeing any improving trends there as well?

實際上，我的問題與羅斯類似，但我想知道 - 你在那裡做了很好的解釋，如果你可以在數據中心交談，對吧？因此，除了電光之外，我們知道 ASIC 斜坡將會是這樣的。我只是對週期性修正有點好奇。我以為你說儲存量逐年增加，但我認為這是一個非常簡單的比較。因此，如果你看看儲存類型以及資料中心中除人工智慧和光學之外的其他部分，會發現那裡正在發生什麼樣的週期性修正？多少錢——我不知道你是否可以評論一下下降了多少？您是否也看到了任何改善的趨勢？

Yes. No, great one to add, Blayne, actually. Although we don't break it out exactly, we -- I reviewed all these numbers heading into the call. So you're right, year-over-year comps are pretty easy, I guess, but it's still a positive trend for sure, overall in storage in that we saw our bottom there in the first quarter a year ago, and it's seen very steady improvement actually each quarter since. But kind of to Ross' question, it hasn't hockey sticked up, but it's been growing nicely.

是的。不，實際上，有一個很好的補充，布萊恩。儘管我們沒有具體說明，但我們——我在電話會議前審查了所有這些數字。所以你是對的，我想，同比比較非常容易，但總體而言，在存儲方面，這仍然是一個積極的趨勢，因為我們在一年前的第一季就看到了底部，而且它非常明顯此後每季實際上都在穩步改善。但對於羅斯的問題，曲棍球並沒有堅持下去，但它發展得很好。

And that's on the total storage portfolio and within data center storage. So all that's coming back, which is great.

這涉及整個儲存產品組合和資料中心儲存。所以這一切都回來了，這太棒了。

And again, they're the end customer commentary particularly on the hard drive side, seems very encouraging. So as they work down again, the inventory that they had accumulated, those end market signals at least from what we're picking up at the end customer level are starting to look bullish as well.

再說一次，他們是最終客戶的評論，特別是在硬碟方面，似乎非常令人鼓舞。因此，當他們再次下降時，他們累積的庫存，至少從我們在最終客戶層面獲得的資訊也開始看起來看漲。

So we're hopeful that, that -- and that feeds mostly that -- storage business feeds the data center part of it, but that is part of our growth we're expecting as well in the second half. Although the majority of it is going to be continued ramp in AI for sure, Blayne. But storage has been a nice one that's been on the recovery path. I'd say slow and steady, but back on the path to the levels we think it should be at.

因此，我們希望儲存業務能夠滿足資料中心的需求，而這也是我們預計下半年成長的一部分。 Blayne，儘管其中大部分肯定是人工智慧的持續發展。但儲存一直是一個很好的領域，一直在復甦之路上。我想說的是緩慢而穩定，但回到我們認為應該達到的水平。

Thanks.

謝謝。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon. Thanks for taking my question. On the optical side, you guys are benefiting from the strong growth in 800 gigs to support all these AI build-outs. 1.6T starts later this year with your lead partner NVIDIA. Is this driving -- is optical driving quarter-on-quarter growth here in July and to this year given that this is the profile of your customers sort of GPU and compute ASIC deployments. And then secondly, you've got a lot of other potential upside drivers right in optical. For example, it's right around this time for some of your cloud customers to start the broad data center networking footprint upgrades the 400-gig 800-gig, especially with your Teralynx 10, Broadcom's Tomahawk 5 platforms shipping this year, that will drive, I think, some incremental growth for your 800-gig DSP solutions. And then on top of that, you have 2 new customers that I think are going to fire on your 400 ZR DCI solution. So I guess the follow-up question here is, are you starting to get some visibility on some of these potential upside drivers in optical?

午安.感謝您提出我的問題。在光學方面，你們正受益於 800 場演出的強勁成長，以支持所有這些人工智慧的建設。 1.6T 將在今年稍後與您的主要合作夥伴 NVIDIA 一起啟動。鑑於這是您的客戶 GPU 和運算 ASIC 部署的情況，光纖驅動是否會推動 7 月和今年的季度環比成長。其次，光學領域還有很多其他潛在的上行驅動因素。例如，大約在這個時候，您的一些雲端客戶開始將廣泛的資料中心網路足跡升級為 400-gig 800-gig，特別是今年推出的 Teralynx 10、Broadcom 的 Tomahawk 5 平台，這將推動，我想一想，您的800 GB DSP 解決方案會出現一些增量成長。除此之外，您還有 2 位新客戶，我認為他們會購買您的 400 ZR DCI 解決方案。所以我想接下來的問題是，您是否開始了解光學領域的一些潛在上行驅動因素？

Yes. Excellent question, Harlan. I think you've actually got the narrative pretty well nailed down, but maybe some additional comments. I'd say in the short term, the way to think about the optical business into July is we're modeling it right now and our guide is flattish to slightly up. And the reason for that is we outperformed pretty big both in Q4 and Q1. So in fact, I'd say since last year, once sort of ChatGPT hit and the whole AI thing hit, we've been beating those numbers every quarter. And we're positioned from a supply standpoint to do that, but it's just it ramped up very fast.

