美光科技 (MU) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Micron's Second Quarter 2024 Financial Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Corporate Vice President, Investor Relations and Treasurer. Please go ahead, sir.

感謝您的耐心等待，歡迎參加美光科技 2024 年第二季財務電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人薩蒂亞·庫馬爾 (Satya Kumar)，他是負責投資者關係的公司副總裁兼財務主管。請繼續，先生。

Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2024 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO; and Mark Murphy, our CFO.

謝謝，歡迎參加美光科技 2024 年第二季財務電話會議。今天與我通話的是我們的總裁兼執行長 Sanjay Mehrotra；和我們的財務長馬克·墨菲。

Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call.

今天的電話會議透過我們的投資者關係網站 Investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及為本次電話會議準備的發言稿已發佈在網站上。

Today's discussion of financial results is being presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures can be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on X, @MicronTech.

除非另有說明，今天對財務表現的討論是在非公認會計準則財務基礎上進行的。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。我們鼓勵您在整個季度訪問我們的網站 micron.com，以獲取有關公司的最新信息，包括我們可能參加的財務會議的信息。您也可以在 X 上關注我們，@MicronTech。

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market and pricing trends and drivers, our technology, product ramp plans and market position, our expected results and guidance and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We refer you to the documents we file with the SEC, including our most recent Form 10-Q and upcoming 10-Q, for a discussion of risks that may affect our future results.

提醒一下，我們今天討論的事項包括有關市場需求和供應、市場和定價趨勢和驅動因素、我們的技術、產品提升計劃和市場地位、我們的預期結果和指導以及其他事項的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與今天的陳述有重大差異。我們請您參閱我們向 SEC 提交的文件，包括我們最新的 10-Q 表格和即將發布的 10-Q 表格，以討論可能影響我們未來業績的風險。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證未來的結果、活動水準、績效或成就。我們沒有義務更新任何前瞻性陳述以使這些陳述符合實際結果。

I will now turn the call over to Sanjay.

我現在將把電話轉給 Sanjay。

Thank you, Satya. Good afternoon, everyone. I'm pleased to report that Micron delivered fiscal Q2 revenue, gross margin and EPS well above the high end of guidance. Micron has returned to profitability and delivered positive operating margin a quarter ahead of expectations. I would like to thank all our Micron global team members for their dedication and excellent execution that made this result possible.

謝謝你，薩蒂亞。大家下午好。我很高興地報告，美光第二財季的營收、毛利率和每股盈餘遠高於指引上限。美光科技已恢復盈利，並比預期提前一個季度實現了正營業利潤率。我要感謝所有美光全球團隊成員的奉獻精神和出色的執行力，使這項成果成為可能。

Micron drove robust price increases as the supply-demand balance tightened. This improvement in market conditions was due to a confluence of factors, including strong AI server demand, a healthier demand environment in most end markets and supply reductions across the industry.

隨著供需平衡收緊，美光推動價格大幅上漲。市場狀況的改善是多種因素共同作用的結果，包括強勁的人工智慧伺服器需求、大多數終端市場更健康的需求環境以及整個產業的供應減少。

AI server demand is driving rapid growth in HBM, DDR5 and data center SSDs, which is tightening leading-edge supply availability for DRAM and NAND. This is resulting in a positive ripple effect on pricing across all memory and storage end markets. We expect DRAM and NAND pricing levels to increase further throughout calendar year 2024 and expect record revenue and much improved profitability now in fiscal year 2025.

AI 伺服器需求正在推動 HBM、DDR5 和資料中心 SSD 的快速成長，這使得 DRAM 和 NAND 的領先供應變得緊張。這對所有記憶體和儲存終端市場的定價產生了積極的連鎖反應。我們預計 DRAM 和 NAND 的定價水準將在 2024 財年進一步上漲，並預計 2025 財年的營收將創歷史新高，獲利能力將大幅提高。

Micron is at the forefront of ramping the industry's most advanced technology nodes in both DRAM and NAND. Reinforcing our leadership position, over 3/4 of our DRAM bits are now on leading-edge 1-alpha and 1-beta nodes. And over 90% of our NAND bits are on 176-layer and 232-layer nodes.

美光在 DRAM 和 NAND 領域處於業界最先進技術節點的前沿。我們超過 3/4 的 DRAM 位元現在位於領先的 1-alpha 和 1-beta 節點上，這進一步鞏固了我們的領導地位。我們超過 90% 的 NAND 位元都位於 176 層和 232 層節點上。

We expect fiscal 2024 front-end cost reductions, excluding the impact of HBM, to track in line with our long-term expectations of mid- to high single digits in DRAM and low teens in NAND supported by the continued volume ramp of 1-beta DRAM and 232-layer NAND. We continue to mature our production capability with extreme ultraviolet lithography and have achieved equivalent yield and quality on our 1-alpha as well as 1-beta nodes between EUV and non-EUV flows.

我們預計 2024 財年前端成本削減（不包括 HBM 的影響）將符合我們對 DRAM 中高個位數和 NAND 中低十位數的長期預期，這得益於 1-beta 銷量持續增長的支持DRAM 和232層NAND。我們不斷完善我們的極紫外光刻生產能力，並在 EUV 和非 EUV 流程之間的 1-alpha 和 1-beta 節點上實現了同等的良率和品質。

We have begun 1-gamma DRAM pilot production using EUV and are on track for volume production in calendar 2025. The development of our next-generation NAND node is on track with volume production planned for calendar 2025. We expect to maintain our technology leadership in NAND.

我們已經開始使用 EUV 進行 1-gamma DRAM 試生產，並預計在 2025 年實現量產。我們下一代 NAND 節點的開發工作已步入正軌，計劃於 2025 年實現量產。我們預計將在與非。

Now turning to our end markets. Inventories for memory and storage have improved significantly in the data center, and we continue to expect normalization in the first half of calendar 2024. In PC and smartphone, there were some strategic purchases in calendar Q4 in anticipation of a return to unit growth. Inventories remain near normal levels for auto, industrial and other markets.

現在轉向我們的終端市場。資料中心的記憶體和儲存庫存已顯著改善，我們繼續預計 2024 年上半年將恢復正常。在 PC 和智慧型手機方面，第四季度出現了一些策略性採購，預計單位數量將恢復成長。汽車、工業和其他市場的庫存仍接近正常水準。

We are in the very early innings of a multiyear growth phase driven by AI as this disruptive technology will transform every aspect of business and society. The race is on to create artificial general intelligence or AGI, which will require ever-increasing model sizes with trillions of parameters.

我們正處於人工智慧驅動的多年成長階段的早期階段，因為這種顛覆性技術將改變商業和社會的各個方面。創建通用人工智慧（AGI）的競賽已經開始，這將需要不斷增加的模型大小和數萬億個參數。

On the other hand of the spectrum, there is considerable progress being made on improving AI models so that they can run on edge devices like PCs and smartphones and create new and compelling capabilities. As AI training workloads remain a driver of technology and innovation, inference growth is also rapidly accelerating. Memory and storage technologies are key enablers of AI in both training and inference workloads. And Micron is well positioned to capitalize on these trends in both the data center and the edge. We view Micron as one of the biggest beneficiaries in the semiconductor industry of this multiyear growth opportunity driven by AI.

另一方面，在改進人工智慧模型方面取得了相當大的進展，以便它們可以在個人電腦和智慧型手機等邊緣設備上運行，並創造新的、引人注目的功能。由於人工智慧訓練工作負載仍然是技術和創新的驅動力，推理成長也迅速加速。記憶體和儲存技術是人工智慧在訓練和推理工作負載中的關鍵推動因素。美光科技已做好充分準備，充分利用資料中心和邊緣領域的這些趨勢。我們認為美光是半導體產業人工智慧驅動的多年成長機會的最大受益者之一。

In data center, total industry server unit shipments are expected to grow mid- to high single digits in calendar 2024 driven by strong growth for AI servers and a return to modest growth for traditional servers. Micron is well positioned with our portfolio of HBM, D5, LP5, high-capacity DIMM, CXL and data center SSD products.

在資料中心領域，由於人工智慧伺服器的強勁成長和傳統伺服器恢復溫和成長的推動，預計到 2024 年，產業伺服器總出貨量將實現中高個位數成長。美光憑藉我們的 HBM、D5、LP5、高容量 DIMM、CXL 和資料中心 SSD 產品組合處於有利地位。

Delivering improved memory bandwidth, power consumption and overall performance is critical to enable cost-efficient scaling of AI workloads inside modern GPU or ASIC accelerated AI servers. Our customers are driving an aggressive AI road map on their GPU and ASIC-based server platforms that require significantly higher content and higher performance memory and storage solutions.

