邁威爾科技 (MRVL) 2025 Q4 法說會逐字稿

Good afternoon and welcome to Marvell Technology, Inc.'s fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Marvell Technology, Inc. 第四季和 2025 財年財報電話會議。（操作員指示）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.

現在，我想將會議交給投資者關係資深副總裁 Ashish Saran 先生。請繼續。

Thank you and good afternoon everyone. Welcome to Marvel's fourth quarter in fiscal year 2025 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO.

謝謝大家，下午好。歡迎參加漫威2025財年第四季財報電話會議。今天與我一起出席的還有 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. 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.

讓我提醒大家，今天發表的某些評論包括前瞻性陳述，這些陳述受重大風險和不確定性的影響，可能導致我們的實際結果與管理階層目前的預期有重大差異。請查看我們今天向美國證券交易委員會提交並在我們的網站上發布的收益新聞稿中包含的警告聲明和風險因素，以及我們最近的 10-K 和 10-Q 文件。

We do not intend to update our forward-looking statements. During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is also available in our earnings press release.

我們不打算更新我們的前瞻性陳述。在今天的電話會議中，我們將參考某些非 GAAP 財務指標。我們的 GAAP 和非 GAAP 財務指標之間的對帳表也可在我們的收益新聞稿中查閱。

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，請他評論本季的情況。馬特？

Thanks, Ashish, and good afternoon, everyone. For the fourth quarter of fiscal 2025, Marvell delivered record revenue of $1.817 billion, above the midpoint of guidance, growing 20% sequentially and 27% year-over-year.

謝謝，Ashish，大家下午好。2025 財年第四季度，Marvell 實現創紀錄的 18.17 億美元營收，高於預期中位數，季增 20%，年增 27%。

Our data center end market was the primary growth driver, fueled by strong AI demand and execution. In addition, we saw continued demand recovery across our multi-market businesses, including carrier, enterprise, networking and automotive and industrial. I am pleased to report that we achieved GAAP profitability in the fourth quarter and expect this to continue in fiscal 2026.

我們的資料中心終端市場是主要的成長動力，這得益於強勁的人工智慧需求和執行。此外，我們看到營運商、企業、網路、汽車和工業等多市場業務的需求持續復甦。我很高興地報告，我們在第四季度實現了 GAAP 盈利，並預計這種盈利狀態將持續到 2026 財年。

Our record non-GAAP earnings per share of $0.60 exceeded the midpoint of guidance, growing 40% sequentially. This earnings growth rate, dowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwuble our top line growth rate underscores the substantial operating leverage in our business model.

我們創紀錄的非公認會計準則每股收益為 0.60 美元，超過了預期中位數，季增 40%。這個獲利成長率使我們的營收成長率翻了一番，凸顯了我們商業模式中巨大的經營槓桿。

For the full fiscal year 2025, we delivered $5.77 billion in aggregate revenue, with our data center revenue growing 88% year-over-year. We ended the year with our AI revenue substantially above our $1.5 billion target from April 2024s AI day, and we also expect to very significantly exceed our $2.5 billion target in fiscal 2026.

在整個 2025 財年，我們的總營收為 57.7 億美元，其中資料中心營收年增 88%。我們今年的人工智慧收入大大高於我們在 2024 年 4 月人工智慧日設定的 15 億美元的目標，我們也預計 2026 財年的收入將大幅超過 25 億美元的目標。

Our overall revenue growth accelerated in the second half of the year, driven by our custom silicon program ramps, along with continued strong growth in electro-optics.

受客製化矽片專案成長和電光業務持續強勁成長的推動，我們的整體營收在下半年加速成長。

In fiscal 2025, we also drove a record $1.68 billion in operating cash flow and significantly increased capital returns to our stockholders through stock repurchases and dividends totaling $933 million in aggregate. I'm extremely pleased with our fiscal 2025 results and even more excited about our outlook for robust year-over-year revenue growth in fiscal 2026.

在 2025 財年，我們還實現了創紀錄的 16.8 億美元的營運現金流，並透過股票回購和股息總計 9.33 億美元大幅增加了股東的資本回報。我對我們的 2025 財年業績感到非常滿意，並且對我們 2026 財年強勁的同比營收成長前景更加興奮。

We are poised for a strong start to the new year, forecasting revenue growth of over 60% year-over-year in the first quarter at the midpoint of guidance. Let me now discuss our results and expectations for each of our end markets.

我們已準備好以強勁勢頭迎接新的一年，預計第一季營收將比去年同期成長 60% 以上（基於指引中位數）。現在讓我討論一下我們對每個終端市場的表現和期望。

In our data center end market for the fourth quarter, we achieved record revenue of $1.37 billion, growing 78% year-over-year and 24% sequentially. These strong results were driven by our custom AI silicon programs ramping to high-volume production.

在第四季的資料中心終端市場，我們實現了創紀錄的 13.7 億美元收入，年增 78%，季增 24%。這些強勁的業績得益於我們客製化的 AI 矽片程式的大規模生產。

Additionally, we benefited from strong shipments of our electro-optics products and Teralynx ethernet switches with revenue from both product lines growing double digits sequentially on a percentage basis.

此外，我們也受惠於電光產品和 Teralynx 乙太網路交換器的強勁出貨量，這兩條產品線的收入均以百分比連續成長兩位數。

Within our electro-optics franchises, we continue to see strong demand for our market-leading 800 gig PAM products and our 400 ZR DCI products. We also began shipments of the industry's first 1.6T PAM DSP and 5-nanometer process technology.

在我們的電光特許經營範圍內，我們繼續看到對市場領先的 800 千兆 PAM 產品和 400 ZR DCI 產品的強勁需求。我們也開始出貨業界首款 1.6T PAM DSP 和 5 奈米製程技術。

To further optimize AI interconnect performance, we accelerated the cadence of next-generation products by introducing the industry's first 3-nanometer 1.6T DSP, featuring 200 gig per lane electrical and optical interfaces. This new Marvell DSP enables customers to reduce 1.6T optical module power consumption by more than 20% compared to its predecessor. And we expect to go into production in the second half of this year as 1.6T adoption accelerates.

為了進一步優化AI互連性能，我們推出了業界首款3奈米1.6T DSP，具有每通道200G的電接口和光接口，加快了下一代產品的上市節奏。這款全新的 Marvell DSP 可以幫助客戶將 1.6T 光模組功耗較上一代降低 20% 以上。隨著 1.6T 的普及加速，我們預計將在今年下半年投入生產。

While tremendous focus remains on GPUs and XPUs, the distributed nature of compute and AI makes connectivity just as critical as the individual processors. As a result, the design of the next generation of accelerated infrastructure is inexorably tied to how efficiently data can be moved on and off the accelerators and throughout the cluster.

儘管人們仍然非常關注 GPU 和 XPU，但運算和 AI 的分散式特性使得連接性與單一處理器一樣重要。因此，下一代加速基礎設施的設計與數據在加速器上和整個集群之間的移動效率密切相關。

This increase in the role of high-speed networking and AI data centers is perfectly aligned to our strength as an industry leader. And just like compute, hyperscalers are also customizing networking and we are seeing similar momentum for flash-based storage, HBM and CXL-based DRAM pooling.

高速網路和人工智慧資料中心角色的提升與我們作為業界領導者的優勢完美契合。就像運算一樣，超大規模器也在客製化網絡，我們看到基於快閃記憶體的儲存、HBM 和基於 CXL 的 DRAM 池也有類似的發展動能。

We'd announced the design win at Meta for a custom NIC at OCP last October, and we are seeing hyperscalers more broadly adopting similar strategies. This is evident in our recent design wins, which now include multiple custom NICs as well as a follow-on custom CXL memory solution. We are also enabling new interconnect technologies such as CPO and LPO for scale-up fabrics and coherent-lite DSPs for emerging campus-wide large-scale AI data centers. Earlier this year, we announced Marvell's breakthrough co-packaged optics architecture for custom XPUs, enabling customers to integrate optics into future custom accelerators.

去年 10 月，我們宣布 Meta 在 OCP 上贏得了客製化 NIC 的設計，我們看到超大規模企業正在更廣泛地採用類似的策略。這在我們最近的設計勝利中得到了體現，現在包括多個自訂 NIC 以及後續自訂 CXL 記憶體解決方案。我們也正在支援新的互連技術，例如用於擴展結構的 CPO 和 LPO，以及用於新興的校園範圍大型 AI 資料中心的 coherent-lite DSP。今年早些時候，我們宣布了 Marvell 用於客製化 XPU 的突破性共封裝光學架構，使客戶能夠將光學元件整合到未來的客製化加速器中。

First demonstrated at OFC 2024, the heart of Marvell's CPO platform is our 6.4T 3D silicon photonics engine. It integrates hundreds of active and passive components in a single unified device and builds on multiple generations of silicon photonics innovations that we have been shipping in high volume in our DCI modules for several years.

Marvell CPO 平台的核心是我們的 6.4T 3D 矽光子引擎，該平台首次在 OFC 2024 上展示。它將數百個主動和被動元件整合在一個統一的設備中，並建立​​在多代矽光子學創新的基礎上，這些創新我們多年來一直在 DCI 模組中大量出貨。

Co-packaged optics can enable an increase in the size and scale of AI servers, which currently rely on passive copper interconnects. We expect this transition from copper to optical interconnects will significantly expand Marvell's interconnect revenue and market opportunities. We are engaged with customers to evaluate this advanced technology, and we anticipate a multiyear period of trial system development ahead of wide-scale industry adoption for CPO. Let me now turn to our current custom silicon programs.

共封裝光學元件可以增加人工智慧伺服器的尺寸和規模，而目前人工智慧伺服器則依賴被動銅互連。我們預計，從銅到光互連的轉變將顯著擴大 Marvell 的互連收入和市場機會。我們正在與客戶合作評估這項先進技術，並預計在 CPO 被業界大規模採用之前，需要進行多年的試驗系統開發。現在我來談談我們目前的客製化矽片程序。

Marvell has successfully ramped highly complex $100 billion plus transistor XPUs and CPUs from initial samples to high-volume production on first-pass silicon. Our custom business continues to gain momentum as customers increasingly rely on Marvell to help them achieve their custom silicon ambitions. As I mentioned, our two leading AI custom programs are on high volume production, and we expect growth to continue.

Marvell 已成功將價值超過 1000 億美元的高度複雜的電晶體 XPU 和 CPU 從初始樣品推進至首次通過矽片的大批量生產。隨著客戶越來越依賴 Marvell 來幫助他們實現客製化矽片的目標，我們的客製化業務繼續獲得發展勢頭。正如我所提到的，我們兩個領先的 AI 客製化項目正在大批量生產，我們預計成長將繼續。

One of these is a custom arm CPU, which we expect will see expanding adoption at our customers' data centers. The second program is for a custom AI XPU, which is also performing extremely well with significant volume production ahead.

