美光科技 (MU) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Micron's First Quarter 2026 Financial Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加美光科技2026年第一季財務電話會議。（操作說明）提醒各位，今天的節目正在錄製中。現在，我謹向大家介紹今天節目的主持人，投資者關係部的薩蒂亞·庫馬爾。請繼續，先生。

Thank you, and welcome to Micron Technologies Fiscal First Quarter 2026 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 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.

謝謝，歡迎參加美光科技2026財年第一季財務電話會議。今天和我一起通話的是我們的董事長、總裁兼執行長 Sanjay Mehrotra，以及我們的財務長 Mark Murphy。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發言稿均已發佈在網站上。

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 as well as trends and expectations in our business, contractual terms, market, industry, products and regulatory and other matters. 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, Forms 10-Q 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.

今天的討論包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性聲明包括有關我們未來財務和營運業績以及我們業務、合約條款、市場、行業、產品和監管及其他事項的趨勢和預期的聲明。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結果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 表格、10-Q 表格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。

Today's discussion of financial results 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. I'll now turn the call over to Sanjay.

除非另有說明，否則今天討論的財務表現均以非公認會計準則（non-GAAP）財務報表為基礎。您可以在我們的網站上找到 GAAP 與非 GAAP 財務指標的調整表。現在我將把電話交給桑傑。

Thank you, Satya. Micron had an outstanding start to fiscal 2026 and delivering fiscal Q1 revenue, gross margin and EPS well above the high end of our guidance. This financial performance was driven by our strong execution across end markets and products in a tight supply environment.

謝謝你，薩蒂亞。美光科技在 2026 財年開局表現出色，第一財季的營收、毛利率和每股盈餘都遠遠超出我們預期的上限。這項財務表現得益於我們在供應緊張的環境下，在終端市場和產品方面強大的執行力。

We achieved a number of records in fiscal Q1. Total company revenue, DRAM and NAND revenue as well as HBM and data center revenue and revenue in each of our business units also reached new records. We have completed agreements on price and volume for our entire calendar 2026 HBM supply including Micron's industry-leading HBM4. We forecast an HBM TAM CAGR of approximately 40% through calendar 2028 from approximately $35 billion in 2025 to around $100 billion in 2028. This $100 million HBM TAM milestone is now projected to arrive two years earlier than in our prior outlook.

我們在第一財季取得了一系列紀錄。公司總收入、DRAM 和 NAND 收入、HBM 和資料中心收入以及我們各個業務部門的收入也都創下了新紀錄。我們已就 2026 年全年 HBM 供應的價格和數量達成協議，其中包括美光業界領先的 HBM4。我們預測，到 2028 年，HBM TAM 的複合年增長率將達到約 40%，從 2025 年的約 350 億美元增長到 2028 年的約 1000 億美元。HBM TAM 1 億美元的里程碑預計將比我們先前的預測提前兩年實現。

Remarkably, this 2028 HBM TAM projection is larger than the size of the entire DRAM market in calendar 2024. We are excited about our customized HBM4E customer engagements which offer further differentiation opportunities to us, and we continue to make excellent progress on our HBM road map.

值得注意的是，2028 年 HBM 的 TAM 預測值比 2024 年整個 DRAM 市場的規模還要大。我們對客製化的 HBM4E 客戶合作感到興奮，這為我們提供了更多差異化的機會，並且我們在 HBM 路線圖方面繼續取得優異的進展。

Memory is now essential to AI's cognitive functions, fundamentally altering its role from a system component to a strategic asset that dictates product performance from data center to the edge. This structural shift means that system capabilities heavily rely on advanced memory for real-time contextual processing, which is vital for achieving autonomous and intelligent behaviors in AI data centers as well as in applications ranging from self-driving cars to advanced medical diagnostics.

記憶體現在對人工智慧的認知功能至關重要，從根本上改變了其角色，使其從系統組件轉變為決定從資料中心到邊緣產品性能的戰略資產。這種結構性轉變意味著系統能力嚴重依賴先進的記憶體進行即時情境處理，這對於在人工智慧資料中心以及從自動駕駛汽車到高級醫療診斷等各種應用中實現自主和智慧行為至關重要。

With our technology leadership, differentiated product portfolio, strong operational execution and solid balance sheet, Micron is in the best competitive position in its history and is one of the semiconductor industry's biggest enablers of AI. We anticipate substantial new records in revenue, gross margin, EPS and free cash flow for both the second quarter and the full fiscal year 2026 and we expect our business performance to continue to strengthen through the year.

憑藉技術領先優勢、差異化的產品組合、強大的營運執行力和穩健的資產負債表，美光科技處於歷史上最佳的競爭地位，並且是半導體產業人工智慧領域最大的推動者之一。我們預計 2026 財年第二季和全年營收、毛利率、每股盈餘和自由現金流都將創下新的紀錄，我們預計我們的業務表現將在全年持續增強。

Sustained and strong industry demand, along with supply constraints are contributing to tight market conditions and we expect these conditions to persist beyond calendar 2026. We are making progress with customers in our discussions for multiyear contracts with specific commitments.

持續強勁的行業需求，加上供應限制，導致市場供應緊張，我們預計這種情況將持續到 2026 年以後。我們在與客戶就多年期合約及具體承諾的談判中取得了進展。

Simultaneously, we are focused on maximizing our production output from our current footprint, our industry-leading technology nodes and investing in new clean room space to add to our supply capability.

同時，我們致力於最大限度地利用現有廠房和業界領先的技術節點提高產量，並投資建造新的無塵室空間，以增強我們的供應能力。

Micron's technology leadership is foundational to our strong competitive position. Micron has led the industry for four consecutive technology nodes in DRAM and three nodes in NAND with progressively faster yield ramps in every node. Our one gamma DRAM node is ramping well. One gamma will be the primary driver of our DRAM bit growth in calendar 2026. And will be the majority of our bit output in the second half of the calendar year.

美光的技術領先地位是我們強大競爭地位的基礎。美光在DRAM領域連續四個技術節點和NAND領域連續三個技術節點引領產業，且每個節點的良率提升速度都越來越快。我們的單一伽瑪DRAM節點產能提升順利。到 2026 年，一個伽馬元件將成為我們 DRAM 位元成長的主要驅動力。並將占我們下半年比特輸出的大部分。

Looking beyond on gamma, development is underway for one delta and one Epsilon nodes which will feature innovations that we expect to extend our differentiation and technology leadership.

