美光科技 (MU) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to Micron Technologies fiscal fourth-quarter 2025 financial conference call. (Operator Instructions)

感謝您的支持，歡迎參加美光科技 2025 財年第四季財務電話會議。（操作員指示）

I would now like to hand the call over to Satya Kumar, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係部的 Satya Kumar。請繼續。

Thank you and welcome to Micron Technologies' fiscal fourth-quarter 2025 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today's call is being webcast from the 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 prepared remarks for this call.

感謝您並歡迎參加美光科技 2025 財年第四季財務電話會議。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。今天的電話會議透過投資者關係網站 investors.micron.com 進行網路直播，包括音訊和幻燈片。此外，詳細介紹我們季度業績的新聞稿以及本次電話會議的準備好的評論已發佈在網站上。

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. These statements are based on our current assumptions, and we assume no obligation to update these statements.

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、監管和其他事項的趨勢和預期。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。

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. 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.

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 表財務報告以及我們向美國證券交易委員會提交的其他文件。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。

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. Micron had an outstanding finish to fiscal 2025, delivering fiscal Q4 revenue, gross margin, and EPS, all above the high end of our updated guidance ranges. We achieved record revenue in Q4, driven by pricing execution, and strong performance across end markets.

謝謝你，薩蒂亞。大家下午好。美光公司在 2025 財年取得了出色的成績，其第四財季的收入、毛利率和每股收益均高於我們更新後的指導範圍的高端。在定價執行和終端市場強勁表現的推動下，我們在第四季度實現了創紀錄的收入。

In our March 2024 earnings call, we said that we expect Micron to be one of the biggest beneficiaries of AI in the semiconductor industry, and that we expect to deliver record revenue and significantly improve profitability in fiscal 2025. I'm pleased to report that in fiscal 2025, Micron's revenue grew nearly 50% to a record $37.4 billion, and gross margins expanded by 17 percentage points to 41%. This performance was supported by the ramp of our high-value data center products and our broad-based DRAM pricing strength across end markets.

在我們 2024 年 3 月的財報電話會議上，我們表示，預計美光將成為半導體行業人工智慧的最大受益者之一，並且我們預計在 2025 財年實現創紀錄的收入並顯著提高盈利能力。我很高興地報告，在2025財年，美光公司的營收成長了近50%，達到創紀錄的374億美元，毛利率擴大了17個百分點，達到41%。這一業績得益於我們高價值資料中心產品的成長以及我們在終端市場的廣泛 DRAM 定價優勢。

The combined revenue from HBM, high-capacity DIMMs, and LP server DRAM reached $10 billion, more than a five-fold increase compared to the prior fiscal year. Our data center SSD business reached record revenue and market share in fiscal 2025.

HBM、高容量 DIMM 和 LP 伺服器 DRAM 的總收入達到 100 億美元，與上一財年相比成長了五倍多。我們的資料中心 SSD 業務在 2025 財年實現了創紀錄的收入和市場份額。

I want to thank our global Micron team for their focus and execution which made these results possible. As we enter fiscal 2026, Micron is positioned better than ever. Our leadership in advanced technologies, including HBM, 1-gamma DRAM, and G9 NAND enables a differentiated product portfolio that drives strong ROI.

我要感謝我們全球美光團隊的專注和執行，這使得這些成果成為可能。隨著我們進入 2026 財年，美光公司的定位比以往任何時候都更有利。我們在 HBM、1-gamma DRAM 和 G9 NAND 等先進技術領域的領導地位，使我們擁有差異化的產品組合，從而帶來強勁的投資回報率。

AI-driven demand is accelerating and industry DRAM supply is tight. Our HBM performance has been strong and robust demand, tight DRAM supply, and disciplined execution has significantly strengthened the profitability of the rest of our DRAM portfolio. In the end, our higher mix to data center in improving industry conditions are contributing to profitability.

AI驅動需求加速，產業DRAM供應緊張。我們的 HBM 表現強勁，需求旺盛，DRAM 供應緊張，嚴格的執行顯著增強了我們其餘 DRAM 產品組合的盈利能力。最終，我們對資料中心的更高組合在改善行業狀況方面正在為盈利做出貢獻。

Our fiscal Q1 guidance reflects new records for revenue and EPS. In addition to being a demand driver, AI is also a powerful productivity driver for Micron, contributing to our strong competitive position and financial performance.

我們的第一季財政預期反映了收入和每股收益的新紀錄。除了作為需求驅動因素之外，人工智慧也是美光強大的生產力驅動因素，有助於我們維持強大的競爭地位和財務表現。

We are using AI throughout the company across product design, technology development, manufacturing, and other functional groups. We have seen strong adoption and as much as a 30% to 40% productivity uplift in select GenAI use cases such as code generation.

我們在整個公司的產品設計、技術開發、製造和其他職能部門中使用人工智慧。我們已經看到了強勁的採用率，在程式碼生成等精選 GenAI 用例中，生產力提升了 30% 至 40%。

In design simulation, AI is accelerating our silicon to systems design cycle through advanced modeling and reduced iterations. In manufacturing, we have driven a 5x increase in wafer images analyzed in the past year and double the amount of useful data and telemetry collected and analyzed from our fab tools, all of which improve our yield performance. These AI capabilities enable us to achieve superior product specifications, quality, and time to market at scale.

在設計模擬中，人工智慧透過先進的建模和減少迭代來加速我們的矽片到系統的設計週期。在製造領域，我們在過去一年中分析的晶圓影像數量增加了 5 倍，從晶圓廠工具收集和分析的有用數據和遙測數據數量增加了一倍，所有這些都提高了我們的產量性能。這些人工智慧功能使我們能夠大規模實現卓越的產品規格、品質和上市時間。

Turning to technology and operations, we are proud to announce that our 1-gamma DRAM node reached mature yields in record time, 50% faster than in the prior generation. We are the first in the industry to ship 1-gamma DRAM, and we leverage 1 gamma across our entire DRAM portfolio to maximize the benefits of this leadership technology. We achieved first revenue from a major hyperscale customer on our 1 gamma products for server DRAM in the quarter.

談到技術和運營，我們很自豪地宣布，我們的 1-gamma DRAM 節點在創紀錄的時間內達到了成熟產量，比上一代快了 50%。我們是業內首家推出 1-gamma DRAM 的公司，並且我們在整個 DRAM 產品組合中利用 1 gamma 來最大限度地發揮這一領先技術的優勢。本季度，我們透過用於伺服器 DRAM 的 1 伽瑪產品從一家大型超大規模客戶那裡獲得了第一筆收入。

Our G9 NAND production ramp has been progressing well while scaling at a pace aligned with market demand. We have ramped our G9 NAND node for both DLC and QLC NAND and have qualified our G9 QLC NAND for enterprise storage.

我們的 G9 NAND 生產進展順利，並且按照與市場需求相符的速度擴展。我們已經為 DLC 和 QLC NAND 擴展了 G9 NAND 節點，並且已經將 G9 QLC NAND 認證為企業儲存。

In fiscal Q4, we received a CHIPS grant disbursement following the completion of a key construction milestone for our new high volume manufacturing fab in Idaho, with the first wafer output expected to begin in the second half of calendar 2027.

在第四財季，我們在愛達荷州新建的大批量製造工廠完成了一個關鍵的建設里程碑，並獲得了 CHIPS 撥款，預計第一批晶圓將於 2027 年下半年開始產出。

We began design work for our second Idaho manufacturing fab, which will provide additional capacity beyond 2028. In New York, we have completed initial phases of our environmental impact study and continue to work with state and federal authorities towards starting ground preparation.

我們已開始設計位於愛達荷州的第二家製造工廠，該工廠將在 2028 年後提供額外的產能。在紐約，我們已經完成了環境影響研究的初步階段，並繼續與州和聯邦當局合作開始地面準備工作。

In fiscal Q4, we installed the first EUV tool for our Japan fab to enable 1 gamma capability which will complement our existing 1 gamma supply from our fabs in Taiwan. The time from receiving this tool to completing installation was a record for all EUV tools globally, demonstrating Micron's expertise with this equipment.

在第四財季，我們為日本晶圓廠安裝了第一台 EUV 工具，以實現 1 伽馬能力，這將補充我們台灣晶圓廠現有的 1 伽馬供應。從收到該工具到完成安裝的時間創下了全球所有 EUV 工具的記錄，證明了美光公司在該設備方面的專業知識。

We plan to continue to invest in our Japan production capability to meet requirements of the advanced memory technologies of the future. Our continued HBM assembly and test investments positioned as well to meet growing HBM capacity requirements in calendar 2026. We are making good progress on our Singapore HBM assembly and test facility construction, which is on track to contribute to our HBM supply capability beginning in calendar 2027.

