美光科技 (MU) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to Micron Technology's fiscal first quarter 2025 financial conference call. (Operator Instructions)

感謝您的耐心等待並歡迎參加美光科技 2025 年第一財季財務電話會議。 （操作員說明）

As a reminder, today's program is being recorded.

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, Corporate Vice President, Investor Relations and Treasury. Please go ahead, sir.

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和財務的公司副總裁。請繼續，先生。

Thank you and welcome to Micron Technologies fiscal first quarter 2025 financial conference call.

感謝並歡迎參加美光科技 2025 財年第一季財務電話會議。

On the call with me today are Sanjay Mehrotra, our President and CEO and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com including audio and slides.

今天與我通話的還有我們的總裁兼執行長 Sanjay Mehrotra 和我們的財務長 Mark Murphy。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。

In addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call.

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評論已發佈在網站上。

Today's discussion of financial results is presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of the 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 the company, including information on financial conferences that we may be attending. You can also follow us on X at 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 market demand and supply, market, pricing and cost reduction trends and drivers, our plans for manufacturing, the impact of developing technologies such as AI, product ramp plans, technologies, and market position, expected capabilities of our future products, our expected results and guidance, and other matters.

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、定價和成本降低趨勢和驅動因素、我們的製造計劃、人工智慧等開發技術的影響、產品提升計劃、技術的前瞻性陳述。以及市場地位、我們未來產品的預期能力、我們的預期結果和指導以及其他事項。

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer you to the documents we filed with the SEC including our Form 10-K, Forms 10-Q and other reports and filings 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.

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，包括我們的 10-K 表、10-Q 表以及其他報告和文件，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。

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.

謝謝你，薩蒂亞。大家下午好。

I'm pleased to report that Micron achieved record revenue in fiscal Q1 with revenue, gross margins, and EPS all at or above the midpoint of our guidance range. Data center revenue grew over 400% year over year and 40% sequentially, reaching a record level with data center revenue mix surpassing 50% of Micron's revenue for the first time. We delivered record revenue in data center SSDs and achieved new records in market share for data center SSDs and overall SSDs.

我很高興地報告，美光在第一財季實現了創紀錄的收入，收入、毛利率和每股盈餘都達到或高於我們指引範圍的中點。資料中心營收年增超過 400%，季增 40%，達到創紀錄水平，資料中心收入組合首次超過美光收入的 50%。我們的資料中心SSD營收創歷史新高，資料中心SSD市場佔有率及整體SSD市佔率再創新高。

Our HBM shipments were ahead of plan and we achieved more than a sequential doubling of HBM revenue. Revenue from our largest data center customer was approximately 13% of total company revenue. The HBM market will exhibit robust growth over the next few years. In 2028, we expect the HBM TAM to grow 4 times from the $16-billion level in 2024 and to exceed $100 billion by 2030.

我們的 HBM 出貨量超出了計劃，並且我們的 HBM 收入環比翻了一番以上。來自我們最大的資料中心客戶的收入約占公司總收入的 13%。 HBM 市場將在未來幾年呈現強勁成長。到 2028 年，我們預計 HBM TAM 將從 2024 年的 160 億美元水準成長 4 倍，到 2030 年將超過 1,000 億美元。

Our TAM forecast for HBM in 2030 would be bigger than the size of the entire DRAM industry including HBM in calendar 2024. This HBM growth will be transformational for Micron and we are excited about our industry leadership in this important product category.

我們對2030 年HBM 的預測將比整個DRAM 產業（包括2024 年HBM）的規模還要大。領導地位感到興奮。

Leading-edge DRAM supply remains tight driven by robust demand and data center DRAM, including HBM which will underpin our business reserves throughout fiscal and calendar 2025. We had previously shared our expectation that customer inventory reductions in the consumer-oriented segments and seasonality would impact fiscal Q2 bit shipments. We are now seeing a more pronounced impact of customer inventory reductions.

在強勁的需求和資料中心DRAM（包括HBM）的推動下，領先的DRAM 供應仍然緊張，這將支撐我們整個財年和2025 年日曆的業務儲備。者為導向的細分市場和季節性因素的客戶庫存減少將影響我們的業務儲備。我們現在看到客戶庫存減少的影響更加明顯。

As a result, our fiscal Q2 bit shipment outlook is weaker than we previously expected. We expect this adjustment period to be relatively brief and anticipate customer inventories reaching healthier levels by spring, enabling stronger bit shipments in the second half of fiscal and calendar 2025. We are on track to achieve our HBM targets and also deliver a substantial record in Micron revenue, significantly improved profitability, and positive free cash flow in fiscal 2025. Our technology roadmap continues to progress very well and we are in production with the industry's most advanced DRAM and NAND nodes.

因此，我們第二季的比特出貨量前景弱於我們先前的預期。我們預計這一調整期相對較短，並預計到春季客戶庫存將達到更健康的水平，從而在2025 財年下半年和歷年實現更強勁的位出貨量。在美光方面創造可觀的記錄收入、顯著提高的盈利能力以及 2025 財年的正自由現金流。

We continue to ramp our 1-beta technology node which supports HBM3E and we are preparing to ramp our 1-gamma technology node using EUV in calendar 2025. In NAND, we are maintaining technology leadership with our industry-leading G8 and G9 nodes and are managing the ramp of these nodes consistent with our demand. We expect fiscal 2025 DRAM front-end cost reductions excluding HBM to be in the mid- to high-single digit percentage range. We expect fiscal 2025 NAND front end cost reductions to be in the low-teens-percentage range.

我們繼續提升支援 HBM3E 的 1-beta 技術節點，並準備在 2025 年使用 EUV 提升我們的 1-gamma 技術節點。需求管理這些節點的斜坡。我們預計 2025 財年（不包括 HBM）DRAM 前端成本下降幅度將在中高個位數百分比範圍內。我們預計 2025 財年 NAND 前端成本下降幅度將在百分之十左右。

Earlier this month, we finalized an agreement with the US Department of Commerce for an award of up to $6.1 billion under the CHIPS and Science Act to support advanced DRAM manufacturing fabs in Idaho and New York. Additionally, we have entered into a preliminary memorandum of terms with the US Department of Commerce for an award of up to $275 million for our Virginia fab that supports production of long life cycle chips in areas such as automotive, industrial, aerospace, and defense and enables efficiencies across our global fab network.

本月早些時候，我們與美國商務部敲定了一項協議，根據《晶片和科學法案》撥款高達 61 億美元，以支持愛達荷州和紐約的先進 DRAM 製造工廠。此外，我們還與美國商務部簽訂了一份初步條款備忘錄，為我們的維吉尼亞工廠提供高達 2.75 億美元的撥款，該工廠支援汽車、工業、航空航天和國防等領域的長生命週期晶片的生產。提高我們全球晶圓廠網路的效率。

With the support of the Singapore Government, we have finalized plans to expand our manufacturing footprint in Singapore, starting with an investment for a new HBM advanced packaging facility. This investment allows us to meaningfully expand our total advanced packaging capacity, beginning in calendar 2027 to support AI-driven demand and will be synergistic with our existing operations in Singapore. These plans also include support for our long-term manufacturing requirements for NAND.

在新加坡政府的支持下，我們已經敲定了擴大新加坡製造足跡的計劃，首先是投資一座新的 HBM 先進封裝工廠。這項投資使我們能夠從 2027 年開始有意義地擴大我們的先進封裝總產能，以支援人工智慧驅動的需求，並將與我們在新加坡的現有業務產生協同效應。這些計劃還包括支持我們對 NAND 的長期製造需求。

Now turning to our end markets. Numerous advances are pushing the boundaries of AI capabilities as training model sizes continue to increase and inference models evolve to address different use cases. Multimodal models, post-training and chain of thought inferencing represent new frontiers of innovation, all of which are memory intensive and can benefit from higher memory bandwidth and capacity. AI agents will become ever more capable and address vertical market consumer and enterprise use cases, driving accelerating monetization of AI. Micron is extraordinarily well positioned to leverage this long-term growth opportunity which has the potential to transform the dynamics of our business.

現在轉向我們的終端市場。隨著訓練模型規模的不斷增加以及推理模型的不斷發展以解決不同的用例，許多進步正在突破人工智慧功能的界限。多模態模型、訓練後和思想鏈推理代表了創新的新領域，所有這些都是記憶體密集型的，可以從更高的記憶體頻寬和容量中受益。人工智慧代理將變得更加強大，能夠滿足垂直市場消費者和企業用例的需求，從而推動人工智慧加速貨幣化。美光科技處於非常有利的位置，可以利用這一長期成長機會，這有可能改變我們業務的動態。

We have upgraded our view of server unit percentage growth and now expected to reach low-teens in calendar 2024 fueled by strong AI demand as well as a robust traditional server refresh cycle, and we anticipate server unit growth to continue in 2025. Micron achieved new records in both total data center revenue and the revenue mix for data center in fiscal Q1.

我們升級了對伺服器單位百分比成長的看法，現在預計在強勁的人工智慧需求以及強勁的傳統伺服器更新周期的推動下，到2024 年伺服器單位百分比將達到低兩位數，並且我們預計伺服器單位成長將在2025 年繼續。

Our portfolio of high capacity DRAM products including monolithic die-based, 128-gigabyte DIMMs and LP5-based server DRAM products continues to see robust demand and remains on track to generate multiple billions of dollars in revenue in fiscal 2025. We made excellent progress on HBM more than doubling our revenue sequentially during the quarter and exceeding our plans as a result of solid execution on yield and capacity ramps.

