美光科技 (MU) 2024 Q3 法說會逐字稿

Thank you for standing by. Welcome to Micron Technology's fiscal third-quarter 2024 financial results conference mode. (Operator Instructions) As a reminder, today's program is being recorded.

謝謝你的支持。歡迎來到美光科技 2024 財年第三季財務業績發表會模式。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now, I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.

現在，我想介紹一下今天節目的主持人，投資者關係部門的 Satya Kumar。請繼續，先生。

Thank you, and welcome to Micron Technology's fiscal third-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 年第三季財務電話會議。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 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.

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。

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 at MicronTech.

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 MicronTech 的 X 上關注我們。

As a reminder, the matters we are discussing today include forward-looking statements regarding marketdemand and supply, market and pricing trends and drivers, the impact of new technologies such as AI,product ramp plans and market position, our expected results and guidance, and other matters. Theseforward-looking statements are subject to risks and uncertainties that may cause actual results to differmaterially from statements made today.

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、人工智慧等新技術的影響、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。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。

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. 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.

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。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。

With that, let me turn the call over to Sanjay.

接下來，讓我將電話轉給 Sanjay。

Thank you, Satya. Good afternoon, everyone.

謝謝你，薩蒂亞。大家下午好。

I am pleased to report that Micron delivered fiscal Q3 revenue, gross margin, and EPS all above the high end of guidance ranges. Micron drove robust price increases as industry supply-demand conditions continued to improve. This improved pricing, combined with our strengthening product mix, resulted in increased profitability across all our end markets.

我很高興地報告，美光第三財季的營收、毛利率和每股盈餘都高於指引範圍的高端。隨著產業供需狀況持續改善，美光推動價格大幅上漲。這種改進的定價加上我們不斷加強的產品組合，提高了我們所有終端市場的獲利能力。

In data center, rapidly growing AI demand enabled us to grow our revenue by over 50% on a sequential basis. And we grew share in high-margin, AI-related product categories such as HBM, high-capacity DIMMs, and data center SSDs.

在資料中心，快速成長的人工智慧需求使我們的收入較上季成長了 50% 以上。我們在 HBM、大容量 DIMM 和資料中心 SSD 等高利潤 AI 相關產品類別中的份額有所成長。

Our mix of data center revenue is on track to reach record levels in fiscal 2024 and to grow significantly from there in fiscal 2025.

我們的資料中心收入組合預計在 2024 財年達到創紀錄水平，並在 2025 財年大幅成長。

Robust AI-driven demand for data center products is causing tightness on our leading-edge nodes. consequently, we expect continued price increases throughout calendar 2024 despite only steady near-term demand in PCs and smartphones.

人工智慧驅動的對資料中心產品的強勁需求正在導致我們的前沿節點緊張。因此，儘管個人電腦和智慧型手機的近期需求穩定，但我們預計 2024 年價格將持續上漲。

As we look ahead to 2025, demand for AI PCs and AI smartphones and continued growth of AI in the data center create a favorable setup that gives us confidence that we can deliver a substantial revenue record in fiscal 2025, with significantly improved profitability underpinned by our ongoing portfolio shift to higher-margin products.

展望2025 年，對人工智慧PC 和人工智慧智慧型手機的需求以及資料中心人工智慧的持續成長創造了有利的環境，使我們有信心在2025 財年實現可觀的收入記錄，並在我們的支持下顯著提高獲利能力。

Micron is ramping the industry’s most advanced technology nodes in both DRAM and NAND. Over 80% of our DRAM bit production is now on leading-edge 1-alpha and 1-beta nodes. Over 90% of our NAND bit production is on our two leading-edge NAND nodes.

美光正在 DRAM 和 NAND 領域提升業界最先進的技術節點。我們超過 80% 的 DRAM 位元生產現在都在領先的 1-alpha 和 1-beta 節點上進行。我們超過 90% 的 NAND 位元生產是在我們的兩個領先的 NAND 節點上進行的。

1-gamma DRAM pilot production using extreme ultraviolet lithography is progressing well, and we are on track for volume production in calendar 2025. Our next-generation NAND node is also on track, with high-volume production planned for calendar 2025.

使用極紫外光刻技術的 1-gamma DRAM 試生產進展順利，我們預計在 2025 年實現量產。

We experienced some operational disruptions after the recent Taiwan earthquake but were able to recover quickly, thanks to diligent efforts from Micron Taiwan team members working together with our global operations teams. Despite impacts from the earthquake, we now expect our fiscal 2024 DRAM front-end cost reductions, excluding HBM, to be in the high single-digits percentage range.

最近的台灣地震後，我們經歷了一些營運中斷，但由於美光台灣團隊成員與全球營運團隊的共同努力，我們能夠迅速恢復。儘管受到地震的影響，我們現在預計 2024 財年 DRAM 前端成本削減（不包括 HBM）將處於高個位數百分比範圍內。

We expect our fiscal 2024 NAND front-end cost reductions to be in the low-teens percentage range. These cost reductions are supported by our industry-leading 1-beta DRAM and 232-layer NAND nodes.

我們預計 2024 財年 NAND 前端成本降低幅度將在百分之十左右。我們業界領先的 1-beta DRAM 和 232 層 NAND 節點為這些成本降低提供了支援。

During the quarter, Micron signed a non-binding preliminary memorandum of terms, or PMT, with the USgovernment for $6.1 billion in grants under the CHIPS and Science Act. These grants support our plannedleading-edge memory manufacturing expansions in Idaho and New York.

本季度，美光與美國政府簽署了一份不具約束力的初步條款備忘錄 (PMT)，根據《CHIPS 和科學法案》撥款 61 億美元。這些贈款支持我們計劃在愛達荷州和紐約進行領先的記憶體製造擴張。

Federal and state incentives, projected power-cost advantages, and R&D co-location synergies will enable Micron to achieve cost-competitive, leading-edge memory manufacturing in the United States when these projects reach efficient manufacturing scale. Fab construction in Idaho is underway, and we are working diligently to complete the regulatory and permitting processes in New York.

當這些項目達到高效的製造規模時，聯邦和州的激勵措施、預計的電力成本優勢以及研發協同效應將使美光能夠在美國實現具有成本競爭力的領先記憶體製造。愛達荷州的晶圓廠建設正在進行中，我們正在努力完成紐約的監管和許可程序。

This additional leading-edge greenfield capacity, along with continued technology transition investments in our Asia facilities, is required to meet long-term demand in the second half of this decade and beyond. These investments support our objective to maintain our current bit share over time and to grow our memory bit supply in line with long-term industry bit demand. Micron retains flexibility under the PMT to manage construction and timing of supply growth in a manner that allows us to remain responsive to marketconditions.

需要這種額外的領先綠地產能，以及對我們亞洲設施的持續技術轉型投資，才能滿足本十年後半葉及以後的長期需求。這些投資支持我們的目標，即隨著時間的推移維持當前的位份額，並根據長期的行業位需求增加我們的記憶體位供應。美光在 PMT 下保留了靈活性，可以管理建造和供應成長的時間安排，使我們能夠保持對市場狀況的回應。

Now turning to our end markets. We are in the early innings of a multi-year race to enable artificial general intelligence, or AGI, which will revolutionize all aspects of life, enabling AGI will require training ever-increasing model sizes with trillions of parameters and sophisticated servers for inferencing. AI will also permeate to the edge via AI PCs and AI smartphones, as well as smart automobiles and intelligent industrial systems.

現在轉向我們的終端市場。我們正處於實現通用人工智慧（AGI）的多年競賽的早期階段，這將徹底改變生活的各個方面，實現 AGI 將需要訓練具有數萬億個參數和複雜推理伺服器的不斷增加的模型大小。人工智慧也將透過人工智慧PC、人工智慧智慧型手機、智慧型汽車、智慧工業系統向邊緣滲透。

These trends will drive significant growth in the demand for DRAM and NAND. And we believe that Micron will be one of the biggest beneficiaries in the semiconductor industry of the multi-year growth opportunity driven by AI.

這些趨勢將推動 DRAM 和 NAND 需求的顯著成長。我們相信，美光將成為人工智慧驅動的多年成長機會的半導體產業的最大受益者之一。

Most data center customer inventories have normalized, and demand from customers continues to strengthen. PC and smartphone customers have built additional inventories due to the rising price trajectory, the anticipated growth in AI PCs and AI smartphones, as well as the expectation of tight supply as an increasing portion of DRAM and NAND output is dedicated to meeting growing data center demand. Due to expectations for continued leading-edge node tightness, we are seeing increased interest from many customers across market segments to secure 2025 long-term agreements ahead of their typical schedule.

大多數資料中心客戶庫存已經正常化，客戶需求持續增強。由於價格軌跡上漲、AI PC 和AI 智慧型手機的預期成長，以及由於DRAM 和NAND 產量越來越多地致力於滿足不斷增長的資料中心需求而導致供應緊張的預期，PC 和智慧型手機客戶已經建立了額外的庫存。由於對前沿節點持續緊張的預期，我們看到各個細分市場的許多客戶對提前達成 2025 年長期協議的興趣日益濃厚。

In data center, industry server unit shipments are expected to grow in the 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，受人工智慧伺服器強勁成長和傳統伺服器恢復溫和成長的推動，預計到 2024 年，產業伺服器單位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。

Recently, our customers have announced their long-term AI server product roadmaps, with an annual cadence of new products with significantly improved capabilities for the next several years. Micron’s technology and product leadership puts us in an excellent position to support this growth.