我們計劃繼續投資日本的生產能力，以滿足未來先進記憶體技術的需求。我們持續對 HBM 組裝和測試進行投資，以滿足 2026 年不斷增長的 HBM 產能需求。我們在新加坡的 HBM 組裝和測試設施建設方面進展順利，該設施預計從 2027 年開始增強我們的 HBM 供應能力。

Turning to our end markets. In data center, we now expect calendar 2025 total server units to grow approximately 10%, up from our prior expectations of mid single-digit percentage growth. The calendar 2025 traditional server growth outlook has strengthened significantly from flat to growth in the mid single-digit range.

轉向我們的終端市場。在資料中心，我們現在預計 2025 年伺服器總量將成長約 10%，高於我們先前預期的中等個位數百分比成長。2025 年傳統伺服器成長前景已顯著增強，從持平轉為中個位數成長。

We believe this change in outlook is in part related to the growth of AI agents and the traditional server workloads agents initiate as they execute tasks on behalf of users. Continued growth in traditional server applications in enterprises is also contributing to additional demand growth.

我們認為，這種觀點的改變在一定程度上與人工智慧代理的成長以及傳統伺服器工作負載代理在代表使用者執行任務時啟動有關。企業傳統伺服器應用程式的持續成長也促進了額外的需求成長。

In addition to traditional servers, AI server growth continues to be very robust. This growth in both traditional and AI servers is driving strong demand for our DRAM products. Data centers require some of our industry's most complex and high value products, and meeting the demand has presented several opportunities to enhance our product mix and profitability.

除了傳統伺服器之外，AI伺服器的成長也持續保持強勁。傳統伺服器和人工智慧伺服器的成長推動了我們 DRAM 產品的強勁需求。資料中心需要我們行業中一些最複雜、價值最高的產品，滿足需求為我們增強產品組合和盈利能力提供了許多機會。

In fiscal 2025, Micron's data center business reached a record 56% of total company revenue, with gross margins of 52%. Our HBM business has posted many quarters of strong growth. In fiscal Q4, our HBM revenue grew to nearly $2 billion, implying an annualized run rate of nearly $8 billion, driven by the ramp of our industry leading HBM3E products. We are pleased to note that our HPM share is on track to grow again and be in line with our overall DRAM share in this calendar Q3, delivering on our target that we have discussed for several quarters now.

2025財年，美光公司的資料中心業務占公司總營收的比例達到創紀錄的56%，毛利率達52%。我們的 HBM 業務已連續多個季度實現強勁成長。在第四財季，我們的 HBM 營收成長至近 20 億美元，這意味著年化運作率接近 80 億美元，這得益於我們業界領先的 HBM3E 產品的成長。我們很高興地註意到，我們的 HPM 份額預計將再次成長，並與我們今年第三季的整體 DRAM 份額保持一致，實現了我們幾個季度以來討論的目標。

Micron's HBM4 12 high remains on track to support customer platform ramps even as the performance requirements for HBM4 bandwidth and pin speeds have increased. We have recently shared customer samples of our HBM4, with industry leading bandwidth exceeding 2.8 terabytes per second and pin speeds over 11 gigabits per second.

即使 HBM4 頻寬和引腳速度的效能要求不斷提高，美光的 HBM4 12 高階仍能繼續支援客戶平台的升級。我們最近分享了 HBM4 的客戶樣品，其業界領先的頻寬超過每秒 2.8 太字節，引腳速度超過每秒 11 千兆位元。

We believe Micron's HBM4 outperforms all competing HBM4 products, delivering industry-leading performance, as well as best-in-class power efficiency. Our proven 1 beta DAM, innovative and power efficient HBM4 design, in-house advanced CMOS based die, and advanced packaging innovations are key differentiators enabling this best-in-class product.

我們相信，美光的 HBM4 優於所有競爭的 HBM4 產品，提供業界領先的性能以及一流的功率效率。我們經過驗證的 1 beta DAM、創新且節能的 HBM4 設計、內部先進的基於 CMOS 的晶片以及先進的封裝創新是實現這款一流產品的關鍵差異化因素。

For HBM4E, Micron will offer standard products as well as the option for customization of the base logic die. We are partnering with TSMC for manufacturing the HBM4E based logic die for both standard and customized products. Customization requires close collaboration with customers, and we expect HPM4E with customized based logic dies to deliver higher gross margins than standard HPM4E.

對於 HBM4E，美光將提供標準產品以及基礎邏輯晶片的客製化選項。我們正在與台積電合作，為標準產品和客製化產品製造基於 HBM4E 的邏輯晶片。客製化需要與客戶密切合作，我們預計基於客製化邏輯晶片的 HPM4E 將比標準 HPM4E 提供更高的毛利率。

Our HBM customer base has expanded and now includes six customers. We have pricing agreements with almost all customers for a vast majority of our HBM3E supply in calendar 2026. We are in active discussions with customers on the specifications and volumes for HBM4, and we expect to conclude agreements to sell out the remainder of our total HBM calendar 2026 supply in the coming months.

我們的 HBM 客戶群已擴大，目前包括六家客戶。我們幾乎與所有客戶都簽訂了 2026 年絕大多數 HBM3E 供應的定價協議。我們正在與客戶積極討論 HBM4 的規格和產量，並預計在未來幾個月內達成協議，售出我們 2026 年 HBM 供應總量的剩餘部分。

Micron's LPDDR5 for servers had over 50% sequential growth in the quarter and reached record revenue. In close collaboration with Nvidia, Micron has pioneered the adoption of LPDRAM for servers. And since Nvidia's launch of LPDRAM in their GB product family, Micron has been the sole supplier of LPDRAM in the data center.

美光公司伺服器用LPDDR5本季較上季成長超過50%，營收創歷史新高。透過與 Nvidia 的密切合作，美光率先在伺服器中採用 LPDRAM。自從 Nvidia 在其 GB 產品系列中推出 LPDRAM 以來，美光一直是資料中心 LPDRAM 的唯一供應商。

In addition to our leadership in HBM and LP5, Micron is also well positioned with our GDDR7 products which are designed to deliver ultrafast performance with pin speeds exceeding 40 gigabits per second, along with best-in-class power efficiency to address the needs of certain future AI systems.

除了在 HBM 和 LP5 領域的領先地位外，美光科技的 GDDR7 產品也佔據有利地位，這些產品旨在提供超快的性能，引腳速度超過每秒 40 千兆位，同時具有一流的功率效率，可以滿足某些未來人工智慧系統的需求。

In data center NAND, AI influence use cases such as KV cache tiering and vector database search and indexing is driving demand for performance storage, while AI server growth is driving demand for high capacity SSDs for capacity storage. Micron is gaining share in these markets with our customer focus, technology leadership, vertical integration, and execution.

在資料中心 NAND 中，KV 快取分層和向量資料庫搜尋和索引等 AI 影響用例正在推動對效能儲存的需求，而 AI 伺服器的成長正在推動對大容量 SSD 進行容量儲存的需求。美光公司憑藉著對客戶的關注、技術領先、垂直整合和執行力，在這些市場中持續獲得份額。

We strengthened our portfolio with the industry's first G9 NAND data center products, including first-to-market PCIe Gen6 SSDs. Near term, we see continued growth in the data center storage market, with HDD supply shortages expected to improve NAND demand and drive a healthier supply-demand environment.

我們透過業界首款 G9 NAND 資料中心產品（包括首款上市的 PCIe Gen6 SSD）增強了我們的產品組合。短期內，我們預計資料中心儲存市場將持續成長，預計 HDD 供應短缺將改善 NAND 需求並推動更健康的供需環境。

Turning to PCs, end of life of Windows 10 and greater adoption of AI-enabled PCs are driving an improved PC demand outlook. We now expect PC unit shipments to grow at a mid single-digit percentage level in calendar 2025 versus our low-single-digit percentage growth expectations previously.

談到個人電腦，Windows 10 的生命週期結束以及支援人工智慧的個人電腦的廣泛採用正在推動個人電腦需求前景的改善。我們現在預計，到 2025 年，個人電腦出貨量將以中等個位數百分比水準成長，而我們先前對成長率的預期為低個位數百分比。

During the quarter, we achieved our first OEM customer qualification of our 16 gigabit 1 gamma based D5 and commenced volume shipments. In NAND, we successfully qualified our first G9 NAND SSDs in both performance and mainstream categories with OEM customers. Our strong SSD portfolio enabled us to achieve record client SSD revenue in the quarter and in fiscal year 2025.

