邁威爾科技 (MRVL) 2027 Q2 法說會逐字稿

Good afternoon, and welcome to Marvell Technology Incorporated second quarter of fiscal year 2027 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Marvell Technology Incorporated 2027 會計年度第二季財報電話會議。(接線員指示) 請注意，本活動正在錄音。

I will now turn the conference over to Mr. Ross Seymore, Senior Vice President of Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係資深副總裁 Ross Seymore 先生。謝謝。您可以開始了。

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

謝謝，各位下午好。歡迎參加 Marvell 2027 會計年度第二季財報電話會議。今天與我一同出席的有 Marvell 董事長暨執行長 Matt Murphy；財務長 Dan Durn；總裁暨營運長 Chris Koopmans；以及我們資料中心事業群總裁 Sandeep Bharathi。

Let me remind everyone that certain comments today -- made today include forward-looking statements, which are subject to significant risks and uncertainties that could cause our actual results to differ materially from management's current expectations. Please review the cautionary statements and risk factors contained in our earnings press release, which we filed with the SEC today and posted on our website as well as our most recent 8-K, 10-K, 10-Q and other documents that we file from time to time with the SEC. We do not intend to update our forward-looking statements.

提醒各位，我們今天所發表的某些評論——包含今天所作的評論——包含前瞻性陳述，這些陳述受到重大風險與不確定性影響，可能導致我們的實際結果與管理層目前的預期出現重大差異。請查閱我們今日向美國證券交易委員會（SEC）提交並張貼於公司網站的財報新聞稿中所載的警示性聲明與風險因素，以及我們最新的 8-K、10-K、10-Q 與其他不時向 SEC 提交的文件。我們無意更新前瞻性陳述。

During our call today, we will refer to certain non-GAAP financial measures. A reconciliation between our GAAP and non-GAAP financial measures is available in our earnings press release.

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，請他就本季發表評論。Matt？

Thanks, Ross, and good afternoon, everyone. Before I discuss our results and outlook, I want to briefly highlight two management transitions that occurred during our last quarter.

謝謝你，Ross，各位下午好。在我討論我們的業績與展望之前，我想先簡要說明上季期間發生的兩項管理層人事異動。

First, Willem Meintjes stepped down as Marvell's CFO in mid-June. I deeply appreciate Willem's steady hand, leadership and tireless commitment to transforming Marvell over his decade with the company, and I greatly respect his desire to spend more time with his family. To ensure a seamless transition, we simultaneously welcome Dan Durn as our new CFO.

首先，Willem Meintjes 於 6 月中旬卸任 Marvell 財務長一職。我非常感謝 Willem 在過去十年任職期間，以穩健的掌舵、領導力與不懈投入，協助推動 Marvell 的轉型；我也非常尊重他希望花更多時間陪伴家人的心願。為確保無縫交接，我們同時歡迎 Dan Durn 出任新任財務長。

Dan brings more than three decades of experience in senior finance roles across semiconductor and enterprise technology companies

Dan 在半導體與企業科技公司擔任資深財務職務方面，擁有超過三十年的經驗

. And having most recently served on Marvell's Board of Directors, Dan comes into the role with a deep understanding of our business and strategy as well as a unique appreciation for the significant growth opportunities at Marvell ahead.

。此外，Dan 最近曾擔任 Marvell 董事會成員，因此他上任後對我們的業務與策略有深刻理解，也能以獨特視角看見 Marvell 未來可望把握的重大成長機會。

Second, in July, we began a transition in our Investor Relations leadership. After eight years with Marvell, Ashish Saran will retire from the company in April 2027. I want to personally thank Ashish for his leadership, partnership and countless contributions to Marvell. I also appreciate the thoughtfulness and care he has brought to planning this transition, including helping us identify the right successor.

第二，我們在 7 月啟動了投資人關係領導團隊的交接。在 Marvell 服務八年後，Ashish Saran 將於 2027 年 4 月自公司退休。我想親自感謝 Ashish 的領導、合作夥伴關係，以及他對 Marvell 的無數貢獻。我也感謝他在規劃此次交接時所展現的周全與用心，包括協助我們找出合適的接任人選。

On that front, I'm very pleased to welcome Ross Seymore, who comes to us from Deutsche Bank, where he covered the semiconductor industry for more than 25 years. A warm welcome to you, Dan and Ross.

在這方面，我非常高興歡迎 Ross Seymore 加入；他來自德意志銀行（Deutsche Bank），在那裡追蹤半導體產業超過 25 年。也熱烈歡迎 Dan 與 Ross。

Now let me move on to our results and outlook. For the second quarter of fiscal 2027, Marvell delivered record revenue of $2.739 billion, reflecting 13% sequential and 37% year-over-year growth. Revenue and non-GAAP earnings per share of $0.94 both exceeded the midpoint of guidance.

接下來我談談我們的業績與展望。在 2027 會計年度第二季，Marvell 創下 27.39 億美元的營收新高，季增 13%、年增 37%。營收與非 GAAP 每股盈餘 0.94 美元皆高於財測中位數。

On our last earnings call, we increased our sequential revenue growth expectation for the third and fourth quarters of this fiscal year to double-digit percentage growth, up from our prior outlook of high single-digit growth. Since then, our outlook has continued to strengthen, and we now expect revenue growth to further accelerate in the second half.

在上次財報電話會議中，我們將本會計年度第三季與第四季的營收季增預期上調至雙位數百分比成長，高於先前的高個位數成長展望。自那之後，我們的展望持續轉強，現在預期下半年營收成長將進一步加速。

The strength is reflected in our guidance for the third quarter of fiscal 2027, where we expect total company revenue of $3.15 billion at the midpoint, representing growth of 15% sequentially and more than 50% year over year. We expect growth to further accelerate in the fourth quarter, both sequentially and year over year. As a result, we now expect overall Marvell revenue in fiscal 2027 to grow approximately 45% year over year to roughly $12 billion, up from our prior outlook of approximately $11.5 billion just one quarter ago.

這股強勁動能反映在我們對 2027 會計年度第三季的指引：我們預期公司整體營收中位數為 31.5 億美元，代表季增 15%，且年增超過 50%。我們預期第四季無論季比或年比，成長都將進一步加速。因此，我們現在預期 Marvell 2027 會計年度整體營收將年增約 45% 至約 120 億美元，高於僅在一季前所給出的約 115 億美元展望。

The increase in our revenue outlook continues to be driven by our Data Center business, which we now expect to grow by approximately 60% this fiscal year, up from our prior expectation of approximately 50%. Importantly, this growth remains broad-based. Interconnect continues to lead the way, while our custom business is expected to ramp significantly in the second half.

我們上調營收展望，持續主要由資料中心業務帶動；我們目前預期該業務在本會計年度將成長約 60%，高於先前約 50% 的預期。重要的是，這項成長仍然是多元且廣泛的。互連（Interconnect）仍持續領先，而我們的客製化（Custom）業務預期將在下半年顯著放量。

For our communications and other end markets, the trajectory remains largely as expected. Despite typical quarter-to-quarter lumpiness in these businesses, we currently expect fiscal 2027 growth to approach our 10% target.

至於通訊與其他終端市場，其走勢大致符合預期。儘管這些業務通常會出現季度間的波動，我們目前仍預期 2027 會計年度的成長將接近我們 10% 的目標。

Looking ahead to fiscal 2028, aggregate demand continues to accelerate, and our operations team is doing an outstanding job securing additional supply despite pervasive industry-wide constraints. As a result, we now expect Marvell's Data Center revenue to grow more than 60% year over year in fiscal 2028, driven by strong growth across all of our key data center businesses. This includes custom more than doubling as we indicated last quarter.

展望 2028 會計年度，整體需求持續加速，而我們的營運團隊在全產業普遍供應受限的情況下，仍出色地爭取到更多供給。因此，我們現在預期 Marvell 的資料中心營收在 2028 會計年度將年增超過 60%，成長動能來自我們所有關鍵資料中心業務的強勁成長。其中包括客製化業務如同我們上季所指出的，將成長至超過兩倍。

We look forward to providing a deeper dive into the specific drivers of our longer-term growth at our Investor Day in New York City on October 6, but the key takeaway for today is clear. The strength of our data center business continues to exceed our prior expectations.

我們期待在 10 月 6 日於紐約市舉行的投資人日，針對長期成長的具體驅動因素做更深入的說明；但今天的關鍵結論很明確。我們資料中心業務的強勁表現持續超出先前預期。

Putting it all together, we now expect fiscal 2028 revenue of approximately $18 billion, up $1.5 billion from the $16.5 billion outlook we provided just one quarter ago. And importantly, even as our revenue base becomes significantly larger, our growth rate is accelerating. We now expect fiscal 2028 revenue to grow approximately 50% year over year compared with approximately 45% in our prior outlook.

綜合以上，我們現在預期 2028 會計年度營收約為 180 億美元，較僅在一季前所提供的 165 億美元展望上調 15 億美元。而且重要的是，即使我們的營收基礎顯著擴大，我們的成長率仍在加速。我們現在預期 2028 會計年度營收將年增約 50%，高於先前展望的約 45%。

With that, let me provide color on our current business, beginning with Data Center.

接下來，我將先從資料中心開始，補充我們目前業務狀況的更多細節。

In our Data Center end market, we delivered record second quarter revenue of $2.17 billion, representing 18% sequential growth and 46% year-over-year growth. Both sequential and year-over-year growth accelerated from the first fiscal quarter when Data Center revenue increased 11% sequentially and 27% year over year.

在資料中心終端市場方面，我們第二季創下 21.7 億美元的營收新高，季增 18%、年增 46%。無論季比或年比的成長，都較第一會計季加速；當時資料中心營收季增 11%、年增 27%。

Now looking ahead to the third fiscal quarter, we expect this acceleration to continue, with Data Center revenue forecasted to grow more than 20% sequentially and roughly 75% year over year. The drivers of this growth remain very broad-based as AI demand for our products continues to rise. We are seeing strong tailwinds across each of our Data Center businesses, including interconnect, switching and custom.

展望第三會計季，我們預期這股加速態勢將延續，資料中心營收預估將季增超過 20%，且年增約 75%。隨著 AI 對我們產品的需求持續上升，這些成長動能仍然相當多元且廣泛。我們在各項資料中心業務上都看到強勁順風，包括互連、交換（Switching）與客製化（Custom）。

Connectivity continues to be a critical enabler of AI performance driven by robust demand for both our interconnect and switching products. Thus far, the largest driver of growth for these businesses has been for scale-out applications. Here, Marvell's market-leading franchises in optical DSPs, switching and broadband analog components continue to see significant demand.