是的。很好的問題，哈倫。我認為您實際上已經很好地闡述了敘述，但也許還有一些補充評論。我想說，從短期來看，考慮 7 月光學業務的方法是我們現在正在對其進行建模，我們的指南是持平到略有上升。原因是我們在第四季和第一季的表現都相當出色。所以事實上，我想說，從去年開始，一旦 ChatGPT 和整個人工智慧的出現，我們每季都會超過這些數字。從供應的角度來看，我們已經做好了做到這一點的準備，但只是成長速度非常快。

And it's continued to hold there and outperform. So as we look into July, we're modeling it to be flat to slightly up, it may do better. Let's see where the order trends come in. But year-over-year will be very strong because also in the second half, to your point, those traditional standard cloud infrastructure build-outs and upgrades are going to happen. And so that's part of our model as well in the second half is seeing standard cloud infrastructure ramp on the optical business. And then we've got our switching portfolio you mentioned.

它繼續保持在那裡並跑贏大盤。因此，當我們展望 7 月時，我們將其建模為持平或略有上升，它可能會表現得更好。讓我們看看訂單趨勢出現在哪裡。因此，這也是我們下半年模型的一部分，即標準雲端基礎設施在光學業務上的發展。然後我們就有了你提到的轉換投資組合。

And then also ZR, we've engaged with multiple customers now that's probably more of a next year thing, but again, some contribution this year. And then we've got AECs as well. So there's a lot happening in this area. And that's why when you look at sort of Marvell in the second half of this year, we guided the whole company up 8% for Q2.

然後還有 ZR，我們現在已經與多個客戶進行了合作，這可能更多是明年的事情，但同樣，今年也做出了一些貢獻。然後我們還有 AEC。所以這個領域發生了很多事情。這就是為什麼當你看看今年下半年的 Marvell 時，我們指導整個公司第二季成長 8%。

And when I look at the second half, total company is going to be up more than that in Q3 and Q4 with growth accelerating, primarily driven by data center and AI and primarily driven by the trends all of which you mentioned are dynamics that we see. So yes, we see a great setup for the second half, very, very optimistic for the second half.

當我展望下半年時，公司總數將比第三季和第四季成長更多，成長加速，主要由資料中心和人工智慧驅動，主要由您提到的所有趨勢驅動，這些都是我們看到的動態。所以，是的，我們看到下半場有一個很好的安排，對下半場非常非常樂觀。

I appreciate that. Thank you, Matt.

我很感激。謝謝你，馬特。

C.J. Muse of Cantor Fitzgerald.

坎托·菲茨杰拉德的 C.J. 繆斯。

Yes, good afternoon. Thank you for taking the question. I guess, Matt, I wanted to follow up on your prepared remarks where you talked about increasing optimism on the custom silicon prospects and funnel. And I guess as you think about that, is that visibility to units? Is that visibility to winning next-gen projects at existing customers? Is it selling additional silicon content to those customers? Or are you also potentially seeing greater breadth of vertical integrated players contemplating their own silicon?

是的，下午好。感謝您提出問題。我想，馬特，我想跟進您準備好的言論，您談到了對定制晶片前景和渠道日益樂觀的看法。我想當你想到這一點時，這對單位來說是可見性嗎？這種可見性是否有助於贏得現有客戶的下一代專案？它是否向這些客戶出售額外的矽含量？或者您也可能看到更廣泛的垂直整合廠商正在考慮自己的晶片？

Yes. Thanks, C.J. Yes, no, the comment was really focused on the existing design wins we have that are ramping in production for this year. And that right now, those are all doing better than we thought. Even from certainly last quarter when we talked about the business or even from the AI Day, all of those have strengthened in terms of the total revenues we expect both this year and next year from those businesses. So I think the demand remains very strong for AI, both for custom silicon and for optics and for the whole portfolio. And we have not seen that slow down. We've only seen our customers raise their estimates on us and their requirements and so we're working with our supply chain partners and making sure we can meet it.