在本季度，我們獲得了基於 16 千兆位元 1 伽馬的 D5 的第一個 OEM 客戶資格，並開始批量出貨。在 NAND 領域，我們已成功通過 OEM 客戶對首批 G9 NAND SSD 的效能和主流類別的認證。我們強大的 SSD 產品組合使我們在本季和 2025 財年實現了創紀錄的客戶 SSD 收入。

Smartphone unit shipment expectations remain unchanged at low single-digit percentage range in calendar 2025. An increasing mix of AI-ready smartphones continue to be a key catalyst for DRAM content growth in mobile devices.

2025 年智慧型手機出貨量預期維持不變，仍為低個位數百分比範圍。越來越多的支援人工智慧的智慧型手機繼續成為行動裝置中 DRAM 內容成長的關鍵催化劑。

Notably, one-third of the flagship smartphones shipped in calendar Q2 contained 12 gigabyte or more. And given recent product launches from Apple, Samsung, and other smartphone OEMs, we expect this mix to increase over the coming quarters.

值得注意的是，第二季出貨的旗艦智慧型手機中有三分之一的記憶體容量為 12 GB 或更大。鑑於蘋果、三星和其他智慧型手機 OEM 廠商近期推出的產品，我們預計未來幾季這一組合將會增加。

In fiscal Q4, Micron ceased future mobile managed NAND product development in order to focus our resources and investments on higher ROI opportunities in our portfolio. We will continue to support existing mobile-managed NAND products.

在第四財季，美光停止了未來行動管理 NAND 產品的開發，以便將我們的資源和投資集中在我們產品組合中更高的投資報酬率機會。我們將繼續支援現有的行動管理 NAND 產品。

Micron remains committed to serving the mobile DRAM market with our industry-leading portfolio. In fiscal Q4, we achieved OEM qualification of our first 10.7 gigabit per second one beta, second generation LP5X products at 16-gigabyte and 24-gigabyte capacities.

美光公司始終致力於透過我們業界領先的產品組合服務於行動 DRAM 市場。在第四財季，我們獲得了首批 10.7 千兆位元每秒的測試版、第二代 LP5X 產品的 OEM 資格，容量分別為 16 千兆位元組和 24 千兆位元組。

Turning to auto, industrial, and embedded. In automotive, trends such as ADAS and AI enhanced in cabin experiences require significantly higher memory and storage content, making it a higher growth part of the industry. In embedded, we expect physical AI such as drones, advanced robots, and AR/VR to become a more important driver of demand over time.

轉向汽車、工業和嵌入式。在汽車領域，ADAS 和 AI 等增強座艙體驗的趨勢需要顯著更高的記憶體和儲存內容，使其成為業界成長更快的部分。在嵌入式領域，我們預計無人機、先進機器人和 AR/VR 等實體 AI 將隨著時間的推移成為更重要的需求驅動力。

Automotive and industrial demand strengthened throughout the quarter, exceeding our initial forecast. We are seeing improved profitability in this business with stronger pricing and an increased mix of advanced technology nodes with greater adoption of D5 and LP5 products. We continue to see supply constraints in D4 and LP4. In June, Micron announced investments in our Virginia facility in an effort to support our long life cycle customers' demand for D4 and LP4.

整個季度汽車和工業需求增強，超出了我們最初的預測。我們看到，隨著定價的提高、先進技術節點組合的增加以及 D5 和 LP5 產品的採用率的提高，該業務的獲利能力正在提高。我們繼續看到 D4 和 LP4 的供應限制。6 月，美光公司宣布投資位於維吉尼亞州的工廠，以滿足長生命週期客戶對 D4 和 LP4 的需求。

Now turning to our market outlook. Customer inventory levels are healthy overall across end markets. We expect calendar 2025 industry DRAM bit demand growth to be in the high-teens percentage range, somewhat higher than our previous outlook.

現在談談我們的市場展望。終端市場的客戶庫存水準整體健康。我們預計 2025 年產業 DRAM 位元需求成長率將達到百分之十幾左右，略高於我們先前的預測。

We expect calendar 2025 industry NAND bit demand growth to also be higher than our previous outlook now in the low- to mid-teens percentage range. We expect Micron's calendar 2025 bit supply growth to be below industry bit demand growth for non-HPM DRAM, and for NAND.

我們預計 2025 年產業 NAND 位需求成長也將高於我們先前的預測，目前處於低至中十幾個百分點的範圍內。我們預計美光公司 2025 年的位元供應成長將低於非 HPM DRAM 和 NAND 的產業位需求成長。

Robust data center demand, including the uptake in server unit growth, has contributed to a tight industry DRAM environment and strengthened NAND market conditions. Additionally, broadening of demand across end markets has also constrained DRAM supply. On the supply side, we expect low supplier inventories, constraint node migration as industry supports extended D4 and LP4 end of life, longer lead times, and higher costs globally for new wafer capacity, all to limit the pace of supply growth for DRAM in 2026.

資料中心的強勁需求（包括伺服器單位的成長）促成了產業 DRAM 環境的緊張，並增強了 NAND 市場狀況。此外，終端市場需求的擴大也限制了 DRAM 的供應。在供應方面，我們預計供應商庫存較低、由於行業支持延長 D4 和 LP4 壽命終止而導致節點遷移受限、交貨時間延長以及全球新晶圓產能成本上升，所有這些都將限制 2026 年 DRAM 供應增長的速度。

In calendar 2026, we anticipate further DRAM supply tightness in the industry and continued strengthening in NAND market conditions. Over the medium term, we anticipate industry bit demand growth of mid-teens CAGR for both DRAM and NAND.

到 2026 年，我們預計產業 DRAM 供應將進一步緊張，NAND 市場狀況將持續走強。從中期來看，我們預計 DRAM 和 NAND 的產業位需求成長率將達到 15% 左右。

Micron invested $13.8 billion in CapEx in fiscal 2025. As we continue to make 1 gamma DRAM and HPM related investments, we expect fiscal 2026 CapEx to be higher than fiscal 2025 levels.

美光公司在 2025 財年的資本支出為 138 億美元。隨著我們繼續進行 1 gamma DRAM 和 HPM 相關投資，我們預計 2026 財年的資本支出將高於 2025 財年的水準。

DRAM front-end equipment and fab construction will drive higher capital spending in fiscal 2026. Our continued technology node migration to 1 gamma will provide the majority of our supply growth for DRAM in calendar 2026. As we transition more products to 1 gamma, our 1 beta capacity will support HBM growth in 2026.

DRAM前端設備和晶圓廠建設將推動2026財年資本支出增加。我們持續的技術節點遷移至 1 伽馬，這將為 2026 年 DRAM 的供應成長提供大部分支援。隨著我們將更多產品過渡到 1 gamma，我們的 1 beta 容量將支援 2026 年 HBM 的成長。

I'll now hand over the call to Mark to provide more color on our fiscal fourth quarter and fiscal 2025 financials.

現在我將把電話交給馬克，讓他為我們第四季和 2025 財年的財務狀況提供更多細節。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered strong results to close out the fiscal year with Q4 revenue, gross margin and EPS, all exceeding our updated guidance. For the full year, we achieved record revenue of $37.4 billion, up 49% year over year. Gross margins expanded to 41%, a 17-percentage-point improvement from fiscal 2024. EPS reached $8.29, reflecting a 538% increase compared to the prior year.

謝謝你，桑傑，大家下午好。美光公司在本財年結束時取得了強勁的業績，第四季度的營收、毛利率和每股盈餘都超出了我們最新的預期。全年，我們的營收達到創紀錄的 374 億美元，年增 49%。毛利率擴大至41%，較2024財年增加17個百分點。每股收益達 8.29 美元，較上年增長 538%。

Total fiscal Q4 revenue was $11.3 billion, up 22% sequentially and up 46% year over year and a quarterly record for Micron. Higher sequential revenue was driven by growth across our end markets, including record data center revenues and strong sequential growth in consumer-oriented markets.

第四財季總營收為 113 億美元，季增 22%，年增 46%，創下美光公司的季度紀錄。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。

Fiscal Q4 DRAM revenue was a record $9 billion, up 69% year over year and represented 79% of total revenue. Sequentially, DRAM revenue increased 27%. Bit shipments increased in the low teens percent, driven by strong demand across all end markets. Prices increased in the low double-digit percentage range, driven by tight industry DRAM supply, pricing execution, and favorable mix.

第四財季 DRAM 營收達到創紀錄的 90 億美元，年增 69%，佔總營收的 79%。與上一季相比，DRAM 營收成長了 27%。在所有終端市場強勁需求的推動下，比特出貨量成長了百分之十幾。受產業 DRAM 供應緊張、定價執行和有利產品組合的推動，價格上漲幅度達到兩位數百分比以下。

Fiscal 2025 DRAM revenues were a record $28.6 billion, up 62% year over year. Fiscal 2025 DRAM modeling costs inclusive of HBM were down by low single digit percentage points. Fiscal Q4 NAND revenue was $2.3 billion, down 5% year over year and represented 20% of Micron's total revenue. Sequentially, NAND revenue increased 5%.

