邁威爾科技 (MRVL) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to Marvell Technology Inc. first quarter of fiscal year 2026 earnings conference call. (Operator Instructions). Please note that this event is being recorded. I would now like to turn the conference over to Mr. Ashish Saran, Senior Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加 Marvell Technology Inc. 2026 財年第一季財報電話會議。（操作員指令）。請注意，此事件正在被記錄。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 Marvell's first quarter fiscal year 2026 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; and Willem Meintjes, our CFO. Let me remind you that certain comments made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations.

謝謝大家，下午好。歡迎參加 Marvell 2026 財年第一季財報電話會議。今天與我一起出席的還有 Marvell 董事長兼執行長 Matt Murphy 和財務長 Willem Meintjes。讓我提醒您，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. 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.

請查看我們今天向美國證券交易委員會提交的收益新聞稿中包含的警示性聲明和風險因素，該新聞稿和風險因素發佈在我們的網站上，以及我們最近的 10-K 和 10-Q 文件中。我們不打算更新我們的前瞻性陳述。在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們的收益新聞稿中也提供了 GAAP 和非 GAAP 財務指標之間的對帳。

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 first quarter of fiscal 2026, Marvell delivered record revenue of $1.895 billion, above the midpoint of guidance, reflecting a 4% sequential increase and strong 63% year-over-year growth. Data center and market continued to deliver strong growth, driven by robust AI demand.

謝謝，Ashish，大家下午好。2026 財年第一季度，Marvell 實現了創紀錄的 18.95 億美元的營收，高於預期中位數，環比增長 4%，同比增長 63%。在強勁的人工智慧需求的推動下，資料中心和市場持續保持強勁成長。

In addition, we were pleased to see ongoing revenue recovery in our carrier infrastructure and enterprise networking end markets. Higher revenue versus our forecast also resulted in record non-GAAP earnings per share, which came in above the midpoint of guidance.

此外，我們很高興看到營運商基礎設施和企業網路終端市場的收入持續復甦。高於我們預測的收入也帶來了創紀錄的非公認會計準則每股收益，高於預期中位數。

In addition, we significantly increased our stock repurchases in the first quarter, buying back $340 million, a substantial step-up from the $200 million repurchased in the prior quarter. During the first quarter, we announced the sale of our automotive Ethernet business to Infineon in an all-cash $2.5 billion.

此外，我們在第一季大幅增加了股票回購，回購金額達 3.4 億美元，較上一季的 2 億美元大幅增加。第一季度，我們宣布以 25 億美元全現金將汽車乙太網路業務出售給英飛凌。

We are extremely proud of the progress we've made in organically building and expanding this business, which we expect will deliver compelling financial outcome for Marvell's stockholders. The closing of this transaction, which we expect was in calendar 2025, will provide us with additional flexibility in our capital allocation strategy.

我們對在有機建構和擴展這項業務方面所取得的進展感到非常自豪，我們預計這將為 Marvell 的股東帶來令人信服的財務成果。我們預計該交易將於 2025 年完成，這將為我們的資本配置策略提供額外的靈活性。

We started our new fiscal year on a strong note with Q1 results ahead and are forecasting quarter revenue of $2 billion at the midpoint of guidance. This represents 57% year-over-year growth and would set another record revenue level for Marvell.

我們以強勁的勢頭開啟了新的財年，第一季的業績即將公佈，我們預計本季營收將達到指導值的中位數 20 億美元。這代表著同比增長 57%，並將為 Marvell 創下另一個創紀錄的收入水平。

Let me now discuss our results and expectations for each of our end markets. In our data center end market, we achieved record revenue of $1.44 billion in the first quarter, growing 5% sequentially and 76% year-over-year.

現在讓我討論一下我們對每個終端市場的表現和期望。在我們的資料中心終端市場，我們在第一季實現了創紀錄的 14.4 億美元收入，季增 5%，年增 76%。

Looking ahead to the second quarter, we expect this momentum to continue with data center revenue projected to grow sequentially in the mid-single-digit range on a percentage basis while maintaining strong year-over-year growth.

展望第二季度，我們預計這一勢頭將持續下去，數據中心收入預計將按百分比環比增長中等個位數，同時保持強勁的同比增長。

These strong results along with our second quarter guidance are being driven by the rapid scaling of our -- AI silicon programs to high-volume production, along with robust shipments of our electro-optics products for AI and cloud applications.

這些強勁的業績以及我們第二季的指引是由我們的人工智慧矽片專案快速擴展到大批量生產，以及我們的人工智慧和雲端應用的電光產品的強勁出貨量所推動的。

We continue to expand the capabilities of our advanced technology platform to enable our customers to build full rack level custom infrastructure, including innovative technologies such as custom high-bandwidth memory and co-packaged optics.

我們不斷擴展先進技術平台的功能，使我們的客戶能夠建立全機架級客製化基礎設施，包括客製化高頻寬記憶體和共封裝光學元件等創新技術。

Marvell's custom HBM compute architecture enhances XPUs by optimizing the IO interfaces between accelerator silicon and the memory embedded in the package. This enables AI custom compute accelerators with much more efficient integration of main Marine, which can increase performance and reduce run times, resulting in increased utilization.

Marvell 的客製化 HBM 運算架構透過優化加速器矽片和封裝中嵌入的記憶體之間的 IO 介面來增強 XPU。這使得 AI 客製化運算加速器能夠更有效率地整合主 Marine，從而提高效能並減少運行時間，從而提高利用率。

We continue to see strong interest from multiple customers who are targeting the highest performance and optimized TCO for their upcoming AI solutions that leverage the most advanced HBM. Marvell's breakthrough co-package Optics platform enables customers to integrate our silicon photonics light engine into future custom AI accelerators.

我們持續看到多位客戶表現出濃厚興趣，他們的目標是利用最先進的 HBM 為即將推出的 AI 解決方案實現最高效能和優化的 TCO。Marvell 突破性的共封裝光學平台使客戶能夠將我們的矽光子光引擎整合到未來的客製化 AI 加速器中。

Co-package Optics can drive a transition from copper interconnects to optical fiber for scale-up AI clusters. This technology will enable larger AI servers with significantly higher total SIM memory capacity and processing capability which we expect will provide the scale headroom required for the next wave of AI models.

共封裝光學技術可以推動從銅互連到光纖的轉變，從而擴大人工智慧集群的規模。這項技術將使更大的 AI 伺服器具有更高的總 SIM 記憶體容量和處理能力，我們預計這將為下一波 AI 模型提供所需的規模空間。

We expect this transition from copper which does not contain any active silicon, the optical interconnects to significantly expand Marvell's interconnect revenue and market opportunities. Earlier this month, we had announced two new additions to our custom platform. First, we announced a partnership with NVIDIA and our NVLink fusion technology to our expanding custom platform. Our -- system silicon with NVLink Fusion provides our customers with an accelerated path to custom scale-up solutions, offering greater flexibility and choice in developing next-generation AI infrastructure.

我們預計，從不含任何活性矽的銅到光互連的轉變將顯著擴大 Marvell 的互連收入和市場機會。本月初，我們宣布了客製化平台的兩個新功能。首先，我們宣布與 NVIDIA 建立合作夥伴關係，並將我們的 NVLink 整合技術應用於我們不斷擴展的客製化平台。我們的具有 NVLink Fusion 的系統矽片為我們的客戶提供了客製化擴展解決方案的加速途徑，為開發下一代 AI 基礎設施提供了更大的靈活性和選擇。

So now some further validates the proliferation of custom XPUs as a strong complement to merchant solutions. In addition, earlier today, we announced Marvell's new multi-die packaging platform, the first of many advanced packaging innovations we are bringing to the market.

因此，現在進一步驗證了客製化 XPU 的普及作為商家解決方案的有力補充。此外，今天早些時候，我們宣布了 Marvell 的新型多晶片封裝平台，這是我們向市場推出的眾多先進封裝創新中的第一個。

Solution is already qualified and has entered production in support of a customer-specific XPU program. Platform enables customers to realize multi-die architectures, utilizing differentiated Marvell design interposer technology.

該解決方案已經合格並已投入生產，以支援客戶特定的 XPU 計劃。該平台利用差異化的 Marvell 設計中介層技術，使​​客戶能夠實現多晶片架構。

This approach can enable more efficient did interconnect, lower power consumption, increase yields and lower product cost. Marvell solution offers a compelling alternative to traditional silicon interposers for custom cloud applications. We expect to continue to proliferate this technology more broadly in next-generation designs.

這種方法可以實現更有效率的DID互連、降低功耗、提高產量並降低產品成本。Marvell 解決方案為客製化雲端應用提供了比傳統矽中介層更具吸引力的替代方案。我們希望在下一代設計中繼續更廣泛地推廣這項技術。

Moving on to the progress we are making in our custom business, we are benefiting from revenue contributions across multiple programs, including XPUs and other accelerators. Our lead XPU program for a large US hyperscale data center customer is doing extremely well and has become a key revenue driver for our custom business.