提供改進的記憶體頻寬、功耗和整體效能對於在現代 GPU 或 ASIC 加速 AI 伺服器內經濟高效地擴展 AI 工作負載至關重要。我們的客戶正在其基於 GPU 和 ASIC 的伺服器平台上推動積極的 AI 路線圖，這些平台需要更高的內容和更高效能的記憶體和儲存解決方案。

For example, earlier this week, NVIDIA announced its next-generation Blackwell GPU architecture-based AI systems, which provides a 33% increase in HBM3E content, continuing a trend of steadily increasing HBM content per GPU. Micron's industry-leading high-bandwidth memory HBM3E solution provides more than 20x the memory bandwidth compared to standard D5-based DIMM-server module.

例如，本週早些時候，NVIDIA 宣布推出基於 Blackwell GPU 架構的新一代 AI 系統，該系統的 HBM3E 內容增加了 33%，延續了每個 GPU 的 HBM 內容穩定增加的趨勢。與基於 D5 的標準 DIMM 伺服器模組相比，美光業界領先的高頻寬記憶體 HBM3E 解決方案提供的記憶體頻寬高出 20 倍以上。

We are executing well on our HBM product ramp plans and have made significant progress in ramping our capacity, yields and quality. We commenced volume production and recognized our first revenue from HBM3E in fiscal Q2 and now have begun high-volume shipments of our HBM3E product.

我們正在很好地執行 HBM 產品提升計劃，並在提升產能、產量和品質方面取得了重大進展。我們在第二財季開始批量生產並確認了 HBM3E 的第一筆收入，現在已經開始大量發貨我們的 HBM3E 產品。

Customers continue to give strong feedback that our HBM3E solution has a 30% lower power consumption compared to competitors' solutions. This benefit is contributing to strong demand. Our HBM3E product will be part of NVIDIA's H200 Tensor Core GPUs, and we are making progress on additional platform qualifications with multiple customers.

客戶持續給予強烈回饋，我們的 HBM3E 解決方案與競爭對手的解決方案相比功耗降低了 30%。這一好處促進了強勁的需求。我們的 HBM3E 產品將成為 NVIDIA H200 Tensor Core GPU 的一部分，並且我們正在與多個客戶一起在其他平台認證方面取得進展。

We are on track to generate several hundred million dollars of revenue from HBM in fiscal 2024 and expect HBM revenues to be accretive to our DRAM and overall gross margins starting in the fiscal third quarter. Our HBM is sold out for calendar 2024, and the overwhelming majority of our 2025 supply has already been allocated. We continue to expect HBM bit share equivalent to our overall DRAM bit share sometime in calendar 2025.

我們預計在 2024 財年從 HBM 獲得數億美元的收入，並預計 HBM 收入將從第三財季開始增加我們的 DRAM 和整體毛利率。我們的 2024 年 HBM 已售罄，2025 年的絕大多數供應已經分配。我們繼續預計 HBM 位元份額將在 2025 年某個時候相當於我們的整體 DRAM 位元份額。

Earlier this month, we sampled our 12-high HBM3E product, which provides 50% increased capacity of DRAM per cube to 36 gigabytes. This increase in capacity allows our customers to pack more memory per GPU, enabling more powerful AI training and inference solutions. We expect 12-high HBM3E will start ramping in high-volume production and increase in mix throughout 2025.

本月早些時候，我們對 12 高 HBM3E 產品進行了採樣，該產品將每個立方體的 DRAM 容量增加了 50%，達到 36 GB。容量的增加使我們的客戶能夠在每個 GPU 上容納更多內存，從而實現更強大的 AI 訓練和推理解決方案。我們預計 12 軸 HBM3E 將在 2025 年開始大量生產並增加產品組合。

We have a robust road map, and we are confident we will maintain our technology leadership with HBM4, the next generation of HBM, which will provide further performance and capacity enhancements compared to HBM3E.

我們擁有穩健的路線圖，並且有信心透過下一代 HBM HBM4 保持技術領先地位，與 HBM3E 相比，HBM4 將提供進一步的性能和容量增強。

We are making strong progress on our suite of high-capacity server DIMM products. During the quarter, we completed validation of the industry's first mono die-based 128 gigabyte server DRAM module. This new product provides the industry's highest bandwidth D5 capability with greater than 20% better energy efficiency and over 15% improved latency performance compared to competitors' 3D TSV-based solutions.

我們的高容量伺服器 DIMM 產品套件正在取得重大進展。本季度，我們完成了業界首款基於單晶片的 128 GB 伺服器 DRAM 模組的驗證。與競爭對手基於 3D TSV 的解決方案相比，這款新產品提供了業界最高的頻寬 D5 功能，能源效率提高了 20% 以上，延遲效能提高了 15% 以上。

We see strong customer pull and expect a robust volume ramp for our 128 gigabyte product with several hundred million dollars of revenue in the second half of fiscal 2024. Additionally, we also started sampling our 256 gigabyte MCRDIMM module, which further enhances performance and increases DRAM content per server.

我們看到了強勁的客戶拉動，並預計我們的128 GB 產品銷售將強勁增長，並在2024 財年下半年實現數億美元的收入。此外，我們還開始對256 GB MCRDIMM 模組進行採樣，這進一步增強了效能並增加了DRAM每個伺服器的內容。

We achieved record revenue share in the data center SSD market in calendar 2023. During the quarter, we grew our revenue by over 50% sequentially for our 232-layer based 6500 30 terabyte SSDs, which offer best-in-class performance, reliability and endurance for AI data lake applications.

2023 年，我們在資料中心SSD 市場上實現了創紀錄的收入份額。在本季度，我們基於232 層的6500 30 TB SSD 的收入環比增長了50% 以上，這些SSD 提供了一流的性能、可靠性和可靠性。 AI 資料湖應用程式的耐用性。

In PC, after 2 years of double-digit declines, unit volumes are expected to grow modestly in the low single-digit range for calendar 2024. We are encouraged by the strong ecosystem momentum to develop next-generation AI PCs, which feature high-performance neural processing unit chipsets and 40% to 80% more DRAM content versus today's average PCs. We expect next-generation AI PC units to grow and become a meaningful portion of total PC units in calendar 2025.

在PC 領域，經過兩年的兩位數下降之後，預計到2024 年單位銷量將在低個位數範圍內小幅增長。開發下一代AI PC 的強大生態系統動力令我們感到鼓舞，該PC 具有高效能與當今的普通 PC 相比，效能神經處理單元晶片組和 DRAM 內容增加了 40% 至 80%。我們預計下一代 AI PC 數量將會成長，並在 2025 年成為 PC 總量的重要組成部分。

At CES, the Consumer Electronics Show in Las Vegas, Micron launched the industry's first low-power compression-attached memory module or LPCAMM2 for PC applications. LPCAMM2 brings a modular form factor with a maximum capacity point of 64 gigabyte for PC module and 128 gigabytes for server module along with a number of benefits such as higher bandwidth, lower power and smaller form factor.

在拉斯維加斯舉行的消費電子展 CES 上，美光推出了業界首款用於 PC 應用的低功耗壓縮附加記憶體模組或 LPCAMM2。 LPCAMM2 採用模組化外形，PC 模組最大容量為 64 GB，伺服器模組最大容量為 128 GB，並具有更高頻寬、更低功耗和更小外形等諸多優勢。

During the quarter, we launched our 232-layer based Crucial T705 Gen 5 consumer SSD, which won several Editor Choice awards and was recognized by a leading publisher as the fastest M.2 SSD ever. We increased our client SSD QLC bit shipments to record levels with QLC representing nearly 2/3 of our client SSD shipments, firmly establishing Micron as a leader in client QLC SSDs.

本季度，我們推出了基於 232 層的 Crucial T705 Gen 5 消費級 SSD，該產品贏得了多項編輯選擇獎，並被一家領先出版商評為有史以來最快的 M.2 SSD。我們將客戶端 SSD QLC 位元出貨量增加至創紀錄水平，其中 QLC 占我們客戶端 SSD 出貨量的近 2/3，牢固確立了美光作為客戶端 QLC SSD 領導者的地位。

Turning to mobile. Smartphone unit volumes in calendar 2024 remain on track to grow low to mid-single digits. Smartphones offer tremendous potential for personalized AI capabilities that offer greater security and responsiveness when executed on device.