2025財年DRAM營收達到創紀錄的286億美元，年增62%。2025 財年包括 HBM 在內的 DRAM 建模成本下降了個位數個百分點。第四財季 NAND 營收為 23 億美元，年減 5%，佔美光總營收的 20%。NAND 營收連續成長 5%。

NAND bit shipments declined in the mid-single-digit percentage range and prices increased in the high single-digit percentage range due to favorable mix. Fiscal 2025 NAND revenues were a record $8.5 billion, up 18% year over year. Fiscal 2025 NAND all-in cost reductions were around low-teens percentage.

由於產品組合良好，NAND 位元出貨量下降了中等個位數百分比，而價格則上漲了高個位數百分比。2025財年NAND營收達到創紀錄的85億美元，年增18%。2025 財年 NAND 整體成本降低幅度約為百分之十幾。

Now turning to quarterly financial performance by business unit. Our new segment disclosures for our business units, which you see starting in today's press release and will see in future filings, highlight the improvements in our profitability and changing business mix.

現在來看看各業務部門的季度財務表現。您可以從今天的新聞稿中看到我們業務部門的新分部披露，並且您將在未來的文件中看到這些披露，這些披露凸顯了我們盈利能力的提高和業務組合的變化。

The Cloud Memory business unit and Core Data Center business unit combined represent the totality of our Data Center business. Cloud Memory business unit revenue was $4.5 billion and represented 40% of total company revenue. CMB revenues were up 34% sequentially, driven by robust bit shipment growth. HBM revenues reached a new quarterly record. CMBU gross margins were 59%, higher by 120 basis points sequentially, supported by cost reductions.

雲端記憶體業務部門和核心資料中心業務部門合併代表了我們的資料中心業務的全部。雲端儲存業務部門營收為 45 億美元，占公司總營收的 40%。受比特出貨量強勁成長的推動，CMB 營收季增 34%。HBM 營收創下季度新高。CMBU 毛利率為 59%，比上一季高出 120 個基點，這得益於成本降低。

Core Data Center business unit revenue was $1.6 billion and represented 14% of total company revenue. CDBU revenues were up 3% sequentially. CDBU gross margins were 41%, up 400 basis points sequentially driven by higher pricing and favorable mix.

核心資料中心業務部門營收為 16 億美元，占公司總營收的 14%。CDBU 營收季增 3%。CDBU 毛利率為 41%，受定價上漲和產品組合有利的推動，季增 400 個基點。

Mobile Client business unit revenue was $3.8 billion and represented 33% of the total company revenue. MCBU revenues were up 16% sequentially, driven by higher DRAM shipments and improved pricing. MCBU gross margins were 36%, up 12 percentage points sequentially, driven by higher pricing and favorable mix.

行動客戶端業務部門營收為 38 億美元，占公司總收入的 33%。受 DRAM 出貨量增加和價格上漲的推動，MCBU 營收季增 16%。MCBU 毛利率為 36%，環比成長 12 個百分點，這得益於更高的定價和有利的產品組合。

Automotive and Embedded business unit revenue was $1.4 billion and represented 13% of total company revenue. AEBU revenues were up 27% sequentially, driven by higher bit shipments. AEBU gross margins were 31%, up 540 basis points sequentially, driven by higher pricing.

汽車和嵌入式業務部門營收為 14 億美元，占公司總營收的 13%。受出貨量增加的推動，AEBU 營收季增 27%。受定價上漲的推動，AEBU 毛利率為 31%，比上一季成長 540 個基點。

The consolidated gross margin for fiscal Q4 was 45.7%, up 670 basis points sequentially. Sequential gross margin improvement was driven by favorable product mix, better DRAM pricing, and strong execution on cost reductions.

第四財季綜合毛利率為45.7%，季增670個基點。連續的毛利率改善得益於有利的產品組合、更好的 DRAM 定價以及強有力的成本削減執行。

Operating expenses in fiscal Q4 were $1.2 billion, up $81 million quarter-over-quarter and in line with our guidance range. The sequential increase was driven primarily by higher R&D. We generated operating income of $4 billion in fiscal Q4, resulting in an operating margin of 35%, up 820 basis points sequentially and 12 percentage points year over year.

第四財季的營運費用為 12 億美元，季增 8,100 萬美元，符合我們的預期範圍。環比成長主要得益於研發支出的增加。我們在第四財季實現了 40 億美元的營業收入，營業利潤率為 35%，比上一季成長 820 個基點，比去年同期成長 12 個百分點。

Fiscal Q4 taxes were $471 million on an effective tax rate of 12%, lower than our guidance due to favorability in certain discrete items. Non-GAAP diluted earnings per share in fiscal Q4 was $3.03, with 59% sequential growth and 157% versus the year-ago quarter.

第四財季稅收為 4.71 億美元，有效稅率為 12%，由於某些單項項目的優惠，低於我們的預期。第四財季非公認會計準則每股攤薄收益為 3.03 美元，季增 59%，年增 157%。

Turning to cash flows and capital expenditures. In fiscal Q4, our operating cash flows were $5.7 billion and our capital expenditures were $4.9 billion, resulting in free cash flows of $803 million. The increase in capital expenditures was driven by planned investments for DRAM. For the full year fiscal 2025, we generated $3.7 billion in free cash flow, representing 10% of revenue.

轉向現金流和資本支出。在第四財季，我們的營運現金流為 57 億美元，資本支出為 49 億美元，自由現金流為 8.03 億美元。資本支出的增加是由 DRAM 的計畫投資所推動的。2025財年全年，我們產生了37億美元的自由現金流，佔營收的10%。

Ending inventory for fiscal Q4 was $8.4 billion or 124 days. Inventory was down $372 million sequentially and inventory days down 15 days, driven by strong sequential bit shipment growth in DRAM. DRAM inventory days are below target levels and NAND inventory days improved sequentially.

第四財季的期末庫存為 84 億美元或 124 天。受 DRAM 出貨量較上季強勁成長的推動，庫存較上季下降 3.72 億美元，庫存天數下降 15 天。DRAM庫存天數低於目標水平，NAND庫存天數持續改善。

On the balance sheet, we held $11.9 billion of cash and investments at quarter end and maintained $15.4 billion of liquidity when including our untapped credit facility. During fiscal Q4, we reduced debt $900 million through paydown of $700 million term loans and repurchased approximately $200 million of our senior notes. We closed the quarter with $14.6 billion of debt, maintaining low net leverage and a weighted average debt maturity of 2033.

在資產負債表上，我們在季度末持有 119 億美元的現金和投資，並在包括尚未開發的信貸額度時維持 154 億美元的流動性。在第四財季，我們透過償還 7 億美元的定期貸款減少了 9 億美元的債務，並回購了約 2 億美元的優先票據。本季末我們的債務為 146 億美元，維持較低的淨槓桿率和 2033 年的加權平均債務到期日。

Now turning to the outlook for the first fiscal quarter, we expect price, cost, and mix to all contribute to strengthening gross margins in Q1. Operating expenses for fiscal Q1 are projected to be approximately $1.34 billion with a sequential increase driven by R&D related to data center product innovation and development.

現在回顧第一季的展望，我們預期價格、成本和產品組合都將有助於提高第一季的毛利率。預計第一財季營運費用約 13.4 億美元，季增主要得益於與資料中心產品創新和開發相關的研發費用。

Micron's fiscal 2026 will be a 53-week fiscal year compared to fiscal 2025, which was a 52-week fiscal year. As a result, fiscal Q4 2026 OpEx will reflect the effect of an additional work week in the quarter.

美光公司的 2026 財年將為 53 週，而 2025 財年為 52 週。因此，2026 財年第四季的營運支出將反映該季度額外工作週的影響。

We expect the fiscal Q1 and fiscal year 2026 tax rate of around 16.5%. We expect our fiscal Q1 capital spending to be approximately $4.5 billion. While quarterly spend may fluctuate, this level serves as a reasonable quarterly baseline for the planned capital spend in fiscal 2026. We will continue to exercise supply discipline as we pursue our growth opportunities.

我們預計2026財年第一季和全年的稅率約為16.5%。我們預計第一財季的資本支出約為 45 億美元。雖然季度支出可能會有所波動，但這一水準可作為 2026 財年計畫資本支出的合理季度基準。在尋求成長機會的過程中，我們將繼續嚴格執行供應紀律。

We expect free cash flow to strengthen in fiscal Q1, and we project significantly higher annual free cash flow year over year in fiscal 2026. Any impacts that may occur due to potential new tariffs are not included in our guidance.

