邁威爾科技 (MRVL) 2027 Q1 法說會逐字稿

Good afternoon, and welcome to Marvell Technologies first-quarter fiscal year 2027 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Marvell Technologies 2027 會計年度第一季財報電話會議。(接線員指示) 請注意，本活動正在錄音。

I would now like to turn the conference over to Mr. Ashis Saran, Senior Vice President of Investor Relations. Thank you. You may begin.

現在我想把會議交給投資人關係資深副總裁 Ashis Saran 先生。謝謝。您可以開始了。

Thank you, and good afternoon, everyone. Welcome to Marvell's first fiscal-quarter 2027 earnings call. Joining me today are Matt Murphy, Marvell's Chairman and CEO; Willem Meintjes, CFO; Chris Koopmans, President and COO; and Sandeep Bharathi, President Data Center Group.

謝謝，各位下午好。歡迎參加 Marvell 2027 會計年度第一季財報電話會議。今天與我一同出席的有 Marvell 董事長兼執行長 Matt Murphy；財務長 Willem Meintjes；總裁兼營運長 Chris Koopmans；以及資料中心事業群總裁 Sandeep Bharathi。

Let me remind everyone that certain comments may 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 8-K, 10-K, 10-Q, and other documents filed by us from time to time with the SEC.

提醒各位，今天的某些評論可能包含前瞻性陳述，這些陳述受重大風險與不確定性影響，可能導致實際結果與管理層目前預期有重大差異。請查閱我們今日向美國證券交易委員會（SEC）提交並發布於網站的財報新聞稿中所載的警示性聲明與風險因素，以及我們最近的 8-K、10-K、10-Q 與其他不時向 SEC 提交的文件。

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 available in our earnings press release.

我們無意更新任何前瞻性陳述。在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表已載於我們的財報新聞稿。

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

現在我把電話交給 Matt，請他就本季表現發表評論。Matt？

Yes. Thanks, Ashish, and good afternoon, everyone. For the first quarter of fiscal 2027, Marvell delivered record revenue of $2.418 billion, reflecting 9% sequential and 28% year-over-year growth. Revenue exceeded the midpoint of guidance, and as a result, non-GAAP earnings per share of $0.80 exceeded the midpoint of guidance by $0.01. We are seeing strong demand and exceptional bookings across our entire data center portfolio.

好的。謝謝你，Ashish，各位下午好。在 2027 會計年度第一季，Marvell 創下 24.18 億美元的營收新高，較前一季成長 9%，較去年同期成長 28%。營收高於財測中點，因此非 GAAP 每股盈餘 0.80 美元也較財測中點高出 0.01 美元。我們在整個資料中心產品組合上看到強勁需求與非常出色的訂單表現。

This robust demand is reflected in our guidance for the second quarter of fiscal 2027, where we expect total company revenue to grow 12% sequentially and 35% year over year at the midpoint to $2.7 billion. On our earnings call last quarter, we indicated that beginning in Q2, we expected quarterly revenue growth throughout fiscal 2027 to trend in the high single-digit range sequentially on a percentage basis. Q4 revenue exiting the fiscal year at approximately $3 billion.

這股強勁需求也反映在我們對 2027 會計年度第二季的財測上：我們預期公司整體營收在中點將較前一季成長 12%、較去年同期成長 35%，達到 27 億美元。在上一季的財報電話會議中，我們曾表示自 Q2 起，預期 2027 會計年度各季營收的季增率（以百分比計）將呈現高個位數的趨勢。並在會計年度結束時，Q4 營收約為 30 億美元。

We are now guiding Q2 revenue to grow double digits sequentially, and we expect Q3 and Q4 revenue to also grow by at least 10% sequentially. As a result, we now expect $3 billion in quarterly revenue in Q3, one full quarter ahead of our prior outlook. We also continue to expect year-over-year revenue growth rates to accelerate each quarter throughout fiscal 2027, reaching approximately 50% by Q4.

我們目前指引 Q2 營收將呈現兩位數的季增，並預期 Q3 與 Q4 營收也將至少季增 10%。因此，我們現在預期 Q3 的單季營收即可達到 30 億美元，較先前展望提前整整一季。我們也仍預期 2027 會計年度各季的年增率將逐季加速，至 Q4 約達 50%。

As a result, we now expect overall Marvell revenue in fiscal 2027 to grow approximately 40% year over year to nearly $11.5 billion. The increase in our revenue outlook continues to be driven by our data center business, which we now expect to grow approximately 50% this fiscal year. Notably, we expect our interconnect business to grow more than 70% year over year, well above our prior expectation of 50% growth. I will provide additional color on our interconnect business later in today's call.

因此，我們現在預期 Marvell 2027 會計年度整體營收將較去年同期成長約 40%，接近 115 億美元。我們上調營收展望，持續主要由資料中心業務所帶動；我們目前預期該業務本會計年度將成長約 50%。值得注意的是，我們預期互連（interconnect）業務的年增率將超過 70%，明顯高於先前預期的 50% 成長。我稍後會在今天的電話會議中，對互連業務提供更多說明。

For our communications and other end market, we continue to expect revenue growth of approximately 10% in fiscal 2027. Now looking ahead to fiscal 2028, while we are planning for the rate of cloud CapEx growth to moderate into the 30 plus -- the 30%-plus range, we expect strong data center revenue growth for Marvell to continue.

至於通訊與其他終端市場，我們仍預期 2027 會計年度營收成長約 10%。展望 2028 會計年度，雖然我們規劃雲端資本支出（CapEx）成長率將放緩至 30% 以上——約 30% 以上的區間，但我們預期 Marvell 的資料中心營收仍將持續強勁成長。

We expect our interconnect business to continue to outpace cloud CapEx growth, reflecting strong 1.6T demand from scale-out networking and more meaningful contributions from scale up and scale across networking. We now expect our custom business to more than double year over year in fiscal 2028, higher than our prior outlook and expect our Ethernet switching business to continue ramping.

我們預期互連業務將持續跑贏雲端 CapEx 成長，反映來自 scale-out 網路的強勁 1.6T 需求，以及來自 scale-up 與 scale-across 網路更具實質的貢獻。我們現在預期 2028 會計年度的客製化（custom）業務將較去年同期成長逾一倍，高於先前展望，並預期乙太網路交換器業務將持續放量成長。

As a result, we expect data center revenue in fiscal 2028 to grow approximately 55% year over year, accelerating from fiscal 2027s projected growth rate. For our communications end market, we continue to expect low single-digit percentage revenue growth in fiscal 2028 consistent with our prior view.

因此，我們預期 2028 會計年度資料中心營收將較去年同期成長約 55%，較 2027 會計年度預估成長率進一步加速。至於通訊終端市場，我們仍預期 2028 會計年度營收將呈現低個位數百分比成長，與先前看法一致。

In aggregate, we now expect overall company revenue to grow approximately 45% in fiscal 2028, off a higher fiscal 2027 base. As a result, we now expect Marvell's fiscal 2028 revenue to reach approximately $16.5 billion, roughly $1.5 billion higher than the outlook we provided on our earnings call last quarter. This outlook is supported by demand trends we are seeing today and by programs already in execution. Our investments in securing supply are paying off, enabling us to scale the business every quarter.

整體而言，在 2027 會計年度基期更高的情況下，我們現在預期公司整體營收在 2028 會計年度將成長約 45%。因此，我們現在預期 Marvell 2028 會計年度營收將達到約 165 億美元，較我們在上一季財報電話會議所提供的展望高出約 15 億美元。此展望係基於我們目前觀察到的需求趨勢，以及已在執行中的專案計畫。我們在確保供應方面的投資正在發揮成效，使我們能夠每一季擴大業務規模。

As we move through the fiscal year, we expect to remain closely aligned with our customers as they continue investing aggressively in AI infrastructure. Now let me turn to the expanded partnership we announced with NVIDIA, which reflects the growing importance of high-speed connectivity, optical interconnect, and accelerated infrastructure in scaling AI.

在本會計年度推進的過程中，我們預期將持續與客戶保持緊密協同，因為他們仍在積極加碼投資 AI 基礎設施。接下來我想談談我們與 NVIDIA 宣布的擴大合作夥伴關係，這反映出在擴展 AI 規模時，高速連接、光學互連與加速式基礎設施的重要性日益提升。

The collaboration connects Marvell's custom silicon and optical networking capabilities directly into the massive NVIDIA ecosystem to help build scalable, highly efficient AI data centers and telecommunications networks. There are three core pillars of this exciting announcement. First is our Optics partnership. Marvell has long been a key supplier of DSPs, TIAs, and drivers, and we are now extending this relationship to collaborate on silicon photonics technology, which is expected to be a key enabler of scale-up networking.

這項合作將 Marvell 的客製化晶片與光學網路能力，直接連結至龐大的 NVIDIA 生態系，以協助建置可擴展且高效率的 AI 資料中心與電信網路。這項令人振奮的公告包含三大核心支柱。第一是我們的光學（Optics）合作夥伴關係。Marvell 長期以來一直是 DSP、TIA 與驅動器的關鍵供應商；我們現在進一步延伸此合作關係，共同在矽光子（silicon photonics）技術上展開合作，而該技術預期將成為 scale-up 網路的關鍵推動因素。

Second, NVLink Fusion integration. This allows Marvell to build custom chips and networking semiconductors that can seamlessly interface with NVIDIA infrastructure. It increases choice for hyperscalers who will now have complete flexibility to mix and match custom emerging capabilities across their platforms, with Marvell uniquely providing the bridge between these two architectures. We expect this to create new market opportunities for both Marvell and NVIDIA going forward.

第二是 NVLink Fusion 整合。這使 Marvell 能夠打造可與 NVIDIA 基礎設施無縫介接的客製化晶片與網路半導體。這也為超大規模雲端業者（hyperscalers）增加了選擇，他們現在可以在其平台上完全彈性地混搭各種新興的客製化能力，而 Marvell 則以獨特定位在這兩種架構之間提供橋接。我們預期這將在未來為 Marvell 與 NVIDIA 雙方創造新的市場機會。

The third is AI-RAN. Marvell will enhance its existing OCTEON base station processors to work directly with NVIDIA GPUs, integrating AI with wireless infrastructure on a single, software-defined computing platform. This will enable telecommunications operators to run both 5G and 6G radio workloads and high-performance AI applications concurrently on the same hardware.

第三是 AI-RAN。Marvell 將強化其既有的 OCTEON 基地台處理器，使其可直接與 NVIDIA GPU 協同運作，在單一、軟體定義的運算平台上把 AI 與無線基礎設施整合在一起。這將使電信營運商能夠在相同硬體上，同時執行 5G 與 6G 無線電工作負載，以及高效能 AI 應用。

Since the announcement, both teams are off to the races, and we are working closely together to realize the benefits of this collaboration. We deeply appreciate the partnership and the investment from NVIDIA.

自公告以來，兩個團隊都已全速推進，我們正密切合作，以實現這項協作所帶來的效益。我們由衷感謝 NVIDIA 的合作夥伴關係與投資。

Okay. Let me provide more color on our current business, beginning with data center. In our data center end market, we delivered record first quarter revenue of $1.83 billion, representing 11% sequential growth and 27% year-over-year growth. We achieved sequential and year-over-year growth across multiple product lines, including optical interconnect, custom silicon, and switching. Looking ahead to the second quarter, we expect data center revenue growth to accelerate into the mid- to high teens sequentially on a percentage basis and into the mid-40% range year over year.