是的。謝謝，C.J. 是的，不，評論實際上集中在我們今年正在加大生產的現有設計成果上。現在，這些都比我們想像的還要好。即使從上個季度我們談論該業務時甚至從人工智慧日開始，所有這些都在我們預計今年和明年這些業務的總收入方面有所增強。因此，我認為對人工智慧的需求仍然非常強勁，無論是客製化晶片、光學元件還是整個產品組合。我們還沒有看到這種放緩。我們只看到客戶提高了對我們的估計和他們的要求，因此我們正在與供應鏈合作夥伴合作，確保我們能夠滿足它。

And then on the -- I'd say additionally to that, though, the customer engagement side and momentum remains very strong. We're in execution phase on a number of new programs, many of which we talked about at the AI Day. So yes, we're heads down driving teams, driving technology, driving innovation, driving the schedule. And it's a pretty exciting time to be in the part of this market in the semiconductor industry right now and have such a unique role. So yes, activity is off the charts, both demand, revenue and design wins. Thanks.

然後，除此之外，我還要說的是，客戶參與度和勢頭仍然非常強勁。我們正處於許多新計劃的執行階段，其中許多我們在人工智慧日上討論過。所以，是的，我們正在埋頭推動團隊、推動科技、推動創新、推動進度。現在進入半導體行業的這個市場並扮演如此獨特的角色是一個非常令人興奮的時刻。所以，是的，活動超出預期，需求、收入和設計都取得了勝利。謝謝。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Thank you on my I had a question. Matt, I had a question on PCIe. What exactly are the company's ambitions there? I mean it's a concentrated supplier base today. I think the largest competitor is getting into the market as well. So -- how big is this market? What are your ambitions from a share perspective? And when should we see the earliest revenues for PCIe?

謝謝你，我有一個問題。馬特，我有一個關於 PCIe 的問題。公司在那裡的具體目標是什麼？我的意思是，今天它是一個集中的供應商基地。我認為最大的競爭對手也在進入這個市場。那麼——這個市場有多大？從股票的角度來看，您的抱負是什麼？我們什麼時候可以看到 PCIe 最早的收入？

Yes. Tore, thanks for the question. And for us, we really look at this as an incremental opportunity to leverage our core capability in PAM-based DSP design. And we've known about this market for some time, obviously, as you know well because you're really deep in this stuff, but people can just look at it, this is PCIe Gen 6. So there was retimers on Gen 5 and Gen 4 and Gen 3 and so forth.

是的。托雷，謝謝你的提問。對我們來說，我們確實將此視為利用我們在基於 PAM 的 DSP 設計中的核心能力的增量機會。顯然，我們已經了解這個市場一段時間了，正如您所知道的，因為您對這個東西非常深入，但人們可以只看它，這是 PCIe Gen 6。和第3 代等等。

I mean, I remember working on this kind of stuff back when I was at Maxim, okay, for like early PCIe. So I've sort of been around this market. And the thing that we've looked at always at Marvell going back a couple of years was on the PCIe Gen 6 transition, which is happening now on the products that we announced or sampling, is when the modulation scheme moves from NRZ to PAM. And so that was our decision to intercept this market at this juncture.

我的意思是，我記得當我在 Maxim 時就從事過這類工作，例如早期的 PCIe。所以我一直在這個市場周圍。幾年前，我們一直在 Marvell 關注 PCIe Gen 6 過渡，現在我們宣布或採樣的產品上正在發生這種過渡，即調製方案從 NRZ 轉向 PAM。因此，我們決定在這個時候切入這個市場。

And I would just say, I think it's a proven market size. I think it probably grows from where it was in Gen 5 to Gen 6. It will be led by probably a lot of the -- just like the rest of the market, a lot of the AI stuff first. And then when the standards are sort of formalize and ratified, then you'll see it in broader adoption over the next couple of years. But we intend to be a player here. It plays to our strengths. It's in our wheelhouse. And we have world-leading capability in this area. And so -- and it's a perfect fit to our whole connectivity portfolio.