連線能力（Connectivity）在強勁需求的帶動下，持續成為推動 AI 效能的關鍵使能因素；需求同時來自我們的互連（interconnect）與交換（switching）產品。迄今為止，這些業務成長的最大驅動力來自 scale-out 應用。在此方面，Marvell 於光學 DSP、交換器與寬頻類比元件的市場領先產品線持續看到顯著需求。

On the optical DSP side, 800 gig demand remains strong, while our 1.6T business is ramping rapidly, a trend we expect to accelerate further in fiscal 2028. Within scale-out switching, our business remains on track to more than double this year driven by a strong ramp in our 51.2T products across a broadening array of customers. And within broadband analog, demand for our industry-leading TIAs and drivers continues to exceed expectations.

在光學 DSP 方面，800G 的需求仍然強勁，而我們的 1.6T 業務正快速放量，我們預期此趨勢將在 2028 會計年度進一步加速。在 scale-out 交換領域，我們的業務仍按計畫推進，受惠於 51.2T 產品在更廣泛客戶群中的強勁放量，今年可望成長至超過兩倍。而在寬頻類比方面，市場對我們業界領先的 TIA 與驅動器（drivers）的需求持續超出預期。

Now moving beyond scale out, we expect this Connectivity strength to broaden as hyperscalers build significantly larger AI clusters that increasingly span multiple data centers. As we have discussed on prior calls, aggregate bandwidth requirements for these scale-across networks are projected to be more than 10 times greater than those of current front-end DCI networks. Marvell is ideally positioned to address this opportunity through our leadership in coherent-enabled DSP -- coherent-DSP-enabled 1.6 T ZR and ZR+ DCI modules.

接著，超越 scale-out 之後，我們預期隨著超大規模業者（hyperscalers）建置顯著更大的 AI 叢集，且叢集日益跨越多個資料中心，這股 Connectivity 的強勢將進一步擴大。如同我們在先前電話會議中討論過的，這些 scale-across 網路的總體頻寬需求，預估將超過目前前端 DCI 網路的 10 倍。Marvell 透過我們在相干（coherent）使能 DSP 的領先地位——亦即相干 DSP 使能的 1.6T ZR 與 ZR+ DCI 模組——具備理想條件掌握此一機會。

Finally, we continue to expect the adoption of scale-up networking and AI infrastructure to create a massive new TAM for Marvell. Scale-up domains are expected to become significantly larger, requiring high bandwidth interconnects closely coupled with high radix, low-latency switches.

最後，我們仍預期 scale-up 網路與 AI 基礎設施的採用，將為 Marvell 創造龐大的全新 TAM（可服務總市場）。預期 scale-up 網域將顯著擴大，因而需要高頻寬互連，並與高 radix、低延遲交換器緊密耦合。

Now while customers are initially deploying copper interconnect for scale-up networking, as cluster sizes grow, the reach and bandwidth limitations of copper are increasingly driving customers towards optical interconnects as well as purpose-built UALink, ESUN and NVLink scale-up switches. As a result, we are investing aggressively to lead the industry in next-generation scale-up optical interconnect and switching technologies.

目前客戶在 scale-up 網路初期部署仍以銅互連為主，但隨著叢集規模擴大，銅線在距離與頻寬上的限制正日益促使客戶轉向光互連，以及為此打造的 UALink、ESUN 與 NVLink scale-up 交換器。因此，我們正積極投資，以在下一代 scale-up 光互連與交換技術上引領產業。

On the interconnect side, pluggable modules remain the primary form factor for scale-out networks, and we do not expect that to change. However, the significantly higher bandwidth density required by scale-up networks is best served by bringing optics much closer to XPUs and switches. While the transition in scale-up networks from copper to optics is expected to take several years with both technologies co-existing, customers are aggressively planning scale-up optics deployment starting as early as next year.

在互連方面，可插拔模組（pluggable modules）仍是 scale-out 網路的主要外形規格（form factor），我們不預期這點會改變。然而，scale-up 網路所需的顯著更高頻寬密度，最適合的方式是將光學元件更靠近 XPU 與交換器。雖然 scale-up 網路從銅轉向光的轉換預期需要數年，且兩種技術將共存，但客戶正積極規劃最早自明年起部署 scale-up 光學方案。

Given how early we are in this transition, customers are evaluating a broad range of potential solutions with multiple technologies under consideration, including NPO and CPO packaging options, with both leveraging advanced silicon photonics as well as three different modulator technologies, MZM, EAM and MRM. Each of these choices has different considerations around cost, power and technology maturity.

鑑於我們仍處於此轉換的早期階段，客戶正在評估廣泛的潛在解決方案，並考量多種技術，包括 NPO 與 CPO 的封裝選項；兩者皆運用先進矽光子（silicon photonics），以及三種不同的調變器技術：MZM、EAM 與 MRM。上述各種選擇在成本、功耗與技術成熟度方面各有不同考量。

Importantly, given the breadth of our optical portfolio across modulation technologies fully supported by our broadband analog TIAs and drivers, Marvell is uniquely positioned to help customers move towards the optical scale of architecture that best meets their needs.

重要的是，憑藉我們涵蓋各種調變技術、並由寬頻類比 TIA 與驅動器完整支援的光學產品組合，Marvell 具備獨特優勢，可協助客戶朝向最符合其需求的光學 scale-up 架構演進。

The full spectrum of Marvell-developed solutions is reflected in accelerating design activity with a broad set of customers. In addition to our ongoing success in CPO, we are also seeing a strong adoption of our NPO solutions at multiple customers. As a result, our fiscal 2028 revenue outlook for scale-up optics has increased meaningfully compared to prior expectations, positioning Marvell to be one of the largest enabler of NPO in AI infrastructure.

Marvell 自主開發解決方案的完整光譜，反映在與廣泛客戶群加速進行的設計活動上。除了我們在 CPO 的持續成功之外，我們也看到多家客戶對我們 NPO 解決方案的強勁採用。因此，相較於先前預期，我們對 2028 會計年度 scale-up 光學的營收展望已顯著上調，使 Marvell 有望成為 AI 基礎設施中 NPO 的最大使能者之一。

Moving to scale-up switching, we are seeing similar momentum. Marvell is uniquely positioned to support all three purpose-built scale-up protocols through our internally developed UAL and ESUN switches as well as our partnership with NVIDIA around NVLink Fusion. Our scale up switches leverage decades of experience developing large radical-sized switch silicon combined with our in-house best-in-class high-performance SerDes technology.

轉到 scale-up 交換器，我們也看到類似的動能。Marvell 透過內部開發的 UAL 與 ESUN 交換器，以及與 NVIDIA 在 NVLink Fusion 上的合作，具備獨特優勢可支援三種為 scale-up 量身打造的協定。我們的 scale-up 交換器結合了數十年開發大 radix 規模交換晶片的經驗，以及我們自有、同級最佳的高效能 SerDes 技術。

The close coupling of optics and switching in scale-up networks provides another important differentiator for Marvell, given our market-leading positions in both technologies. This allows us to deliver highly optimized scale-up solutions designed to provide customers with exceptional performance and reliability while accelerating time to market.

在 scale-up 網路中，光學與交換的緊密耦合也為 Marvell 帶來另一項重要差異化優勢，因為我們在兩項技術上皆具市場領先地位。這使我們能提供高度最佳化的 scale-up 解決方案，協助客戶在加速上市時程的同時，取得卓越的效能與可靠性。

As a result, we are engaged with in multiple deep discussions with Tier 1 customers across our scale-up switch portfolio, with each engagement representing a multibillion-dollar lifetime revenue opportunity given the expected size of the scale-up TAM. Taken together, we are extremely excited about the continued acceleration and broadening of networking demand as AI architectures require ever-increasing performance across scale-out, scale-across and scale-up domains.

因此，我們正與多家 Tier 1 客戶就我們的 scale-up 交換器產品組合進行多項深入討論；鑑於預期的 scale-up TAM 規模，每一項合作案都代表數十億美元等級的全生命週期營收機會。綜合而言，隨著 AI 架構在 scale-out、scale-across 與 scale-up 各領域對效能的需求持續提升，我們對網路需求的持續加速與擴大感到非常振奮。

Okay. Now let's turn to the Custom business within our Data Center end market. As I mentioned earlier, we are seeing a significant acceleration in Custom demand in the second half of this year. We remain confident that this business will more than double year over year in fiscal 2028 and accelerate significantly in fiscal 2029.

好的。接下來我們把焦點轉向資料中心終端市場中的客製化（Custom）業務。如我先前提到的，我們看到今年下半年客製化需求顯著加速。我們仍有信心該業務在 2028 會計年度將年增超過一倍，並在 2029 會計年度顯著加速。

We expect this growth to be driven by both our XPU and XPU-attached products. In XPUs, we continue to make strong progress across current and next-generation programs at multiple hyperscalers. In XPU attach, we are benefiting from increasing demand for both CXL and custom NICs. Looking further ahead, we expect our Custom business to continue to deliver strong revenue growth as we see ongoing robust design activity with hyperscale customers.

我們預期此成長將同時由 XPU 與 XPU-attached 產品帶動。在 XPU 方面，我們在多家超大規模業者的現行與下一代專案上持續取得強勁進展。在 XPU attach 方面，我們受惠於對 CXL 與客製化 NIC 的需求提升。展望更長期，我們預期隨著與超大規模客戶持續進行強勁的設計活動，我們的客製化業務將持續帶來強勁的營收成長。

The most recent example of this momentum is the 8-K we filed last week, disclosing an expanded commercial agreement and associated warrant with a key hyperscaler, one of the largest adopters of custom silicon. The warrant agreement encompasses custom programs already in execution that were awarded to Marvell over the past several years, new design wins and future potential programs.