展望 Gamma 節點之外，我們正在開發一個 Delta 節點和一個 Epsilon 節點，這些節點將採用創新技術，我們期望這些創新將擴大我們的差異化優勢和技術領先地位。

In NAND, we are ramping our G9 node with robust yield ramps across both data center and client SSDs. Our QLC NAND mix, including G9 QLC, reached a record high during the quarter. Technology transitions to G9 will be the primary driver of our NAND bit growth in calendar 2026, and we expect it to become our largest NAND node later in fiscal 2026.

在 NAND 領域，我們的 G9 節點正在穩步提升，資料中心和客戶端 SSD 的良率均有所提高。本季度，我們的 QLC NAND 產品組合（包括 G9 QLC）達到了歷史新高。2026 年，向 G9 技術過渡將成為我們 NAND 位元成長的主要驅動力，我們預計 G9 將在 2026 財年晚些時候成為我們最大的 NAND 節點。

I'm pleased to report that Canada 2025 is a record year for Micron in terms of both internal and customer quality measures, positioning us well to deliver for our customers as the memory industry's quality leader. As our products are increasingly integrated into higher-value applications, our leadership in quality is becoming a more important differentiator.

我很高興地宣布，加拿大 2025 年是美光在內部和客戶品質指標方面創紀錄的一年，這使我們能夠更好地為客戶提供服務，成為記憶體行業的品質領導者。隨著我們的產品越來越多地整合到更高價值的應用中，我們在品質方面的領先地位正成為越來越重要的差異化優勢。

Turning to our end markets. As the world's leading technology companies advance toward artificial general intelligence, and transform the global economy, our customers are committing to an extraordinary multiyear data center build-out. This growth in AI data center capacity is driving a significant increase in demand for high performance and high capacity memory and storage. Server unit demand has strengthened significantly, and we now expect calendar 2025, server unit growth in the high teens percentage range higher than our last earnings call outlook of 10%. We expect server demand strength to continue in 2026.

轉向我們的終端市場。隨著世界領先的科技公司向通用人工智慧邁進，並改變全球經濟，我們的客戶正在投入一項非同尋常的多年資料中心建設。人工智慧資料中心容量的成長正在推動對高效能、高容量記憶體和儲存的需求大幅成長。伺服器需求顯著增強，我們現在預計到 2025 年，伺服器銷售量將成長 10% 以上，高於我們上次財報電話會議預測的 10%。我們預計伺服器需求強勁的勢頭將在2026年繼續保持。

Server memory and storage content and performance requirements continue to increase generation to generation.

伺服器記憶體、儲存容量和效能要求逐代遞增。

Micron has a differentiated portfolio of high-value data center solutions to address these requirements, including our HBM, high-capacity server memory solutions and data center SSDs. Micron's HBM4 with industry-leading speed over 11 gigabits per second is on track to ramp with high yields in the second calendar quarter of 2026, consistent with our customers' product ramp plans. Our HBM4 uses advanced CMOS and advanced process technologies on the base logic die and DRAM core dies which are designed and manufactured in-house. This, along with our unique HBM design, packaging and test capability enables Micron's industry-leading performance and low-power leadership.

美光擁有差異化的高價值資料中心解決方案組合，以滿足這些需求，包括我們的 HBM、高容量伺服器記憶體解決方案和資料中心 SSD。美光的 HBM4 擁有業界領先的速度，超過每秒 11 吉比特，預計將於 2026 年第二季實現高良率量產，這與我們客戶的產品量產計畫相符。我們的 HBM4 在基礎邏輯晶片和 DRAM 核心晶片上採用了先進的 CMOS 和先進的製程技術，這些晶片都是我們自主設計和製造的。憑藉這一優勢，以及我們獨特的 HBM 設計、封裝和測試能力，美光實現了業界領先的效能和低功耗優勢。

Micron pioneered the adoption of LPDRAM in the data center. Micron's low-power DRAM server modules consume one-third the power of DDR DRAM server modules. Building on this leadership, we have sampled our 192 gigabyte LP-SOCAM2 product which enables a 50% increase in capacity per module and a rack scale LPDRAM density of over 50 terabytes.

美光率先在資料中心採用了LPDRAM。美光的低功耗DRAM伺服器模組的功耗僅為DDR DRAM伺服器模組的三分之一。憑藉這一領先優勢，我們推出了 192 GB LP-SOCAM2 產品樣品，該產品使每個模組的容量提高了 50%，機架級 LPDRAM 密度超過 50 TB。

Our data center NAND portfolio revenue exceeded $1 billion in fiscal Q1, and we are seeing strong momentum across our data center SSD portfolio, enabled by our leadership NAND technology. In the performance SSD category, Micron has introduced the world's first PCIe Gen 6 SSD, leveraging our G9 NAND. We are seeing rapidly increasing qualification commitments for this product, including hyperscaler. In mainstream storage, our SSDs based on G9 NAND are already seeing robust demand in the first quarter of calendar 2026.

我們資料中心 NAND 產品組合在第一財季的營收超過 10 億美元，並且憑藉我們領先的 NAND 技術，我們的資料中心 SSD 產品組合也呈現出強勁的成長勢頭。在高效能固態硬碟領域，美光推出了全球首款採用 G9 NAND 快閃記憶體的 PCIe Gen 6 固態硬碟。我們看到該產品的資質認證需求正在迅速增加，其中包括超大規模資料中心。在主流儲存領域，我們基於 G9 NAND 的 SSD 在 2026 年第一季已經展現出強勁的需求。

In capacity storage, our QLC based 122 and 245 terabytes, G9 SSDs are entering qualification at multiple hyperscale customers. PC demand continues to be driven by Windows 10 end of life and AI PCs. We forecast PC unit sales to grow high single-digit percentage range in calendar 2025, above our prior expectations provided in our last earnings call of mid-single digits. As we look ahead into 2026, we expect these demand drivers to continue while memory supply constraints may affect some PC unit shipments. Micron has completed multiple OEM qualifications of our 16 gigabit, one gamma based, DDR5 and our G9 based PCIe Gen 4 QLC SSDs.

在容量儲存方面，我們基於 QLC 的 122 和 245 TB 的 G9 SSD 正在多個超大規模客戶處進行認證。Windows 10 停止支援和人工智慧電腦的需求持續推動個人電腦的需求成長。我們預測，到 2025 年，個人電腦銷售將實現高個位數百分比的成長，高於我們在上次財報電話會議上給出的中個位數百分比的預期。展望 2026 年，我們預計這些需求驅動因素將持續存在，而記憶體供應限制可能會影響部分 PC 裝置的出貨量。美光已完成多項 OEM 認證，涵蓋我們的 16 千兆位元、基於伽馬技術的 DDR5 和基於 G9 技術的 PCIe Gen 4 QLC SSD。

Turning to mobile, smartphone unit volumes in calendar 2025 are on track to grow in the low single-digit percentage range. AI is driving memory content growth. The shipment mix of flagship smartphones with 12 gigabyte of DRAM increased to 59% in calendar Q3, more than twice the level from a year ago. Micron is accelerating innovation across our mobile DRAM portfolio. In fiscal Q1, we began sampling our break through one-gamma 16 gigabit LPDDR 6 product to leading OEM and ecosystem partners, marking a major milestone in next-generation memory technology.