我們在客製化業務方面取得了進展，我們受益於多個專案的收入貢獻，包括 XPU 和其他加速器。我們為美國一家大型超大規模資料中心客戶提供的主導 XPU 專案進展非常順利，並已成為我們客製化業務的主要營收驅動力。

I'm incredibly proud of our team and the close collaboration with this customer to drive this program to volume production with A0 silicon and meet the customer's steep ramp. As I mentioned last quarter, we are fully engaged with this customer on the follow-on generation and I'm pleased to report that we have now secured 3-nanometer wafer and advanced packaging capacity and expect to start production in calendar 2026.

我為我們的團隊以及與該客戶的密切合作感到無比自豪，推動該專案採用 A0 矽片進行量產，並滿足客戶的急劇增長需求。正如我上個季度提到的，我們正與該客戶就後續產品進行充分合作，我很高興地報告，我們現在已經獲得了 3 奈米晶圓和先進封裝產能，預計將於 2026 年開始生產。

At the same time, our architecture team is working with the customer to support the definition of the generation after that. This is all consistent with the multigenerational nature of these engagements, reflecting the benefit of working with Marvell over the long term.

同時，我們的架構團隊正在與客戶合作，以支援後續一代產品的定義。這一切都與這些合作的多代性質一致，反映了與 Marvell 長期合作的好處。

As a result, we anticipate that our revenue from custom AI XPUs for this customer will continue to grow next year, fiscal 2027 and beyond. At our AI Day last year, we also announced a significant design win for a custom AI XPU with another US hyperscale.

因此，我們預計，為該客戶客製化 AI XPU 的營收明年、2027 財年及以後將持續成長。在去年的人工智慧日上，我們也宣布與另一家美國超大規模公司合作，在客製化人工智慧 XPU 設計方面取得了重大勝利。

Joint development on this program continues to progress well, and we are already engaged with this same customer on the architecture for the follow-on generation of this AI XPU program. I'm very pleased with the strong progress we are making across both our current and upcoming custom programs. This momentum reinforces our confidence in achieving our long-term goals for customer revenue. We will be highlighting our broad and expanding range of opportunities at our custom AI investor event on June 17. I will share more details about this event in a moment.

該計劃的聯合開發繼續進展順利，我們已經與同一位客戶就該 AI XPU 計劃的後續版本的架構展開合作。我對我們在當前和即將推出的定制項目中取得的巨大進展感到非常高興。這一勢頭增強了我們實現客戶收入長期目標的信心。我們將在 6 月 17 日的客製化 AI 投資者活動中重點介紹我們廣泛且不斷擴大的機會。我稍後會分享有關此活動的更多細節。

Turning to our interconnect portfolio. Our PAM and DCI franchises continue to lead the industry in enabling the build-out of AI and cloud infrastructure. At this year's optical fiber conference, we showcased a broad range of products, technologies and ecosystem initiatives designed the power of the next generation of scale up and scale out AI deployments, including the industry's first 400 gig per lane PAM technology, a critical step towards 3.2T optical interconnects, enabling pluggable transceiver modules to remain the dominant solution for scale-out connectivity for the foreseeable future.

轉向我們的互連產品組合。我們的 PAM 和 DCI 特許經營權繼續引領產業，推動 AI 和雲端基礎設施的建設。在今年的光纖會議上，我們展示了一系列產品、技術和生態系統計劃，旨在為下一代擴大和擴展 AI 部署提供支持，其中包括業界首個每通道 400 千兆的 PAM 技術，這是邁向 3.2T 光互連的關鍵一步，使可插拔收發器模組在可預見的未來成為擴展的主導解決方案。

Co-package optics and co-package copper technologies providing greater interconnect densities and longer reach for scale of networking. Silicon photonics light engines, scaling up to 6.4T, consolidating hundreds of components into compact module -- optimized for pluggable and CPO applications.

共封裝光學元件和共封裝銅技術可提供更高的互連密度和更長的網路規模覆蓋範圍。矽光子光引擎，可擴展至 6.4T，將數百個組件整合到緊湊的模組中 - 針對可插拔和 CPO 應用進行了最佳化。

1.6T linear drive pull optical modules using Marvell's silicon photonics light engine. The industry's first 3 nanometer, 1.16T PAM4-DSP featuring 200-gig per lane electrical and optical interfaces enabling customers to reduce module power consumption by more than 20% compared to its predecessor.

1.6T線性驅動拉光模組採用Marvell的矽光子光引擎。業界首款 3 奈米、1.16T PAM4-DSP，具有每通道 200 千兆的電氣和光學接口，使客戶能夠將模組功耗與其前代產品相比降低 20% 以上。

Next-generation 800 gig DCI modules supporting data transmission over distances up to 1,000 kilometers. Production-ready 1.6T AEC DSPs for emerging 200 gig for land accelerated infrastructure coherent light DSPs, enabling power and performance optimized solutions for the emerging market of distributed campus data center interconnects, spanning distances up to 20 kilometers.

新一代 800 千兆 DCI 模組支援長達 1,000 公里的距離的資料傳輸。適用於新興 200 GB 陸上加速基礎設施相干光 DSP 的生產就緒 1.6T AEC DSP，為分散式校園資料中心互連的新興市場提供功率和效能最佳化的解決方案，跨度可達 20 公里。

And finally, PCIe Gen 6 and Gen 7 release for end-to-end at over optics. We received highly positive feedback from customers, partners and industry analysts during the event, making OFC 2025 another home run for the Marvell team.

最後，PCIe Gen 6 和 Gen 7 發布，實現端到端光學連接。我們在活動期間收到了來自客戶、合作夥伴和行業分析師的高度積極反饋，這使得 OFC 2025 成為 Marvell 團隊的另一個本壘打。

Now let me turn to Marvell's enterprise networking and carrier infrastructure end markets. In the first quarter, Enterprise Network revenue was [$178 million], while carrier infrastructure revenue totaled $138 million. Collectively, revenue grew by 14% sequentially, exceeding the midpoint of our forecast and reflecting the ongoing recovery in both end markets.

現在讓我來談談 Marvell 的企業網路和營運商基礎設施終端市場。第一季度，企業網路收入為 1.78 億美元，營運商基礎設施收入總計 1.38 億美元。總體而言，收入環比增長 14%，超過了我們預測的中位數，反映了兩個終端市場的持續復甦。

Looking ahead to the second quarter of fiscal 2026, we expect aggregate revenue from enterprise networking and carrier infrastructure to grow sequentially in the mid-single-digit range on a percentage basis.

展望 2026 財年第二季度，我們預期企業網路和營運商基礎設施的總收入將按百​​分比連續增長中等個位數。

In the consumer end market, first quarter revenue was $63 million, representing a 29% sequential decline. Looking ahead to the second quarter, we expect consumer revenue to grow by approximately 50% sequentially. The sequential changes are largely driven by seasonality and gaming demand, which continues to be the primary factor driving our core business.

在消費端市場，第一季營收為 6,300 萬美元，季減 29%。展望第二季度，我們預期消費者營收將較上季成長約 50%。連續的變化主要是受季節性和遊戲需求的影響，這仍然是推動我們核心業務的主要因素。

Turning to our Automotive and Industrial end market, first quarter revenue was $76 million, declining by 12% sequencially. While we saw sequential growth in our automotive end market, this is more than offset by a decline in our industrial end market, where order patterns can be lumpy in any given quarter. Looking ahead to the second quarter for 2026, we anticipate overall revenue from the auto and industrial end market to be flat on a sequential basis.

轉向我們的汽車和工業終端市場，第一季營收為 7,600 萬美元，季減 12%。雖然我們的汽車終端市場實現了連續成長，但這被工業終端市場的下滑所抵消，因為工業終端市場的訂單模式在任何一個季度都可能不穩定。展望 2026 年第二季度，我們預期汽車和工業終端市場的整體營收將環比持平。

In summary, in the first quarter of fiscal 2026, we continue to deliver operating margin expansion earnings per share growth and new revenue records. These results reflect strong contributions from our AI-driven data center end market and ongoing recovery in our enterprise networking carrier infrastructure. While there are ongoing macroeconomic uncertainities, we are guiding for continued growth in the second fiscal quarter. We continue to closely monitor the broader environment to assess potential long-term impact.