其中之一是客製化的 Arm CPU，我們預計它將在客戶的資料中心廣泛採用。第二個項目是客製化的 AI XPU，其性能也非常出色，並且即將實現大規模量產。

In parallel, we are fully engaged with this customer on the follow-on generation of this XPU and planning for a production ramp once it completes its sampling and qualification cycles. As a result, we expect our revenue from custom XPUs for this customer to not only grow this year, fiscal 2026 but continue to grow next year, fiscal 2027 and beyond.

同時，我們正在與該客戶就該款 XPU 的後續產品進行充分合作，並計劃在完成採樣和認證週期後立即開始生產。因此，我們預計為該客戶客製化 XPU 的營收不僅會在今年（2026 財年）成長，而且明年（2027 財年）及以後還將繼續成長。

Additionally, we are making tremendous progress with the new design win announced at our AI Day in April 2024 for a custom AI XPU with an additional US hyperscale. Marvell's engineering team in close partnership with the customer has successfully completed a number of key technical milestones during the joint development process. As a result, we believe we are well on track to meet our customers' desired schedule to start production in calendar 2026. This engagement is also multigenerational and we expect it to result in a very significant amount of incremental revenue for Marvell over the next several years.

此外，我們在 2024 年 4 月的 AI Day 上宣布的新設計勝利取得了巨大進展，該設計是一款客製化的 AI XPU，具有額外的美國超大規模。Marvell 的工程團隊與客戶密切合作，在共同開發過程中成功完成了許多關鍵的技術里程碑。因此，我們相信我們能夠順利滿足客戶期望的 2026 年開始生產的時間表。這種合作也是跨世代的，我們預計它將在未來幾年為 Marvell 帶來非常可觀的增量收入。

I'm very pleased with our custom revenue achievement for fiscal 2025, driven by multiple program ramps. This success, coupled with strong progress on upcoming custom programs gives us even greater confidence in our ability to achieve our long-term market share targets for custom revenue.

在多個專案成長的推動下，我對我們 2025 財年的客製化收入成就感到非常滿意。這次成功，加上即將推出的客製化專案的強勁進展，使我們對實現客製化收入的長期市場份額目標的能力更加有信心。

We are continuing to invest in all aspects of our technology platform, including advanced process nodes, electrical and optical SerDes, high-speed die-to-die interconnects, embedded memory, custom HBM, 2.5D and 3D packaging and silicon photonics. This week, we announced the demonstration of the industry's first 2-nanometer silicon IP for next-generation AI and cloud infrastructure.

我們將繼續對我們技術平台的各個方面進行投資，包括先進的製程節點、電氣和光學 SerDes、高速晶片到晶片互連、嵌入式記憶體、客製化 HBM、2.5D 和 3D 封裝以及矽光子學。本週，我們宣布展示業界首個用於下一代 AI 和雲端基礎設施的 2 奈米矽 IP。

Produced on TSMC's 2-nanometer process, this working silicon is a critical part of the Marvell platform for developing custom XPUs, CPUs, switches and other technology critical for next-generation accelerated workloads. Now let me turn to our outlook for our data center end market for the first quarter of fiscal 2026.

這款工作矽片採用台積電的 2 奈米製程生產，是 Marvell 平台開發客製化 XPU、CPU、交換器和其他對下一代加速工作負載至關重要的技術的關鍵組成部分。現在，我來談談我們對 2026 財年第一季資料中心終端市場的展望。

We forecast that the cloud and AI portion of this end market will continue to drive sequential double-digit revenue growth. the on-premise portion of our data center end market, we expect a seasonal sequential decline in revenue to partially offset growth from cloud and AI. As a result, we expect our overall data center revenue to grow sequentially in the mid-single digits on a percentage basis.

我們預測，該終端市場的雲端和人工智慧部分將繼續推動連續兩位數的營收成長。在我們的資料中心終端市場的內部部署部分，我們預期營收將出現季節性連續下降，以部分抵消雲端運算和人工智慧帶來的成長。因此，我們預計我們的整體資料中心收入將按百​​分比連續成長中個位數。

Now let me turn to Marvell's enterprise networking and carrier infrastructure end markets.

現在我來談談 Marvell 的企業網路和營運商基礎設施終端市場。

In the fourth quarter, enterprise networking revenue was $171 million, and carrier infrastructure revenue totaled $106 million. In the fourth quarter, we saw a continued recovery in both of these end markets with revenue collectively growing 18% sequentially.

第四季度，企業網路收入為1.71億美元，營運商基礎設施收入總計1.06億美元。第四季度，我們看到這兩個終端市場持續復甦，總營收季增 18%。

Looking ahead to the first quarter of fiscal 2026, we expect aggregate revenue from enterprise networking and carrier infrastructure to grow sequentially by approximately 10%. We are pleased with the continued recovery in these two end markets, although this forecast still anticipates Marvell products shipping below end market consumption. In the consumer end market, revenue in the fourth quarter was $89 million, declining 8% sequentially.

展望 2026 財年第一季度，我們預期企業網路和營運商基礎設施的總營收將季增約 10%。我們對這兩個終端市場的持續復甦感到高興，儘管預測仍預期 Marvell 產品的出貨量將低於終端市場消費量。在消費端市場，第四季營收為8,900萬美元，季減8%。

The first quarter of fiscal 2026, consistent with our prior comments, we expect seasonality and gaming demand to drive a sequential decline in revenue from our consumer end market of approximately 35%. Over the next several years, we continue to anticipate our revenue from the consumer end market to be approximately $300 million on an annual basis. Turning to our automotive and industrial end market.

2026 財年第一季度，與我們先前的評論一致，我們預計季節性和遊戲需求將導致我們的消費端市場收入連續下降約 35%。在接下來的幾年裡，我們預計來自消費終端市場的收入將每年達到約 3 億美元。轉向我們的汽車和工業終端市場。

Fourth quarter revenue was $86 million, growing 3% sequentially as we continue to see a modest recovery in this end market.

第四季營收為 8,600 萬美元，環比成長 3%，因為我們繼續看到該終端市場的小幅復甦。

Looking ahead to the first quarter of fiscal 2026, we anticipate continued sequential growth in the automotive end market. However, we expect this to be more than offset by a decline in revenue from our industrial end market, where order patterns can be lumpy in any given quarter. As a result, we project our overall revenue from the auto and industrial end market to decline sequentially in the high single digits on a percentage basis.

展望 2026 財年第一季度，我們預期汽車終端市場將持續持續成長。然而，我們預計這一成長將被工業終端市場收入的下降所抵消，因為在任何一個季度，工業終端市場的訂單模式都可能不穩定。因此，我們預期汽車和工業終端市場的整體收入將以百分比連續下降個位數。

In summary, we drove tremendous revenue growth throughout fiscal 2025, significantly scaling the company from an annualized revenue run rate of $4.6 billion in the first quarter to over $7.2 billion by the fourth quarter.

總而言之，我們在整個 2025 財年都實現了巨大的營收成長，公司年化營收運行率從第一季的 46 億美元大幅提升至第四季的 72 億美元以上。

Building on this expanded base, we anticipate strong year-over-year revenue growth in fiscal 2026. Our AI-driven data center end market is expected to remain a key contributor, further supported by the ongoing recovery in our multimarket businesses.

在此擴大的基礎上，我們預計 2026 財年的營收將實現強勁的年成長。我們的人工智慧驅動的資料中心終端市場預計將繼續成為主要貢獻者，這進一步支持了我們多市場業務的持續復甦。

Marvell's data center end market accounted for 75% of consolidated revenue in the fourth quarter. Reflecting this rapid transformation during fiscal 2025, we purposely redirected our investments towards data center relative to our other end markets to fully capitalize on the massive opportunity created by AI.

Marvell 的資料中心終端市場佔第四季綜合營收的 75%。考慮到 2025 財年的這一快速轉變，我們有意將投資轉向資料中心而非其他終端市場，以充分利用人工智慧創造的巨大機會。

We recently evolved our organizational structure to fully enable the strategic transformation. All products focused on hyperscale customers are now managed by a single cloud data center group led by Raghib Hussain, our President of Products and Technologies. We have merged the rest of our end markets into a single multi-market business group led by Chris Koopmans, our Chief Operating Officer.

我們最近調整了組織結構，以全面實現策略轉型。現在，所有專注於超大規模客戶的產品均由我們的產品和技術總裁 Raghib Hussain 領導的單一雲端資料中心組管理。我們已將其餘終端市場合併為由營運長 Chris Koopmans 領導的多市場業務集團。

Marvell has solidified its position as a leading provider of data infrastructure semiconductors with a unique business model, spanning full custom to full merchant solutions. We are seeing strong investment in accelerated infrastructure from both established hyperscalers and a number of well-funded new market entrants as they race to build 1 million XPU training clusters. These customers are highly incentivized to increasingly use custom infrastructure to augment their merchant solutions.

Marvell 憑藉獨特的商業模式（涵蓋完全定製到完整的商用解決方案）鞏固了其作為數據基礎設施半導體領先供應商的地位。我們看到，無論是老牌超大規模企業還是一些資金雄厚的新市場進入者都在大力投資加速基礎設施，他們競相建設 100 萬個 XPU 訓練集群。這些客戶受到極大的激勵，越來越多地使用客製化基礎設施來增強他們的商家解決方案。

Recent developments in the AI market, such as the advent of reasoning models are also expected to continue to driving strong demand for compute, networking and storage semiconductors. As a result, we remain very optimistic about our both our short- and long-term growth prospects and our role in enabling accelerated infrastructure. We look forward to updating investors on our business model and the significant opportunities ahead of us at our Investor Day on June 10 in New York.

人工智慧市場的最新發展，例如推理模型的出現，預計也將繼續推動對運算、網路和儲存半導體的強勁需求。因此，我們對我們的短期和長期成長前景以及我們在加速基礎設施建設方面的作用仍然非常樂觀。我們期待在 6 月 10 日於紐約舉行的投資者日上向投資者介紹我們的商業模式和未來的重大機會。

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

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

Thanks, Matt, and good afternoon, everyone. Let me start by summarizing our full fiscal year results. In fiscal 2025, Marvell delivered $5.767 billion in revenue, with strong 37% growth in second half revenue compared to the first half. This growth was primarily driven by our AI programs in the data center end market as well as continuing recovery in our other end markets. For the full year, on a GAAP basis, our gross margin was 41.3%.