再來看行動領域，預計到 2025 年，智慧型手機的銷售量將以個位數百分比的速度成長。人工智慧正在推動記憶體內容的成長。第三季度，配備 12GB DRAM 的旗艦智慧型手機出貨量佔比增至 59%，是去年同期的兩倍多。美光正在加速推進行動DRAM產品組合的創新。在第一財季，我們開始向領先的 OEM 和生態系統合作夥伴提供我們突破性的 16 千兆位元 LPDDR 6 產品樣品，這標誌著下一代記憶體技術的一個重要里程碑。

LPDDR6 will power AI at the edge delivering over 50% higher performance and improved power efficiency for flagship smartphones and AI PCs. Micron also sampled our one-gamma LP 5x 24-gigabit product and began volume shipments of the previously announced one gamma LP5 16 gigabit product to multiple OEMs.

LPDDR6 將為邊緣 AI 提供動力，為旗艦智慧型手機和 AI PC 帶來超過 50% 的性能提升和更高的能源效率。美光也向我們提供了單伽馬 LP 5x 24 千兆位元產品的樣品，並開始向多家 OEM 廠商批量出貨之前宣布的單伽馬 LP5 16 千兆位元產品。

Turning to auto, industrial and embedded. In automotive, L2+ and L3 adoption is driving robust demand today and our customers' road maps indicate a significantly higher memory content in fully automated vehicles. Micron is uniquely positioned for growth with our differentiated product portfolio and automotive market share leadership. Our ASIL rated LPDDR5 and UFS 4.1 NAND products optimized for automotive and advanced robotics that include bandwidth enhancing features are seeing strong demand and have already secured billions of dollars in design wins.

轉向汽車、工業和嵌入式領域。在汽車領域，L2+ 和 L3 的普及正在推動強勁的需求，而我們客戶的發展路線圖表明，全自動駕駛汽車的記憶體容量將顯著提高。憑藉差異化的產品組合和汽車市場份額領先地位，美光擁有獨特的成長優勢。我們針對汽車和先進機器人技術優化的、符合 ASIL 標準的 LPDDR5 和 UFS 4.1 NAND 產品，包含頻寬增強功能，市場需求強勁，並已贏得數十億美元的設計訂單。

In industrial, demand continues to strengthen, driven by the growing adoption of autonomous systems across various applications. Long-term demand trend trajectory remains robust for memory and storage in industrial applications, such as in factory automation, aerospace and defense, humanoid robotics, edge networking and video surveillance. Across both auto and industrial markets, LPDDR4 and DDR4 are also experiencing strong demand, and we are making investments to provide long-term supply from our Manassas, Virginia fab.

在工業領域，由於各種應用領域對自主系統的日益普及，需求持續增強。工業應用領域（如工廠自動化、航空航太和國防、人形機器人、邊緣網路和視訊監控）對記憶體和儲存的長期需求趨勢仍然強勁。在汽車和工業市場，LPDDR4 和 DDR4 的需求也很強勁，我們正在進行投資，以確保我們位於維吉尼亞州馬納薩斯的工廠能夠長期供應。

Now turning to our market outlook. Over the last few months, our customers' AI data center build-out plans have driven a sharp increase in demand forecast for memory and storage. We believe that the aggregate industry supply will remain substantially short of the demand for the foreseeable future. The dramatic increase in HBM demand is further challenging the supply environment due to the 3 to 1 trade ratio with DDR5 and this rate ratio only increases with future generations of HBM. Additional clean room space is necessary to address this increased demand and lead times for cleanroom build-out or lengthening across geographies.

現在來談談我們的市場展望。在過去的幾個月裡，我們客戶的 AI 資料中心建設計劃推動了記憶體和儲存需求預測的急劇增長。我們認為，在可預見的未來，產業總供應量仍將遠低於需求量。由於 HBM 與 DDR5 的交易比例為 3:1，HBM 需求的急劇增長進一步挑戰了供應環境，而且隨著未來幾代 HBM 的出現，這一比例只會增加。為了滿足日益增長的需求，以及在不同地區建造或擴大無塵室所需的時間，需要增加無塵室空間。

Together, these demand and supply factors are driving tight industry conditions across DRAM and NAND and we expect tightness to persist through and beyond calendar 2026. Calendar 2025 DRAM and NAND industry bit demand growth expectations are higher than in our last earnings call outlook. We now expect calendar 2025 DRAM bit demand growth to be in the low 20% range versus high teens previously. We expect 2025 NAND bit demand growth to be in the high teens percentage range versus low to mid-teens previously. We expect calendar 2026 industry DRAM and NAND bit shipment growth to be constrained by industry supply.

這些需求和供應因素共同導致DRAM和NAND產業供應緊張，我們預期這種緊張將持續到2026年及以後。2025 年 DRAM 和 NAND 產業位需求成長預期高於我們上次財報電話會議的預期。我們現在預計 2025 年 DRAM 位元需求成長率將在 20% 左右，而先前預期為 10% 以上。我們預計 2025 年 NAND 位需求成長率將達到 10% 以上，而先前的預期為 10% 到 15% 左右。我們預計 2026 年 DRAM 和 NAND 位元出貨量成長將受到產業供應的限制。

We expect both DRAM and NAND calendar 2026 industry bit shipments to increase around 20% from 2025 levels.

我們預計 2026 年 DRAM 和 NAND 的產業出貨量將比 2025 年的水準成長約 20%。

Micron is working hard to support our customers' demand during this time, and we expect to grow our DRAM and NAND bit shipments approximately 20% in calendar 2026. Despite significant efforts, we are disappointed to be unable to meet demand from our customers across all market segments. Micron plans to increase our fiscal 2026 CapEx to approximately $20 billion versus our prior estimate of $18 billion. This increase will primarily support our HBM supply capability and also our one-gamma supply in calendar 2026. We are pulling in equipment orders and accelerating installation time lines to maximize output capability.

