美光科技 (MU) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Micron's fiscal third-quarter 2025 financial conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.

感謝您的支持。歡迎參加美光公司 2025 財年第三季財務電話會議。（操作員指示）提醒一下，今天的節目正在錄製。現在我想介紹今天節目的主持人，投資者關係部的薩蒂亞·庫馬爾 (Satya Kumar)。先生，請繼續。

Thank you and welcome to Micron Technology's fiscal third-quarter 2025 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman, President, and CEO; and Mark Murphy, our CFO.

感謝您並歡迎參加美光科技 2025 財年第三季財務電話會議。今天與我一起通話的有我們的董事長、總裁兼執行長 Sanjay Mehrotra 和我們的財務長 Mark Murphy。

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.

今天的電話會議將透過我們的投資者關係網站 investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及本次電話會議的準備好的評論已發佈在網站上。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance, including our guidance, as well as trends and expectations in our business, market, industry and regulatory, and other matters.

在我們開始之前，請容許我提醒大家，今天的討論包含前瞻性陳述，這些陳述受風險和不確定性的影響。這些前瞻性陳述包括有關我們未來財務和經營業績的陳述，包括我們的指導，以及我們的業務、市場、行業和監管以及其他事項的趨勢和預期。

These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations.

這些聲明是基於我們目前的假設，我們不承擔更新這些聲明的義務。有關可能導致實際結果與預期存在重大差異的風險和不確定性的更多信息，請參閱我們最新的 10-K 表財務報告和向美國證券交易委員會提交的其他文件。

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. 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 LinkedIn, X, and YouTube.

除非另有說明，因此今天對財務結果的討論均以非 GAAP 財務基礎呈現。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的對帳表。我們鼓勵您在整個季度訪問我們的網站 micron.com，以獲取有關公司的最新信息，包括我們可能參加的財務會議的信息。您也可以在 LinkedIn、X 和 YouTube 上關注我們。

I'll now turn the call over to Sanjay.

我現在將電話轉給桑傑。

Thank you, Satya. Good afternoon, everyone.

謝謝你，薩蒂亞。大家下午好。

Micron's strong competitive position and solid execution delivered record revenue in fiscal Q3, with revenue, gross margin, and EPS all exceeding the high end of our guidance ranges. Data center revenue more than doubled year over year and reached a record level, and consumer-oriented markets had strong sequential growth.

美光公司強大的競爭地位和穩健的執行力在第三財季實現了創紀錄的收入，收入、毛利率和每股收益都超過了我們預期範圍的高端。資料中心營收年增一倍以上，達到創紀錄水平，面向消費者的市場也實現了強勁的環比增長。

We generated substantial free cash flow in the quarter, even as we continue to make strategic investments critical to sustain long-term growth. I am thankful to all our Micron team members for their focus and execution, which made these results possible.

即使我們繼續進行對維持長期成長至關重要的策略投資，我們在本季也產生了大量自由現金流。我感謝美光團隊所有成員的專注和執行，這使得這些成果成為可能。

In fiscal Q3, DRAM revenue reached a new record driven by a nearly 50% sequential growth in HBM revenue. We remain the sole supplier in volume production of LP DRAM in the data center. In NAND, we achieved a new quarterly record for market share across data center SSDs, as well as client SSDs in calendar Q1. For the first time ever, during calendar Q1, Micron has become the number two brand by share in data center SSDs, according to third-party data.

在第三財季，DRAM 營收創下新高，這得益於 HBM 營收季增近 50%。我們仍然是資料中心 LP DRAM 量產的唯一供應商。在 NAND 領域，我們在第一季創下了資料中心 SSD 和客戶端 SSD 市佔率的新季度紀錄。根據第三方數據，在第一季度，美光公司首次成為資料中心 SSD 市場佔有率第二大的品牌。

Looking ahead to fiscal Q4, we see a robust demand environment and expect to grow revenue by 15% sequentially to a record $10.7 billion at guidance midpoint.

展望第四財季，我們看到強勁的需求環境，預計營收將季增 15%，達到創紀錄的 107 億美元（指導中位數）。

In June, we have completed a strategic reorganization of our business units around key market segments to capitalize on the tremendous AI growth opportunity ahead. As high-performance memory and storage become increasingly critical to enabling AI-driven innovation, this new structure enhances Micron’s ability to engage more deeply with customers by shifting more resources to AI-focused opportunities across our portfolio.

6 月份，我們完成了圍繞關鍵細分市場的業務部門策略重組，以利用未來巨大的人工智慧成長機會。隨著高效能記憶體和儲存對於實現人工智慧驅動的創新變得越來越重要，這種新結構透過將更多資源轉移到我們產品組合中以人工智慧為中心的機會上，增強了美光與客戶進行更深入互動的能力。

We are making excellent progress on our 1-gamma DRAM technology node, with yield ramping ahead of the record pace we achieved on our 1-beta node. We completed several key product milestones during the quarter, including the first qualification sample shipments of 1-gamma-based LP5 DRAM.

我們在 1-gamma DRAM 技術節點上取得了巨大進展，產量提升速度超過了我們在 1-beta 節點上實現的創紀錄速度。我們在本季完成了幾個關鍵的產品里程碑，包括基於 1-gamma 的 LP5 DRAM 的首批合格樣品出貨。

Micron 1-gamma DRAM leverages EUV, and the node provides a 30% improvement in bit density, more than 20% lower power, and up to 15% higher performance compared to1-beta DRAM. We will leverage 1-gamma across our entire DRAM product portfolio to benefit from this leadership technology.

美光 1-gamma DRAM 利用 EUV，與 1-beta DRAM 相比，該節點的位元密度提高了 30%，功耗降低了 20% 以上，效能提高了 15%。我們將在整個 DRAM 產品組合中利用 1-gamma 來受益於這項領先技術。

In NAND, we reached a record high mix of QLC bits in the quarter. We started qualifications for new high-performance SSD products based on our G9 2-terabit QLC NAND, and we continue to ramp our G9 node at a pace consistent with demand.

在 NAND 領域，我們在本季達到了 QLC 位元組合的最高紀錄。我們開始對基於 G9 2 太比特 QLC NAND 的新型高效能 SSD 產品進行認證，並繼續以與需求一致的速度提升我們的 G9 節點。

We are making disciplined investments in our global operations network to add to supply in line with demand over time. Two weeks ago, with support from the Trump administration, Micron announced plans to invest approximately $200 billion in the US, which includes $150 billion in manufacturing and $50 billion in R&D over the next 20-plus years.

我們正在對我們的全球營運網路進行嚴格的投資，以便隨著時間的推移根據需求增加供應。兩週前，在川普政府的支持下，美光公司宣布計畫在未來20多年內在美國投資約2,000億美元，其中包括1,500億美元用於製造業，500億美元用於研發。

As part of this $200 billion investment plan, Micron plans to invest an additional $30 billion beyond previously announced plans which includes building a second leading-edge memory fab in Boise, Idaho; expanding and modernizing our existing fab in Manassas, Virginia, serving the automotive, aerospace, defense and industrial markets; and bringing advanced packaging capabilities to the US to support our long-term HBM growth plans after we have established sufficient DRAM wafer scale in our US operations.

作為這項 2000 億美元投資計劃的一部分，美光公司計劃在先前宣布的計劃之外額外投資 300 億美元，其中包括在愛達荷州博伊西市建造第二座尖端內存工廠；擴建和現代化我們位於弗吉尼亞州馬納薩斯的現有工廠，服務於汽車、航空航天、國防和工業市場；在我們在美國業務中建立足夠的 DRAM 業務中建立足夠的長期設計，將 HBM 規模。

We are pleased with the strong endorsement we received for our technology, products and investment plans from our customers and ecosystem partners as part of this announcement. Our first Idaho fab, ID1 achieved another key construction milestone in June.

我們很高興看到，在此次發布中，我們的客戶和生態系統合作夥伴對我們的技術、產品和投資計畫給予了大力支持。我們的第一家愛達荷州工廠 ID1 於 6 月實現了另一個重要的建設里程碑。

We expect first DRAM wafer output at ID1 to begin in the second half of calendar 2027 with customer qualifications to follow. The second Idaho fab, I need to will benefit from manufacturing economies of scale with ID1 and adds to R&D colocation benefits with greater efficiencies and faster time to market.

我們預計 ID1 的首批 DRAM 晶圓將於 2027 年下半年開始輸出，隨後將進行客戶資格審查。我需要的第二家愛達荷工廠將受益於 ID1 的製造規模經濟，並透過更高的效率和更快的上市時間增加研發託管優勢。

To meet anticipated demand ID2 will begin production before the first New York fab.We expect to begin ground preparation in New York later this year following the completion of state and federal environmental reviews.