我們的高容量DRAM 產品組合，包括基於單晶片的128 GB DIMM 和基於LP5 的伺服器DRAM 產品，需求持續強勁，並有望在2025 財年創造數十億美元的收入。進展：由於對產量和產能提升的堅定執行，HBM 在本季度的收入環比增加了一倍多，並超越了我們的計劃。

In fiscal Q1, our HBM gross margins were significantly accretive to both DRAM and overall company gross margins. We are proud to share that Micron's HBM3E 8-high is designed into NVIDIA's Blackwell B200 and GB200 platforms. Micron's HBM3E operates at full speed while maintaining leadership in power efficiency.

在第一財季，我們的 HBM 毛利率顯著提高了 DRAM 和公司整體毛利率。我們很自豪地告訴大家，美光的 HBM3E 8-high 已設計到 NVIDIA 的 Blackwell B200 和 GB200 平台。美光的 HBM3E 全速運行，同時保持能源效率的領先地位。

This month, we commenced high-volume shipments to our second large HBM customer and we'll start high-volume shipments to our third large customer in CQ1, expanding our HBM customer base. We continue to receive positive feedback from our leading customers for Microns HBM3E 12-high best-in-class power consumption which is 20% lower than the competition's HBM3E 8-high, even as the Micron product delivers 50% higher memory capacity and industry-leading performance.

本月，我們開始向第二大 HBM 客戶大量出貨，並將在第一季開始向第三大客戶大量出貨，從而擴大我們的 HBM 客戶群。我們繼續收到領先客戶的正面回饋，美光 HBM3E 12 高功耗比競爭對手的 HBM3E 8 高功耗低 20%，儘管美光產品提供了高出 50% 的記憶體容量和業界領先的效能。 。

We have increased our HBM market TAM estimate to now exceed $30 billion in 2025, and we continue to expect to achieve HBM market share commensurate with our overall DRAM market share sometime in the second half of calendar 2025. As we have said before, our HBM is sold out for calendar 2025 with pricing already determined for this timeframe.

我們已將HBM 市場TAM 估計提高到2025 年超過300 億美元，並且我們繼續期望在2025 年下半年的某個時候實現與我們的整體DRAM 市場份額相稱的HBM 市場份額。 ，我們的HBM 2025 年已售罄，該時段的定價已確定。

In fiscal 2025, we expect to generate multiple billions of dollars of HBM revenue. We are excited about Micron's HBM leadership roadmap through the rest of this decade. Leveraging the strong foundation and continued investments in proven 1-beta process technology, we expect Micron's HBM4 will maintain time to market and power-efficiency leadership while boosting performance by over 50% over HBM3E. We expect HBM4 to ramp in high volume for the industry in calendar 2026.

到 2025 財年，我們預計 HBM 營收將達到數十億美元。我們對美光在本十年餘下時間的 HBM 領導力路線圖感到興奮。憑藉堅實的基礎和對經過驗證的 1-beta 製程技術的持續投資，我們預計美光的 HBM4 將保持在上市時間和能源效率方面的領先地位，同時性能比 HBM3E 提高 50% 以上。我們預計 HBM4 將在 2026 年為該行業大量增加。

Development work is well underway with multiple customers on HBM4E which will follow HBM4. HBM4E will introduce a paradigm shift in the memory business by incorporating an option to customize the logic-based [die] for certain customers using an advanced logic foundry manufacturing process from [TSMC]. We expect this customization capability to drive improved financial performance for Micron.

HBM4E 的開發工作正在與多個客戶順利進行，HBM4E 將緊隨 HBM4。 HBM4E 將透過採用 [TSMC] 的先進邏輯代工製造流程為某些客戶定制基於邏輯的 [die] 選項，從而引入內存業務的範式轉移。我們預計這種客製化能力將推動美光科技改善財務表現。

Based on our customer design wins and success in establishing deep partnerships with customers, industry-enablers, and key technology partners like TSMC; we expect to be a leading supplier of HBM with the most robust trusted and industry leading technology roadmap and execution record. Micron has also been leading the adoption of LPDRAM in data centers with NVIDIA'S Grace CPU.

基於我們贏得的客戶設計以及與客戶、產業推動者和台積電等關鍵技術合作夥伴建立深厚合作關係的成功；我們期望成為 HBM 的領先供應商，擁有最可靠、業界領先的技術路線圖和執行記錄。美光科技憑藉 NVIDIA 的 Grace CPU 也一直在資料中心採用 LPDRAM 方面處於領先地位。

Micron's LP5X provides greater than 500 gigabytes of capacity and memory bandwidth of greater than 540 gigabytes per second. Thus delivering attractive performance per watt for AI platforms. NVIDIA's Grace CPU utilizes Micron's LP5X to provide systems with additional cache coherent memory to supplement HBM for the ever-growing memory needs of AI workloads.

美光的 LP5X 提供超過 500 GB 的容量和每秒超過 540 GB 的記憶體頻寬。從而為人工智慧平台提供極具吸引力的每瓦性能。 NVIDIA 的 Grace CPU 利用美光的 LP5X 為系統提供額外的高速緩存一致性內存，以補充 HBM，以滿足 AI 工作負載不斷增長的內存需求。

Our overall SSD and data center SSD revenue reached new quarterly revenue record in fiscal Q1 and we are on track to deliver another year of share gains in calendar 2024. We continue to strengthen our data center SSD product roadmap, leveraging our leadership G8 NAND technology and vertical integration.

我們的整體SSD 和資料中心SSD 營收在第一財季創下了新的季度營收記錄，我們預計在2024 年實現另一個份額成長。 NAND 技術和垂直整合。

We announced the 6550 ION SSD which delivers the industry's fastest 60-terabyte SSD and the first in the industry with Gen5 capability at this capacity point. Compared to the competition Micron's 6550 ION SSD delivers 20% lower power while providing 60% better performance and better data center footprint efficiency with up to 67% more density per rack for extra scale data centers.

我們推出了 6550 ION SSD，它提供業界最快的 60 TB SSD，也是業界首款在該容量點具有 Gen5 功能的 SSD。與競爭對手相比，美光6550 ION SSD 的功耗降低了20%，同時效能提高了60%，資料中心佔地效率提高了67%，每個機架的密度提高了67%，適用於超大規模資料中心。

Our 9550 PCIe Gen5 data centered SSDs were qualified for the recommended vendor list for NVIDIA GB200 NVL72 system and offered a 34% higher throughput and over 80% lower energy per terabyte of data transfer versus the competition. We continue to expect to generate multiple billions of dollars in data center SSD revenue in fiscal 2025 and to grow our market share once again in calendar 2025.

我們的 9550 PCIe Gen5 以資料為中心的 SSD 符合 NVIDIA GB200 NVL72 系統推薦供應商清單的資格，與競爭對手相比，每 TB 資料傳輸的吞吐量提高了 34%，能耗降低了 80% 以上。我們繼續預計 2025 財年資料中心 SSD 營收將達到數十億美元，並在 2025 年再次擴大我們的市場份額。

Turning to PC. The PC refresh cycle is unfolding more gradually, and we expect PC unit volume growth to be flattish in calendar 2024, slightly below prior expectations. We remain optimistic about AI PC adoption over time. AI PCs will require additional DRAM content with a minimum of 16 gigabyte of DRAM for entry level PCs and 24 gigabytes and above for higher end segments versus 12 gigabyte average PC content last year.

轉向電腦。 PC 更新週期正在逐漸展開，我們預計 2024 年 PC 銷售成長將持平，略低於先前的預期。隨著時間的推移，我們對人工智慧 PC 的採用仍然持樂觀態度。 AI PC 將需要額外的 DRAM 內容，入門級 PC 至少需要 16 GB 的 DRAM，高階市場需要 24 GB 以上的 DRAM，而去年的平均 PC 內容為 12 GB。

Windows 10 end-of-life in October 2025 and an aging installed base will provide a catalyst for PC market growth in 2025. We expect PC market units to grow in the mid-single digit percentage range in calendar 2025 with growth weighted toward the second half of the calendar year.

Windows 10 將於2025 年10 月停產，而老化的安裝基礎將為2025 年PC 市場的成長提供催化劑。季度日曆年的一半。

Turning to mobile, smartphone unit volumes in calendar 2024 remain on track to grow in the mid-single digit percentage range and we expect low-single digit percentage growth in 2025, both consistent with our prior expectations.

轉向行動領域，2024 年智慧型手機銷量仍有望在中個位數百分比範圍內成長，我們預計 2025 年將出現低個位數百分比成長，這都與我們先前的預期一致。

AI adoption continues to be a strong driver for mobile DRAM content growth where we see the technology used in applications such as local search and contextually aware user interfaces increasing over time. DRAM content growth remained robust in CQ3 with a mix of smartphones with 8 gigabyte or greater growing to over 60% significantly higher than a year ago. Smartphone customer inventory dynamics continue to play out as expected and we expect bit shipments to be weighted to the second half of our fiscal year.