最近，我們的客戶公佈了他們的長期人工智慧伺服器產品路線圖，未來幾年每年都會推出功能顯著提高的新產品。美光科技的技術和產品領先地位使我們處於支持這一成長的絕佳位置。

Customers continue to provide feedback that our HBM3E solution has 30% lower power consumption compared to competitors’ solutions. Our HBM shipment ramp began in fiscal Q3, and we generated over $100 million in HBM3E revenue in the quarter at margins accretive to DRAM and overall companymargins.

客戶不斷反饋稱，與競爭對手的解決方案相比，我們的 HBM3E 解決方案功耗降低了 30%。我們的 HBM 出貨量從第三財季開始成長，本季 HBM3E 營收超過 1 億美元，利潤率增加了 DRAM 和公司整體利潤率。

We expect to generate several hundred million dollars of revenue from HBM in fiscal 2024 and multiple billions of dollars in revenue from HBM in fiscal 2025. We expect to achieve HBM market share commensurate with our overall DRAM market share sometime in calendar 2025.

我們預計在2024 財年從HBM 獲得數億美元的收入，在2025 財年從HBM 獲得數十億美元的收入。份額。

Our HBM is sold out for calendar 2024 and 2025, with pricing already contracted for the overwhelming majority of our 2025 supply.

我們的 HBM 在 2024 年和 2025 年已售罄，2025 年絕大多數供應的定價已簽訂合約。

We are making significant strides toward expanding our HBM customer base in calendar 2025, as we design-in our industry-leading HBM technology with major HBM customers. We have sampled our 12-high HBM3E product and expect to ramp it into high-volume production in calendar 2025 and increase in mix throughout 2025.

隨著我們與主要 HBM 客戶一起設計業界領先的 HBM 技術，我們將在 2025 年擴大 HBM 客戶群方面取得重大進展。我們已經對 12 軸 HBM3E 產品進行了採樣，預計將在 2025 年投入大批量生產，並在 2025 年增加產品組合。

We have a robust roadmap for HBM and are confident we will maintain our technology leadership with HBM4 and HBM4E. Our next generations of HBM will provide further performance and capacity enhancements while we continue to evolve our industry-leading low-power innovations.

我們擁有穩健的 HBM 路線圖，並且有信心透過 HBM4 和 HBM4E 保持我們的技術領先地位。我們的下一代 HBM 將提供進一步的效能和容量增強，同時我們將繼續發展業界領先的低功耗創新。

We achieved full validation on our 1-beta, 32-gigabit monolithic-die-based, 128GB high-capacity server DIMM products and are on track to achieve several hundred million dollars of revenue from high-capacity DIMMs in the second half of fiscal 2024. Additionally, we continue to see strong interest in our industry-leading 1-beta LPDRAM in data center applications.

我們對 1-beta、基於單晶片的 32GB、128GB 高容量伺服器 DIMM 產品進行了全面驗證，並預計在 2024 財年下半年從高容量 DIMM 中實現數億美元的收入此外，我們繼續看到人們對我們業界領先的1-beta LPDRAM 在資料中心應用的濃厚興趣。

Data center SSD is in the midst of a strong demand recovery as customers have worked through their 2023 inventory. Hyperscale demand is improving, driven primarily by AI training and inference infrastructure, and supplemented by the start of a recovery of traditional compute and storage infrastructure demand.

隨著客戶耗盡 2023 年的庫存，資料中心 SSD 正處於強勁的需求復甦之中。超大規模需求正在改善，主要由人工智慧訓練和推理基礎設施推動，並以傳統運算和儲存基礎設施需求開始復甦為輔。

Micron is gaining share in data center SSDs as we reach new revenue and market share records in this important product category. During the quarter, we more than tripled bit shipments of our 232-layer-based 6500 30-terabyte SSDs, which offer best-in-class performance, reliability, and endurance for AI data lake applications. We continued our leadership and innovation by becoming the first NAND vendor to supply 200-plus-layer QLC for the enterprise storage market.

隨著我們在這一重要產品類別中創下新的收入和市場份額記錄，美光在資料中心 SSD 領域的份額正在不斷增加。本季度，我們基於 232 層的 6500 30 TB SSD 的位元出貨量增加了兩倍以上，為 AI 資料湖應用程式提供一流的效能、可靠性和耐用性。我們持續保持領先地位和創新，成為第一家為企業儲存市場提供 200 層以上 QLC 的 NAND 供應商。

In PC, unit volumes remain on track to grow in the low single-digit range for calendar 2024. We are optimistic that the planned Windows 10 end of life in 2025, the launch of Windows 12, and the introduction of a new generation of AI PCs will accelerate the PC replacement cycle starting in late calendar 2024. The PC replacement cycle should gather momentum through calendar 2025 as new AI applications are rolled out.

在 PC 領域，到 2024 年，單位銷售仍將在低個位數範圍內成長。加速PC 更換週期。

During Computex in Taiwan, we saw several announcements of next-generation chipsets and AI PCs. These devices feature high-performance neural processing unit chipsets, and we expect these devices will have 40% to 80% more DRAM content than today’s average PC.

在台灣台北國際電腦展期間，我們看到了幾款下一代晶片組和人工智慧電腦的發布。這些設備配備高效能神經處理單元晶片組，我們預計這些設備的 DRAM 含量將比當今的普通 PC 多 40% 到 80%。

Microsoft’s minimum system requirement for Copilot+ PCs, such as the Surface Pro, is 16 gigabyte of DRAM. We expect next-gen AI PCs to make up a meaningful portion of total PC units in calendar 2025, growing each year until most PCs ultimately support next-gen AI PC specs. AI PCs are also likely to require higher performance and higher average capacity SSDs than traditional PCs, aligning well with our leading technology portfolio on our 232-layer NAND with our performance 3500 SSD and our industry-leading value QLC 2500 NVMe SSDs.

Microsoft 對 Copilot+ PC（例如 Surface Pro）的最低系統需求是 16 GB DRAM。我們預計，到 2025 年，下一代 AI PC 將在 PC 總量中佔據相當大的比例，並且每年都會成長，直到大多數 PC 最終支援下一代 AI PC 規格。與傳統PC 相比，AI PC 也可能需要更高的效能和更高的平均容量SSD，這與我們在232 層NAND 上的領先技術組合、效能3500 SSD 和業界領先的價值QLC 2500 NVMe SSD 非常吻合。

Turning to mobile. Smartphone unit volumes in calendar 2024 remain on track to grow in the low- to mid-single-digit percentage range. Leading smartphone OEMs recently announced new AI capabilities, and we are optimistic that delivering high-quality AI experiences can accelerate the smartphone refresh cycle.

轉向移動。 2024 年智慧型手機銷售仍將在低至中個位數百分比範圍內成長。領先的智慧型手機 OEM 廠商最近宣布了新的 AI 功能，我們樂觀地認為，提供高品質的 AI 體驗可以加快智慧型手機的更新週期。

Smartphones have tremendous potential for personalized AI capabilities that offer greater security and responsiveness when executed on device. Micron's leading LP5X is enabling the recent 12-gigabyte and 16-gigabyte AI phone releases at all Android tier one customers, representing a 50% to 100% increase over last year’s flagship models.

智慧型手機在個人化人工智慧功能方面具有巨大潛力，在裝置上執行時可提供更高的安全性和回應能力。美光領先的 LP5X 正在支援所有 Android 一級客戶最近發布的 12GB 和 16GB AI 手機，比去年的旗艦機型增加了 50% 到 100%。

Micron’s leading mobile solutions provide the critical performance, capacity, and power efficiency needed to unlock AI capability. Our mobile DRAM and NAND solutions are now widely adopted in industry-leading flagship smartphones.

美光領先的行動解決方案提供解鎖 AI 功能所需的關鍵效能、容量和功效。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。

In calendar Q1, we received recognition for being number one in quality by five of the world’s leading smartphone OEMs. Qualifications are on track for our second-generation 1-beta LP5X products, and we see broadening use of our 232-layer NAND, moving beyond flagship phones into high-capacity high- and mid-tier phones.

在第一季度，我們獲得了五家全球領先智慧型手機 OEM 廠商的品質第一認可。我們的第二代 1-beta LP5X 產品的資格正在按計劃進行，我們看到 232 層 NAND 的使用範圍越來越廣，從旗艦手機轉向大容量的高中端手機。

Turning to auto and industrial. The automotive sector continued to experience robust demand for memory and storage, and Micron achieved a record quarter for automotive revenues.

轉向汽車和工業。汽車產業對記憶體和儲存的需求持續強勁，美光汽車季度營收創下歷史新高。

Car production volumes are returning to pre-pandemic levels. Broader adoption of intelligent digital cockpits and more advanced driver-assistance capabilities are driving content growth. We anticipate further content growth as additional intelligence, including generative AI-based technologies, is adopted in vehicles.