在此期間，美光正努力滿足客戶的需求，我們預計到 2026 年，DRAM 和 NAND 位元出貨量將成長約 20%。儘管我們付出了巨大的努力，但遺憾的是，我們仍然無法滿足所有市場領域客戶的需求。美光計畫將 2026 財年的資本支出增加到約 200 億美元，而我們先前的估計為 180 億美元。此次增產將主要支援我們的高能量彈道飛彈（HBM）供應能力，以及我們在 2026 年的單伽馬射線供應能力。我們正在加大設備訂購力度，加快安裝進度，以最大限度地提高生產能力。

Micron is also investing across our global manufacturing footprint to add supply to support longer-term demand. We are seeing an enthusiastic customer response to our planned U.S. supply. We are pulling in our first Idaho fab time line, and we now expect first wafer output in mid-calendar 2027, earlier than our prior expectation of second half calendar 2027.

美光還在其全球製造基地進行投資，以增加供應，從而滿足長期需求。我們看到客戶對我們計劃在美國供貨的反應非常積極。我們正在推進愛達荷州首個晶圓廠的建設時間表，現在預計將在 2027 年年中實現首片晶圓生產，比我們之前預期的 2027 年下半年要早。

Earlier this year, we announced our plans for the second Idaho fab which will begin construction in 2026 and be operational by the end of 2028. We are making good progress on securing necessary permits for our New York site and appreciate the partnership with the state of New York and the Trump administration. We plan to break ground on our first New York fab in early calendar 2026 which we expect will provide supply in 2030 and beyond.

今年早些時候，我們宣布了在愛達荷州建設第二座工廠的計劃，該工廠將於 2026 年開始建設，並於 2028 年底投入運作。我們在紐約計畫申請必要許可證方面取得了良好進展，並感謝紐約州和川普政府的合作。我們計劃於 2026 年初在紐約破土動工興建我們的第一個晶圓廠，預計該晶圓廠將在 2030 年及以後提供產能。

In Japan, with the support of, we are making technology and manufacturing investments. We are enabling future DRAM technology transition in coordination with our Boise R&D team. We are also adding clean room space in our Hiroshima fab to support these advanced nodes which will increase production scale and optimize fab economics.

在日本，在[公司名稱]的支持下，我們正在進行技術和製造業投資。我們正與博伊西研發團隊協調合作，推動未來DRAM技術的轉型。為了支援這些先進節點，我們還在廣島工廠增加無塵室空間，這將提高生產規模並優化工廠經濟效益。

In Singapore, our HBM Advanced packaging facility is on track to contribute meaningfully to our HBM supply in calendar 2027. As HBM becomes a part of our Singapore manufacturing footprint, we expect opportunities for synergies between NAND and DRAM production. We are pleased with the progress on our assembly and test facility in India, which has initiated pilot production and will ramp in 2026. As we make progress on our strategic manufacturing initiatives, we will continue to be responsive to the market environment and disciplined with our CapEx plans.

在新加坡，我們的 HBM 先進包裝工廠預計在 2027 年為我們的 HBM 供應做出重大貢獻。隨著 HBM 成為我們在新加坡生產佈局的一部分，我們預計 NAND 和 DRAM 生產之間將出現協同效應的機會。我們對位於印度的組裝和測試工廠的進展感到滿意，該工廠已開始試生產，並將於 2026 年實現量產。隨著我們在策略製造計劃方面取得進展，我們將繼續對市場環境做出快速反應，並嚴格執行資本支出計劃。

I will now turn it over to Mark for our fiscal Q1 financial results and outlook.

接下來我將把發言權交給馬克，請他介紹我們第一財季的財務表現和展望。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered strong financial results for the fiscal first quarter with revenue, gross margin and EPS, all exceeding the high end of our guidance. During the quarter, we generated record free cash flow, reduced our debt and returned to net cash.

謝謝你，桑傑，大家下午好。美光科技在第一財季取得了強勁的財務業績，營收、毛利率和每股盈餘都超過了我們預期的上限。本季度，我們創造了創紀錄的自由現金流，減少了債務，並恢復了淨現金流。

Total fiscal Q1 revenue was $13.6 billion, up 21% sequentially and up 57% year-over-year, setting a quarterly record for the third consecutive quarter. We saw sequential revenue growth across all our business units. Fiscal Q1 DRAM revenue was a record $10.8 billion, up 69% year-over-year and represented 79% of total revenue. Sequentially, DRAM revenue increased 20%. Shipments were up slightly and prices increased approximately 20%, driven by tight industry DRAM supply, pricing execution and favorable mix.

第一財季總營收為 136 億美元，季增 21%，年增 57%，連續第三季創下季度紀錄。我們所有業務部門的收入都實現了環比增長。2020財年第一季DRAM營收創下108億美元的紀錄，年增69%，佔總營收的79%。DRAM 營收季增 20%。受行業DRAM供應緊張、定價策略有效以及有利的產品組合影響，出貨量略有上升，價格上漲約20%。

Fiscal Q1 NAND revenue was a record $2.7 billion, up 22% year-over-year and represented 20% of Micron's total revenue. Sequentially, NAND revenue increased 22%. NAND bit shipments increased in the mid- to high single-digit percentage range and prices increased in the mid-teens percentage range, driven by tight NAND industry supply, pricing execution and favorable mix.

美光第一財季 NAND 快閃記憶體營收創下 27 億美元的紀錄，年增 22%，佔美光總營收的 20%。NAND 營收季增 22%。受 NAND 行業供應緊張、定價策略和有利的產品組合的推動，NAND 位出貨量增長了中高個位數百分比，價格增長了十幾個百分點。

The consolidated gross margin for fiscal Q1 was 56.8%, up 11 percentage points sequentially. This improvement was driven by higher pricing with strong cost execution and favorable mix.

第一財季綜合毛利率為 56.8%，季增 11 個百分點。這一增長得益於更高的定價、強有力的成本控制和有利的產品組合。

Now turning to quarterly financial performance by business unit. Cloud memory business unit revenue was a record $5.3 billion and represented 39% of total company revenue. CNBU revenue was up 16% sequentially. The driven by an increase in bit shipments and higher prices. CNBU gross margins were 66%, higher by 620 basis points sequentially supported by cost execution and higher pricing.

接下來來看各業務部門的季度財務表現。雲端儲存業務部門營收創下 53 億美元的紀錄，占公司總收入的 39%。CNBU營收季增16%。受比特出貨量增加和價格上漲的驅動。CNBU毛利率為66%，季增620個基點，這得益於成本控制和更高的定價。

Core data center business unit revenue was a record $2.4 billion and represented 17% of total company revenue. CDBU revenue was up 51% sequentially, driven by robust bit shipments and higher pricing. CDBU gross margins were 51% and up 990 basis points sequentially, supported by higher pricing and cost execution.