人工智慧的採用仍然是行動 DRAM 內容成長的強大推動力，我們看到本地搜尋和上下文感知使用者介面等應用程式中使用的技術隨著時間的推移而不斷增加。 CQ3 DRAM 含量成長依然強勁，8 GB 或更大容量的智慧型手機成長至 60% 以上，顯著高於一年前。智慧型手機客戶庫存動態持續如預期發揮，我們預期比特出貨量將在本財年下半年增加。

Micron remains focused on the high end of the mobile market. We are leveraging our industry-leading portfolio of DRAM and NAND products to support the most demanding applications which will require increased content, high performance, and power efficiency.

美光仍然專注於高端行動市場。我們正在利用業界領先的 DRAM 和 NAND 產品組合來支援最苛刻的應用，這些應用需要增加內容、高效能和能源效率。

Turning to the automotive market. Lower-than-expected automotive unit production combined with a shift toward value-trim vehicles from premium models and EVs have slowed memory and storage content growth and resulted in inventory adjustments at OEMs. Longer term, we remain optimistic that ADAS, infotainment, and AI adoption across auto will drive long-term memory and storage content growth. Industrial market demand continues to be impacted by inventory adjustments and we expect a recovery in this market later in calendar 2025.

轉向汽車市場。汽車產量低於預期，加上從高端車型和電動車轉向低價車，導致記憶體和儲存內容的成長放緩，並導致原始設備製造商進行庫存調整。從長遠來看，我們仍然樂觀地認為，ADAS、資訊娛樂和人工智慧在汽車領域的採用將推動長期記憶體和儲存內容的成長。工業市場需求繼續受到庫存調整的影響，我們預計該市場將在 2025 年稍後復甦。

Now turning to our market outlook. We expect industry DRAM-based demand growth to be in the high-teens percentage range in calendar 2024 and in the mid-teens percentage range in calendar 2025. We see overall calendar 2025 DRAM industry bit supply growing roughly in line with bit demand with tightness in leading edge nodes driven by HBM supply ramp in the industry. Our outlook for industry NAND bit demand growth in both calendar 2024 and 2025 is now in the low double-digit percentage range which is lower than our prior expectations.

現在轉向我們的市場前景。我們預計 2024 年基於 DRAM 的產業需求成長將在高位百分比範圍內，到 2025 年將在中位數百分比範圍內。產業供應成長推動下的前沿節點。我們對 2024 年和 2025 年行業 NAND 位需求成長的預期目前處於較低的兩位數百分比範圍內，低於我們先前的預期。

Key drivers include slower growth in NAND contents in consumer devices, ongoing inventory adjustments, and demand dynamics in different end markets as outlined earlier and a temporary moderation in near-term data center SSD purchases by customers after several quarters of very rapid growth. In data center, we remain enthusiastic about long-term demand growth as NAND is a key enabler for AI workloads providing faster data access, lower power, and better overall total cost of ownership essential for AI infrastructure.

主要驅動因素包括消費性設備中NAND 含量成長放緩、持續的庫存調整、不同終端市場的需求動態（如前所述）以及客戶近期資料中心SSD 購買量在經歷幾季的快速成長後暫時放緩。在資料中心，我們仍然對長期需求成長充滿熱情，因為NAND 是人工智慧工作負載的關鍵推動者，可提供更快的資料存取、更低的功耗和更好的整體擁有成本，這對人工智慧基礎設施至關重要。

In the next few years, we also expect high-capacity NAND SSDs to start displacing capacity HDDs in the data center, an inflection that will drive long-term NAND demand growth. The decline in 2024 and 2025 industry NAND demand growth outlook implies that supply actions will be necessary to achieve balance.

未來幾年，我們也預期大容量 NAND SSD 將開始取代資料中心的大容量 HDD，這項變革將推動 NAND 需求的長期成長。 2024 年和 2025 年行業 NAND 需求成長前景的下降意味著必須採取供應行動才能實現平衡。

As mentioned previously, since NAND technology transitions provide a significant increase in overall bit output, the pace of technology transitions will also need to slow in order to align supply to industry demand. Micron is decisively taking actions to align our NAND supply with industry demand trends. We have reduced NAND CapEx versus prior plan and have slowed the pace of technology node transitions.

如前所述，由於 NAND 技術轉型使整體比特輸出顯著增加，因此技術轉型的步伐也需要放慢，以便使供應與產業需求保持一致。美光正在果斷採取行動，使我們的 NAND 供應與行業需求趨勢保持一致。與先前的計劃相比，我們減少了 NAND 資本支出，並放慢了技術節點轉換的步伐。

In addition, we are reducing NAND wafer starts by a mid-teens percentage versus prior levels. These actions will align our supply to current market demand. Consistent with the analyst reports, we have seen an increase in bit supply at legacy technology nodes from a China based-DRAM and a China-based NAND supplier.

此外，與先前的水平相比，我們將 NAND 晶圓開工量減少了百分之十左右。這些行動將使我們的供應適應當前的市場需求。與分析師報告一致，我們看到一家中國 DRAM 和一家中國 NAND 供應商在傳統技術節點上的位元供應增加。

In calendar 2024, analyst reports indicate that China-based supply will represent a mid-single digit percentage of industry supply for DRAM and a high-single digit percent of supply for NAND. Competition from China supply is focused on China market demand in DRAM with DDR4 and LP4 products and in NAND with consumer, client, and lower performance mobile products.

分析師報告顯示，到 2024 年，中國供應量將佔 DRAM 產業供應量的中個位數百分比，以及 NAND 供應量的高個位數百分比。來自中國供應的競爭主要集中在中國市場對 DDR4 和 LP4 產品的 DRAM 以及消費性、客戶端和低效能行動產品的 NAND 的需求。

We expect Micron's worldwide revenue related to LP4 and D4 DRAM products for the remainder of fiscal 2025 to be approximately 10%. We expect Micron's sales of products to China headquartered customers to be concentrated in the high end of our customers portfolio, leveraging our technology and product leadership and the performance and quality requirements of our customers.

我們預計在 2025 財年剩餘時間裡，美光與 LP4 和 D4 DRAM 產品相關的全球收入約為 10%。我們預計美光向中國總部客戶銷售的產品將集中在我們的高端客戶組合中，利用我們的技術和產品領先地位以及客戶的性能和品質要求。

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。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered fiscal Q1 revenue and gross margins at the midpoint and EPS above the midpoint of the guidance range. Total fiscal Q1 revenue was approximately $8.7 billion. up 12% sequentially and up 84% year-over-year and reached a new record.

謝謝桑傑，大家下午好。美光科技第一財季的營收和毛利率處於指引範圍的中點，每股收益高於指引範圍的中點。第一財季總營收約 87 億美元。季增12%，年增84%，創下新紀錄。

Fiscal Q1 DRAM revenue was $6.4 billion, up 87% year-over-year, and represented 73% of total revenue. Sequentially, DRAM revenue increased 20%, with bit shipments up in the low double-digit percent range and prices increasing in the high single-digit percentage range. Strong sequential bit shipment growth in DRAM was driven by demand and data center.

第一財季 DRAM 營收為 64 億美元，年增 87%，佔總營收的 73%。隨後，DRAM 收入成長了 20%，位元出貨量成長在較低的兩位數百分比範圍內，而價格則在較高的個位數百分比範圍內成長。 DRAM 位元出貨量連續強勁成長是由需求和資料中心推動的。

Fiscal Q1 NAND revenue was $2.2 billion, up 82% year-over-year and represented 26% of Micron's total revenue. Sequentially, NAND revenue decreased 5%, with bit shipments and prices both decreasing in the low single-digit percentage range.

第一財季 NAND 營收為 22 億美元，年增 82%，佔美光總營收的 26%。隨後，NAND 收入下降了 5%，位出貨量和價格均在較低的個位數百分比範圍內下降。

Now turning to revenue by business unit. Compute and Networking Business Unit revenue was up 46% sequentially to $4.4 billion and now represents over half of our total revenue. CNBU revenue reached a new quarterly record, driven by cloud server DRAM demand as well as HBM revenues, which more than doubled sequentially in the quarter.

現在轉向按業務部門劃分的收入。計算和網路業務部門的營收比上一季成長 46%，達到 44 億美元，目前占我們總營收的一半以上。在雲端伺服器 DRAM 需求以及 HBM 收入的推動下，CNBU 收入創下新的季度記錄，該收入在本季度連續增長了一倍多。

Mobile Business Unit revenue was $1.5 billion, down 19% sequentially. As our mobile customers focused on improving their inventory health, we shifted supply to meet data center demand. Embedded Business Unit revenue was $1.1 billion, down 10% sequentially. The auto, industrial and consumer customers continue to manage their inventories lower. Revenue for the Storage Business Unit was $1.7 billion, up 3% sequentially. SBU revenue reached a new quarterly record, driven by record revenue in the data center SSD segment.

行動業務部門營收為 15 億美元，比上一季下降 19%。由於我們的行動客戶專注於改善庫存狀況，我們改變了供應以滿足資料中心的需求。嵌入式業務部門營收為 11 億美元，比上一季下降 10%。汽車、工業和消費客戶持續降低庫存。儲存業務部門的營收為 17 億美元，比上一季成長 3%。在資料中心 SSD 領域創紀錄的營收推動下，SBU 營收創下新的季度紀錄。

In fiscal 2025, we expect Micron's revenue mix with companies headquartered in Mainland China and Hong Kong, including direct sales as well as indirect sales through distributors to be approximately mid-teens percent of our worldwide revenue. This mix is impacted by market factors described earlier as well as by the China CAC actions announced in May 2023.