為了滿足預期的需求，ID2 將在第一家紐約工廠之前開始生產。我們預計將於今年稍晚在完成州和聯邦環境審查後在紐約開始地面準備工作。

Turning to our end markets. In data center, we expect the CY25 server market to grow mid-single digits percentage in units, largely driven by significant growth in AI servers. In fiscal Q3, data center DRAM revenue reached a new record for the fourth consecutive quarter, driven by strong growth and share gains in HBM and robust performance by our industry-leading portfolio of high-capacity dams and low-power server DRAM products. We are executing well on our HBM ramp and product development road map.

轉向我們的終端市場。在資料中心，我們預計 CY25 伺服器市場銷售將以中等個位數百分比成長，這主要得益於 AI 伺服器的顯著成長。在第三財季，資料中心 DRAM 收入連續第四個季度創下新高，這得益於 HBM 的強勁成長和份額成長，以及我們業界領先的高容量 DRAM 和低功耗伺服器 DRAM 產品組合的強勁表現。我們的 HBM 提升和產品開發路線圖執行得很好。

Our yield and volume ramp on HBM3E 12-high is progressing extremely well, and we expect shipment crossover in FQ4. We expect to reach HBM shares similar to our overall DRAM share sometime in the second half of calendar 2025.

我們的 HBM3E 12-high 產量和產量提升進展非常順利，我們預計 FQ4 的出貨量將實現交叉。我們預計在 2025 年下半年某個時候，HBM 份額將達到與我們的整體 DRAM 份額相似的水平。

At AMD's advancing AI event earlier this month, we announced that Micron's HBM3E 36 gigabyte 12-high has been designed into AMD's Instinct MI355X GPU platform. We are now shipping HBM in high volume to four customers, spanning both GPU and ASIC platforms. As generative AI workloads grow in size and complexity, the performance demands on HBM continue to rise.

在本月稍早 AMD 的先進人工智慧活動中，我們宣布美光的 HBM3E 36 GB 12 高已被設計到 AMD 的 Instinct MI355X GPU 平台中。我們目前正在向四家客戶大量出貨 HBM，涵蓋 GPU 和 ASIC 平台。隨著生成性 AI 工作負載的規模和複雜性不斷增長，對 HBM 的效能要求也不斷提高。

Micron's HBM4 leverages our well-established 1-beta DRAM technology along with an internally developed and manufactured advanced CMOS logic base die to deliver bandwidth exceeding 2 terabyte per second per memory stack over 60% higher performance than the previous generation.

美光的 HBM4 利用我們成熟的 1-beta DRAM 技術以及內部開發和製造的先進 CMOS 邏輯基模，為每個記憶體堆疊提供超過 2 TB/秒的頻寬，效能比上一代產品高出 60% 以上。

Additionally, Micron's HBM4 offers a 20% lower power consumption compared to the already industry-leading power performance on our HBM3E 12-high product setting new benchmarks in power efficiency for this product category. The expanded interface for HBM4 facilitates rapid communication and a high throughput design that accelerates the inference performance of large language models and chain of thought reasoning systems.

此外，與我們 HBM3E 12 高產品上業已領先的功率性能相比，美光 HBM4 的功耗降低了 20%，為此類產品的功率效率樹立了新的標竿。HBM4 的擴展介面有助於快速通訊和高吞吐量設計，從而加速大型語言模型和思路鏈推理系統的推理效能。

Micron has delivered samples of HBM4 to multiple customers and expect to ramp volume production in calendar 2026, aligned with our customers' plans. We are exceptionally well positioned for the ramp of HBM4. Building on the success of our HBM3E ramp, we have high-quality feed proven technology and have executed a robust and significant ramp in our HPM manufacturing capacity.

美光公司已向多個客戶交付了 HBM4 樣品，並預計在 2026 年實現批量生產，這與客戶的計劃一致。我們已為 HBM4 的坡道做好了極為有利的準備。在 HBM3E 產能提升成功的基礎上，我們擁有了經過驗證的高品質進料技術，並實現了 HPM 製造能力的強勁而顯著的提升。

We have deep relationships with practically every major customer of HBM and have earned their trust with our execution, delivering the world's lowest power, highest performance HBM.

我們與 HBM 的幾乎每個主要客戶都建立了深厚的關係，並透過我們的執行贏得了他們的信任，提供了世界上功耗最低、性能最高的 HBM。

Our portfolio of high-capacity DIMMs and low-power server DRAM solutions delivered another record revenue quarter. Micron has pioneered the adoption of LPDRAM for servers and we continue to maintain our sole source position for LP in server. Together, our high-capacity DIMM and LP server products have already generated multiple billions of dollars in revenue in fiscal 2025, reflecting a remarkable fivefold growth compared to the same period in the previous year.

我們的高容量 DIMM 和低功耗伺服器 DRAM 解決方案產品組合再創季度營收新高。美光公司率先在伺服器中採用 LPDRAM，我們將繼續保持伺服器 LP 的唯一供應商地位。我們的高容量 DIMM 和 LP 伺服器產品在 2025 財年已經創造了數十億美元的收入，與去年同期相比實現了驚人的五倍增長。

During calendar Q1, for the third consecutive quarter, Micron achieved a record for data center SSD market share driven by our portfolio of differentiated products enabled through vertical integration. In fiscal Q3, our data center 9550 performance SSD, which is on the NVIDIA GB200 NVL72 recommended vendor list completed additional customer qualifications at multiple OEMs.

在第一季度，美光公司連續第三個季度創下了資料中心 SSD 市場份額的新高，這得益於我們透過垂直整合實現的差異化產品組合。在第三財季，我們的資料中心 9550 效能 SSD（位於 NVIDIA GB200 NVL72 推薦供應商名單中）在多家 OEM 廠商完成了額外的客戶認證。

Micron's 955 SSDs provides and an industry-leading performance and energy-efficient Gen5 data center storage solution for AI server systems. We continue to qualify additional customers and ramp revenue for our 6550 ION 60-terabyte capacity SSDs.

美光 955 SSD 為 AI 伺服器系統提供了業界領先的效能和節能的 Gen5 資料中心儲存解決方案。我們將繼續吸引更多客戶並提高 6550 ION 60TB 容量 SSD 的收入。

Turning to PC. We expect PC market units to grow in the low single-digit percentage range in calendar 2025. In the quarters ahead, key catalysts for growth include the increasing adoption of AI-enabled PCs and the Windows 11 upgrade cycle. Micron is focused on bringing differentiated high-performance products to the PC market. Our strong SSD portfolio resulted in Micron achieving a record high client SSD market share in calendar Q1.

談到個人電腦，我們預計到 2025 年，個人電腦市場銷售將以低個位數百分比成長。在未來幾個季度，成長的關鍵催化劑包括人工智慧個人電腦的日益普及和 Windows 11 升級週期。美光致力於為個人電腦市場帶來差異化的高效能產品。我們強大的 SSD 產品組合使美光科技在第一季實現了創紀錄的客戶端 SSD 市場份額。

Tomorrow, we will be announcing our new G9 QLC 2-terabyte based SSD featuring our proprietary adaptive light technology, which enables 4x faster light performance. This technology expands the addressable market for QLC SSDs by delivering performance equivalent to TLC NAND for most consumer use cases.

明天，我們將發布基於 G9 QLC 2TB 的全新 SSD，它採用我們專有的自適應光技術，可實現 4 倍更快的光性能。該技術可在大多數消費者用例中提供與 TLC NAND 相當的效能，從而擴大 QLC SSD 的潛在市場。

Turning to mobile. We expect smartphone units to grow low single digits in calendar 2025. AI adoption remains a key driver of DRAM content growth for smartphones, and we expect more smartphone launches featuring 12 gigabyte or more compared to 8 gigabytes of capacity in the average smartphone today. Micron is focused on providing solutions to the high-end smartphone segments, leveraging our leading 1-beta and 1-gamma technology nodes for LP5X DRAM and G8 and G9 technology nodes for our UFS4 NAND products.

轉向行動裝置。我們預計到 2025 年，智慧型手機銷售將以個位數低速成長。人工智慧的採用仍然是智慧型手機 DRAM 內容成長的主要驅動力，我們預計，將有更多智慧型手機的容量達到 12 GB 或更大，而目前普通智慧型手機的容量為 8 GB。美光專注於為高階智慧型手機領域提供解決方案，利用我們領先的 1-beta 和 1-gamma 技術節點為 LP5X DRAM 以及 G8 和 G9 技術節點為我們的 UFS4 NAND 產品提供解決方案。

During the quarter, we began shipping qualification samples of the industry's first LP5X memory build on the 1-gamma node, offering a wide range of capacities and industry-leading speed grades for 2026 flagship smartphones. Micron's 1-gamma LP5X DRAM is engineered to accelerate AI applications in high-end devices, delivering over 25% faster recommendations across several use cases while reducing power consumption by 20% and all in an ultrathin form factor ideal for mobile.