這股動能最新的例子，是我們上週提交的 8-K，揭露與一家關鍵超大規模客戶（亦為客製化矽晶片最大採用者之一）擴大商業協議，並包含相關認股權證（warrant）。該認股權證協議涵蓋：過去數年授予 Marvell、目前已在執行中的客製化專案、新的設計得標（design wins），以及未來潛在專案。

The warrant structure reflects the scale and long-term potential of the relationship and further aligns common interest as our work together expands a broad range of custom silicon programs, including those that attach to the TPU ecosystem such as AI inference accelerators, storage controllers, network interface controllers, memory interface controllers and near-memory compute. We look forward to continue working closely with this customer to enable the next generation of AI infrastructure.

該認股權證架構反映了此合作關係的規模與長期潛力，並在我們共同擴展多元客製化矽晶片專案之際，進一步使雙方利益一致；其中包括可連接至 TPU 生態系的專案，例如 AI 推論加速器、儲存控制器、網路介面控制器、記憶體介面控制器，以及近記憶體運算（near-memory compute）。我們期待持續與該客戶緊密合作，促成下一代 AI 基礎設施。

This expanding range of attached products and the scale of this agreement provides significant validation of the XPU attached category that Marvell has pioneered. We are excited to see both the use cases and attach rates for this category of products continue to broaden.

這份協議所涵蓋的附加產品範圍擴大，以及協議規模，對 Marvell 所開創的 XPU attached 類別提供了重要驗證。我們很高興看到此類產品的使用情境與 attach rate 持續擴大。

These products are built upon a rich portfolio of Marvell IP and perform specialized functions designed to significantly improve the performance and efficiency of the overall AI data center. This is another strong confirmation of Marvell's leadership in Connectivity, compute and memory technologies and the increasingly important role they play in enabling our customers to design more advanced AI infrastructure.

這些產品建立在 Marvell 豐富的 IP 產品組合之上，並執行專門化功能，旨在顯著提升整體 AI 資料中心的效能與效率。這也再次有力印證 Marvell 在 Connectivity、運算與記憶體技術上的領導地位，以及這些技術在協助客戶設計更先進 AI 基礎設施方面所扮演的日益重要角色。

In terms of the impact of the new warrant agreement, revenue from programs covered by the agreement through fiscal 2028 is already reflected in the overall custom revenue target we have previously provided. Looking at fiscal '29 and beyond, this agreement, along with several additional programs, gives us even greater confidence in our ability to grow the custom business to a significantly larger scale in that time frame. We look forward to sharing more details on the long-term trajectory of our custom business at our upcoming Investor Day.

就新認股權證協議的影響而言，該協議所涵蓋專案在 2028 會計年度之前的營收，已反映在我們先前提供的整體客製化營收目標之中。展望 2029 會計年度及之後，這份協議連同其他數個新增專案，使我們對於在該時間範圍內將客製化業務擴大至顯著更大規模的能力更具信心。我們期待在即將到來的投資人日（Investor Day）分享更多關於客製化業務長期發展軌跡的細節。

Turning to our Communications and Other end markets. We delivered second-quarter revenue of $568 million, down 3% sequentially and up 10% year over year. Going forward, we expect to remain -- revenue to remain somewhat lumpy on a quarterly basis, given the mix of businesses in this segment. For the third fiscal quarter, we expect revenue to decline in the low to mid-teens percentage range both sequentially and year over year followed by a solid sequential recovery in the fourth quarter.

接著談談我們的通訊及其他終端市場。我們第二季營收為5.68億美元，較前一季下滑3%，較去年同期成長10%。展望未來，鑑於此分部業務組合的特性，我們預期營收在季度間仍將呈現一定程度的波動。就第三個會計季度而言，我們預期營收將在季比與年比皆呈現低至中十位數百分比的下滑，之後在第四季出現穩健的季比回升。

To summarize, the momentum across our business remains exceedingly strong. In the near term, that strength is reflected in the significant increases to our outlook. Compared with the expectations we provided just one quarter ago, we have increased our fiscal 2027 revenue outlook by approximately $500 million and our fiscal 2028 outlook by approximately $1.5 billion.

總結來說，我們各項業務的動能依然極為強勁。短期內，這股強勁反映在我們對展望的大幅上調。相較於僅在一季前所提供的預期，我們已將2027會計年度營收展望上調約5億美元，並將2028會計年度展望上調約15億美元。

The center of this higher outlook is our Data Center business, where growth continues to both accelerate and broaden. We've increased our forecast for data center revenue growth in fiscal 2027 from our prior expectation of 50% to approximately 60%, and we see potential for further acceleration in fiscal 2028.

這項更高展望的核心是我們的資料中心業務，其成長持續加速並擴大。我們已將2027會計年度資料中心營收成長的預測，從先前預期的50%上調至約60%，並且我們看到2028會計年度仍有進一步加速的潛力。

Within Connectivity, we continue to see strength established in areas such as optical DSPs, while also seeing significant growth across broadband analog TIAs and drivers, scale across DCI modules and scale-out switching. Each of these three businesses is on or ahead of the trajectory towards the $1 billion annualized revenue run rate we highlighted last quarter.

在連接（Connectivity）方面，我們持續看到光學DSP等領域的強勁態勢，同時也看到寬頻類比TIA與驅動器的顯著成長、DCI模組的規模擴張，以及scale-out交換的規模化。這三項業務皆已達到或超前我們上季所強調的、朝向年化10億美元營收運行率的發展軌跡。

Scale-up opportunity remains massive and is still largely ahead of us. Marvell is ideally positioned for the transition toward NPO and CPO optical interconnects as well as the adoption of purpose-built scale-up switches.

Scale-up的機會仍然非常龐大，而且大部分仍在我們前方。Marvell在邁向NPO與CPO光學互連的轉型，以及採用專用的scale-up交換器方面，具備理想的布局。

Our Custom business, including both XPU and XPU attach, is also on a strong growth trajectory, both near term and longer term. The 8-K we filed last week highlights the expanded scope of our relationship with a key hyperscaler and reinforces our confidence in the increasingly important role custom silicon will play in the ongoing AI infrastructure build-out. We look forward to sharing more about the longer-term growth opportunities we see for Marvell at our Investor Day on October 6 in New York City, and we hope to see many of you there.

我們的客製化（Custom）業務（包含XPU與XPU attach）在短期與長期同樣處於強勁的成長軌道上。我們上週提交的8-K突顯了我們與一家關鍵超大規模客戶（hyperscaler）關係範疇的擴大，並強化了我們對客製化矽晶在持續AI基礎設施建置中將扮演日益重要角色的信心。我們期待在10月6日於紐約市舉行的投資人日（Investor Day）上，分享更多我們所看到的Marvell長期成長機會，也希望能在現場見到各位。

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

接下來，我把電話會議交給Dan，請他更詳細說明我們近期的業績與展望。

Thank you, Matt. Good afternoon, everyone. Before I get into the financials, since this is my first earnings call as Marvell's CFO, I want to spend a moment on three things: why I joined Marvell, what I hope to accomplish as CFO, and what I believe that should ultimately mean for our stockholders.

謝謝你，Matt。各位下午好。在我進入財務內容之前，由於這是我以Marvell財務長（CFO）身分主持的第一場法說會，我想先花點時間談三件事：我為何加入Marvell、我希望以CFO身分達成什麼，以及我認為這最終對我們股東意味著什麼。

First, I joined Marvell because I believe the company has incredible growth potential. I believe Marvell is at a unique inflection point with a broad and diverse set of capabilities that have been intentionally built and are ideally aligned to enable the future of AI infrastructure.

第一，我加入Marvell是因為我相信公司具有驚人的成長潛力。我認為Marvell正處於一個獨特的轉折點，擁有廣泛且多元的能力組合，這些能力是有意識地打造而成，並且與推動未來AI基礎設施的需求高度契合。

Second, my goal as CFO is to help Marvell scale efficiently and effectively to capture what I expect to be a tremendous opportunity. The company has a strong history of disciplined execution and maintaining that rigor will remain paramount as we strategically allocate capital to fuel our growth.

第二，我作為CFO的目標，是協助Marvell以高效率且高效能的方式擴張，以掌握我預期將是極為龐大的機會。公司在嚴謹執行方面有著深厚的歷史，而在我們策略性配置資本以推動成長之際，維持這份紀律仍將至關重要。

And third, I expect that growth to translate into significant value creation for our stockholders. I recognize that the growth opportunity ahead must be matched by its quality, and I plan to remain intensely focused on expanding operating margins, growing cash flow and driving attractive stockholder returns.

第三，我預期這樣的成長將為我們股東帶來顯著的價值創造。我理解，前方的成長機會必須與其品質相匹配；我將持續高度聚焦於擴大營業利潤率、提升現金流，並推動具吸引力的股東報酬。

With that, let me turn to our financial results for the second quarter of fiscal 2027. Revenue was $2.739 billion, growing 37% year over year and 13% sequentially. Data Center was our largest end market, contributing 79% of total revenue and growing 46% year over year. GAAP gross margin was 53.1%. Non-GAAP gross margin was 58.9%, slightly above the midpoint of our guidance.

接下來，我來說明我們2027會計年度第二季的財務結果。營收為27.39億美元，較去年同期成長37%，較前一季成長13%。資料中心是我們最大的終端市場，貢獻總營收的79%，且較去年同期成長46%。GAAP毛利率為53.1%。Non-GAAP毛利率為58.9%，略高於我們指引區間的中點。

Moving to operating expenses. GAAP operating expenses were $996 million, including stock-based comp, amortization of acquired intangible assets, restructuring costs and acquisition-related costs. Non-GAAP operating expenses were $611 million, slightly above our guidance. GAAP operating margin was 16.8%, while non-GAAP operating margin was 36.6%.

接著談營業費用。GAAP營業費用為9.96億美元，包含以股票為基礎的薪酬、併購取得無形資產攤銷、重整成本以及與併購相關的成本。Non-GAAP營業費用為6.11億美元，略高於我們的指引。GAAP營業利益率為16.8%，而Non-GAAP營業利益率為36.6%。

Non-GAAP operating margin expanded 180 basis points year over year and 160 basis points sequentially, demonstrating the significant operating leverage in our model. For the second quarter, GAAP earnings per diluted share were $0.33. Non-GAAP earnings per diluted share were $0.94, a penny above the midpoint of our guidance and up 40% year over year.