好的。我先從資料中心開始，進一步說明我們目前的業務狀況。在我們的資料中心終端市場，我們第一季交出創紀錄的營收 18.3 億美元，季增 11%，年增 27%。我們在多條產品線上都實現了季增與年增，包括光學互連、客製化矽晶片以及交換器。展望第二季，我們預期資料中心營收成長將加速，按季百分比將達到中到高十幾%的水準，年增則可達約 40% 中段。

Our networking products, including interconnect and switching, are driving strong revenue growth as networking becomes increasingly critical with each new generation of AI infrastructure. Now, in the early stages of generative AI, the primary focus was on addressing compute and memory bottlenecks. As more complex architectures such as reasoning modules and mixture of experts have begun to deploy, the role of networking has become significantly more important and this is the key driver of the increased demand we are seeing today for our scale-out networking products.

我們的網路產品（包括互連與交換）正推動強勁的營收成長，因為隨著每一代 AI 基礎設施演進，網路的重要性日益提升。在生成式 AI 的早期階段，主要焦點在於解決運算與記憶體的瓶頸。隨著推理模組、專家混合（Mixture of Experts）等更複雜的架構開始部署，網路的角色變得顯著更重要，這也是我們目前在擴展式（scale-out）網路產品上看到需求增加的關鍵驅動因素。

Now what is completely in front of us is the massive expansion expected in scale-up networks as these domains become significantly larger, requiring high [radix], low latency switches as well as high bandwidth optical interconnects. In addition, these new AI models are also driving innovation and memory architecture, which we expect will benefit our XPU attach business. We expect the emergence of agentic AI to further supercharge demand for our scale out, scale up in XPU attach businesses.

而眼前更明確的是，隨著這些領域的規模顯著擴大，預期擴展內（scale-up）網路將迎來大幅擴張，這需要高 [radix]、低延遲的交換器，以及高頻寬的光學互連。此外，這些新 AI 模型也正在推動互連與記憶體架構的創新，我們預期這將有利於我們的 XPU attach 業務。我們預期代理式 AI（agentic AI）的興起，將進一步大幅推升我們在 scale-out、scale-up 與 XPU attach 業務的需求。

In agentic AI, a single user request may require agents to query AI models many times rather than just once as in traditional one-shot inferencing. These queries may also be routed to different parts of the AI cluster to complete a single task. This substantially increases the volume of data traffic that must be transmitted and switched with very low latency across longer reaches as well as the amount of memory required.

在代理式 AI 中，單一使用者請求可能需要代理（agents）多次查詢 AI 模型，而非像傳統的一次性（one-shot）推論只查詢一次。這些查詢也可能被路由到 AI 叢集的不同部分，以完成單一任務。這將大幅增加必須在更長距離範圍內以極低延遲進行傳輸與交換的資料流量，同時也提高所需的記憶體容量。

Agentic AI is also expected to drive a significant increase in the number of CPUs deployed in AI infrastructure. More CPUs require more NICs, PCIe switches, and retimers as well as greater bandwidth and CPU-centric front-end networks. As a result, we believe agentic AI can provide another significant tailwind for our interconnect switching and XPU attach franchises. It's increasingly clear that optics is the future of data center connectivity, and we continue to invest aggressively in our technology platform to extend our leadership in this rapidly expanding market.

代理式 AI 也預期將顯著增加 AI 基礎設施中部署的 CPU 數量。更多 CPU 代表需要更多 NIC、PCIe 交換器與重定時器（retimers），以及更高頻寬與以 CPU 為中心的前端網路。因此，我們認為代理式 AI 可為我們的互連、交換與 XPU attach 產品線帶來另一股重要順風。愈來愈明顯的是，光學將是資料中心連線的未來，我們也持續積極投資於技術平台，以在這個快速擴張的市場中延伸我們的領先地位。

Our late addition is the acquisition of Polariton, a developer of high-speed, low-power plasmonic-based silicon photonics devices. Plasmonic offer meaningful advantages over traditional silicon photonics by enabling substantially higher modulator bandwidth which is critical for support faster optical transmission speeds.

我們近期新增的一項動作是收購 Polariton，該公司為高速、低功耗、基於電漿子（plasmonic）的矽光子元件開發商。相較於傳統矽光子，電漿子技術可提供顯著優勢，因其能實現大幅更高的調變器頻寬，而這對支援更快的光傳輸速度至關重要。

Polariton has already demonstrated Plasmonic modulator bandwidth exceeding 1 terahertz up to 10 times higher than current silicon photonics and thin-film lithium niobate-based solutions. We are excited to incorporate this breakthrough technology into our DCI and coherent light road maps, extending our technology platform to 3.2t and beyond.

Polariton 已展示其電漿子調變器頻寬超過 1 太赫茲，最高可達現有矽光子與薄膜鈮酸鋰（thin-film lithium niobate）方案的 10 倍。我們很高興能將這項突破性技術納入我們的 DCI 與相干光（coherent light）產品藍圖，將技術平台延伸至 3.2T 及更高。

Let me now pivot back to the near term and discuss trends we are seeing across both our established data center businesses and our newer growth initiatives. I'll organize the discussion into three categories: interconnect, switching, and custom. I'll start with interconnect, which represents the largest portion of our data center business. Demand for our interconnect products continues to accelerate. And as a result, we have increased our fiscal 2027 revenue growth expectations for this business to more than 70% year over year.

接下來我把焦點拉回近期，談談我們在既有資料中心業務與較新的成長計畫中所觀察到的趨勢。我會把討論分成三類：互連、交換與客製化。我先從互連開始，這是我們資料中心業務中占比最大的部分。我們互連產品的需求持續加速。因此，我們已將該業務在 2027 會計年度的營收成長預期上調至年增超過 70%。

Interconnect is also a major driver of the higher fiscal 2028 company revenue outlook we provided today. We are benefiting from our leadership position across the industry's broadest portfolio high-speed connectivity solutions, spanning scale out, scale across, and scale up networking. Within our scale-out PAM franchise, demand continues to strengthen for our 800 gig products while our 200 gig per lane 1.6T solutions are ramping quickly this fiscal year following their production launch in the second half of fiscal 2026.

互連也是我們今天所提供之 2028 會計年度公司營收展望上修的重要驅動因素。我們受惠於在業界最廣泛的高速連線解決方案產品組合中的領先地位，涵蓋擴展式（scale-out）、跨域擴展（scale-across）與擴展內（scale-up）網路。在我們的 scale-out PAM 產品線中，800G 產品需求持續增強；同時，我們每通道 200G 的 1.6T 解決方案在 2026 會計年度下半年量產上市後，本會計年度正快速放量。

We expect 1.6T revenue to take another substantial step up in fiscal 2028. We continue to benefit from the first-to-market cadence we have maintained across successive PAM4 generations. We also expect to maintain leadership into the next PAM4 generation with 400 gig per lane technology, which we demonstrated first at the Optical Fiber Conference in April 2025.

我們預期 1.6T 營收在 2028 會計年度將再大幅躍升。我們持續受惠於在連續多代 PAM4 產品上維持的率先上市節奏。我們也預期在下一代 PAM4（每通道 400G）技術上維持領先，我們已於 2025 年 4 月的光纖通訊會議（Optical Fiber Conference）率先展示。

In addition to our DSP franchise, we have also built a formidable position in broadband, analog, TIAs, and drivers. This business is scaling rapidly, and we expect quarterly revenue of TIAs and drivers to exceed a $1 billion annualized run rate in the next few quarters.

除了我們的 DSP 產品線之外，我們也在寬頻、類比、TIA 與驅動器方面建立了強大的市場地位。這項業務正快速擴張，我們預期在未來幾季，TIA 與驅動器的季度營收將換算成年化後超過 10 億美元的運行水準（run rate）。

To support campus-wide data center architectures requiring longer reach than traditional PAM solutions, we were the first to introduce coherent light products to the market. These solutions are optimized for applications spanning 2 to 20 kilometers within an extremely low power envelope as compared to traditional coherent DSPs.

為了支援校園級（campus-wide）的資料中心架構（其所需傳輸距離長於傳統 PAM 解決方案），我們率先將相干光產品導入市場。相較於傳統相干 DSP，這些解決方案在極低功耗的前提下，針對 2 至 20 公里範圍內的應用進行最佳化。

Over time, as speeds continue to rise, we expect coherent light to penetrate deeper inside data centers, complementing PAM-based solutions for shorter-reach applications. We've already begun shipping the first generation of our coherent light 200 gig per lane 1.6T products. We are now introducing next-generation coherent light products featuring integrated MACsec security as well as higher speed capabilities.

隨著速度持續提升，長期而言我們預期相干光將更深入滲透至資料中心內部，並與用於較短距離應用的 PAM 解決方案互補。我們已開始出貨第一代相干光每通道 200G 的 1.6T 產品。我們目前也正推出下一代相干光產品，具備整合式 MACsec 安全性以及更高速度能力。

Turning to DCI. This market is undergoing a major architectural transition driven by the emergence of scale across networks, which we believe will significantly expand the opportunity for pluggable DCI modules over the next several years. Marvell pioneered the pluggable DCI market, where the original use case was driven by hyperscalers replacing public WAN connections for intersite connectivity using pluggable modules, with traffic between data centers originating primarily from traditional front-end networks.

接著談 DCI。在跨域擴展（scale-across）網路興起的推動下，這個市場正經歷重大的架構轉型；我們相信這將在未來數年顯著擴大可插拔式 DCI 模組的機會。Marvell 開創了可插拔式 DCI 市場，最初的使用情境是超大規模業者以可插拔模組取代公用 WAN 連線來進行站點間互連，而資料中心間的流量主要源自傳統前端網路。

This has become a highly successful business for Marvell. And today, we shipped DCI solutions to all five major US hyperscalers. What is now changing is the push to build significantly larger AI clusters, which increasingly must span multiple data centers due to power and space constraints. In these architectures, the back-end AI network must also extend between the data centers, creating the scale across use case where massive amounts of data move continuously between XPUs during AI workload processing.

這已成為 Marvell 一項非常成功的業務。而今天，我們已向美國五大超大規模業者全部出貨 DCI 解決方案。目前正在改變的是，業界推動建置顯著更大型的 AI 叢集；由於電力與空間限制，這些叢集愈來愈需要跨越多個資料中心。在這些架構中，後端 AI 網路也必須延伸至資料中心之間，形成 scale-across 的使用情境，使得在 AI 工作負載處理期間，大量資料在 XPU 之間持續移動。

Aggregate bandwidth requirements for scale across networks are projected to be more than 10 times higher than those of current front and DCI networks. As a result, industry forecasts project a pluggable DCI TAM to grow significantly by rapidly increasing speeds and rising future complexity, including integrated MACsec security.

對於 scale-across 網路的總體頻寬需求，預估將比目前的前端與 DCI 網路高出 10 倍以上。因此，產業預測可插拔式 DCI 的 TAM 將因速度快速提升與未來複雜度上升（包括整合式 MACsec 安全性）而顯著成長。

While traditional DCI networks today primarily deploy 400-gig solutions and are now transitioning to 800 gig, scale across architectures are expected to rapidly adopt 1.6T connectivity. Marvell is exceptionally well positioned to lead this transition with the industry's first secure 1.6T ZR and ZR+ DCI modules powered by our new 2-nanometer coherent DSP announced earlier this year. These modules are expected to begin sampling this year. This position Marvell to extend our technology leadership into the emerging scale across market, supported by our proven expertise in high-volume manufacturing of these highly specialized and complex modules.