轉向移動。 2024 年智慧型手機銷量仍將維持低至中個位數的成長。智慧型手機為個人化人工智慧功能提供了巨大潛力，在設備上執行時可提供更高的安全性和回應能力。

Enabling these on-device AI capabilities is driving increased memory and storage capacity needs and increasing demand for new value-add solutions. For example, we expect AI phones to carry 50% to 100% greater DRAM content compared to non-AI flagship phones today.

啟用這些裝置上的人工智慧功能正在推動記憶體和儲存容量需求的增加，以及對新增值解決方案的需求不斷增加。例如，與當今的非 AI 旗艦手機相比，我們預計 AI 手機的 DRAM 含量將增加 50% 至 100%。

Micron's leading mobile solutions provide the critical high performance and power efficiency needed to unlock an unprecedented level of AI capability. In DRAM, we are now sampling our second-generation 1-beta LPDRAM LP5 product, which delivers the industry's highest performance at improved power for flagship smartphones.

美光領先的行動解決方案提供了解鎖前所未有的人工智慧功能所需的關鍵高效能和能源效率。在 DRAM 領域，我們現在正在對第二代 1-beta LPDRAM LP5 產品進行取樣，該產品以改進的功率為旗艦智慧型手機提供業界最高的效能。

And in NAND, we announced our second generation of 232-layer NAND UFS4.0 devices, featuring the industry's smallest package and breakthrough features that enable greater reliability and significantly higher real-world performance for complex workloads.

在 NAND 領域，我們推出了第二代 232 層 NAND UFS4.0 設備，該設備具有業界最小的封裝和突破性功能，可為複雜工作負載提供更高的可靠性和顯著更高的實際效能。

Our mobile DRAM and NAND solutions are now widely adopted in industry-leading flagship smartphones with 2 examples being Samsung's Galaxy S24 and the Honor Magic 6 Pro announced this year. The Samsung Galaxy S24 can provide 2-way real-time voice and text translations during live phone calls. The Honor Magic 6 Pro features the Magic LM, a 7 billion parameter large language model, which can intelligently understand a user's intent based on language, image, eye movement and gestures and proactively offer services to enhance and simplify the user experience.

我們的行動 DRAM 和 NAND 解決方案現已廣泛應用於業界領先的旗艦智慧型手機，其中兩個例子是三星 Galaxy S24 和今年發布的榮耀 Magic 6 Pro。三星 Galaxy S24 可在即時通話期間提供 2 路即時語音和文字翻譯。榮耀Magic 6 Pro搭載70億參數大語言模型Magic LM，可根據語言、圖像、眼動、手勢智能理解用戶意圖，主動提供服務，增強和簡化用戶體驗。

Turning to auto and industrial. The automotive sector continues to experience robust demand for memory and storage as nonmemory semiconductor supply constraints have eased and as new vehicle platforms are launched.

轉向汽車和工業。隨著非記憶體半導體供應限制的緩解以及新汽車平台的推出，汽車產業對記憶體和儲存的需求持續強勁。

In the past quarter, we experienced strong growth with partners who are driving the most advanced capabilities within the automobile's increasingly intelligent and connected digital cockpits. In addition, adoption of Level 2+ ADAS capabilities continues to gain momentum, further expanding content per vehicle.

在過去的季度中，我們與合作夥伴實現了強勁增長，他們正在推動汽車日益智慧和互聯的數位駕駛艙中最先進的功能。此外，2+ 級 ADAS 功能的採用繼續保持勢頭，進一步擴大了每輛車的內容。

The industrial market fundamentals for memory are also healthy with improving distributor inventory, book-to-bill and demand visibility improvements as well as pricing benefits from the tight supply for products especially those built on leading-edge nodes.

記憶體的工業市場基本面也很健康，經銷商庫存有所改善，訂單到帳單和需求可見性的提高，以及產品供應緊張帶來的定價優勢，特別是那些基於領先節點的產品。

Now turning to our market outlook. Calendar 2023 DRAM bit demand growth was in the low double-digit percentage range and NAND bit demand growth was in the low 20s percentage range, both a few percentage points higher than previous expectations. We forecast calendar 2024 bit demand growth for the industry to be near the long-term CAGR for DRAM and around mid-teens for NAND.

現在轉向我們的市場前景。 2023 年 DRAM 位元需求成長處於兩位數百分比範圍內，NAND 位元需求成長處於 20 多百分比範圍內，兩者都比先前的預期高幾個百分點。我們預測 2024 年該產業的比特需求成長將接近 DRAM 的長期複合年增長率，而 NAND 的需求成長將接近十幾歲左右。

Given the higher baseline of 2023 demand, these expectations of 2024 bit growth have driven an increase in the absolute level of 2024 bit demand in our model for DRAM and NAND versus our prior expectations. The industry supply-demand balance is tight for DRAM and NAND. And our outlook for pricing has increased for calendar 2024. Over the medium term, we expect bit demand growth CAGR of mid-teens in DRAM and low 20s percentage range in NAND.

鑑於 2023 年需求基線較高，這些對 2024 位元成長的預期推動了我們的 DRAM 和 NAND 模型中 2024 位元需求絕對水準的成長（與我們先前的預期相比）。 DRAM和NAND產業供需平衡緊張。我們對 2024 年的定價前景有所上調。從中期來看，我們預計 DRAM 的位元需求複合年增長率將達到 10 左右，而 NAND 的需求複合年增長率將達到 20 左右。

Turning to supply. The supply outlook remains roughly the same as last quarter. We expect calendar 2024 industry supply to be below demand for both DRAM and NAND. Micron's bit supply growth in fiscal 2024 remains below our demand growth for both DRAM and NAND. And we expect to decrease our days of inventory in fiscal year 2024.

轉向供應。供應前景與上季大致相同。我們預計 2024 年 DRAM 和 NAND 的產業供應將低於需求。美光 2024 財年的位元供應成長仍低於 DRAM 和 NAND 的需求成長。我們預計將在 2024 財年減少庫存天數。

Micron's fiscal 2024 CapEx plan remains unchanged at a range between $7.5 billion and $8.0 billion. We continue to project our WFE spending will be down year-on-year in fiscal 2024.

美光 2024 財年資本支出計畫維持在 75 億美元至 80 億美元之間的範圍不變。我們繼續預計 2024 財年的 WFE 支出將年減。

Micron's capital-efficient approach to reuse equipment from older nodes to support conversions to leading-edge nodes has resulted in a material structural reduction of our DRAM and NAND wafer capacities. We are now fully utilized on our high-volume manufacturing nodes and are maximizing output against the structurally lowered capacity.

美光採用資本高效的方法來重複利用舊節點的設備以支持向前沿節點的轉換，這導致我們的 DRAM 和 NAND 晶圓產能發生了實質性的結構性縮減。我們現在已充分利用我們的大批量製造節點，並在結構性產能下降的情況下最大限度地提高產量。

We believe this approach to node migration and consequent wafer capacity reduction is an industry-wide phenomenon. We project to end fiscal 2024 with low double-digit percentage less wafer capacity in both DRAM and NAND than our peak levels in fiscal 2022.

我們相信這種節點遷移和隨之而來的晶圓產能減少的方法是整個產業的現象。我們預計到 2024 財年結束時，DRAM 和 NAND 晶圓產能將比 2022 財年的峰值水準減少兩位數百分比。

Significant supply reductions across the industry have enabled the pricing recovery that is now underway. Although our financial performance has improved, our current profitability levels are still well below our long-term targets and significantly improved profitability is required to support the R&D and CapEx investments needed for long-term innovation and supply growth.

整個產業供應量的大幅減少使得目前正在進行的價格復甦成為可能。儘管我們的財務表現有所改善，但我們目前的獲利水準仍遠低於我們的長期目標，並且需要顯著提高獲利能力來支持長期創新和供應成長所需的研發和資本支出投資。

Micron will continue to exercise supply and CapEx discipline and focus on restoring improved profitability while maintaining our bit market share for DRAM and NAND.

美光將繼續遵守供應和資本支出紀律，並專注於恢復獲利能力的提高，同時保持 DRAM 和 NAND 的位市場份額。

As discussed previously, the ramp of HBM production will constrain supply growth in non-HBM products. Industry-wide, HBM3E consumes approximately 3x the wafer supply as D5 to produce a given number of bits in the same technology node.

如前所述，HBM 產量的增加將限制非 HBM 產品的供應成長。在整個產業範圍內，HBM3E 消耗的晶圓供應量約為 D5 的 3 倍，才能在同一技術節點中生產給定數量的位元。

With increased performance and packaging complexity across the industry, we expect the trade ratio for HBM4 to be even higher than the trade ratio for HBM3E. We anticipate strong HBM demand due to AI, combined with increasing silicon intensity of the HBM road map, to contribute to tight supply conditions for DRAM across all end markets.