Non-GAAP營業利益率較去年同期擴大180個基點，較前一季擴大160個基點，展現我們模型中顯著的營運槓桿。第二季GAAP稀釋後每股盈餘為0.33美元。Non-GAAP稀釋後每股盈餘為0.94美元，較我們指引中點高出0.01美元，且較去年同期成長40%。

Now turning to cash flow and the balance sheet. Cash flow from operations was $606 million in the second quarter, down slightly quarter over quarter, primarily reflecting the higher capacity prepayments to suppliers in support of Marvell's future growth. Inventory at the end of the second quarter was $1.36 billion, down just slightly from the prior quarter.

接著談現金流與資產負債表。第二季營運活動現金流為6.06億美元，較前一季略降，主要反映為支持Marvell未來成長而對供應商支付較高的產能預付款。第二季末存貨為13.6億美元，較前一季僅小幅下降。

During the quarter, we purchased $200 million of our common stock through our ongoing capital return program and returned $54 million to stockholders through cash dividends. At the end of the second quarter, total debt was $4.96 billion, with gross debt-to-EBITDA ratio of 1.32 times and net debt-to-EBITDA ratio of 0.27 times.

本季我們透過持續的資本回饋計畫回購2億美元普通股，並透過現金股利向股東返還5,400萬美元。第二季末總負債為49.6億美元，總負債對EBITDA比率為1.32倍，淨負債對EBITDA比率為0.27倍。

Turning to our guidance for the third quarter of fiscal 2027. We are forecasting revenue of $3.15 billion, plus or minus 5%. We expect GAAP gross margin to be between 52.9% and 53.9%. We expect our non-GAAP gross margin to be between 57.5% and 58.5%.

接著談我們對2027會計年度第三季的指引。我們預估營收為31.5億美元，上下浮動5%。我們預期GAAP毛利率介於52.9%至53.9%。我們預期Non-GAAP毛利率介於57.5%至58.5%。

Revenue levels and product mix remain key determinants of gross margin in any given quarter with the forecasted acceleration of our Custom business creating the sequential headroom in the fiscal third quarter -- the sequential headwind in the fiscal third quarter. We currently expect to maintain gross margin in this range in the fourth fiscal quarter.

在任何特定季度，營收水準與產品組合仍是毛利率的關鍵決定因素；我們客製化（Custom）業務預期加速，將在第三會計季度帶來季比的下行壓力——季比的逆風。我們目前預期在第四會計季度仍可將毛利率維持在此區間。

We project GAAP operating expense of approximately $1.015 billion in fiscal Q3 and non-GAAP operating expenses of approximately $655 million. We expect GAAP other income and expense, including interest on our debt, to be an expense of approximately $86 million. On a non-GAAP basis, we expect other income and expense, including interest on our debt, to be an expense of approximately $36 million.

我們預估第三會計季度GAAP營業費用約為10.15億美元，Non-GAAP營業費用約為6.55億美元。我們預期GAAP其他收益與費用（包含債務利息）約為8,600萬美元的費用。以Non-GAAP基礎計，我們預期其他收益與費用（包含債務利息）約為3,600萬美元的費用。

We expect a non-GAAP tax rate of 11%. Looking ahead, given the significant increase in our revenue and earnings outlook, we expect non-GAAP tax rate of approximately 13% in fiscal 2028. We expect basic weighted average shares outstanding of approximately $900 million and diluted weighted average shares outstanding of approximately $921 million, both roughly flat with the second quarter. We anticipate GAAP earnings per diluted share of $0.48 to $0.58. We expect non-GAAP earnings per diluted share of $1.05 to $1.15.

我們預期Non-GAAP稅率為11%。展望未來，鑑於我們營收與獲利展望的大幅上調，我們預期2028會計年度Non-GAAP稅率約為13%。我們預期基本加權平均流通股數約為9.00億股，稀釋後加權平均流通股數約為9.21億股，兩者皆與第二季大致持平。我們預期GAAP稀釋後每股盈餘為0.48至0.58美元；Non-GAAP稀釋後每股盈餘為1.05至1.15美元。

As we look ahead, we intend to continue investing in our business to drive substantial revenue growth in the years ahead while delivering operating leverage. For fiscal 2027, we expect non-GAAP operating expenses of approximately $2.55 billion, slightly above our prior expectation of $2.45 billion, reflecting the significantly larger revenue opportunity we now see.

展望未來，我們打算持續投資於業務，在未來幾年推動可觀的營收成長，同時實現營運槓桿。就2027會計年度而言，我們預期非GAAP營運費用約為25.5億美元，略高於先前預期的24.5億美元，反映出我們目前所看到的顯著更大的營收機會。

Importantly, we expect revenue to continue growing substantially faster than operating expenses. As a result, we expect significant operating leverage with non-GAAP operating margin likely to enter our 38% to 40% long-term target range in Q4 of this fiscal year.

重要的是，我們預期營收將持續以顯著快於營運費用的速度成長。因此，我們預期將出現顯著的營運槓桿，非GAAP營運利潤率很可能在本會計年度第四季進入我們38%至40%的長期目標區間。

Looking ahead to fiscal 2028. We currently expect non-GAAP operating expenses to grow at roughly half the rate of revenue growth in percentage terms. This reflects continued investment against an expanding opportunity set while yielding continued operating leverage to achieve the upper end of our target non-GAAP operating model of 38% to 40% as we progress through the year.

展望2028會計年度。我們目前預期，按百分比計算，非GAAP營運費用的成長率約為營收成長率的一半。這反映出我們在機會版圖擴大的情況下持續投資，同時在年度推進過程中持續帶來營運槓桿，以達成我們目標非GAAP營運模型38%至40%區間的上緣。

Moving to cash usage. Based on the design wins we've secured and our confidence in the sustained customer demand, we're aggressively securing additional capacity to support our growth. We remain on pace to make approximately $1 billion of capacity prepayments to suppliers in fiscal 2027, consistent with the guidance we provided last quarter.

接著談現金使用。基於我們已取得的設計導入（design wins）以及對客戶需求可持續性的信心，我們正積極鎖定額外產能以支援成長。我們仍按計畫在2027會計年度向供應商支付約10億美元的產能預付款，與我們上季提供的指引一致。

As a reminder, these prepayments will be applied against future material purchases and will be funded through our strong balance sheet and robust operating cash flow. In parallel, we intend to continue repurchasing shares to manage dilution.

提醒一下，這些預付款將用於抵扣未來的材料採購，並將透過我們強健的資產負債表與穩健的營運現金流來支應。同時，我們打算持續回購股份以管理稀釋。

Now let me come back to where I started. I joined Marvell because I believe the company has an exceptional opportunity ahead of it. Having now stepped into the CFO role, I'm even more convinced of the incredible strength of our technology portfolio, our deep customer relationships and the substantial long-term growth potential.

現在讓我回到一開始提到的重點。我加入Marvell，是因為我相信公司面前有著非凡的機會。如今我已接任CFO職務，我更加確信我們技術產品組合的驚人實力、深厚的客戶關係，以及可觀的長期成長潛力。

Our job from here is to execute with discipline as we efficiently scale the company to capture that opportunity and ensure that our growth translates into expanding margins, strong cash flow and compelling returns for our stockholders. I'm honored to be Marvell's CFO at such an important point in the company's evolution, and I look forward to working with Matt and the rest of the team to deliver on the incredible opportunity we see ahead.

接下來我們的工作，是以紀律執行，在有效率地擴大公司規模以掌握該機會的同時，確保成長能轉化為利潤率擴張、強勁現金流，以及為股東帶來具吸引力的報酬。能在公司演進如此重要的時刻擔任Marvell的CFO，我深感榮幸，也期待與Matt及團隊其他成員合作，實現我們所看到的巨大機會。

With that, ready to start Q&A. Operator, please open the line and announce the instructions.

接下來，準備開始問答。接線員，請開放線路並宣讀指示。

(Operator Instructions) Tom O'Malley, Barclays.

(接線員指示) Tom O'Malley，Barclays。

Appreciate it, and good results. I wanted to ask first on the warrants with Google, obviously, a very robust relationship over a multiyear period of time. I love it if you could give a color on what's contributing to that revenue?

感謝，且成果不錯。我想先問與Google的認股權證（warrants），顯然這是一段跨多年、非常穩健的合作關係。希望你能補充一些背景，說明是什麼在推動這部分營收？

Obviously, you have an inference accelerator, but you talked a lot about XPU attach, which you guys did kind of start the industry standard on in terms of defining. So maybe, what XPU attach are you excited about there? And like any sort of color you can give us on the percentage of contribution between the inference accelerator and some of the attach that you're seeing there?

顯然你們有推論加速器（inference accelerator），但你們也談了很多XPU attach，而你們在定義這件事上某種程度上算是建立了產業標準。所以也許，你們對那裡哪些XPU attach最感到興奮？以及你們能否提供一些資訊，推論加速器與你們看到的各種attach之間，各自的貢獻占比大概如何？

Yeah. Great. Thanks, Tom. Good to hear from you. So I think you captured it well. It's a very exciting time for Marvell. This engagement and warrant is significant. You can see that in the scale of the opportunity we have.

是的。很好。謝謝你，Tom。很高興聽到你的聲音。我想你掌握得很到位。對Marvell而言，這是一個非常令人振奮的時刻。這項合作與認股權證很重要。從我們所擁有的機會規模就能看得出來。

And as you pointed out, a couple of things I would just validate. The first is it's very broad-based. It's a number of products and product lines, which is very exciting. It includes inference accelerators as you mentioned, also storage controllers, NICs, memory interface controllers, near-memory compute, a whole bunch of different products.

如你所指出的，我想先確認幾點。第一，它的覆蓋面非常廣。涵蓋多項產品與產品線，這非常令人振奮。除了你提到的推論加速器之外，也包括儲存控制器、NIC、記憶體介面控制器、近記憶體運算（near-memory compute）以及一大堆不同的產品。

And you're right, we did define the -- what we call the XPU attach category a couple of years back, and actually we gave quite a detailed view of that in our June 2025 custom silicon event. And I think all of our projections to date have been undercalled, meaning that opportunity continues to get more and more significant.

而你說得沒錯，我們在幾年前確實定義了——我們稱之為XPU attach的類別；而且我們在2025年6月的客製化矽（custom silicon）活動中，實際上對此提供了相當詳細的觀點。我認為我們迄今所有的預測都偏保守，也就是說，這個機會持續變得越來越重要。

So, it's a broad set of products, Tom, that are covered here, and it's very broad-based in terms of where we can engage and where we're going to contribute. And I wouldn't call out any one of them at the moment specifically, but all of them in total, you can see represent -- if you look at the total envelope of the opportunity, it's just massive for Marvell and game-changing at the sort of peak performance of what could be achieved now over the next 6, 6.5 years.