雖然目前傳統的 DCI 網路主要部署 400G 解決方案，並正轉向 800G，但跨架構的 scale-across 預期將快速採用 1.6T 連線。Marvell 具備極佳的領先優勢，可憑藉業界首款安全的 1.6T ZR 與 ZR+ DCI 模組引領此一轉型；該模組由我們今年稍早宣布的全新 2 奈米相干 DSP 驅動。這些模組預期將於今年開始送樣。這使 Marvell 得以將我們的技術領先地位延伸至新興的 scale-across 市場，並以我們在這些高度專業且複雜模組之高量產製造方面的成熟專業能力作為支撐。

Our leadership position here is translating into strong revenue momentum for our DCI module business, giving us line of sight to a $1 billion annualized revenue during fiscal 2028. This would represent approximately double the revenue we achieved in fiscal 2026 when the business generated roughly $500 million in revenue. As scale of cross deployments become a larger portion of the market, we expect growth in our DCI business to accelerate further.

我們在此的領先地位正轉化為 DCI 模組業務強勁的營收動能，讓我們可望在 2028 會計年度達到年化 10 億美元營收。這約相當於我們在 2026 會計年度所達成營收的兩倍，當時該業務創造約 5 億美元營收。隨著 scale-across 部署成為市場中更大的一部分，我們預期 DCI 業務的成長將進一步加速。

Let me now transition to scale-up optics. Scale-up Interconnect represents one of the newest and most strategically important opportunities emerging in AI infrastructure. Marvell is uniquely positioned to enable both NPO and CPO implementations with a broad silicon photonics platform spanning all three mainstream modulator technologies, including MZM, EAM, and MRM, fully supported by our market-leading broadband analog TIAs and drivers. We are also investing in emerging approaches such as micro LED and [micro-voxel-based] solutions. Marvell has already shipped more than 1 million DCI modules powered by our silicon photonics over the past decade.

接下來我轉到 scale-up 光學。Scale-up 互連是 AI 基礎設施中最新且最具策略重要性的機會之一。Marvell 具備獨特優勢，可透過涵蓋三種主流調變器技術（包括 MZM、EAM 與 MRM）的廣泛矽光子平台，支援 NPO 與 CPO 的實作，並由我們市場領先的寬頻類比 TIA 與驅動器完整支援。我們也投資於微型 LED 與 [基於微體素] 解決方案等新興方法。過去十年，Marvell 已出貨超過 100 萬個由我們矽光子技術驅動的 DCI 模組。

Across four generations of silicon photonics deployments, we have accumulated more than 15 billion hours of field data with demonstrated world-class reliability. We have leveraged this experience in developing our silicon photonics-based light engines, and we are deeply engaged with multiple Tier 1 customers with our third generation 6.4T light engine for NPO and CPO implementations.

在四代矽光子部署中，我們累積了超過 150 億小時的現場數據，並展現世界級的可靠性。我們已運用這些經驗開發以矽光子為基礎的光引擎，並正與多家 Tier 1 客戶深度合作，推動我們第三代 6.4T 光引擎用於 NPO 與 CPO 的實作。

Our acquisition of Celestial AI added photonic fabric technology, including EAM modulators in the industry's leading low-power analog SerDes. The solution has already been selected by a Tier 1 hyperscaler for its next generation of XPU scale-up networks.

我們收購 Celestial AI 增添了光子織網（photonic fabric）技術，包括在業界領先的低功耗類比 SerDes 中採用的 EAM 調變器。該解決方案已被一家 Tier 1 超大規模業者選用，用於其下一代 XPU scale-up 網路。

The full strength of Marvell's engineering and operations organization is focused on bringing Celestial's first-generation [chiplet] into high-volume manufacturing. We are also making significant progress with MRM-based scale-up interconnect solutions. We completed our MRM device demonstrations last year and continue to continue -- I'm sorry, continue to collaborate closely with TSMC on its Coop platform.

Marvell 工程與營運組織的全部實力正聚焦於將 Celestial 的第一代 [chiplet] 推進至高量產製造。我們在以 MRM 為基礎的 scale-up 互連解決方案方面也取得顯著進展。我們去年完成了 MRM 裝置展示，並持續——抱歉，持續與台積電在其 Coop 平台上緊密合作。

We believe scale-up interconnect represents a massive new TAM that will likely be served by multiple photonic technologies and architectures, and we are investing aggressively to establish leadership across all of them.

我們相信 scale-up 互連代表一個龐大的全新 TAM，且很可能將由多種光子技術與架構共同服務；我們正積極投資，以在所有這些領域建立領導地位。

We are seeing market adoption accelerate from multiple CPO and NPO engagements. And as a result, we expect our scale-up optics business to ramp significantly next fiscal year, with revenue forecasted to more than double our prior outlook of approximately $150 million, which was based at that time solely on Celestial AI.

我們看到市場採用正因多項 CPO 與 NPO 專案合作而加速。因此，我們預期明年會計年度我們的 scale-up 光學業務將大幅放量，營收預測將較先前約 1.5 億美元的展望增加逾一倍；該先前展望在當時僅以 Celestial AI 為基礎。

Turning to data center switching. We continue to benefit from sustained demand for our 12.8T and a strong ramp up of our next-generation 51.2 T switches for scale-out networking. We are seeing strong engagement for both existing and new customers for our 51.2T platform as well as our 100 platform which we believe delivers industry-leading power efficiency and low latency, attributes that are increasingly critical for AI infrastructure.

接著談資料中心交換器。我們持續受惠於 12.8T 的持續需求，以及用於 scale-out 網路的下一代 51.2T 交換器的強勁放量。我們看到現有與新客戶對我們 51.2T 平台以及我們的 100 平台都有強勁的合作動能；我們相信該平台提供業界領先的功耗效率與低延遲，而這些特性對 AI 基礎設施而言愈發關鍵。

And our engineering teams are already executing a road map towards 200T Ethernet switching and beyond. Given this momentum, we expect scale-out switch revenue in fiscal 2027 to exceed $600 million, doubling from fiscal 2026, and we currently see the business tracking to more than $1 billion in annualized revenue in fiscal 2028.

而我們的工程團隊已在執行邁向 200T 乙太網交換及更高規格的路線圖。在此動能下，我們預期 2027 會計年度的 scale-out 交換器營收將超過 6 億美元，較 2026 會計年度倍增；我們目前也看到該業務在 2028 會計年度可望達到年化超過 10 億美元營收。

The Scale up switching is an emerging market where we have significantly increased our investment, both organically and through the acquisition of XConn which substantially expanded our team and capabilities. While some customers are currently deploying PCIe switches for their current generation of scaleup networking, the ratings and bandwidth limitations of PCIe are expected to drive a rapid transition towards purpose-built, large ratings, high-bandwidth UALink, ESUN, and NVLink solutions.

Scale-up 交換器是一個新興市場，我們已大幅增加投資，無論是有機投入或透過收購 XConn；該收購大幅擴充了我們的團隊與能力。雖然部分客戶目前在其現世代 scale-up 網路中部署 PCIe 交換器，但 PCIe 的速率與頻寬限制預期將推動市場快速轉向專為此目的打造、具大規模速率與高頻寬的 UALink、ESUN 與 NVLink 解決方案。

Marvell is uniquely positioned to support all of these scale-up protocols through our internally developed UAL and ESUN switches as well as our expanded partnership with NVIDIA around NVLink Fusion. We currently have multiple engagements with Tier 1 customers for our scale-up switch portfolio. Given the size of the scale of TAM, each of these engagements represent a multibillion-dollar lifetime revenue opportunity.

Marvell 具備獨特優勢，可透過我們內部開發的 UAL 與 ESUN 交換器，以及我們與 NVIDIA 在 NVLink Fusion 方面擴大的合作夥伴關係，支援所有這些 scale-up 協定。我們目前就 scale-up 交換器產品組合與多家 Tier 1 客戶展開多項合作。鑑於 scale-up TAM 的規模，這些合作中的每一項都代表數十億美元的全生命週期營收機會。

We believe we are exceptionally well positioned in this market, leveraging decades of extensive experience developing large reticle size switch silicon as well as our in-house best-in-class high-performance series technology.

我們相信我們在此市場具備極佳的競爭位置，得以運用數十年開發大光罩尺寸（large reticle size）交換器晶片的豐富經驗，以及我們自有、同級最佳的高效能 SerDes 技術。

Now let me touch on a few additional growth opportunities in data center. In the AEC market, we are seeing strong interest in our golden cable program, and we have already secured design wins with three Tier 1 US hyperscalers along with several other customers. We are also seeing strong traction for our retimer products. Both AECs and retimers are now ramping, and we expect combined revenue to more than double year over year in fiscal 2027 and continue growing rapidly in fiscal 2028.

接下來我談幾項資料中心的額外成長機會。在 AEC 市場，我們看到市場對我們的 golden cable 計畫有高度興趣，且已取得三家美國 Tier 1 超大規模業者的設計導入（design win），並涵蓋其他多家客戶。我們也看到我們的 retimer 產品有強勁進展。AEC 與 retimer 目前都在放量，我們預期兩者合計營收在 2027 會計年度將年增逾一倍，並在 2028 會計年度持續快速成長。

The acquisition of XConn also advanced PCIE and CXL switch solutions to our portfolio, and we are seeing strong interest in our PCIe Gen 6 and CXL 3.1 solutions. Marvell is well positioned in both of these markets to provide customers with complete end-to-end solutions and reference designs consisting of our PCIe switches paired with retimers as well as our CXL switches paired with our memory expanders.

收購 XConn 也將 PCIe 與 CXL 交換器解決方案納入我們的產品組合，我們看到市場對我們的 PCIe Gen 6 與 CXL 3.1 解決方案有強勁興趣。Marvell 在這兩個市場都具備良好定位，可為客戶提供完整端到端解決方案與參考設計，包括由我們的 PCIe 交換器搭配 retimer，以及由我們的 CXL 交換器搭配記憶體擴充器所構成的方案。

Okay. Turning now to our custom business. Custom revenue remains on track to grow more than 20% year over year in fiscal 2027, led by our flagship XPU program, which we expect to drive multiple years of growth across multiple generations. Several XPU attach programs are also ramping in fiscal 2027, including our CXL and NIC products. Looking ahead to fiscal 2028, we now expect custom revenue to more than double year over year, which is higher than our prior outlook.

好的。接著談我們的客製化業務。客製化營收仍按計畫在 2027 會計年度年增超過 20%，主要由我們的旗艦 XPU 專案帶動；我們預期該專案將在多個世代中推動多年成長。多項 XPU attach 專案也在 2027 會計年度放量，包括我們的 CXL 與 NIC 產品。展望 2028 會計年度，我們現在預期客製化營收將年增逾一倍，高於我們先前的展望。

The growth is expected to be driven by three primary factors, including: first, continued growth from our existing custom programs, including our flagship XPU. Second, over 10 XPU attach programs reaching high volume -- higher production volumes with demand continuing to exceed prior forecasts, particularly in NIC and CXL memory attach use cases driven by increasing inference KV caching requirements.