核心資料中心業務部門營收創下 24 億美元的紀錄，占公司總收入的 17%。CDBU 營收季增 51%，主要得益於強勁的比特出貨量和更高的定價。CDBU 毛利率為 51%，季增 990 個基點，這得益於更高的定價和成本控制。

Mobile and client business unit revenue was a record $4.3 billion and represented 31% of total company revenue. MCBU revenue was up 13% sequentially, driven by higher pricing, partially offset by lower bit shipments. MCBU gross margins were 54%, up 17 percentage points sequentially, driven primarily by higher pricing. Automotive and Embedded Business Unit revenue was a record $1.7 billion and represented 13% of total company revenue. AEBU revenue was up 20% sequentially driven by higher bit shipments and higher pricing.

行動和客戶端業務部門收入創下 43 億美元的紀錄，占公司總收入的 31%。MCBU 營收季增 13%，主要得益於物價上漲，但部分被比特出貨量下降所抵銷。MCBU毛利率為54%，季增17個百分點，主要得益於更高的定價。汽車和嵌入式業務部門的收入創下17億美元的紀錄，占公司總收入的13%。AEBU 營收季增 20%，主要得益於比特出貨量增加和物價上漲。

AEBU gross margins were 45%, up 14 percentage points sequentially, driven primarily by higher pricing.

AEBU 的毛利率為 45%，季增 14 個百分點，主要得益於更高的定價。

Operating expenses in fiscal Q1 were $1.3 billion, up $120 million quarter-over-quarter and in line with our guidance range. The sequential increase was driven by higher R&D expenses in support of technology and product development on our new DRAM and NAND technology nodes.

第一財季的營運支出為 13 億美元，比上一季增加 1.2 億美元，符合我們的預期範圍。環比成長是由於研發支出增加，以支援我們在新的 DRAM 和 NAND 技術節點上的技術和產品開發。

We generated operating income of $6.4 billion in fiscal Q1, resulting in an operating margin of 47%, up 12 percentage points sequentially and 20 percentage points year-over-year.

我們在第一財季實現了 64 億美元的營業收入，營業利潤率為 47%，較上季成長 12 個百分點，較去年同期成長 20 個百分點。

Fiscal Q1 taxes were $977 million on an effective tax rate of 15.1%. Non-GAAP diluted earnings per share in fiscal Q1 was $4.78 with 58% sequential growth and 167% versus the year ago quarter.

財政年度第一季稅收為 9.77 億美元，實際稅率為 15.1%。第一財季非GAAP稀釋後每股盈餘為4.78美元，季增58%，較去年同期成長167%。

Turning to cash flow and capital expenditures. In fiscal Q1, operating cash flows were $8.4 billion, and capital expenditures were $4.5 billion, resulting in free cash flow of $3.9 billion. Fiscal Q1 free cash flow was a quarterly record, exceeding our prior record in fiscal Q4 2018 by over 20%. The ending inventory for fiscal Q1 was $8.2 billion, down $150 million sequentially with days of inventory at $126 million. DRAM inventory days remained tight and below 120 days.

接下來談談現金流和資本支出。第一財季，營運現金流為 84 億美元，資本支出為 45 億美元，由此產生的自由現金流為 39 億美元。2018 財年第一季自由現金流創下季度紀錄，比 2018 財年第四季創下的前紀錄高出 20% 以上。財年第一季末庫存為 82 億美元，季減 1.5 億美元，庫存週轉天數為 1.26 億天。DRAM庫存週轉天數保持緊張，低於120天。

On the balance sheet, we held $12 billion of cash and investments at quarter end and maintained $15.5 billion of liquidity when including our untapped credit facility.

資產負債表顯示，截至季末，我們持有 120 億美元的現金和投資，加上未動用的信貸額度，我們的流動性為 155 億美元。

In fiscal Q1, we repurchased $300 million of shares as permitted by the terms of the agreement. During the quarter, we also reduced debt by $2.7 billion, paying off a $1 billion balance of term loans and redeeming $1.7 billion of senior notes. We closed the quarter with $11.8 billion of debt and a net cash balance over $250 million. Through the fiscal year, we expect to further strengthen our balance sheet as we generate additional free cash flow.

在第一財季，我們根據協議條款的規定回購了價值 3 億美元的股票。本季度，我們也減少了 27 億美元的債務，償還了 10 億美元的定期貸款餘額，並贖回了 17 億美元的優先票據。本季末，我們的債務為 118 億美元，淨現金餘額超過 2.5 億美元。在本財年內，我們預計將透過產生更多自由現金流來進一步加強資產負債表。

Before turning to our outlook, I would like to share an update on how we are benefiting from AI use across Micron. Today, over 80% of our professional workforce actively uses GenAI with total usage up tenfold since last year. In manufacturing, integrating AI into yield and quality management has cut root cause identification time by half in cases. Our coating teams are realizing productivity gains of 30% or more using agentic AI. In R&D, GAI is accelerating development by reducing cycle times and design verification product validation, issued triage and root cause analysis.

在展望未來之前，我想先分享美光科技在人工智慧應用方面的進展。目前，我們超過 80% 的專業員工都在積極使用 GenAI，總使用量比去年增加了十倍。在製造業中，將人工智慧整合到產量和品質管理中，已將根本原因識別時間縮短了一半。我們的塗裝團隊利用智慧人工智慧實現了 30% 或更高的生產效率提升。在研發方面，GAI 透過縮短週期時間、改進設計驗證、產品驗證、問題分類和根本原因分析來加速開發。

Across business functions, GenAI is broadening automation opportunities and we are deploying conversational analytics to accelerate and improve decision-making. We expect Micron's use of AI across the enterprise to further strengthen our competitiveness in the coming years.

在各個業務職能領域，GenAI 正在擴大自動化機會，我們正在部署對話分析來加速和改善決策。我們預計，美光科技在整個企業範圍內對人工智慧的應用，將在未來幾年進一步增強我們的競爭力。

Now turning to our outlook for the fiscal second quarter. Industry demand is greater than supply for both DRAM and NAND. We expect higher price, lower cost and favorable mix to all contribute to gross margin expansion in Q2. Operating expenses for fiscal Q2 are projected to be approximately $1.38 billion. As mentioned last quarter, Micron's fiscal Q4 2026 OpEx will also reflect the effect of an additional work week in this 53-week fiscal year.

現在來談談我們對第二財季的展望。產業對DRAM和NAND的需求均大於供應。我們預計第二季價格上漲、成本下降和有利的產品組合都將有助於毛利率擴張。預計第二財季的營運支出約為 13.8 億美元。如同上個季度所提到的，美光2026財年第四季的營運支出也將反映出本財年（53週）中額外增加一週工作日的影響。

We expect the fiscal Q2 and fiscal year 2026 tax rate of around 15.5%.