所以，Tom，這裡涵蓋的是一整套廣泛的產品，且就我們能參與與能貢獻的範圍而言也非常廣。我目前不會特別點名其中任何一項，但把它們合在一起看——如果你看整體機會的總量——對Marvell而言規模非常龐大，並且在未來6年到6.5年內、在可能達到的峰值表現上，將帶來改變遊戲規則的影響。

Harlan Sur, JPMorgan.

Harlan Sur，JPMorgan。

Welcome to the team, Dan and Ross. Matt, given the Google commercial program you signed back in the July, a $120 billion in cumulative revenue over six years, if you hit all of your milestones, right, that puts you if you just annualize it at about $18.5 billion per year in revenues just in Google XPU attached custom ASICs, right. I actually thought that, that would start to show up in fiscal '28 or your calendar '27, but given your guidance, it looks like Custom is still going to be around $5 billion to $6 billion in calendar '27.

歡迎加入團隊，Dan和Ross。Matt，鑑於你們在7月簽署的Google商業計畫，若達成所有里程碑，六年累計營收為1,200億美元，對吧；如果把它年化，僅就Google的XPU attach客製ASIC而言，每年大約是185億美元的營收，對吧。我原本以為這會在2028會計年度或你們的2027曆年開始反映出來，但從你們的指引來看，客製化（Custom）在2027曆年似乎仍會落在約50億到60億美元。

But maybe some of the big programs associated with this commercial agreement more back-end loaded. So maybe the better question is, the team has previously targeted $10 billion to $11 billion in Custom revenues in fiscal '29 or calendar '28, what does that number look like now based on the Google commercial agreement and some of the new programs associated with the agreement?

但也許與這項商業協議相關的一些大型專案在後期占比更高。所以更好的問題可能是：團隊先前目標是在2029會計年度或2028曆年達到100億到110億美元的客製化營收；基於Google商業協議以及協議相關的新專案，這個數字現在看起來會是多少？

Yeah. Yeah. Great question, Harlan. Thank you. So first, you're right. If you look out to next year, we have comprehended already revenue that would come as part of this warrant in our numbers. Now that's because some of these programs, obviously, are already in flight or have already started, but the programs ahead of us that are either in execution or just starting production, those will contribute much more significantly in fiscal '29.

是的。是的。好問題，Harlan。謝謝。首先，你說得對。如果看明年，我們的數字中已經納入了作為這項認股權證一部分所帶來的營收。這是因為其中一些專案顯然已在進行中或已經開始；但在我們前方、正在執行或剛開始量產的專案，將在2029會計年度做出更顯著的貢獻。

And for next year, all I've said, by the way, is that Custom is going to overdouble. So I haven't capped it. I haven't sized it exactly, but it is going to overdouble next year. And then -- so then you look out to fiscal '29 where in our last call, I talked about a $10 billion-plus number for custom in fiscal '29, which isn't a new number, by the way. That was something that we outlined back in June '25 and even back in April '24. We were talking about Custom revenues in the $8 billion to $10 billion range. So we've had a consistent view of what that can look like.

至於明年，順帶一提，我所說的只是客製化業務將「超過倍增」。所以我沒有設上限。我沒有精確量化，但明年確實會超過倍增。接著你再看2029會計年度：在我們上一通電話會議中，我談到2029會計年度客製化將超過100億美元，順帶一提，這也不是新數字。這是我們在2025年6月，甚至在2024年4月就已經提出的。當時我們談的是客製化營收約80億到100億美元的區間。因此，我們對其可能呈現的樣貌一直有一致的看法。

This opportunity with this customer greatly increases the revenue opportunity for us in Custom with some of that potentially starting in '29. I'm not going to size it on the call here today, but you should assume with our Investor Day coming up Harlan, the Marvell team, we always do a thorough job in our investor -- in our Analyst/Investor Days. And so you should expect a very robust detailed review of how we step through the revenue, not just through fiscal '29, but really out until the end of the decade.

與這位客戶的這個機會，將大幅提升我們在客製化（Custom）業務上的營收機會，其中部分可能會在'29年開始貢獻。我今天不會在電話會議上量化規模，但你應該假設，隨著我們即將到來的投資人日（Investor Day），Harlan、Marvell 團隊在投資人——在分析師/投資人日上，我們一向都會做非常徹底的工作。因此你應該會看到我們如何逐步拆解營收的非常扎實且詳細的回顧，不僅涵蓋到會計年度'29，實際上會一路延伸到本十年末。

And so we're excited to present that to everybody, which will then really help us contextualize the scale of the warrant that we just signed, along with all the other exciting programs we have in Custom. So if you don't mind, hold tight on that one, there will be more to come. But clearly, there's a lot of upside bias in those numbers in fiscal '29 and beyond in Custom.

所以我們很期待向大家呈現，這也將真正幫助我們把剛簽署的認股權證（warrant）的規模放在脈絡中理解，並連同我們在客製化（Custom）業務中其他所有令人振奮的專案一起說明。所以如果你不介意的話，這題先請稍等一下，後續會有更多資訊。但很明顯地，在會計年度'29以及之後，客製化（Custom）這些數字有很大的上行偏向（upside bias）。

Yeah, absolutely. Absolutely. Looking forward to it.

是的，完全同意。完全同意。很期待。

Vivek Arya, Bank of America Securities.

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

Best wishes to Dan and Ross. Matt, I was hoping you could give us an update on the other large XPU program that you're planning to start in the next year. I think the assumptions there are quite modest for next year, $600 million or $700 million or so, and I was hoping you could give us an update on that?

祝 Dan 和 Ross 一切順利。Matt，我希望你能就你們計畫在明年開始的另一個大型 XPU 專案提供最新進展。我想市場對明年的假設相當保守，大概是 6 億或 7 億美元左右，我希望你能更新一下那個專案的狀況？

And then what is the opportunity for that program over time? Because that hyperscaler is just getting started on their XPU type like every one of their competitors, I imagine they want to make that XPU program much larger than what it is. So give us maybe an update on what the progress is? Can this be a really meaningful program right for you over time?

另外，這個專案隨時間推進的機會有多大？因為那家超大規模雲端業者（hyperscaler）才剛開始做他們的 XPU 類型，就像他們每一個競爭對手一樣，我想他們會希望把那個 XPU 專案做得比現在大得多。所以請你更新一下目前進度如何？長期來看，這會不會成為對你們非常有意義的專案？

Yeah. Thanks, Vivek. So yeah, we're very encouraged by our custom setup for next year on the double plus. That new program is clearly part of that. And we've been judging that, I think, in a very conservative and practical manner as we've made progress. But we make -- we continue to make progress every quarter, not only on design execution, but also supply commercials and figuring out the sort of the envelope of that opportunity. And that's only gotten better.

是的。謝謝你，Vivek。所以是的，我們對明年客製化（Custom）業務的 double plus（雙位數以上）成長設定感到非常鼓舞。那個新專案顯然是其中一部分。而且隨著我們推進，我認為我們一直以非常保守且務實的方式來評估它。但我們每一季都持續取得進展，不僅在設計執行上，也在供應商業條款（supply commercials）以及釐清該機會的範圍（envelope）方面。而且情況只會越來越好。

So without quantifying it, exactly what I would say is from the last call, if you look at the $1.5 billion raise we're doing for next year, just at a high level, it's broad-based. So some of that is from Custom next year. There's also -- actually get another question on this one, probably the most meaningful part of the next year raise is actually from the scale-up optics switching in other areas, but Custom's definitely part of it, Vivek.

所以在不精確量化的前提下，我想說的是，延續上次電話會議，如果你從高層次來看我們為明年所做的 15 億美元上修（raise），它是多面向、廣泛分布的。其中一部分來自明年的客製化（Custom）。另外——其實我可能還會再被問到這題——明年上修中最有意義的一部分，實際上是來自 scale-up optics（擴展式光學互連）交換等其他領域，但客製化（Custom）確實也是其中一部分，Vivek。

So even when we size that opportunity, which goes back to a couple of years, we've always said that that is probably one of Marvell's largest revenue opportunity opportunities we have, and that's still the case. So we're very encouraged by the project -- the prospects of this project. And there'll be more to come, but it certainly is tracking, and we feel very good about next year and that layering in the year after and beyond.

所以即使我們去估算那個機會（可追溯到幾年前），我們一直都說那可能是 Marvell 最大的營收機會之一，而現在仍然如此。所以我們對這個專案的前景非常樂觀。後續還會有更多資訊，但它確實按計畫推進，我們對明年、以及再往後一年與更長期的疊加成長都感到非常有信心。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行（Wells Fargo）。

Welcome, Dan and Ross. Maybe kind of building on that last question a little bit. Matt, if you can maybe talk a little bit about what you're architecturally seeing in CXL and how that's evolving, obviously, with the Structera product and it seems to be a broadening ecosystem around that.

歡迎 Dan 和 Ross。也許在上一題的基礎上延伸一下。Matt，你能否談談你在 CXL 的架構層面看到什麼，以及它如何演進？顯然，隨著 Structera 產品，以及圍繞它看起來正在擴大的生態系。

And then similar on an architectural perspective, any update on -- you just touched on scale-up optics, the Celestial AI numbers that you've previously outlined, how have those progressed relative to your initial targets?

然後同樣從架構角度，你剛提到 scale-up optics（擴展式光學互連），你先前概述過的 Celestial AI 相關數字，和你們最初目標相比，進展如何？

Sure. So let me start with CXL and then we'll talk about scale-up optics. So with respect to CXL, I mean this investment we made organically over the years has really evolved and is turning out to be a home run for a couple of reasons. As you might recall, this started off as a server-centric, traditional compute-centric memory architecture. It turns out all that investment we've made is just ideal for memory expansion and inferencing. And so we're seeing this technology now getting deployed at multiple hyperscalers with varying architectures by the way, in extremely high volumes.