在本季度，我們開始交付業界首款基於 1-gamma 節點構建的 LP5X 內存的合格樣品，為 2026 年旗艦智慧型手機提供廣泛的容量和業界領先的速度等級。美光的 1-gamma LP5X DRAM 旨在加速高階裝置中的 AI 應用，在多個用例中提供超過 25% 更快的推薦，同時將功耗降低 20%，並且採用超薄外形，非常適合行動裝置。

In NAND, we secured a key customer design win and ramped high-volume production of our G9-based UFS4 products. The strength of our mobile portfolio was further recognized to top quality awards from seven smartphone OEMs during the quarter.

在 NAND 領域，我們贏得了關鍵客戶的設計，並實現了基於 G9 的 UFS4 產品的大量生產。本季度，我們行動產品組合的實力得到了七家智慧型手機 OEM 頒發的最高品質獎項的進一步認可。

Turning to automotive, industrial, and consumer embedded markets. We expect increasing adoption of L2 and L3 ADAS features, and AI-enabled in-vehicle infotainment systems to drive memory and storage content growth as well as higher bandwidth requirements.

轉向汽車、工業和消費嵌入式市場。我們預計 L2 和 L3 ADAS 功能以及支援 AI 的車載資訊娛樂系統的採用將不斷增加，從而推動記憶體和儲存內容的成長以及更高的頻寬要求。

Micron is positioned for long-term success in the automotive market with new product introductions, such as the industry's first 1-beta dual channel, LP5 DRAM with high-speed 9.6 gigabits per second support, which achieved production readiness during the quarter.

美光科技透過推出新產品，在汽車市場中佔據了長期成功的有利地位，例如，業界首款 1-beta 雙通道、支援每秒 9.6 千兆位元高速的 LP5 DRAM，該產品已於本季達到生產準備就緒狀態。

In industrial, we are seeing a resumption in our growth as customers increase their investments for the adoption of AI, including in key areas like factory automation. Micron is driving price improvements with a market backdrop of constraint D4 and LP4 supply and low distributor channel inventory.

在工業領域，隨著客戶增加對人工智慧的投資，包括在工廠自動化等關鍵領域，我們的成長正在恢復。在 D4 和 LP4 供應受限以及分銷通路庫存較低的市場背景下，美光公司正在推動價格改善。

Now turning to our market outlook. Customer inventory levels have been healthy overall across end markets, and there may have been some tariff-related pull-ins by certain customers. Our customers continue to signal a constructive demand environment for the remainder of this calendar year, and we remain agile to adjust to any unforeseen demand changes that may occur due to macro conditions or the evolving tariff-related situation.

現在談談我們的市場展望。終端市場的客戶庫存水準總體上保持健康，某些客戶可能採取了一些與關稅相關的措施。我們的客戶繼續表示今年剩餘時間的需求環境良好，我們將繼續靈活應對由於宏觀條件或不斷變化的關稅相關情況而可能發生的任何不可預見的需求變化。

We expect CY25 industry DRAM bit demand growth to be in the high teens percentage range and industry NAND bit demand growth to be in the low double-digit percentage range. We expect Micron's bit supply growth to be below industry bit demand growth for non HBM, DRAM, and NAND.

我們預期 CY25 產業 DRAM 位元需求成長率將達到高十位數百分比範圍，而產業 NAND 位元需求成長率將達到低兩位數百分比範圍。我們預期美光公司的位供應成長將低於非 HBM、DRAM 和 NAND 的產業位需求成長。

Over the medium term, we anticipate industry bit demand growth of mid-teens scheduled for both DRAM and NAND. As previously communicated, our efficient node conversions will result in 10% structurally lower NAND wafer capacity ending fiscal 2025 versus the end of fiscal 2024 levels.

從中期來看，我們預期 DRAM 和 NAND 的產業位需求成長率都將達到十五六個百分點。如前所述，我們高效的節點轉換將導致 2025 財年末的 NAND 晶圓產能與 2024 財年末的水平相比結構性下降 10%。

Additionally, given NAND technology transitions provide a significant increase in overall bit output, Micron plans to manage our node conversions at a measured pace, consistent with our demand. Recent press reports have discussed the end of life of D4 and LP4 products. Micron's leading-edge DRAM nodes, such as 1-beta and 1-gamma are focused on the latest generation products such as D5, LP5, and HBM and are not utilized to produce D4 and LP4. D4 and LP4 products are largely produced in our 1-alpha DRAM node.

此外，鑑於 NAND 技術轉型顯著提高了整體位元輸出，美光公司計劃以符合我們需求的節拍來管理我們的節點轉換。最近的新聞報導討論了 D4 和 LP4 產品的壽命終止。美光科技的尖端 DRAM 節點（例如 1-beta 和 1-gamma）專注於最新一代產品（例如 D5、LP5 和 HBM），並不用於生產 D4 和 LP4。D4 和 LP4 產品主要在我們的 1-alpha DRAM 節點中生產。

Micron has sent EOL notices for these products to customers in high-volume segments like mobile, client, data center and consumer several months ago with final shipments occurring in two to three quarters from now.

美光公司幾個月前就已向行動、客戶端、資料中心和消費者等大批量市場的客戶發出了這些產品的 EOL 通知，最終發貨時間將在未來兩到三個季度內。

This EOL process is similar to prior transitions from one generation of memory to another and consistent with history, Micron intends to support its longevity customers with long-term and relatively lower volume requirements in segments like automotive, industrial, defense, and networking with supply of these 1-alpha DRAM products for several years.

此 EOL 流程與先前從一代記憶體過渡到另一代記憶體的流程類似，並且與歷史保持一致，美光公司打算在未來幾年內供應這些 1-alpha DRAM 產品，以支援其在汽車、工業、國防和網路等領域具有長期和相對較低產量需求的長壽客戶。

In the near term, customers in the high-volume segments are starting to see increasing shortages of D4 products. We are now on allocation for these products and are working with customers to try and support their high-priority near-term demand. D4 revenues are low single-digit percentage of our revenues in second half of fiscal 2025. We anticipate LP4 shortages may also increase as a result of EOL.

短期內，大批量市場的顧客將開始發現 D4 產品的短缺日益加劇。我們目前正在分配這些產品，並正在與客戶合作，努力滿足他們高優先級的近期需求。D4 收入占我們 2025 財年下半年收入的低個位數百分比。我們預計，LP4 短缺情況也可能因 EOL 而加劇。

In closing, Micron's record Q3 revenue performance and strong Q4 outlook are the results of our strategic focus and consistent execution. As AI drives unprecedented demand for high-performance memory and storage, Micron is exceptionally well positioned to capitalize on this transformative era. Our leadership in technology highlighted by progress in HBM, 1-gamma DRAM, and G9 NAND, alongside disciplined global manufacturing investments supports our path to sustained growth.

最後，美光公司創紀錄的第三季營收表現和強勁的第四季前景是我們戰略重點和持續執行的結果。隨著人工智慧推動對高效能記憶體和儲存的空前需求，美光公司已做好充分準備，充分利用這個變革時代。我們在科技領域的領先地位，尤其體現在 HBM、1-gamma DRAM 和 G9 NAND 方面的進步，加上嚴謹的全球製造業投資，支撐著我們實現持續成長。

We are confident that our strategic direction, innovation capabilities and the execution by our exceptional team will continue to create meaningful value for our shareholders, customers and employees. We are on track to deliver record revenue with solid profitability and free cash flow in fiscal year '25, while we invest to build on our leadership to addressing growing AI-driven memory demand.

我們相信，我們的策略方向、創新能力和優秀團隊的執行力將繼續為我們的股東、客戶和員工創造有意義的價值。我們預計在 25 財年實現創紀錄的收入、穩健的獲利能力和自由現金流，同時我們將進行投資以鞏固我們的領導地位，滿足日益增長的人工智慧驅動的記憶體需求。

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

現在我將把我們的財務表現和展望交給馬克。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered strong results in fiscal Q3 with revenue, gross margin and EPS all above the high end of the guidance ranges provided in our last earnings call. Total fiscal Q3 revenue was $9.3 billion, up 15% sequentially and up 37% year over year and a quarterly revenue record for Micron.

謝謝你，桑傑，大家下午好。美光公司在第三財季取得了強勁的業績，其收入、毛利率和每股收益均高於我們上次收益電話會議上提供的指導範圍的高端。第三財季總營收為 93 億美元，季增 15%，年增 37%，創下美光公司季度營收新高。

Higher sequential revenue was driven by growth across our end markets, including record data center revenues and strong sequential growth in consumer-oriented markets. Fiscal Q3 DRAM revenue was $7.1 billion, up 51% year over year and represented 76% of total revenue.