到 2025 財年，我們預計美光與總部位於中國大陸和香港的公司的收入組合（包括直接銷售以及透過經銷商的間接銷售）將約占我們全球收入的百分之十左右。這種組合受到前面描述的市場因素以及中國 CAC 於 2023 年 5 月宣布的行動的影響。

The consolidated gross margin for fiscal Q1 was 39.5%, improving 300 basis points sequentially. Gross margin improvement was driven by higher pricing in DRAM improved product mix to data center in both DRAM and NAND, offset partly by lower pricing in NAND.

第一財季綜合毛利率為 39.5%，季增 300 個基點。毛利率的改善是由於 DRAM 定價的提高以及 DRAM 和 NAND 資料中心產品組合的改善所推動，但 NAND 定價的降低部分抵消了這一影響。

Operating expenses in fiscal Q1 were $1.05 billion, down $34 million sequentially and benefiting from lower labor-related costs and ongoing tight expense control. We generated operating income of $2.4 billion in fiscal Q1, resulting in an operating margin of 27.5%, which was up approximately 500 basis points sequentially and up 48 percentage-points from the year ago quarter.

第一財季的營運支出為 10.5 億美元，比上一季減少 3,400 萬美元，受益於勞動力相關成本的下降和持續嚴格的支出控制。第一財季我們實現營業收入 24 億美元，營業利潤率為 27.5%，比上一季成長約 500 個基點，比去年同期成長 48 個百分點。

Fiscal Q1 adjusted EBITDA was $4.4 billion, resulting in an EBITDA margin of 50.6%, up 265 basis points sequentially and up 31 percentage-points or $3.5 billion from the year ago quarter. Fiscal Q1 taxes were $333 million, on an effective tax rate of 14.1%, which was in line with our guidance.

第一財季調整後 EBITDA 為 44 億美元，EBITDA 利潤率為 50.6%，比上一季成長 265 個基點，比去年同期成長 31 個百分點，即 35 億美元。第一財季稅收為 3.33 億美元，有效稅率為 14.1%，符合我們的指引。

Non-GAAP diluted earnings per share in fiscal Q1 was $1.79, compared to $1.18 per share in the prior quarter and a loss per share of $0.95 in the year ago quarter. We delivered fiscal Q1 EPS at the higher end of our guidance range.

第一財季的非公認會計原則攤薄後每股收益為 1.79 美元，而上一季每股收益為 1.18 美元，去年同期每股虧損為 0.95 美元。我們交付的第一財季每股收益處於指導範圍的高端。

Turning to cash flows and capital spending, our operating cash flows were approximately $3.2 billion in fiscal Q1. Capital expenditures were $3.1 billion, resulting in free cash flow of $112 million in the quarter. Our fiscal Q1 ending inventory was $8.7 billion or 149 days, a decline of 9 days from the prior quarter and driven by DRAM.

談到現金流和資本支出，我們第一財季的營運現金流約為 32 億美元。資本支出為 31 億美元，本季自由現金流為 1.12 億美元。我們第一財季期末庫存為 87 億美元，即 149 天，比上一季減少了 9 天，這主要是由 DRAM 推動的。

On the balance sheet, we held $8.7 billion of cash and investments at quarter end and maintained $11.2 billion of liquidity when including our untapped credit facility. We ended the quarter with $13.8 billion in total debt, low net leverage and a weighted average maturity on our debt of 2031.

在資產負債表上，截至季度末，我們持有 87 億美元的現金和投資，並在包括未動用的信貸額度時保持了 112 億美元的流動性。截至本季末，我們的債務總額為 138 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 second fiscal quarter. We expect DRAM bit shipments to decline sequentially and expect a meaningful sequential decline in NAND bit shipments for reasons mentioned previously that are impacting near-term demand. We project our bit shipments to resume growth after fiscal Q2 and expect second half fiscal year bit shipments to be stronger than the first half.

現在轉向我們對第二財季的展望。我們預計 DRAM 位元出貨量將持續下降，並且由於前面提到的影響近期需求的原因，預計 NAND 位元出貨量將出現顯著的連續下降。我們預計第二財季後比特出貨量將恢復成長，並預計下半年比特出貨量將強於上半年。

We expect fiscal Q2 gross margins to be impacted by NAND industry conditions partly offset by continued growth in HBM and data center DRAM. In addition to these factors, we expect NAND underloading to affect fiscal Q3 gross margins. We forecast operating expenses in fiscal Q2 to be approximately $1.1 billion, primarily reflecting planned increases in R&D spending.

我們預計第二財季毛利率將受到 NAND 產業狀況的影響，部分被 HBM 和資料中心 DRAM 的持續成長所抵銷。除了這些因素之外，我們預計 NAND 負載不足將影響第三財季的毛利率。我們預計第二財季的營運支出約為 11 億美元，主要反映了研發支出的計畫增加。

We expect fiscal 2025 OpEx to increase by a low to mid-teens percent below our prior mid-teens plan. We continue to prioritize R&D programs including for HBM to capitalize on strong growth ahead. We expect both inventory dollars and days of inventory to increase sequentially in fiscal Q2 on lower volumes. With stronger bit shipments, we expect DIO to improve in the second half of the fiscal year. We expect to end fiscal 2025 with tight DRAM inventories below our target levels.

我們預計 2025 財年的營運支出將比我們先前的 10% 左右的計畫低至 10% 左右的增幅。我們繼續優先考慮研發計劃，包括 HBM 的研發計劃，以充分利用未來的強勁成長。我們預計第二財季的庫存金額和庫存天數將在銷售下降的情況下持續增加。隨著比特出貨量的增加，我們預計 DIO 將在本財年下半年有所改善。我們預計 2025 財年結束時 DRAM 庫存將低於我們的目標水準。

For fiscal Q2 and the remainder of fiscal 2025, we estimate our non-GAAP tax rate to be in the mid-teens percent range. We expect our fiscal 2026 tax rate to be in the high teens percentage range following Singapore's adoption of global minimum tax. In fiscal Q2, we forecast net CapEx to be approximately $3 billion.

對於第二財季和 2025 財年的剩餘時間，我們估計我們的非公認會計原則稅率將在百分之十左右。在新加坡採用全球最低稅率後，我們預計 2026 財年的稅率將在高十幾位百分比範圍內。在第二財季，我們預測淨資本支出約為 30 億美元。

For fiscal 2025, we are prioritizing our investments to ramp 1-beta and 1-gamma technology nodes as well as greenfield fab investments for DRAM which will help us support HBM and long-term DRAM demand. We have cut our NAND CapEx and are prudently managing the pace of our NAND technology node ramps to manage our supply.

對於 2025 財年，我們將優先投資 1-beta 和 1-gamma 技術節點以及 DRAM 綠地晶圓廠投資，這將有助於我們支持 HBM 和長期 DRAM 需求。我們已經削減了 NAND 資本支出，並謹慎管理 NAND 技術節點升級的步伐，以管理我們的供應。

We expect overall CapEx spending in fiscal 2025 to be approximately $14 billion, plus or minus $500 million. The overwhelming majority of the fiscal 2025 CapEx is to support HBM as well as facility construction, back-end manufacturing and R&D investments.

我們預計 2025 財年的整體資本支出約為 140 億美元，上下浮動 5 億美元。 2025 財年資本支出的絕大多數用於支援 HBM 以及設施建設、後端製造和研發投資。

With all these factors in mind, our non-GAAP guidance for fiscal Q2 is as follows: we expect revenue to be $7.9 billion plus or minus $200 million. Gross margin to be in the range of 38.5%, plus or minus 100 basis points and operating expenses to be approximately $1.1 billion, plus or minus $15 million. As mentioned, we expect the fiscal Q2 tax rate to be in the mid-teens percent range. Based on a share count of approximately 1.14 billion shares, we expect EPS to be $1.43 per share, plus or minus $0.10.

考慮到所有這些因素，我們對第二財季的非 GAAP 指引如下：我們預期營收為 79 億美元上下 2 億美元。毛利率在 38.5%（上下浮動 100 個基點）範圍內，營運費用約為 11 億美元（上下浮動 1,500 萬美元）。如前所述，我們預計第二財季稅率將在百分之十左右。基於約 11.4 億股的股數，我們預計每股收益為 1.43 美元，上下浮動 0.10 美元。

In closing, Micron will remain circumspect and flexible with all our spending, including operating expenses and capital investments. We are making disciplined investments in DRAM and are driving the ramp of high-bandwidth memory. In NAND, we are taking prompt and decisive actions to cut our capital spending and cut our wafer output to maintain supply discipline. We expect to deliver a substantial revenue record, significantly improved profitability and positive free cash flow in fiscal 2025.

最後，美光將對我們的所有支出（包括營運支出和資本投資）保持謹慎和靈活。我們正在對 DRAM 進行嚴格的投資，並推動高頻寬記憶體的發展。在 NAND 方面，我們正在採取迅速果斷的行動，削減資本支出並削減晶圓產量，以維持供應紀律。我們預計 2025 財年將實現可觀的收入記錄、顯著提高的獲利能力和正的自由現金流。

I will now turn it back over to Sanjay.