當然。我先從 CXL 開始，然後再談 scale-up optics。就 CXL 而言，我們多年來以內生成長（organic）的方式所做的投資，確實已經演進並且證明是一次大成功（home run），原因有幾個。你可能記得，這一開始是以伺服器為中心、傳統以運算為中心的記憶體架構。結果我們所做的所有投資，對於記憶體擴充（memory expansion）與推論（inferencing）來說都非常理想。因此我們現在看到這項技術正在多家超大規模雲端業者以不同架構部署，而且量非常大。

One is just the demands of inferencing require it. The other is, what we're seeing is, as a result of the scarcity that's out there in memory, customers are modifying and adjusting their plans to actually use more of this type of technology. So this has continued to have a strong upward bias. We've actually secured additional design wins in this area in the last couple of quarters. We're going to outline all of that at the Investor Day. But that opportunity, Aaron, turns out to be massive.

一個原因是推論的需求本身就需要它。另一個原因是，我們看到由於記憶體供給稀缺，客戶正在修改並調整他們的計畫，實際上會使用更多這類技術。所以這個趨勢持續呈現強烈的上行偏向。在過去幾個季度，我們在這個領域也拿下了額外的設計導入（design wins）。我們會在投資人日把這些都說清楚。但這個機會，Aaron，結果證明是非常龐大的。

And I think it's a case where the pivot we made about five years ago where we really put the pedal to the metal on organic internal investment on a number of new technologies. This is one that's really bearing fruit. So very exciting, and you'll -- you should expect to see a very comprehensive memory expansion section in our Investor Day presentation.

而且我認為這是一個例子：大約五年前我們做了轉向，對多項新技術大幅加碼內部的內生投資（organic internal investment）。這就是其中一項真正開始開花結果的投資。所以非常令人振奮，而你——你應該會在我們投資人日簡報中看到一個非常全面的記憶體擴充（memory expansion）章節。

On scale-up optics, this is turning out to be, I think, one of the most exciting areas for us. Last quarter, the way we framed it was we had the Celestial AI CPO photonic fabric solution, which for reference, was about $150 million for next year. We had actually said that overall scale-up optics inclusive of that was about $300 million as a category, that includes NPO, by the way.

至於 scale-up optics（擴展式光學互連），我認為這正成為我們最令人興奮的領域之一。上一季我們的說法是：我們有 Celestial AI 的 CPO 光子互連網路（photonic fabric）解決方案，作為參考，明年大約是 1.5 億美元。我們也說過，整體 scale-up optics（包含該項）作為一個類別大約是 3 億美元，順帶一提，這也包含 NPO。

And as I said in my prepared remarks, all of that together, scale-up optics is accelerating even further from the number I gave you last quarter. And so, a significant driver of the $1.5 billion raise we have for next year, Aaron, is coming from that area. And it's not just a one-trick pony.

而正如我在事先準備的發言中所說，這些加總起來，scale-up optics（擴展式光學互連）正在比我上一季給你的數字加速得更快。因此，明年我們 15 億美元上修（raise）的重要驅動力之一，Aaron，就來自這個領域。而且它不是只有單一招數（not just a one-trick pony）。

I think that's the thing I want to stress to you is the CPO is absolutely a key part of it. It will be for next year and certainly the year after. But if I look at the opportunity set that's happening now at a much faster pace in parallel with the CPO programs we have is for NPO.

我想強調的是，CPO 絕對是其中的關鍵部分。明年會是如此，後年當然也是。但如果我看現在正在發生、而且與我們的 CPO 專案並行、以更快速度推進的機會集合，那就是 NPO。

And in NPO, we participate through a wide variety of design wins we have and partners, some of those are with our broadband analog products in silicon germanium, both TIAs and drivers, which we have a significant market share and content and also on our own organically developed NPO solution, which we call our light engine, which we've been in development on for several years, and we've shown it off at OFC for several years.

在 NPO 方面，我們透過多元的設計導入（design wins）與合作夥伴參與其中；其中一些是透過我們在矽鍺（silicon germanium）寬頻類比產品，包括 TIA 與驅動器（drivers），我們在這些領域擁有顯著的市占率與內容價值（content）；另外也包括我們自家內生開發的 NPO 解決方案，我們稱之為 light engine（光引擎），已經開發了好幾年，並且連續多年在 OFC 上展示。

So all of that is a category, Aaron, is really how we think about the business. Certainly, Celestial and photonic fabric is a key part of that. But what I want to stress is that this is not an or. It's an and. And it's a little bit analogous to when people thought, well, there's 800-gig DSPs and then they're going to move to 1.6T and it's all going to just cut over. That's not how this works anymore.

所以，Aaron，這整體其實就是一個類別，這就是我們看待這門業務的方式。當然，Celestial 與光子織物（photonic fabric）是其中的關鍵部分。但我想強調的是，這不是二選一。而是兩者並行。這有點類似於當人們以為，嗯，有 800G 的 DSP，接著就會轉到 1.6T，然後一切就會直接切換過去。但現在已經不是這樣運作了。

Our customers have varying architectures that they're pursuing. They have a number of different solutions that they're going to implement simultaneously. So we see this as an and, not an or. And I think the magnitude of our scale-up optics opportunity next year is much larger than we thought just a quarter ago. The year after is going to be, I think, way larger than I sort of could have ever comprehended back even last year when we were looking at Celestial.

我們的客戶正在推進的架構各不相同。他們會同時導入多種不同的解決方案。所以我們把這看作是「並行」，而不是「擇一」。而且我認為，我們明年在 scale-up 光學方面的機會規模，比僅僅一季前我們想像的要大得多。再下一年，我覺得會更大，大到甚至超出我去年在看 Celestial 時所能理解的程度。

And if you look at the solution we're providing, which is here on my last comment, we are pedal to the metal on our switching roadmap and coupling those optical solutions with our switches, both UAL and ESUN, as well as being able to seamlessly integrate and architect with our customers on the XPU/GPU side.

如果你看我們正在提供的解決方案——呼應我上一段的評論——我們在交換器路線圖上全力衝刺，並把那些光學解決方案與我們的交換器結合起來，包含 UAL 與 ESUN，同時也能在 XPU/GPU 端與客戶無縫整合並共同進行架構設計。

So all of that together, and having the end-to-end link that we're able to provide in the entire solution and the scale in manufacturing, R&D, the diversity of all the technologies we have in terms of packaging, modulator technologies, silicon photonics, a decade of experience there, it's a massive opportunity and Marvell is very uniquely positioned to participate in it.

所以把這些全部加在一起，再加上我們能在整體解決方案中提供端到端連結，以及在製造、研發上的規模，還有我們在封裝、調變器技術、矽光子等各項技術的多元性——我們在那方面也有十年的經驗——這是一個巨大的機會，而 Marvell 在參與其中方面具備非常獨特的定位。

And we couldn't be happier with the Celestial team. They've integrated well. They're a key part of the program. But this thing is going to be a much bigger overall business for Marvell.

而且我們對 Celestial 團隊再滿意不過了。他們整合得很好。他們是這個計畫的關鍵一環。但整體而言，這將會成為 Marvell 更大規模的一門業務。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

On the same lines, can you talk about your progress in copper scale-up. And you mentioned the sort of success across the three protocols, how do you think about copper scale-up as it transitions to optical? Is it those initial successes foundational to what you do in optical? Or are those sort of two separate decisions?

沿著同樣的脈絡，你能談談你們在銅線 scale-up 方面的進展嗎？你也提到在三種協定上取得某種成功，你們如何看待銅線 scale-up 轉向光學的過程？那些初期的成功是否是你們在光學上所做事情的基礎？還是說那其實是兩個各自獨立的決策？

Yeah. Thanks, Joe. I think you're talking about from a switching perspective, right, as we implement those electrical/copper solutions and then how does that success translate when we move to optical?

是的。謝謝，Joe。我想你是在問從交換器的角度，對吧？也就是我們在導入那些電性/銅線解決方案時，當我們轉向光學，這些成功如何延伸過去？

So a couple of things. One is, on the Ethernet side, we've seen great traction and success with our Teralynx architecture, which came from the acquisition we did of a company called Innovium back in 2021. That business has a significant head of steam on it. We've expanded the customer base. We're driving significant revenue there, and we've proven to the market that we can deliver these solutions in volume.

所以有幾點。第一，在乙太網這一端，我們的 Teralynx 架構已經看到很好的牽引力與成功；這個架構來自我們在 2021 年收購的一家公司 Innovium。那塊業務目前動能相當強。我們擴大了客戶基礎。我們在那裡帶來可觀的營收，也向市場證明我們能夠量產交付這些解決方案。

So that translates itself, Joe, very seamlessly to scale out. And in fact, we're seeing even at 100T, our scale-out solutions be applicable to scale up as well. So we're driving that independently of the optics or not.

所以，Joe，這非常順暢地延伸到 scale-out。事實上，即便在 100T，我們也看到我們的 scale-out 解決方案同樣適用於 scale-up。因此我們會獨立推進這件事，並不取決於是否採用光學。

Same thing on UAL. We're aggressively investing in UAL switching. That product development is coming along nicely, and we certainly can intercept any electrical or copper-based solution there.

UAL 也是同樣的情況。我們正在積極投資 UAL 交換。產品開發進展良好，我們當然也能在那裡切入任何電性或以銅線為基礎的解決方案。

What customers really want to see though, and that's why I'm spending time on it, is, that's all great. And at this point, they trust us that we can deliver these very complex switching products because we've done it already, which by the way, is no small feat. There's been a lot of companies that have tried and failed to do these radical sized, very complex Ethernet switches, and it's only getting harder with the SerDes performance and the speeds.

不過客戶真正想看到的是——這也是我為什麼花時間談這個——這些都很好。而且到目前為止，他們信任我們能交付這些非常複雜的交換產品，因為我們已經做到了；順帶一提，這絕非易事。很多公司嘗試過、也失敗過，想做出這種超大規模、非常複雜的乙太網交換器，而隨著 SerDes 效能與速度提升，難度只會越來越高。

But the next level of that, Joe, is that you then need to show a compelling clear road map that you can execute with credibility on the optics side, both NPO and then all the way to full integration on CPO. And so our additions while certainly there's opportunities in the next few years that are going to come and we're going to have on the copper side, I think why we really win long term is because we convince our customers we can execute on the full end-to-end, which really is what our customers are looking for.