預期成長將由三項主要因素驅動，包括：第一，我們既有客製化專案（包含旗艦 XPU）的持續成長。第二，超過 10 項 XPU attach 專案進入高量產——在需求持續超出先前預測的情況下，產量將進一步提高，尤其是在 NIC 與 CXL 記憶體 attach 的使用情境中，受日益增加的推論 KV 快取需求所帶動。

And third, the ramp of our new Tier 1 XPU program into volume production. This program continues to progress very well through development, and we already have firm requirements in place for all of next fiscal year.

第三，我們新的 Tier 1 XPU 計畫正逐步爬坡並導入量產。該計畫在開發階段持續進展非常順利，而且我們已就下一個會計年度全年的需求建立了明確且確定的規格與要求。

Since last quarter, we have won several new designs as customers continue to expand their adoption of custom silicon. We expect these new sockets to begin contributing incremental revenue following their typical development cycle of approximately two years.

自上季以來，隨著客戶持續擴大採用客製化矽晶片，我們贏得了數個新的設計案。我們預期這些新的插槽將在其約兩年的典型開發週期之後，開始帶來增量營收貢獻。

The level of custom engagement with key customers remains unprecedented, and we continue to be deeply involved in a broad set of significant additional opportunities. We remain confident in achieving our target model for our custom business to deliver on over $10 billion in revenue in fiscal 2029.

與關鍵客戶的客製化合作深度仍前所未見，我們也持續深度參與一系列重要且額外的重大機會。我們仍有信心達成既定目標模型，使我們的客製化業務在 2029 會計年度實現超過 100 億美元的營收。

Turning to our communications and other end markets. We delivered first quarter revenue of $585 million, up 3% sequentially and 29% year over year. For the second quarter, we expect revenue to decline in the mid-single-digit range sequentially on a percentage basis, while growing in the high-single-digit range year over year on a percentage basis.

接著談我們的通訊及其他終端市場。我們第一季營收為 5.85 億美元，季增 3%、年增 29%。對於第二季，我們預期營收按百分比計將季減中個位數區間，同時按百分比計將年增高個位數區間。

The communications and other end market has now largely recovered from inventory corrections at our customers. And going forward, we expect revenue in this end market to broadly reflect the underlying trends in our enterprise networking carrier and consumer businesses.

通訊及其他終端市場目前已大致從客戶端的庫存修正中復甦。展望未來，我們預期該終端市場的營收將大致反映我們企業網路、電信營運商與消費性業務的基本趨勢。

In summary, our business continues to accelerate, and we have increased our revenue outlook multiple times over the past several quarters. Today, we are again raising our outlook, increasing our fiscal 2027 revenue forecast by more than $0.5 billion, and our fiscal 2028 outlook by approximately $1.5 billion versus the projections we provided last quarter.

總結而言，我們的業務持續加速，且在過去幾個季度中多次上調營收展望。今天我們再次上調展望：相較於上季提供的預測，我們將 2027 會計年度營收預測上調超過 5 億美元，並將 2028 會計年度展望上調約 15 億美元。

Our data center revenue grew 46% year over year in fiscal 2026, and we are now projecting growth to accelerate to approximately 50% in fiscal 2027 and accelerate again to 55% in fiscal 2028. Our customers continue to signal robust demand, not only for this year but for the next several years. Our results and outlook reinforce our confidence that Marvell is in a strong multiyear growth cycle with substantial runway ahead.

我們的資料中心營收在 2026 會計年度年增 46%，目前我們預估 2027 會計年度成長將加速至約 50%，並在 2028 會計年度再度加速至 55%。客戶持續釋出強勁需求訊號，不僅是今年，未來數年亦然。我們的業績與展望進一步強化我們的信心：Marvell 正處於強勁的多年成長週期，且前方仍有可觀的成長跑道。

Now today, we sit here in a unique position to simultaneously: one, drive incredibly strong top-line growth; two, increase R&D investments strategically in the highest growth AI opportunities while continuing to drive operating leverage; three, make necessary capacity investments to fuel the next wave of growth; and four, continued strong capital returns to shareholders.

而今天，我們處於一個獨特的位置，能同時做到：第一，推動極為強勁的營收成長；第二，在持續提升營運槓桿的同時，策略性地增加研發投資於成長最快的 AI 機會；第三，進行必要的產能投資以支撐下一波成長；第四，持續向股東提供強勁的資本回饋。

The Marvell team is firing on all cylinders with strong momentum expected to continue across the business. We have built a well-diversified company anchored by multiple large existing franchises and complemented by several emerging growth engines. I look forward to updating you on our progress as we continue this exciting journey as a key enabler of next-generation AI infrastructure.

Marvell 團隊火力全開，預期強勁動能將持續貫穿整體業務。我們打造了一家高度多元化的公司，以多個既有大型事業基礎為核心，並由數個新興成長引擎加以補強。隨著我們作為下一代 AI 基礎設施的關鍵推動者持續前行，我期待持續向各位更新我們在這段令人振奮旅程中的進展。

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

接下來，我把電話會議交給 Willem，請他提供更多關於我們近期業績與展望的細節。

Thank you, Matt, and good afternoon, everyone. Let me start with our financial results for the first quarter of fiscal 2027. Revenue was $2.418 billion, growing 28% year over year and 9% sequentially. Data Center was our largest end market, contributing 76% of total revenue. GAAP gross margin was 52.1%, non-GAAP gross margin was 58.9%.

謝謝你，Matt，各位下午好。我先從 2027 會計年度第一季的財務結果談起。營收為 24.18 億美元，年增 28%、季增 9%。資料中心是我們最大的終端市場，貢獻總營收的 76%。GAAP 毛利率為 52.1%，非 GAAP 毛利率為 58.9%。

Moving on to operating expenses. GAAP operating expenses were $921 million, including stock-based compensation, amortization of acquired intangible assets, restructuring costs, and acquisition-related costs. Non-GAAP operating expenses came in at $577 million. Our GAAP operating margin was 14%, while our non-GAAP operating margin was 35%. For the first quarter, GAAP earnings per diluted share was $0.04 lower than our guidance, reflecting the impact of purchase accounting for the Celestial AI and XConn acquisitions and the related earn-out obligation.

接著談營業費用。GAAP 營業費用為 9.21 億美元，包含以股票為基礎的薪酬、取得之無形資產攤銷、重整成本，以及併購相關成本。非 GAAP 營業費用為 5.77 億美元。我們的 GAAP 營業利益率為 14%，非 GAAP 營業利益率為 35%。第一季 GAAP 稀釋每股盈餘較我們的指引低 0.04 美元，反映 Celestial AI 與 XConn 併購案的購買會計處理影響，以及相關的或有對價（earn-out）義務。

We expect this to normalize in the second quarter as reflected in our strong GAAP net income guidance. We have now delivered six consecutive quarters of positive GAAP net income and expect to continue to drive strong GAAP profitability going forward. Non-GAAP earnings per diluted share was $0.80 above the midpoint of guidance, reflecting year-over-year growth of 29%.

我們預期這項影響將在第二季趨於正常化，並已反映在我們強勁的 GAAP 淨利指引中。我們已連續六個季度實現 GAAP 淨利為正，並預期未來將持續推動強勁的 GAAP 獲利能力。非 GAAP 稀釋每股盈餘較指引中位數高出 0.80 美元，反映年增 29%。

Now turning to our cash flow and balance sheet. In the first quarter, cash flow from operations was a record [$2,639 million]. Our inventory at the end of the fourth quarter was $1.4 billion, almost flat from the prior quarter. During the quarter, we repurchased $200 million of our stock through our ongoing capital return program and returned $54 million to shareholders through cash dividends in the quarter. As of the end of the first quarter, our total debt was $4.96 billion, with a gross debt-to-EBITDA ratio of 1.44 times and a net debt-to-EBITDA ratio of 0.32 times.

接著談現金流與資產負債表。第一季營運活動現金流創下紀錄[為 26.39 億美元]。第四季期末（上一季期末）庫存為 14 億美元，與前一季幾乎持平。本季我們透過持續的資本回饋計畫回購 2 億美元自家股票，並於本季以現金股利方式向股東返還 5,400 萬美元。截至第一季末，我們總負債為 49.6 億美元，總負債對 EBITDA 比率為 1.44 倍，淨負債對 EBITDA 比率為 0.32 倍。

Turning to our guidance for the second quarter of fiscal 2027. We are forecasting revenue to be in the range of $2.7 billion, plus or minus 5%. We expect our GAAP gross margin to be between 52.1% and 53.1%. We expect our non-GAAP gross margin to be between 58.25% and 59.25%. 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.

接著談 2027 會計年度第二季的財測指引。我們預估營收區間為 27 億美元，上下浮動 5%。我們預期 GAAP 毛利率介於 52.1% 至 53.1%。我們預期非 GAAP 毛利率介於 58.25% 至 59.25%。展望未來，我們預期在任何一個季度，整體營收水準與產品組合仍將是決定毛利率的關鍵因素。

We project our GAAP operating expenses to be approximately $960 million. We anticipate our non-GAAP operating expenses to be approximately $600 million in the second quarter. We expect our GAAP other income and expense, including interest on our debt, to be an expense of approximately $68 million. We expect our non-GAAP other income and expense, including interest on our debt to be an expense of approximately $35 million. We expect a non-GAAP tax rate of 11%.

我們預估 GAAP 營業費用約為 9.60 億美元。我們預期第二季非 GAAP 營業費用約為 6.00 億美元。我們預期 GAAP 其他收益與費用（包含債務利息）約為 6,800 萬美元的費用。我們預期非 GAAP 其他收益與費用（包含債務利息）約為 3,500 萬美元的費用。我們預期非 GAAP 稅率為 11%。

We expect our basic weighted average shares outstanding to be 899 million and our diluted weighted average shares outstanding to be 915 million. The increase from the prior quarter reflects the full impact of shares issued for the Celestial AI and XConn acquisitions as well as the shares issued as part of the NVIDIA investment. We anticipate GAAP earnings per diluted share in the range of $0.32 to $0.42. We expect non-GAAP earnings per diluted share in the range of $0.88 to $0.98.

我們預期基本加權平均流通股數為 8.99 億股，稀釋加權平均流通股數為 9.15 億股。相較前一季的增加，反映 Celestial AI 與 XConn 併購案所發行股份的完整影響，以及作為 NVIDIA 投資一部分所發行的股份。我們預期 GAAP 稀釋每股盈餘介於 0.32 至 0.42 美元；非 GAAP 稀釋每股盈餘介於 0.88 至 0.98 美元。

As we look ahead, we intend to continue to invest in growing our business while driving operating leverage. For fiscal 2027, we expect non-GAAP earnings expense of approximately $2.45 billion, which includes the acquisition of Celestial AI and XConn, both of which closed in the first quarter of this fiscal year.

展望未來，我們打算在推動營運槓桿的同時，持續投資以擴大業務成長。對於 2027 會計年度，我們預期非 GAAP 盈利費用約為 24.5 億美元，其中包含 Celestial AI 與 XConn 的併購案；兩案皆已於本會計年度第一季完成交割。

For fiscal 2028, we expect non-GAAP operating expense to grow year over year approximately in the mid- to high teens on a percentage basis. This is significantly below the 45% revenue growth outlook Matt provided in his remarks for that year. As a result, we expect to achieve the upper end of our target operating margin model of 38% to 40% as we progress through fiscal 2028.