綜上所述，2026財年第一季，我們持續實現營業利潤率擴張、每股盈餘成長和新的營收記錄。這些結果反映了我們人工智慧驅動的資料中心終端市場的強勁貢獻以及企業網路營運商基礎設施的持續復甦。儘管宏觀經濟仍存在不確定性，但我們預計第二財季將持續成長。我們將繼續密切關注更廣泛的環境，以評估潛在的長期影響。

As I mentioned during our March earnings call, AI now represents the majority of our data center new, and we expect the relative proportion of AI-related revenue to grow further in the coming years, driven in large part by our custom silicon business. We've made tremendous progress since our AI era event last year. And in light of this momentum, we are hosting a dedicative forum on June 17 for investors to gain deeper insight into Marvell's unique position in the custom silicon market.

正如我在 3 月財報電話會議上提到的那樣，人工智慧現在佔據了我們資料中心新增收入的大部分，我們預計未來幾年與人工智慧相關的收入的相對比例將進一步增長，這在很大程度上得益於我們的客製化矽片業務。自去年舉辦人工智慧時代活動以來，我們已經取得了巨大進步。鑑於這一勢頭，我們將於 6 月 17 日舉辦一個專門論壇，讓投資者更深入了解 Marvell 在客製化矽片市場的獨特地位。

This event will be broadcast live and provide an ideal setting to showcase our differentiated technology platform and provide an opportunity to hear directly from me and a broad cross-section of Marvell's engineering leadership and members of my direct staff.

這次活動將進行現場直播，為展示我們差異化的技術平台提供了理想的環境，並提供了一個直接聽取我以及 Marvell 工程領導層和我的直屬員工的意見的機會。

Presentations will be followed by a Q&A session, providing investors and analysts an opportunity to ask questions. During the event, we will highlight our expertise in system and semiconductor design, our advanced process and package road map and our comprehensive portfolio of semiconductor platform solutions and IP.

演示結束後將進行問答環節，為投資人和分析師提供提問的機會。活動期間，我們將重點介紹我們在系統和半導體設計方面的專業知識、先進的工藝和封裝路線圖以及全面的半導體平台解決方案和 IP 組合。

Complementing this technical deep dive, the agenda will include a market focus with updates on the expanding market opportunity for custom silicon, a robust design win pipeline and the growing role of custom silicon and AI infrastructure.

除了技術深入探討之外，議程還將包括市場重點，包括客製化矽片不斷擴大的市場機會、強大的設計贏家管道以及客製化矽片和人工智慧基礎設施日益增長的作用。

We will also share our progress towards our mature goals we set at our AI era event last year with our vision for significant growth in the years ahead. We are excited to share more details about this incredible custom silicon opportunity on June 17.

我們也將分享我們在去年人工智慧時代活動中設定的成熟目標的進展情況，以及我們對未來幾年實現顯著成長的願景。我們很高興在 6 月 17 日分享有關這一令人難以置信的客製化矽片機會的更多細節。

Looking more broadly, we continue to see strong tailwinds in AI, including robust capital expenditure plans from hyperscalers, an increasing number of sovereign data announcements and an emerging group of hyperscalers further expanding the market.

更廣泛地說，我們繼續看到人工智慧領域的強勁順風，包括超大規模企業的強勁資本支出計劃、越來越多的主權數據公告以及新興的超大規模企業群體進一步擴大市場。

These fast markets present us with a diverse set of opportunities, increasing our confidence in the long-term potential of our data center business. In addition, we are seeing an encouraging recovery in carrier infrastructure and enterprise networking. Their second quarter forecast representing the fifth starter of sequential revenue growth for these combined end markets.

這些快速發展的市場為我們提供了多樣化的機遇，增強了我們對資料中心業務長期潛力的信心。此外，我們看到營運商基礎設施和企業網路正在出現令人鼓舞的復甦。他們對第二季的預測代表了這些綜合終端市場第五次連續收入成長。

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

說完這些，我將把電話轉給威廉，以詳細了解我們最近的業績和前景。

Thanks, Matt, and good afternoon, everyone. Let me start with a summary of financial results for the first quarter of fiscal 2026. Revenue in the first quarter was $1.895 billion, exceeding the midpoint of our guidance, growing 63% year-over-year and 4% sequentially. Data center was our largest end market, contributing 76% of total revenue. GAAP gross margin was 50.3%. Non-GAAP gross margin was 59.8%.

謝謝，馬特，大家下午好。首先，我來總結一下 2026 財年第一季的財務表現。第一季營收為 18.95 億美元，超過我們預期的中位數，年增 63%，季增 4%。資料中心是我們最大的終端市場，貢獻了總收入的76%。GAAP毛利率為50.3%。非公認會計準則毛利率為59.8%。

Moving on to operating expenses. GAAP earning expenses were $682 million, including stock-based compensation, amortizing of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses came in at $486 million, slightly below guidance. Our GAAP operating margin was 14.3%, while non-operating margin was [34.2%]. For the first quarter, GAAP earnings per diluted share was $0.20. Non-GAAP earnings per diluted share was $0.62 reflecting year-over-year growth of [158%], which is more than double the pace of revenue growth, demonstrating the significant operating leverage in our model.

繼續討論營運費用。GAAP 獲利費用為 6.82 億美元，包括股票薪酬、收購無形資產攤提、重組成本和收購相關成本。非公認會計準則營運費用為 4.86 億美元，略低於預期。我們的 GAAP 營業利益率為 14.3%，非營業利益率為[34.2%]。第一季度，GAAP 每股攤薄收益為 0.20 美元。非 GAAP 每股稀釋收益為 0.62 美元，較去年同期成長 [158%]，是營收成長速度的兩倍多，體現了我們模型中顯著的營運槓桿。

Now turning to our cash flow and balance sheet. Cash flow from our operations from the first quarter was $333 million. Our inventory at the end of the first quarter, $1.07 billion, an increase of $42 million from the prior quarter to support the growth in our business. 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。我們第一季的經營現金流為 3.33 億美元。我們第一季末的庫存為 10.7 億美元，比上一季增加了 4,200 萬美元，以支持我們業務的成長。我們透過現金股利向股東返還了 5,200 萬美元。

In addition, reflecting our strong belief in Marvell's future prospects, we significantly increased repurchases in the first quarter, buying back $340 million of our stock, stepping up from the $200 million we repurchased in the prior quarter.

此外，為了體現我們對 Marvell 未來前景的堅定信心，我們在第一季大幅增加了回購，回購了 3.4 億美元的股票，高於上一季的 2 億美元。

Our total debt was $4.2 billion with a gross debt-to-EBITDA ratio of 1.8 times and a net debt-to-EBITDA ratio of 1.42 times. Our debt ratios have continued to improve as we have driven an increase in our EBITDA, as of the end of the first fiscal quarter, our cash and cash equivalents were $886 million.

我們的總負債為 42 億美元，總負債與 EBITDA 比率為 1.8 倍，淨負債與 EBITDA 比率為 1.42 倍。由於我們推動了 EBITDA 的成長，我們的負債比率持續改善，截至第一財季末，我們的現金和現金等價物為 8.86 億美元。

Turning to our guidance for the second quarter of fiscal 2026. We are forecasting revenue to be in the range of $2 billion, plus or minus 5%. We expect our GAAP gross margin to be between 50% and 51. We expect our non-GAAP gross margin to be between 59% and 60%.

談到我們對 2026 財年第二季的指導。我們預測營收將在 20 億美元左右，上下浮動 5%。我們預計我們的 GAAP 毛利率將在 50% 至 51% 之間。我們預計非公認會計準則毛利率在 59% 至 60% 之間。

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.

展望未來，我們預計整體收入水準和產品組合仍將是任何季度毛利率的關鍵決定因素。

For the second quarter, we project our GAAP operating expenses to be approximately $735 million. We anticipate our non-GAAP operating expenses to be approximately $495 million. For the second quarter, we expect other income and expense, including interest on our debt to be approximately $49 million. We expect a non-GAAP tax rate of 10% for the second quarter.

對於第二季度，我們預計 GAAP 營運費用約為 7.35 億美元。我們預計非公認會計準則營運費用約為 4.95 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 4,900 萬美元。我們預計第二季的非公認會計準則稅率為 10%。

We expect our basic weighted average shares outstanding to be 864 million and our diluted weighted average shares outstanding to be 874 million. We anticipate GAAP earnings per diluted share in the range of $0.16 to $0.26. We expect non-GAAP earnings per diluted share in the range of $0.62 to $0.72.

我們預期基本加權平均流通股數為 8.64 億股，稀釋加權平均流通股數為 8.74 億股。我們預計，根據美國通用會計準則 (GAAP)，每股攤薄收益將在 0.16 美元至 0.26 美元之間。根據非美國通用會計準則 (Non-GAAP)，每股攤薄收益將在 0.62 美元至 0.72 美元之間。

In summary, we continue to drive strong revenue growth, expand our operating margins, generate strong cash flow and returning increasing amounts of capital to our stockholders. We are looking forward to completing the sale of our automotive Ethernet business to Infineon which will provide us with even more flexibility to execute on our capital allocation strategy.