我們預計第一財季的自由現金流將會增強，我們預計 2026 財年的年度自由現金流將比去年同期大幅增加。我們的指導中不包括可能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 Q1 is as follows. We expect revenue to be a record $12.5 billion, plus or minus $300 million; gross margin to be in the range of 51.5%, plus or minus 100 basis points; and operating expenses to be approximately $1.34 billion, plus or minus $20 million. Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $3.75 per share, plus or minus $0.15.

考慮到所有這些因素，我們對第一財季的非公認會計準則指引如下。我們預計營收將達到創紀錄的 125 億美元，上下浮動 3 億美元；毛利率將在 51.5% 左右，上下浮動 100 個基點；營運費用約為 13.4 億美元，上下浮動 2,000 萬美元。根據約 11.5 億股的股票數量，我們預計每股收益將達到創紀錄的 3.75 美元，上下浮動 0.15 美元。

I'll now turn it over to Sanjay to close.

現在我將把發言權交給桑傑 (Sanjay) 來結束。

Thank you, Mark. Fiscal 2025 was a year of many records for Micron as we have highlighted today. We have strong momentum entering fiscal 2026 with a robust fiscal Q1 demand outlook led by data center and the most competitive position in our history.

謝謝你，馬克。正如我們今天所強調的，2025 財年是美光公司創下多項紀錄的一年。進入 2026 財年，我們勢頭強勁，第一季以資料中心為主導的需求前景強勁，並且我們處於歷史上最具競爭力的地位。

Over the coming years, we expect trillions of dollars to be invested in AI and a significant portion will be spent on memory. As the only US-based manufacturer of memory, Micron is uniquely positioned to benefit from the AI opportunity ahead.

未來幾年，我們預計將有數兆美元投資於人工智慧，其中很大一部分將用於記憶體。作為唯一一家美國記憶體製造商，美光科技擁有獨特的優勢，可以從未來的人工智慧機會中獲益。

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。

Thank you. (Operator instructions) Timothy Arcuri, UBS.

謝謝。（操作員指示）瑞銀集團的蒂莫西·阿庫裡。

Thanks a lot. Mark, I was wondering if you could help on the guidance a little bit. I know you don't want to get into too much detail, but of the, let's say -- or sorry, of the $2.2 billion sequential this year -- sorry, the $1.2 billion sequential revenue, can you help us how that splits out between DRAM and NAND? And I guess, any gross margin puts and takes you might have as well would be helpful.

多謝。馬克，我想知道你是否可以提供一些指導。我知道您不想講太多細節，但是，比如說——或者抱歉，今年連續 22 億美元的收入——抱歉，連續 12 億美元的收入，您能幫助我們如何區分 DRAM 和 NAND 嗎？我想，您可能擁有的任何毛利率投入和收益都會有所幫助。

Yeah. Tim, you were breaking up a bit at the end, but I believe I've got it. So in the first quarter, we'll be heavier DRAM mix than NAND and that growth. As you mentioned, we're not going to break out bits in ASP, but we are guiding up 580 basis points sequentially.

是的。提姆，最後你有點崩潰了，但我相信我已經明白了。因此，在第一季度，我們的 DRAM 產品組合將比 NAND 產品組合更加豐富，並且實現成長。正如您所提到的，我們不會在 ASP 上進行突破，但我們將連續上漲 580 個基點。

It is split across mix, pricing, and strong execution on our cost reductions. We're in a very constructive pricing environment. Supply is tight for DRAM and improving substantially in NAND. We've got essentially strong demand and supply factors at work, as you heard in the script today.

它分為組合、定價和成本削減的強力執行。我們正處於一個非常有建設性的定價環境中。DRAM 供應緊張，而 NAND 供應則大幅改善。正如您在今天的演講中聽到的那樣，我們基本上有強勁的需求和供應因素在起作用。

On the demand side, data center spend remains robust, projected to grow. Traditional server spend is improving and expected to grow, refresh and inference workload, demand drivers. And then PC, smartphone, auto all have increased content growth, and that's becoming clear.

在需求方面，資料中心支出依然強勁，預計還會成長。傳統伺服器支出正在改善，預計還會成長，刷新和推理工作負載、需求驅動因素。然後，個人電腦、智慧型手機、汽車都增加了內容成長，這一點變得越來越明顯。

And then on the supply side, we'll get into that more in the Q&A here, but that is tight as well due to a number of factors that are structural. So we're focused on our execution. And again, sequentially here, expect price, mix, and strong execution to drive that 580-basis-point margin expansion.

然後，在供應方面，我們將在問答環節中更深入地討論這個問題，但由於一些結構性因素，供應方面的問題也很緊張。因此我們專注於執行。再次，按順序來看，預計價格、產品組合和強勁的執行力將推動利潤率擴大 580 個基點。

Thanks a lot, Mark. And then, Sanjay, I guess you had previously guided us to like $100 million HBM TAM by 2028, but since you give us that number, there's been some massive numbers that had been out, some TAM numbers by NVIDIA and some of the investments that are going on and what (technical difficulty) so it's obvious that the compute TAM is much bigger than what I think you probably alluded (technical difficulty)

非常感謝，馬克。然後，Sanjay，我想你之前曾指導我們到 2028 年 HBM TAM 達到 1 億美元，但自從你給了我們這個數字之後，已經有一些巨大的數字出來了，NVIDIA 的一些 TAM 數字和正在進行的一些投資以及什麼（技術大得多），所以很明顯，計算 TAM 比我認為你可能暗示的要大得多（技術難度）

Do you have an update to that number? I would assume it's bigger than that number? And maybe can you comment on sort of what you're seeing next year? I know you're seeing something in the (technical difficulty)

您有該號碼的更新資訊嗎？我認為它比那個數字更大？您能否評論一下您對明年的展望？我知道你看到了一些東西（技術難度）

So Tim, your connection is poor, and you were breaking up a lot. But I think I got the gist of your question. But we have said before regarding longer-term HBM TAM, we have said that by 2030, we expect HBM TAM to reach $100 billion. And we had also said that HBM bit CAGR will grow faster than the DRAM CAGR. And we see that in absolutely 2026 as well in terms of bits in HBM will outgrow the overall DRAM base.

所以提姆，你們的關係很差，而且你們常常分手。但我想我已經明白你的問題的主旨了。但我們之前曾談到長期 HBM TAM，我們曾說過，到 2030 年，我們預計 HBM TAM 將達到 1000 億美元。我們也說過，HBM 位元 CAGR 將比 DRAM CAGR 成長得更快。我們也看到，到 2026 年，HBM 中的位數也將超過整體 DRAM 基數。

And of course, as we look ahead, the value proposition of HBM continues to increase. And of course, as we talked about, HBM now -- in 2026, transitioning to HBM4, Micron, of course, well positioned. Market is starting to require even higher performances. And we today pointed out that Micron with our HBM4 will have the highest performance product with over 11 gigabits per second and, of course, highest power efficiency as well.

當然，展望未來，HBM 的價值主張將繼續增加。當然，正如我們所討論的，現在的 HBM——2026 年，過渡到 HBM4，美光公司當然處於有利地位。市場開始要求更高的性能。我們今天指出，美光公司的 HBM4 將擁有最高效能的產品，速度超過每秒 11 千兆位，當然，功率效率也最高。

So the specs of HBM are becoming increasingly more demanding and which is exciting for us because we are very well positioned with these products. So -- and this just means the value proposition of HBM just continues to grow.

因此，HBM 的規格要求越來越高，這對我們來說是令人興奮的，因為我們在這些產品方面處於非常有利的地位。所以——這意味著 HBM 的價值主張將繼續成長。

So we definitely continue to see strong long-term growth and very excited about all these various announcements of massive data center infrastructure spend. We have talked about trillions of dollars of spend over the next several years. And of course, memory is very much at the heart of this AI revolution. This means a tremendous opportunity for memory and certainly tremendous opportunity for HBM.

因此，我們肯定會繼續看到強勁的長期成長，並對所有這些大規模資料中心基礎設施支出的公告感到非常興奮。我們已經討論了未來幾年數萬億美元的支出。當然，記憶是這場人工智慧革命的核心。這對記憶體來說意味著一個巨大的機遇，對 HBM 來說當然也意味著一個巨大的機會。

So we feel very good about HBM longer-term opportunities, good about HBM opportunities in 2026, and very good about Micron's positioning with our very strong product portfolio and strong execution track record and the trust that we have built with our customers and our ability to supply quality and meet our customers' volume requirements. So exciting times ahead, and we are, of course, continuing to work very closely with our customers.