我只想說，我認為這是一個經過驗證的市場規模。我認為它可能會從第五代成長到第六代。然後，當標準正式確定並獲得批准時，您將在未來幾年內看到它得到更廣泛的採用。但我們打算成為這裡的球員。它發揮了我們的優勢。它在我們的駕駛室裡。我們在這個領域擁有世界領先的能力。因此，它非常適合我們的整個連接產品組合。

And if you think about us, we are the one-stop shop in terms of connectivity solutions for our customers across the board. When you think about optical DSPs, AECs, these retimer products, you name it, we have the breadth of technology and breadth of product offering, and it's proven, and people know what they're dealing with.

如果你想想我們，我們是為客戶提供全面連接解決方案的一站式商店。當您想到光學 DSP、AEC、這些重定時器產品時，凡是您能想到的產品，我們都擁有廣泛的技術和廣泛的產品供應，並且經過驗證，人們知道他們正在處理什麼。

So -- we're optimistic it's early, Tore. It's still an emerging standard, but we definitely have a lot of customer interest, and that's why we announced the products today.

所以——我們樂觀地認為現在還早，托爾。它仍然是一個新興標準，但我們肯定有很多客戶感興趣，這就是我們今天發布這些產品的原因。

Thank you for that.

謝謝你。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you, Matt. Matt, my question is also on custom silicons. I guess you're ramping pretty aggressively second half of this year and you said, the first full year of ramp is going to be next year. I'm just curious. I'm guessing most of these ramps are 5-nanometer design wins. I'm just curious as to how long each generation typically ramps? And then when you go to the next generation, I'm just trying to understand how the transition typically works because if you look at the largest GPU supplier, they have kind of switched from a 2-year cadence to 1-year cadence. I don't know how the custom silicon programs that you are engaged with are -- how your customers are thinking about the cadence of those products. But I guess, just trying to understand how long should we expect the current generation to ramp? And then when they actually ramp down? And then when the next generation starts, how should we think about that transition?

謝謝你，馬特。馬特，我的問題也是關於客製化晶片的。我猜你今年下半年的成長相當積極，你說，第一個全年的成長將在明年。我只是好奇。我猜大多數這些斜坡都是 5 奈米設計的勝利。我只是好奇每一代通常需要多長時間？然後，當你進入下一代時，我只是想了解這種轉變通常是如何進行的，因為如果你看看最大的 GPU 供應商，他們已經從 2 年的節奏轉變為 1 年的節奏。我不知道您參與的客製化晶片程式如何——您的客戶如何考慮這些產品的節奏。但我想，只是想了解我們應該期望當前世代的效能提升多久？然後他們什麼時候會真正減少呢？然後，當下一代開始時，我們應該如何考慮這種轉變？

Yes. Thanks, Srini. And kind of the first point you mentioned, yes, the ramp is very steep this year. We talked about it at the AI Day exiting this year at $200 million kind of plus run rate on custom. So very strong . These are -- for kind of full year, these are probably 2-plus year kind of cycles once they hit. I would just say that without talking about specific engagements, I'd say that the custom side is as keen on making sure they're at the next node and have the latest technology just as fast as the biggest merchant suppliers, they want to complement their offerings.

是的。謝謝，斯里尼。您提到的第一點是，是的，今年的坡道非常陡峭。我們在今年的 AI Day 上討論了這個問題，並以 2 億美元的客製化運行費率退出。所以很強。這些是——對於全年來說，一旦發生，這些可能是兩年多的周期。我只想說，在不談論具體合作的情況下，我想說的是，定制方熱衷於確保他們處於下一個節點，並與最大的商業供應商一樣快地擁有最新技術，他們希望補充他們的奉獻。

So that's where some of the comments I made earlier around being in execution mode on next-generation products and design activity. You're going to see that same trend. But for at least the current ones we have now, if that's part of your question, we have very strong visibility over the next couple of years on the 5-nanometer programs.

這就是我之前就下一代產品和設計活動處於執行模式發表的一些評論。你會看到同樣的趨勢。但至少就我們目前擁有的項目而言，如果這是您問題的一部分，那麼我們在未來幾年對 5 奈米專案擁有非常強的知名度。

The 3-nanometer design pipeline and wins have been very strong, and we're already deeply engaged on 2-nanometer. So it's almost the way it's working now is you've got 5 in production and 3 sort of in flight and 2 is the next one. And how all that plays out, Srini, is going to -- is still a bit dynamic, but you're going to see the same kind of intensity in terms of R&D and technology requirements on the custom side as you see on the merchant side, you just have to, to meet the power and TCO requirements that the market needs. And we're well positioned to go do that to support our customers on it and they're very motivated to make that happen as a way to have both, right, in terms of their -- the breadth of their spend and AI is going to require them to have both types of solutions, both from the leading market supplier as well as augmenting with their own.