謝謝，馬特，大家下午好。首先，我來總結一下我們整個財政年度的業績。2025財年，Marvell實現營收57.67億美元，下半年營收較上半年強勁成長37%。這一成長主要得益於我們在資料中心終端市場的人工智慧專案以及其他終端市場的持續復甦。依照 GAAP 標準，我們的全年毛利率為 41.3%。

Operating margin was negative 12.5% and loss per diluted share was $1.02. On a non-GAAP basis, our gross margin was 61%. Operating margin was 28.9% and earnings per diluted share was $1.57. We delivered over 1,000 basis point improvement in our non-GAAP operating margin through fiscal 2025 from 23.3% in the first quarter to 33.7% in the fourth quarter.

營業利益率為負 12.5%，每股攤薄虧損 1.02 美元。根據非公認會計準則，我們的毛利率為 61%。營業利益率為 28.9%，每股攤薄收益為 1.57 美元。到 2025 財年，我們的非 GAAP 營業利潤率提高了 1,000 個基點，從第一季的 23.3% 提高到第四季的 33.7%。

We also drove a record $1.68 billion in operating cash flow and significantly increased capital returns to our stockholders, returning $933 million through dividends and buybacks. Moving on to our financial results for the fourth quarter of fiscal 2025. Revenue in the fourth quarter was $1.817 billion, exceeding the midpoint of our guidance growing 27% year-over-year and 20% sequentially. Data center was our largest end market, contributing 75% of total revenue. GAAP gross margin was 50.5%.

我們還實現了創紀錄的 16.8 億美元的營運現金流，並大幅提高了股東的資本回報，透過股息和回購返還了 9.33 億美元。接下來是我們的 2025 財年第四季的財務表現。第四季營收為 18.17 億美元，超過我們預期的中位數，年增 27%，季增 20%。資料中心是我們最大的終端市場，貢獻了總收入的75%。GAAP毛利率為50.5%。

Non-GAAP gross margin was 60.1%. Moving on to operating expenses. GAAP operating expenses were $682 million, including stock-based compensation, amortization of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses came in at $479 million, in line with our guidance. Our GAAP operating margin was 12.9%, while non-GAAP operating margin was 33.7%. For the fourth quarter, GAAP earnings per diluted share was $0.23.

非公認會計準則毛利率為60.1%。繼續討論營運費用。GAAP 營業費用為 6.82 億美元，包括股票薪酬、收購無形資產攤銷、重組費用以及收購相關費用。非公認會計準則營業費用為 4.79 億美元，符合我們的預期。我們的 GAAP 營業利潤率為 12.9%，而非 GAAP 營業利潤率為 33.7%。第四季度，GAAP 每股攤薄收益為 0.23 美元。

Non-GAAP income per diluted share was $0.60, reflecting sequential growth of 40%, which is double the pace of revenue growth, demonstrating the significant operating leverage in our model.

非公認會計準則每股攤薄收益為 0.60 美元，環比增長 40%，是收入增長速度的兩倍，體現了我們模型中顯著的經營槓桿。

Now turning to our cash flow and balance sheet. Cash flow from operations in the fourth quarter was $514 million. Our inventory at the end of the fourth quarter was $1.03 billion, an increase of $170 million from the prior quarter to support the strong growth we are experiencing in our business. Our DSO was 51 days, decreasing by 9 days from the prior quarter. We returned $52 million to shareholders through cash dividends.

現在來談談我們的現金流和資產負債表。第四季經營活動現金流為5.14億美元。我們第四季末的庫存為 10.3 億美元，較上一季增加 1.7 億美元，以支持我們業務的強勁成長。我們的 DSO 為 51 天，比上一季減少了 9 天。我們透過現金股利向股東返還了 5,200 萬美元。

In addition, we repurchased $200 million of our stock during the fourth quarter. Our total debt was $4.06 billion, with a gross debt-to-EBITDA ratio of 2.06 times and a net debt-to-EBITDA ratio of 1.58 times. We have seen continuous improvement in our debt ratios as we have driven an increase in our EBITDA through fiscal 2025.

此外，我們在第四季度回購了價值 2 億美元的股票。我們的總負債為 40.6 億美元，總負債與 EBITDA 比率為 2.06 倍，淨負債與 EBITDA 比率為 1.58 倍。隨著我們在 2025 財年推動 EBITDA 的成長，我們的負債比率持續改善。

We were pleased to receive an upgrade to our investment-grade credit rating from Fitch in January, citing their positive outlook on Marvell's strong operating momentum from robust data center demand, structurally improved leverage metrics, strong market position and strengthened cash flow profile. As of the end of the fourth fiscal quarter, our cash and cash equivalents were $948 million, increasing by $80 million from the prior quarter.

我們很高興在一月份獲得了惠譽對我們投資級信用評級的上調，理由是惠譽對 Marvell 強勁的營運勢頭持樂觀態度，這得益於強勁的數據中心需求、結構性改善的槓桿指標、強大的市場地位和增強的現金流狀況。截至第四財季末，我們的現金和現金等價物為 9.48 億美元，較上一季增加了 8,000 萬美元。

Turning to our guidance for the first quarter of fiscal 2026. We are forecasting revenue to be in the range of $1.875 billion, plus or minus 5%. We expect our GAAP gross margin to be approximately 50.5%.

談到我們對 2026 財年第一季的指導。我們預測收入將在 18.75 億美元左右，上下浮動 5%。我們預計我們的 GAAP 毛利率約為 50.5%。

We expect our non-GAAP gross margin to be approximately 60%. Looking forward, we anticipate that the overall level of revenue and product mix will remain key determinants of our gross margin in any given quarter.

我們預計非公認會計準則毛利率約為 60%。展望未來，我們預期整體營收水準和產品組合仍將是決定每季毛利率的關鍵因素。

For the first quarter, we project our GAAP operating expenses to be approximately $712 million. We anticipate our non-GAAP operating expenses to be approximately $490 million a modest increase of approximately 2% from the prior quarter. It is worth noting that this step-up in OpEx is lower than what we would normally expect due to the typical seasonality in payroll taxes and employee salary merit increases in the first quarter. This is because we expect more leverage from our customer model and expect higher NRE in the first quarter on a sequential basis. As a reminder, NRE is treated as contra OpEx.

我們預計第一季的 GAAP 營運費用約為 7.12 億美元。我們預計非公認會計準則營業費用約為 4.9 億美元，較上一季小幅成長約 2%。值得注意的是，由於第一季工資稅和員工薪資成長的典型季節性，營運支出的這一增幅低於我們通常預期的水平。這是因為我們預計我們的客戶模型將具有更高的槓桿率，並且預計第一季的 NRE 將環比上升。提醒一下，NRE 被視為對沖 OpEx。

For the first quarter, we expect other income and expense, including interest on our debt to be approximately $43 million. We expect a non-GAAP tax rate of 10% for the first quarter. We expect our basic weighted average shares outstanding to be 867 million and our diluted weighted average shares outstanding to be 880 million. We anticipate GAAP earnings per diluted share in the range of $0.14 to $0.24. We expect non-GAAP earnings per diluted share in the range of $0.56 to $0.66.

第一季度，我們預計其他收入和支出（包括債務利息）約為 4,300 萬美元。我們預計第一季的非公認會計準則稅率為 10%。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 8.8 億股。我們預計每股 GAAP 收益在 0.14 美元至 0.24 美元之間。我們預計非公認會計準則每股攤薄收益在 0.56 美元至 0.66 美元之間。

I am very pleased with Marvell's execution on all our key financial measures throughout fiscal 2025. As we enter fiscal 2026, we intend to continue driving strong operating leverage and expect to make significant progress towards our long-term non-GAAP operating margin target of 38% to 40%. We will also remain focused on generating strong cash flow and returning capital to our stockholders. I'm very excited about our future prospects and look forward to a strong year-over-year revenue growth in fiscal 2026.

我對 Marvell 在 2025 財年所有關鍵財務指標的執行情況感到非常滿意。進入 2026 財年，我們打算繼續推動強勁的營運槓桿，並期望在實現 38% 至 40% 的長期非 GAAP 經營利潤率目標方面取得重大進展。我們也將繼續致力於創造強勁的現金流並向股東返還資本。我對我們的未來前景感到非常興奮，並期待 2026 財年營收將強勁成長。

With that, we are ready to start our Q&A session. Operator, please open the line and announce Q&A instructions. Thank you.

這樣，我們就可以開始問答環節了。接線員，請接通電話並播報問答指示。謝謝。

(Operator Instructions)

（操作員指令）

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Okay, thanks for may I ask a question, Matt, I want to go back to the comments you had in your script about the confidence in growing with your lead XPU customer, not only this year, but next year, there's as I'm sure you appreciate, a ton of debate about a competitor taking sockets, et cetera, market share. How would you suggest we reconcile your confidence and their confidence simultaneously. Because it doesn't seem like both sides could be correct.

好的，謝謝你，我可以問一個問題嗎，馬特，我想回到你在腳本中提到的評論，關於與你的主要 XPU 客戶一起成長的信心，不僅是今年，而且明年，我相信你會意識到，關於競爭對手搶佔插座等市場份額的爭論很多。您建議我們如何同時調和您的信心和他們的信心。因為看起來雙方的說法都不可能都是正確的。

Yeah, Ross, thanks for the question. And I very much understand the debate that's out there, and I appreciate a lot the significant interest from the analyst community and our investors on this topic. So let me try to be as helpful as I can, given the constraints we've got around customer confidentiality and their concerns about their own programs and their confidentiality.

是的，羅斯，謝謝你的提問。我非常理解目前的爭論，也非常感謝分析師群和投資人對這個主題的濃厚興趣。因此，考慮到我們在客戶保密方面受到的限制以及他們對自己的程序和保密性的擔憂，我將盡力提供協助。

Okay. So we're very pleased with the ramp of our current lead XPU program. We delivered this with first-pass silicon success. We see significant volume production on the current generation in front of us, and you can already see the ramp in our numbers from starting in Q4. In parallel, we have been deeply engaged on the next generation of this AI XPU with this customer.

好的。因此，我們對目前領先的 XPU 計劃的進展感到非常滿意。我們一次性成功完成了矽片生產。我們看到當前這一代產品的產量已大幅增加，從第四季度開始，您已經可以看到產量的上升。同時，我們也與該客戶深入合作研發下一代 AI XPU。

I said this in my prepared remarks, but I'll just go over it again. And we're planning for a production ramp once it completes its sampling and qualification cycles. So to be crystal clear, we do expect revenue from these custom XPUs with this customer, not only to grow in fiscal '26, which is the year we're in, but to grow in fiscal '27 and beyond. And I just want to also note that I'm not including revenue here that would be from other products, such as networking connectivity that would be incremental to custom. And certainly, we've got a great setup, I think, overall with this account relative to the opportunity set, but it's really on both.