連續收入的成長得益於我們終端市場的成長，包括創紀錄的資料中心收入和麵向消費者的市場的強勁連續成長。第三財季 DRAM 營收為 71 億美元，年增 51%，佔總營收的 76%。

Sequentially, DRAM revenue increased 15% with bit shipments increasing over 20% and prices decreasing in the low single-digit percentage range, primarily due to a higher consumer-oriented revenue mix. Fiscal Q3 NAND revenue was $2.2 billion, up 4% year over year and represented 23% of Micron's total revenue. Sequentially, NAND revenue increased 16%, with pit shipments increasing in the mid-20s percentage range and prices decreasing in the high single-digit percentage range.

與上一季相比，DRAM 收入成長了 15%，位元出貨量成長了 20% 以上，價格下降幅度在個位數以下，這主要歸因於面向消費者的收入組合增加。第三財季 NAND 營收為 22 億美元，年增 4%，佔美光總營收的 23%。NAND 收入連續成長 16%，其中礦機出貨量成長 20% 左右，而價格下降 10% 左右。

Now turning to revenue by business unit. Compute and Networking business unit revenue was $5.1 billion, up 11% sequentially and a quarterly record. This performance was driven by a nearly 50% sequential increase in HBM along with growth in our high-capacity DRAM and low-power server DRAM. Revenue for the Storage Business Unit was $1.5 billion, up 4% sequentially. This growth was primarily driven by an increase in consumer-oriented revenue.

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 51 億美元，季增 11%，創下季度紀錄。這一業績得益於 HBM 連續近 50% 的成長以及高容量 DRAM 和低功耗伺服器 DRAM 的成長。儲存業務部門的營收為 15 億美元，季增 4%。這一增長主要得益於面向消費者的收入增加。

Mobile business unit revenue was $1.6 billion, up 45% sequentially. Sequential revenue growth was due to reduced customer inventories and strong demand from DRAM content growth. Embedded business unit revenue was $1.2 billion, up 20% sequentially. I supported by growth in industrial and consumer embedded markets.

行動業務部門營收為 16 億美元，季增 45%。連續的收入成長是由於客戶庫存減少和 DRAM 內容成長帶來的強勁需求。嵌入式業務部門營收為 12 億美元，季增 20%。我支持工業和消費嵌入式市場的成長。

The consolidated gross margin for fiscal Q3 was 39%, up 110 basis points sequentially and up 250 basis points versus the midpoint of our guidance. Gross margins were above the high end of our guidance range, primarily due to better prices for both DRAM and NAND, partially offset by a higher consumer-oriented mix.

第三財季綜合毛利率為 39%，較上一季成長 110 個基點，較我們的預期中位數成長 250 個基點。毛利率高於我們預期範圍的高端，主要是因為 DRAM 和 NAND 的價格更優，但部分被更高的面向消費者的產品組合所抵消。

Operating expenses in fiscal Q3 were $1.1 billion, up $87 million quarter over quarter and in line with our guidance range. The increase was primarily driven by higher R&D investments and labor-related costs. We generated operating income of $2.5 billion in fiscal Q3, resulting in an operating margin of 26.8%, up approximately 190 basis points sequentially and up 13 percentage points year over year.

第三財季的營運費用為 11 億美元，季增 8,700 萬美元，符合我們的預期範圍。這一增長主要得益於研發投資和勞動力相關成本的增加。我們在第三財季實現了 25 億美元的營業收入，營業利潤率為 26.8%，比上一季成長約 190 個基點，比去年同期成長 13 個百分點。

Fiscal Q3 taxes were $306 million on an effective tax rate of 12.3%, lower than our guidance due to the effects of onetime discrete items in the quarter. Non-GAAP diluted earnings per share in fiscal Q3 was $1.91. And above the high end of the guidance range with 22% sequential growth and up over 200% versus the year ago quarter.

第三財季稅收為 3.06 億美元，有效稅率為 12.3%，低於我們的預期，原因是本季一次性單一項目的影響。第三財季非公認會計準則攤薄每股收益為 1.91 美元，高於預期區間上限，季增 22%，年增超過 200%。

Turning to cash flows and capital spending. In fiscal Q3, our operating cash flows were over $4.6 billion, and our capital expenditures were $2.7 billion. Free cash flows in the quarter were over $1.9 billion, the highest quarterly amount in over six years.

轉向現金流和資本支出。第三財季，我們的營運現金流超過 46 億美元，資本支出為 27 億美元。本季自由現金流超過 19 億美元，為六年來最高的季度金額。

Ending inventory for fiscal Q3 was $8.7 billion or 139 days. Inventory was down $280 million sequentially, and inventory days were down 19 days sequentially, driven by strong sequential bit shipment growth in both DRAM and NAND.

第三財季的期末庫存為 87 億美元，即 139 天。受 DRAM 和 NAND 出貨量環比強勁增長的推動，庫存環比下降 2.8 億美元，庫存天數環比下降 19 天。

On the balance sheet, we held a record $12.2 billion of cash and investments at quarter end and maintained $15.7 billion of liquidity when including our untapped credit facility. During fiscal Q3, we refinanced our $900 million 2027 notes with $1.7 billion in new notes maturing in fiscal years 2033 and 2036. We closed the quarter with $15.5 billion of debt, maintaining low net leverage and a weighted average debt maturity of 2032.

在資產負債表上，我們在季度末持有創紀錄的 122 億美元現金和投資，並在包括尚未開發的信貸額度時維持了 157 億美元的流動性。在第三財季，我們用 2033 財年和 2036 財年到期的 17 億美元新票據對 2027 年到期的 9 億美元票據進行了再融資。本季末我們的債務為 155 億美元，維持較低的淨槓桿率和 2032 年的加權平均債務到期日。

Now turning to our outlook for the fourth fiscal quarter. We expect our revenue growth to be weighted towards DRAM, supported by robust pricing execution, favorable product mix and continued cost improvements, all of which benefit gross margins.

現在來談談我們對第四財季的展望。我們預計，我們的營收成長將主要集中在 DRAM 上，這得益於強勁的定價執行、良好的產品組合和持續的成本改進，所有這些都有利於提高毛利率。

Operating expenses for fiscal Q4 are projected to be approximately $1.2 billion. With the sequential increase primarily driven by planned R&D investments in future technology nodes and HBM product development.

預計第四財季的營運費用約為 12 億美元。這一連續成長主要得益於未來技術節點和 HBM 產品開發的計劃研發投資。

Our fiscal 2025 capital spending plans remain unchanged at approximately $14 billion. The overwhelming majority of the fiscal 2025 CapEx is to support HBM as well as facility construction, back-end manufacturing and R&D investments. We expect the fiscal Q4 tax rate of around 13%.

我們的 2025 財年資本支出計畫維持不變，約 140 億美元。2025 財年資本支出的絕大部分用於支援 HBM 以及設施建設、後端製造和研發投資。我們預計第四財季稅率約為13%。

As previously disclosed, our fiscal 2026 tax rate is expected to be in the high teens percentage range following Singapore's adoption of the global minimum tax. Any impacts that occur due to potential new tariffs are not included in our guidance.

如前所述，隨著新加坡採用全球最低稅率，我們 2026 財年的稅率預計將處於百分之十幾左右的區間。我們的指導不包括因潛在新關稅而產生的任何影響。

With all these factors in mind, our non-GAAP guidance for fiscal Q4 is as follows. We expect revenue to be $10.7 billion, plus or minus $300 million; gross margin to be in the range of 42%, plus or minus 100 basis points; and operating expenses to be approximately $1.2 billion, plus or minus $20 million.

考慮到所有這些因素，我們對第四季度財務狀況的非公認會計準則指引如下。我們預計營收為 107 億美元，上下浮動 3 億美元；毛利率在 42% 左右，上下浮動 100 個基點；營運費用約 12 億美元，上下浮動 2,000 萬美元。

We expect our fiscal Q4 tax rate to be around 13%. Based on a share count of approximately 1.15 billion shares, we expect EPS to be $2.50 per share, plus or minus $0.15. With another quarter of shipment growth forecasted in fiscal Q4, we expect to exit fiscal 2025 with tight DRAM inventories significantly reduced NAND inventories and overall company DIO near our target levels.

我們預計第四季的稅率將在 13% 左右。基於約11.5億股的股票數量，我們預期每股收益為2.50美元，上下浮動0.15美元。鑑於第四財季出貨量預計將再成長一個季度，我們預計2025財年結束時，DRAM庫存將趨於緊張，NAND庫存將大幅減少，公司整體DIO將接近我們的目標水準。

With low inventories on hand and a constructive demand environment, we will continue to focus on improving pricing and further strengthening our product mix.

由於庫存低且需求環境良好，我們將繼續專注於改善定價並進一步加強我們的產品組合。

In fiscal Q3, Micron delivered earnings above the guidance range, achieved record revenue and continued ramping our industry-leading HBM. We also began transitioning to a new market segment focused business unit structure. Starting in fiscal Q4, we will report revenue, gross margin, and operating margin metrics across these new business units.