隨著整個產業績效和封裝複雜性的提高，我們預期 HBM4 的貿易比率甚至高於 HBM3E 的貿易比率。我們預計人工智慧帶來的 HBM 需求強勁，加上 HBM 路線圖的矽強度不斷增加，將導致所有終端市場 DRAM 的供應緊張。

Finally, as we consider these demand and technology trends, we are carefully planning our global fab and assembly test capacity requirements to ensure a diversified and cost-competitive manufacturing footprint. Announced projects in China, India and Japan are proceeding as planned.

最後，當我們考慮這些需求和技術趨勢時，我們正在仔細規劃我們的全球晶圓廠和組裝測試能力要求，以確保多元化且具有成本競爭力的製造足跡。在中國、印度和日本宣布的項目正在按計劃進行。

On potential U.S. expansion plans, we have assumed CHIPS grants in our CapEx plans for fiscal 2024. Our planned Idaho and New York projects require Micron to receive the combination of sufficient CHIPS grants, investment tax credits and local incentives to address the cost difference compared to overseas expansion.

關於潛在的美國擴張計劃，我們在2024 財年的資本支出計劃中假設了CHIPS 補助金。我們計劃的愛達荷州和紐約項目要求美光獲得足夠的CHIPS 補助金、投資稅收抵免和地方激勵措施，以解決與其他公司相比的成本差異海外擴張。

I will now turn it over to Mark for our financial results and outlook.

我現在將把我們的財務表現和前景轉交給馬克。

Thanks, Sanjay, and good afternoon, everyone. Micron delivered strong results in fiscal Q2 with revenue, gross margin and EPS well above the high end of the guidance ranges provided in our last earnings call. Much improved market conditions, along with the team's excellent execution on pricing, products and operations, drove the strong financial results.

謝謝桑傑，大家下午好。美光在第二財季取得了強勁的業績，收入、毛利率和每股收益遠高於我們上次財報電話會議中提供的指導範圍的上限。市場狀況的大幅改善，加上團隊在定價、產品和營運方面的出色執行力，推動了強勁的財務表現。

Total fiscal Q2 revenue was $5.8 billion, up 23% sequentially and up 58% year-over-year. Fiscal Q2 DRAM revenue was approximately $4.2 billion, representing 71% of total revenue. DRAM revenue increased 21% sequentially with bit shipments increasing by a low single-digit percentage and prices increasing by high teens.

第二財季總營收為 58 億美元，季增 23%，年增 58%。第二財季 DRAM 營收約 42 億美元，佔總營收的 71%。 DRAM 營收季增 21%，位出貨量增幅僅為個位數百分比，而價格增幅則高達十位數。

Fiscal Q2 NAND revenue was approximately $1.6 billion, representing 27% of Micron's total revenue. NAND revenue increased 27% sequentially with bit shipments decreasing by a low single-digit percentage and prices increasing by over 30%.

第二財季 NAND 營收約 16 億美元，佔美光總營收的 27%。 NAND 收入環比增長 27%，位出貨量下降了個位數百分比，而價格上漲了 30% 以上。

Now turning to revenue by business unit. Compute and Networking Business Unit revenue was $2.2 billion, up 26% sequentially. Data center revenue grew robustly, and cloud more than doubled sequentially.

現在轉向按業務部門劃分的收入。計算和網路業務部門營收為 22 億美元，比上一季成長 26%。資料中心營收強勁成長，雲端收入連續成長一倍以上。

Revenue for the Mobile Business Unit was $1.6 billion, up 24% sequentially as an expected decline in volume was more than offset by improved pricing. Embedded Business Unit revenue was $1.1 billion, up 7% sequentially on solid demand for leading-edge products in the industrial market.

行動業務部門的營收為 16 億美元，季增 24%，預期銷售下降被定價改善所抵銷。由於工業市場對領先產品的強勁需求，嵌入式業務部門營收為 11 億美元，較上季成長 7%。

Revenue for the Storage Business Unit was $905 million, up 39% sequentially with strong double-digit growth across all end markets. Data center SSD revenue more than doubled from a year ago driven by share gains from Micron's products.

儲存業務部門的營收為 9.05 億美元，季增 39%，所有終端市場均達到強勁的兩位數成長。在美光產品佔有率成長的推動下，資料中心 SSD 營收比一年前成長了一倍以上。

The consolidated gross margin for fiscal Q2 was 20%, up 19 percentage points sequentially driven by higher pricing. Fiscal Q2 gross margins benefited from $382 million associated with selling the remainder of previously written down inventories.

第二財季的綜合毛利率為 20%，由於定價上漲，季增了 19 個百分點。第二財季毛利率受益於出售先前減記的剩餘庫存而產生的 3.82 億美元。

In the second fiscal quarter, underutilization charges were modest and related to our legacy manufacturing capacity. We expect to sustain these lower levels of underutilization charges moving forward.

在第二財季，未充分利用的費用並不高，這與我們的傳統製造能力有關。我們預計未來將維持較低的未充分利用費用水準。

Operating expenses in fiscal Q2 were $959 million, down $33 million quarter-over-quarter and in line with our guidance range. OpEx was modestly above the midpoint of our guidance range as variable compensation expense was higher on an improved fiscal 2024 outlook.

第二財季的營運支出為 9.59 億美元，季減 3,300 萬美元，符合我們的指導範圍。由於 2024 財年前景改善，變動薪酬費用較高，營運支出略高於我們指引範圍的中點。

We generated operating income of $204 million in fiscal Q2, resulting in an operating margin of 4% and turning positive a quarter earlier than originally forecasted. We recognized a net benefit for income taxes in fiscal Q2 of $294 million. We had previously guided that we would recognize tax expense of $45 million based on expected quarterly results for fiscal Q2.

我們在第二財季實現了 2.04 億美元的營業收入，營業利潤率為 4%，比最初預測提前一個季度轉正。我們確認第二財季所得稅淨收益為 2.94 億美元。我們之前曾指導，我們將根據第二財季的預期季度業績確認 4500 萬美元的稅收費用。

With our improved fiscal 2024 outlook, we can now estimate a more reliable annual effective tax rate and have reverted to a global annual effective tax rate method. The second fiscal quarter tax benefit arises from applying this estimated annual effective tax rate to our year-to-date results.

隨著 2024 財政年度前景的改善，我們現在可以估計更可靠的年度有效稅率，並恢復到全球年度有效稅率方法。第二財季的稅收優惠是將這項估計的年度有效稅率應用於我們的年初至今的業績而產生的。

Non-GAAP diluted earnings per share in fiscal Q2 was $0.42 compared to a loss per share of $0.95 in the prior quarter and a loss per share of $1.91 in the year-ago quarter. Fiscal Q2 EPS benefited from the aforementioned favorable income tax effect of approximately $0.34 per share.

第二財季非公認會計準則攤薄每股收益為 0.42 美元，而上一季每股虧損為 0.95 美元，去年同期每股虧損為 1.91 美元。第二財季每股收益受惠於上述有利的所得稅影響，約為每股 0.34 美元。

Turning to cash flows and capital spending. Our operating cash flows were approximately $1.2 billion in fiscal Q2, representing 21% of revenue. Capital expenditures were $1.2 billion during the quarter, and free cash flow was near breakeven.

轉向現金流和資本支出。第二財季我們的營運現金流約為 12 億美元，佔營收的 21%。本季資本支出為 12 億美元，自由現金流接近損益兩平。

Our fiscal Q2 ending inventory was $8.4 billion or 160 days, roughly in line with the prior quarter. Finished goods were down in the quarter. Our leading-edge supply, both for DRAM and NAND, is very tight. We expect to reduce inventory levels and excluding strategic inventory stock, be within a few weeks of our 120 days target by the end of fiscal 2024. We project DIO improvements to continue into fiscal year 2025.

我們第二財季期末庫存為 84 億美元，即 160 天，與上一季大致持平。本季製成品下降。我們的 DRAM 和 NAND 領先供應都非常緊張。我們預計到 2024 財年末，減少庫存水準（不包括戰略庫存），並在幾週內實現 120 天的目標。我們預計 DIO 的改進將持續到 2025 財年。

On the balance sheet, we held $9.7 billion of cash and investments at quarter end and maintained $12.2 billion of liquidity when including our untapped credit facility. During fiscal Q2, we refinanced approximately $1 billion of existing debt, extending our debt maturities and lowering our near-term borrowing costs. We ended the quarter with $13.7 billion in total debt, low net leverage and a weighted average maturity on our debt of 2031.