但下一個層級，Joe，是你必須在光學端展現一個有說服力、清晰的路線圖，並且能以可信度去執行，從 NPO 一直到在 CPO 上的完整整合。因此，雖然未來幾年在銅線端確實會有機會、我們也會掌握，但我認為我們長期能勝出的原因，是因為我們讓客戶相信我們能執行完整的端到端方案，而這正是客戶真正想要的。

At the end of the day, especially in scale up, they need to bookend the link, and they need to trust it on both sides of it and everything in between. They've got a partner that can handle that job. And point solutions at this juncture, we believe are not going to get it done. You really have to have the end-to-end portfolio. And that's what we're hearing from our customers, by the way.

歸根結底，尤其在 scale-up 上，他們需要在鏈路兩端都能對接（bookend the link），而且必須信任兩端以及中間的每一個環節。他們需要一個能承擔這份工作的合作夥伴。我們認為，在這個階段，單點式解決方案無法完成任務。你必須真正擁有端到端的產品組合。順帶一提，這也是我們從客戶那裡聽到的。

So the existing silicon will do fine, and it will do great, but even more excited about the optics attach once that gets going over the next few years because it just effectively almost doubles the SAM of the switching in terms of the attach you can get. Thanks.

所以現有的矽晶片會做得很好，也會表現很出色；但我們對未來幾年光學連接（optics attach）一旦開始放量更感到興奮，因為就你能取得的附加價值而言，它幾乎等於把交換器的 SAM 直接翻倍。謝謝。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Matt, so I want to go back to the Google deal. I think people are just wrestling with this. And I realize that you have a great Analyst Day coming. So I -- don't shoot me.

Matt，我想回到 Google 這筆交易。我覺得大家都還在消化這件事。我也知道你們即將有一場很棒的分析師日。所以我——別怪我。

But for FY, if you look at the $120 billion over the course of the years, that's about $18 billion a year and at the $120 billion divided by 6.5, and that's like adding an FY28, Marvell every year. And I realize that we don't know how much is incremental versus what's already in your guide.

但就 FY 而言，如果你看多年合計 1,200 億美元，平均大約每年 180 億美元；而 1,200 億除以 6.5，等於每年多加出一個 FY28 的 Marvell。我也理解，我們不知道其中有多少是增量、多少已經包含在你們的指引裡。

But, are we talking like FY29 and FY30 big step-ups as a result of this incrementally because these numbers are huge. And I know you're going to tell us at the Analyst Day, but I think we're all just trying to figure out how high to go in those out years? And is it at the comparable margin? And -- just any more color if you're in our shoes, how we should handle it into Analyst Day or just wait? That would be great.

但是，我們是不是在談 FY29、FY30 會因為這個增量而出現很大的跳升？因為這些數字非常巨大。我知道你會在分析師日告訴我們，但我想我們都在試著推估那些遠期年度到底要拉多高。而且毛利率水準是否可比？——如果你站在我們的角度，在分析師日之前我們應該怎麼處理這件事，或是就先等？如果能再多給一點顏色會很有幫助。

Yeah, Ben, thanks. And by the way, fully valid question. I mean, when you look at the scale of this, your math is not wrong. And what you can conclude from what I'm saying is, because most of this is comprehended already in next year, the big impact would be in '29 and beyond. So it's -- if you took the full performance and the full opportunity, then you're right, it's just -- it's just a monster number.

是的，Ben，謝謝。順帶一提，這個問題完全合理。我的意思是，當你看這個規模時，你的數學沒有錯。而你可以從我所說的推論出的是：因為其中大部分在明年其實已經被納入考量，所以最大的影響會落在 2029 年以及之後。所以——如果你把完整的執行表現與完整的機會都算進去，那你說得對，這就是——這就是一個怪物級的數字。

What I would say -- and so we do need the Analyst Day, though, I think you guys understand to contextualize it and probably show some ranges of outcomes. But you should assume in that timeframe that on the custom side, these numbers would be a lot larger than -- overall Custom than anybody has been modeling so far. I mean, I think there's been doubt for years that we could even do the $8 billion to $10 billion. This should give, I think, investors comfort that we secured a pretty big set of programs, not just here, but across the broad range of our customer set.

我想我會說——所以我們確實需要分析師日，不過我想各位也理解，屆時我們會把它放在脈絡中說明，並可能展示一些結果區間。但你們應該假設在那個時間範圍內，就客製化（Custom）這一端而言，這些數字會比——整體客製化業務——目前任何人所建模的都要大得多。我的意思是，我認為多年來一直有人懷疑我們是否甚至能做到 80 億到 100 億美元。我想這應該能讓投資人更安心，因為我們拿下了一組相當大的專案，不只是在這裡，而是在我們廣泛的客戶群中。

On the margins, just in general, this is a Custom business, and we've got a financial model for Custom. We've got a financial model for our standard and merchant products. It would be in line with that, but it's significant. And I'm not able to quantify it today for you, but you should assume starting in FY29 and beyond whatever you've modeled previously prior to the warrant for Custom numbers definitely goes higher, how big we'll be happy to show the range of outcomes.

就毛利率而言，總體來說，這是一門客製化業務，而我們有一套針對客製化的財務模型。我們也有一套針對標準產品與商用（merchant）產品的財務模型。它會與那套模型一致，但規模很可觀。我今天沒辦法替各位量化，但你們應該假設從 FY29 起以及之後，不論你們在認股權證（warrant）之前對客製化數字做了什麼模型，肯定都會往上修；至於會有多大，我們很樂意展示一個結果區間。

But in the context of where Marvell has been, I mean, we were an $8 billion company last year. We just took everybody to $12 billion this year. We haven't even finished that year and $18 billion next year. And the rough math you do at full performance provides an incredible step up to the scale of the company. If all those programs that come to fruition at their max performance, which -- but I think what this is helpful to show is just the scale of the opportunity in general that Marvell is participating in.

但放在 Marvell 過去的背景來看——我們去年是一家 80 億美元的公司。我們今年剛把大家帶到 120 億美元。我們甚至還沒走完那一年，明年就到 180 億美元。而你用滿載表現做個粗略計算，會發現公司的規模有一個令人難以置信的躍升。如果所有那些專案都在其最大表現下落地——當然——但我認為這件事有助於展示的是：Marvell 參與其中的整體機會規模到底有多大。

Because we have significant engagements across the customer base. This one is a little unique because of the warrants that, given the magnitude and the equity side, we needed to disclose it. But I think you've seen over the last couple of years, we've entered into very strategic partnerships with other big players in the AI market. And some of that we've done publicly and some of that we're doing just on our own.

因為我們在整個客戶基礎上都有相當多的深度合作。這一筆有點特別，因為有認股權證；鑑於其規模以及股權面向，我們需要揭露。但我想各位在過去幾年也看到，我們與 AI 市場的其他大型玩家建立了非常具策略性的合作夥伴關係。其中有些我們是公開進行的，也有些是我們自己在私下推進的。

So I think one takeaway I would have right now is just a significant validation of where Marvell sits in the market today, and we're very honored to be a part of the ecosystem -- the TPU ecosystem, and we'll see how it plays out. But I hope that's enough for now. I want to save a little bit of firepower from Investor Day.

所以我想目前的一個重點結論是：這對 Marvell 今日在市場上的位置是一個重大的驗證；我們也非常榮幸能成為生態系的一部分——TPU 生態系——接下來就看它如何發展。但我希望目前這些已經足夠。我想在投資人日保留一點火力。

I appreciate that, and congrats on that deal. I'll see you soon.

感謝，我也恭喜你們拿下那筆交易。很快見。

CJ Muse, Cantor Fitzgerald.

CJ Muse，Cantor Fitzgerald。

I think one of the more interesting takeaways from NVIDIA's report last night is Jensen's view of the fungibility of compute, networking and memory to deliver performance in the AI data center in a cost-constrained world. And considering your vast experience and expertise across all these three areas, how is this backdrop, particularly in light of where memory pricing is today, support your new design wins?

我認為昨晚 NVIDIA 財報中比較有意思的一個重點，是 Jensen 對於在成本受限的世界裡，為了在 AI 資料中心交付效能，運算、網路與記憶體之間可互相替代（fungibility）的看法。考量你們在這三個領域都有非常豐富的經驗與專長，在這樣的背景下——特別是就目前記憶體定價而言——這如何支持你們新的設計導入（design wins）？

And is it really focused on the memory controllers, custom HBM to increase short line? Or is it also driving strength on the XPU side as well? Would love to hear your thoughts there.

而這是否真的主要聚焦在記憶體控制器、客製化 HBM 以提升短期（short line）？或者也同樣帶動 XPU 端的強勁？很想聽聽你們的看法。

Yeah. Thanks, CJ. No -- first of all, I see the same thing. I'm very mind-melded with what they talked about.

是的。謝謝你，CJ。不——首先，我看到的也是同樣的情況。我跟他們談到的內容非常同頻。

I think at the broadest level to start, it definitely -- this fungibility requirement, given the dynamic nature of the market and some of the constraints we're seeing, some are supply constraints, some are power constraints, some are architectural constraints. Having our ability to very quickly execute custom and semi-custom designs or modify our products or adapt to shifting architectures at Marvell, it's a key capability, the flexibility that the company has because we've built a business around being able to customize quickly, and it's been in our DNA even from 2021 Investor Day.

我想先從最宏觀的層面說起，確實——在市場動態變化以及我們看到的一些限制之下，這種可互相替代的需求是存在的；有些是供應限制，有些是功耗限制，有些是架構限制。在 Marvell，我們能夠非常快速地執行客製化與半客製化設計，或修改我們的產品、或因應架構的轉變，這是一項關鍵能力；這種彈性來自於我們建立了一門以快速客製化為核心的業務，而這甚至從 2021 年投資人日就已經是我們的 DNA。

We talked about how every hop in the network at some point was going to get some level of customization. It wasn't going to just be the accelerator. And here we are five years later, and that's playing out.

我們當時談到，網路中的每一跳（hop）在某個時間點都會需要一定程度的客製化。不會只有加速器需要。而現在五年後，這正在發生。

CXL and memory expansion is one example where very quickly, customers are adapting, but there's also other opportunities where to optimize for inference as an example, and this is one of the things that was in the warrant, but it's a trend in the market. AI inference accelerators, that's another trend in the market you see. So I think companies are all looking at how they can maximize their performance, how they can maximize the cost and performance relative to the tokens generated.