在第三財季，美光公司的盈利超出了預期範圍，實現了創紀錄的收入，並繼續提升我們行業領先的 HBM。我們也開始向以新市場細分為中心的業務部門結構轉型。從第四財季開始，我們將報告這些新業務部門的收入、毛利率和營業利潤率指標。

With strong execution and a differentiated product portfolio, Micron is well positioned to maintain our leadership and to deliver record revenue and significantly improved profitability once again in fiscal Q4.

憑藉強大的執行力和差異化的產品組合，美光公司完全有能力保持領先地位，並在第四財季再次實現創紀錄的收入和顯著提高的盈利能力。

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

感謝您今天加入我們。我們現在開始回答問題。

(Operator Instructions) Timothy Arcuri, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Arcuri。

Thanks a lot, Sanjay. Sanjay, I wanted to ask how you see the HBM TAM scaling with the accelerator TAM. One thing that's been clear over the past three months or so is that the accelerated change is definitely upsiding and growing a lot.

非常感謝，桑傑。Sanjay，我想問您如何看待 HBM TAM 與加速器 TAM 的擴展。過去三個月來，有一件事很清楚，那就是加速變化肯定正在大幅上升和成長。

And it seems if I take their projections and I take your HBM projections, it seems like the HBM market is going to remain 15% to 20% of what the overall accelerator market is. I guess, how do you see the HBM TAM scaling with that market? And then is there some limit or like asymptote that we begin to reach in terms of HBM attached to these GPUs in these custom ASICs?

如果我參考他們的預測和您的 HBM 預測，那麼 HBM 市場似乎仍將佔據整個加速器市場的 15% 到 20%。我想，您如何看待 HBM TAM 隨著該市場的發展而擴展？那麼，就這些定制 ASIC 中連接到這些 GPU 的 HBM 而言，我們開始達到某種限製或漸近線嗎？

So with respect to HBM growth, we certainly see that HBM demand grows in the future. I'll tell you that in this year, if you look at calendar year '25, HBM is growing from last year about $18 billion in revenue to approximately $35 billion in calendar year '25. We see in calendar year '26, if you look at HBM bit demand growth, it will significantly exceed the overall DRAM industry demand growth -- and of course, the transition from 8-high to 12-high in HBM. In '26, transition to HBM4 as well, which is even a higher value product, all of that essentially bodes well in terms of the value of HBM and the overall need for HBM in these accelerator platforms that are, of course, evolving fast. And of course, our customers are very much focused on working with us and looking at their platforms, assessing the mix of 12-high and HBM4.

因此，就 HBM 成長而言，我們肯定會看到未來 HBM 需求會成長。我告訴你，如果你看一下 25 日曆年，HBM 的收入將從去年的約 180 億美元增加到 25 日曆年的約 350 億美元。我們看到，在 26 日曆年，如果你看一下 HBM 位需求成長，它將大大超過整個 DRAM 產業的需求成長——當然，HBM 也從 8 高過渡到 12 高。在 26 年，過渡到 HBM4，這甚至是一種更高價值的產品，所有這些都預示著 HBM 的價值以及這些加速器平台對 HBM 的整體需求將會很好，當然，這些加速器平台正在快速發展。當然，我們的客戶非常注重與我們合作並關注他們的平台，評估 12-high 和 HBM4 的組合。

And then when we look at '27, that goes into HBM4E, '28 starts introducing customization in HBM as well. So the trajectory of in terms of the value proposition and these accelerators continues to be strong and healthy. And of course, we are well positioned. We -- as we shared with you, we have already begun to sample our HBM4 products. And these -- again, we plan to maintain our leadership with respect to specifications here, and we have certainly demonstrated a capacity ramp up as well.

然後，當我們查看 27 版時，它進入了 HBM4E，28 版也開始在 HBM 中引入客製化。因此，就價值主張和這些加速器而言，其軌跡將繼續保持強勁和健康。當然，我們已做好充分準備。正如我們與您分享的那樣，我們已經開始對我們的 HBM4 產品進行抽樣。而這些 — — 我們再次計劃保持在規格方面的領先地位，而且我們也確實展示了產能的提升。

So we remain excited about HBM. We see this as clearly a strong growth driver as well as value driver for our business.

因此我們仍然對 HBM 感到興奮。我們顯然將此視為我們業務的強勁成長動力和價值驅動力。

Thanks a lot, Sanjay.

非常感謝，桑傑。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my question. I wanted to talk about gross margins. So first, what is driving the upside sequentially? And then is this the new baseline for gross margins? And then what would be the puts and takes as we look at the next few quarters beyond Q4? Thank you.

感謝您回答我的問題。我想談談毛利率。那麼首先，是什麼推動了股價連續上漲呢？那麼這是毛利率的新基準嗎？那麼，當我們展望第四季之後的幾個季度時，收益和利弊又是什麼呢？謝謝。

Yeah, Vivek, it's Mark. So in the third quarter, I think maybe start with what happened in gross margin in the third quarter. We had a we had a strong sequential volume growth in the quarter. But versus the guide, the defining factor was we had -- prices were down, as I said in the opening comments, but we had better-than-expected pricing that drove the margin improvement versus expectations.

是的，維韋克，我是馬克。因此，在第三季度，我想也許可以從第三季的毛利率狀況開始。本季我們的銷售量實現了強勁的連續成長。但與指南相比，決定性因素是——正如我在開場白中所說的那樣，價格下降了，但我們的定價好於預期，推動了利潤率高於預期。

I'll add to that we had good cost performance and all. But certainly, the price was better than we had expected. Now that carries on into rebaselining on the fourth quarter. So we provided an indication of the fourth quarter before when the market was in transition, and we said at that time that the inventory outlook that we would -- was improving when it weakened a bit late last year. And we had intended to work to inflect price.

我要補充的是，我們的性價比很好。但可以肯定的是，價格比我們預期的要好。現在，這將延續到第四季的重新基準。因此，我們在市場轉型之前提供了第四季度的跡象，當時我們表示，當去年年底庫存略微減弱時，庫存前景將會改善。我們本來打算努力改變價格。

And as you know, a few weeks later, the situation with the liberation day tariffs, the environment got a bit more challenging. The condition of the market is better than expected since then, and it strengthened through the quarter. You saw that outperformance. And then we've executed well, and so what you see here from this rebaseline of the business, you see us add to that through favorable mix Q3 to Q4. that's more DRAM growth in NAND.

如你所知，幾週後，解放日關稅的情況變得更具挑戰性。自那時起，市場狀況優於預期，整個季度都保持強勁。您看到了這種優異的表現。然後我們執行得很好，所以你從業務的重新基準中看到，我們透過第三季到第四季的有利組合增加了這一點。這是 NAND 中更多的 DRAM 成長。

So you have favorable mix there. And then more data center than consumer-oriented mix, which was weighing down the margins in the third quarter. So -- yes, so it's -- again, it's a continued good market backdrop. We're going to continue to focus on pricing. But third quarter to fourth quarter, we have favorable mix effects that is helping drive margins up to the current guide of 42%.

因此，您在這方面擁有良好的組合。然後，資料中心比面向消費者的組合更多，這壓低了第三季的利潤率。所以 — — 是的，所以 — — 再次，這是一個持續良好的市場背景。我們將繼續關注定價。但從第三季到第四季度，我們獲得了有利的組合效應，這有助於將利潤率推高至目前的 42% 的預期。

And anything beyond this mark? Any puts and takes as we look at the next several quarters? Is this the new baseline? Or is it going to be entirely dependent on the direction of pricing?

還有什麼超出這個範圍的嗎？展望未來幾季，我們有何利弊？這是新的基線嗎？或者說它將完全取決於定價的方向？

Yeah, I -- we're not going to provide Q1 guidance. We are positive on the trajectory of the business. The market environment does remain constructive, particularly in DRAM versus NAND. Again, we're focused on pricing and making sure to put our bets in the right places. As we said in the prepared remarks, our inventories are very tight, particularly on leading edge and then now even pockets of some of the legacy and DRAM.

是的，我們不會提供第一季的指導。我們對業務的發展方向持樂觀態度。市場環境確實依然保持建設性，特別是在 DRAM 與 NAND 方面。再次強調，我們專注於定價並確保把賭注押在正確的地方。正如我們在準備好的演講中所說的那樣，我們的庫存非常緊張，特別是前沿產品，現在甚至還有一些傳統產品和 DRAM。

So we're going to have some big constraints going into first quarter, but we're going to mix to DRAM higher-value DRAM and higher-value NAND products. And so we think gross margins can be up.

因此，我們在進入第一季時將面臨一些重大限制，但我們將混合使用 DRAM、高價值 DRAM 和高價值 NAND 產品。因此我們認為毛利率可以上升。

Thank you.

謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Yeah. Good afternoon. Thank you for taking the question.I was hoping to revisit your comments on HBM. So you're talking 23%, 24% market share. And it sounds like you're now calling not exiting the year but sometime in the second half. So that's coming in better. And so I guess first question is, should we be thinking that, that number is a 22%, 23% depending, I guess, on seasonality of the $35 billion number.

是的。午安.感謝您回答這個問題。我希望重新審視您對 HBM 的評論。所以你說的是23%、24%的市佔率。聽起來您現在並不是在年底宣布這項決定，而是在下半年的某個時候。這樣就更好了。所以我想第一個問題是，我們是否應該認為，這個數字是 22%、23%，這取決於 350 億美元這個數字的季節性。

And then perhaps more importantly, as you think about HBM growth in calendar, how should we be thinking about the contributions to that growth, both from bits as well as higher ASPs as you go to next-generation products? Thanks so much.

然後也許更重要的是，當您考慮日曆中的 HBM 增長時，我們應該如何考慮對這種增長的貢獻，包括來自位以及下一代產品更高的 ASP？非常感謝。

CJ, I didn't quite understand the question around 22%, 23%. What exactly did you say there?

CJ，我不太明白 22%、23% 左右的問題。你到底說了什麼？

Just trying to understand how you talked about getting to your DRAM market share, which I think you said 23%, 24% for the HBM market, and your previous comments were exiting the year. Now you're saying sometime in the second half. So trying to get an idea of what that revenue number looks like.

只是想了解您是如何談論獲得 DRAM 市場份額的，我記得您說的是 23%，HBM 市場是 24%，而您之前的評論是針對今年的。現在您說的是下半場的某個時候。因此，試著了解一下收入數字是什麼樣的。

We are already at -- if you look at our performance based on FQ3, we had already had more than $6 billion run rate here with our and certainly continuing to ramp up our HBM output shifting production to 12-high HBM as well.

如果您看一下我們基於 FQ3 的業績，我們就會發現，我們的運行率已經超過 60 億美元，並且我們肯定會繼續提高 HBM 產量，將生產轉向 12 高 HBM。

So yes, it could be that compared to what we said before in terms of toward the end of the calendar year. We expect to get to our HBM share in line with our DRAM share. So versus that, it could be that we do end up getting to our industry share for -- in line with industry share for HBM share earlier than that. So it could be.

是的，與我們之前所說的在日曆年末的情況相比，情況確實如此。我們預計 HBM 份額將與 DRAM 份額保持一致。因此，與此相比，我們最終可能會達到行業份額 - 與 HBM 的行業份額保持一致。有可能。

And that's really absolutely based on our very, very strong execution and strong execution in terms of output, in terms of yield ramp, we noted that our 12-high yield ramp is actually going faster than our 8-high yield ramp, of course, built on all the learning that we have had. The team has done an excellent job with capacity ramp as well.

這完全基於我們非常強大的執行力，以及在產出、產量提升方面的強大執行力，我們注意到，我們的 12 高產量提升實際上比 8 高產量提升更快，當然，這是建立在我們所學到的知識之上的。該團隊在產能提升方面也做得非常出色。

All of that is contributing to our strong performance on HBM. Extremely pleased with where we are and extremely pleased with not just execution today and our ability to ramp up yield and capacity successfully and built in the process trust with the customers, but very pleased with the road map that is ahead for us for HBM as well. So I mean, these are things that will obviously play an important role in calendar year '26 as we work closely with the customers to understand their overall mix requirements for 2026.

所有這些都促成了我們在 HBM 上的出色表現。我們對目前的狀況感到非常滿意，不僅對今天的執行情況以及我們成功提高產量和產能的能力以及在流程中與客戶建立信任的能力感到非常滿意，而且對我們為 HBM 制定的路線圖也感到非常滿意。所以我的意思是，這些事情顯然會在 2026 日曆年發揮重要作用，因為我們將與客戶密切合作，了解他們對 2026 年的整體組合需求。

Thank you.

謝謝。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys. Thanks for taking the questions. Two here. So my first on the HBM side, you're obviously reaching your share target a little bit earlier. Going into next year, are you guys ready to talk about what you think that your normalized share will be? Obviously, there's difficulties with some of your competitors getting qualified. If that continues into next year, do you guys have a view of if you're able to increase capacity?

嘿，大家好。感謝您回答這些問題。這裡有兩個。因此，就 HBM 方面而言，您顯然會提前一點達到自己的份額目標。進入明年，你們準備好談論你們認為你們的正常化份額是多少了嗎？顯然，您的一些競爭對手在獲得資格方面遇到了困難。如果這種情況持續到明年，你們是否認為能夠增加產能？

And if you are, what that share may look like? And then two, on the NAND side, where does utilization stand today? And obviously, you're going through some of the transitions right now internally, which has allowed you to keep some things offline. But as you move into next year, what is your plan for utilization? Is that going to be market dependent?

如果您願意，那麼份額會是什麼樣的呢？其次，就 NAND 而言，目前的利用率如何？顯然，你們現在正在經歷一些內在轉變，這使得你們能夠將一些事情保留在線下。但進入明年，您的利用計畫是什麼？這是否取決於市場？

Or at some point, do you need to start bringing on utilization just from the fact that there's a gross margin headwind? Thank you.

或者在某個時候，你是否需要僅僅因為存在毛利率逆風這一事實而開始提高利用率？謝謝。

So as I said, we are very pleased that we are executing well. And with what we told you several quarters ago in terms of our share objectives with that we are going to be able to achieve that goal for this year in second half of '26. Now our HBM is really at scale. It has a healthy share and we are successfully delivering. So going forward, of course, this becomes like part of our overall product portfolio.

正如我所說，我們很高興看到我們的執行情況良好。根據我們幾個季度前告訴您的份額目標，我們將能夠在 2026 年下半年實現今年的目標。現在我們的 HBM 確實已經達到了規模。它擁有健康的份額，我們正在成功交付。因此，展望未來，這當然會成為我們整體產品組合的一部分。

And just like we manage the rest of the portfolio with respect to total eye on ROI and profitability. And of course, HBM really positions us very well with respect to our profitability objectives. We will, of course, continue to manage the mix of our products in the portfolio, including that of HBM, including the share that sometimes can move around in different parts of the end market segments that we address.

就像我們管理投資組合的其他部分一樣，我們完全專注於投資回報率和獲利能力。當然，HBM 確實為我們的獲利目標提供了良好的基礎。當然，我們將繼續管理產品組合中的產品組合，包括 HBM 的產品組合，包括有時在我們所針對的終端市場不同部分中變動的份額。

So I think that's how you have to look at it. Overall, really very pleased with our HBM products, 12-high as well as HBM4 built with our well-proven 1-beta technology, which also gives us cost-effective benefits.

所以我認為你必須這樣看待它。總體而言，我們對我們的 HBM 產品非常滿意，12-high 以及採用我們久經考驗的 1-beta 技術構建的 HBM4，也為我們帶來了成本效益。

And of course, the packaging technology well established. And company, of course, has been investing in expanding our HBM back-end capacity as well. You know we have talked about investments in Singapore, bringing assembly and packaging capacity there in line, starting production, targeting that for 2027 time frame.

當然，包裝技術也已經很成熟了。當然，公司也一直在投資擴大我們的 HBM 後端容量。您知道我們已經談到了在新加坡的投資，使那裡的組裝和包裝能力達到標準，開始生產，目標是在 2027 年實現。

And I'll tell you that HBM, given that it uses our well-proven on 1-beta technology, is really fungible capacity with the rest of the portfolio as well. So this gives us plenty of flexibility in terms of managing our business and extremely focused on really meeting customers' requirements and continuing to deliver and enhance our product capabilities to meet their growing requirements.

我要告訴你們的是，由於 HBM 採用了我們經過充分驗證的 1-beta 技術，因此其容量實際上可以與產品組合中的其他產品互換。因此，這為我們管理業務提供了足夠的靈活性，並且非常專注於真正滿足客戶的需求，並繼續提供和增強我們的產品功能以滿足他們日益增長的需求。

And your second question around NAND in terms of utilizations, so we have said before that toward the end of fiscal '25, our NAND overall capacity would be down versus end of fiscal '24 by about 10%. And that's a structural reduction in capacity.

您的第二個問題是關於 NAND 的利用率，我們之前說過，到 25 財年末，我們的 NAND 總體產能將比 24 財年末下降約 10%。這就是結構性的產能減少。

And of course, as we have discussed before, that structural reduction was implemented to achieve capital efficient next node transition for us like G9 node transitions. So as that capacity has come down, of course, our underutilization has come down as well, although part of NAND continues to remain underutilized I must note here that, of course, leading edge of NAND is fully utilized.