在資產負債表上，我們截至季末持有 97 億美元的現金和投資，並在包括未動用的信貸額度在內的情況下保持了 122 億美元的流動性。在第二財季，我們為約 10 億美元的現有債務進行了再融資，延長了債務期限並降低了短期借貸成本。截至本季末，我們的債務總額為 137 億美元，淨槓桿率較低，債務加權平均到期日為 2031 年。

Now turning to our outlook for the fiscal third quarter. Fiscal Q3 bit shipments are expected to be down modestly for DRAM and up somewhat for NAND compared to fiscal Q2 levels. While demand continues to improve, supply is constrained, especially at the leading edge. We expect DIO to improve sequentially in fiscal Q3.

現在轉向我們對第三財季的展望。與第二財季水準相比，第三財季 DRAM 的位元出貨量預計將小幅下降，而 NAND 的位元出貨量將略有上升。儘管需求持續改善，但供應受到限制，尤其是在前沿領域。我們預計 DIO 在第三財季將較上季改善。

Note that fiscal Q2 gross margins had the benefit from previously written down inventories, which have cleared completely in fiscal Q2. Despite this benefit in fiscal Q2, we expect solid sequential improvement in fiscal Q3 gross margins due to robust price increases across both DRAM and NAND. We forecast operating expenses to increase by approximately $30 million in the fiscal third quarter driven by R&D expenses. For the fiscal year, we now project OpEx to be approximately $4 billion.

請注意，第二財季的毛利率受益於先前減記的庫存，這些庫存已在第二財季完全清算。儘管第二財季出現了這一收益，但由於 DRAM 和 NAND 價格強勁上漲，我們預計第三財季毛利率將穩步改善。我們預計，在研發費用的推動下，第三財季營運費用將增加約 3,000 萬美元。我們現在預計本財年的營運支出約為 40 億美元。

Having delivered operating profit in fiscal Q2 ahead of prior expectations, we forecast continued improvement in operating income through the remainder of the year.

由於第二財季的營業利潤超出了先前的預期，我們預計今年剩餘時間營業收入將持續改善。

Based on an improved taxable income outlook, our tax forecast for fiscal year 2024 has increased from our prior projection of over $300 million to approximately $400 million. In fiscal 2025, we expect our annual effective tax rate to be in the mid-teens percentage range.

基於改善的應稅收入前景，我們對 2024 財年的稅收預測從先前超過 3 億美元的預測增加到約 4 億美元。到 2025 財年，我們預計年度有效稅率將在百分之十左右。

We plan fiscal Q3 capital expenditures to be higher than in the second quarter. Our full year fiscal 2024 CapEx plan is unchanged at a range between $7.5 billion and $8 billion. We now expect to generate positive free cash flow in fiscal Q3 and Q4.

我們計劃第三財季資本支出高於第二季。我們的 2024 財年全年資本支出計畫維持在 75 億至 80 億美元之間的範圍不變。我們現在預計第三財季和第四財季將產生正的自由現金流。

With all these factors in mind, our non-GAAP guidance for fiscal Q3 is as follows. We expect revenue to be $6.6 billion, plus or minus $200 million; gross margin to be in the range of 26.5%, plus or minus 150 basis points; and operating expenses to be approximately $990 million, plus or minus $15 million. We expect tax expenses of approximately $240 million.

考慮到所有這些因素，我們對第三財季的非公認會計準則指引如下。我們預計營收為 66 億美元，上下浮動 2 億美元；毛利率在26.5%左右，上下浮動150個基點；營運費用約 9.9 億美元，上下浮動 1,500 萬美元。我們預計稅收支出約為 2.4 億美元。

Based on a share count of approximately 1.1 billion shares, we expect earnings per share of $0.45, plus or minus $0.07.

根據約 11 億股的股數，我們預計每股收益為 0.45 美元，上下浮動 0.07 美元。

In closing, with a significantly improved supply-demand balance in the industry, coupled with excellent execution, Micron is driving a strong inflection in pricing and a richer mix of high-value solutions.

最後，隨著行業供需平衡的顯著改善，加上出色的執行力，美光正在推動定價的強勁變化和更豐富的高價值解決方案組合。

We remain disciplined with our investments in supply growth and focused on driving efficiency across the company. We expect positive free cash flow for the second half of fiscal 2024 and project record revenue in fiscal 2025.

我們仍然嚴格遵守對供應成長的投資，並專注於提高整個公司的效率。我們預計 2024 財年下半年將實現正自由現金流，並預計 2025 財年營收將創下歷史新高。

I will now turn it back over to Sanjay.

我現在將把它轉回桑傑。

Thank you, Mark.

謝謝你，馬克。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please remain on your line. Your program will resume momentarily.

女士們先生們，請保持通話。您的程式將立即恢復。

Can you hear us?

你可以聽見我們嗎？

Yes. Welcome back. Ladies and gentlemen, we will resume.

是的。歡迎回來。女士們先生們，我們繼續。

Yes. We apologize for the technical difficulty here. But operator, if we can go ahead and start the Q&A section, please.

是的。對於這裡的技術困難，我們深表歉意。但是接線員，我們可以開始問答部分嗎？

(Operator Instructions) And our first question comes from the line of Toshiya Hari from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Can you guys hear me okay?

你們聽得到我說話嗎？

Yes, we can.

我們可以。

Okay. Great. Sanjay, on HBM, you mentioned that you continue to expect your market position in '25 or at some point in '25 to be similar to be in line with your overall position in DRAM. Given your revenue outlook for '24, that seems to imply, I don't know, a quadrupling or quintupling of your business in HBM year-to-year.

好的。偉大的。 Sanjay，在 HBM 上，您提到您繼續預計您在 25 年或在 25 年的某個時候的市場地位將與您在 DRAM 中的整體地位保持一致。考慮到你們 24 年的收入前景，我不知道，這似乎意味著你們的 HBM 業務每年將成長四倍或五倍。

I guess part one, am I thinking about the trajectory accurately? And then part two, how should -- what does that mean for your CapEx over the next 12, 18 months and more importantly, your wafer capacity? You mentioned fiscal year '24, you're down low double digits. Is your wafer capacity likely to be down again in fiscal '25?

我想第一部分，我是否準確地考慮了軌跡？然後第二部分，這對您未來 12、18 個月的資本支出，更重要的是，您的晶圓產能意味著什麼？您提到了 24 財年，您的業績下降了兩位數。你們的晶圓產能可能會在 25 財年再次下降嗎？

So HBM3E, first of all, it's a great product, as I mentioned, well received by our customers, high performance and 30% lower power than any other product that's out there. So of course, it has strong demand.

首先，正如我所提到的，HBM3E 是一款出色的產品，深受客戶好評，具有高性能，並且比任何其他產品的功耗低 30%。所以當然，它有強烈的需求。

And as we have highlighted, we are sold out for our calendar year '24 supply, and our calendar year '25 supply is also mostly -- vast majority is already allocated. We are -- we have just begun production shipments, and these will continue to increase through the course of calendar year '24 as well as continue to increase through calendar year '25.

正如我們所強調的，我們的日曆年 '24 供應已售罄，我們的日曆年 '25 供應也大部分 - 絕大多數已經分配。我們剛開始生產出貨，這些出貨量將在 24 日曆年繼續增加，並在 25 日曆年繼續增加。

We are continuing to work on increasing our capacity and making good progress with respect to capacity as well as overall yield and quality. So certainly, in calendar year '25 versus calendar year '24, given that we are just starting our production here now will certainly be a significant growth over our calendar year '24 numbers.

我們正在繼續努力提高產能，並在產能以及整體產量和品質方面取得良好進展。因此，考慮到我們現在剛開始生產，在 25 日曆年與 24 日曆年相比，肯定會比 24 日曆年的數字顯著增長。

And you can look at it same way for fiscal '24 versus '25. So it will be definitely a significant increase with us achieving our share in HBM in line with our industry share sometime in calendar '25.

您可以以同樣的方式看待 24 財年和 25 財年的情況。因此，隨著我們在 HBM 中的份額在 25 年的某個時候達到與我們的行業份額一致的水平，這肯定會顯著增加。

I'm not in a position to spell it out exactly for you in terms of what is the volume increase. But certainly, HBM with our strong product position, it will be a strong driver of revenue growth fiscal year '24 -- fiscal year '25 over fiscal year '24.

我無法準確地為您解釋什麼是成交量增加。但可以肯定的是，HBM 憑藉我們強大的產品地位，將成為 24 財年 - 25 財年比 24 財年收入成長的強大推動力。

Regarding the wafer capacity by end of this fiscal year, we have said low double-digit structural reduction in capacity. And of course, we will be managing this capacity in fiscal year '24. Keeping in mind our focus on supply-demand discipline, staying extremely disciplined with respect to supply growth, staying extremely disciplined with respect to our HBM share as well and managing our technology transitions as we go through the year.