針對 2028 會計年度，我們預期非 GAAP 營業費用年增率（以百分比計）約為十幾個百分點的中段至高段。這顯著低於 Matt 在當年度談話中所提供的 45% 營收成長展望。因此，隨著我們在 2028 會計年度持續推進，我們預期可達成目標營業利益率模型 38% 至 40% 的上緣。

Based on the (inaudible), we have secured and our confidence in sustained customer demand, we are aggressively locking in additional capacity to ensure our growth. We are following the same successful playbook we established during the last major supply crunch, which includes sharing our long-term demand outlook with key suppliers and making strategic prepayments to ensure capacity. This approach has served us well, enabling Marvell to scale revenue significantly during a period when the broader industry has remained supply constrained.

基於我們已取得的（聽不清楚）以及我們對客戶需求可持續性的信心，我們正積極鎖定額外產能以確保成長。我們沿用上一次重大供應吃緊期間所建立、且已被證明成功的作法，包括與關鍵供應商分享我們的長期需求展望，並進行策略性預付款以確保產能。此一做法一直對我們很有幫助，使 Marvell 能在整體產業仍受供應限制之際，顯著擴大營收規模。

We are forecasting approximately $1 billion in prepayments during this fiscal year with the first payments beginning in the second quarter. These prepayments will be applied against future material purchases. We expect to fund these prepayments through our strong balance sheet and robust operating cash flow generation. In parallel, we plan to continue to repurchase shares to manage dilution.

我們預估本會計年度的預付款約為 10 億美元，首筆付款將自第二季開始。這些預付款將用於抵扣未來的材料採購。我們預期將透過強健的資產負債表與穩健的營運現金流創造能力來支應這些預付款。同時，我們也計畫持續回購股票以管理稀釋。

I'm very pleased with our execution driving strong revenue growth and operating leverage as well as robust cash flow generation and ongoing stock buybacks. We are looking forward to continuing to deliver strong earnings growth to our stockholders. With that, we are ready to start our Q&A session.

我對我們的執行成果感到非常滿意：推動強勁的營收成長與營運槓桿，同時也帶來穩健的現金流創造與持續的股票回購。我們期待持續為股東帶來強勁的獲利成長。接下來，我們準備開始問答環節。

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

接線員，請開放線路並宣布問答指引。謝謝。

(Operator Instructions)

（接線員指示）

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Matt, towards the end of your presentation, you mentioned something along the lines of your custom XPU is on target to hit $10 billion in fiscal '29. I just wanted to make sure that we heard that correctly because that would mean that fiscal '28 if your XPU is a little over $4 billion and then it gets to $10 billion. So that's an increase of at least $5 billion to $6 billion year on year in sales. So I just wanted to make sure that I heard that.

Matt，在你簡報接近尾聲時，你提到大意是你們的客製化 XPU 目標是在 29 會計年度達到 100 億美元。我只是想確認我們是否聽得正確，因為那代表若 28 會計年度你們的 XPU 略高於 40 億美元，之後到 100 億美元。也就是說，銷售額年增至少 50 億到 60 億美元。所以我只是想確認我是否聽對了。

And then Matt, at what point will you feel more comfortable talking about that large customer and the progress in this new program? Do you expect to be exclusive in this? Because they have a really large CapEx profile. So when do you think investors should start to give Marvell more credit for that new XPU program that should start next year?

另外，Matt，你在什麼時點會更願意談論那位大型客戶，以及這個新專案的進展？你們預期在這方面會是獨家嗎？因為他們的資本支出規模非常大。那你認為投資人何時應該開始對 Marvell 這個預計明年啟動的新 XPU 專案給予更多肯定？

Yes. Thanks, Vivek. Yes. So yes, you heard it right. And just for context on the $10 billion-plus for fiscal '29, the context for that is, back in April 2024 we set long-term targets out through calendar '28, which would be our fiscal '29.

是的。謝謝你，Vivek。是的。所以，是的，你聽得沒錯。另外補充一下 29 會計年度 100 億美元以上的背景：早在 2024 年 4 月，我們就設定了長期目標到 2028 年曆年，也就是我們的 29 會計年度。

At that time, we had identified a data center custom overall market, overall custom silicon market, which would generate about $8 billion revenue for us was sort of what you -- if you assume 20% of our market sizing at that time for fiscal '29.

當時，我們辨識出一個資料中心客製化的整體市場、也就是整體客製化矽晶市場；若以當時對 29 會計年度市場規模的估算並假設我們取得 20% 市占，將可為我們帶來約 80 億美元的營收。

And at the -- at our custom silicon event last summer in June of 2025, we then said basically the TAM is bigger. So the implied again, if we achieved our share targets in fiscal '29, would indicate something over $10 billion. It was like a $55 billion TAM. Take 20% on that. That's $11 billion. So call it in that range.

而在——在 2025 年 6 月、也就是去年夏天我們的客製化矽晶活動上，我們接著表示 TAM 更大。因此同樣地，若我們在 29 會計年度達成市占目標，所隱含的規模會超過 100 億美元。當時 TAM 大約是 550 億美元。取其中 20%。就是 110 億美元。所以大概就是那個區間。

And yes, we're still tracking to it. That's a key part of our assumption. Two years ago, it looked like a very steep hill to climb. We're clearly making progress there. And yes, between our existing programs, our new ramp and just a plethora of XPU attached programs, all of which have sized up significantly since we won them. We definitely see line of sight to hit those targets. And again, this is just updating investors along the way about how we're progressing.

而且是的，我們仍在朝這個目標前進。這是我們假設中的關鍵部分。兩年前看起來像是一座非常陡峭的高山要攀登。我們顯然正在取得進展。而且是的，結合我們既有專案、新的放量爬坡，以及大量與 XPU 搭配的相關專案——自我們拿下這些案子以來，其規模都顯著上修——我們確實看得到達成這些目標的清晰路徑。同樣地，這只是一路向投資人更新我們的進度。

On your second question, program remains on track. I think we're hitting all of our milestones. And we see for next year, I think as I stated in my prepared remarks, kind of across the board on all of the custom programs we have, we're seeing indications of greater need for demand.

至於你的第二個問題，該專案仍按計畫進行。我認為我們正達成所有里程碑。而且展望明年，正如我在事先準備的講稿中所提到的，就我們所有的客製化專案而言，我們看到各方面都出現更高需求的跡象。

We had judged that went down pretty significantly. And I think as we progress through the year to answer your questions, I think we'll all gain confidence in magnitude that ramp, but it's on track and it's a key part of our plan for next year, but it's not the only piece. It's probably still about a third of the total growth we're expecting in our custom business next year. But yes, it's on a very strong trajectory for that from fiscal '27 to '28 to '29 and beyond on the custom side overall, which includes XPU and XPU attach.

我們原先判斷那（需求）曾大幅下滑。我想隨著今年的推進來回答你的問題，我們都會對這個放量爬坡的幅度更有信心；但它確實按計畫進行，也是我們明年規劃中的關鍵一環，但並非唯一的成長來源。它大概仍只占我們預期明年客製化業務總成長的三分之一左右。不過是的，從 27 會計年度到 28、到 29 以及更往後，在整體客製化業務（包含 XPU 與 XPU attach）方面，它都呈現非常強勁的成長軌跡。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通（JPMorgan）。

Matt, with the aggressive evolution of the inference in compute workloads, this is really opened up a lot of opportunity for these XPU offload engines, like an LPU processor, an STX processor, right? That's what motivated Nvidia, for example, to acquire that start-up Groq, right, that has this unique SRAM-based memory architecture that enabled them to design a very efficient sort of low latency influencing engine called LPU.

Matt，隨著推論（inference）運算工作負載的快速演進，這確實為這些 XPU 卸載引擎帶來了大量機會，例如 LPU 處理器、STX 處理器，對吧？例如這也是促使 Nvidia 收購那家新創 Groq 的原因，對吧？它具備獨特的 SRAM 為基礎的記憶體架構，使其能設計出一種非常高效率、低延遲的推論引擎，稱為 LPU。

I seem to recall that the Marvell team actually designed the start-up's first generation LPU inferencing chip. And we all know that Marvell has always focused on memory and in particular, SRAM-based IP, like highest density, lowest power. In fact, I think you guys bought the first -- industry's first 2-nanometer SRAM IP to the market last year. Is the Marvell team leveraging this differentiation? Are you seeing more interest in SRAM-based XPU offload ASICs and do you already have XPU attached design wins for SRAM-based offload architectures?

我印象中 Marvell 團隊其實設計了那家新創第一代的 LPU 推論晶片。而且我們都知道 Marvell 一直專注於記憶體，特別是以 SRAM 為基礎的 IP，例如最高密度、最低功耗。事實上，我想你們去年把業界第一個 2 奈米 SRAM IP 推向市場。Marvell 團隊是否正在運用這項差異化優勢？你們是否看到市場對以 SRAM 為基礎的 XPU 卸載 ASIC 有更多興趣？以及你們是否已經在以 SRAM 為基礎的卸載架構上取得 XPU attach 的設計導入（design win）？

Yes. Thanks for the question, Harlan. Yes. So first, you definitely pay attention. We talked about this actually quite extensively in June of 2025 at our custom silicon event. We had a whole dedicated presentation actually on our best-in-class SRAM design capability and IP.

是的。謝謝你的問題，Harlan。是的。所以首先，你確實很留意。我們其實在 2025 年 6 月的客製化矽晶活動上相當深入地談過這件事。我們甚至有一個專門的簡報，介紹我們同級最佳的 SRAM 設計能力與 IP。

And that's, by the way, a legacy in a history investment area that goes all the way back to the Avera acquisition and prior to that, the team being GlobalFoundries and IBM. So there's a long legacy there. That technology has evolved from networking products into AI products and you can see that trend in the market as inferencing is happening. So that continues to be a key part of our IP portfolio sure as we go win designs. And it's one of the reasons why we are winning our designs in XPU attach.

順帶一提，這其實是我們在歷史投資領域的一項傳承，可一路追溯到 Avera 的收購，更早之前則是該團隊隸屬於 GlobalFoundries 與 IBM。因此這裡有很長的傳承。這項技術已從網路產品演進到 AI 產品，隨著推論（inferencing）在市場上發生，你也能看到這個趨勢。因此，當我們持續贏得設計案時，這仍然是我們 IP 產品組合中的關鍵部分。而這也是我們在 XPU attach 上能贏得設計案的原因之一。

But it's part of the bigger strategy really, which is I think having the full suite of solutions, right, from advanced packaging, best-in-class high-speed I/O and just the ability to really dive in and get the develop these solutions with our customers in very aggressive time to market time frames, leveraging our manufacturing expertise and our capacity, et cetera.

但這其實是更大策略的一部分，也就是我認為要具備完整的一套解決方案，對吧，從先進封裝、同級最佳的高速 I/O，到能夠真正深入並在非常積極的上市時程內，與客戶共同開發這些解決方案，同時運用我們的製造專業與產能等等。

So it's one piece of the puzzle, but it is an important piece for sure. And we definitely see that as a trend out there, Harlan, and we'll keep you updated.

所以這只是拼圖中的一塊，但無疑是重要的一塊。我們確實看到這是外部的一個趨勢，Harlan，我們也會持續向你更新。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

I wanted to ask about the breadth of the customer base. I know we've talked about the existing XPU you have. There's this new customer on the XPU and then you do have some XPU Attach with a third customer as well.