當然，正如我們之前討論過的，實施結構性縮減是為了實現資本高效的下一個節點轉換，例如 G9 節點轉換。因此，隨著產能下降，我們的未充分利用率當然也下降了，儘管部分 NAND 仍然未得到充分利用，但我必須在此指出，當然，NAND 的前沿已被充分利用。

Thank you, Sanjay.

謝謝你，桑傑。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Hey, good afternoon. Thanks for taking my question. If I rewind back one year ago during your June earnings call, you guys did say back then that you were sold out on your HBM supply through calendar '25 and that majority of that committed supply was locked in from a pricing perspective. One year later, where are you on your negotiations for your calendar '26 HBM supply and pricing discussions, the team's supply outlook for next year fully committed to?

嘿，下午好。感謝您回答我的問題。如果我回顧一年前你們 6 月的收益電話會議，當時你們確實說過，到 25 年，你們的 HBM 供應已經售罄，而且從定價角度來看，大部分承諾的供應都已被鎖定。一年過去了，您在 26 月的 HBM 供應和定價談判中取得了哪些進展，團隊對明年的供應前景做出了怎樣的展望？

Or maybe a better way to frame it, right? Because I know that the HBM3E and HBM4 12-high qualification cycles might be taken a bit longer. But maybe the other way to frame it is, if you look at your customers' calendar '26 forecasted demand for HBM, is it exceeding your forecasted supply capability?

或者也許有更好的方法來建造它，對嗎？因為我知道 HBM3E 和 HBM4 12 高資格週期可能需要更長的時間。但也許另一種表達方式是，如果您查看客戶日曆 26 對 HBM 的預測需求，它是否超出了您預測的供應能力？

With respect to HBM in 2025, yes, very pleased that what we told you back a year ago, we are continuing to deliver on that, as I said earlier. And yes, our HBM is sold out for 2025. And as I mentioned earlier, we are working closely with our customers as their platforms, accelerated platforms, both with GPUs as well as with ASICs are continuing to evolve and move fast.

關於 2025 年的 HBM，是的，非常高興我們一年前告訴你們的事情，正如我之前所說的，我們將繼續實現這一目標。是的，我們的 2025 年 HBM 已售罄。正如我之前提到的，我們正在與客戶密切合作，因為他們的平台、加速平台（包括 GPU 和 ASIC）都在不斷發展和快速發展。

And they themselves are working on overall their supply chain requirements and product mix with respect to HBM3E 12-high as well as HBM4. So we continue to work with the customers in those, and we are still in the middle of '25 and for 2026.

他們自己也在致力於 HBM3E 12-high 和 HBM4 的整體供應鏈需求和產品組合。因此，我們將繼續與客戶合作，我們仍處於 2025 年和 2026 年的中期。

As I said earlier, we see with respect to bit to demand growth, strong trend in 2026, bit demand growth for HBM, significantly exceeding DRAM demand growth. And of course, we have a strong product road map. And we are working on continuing. As we said, we sampled HBM4, focused on getting these products qualified with the customers. And HBM3E 12-high is already in volume productions and doing very well with our yield ramp there as well.

正如我之前所說，就位需求成長而言，我們看到 2026 年的強勁趨勢，HBM 的位元需求成長將大大超過 DRAM 需求成長。當然，我們有強大的產品路線圖。我們正在努力繼續下去。正如我們所說，我們對 HBM4 進行了抽樣，重點是讓這些產品符合客戶的認證要求。HBM3E 12-high 已投入量產，產量提升也表現良好。

So very much focused on addressing the '26 needs for the customers and executing well and remaining extremely focused on our execution for 2026.

因此，我們非常注重滿足客戶的 2026 年需求並執行良好，同時高度關注 2026 年的執行情況。

Thanks, Sanjay.

謝謝，桑傑。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Okay. Thank you. I wonder if you could talk in terms of your long-term CapEx plans and the 35% of revenue levels? Is that a reasonable guideline to think about for fiscal '26? Or are you thinking because of the opportunity here you need to invest ahead of that? Thank you.

好的。謝謝。我想知道您是否可以談談您的長期資本支出計劃和 35% 的收入水平？這是 26 財年值得考慮的合理指引嗎？或者您認為由於這裡存在機會，所以您需要提前進行投資？謝謝。

Yeah, Joe, I mean we have a generational tech transition opportunity in front of us at Micron is exceptionally well positioned for. And we've talked about inventory levels for some time now, getting leaner, especially being very tight on the leading edge. And with the silicon requirements of HBM and the trade ratio, we need to build greenfield capacity. So that's underway.

是的，喬，我的意思是，我們面前有一個代際技術轉型的機會，而美光公司在這方面處於非常有利的地位。我們已經討論庫存水準有一段時間了，庫存水準變得越來越精簡，特別是在前沿領域非常緊張。而考慮到 HBM 的矽需求和貿易比率，我們需要建立綠地產能。一切正在進行中。

If you look at our CapEx forecast, we had a little bit lower CapEx than we expected in the quarter at $2.7 billion, but you'll see by the guide that we're going to see that CapEx increase in the fourth quarter.

如果您查看我們的資本支出預測，您會發現本季的資本支出略低於預期，為 27 億美元，但您會從指南中看到，第四季的資本支出將會增加。

So we stuck with our approximately $14 billion number. I think as we go forward, we're continuing to build out the greenfield capacity, and there'll be equipment installs on the new nodes. There's grants involved and construction. So the timing of that spend can be a bit lumpy. But we anticipate generating free cash flow in the fourth quarter.

因此我們堅持約 140 億美元的數字。我認為，隨著我們不斷前進，我們將繼續擴大綠地容量，並將在新節點上安裝設備。其中涉及補助金和建設。因此，這筆支出的時機可能會有點不固定。但我們預計第四季將產生自由現金流。

And you will see, we'll just continue to build our capacity. I do want to note that we continue to make steps to improve the balance sheet further in the quarter. We're down net debt now down to $3 billion. We further reduced maturities in the short end of the maturity schedule taken out the $900 million notes and issuing $1.75 billion further out.

您將會看到，我們將繼續增強我們的能力。我確實想指出，我們本季將繼續採取措施進一步改善資產負債表。我們的淨債務現已降至 30 億美元。我們進一步縮短了短期債券的期限，取出了 9 億美元的債券，並發行了 17.5 億美元的短期債券。

And we continue to be in a great position with a flexible balance sheet to invest in the business make sure we maintain technology leadership and then return capital to shareholders through dividend and opportunistic buyback.

我們繼續保持良好的地位，擁有靈活的資產負債表來投資業務，確保我們保持技術領先地位，然後透過股利和機會性回購向股東返還資本。

Great. Thank you.

偉大的。謝謝。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Hi. Thanks for taking my question. I had two questions for Sanjay or two-part question. One is, when you look into HBM4, given the double of I/O content through silicon via, what trade ratio should we expect for HBM4? And also, when you look at, broadly speaking, is there a difference in HBM bits and margin profile between selling to GPU versus ASIC customers? Thank you.

是的。你好。感謝您回答我的問題。我對桑傑有兩個問題，或者說分成兩部分的問題。一是，當您研究 HBM4 時，考慮到透過矽通孔的 I/O 內容增加一倍，我們應該預期 HBM4 的交易比率是多少？另外，從廣義上講，向 GPU 客戶銷售並向 ASIC 客戶銷售時，HBM 位數和利潤率是否有差異？謝謝。

With respect to HBM4, is trade ratio is greater than 3. For HBM3E, previously, we have shared that trade ratio is approximately 3 and HBM4 has a higher trade ratio than 3. It has a larger die size. And of course, as you noted, it has a higher performance. We shared 60% higher performance, given the high-bandwidth interface that this has and HBM4 will have a ratio that would be even greater.

就HBM4而言，其交易比率大於3。對於 HBM3E，之前我們已經分享過交易比率約為 3，而 HBM4 的交易比率高於 3。它的晶片尺寸更大。當然，正如您所說，它的性能更高。考慮到其高頻寬接口，我們的效能提高了 60%，而 HBM4 的比例還會更高。

So as we have shared with you in the past that as we are going from HPM3E to 4 to 4E, the trade ratio is going from about 3 towards 4 in that time frame. So of course, this puts HBM trade ratio and the growth of HBM absolutely puts a pressure on the non-HBM supply in the industry as well.

因此，正如我們過去與您分享的那樣，當我們從 HPM3E 過渡到 4 再到 4E 時，交易比率將在該時間範圍內從大約 3 過渡到 4。因此，這當然會影響 HBM 貿易比率，而 HBM 的成長絕對也會對產業中的非 HBM 供應帶來壓力。

And with respect to your question on the margin difference for GPU versus ASIC, of course, HBM command high value, whether it's in GPU accelerators or ASIC-based accelerators. And that value proposition is only growing. When you look ahead over the years, the content with the future generation GPUs or ASIC platforms that will be out there of HBM continues to -- is expected to continue to increase as well.