我們預計 2026 財年第二季及全年的稅率約為 15.5%。

Micron is investing in a disciplined manner across our global manufacturing footprint to better meet demand. To address tight supply-demand conditions extending beyond 2026, we now project our capital spending in fiscal 2026 to be approximately $20 billion weighted to the second half of the fiscal year. We expect free cash flow to strengthen in fiscal Q2, and we expect to generate significantly higher 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.

美光正在其全球製造基地進行有條不紊的投資，以更好地滿足市場需求。為了因應 2026 年以後持續的供需緊張狀況，我們現在預計 2026 財年的資本支出約為 200 億美元，其中下半年支出佔比較高。我們預計第二財季自由現金流將有所增強，並預計 2026 財年自由現金流將比上年同期大幅成長。任何可能因新關稅而產生的影響均未包含在我們的預測範圍內。

With all these factors in mind, our non-GAAP guidance for fiscal Q2 is as follows. We expect revenue to be a record $18.7 billion, plus or minus $400 million. Gross margin to be in the range of 68% plus or minus 100 basis points; and operating expenses to be approximately $1.38 billion plus or minus $20 million. Based on a share count of approximately 1.15 billion shares, we expect EPS to be a record $8.42 per share plus or minus $0.20.

考慮到所有這些因素，我們對第二財季的非GAAP績效指引如下。我們預計營收將達到創紀錄的 187 億美元，上下浮動 4 億美元。毛利率預計在 68% 左右，上下浮動 100 個基點；營業費用預計約 13.8 億美元，上下浮動 2,000 萬美元。根據約 11.5 億股的股票數量，我們預計每股盈餘將創下 8.42 美元的歷史新高，上下浮動 0.20 美元。

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

現在我把收尾工作交給桑傑。

Thank you, Mark. AI-driven demand is here, and it is accelerating and Micron is capturing these opportunities with the best competitive position in its history. This success is built on the strength of our global team, and I want to thank our team members worldwide for their hard work and dedication. We are in the most exciting time in Micron's history and the best is yet to come. We will now open for questions.

謝謝你，馬克。人工智慧驅動的需求已經到來，並且正在加速成長，美光科技正憑藉其歷史上最佳的競爭地位抓住這些機會。這項成功建立在我們全球團隊的實力之上，我要感謝我們世界各地的團隊成員的辛勤工作和奉獻精神。我們正處於美光史上最令人興奮的時刻，而最好的還在後頭。現在開始接受提問。

Operator, can you queue up the questions.

操作員，請將問題排隊。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Sanjay, I wanted to ask you about customer LTAs. I know we're hearing about D5 that's being bundled with HBM and in some cases, even NAND. So can you just talk about these LTAs. I know it sounds like these are stretching out through 26 and in some cases, even into '27. I've even heard of some stuff into '28.

Sanjay，我想問你關於客戶長期協議（LTA）的問題。我知道我們聽說D5正在與HBM捆綁銷售，在某些情況下，甚至與NAND捆綁銷售。所以您能談談這些長期協議嗎？我知道這聽起來像是要延續到 26 年，在某些情況下，甚至會延續到 27 年。我什至聽說過一些關於 28 年的事情。

So can you talk about the nature of these LTAs? And then I had a follow-up as well. Thanks.

那麼，您能談談這些長期協議的性質嗎？然後我還有後續跟進。謝謝。

These are multiyear contracts that we are in discussions with several of our key customers. And these contracts, of course, involve DRAM as well as NAND. And with respect to terms, of course, these contracts that we are under discussions for are very different from prior LTAs. They have specific commitments in them and much stronger contract structure. And beyond that, I can't be giving you specifics at this point.

我們正在與幾位重要客戶洽談簽訂多年合約。當然，這些合約既涉及 DRAM，也涉及 NAND。至於條款方面，我們正在討論的這些合約與先前的長期協議非常不同。它們包含具體的承諾和更強大的合約結構。除此之外，我現在還不能透露具體細節。

Of course, in the future, is and then appropriate we'll be sharing further details. Thanks.

當然，將來如果情況允許，我們會分享更多細節。謝謝。

And then, Mark, I wanted to ask you about CapEx. So you took it up to $20 billion net, but it still seems, I mean, you're not guiding all fiscal '26 revenue. So we don't really know what the capital intensity number is, but it seems like it's like 25% to 30%, which is a little below your 35% metric that you usually think of. So is that because you're constrained because of fab space? And can you just talk about does that sort of like roll into fiscal '27 where we would see CapEx up more near that 35% range? Thanks.

然後，馬克，我想問你一些關於資本支出的問題。所以你們把淨收入提高到了 200 億美元，但看起來，我的意思是，你們並沒有預測 2026 財年的全部收入。所以我們其實不知道資本密集度是多少，但似乎在 25% 到 30% 之間，這比你通常認為的 35% 的指標略低一些。所以是因為受限於製造空間嗎？那麼，您能否談談這種情況是否會延續到 2027 財年，屆時資本支出是否會成長到接近 35% 的水平？謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

Yes, yes. They didn't answer the prior question. Operator?

是的，是的。他們沒有回答之前的問題。操作員？

Yes sir.

是的，先生。

Can you turn it back to management so they can answer the prior question?

能否將問題回饋給管理階層，以便他們回答先前的問題？

Sure. management's line is open. -- proceed. I believe these muted at this time. Ladies and gentlemen, please continue to stand by. Your call will resume momentarily.

當然可以。管理層的電話線路已接通。 ——請繼續。我相信這些聲音目前都被壓低了。女士們、先生們，請繼續等待。您的通話將很快恢復。

Operator, can you hear us

接線員，你聽得到我們說話嗎？

Yes, we can now. You're unmuted, sir. Please proceed.

是的，現在可以了。先生，您已解除靜音。請繼續。

Okay. Not sure what happened there. We were on mute here. So I just want to make sure that you heard Sanjay's response, correct.

好的。不太清楚那裡發生了什麼事。我們當時處於靜音狀態。所以我想確認一下，你是不是聽到了桑傑的回答。

We did not.

我們沒有。

You did not hear Sanjay's response. Okay. Thanks, Tim.

你沒有聽到桑傑的回應。好的。謝謝你，提姆。

We heard, I heard Sanjay's response to the first question, but I didn't hear your response, Mark, to my question on CapEx and on capital intensive.