我在準備好的發言中說過這一點，但我將再重複一次。我們計劃在完成採樣和鑑定週期後立即開始生產。因此，明確地說，我們確實預期該客戶從這些客製化 XPU 中獲得的收入不僅會在 26 財年（也就是我們所處的年份）實現成長，而且還會在 27 財年及以後實現成長。我還想指出，這裡不包括來自其他產品的收入，例如隨著定製而增加的網路連線收入。當然，我認為，總體而言，這個帳戶相對於機會集而言，我們已經有了一個很好的設置，但實際上兩者兼而有之。

And then with respect to the question that our customer may be working with someone other than Marvell on a next-generation XPU, it's just something we can't comment on. What I can comment on is visibility for the products that we will be building for the customer. And as I said, this extends to the next generation of our current AI XPU program.

至於我們的客戶可能正在與 Marvell 以外的公司合作開發下一代 XPU 的問題，我們無法對此發表評論。我可以評論的是我們將為客戶製造的產品的可見性。正如我所說，這延伸到我們目前 AI XPU 程式的下一代。

Thank you.

謝謝。

Yeah.

是的。

Vivek Arya, Bank of America.

美國銀行的維韋克·阿里亞（Vivek Arya）。

Thank you for taking my question. Just, one clarification if you could, help, quantify the mix between AI and non-AI in your data center for Q4 and and Q1. Is it like 2/3, 1/3, so any quantification there would be, helpful. And then a little more generic, question which is that when we look at Q4 and Q1 data center and AI. They are very strong on a year on year basis, but the extent of the beats is somewhat modest when we contrast that with a very strong spending at your largest customer. So any commentary there would be very helpful. Is it a supply issue? Is it just early days of the ramp? So any commentary there would be helpful. Thank you.

感謝您回答我的問題。如果您可以的話，請澄清一下，幫助量化第四季度和第一季資料中心中 AI 和非 AI 之間的混合情況。是像 2/3 還是 1/3，所以任何量化都是有幫助的。然後是一個更通用的問題，即當我們看第四季度和第一季的資料中心和人工智慧時。從年比來看，它們的業績非常強勁，但與你們最大客戶的強勁支出相比，超出預期的程度就顯得有些溫和了。因此任何評論都會非常有幫助。這是供應問題嗎？現在還只是處於發展的初期嗎？因此任何評論都會有幫助。謝謝。

Yeah, thanks Vivek. Maybe I'll answer the second part first just on the overall setup. If you look at it, we've seen very strong growth the last few quarters. I think really actually above overall market. I think we were up data center revenues.

是的，謝謝 Vivek。也許我會先回答第二部分，僅就整體設定而言。如果你看一下，就會發現過去幾季我們實現了非常強勁的成長。我認為實際上高於整體市場。我認為我們的資料中心收入有所增加。

A 25% sequentially Q2 to Q3, 25% Q3 to Q4. As I said in the prepared remarks are AI and cloud revenue, the data that portion of the data center business is up double digits from Q4 to Q1. So these are all sequential numbers, by the way, and of course on the year-on-year.

第二季至第三季連續成長 25%，第三季至第四季連續成長 25%。正如我在準備好的評論中所說的那樣，人工智慧和雲端收入、資料中心業務部分的數據從第四季度到第一季增長了兩位數。順便說一下，這些都是連續的數字，當然也是同比的數字。

If you look at Q4 we're like up 77% or something in data center, and I think Q1 we're up pretty similar so we're very pleased with the trajectory of this business in terms of just the sequential and year-over-year growth rates. I think it's that that's tracking really well on the on the AI side and how we think about it is. And I'll just give you kind of a maybe a flashpoint just just as we sort of exit the year, but a good overall proxy, so today AI is more than is more than half the revenue, so it's now the majority it's crossed over, and I think as we go forward that's going to just continue to increase and so because overall Marvel is now.

如果你看看第四季度，我們的資料中心成長了 77% 左右，我認為第一季我們的成長也相當相似，因此，就連續和同比成長率而言，我們對這項業務的發展軌跡非常滿意。我認為這在人工智慧方面追蹤得非常好，並且我們對此的看法也是如此。我只是給你一個可能的爆發點，就像我們即將結束這一年一樣，但是一個很好的整體代理，所以今天人工智能已經超過了收入的一半以上，所以現在它已經跨越了大多數，我認為隨著我們前進，這個數字將繼續增加，因為整體漫威現在。

two, 75% of our revenue kind of plus going forward in data center that's going to end up being a really good proxy, underneath that about half of that is, if you just look at overall data center now just to provide a little more color, about half of that is in electro optics and and custom now has grown to about 25%.

二、我們 75% 的收入來自資料中心，這將成為一個非常好的代表，在這下面，如果您現在只看整個資料中心，只是為了提供更多的顏色，大約有一半來自電光和定制，現在已經增長到約 25%。

About a quarter, a little bit more of the of the data center revenue, and then the balance is made up of everything else, so.

大約四分之一，多一點的資料中心收入，然後餘額由其他所有部分組成，所以。

Again, it's a nice trajectory here. We've got AI that's sort of outgrown the total. It's the majority driving the business. Data centers now, significant total portion of overall Marvel, and then the mix continues to grow nicely with custom really ramping. So hopefully some of those data points are helpful, but we're we're very pleased overall with the trajectory of the business.

再一次，這是一條很好的軌跡。我們的人工智慧已經遠遠超出了總量。大多數人在推動業務發展。資料中心現在佔據了 Marvel 整體的相當重要的份額，隨著客製化業務的真正增加，這種組合將繼續良好地成長。所以希望其中一些數據點是有幫助的，但我們總體上對業務的發展趨勢非常滿意。

Thanks Matt.

謝謝馬特。

Vivek Arya, Bank of America.

美國銀行的維韋克·阿里亞（Vivek Arya）。

Thanks a lot, Matt, just one clarification. If you could help quantify the mix between AI and non-AI in your data center for Q4 and Q1? Is it like 2/3, 1/3, so any quantification there would be helpful. And then a little more generic question, which is that when we look at Q4 and Q1 data center and AI, they are very strong on a year-on-year basis, but the extent of the beats is somewhat modest when we contrast that with a very strong spending at your largest customer. So any commentary there would be very helpful?

非常感謝，馬特，我只想澄清一點。您能否協助量化第四季和第一季資料中心中 AI 和非 AI 的混合情況？它是像 2/3 還是 1/3，所以任何量化都會有幫助。然後是一個更通用的問題，那就是當我們看第四季度和第一季的資料中心和人工智慧時，它們同比表現非常強勁，但當我們將其與最大客戶的強勁支出進行對比時，超出預期的程度就顯得有些溫和了。那麼任何評論都會很有幫助嗎？

Is it a supply issue? Is it just early days of the ramp. So any commentary there would be helpful.

這是供應問題嗎？這還只是初期階段嗎？因此任何評論都會有幫助。

Yeah. Thanks, Vivek. Maybe I'll answer the second part first, just on the overall setup. If you look at it, we've seen very strong growth the last few quarters. I think really, really actually above overall market.

是的。謝謝，維韋克。也許我會先回答第二部分，僅關於整體設定。如果你看一下，就會發現過去幾季我們實現了非常強勁的成長。我認為其確實確實高於整體市場。

I think we were up data center revenues, 25% sequentially Q2 to Q3, 25% Q3 to Q4. As I said in the prepared remarks, our AI and cloud revenue, that portion of the data center business is up double digits from Q4 to Q1. So these are all sequential numbers, by the way.

我認為我們的資料中心營收比第三季成長了 25％，比第四季成長了 25％。正如我在準備好的發言中所說，我們的人工智慧和雲端收入，即資料中心業務的這一部分從第四季度到第一季度增長了兩位數。順便說一下，這些都是連續的數字。

And of course, on the year-on-year, if you look at Q4, we're like up 77% or something in data center, and I think Q1 we're pretty similar. So we're very pleased with the trajectory of this business in terms of just the sequential and year-over-year growth rates. I think it's that's tracking really well.

當然，如果從同比來看，如果你看第四季度，我們的資料中心成長了 77% 左右，我認為第一季的情況也差不多。因此，就連續和同比增長率而言，我們對該業務的發展軌跡感到非常滿意。我認為它的追蹤效果非常好。

On the AI side and how we think about it is and I'll just give you kind of maybe a flash point just as we sort of exit the year, but a good overall proxy. So today, AI is more than half the revenue. So it's now the majority. It's crossed over. And I think as we go forward, that's going to just continue to increase.

在人工智慧方面，我們對此的看法是，在我們即將結束這一年之際，我可能會給你一個爆發點，但這是一個很好的整體代理。所以今天，人工智慧佔了收入的一半以上。所以現在它已經變成大多數了。已經跨越了。而且我認為隨著我們不斷前進，這個數字還會繼續增加。

And so because overall Marvell is now 75% of our revenue kind of plus going forward in data center, that's going to end up being a really good proxy. Underneath that, about half of that is if you just look at overall data center now, just to provide a little more color. About half of that is in electro-optics and custom now has grown to about 25%, about 1/4, a little bit more of the data center revenue and then the balance is made up of everything else. So again, it's a nice trajectory here. We've got AI that's sort of outgrown the total.

因此，由於總體而言 Marvell 現在占我們資料中心收入的 75%，因此這將成為一個非常好的代表。在這之下，如果你現在只看整個資料中心，大約有一半是這樣的，只是為了提供更多的顏色。其中約一半來自電光領域，而客製化領域現在已經成長到約 25%，約 1/4，佔資料中心收入的比重稍微大一點，其餘部分則由其他所有部分組成。所以再說一次，這是一條很好的軌跡。我們的人工智慧已經遠遠超出了總量。

It's the majority driving the business. Data center is now a significant total portion of overall Marvell. And then the mix continues to grow nicely with custom really ramping. So hopefully, some of those data points are helpful, but we're very pleased overall with the trajectory of the business. Operator?

大多數人在推動業務發展。資料中心如今已成為 Marvell 整體的重要組成部分。然後，隨著定制的真正增加，混合物繼續順利增長。所以希望其中一些數據點是有幫助的，但總體而言，我們對業務的發展趨勢非常滿意。操作員？

(technical difficulty) Folks please hold while we get the operator back online.

（技術難題）各位請稍等，我們正在讓接線員重新上線。

Okay, Matt, thanks.

好的，馬特，謝謝。

Yeah.

是的。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yeah, hi, thanks for letting me ask a question, Matt, I wanted to clarify the answer you just gave on the breakdown of AI revenue. You said more than half is AI, which I get of data center. And then you said half a data center is optics. Did you mean half of AI's optics so that the AI breakdown is basically roughly half is optics and then half is custom ASIC. Is that what you meant.

是的，嗨，謝謝你讓我提問，馬特，我想澄清一下你剛才關於人工智慧收入細目的答案。你說一半以上是人工智慧，我從資料中心了解到了這一點。然後您說資料中心的一半是光學的。您的意思是 AI 的一半光學元件，因此 AI 的細分基本上大約一半是光學元件，然後一半是自訂 ASIC。這就是你的意思嗎？

Yeah, sorry. Yeah, Tim, thanks for the clarification to be precise. It's overall data center of those numbers I gave you.