關於您關於 GPU 與 ASIC 之間的邊際差異的問題，當然，HBM 具有很高的價值，無論是在 GPU 加速器還是基於 ASIC 的加速器中。而且這價值主張還在持續成長中。展望未來幾年，HBM 的未來一代 GPU 或 ASIC 平台的內容預計也將持續增加。

We have shared with you in the past that going from about 200 to 288 gigabytes and GPU accelerators today as well as in the ASIC-based accelerators in that range going to higher levels as we go from 8-high to 12-high capacity. So we don't -- so value proposition is strong, both for GPU accelerators as well as ASIC accelerators. And of course, we don't get into the specifics or differentiating the two here.

我們過去曾與大家分享過，從大約 200 千兆位元組到 288 千兆位元組，今天的 GPU 加速器以及該範圍內的基於 ASIC 的加速器都將達到更高的水平，因為我們的容量從 8 高增加到 12 高。所以我們不會——因此價值主張很強大，無論是對於 GPU 加速器還是 ASIC 加速器。當然，我們在這裡不討論細節或區分這兩者。

Thanks, Sanjay.

謝謝，桑傑。

Chris Caso, Wolfe Research.

克里斯·卡索（Chris Caso），沃爾夫研究公司。

Yes. Thank you. Just a clarification on one of the things you said in the prepared remarks, you talked about there may have been some tariff-related pull-ins by certain customers. I think overall, your comments suggest that you -- at least my interpretation is that you think that the customer inventory levels are getting a bit cleaned up here. Could you clarify the remarks a little bit, put it in context of what you expect that means for customer inventory levels and how that affects your view of bit demand in the second half?

是的。謝謝。我只是想澄清一下您在準備好的演講中提到的一件事，您談到某些客戶可能會採取一些與關稅相關的措施。我認為總的來說，您的評論表明您 - 至少我的理解是，您認為客戶庫存水平在這裡得到了一些清理。您能否稍微澄清一下這些言論，並說明這對客戶庫存水準意味著什麼，以及這將如何影響您對下半年鑽頭需求的看法？

Yeah. As we said, customer inventory levels have been healthy overall across our end markets. Some customers may have some level of tariff-related pull-ins. We think the impact of that is relatively modest here and customers definitely continue to signal a constructive demand environment for the remainder of the calendar year. And of course, the demand trends are driven by strength in AI-driven data center demand, demand coming back in the automotive, industrial, resumption of growth there as well as distribution channels.

是的。正如我們所說，我們終端市場的客戶庫存水準總體上是健康的。一些客戶可能會受到一定程度的關稅相關影響。我們認為，這種影響相對較小，客戶肯定會繼續發出訊號，預示今年剩餘時間內需求環境將保持積極態勢。當然，需求趨勢受到人工智慧驅動的資料中心需求、汽車、工業領域需求回升、這些領域成長恢復以及分銷管道需求的推動。

And as we have discussed, smartphone and PCs, really, as AI penetration increases, the content and key story is there intact for AI smartphones as well as PC. We provided some details in our script there. So we see a constructive demand environment as our customers discuss with us. And again, the effect of the pull-in is relatively modest here. Our growth in Q3 as well as our exceptional record for FQ4 guidance is really driven by Micron's strong execution in the growing market for AI.

正如我們之前討論過的，隨著人工智慧滲透率的提高，智慧型手機和個人電腦的AI內容和核心故事都與個人電腦一樣完整。我們在腳本中提供了一些細節。因此，當我們的客戶與我們討論時，我們看到了建設性的需求環境。再次強調，這裡的拉動效應相對較小。我們第三季的成長以及第四季指引的出色記錄實際上得益於美光公司在不斷成長的人工智慧市場的強勁表現。

Got it. Thank you.

知道了。謝謝。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah. Hi, Sanjay and Mark. Just a quick question on the HBM4. Just wondering how the qualification is progressing? And if you continue to see that similar power performance leadership that you guys have had on HBM3E, do you see that continuing on the HBM4 side as well? Thanks.

是的。你好，桑杰和馬克。關於 HBM4 的一個簡單問題。只是想知道資格進度如何？如果你繼續看到你們在 HBM3E 上擁有類似的功率性能領先地位，你是否認為這種領先地位也會在 HBM4 上延續下去？謝謝。

So we have provided early units to our customers. We have sampled the products to our multiple customers with HBM4 really very pleased with the execution and all the specs that we see our HBM delivering, as I mentioned, not only performance, but we plan to continue to focus on that power strong power position that we -- which is critically important in AI applications that we have established with our HBM portfolio as well.

因此，我們已經向客戶提供了早期產品。我們已經向多個使用 HBM4 的客戶提供了產品樣品，我們對 HBM 的執行情況和所有規格感到非常滿意，正如我提到的，不僅是性能，而且我們計劃繼續專注於強大的實力地位——這對於我們透過 HBM 產品組合建立的 AI 應用至關重要。

So of course, the qualifications, the customer qualifications are ahead of us. and we will be ready to meet customers' demand in 2026 time frame. So HBM in terms of volume ramp is a 2026 product and meeting the time line requirements of customers with their next-generation platforms that will be implementing the HBM4 products.

因此，當然，資質、客戶資質都擺在我們面前。我們將準備好在 2026 年的時間範圍內滿足客戶的需求。因此，就產量提升而言，HBM 是一款 2026 年產品，可滿足客戶對下一代平台實施 HBM4 產品的時間軸要求。

I want to again remind you that HBM4 users are well proven, cost-effective, 1-beta technology node. And of course, it has internal advanced CMOS logic die, internally developed and internally manufactured advanced CMOS logic die, which positions us well as well.

我想再次提醒您，HBM4 用戶是經過充分驗證的、具有成本效益的 1-beta 技術節點。當然，它擁有內部先進的 CMOS 邏輯晶片，內部開發和內部製造的先進 CMOS 邏輯晶片，這也為我們帶來了良好的定位。

And all of our experience of HBM3E ramp-up, we are going from 3E 12-high to HBM3E -- going from -- sorry, going from HPM3E 8-high to HBM3E 12-high, we told you that, that ramp is going extremely well with our yields ahead of our plans, output ahead of our plans as well as yields faster than the ramp that we had experienced in it. All of that gives us confidence and positions us well for HBM4 ramp as well. So we feel very, very good about our overall capabilities to address the HBM4 markets in 2026.

我們在 HBM3E 提升方面的所有經驗都是從 3E 12 高提升到 HBM3E - 從 - 抱歉，從 HPM3E 8 高提升到 HBM3E 12 高，我們告訴過您，該提升進展非常順利，我們的收益率超出了計劃，產量超出了計劃，並且收益率的提升速度比我們之前經歷的提升速度更快。所有這些都給了我們信心，並為我們 HBM4 的提升做好了準備。因此，我們對自己在 2026 年滿足 HBM4 市場需求的整體能力感到非常非常滿意。

Got it. And on the SSD side, just quickly, with your focus on AI servers, are you seeing an actuated pull-through on the AI server side for SSDs as well? Thanks.

知道了。在 SSD 方面，簡單來說，由於您關注的是 AI 伺服器，您是否也看到了 AI 伺服器端對 SSD 的驅動拉動？謝謝。

So we had mentioned on the data center side in SSDs in late Q4 of calendar '24 as well as early part of calendar '25, there had been some inventory digestion for the data center SSDs, given that prior to this period that I just mentioned, there was a very strong demand growth for SSDs. And as we look ahead, we think second half of calendar '25 will be better than the first half of '24 -- I mean, first half of '25, which was impacted by some of that inventory digestion as well.

因此，我們曾提到，在 2024 年第四季末以及 2025 年年初，資料中心 SSD 方面已經消化了一些庫存，因為在我剛才提到的這個時期之前，SSD 的需求成長非常強勁。展望未來，我們認為 2025 年下半年的情況將好於 2024 年上半年——我的意思是，2025 年上半年也受到了部分庫存消化的影響。

And our data center SSDs are well positioned with some of these recently announced accelerator platforms as well. And that, of course, will be contributing towards the data center SSD future growth as well. We are very pleased with our record data center SSD share as achieved in CQ1 per the third-party reports.

我們的資料中心 SSD 在一些最近發布的加速器平台上也佔據著有利地位。當然，這也將有助於資料中心 SSD 的未來成長。根據第三方報告，我們對第一季資料中心 SSD 份額創紀錄感到非常高興。

And we are now a clear number two brand in terms of market share at the end of CQ1, so we plan to continue to leverage our SSD portfolio to continue to focus on shifting the mix of the products towards higher value parts of the NAND market.

就第一季末的市佔率而言，我們現在無疑是第二大品牌，因此我們計劃繼續利用我們的 SSD 產品組合，並繼續專注於將產品組合轉向 NAND 市場中更高價值的部分。

Great. Thank you.

偉大的。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。