總之，我們繼續推動強勁的營收成長，擴大我們的營業利潤率，產生強勁的現金流並向股東返還越來越多的資本。我們期待完成將我們的汽車乙太網路業務出售給英飛凌，這將為我們提供更大的靈活性來執行我們的資本配置策略。

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，請接通線路並播報問答指示。謝謝。

(Operator Instructions)

（操作員指示）

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thank you. And thanks, Matt, for clarifying that you have that 3-nanometer program at your large XPU customer and have the follow-on program at the other large customer, just given all the Asia supply chain noise.

謝謝。謝謝 Matt，考慮到亞洲供應鏈的噪音，您澄清說您在大型 XPU 客戶處有 3 奈米計劃，並且在另一個大型客戶處有後續計劃。

I guess I had two related questions. One is what is the direction of content in these next-generation programs? Is it up, down, flat? And number two, are you exclusive on these 3-nanometer XPUs or do you expect to share that program given that your competition also seems to be convinced that they have the program. So just comments on content and exclusivity? Thank you.

我想我有兩個相關的問題。一是這些下一代節目的內容方向是什麼？是上、下、平嗎？第二，這些 3 奈米 XPU 是你們的獨家產品嗎？或者你們希望分享該計劃，因為你們的競爭對手似乎也確信他們有該計劃。那麼只是對內容和獨家性的評論嗎？謝謝。

Hi, Vivek. Thanks for the question. So first, I'm glad you said it. I can certainly appreciate the challenge for investors given the news flow that is coming out on seemingly a weekly basis here. The fact is that these Asia supply chain sources have an incomplete view.

你好，Vivek。謝謝你的提問。首先，我很高興你這麼說。鑑於這裡每週都會發布的新聞，我當然能夠理解投資者面臨的挑戰。事實上，這些亞洲供應鏈消息人士的看法並不完整。

We run a very tight ship here at Marvell. We don't share customer confidential information. We treat that with the highest priority. So they simply have no idea what we're doing for our customer. So let me state the facts as they exist today.

在 Marvell，我們的管理非常嚴格。我們不會分享客戶機密資訊。我們將此視為最高優先事項。所以他們根本不知道我們為客戶做了什麼。因此，讓我陳述一下今天存在的事實。

We're the incumbent shipping the current generation of this AI XPU. And as I detailed, we've had a very successful and rapid ramp on this program from A0, which is first-time success to high-volume production. I've talked about this for a couple of quarters. We've engaged with this customer on the follow-on generation of XPU.

我們是當前這一代 AI XPU 的發貨方。正如我所詳述的，我們在這個專案上取得了非常成功和快速的進展，從 A0（這是首次成功）到大量生產。我已經談論這個問題好幾個季度了。我們已經與該客戶就後續的 XPU 世代展開合作。

This next-generation program has continued to move forward, and this quarter, we have secured 3-nanometer wafer and advanced packaging capacity, and that's for 2026 where we expect to start production and that would be subject to the typical completion of our customers' qualification cycles, which we now have some experience with.

下一代計劃繼續向前推進，本季度，我們已獲得 3 奈米晶圓和先進封裝產能，預計 2026 年開始生產，但這取決於我們客戶認證週期的典型完成情況，我們現在對此有了一些經驗。

And so assuming AI CapEx continues to grow, we expect our custom silicon revenue to continue to grow next year through program transitions at this customer. So look, our customers have relationships with many partners, and they do that to build out their whole silicon portfolio.

因此，假設 AI 資本支出持續成長，我們預計明年我們的客製化矽片收入將透過該客戶的專案轉型持續成長。所以看，我們的客戶與許多合作夥伴建立了關係，他們這樣做是為了建立他們的整個矽產品組合。

The key point is that irrespective of any of these relationships, we expect our revenue to continue to grow on multiyear, multigenerational basis with this customer. And given the volumes that have materialized for XPUs, it's certainly possible likely that our customer may be pursuing multiple paths to meet their requirements. So thank you for asking this important question, Vivek. I think my answer is as clear as it could be. Thanks.

關鍵在於，無論與何種關係，我們都預期與該客戶的收入將持續多年、多代成長。考慮到 XPU 的實現量，我們的客戶很可能會透過多種途徑來滿足他們的需求。所以謝謝你提出這個重要的問題，維韋克。我認為我的回答已經非常清楚了。謝謝。

Thank you.

謝謝。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, Matt. Thanks for that color. Following on Vivek's question. One of your primary XPU competitors has talked about engagements at additional customers, not necessarily to front run anything you may or made on June 17. But how do you see Marvell's ability to support a broader customer base beyond the initial, I guess, 3/4 that you have, depending upon if we're talking XPUs or connectivity?

你好，馬特。謝謝你這個顏色。接下來是 Vivek 的問題。您的一個主要 XPU 競爭對手已經談到了與其他客戶的合作，這並不一定是為了搶先執行您在 6 月 17 日可能做或做出的任何事。但是，您如何看待 Marvell 支援更廣泛的客戶群的能力，除了最初的 3/4 客戶群之外，這取決於我們談論的是 XPU 還是連接性？

Yes. Thanks, Ross. Yes, we'll cover this certainly at the AI investor event we'll be holding. But just to give you some color, we absolutely have the capacity engineering-wise, to expand our portfolio and expand our engagements.

是的。謝謝，羅斯。是的，我們肯定會在即將舉辦的人工智慧投資者活動中討論這個問題。但只是為了給你一些說明，我們絕對有工程方面的能力，擴大我們的產品組合併擴大我們的業務。

If you look at Marvell's R&D spend over the last few years through cycle, we've made increases there. And then within that, as part of our capital allocation strategy, we've aggressively repurposed and reallocated our talent and our teams to this massive data center and AI opportunity.

如果您回顧 Marvell 過去幾年的研發支出週期，您會發現我們的支出已經增加。然後，作為我們資本配置策略的一部分，我們積極地重新調整和分配我們的人才和團隊，以應對這個龐大的資料中心和人工智慧機會。

So if you look at just the raw R&D spending, the investments we're making in next-generation technologies, and we're going to cover all this at the AI day. We are extremely well positioned to support and are supporting multiple increased engagements across a number of programs that will detail and we'll talk about and we'll frame at the AI investor event. But I think we're very well positioned to support designs that can really grow the company to even a much larger scale and level.

因此，如果您只看原始研發支出，我們在下一代技術方面的投資，我們將在人工智慧日涵蓋所有這些內容。我們完全有能力支持並正在支持多個項目的多項加強參與，我們將在人工智慧投資者活動中詳細介紹、討論和建構這些項目。但我認為我們完全有能力支持那些能夠真正推動公司發展到更大規模和更水準的設計。

And I would say also, by the way, it's not just the top sort of four. I think there's been a really interesting emergence over the last year or so of the next wave of hyperscale kind of class customers that can benefit from our technology relative to going custom. So we're going to talk about all that just a couple of weeks out here. Look forward to talking to you then.

順便說一句，我還想說，不只是前四名。我認為，在過去一年左右的時間裡，出現了一個非常有趣的現象，即下一波超大規模客戶可以從我們的技術中受益，而不是採用客製化技術。因此我們將在幾週後討論所有這些問題。期待與您交談。

Thank you.

謝謝。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you, and congrats on the results. Matt, maybe in the spirit of clarifying things, there's a lot of debate out there about your service technology, especially for 200 gig SerDes. So maybe you could talk a little bit about Marvel's positioning there. And maybe related to that, how this relationship with NVIDIA is going to work out. I'm sure there's a lot you can't share with us, but I tried anyway.

是的，謝謝，並祝賀你所取得的成果。馬特，也許本著澄清事情的精神，關於您的服務技術有很多爭論，特別是 200 千兆 SerDes。那麼也許您可以談談漫威在那裡的定位。也許與此相關的是，與 NVIDIA 的關係將如何發展。我確信有很多事情你不能跟我們分享，但我還是嘗試了。

Yes, sure. Yes. On the first topic, and we'll actually be showcasing this or AI event. Our SerDes technology remains best-in-class, both from a performance standpoint, as well as a time-to-market standpoint. If you recall, we've had now leadership announcements and production, by the way, on 200 gig.

是的，當然。是的。關於第一個主題，我們實際上將展示這個或 AI 事件。無論從性能角度還是從上市時間角度來看，我們的 SerDes 技術仍然是一流的。如果你還記得的話，順便說一下，我們現在已經發布了領導公告並生產了 200 千兆位元組的產品。

It's performing extremely well. And we just showed off at OFC, the first and only 400 gig per lane demonstrations with very aggressive road map there. So that is in great shape. Our technology across the board, both electrical and optical SerDes. And tell me your second question?