我現在將其轉回桑傑。

Thank you, Mark. At our 2022 Investor Day, we had laid out a bold plan to shift our portfolio mix and to increase our share of high growth and less seasonal segments from approximately 45% in fiscal 2021 to 62% in fiscal 2025. In fiscal Q1 2025, we have already significantly exceeded that goal driven by strong demand for AI-enabled solutions and reflecting Micron's technology, product and manufacturing leadership.

謝謝你，馬克。在2022 年投資者日，我們制定了一項大膽的計劃，以改變我們的投資組合，並將高增長和季節性較少的細分市場的份額從2021 財年的約45% 增加到2025 財年的62%。的領先地位。

Micron is in the strongest competitive position in its history and we continue to gain share in all high-margin strategically important product categories in our industry while maintaining overall stable bit share in both DRAM and NAND.

美光科技處於歷史上最強勁的競爭地位，我們繼續在行業內所有高利潤、具有戰略意義的重要產品類別中獲得份額，同時在 DRAM 和 NAND 領域保持整體穩定的位份額。

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。

C.J. Muse, Cantor Fitzgerald.

C.J.繆斯，坎托·費茲傑拉。

Yeah, good afternoon. Thank you for protecting the question. I guess first question, could you speak to what gives you the confidence that we're going to see a make quarter kind of a seasonal pickup and/or cyclical pickup across both DRAM and NAND? And I guess if there's any sort of sense of magnitude we should be thinking about for each would be very helpful.

是的，下午好。感謝您保護問題。我想第一個問題是，您能否談談是什麼讓您有信心我們將看到 DRAM 和 NAND 製造季度出現季節性回升和/或週期性回升？我想如果我們應該考慮每一個問題的重要性的話，那將會非常有幫助。

CJ, I'll take this one. As we said, our CQ2 outlook is impacted by inventory adjustments in consumer-oriented markets and of course, the typical seasonality that exists in CQ1 as well. And we have also seen some moderation in purchases of data center SSDs after several quarters of rapid growth in that part of the market. So that's what is impacting our Q2 outlook here.

CJ，我想要這個。正如我們所說，我們的第二季度前景受到以消費者為導向的市場庫存調整的影響，當然也受到第一季存在的典型季節性的影響。在經歷了幾個季度的快速成長之後，我們也發現資料中心 SSD 的購買量有所放緩。這就是影響我們第二季前景的因素。

And we believe that customer inventories in the consumer-oriented markets will improve in the spring time frame. Keep in mind that the sell-through that's happening in these consumer-oriented markets like smartphone and PCs is okay. It's more that they have built inventory and therefore, their purchases are less than their sell-through. And we saw that the inventories improved in CQ4 and we expect them to improve further in CQ1 time frame.

我們相信，以消費者為導向的市場的客戶庫存將在春季有所改善。請記住，智慧型手機和個人電腦等面向消費者的市場的銷售情況還不錯。更重要的是，他們已經建立了庫存，因此，他們的採購量低於銷售量。我們看到第四季度的庫存有所改善，我們預計第一季的庫存將進一步改善。

So by spring time frame, we expect the inventories to -- at customers in the consumer-oriented markets to improve and that's what will drive shipment growth in the fiscal second half for us. And of course, data center SSD as well, we expect, it tends to be that part of the market, data center storage can sometimes be lumpy, and we expect the data center storage demand, given the data center build-out that is happening, continues to be happening, driven by AR demand growth will also return toward growth in the fiscal second half. That's why we said fiscal second half stronger than the fiscal first half.

因此，到春季時，我們預計以消費者為導向的市場客戶的庫存將會改善，這將推動我們下半年的出貨量成長。當然，資料中心 SSD 也是如此，我們預計，它往往是市場的一部分，資料中心儲存有時可能會很不穩定，考慮到正在發生的資料中心擴建，我們預計資料中心儲存需求，持續發生的情況下， AR需求成長的推動也將在下半財年回歸成長。這就是為什麼我們說下半年財年強於上半年。

Very helpful. And then a quick question to Mark. Can you help us with a little more granularity in terms of the impact from NAND under loadings into the current guide as well as whether there's an impact beyond that? And then for all of calendar '25, is there a framework for thinking about the tailwind from increasing HBM mix in the revenues?

非常有幫助。然後向馬克提出一個簡短的問題。您能否幫助我們更詳細地了解目前指南中負載下 NAND 的影響以及是否有其他影響？那麼對於 25 年的整個日曆，是否有一個框架來考慮增加 HBM 收入組合帶來的順風車？

Sure, C.J. So let me start with providing granularity on the second quarter guide. So we're down 100 basis points first to second quarter in the guide, and that's driven by NAND. First, as Sanjay mentioned, the NAND industry market conditions were weaker than we had expected and that consumer market, PC, smartphones demand is weaker and inventory adjustments are occurring. Secondly, NAND data center SSD volumes moderated. And so there's this period of digestion. And that was, as we know, higher-margin NAND business.

當然，C.J. 因此，讓我先詳細介紹第二季指南。因此，我們在指南中從第一季到第二季下降了 100 個基點，這是由 NAND 推動的。首先，正如Sanjay所提到的，NAND產業市場狀況弱於我們的預期，消費市場、PC、智慧型手機需求疲軟，庫存調整正在發生。其次，NAND 資料中心 SSD 銷售量有所放緩。所以就有了這個消化期。正如我們所知，這是利潤率較高的 NAND 業務。

So those two things are the principal driver. Of course, with revenue down in the guide $800 million we see some negative leverage effects on ongoing period costs, but those costs do not include underload charges in the second quarter. So those charges will begin to affect us in the third quarter.

所以這兩件事是主要驅動力。當然，隨著指南收入下降 8 億美元，我們看到槓桿對持續期間成本產生了一些負面影響，但這些成本不包括第二季的負載不足費用。因此，這些費用將在第三季開始影響我們。

And so in the third quarter, as NAND continues to have a period where there are some challenging conditions into the calendar first quarter and that improves through the calendar year our supply response in NAND will weigh on third quarter margins, and it will somewhat constrain our ability to expand gross margins in the third quarter.

因此，在第三季度，隨著NAND 在第一季度繼續面臨一些具有挑戰性的條件，並且在整個歷年中有所改善，我們在NAND 的供應反應將影響第三季度的利潤率，這將在一定程度上限制我們的第三季毛利率有能力擴大。

Now beyond the third quarter, the business volume growth, AI-driven data center and edge driven growth, favorable mix effects, including HBM, where we talked about multibillion and then just a more constructive environment especially in DRAM, where we have tight inventories on the leading edge and have indicated that we basically were below our target and inventories by end of year. So we see the conditions for margin expansion occurring after third quarter.

現在過了第三季度，業務量成長、人工智慧驅動的資料中心和邊緣驅動的成長、有利的混合效應，包括HBM，我們在其中談到了數十億美元，然後只是一個更具建設性的環境，特別是在DRAM 領域，我們的庫存緊張領先優勢，並表明我們到年底基本上低於我們的目標和庫存。因此，我們看到第三季之後出現利潤率擴張的條件。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. I'm trying to get at what the magnitude of the revenue ramp is going to be in the fiscal back half. And I'm sort of looking at what you were saying about CapEx. You had said that it would be mid-30s of the full year revenue. So if I take the [14] and which was a little better than what people thought, I think most people were thinking [13].5. So you actually are doing a bit more CapEx.

多謝。我試著了解上半財年營收成長的幅度。我正在研究你所說的關於資本支出的內容。您曾說過，這將是全年收入的 30 多歲。因此，如果我選擇[14]，它比人們想像的要好一點，我想大多數人都會想到[13].5。所以你實際上做了更多的資本支出。

And if I divide by the mid, I get to a number like $40 billion for the fiscal year. I'm not asking you to guide the fiscal year, but I'm just asking you to provide some sort of magnitude for like the fiscal back half versus the fiscal front half?

如果除以中間值，我會得到本財年 400 億美元的數字。我不是要求您指導財政年度，而是要求您提供某種程度的數據，例如財政後半部分與財政前半部分的比較？

So let me just answer the fiscal second half. And of course, the drivers of growth, there would be improved inventory in consumer-oriented markets, data center demand resuming and of course, HBM, continued momentum in HBM. We are excited about our product position there. And we have indicated to you that in the second half of the calendar year, we target reaching our HBM share to be in line with DRAM share and we are executing very well on the HBM momentum. So HBM is also, of course, continuing to drive our revenue growth as you look ahead to the second half of the year.

讓我來回答一下下半年的財政狀況。當然，成長的驅動力包括以消費者為導向的市場庫存的改善、資料中心需求的恢復，當然還有 HBM，以及 HBM 的持續成長勢頭。我們對我們的產品在那裡的地位感到興奮。我們已向您表示，在今年下半年，我們的目標是達到與 DRAM 份額一致的 HBM 份額，並且我們在 HBM 勢頭上執行得非常好。因此，展望下半年，HBM 當然也會繼續推動我們的營收成長。

And then just keep in mind that we have discussed smartphone and PC units, we have provided you color in the script on those in calendar year 2025 as well. And there will be increasing penetration of AI smartphone and PC units which tend to have higher DRAM content as well.