是的，抱歉。是的，提姆，謝謝你的澄清。這是我給你的那些數字的整體資料中心。

Okay. And then you had guided AI to $2.5 billion this year. I think you said -- you used the word very significantly. You're going to exceed that in fiscal '26. What does that mean?

好的。然後你今年已經將人工智慧推向了 25 億美元。我想你說過——你使用了「非常顯著」這個詞。在26財年你將會超越這個數字。這意味著什麼？

I guess most of the sell side is thinking like $3.5 billion. So that certainly would qualify as very significantly. But is that what you mean when you say very significantly by like $1 billion? Is that the type of thing that would qualify as that.

我猜大多數賣方想的價格是 35 億美元。因此這無疑可算非常重要。但是您說的「非常大」例如 10 億美元就是這個意思嗎？這就是符合那種要求的事嗎？

Yeah, Tim, thanks for the question. Yes, we're definitely leaving this year open-ended in terms of what we can go do. Last year, we had talked about $1.5 billion. We blew through that -- this year, again, we anticipate being substantially above that I'm not putting a number on it just yet. I think that there's a lot to go here in terms of the momentum in the business and the opportunity set in front of us.

是的，提姆，謝謝你的提問。是的，對於今年我們可以做什麼，我們絕對沒有明確的計劃。去年我們談到了15億美元。我們已經突破了這個數字——今年，我們預計該數字將再次大幅超出這個數字，但我還不能給出一個確切的數字。我認為，就業務發展勢頭和擺在我們面前的機會而言，還有很多事情要做。

And so we're right now, we're kind of keying off the last update we did, which was in the AI Day from last year, and then we'll find the right appropriate time in the future. But right now, we're trending extremely well. And you can really start to see it in the numbers. As I mentioned earlier, at some point, this data center revenue is now 75% of Marvell where I gave you the AI percent. So you could start using that as, I think, a really good proxy for where things are going.

所以我們現在正在對上次進行的更新進行整理，也就是去年的人工智慧日，然後我們會在未來找到合適的時間。但目前，我們的趨勢非常好。您可以從數字中真正看到這一點。正如我之前提到的，在某個時候，這個資料中心的收入現在佔 Marvell 的 75%，其中我給出了 AI 百分比。因此，我認為，你可以開始使用它作為事態發展的一個非常好的指標。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Matt, I think you mentioned that you have three kind of custom ASIC customers for you. I wanted to talk about I wanted some color on the stickiness of these customers. Kind of what are some of the triggers that might cause some of these customers to go look for another design partner? Is it price? Or is it just 100% performance if you can produce and start looking?

馬特，我想你提到過，你擁有三種客製化 ASIC 客戶。我想談談這些客戶的黏性。什麼樣的因素可能會導致這些客戶去尋找其他設計夥伴？是價格嗎？或者，如果您能夠生產並開始觀察，這是否只是 100% 的性能？

And what is the second part of the question is, what is the possibility of you being able to attach your networking products to some of these custom ASIC players? Or if you do, could you just help us understand what's being attached today.

問題的第二部分是，您將您的網路產品附加到這些客製化 ASIC 播放器中的可能性有多大？或者如果您願意，您能否幫助我們了解今天所附加的內容？

Yeah. Thanks for the question. I think the first is that we actually have custom engagements with all 4 of the major hyperscalers and then and then two of them in compute with 1/3 coming just to clarify. And these look, these are very complex chips. And our view is consistent with sort of what we've been saying, which is over when you look at the TAM that's out there, which is we sized back in April of last year for Marvell, like a $75 billion data center TAM, which is probably, if anything, just gotten stronger and a big portion of that coming from custom.

是的。謝謝你的提問。我認為首先我們實際上與所有 4 個主要的超大規模企業都有定制合作，然後其中兩個企業參與計算，另外 1/3 的企業參與，只是為了澄清一下。這些看起來是非常複雜的晶片。我們的觀點與我們一直以來所說的一致，當你查看現有的 TAM 時，你會發現這一點已經結束，我們去年 4 月為 Marvell 估算的數據中心 TAM 為 750 億美元，如果有的話，這個數字可能會變得更強大，其中很大一部分來自定制。

The reality is to service that the customer base is really looking for partners with a couple of key attributes. The first is technology leadership and technology investment and IP. And we just announced, as an example, just a couple of days ago, our working 2-nanometer platform, we've got a very competitive offering on custom HBM, die-to-die, advanced packaging. So that's part of it.

現實情況是，服務客戶群確實在尋找具有幾個關鍵屬性的合作夥伴。第一是技術領導力和技術投資與智慧財產權。例如，就在幾天前，我們剛剛宣布我們正在開發的 2 奈米平台，在客製化 HBM、Die-to-Die 和先進封裝方面提供了極具競爭力的產品。這就是其中的一部分。

The second is to have the manufacturing scale, the ability to go drive the right design methodology in terms of first-pass silicon success and be able to actually ramp these highly complex upwards of $100 billion transistor type of chips into production. And they're also looking for partners that have the relationships with their suppliers like at Marvell as an example, we've invested heavily in the supply chain. And then finally, partners that are flexible in their business model that can look at different approaches to different chips all the way from traditional ASIC services to full-blown build-to-spec type of solutions, and we provide all those. So in the end, those are the types of different things.

第二是擁有製造規模，有能力在首次矽片成功方面推動正確的設計方法，並能夠真正將這些高度複雜、價值 1000 億美元以上的晶體管類型的晶片投入生產。他們也在尋找與供應商有關係的合作夥伴，例如 Marvell，我們在供應鏈上投入了大量資金。最後，合作夥伴在業務模式上具有靈活性，可以考慮針對不同晶片的不同方法，從傳統的 ASIC 服務到全面的按規格構建的解決方案，我們提供所有這些。所以最終，這些都是不同事物的類型。

And when you sort of add all that up, there's really our view still is that it's ourselves in one other very large competitor of ours that can service that market. So these sockets are very sticky. At the same time, each generation, you've got to go bid and you've got to go compete.

當你把所有這些加起來時，我們的觀點仍然是，我們自己是另一個可以服務該市場的非常大的競爭對手。所以這些插座非常黏。同時，每一代人都必須去競標，必須去競爭。

But we've been very successful since we started winning these big custom silicon programs back in 2021, getting awarded those and now taking those into production and then looking at the next generation we're very comfortable with where we stand.

但是，自從我們在 2021 年開始贏得這些大型客製化矽片專案、獲得這些專案獎勵並將這些專案投入生產以來，我們一直非常成功，然後展望下一代，我們對自己的立場感到非常滿意。

And so there is a high degree of stickiness. There's a high barrier to entry. But at the same time, you got to win them each time. And then the final thing I'd say is just from a design opportunity perspective, that pipeline just continues to expand.

因此黏性程度很高。進入門檻很高。但同時，你每次都必須贏得勝利。我最後要說的是，從設計機會的角度來看，這個管道還在不斷擴大。

And within that, we continue to close very significant designs as recently even as our fourth quarter. So those are the dynamics we still see and it's competitive, and everybody is in a race, but we feel like we're in the best position we've ever been in, quite frankly, relative to the technology, the platform and our ability to go really drive in a very, very focused manner the execution around what I think is the biggest opportunity I've seen in a very long time in the semiconductor industry, which is the AI super cycle that's still in front of us.

在此範圍內，我們最近甚至在第四季度繼續完成非常重要的設計。因此，我們仍然看到這些動態，而且競爭激烈，每個人都在競爭，但坦白說，就技術、平台和我們真正以非常非常專注的方式推動執行的能力而言，我們處於有史以來最好的位置，我認為這是我在很長一段時間內看到的半導體行業最大的機遇，也就是仍然擺在我們面前的人工智能超級週期。

And then for my follow-up, I was curious if you could expand on your comment around -- you said, I think, growth in data center, cloud, plus AI will be double-digit, on-prem will be down, can you help us think about what you mean by that? What is double digits? Is the teens or higher than that? Just because investors are super sensitive to growth rate in your cloud and AI business.

然後，對於我的後續問題，我很好奇您是否可以擴展您的評論 - 您說，我認為資料中心、雲端運算以及人工智慧的成長將達到兩位數，而本地部署將會下降，您能幫助我們思考一下您這是什麼意思嗎？什麼是兩位數？是十幾歲還是更高？只是因為投資人對你的雲端和人工智慧業務的成長率非常敏感。

Yeah. I mean, we're getting a little more precise. And certainly, this is the guide, but double digits is double digits and it's not 20% or something. I mean, it's above 10%, and that's the way you should think about it. And clearly, we're -- we'll see where the quarter lands, but that's what we're seeing at the moment.

是的。我的意思是，我們變得更精確了。當然，這是指導意見，但這兩位數就是兩位數，而不是 20% 或類似的數字。我的意思是，它高於 10%，你應該這樣考慮。顯然，我們將拭​​目以待本季的業績表現，但這就是我們目前所看到的情況。

You also asked me about attaching networking. So I just want to cover that real quick, and we'll go to the next question.

您也問了我有關連接網路的問題。我只想快速地講一下這個問題，然後我們進入下一個問題。

That has proven to be extremely sticky, obviously, and that is probably the other leg to the -- that goes hand-in-hand with the custom designs is that -- I said some of this in my prepared remarks, but the -- the value of the solution now is really moved just beyond who can do the best sort of individual compute piece of silicon. I mean that's critical, and you've got to have the right sort of performance, and you've got to take advantage of Moore's Law and all those things. But the way to get ultimately outsized performance in the solution is you've got to couple that with the networking and the connectivity. And I think the I/O from scale up to scale out to all the various different interconnect type of solutions we have is proving to be a very compelling reason for customers to use us because we can co-architect those together, and we actually get with the compute custom silicon opportunities.

顯然，事實證明這非常棘手，這可能是與定制設計密切相關的另一個方面，我在準備好的發言中提到了這一點，但解決方案的價值現在確實已經超越了誰能製造出最好的單一矽片計算晶片。我的意思是，這很關鍵，你必須擁有正確的表現，你必須利用摩爾定律和所有這些東西。但最終要獲得解決方案超凡性能的方法是將其與網路和連接性結合。我認為，從擴大到擴大的 I/O 到我們擁有的所有各種不同互連類型的解決方案，都被證明是客戶使用我們的一個非常有說服力的理由，因為我們可以共同設計這些解決方案，而且我們實際上獲得了計算定制矽片的機會。

And when we do that, by the way, and especially when we engage on something like an accelerator of CPU, we get very early information and perspective on the customer architecture. Again, not just the piece of compute but then all the I/O that's required and then we drive our solutions around that. So this is all by design in terms of how we formulated our technology platform approach. But it is a much more compelling value prop for our customers versus maybe competitors of ours that only have one of those pieces.