關於本財年末的晶圓產能，我們曾表示產能將出現低兩位數的結構性削減。當然，我們將在 24 財年管理這項產能。請牢記我們對供需紀律的關注，在供應成長方面保持嚴格的紀律，在我們的 HBM 份額方面保持嚴格的紀律，並在這一年中管理我們的技術轉型。

And our CapEx in '25 where in fiscal '25 will be higher than fiscal '24. WFE will be higher as well. And of course, construction CapEx related to the greenfield that is required for the second half of the decade will contribute to some of the CapEx increase in fiscal '25. But some of those details we'll provide you as we get closer to fiscal year '25.

我們在 25 年的資本支出在 25 財年將高於 24 財年。 WFE也會更高。當然，與本十年後半段所需的綠地相關的建設資本支出將有助於 25 財年的部分資本支出增加。但當我們接近第 25 財年時，我們將向您提供其中一些詳細資訊。

So most important thing is that we will manage our wafer capacity technology transitions to really maintain our bit share. That is part of our strategy to have stable bit share even with increasing penetration of HBM. And again, just keep in mind that our overall framework of our CapEx being 35% of our revenue across the cycle still applies.

因此，最重要的是，我們將管理我們的晶圓產能技術轉型，以真正維持我們的比特份額。這是我們即使在 HBM 滲透率不斷提高的情況下也能保持穩定位元份額的策略的一部分。再次強調，請記住，我們的資本支出佔整個週期收入的 35% 的整體框架仍然適用。

And our next question comes from the line of Aaron Rakers from Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Yes. I guess 2 real quick ones. One, I just want to understand or maybe appreciate the context of the accretive nature of the HBM3. I know in the prepared remarks, I think or in the slide deck, it notes that you'll be accretive gross margin from HBM in the current quarter.

是的。我猜有兩個非常快的。第一，我只是想了解或欣賞 HBM3 增值性質的背景。我認為在準備好的評論中或在幻燈片中，它指出您將在本季從 HBM 獲得毛利率增值。

And then I know you talked a little bit about PCs and smartphones. I'm curious of what you're seeing in terms of traditional server demand and whether or not your forecast assumes any improvement of shipments in that end market.

然後我知道您談到了個人電腦和智慧型手機。我很好奇您對傳統伺服器需求的看法，以及您的預測是否假設該終端市場的出貨量有所改善。

So with respect to the accretive nature of HBM, look, HBM carries a higher cost, but it also carries a significantly higher pricing because it brings such great value in the applications in terms of its performance and power. And we are executing well. Our yield ramp is going well as well according to plan.

因此，就 HBM 的增值性質而言，HBM 的成本更高，但定價也明顯更高，因為它在性能和功能方面為應用帶來了巨大的價值。我們執行得很好。我們的產量提升也按計畫順利進行。

And therefore, we are pleased that in this quarter, when we have begun our production shipments, we will be having it accretive to our gross margins in the quarter. And of course, this momentum will continue to build in the quarters ahead.

因此，我們很高興在本季開始生產出貨後，我們將增加本季的毛利率。當然，這種勢頭將在未來幾季繼續增強。

And regarding the second part of your question on traditional server demand, so yes, we do see that in calendar '25, traditional server demand will grow modestly. And of course, it's coming after significant decline in server unit sales in calendar '23.

關於您關於傳統伺服器需求的問題的第二部分，是的，我們確實看到在 25 年日曆中，傳統伺服器需求將適度增長。當然，這是在 2023 年伺服器銷售量大幅下降之後發生的。

We are very pleased to see the increasing momentum of content growth in the traditional server demand, but also AI server units are going up. And we have said overall server units are going up in mid- to high single-digit range with AI server driving a higher growth percentage year-over-year and traditional servers being modest.

我們很高興看到傳統伺服器需求的內容成長勢頭不斷增強，而且人工智慧伺服器單位也在不斷上升。我們已經說過，整體伺服器單位正在中高個位數成長，其中人工智慧伺服器同比成長百分比更高，而傳統伺服器則相對溫和。

And I may have said '25 here. I just want to clarify that I'm talking about 2024 here. So when I'm talking about modest server unit growth, it's referring to 2024 versus 2023.

我可能在這裡說的是「25」。我只是想澄清一下，我在這裡談論的是 2024 年。因此，當我談論伺服器數量的適度增長時，指的是 2024 年與 2023 年。

And we are actually seeing strong demand for both our DRAM products and NAND products in server. And actually, we are shifting some of our portfolio towards the higher mix solutions, HBM being one of them, high-density DIMMs being another one that's in strong demand for server applications and then data center SSDs.

事實上，我們看到伺服器中對我們的 DRAM 產品和 NAND 產品的強勁需求。實際上，我們正​​在將一些產品組合轉向更高組合的解決方案，HBM 是其中之一，高密度 DIMM 是伺服器應用程式和資料中心 SSD 需求旺盛的另一種解決方案。

All of this is -- we are seeing healthy demand drivers. And just remember, we had said that for memory and storage, customer inventories in data center market will be largely normalized in first half of '24. And we are seeing the market play out just as we had predicted several quarters ago.

所有這一切都是——我們看到了健康的需求驅動因素。請記住，我們曾說過，對於內存和存儲，資料中心市場的客戶庫存將在 24 年上半年基本正常化。我們看到市場的發展正如我們幾個季度前的預測一樣。

And our next question comes from the line of CJ Muse from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 CJ Muse 的台詞。

I guess, Sanjay, I would love to hear your thoughts around wafer movement from Big 3 to HBM and what impact that's having on the supply-demand outlook for DDR5 and sort of any context around customer engagement and longer-term projects.

Sanjay，我想我很想聽聽您對晶圓從三大巨頭到 HBM 轉移的看法，以及這對 DDR5 的供需前景以及與客戶參與和長期專案有關的任何背景產生的影響。

And then, Mark, on the gross margin side, you've talked about the inventory previously written down now behind us. Can you walk through the moving parts that should dictate what we're seeing gross margins throughout the remainder of calendar '24?

然後，馬克，在毛利率方面，您談到了之前記下的庫存，現在已經拋在腦後了。您能否詳細介紹一下影響我們在 24 日曆年剩餘時間內看到的毛利率的變化因素？

So on your question regarding wafer shift to HBM, as we have highlighted that HBM3E needs 3x more wafers than -- nearly 3x more wafers than DDR5 in the same technology node of the same capacity to produce the same bits. So this is, of course, highly silicon-intensive technology. And this factor of 3 as a trade ratio between HBM and D5 is really common across the industry.

因此，關於您關於晶圓轉移到HBM 的問題，正如我們強調的那樣，在相同容量的相同技術節點中，HBM3E 需要比DDR5 多3 倍的晶圓，幾乎是3 倍的晶圓才能生產相同的位元.因此，這當然是矽高度密集的技術。 HBM 和 D5 之間的交易比率為 3，在整個行業中確實很常見。

So what -- and HBM demand is increasing rapidly. You see all the recent announcements that are only showing you that even greater attach rate of HBM to the latest GPU solutions that were just announced earlier this week, 192 gigabyte in the Blackwell platforms versus 144 gigabytes. And of course, this is a phenomenon that's occurring across the board. Even today, I think Broadcom talked about how HBM content is going to further increase.

那麼又怎樣——HBM 需求正在迅速成長。您會看到所有最近的公告都只是向您展示本週早些時候剛發布的最新 GPU 解決方案的 HBM 附加率更高，Blackwell 平台中的 192 GB 與 144 GB 相比。當然，這是一種普遍存在的現象。即使在今天，我認為 Broadcom 也談到了 HBM 內容將如何進一步增加。

So HBM is in a high demand growth phase, and this demand growth will continue in terms of bits, in terms of revenue over the course of foreseeable future. And this is putting tremendous pressure on the non-HBM supply.

因此，HBM 正處於需求高成長階段，並且在可預見的未來，這種需求在比特數和收入方面將持續成長。這給非 HBM 供應帶來了巨大壓力。

The trade ratio of 3:1, increasing demand in HBM, increased profitability of HBM is putting a non-HBM part of the memory in tight supply. This is why we say that leading-edge nodes are in very tight supply. And as a result, we would fully expect that D5 as well as other DDR products will improve in their profitability picture as well, given they're very much tight supply there.