CXL 與記憶體擴充是一個例子，客戶正在非常快速地調整；但也還有其他機會，例如以推論（inference）最佳化為例——這也是認股權證中提到的其中一項，但它同時也是市場趨勢。AI 推論加速器，這也是你看到的另一個市場趨勢。所以我認為各家公司都在看：如何把效能最大化、如何在所產生的 tokens 相對之下把成本與效能最佳化。

And we're in a monetization era. So this stuff really matters. It went from training very, very quickly to inference and to companies now monetizing this. And so we're seeing a big pickup in activity. And it's not just on the Custom side. I mean this discussion we had earlier about CPO and NPO and optics and copper, that's all moving very, very fast because, again, companies are architecting at a speed we really haven't seen to make sure that they have the most competitive solutions.

而我們正處於變現（monetization）的時代。所以這些事情真的很重要。它從訓練（training）非常、非常快地轉向推論（inference），而現在公司開始把這些能力變現。因此我們看到活動量大幅提升。而且不只是客製化（Custom）端。我的意思是，我們先前談到的 CPO、NPO、光學與銅互連，那些都在非常、非常快速地推進，因為同樣地，各家公司正以我們前所未見的速度在做架構設計，以確保他們擁有最具競爭力的解決方案。

So Marvell fits right in there, CJ, on a number of fronts. It's not just, quote, our Custom revenue, but it's the solutions underneath we provide including our networking and our storage and memory in our compute .

所以 Marvell 在多個面向都非常契合這個趨勢，CJ。不只是所謂的客製化營收，而是我們在底層提供的解決方案，包括我們的網路、儲存與記憶體，以及我們在運算上的能力。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe just give us a little bit of update in terms of the growth rate for productivity, you expect. I think, Matt, you outlined those growth rates for both this fiscal year, next fiscal year last quarter. Can you maybe just give us an update on where those are landing, given the incremental strength? It sounds like most of that's being driven by that subsegment right now?

我想請問你們是否可以就生產力（productivity）的成長率給我們一點更新，你們預期會是怎樣的水準。我記得 Matt，你在上個季度概述了本會計年度與下一會計年度的那些成長率。在這次額外的強勁動能之下，你能否更新一下目前落點大概在哪裡？聽起來目前大多是由那個子領域所驅動？

Well, yeah, thanks, Jim. As I said, the way to think about it is the $500 million raise for this year and the $1.5 billion for next year is broad-based. Connectivity clearly is a driver, and I say Connectivity at a broader level because underneath that, we spent time talking about scale-up optics. That's one, which is our NPO and CPO and SiGe products.

嗯，是的，謝謝你，Jim。如我所說，思考方式是：今年上調 5 億美元、明年上調 15 億美元，是廣泛性的。連接（Connectivity）顯然是一個驅動因素；我說的連接是更廣義的，因為在其底下，我們花時間談了 scale-up 光學。那是其中之一，也就是我們的 NPO、CPO 與 SiGe 產品。

But it's also just the transceiver market for scale-out and optical DSPs going into that segment, that's upsized versus the prior growth rates we talked about. So that's in the $500 million and the $1.5 billion, that business continues to be absolutely on fire, and we're executing well there.

但也包括 scale-out 的收發器（transceiver）市場，以及進入該細分市場的光學 DSP；相較於我們先前談到的成長率，這些都上修了。所以這些都包含在今年的 5 億美元與明年的 15 億美元之中；那門業務持續非常火熱，而我們在那裡的執行也做得很好。

And then within Connectivity as well as a broader segment, you also have our switching which is biasing higher this year, but also from our last quarter update, again next year. So you really have those three, plus, I'd say, Custom that are all floating up versus our prior expectations.

然後在連接（Connectivity）以及更廣泛的區塊之內，你也有我們的交換（switching）業務，今年的趨勢偏向更高，而且根據我們上季的更新，明年也同樣如此。所以你實際上有那三項，再加上我會說的客製化（Custom），相較於我們先前的預期都在上修。

But Jim, we're really seeing broad-based strength. There's -- I think it's across almost all of our product lines when we look out, but those are a few of the ones I'd highlight. And you're right. The Connectivity is a bigger bucket, it is probably the largest driver net-net of the $1.5 billion raise. If I just look at all those pieces I mentioned underneath, scale out, scale up and switching.

不過 Jim，我們確實看到的是全面性的強勁表現。我認為，當我們往前看時，幾乎涵蓋我們所有產品線，但我會特別點出那幾項。而你說得沒錯。連接（Connectivity）是一個更大的籃子，整體來看，它大概是這次上調 15 億美元的最大驅動因素。如果我只看我剛才提到的那些底下的組成：scale out、scale up，以及交換（switching）。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

I guess, Matt, just wanted to come back to the sort of the near-term guidance. Within Data Center, I think you guided up greater than 20% sequentially. But with margins coming down 90 basis points quarter on quarter, is Custom the fastest-growing segment within Data Center that drives that lower margin? Or is there some other mix going on within Data Center kind of driving the lower 90 -- or sorry, the 90-basis-point lower guidance for the October quarter?

我想，Matt，我只是想回到比較偏近期的財測指引。在資料中心（Data Center）方面，我記得你們指引是季增超過 20%。但在毛利率季對季下滑 90 個基點的情況下，是否是客製化（Custom）成為資料中心內成長最快的區塊，因而拉低了毛利率？或者資料中心內部還有其他產品組合的變化，導致 10 月季度的指引毛利率下調 90——抱歉，是下調 90 個基點？

Yeah, sure. Thanks. Let me -- I'll tee it up, but I'm going to have Dan comment because you guys are sparing him too much on this call. I mean, he's the new CFO. You're supposed to be asking him questions and you're asking me all the questions.

好的，當然。謝謝。我先把問題鋪陳一下，但我會請 Dan 來回應，因為你們在這通電話上對他太客氣了。畢竟他是新任 CFO。你們應該問他問題，結果你們把問題都問我。

So joking aside, you can clearly see it in the numbers. I mean, stronger Q3 guide implied a much stronger Q4 guide. We did say custom was ramped meaningfully in the second half. I said that, Dan said that.

玩笑歸玩笑，你從數字上其實看得很清楚。也就是說，更強的 Q3 指引意味著 Q4 指引也會更強。我們確實說過，客製化（Custom）在下半年會顯著放量爬坡。我說過，Dan 也說過。

But Dan, maybe why don't you make a few comments on the margins and how you see that playing out and also through next year as well as we grow.

不過 Dan，也許你可以就毛利率發表一些看法：你怎麼看它的走勢，以及隨著我們成長，明年乃至更往後會如何演變。

Sure. So just jumping in, we clearly see the performance of the company doing well. You see the acceleration in Q2, followed with acceleration in Q3, follow with acceleration in Q4. Part of the acceleration story in Q3, as you point out, mix is the primary driver. We've got a strong ramp in Custom. And so you can see that play out in the profiling of the margins. Not a surprise. We've been signaling that Custom ramp for quite some time.

好的。我直接接著說，我們很清楚看到公司表現良好。你看到 Q2 加速，接著 Q3 加速，再接著 Q4 也加速。如你所指出，Q3 加速故事的一部分，產品組合（mix）是主要驅動因素。我們的客製化（Custom）正在強勁爬坡放量。因此你可以在毛利率的走勢輪廓上看到這點。這不令人意外。我們已經針對客製化（Custom）的放量爬坡提示了一段時間。

As we window into Q4, that strength, we're signaling a bigger step-up, much larger step-up from a revenue standpoint, if you roll in the $12 billion annual target. And that step up in Q4 is broad-based. You see it not only in Custom, you see it in Connectivity. You see it in a rebound in comm and other. So broad-based performance. Net it all out, we see gross -- Q4 gross margins in the same target range as Q3.

當我們把視窗拉到 Q4，那股強勁動能，我們正在釋放一個更大的跳升訊號——從營收角度看是更大幅度的跳升，尤其如果你把 120 億美元的年度目標納入考量。而 Q4 的這個跳升是全面性的。你不只在客製化（Custom）看到，也在連接（Connectivity）看到。你也會看到通訊（comm）及其他業務的回升。所以是廣泛的表現。整體加總後，我們看到 Q4 的毛利率會落在與 Q3 相同的目標區間。

If we use the back half of the year as a jumping-off point and think about how that looks going into FY28, that broad-based strength continues. We take the momentum exiting this year, and we push that forward into next year, and it is across Custom, it is across Connectivity. All parts of the business are higher. They are up.

如果我們以今年下半年作為起跳點，並思考進入 FY28 會是什麼樣子，那種全面性的強勁仍會延續。我們把今年結束時的動能帶入明年，涵蓋客製化（Custom），也涵蓋連接（Connectivity）。業務的各個部分都更高。都在上升。

Gross margin depends on ultimate mix. My preliminary view is this gross margin to next year are going to be in a similar range, same range as we're exiting this year. So back half of this year, same range for FY28. So we feel good about the performance of the company. We're going to drive growth at this company. We're going to do it with discipline, and we're going to deliver strong margins.

毛利率取決於最終的產品組合。我初步的看法是，明年的毛利率將會落在相近的區間，也就是與我們今年結束時的水準相同的區間。所以今年下半年是這個區間，FY28 也會是同一個區間。因此我們對公司的表現感到樂觀。我們會推動公司的成長。我們會以紀律來做到這件事，並交出強勁的毛利率。

But when we think about that margin profile, operating margin still has significant leverage embedded in it. You're going to see it up in Q3. You're going to see us entering our target long-term model range, 38% to 40% exiting this year. You'll see us achieve the high end of that range as we progress through FY28, and we're going to reset that long-term target model here in the coming weeks at the Analyst Day. So we feel good about the performance of the company and the broad-based strength.

但當我們思考那個毛利率輪廓時，營業利益率（operating margin）仍然內含顯著的槓桿效益。你會看到它在 Q3 上升。你會看到我們在今年結束時進入我們長期模型的目標區間：38% 到 40%。隨著 FY28 的推進，你會看到我們達到該區間的高端，而我們也會在接下來幾週的分析師日（Analyst Day）重新設定這個長期目標模型。所以我們對公司的表現與全面性的強勁動能感到樂觀。

Thank you. And ladies and gentlemen, thank you all for your participation. This does conclude today's teleconference. You may disconnect, and have a wonderful day.

謝謝。各位女士先生，也感謝各位的參與。今天的電話會議到此結束。您可以掛線，祝您有美好的一天。