汽車產量正在恢復到疫情前的水平。智慧數位駕駛艙和更先進的駕駛輔助功能的更廣泛採用正在推動內容的成長。我們預計，隨著汽車中採用額外的智慧（包括基於人工智慧的生成技術），內容將進一步成長。

Micron continues to be a leader in automotive with high quality and industry-first product introductions. In the fiscal third quarter, we launched the world’s first multi-port Gen 4 NVMe SSD in support of next-generation centralized compute architectures.

美光憑藉高品質和業界領先的產品推出，繼續成為汽車領域的領導者。在第三財季，我們推出了全球首款多埠 Gen 4 NVMe SSD，支援下一代集中式運算架構。

In industrial and retail consumer segments, which are a smaller part of our business, we are seeing some near-term demand uncertainty from our distribution partners and end customers. We remain confident in the long-term fundamentals and growth drivers of these businesses, especially with the increasing adoption of AI in a variety of applications.

在工業和零售消費領域（占我們業務的較小部分），我們看到分銷合作夥伴和最終客戶的近期需求存在一些不確定性。我們對這些業務的長期基本面和成長動力仍然充滿信心，特別是隨著人工智慧在各種應用中的日益採用。

Now, turning to our market outlook. We forecast calendar 2024 bit demand growth for the industry to be in the mid-teens percentage range for both DRAM and NAND. Over the medium term, we expect industry bit demand growth CAGRs of mid-teens in DRAM and high teens in NAND.

現在，轉向我們的市場前景。我們預測 2024 年該產業 DRAM 和 NAND 的比特需求成長將在百分之十左右。從中期來看，我們預期 DRAM 的產業位需求複合年增長率將達到中雙位數，而 NAND 的產業位需求複合年增長率將達到雙位數。

Turning to supply. We expect calendar 2024 industry supply to be below demand for both DRAM and NAND. As discussed previously, the ramp of HBM production will constrain industry supply growth in non-HBM products.

轉向供應。我們預計 2024 年 DRAM 和 NAND 的產業供應將低於需求。如前所述，HBM 產量的增加將限制非 HBM 產品的產業供應成長。

Industry-wide, HBM3E consumes approximately three times the wafer supply as D5 to produce a given number of bits in the same technology node. With increased performance and packaging complexity, across the industry, we expect this trade ratio for HBM4 to be even higher than the trade ratio for HBM3E.

在整個產業範圍內，HBM3E 消耗的晶圓供應量大約是 D5 的三倍，才能在同一技術節點中生產給定數量的位元。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。

We anticipate strong HBM demand due to AI, combined with increasing silicon intensity of the HBM roadmap, to contribute to tight supply conditions for DRAM across all end markets.

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。

As the memory industry is still recovering from the challenging environment in 2023, this tight supply environment will help drive the considerable improvements in profitability and ROI that are needed to enable the investments required to support future growth.

由於 2023 年內存行業仍在從充滿挑戰的環境中恢復，這種緊張的供應環境將有助於推動盈利能力和投資回報率的大幅提高，這是支持未來增長所需的投資所必需的。

Micron’s bit supply growth in fiscal 2024 remains below our demand growth for both DRAM and NAND. Micron will continue to exercise supply and CapEx discipline and focus on improving profitability while maintaining our bit market share for DRAM and NAND.

美光 2024 財年的位元供應成長仍低於 DRAM 和 NAND 的需求成長。美光將繼續遵守供應和資本支出紀律，並專注於提高獲利能力，同時保持 DRAM 和 NAND 的位市場份額。

We continue to project we will end fiscal 2024 with low double-digit percentage less wafer capacity in both DRAM and NAND than our peak levels in fiscal 2022. We intend to use our existing inventory to drive a portion of the bit growth supporting our revenue in fiscal 2025 to enable a more optimized use of our CapEx investments. Micron’s fiscal 2024 CapEx plan will be approximately $8.0 billion, and WFE spending will be down year on year in fiscal 2024.

我們繼續預計，到 2024 財年結束時，DRAM 和 NAND 的晶圓產能將比 2022 財年的峰值水準減少兩位數百分比。財年，以更優化地利用我們的資本支出投資。美光 2024 財年資本支出計畫約為 80 億美元，2024 財年 WFE 支出將較去年同期下降。

We expect to increase our capital spending materially next year, with capex around mid-30s percentage range of revenue for fiscal 2025, which will support HBM assembly and test equipment, fab and back-end facility construction, as well as technology transition investment to support demand growth. The construction capex in the planned Idaho and New York greenfield fabs in fiscal 2025 will be half or more of the expected increase in total CapEx.

我們預計明年將大幅增加資本支出，2025 財年資本支出佔收入的 30%左右，這將支持 HBM 組裝和測試設備、晶圓廠和後端設施建設以及技術轉型投資，以支持需求成長。 2025 財政年度計畫中的愛達荷州和紐約新建晶圓廠的建設資本支出將是預計總資本支出增量的一半或更多。

In fact, the growth in both greenfield fab construction and HBM CapEx investments is projected to make up the overwhelming majority of the year-over-year CapEx increase. These fab construction investments are necessary to support supply growth for the latter half of this decade.

事實上，綠地晶圓廠建設和 HBM 資本支出投資的成長預計將佔資本支出年增率的絕大多數。這些晶圓廠建設投資對於支持本世紀後半葉的供應成長是必要的。

This Idaho fab will not contribute to meaningful bit supply until fiscal 2027, and the New York construction CapEx is not expected to contribute to bit supply growth until fiscal 2028 or later. The timing of future WFE spend in these fabs will be managed to align supply growth with expected demand growth.

這座愛達荷州晶圓廠要到 2027 財年才會對比特供應做出貢獻，而紐約建設資本支出預計要到 2028 財年或更晚才會對比特供應增長做出貢獻。這些晶圓廠未來 WFE 支出的時間表將得到管理，以使供應成長與預期需求成長保持一致。

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 Q3 with revenue, gross margin, and EPS above the high end of the guidance ranges provided in our last earnings call. Improving market conditions and strong price and cost execution drove the financial outperformance.

謝謝桑傑，大家下午好。美光在第三財季取得了強勁的業績，收入、毛利率和每股收益均高於我們上次財報電話會議中提供的指導範圍的上限。市場狀況的改善以及強勁的價格和成本執行推動了財務表現出色。

Total fiscal Q3 revenue was $6.8 billion, up 17% sequentially and up 82% year over year. Fiscal Q3 DRAM revenue was approximately $4.7 billion, representing 69% of total revenue. DRAM revenue increased 13% sequentially, with bit shipments declining in the mid-single-digit percentage range and prices increasing by approximately 20%.

第三財季總營收為 68 億美元，季增 17%，年增 82%。第三財季 DRAM 營收約 47 億美元，佔總營收的 69%。 DRAM 營收季增 13%，位元出貨量下降幅度在中個位數百分比範圍內，價格上漲約 20%。

Fiscal Q3 NAND revenue was approximately $2.1 billion, representing 30% of Micron’s total revenue. NAND revenue increased 32% sequentially, with bit shipments increasing in the high-single-digit percentage range and prices increasing by approximately 20%.

第三財季 NAND 營收約 21 億美元，佔美光總營收的 30%。 NAND 營收季增 32%，位元出貨量以高個位數百分比成長，價格上漲約 20%。

Now, turning to revenue by business unit. Compute and networking business unit revenue was $2.6 billion, up 18% sequentially. DRAM data center revenue more than doubled year over year.

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 26 億美元，比上一季成長 18%。 DRAM 資料中心營收年增了一倍多。

Revenue for the mobile business unit was $1.6 billion, down 1% sequentially as a planned decline in volume was partially offset by improved pricing. Embedded business unit revenue was $1.3 billion, up 16% sequentially driven by record revenue in automotive.

行動業務部門的收入為 16 億美元，比上一季下降 1%，因為定價的提高部分抵消了計劃中的銷售下降。嵌入式業務部門營收為 13 億美元，在汽車創紀錄的營收推動下較上季成長 16%。

Revenue for the storage business unit was $1.4 billion, up 50% sequentially with growth across all endmarkets. We achieved record data center SSD revenue, which nearly doubled sequentially.

儲存業務部門的營收為 14 億美元，季增 50%，所有終端市場均成長。我們的資料中心 SSD 收入創歷史新高，幾乎連續翻倍。

The consolidated gross margin for fiscal Q3 was approximately 28%, up over 8 percentage points sequentially, driven primarily by higher pricing and helped by product mix and cost reductions. Excluding the effects of previously written-down inventories on fiscal Q2 gross margin, the sequential improvement in fiscal Q3 would have been 15 percentage points. As a reminder, previously written-down inventories had no impact on fiscal Q3 gross margin and will not affect our gross margin moving forward.

第三財季的綜合毛利率約為 28%，比上一季成長超過 8 個百分點，這主要是由於定價上漲以及產品組合和成本削減的推動。排除先前減記的庫存對第二財季毛利率的影響，第三財季的環比改善將是 15 個百分點。提醒一下，先前減記的庫存對第三財季的毛利率沒有影響，也不會影響我們未來的毛利率。

Operating expenses in fiscal Q3 were $976 million, up $17 million quarter over quarter. Continued spend discipline and ongoing operational efficiencies helped deliver operating expenses at the low end of the guidance range.