請記住，我們已經討論了智慧型手機和 PC 設備，我們還為您提供了 2025 年日曆中的腳本顏色。人工智慧智慧型手機和 PC 裝置的滲透率也將不斷提高，這些裝置往往也具有更高的 DRAM 含量。

So all of these factors will contribute primarily AI from data center to edge, consumer inventory adjustments, getting past the seasonality of CQ1, all of these will be the factors that were determined that really give us optimism towards strong second half shipments and of course, a healthier revenue outlook in the second half as well. And Mark, you can comment on the CapEx.

因此，所有這些因素將主要貢獻從資料中心到邊緣的人工智慧、消費者庫存調整、克服第一季的季節性，所有這些都將是真正讓我們對下半年強勁出貨量感到樂觀的因素，當然，下半年的收入前景也更健康。馬克，您可以對資本支出發表評論。

Yeah, Tim, we made it clear we're cutting NAND CapEx. We are -- yeah, there's still going to be elevated levels of DRAM spend and our previous guidance of mid-30s will be higher 30s percent of sales now.

是的，蒂姆，我們明確表示我們正在削減 NAND 資本支出。我們 - 是的，DRAM 支出水準仍然會上升，我們先前對 30 多歲中期的指導將佔現在銷售額的 30 ％以上。

Got it, Mark. Okay. Thank you. And then I want to ask on the share repo. So in the 8-K last week that was related to the chips at it contained language that you can only buy back to offset dilution during the first two years and really you're only free to jack up the repo more than that during years three to five to bring down share count. How do you think about that in sort of in the broader capital return? Thanks Mark.

明白了，馬克。好的。謝謝。然後我想問一下共享回購協議。因此，在上週的8-K 中，與晶片相關的內容包含這樣的語言：你只能在前兩年內回購以抵消稀釋，實際上，你只能在第三年中自由地增加回購額到五以減少股份數量。您如何看待更廣泛的資本回報？謝謝馬克。

Yeah, Tim, we don't see any meaningful constraints on our ability to return capital. Our ordinary course dividends are unaffected. So we would still expect to pay a dividend and grow that over time. We are able to repurchase shares. During the first two years, we're able to repurchase shares to help offset stock comp shareholder dilution. And then in years three through five, we're unrestricted as certain financial and other conditions are met.

是的，提姆，我們沒有看到我們的資本返還能力受到任何有意義的限制。我們的普通課程股利不受影響。因此，我們仍然期望支付股息並隨著時間的推移而成長。我們能夠回購股票。在前兩年，我們能夠回購股票，以幫助抵消股票股東稀釋。然後在第三年到第五年，只要滿足某些財務和其他條件，我們就不受限制。

And we think those conditions are reasonable. They involve how much we're spending on R&D, how much we're spending on CapEx and our credit and so forth. And these things are how we would normally run the business in a shareholder and broader stakeholder way. So we think that we don't have any meaningful constraints under the agreements.

我們認為這些條件是合理的。它們涉及我們在研發上的支出、我們在資本支出和信貸上的支出等等。這些都是我們通常以股東和更廣泛的利害關係人的方式經營業務的方式。因此，我們認為這些協議沒有任何有意義的限制。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. So Sanjay, you upgraded the HBM TAM by, I think, about 20% or so. What has changed to increase that estimate? And I think you kind of kept your target share to be the same as before, even though I think you kind of shifted it more to the second half. But what is the bottleneck? Why can't your share get to the target level earlier?

感謝您提出我的問題。 Sanjay，我認為您將 HBM TAM 升級了大約 20% 左右。是什麼改變了這個估計？我認為你的目標份額與以前相同，儘管我認為你將其更多地轉移到了下半年。但瓶頸是什麼？為什麼你的份額不能早點達到目標水準？

Is it just a matter of rolling out in different products? So just what changed the TAM estimate? And then what is causing the change for you to get to your target more in the second half rather than I think you said sometime in '25 before?

這只是推出不同產品的問題嗎？那麼到底是什麼改變了 TAM 的估計呢？那麼是什麼導致你在下半場實現目標的變化，而不是我認為你在 25 年前的某個時候所說的？

So we continue to work closely with our customers to assess the market requirements, and we provide you updates and we, from time to time, update our outlook. And based on our latest estimates with our customers and, of course, all the build-out related to AI data centers and the tremendous opportunity and we have increased our estimate from $25 billion to $30 billion for calendar year 2025. And this is driven by increased demand, increased volume that will be required in 2025 for HBM. And just keep in mind that HBM just continues to be still in tight supply in calendar year 2025.

因此，我們繼續與客戶密切合作，評估市場需求，我們為您提供最新信息，並且我們會不時更新我們的展望。根據我們對客戶的最新估計，當然還有與人工智慧資料中心相關的所有擴建以及巨大的機遇，我們將 2025 年的估計從 250 億美元增加到 300 億美元。需的需求和數量都會增加。請記住，到 2025 年，HBM 的供應仍然很緊張。

And regarding our own momentum, we have a very strong momentum. We previously had said that sometime in calendar year 2025, we will reach our share target in HBM to be equivalent to our DRAM industry share. And now as 2025 is approaching, we are providing you further specificity around the timing, and we are specifying that we'll be reaching that in second half of 2025.

至於我們自己的勢頭，我們有非常強勁的勢頭。我們之前曾說過，在 2025 年的某個時候，我們將達到 HBM 的份額目標，相當於我們的 DRAM 行業份額。現在，隨著 2025 年的臨近，我們正在為您提供有關時間安排的進一步具體信息，並且我們明確表示我們將在 2025 年下半年實現這一目標。

Of course, HBM ramp up, just keep in mind, it was not long ago. It was Q3 of '24 when we had indicated that we have over $100 million of revenue in HBM. Our team is doing a great job in continuing to ramp up the capacity as well as yields. We pointed out that in our Q1 we delivered more HBM than our plan and our yields were also ahead of our plan.

當然，HBM 正在崛起，請記住，那是不久前的事。 24 年第三季度，我們表示 HBM 的營收超過 1 億美元。我們的團隊在持續提高產能和產量方面做得非常出色。我們指出，在第一季度，我們交付的 HBM 超出了我們的計劃，而且我們的收益率也超出了我們的計劃。

So we continue to do well, and we are extremely focused on ramping up capacity, continue to ramp up deals towards mature yields, and we feel very confident about our opportunities for HBM in 2024. And we have said that we expect to reach multiple billions of dollars of revenue in the coming year a tremendous opportunity.

所以我們繼續表現良好，我們非常專注於提高產能，並繼續增加交易以獲得成熟的產量，我們對 2024 年 HBM 的機會非常有信心。來年是一個巨大的機會。

And we, of course, continue to look forward to building the momentum of our roadmap from there on. absolutely captured the opportunities we believe that HBM4 as well as 4E, which will be more opportunities '26 and beyond time frame. We will be in a strong leadership position with our products. And we will, of course, capture the opportunities and remain disciplined with respect to our investments as well.

當然，我們繼續期待從那時起增強我們路線圖的勢頭。我們相信 HBM4 和 4E 絕對抓住了機會，這將在 26 年及以後的時間範圍內提供更多機會。我們的產品將處於強而有力的領導地位。當然，我們將抓住機遇，並在投資方面保持紀律。

Got it. And for my follow-up, Mark, just a few questions on gross margins. So you are guiding Q2 sales down, but gross margins are only going down by 1 point. So is that some of the tailwinds you're seeing in in HBM right offsetting some of the unit impact. So if there is a way to quantify how much lift is HBM providing?

知道了。對於我的後續行動，馬克，我只想問幾個有關毛利率的問題。因此，您指導第二季銷售額下降，但毛利率僅下降 1 個百分點。您在 HBM 中看到的一些有利因素是否抵消了部分單位影響。那麼是否有辦法量化 HBM 提供了多少升力呢？

And then the other thing I just wanted to clarify, did you say gross margins higher than Q2 gross margin despite that NAND headwind? I just wanted to clarify that. So just how much lift from HBM and then is Q3 higher than Q2 from what you said before? Thank you.

然後我想澄清的另一件事是，儘管存在 NAND 逆風，你是否說毛利率仍高於第二季的毛利率？我只是想澄清這一點。那麼，從您之前所說的來看，HBM 的提升量是多少，然後 Q3 比 Q2 高？謝謝。

Yeah. So Vivek, good questions. So we are in 2Q. We are seeing definitely favorable effects from both higher DRAM revenue as a mix of our total business and then the favorable DRAM product mix, so HBM and other data center products. So those are tailwinds in the second quarter, and we expect those to continue but they're more than offset by the headwinds, particularly NAND.

是的。維韋克，問得好。所以我們處於第二季。我們看到，較高的 DRAM 收入（作為我們總業務的組合）以及有利的 DRAM 產品組合（HBM 和其他資料中心產品）都帶來了明顯的有利影響。因此，這些都是第二季度的順風，我們預計這些將持續下去，但它們將被逆風（尤其是 NAND）所抵消。

And then what I mentioned earlier to CJ's question was, while we continue to have these DRAM positive mix effects, it will take some time and well into this calendar first quarter for the NAND market conditions to begin to improve. And then we, of course, start to see data center SSD growth starting again, volume growth in the third quarter. And then the -- yeah, but conditions there will still be weak.