因此，我們對 HBM 的長期機會、2026 年的 HBM 機會以及美光的定位感到非常樂觀，美光憑藉我們非常強大的產品組合、強大的執行記錄、與客戶建立的信任以及我們提供高品質產品和滿足客戶批量需求的能力。未來將是令人興奮的，當然，我們將繼續與客戶密切合作。

Thanks a lot.

多謝。

Vivek Arya, Bank of America.

美國銀行的 Vivek Arya。

Thank you for taking my question. I'm curious, how do you see the transition from HBM3E to 4? When do you expect the crossover next year? And I think as part of that, you mentioned that the pricing for 3E is settled for '26. And I'm curious, what is the direction of that pricing versus what you're getting now? Is it higher or lower? And do you expect your 3E share to stay the same or change next year?

感謝您回答我的問題。我很好奇，您如何看待從 HBM3E 到 4 的轉變？您預計明年什麼時候會出現交叉？我認為，作為其中的一部分，您提到 3E 的定價已在 26 年確定。我很好奇，與現在的價格相比，這個定價的方向是什麼？是高了還是低了？您預計明年您的 3E 份額會保持不變還是會改變？

So with respect to HBM4, this is, of course, we will be at the forefront of this production ramp, very much aligned with customers' timing. And again, as we have mentioned that we have the best product in the industry with highest performance, over 11 gigabit per second, and we have sampled that product as well as no power.

因此，就 HBM4 而言，我們當然會處於生產爬坡的最前沿，與客戶的時間表非常一致。再說一次，正如我們所提到的，我們擁有業內性能最高的最佳產品，速度超過每秒 11 千兆位，並且我們已經對該產品進行了採樣，並且沒有電源。

So industry-leading product performance. And so we will be ramping it up in line with customer demand. Of course, first production shipments in CQ2 of '26 time frame and production will ramp during the course of 2026 -- second half of 2026, again, in line with customer demand.

因此產品性能產業領先。因此，我們將根據客戶需求加大力度。當然，第一批產品將在 2026 年第二季出貨，產量將在 2026 年下半年逐步提升，同樣，這也符合顧客需求。

And overall, in 2026, versus 2025, we see our share growing, product well positioned. We are not commenting on the pricing of HBM3E. We have told you that HBM3E we have pricing agreements completed with almost all customers for vast majority of our HBM3E supply in 2026. And we are in discussions with -- regarding HBM4 with our customers.

整體而言，與 2025 年相比，2026 年我們的份額將成長，產品定位也將更加明確。我們不評論 HBM3E 的定價。我們已經告訴您，HBM3E 我們已與幾乎所有客戶達成定價協議，涵蓋 2026 年絕大多數 HBM3E 供應。我們正在與客戶討論 HBM4 事宜。

What I will tell you is that supply is tight. We expect healthy demand supply environment in 2026 for overall DRAM, and that bodes well for profitability of DRAM, profitability of HBM and of course, profitability of non-HBM as well, which is experiencing tight supply.

我要告訴你的是，供應緊張。我們預計 2026 年整體 DRAM 的供需環境將十分健康，這對於 DRAM 的盈利能力、HBM 的盈利能力，當然還有供應緊張的非 HBM 的盈利能力來說都是一個好兆頭。

Got it. And for my follow-up, maybe, Mark, on the gross margin side. So what is just conceptually, how do you think about the puts and takes of gross margins as you go through the rest of the year, the [51.5%]? Is this kind of the baseline and as long as sales grow, can you expand off of this level?

知道了。馬克，我想跟進一下毛利率方面的問題。那麼從概念上來說，你如何看待今年剩餘時間毛利率的變化，[51.5%]？這是基準嗎？只要銷售額成長，您就能在這個水準上擴張嗎？

And then related to that, when I look at your cloud data center business gross margin percent operating margin is 48%. How much more room is there to expand from those very strong levels right now? Thank you.

與此相關，當我查看您的雲端資料中心業務毛利率時，其營業利潤率為 48%。從目前非常強勁的水平來看，還有多少擴展空間？謝謝。

Vivek, so we're not providing out quarter guidance. But what we will say is that we believe or we expect gross margin to improve sequentially versus the second quarter. And it's on this tight DRAM supply and the associated pricing along with NAND business continuing to improve. And then just mix effects as we continue to steer bits towards high-value markets, and then our cost performance continues to be good.

Vivek，所以我們不提供季度指導。但我們要說的是，我們相信或預期毛利率將比第二季較上季增加。正是由於 DRAM 供應緊張、相關定價以及 NAND 業務的持續改善。然後，隨著我們繼續將產品引向高價值市場，就會產生混合效應，我們的成本績效也會繼續保持良好。

As mentioned in the prepared remarks, these supply-demand factors are there -- we believe they're durable. On the demand side, data center spend continues to increase. I talked earlier about traditional server spend, and then the edge and auto having increased content.

正如準備好的評論中所提到的，這些供需因素是存在的——我們相信它們是持久的。在需求方面，資料中心支出持續增加。我之前談到了傳統伺服器的支出，然後是邊緣和自動增加的內容。

And then on the supply side, customer inventory levels are healthy. Our supply is lean. Our DRAM inventories are below target. NAND continues to improve. We are working to be as efficient as we can in providing a supply response. We're doing node transitions. But as the industry extend support for D4, that's constrained those node transitions. And then finally, it just takes a long time and is expensive to add new clean room space. And we all know the silicon intensity of HBM creating the urgency for that capacity requirement.

從供應方面來看，客戶庫存水準良好。我們的供應很少。我們的 DRAM 庫存低於目標。NAND 不斷改進。我們正在努力盡可能有效地提供供應響應。我們正在進行節點轉換。但隨著產業擴大對 D4 的支持，這些節點轉換受到了限制。最後，增加新的無塵室空間需要很長時間，而且成本昂貴。我們都知道 HBM 的矽強度使得這種容量需求變得緊迫。

So it's a good setup as we go into '26. And we delivered this strong guide on the first quarter gross margin and we expect to see gross margins up in Q2. I also want to reiterate something Sanjay mentioned that we expect margins to be healthy in both HBM and non-HBM in '26. So I'll leave it at that on the out quarter guidance.

因此，當我們進入 26 年時，這是一個很好的設置。我們發布了第一季毛利率的強勁指引，並預計第二季毛利率將會上升。我還想重申 Sanjay 提到的一點，我們預計 26 年 HBM 和非 HBM 的利潤率都將保持健康。因此，我將就本季的預測保留到此為止。

Thank you.

謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse，領唱菲茨傑拉德。

Yeah, good afternoon. Thank you for taking the question. I guess first question, it certainly feels like in the last month or two, there's been an inflection in DRAM demand led by inference hyperscalers. So curious if you could kind of speak to what you have seen, the breadth of demand, and particularly the sustainability of that. And would love your thoughts -- you've talked about tightness expected into fiscal '26.

是的，下午好。感謝您回答這個問題。我想第一個問題是，確實感覺在過去的一兩個月裡，由推理超大規模器引領的 DRAM 需求出現了變化。我很好奇您是否可以談談您所看到的、需求的廣度，特別是其可持續性。我很想聽聽您的想法——您談到了預計 26 財年的緊張局勢。

Your thoughts into this -- what is typically a seasonally slower February quarter, should we see kind of normal seasonality? Or are there supply trends so limited that things can hold up much better than kind of normal seasonality?

您對此有何看法—二月通常是季節性較慢的季度，我們應該看到正常的季節性嗎？或者供應趨勢是否非常有限，以至於情況比正常的季節性表現更好？

So of course, we are not providing you FQ2 guidance at this point. But certainly, the AI trends are strong. And as you noted, not just in training, but inference as well. And as the AI applications broaden, innovations increase, greater different architectures, all of this is only continuing to broaden the demand vector for AI in the data center as well as on edge devices such as smartphones.

因此，當然，我們目前不會向您提供 FQ2 指導。但可以肯定的是，人工智慧趨勢強勁。正如您所說，這不僅體現在訓練中，也體現在推理中。隨著人工智慧應用範圍的擴大、創新的增加、架構的多樣化，所有這些都只會繼續擴大資料中心以及智慧型手機等邊緣設備對人工智慧的需求向量。

In the data center, of course, AI servers have driven strong demand as we have all known, particularly if it -- just the increasing demand and increasing demand for all, DRAM, not just HBM, but LPDRAM, high-density DRAM modules. But we are also seeing traditional server demand, as we noted in our remarks, increase as well. So this is really driving a strong growth trend for overall for the industry.