第三財季營運支出為 9.76 億美元，季增 1,700 萬美元。持續的支出紀律和持續的營運效率有助於將營運支出控制在指導範圍的低端。

We generated operating income of $941 million in fiscal Q3, resulting in an operating margin of 14%, which was up 10 percentage points sequentially and up 53 percentage points from the year-ago quarter. Fiscal Q3 adjusted EBITDA was $2.9 billion, resulting in an EBITDA margin of 43%, up 6 percentage points sequentially and up 30 percentage points or $2.4 billion from the year-ago quarter.

第三財季我們實現營業收入 9.41 億美元，營業利益率為 14%，較上一季成長 10 個百分點，比去年同期成長 53 個百分點。第三財季調整後 EBITDA 為 29 億美元，EBITDA 利潤率為 43%，比上一季成長 6 個百分點，比去年同期成長 30 個百分點，即 24 億美元。

Fiscal Q3 taxes were $227 million, lower than expectations at the time of our guidance, driven by one-timediscrete items. Non-GAAP diluted earnings per share in fiscal Q3 was $0.62, compared to $0.42 in the prior quarter and a loss per share of $1.43 in the year-ago quarter. Fiscal Q3 non-GAAP EPS exceeded the high end of our guidance range by $0.10, driven by better revenue and profitability.

第三季財政稅收為 2.27 億美元，低於我們發布指引時的預期，這是由一次性離散項目推動的。第三財季非公認會計準則攤薄每股收益為 0.62 美元，上一季為 0.42 美元，去年同期每股虧損為 1.43 美元。受收入和盈利能力改善的推動，第三財季非 GAAP 每股收益超出我們指導範圍的上限 0.10 美元。

Turning to cash flows and capital spending, our operating cash flows were $2.5 billion in fiscal Q3, representing 36% of revenue. Capital expenditures were $2.1 billion during the quarter, and we generatedfree cash flow of $425 million.

談到現金流和資本支出，我們第三財季的營運現金流為 25 億美元，佔營收的 36%。本季的資本支出為 21 億美元，我們產生了 4.25 億美元的自由現金流。

Our fiscal Q3 ending inventory was $8.5 billion or 155 days, a decline of 5 days from the prior quarter. Our leading-edge supply continues to be very tight for both DRAM and NAND.

我們第三財季期末庫存為 85 億美元，即 155 天，比上一季減少了 5 天。我們的 DRAM 和 NAND 領先供應仍然非常緊張。

On the balance sheet, we held $9.2 billion of cash and investments at quarter end and maintained near $12 billion of liquidity when including our untapped credit facility. Considering our ample liquidity, return to free cash flow generation, and strong outlook, during the quarter, we repaid $650 million of debt maturing in November 2025. We ended the quarter with $13.3 billion in total debt, low net leverage and a weighted average maturity on our debt of 2031.

在資產負債表上，截至季末，我們持有 92 億美元的現金和投資，如果包括我們未動用的信貸額度，則保持近 120 億美元的流動性。考慮到我們充足的流動性、自由現金流產生的恢復以及強勁的前景，我們在本季度償還了2025 年11 月到期的6.5 億美元債務。 ，淨槓桿率較低，加權平均到期日償還我們 2031 年的債務。

Now turning to our outlook for the fiscal fourth quarter. We expect DRAM bit shipments to be flattish and NAND shipments to be up slightly in fiscal Q4. We forecast shipment growth to strengthen modestly in the November quarter.

現在轉向我們對第四財季的展望。我們預計第四財季 DRAM 位元出貨量將持平，而 NAND 出貨量將小幅成長。我們預計 11 月季度的出貨量成長將小幅增強。

We project continued gross margin expansion. Pricing trends remain positive, supported by favorable supply-demand conditions. Portfolio mix will be an important contributor over time as HBM, high-capacity DIMMs, data center SSDs, and other high-value products increase as a portion of our mix.

我們預計毛利率將持續擴張。在有利的供需條件的支撐下，定價趨勢仍然樂觀。隨著時間的推移，隨著 HBM、高容量 DIMM、資料中心 SSD 和其他高價值產品作為我們組合的一部分的增加，產品組合組合將成為重要的貢獻者。

The high mix for our leading-edge nodes supports front-end cost reductions in line with our long-term cost reduction CAGRs, excluding HBM on DRAM. Keep in mind that higher mix of HBM will offset non-HBM DRAM cost reductions, but HBM will be at accretive gross margins.

我們領先節點的高組合支持前端成本降低，符合我們的長期成本降低複合年增長率（不包括 DRAM 上的 HBM）。請記住，更高的 HBM 組合將抵消非 HBM DRAM 成本的降低，但 HBM 的毛利率將會增加。

We forecast operating expenses to increase sequentially in the fiscal fourth quarter due to an increase in R&D program expenses and a non-recurring Q3 asset sale gain contemplated in our Q3 guidance. We estimate fiscal Q4 tax expense of approximately $320 million.

我們預計，由於研發計畫費用增加以及我們第三季指引中預期的非經常性第三季資產出售收益，第四財季營運費用將季增。我們估計第四財季的稅收支出約為 3.2 億美元。

For fiscal 2025, we estimate our non-GAAP tax rate to be in the mid-teens percent range. We project days of inventory outstanding to decline through fiscal 2025 and DIO to approach our target by the end of fiscal year 2025.

對於 2025 財年，我們預計非 GAAP 稅率將在百分之十左右。我們預計到 2025 財年，未清庫存天數將下降，DIO 將在 2025 財年年底前實現我們的目標。

We forecast capital expenditures to increase sequentially in the fiscal fourth quarter to approximately $3 billion. Despite this increase in CapEx, we project continued positive free cash flow in fiscal Q4. We expect full-year fiscal 2024 CapEx of around $8.0 billion.

我們預計第四財季資本支出將較上季增加至約 30 億美元。儘管資本支出增加，但我們預計第四財季的自由現金流將持續為正。我們預計 2024 財年全年資本支出約為 80 億美元。

Record revenue and significantly improved profitability in fiscal 2025 will help support average quarterly CapEx in fiscal 2025 to be meaningfully above the fiscal Q4 2024 level of $3 billion. We expect CapEx around mid-30s percentage range of revenue for fiscal 2025, which will support HBM assembly and test equipment, fab and back-end facility construction, as well as technology transition investment to support demand growth.

2025 財年創紀錄的收入和顯著提高的獲利能力將有助於支持 2025 財年平均季度資本支出顯著高於 2024 財年第四季 30 億美元的水平。我們預計 2025 財年的資本支出將佔收入的 30%左右，這將支持 HBM 組裝和測試設備、晶圓廠和後端設施建設以及技術轉型投資，以支持需求成長。

As noted earlier, half or more of the expected CapEx increase in fiscal 2025 will be to support US greenfield fab construction. As we have noted in the past, the CHIPS grants, ITC, and state incentives offset a significant portion of the US fab CapEx investments. Receipt of some of these incentive reimbursements occurs well after when we incur the spend, resulting in higher CapEx for a period while we ramp our greenfield US investments.

如前所述，2025 財年預計資本支出成長的一半或更多將用於支持美國新建晶圓廠建設。正如我們過去所指出的，CHIPS 撥款、ITC 和國家激勵措施抵消了美國晶圓廠資本支出投資的很大一部分。其中一些激勵補償是在我們支出之後很久才收到的，這導致我們在增加美國綠地投資的同時，一段時間內的資本支出更高。

Micron will remain disciplined in our capital spending and will modulate our WFE investments to grow bit supply in line with industry demand.

美光將繼續嚴格控制資本支出，並將調整我們的 WFE 投資，以根據行業需求增加比特供應。

With all these factors in mind, our non-GAAP guidance for fiscal Q4 is as follows. We expect revenue to be $7.6 billion, plus or minus $200 million; gross margin to be in the range of 34.5%, plus or minus 100 basis points; and operating expenses to be approximately $1.06 billion, plus or minus $15 million.

考慮到所有這些因素，我們對第四財季的非公認會計準則指引如下。我們預計營收為 76 億美元，上下浮動 2 億美元；毛利率在34.5%左右，上下浮動100個基點；營運費用約 10.6 億美元，上下浮動 1,500 萬美元。

We expect tax expenses of approximately $320 million. Based on a share count of approximately 1.1 billion shares, we expect EPS to be $1.08 per share, plus or minus $0.08.

我們預計稅收支出約為 3.2 億美元。基於約 11 億股的股數，我們預計 EPS 為每股 1.08 美元，上下浮動 0.08 美元。

In closing, market conditions are improving, with price increases driven by favorable supply-demand trends and tightness on the leading edge. Micron is executing well on leveraging our technology leadership to grow our mix of high-value solutions, especially in products that support AI applications.