我之前在 CJ 的問題中提到的是，雖然我們繼續擁有這些 DRAM 的積極混合效應，但 NAND 市場狀況需要一段時間，並且要到今年第一季才能開始改善。當然，我們開始看到資料中心 SSD 的成長再次開始，第三季的銷售量出現成長。然後——是的，但是那裡的條件仍然很弱。

And then the supply response costs will weigh on third quarter margins and will constrain our ability to expand margins in the third quarter. Now beyond third quarter, we see continued revenue growth, favorable mix effects more constructive markets and see the opportunity for margin expansion from there.

然後，供應響應成本將影響第三季的利潤率，並將限制我們在第三季擴大利潤率的能力。現在，第三季之後，我們看到收入持續成長，有利的組合效應更具建設性的市場，並看到利潤率擴張的機會。

Joseph Moore, Morgan Stanley.

約瑟夫‧摩爾，摩根士丹利。

Great. Thank you. My question was also on HBM. I guess how do you think about market share there over the long term? Should we think of your natural DRAM share as being a limiter given that one of your competitors is struggling there? And at one point, you had talked about maybe having a premium pricing because of the quality of the performance per watt. Is that something you're still able to extract? Or is the focus continue to be more on supply?

偉大的。謝謝。我的問題也是關於 HBM 的。我想從長遠來看，您如何看待那裡的市場份額？鑑於您的競爭對手之一正在那裡苦苦掙扎，我們是否應該將您的天然 DRAM 份額視為限制因素？有一次，您曾談到，由於每瓦性能的質量，可能會提供溢價。那是你還能提取出來的東西嗎？或者焦點仍然更多地放在供應上？

So with respect to HBM share, I mean, we are extremely focused on achieving our share to be in line with the industry DRAM share in the second half of 20 excited, as I said, about our product and all the feedback that we have received on that product, we have highlighted that we have already begun shipments to a second large HBM customers. And I also said that in CQ1, we will be adding a third large customer for HBM as well.

因此，就HBM 份額而言，我的意思是，我們非常專注於在20 世紀下半年實現我們的份額與行業DRAM 份額保持一致，正如我所說，我們對我們的產品和我們收到的所有反饋感到興奮關於該產品，我們強調我們已經開始向第二大 HBM 客戶發貨。我還說過，在第一季度，我們還將為 HBM 增加第三個大客戶。

So our momentum is continuing to build up in HBM and this is, of course, all again, built on strong product that has significant performance, and performance per watt benefits here. And that, of course, helps us with respect to our momentum on the share, helps us get premium pricing versus others in the marketplace. And we plan to absolutely leverage this beyond just 8 High HBM 3E as we move to 12 High in 2025. And of course, beyond 2025, leverage our momentum with product leadership, with HBM 4 and 4E as well.

因此，我們在 HBM 方面的勢頭正在繼續增強，當然，這一切都是建立在具有顯著性能和每瓦性能優勢的強大產品之上。當然，這有助於我們提高市場份額，幫助我們獲得比市場上其他公司更高的定價。我們計劃在 2025 年將 8 High HBM 3E 提升到 12 High 時，充分利用這一優勢。

I'm not specifying our share at this point for future targets. But of course, we are extremely focused on continuing to shift the mix of our product portfolio -- overall product portfolio towards higher profit pools of the industry, while remaining totally disciplined in managing the demand and supply balance and managing our responsibly managing our investments, capital investments that are related to that as well.

我目前沒有具體說明我們在未來目標中所佔的份額。但當然，我們非常專注於繼續改變我們的產品組合組合——整體產品組合轉向行業更高的利潤池，同時在管理需求和供應平衡以及負責任地管理我們的投資方面保持完全自律，與此相關的資本投資。

Great. Thank you very much.

偉大的。非常感謝。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Hi, thanks for taking my question. I had two of them, and sorry to harp on this point again, Sanjay. Just to clarify, you raised your calendar '25 TAM estimate from $25 billion to $30 billion. maintaining our market share, but price and volume is fixed, but the yields are improving.

您好，感謝您提出我的問題。我有兩個，很抱歉再次強調這一點，桑傑。澄清一下，您將日曆 '25 TAM 預估從 250 億美元提高到 300 億美元。保持我們的市場份額，但價格和數量是固定的，但收益率正在提高。

So simplistically, should we assume three months ago, if you thought $5.5 billion to $6 billion in HBM revenue exiting second half of 2025. That's more like $6.5 billion to $7 billion now. Is it the right math to think about for Micron's HBM revenues in sometime in second half calendar '25?

簡單來說，如果您認為 2025 年下半年 HBM 收入將達到 55 億至 60 億美元，我們應該假設三個月前嗎？對於美光 25 年下半年某個時間的 HBM 收入來說，這是正確的數學計算嗎？

We are not providing specifics on revenue for HBM. But other than saying that HBM will be multiple billions of dollars of revenue for us in '25. And that we will we are well on our way to achieving our target of shares to line up with industry DRAM share as well. I'm not going through the specificity on our revenue numbers. But again, I can tell you that this is, of course, a big part of our growth.

我們沒有提供 HBM 收入的具體資訊。但除此之外，HBM 將在 25 年為我們帶來數十億美元的收入。我們將順利實現我們的份額目標，與行業 DRAM 份額保持一致。我不會詳細介紹我們的收入數字。但我可以再告訴你，這當然是我們成長的重要部分。

And we are excited about the long-term HBM potential as well. We shared with you that we see HBM becoming a $100 billion -- more than $100 billion market in 2030 timeframe. And in 2028, HBM being 4 times of what it is in 2024.

我們也對 HBM 的長期潛力感到興奮。我們與您分享，我們預計 HBM 將在 2030 年成為一個價值 1000 億美元的市場，規模將超過 1000 億美元。到 2028 年，HBM 將是 2024 年的 4 倍。

And with a strong roadmap of products that is ahead of us, we, of course, will capture the opportunities in this part of the market. And HBM will, given that it is a more complex product to make, it is a higher cost product. It brings higher value, it brings higher ASPs. So this positions us very well toward our objective of continuing to shift towards higher profit pool of the industry.

憑藉著擺在我們面前的強大產品路線圖，我們當然將抓住這部分市場的機會。鑑於 HBM 是一種製造起來更複雜的產品，因此它是一種成本更高的產品。它帶來更高的價值，帶來更高的平均售價。因此，這使我們非常有利於實現繼續轉向行業更高利潤池的目標。

Got it. Very helpful. And then a quick follow-up, Sanjay. You're at HBM3E 8-high, so when you go to 12-high, the trade ratio increases, and you go to HBM4, it's also bigger die size, trade ratio has increased. So as you make these transitions, wouldn't it have a negative impact on your gross margin purely because yield will kind of get reset? Or do you think the transition will be seamless that it should not have any impact on gross margins?

知道了。非常有幫助。然後是快速跟進，Sanjay。您處於 HBM3E 8 高位，因此當您轉到 12 高位時，交易比率會增加，而您轉到 HBM4 時，晶片尺寸也會更大，交易比率也會增加。因此，當您進行這些轉變時，是否會純粹因為收益率會被重置而對您的毛利率產生負面影響？或者您認為過渡將是無縫的，不會對毛利率產生任何影響？

We have shared before that HBM3E has a trade ratio of approximately 3. And HBM4, we have said before, will have a higher trade ratio. And of course, these trade ratio considerations apply to the entire HBM industry. And when we go from 8-high to 12-high you can certainly expect that given the increased complexity of the product, that will have 12-high will have its own certainly yield ramp, but the learnings of 8-high will certainly be it benefiting us going forward as well.

我們之前分享過，HBM3E 的交易比例約為 3。當然，這些貿易比率考慮因素適用於整個 HBM 行業。當我們從 8 高到 12 高時，您當然可以預期，考慮到產品複雜性的增加，12 高將有自己的肯定產量斜坡，但 8 高的學習肯定會是它對我們今後的發展也有好處。

And our team has done a great job in ramping our products. So I'm pretty sure that as we go from 8-high to 12-high, our team will do a good job in ramping up the yields on 12-high as well. And all of those factors, of course, play a role in overall objectives that we have ahead of us. And just keep in mind that the value of HBM absolutely continues to grow.

我們的團隊在提升我們的產品方面做得非常出色。因此，我非常確定，當我們從 8 高點上升到 12 高點時，我們的團隊也將在提高 12 高點的收益率方面做得很好。當然，所有這些因素都會在我們面前的整體目標中發揮作用。請記住，HBM 的價值絕對會持續成長。

As we go from 8-high to 12-high, of course, that gives our customers an opportunity to attach more content to their GPUs, to their accelerators just by the sheer increase in the capacity within each cube, 50% increase in capacity within cube. And so overall, the value of HBM continues to grow as well as we go from 8-high to 12-high and later on to HBM4 and in the future, with HBM4E having the optionality of customization as well.

當然，當我們從8 高到12 高時，我們的客戶就有機會將更多內容附加到他們的GPU、加速器上，只需每個立方體內的容量大幅增加，即每個立方體內的容量增加50%。總體而言，HBM 的價值持續成長，我們從 8 高到 12 高，再到 HBM4，未來 HBM4E 也具有客製化選項。

Thank you, Sanjay. Very helpful.