我聽到了桑傑對第一個問題的回答，但我沒有聽到你對我關於資本支出和資本密集型問題的回答，馬克。

Okay, Okay, Tim. So you're right, Tim. We're not providing a we're not providing a full year revenue guide. We did indicate that our CapEx was going up in calendar -- or fiscal '26. A substantial part of that CapEx is to support DRAM and specifically HBM and the one gamma and one gamma ramp.

好的，好的，提姆。你說得對，蒂姆。我們不提供全年收入預測。我們確實指出，我們的資本支出將在日曆年（或 2026 財年）增加。其中相當一部分資本支出用於支持 DRAM，特別是 HBM 以及一個 gamma 和一個 gamma 斜坡。

I would say that from '25 to '26, the plan is roughly to double the brick-and-mortar construction CapEx and at this time, we would expect 27% CapEx to be up and -- but I want to emphasize that Micron is going to remain disciplined on CapEx growth to support bit demand and that bit supply and that supply will be in line with demand.

我認為，從 2025 年到 2026 年，計劃大致是將實體建設資本支出翻一番，目前我們預計資本支出將增長 27%，但我想強調的是，美光將保持資本支出增長的紀律性，以支持位塊需求和位塊供應，並且供應將與需求保持一致。

As your question of capital intensity, our capital intensity of course is dropping as the market conditions remain very constructive. And of course, we are working to be very efficient with our capital spend.

至於您提出的資本密集度問題，由於市場狀況依然非常好，我們的資本密集度當然正在下降。當然，我們也在努力提高資本支出的效率。

Okay, Mark, thank you.

好的，馬克，謝謝你。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

Yes, good afternoon. Thank you for taking the question. I guess, Mark, to follow up on the prior question around CapEx and the relative growth seems very conservative in the backdrop that we're in. And it feels like that you're just sitting here without clean room space. And it also doesn't sound like you're meaningfully pulling in clean room. So can you talk about the philosophy there? And I guess what I'm taking away from your commentary is that you're being very conservative and judicious with adding capacity here.

是的，下午好。感謝您回答這個問題。我想，馬克，就先前關於資本支出和相對成長的問題而言，在我們目前的背景下，這種說法似乎非常保守。感覺就像你坐在這裡，卻沒有乾淨的房間空間。而且聽起來你似乎並沒有真正有效地引入潔淨室。那麼，您能談談那裡的理念嗎？我想我從你的評論中得到的結論是，你在增加產能方面非常保守和謹慎。

Well, I would say that we've been indicating issues with supply for several quarters that we were working inventories down that node transitions were going to be the principal source of supply growth in fiscal '26 and that's exactly what's happening. And we know that clean room space takes time and the HBM growth, which has only picked up with AI-driven demand has further pressured supply.

嗯，我想說，我們已經連續幾季指出供應方面存在問題，我們正在努力減少庫存，節點轉換將成為 2026 財年供應成長的主要來源，而這正是目前正在發生的事情。我們知道無塵室空間需要時間，而隨著人工智慧驅動的需求不斷增長，人腦監測設備 (HBM) 的成長進一步加劇了供應壓力。

So there's no near-term solution. As we said in the prepared remarks, the entire industry, we expect to be short to demand and we're no different in that case. But we are moving quickly to do our best to provide customer supply. And we have pulled in tools. We have accelerated construction in Idaho.

所以短期內沒有解決方法。正如我們在準備好的演講稿中所說，我們預期整個產業都將面臨供不應求的局面，我們也不例外。但我們正在迅速行動，盡最大努力為客戶提供供應。我們已經調集了工具。我們加快了在愛達荷州的建設速度。

We are doing everything we can within our existing footprint and near-term capacity expansions to deliver supply. And so we provided a bit a bit growth number for '26 and that is supply constrained.

我們正在盡一切努力，在現有規模和近期產能擴張的範圍內，確保供應。因此，我們給出了 2026 年的一些成長數據，但這受到供應限制。

And I'll just add that, of course, we are continuing to make the investments in technology transitions in our existing footprint. And as we highlighted that one gamma note will be a majority driver of our supply growth in '26. And of course, you have seen us make investments not only in technology transitions, but also in greenfield capacity, but also enabling greater technology production capability in our existing clean rooms in Japan, and we are making the necessary investments there as well.

我還要補充一點，當然，我們也在持續增加對現有業務範圍內的技術轉型投資。正如我們所強調的那樣，2026 年，一項伽馬債券將成為我們供應成長的主要驅動力。當然，您也看到了我們不僅在技術轉型方面進行投資，而且在新建產能方面進行投資，同時還提高了我們在日本現有潔淨室的技術生產能力，我們也在日本進行必要的投資。

So of course, we remain disciplined, but we are very much focused and trying to work hard towards increasing our supply there and pleased with our plans for Idaho 1, Idaho 2 and, of course, New York as well. And of course, in the short term, very much focused on maximizing production efficiencies, maximizing our production output from the existing footprint as well. But yes, I mean, demand fundamentals are pretty strong driven by AI, from data center to edge with the build-out of our customers and supply is significantly short. And I would say that in the medium term, we are only able to meet about 50% to two-third of our demand from several key customers. So we remain extremely focused on trying to increase the supply here and making the necessary investments.

所以，我們當然會保持自律，但我們非常專注於努力增加那裡的供應量，並且對我們在愛達荷州 1 號、愛達荷州 2 號以及當然還有紐約州的計劃感到滿意。當然，短期內，我們將非常注重提高生產效率，在現有佔地面積內最大限度地提高產量。但沒錯，我的意思是，受人工智慧驅動，從資料中心到邊緣運算，隨著我們客戶的建設，需求基本面非常強勁，而供應卻嚴重短缺。我認為，在中期內，我們只能滿足幾個主要客戶大約 50% 到三分之二的需求。因此，我們仍然高度專注於增加這裡的供應量並進行必要的投資。

Very helpful. And then I guess as a follow-up for gross margins, Obviously, the guide is quite stellar. But curious as you go through calendar '26, how should we think about cost down across both DRAM and NAND? And as you transition from three to four, is there anything that we should keep in mind or we should think about it, contemplate in our models where there might be higher costs temporarily giving yields or whatnot? Thanks so much.

很有幫助。然後，我想作為對毛利率的後續分析，顯然，指南非常出色。但隨著日曆翻到 2026 年，我們該如何看待 DRAM 和 NAND 的成本下降問題？當從三人小組過渡到四人小組時，我們是否應該注意或考慮一些問題，例如，在模型中，暫時增加成本可能會帶來更高的收益或其他什麼？非常感謝。

Yes. So our C.J. our cost execution has been very good across both DRAM and NAND. Of course, we're getting some volume leverage, but spend control has been very good. Yields have been good.