3:1的貿易比、HBM需求的增加、HBM獲利能力的提高，使得記憶體中的非HBM部分供應緊張。這就是為什麼我們說前沿節點供應非常緊張。因此，我們完全預期 D5 以及其他 DDR 產品的獲利能力也將得到改善，因為它們的供應非常緊張。

And of course, HBM being in a strong position, when you look at the LTAs, we have talked to you about our supply already being locked up for '24 and '25. And this then increases our confidence in our D5 as well as LP5, LTA positions with the customers.

當然，HBM 處於強勢地位，當您查看長期協議時，我們已經與您討論過我們的供應已鎖定 '24 和 '25。這增強了我們對 D5 以及 LP5、LTA 客戶地位的信心。

CJ, it's Mark. On the gross margin side, as you mentioned, it's been a tough year plus, 1.5 years on a lot of timing differences. Difficult to gauge cost downs and gross margin progression, underutilization (inaudible), lower node transitions, structural capacity reduction and so forth that were contributing to weaker cost downs.

CJ，我是馬克。在毛利率方面，正如您所提到的，這是艱難的一年，1.5 年有很多時間差異。難以衡量成本下降和毛利率進展、利用率不足（聽不清楚）、較低的節點轉換、結構性產能減少等導致成本下降幅度減弱。

And as you mentioned, the lower -- the written down inventories finally cleared in the second quarter. It was a bit of a headwind actually in the sense that it was less of a benefit than the first quarter. So -- but still, nonetheless, it was a favorable benefit that we will not get in the third quarter.

正如您所提到的，較低的減記庫存最終在第二季清理完畢。實際上，這有點不利，因為它的效益不如第一季。因此，儘管如此，這仍然是我們在第三季無法獲得的有利好處。

And then the period costs also reduced from first to second quarter. So we're now under $50 million on period costs related to underutilization. As I mentioned in my comments, at some -- that's legacy-related capacity now only, and that would continue going forward.

然後第一季到第二季的期間成本也有所下降。因此，我們目前因未充分利用而產生的期間成本不足 5,000 萬美元。正如我在評論中提到的，在某些方面，這只是現在與遺留相關的能力，並且將繼續向前發展。

So now we see more normal conditions on cost downs and related margin effects. We see node transitions occurring. Those are positive. The underutilization effects are fading away, as we mentioned. We're getting volume leverage and the associated absorption and then just the business being able to focus on efficiency. So as we mentioned before, we're now in the front end would expect mid- to high single-digit cost downs as normal.

因此，現在我們看到成本下降和相關利潤影響更加正常。我們看到節點轉換正在發生。這些都是正面的。正如我們所提到的，未充分利用的影響正在消失。我們正在獲得銷售槓桿和相關的吸收，然後企業就能夠專注於效率。因此，正如我們之前提到的，我們現在處於前端，預計成本會像往常一樣出現中高個位數的下降。

I think that as you look forward, and Sanjay alluded to this, you will begin to see the costs related to HBM weigh on our cost down performance. Now it's a good trade, of course, because the mix is favorable, the price is higher on those products. So it's an accretive margin trade, but that will impact the cost downs.

我認為，當您展望未來時（Sanjay 也提到過這一點），您將開始看到與 HBM 相關的成本對我們的成本降低績效產生影響。當然，現在這是一筆很好的交易，因為組合很有利，這些產品的價格更高。因此，這是一項增值的保證金交易，但這將影響成本的下降。

And our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Timothy Arcuri。

Sanjay, I had a question just around the tenor of the discussions that you're having with your customers. I mean the industry is bigger this year in terms of bits. It sounds like mostly due to a higher baseline coming off last year. But it sounds like supply hasn't really increased to match that higher bits this year. So the balance has gotten even tighter over the past 3 months.

Sanjay，我有一個關於您與客戶討論的主題的問題。我的意思是，今年這個行業的規模更大了。聽起來主要是因為去年基線較高。但聽起來供應量並沒有真正增加以匹配今年的更高位。因此，過去三個月的平衡變得更加緊張。

So how has that changed the dynamics of your discussions with your customers? I know you had a $600 million prepay last quarter. Did you get any prepays this quarter? Are you talking about new sort of contract structures with customers where they maybe fund some of your CapEx? Can you kind of talk about all that?

那麼，這如何改變了您與客戶討論的動態呢？我知道您上個季度有 6 億美元的預付款。本季您收到預付款嗎？您是否在談論與客戶的新型合約結構，他們可能會為您的部分資本支出提供資金？你能談談這一切嗎？

So just keep in mind that in fiscal year '24 or calendar '24 versus '23, the shipments will increase substantially. And as you noted, I mean, the year-over-year increase in shipments will be substantial.

因此請記住，在 24 財年或日曆 24 與 23 相比，出貨量將大幅增加。正如您所指出的，我的意思是，出貨量將比去年同期大幅增長。

And as you noted, the supply is very tight. Supply is tight due to the factors that we have discussed before. Due to the downturn that the industry experienced last year, CapEx cuts were made, utilization cuts were made, structural shift from traditional older nodes to newer nodes of equipment was made in order to support the leading-edge nodes. And that resulted in a structural reduction in wafer capacity in the industry as well.

正如您所指出的，供應非常緊張。由於我們之前討論過的因素，供應緊張。由於去年行業經歷的低迷，削減了資本支出，削減了利用率，進行了從傳統舊節點到更新設備節點的結構性轉變，以支持領先的節點。這也導致了該行業晶圓產能的結構性減少。

And then there is the HBM factor, the trade ratio 3:1 that I have discussed today. All of this has contributed to a very tight supply situation. And as I noted earlier in my remarks, non-HBM supply is tight. So some of our discussions with customers, particularly with respect to HBM, when we talk about that HBM is sold out, those type of contracts have both pricing as well as volumes as well as other stricter terms baked in as part of our LTAs.

然後是HBM因素，我今天討論的貿易比率3:1。所有這些都導致​​供應情況非常緊張。正如我之前在發言中指出的，非 HBM 供應緊張。因此，我們與客戶的一些討論，特別是關於 HBM 的討論，當我們談論 HBM 已售完時，這些類型的合約都有定價、數量以及其他更嚴格的條款，作為我們的長期協議的一部分。

And 2024 volume as well as pricing is all locked up. 2025, as I mentioned, the volumes are largely allocated. A vast majority of our production supply is allocated, and some of the pricing is already firmed up.

2024 年的銷售和定價都已鎖定。正如我所提到的，到 2025 年，數量大部分已分配。我們的絕大多數生產供應都已分配，並且部分定價已經確定。

Keep in mind, this has never happened before, right, that we are talking about 2025, and we are sitting in CQ1, and we already have so much discussion around supply and pricing for 2025 getting locked up here as we speak.

請記住，這種情況以前從未發生過，對吧，我們正在談論2025 年，而且我們正處於CQ1，我們已經就2025 年的供應和定價進行了很多討論，就在我們發言時，這些討論被鎖定在這裡。

And of course, this is then, as I said earlier, impacting our -- in a positive way, our discussions with non-HBM part of the market with other customers. And so, I mean, this overall tight supply environment bodes well for our ability to manage the pricing increases as well as keep an eye on demand-supply balance and remain extremely disciplined in driving the growth of our business in revenue and profits while continuing to execute our strategy of maintaining stable bit share. So leading edge is very tight, and we are continuing to work on maximizing our output, which means leading edge is running at full utilization at this point.

當然，正如我之前所說，這會以積極的方式影響我們與非 HBM 市場部分以及其他客戶的討論。因此，我的意思是，這種整體緊張的供應環境預示著我們有能力管理價格上漲，專注於供需平衡，並在推動我們業務收入和利潤增長的同時繼續保持嚴格的紀律。執行我們保持穩定比特份額的策略。因此，前沿非常緊張，我們正在繼續努力最大化我們的輸出，這意味著前沿在這一點上正在充分利用。

Great. But I guess that means that there were no prepays this quarter, correct?

偉大的。但我想這意味著本季沒有預付款，對嗎？

Well, we have not commented on that. We have not provided any color on that.

嗯，我們還沒有對此發表評論。我們沒有對此提供任何顏色。

And our next question comes from the line of Joseph Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

The 128 gig that you talked about getting qualified, it seems like that's a pretty important market in AI. And you guys are approaching it monolithically where I know your competitor has used this packed approach. Can you talk about the reception to that, and you spoke of several hundred million. How big do you think that opportunity could be?

你所說的 128 份獲得資格的工作，似乎是人工智慧領域一個非常重要的市場。你們正在單一地處理它，我知道你們的競爭對手已經使用了這種打包方法。您能談談對此的反應嗎？您談到了數億美元。您認為這個機會有多大？

As I said, I mean, in my prepared remarks, that this product has very strong customer pull. This really offers significantly improved latency as well as energy efficiency. And this is simply due to the architecture that we chose to pursue fully focusing on what is ultimately important to our customers.