當然，眾所周知，在資料中心，人工智慧伺服器推動了強勁的需求，特別是如果它——只是對所有 DRAM 的需求不斷增加，不僅僅是 HBM，還有 LPDRAM、高密度 DRAM 模組的需求也在增加。但正如我們在評論中指出的那樣，我們也看到傳統伺服器的需求也在增加。因此，這確實推動了整個行業的強勁成長趨勢。

And then the demand vectors are broadening, as I noted, smartphones, in particular. You have seen some recent launches of -- and shipments already starting of AI-enabled smartphones, which have higher content of DRAM in them versus the prior generation phones. And of course, PCs is another tailwind, AI PCs and end-of-life for Windows 10. So the AI PCs are a tailwind for DRAM content as well.

然後需求向量正在擴大，正如我所指出的，尤其是智慧型手機。您已經看到最近推出的一些支援人工智慧的智慧型手機，並且已經開始出貨，與上一代手機相比，這些智慧型手機的 DRAM 含量更高。當然，個人電腦是另一個順風，人工智慧個人電腦和 Windows 10 的終結。因此，AI PC 對 DRAM 內容來說也是一大推手。

So overall, AI trends are strong, and this is across data centers, across AI-enabled smartphones and AI-enabled PCs. And this is what leads to strong demand in 2026 -- across 2026. And we have talked about tight supply as well. Mark just laid out the factors for tight supply, which we also discussed in our prepared remarks.

因此整體而言，人工智慧趨勢強勁，這體現在資料中心、支援人工智慧的智慧型手機和支援人工智慧的個人電腦。這就是導致 2026 年（整個 2026 年）需求強勁的原因。我們也討論過供應緊張的問題。馬克剛剛列出了供應緊張的因素，我們也在準備好的發言中討論過這些因素。

So overall, we look forward to a healthy demand-supply environment in calendar year '26 for us. (multiple speakers) Customer inventories as well as supplier inventories are in good place. I mean, supplier inventories are actually running lean. Micron DRAM supply is very tight.

因此，整體而言，我們期待 26 年的供需環境健康。（多位發言者）客戶庫存和供應商庫存狀況良好。我的意思是，供應商庫存實際上已經不足了。美光DRAM供應非常緊張。

Thank you for that. As a quick follow-up on CapEx, Mark, it appears net CapEx implied $18 billion versus $13.8 billion last year. I think you talked about front-end equipment versus clean room space and DRAM. Is there a way to kind of partition how much on equipment versus clean room? And then can you share with us what the implied gross CapEx is for fiscal '26? Thanks so much.

謝謝你。馬克，作為對資本支出的快速跟進，淨資本支出似乎為 180 億美元，而去年為 138 億美元。我認為您談論的是前端設備與無塵室空間和 DRAM。有沒有辦法將設備和無塵室的比例劃分？然後您能否與我們分享 26 財年的隱含總資本支出是多少？非常感謝。

Yeah. We've not laid out in detail. It's just that our spend in '26 will be majority -- vast majority will be for DRAM, and we've got construction and facilities related to that, some tools for node transitions and beginning to install for new greenfield.

是的。我們還沒有詳細闡述。只是我們在 26 年的支出大部分——絕大多數將用於 DRAM，並且我們已經獲得了與之相關的建設和設施，一些用於節點轉換的工具，並開始為新的綠地進行安裝。

As it relates to -- you're right that we guided a framework to be at around $18 billion. We will generally talk about CapEx in the context of net, which is gross CapEx, offset by proceeds from government incentives. We're not going to talk about the gross and net for '26. But you can see the components, you can back into the components here on what you've seen in the filings for the gross spend in '25 and then the government incentives.

就其相關而言——您說得對，我們指導的框架約為 180 億美元。我們一般會在淨額的背景下討論資本支出，即總資本支出，抵銷政府激勵措施的收益。我們不會談論 26 年的總額和淨額。但是您可以看到這些組成部分，您可以回到這裡的組成部分，看看您在 25 年的總支出文件中看到的內容，然後是政府激勵措施。

And so we ended up at $13.8 billion net and we were at $15.8 billion gross with $2 billion of government incentives in '25. Yeah. You'll see that going forward. And the government incentives in '25 are largely the US, Singapore and Japan, and we can talk more about those in the future.

因此，我們最終的淨利潤為 138 億美元，毛利為 158 億美元，其中 20 億美元的政府激勵措施在 25 年實現。是的。您將會看到這一點。25 年政府的獎勵措施主要來自美國、新加坡和日本，我們未來可以進一步討論這些措施。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Yeah, good afternoon. Thanks for taking my question. Days of inventory are now at your target levels as you had expected previously. And within that, DRAM is actually below your targets, right? So given the strong 3E 12-high RAM, continued strong demand for non-AI DRAM, how are you guys thinking about your total and DRAM inventories exiting this quarter? Will days of inventory continue to come down?

是的，下午好。感謝您回答我的問題。正如您之前所預期的，庫存天數現已達到目標水準。其中，DRAM 實際上低於您的目標，對嗎？那麼，鑑於 3E 12 高 RAM 的強勁表​​現以及對非 AI DRAM 的持續強勁需求，你們如何看待本季度的總庫存和 DRAM 庫存退出？庫存天數會繼續下降嗎？

And then just given the overall supply tightness, are your lead times extending and customers placing orders further in advance? And is this better visibility? What gives the team confidence on continued tightness into calendar '26?

那麼，考慮到整體供應緊張，您的交貨時間是否會延長，客戶是否會提前下訂單？這是否能提高可見度？是什麼讓球隊有信心在 2026 年繼續保持緊張的局勢？

Yeah, Harlan, I'll cover that. We do expect inventories to remain at or better on DIO than we've seen in the fourth quarter. DRAM will remain very tight as we talked about through the year. So we would expect to be below target.

是的，哈蘭，我會報道這一點。我們確實預計 DIO 庫存將保持在第四季度的水平或更好。正如我們所說的那樣，DRAM 全年仍將保持非常緊張的狀態。因此我們預計會低於目標。

And then NAND, we're being very disciplined around NAND, and that market continues to improve. So we would expect NAND DIO to decrease as well.

然後是 NAND，我們在 NAND 方面非常嚴謹，而且市場也在不斷改善。因此我們預期 NAND DIO 也會下降。

And of course, we work closely with our customers, and customers are fully understanding that the demand environment is strong, and the supply is very tight in the DRAM and supply outlook is tight. So we work closely with the customers.

當然，我們與客戶密切合作，客戶完全理解需求環境強勁，DRAM 供應非常緊張，供應前景緊張。因此我們與客戶密切合作。

And I just want to point out that as we look ahead at our supply, we are looking at 1 gamma ramp to support our demand in non-HBM, HBM products, we will support them with our 1-beta. And of course, continue maintaining focus on maximum production efficiencies and leveraging the clean room space that is available to implement the technology transitions as well as drive maximum production efficiency.

我只想指出，當我們展望我們的供應時，我們正在考慮 1 gamma 斜坡來支持我們對非 HBM、HBM 產品的需求，我們將透過 1-beta 來支持它們。當然，繼續專注於最大限度提高生產效率，並利用可用的無塵室空間來實現技術轉型並提高最大限度提高生產效率。

No, I appreciate that. Thanks for the insight. And Sanjay, as your customers continue to differentiate their GPU on XPU platforms? Memory continues to be sort of that key focus area of differentiation. As you mentioned, some of your HBM4 customers are looking for as much as 25% more bandwidth versus the plain vanilla [genetic] standard. It looks like the Micron team delivered a solution that's 40% more performing than the [genetic] right and well exceeding your customers' requirements.

不，我很感激。謝謝你的見解。桑傑，您的客戶是否繼續在 XPU 平台上區分他們的 GPU？記憶仍然是差異化的重點領域。正如您所提到的，您的一些 HBM4 客戶希望獲得比普通 [遺傳] 標準高出 25% 的頻寬。看起來，美光團隊提供的解決方案比 [遺傳] 方案的性能高出 40%，並且遠遠超出了客戶的要求。

Did the team have to redesign the base logic die to achieve these impressive results? Just wondering if the higher performance HBM4 SKU maybe pushed out customer calls or have the call schedules remained on track relative to your original plan? But more importantly, even with the higher speeds, is your power consumption still superior to your competitive solutions?

團隊是否必須重新設計基礎邏輯晶片才能實現這些令人印象深刻的結果？只是想知道性能更高的 HBM4 SKU 是否會推遲客戶呼叫，或者呼叫時間表仍按原計劃進行？但更重要的是，即使速度更快，您的功耗是否仍然優於競爭解決方案？

Very good questions, Harlan, and thank you for asking those questions. Very proud of our team's execution, proud of our team's design of our DRAM die and the advanced CMOS technology that is used in the DRAM die as well as our base die, which has advanced CMOS as well. Combination of all of this are innovative design, our memory architecture, our advanced CMOS in the DRAM as well as advanced CMOS in the base die. And of course, that advanced CMOS base die is manufactured here by Micron, giving us a competitive advantage.