它的表現極為出色。我們剛剛在 OFC 上進行了展示，這是第一個也是唯一一個每通道 400 千兆的演示，並且有非常積極的路線圖。所以情況非常好。我們的技術全面，包括電氣和光學 SerDes。告訴我你的第二個問題？

Yes, was the NVLink fusion and how that's going to work out?

是的，NVLink 融合了嗎？它將如何發揮作用？

Yes. So that's -- we're excited about that partnership. I think we're -- I think it's a sign that it kind of demonstrates how, well, one, we're deeply engaged in the ecosystem, Tore, with key partners. And the second, I think it's some validation as well that from a market standpoint, there is a complementary role for custom even as acknowledged by NVIDIA, who can leverage sort of the R&D investment they've already put in their rack scale solutions, but with people that want to do their own XPUs. And so we're part of that discussion, and we're going to help enable that, that's the direction our customers want to go.

是的。所以——我們對這種合作關係感到非常興奮。我認為這是一個跡象，表明我們與主要合作夥伴深入參與了生態系統。其次，我認為這也證明了從市場角度來看，客製化可以發揮補充作用，正如 NVIDIA 所承認的那樣，他們可以利用已經在機架規模解決方案中投入的研發投資，但需要有人願意自己開發 XPU。因此，我們參與了這場討論，我們將幫助實現這一目標，這也是我們的客戶想要的方向。

And we just view it as another key piece to the whole portfolio that we offer to customers kind of end to end, and I detailed some of those in my prepared remarks as well, around things like custom HBM, co-package optics, advanced packaging and others. These are really just -- it's really part of the suite of technologies to give the broadest offerings to our customers with the best-in-class technology.

我們只是將其視為我們向客戶提供端到端的整個產品組合的另一個關鍵部分，我在準備好的演講中也詳細介紹了其中的一些內容，例如定制 HBM、共封裝光學器件、先進封裝等。這些實際上只是——它實際上是技術套件的一部分，旨在透過一流的技術為我們的客戶提供最廣泛的產品。

Thanks for all the color, Matt.

謝謝你帶來的所有色彩，馬特。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. Matt, I was wondering if you break down data center revenue a little bit. I think last quarter you said that AI was about 55% of data center. I wonder if it was in the same range. I assume maybe custom silicon grew a liter because the gross margin was a little bit lower. So I guess that's the first part of the question.

多謝。馬特，我想知道您是否稍微細分一下資料中心的收入。我記得上個季度您說過人工智慧約佔資料中心的 55%。我想知道它是否在同一範圍內。我估計訂製矽片的產量可能成長了一公升，因為毛利率略低了一點。我想這就是問題的第一部分。

And then obviously, you're running way above this $2.5 billion number this year for AI revenue. Can you give us just a sense of what it's tracking for the year? Are we talking like $3.5 billion to $4 billion. Maybe you'll talk about this at the -- day here in a few weeks, I mean if you can sort of add some color to this as well. Thanks.

顯然，今年的人工智慧收入將遠遠超過 25 億美元。您能否向我們簡單介紹一下今年的追蹤情況？我們說的是 35 億到 40 億美元嗎？也許你會在幾週後的某個日子談論這個問題，我的意思是你是否也可以為這個問題添加一些色彩。謝謝。

Yes. Thanks, Tim. Yes, we didn't give an exact when we talked about it relative to our Q4 was the data point we gave. But we did say that at that time that within data center AI had crossed and was now the majority of our data center revenue. And I think the way to think of it is because we're not going to break it out on a sort of quarter-by-quarter basis.

是的。謝謝，蒂姆。是的，當我們談論它時，我們沒有給出相對於我們第四季度的確切數據點。但我們當時確實說過，在資料中心內，人工智慧已經跨越並且已經成為我們資料中心收入的主要部分。我認為這樣想是因為我們不會按季度逐一列出它。

But as I've prepared for the call and then been looking at the trajectory of the business, and I say this with also you got to factor in that we anticipate the mass market and the core business to continue to recover, we see a path here in the not-too-distant future where AI is not only the majority of the data center end market, but it becomes the majority of holdco and so where that line is exactly -- we're not calling it, but that's the trajectory.

但是，當我為電話會議做準備，然後一直在研究業務的發展軌跡時，我這麼說，你還必須考慮到我們預計大眾市場和核心業務將繼續復甦，我們看到在不久的將來，人工智能不僅會成為數據中心終端市場的大多數，而且會成為控股公司的大多數，所以這條線到底在哪裡——我們沒有這樣稱呼，但這就是軌跡。

So I think you -- the momento shift is like not sort of figuring out how within data center what that exact number is, but you can do your own models, you guys are very, very capable there, drawing a line between here and when it can actually cross as a 50% contribution to a whole company, but that's coming.

所以我認為你——時刻轉變就像不是弄清楚在數據中心內那個確切的數字是多少，而是你可以做你自己的模型，你們在那裡非常非常有能力，在這裡和它何時真正超過 50% 對整個公司的貢獻之間劃一條線，但這即將到來。

But I guess then, is that why -- so did the customer think business grow a little faster, Matt. That why the gross margin was a little lower?

但我想，這就是為什麼——客戶也認為業務成長得更快一點，馬特。那為什麼毛利率會低一點呢？

Yes. On that side of things, yes, there's mix within the quarter. And clearly, the custom business we have does run in a fundamentally lower gross margin. So that is going to modulate our gross margins on a quarterly basis, and you've seen the impact. But we've also had, I think, strong recovery in some of the other businesses as well. But that's always been fundamentally to the custom business a lower than company average gross margin.

是的。從這個方面來看，是的，本季的情況是混合的。顯然，我們的客製化業務的毛利率確實較低。因此，這將按季度調整我們的毛利率，您已經看到了影響。但我認為，我們其他一些業務也出現了強勁復甦。但從根本上來說，客製化業務的毛利率始終低於公司的平均值。

Yes. Maybe I can add quickly, Tim, when you look our Q2 guidance and the custom continues to grow really strongly and that's what you're seeing reflected in that. And when we look forward to the second half, clearly, we're optimistic on custom demand. And that interplay between that and the rest of the business is really going to drive what gross margin will be in the second half, right now, probably expect it to be in a similar range as what we guided for Q2.

是的。提姆，也許我可以快速補充一下，當你看到我們的第二季度指引時，你會發現定制業務繼續強勁增長，這就是你所看到的反映。當我們展望下半年時，我們顯然對客製化需求持樂觀態度。而這與其他業務之間的相互作用將真正決定下半年的毛利率，目前，可能預期它會與我們預期的第二季的毛利率處於相似的範圍內。

Okay. Thank you, [all].

好的。謝謝你，[全部]。

Thanks, Tim.

謝謝，蒂姆。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes. Thank you. Good evening. I guess the question is regarding the second half of the year, and I'm sure you're not ready to provide that guidance right now, but could you give us some puts and takes on what your expectations may be expect the custom business to continue to grow in the second half of the year? What do you expect in regard to the carrying enterprise business? Is this kind of slow steady ramp in those businesses? Any kind of color on the second half, please?

是的。謝謝。晚安.我想問題是關於今年下半年的，我相信您現在還沒有準備好提供這方面的指導，但您能否給我們一些關於您的預期，預計定制業務將在下半年繼續增長？您對承運企業業務有何期待？這些業務是否呈現這種緩慢而穩定的成長趨勢？請問後半部有什麼顏色嗎？

Yes. Thanks, Chris. Yes, maybe just at a higher level, and I said this in some of my prepared remarks, but we're -- yes, we are monitoring the macro and the various dynamics going on out there. So that's always the factor. But at the moment, we see a couple happening. The first is just even recently as yesterday, you see strong numbers out of -- and other announcements leading up to that.

是的。謝謝，克里斯。是的，也許只是在更高層面上，我在一些準備好的發言中提到了這一點，但是我們——是的，我們正在監控宏觀和正在發生的各種動態。所以這始終是一個因素。但目前，我們看到了一些事情發生。首先，就在昨天，你看到了強勁的數據——以及其他相關的公告。

But we see the AI demand continuing and in the data center demand continuing. And then on top of that, we have this nice recovery -- strong recovery actually, we've been driving in our core business, in particular, enterprise networking and carrier.

但我們看到人工智慧需求持續存在，資料中心需求也持續存在。除此之外，我們還取得了良好的復甦——實際上是強勁的復甦，我們一直在推動我們的核心業務，特別是企業網路和營運商。

So we expect that to continue to recover and grow throughout the rest of the year as well. So we're not calling on a quarter-by-quarter basis. But right now, we expect growth kind of across the Board through the year with, I think, what can be a really nice setup for fiscal '27 with some of the growth drivers we've articulated before. So that that's where we're at right now, and I feel good about it. Thanks.

因此，我們預計今年剩餘時間內經濟將繼續復甦和成長。所以我們不會按季打電話。但目前，我們預計全年將全面實現成長，我認為，憑藉我們之前闡述的一些成長動力，這將為 2027 財年創造一個非常好的業績。這就是我們現在的狀況，我對此感覺很好。謝謝。

Thank you.