最後，市場狀況正在改善，有利的供需趨勢和領先優勢推動價格上漲。美光在利用我們的技術領先地位來發展我們的高價值解決方案組合方面表現良好，尤其是在支援人工智慧應用的產品方面。

Finally, our leading-edge investments and productivity initiatives are delivering cost-downs and operating leverage during this market recovery. We expect record revenue and significantly better profitability in fiscal 2025 to support disciplined investment to maintain stable bit share and deliver free cash flow growth.

最後，我們領先的投資和生產力計劃正在市場復甦期間實現成本下降和營運槓桿。我們預計 2025 財年創紀錄的收入和顯著提高的盈利能力將支持嚴格的投資，以保持穩定的比特份額並實現自由現金流增長。

I will now turn it back over to Sanjay.

我現在將其轉回桑傑。

Thank you, Mark. I want to close by commending our team in Taiwan for their response to the significant earthquake in fiscal Q3. In many ways, that response exemplifies Micron: an agile, prepared team that assesses and reacts quickly, supported by a brilliant network of colleagues around the globe.

謝謝你，馬克。最後，我想讚揚我們台灣團隊對第三財季重大地震的反應。從許多方面來說，這種反應體現了美光科技：一支敏捷、準備充分的團隊，能夠快速評估和反應，並得到全球同事的出色網絡的支持。

That collaboration, planning, discipline and experience are precisely what ensures Micron is so well positioned today. I look forward to our teams accelerating Micron's memory and storage leadership as AI solutions present increasing opportunities to provide greater value, from data centers to the edge.

這種協作、規劃、紀律和經驗正是確保美光科技今天處於如此​​有利地位的原因。我期待我們的團隊加速美光科技在記憶體和儲存方面的領先地位，因為人工智慧解決方案提供了越來越多的機會來提供從資料中心到邊緣的更大價值。

Thank you for joining us today. We will now open for questions.

感謝您今天加入我們。我們現在開始提問。

Certainly. And one moment for our first question. Krish Sankar, TD Cowen.

當然。請稍等一下我們的第一個問題。克里斯·桑卡爾，TD·考恩。

Yeah, hi. Thanks for taking my question. I have two questions. Sanjay, the first one is on HBM.

是的，嗨。感謝您提出我的問題。我有兩個問題。 Sanjay，第一個是在 HBM 上。

Clearly, you're gaining traction in HBM3E. I'm just curious how the HBM3E (technical difficulty) and how (technical difficulty) going beyond one customer. Last time, you've publicly said that you qualified NVIDIA H200. Kind of curious, how is it doing with the B100 for NVIDIA.

顯然，您在 HBM3E 中獲得了關注。我只是好奇HBM3E（技術難度）如何以及如何（技術難度）超越一個客戶。上次，您公開表示您已通過 NVIDIA H200 認證。有點好奇 ​​NVIDIA 的 B100 表現如何。

And also along the same path, you confidently spoke about pulling in the timeframe for HBM goal versus the regular 18-month cadence for HBM technology transfer. So basically, I'm curious, Sanjay. Any color, HBM3E qual in different customers, timing on HBM [for in-house], and a quick follow-up.

同樣沿著同樣的路徑，您自信地談到了縮短 HBM 目標的時間範圍，而不是 HBM 技術轉移的常規 18 個月節奏。所以基本上，我很好奇，桑傑。任何顏色、HBM3E 均符合不同客戶的要求、HBM 計時（針對內部）以及快速跟進。

So let me start off by again pointing out that we delivered over $100 million in revenue in fiscal Q3 with our HBM3E. And I'm very pleased with our team's focused on delivering this number. And note that this was margin accretive to our overall margins, but also to our DRAM margins. And of course, we remain very much focused on delivering $700 million in fiscal 2024 for HBM revenue and, as I noted, multiple billion dollars in revenue.

因此，首先我要再次指出，我們在第三財季透過 HBM3E 實現了超過 1 億美元的收入。我對我們的團隊專注於提供這個數字感到非常滿意。請注意，這不僅增加了我們的整體利潤，也增加了我們的 DRAM 利潤。當然，我們仍然非常專注於在 2024 財年實現 7 億美元的 HBM 收入，正如我所指出的，實現數十億美元的收入。

And in HBM, we are very much focused on continuing to ramp our production and also to improve our yields. And that is, of course, an important priority. And any new products that is as complex as HBM or any new technology node always has a yield ramp. And the team is extremely focused on that.

在 HBM，我們非常專注於持續提高產量並提高產量。當然，這是一個重要的優先事項。任何像 HBM 一樣複雜的新產品或任何新技術節點總是會有產量提升。團隊非常關注這一點。

So as we look ahead to 2025, we remain confident in our ability to deliver our market share, consistent with DRAM share sometime in 2025, and again, are very pleased with Micron's strong product of HBM3E that, as I noted, has been well recognized by our customers to have 30% better power compared to any competitor's product that is out there.

因此，當我們展望2025 年時，我們仍然對我們在2025 年某個時候提供與DRAM 份額一致的市場份額的能力充滿信心，並且再次對美光強大的HBM3E 產品感到非常滿意，正如我所指出的，該產品已被廣泛認可與任何競爭對手的產品相比，我們的客戶提供的功率提高了 30%。

Now regarding your question on qualifications, of course, we are in qualifications with other customers as well. And as I noted in my remarks that in 2025 timeframe, we expect to be broadening and diversifying our customer base as well.

現在關於您關於資格的問題，當然，我們也在與其他客戶進行資格認證。正如我在演講中指出的那樣，在 2025 年的時間範圍內，我們預計我們的客戶群也將擴大和多元化。

And HBM4, I mentioned in my remarks that we have a strong road map ahead for HBM4 and HBM4E. And we feel very good about our capabilities there, the roadmap that we have in front of us, and our ability to deliver leadership with HBM4 and HBM4E as well.

至於 HBM4，我在演講中提到，我們為 HBM4 和 HBM4E 制定了強而有力的路線圖。我們對我們在這方面的能力、我們面前的路線圖以及我們透過 HBM4 和 HBM4E 發揮領導作用的能力感到非常滿意。

Got it. Thanks, Sanjay, for that. And a quick follow up. On NAND -- on the NAND demand, you mentioned that the bit growth demand, it goes within high teens. If I remember right, last quarter, you said it's going to be in the low 20s.

知道了。謝謝桑傑。並快速跟進。關於 NAND——關於 NAND 需求，您提到比特增長需求，它在十幾歲以內。如果我沒記錯的話，上個季度，你說它將在 20 多歲左右。

So I'm curious, what was the delta (inaudible) last few months ago? Because there's a general view that AI should be helping NAND. So why is the NAND bit demand growth not going higher? It looks like it's going lower. Thank you.

所以我很好奇，過去幾個月前的增量（聽不清楚）是多少？因為人們普遍認為人工智慧應該幫助 NAND。那為什麼 NAND 位元需求成長沒有加速呢？看來是要低了。謝謝。

So what I would tell you, Krish, is that there is really not much of a difference between the CAGR that we shared last time versus the CAGR we showed here. And I'll also tell you that we basically revised the base year for the CAGR that we used.

所以我要告訴你的是，Krish，我們上次分享的複合年增長率與我們在這裡展示的複合年增長率之間實際上沒有太大區別。我還要告訴你，我們基本上修改了我們使用的複合年增長率的基準年。

So this time, the CAGR that we used, we used the base year of 2023. And in 2023, as you know, we had a bit demand growth in NAND that was higher, meaningfully higher, than the CAGR. So that, of course, the larger base of 2023, just somewhat changed our outlook on the overall CAGR.

所以這次，我們使用的複合年增長率，我們使用的是2023 年的基準年。 。當然，2023 年基數更大，只是在某種程度上改變了我們對整體複合年增長率的看法。

But you're absolutely right to note, as we have also highlighted, that data center SSDs are a good growth demand driver. And I'll just provide you some color.

但正如我們也強調的那樣，您完全正確地指出，資料中心 SSD 是良好的成長需求驅動力。我只會為你提供一些顏色。

The data center, automotive, and industrial, these are all growing faster in terms of NAND demand versus the CAGR that we have shared. Client, mobile, and consumer, somewhat slower. But these slow-growing segments actually have also average capacity increases ahead of them, as I gave you examples of AI PCs and AI smartphones driving content growth.

與我們分享的複合年增長率相比，資料中心、汽車和工業領域的 NAND 需求成長速度更快。客戶端、行動裝置和消費者，速度稍慢。但這些成長緩慢的細分市場其實也有平均容量的成長，正如我給大家舉的人工智慧電腦和人工智慧智慧型手機推動內容成長的例子。

And we have does conservatively planned for this, but have -- and we will continue to assess the average capacity growth in smartphone and PCs in the times ahead. And it's important that the CAGR that we highlight here, this is what we use for our capacity planning. And we want to, of course, always remain disciplined with respect to our capacity planning and very much focusing on demand-supply balance and ROI.

我們對此做了保守的計劃，但我們將繼續評估未來智慧型手機和個人電腦的平均容量成長。重要的是，我們在這裡強調的複合年增長率是我們用於容量規劃的內容。當然，我們希望始終在產能規劃方面保持嚴格，並且非常關注供需平衡和投資回報率。

Got it. Thanks, Sanjay. Very helpful. Thank you.

知道了。謝謝，桑傑。很有幫助。謝謝。

Thank you. Vivek Arya, Bank of America Securities.