正如我所說，我的意思是，在我準備好的演講中，該產品具有非常強大的客戶吸引力。這確實顯著改善了延遲和能源效率。這只是由於我們選擇追求的架構完全專注於對客戶最終重要的事情。

This mono die architecture just gives you -- versus a stacked architecture gives you the benefit of more simplified interconnect, which results in power efficiency as well as greater performance advantage. So yes, I mean, we are seeing strong reception to this product. And this will -- we have said that this will have a meaningful revenue this fiscal quarter for us and several hundred million dollars of revenue in our fiscal 2024. So clearly on a strong growth rate.

與堆疊架構相比，這種單晶晶片架構為您提供了更簡化的互連，從而提高了功率效率以及更大的效能優勢。所以，是的，我的意思是，我們看到了對該產品的強烈歡迎。我們已經說過，這將在本財季為我們帶來有意義的收入，並在 2024 財年為我們帶來數億美元的收入。顯然，成長率強勁。

And our goal, again, would be to continue to manage the mix of our business across our portfolio in a prudent fashion so that we continue to shift the mix of our products towards more profitable parts of the business, particularly like data centers, solutions, including these high-capacity DIMMs that we just discussed as -- HBM, data center, SSD. So all of this really just shows you that how we are continuing to deliver successfully on strengthening our product portfolio and targeted -- targeting it towards increasing the mix of our business towards more profitable parts of the market.

我們的目標再次是繼續以謹慎的方式管理我們整個投資組合的業務組合，以便我們繼續將我們的產品組合轉向更有利可圖的業務部分，特別是資料中心、解決方案、包括我們剛才討論的這些大容量DIMM——HBM、資料中心、SSD。因此，所有這一切實際上只是向您展示了我們如何繼續成功地加強我們的產品組合和目標——將其瞄準增加我們的業務組合，以實現更有利可圖的市場部分。

And our next question comes from the line of Brian Chin from Stifel.

我們的下一個問題來自 Stifel 的 Brian Chin。

Great. Congratulations on the results. I guess it is sort of an extrapolation question. But if HBM worth 20% of Micron DRAM revenue, and you have said that, again, at some point next year, you think on a bit basis, it could be equivalent to your market share, that HBM were 20% of Micron DRAM revenue as opposed to a much lower percentage today. Could you maybe help quantify how accretive to gross margins as that richer mix would represent?

偉大的。祝賀結果。我想這是一個推斷問題。但是，如果 HBM 佔美光 DRAM 收入的 20%，並且您再次說過，在明年的某個時候，您認為在一點基礎上，它可能相當於您的市場份額，即 HBM 佔美光 DRAM 收入的 20%而今天的比例則低得多。您能否協助量化更豐富的組合對毛利率的增加程度？

Yes. Brian, it's Mark. We won't break it out specifically, but maybe just to give you a sense of the trajectory of gross margins. The increase from first quarter of 1% to 20% in the second quarter was dominantly price. And obviously, a lot of other things going on, but the dominant feature of that increase was price.

是的。布萊恩，是馬克。我們不會具體分解它，但也許只是為了讓您了解毛利率的軌跡。從第一季的1%上升到第二季的20%，主要是價格的上漲。顯然，還有很多其他事情正在發生，但成長的主要特徵是價格。

Likewise, in the 20% second quarter actuals to the 26.5% guide, price remains the largest contributor. And offsetting part of that is, of course, what CJ mentioned on the benefit of those lower cost inventories fade away. So -- but price is still the largest factor.

同樣，在第二季度實際值佔指導值 26.5% 的 20% 中，價格仍然是最大的貢獻者。當然，CJ 提到的低成本庫存的好處逐漸消失，部分抵消了這種影響。所以——但價格仍然是最大的因素。

But (inaudible) begins to come in are both a resumption of cost downs. And then we're starting to see some favorable mix effects for the products that Sanjay talked about, including HBM. And then as we move into the fourth quarter, where we would expect a margin increase comparable to the levels that we saw second to third quarter. That becomes more balanced between price effects and product mix effects and cost downs. And most notably, HBM begins to become more material. And that would then proceed into '25.

但（聽不清楚）開始出現的是成本下降的恢復。然後我們開始看到 Sanjay 談到的產品（包括 HBM）產生了一些有利的混合效應。然後，當我們進入第四季度時，我們預計利潤率增幅將與第二季至第三季的水平相當。價格效應、產品組合效應和成本下降之間變得更加平衡。最值得注意的是，HBM 開始變得更加物質化。然後這將持續到'25。

As we look in '25, we see continued pricing strength in '25. We see favorable product mixes -- product mix in '25. And then our cost downs, excluding the HBM effects, we expect to have good cost down, all contributing to margin expansion.

展望 25 年，我們看到 25 年的定價持續走強。我們看到了有利的產品組合—25 年的產品組合。然後我們的成本下降，排除 HBM 效應，我們預計成本會大幅下降，所有這些都有助於利潤率擴張。

And for our last question for today comes from the line of Chris Danely from Citi.

今天我們的最後一個問題來自花旗集團的克里斯丹利 (Chris Danely)。

I guess just another multipart question on margins like everybody else. So you mentioned that there's still some underutilization charges related to legacy manufacturing capacity. When do those go away?

我想這只是另一個關於邊緣的多部分問題，就像其他人一樣。因此，您提到仍有一些與遺留製造產能相關的未充分利用費用。那些什麼時候消失？

And then as a follow-up to all these HBM margin questions. Can you just talk about the gross margin arc of your HBM products as more competition and capacity comes on to the market? Like when would the gross margins peak and then start to decline as Samsung starts to increase capacity, your capacity goes up, all that stuff?

然後作為所有這些 HBM 保證金問題的後續行動。隨著市場競爭的加劇和產能的增加，您能否談談您的 HBM 產品的毛利率曲線？就像毛利率什麼時候會達到頂峰然後開始下降，因為三星開始增加產能，你的產能上升，所有這些東西？

I'll deal with the first question. On the underutilization charges, Chris, they went from, I think it was 1 65 in the first quarter down to under $50 million in the second quarter. We believe they'll stay at low levels well below 50 for the foreseeable future. So we'll no longer comment on those. And again, as I mentioned in my comments, they're related to the legacy capacity.

我來處理第一個問題。關於未充分利用費用，克里斯，他們從第一季的 1 65 美元下降到第二季的 5000 萬美元以下。我們相信，在可預見的未來，它們將保持在遠低於 50 的低水平。所以我們不會再對這些發表評論。再次，正如我在評論中提到的，它們與遺留容量有關。

And regarding your question on gross margin projections for HBM, so we are not going to do that here. We are totally focused on increasing our production capability and bringing in 2025 a bit share for HBM to be in line with our DRAM share.

關於您關於 HBM 毛利率預測的問題，所以我們不打算在這裡這樣做。我們完全專注於提高我們的生產能力，並在 2025 年為 HBM 帶來與我們的 DRAM 份額一致的比特份額。

And of course, this will bring about greater profitability opportunities, but we are really not projecting pricing of HBM here in the future. But clearly, HBM brings tremendous value in the applications. You are seeing these new platforms that are hungry for more HBM, and HBM has been in shortage, and we have talked about our '24 and '25 supply being spoken for.

當然，這將帶來更大的獲利機會，但我們確實不會預測 HBM 未來的定價。但顯然，HBM 為應用帶來了巨大的價值。您會看到這些新平台渴望更多 HBM，而 HBM 一直短缺，我們已經討論了我們的 '24 和 '25 供應。

So all of that, I think, bodes well for high revenue growth and highly profitable HBM business for us. And of course, we will stay extremely focused on maintaining discipline, maintaining our CapEx discipline and maintaining our share target discipline for HBM and really staying very disciplined on overall supply growth being in line with our DRAM share for the whole DRAM part of our business. So I think these will be key as we continue to look ahead at our execution and driving our opportunities forward.

因此，我認為，所有這些都預示著我們 HBM 業務的高收入成長和高利潤。當然，我們將極其註重維持紀律，維持我們的資本支出紀律和維持 HBM 的份額目標紀律，並真正嚴格遵守整體供應增長的要求，與我們整個 DRAM 業務部分的 DRAM 份額保持一致。因此，我認為，當我們繼續展望我們的執行並推動我們的機會向前發展時，這些將是關鍵。

This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝女士們先生們的參與。您現在可以斷開連線。再會。