3 奈米設計管道和勝利非常強大，我們已經深入研究 2 奈米。所以現在的工作方式幾乎是這樣的：有 5 架正在生產，3 架正在飛行，還有 2 架是下一架。 Srini，這一切將如何發展——仍然有點動態，但您將在定制方面看到與商家方面相同的研發和技術要求強度，您只需滿足市場所需的功耗和 TCO 要求即可。我們完全有能力這樣做來支持我們的客戶，他們非常有動力去實現這一點，因為他們的支出廣度和人工智慧正在發展要求他們擁有兩種類型的解決方案，既有來自領先市場供應商的解決方案，也有自己的解決方案。

All right. Thank you. I think we got a couple more questions here.

好的。謝謝。我想我們還有幾個問題。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Just a quick follow-up on the PCIe retimer and then my question. Just if you had any idea on the TAM and how you're viewing that market? That would be great. But my question is really around storage, enterprise networking, carrier, some of your end wireless carrier and consumer. Of these markets, they've previously been driven by product cycles, a lot of them whether it's consoles or 5G or campus upgrades or near-line drives? Are there any product-specific drivers for these markets that can get them beyond a cyclical recovery that you've identified?

只是對 PCIe 重定時器的快速跟進，然後是我的問題。您對 TAM 有什麼了解以及您如何看待該市場？那太好了。但我的問題實際上是圍繞著儲存、企業網路、營運商、一些終端無線營運商和消費者。在這些市場中，它們以前是由產品週期驅動的，其中許多是遊戲機、5G、園區升級還是近線驅動器？這些市場是否有任何特定於產品的驅動因素可以使它們超越您所確定的周期性復甦？

Yes. Thanks, Chris. Let me -- on the first one, we haven't spelled out the TAM yet. We thought it was a bit early when we were doing our AI Day to do that. But it will be -- our view is it was significant enough of an opportunity to enter the market and develop the products, and that's something we can provide information on in the future. But there's quite frankly, pretty good market reports out there that you're probably very [Audio Gap] but that's something we can provide in the future for sure.

是的。謝謝，克里斯。首先，我們還沒有拼出 TAM。當我們舉辦人工智慧日時，我們認為這樣做還為時過早。但我們認為，這是進入市場和開發產品的一個足夠重要的機會，這是我們將來可以提供的資訊。但坦白說，有相當不錯的市場報告表明您可能非常[音訊差距]，但這肯定是我們將來可以提供的。

On the private cycle side, some of these are really going to be driven by us in terms of our own design wins, the carrier is a good example, both on adding an additional socket that ramps up, that's content gain, right, as well as their -- once the wired side picks up as well, there will be a nice transition from 400 gig to 800 gig coherent. So we've got those going on. Those are 2 examples.

在私人自行車方面，其中一些確實將由我們在自己的設計勝利方面推動，運營商就是一個很好的例子，既增加了額外的插座，又增加了內容增益，對吧。就會有一個從400 GB 到800 GB 相干的良好過渡。所以我們已經完成了這些工作。這是兩個例子。

I think consoles are what they are. And then in networking, we've just been gradually, over time, increasing our share, increasing our content. I don't see that changing. But we've always kind of said that businesses [ GD plus ] kind of grower in terms of a market, and we can do better.

我認為遊戲機就是這樣。然後在網路領域，隨著時間的推移，我們逐漸增加我們的份額，增加我們的內容。我認為這種情況不會改變。但我們總是說，就市場而言，企業 [GD plus] 是一種成長者，我們可以做得更好。

Now we had several years that were on like 20% or 30%. We had some really nice performance in terms of the share we were able to capture. But from here on out, I think we've consistently said it's just all -- in fact, we've always said, even we sort of say and then we beat it, but it's always, I think, better to be conservative on the enterprise side in terms of modeling, which is, call it, mid-single-digit kind of a grower as a market, and we can do a little bit better. That's once all the inventory and all that stuff is normalized.

現在我們有好幾年的比例是 20% 或 30%。就我們能夠獲得的份額而言，我們的表現非常出色。但從現在開始，我認為我們一直說這只是全部 - 事實上，我們總是說，甚至我們有點說然後我們擊敗了它，但我認為，保守總是更好企業方面在建模方面，即所謂的中個位數種植者作為市場，我們可以做得更好一點。一旦所有庫存和所有這些東西都標準化了。

I don't see any major product cycle there other than just as multi-gig continues to ship more than 1 gig. We get an ASP uplift. And as the -- in the switching side, the ASP per port goes up as the bandwidth goes up. So there's some nice trends there, Chris. But I think we did a good job of establishing a very solid footprint from a share perspective. And so the model going forward should really be kind of market growth plus our own content and modest share gain.