順便說一句，當我們這樣做時，尤其是當我們參與類似 CPU 加速器之類的工作時，我們就能獲得有關客戶架構的早期資訊和觀點。再次強調，不僅僅是計算部分，還包括所有所需的 I/O，然後我們圍繞這一點推動解決方案。所以就我們制定技術平台方法而言，這一切都是精心設計的。但對我們的客戶來說，這是一個更具吸引力的價值主張，而我們的競爭對手可能只擁有其中一種。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I'm going to stick with the AI question as well. Matt, you had mentioned that you had 4 customers in the hyperscalers where you're engaged and you mentioned two in compute and the third one coming. The fourth, I just want to be clear, is that also a compute opportunity? Or is that referring to the NIC, custom NIC opportunity that you're currently engaged in? And then also on that same narrative, how do you think about the custom logic opportunity around HBM 4 and the timing of when that might be impactful for Marvell?

我也會繼續探討人工智慧問題。馬特，你曾提到，你所涉足的超大規模市場中有 4 個客戶，其中兩個在計算領域，第三個即將到來。第四，我只想明確一點，這也是一個計算機會嗎？或者這是指您目前正在從事的 NIC、自訂 NIC 機會？然後同樣基於同樣的敘述，您如何看待 HBM 4 周圍的定制邏輯機會以及它對 Marvell 產生影響的時間？

Thanks, Aaron, and great two questions. So yes, on the first one, I think you got it right. you actually nailed it. So that -- and that opportunity sets bigger than just that product as an example.

謝謝，Aaron，這兩個問題很棒。是的，關於第一個問題，我認為你是對的。你確實成功了。所以 — — 這個機會比僅僅以該產品為例要大得多。

But yes, the fourth customer, we had a we're in production and we publicly announced with custom NIC in that area. And then on custom HBM, yes, that continues to be actually a critical IP for us, and I think a critical part of what we see the customer road maps aligning around. And so we're very engaged right now, both with the key memory partners of ours who we work with jointly with our hyperscale customers. And the benefits are quite significant that we're able to propose in terms of the beachfront area reduction on the logic die, the ability for our customers to get significantly more compute packed into that die and then also improving the throughput between the HBM and the compute and then actually being able to have a higher density memory solution wrapped around our customers' compute die. So all those are still very valid, and I think that's going to be a significant sort of industry trend that we're going to see in the next generation of these high-end accelerator products.

但是的，第四個客戶，我們有一個，我們正在生產，並且我們公開宣佈在該地區使用定制 NIC。然後關於定制 HBM，是的，這實際上對我們來說仍然是一個關鍵的 IP，而且我認為這也是我們看到客戶路線圖調整的關鍵部分。因此，我們現在與我們的主要記憶體合作夥伴以及我們的超大規模客戶密切合作。我們能夠提出的建議的好處非常顯著，包括減少邏輯晶片的前沿面積，讓我們的客戶能夠在晶片中裝入更多的計算，同時提高 HBM 和計算之間的吞吐量，然後實際上能夠擁有一個更高密度的內存解決方案來包裹客戶的計算芯片。所以所有這些仍然非常有效，我認為這將成為我們在下一代高端加速器產品中看到的重要行業趨勢。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey guys, thanks for taking the question. I appreciate it. So I kind of wanted to pivot a little bit to the technology side. So Matt, in the script, you talked about increasingly optical connections, taking over areas where electrical connections were today. So I kind of wanted to get your opinion, like when you look at the world of just optics in general and particularly co-packaged optics, do you see that at first happening kind of inside of the rack? Or do you see that kind of happening in the aggregation layer?

嘿夥計們，謝謝你們回答這個問題。我很感激。因此我想稍微轉向技術方面。馬特，在劇本中，你談到了日益增長的光學連接，接管了目前電氣連接的領域。所以我想聽聽你的意見，例如當你觀察整個光學領域，特別是共封裝光學領域時，你是否看到這種情況首先發生在機架內部？或者您是否看到在聚合層發生了這種情況？

And then what does that mean for your DSP business? Like Obviously, your share of the optical world is a little bit different than your share of the switching world. I just would love your commentary on where you see kind of co-package optics coming first? And then kind of as it relates to your product set, where do you feel like you have some strength?

那麼這對您的 DSP 業務意味著什麼？顯然，您在光學世界中的份額與您在切換世界中的份額略有不同。我只是很想聽聽您的評論，您認為哪種共封裝光學技術會先出現？那麼就您的產品系列而言，您覺得自己在哪些方面具有優勢？

Yeah. Great. Thanks, Tom. So yes, maybe some perspective. So I think the first is in the history of CPO, this is really prioahr to this [ sea-tide ] change in the last few years of the growth in accelerated computing.

是的。偉大的。謝謝，湯姆。是的，也許有一些看法。因此，我認為第一個是在 CPO 的歷史上，這實際上與過去幾年加速計算增長的這種[海潮]變化有關。

The Holy Grail that's been out there for a decade plus, maybe close to 20 years is that the aggregation layer or the scale-out was ultimately could go to CPO.

已經存在十多年，也許接近二十年的聖杯是聚合層或橫向擴展最終可以歸於 CPO。

And there's been a lot of POCs in this area. There's been a lot of different efforts in the industry. I mean I was at OFC last year. And that's kind of where a lot of the air really did come out of the balloon. I think not just from us but our big cloud customers sort of have said that's a very long-term type of opportunity.

這個領域已經有很多 POC。業界已經做出了許多不同的努力。我的意思是我去年在 OFC。這就是大量空氣確實從氣球中逸出的地方。我認為，不僅我們，而且我們的大型雲端運算客戶也都認為這是一個非常長期的機會。

And that's been our view, too, by the way, that it's something that we're paying attention to. We've got some investment there. But what's really happened in the and by the way, the same thing sort of happened with LPO, which was linear optics. 2023, there was a ton of noise on this topic that, that would be able to replace DSP-based pluggables. That has not happened.

順便說一句，這也是我們的觀點，也是我們正在關注的事情。我們在那裡有一些投資。但實際上，順便說一下，同樣的事情也發生在 LPO（線性光學）上。 2023 年，關於這個主題的討論很多，認為它將能夠取代基於 DSP 的可插入式裝置。但那並沒有發生。

But what's emerged, as I mentioned in my prepared remarks, is that in the scale-up and the connectivity in the rack in between accelerators and inside the cluster. That's where there's a lot of opportunity to go active and accelerated in terms of the connectivity and to go optical from passive. And that could be accomplished a couple of different ways, and co-packaged optics is a very interesting and compelling way to do that. We demoed our 6.4T product a year ago at OFC. We're definitely investing in this area and we have a lot of traction here relative to us presenting that as a solution as part of our ASIC platform.

但正如我在準備好的發言中提到的那樣，出現的情況是，在加速器之間和集群內部的機架中的擴展和連接性。這就是在連接方面有很多機會轉向主動和加速以及從被動轉向光學。這可以透過幾種不同的方式實現，而共封裝光學元件是一種非常有趣且引人注目的方式。我們一年前在 OFC 上展示了我們的 6.4T 產品。我們肯定會在這個領域進行投資，而且我們在這裡取得了巨大的進展，將其作為我們 ASIC 平台的一部分的解決方案提出來。

And then also with LPO, same thing. I think that may find a home in some of these connection points, again, within the rack. But these will be important applications, especially in closed systems. There's a lot of technology that needs to get developed and a lot of work to do. But we're very much investing here and we will be in this business to compete with best-in-class technology.

然後對於 LPO 也是一樣。我認為它可能在機架內的某些連接點中找到一個位置。但這些將是重要的應用，特別是在封閉系統中。有很多技術需要開發，還有很多工作要做。但我們在這裡投入了大量資金，我們將在這個行業中與一流的技術競爭。

The question is, when does it want to get adopted? What is the qualification process, what are all the manufacturing and yield issues we're going to have to deal with. So it's complex, Tom. But this is not something that we're backing off of. In fact, we think it's a critical part of our long-term technology investment to not only have best-in-class DSPs and pluggables, best-in-class AECs, as an example, retimers, a whole suite of connectivity solutions but also investing in the next generation where we can enable significant breakthroughs in power and performance, we just have to balance those off with the reality of this is very complex new and not traditional sort of basic CMOS technologies. These are more complex.

問題是，它什麼時候想被收養？資格認證流程是怎麼樣的，我們要處理哪些製造和產量問題。所以很複雜，湯姆。但這並不是我們會退縮的事情。事實上，我們認為這是我們長期技術投資的關鍵部分，不僅要擁有一流的 DSP 和可插拔設備、一流的 AEC（例如重定時器）和一整套連接解決方案，還要投資於下一代技術，以實現功率和性能的重大突破，我們只需要在這些方面與現實進行平衡，這是一種非常複雜的新技術，而不是傳統的基本 CMOS 技術。這些更加複雜。

So you'll see more from us at OFC on this. And certainly, this is an area to watch. But we think it's going to take some time for it to finally work its way through industry-wide into real high-volume production.

因此您將在 OFC 上看到我們關於此內容的更多報導。毫無疑問，這是一個值得關注的領域。但我們認為它最終在整個行業中普及並實現真正的大量生產還需要一些時間。

Super helpful. And then just on the near term, obviously, on the optical side, it sounds like things are better there. But there's been noise as there is about many things these days in relation to AI about potentially some headwinds in terms of inventory at 800 gig or the pricing dynamic as you move to 1.6T.

超有幫助。然後就短期而言，顯然從光學來看，情況聽起來會更好一些。但目前與人工智慧相關的許多事情也存在一些噪音，例如 800G 的庫存方面可能遇到一些阻力，或者轉向 1.6T 的定價動態方面可能會遇到一些阻力。

Could you maybe comment on the health of both of those nodes and kind of what you're seeing in terms of the growth trajectory for the 800 gig world this year and just the health of pricing, et cetera, just because there's been a lot of noise there.

您能否評論一下這兩個節點的健康狀況，以及您對今年 800G 世界的成長軌跡以及定價健康狀況等方面的看法，因為那裡有很多噪音。

Yeah, yes. No, we feel really good. Optics has been very, very strong for us. We saw a big uptick in the second half of last year in terms of orders. We've been fulfilling those.

是的，是的。不，我們感覺非常好。光學對我們來說非常非常強大。去年下半年，訂單量大幅增加。我們一直在履行這些義務。

We see demand very strong this year, particularly in 800 gig very healthy demand. We do see a 1.6T transition happening but quite frankly, 800 gig continues to be the workhorse. And we'll be ready to support both our 5-nanometer 1.6T device, but we're very excited about our 3 nanometer product. It's getting a lot of great traction because of the power savings.