謝謝你，桑傑。非常有幫助。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

Hey, thanks guys. I guess just a bigger question on DRAM. So if supply is going to equal demand next year and there's excess inventory out there, like how is the market going to do well? And then as a portion of that, you said that high-end DRAM and HBM or leading-edge DRAM and HBM are doing well. Can you just define what leading edge or what percentage of the market that is and what's going to happen to the rest of the market if it remains an oversupply?

嘿，謝謝大家。我想這只是關於 DRAM 的一個更大的問題。因此，如果明年供應將與需求持平，並且庫存過剩，那麼市場將如何表現良好？然後，作為其中的一部分，您說高端 DRAM 和 HBM 或領先的 DRAM 和 HBM 表現良好。您能否定義一下市場的領先優勢或百分比，以及如果仍然供過於求，市場的其他部分會發生什麼？

So again, yes, leading-edge nodes are in tight supply and not only just HBM, that is in tight supply. But LP5, DDR5. These are also built in leading-edge nodes and these are all in tight supply. And we see tight supply for the industry in 2025. As the HBM requirements increase, that puts even more pressure on non-HBM puts more pressure on the leading-edge supply. So we see leading-edge outlook remaining tight and favorable demand supply environment.

所以，是的，前沿節點供應緊張，而且不僅僅是 HBM，供應緊張。但LP5、DDR5。它們也內建在領先的節點中，並且供應緊張。我們預計 2025 年該行業的供應將會緊張。因此，我們認為前沿前景仍然緊張，需求供應環境有利。

And overall DRAM industry, we expect to be healthy. Keep in mind that we have pointed to not only multiple billions of dollars of revenue in our fiscal '25 with HBM but also to multiple billion -- we have pointed to multiple billions of dollars of revenue with high-density DIMMs and LP5 solutions. And just keep in mind that those are also very important products for the AI applications.

我們預計整個 DRAM 產業將保持健康發展。請記住，我們不僅指出了 25 財年 HBM 帶來的數十億美元收入，還指出了高密度 DIMM 和 LP5 解決方案帶來的數十億美元收入。請記住，這些對於人工智慧應用程式來說也是非常重要的產品。

HBM works closely with LP5 and many accelerator platforms with respect to driving the full potential of AI. And of course, overall, we see the demand environment healthy. And vast majority of overall production, as we have already noted in our prepared remarks, is on leading-edge nodes which are our 1-alpha and 1-beta node today. And in 2025, we will begin to ramp our 1-gamma node as well.

HBM 與 LP5 和許多加速器平台密切合作，以充分發揮人工智慧的潛力。當然，總體而言，我們看到需求環境健康。正如我們在準備好的評論中已經指出的那樣，絕大多數總體生產都在前沿節點上，即我們今天的 1-alpha 和 1-beta 節點。到 2025 年，我們也將開始提升 1-gamma 節點。

Yes, Chris, I would just add that as you mentioned, inventories at the end of the year in your question that we currently project our DRAM inventories total to be below our target levels.

是的，克里斯，我想補充一點，正如您所提到的，在您的問題中，我們目前預計 DRAM 庫存總量將低於我們的目標水平。

Okay. Thanks Mark. And then as a quick follow-up to that. So what gets the non-leading edge DRAM market healthy again, because it is still a part of your business.

好的。謝謝馬克。然後作為對此的快速跟進。那麼，如何才能讓非前沿 DRAM 市場再次健康發展，因為它仍然是您業務的一部分。

No, I mean, of course, our supply mix is, of course, shifting toward more of the products that are needed in the marketplace, and we are constantly managing our supply shift. And our production is more towards leading edge while remaining disciplined with our CapEx and with our supply growth.

不，我的意思是，我們的供應結構當然正在轉向市場所需的更多產品，我們正在不斷管理我們的供應轉變。我們的生產更趨於領先，同時保持資本支出和供應成長的紀律性。

Got it. Thanks guys.

知道了。謝謝你們。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Great. Thank you so much for taking the question. I had two as well. The first one is on China competition. Sanjay, you mentioned LP4 and DDR4 for the rest of the fiscal year is 10% of your business. What are your thoughts on their ability to compete in DDR5 and LP5, not in the near term, but as you think about the competitive landscape over the next, call it, 18, 24 months? What are your thoughts? And how do you intend to respond to that?

偉大的。非常感謝您提出這個問題。我也有兩個。第一個是關於中國的競爭。 Sanjay，您提到本財年剩餘時間裡 LP4 和 DDR4 佔您業務的 10%。您對他們在 DDR5 和 LP5 領域的競爭能力有何看法？你有什麼想法？您打算如何回應？

So our product mix of LP4 and DDR4, which we have said is about 10% for the remainder of fiscal year '25, will, of course, continue to go down in the years ahead as well. And that just means that the legacy node mix continues to go down in the years ahead as well. And China competition is more in the lower performance products. It addresses more the lower end of the consumer market, primarily in China.

因此，我們的 LP4 和 DDR4 產品組合（我們曾說過在 25 財年剩餘時間內約為 10%）當然也會在未來幾年繼續下降。這僅僅意味著遺留節點組合在未來幾年也會繼續下降。而中國的競爭則更集中在性能較低的產品。它更多地針對低端消費市場，主要是在中國。

And just keep in mind that the markets are shifting more and more towards higher performance products and higher performance products, certainly, when you look at the market moving more to the data center market applications versus just the consumer and the mix of data center continues to increase, that also requires more quality requirements. And the platforms continue to move faster toward the requirements of advanced nodes.

請記住，市場正在越來越多地轉向更高性能的產品和更高性能的產品，當然，當你看到市場更多地轉向資料中心市場應用程式而不僅僅是消費者時，資料中心的混合繼續增加，這也對品質提出了更高的要求。並且平台繼續更快地滿足先進節點的要求。

So these are all -- when you look at that, I mean, those that have a long track record and leading-edge nodes as well as leading-edge products with strong performance, low power as well as high-quality then the leaders are better positioned in this regard. So the competition that we see in China is more on the consumer side of the business and more on the lower end whereas the market is shifting more and more towards the requirements of higher end such as in data center.

所以這些都是——當你看到這一點時，我的意思是，那些擁有長期追蹤記錄和領先節點以及具有強大性能、低功耗和高品質的領先產品，那麼領導者就是在這方面有更好的定位。因此，我們在中國看到的競爭更集中在消費者方面，更集中在低端領域，而市場正越來越多地轉向資料中心等高端領域的需求。

And that's where Micron is focused with our technology and with our advanced product roadmap to address those parts of the market. And again, that's where the higher pool of the profit of the industry is, and that's where we are shifting our mix as well.

這就是美光科技專注於我們的技術和先進產品路線圖來滿足這些市場需求的領域。再說一次，這就是該行業利潤較高的地方，也是我們正在改變我們的組合的地方。

Great. And then as my follow-up, you talked about high-capacity enterprise SSDs, displacing nearline HDDs over the next couple of years. I know this is a view that you've held for a very long time. I'm just curious if you've seen anything recently that would drive an acceleration in that trend? You mentioned NAND front-end cost downs for you guys in fiscal '25 being in the low teens. That seems pretty similar to what your peers in the drive business are doing so. I'm just curious if anything has changed recently as you think about that dynamic.

偉大的。然後，作為我的後續內容，您談到了大容量企業級 SSD，它將在未來幾年取代近線 HDD。我知道這是您長期以來一直持有的觀點。我只是好奇你最近是否看到任何會推動這一趨勢加速的事情？您提到 25 財年 NAND 前端成本下降到了十幾歲。這看起來與驅動器行業的同行所做的事情非常相似。我只是很好奇，當你考慮這種動態時，最近是否發生了任何變化。

Yes, of course, we continue to work closely with our customers, and it's really about the total cost of ownership that SSDs provide and SSDs continue to make strong progress in that regard. It's about the performance. It's about, of course, power. It's about the footprint, all of that, and of course, cost is an important factor there. And all of that translates into cost of ownership.

是的，當然，我們將繼續與客戶密切合作，這實際上關係到 SSD 提供的總擁有成本，並且 SSD 在這方面繼續取得強勁進展。這是關於性能的。當然，這與權力有關。這與佔地面積有關，所有這些，當然，成本是一個重要因素。所有這些都會轉化為擁有成本。

And we see that in the future, SSDs will begin to displace HDDs, again, working closely with customers in the card. And clearly, AI will continue to be a strong driver in this regard as well. As we saw last year, I mean, strong demand.

我們看到，未來 SSD 將開始取代 HDD，再次與卡片中的客戶密切合作。顯然，人工智慧也將繼續成為這方面的強大驅動力。正如我們去年所看到的，我的意思是，需求強勁。

I mean when I say last year, I mean as we saw earlier in this calendar year, there was a strong demand for our data center SSDs driven by AI. And all of those requirements of performance, power footprint will absolutely be required in the future data centers displacing where SSDs will be displacing HDDs. And we look at it as a phenomenon that is 2027 and beyond.

我的意思是，當我說去年時，我的意思是正如我們在今年早些時候看到的那樣，對人工智慧驅動的資料中心 SSD 有著強勁的需求。未來的資料中心絕對需要所有這些效能、功耗需求，以取代 SSD 取代 HDD。我們將其視為 2027 年及以後的現象。

Thank you.

謝謝。

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。