我想問一下客戶基礎的廣度。我知道我們談過你們現有的 XPU。現在 XPU 上有一個新客戶，而且你們也與第三個客戶有一些 XPU Attach。

But there's some speculation that you actually might be moving into the compute TAM, and that's by far the biggest custom compute wallet out there. So is that included in the forecast? Or would that be incremental to that? I'm just -- I guess I'm just trying to ask about the breadth of the customer base because I know you did -- you mentioned about the engagement broadening. So wondering if you could talk about that.

但市場上有一些推測，認為你們其實可能正在進入運算（compute）TAM，而那是目前最大的客製化運算錢包（custom compute wallet）。所以這是否已包含在預測之中？還是會是額外增量？我只是——我想我是在試著問客戶基礎的廣度，因為我知道你們確實——你們提到互動正在擴大。所以想請你談談這點。

Yes. Well, I think a couple of things. The first is, and we've said this for some time, we have custom engagements across the board at all the US hyperscalers. And we've had that for some time, some XPU, some XPU and XPU attach and some just XPU Attach.

是的。我想有幾點。第一點是，我們已經說了一段時間：我們在所有美國超大規模雲端業者（hyperscalers）都有客製化合作案。而且我們已經有一段時間了，有些是 XPU，有些是 XPU 與 XPU attach，也有些只有 XPU Attach。

And that's part of the AI custom silicon event we did last summer is indicating kind of that broad pipeline of opportunities and sockets. So everything we've laid out, which is the greater than 20% growth this year, more than doubling next year and then still having line of sight to our long-term targets. That's all based on the designs we've already won and locked and even going back really the last summer.

這也是我們去年夏天舉辦的 AI 客製化矽晶片活動所要傳達的：那是一個相當廣泛的機會與插槽（socket）管線。因此，我們所提出的一切——今年超過 20% 的成長、明年超過倍增，並且仍能看得到我們長期目標的路徑——都是基於我們已經贏得並鎖定的設計案，甚至可追溯到去年夏天。

Now if -- some of these programs, again, the timing on them, the newer ones we won since last summer, if you can get them done in like a two-year timeframe, then you might get some contribution from that in fiscal '29, but that's not needed.

現在如果——其中一些專案，再次強調其時程，對於去年夏天之後我們新贏得的那些，如果你能在大約兩年的時間內完成，那麼在 2029 財年你可能會看到一些貢獻，但這並非必要。

Think of that as like an insurance policy, great. If some of those [hit] then if you're worried about some of the existing programs not quite getting there. So when we look at the whole picture, net-net, we feel very comfortable with the trajectory of our custom business, and it's not requiring anything incremental. And I would just say broadly across the board, our technology platform is very competitive, and we're out there competing every day for the most important sockets in the world.

把它想成是一種保險政策，這很好。如果其中一些專案[實現]，那麼當你擔心某些既有專案可能沒能完全達標時，它就能提供支撐。所以當我們看整體情況，總體而言（net-net），我們對客製化業務的發展軌跡感到非常有信心，而且不需要任何額外增量。我也想廣泛地說，我們的技術平台競爭力非常強，我們每天都在為全球最重要的插槽（socket）競爭。

And again, those would contribute later. But at our 2-nanometer platform and then beyond, our road map is very compelling, and it's only gotten -- it's only strengthened since our custom silicon event last summer. So this business is inflecting, and it's definitely on the right track.

而且再次強調，那些會在更後面才開始貢獻。但在我們的 2 奈米平台以及更往後的節點上，我們的路線圖非常有吸引力，而且自從去年夏天的客製化矽晶片活動以來只——只變得更強。因此，這項業務正在出現拐點（inflecting），而且確實走在正確的軌道上。

And again, I highlighted a number of reasons why that is with Harlan's question, but I'll just tell you that what we've really seen, and it's been pretty pronounced, I would say, in the last six months or so is that -- the performance of our high-speed I/O, our SerDes performance, our die to die and our ability to integrate that very densely in XPU, switching applications, attach applications is the amount of activity we're seeing on demand for that.

再一次，我在回答 Harlan 的問題時已強調了多個原因；但我想告訴你的是，我們真正看到的——而且我會說在過去大約六個月相當明顯——是：我們高速 I/O 的表現、我們的 SerDes 表現、我們的 die-to-die，以及我們能在 XPU、交換（switching）應用、attach 應用中非常高密度地整合這些能力，正帶動市場對此的需求活動量。

And I think people realizing that really, it's us and just maybe a couple of other people that can do this at the level that's needed for this level of performance integration, it's driving a whole new set of opportunities, quite frankly. So I -- again, design activities through the roof at Marvell across the board, but including on custom silicon.

而我認為大家也意識到，真正能在所需的效能整合水準上做到這件事的，基本上就是我們，可能再加上少數幾家，這坦白說正在帶動一整套新的機會。所以我——再次強調，Marvell 在各方面的設計活動都爆量成長，也包括客製化矽晶片。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

This is Michael (inaudible) on behalf of Aaron. I think you mentioned in your script that you had, I think, new XPU or custom, I guess, (inaudible). Could you just provide any additional color on, I guess, for those XPUs or expat or maybe the type accelerator or just type of chip -- that would be really helpful.

我是 Michael（聽不清），代表 Aaron 提問。我想你在講稿中提到你們有，我想是新的 XPU 或客製化，我猜，（聽不清）。你能否再提供一些補充說明，例如那些 XPU 或 expat，或是可能的加速器類型、或晶片類型——這會非常有幫助。

Yes. No additional details at this time. I think it's just another data point we're trying to give people that based on the 50-plus type of opportunities we outlined last June. We continue to close on those. That opportunity pipeline continues to grow in terms of sockets and dollars, by the way.

是的。目前沒有更多細節。我想這只是我們想提供給大家的另一個數據點：基於我們去年六月概述的 50 多種機會，我們持續在把這些案子拿下來。而且順帶一提，這個機會管線在插槽數與金額上都持續成長。。

I think every sort of program we looked at a year ago is larger when we look a year later. But no additional details at this time. But at the right time, we'll do a more comprehensive look back and update you on our progress. But right now, at least from the current business we have, the revenue line is definitely moving in the right direction and strong validation for the capabilities that we have.

我認為我們一年前看到的每一個專案，一年後再看都變得更大。但目前沒有更多細節。不過在適當的時機，我們會做一次更全面的回顧，並向各位更新我們的進展。但就目前我們現有的業務而言，營收線確實朝正確方向前進，這也強力驗證了我們所具備的能力。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Matt, I wanted to ask about specifically the CECL opportunity alongside accelerators. How real is that opportunity? Is there a way to think about the content per accelerator for that?

Matt，我想特別問一下與加速器並行的 CECL 機會。那個機會有多真實？有沒有方法可以思考每顆加速器對應的內容價值（content per accelerator）？

Well, yes, it's a very real opportunity. I think we've -- one is we engaged in this business actually a few years back, and this was when the applications were really driven by sort of traditional server dynamics for x86 compute and that's obviously vectored over into AI.

嗯，是的，這是一個非常真實的機會。我想我們——第一，我們其實在幾年前就投入這個業務了，當時的應用主要是由傳統伺服器動態所驅動，用於 x86 運算，而這顯然已轉向 AI。

I think we had a plan in this area, which we've talked about getting that sort of custom line item of XPO attach alone over $1 billion in revenue in the next couple of years. That continues to expand both because we continue to expand the customer base, which is very compelling. But also, I think the concerns around the memory cycle we're in are driving additional adoption of CXL-based design.

我想我們在這個領域有一個計畫，我們談過要在未來幾年內，讓僅 XPO attach 這個客製化項目的營收超過 10 億美元。這仍在持續擴大，原因一方面是我們持續擴展客戶基礎，這非常有吸引力。但另一方面，我認為我們所處的記憶體循環相關疑慮，正在推動更多採用以 CXL 為基礎的設計。

So it's sort of no secret at this point that I think the memory architectures are endemic and critical on how people think about deploying their next-generation infrastructure. And I think us coming in with these very proven solutions now for CXL are really playing in our favor.

所以到目前為止，這其實已經不是什麼秘密：我認為記憶體架構在大家思考如何部署下一代基礎設施時，是普遍存在且至關重要的因素。而我認為我們現在以這些已被充分驗證的 CXL 解決方案切入，確實對我們非常有利。

So I think it's just the trend line continues and just to continue to size up both because of the CapEx, higher penetration due to some of the memory issues, and then just more and more of these solutions moving into inferencing. So those are some of the trends that we're seeing, Blayne.

所以我認為這條趨勢線只會持續延伸，並且會繼續擴大規模，原因包括資本支出（CapEx）、因部分記憶體問題而帶來的更高滲透率，然後也有越來越多這類解決方案轉向推論（inferencing）。Blayne，以上是我們看到的一些趨勢。

Chris Caso, Wolfe Research.

Wolfe Research 的 Chris Caso。

Question is about some more color on how you're addressing capacity constraints right now. You spoke about some of the prepayments. And so I mean, first part of the question is, how you're managing to get that additional capacity.

我的問題是想更深入了解你們目前如何因應產能限制。你提到了一些預付款。所以第一部分問題是：你們是如何設法取得額外產能的？

And then as a follow-on to that, with the guidance. The increase in guidance, is that a function of you managing to get more capacity out of your customer -- out of your supply base -- or is it really more of a factor of becoming more comfortable with the forecast your customers already given you know that you didn't guide us to everything your customers had put in their forecast in the first place.

接著延伸到財測指引。指引上調，這是因為你們成功從客戶——更正，是從你們的供應體系——取得更多產能？還是主要因為你們對客戶已提供的需求預測更有信心？畢竟一開始你們的指引並沒有把客戶預測中的所有內容都納入。

Yes. Thanks. I'll hand this one over to Chris, who's been knee deep in this, but I just to give a shout out to our team. Our supply chain operations has been doing an outstanding job, and our suppliers have been doing an outstanding job continue to react to the changes upward in demand. We've been very pleased with that, and we are in great shape overall to deliver on what we just talked about.

是的。謝謝。我把這題交給 Chris，他在這方面投入很深；但我也想先稱讚一下我們的團隊。我們的供應鏈營運做得非常出色，而我們的供應商也持續非常出色地回應需求上修的變化。我們對此非常滿意，整體而言，我們也處於非常好的狀態，能夠交付我們剛才談到的內容。

But I'll have Chris give some more color on how we're going about that.

不過我會請 Chris 再補充一些我們具體是怎麼做的。

Sure. Thanks, Matt. So yes, I think as Matt mentioned, I've been dealing with the operations side since 2020, 2021, and I don't think we've been in an unconstrained environment since then, everything that touches AI has been constrained basically since the beginning of this.

好的。謝謝，Matt。所以是的，我想如 Matt 所提，我自 2020、2021 年以來一直在處理營運端的事情；而我認為從那之後我們就沒有處在一個不受限制的環境裡，凡是與 AI 有關的環節，基本上從一開始就一直受限。

And ultimately, the way we've been able to manage this is by building very tight relationships with a small number of key suppliers, giving them a five-year forecast of what we need and hitting what we need each time along the way and doing what we said we were going to do. And that goes a long way towards getting which you need when you take everything that you need as you go along.