我們看到今年的需求非常強勁，特別是 800Gig 的需求非常旺盛。我們確實看到 1.6T 的轉變正在發生，但坦白說，800Gig 仍然是主力。我們將準備好支援我們的 5 奈米 1.6T 設備，但我們對我們的 3 奈米產品感到非常興奮。由於節省了電力，它獲得了巨大的發展動力。

I mean it's 20% per link. So it really adds up when you talk about the massive scale and the number of interconnect points in these massive clusters that are being built, so all that looks very positive, Tom. And of course, there's always noise in the system. This is a very hot area. I'm saying AI overall.

我的意思是每個連結是20%。所以，當你談論正在建造的這些大規模集群中的互連點的規模和數量時，它確實會增加，所以這一切看起來都非常積極，湯姆。當然，系統中總是存在著噪音。這是一個非常熱門的地區。我指的是整體上的人工智慧。

But from a Marvell perspective, sharing what we see, we see very healthy strong demand continuing.

但從 Marvell 的角度來看，根據我們的觀察，我們看到非常健康的強勁需求持續存在。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Hey, good afternoon, guys. Thanks for taking my question. Great to see that you captured the follow-on AI XPU program after your current XPU program which is ramping now with your major cloud and hyperscale customer. Matt, just to clarify, so is the new follow-on XTU program, a training XPU as well? Is that a calendar '26 ramp? And is that at 5 nanometer or 3 nanometer? Any more color there would be helpful.

嘿，大家下午好。感謝您回答我的問題。很高興看到您在當前 XPU 計劃之後獲得了後續 AI XPU 計劃，該計劃目前正在與您的主要雲端和超大規模客戶一起大力推進。馬特，只是想澄清一下，新的後續 XTU 計劃也是一個培訓 XPU 嗎？那是 '26 年曆的坡道嗎？那是 5 奈米還是 3 奈米？更多顏色將會很有幫助。

And then for Willem, your inventories were up 20% sequentially, which in a strong demand and product cycle environment, like typically implies strong future growth but you compare that to the 3% sequential total revenue guide for April. There seems to be some disconnect. So the way to interpret this is that the 20% sequential growth in inventories is more reflective of the AI strong growth profile ahead for the team?

對於 Willem 來說，你們的庫存環比增長了 20％，這在強勁的需求和產品週期環境下通常意味著未來強勁的增長，但您可以將其與 4 月份環比 3％ 的總收入指南進行比較。似乎存在一些脫節。那麼，如何解釋這一點呢？

Yeah, I'll start off, Harlan. So yes, so couple of things. So again, given the confidentiality wrapper we've got here we go. The first is, you should assume this it's a very high volume program, and it's a continuation of what we're doing. On the -- and you should assume just in general, on every next-generation type of device, you're going to see no transitions and technology advancements as you go forward.

是的，我先開始了，哈蘭。是的，有幾件事。因此，再次強調，考慮到我們已經獲得的保密性包裝，我們可以開始了。首先，你應該假設這是一個非常大容量的程序，並且它是我們正在做的事情的延續。在—你應該假設，一般來說，在每種下一代類型的設備上，你不會看到任何轉變和技術進步。

So you should assume that.

所以你應該假設這一點。

And then also on a timing perspective, all I can say there is we'll be ready to ramp when it's time, and we'll manage that transition. We're very confident in our ability to manage that transition successfully with our customer but that timing is something that we're just going to have to see when that's ready and we'll time it around that. And I can't really comment on what my customer plans are in this kind of detail, they just don't like it, and I don't blame them. And I'll give -- I'll let Willem take the inventory question.

然後從時間角度來看，我只能說我們會在適當的時候做好準備，並管理好這項過渡。我們對自己與客戶成功完成這項過渡的能力非常有信心，但具體時間還需等待，等到一切準備就緒，我們就會安排好時間。我無法如此詳細地評論我的客戶的計劃，他們只是不喜歡它，我不會責怪他們。我會讓威廉來回答庫存問題。

Harlan, on Inventory, that's really in support of continuing growth in our custom programs that we see over this year as well as very strong growth on the optics side. There's really those 2 dynamics driving inventory. But if you look at it on a day, it's actually flat quarter-over-quarter.

哈蘭 (Harlan) 就庫存而言，這確實支持了我們今年看到的客製化項目的持續成長以及光學方面的強勁成長。確實有這兩種動力在推動庫存。但如果你從一天來看，它實際上是與上一季持平的。

Got it. Thanks for the inputs, guys.

知道了。謝謝大家的意見。

Mark Lipacis from Evercore ISI.

Evercore ISI 的 Mark Lipacis。

Great. Matt, I think there's always a concern in the market around this risk of a deceleration in spending or maybe even a digestion period. And you seem to express confidence in the visibility as you go through this year. And I wonder if you can help us understand the -- tell us that you look for on your dashboard that tells you that there is this risk of a digestion period. And I think maybe as part of that, I guess I've always thought of Marvell is like a COM-IC company.

偉大的。馬特，我認為市場始終擔心支出減速甚至消化期的風險。而且您似乎對今年的可見性表現出信心。我想知道您是否可以幫助我們理解—告訴我們您在儀表板上尋找的資訊告訴您有消化期的風險。我想也許其中的一部分是，我一直認為 Marvell 就像一家 COM-IC 公司。

Now you just have this processor business that's really ramping. And I wonder if you kind of deconstruct that risk assessment? Do you think about those 2 businesses differently?

現在，處理器業務正在真正蓬勃發展。我想知道您是否會解構這種風險評估？您對這兩家企業有何不同看法？

Yeah. Okay. Yes, I'll break it into the two pieces. So we do a lot of triangulation, Mark as a company relative to how we forecast our data center business in particular. And so we do take a lot of the top-down data into account in terms of CapEx trends and things like that.

是的。好的。是的，我會把它分成兩個部分。因此，我們做了很多三角測量，特別是將馬克作為一家公司來考慮我們如何預測我們的資料中心業務。因此，我們確實在資本支出趨勢等方面考慮了大量自上而下的數據。

But ultimately, we're so joined at the hip because of these the key nature of these programs and ultimately, our products and especially where they're just completely sole source being a potential gate for our customers. We've been -- we plan our supply chains very carefully together. And I think you can see the evidence of that over the last 2 years as we ramp with sort of the advent of ChatGPT. And it's amazing to think of where we were if I actually go back to this call 2 years ago, and the big breakthrough was we were saying we were going to do $200 million in AI revenue in calendar '23 and $400 million in '24. And now we just finished '24, and we're talking about blowing through $1.5 billion and doing $2.5 billion plus.

但最終，我們之所以如此緊密地聯繫在一起，是因為這些項目的關鍵性質，以及最終我們的產品，尤其是它們作為我們客戶的潛在門戶的唯一來源。我們一直—我們一起非常仔細地規劃我們的供應鏈。我認為，隨著我們不斷推進 ChatGPT 的出現，您可以在過去兩年中看到這方面的證據。如果我真的回想起兩年前的這次電話會議，我會驚訝地發現當時我們的情況非常驚人，當時我們取得了重大突破，我們當時表示將在 23 年實現 2 億美元的 AI 收入，在 24 年實現 4 億美元的收入。現在我們剛結束24年，我們正在談論花掉15億美元並做25億美元以上。

So just as a quick side note, it's just kind of remarkable. But we scaled, right, along with our customers and generally continue to sort of exceed expectations and be able to ramp with what they need. So when we look to the rest of the year and even, quite frankly, on a multiyear view, it's a very strong outlook. And some of that is our own specific things because we have new programs, let's say, in the custom area, that are ramping that are incremental. We also have -- we just have additional sockets.

順便提一下，這確實很了不起。但是，我們與客戶一起擴大了規模，並且總體上繼續超越預期，並且能夠滿足他們的需求。因此，當我們展望今年剩餘時間，甚至坦白說，從多年期角度來看，前景都非常強勁。其中一些是我們自己的具體項目，因為我們有新的項目，例如在客製化領域，這些項目正在逐步增加。我們還有——我們只是有額外的插座。

We have customers transitioning from a technology perspective, let's say, an interconnect, so we have a lot of positive tailwinds. Now we're monitoring and certainly, the supply chain, it needs constant review. But at the moment, again, we see a very strong setup for strong growth in our fiscal '26 and our fiscal '27 driven by both the custom programs ramping as well as continued growth and strength in connectivity and in higher layer networking and in things like storage coming back. So all these look like a positive setup at the moment.

我們有一些客戶正在從技術角度進行轉型，例如互連，因此我們有很多積極的順風。現在我們正在監控，當然，供應鏈需要不斷審查。但目前，我們再次看到，26財年和27財年將出現非常強勁的成長勢頭，這得益於定制項目的不斷增加以及連接性和更高層次網絡以及存儲等方面的持續增長和實力。因此，目前所有這些看起來都是一種積極的安排。

Great, thank you, very helpful.

太好了，謝謝，非常有幫助。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Thanks for the intermission there in the middle. That was a nice break. The question that I have is with regard to sequential growth, Matt, and then a long-term question. Did you clarify that AI revenue could grow sequentially through the year? And did -- when Tim asked his question earlier?

感謝中間的休息。這真是一次愉快的休息。我的問題是關於連續成長，馬特，然後是一個長期問題。您是否明確表示人工智慧收入今年將持續成長？當 Tim 之前問這個問題時，他確實這麼做了？

And if so, what's your confidence? And then if you could just kind of step back also, Matt, a lot of noise due to the speculation around customer and content there. But when you step back, you have a goal of $15 billion for the data center long term, by calendar year '28 are you seeing the progress in your custom business still to hit that number? Because nobody on the Street is even close to that.

如果是的話，您的信心是多少？然後，馬特，如果你能退一步來說，那裡有很多關於客戶和內容的猜測引起的噪音。但當你退一步考慮時，你的資料中心長期目標是 150 億美元，到 28 年，你是否看到你的客製化業務仍能達到這個數字？因為華爾街上沒人能接近這個水準。

Yeah, Ben, thanks for the questions. So yes, on the a, assumptions through the year, yes, I didn't -- I think what I said was in Q1 our data center business ex the on-prem stuff was going to be up double digits, coming off of overall data center like 25% a quarter sequentially.

是的，本，謝謝你的提問。所以是的，在全年的假設上，是的，我沒有 - 我認為我所說的是，在第一季度，我們的數據中心業務（包括內部部署業務）將增長兩位數，比整體數據中心每個季度增長 25％。

So I didn't comment throughout the whole year, but you should just -- you should just assume -- it's not a bad assumption, right, or would be a fair assumption to think that it's obviously going to continue given the strength in the business and the momentum that we're seeing and just from what we're looking at from a year-over-year perspective.