除了多演出繼續交付超過 1 演出之外，我沒有看到任何主要的產品週期。我們得到了平均售價的提升。在交換端，每個連接埠的 ASP 隨著頻寬的增加而增加。所以那裡有一些不錯的趨勢，克里斯。但我認為，從股票的角度來看，我們在建立非常堅實的足跡方面做得很好。因此，未來的模式實際上應該是市場成長加上我們自己的內容和適度的份額成長。

I think with that, we've got one more question, and then we can wrap it up.

我想這樣一來，我們還有一個問題，然後我們就可以結束這個問題了。

Atif Malik, Citi.

阿蒂夫·馬利克，花旗銀行。

Hi, thank you for taking my final question. Matt, in response to Harlan's question, you talked about optical flat to slightly up on 800-gig. Curious when are you thinking about the volume adoption of 1.6T and what is holding that if it's not the DSPs. Are the lasers not ready? Or is it just waiting for the BlackRock?

你好，謝謝你回答我的最後一個問題。 Matt，在回答 Harlan 的問題時，您談到了光學平面略高於 800-g。很好奇您什麼時候考慮 1.6T 的批量採用以及如果不是 DSP 的話是什麼支撐著它。雷射還沒準備好嗎？還是只是在等待貝萊德？

Yes. Great. Thanks, Atif. I think the way to think about it is just timing relative to the system builds, our customers' [ qual ] schedule, their ramp, et cetera. So we start seeing -- yes, this one at the moment doesn't have -- it's not a -- I mean I remember all these issues in the past, right? There's a green laser problem, there's this problem or that -- and there's always some issue in this optical space. But this time, it's really -- everyone's going 1 million miles an hour trying to get their products ramped. Our module partners are ramping up with our solution, our end customers that are driving this are going as fast as they can. So it's just more of a timing issue that we need to intercept the platforms as they're ramping, and we're doing that.

是的。偉大的。謝謝，阿提夫。我認為思考這個問題的方法只是相對於系統建置、我們客戶的[品質]時間表、他們的斜坡等的時間安排。所以我們開始看到——是的，這個目前沒有——它不是——我的意思是我記得過去所有這些問題，對吧？存在綠色雷射問題，存在這個問題或那個問題——並且在這個光學空間中總是存在一些問題。但這一次，真的是——每個人都以每小時 100 萬英里的速度試圖讓他們的產品得到提升。我們的模組合作夥伴正在大力推廣我們的解決方案，推動這項解決方案的最終客戶也正在盡可能快速地發展。因此，這更多的是一個時間問題，我們需要在平台發展時對其進行攔截，而我們正在這樣做。

So think of that as sort of shipments in the back half, but really contributing much more meaningfully next year on the 1.6 transition. But it's definitely underway, and we see a clear path to help enable, right, this part of the -- the next generation of accelerators to be able to ship in volume with the latest optical standards. And we're at the forefront and in the lead in that regard. So yes, it will be later this year and then more volume next year, and it will, I think, be a big product cycle for us.

因此，可以將其視為後半段的出貨量，但明年對 1.6 過渡確實會做出更有意義的貢獻。但這肯定正在進行中，我們看到了一條清晰的道路，可以幫助實現下一代加速器的這一部分，以便能夠按照最新的光學標準批量發貨。我們在這方面處於前沿和領先地位。所以，是的，這將是今年晚些時候，然後是明年更多的銷量，我認為這對我們來說將是一個很大的產品週期。

I think with that, that would be the last question. So I think we can wrap up the call from here. Thanks, everybody, for your interest in Marvell and in the company, and I look forward to seeing all of you in the coming months. And Atif, I'll see you probably in September at the Citi Conference. So all right. Take care, everybody. Thanks.

我想這就是最後一個問題了。所以我想我們可以從這裡結束通話。感謝大家對 Marvell 和公司的興趣，我期待在未來幾個月見到你們所有人。 Atif，我可能會在 9 月的花旗會議上見到您。那麼好吧。大家保重。謝謝。

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

女士們先生們，我們的問答環節到此結束。感謝您參加今天的演講。您現在可以斷開連線。