最終我們能夠管理這件事的方法，是與少數幾家關鍵供應商建立非常緊密的關係，提供他們我們需求的五年期預測，並在每個階段都達成我們所需的量，做到我們說會做到的事。而這對於在你一路推進、需要各項資源時，能夠取得你所需要的東西，幫助非常大。

And we work very closely with all of our key customers and with our key suppliers to give them that forecast. And yes, there's really only a handful of companies that are driving this AI infrastructure TAM build-out and in order to do that, part of that is the prepayments that William mentioned that we're making with our suppliers to back our forecast with confidence and cash. And ultimately, that's what helps us deliver the revenue capabilities we have.

我們也與所有關鍵客戶以及關鍵供應商非常密切合作，向他們提供那份預測。而且確實，推動這波 AI 基礎設施 TAM 擴建的公司其實只有少數幾家；要做到這點，其中一部分就是 William 提到的預付款：我們對供應商進行預付款，用信心與現金為我們的預測背書。最終，這就是幫助我們交付我們所具備的營收能力的關鍵。

Ross Seymore, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Ross Seymore。

I want to go to the interconnect side of things. Matt, you talked about the growth rate going to, I think, over 70% this year. If I recall right, it was at the beginning of this year, 30% and then 50% and now 70%. So it's clearly accelerating. I guess the question is, why would you think other than just conservatism that, that would slow to kind of closer to, but still above the hyperscaler CapEx rate next year?

我想談談互連（interconnect）這一塊。Matt，你提到今年的成長率會到我記得是超過 70%。如果我沒記錯，今年一開始是 30%，然後 50%，現在 70%。所以顯然是在加速。我的問題是：除了保守之外，你為什麼會認為明年它會放緩到更接近——但仍高於——超大規模業者（hyperscaler）的 CapEx 成長率？

Is that just conservatism? Or because everything that you rattled off before about the DCI side of things, AEC, 1.6T, the scale up, et cetera, et cetera, all sounds like those are still very, very strong tailwinds. So I just wanted to get a little more color as to what you're thinking in fiscal '28 for that business.

這只是保守嗎？還是因為你先前提到的 DCI、AEC、1.6T、scale up 等等，看起來都仍是非常、非常強勁的順風？所以我想更了解你對 2028 會計年度這項業務的看法。

Yes. I think the fact is this is where we are right now, Ross, and very encouraged to see as we've progressed, as you mentioned, from where we were starting probably around last September to now with the growth rate continuing to inch up as CapEx has gone up and also the attach rate of our interconnect products have gone up.

是的。Ross，事實是這就是我們目前所處的位置；而且很令人振奮的是，正如你提到的，從大概去年 9 月開始到現在，隨著 CapEx 上升，以及我們互連產品的搭載率（attach rate）提高，成長率也持續往上走。

The new initiatives, those businesses are ramping. It's definitely I mean we've had a lot of success across the board here, but this has been the star of the show here. Look, I think when you look out to next year, I think this is where we are today. But if you start building a bottoms-up model, you can see that there's definitely a possibility for a lot of upward bias because our traditional business in DSPs, right, obviously, we talked about a big step-up next year. in 1.6T. That's higher content.

新的計畫、那些業務正在爬坡。這確實——我的意思是——我們在各方面都取得了很多成功，但這一塊一直是最亮眼的主角。你看，我認為當你展望明年，這是我們今天的位置；但如果你開始建立自下而上的模型，你會看到確實存在很大的上行可能性，因為我們在 DSP 的傳統業務方面，對吧，顯然我們談到明年在 1.6T 會有一個很大的躍升，那是更高的內容價值（higher content）。

You have DCI ramping. You have the new initiatives, things like retimers and ACs, but also you have scale up optics, which we're effectively calling at this point to be about $300 million, which is true NPO and CPO-based solutions this is like the beginning of a major growth cycle for us. So I think there's a lot of optionality is what I would say at the moment, Ross. But I think today, net-net, you look overall, [16.5] where we're comfortable overall, but I think there's upward bias for sure. The trends continue.

你有 DCI 的放量。你有新的計畫，例如 retimer 和 AC，但你也有 scale up optics；我們目前有效地把它稱為大約 3 億美元，這是真正的 NPO 與 CPO 解決方案——這就像是我們一個重大成長週期的開端。所以我認為目前可以說有很多選擇性（optionality），Ross。但我認為就今天而言，整體來看，[16.5] 是我們整體覺得舒適的水準，但我確實認為存在上行偏向。趨勢仍在延續。

Tore Svanberg, Stifel.

Stifel 的 Tore Svanberg。

Congrats on the record quarter. Matt, I was hoping to zoom in a little bit more on the interconnect business and specifically scale up. Obviously, a lot of that is in front of you. But there's also a lot of different dynamics there, right, whether it's copper, optical, NPO, CPO, copper. What has been surprising to you the last few months as far as what two or three products are you seeing the bigger upside from?

恭喜創下季度新高。Matt，我希望更聚焦在互連業務，特別是 scale up。顯然其中很多機會就在你們眼前。但那裡也有很多不同的動態，對吧，不論是銅纜、光學、NPO、CPO、銅纜。過去幾個月裡，讓你感到意外的是什麼？就你看到的兩到三個產品而言，最大的上行來自哪些？

Because obviously, it's a very dynamic market. So given your new growth forecast here, there must be a few that are worth highlighting.

因為顯然這是一個非常動態的市場。所以在你們最新的成長預測之下，應該有幾個值得特別點出的項目。

Yes. Well, I think the good -- I'll start at the top. The good news is, as you said, you just rattled off a number of different technologies, and there's an equal number more you didn't mention. We're in all of them. And I think that's one of the unique advantages that we bring to the table is we have the absolute broadest range of connectivity and scale up and scale out solutions for interconnect in the industry.

是的。嗯，我想先從整體來說。好消息是，如你所說，你剛才列舉了多種不同技術，而你沒提到的還有同樣多甚至更多。我們全部都有布局。而我認為這是我們帶到桌面上的一個獨特優勢：我們在業界擁有最廣泛的連接性（connectivity）以及 scale up 與 scale out 的互連解決方案組合。

And I think, as I was indicating to Ross, I think everything's got an upward bias to it. The area where I think the most intense activity has sort of emerged -- and I think it's just -- it's been just a home run, getting the Celestial team in here and combining them with our own very, very strong capable optics team. That combined team, we're able to go into customers now and outline full end-to-end solutions from XPU to switch with any type of interface and optical or copper connection between that the customer can envision and really optimize around that.

而且我認為，正如我先前向 Ross 提到的，我覺得一切都有向上的偏態。我認為目前最密集的活動所浮現的領域——而且我覺得這真的——把 Celestial 團隊引進來，並把他們與我們自身非常、非常強且有能力的光學團隊結合，這一直是一次全壘打式的成功。透過這個合併後的團隊，我們現在能走進客戶端，勾勒從 XPU 到交換器的完整端到端解決方案，支援任何類型的介面，以及客戶能想像到的光學或銅纜連接，並且能圍繞該架構做最佳化。

And so that's why we mentioned we're seeing for next year, not just the Celestial products ramping on scale up optics, but also Marvell products as well. And I think that's an area that could (inaudible), but that upwards, sorry. But that's in the context of us presenting a very comprehensive total system solution. Because in the end, especially for this first generation, you're going to want to have these solutions bookended, Tore, and you're going to want to have the XPU integrate the same photonic element as the switch side. And we are able to walk in and show our capability and switches, our ability to integrate into XPUs or build the XPU and then all the optics in between. So it's a very, very powerful combination.

因此這就是我們提到，明年我們看到的不只是 Celestial 產品在 scale-up optics 上的放量爬坡，也包括 Marvell 的產品。而我認為那是一個可能（聽不清），但會往上，抱歉。不過這是在我們提供非常全面的整體系統解決方案的脈絡下。因為最終，特別是第一代，你會希望這些解決方案在兩端都能對齊（bookended），Tore，而且你會希望 XPU 端整合與交換器端相同的光子元件。而我們能走進去展示我們在交換器上的能力、我們整合進 XPUs 或打造 XPU 的能力，以及中間所有的光學。所以這是一個非常、非常強大的組合。

And I think the end-to-end is getting a lot of attention. And the fact is we have the proven technology. It's not a PowerPoint. It's not a concept. I mean, we have 15 billion hours as an example, of device data on four generations of silicon photonics already.

而我認為端到端方案正受到很多關注。事實是我們擁有經過驗證的技術。這不是 PowerPoint。這不是概念。我的意思是，舉例來說，我們已經在四代矽光子上累積了 150 億小時的裝置資料。

We have 224 gig SerDes in production. We have die-to-die in production. We built switches for multiple generations that are reticle sized with high yield. These are -- this is like the most complex stuff you're going to do in the semiconductor industry. And we're able to simultaneously do it all and bring it to our customers. So if I were to point out a trend, which is kind of what you're getting at, it's that trend right now is how do we help our customers enable their scale-up network for the future.

我們的 224 gig SerDes 已在量產。我們的 die-to-die 已在量產。我們為多個世代打造了光罩尺寸（reticle sized）、且良率很高的交換器。這些——這基本上是你在半導體產業能做的最複雜的事情。而我們能同時把這一切都做到，並帶給客戶。所以如果要我指出一個趨勢——也就是你想問的——那就是目前的趨勢在於：我們如何協助客戶為未來啟用他們的 scale-up 網路。

And this is like Gen 1 ground zero, I mean, there's a lot of room to go here. That's what I'd say the most sort of intense discussions we're having in. And we're very much investing to win here. That's why you see us, in some cases, betting on multiple standards or multiple technologies. We don't want to miss out, and we will pivot at the right time.

而這就像是第一代（Gen 1）的原點（ground zero），我的意思是，這裡還有很大的發展空間。這就是我會說我們正在進行最密集討論的部分。而我們也非常積極投資以在這裡取勝。這就是為什麼你會看到我們在某些情況下押注多個標準或多種技術。我們不想錯過，我們也會在適當的時機轉向。

We'll follow our customers, we'll follow the market. But today, we have a little bit of a blank sheet, and it's very refreshing to our customers because we don't just go in there with our agenda based on the one piece that we have and say, well, this is what we have, this is what we can offer you. We go in with here's the technology that you need, and it's real engineering. It's real proven silicon. It's real proof of concept that we can show. So I think more to come on this one.

我們會跟著客戶走，跟著市場走。但今天，我們有點像是一張白紙，這對客戶來說非常令人耳目一新，因為我們不只是帶著基於我們手上某一個單一元件的議程走進去，然後說，好，這就是我們有的，這就是我們能提供你的。我們走進去是帶著：這是你需要的技術，而且這是真正的工程。這是真正經過驗證的矽。這是真正的概念驗證（proof of concept），我們可以展示。所以我認為這部分後續還會有更多進展。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，RBC Capital Markets。

Matt, I want to zoom in on the switching side. I think you talked about scale out switching doubling this year. and potentially reaching $1 billion annualized run rate next year. I know it's a large market and you have relatively small share in that market. But as we go from scale out to scale up, you mentioned three different, I guess, [ESUN], NVLINK, and UAVLink.

Matt，我想聚焦在交換器這一端。我記得你提到 scale-out 交換今年會翻倍，且明年可能達到年化 10 億美元的 run rate。我知道那是一個很大的市場，而你在那個市場的市占相對還小。但當我們從 scale out 走向 scale up 時，你提到三種不同的，我想是，[ESUN]、NVLINK，以及 UAVLink。

So it seems to me that, that could be even larger market. And obviously, it's all greenfield market for you. So I'm just curious as to how you're thinking about that opportunity in '28 and beyond.