謝謝。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Hi, Matt. Congratulations on solid results. When we talk to investors, Matt, we find that there's a desire on part of investors for the data center business to grow faster than, let's say, what you've been putting up mid-single in the April quarter and then also the guidance.

你好，馬特。恭喜您取得堅實的成果。馬特，當我們與投資者交談時，我們發現部分投資者希望資料中心業務的成長速度能夠比你在 4 月季度中期提出的目標和指導速度更快。

I know that in the last quarter, Matt, you had some moving parts with on-prem, et cetera. I was hoping that you could clarify the growth of your AI business versus some of the non-AI pieces like on-prem or some other things that might be moving around? And just help us understand how fast maybe your AI business is growing.

馬特，我知道在上個季度，您在本地部署等方面有一些變動。我希望您能闡明您的人工智慧業務的成長情況，以及一些非人工智慧部分（例如本地部署或其他可能正在移動的部分）的成長情況？並幫助我們了解您的人工智慧業務成長速度有多快。

Yes. Thanks, Harsh. Yes. And I think the way to think about it is helpful is to contextualize, it's not a one quarter snapshot. So if you look at the last few quarters, we had a very dramatic step up from Q3 to Q4, 20%-plus in the data center business.

是的。謝謝，哈什。是的。我認為思考這個問題的方法是將其置於特定背景中，而不是僅僅停留在某一季度的快照。因此，如果你回顧過去幾個季度，你會發現從第三季度到第四季度，我們的資料中心業務有了非常顯著的成長，成長了 20% 以上。

It grew 4%. We're guiding it up mid-single. We -- I just kind of gave some indication that it will keep growing. And so if you look at the year -- so that's one way to think about it is we did have a significant step up and Q2, as signaled is looking like it's going to grow slightly faster than Q1. So that's a good sign.

增長了4%。我們正在引導它進入中期。我們——我只是暗示它會繼續成長。因此，如果你回顧今年的情況——可以這樣想，我們確實取得了顯著的成長，而且正如所暗示的那樣，第二季的成長速度看起來會比第一季略快一些。這是一個好兆頭。

But also I'd point you to the fact that, look, a year ago, we were in a very strong position relative to our data center and how it was growing. So the comparables are also telling, right, when you're talking about data center year-over-year revenues for a company at our scale growing 70%-plus on a year-over-year basis. We feel good about that.

但我還要指出的是，一年前，我們的資料中心及其發展狀況非常強勁。因此，當您談論我們這樣規模的公司的資料中心年收入年增 70% 以上時，可比性也很有說明意義。我們對此感到很高興。

So I think with that set up, if you look at just the last two quarters, three quarters and you look at year-over-year, we feel really good about the trajectory of the business. And AI continues to be the fastest portion of that in terms of our data center business. And as I said earlier, to answer Tim's question, at some point, that will just flip over and become half of holdco. So I think that's the context I can give you at the moment. Thanks.

因此，我認為，有了這個設置，如果你只看過去兩個季度、三個季度，再看看同比情況，我們對業務的發展軌跡感到非常滿意。就我們的資料中心業務而言，人工智慧仍然是其中發展最快的部分。正如我之前所說，回答蒂姆的問題，在某個時候，它將會翻轉並成為控股公司的一半。所以我想這就是我目前可以提供給你的背景。謝謝。

So Matt, hopefully, you can talk about the on-prem piece, if possible or other parts of the moving?

那麼，馬特，如果可能的話，您可以談談現場部分，或者移動的其他部分？

Well, yes, the on-prem is pretty small at this point. So it has some effect, and it's always continue to be a little bit of a drag. But the overall data center revenue is driven primarily by AI and the other stuff is performing pretty much in line. I don't think it's a drag going forward. I think if you're worried about where does it land in the next few quarters, it's not as big a contributor as it used to be, and it's probably where it is.

嗯，是的，目前本地部署規模相當小。所以它會產生一些影響，並且總是會產生一點拖累。但整體資料中心的收入主要由人工智慧推動，其他部分的表現也基本一致。我不認為這會成為前進的阻礙。我認為，如果你擔心它在未來幾季的表現會如何，那麼它貢獻的規模就不再像以前那麼大了，而且它可能目前的表現也差不多。

Maybe it comes back a little bit, but the spending has shifted just so dramatically right in the data center, the enterprise on-prem piece is just not getting the spend anymore. So I think it was down a little bit in Q1, but it's relatively stable.

也許它會稍微回升，但資料中心的支出已經發生瞭如此巨大的變化，企業內部部署部分不再獲得支出。所以我認為第一季有所下降，但相對穩定。

Thank you so much.

太感謝了。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for taking my questions. I have two quick ones. The first one for Willem. You are guiding data center up mid-single digits into the out quarter and you're saying custom silicon is growing quite strongly. Is there something going on with optical? Is that timing out a bit? Is there anything going on? Can you give us an update on the health of optical and what you're embedded in your guide?

嘿，大家好。感謝您回答我的問題。我有兩個簡短的。第一個是給威廉的。您預計資料中心的銷售額將在本季度達到中等個位數成長，並且您說客製化矽片的成長相當強勁。光學方面有什麼問題嗎？是不是有點超時了？有什麼事嗎？您能否向我們介紹一下光學的健康狀況以及您在指南中嵌入的內容？

And then the second is Matt in your announcement with Amazon, you talked about a bunch of other products other than custom silicon that you guys were engaging with over the next couple of years. You say cables, you say retimers, ACs. Could you maybe try to size what that impact is right now, some of your competitors in that space are putting up some bigger numbers. We do see how significant that is for you guys? Thank you.

第二個問題是，馬特，在您與亞馬遜發布的聲明中，您談到了除了客製化矽片之外的許多其他產品，您將在未來幾年內致力於這些產品。您說電纜、您說重定時器、AC。您能否嘗試衡量目前這種影響有多大，您在該領域的一些競爭對手正在取得更大的成就。我們確實知道這對你們來說有多重要？謝謝。

Yes. Thanks, Tom. Maybe I'll take the second part first. Yes. I think those engagements going very well. You're right, in our broader agreement, there was actually a lot of different exciting opportunities on the network and connectivity side. Those are progressing, but no major updates there. And then with respect to how the optics business is doing. It's done quite well. And in fact, we see that business growing throughout the year this year.

是的。謝謝，湯姆。也許我會先看第二部分。是的。我認為這些活動進展得非常順利。你說得對，在我們更廣泛的協議中，網路和連接方面實際上有很多不同的令人興奮的機會。這些都在進展中，但沒有重大更新。然後關於光學業務的進展。做得相當好。事實上，我們看到今年全年業務都在成長。

So we see both growth from custom as well as optics. And then again, on the Amazon agreement progressing well. I would say just at a high level too, we have in some of these new in categories, we do have AECs ramping this year. I wanted to note that, and this will revenue growth in switching. So a lot of good things happening there, Tom.

因此，我們看到客製化和光學兩方面的成長。再次，關於亞馬遜協議的進展順利。我想說的是，從高層次來看，我們在一些新的類別中，今年確實有 AEC 不斷增加。我想指出的是，這將帶來轉換收入的成長。所以那裡發生了很多好事，湯姆。

Yes. So I'll just add quickly in terms of the puts and takes on gross margin, the other one to take into account there is the strong snapback on consumer, that's seasonal and expected. But that's another year that's typically slightly below average when you roll.

是的。因此，我將快速補充毛利率的看跌期權和看漲期權，另一個需要考慮的因素是消費者的強勁反彈，這是季節性的和預期的。但從整體來看，這一年的表現通常略低於平均值。

Harlan Spear, JP Morgan.

摩根大通的哈蘭‧斯皮爾。

Hey, good afternoon. Nice job in the quarterly execution, guys. The lead AIGP vendor, I think is getting ready to commence shipments of the next-generation platform. And an entire -- rolling out their next-gen [X800] and (inaudible) and Ethernet scale-out solutions that support 1.60T optical connectivity. And typically, like the optics start to ship ahead of the GPUs and Rapscale platform. So you anticipate a strong ramp of your 1.6T solution starting now? And more importantly, your 5-nanometer solution, I think is already qualified with this customer, are you guys going to be mounting your 3-nanometer DSD solution into this next-generation networking platform?

嘿，下午好。大家，季度執行情況很好。我認為，領先的 AIGP 供應商正準備開始出貨下一代平台。並推出支援 1.60T 光纖連接的新一代 [X800] 和（聽不清楚）乙太網路橫向擴充解決方案。通常情況下，光學元件的出貨量會先於 GPU 和 Rapscale 平台。所以您預計您的 1.6T 解決方案現在就會強勁成長嗎？更重要的是，我認為你們的 5 奈米解決方案已經通過了該客戶的認證，你們會將 3 奈米 DSD 解決方案安裝到這個新一代網路平台嗎？

Yes. Thanks, Harlan. And you're right about the sequencing. And so we have commenced shipments on 1.6T at 5-nanometer. We have very strong demand for 3, and we've executed very well on that product development so far.