謝謝。 Vivek Arya，美國銀行證券公司。

Thanks for taking my question. Sanjay, you mentioned a 3x trade ratio of HBM to D5. What happens to the ratio as you go to higher stacks, 12-die or more? And on the other hand, what happens as you make yield improvements? Just overall, is 3x still the operative function for calendar 25? And just what are the puts and takes around this ratio?

感謝您提出我的問題。 Sanjay，您提到 HBM 與 D5 的交易比率為 3 倍。當您使用更高的堆疊（12 晶片或更多）時，比率會發生什麼變化？另一方面，當您提高產量時會發生什麼？總的來說，3x 仍然是日曆 25 的操作功能嗎？圍繞這個比率的看跌期權和索取期權到底是什麼？

Yeah. I mean, I think for HBM3E, 3x is the operative guidance here with respect to the trade ratio. And again, just keep in mind that this all already accounts for the larger die that exists with HBM3E, given its performance and packaging and overall product expectations, as well as -- of course, with the eight-die stack as well as the logic die in there, the mature yield expectations there as well.

是的。我的意思是，我認為對於 HBM3E，3 倍是這裡關於交易比率的操作指導。再次強調，請記住，考慮到 HBM3E 的性能、封裝和整體產品預期，當然還有八晶片堆疊和邏輯，這一切都已經考慮到了 HBM3E 所存在的更大晶片。預期也在那裡。

And as the yield will be ramping up for us, of course, we will be able to get the benefit on the lower cost as we go forward. But the mature yields, the trade ratio with HBM3E is about three times over the mature yield of D5 in the same technology node.

當然，隨著我們的產量不斷增加，我們將能夠在未來的過程中從較低的成本中獲益。但從成熟報酬率來看，與HBM3E的交易比例是相同技術節點下D5成熟報酬率的3倍左右。

And as you go up to HBM4, of course, the trade ratio, as we have said before, increases. It goes higher than three. And as you go up from eight-die stack 12-die stack in HBM3E, of course, 12-die stack will have somewhat lower mature yields as well. That's just the nature of how device yields work.

當然，當您升級到 HBM4 時，正如我們之前所說，交易比率會增加。它高於三。當然，當 HBM3E 中的 8 晶片堆疊上升到 12 晶片堆疊時，12 晶片堆疊的成熟良率也會降低。這就是設備產量工作的本質。

But the operative guidance, I think, remains still 3x for HBM3E and greater than that for HBM4, inclusive of the assumption of mature yields. And of course, our definition of mature yields here is world-class mature yields.

但我認為，HBM3E 的操作指引仍然是 HBM3E 的 3 倍，高於 HBM4，包括成熟報酬率的假設。當然，我們這裡對成熟收益率的定義是世界一流的成熟收益率。

Got it. And a quick follow-up maybe for Mark. So you're suggesting fiscal '25 is -- could be a record in terms of sales. Why can't it be a record in terms of gross margin? What are the puts and takes of gross margin as we go into next year?

知道了。也許馬克會快速跟進。所以你建議 25 財年的銷售額可能會創紀錄。毛利率為何不能創歷史新高？明年的毛利率是多少？

So maybe give us some sense of what incremental margins can be, (inaudible) $5 billion or $10 billion year on year, just so we can level set our models on a gross margin perspective. Thank you.

因此，也許可以讓我們了解增量利潤可能是多少，（聽不清楚）比去年同期 50 億美元或 100 億美元，這樣我們就可以從毛利率的角度水平設定我們的模型。謝謝。

Yeah, Vivek, we're happy to take that. We're not providing fiscal year '25 guidance yet. I can talk about some sequential improvements from here. Of course, we guided a 600-basis-point increased gross margin guidance between third quarter and the guide [in-force]. And that's driven by price, but also mixes beginning to become a more substantive factor in the sequential gross margin expansions.

是的，Vivek，我們很​​樂意接受。我們尚未提供 25 財年的指導。我可以從這裡談談一些連續的改進。當然，我們將第三季毛利率指引與[生效]指引相比提高了 600 個基點。這是由價格驅動的，但混合因素也開始成為毛利率連續成長的一個更實質的因素。

We see November quarter -- yeah, we see gross margin expansion continuing up a few hundred basis points. Again, price is a factor, but also is the fourth-quarter mix participating in the -- or contributing to the increase. And that's a fact of HBM and high-capacity DIMMs and other higher value products.

我們看到 11 月季度——是的，我們看到毛利率繼續上升幾百個基點。同樣，價格是一個因素，但第四季度的組合也參與或促成了成長。這就是 HBM 和大容量 DIMM 以及其他更高價值產品的事實。

We do expect through fiscal '25 for price to continue to increase, and we expect this favorable mix effect to continue to increase. You've seen very clearly in the third quarter in our fourth-quarter guide the strength in data center, and we see that growth continuing.

我們確實預計到 25 財年價格將繼續上漲，並且我們預計這種有利的混合效應將繼續增強。您在第三季和第四季中已經非常清楚地看到了我們資料中心的優勢，我們看到這種成長仍在繼續。

And then later in the year, we see replacement cycle for smartphone and PC and then the associated content with AI picking up. So we expect that, again, second half of the calendar year into early '25 for that to kick in.

然後在今年晚些時候，我們看到智慧型手機和個人電腦的更換週期，然後與人工智慧相關的內容開始回升。因此，我們再次預計，這個過程將在今年下半年到 25 年初開始實施。

And then on the supply side, you've got just tight conditions. You've got structurally lower capacity industry. Inventories are trending down, which we believe ours will trend down through fiscal 25 to close to our target by the end of '25. And then just the HCM trade ratio, which Sanjay just commented on.

然後在供應方面，情況很緊張。產業結構上產能較低。庫存呈下降趨勢，我們相信我們的庫存將在 25 財年呈下降趨勢，到 25 年底接近我們的目標。然後是 HCM 貿易比率，Sanjay 剛剛對此發表了評論。

And then of course, I talked about -- in the sequential gross margin, I talked about the mix that we see in the business with our higher value products, which are HBM, high-capacity DIMMs, SSDs, which we've talked about.

當然，我談到了 - 在連續毛利率中，我談到了我們在業務中看到的與我們更高價值產品的組合，這些產品是 HBM、高容量 DIMM、SSD，我們已經討論過。

So the momentum is very strong. We've our technology leadership. We've got the best product position the company has ever had, and the manufacturing is operating very well. So well positioned for fiscal '25.

所以勢頭非常強勁。我們擁有技術領先地位。我們擁有公司有史以來最好的產品地位，並且製造運作得非常好。為 25 財年做好了充分準備。

Thank you.

謝謝。

Thank you. Toshiya Hari, Goldman Sachs.

謝謝。 Toshiya Hari，高盛。

Hi. Thank you so much for taking the question. I had two as well, the first one on HBM. I guess recently, there's been a couple of reports about you all having some yield issues. Based on your commentary, it didn't sound like you're having these issues, but just wanted to clarify that. If you could address that, that would be really helpful.

你好。非常感謝您提出這個問題。我也有兩個，第一個是 HBM 上的。我想最近有幾篇報導說你們都遇到了一些產量問題。根據您的評論，聽起來您沒有遇到這些問題，但只是想澄清一下。如果您能解決這個問題，那將非常有幫助。

And then on HBM, the second part is -- so gross margins are accretive to overall corporate margins today. What are your thoughts on the relative profitability going into the second half of the year and into calendar '25, particularly given the fact that you have pretty good visibility as it pertains to HBM pricing?

然後，在 HBM 上，第二部分是——所以毛利率會增加當今企業的整體利潤率。您對今年下半年和 25 日曆年的相對獲利能力有何看法，特別是考慮到您對 HBM 定價具有相當好的可見性？

So regarding the yield, I think I already commented that we are pleased that in the very first quarter of production, we were able to serve over $100 million of HBM revenue. And we remain focused on our goal and remain confident about our goals of delivering several hundred million dollars of revenue in fiscal '24 and multiple hundred billions of dollars of revenue in fiscal '25 and getting to our share to be in line with -- our share for HBM to be in line with our DRAM share sometime in 2025.

因此，關於產量，我想我已經說過，我們很高興在生產的第一季就能夠提供超過 1 億美元的 HBM 收入。我們仍然專注於我們的目標，並對我們的目標充滿信心，即在 24 財年實現數億美元的收入，在 25 財年實現數千億美元的收入，並獲得與我們的份額一致的份額。 HBM 的份額將在2025 年某個時候與我們的DRAM 份額保持一致。

So of course, our yield assumptions are baked in in all of that. And we look to continue to work on all aspects of ramping up our capacity. And of course, we expect to improve yields as we go forward.

當然，我們的收益率假設已經融入了所有這些。我們希望繼續在各個方面努力提高我們的能力。當然，我們期望隨著我們的前進，產量會提高。

Again, that is typical of any new technology, any new product that you ramp-up. So that's what we remain focused on.