非常好的問題，哈蘭，謝謝你提出這些問題。我們為我們團隊的執行力感到非常自豪，為我們團隊對 DRAM 晶片的設計以及 DRAM 晶片和基礎晶片中使用的先進 CMOS 技術感到自豪，基礎晶片也具有先進的 CMOS。所有這些的結合是創新設計、我們的記憶體架構、DRAM 中的先進 CMOS 以及基片中的先進 CMOS。當然，先進的 CMOS 基片是由美光公司生產的，這給了我們競爭優勢。

All of this actually has enabled us to achieve customers' increasingly higher requirements, bandwidth at 2.8 gigabytes per second and speeds at 11 -- more than 11 gigabits per second as well. And this has really positioned us well getting ready for production ramp of our HBM4 product with these kind of specs. And as I said, with these kind of specs will be at the forefront of HBM shipment ramp, keeping it in line with customer demand.

所有這些實際上使我們能夠滿足客戶越來越高的要求，頻寬達到每秒 2.8 千兆字節，速度達到每秒 11 千兆位元——甚至超過 11 千兆位元。這確實為我們準備符合此類規格的 HBM4 產品的生產做好了充分的準備。正如我所說，這些規格將處於 HBM 出貨量成長的最前沿，以滿足客戶需求。

Thank you.

謝謝。

And I just want to be clear. I think I said for bandwidth, 2.8 terabytes per second. I hope that came across clearly, 2.8 terabyte per second; speed, 11 gigabit per second.

我只是想說清楚。我想我說過頻寬是每秒 2.8 兆位元組。我希望我表達得清楚，每秒 2.8 兆位元組；速度，每秒 11 千兆位元。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. I told them, Sanjay, you mentioned about getting sold out in HBM hopefully in the next few months. Is there a way to quantify the supply opportunity in calendar '26, assuming you're fully sold out? And also if the HBM demand is that better than expected, can you increase supply in calendar '26, if you're sold out in the next few months? And then I had a quick follow-up.

是的，嗨，謝謝你回答我的問題。我告訴他們，桑傑，你提到希望在接下來的幾個月 HBM 能賣光。假設產品已全部售罄，有沒有辦法量化 26 年的供應機會？此外，如果 HBM 需求比預期更好，並且在接下來的幾個月內售罄，您是否可以在 26 年增加供應量？然後我進行了快速的跟進。

Yeah, we are not breaking down the supply volumes, et cetera. But yes, HBM3E, as we mentioned, pricing agreements are done with the vast majority of our HBM3E -- for our vast majority of our HBM3E supply. And volume is also fixed for HBM3E with most customers.

是的，我們不會細分供應量等等。但是的，HBM3E，正如我們所提到的，我們的絕大多數 HBM3E 都已簽訂定價協議——針對我們絕大多數的 HBM3E 供應。且大多數客戶的 HBM3E 的銷售量也是固定的。

And as our customers are looking at their -- finalizing their plans with HBM4, particularly plans with increased specifications and their own deployment of that in their next-generation platforms, we expect to be concluding our agreements on HBM4 supply as well as all of 2026 HBM supply here in 2026 -- I mean, in the next few months.

當我們的客戶正在考慮最終確定 HBM4 計劃時，特別是具有更高規格的計劃以及他們在下一代平台中的部署計劃，我們預計將在 2026 年（我的意思是，在接下來的幾個月內）就 HBM4 供應以及所有 2026 HBM 供應達成協議。

And really very pleased with our industry-leading HBM4 product specifications, absolutely outperforming the rest. So we are well positioned with this. And really, with respect to your question, we will, of course, manage the mix of -- in our -- now that we have reached our HBM share in CQ3 to be in line with our industry DRAM share, we will manage -- and non-HBM being healthy margins as well. We will now manage the mix of our portfolio, keeping in mind, of course, ROI on our portfolio as well as staying disciplined with our total investments.

並且對我們行業領先的 HBM4 產品規格非常滿意，絕對優於其他產品。因此我們在這方面處於有利地位。實際上，關於您的問題，我們當然會管理好我們的組合——既然我們在第三季度的 HBM 份額已經與行業 DRAM 份額保持一致，我們也會管理好——非 HBM 的利潤率也會保持健康。我們現在將管理我們的投資組合，當然，要牢記投資組合的投資報酬率，並嚴格控制總投資。

We -- as you can well understand, we have, of course, flexibility to opportunistically manage share here for HBM because at the front end, it uses the same 1 beta wafers as rest -- some of the rest of our products as well. So that gives us fungibility at the front end in terms of supply management and assembly and test we have, of course, with the investments that we have made over the course of last several quarters, we are well positioned with capacity in assembly and test as well.

正如您所理解的，我們當然可以靈活地管理 HBM 的份額，因為在前端，它使用與其他產品相同的 1 beta 晶圓——我們的其他一些產品也是如此。因此，這讓我們在供應管理和組裝與測試方面在前端具有可替代性，當然，憑藉我們在過去幾個季度所做的投資，我們在組裝和測試方面也擁有良好的產能。

So our investments and our team's strong execution in ramping up capacity and giving us the total confidence gives us now the flexibility to manage the mix of the full portfolio between HBM and non-HBM, keeping ROI in mind and, of course, staying disciplined here with our investments as well.

因此，我們的投資和團隊在提高產能和給予我們完全信心方面的強大執行力，使我們現在可以靈活地管理 HBM 和非 HBM 之間的整個產品組合，同時牢記投資回報率，當然，也對我們的投資保持紀律。

Got it. Thanks, Sanjay. And then a quick question on HBM4. It was nice to see the 11 gigabits per second pin speed. You also said that you have the offering of both your in-house base die also that customized TSM logic die. Is there a way to figure out what do you expect that mix to be? Do you expect more customers to go with the in-house die or the TSM die? And how easy is it for you from the Micron standpoint of switching between the two based on customer demand?

知道了。謝謝，桑傑。然後是關於 HBM4 的一個快速問題。很高興看到每秒 11 千兆位元的針腳速度。您也說過，您既提供內部基礎晶片，也提供客製化的 TSM 邏輯晶片。有沒有辦法知道你期望的混合物是什麼？您是否預計會有更多客戶選擇內部晶片或 TSM 晶片？從美光的角度來看，根據客戶需求在兩者之間切換有多容易？

So HBM4 is the product that is with our internal base die, and HBM4E is where we said in our remarks that we will be offering standard products as well as customized products. And HBM4E is where we are partnering with TSMC. HBM4E is not in the industry. It's not a 2026 product, that will be 2027 kind of product, and we'll share more details with you, and we will have both standard and customized products in HBM4E. HBM4 using our own base die in the industry, HBM4 is what will be the product that we'll be ramping in production.

因此，HBM4 是我們內部基礎晶片的產品，而 HBM4E 是我們在評論中提到的，我們將提供標準產品和客製化產品。HBM4E 是我們與台積電合作的領域。HBM4E 不在業界。這不是 2026 年的產品，而是 2027 年的產品，我們將與您分享更多細節，並且我們將在 HBM4E 中同時提供標準產品和客製化產品。HBM4 使用我們自己產業內的基礎晶片，HBM4 將成為我們將要大量生產的產品。

And as we mentioned that the value proposition of HBM continues to increase. And with HBM4E, that value proposition increases even further, and we would certainly expect the customization to provide higher gross margins, as I indicated in my prepared remarks.

正如我們所提到的，HBM 的價值主張不斷增加。有了 HBM4E，這一價值主張將進一步提升，我們當然希望定制能夠提供更高的毛利率，正如我在準備好的發言中所指出的那樣。

And once again, I would like to point out that our HBM uses our own logic die. That means Micron's own CMOS, and that gives us unique advantages and, of course, has been a key contributor, along with our DRAM design and DRAM architecture as well as the CMOS that is embedded inside the DRAM. All of that gives us a unique advantage in terms of industry-leading performance.

我想再次指出，我們的 HBM 使用我們自己的邏輯晶片。這意味著美光公司擁有自己的 CMOS，這為我們帶來了獨特的優勢，當然，這也是一個關鍵的貢獻者，還有我們的 DRAM 設計和 DRAM 架構以及嵌入在 DRAM 中的 CMOS。所有這些都使我們在行業領先的性能方面擁有獨特的優勢。

Thank you. And as that is all the time we have for Q&A today, that does conclude the Q&A portion of this call and end today's conference call. Thank you for participating. You may now disconnect.

謝謝。由於我們今天的問答時間已經結束，本次電話會議的問答部分也到此結束。感謝您的參與。您現在可以斷開連線。