是的。謝謝，哈蘭。您對排序的看法是正確的。因此，我們已經開始出貨 5 奈米 1.6T。我們對 3 的需求非常強烈，而且到目前為止，我們在該產品開發方面表現非常出色。

And so I think that's from a 1.6T kind of lifespan perspective, I think that's where the volume is going to be, and I think that's going to be a much stronger ramp next year. And some of that, I'd say, because the 800 gig has continued to be so strong kind of across the board that just as a kind of a percentage of the total. It's still largely dominated this entire year by 800 gig.

因此，我認為從 1.6T 的使用壽命角度來看，銷量將會達到這個水平，而且我認為明年銷量將會更加強勁。我想說，部分原因是因為 800 千兆位元一直保持著如此強勁的勢頭，在總量中佔據了一定比例。今年全年，800 千兆仍佔主導地位。

But yes, we're shipping now, the part works well, but there's just a lot of demand to initial ramps and customers will be on 5-nanometer, but there's a big push in the ecosystem to drive it to 3-nanometer given the power savings in the performance of our product. So all that's going well. We're well positioned for the 1.6T ramp in the ecosystem expansion.

但是的，我們現在正在出貨，零件運作良好，但初始量產的需求很大，客戶將採用 5 奈米，但考慮到我們產品性能的節能效果，生態系統將大力推動其採用 3 奈米。一切進展順利。我們已為生態系統擴展中的 1.6T 坡道做好了準備。

Thanks for the update on that.

感謝您對此的更新。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, good afternoon. Thanks to your question and thanks for clarifying all that success. I just kind of wanted to ask, going back to the gross margin. So I think there's been a lot of discussions about what an ASIC vendor can charge for and non charge what they can charge for memory. I think you guys kind of put a line in the sand at a certain gross margin for ASIC. I'm curious -- that's still the right level. And when you look at these next generations, I'm glad you're involved with all those. How should we think about like sustainable AI ASIC gross margins? Is it still in the original range you're looking at?

嘿，下午好。感謝您的提問，感謝您澄清所有的成功。我只是想問一下，回到毛利率的問題。所以我認為已經有很多關於 ASIC 供應商可以收取什麼費用以及可以不收取什麼內存費用的討論。我認為你們對 ASIC 的毛利率設定了一定的界線。我很好奇——這仍然是正確的水平。當你看到下一代時，我很高興你參與了這一切。我們應該如何看待可持續的 AI ASIC 毛利率？它是否仍在您所查看的原始範圍內？

Yes. Thanks, Blayne. Yes, when we look at our overall custom business as a whole, we were able to manage the gross margins even with these ramps in the range we've talked about. But within custom, there is a range. And it's like the old adage in semiconductors.

是的。謝謝，布萊恩。是的，當我們從整體上看待我們的整體客製化業務時，即使在我們談論的範圍內出現這些成長，我們也能夠管理毛利率。但在習俗範圍內，存在一個範圍。這就像半導體領域的古老格言一樣。

The higher the volume, you're going to see lower gross margins, but you're going to see a lot more operating income. And so that's what we see. I would say that the percent change is really any different relative to how it stacks up on the opportunity set, things that are a lot more Marvell contribution as an example, where we leverage a lot of the IP and maybe more outside the XPU, those tend to be a little higher.

銷量越高，毛利率越低，但營業收入會增加很多。這就是我們所看到的。我想說的是，百分比變化相對於機會集的累積方式確實有所不同，以 Marvell 的貢獻為例，我們利用了大量的 IP，甚至更多是 XPU 以外的 IP，這些往往會更高一些。

And of course, they don't grab the limelight, but we're going to talk about those at the AI -- because they actually, in aggregate, add up to a very nice new pipeline for us an opportunity set with also that same multigenerational aspect to it. But from a percentage point, we're managing the business fine and the AI portion, the XPU is always going to be lower. It is that as the XPU the magnitude of that, that may move that mix around. But certain range for these programs and projects, and we haven't really seen that change.

當然，它們不會成為眾人矚目的焦點，但我們將在人工智慧領域討論它們——因為它們實際上總體上為我們構成了一個非常好的新管道，同時也為我們帶來了同樣具有多代際方面的機會。但從百分比來看，我們正在管理業務精細化和人工智慧部分，XPU 總是會較低。XPU 的量級可能會改變這種組合。但對於這些計劃和項目來說，有一定的範圍，我們還沒有真正看到變化。

The magnitude of the volume has changed. But I'd say that's across the by the way, not only have the XPUs that we have going in flight or in production increased a lot from when we won them, but now these other types of accelerators or custom networking or custom nicks or things of that nature, those have also, quite frankly, those are a lot more volume than we had anticipated and those carry a little bit higher margin. So I hope that context is helpful, but we're still managing the business in the same way.

音量的大小已經改變。但我想說的是，順便說一下，不僅我們正在飛行或生產的 XPU 比我們贏得它們時有了很大的增加，而且現在這些其他類型的加速器或定製網絡或定制暱稱或類似的東西，坦率地說，它們的數量比我們預期的要多得多，而且利潤率也更高一些。所以我希望這些內容是有幫助的，但我們仍然以同樣的方式管理業務。

Yes, Blayne, maybe one additional add is just on operating margins. So I think the one thing that's consistent across all these programs is that we're driving accretive operating margin to our model. And so it, there is a range. But as you scale those programs, it's a finite investment. And you've seen that leverage in our model over the last couple of quarters here.

是的，布萊恩，也許一個額外的增加只是關於營業利潤率。因此，我認為所有這些項目的一個共同點是，我們正在推動我們的模式的增值營業利潤率。所以，有一個範圍。但隨著這些計劃的擴大，它就是一項有限的投資。在過去的幾個季度中，您已經在我們的模型中看到了這種槓桿作用。

Yes. I mean I think you're seeing it in operating margin dollars flowing in lane and also in EPS, right, which still continues to grow like twice the rate of revenue at this point. So -- and we don't see that changing relative to the leverage we get on these big programs, very operating margin rich in terms of just the dollars.

是的。我的意思是，我認為你可以看到營業利潤率和每股收益正在增長，目前每股收益仍以收入成長率的兩倍速度成長。所以 — — 我們認為相對於我們在這些大型專案上獲得的槓桿而言，這種情況不會發生變化，僅從美元角度來看，營業利潤率就非常高。

Thanks, Matt.

謝謝，馬特。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, thanks for taking my question, Matt. I wanted to follow up on the next question or maybe just a clarification on whether these ASIC programs could potentially be dual sourced. I think towards the end of your answer, you said that there could be multiple paths, and I'm not sure if you're sort of suggesting there might be different versions of an XPU or whether they could actually be dual sourced. To the extent that they're dual source, you spent a couple of years designing these programs, do you guys have guarantees that you don't get blinked at the end of the year if they take the other path?

嘿，謝謝你回答我的問題，馬特。我想跟進下一個問題，或者只是澄清一下這些 ASIC 程序是否可能具有雙重來源。我認為在您回答的最後，您說過可能會有多條路徑，我不確定您是否暗示 XPU 可能會有不同的版本，或者它們是否實際上可能有雙重來源。就雙源而言，你們花了幾年時間設計這些程序，如果他們走另一條路，你們能保證你們不會在年底感到震驚嗎？

Yes. So Quinn, I appreciate the question. I was quite lengthy in my prepared remarks and even my, I think Vivek answer in terms of what I -- the perspective, I can offer you on that. So I think I've said it, and if I wasn't clear, I did say that given the volumes, it's certainly possible that there are multiple TAS pursued.

是的。Quinn，我很感謝你提出這個問題。我的準備發言稿相當長，甚至我的，我想 Vivek 的回答也相當長，我可以就此向你們提供我的觀點。所以我想我已經說過了，如果我沒有說清楚的話，我確實說過，考慮到數量，完全有可能實施多個 TAS。

For us and our business and what I said in the prepared remarks as well is we feel very confident and very good about our revenue continuity on the initial program and the revenue ramp on our additional program. We're planning production. We're tracking. We're doing that. So I see the noise coming in, but I'm also just need to kind of focus on what I'm hearing from my customer and what we need to go do to execute to be a good.