同樣，這是任何新技術、任何新產品的典型特徵。這就是我們仍然關注的重點。

And regarding the gross margin comment, maybe Mark can add some color. But as I mentioned earlier, the gross margin is accretive not only for -- to our corporate margins. But it is also accretive to our DRAM margins. And our DRAM margins, as you know, tend to be higher than our corporate margins, which are lower because of the lower NAND -- margins in NAND generally in the industry.

關於毛利率的評論，也許馬克可以添加一些顏色。但正如我之前提到的，毛利率不僅會增加我們的企業利潤。但這也增加了我們 DRAM 的利潤。如您所知，我們的 DRAM 利潤率往往高於我們的企業利潤率，而我們的企業利潤率較低，因為 NAND 行業的利潤率普遍較低。

It is helping to drive continued gross margin expansion through '25.

它有助於推動整個 25 年毛利率的持續成長。

Okay. Got it. That's helpful. And then my follow-up, maybe one for Mark on CapEx. You're guiding fiscal year '25 up materially, given some of the hints that you provided, maybe you're looking at a mid-teens $1-billion number for fiscal '25. I know more than half of that or half of that is coming from the greenfield investments in the US. But how should we be thinking about your bit supply growth in fiscal '25 or calendar '25?

好的。知道了。這很有幫助。然後是我的後續行動，也許是針對馬克的資本支出。鑑於您提供的一些暗示，您正在指導 25 財年大幅成長，也許您正在考慮 25 財年的 10 億美元左右的數字。我知道其中一半以上來自美國的綠地投資。但我們該如何考慮 25 財年或 25 日曆年的比特供應成長？

Do we [strategize] to grow more or less in line with the demand figure you have for DRAM and NAND, mid-teens high teens, respectively? Or do you expect to (inaudible) relative to those (inaudible) ranges in fiscal '25? Thank you.

我們[制定策略]是否會或多或少地根據您對 DRAM 和 NAND 的需求數字（分別為中十幾歲到十幾歲）進行增長？或是您預期（聽不清楚）相對於 25 財年的那些（聽不清楚）範圍？謝謝。

Yeah, we -- good questions, Toshiya. And yeah, your view on CapEx -- yeah, we've given enough that we don't want to guide revenue for '25 because we will do that at a future date by quarter. But we do expect a material increase year over year.

是的，我們——問得好，Toshiya。是的，您對資本支出的看法 - 是的，我們已經提供了足夠的資金，我們不想指導 25 年的收入，因為我們將在未來的某個日期按季度這樣做。但我們確實預期同比會大幅成長。

For the quarter, sequentially, we'll see as a meaningful step up. We were at $3 billion. We increased from $2.1 billion to $3 billion, third quarter to fourth-quarter guide. I would characterize that both on a dollar and percent basis as more than meaningful, so it'd be less than that sequentially. But we are spending more.

對於本季度，我們將依次看到這是一個有意義的進步。我們當時的資產是 30 億美元。我們將第三季指引從 21 億美元增加到第四季的 30 億美元。我認為以美元和百分比為基礎的數字都非常有意義，因此它會比順序的要少。但我們花費更多。

Yeah. To your question on -- we are very constrained on bits, bit production, and -- as I mentioned in my earlier comments, we will certainly see inventory levels come down. In fact, we expect to be approaching target inventory levels by the end of 2025.

是的。對於你的問題——我們對鑽頭、鑽頭產量非常有限，而且——正如我在之前的評論中提到的，我們肯定會看到庫存水平下降。事實上，我們預計到 2025 年底將接近目標庫存水準。

Thank you.

謝謝。

Thank you. Thomas O'Malley, Barclays.

謝謝。托馬斯·奧馬利，巴克萊銀行。

Hey, guys. Thanks for taking my question. This is for Sanjay or Mark. So you've given us the fiscal year '25 company guide into several (inaudible) in HBM. Then you talked about the share that you're getting to is equivalent to that of DRAM. So you solve for that market, low-teens total HBM market.

大家好。感謝您提出我的問題。這是給 Sanjay 或 Mark 的。您已經向我們提供了 HBM 中的 25 財年公司指南（聽不清楚）。然後你談到你所獲得的份額相當於 DRAM 的份額。因此，您可以解決該市場，即 HBM 市場總量。

I just want to understand. What's your view of the suppliers to that market? As it stands today, it seems like there's really two major suppliers. When you look at the out year, do you think that number changes if there's additional qualifications? Would that number change if you were to have a third qualification, aka, the market be bigger? And how did you come up with that total market numbers, that bottoms-up accelerator, forecasts? But just kind of how you're thinking about the market. And did that change or is it contingent upon qualifications of some of your competitors?

我只是想了解一下。您對該市場的供應商有何看法？從目前的情況來看，似乎確實有兩家主要供應商。當您回顧過去一年時，您認為如果有額外的資格，這個數字會改變嗎？如果你擁有第三個資格，即市場更大，這個數字會改變嗎？您是如何得出市場總量、由下而上的加速器和預測的？但這只是你對市場的看法。這種情況是否發生了變化，或者是否取決於您的一些競爭對手的資格？

Well, as we have said before, that we see the CAGR for HBM growth, in terms of bit growth CAGR, to be well above 50% over the next few years. So certainly, HBM is a strong growth driver. And again, as we increase our mix of HBM going forward, it will of course be -- continuing to be accretive to our financial performance, including margins.

正如我們之前所說，我們認為未來幾年 HBM 成長的複合年增長率（以位元成長複合年增長率而言）將遠高於 50%。因此，HBM 無疑是強勁的成長動力。再說一遍，隨著我們未來增加 HBM 組合，它當然會繼續增加我們的財務業績，包括利潤率。

And we are pleased that with the strong performance that we have, we are sold out for '25 as well with overwhelming part of our output already committed in terms of pricing. So that points to a strong position that we have in terms of continuing to work toward achieving our goal of getting to our HBM market share to be in line with DRAM share sometime in 2025.

我們很高興的是，憑藉我們所擁有的強勁表現，我們的 25 年產品已售罄，並且我們的絕大多數產量已經在定價方面得到了承諾。因此，這表明我們在繼續努力實現我們的目標方面處於有利地位，即在 2025 年某個時候使我們的 HBM 市場份額與 DRAM 份額保持一致。

And of course, we are working with a broad range of customers in qualifications. And next year, we plan to be shipping to broader set of customers.

當然，我們正在與廣泛的客戶進行資格認證方面的合作。明年，我們計劃向更廣泛的客戶群發貨。

Having said all of that, no question that HBM is a complex product for our customers to qualify as well. It's highly resource intensive not just for us, but for our customers as well. And this is where we think that our strong product position, highlighting again those attributes of 30% better power than nearest competitor and a better performance and really high quality, here positions as well when customers work in those resource-intensive qualifications for Micron.

綜上所述，毫無疑問，HBM 是一款複雜的產品，我們的客戶也需要符合資格。這不僅對我們而且對我們的客戶來說都是高度資源密集型的。這就是我們認為我們強大的產品地位的地方，再次強調了比最接近的競爭對手高出30% 的功率以及更好的性能和真正高品質的屬性，當客戶在美光的資源密集型資格中工作時，這裡也是如此。

And that's what we are already seeing in terms of our engagements. So we feel pretty good about our plans here for HBM.

這就是我們在參與方面已經看到的情況。因此，我們對 HBM 的計劃感到非常滿意。

Super helpful. And then just switching gears over to the demand side of things. Obviously, you have a competitor out in the market talking about run-rate industry CapEx and talking about the change in industry architecture maybe not scaling as quickly or as capital intensively as you have in the past.

超有幫助。然後將注意力轉向需求方面。顯然，市場上的競爭對手正在談論運行率行業資本支出，並談論行業架構的變化，可能不會像過去那樣快速擴展或資本密集。

You obviously you're talking about CapEx. A lot of your CapEx next year is going towards greenfield in HBM. Can you talk to the remainder of that CapEx? Could you give us any color on DRAM or NAND split between that?

顯然你在談論資本支出。明年您的大部分資本支出將用於 HBM 的綠地開發。您能談談資本支出的其餘部分嗎？您能給我們介紹一下 DRAM 或 NAND 之間的差異嗎？

And then do you agree with -- there was Western Digital talking about capital intensity longer-term on the NAND side. Do you agree that maybe structurally, you'll see a lower investment threshold in the future to continue to maintain what the industry needs?

然後你同意嗎——西部數據正在談論 NAND 方面的長期資本密集度。您是否同意，也許從結構上來說，未來您會看到更低的投資門檻，以繼續維持行業的需求？

So for us, certainly our CapEx is dominated by our DRAM-related CapEx that -- certainly, HBM because it's growing as mix in the industry. And HBM is capital intensive when it comes to unique clean room requirements for HBM and in packaging and assembly, as well as test equipment.

因此，對我們來說，我們的資本支出肯定是由 DRAM 相關的資本支出主導——當然是 HBM，因為它在行業中作為混合體不斷增長。當涉及到 HBM 獨特的無塵室要求以及包裝和組裝以及測試設備時，HBM 屬於資本密集。

So our CapEx is dominated by that as well as to meet future requirements in the second half of this decade. And that involves the construction of the fabs. So NAND CapEx is certainly a much smaller portion of our total CapEx.