所以我全年都沒有發表評論，但你應該——你應該假設——這不是一個壞的假設，對吧，或者說是一個合理的假設，考慮到業務的實力和我們所看到的勢頭，以及從去年同期的角度來看，這種狀況顯然會繼續下去。

On the long term, I think we're tracking extremely well to our 20% market share number. When we look back to kind of calendar '23 and then '24 and '25 and you start bouncing it up against what we said at the AI Day, I think it looks very favorable. We're definitely gaining share from '23 to '24, and we'll definitely gain more share from '24 to '25.

從長遠來看，我認為我們的市場份額將非常好地達到 20%。當我們回顧 23 年、24 年和 25 年日曆，並將其與我們在人工智慧日所說的內容進行對比時，我認為情況看起來非常有利。從2023年到2024年，我們的份額肯定會增加，從2024年到2025年，我們的份額肯定會增加。

And so to get to that revenue target, you got to get there both ways. You got to grow the share, right, from kind of 10%, let's call it to 20%. And then the market's got to develop, right, obviously. You got to get to the sort of $75 billion TAM, but both of those are trending in a very positive direction. In fact, certainly in '24 and even in '25 is just kind of big round numbers, it looks like both the market and our growth, if you just bounce it up against sort of what's the compounded growth rate you needed from '23 to '28, it's actually growing above that right now.

因此，為了達到這個收入目標，你必須雙管齊下。你必須增加份額，從 10% 左右，提高到 20%。然後市場必須發展，顯然是這樣。你必須達到 750 億美元的 TAM，但這兩者都朝著非常積極的方向發展。事實上，24 年甚至 25 年肯定只是一些很大的整數，看起來市場和我們的成長，如果你將它與 23 年到 28 年所需的複合成長率進行比較，它實際上現在的成長高於這個數字。

So now when we're in ramp phase, but that's going to continue. So I think we're in very good shape in terms of where we're tracking from a market share perspective.

所以現在我們正處於上升階段，但這將會持續下去。因此我認為，從市場佔有率的角度來看，我們的狀況非常好。

And certainly, if the market, by the way, is bigger. I mean remember, we gave that point of view in April of last year. And the world has changed, been since then in terms of the absolute CapEx that's being deployed, certainly, even in recent months, all of the various programs from all the different key players and the potential of what's out there, sovereign programs, government programs, programs from new entrants.

當然，如果市場更大的話。我記得我們去年四月就提出了這個觀點。自那時起，世界已經發生了變化，就正在部署的絕對資本支出而言，當然，即使在最近幾個月，所有不同主要參與者的各種計劃以及現有的潛力，主權計劃、政府計劃、新進入者計劃。

So we just see this -- we just see the quite frankly, the TAM and the opportunity for Marvell, if anything, being way larger than it was when we looked at it almost a year ago. So all those make me feel very good about the market size developing and then certainly our progression on the market share.

因此，我們看到——坦率地說，Marvell 的 TAM 和機會比我們近一年前看到的要大得多。因此，所有這些都讓我對市場規模的發展以及我們的市場份額的進步感到非常高興。

And you're right, that would be it'd be an absolute home run to get there. And that's what me and my team are absolutely driving in this company day in and day out, is drive the market share and help create the market, help make the TAM happen and execute like crazy and do it in a very focused manner, which is also why we reorganized the company with a dedicated data center engineering and business group to drive it. So I think the setup is really good.

你說得對，那將是一次絕對本壘打。這就是我和我的團隊日復一日在公司努力追求的目標，即擴大市場份額、幫助創造市場、幫助實現 TAM、瘋狂執行、以非常專注的方式去做，這也是我們重組公司、成立專門的數據中心工程和業務集團來推動它的原因。所以我認為這個設定非常好。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

And some of this was addressed but scale up, you guys have a lot of opportunities here. Some of this could be optical, some of it could be co-packaged, some of it could be active copper. I think you might even have some like UAL or NVLink like alternatives, DSP throughout the system. I guess, as we see changes in architecture, either GPU or XPU, where do you think your biggest opportunities are? And when might we see some of these wins.

其中一些問題已經解決，但隨著規模的擴大，你們在這裡有很多機會。其中一些可能是光學的，有些可能是共同封裝的，有些可能是有源銅的。我認為你甚至可能有一些像 UAL 或 NVLink 這樣的替代品，整個系統中的 DSP。我想，當我們看到架構的變化時，無論是 GPU 還是 XPU，您認為您最大的機會在哪裡？我們什麼時候才能看到這些勝利呢？

Yeah. Excellent, Chris, and a great question to end the session. So first of all, you've done your homework. And I think the key message is, we are planning on participating and enabling all of the things you mentioned, we have programs underway and developments in all those different areas. The key thing I want to stress to you and to the investors on the call is, this is incremental TAM the scale-up opportunity, that we flagged it a few different times is right for sort of a TAM expansion.

是的。太棒了，克里斯，這個問題問得非常好，可以結束本次會議。首先，你已經做完功課了。我認為關鍵的訊息是，我們計劃參與並實現您提到的所有事情，我們在所有不同領域都有正在進行的計劃和發展。我想向您和電話會議上的投資者強調的關鍵一點是，這是增量 TAM 的擴大機會，我們曾多次提到這一點，這對於 TAM 擴展來說是正確的。

And it looks like that's what's going to play out at some point here. So that is all incremental. That's not, hey, if that happens and all of a sudden, Marvell's DSP revenue goes down or something like the scale up and this type of connectivity, that is a revenue upside, market upside type of opportunity. So that one, I think, is -- we're very excited about. And I think you're going to hear a lot more about that from us, certainly at things like OFC and our Investor Day and so forth.

看起來這就是在某個時候將要發生的事情。這一切都是增量的。那不是，嘿，如果發生這種情況，並且突然之間，Marvell 的 DSP 收入下降或出現類似擴大規模和這種類型的連接的情況，那麼這是一個收入上升、市場上行類型的機會。所以，我認為，我們對此感到非常興奮。我想你會從我們這裡聽到更多關於這方面的消息，當然是在 OFC 和投資者日等等活動中。

But yes, big opportunity there. No question.

但確實，那裡有很大的機會。毫無疑問。

Let me now turn the call over to Mr. Murphy for closing comments.

現在，請允許我把電話轉給墨菲先生，請他發表最後評論。

Yeah. Thank you, operator. And first of all, I appreciate everybody joining the call. I apologize for the gap there. I hope everybody enjoyed a quick coffee break, and we'll certainly figure out what happened.

是的。謝謝您，接線生。首先，我感謝大家參加這次電話會議。對於存在的差距，我深感抱歉。我希望大家都享受了短暫的咖啡休息，我們一定會弄清楚發生了什麼事。

But I appreciate the interest in the company.

但我很感激大家對這家公司的關注。

I want to thank everybody for their interest and just kind of reflect on a few things: I think the first is we had really strong progress in fiscal '25, we started off at a $4 billion-ish, $4.2 billion, $4.3 billion type of run rate in the first half. We're now at the $1.875 billion kind of guide, well above $7.5 billion kind of run rate. So that's, I think, really strong trajectory for the company heading into the year and a big change.

我要感謝大家的關注，並就幾件事進行回顧：我認為首先，我們在 25 財年取得了非常強勁的進展，上半年我們的營業額達到了 40 億美元、42 億美元、43 億美元左右。我們現在的指導金額是 18.75 億美元，遠高於 75 億美元的運行率。所以，我認為這對於公司今年的發展軌跡來說是一個非常強勁的成長軌跡和巨大的變化。

We're also getting leverage in the model. And the operating leverage, cash flow generation, operating margin expansion, and you can even see it in things like our Q4 to Q1 OpEx, which normally would go up, as Willem said, more than we're forecasting but we're starting to see the benefit of these custom silicon programs kicking in and the NRE contribution. And so we're seeing it both on the top line revenue growth, but also on the expense line as well, and that is a great setup. We were GAAP profitable as well in Q4, which was great. We're going to keep driving that.

我們也在這個模型中獲得了槓桿作用。還有營業槓桿、現金流量產生、營業利潤率擴大，你甚至可以從第四季度到第一季的營運支出等方面看到這一點，正如 Willem 所說，這些支出通常會比我們預測的要多，但我們開始看到這些客製化矽片計劃帶來的好處和 NRE 的貢獻。因此，我們既看到了營業收入的成長，也看到了支出的成長，這是一個很好的設定。我們在第四季度也實現了 GAAP 盈利，這很好。我們將繼續推動這項進程。

It wasn't just AI, our standard cloud infrastructure side of things and data center also had a very strong year. The programs that we -- maybe there was some concern about going back a year ago, can you ramp? These products are going to get qualified, what's going to happen. I think our team, and I want to thank the Marvell team did an excellent job of ramping these very complex devices into full volume production, supporting our customers.

不僅是人工智慧，我們的標準雲端基礎設施和資料中心今年也表現強勁。我們可能對一年前推出的專案有些擔心，您能加快腳步嗎？這些產品將要獲得認證，會發生什麼事？我認為我們的團隊，同時我要感謝 Marvell 團隊，他們出色地完成了將這些非常複雜的設備投入全面量產的工作，為我們的客戶提供了支援。

Tom had a question about electro-optics. We had a banner year for our electro-optics business, and it looks very strong heading into next year. Also the multi-market businesses that was a source of concern over the past year, the enterprise and carrier and things like that. You're seeing very strong sequential growth now, sequential growth out of those businesses as they recover. And they sort of trend back towards their at least enterprise and carrier their $2 billion run rate.

湯姆對電光學有一個疑問。我們的電光業務度過了輝煌的一年，預計明年將會表現強勁。過去一年來，多市場業務、企業和營運商等也成為人們擔憂的問題。您現在看到非常強勁的連續成長，這些業務隨著復甦而連續成長。而且他們的趨勢是至少回到企業和營運商 20 億美元的營運率。

And look, we had a beat and raise. We're guiding revenue and earnings growth to continue in the first quarter. Customer engagement is really strong. As I mentioned, very strong design wins in the last year, great execution by our sales team and business units to win those key designs that are going to drive our future growth. And we're very optimistic about where this heads.

瞧，我們已經擊敗並且提高了。我們預計第一季營收和獲利將繼續成長。客戶參與度確實很高。正如我所提到的，去年我們的設計獲得了非常強勁的成績，我們的銷售團隊和業務部門的出色執行贏得了那些將推動我們未來成長的關鍵設計。我們對於事態的發展非常樂觀。

So I appreciate everybody's interest. I look forward to seeing all of you in various investor meetings coming up and continue the discussion. So thanks, everybody. I appreciate it.

所以我感謝大家的關注。我期待在即將召開的各種投資者會議上見到大家並繼續討論。謝謝大家。我很感激。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。