對於我們和我們的業務以及我在準備好的發言中所說的，我們對初始計劃的收入連續性和附加計劃的收入增長感到非常有信心和非常滿意。我們正在計劃生產。我們正在追蹤。我們正在這麼做。所以我看到噪音來了，但我也只需要專注在我從客戶那裡聽到的內容以及我們需要做什麼才能做得很好。

Got it. Second question is just a follow-up on the NVIDIA fusion. Are you guys -- NVIDIA sort of opened up their NVLink and you design your SerDes to be compatible with that and you offer that out as an IP block to your ASIC customers? Or is there an IP transfer from NVIDIA to yourselves involved in that envy Link fusion offering?

知道了。第二個問題只是對 NVIDIA 融合的後續關注。你們是——NVIDIA 開放了他們的 NVLink，並且你們設計了與之相容的 SerDes，並將其作為 IP 區塊提供給你們的 ASIC 客戶嗎？或者 NVIDIA 是否將 IP 轉讓給你們，以提供 Envy Link Fusion 產品？

Yes. Yes. The initial intent is planned as a chiplet solution. And so we could, for example, work with the customer, do the XPU design with them. And then through IO chiplets, take [die] interface between the XPU and the NVLink chiplet and then that interfaces to the scale-up network.

是的。是的。最初的意圖是計劃採用 chiplet 解決方案。例如，我們可以與客戶合作，與他們一起進行 XPU 設計。然後透過 IO 晶片，在 XPU 和 NVLink 晶片之間採用 [die] 接口，然後將其連接到擴展網路。

There's probably other models that can exist. I think the higher-level notion that Jens and the team are driving is really trying to open up and make sure that they -- that customers can take advantage, right, of the investment they've made in their infrastructure even if they have unique down at a more granular level like at the XPU.

可能還有其他模型存在。我認為 Jens 和團隊正在推動的更高層次的理念是真正嘗試開放並確保他們 - 客戶可以利用他們在基礎設施上所做的投資，即使他們在 XPU 等更精細的層面上擁有獨特的優勢。

So we'll see it all evolves, but we were very happy to be asked to participate and be a partner and we've already received a whole bunch of interest from customers on what this engagement might look like. So we'll see where it goes. But I think that the high-level concept is what is important.

因此，我們將看到一切發展，但我們很高興被邀請參與並成為合作夥伴，我們已經收到了大量來自客戶的興趣，詢問他們關於這種合作可能會是什麼樣子。我們將拭目以待。但我認為高層次的概念才是最重要的。

Got it. Thank you.

知道了。謝謝。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Thank you, Matt. My question is on the optical side. I know you said your expectation for this year is for the optical business to grow. Obviously, you have the 1.6T ahead of you and you also said 800 gig demand is quite strong but a couple of questions we get from investors. One, can you speak to your market share as we go from 800 to 1.60T and also the potential impact from any technology transitions for -- LPL. And then the second question is, can you speak to the extent you have visibility, what is the current inventory that you see at your customers, because that question keeps coming up given how strong this cycle has been so far. Thank you.

謝謝你，馬特。我的問題是關於光學方面的。我知道您說過，您對今年的期望是光學業務能夠成長。顯然，您已經準備好了 1.6T，並且您還說 800Gig 的需求相當強勁，但我們從投資者那裡得到了幾個問題。首先，您能否談談從 800 到 1.60T 的市場份額，以及任何技術轉型對 LPL 的潛在影響。然後第二個問題是，您能否談談您所了解的程度，您在客戶那裡看到的當前庫存是多少，因為考慮到迄今為止這個週期的強勁程度，這個問題不斷出現。謝謝。

Yes, thanks. So we see -- we've maintained very strong market share in the 800 gig wave. We let it -- a few others have come in, but we still a very, very strong position, commanding position there. We were first to market at 1.6T, 5-nanometer first-to-market at 1.6T nanometer. We're driving 400 gig I/O, which is going to enable 3.2 based on PAM.

是的，謝謝。所以我們看到——我們在 800 千兆浪潮中保持了非常強大的市場份額。我們讓其他一些人加入進來，但我們仍然佔據著非常非常強勢的地位，佔據著主導地位。我們率先在市場上推出 1.6T、5 奈米技術。我們正在推動 400 千兆 I/O，這將基於 PAM 實現 3.2。

So I don't see any fundamental shift at all in the market share. And quite frankly, the faster we execute and the faster we ramp these ramp the better because of the lead we have. So we feel good about that. Any impact, any adoption, I should say, not impact of new technologies like LPO, I view this as very incremental. Those would be for things like scale up and we will participate in those.

因此，我認為市場佔有率不會發生任何根本性的變化。坦白說，由於我們處於領先地位，我們執行得越快，提升速度越快，效果就越好。因此我們對此感到很高興。我應該說，任何影響、任何採用，都不是 LPO 等新技術的影響，我認為這是非常漸進的。這些將用於擴大規模等事情，我們將參與其中。

We will -- we have solutions based on our broadband Analog technology, and we'll participate in LPO. When it happens, our view still is that's going to be a smaller portion of the market, but we will be there, and we're engaged right now. And then I think your last question was just about the broader inventory. At our customer, yes. So that looks pretty good.

我們將—我們將基於寬頻模擬技術提供解決方案，並且我們將參與 LPO。當它發生時，我們仍然認為這將是一個較小的市場份額，但我們會在那裡，我們現在就參與其中。然後我認為您的最後一個問題只是關於更廣泛的庫存。對於我們的客戶來說，是的。看起來相當不錯。

I mean we service this business direct. We serve it through a number of channels, but key data points, like distribution inventory and things like that. That's very low. We had strong sell-through last quarter. We're looking at the whole year, and it looks like -- it still looks like a good year. We got to wait and see. We're only doing one quarter at a time here, but high level this year and next year, especially with the [1.6] each transition. We see continued strong growth in our optics business.

我的意思是我們直接為這項業務提供服務。我們透過多種管道提供服務，但關鍵數據點，如分銷庫存等。這非常低。上個季度我們的銷售業績非常強勁。展望全年，我們看起來仍然是個好年。我們只能拭目以待。我們每次只做一個季度，但今年和明年的水準會很高，尤其是每次轉型都會達到 [1.6]。我們的光學業務持續強勁成長。

Got it. Thank you.

知道了。謝謝。

Josh Buchalter, TD Cowen.

喬許·布查爾特（Josh Buchalter），TD Cowen。

Hey, guys. Thank you for taking my question. I want to follow up on a couple of previous ones. Can you maybe elaborate on what you would expect to see from a potential customer who is exploring multiple tracks. Is that generally a performance SKU and efficient SKU, or could you see instances where your hyperscale customers are engaged on completely different ASIC programs for completely different workloads? Thank you.

嘿，大家好。感謝您回答我的問題。我想跟進一下之前的幾個問題。您能否詳細說明您希望從正在探索多種軌道的潛在客戶那裡看到什麼。這通常是效能 SKU 和高效 SKU，或者您是否看到超大規模客戶針對不同工作負載使用不同 ASIC 程式的情況？謝謝。

Yes. Thanks. Nice to meet you. Yes, I think for the -- I think I've covered kind of as much as I'm going to on the topics from today. But I do think there'll be some discussion probably at the AI day around some of the different business models that are out there and different things customers are looking for. But at the moment, I think I've given kind of the MAX color we're going to do on this, but I appreciate the question. Thank you.

是的。謝謝。很高興見到你。是的，我認為——我認為我已經涵蓋了今天要討論的大部分主題。但我確實認為，在人工智慧日上可能會圍繞現有的一些不同商業模式以及客戶所尋求的不同事物進行一些討論。但目前，我想我已經給了我們將要採取的最大措施，但我很感謝這個問題。謝謝。

Thank you. This concludes our question-and-answer session. I will now turn the call over to Matt Murphy, Marvell's CEO for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉給 Marvell 執行長 Matt Murphy 來做最後演講。

Great. Thank you, operator. And look, I'd just like to thank everybody for your interest in Marvell and for joining the call. We're on a great start with our first quarter in fiscal 2026. I'm very excited to be guiding a $2 billion quarter for the second quarter and seeing that all the effort that the Marvell team has put in is coming to fruition relative to ramping some of these key programs and executing to meet our customer needs.

偉大的。謝謝您，接線生。我只想感謝大家對 Marvell 的關注以及參加這次電話會議。2026 財年第一季我們取得了良好的開端。我很高興能夠帶領 Marvell 實現第二季 20 億美元的目標，並且看到 Marvell 團隊在推進一些關鍵項目和滿足客戶需求方面所做的所有努力都取得了成果。

And I'm looking forward to connecting with everyone at the custom silicon event for investors in a couple of weeks and giving a deeper dive into this quite large opportunity in front of us. So thanks, everybody, and we'll talk soon. Bye.

我期待在幾週後為投資者舉辦的客製化矽活動上與大家聯繫，並深入探討擺在我們面前的這個相當大的機會。謝謝大家，我們很快再聊。再見。

Thank you, sir. Ladies and gentlemen, this does indeed conclude our conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實請求您斷開線路。