因此，我們的資本支出以此為主，並滿足本十年後半葉的未來需求。這涉及晶圓廠的建設。因此，NAND 資本支出在我們總資本支出中所佔的比例肯定要小得多。

And we have a very strong technology position with our NAND and a strong portfolio that you see. And we are continuing to shift that portfolio toward higher-value solutions as well. So we certainly will remain extremely disciplined when it comes to NAND as well in terms of driving the CapEx. And we will be disciplined in terms of driving our technology node transitions.

如您所見，我們的 NAND 擁有非常強大的技術地位和強大的產品組合。我們也將繼續將該產品組合轉向更高價值的解決方案。因此，在 NAND 方面以及推動資本支出方面，我們肯定會保持嚴格的紀律。我們將在推動技術節點轉型方面遵守紀律。

In the timing of node transitions across the industry, I think it is certainly helpful, given the bit growth that you get from those transitions, to slow down the timing of those -- the cadence of those node transitions so that your bit growth CAGR versus the gain of bits that you get from the wafers can be managed well. These are the kinds of things we are very much focused on in order to maintain a good supply discipline, maintain supply growth that is very much in line with the demand growth, and managing our CapEx here prudently.

在整個產業的節點轉換時間中，我認為考慮到從這些轉換中獲得的位元成長，放慢這些節點轉換的時間當然是有幫助的——這些節點轉換的節奏，以便你的位元成長複合年增長率與從晶圓中獲得的比特增益可以得到很好的管理。這些是我們非常關注的事情，以便保持良好的供應紀律，保持供應成長與需求成長非常一致，並謹慎管理我們的資本支出。

But yes, I mean, overall, our CapEx in NAND is significantly smaller, but we remain extremely disciplined in managing our supply growth in line with demand there.

但是，是的，我的意思是，總體而言，我們在 NAND 領域的資本支出明顯較小，但我們在管理供應成長以滿足需求方面仍然非常嚴格。

And again, I want to point out that with NAND, technology transitions are sufficient to meet the demand growth. We do not need new clean room, the new greenfield fab, the kind that are needed in DRAM. And HBM and the trade ratio of HBM with standard DRAM is a factor in the greenfield requirements only also.

我想再次指出，對於 NAND，技術轉型足以滿足需求成長。我們不需要 DRAM 所需的新無塵室、新工廠。而 HBM 以及 HBM 與標準 DRAM 的交易比例也只是綠地需求中的一個因素。

Thank you. One moment for our next question. Christopher Danely, Citi.

謝謝。請稍等一下我們的下一個問題。克里斯多福‧丹利，花旗銀行。

Hey. Thanks, guys. So I think you mentioned you're signing up some customers to long-term contracts. Given your belief that pricing's going to keep drawn up, why sign people up to long-term contracts and potentially miss out on some of the increased pricing? Or is there some potential for wiggle room on pricing with the contracts that's more of a unit basis? Just curious there.

嘿。多謝你們。所以我想你提到你正在與一些客戶簽訂長期合約。鑑於您相信定價將繼續制定，為什麼要讓人們簽訂長期合約並可能錯過一些上漲的定價？或者，更多以單位為基礎的合約定價是否存在潛在的迴旋餘地？只是好奇那裡。

Well, the long term contracts really help us and customers get closer not only with respect to, let's say, supply or pricing discussions as may be relevant to our various customer contracts, but also with respect to the road map, product road map, the timing of the supply. And they are very helpful factors in building a close relationship with the customers.

嗯，長期合約確實幫助我們和客戶更加接近，不僅在與我們各種客戶合約相關的供應或定價討論方面，而且在路線圖、產品路線圖、供應時間。它們是與客戶建立密切關係的非常有幫助的因素。

And you can see that we are pointing to a substantial revenue record in 2025, of course, leveraging some of these contracts that we have put in place. And we have also pointed to a significant improvement in profitability. So I think we are well positioned in these contracts with respect to not only the supply and demand fundamentals, but also with respect to the financial aspects.

您可以看到，我們預計 2025 年將創下可觀的收入記錄，當然，這要歸功於我們已經簽訂的一些合約。我們也指出獲利能力的顯著改善。因此，我認為我們在這些合約中不僅在供需基本面方面而且在財務方面都處於有利地位。

Great. Thanks, Sanjay. And then just a quick one for Mark. Mark, was the Taiwan quake impacted limited to the May quarter? Or is it impacting the third quarter as well?

偉大的。謝謝，桑傑。接下來是馬克的快速介紹。 Mark，台灣地震的影響僅限於五月季嗎？或者說這也會影響第三季？

Not a material impact, Chris.

克里斯，這不是實質影響。

[Just me]. All right. Thanks.

[只有我]。好的。謝謝。

Thank you. Harlan Sur, JPMorgan.

謝謝。哈蘭‧蘇爾，摩根大通。

Good afternoon. Thanks for taking my question. Enterprise SSDs are seeing really strong demand pull from AI workflows, right? The team given significant share gains in enterprise SSD just over the past few quarters. I think in calendar Q1, Micron was the number three global share leader in enterprise SSD.

午安.感謝您提出我的問題。企業級 SSD 看到了人工智慧工作流程帶來的強勁需求，對嗎？該團隊在過去幾季中在企業級 SSD 領域取得了顯著的份額成長。我認為在第一季度，美光是企業級 SSD 領域的全球第三大份額領導者。

I think it's now above 20%, 25% of the overall NAND business. I mean, this is a position that we've never seen Micron in before. So I think first question is, are enterprise SSD gross margins accretive to your overall NAND gross margins?

我認為它現在佔整個 NAND 業務的 20%、25% 以上。我的意思是，這是我們以前從未見過美光的立場。所以我認為第一個問題是，企業級 SSD 毛利率是否會增加整體 NAND 毛利率？

And then secondly, I saw your question next-gent PCIE Gen 5 SSD demo at NVIDIA's GTC conference putting significant performance uplift on AI workloads versus your Gen 4 SSD. So are you qualifying these next-gen Gen 5 SSDs for AI applications? When do you expect to ship? Just wanted to understand the sustainability of your strong share position here.

其次，我在 NVIDIA GTC 會議上看到了您提出的問題 next-gent PCIE Gen 5 SSD 演示，與 Gen 4 SSD 相比，AI 工作負載的效能顯著提升。那麼，您是否使這些下一代第 5 代 SSD 適合人工智慧應用？您預計什麼時候出貨？只是想了解您在這裡強勁的股票地位的可持續性。

Well, thank you, Harlan, for recognizing the strong momentum that Micron's data center SSD have. And certainly, our data center SSDs are accretive to our overall NAND margins, and we have really great products.

好吧，謝謝 Harlan 認識到美光資料中心 SSD 的強勁勢頭。當然，我們的資料中心 SSD 增加了我們的整體 NAND 利潤，而且我們擁有非常出色的產品。

I already highlighted in my prepared remarks that we saw tripling of bits that we shipped. There's our 232-layer NAND AI SSDs going absolutely toward data center applications. And we have a broad set of customers that we are working with in terms of growing our share.

我已經在準備好的發言中強調，我們發貨的比特數增加了兩倍。我們的 232 層 NAND AI SSD 絕對是針對資料中心應用。我們擁有廣泛的客戶，我們正在與他們合作以擴大我們的份額。

So we see, when we talk about -- sequentially, we had 50% increase in revenue for our data center products. Of course, that includes the benefit of our strong data center SSD roadmap. And yes, I mean, we will, of course, continue to work with our Gen 5 SSDs in terms of working with customers for qualifying.

所以我們看到，當我們談論時，我們的資料中心產品的收入連續增加了 50%。當然，這包括我們強大的資料中心 SSD 路線圖的優勢。是的，我的意思是，我們當然會繼續使用我們的第 5 代 SSD 與客戶合作進行資格認證。

And I'm not prepared to discuss, at this point, the specifics regarding the timing of some of the roadmap that is in front of us for shipments. So yes, in terms of sustainability of the strong improvement to share, we are definitely, with our strong product portfolio, counting on it.

目前，我不准備討論有關我們面前的一些發貨路線圖的時間安排的具體細節。所以，是的，就分享的強勁改進的可持續性而言，憑藉我們強大的產品組合，我們肯定會指望它。

And this will, our SSD momentum -- data center SSD momentum, will absolutely contribute. Also to word my remarks that I said that we will increase our mix of data center revenue in fiscal year '25 as well. Of course, HBM, high-density DIMMs, these will, of course, be a big part of it. But also, data centers SSDs is going to be another big part of our growth in fiscal 2025 related to data center revenue.

而這，我們的SSD動力－資料中心SSD動力，絕對會做出貢獻。另外，我還說過，我們也將在 25 財年增加資料中心收入的組合。當然，HBM、高密度 DIMM，這些當然將成為其中的重要組成部分。而且，資料中心 SSD 將成為我們 2025 財年與資料中心收入相關的成長的另一個重要組成部分。

I would just add, Harlan, that the storage business unit delivered operating profit in the quarter.

Harlan，我想補充一點，儲存業務部門在本季實現了營業利潤。

Perfect. Thank you very much, insightful.

完美的。非常感謝，有見識。

Thank you. 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.

謝謝。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。