所以在我看來，那可能是更大的市場。而且很明顯，對你們來說那完全是綠地市場（greenfield market）。所以我只是好奇，你們如何看待 2028 年及之後的這個機會。

Yes. Thanks, Srini. Yes, you're right. On the scale-out side, it's a large and established market. We're an emerging company there.

是的。謝謝，Srini。是的，你說得對。在 scale-out 這一端，這是一個龐大且成熟的市場。我們在那裡是一家新興的公司。

I would just say though, I think it's a huge milestone to look out to next year and have line of sight to $1 billion of revenue here when, if I go back six years ago, when we were able to bring the Innovium team in that was -- it was effectively a pre-revenue company or very little with, at that time, kind of line of sight to $100 million, $150 million of revenue. So that's gone really well if you look over the last five years, right, and just kind of where we're heading.

不過我會說，展望明年並能清楚看到這裡有 10 億美元營收的能見度，這是一個巨大的里程碑；因為如果我回到六年前，當我們把 Innovium 團隊納入時——那基本上是一家尚未有營收、或營收非常少的公司，而在當時，大概只能看到 1 億到 1.5 億美元營收的能見度。所以如果你看過去五年，對吧，以及我們正走向哪裡，這進展得非常好。

And a lot of those assets and capabilities that we got from that are now directly being leveraged into scale-up networking particularly on the -- obviously, on the Ethernet side on ESUN. So that, in our mind, is a bigger opportunity from the standpoint that the market share isn't established yet -- and that's what I was referring to earlier in Tore's question, there's so many important architectural discussions going on, but it's not just the switch, and it really requires kind of a very broad set of capabilities and track record for customers to bet on you here.

而我們從那裡取得的許多資產與能力，現在正直接被用來支援 scale-up 網路，特別是在——很明顯——以太網這一端的 ESUN。所以在我們看來，這是一個更大的機會，因為從市占的角度來看，市場領導地位尚未確立——這也是我先前在回應 Tore 的問題時提到的：有非常多重要的架構討論正在進行，但不只是交換器而已，而且這真的需要相當廣泛的一套能力與過往實績，客戶才會在這裡押注你。

And I think the stakes are higher because we do continue to see the adoption of CPO and NPO technologies being much more robust and sticky inside the CLF networks, which is just a lot more TAM for Marvell as well. So you've got switch ASPs that are roughly the same, but you've got a whole new emerging market segment where nobody's might establish the leadership position there. And we think based on assets and our strategy, we should do really well there. That will be -- all the numbers I've rattled off to everybody here, which is a lot, I get it, but the concept is trying to give people visibility on the different pieces of Marvell that you might not think of.

而且我認為賭注更高，因為我們確實持續看到 CPO 與 NPO 技術在 CLF 網路內的採用更為強勁且黏著度更高，這也意味著 Marvell 的 TAM 更大。所以你的交換器 ASP 大致相同，但你有一個全新、正在形成的市場區隔，而那裡還沒有人真正建立領導地位。而我們認為，基於我們的資產與策略，我們應該能在那裡做得很好。這將會是——我剛才對各位拋出的數字很多，我知道，但這個概念是想讓大家看見 Marvell 的不同組成部分，而這些可能是你原本不會想到的。

But on the scale up and on the switching side, that is not really in any numbers I'm talking about right now. I mean that's not very little or nothing in the [16.5]. And then the year after, we'll probably get some contribution, but that's never showed up in an Analyst Day we've done or any kind of discussion. So that's all in front of us, and that's all upside. And I think it can be very meaningful over time. So we'll see.

但在 scale-up、以及交換器這一端，這並不真正包含在我現在談的任何數字裡。我的意思是，在[16.5] 裡面幾乎沒有或是沒有。然後再下一年，我們可能會有一些貢獻，但那從未出現在我們做過的任何 Analyst Day 或任何形式的討論中。所以那一切都還在我們前方，而且全部都是上行空間。而我認為隨著時間推移，它可能會非常有意義。所以我們再看看。

Operator, we'll do one more question, and then I'll give some closing remarks and we'll end the call.

接線員，我們再回答一個問題，然後我會做一些結語，我們就結束這通電話。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

I'm wondering if we look at the fiscal '28 outlook for the custom to double and the 3 drivers that you outlined, can you give us a little bit more color as to which of these is the biggest or how to think about the contributions between existing customer expansion, the XPU attach and then the new Tier 1? Just trying to get a sense of relative size of each

我想請教，如果我們看財年'28客製化業務將倍增的展望，以及你所概述的三個驅動因素，能否再多提供一些細節，哪一項最大，或該如何看待既有客戶擴張、XPU 搭載率（attach）以及新的 Tier 1 之間的貢獻？只是想了解各自相對的規模。

Yes. No, no problem. Thanks for the question. So last quarter, when we talked about it, it was about a third, a third, a third in those different buckets, the existing programs, XPU attach and then in our new program. And it's about the same.

可以。沒問題。謝謝你的提問。所以在上一季我們談到這件事時，這幾個不同的類別大約各占三分之一：既有專案、XPU 搭載，以及我們的新專案。目前大致也是一樣。

But what's happened is what we said it's going to more than double. So all of those have sized up. Every -- I think across the board, I would say, all of our different custom programs, which, again, I mentioned, was quite a few when you add the XPU attach in there.

但發生的情況是，我們說它會超過倍增。所以這些項目全部都放大了。我想整體而言，我會說我們所有不同的客製化專案——再加上我剛提到的 XPU 搭載，其實數量相當多——都在擴大。

Every one of those has sized up and wants to be bigger for next year. So it's a double plus which is great, and I'd say it's roughly the same ratio. We'll know more, obviously, as we get through the year here and kind of lock the production plan for next year in our allocation.

每一個都擴大了，並且希望明年能做得更大。所以是「倍增以上」，這很棒，而我會說比例大致相同。當然，隨著今年進行、並在我們的產能分配中把明年的生產計畫鎖定下來，我們會知道得更清楚。

But at the moment, everything wants to be more, and we will do that, we'll more than double the business from this year to next year and about the same increments in terms of growth.

但就目前而言，所有項目都希望增加，我們也會這麼做；我們會把今年到明年的業務規模提高到超過倍增，而且就成長的增量而言大致相同。

So thanks for the question. Operator, do you want to give some closing comments? Do you want to close the call first then I'll do it? Do you want to do it?

所以謝謝你的提問。接線員，你要做一些結語嗎？你要先結束電話，然後我再來說嗎？你想怎麼做？

No. I'll just close it out once you're finished.

不用。你講完之後我再做結束。

Excellent. Okay. Thanks for your help today. All right. So thanks, everybody, for joining. I appreciate it and appreciate the interest in the company.

太好了。好。謝謝你今天的協助。好。那麼，謝謝各位參與。我很感激，也感謝大家對公司的關注。

Marvell is in the middle of really an incredible growth period. We're seeing record demand. We're seeing record bookings the last few quarters. Our data center business is on fire, and we're projecting accelerating revenue growth for this year and next year already from a strong base.

Marvell 正處於一個非常驚人的成長期中。我們看到創紀錄的需求。過去幾季我們也看到創紀錄的訂單。我們的資料中心業務火力全開，而且我們預期今年與明年在強勁基礎上，營收成長將加速。

I mean, basically, we were 46% data center growth last year, this year's 50% and next year is looking like 55%. So it's only getting better. The team is doing an excellent job winning new designs, so we can keep the growth engine humming for the foreseeable future. And this is a company that was put together and purpose-built and going back almost 10 years actually in the making to get to this point, we've had a lot of kind of high-profile M&A and integrated that well.

基本上，我們去年資料中心成長 46%，今年是 50%，而明年看起來會是 55%。所以只會越來越好。團隊在贏得新設計案方面做得非常出色，因此我們能在可預見的未來持續讓成長引擎運轉。而這家公司是被整合起來、並且為了達到這個目標而量身打造的；其實回頭看，將近 10 年的時間一路鋪陳到今天。我們做了不少備受矚目的併購（M&A），並且整合得很好。

But incredibly strong organic investment by Marvell engineers as well to build really a best-in-class leading portfolio across the board. And this came up in some of the questions, but I'll just touch on it. I mean what really is resonating with our customers is we have all the pieces.

同時，Marvell 工程師也進行了極其強勁的有機投資，打造出真正同級最佳、在各領域領先的產品組合。這在一些問題中也被提到，我簡單帶一下。真正讓客戶產生共鳴的是：我們擁有所有拼圖。

We have all the pieces. We have the pieces that can help our customers architect their fully AI -- their fully optimized AI infrastructure, and that can be built on Marvell end-to-end technology. I mean having custom under one roof, high-speed optical interconnects switching, leading at SerDes and IO and then the things we talked about earlier in terms of our capacity, our scale, and our ability to manufacture in yield and high volume and customers' ability to trust us to do that.

我們擁有所有拼圖。我們具備能協助客戶架構其完整 AI——也就是完全最佳化的 AI 基礎設施——所需的各個組件，而且可以建立在 Marvell 端到端的技術之上。也就是說，把客製化放在同一個屋簷下、高速光學互連、交換（switching）、在 SerDes 與 IO 的領先地位，以及我們先前談到的產能、規模、在良率與高產量下的製造能力，還有客戶對我們能做到這些的信任。

So very exciting time for the company. It's been a little roller coaster over the last year. The revenue has been up into the right. But there's been ups and downs along the way. And we have a very, very dedicated and loyal and committed employee base in this company.

所以對公司而言是非常令人振奮的時刻。過去一年有點像坐雲霄飛車。營收趨勢是向上且向右。但過程中也有起起落落。而我們公司擁有一群非常、非常投入、忠誠且承諾度很高的員工。

And I want to thank all the Marvell employees that are listening and all the engineers in this company and everybody in every function who's working your butts off every day to get to where we've gotten to, your focus and commitment is highly appreciated.

我想感謝所有正在收聽的 Marvell 員工、公司裡所有工程師，以及每個職能中每天都全力以赴、努力把公司帶到今天這一步的每一位同仁；你們的專注與投入，我們非常感激。

So look, we're well on the way to be one of the big winners in this AI cycle. We know what we're good at, and we're going to keep doing that, keep our head down, keep executing, and keep driving it forward. So we look forward to seeing all of you. I know there's a whole bunch of different investor events, bus stores, huge amount of people coming through here at Marvell. I'll be in a lot of those meetings, but you'll also see -- you'll get a chance to see Chris and Willem, Sandeep, Ashish, and me.

所以你看，我們正穩步走在成為這一波 AI 循環中主要贏家之一的路上。我們知道自己擅長什麼，我們會持續做我們擅長的事：保持專注、持續執行、並持續推進。所以我們期待與各位再見面。我知道接下來有一大堆不同的投資人活動、路演（bus tours），也有大量的人會來 Marvell 這邊拜訪。我會參加很多場會議，你們也會看到——也會有機會見到 Chris、Willem、Sandeep、Ashish，以及我。

So with that, I want to conclude the call. Thanks, operator, and thanks, everybody, for your interest in Marvell. Take care.

那麼，我要在此結束本次電話會議。謝謝接線員，也謝謝各位對 Marvell 的關注。保重。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

謝謝。各位女士、先生，感謝各位的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。