是的。因此，我們的成本控制在DRAM和NAND方面都做得非常好。當然，我們獲得了一些銷售優勢，但支出控制一直做得非常好。收成不錯。

We do have some start-up costs coming in for the new fabs, new construction across the network. That starts to come in second half of '26 and into '27. But at these -- the size of the business at these levels, it's a relatively small impact on margin. We're not going to provide cost guidance for the rest of the year as it depends on many factors, including mix. But to our earlier question, I can say that we talked about ramping on gamma DRAM and G9 NAND supply in '26.

我們確實有一些啟動成本，用於新建工廠和整個網路的新建設。這種情況從 2026 年下半年開始出現，一直持續到 2027 年。但就目前的業務規模而言，對利潤率的影響相對較小。由於成本取決於多種因素，包括產品組合，因此我們不會提供今年剩餘時間的成本指引。但對於我們之前的問題，我可以說，我們討論過在 2026 年提高 gamma DRAM 和 G9 NAND 的供應量。

And those ramps are proceeding well and will be a tailwind to our cost as these nodes ramp.

這些增產計劃進展順利，隨著這些節點的增產，這將有利於降低我們的成本。

And regarding your question on HBM3E and HBM4, as we have said, we'll be beginning to ramp production of HPM 4 in Q2 time frame in line with our customer demand. And of course, our HVM 4 is progressing extremely well, very pleased with our product, industry-leading product with the highest performance of over 11 gigabits per second. And so I mean that's the highest performance. And we are very pleased with its overall yield ramp, and we expect to be expecting having a faster yield ramp than our HBM3E. And of course, our mix of HBM3 and HBM 4 during 26 will be very much based on our overall customer demand.

關於您提出的 HBM3E 和 HBM4 的問題，正如我們所說，我們將根據客戶需求，在第二季度開始逐步提高 HBM4 的產量。當然，我們的 HVM 4 進展非常順利，我們對我們的產品非常滿意，這是一款業界領先的產品，效能高達每秒 11 千兆位元以上。所以我的意思是，這是最高水準的表現。我們對其整體良率提升非常滿意，並且我們預計其良率提升速度將比我們的 HBM3E 更快。當然，我們在 26 年期間 HBM3 和 HBM 4 的組合將很大程度上取決於我們整體的客戶需求。

And we will have both of these products with a strong profile in '26 revenue.

2026 年，這兩款產品都將在營收方面佔據重要地位。

Thank you.

謝謝。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Hey, good afternoon and great job of quarterly execution. Great job on the quarterly execution. Just over the past three to four months as we track the different ASIC AI, XPU programs. There's been a significant upward revision on ASIC XPU volume shipments next year. You have Google TPU, Avatanium and so on, right? And all of these XPUs still going to be using HBM3E.

嘿，下午好，季度執行工作做得非常棒。季度執行工作做得很好。在過去三到四個月裡，我們一直在追蹤不同的 ASIC AI、XPU 專案。明年ASIC XPU的出貨量預期已大幅調高。你們有 Google TPU、Avatanium 等等，對吧？所有這些 XPU 仍將使用 HBM3E。

Have you -- has the team seen this near-term positive dynamic in your order book for three? And given that you're fully contracted for calendar '26, like what -- and what appears to be growing upside to next year's view. How is the Micron team going to try and manage this upside dynamic in 3E alongside a strong HBM4 for demand profile?

你們團隊是否已經注意到，未來三年訂單簿中會出現這種短期正面趨勢？鑑於您已與公司簽訂了 2026 年的完整合同，那麼——以及明年前景似乎有哪些增長空間。美光團隊將如何應對 3E 晶片的這種上漲趨勢，同時還要應對強勁的 HBM4 需求？

So as I mentioned, Harlan earlier that, of course, 2026, we'll have a mix of HBM3 and HBM4.And we have shared with you in the past that we are engaged with multiple customers with the entire ecosystem here. of HBM customers and very much engaged with them, and they will all contribute to our strong year-over-year growth in revenue in '26. And of course, that will be made up of both HBM3E and HBM4. So as I said, I mean, we will continue to manage the mix of the based on customer requirements. I can tell you that 2026 supply on HBM will be tight, non-HBM DRAM will be tied as well.

正如我之前提到的，Harlan，當然，到2026年，我們將同時推出HBM3和HBM4。我們之前也和大家分享過，我們正在與HBM生態系統中的眾多客戶保持密切聯繫，他們都將為我們2026年強勁的營收年增率做出貢獻。當然，這將由 HBM3E 和 HBM4 組成。正如我所說，我們將繼續根據客戶需求調整產品組合。我可以告訴你，2026 年 HBM 的供應將會很緊張，非 HBM DRAM 的供應也會很緊張。

So we are continuing to see, as we have highlighted in our prepared remarks, tightening supply environment. And of course, we see strong year-over-year growth in 26 for our HBM. We today upped our revenue forecast for HBM, we highlighted that by 2028 we expect it to be $100 billion TAM, and that's two years ahead of our prior outlook.

正如我們在準備好的演講稿中所強調的那樣，我們繼續看到供應環境趨緊。當然，我們看到 HBM 在 26 年實現了強勁的同比增長。今天我們提高了對 HBM 的收入預測，我們強調，到 2028 年，我們預計其 TAM 將達到 1000 億美元，比我們之前的預測提前了兩年。

So of course, HBM is on a good trajectory. And what I can also tell you is that customers as their architectures are evolving, as their platforms are evolving and these are customers across the ecosystem. Of course, they are requiring more and more HBM. I mean the value of memory in terms of ability to deliver the AI capabilities and the functionality and the performance, memory is critical and more HBM is required, and that's across the various AI platforms in the industry.

所以，HBM當然走在一條好的發展道路上。我也可以告訴大家的是，隨著客戶的架構和平台不斷發展，整個生態系統的客戶也不斷發展。當然，他們對人血腦障壁的需求也越來越高。我的意思是，就提供人工智慧能力、功能和效能而言，記憶體的價值至關重要，而且需要更多的 HBM，這在業界各種人工智慧平台中都是如此。

I appreciate that, Sanjay. And then after two to three quarters of enterprise, this is the sort of muted trends, I believe the team saw a strong acceleration in the business, right, according to some of the third-party research estimates, I think your enterprise SSD business grew like 25% sequentially in the most recent quarter, right? So you're the number3 market share leader amongst eight or nine competitors, a very strong share position. Given, I would assume, increasing demand trends here, expanding lead times, is the Micron team also entering into long-term supply agreements with your ESSD customers. And then secondarily, I mean, SSD demand, is it more tied to expansion in inferencing workloads as customers aggressively move to monetization?

謝謝你，桑傑。然後，在經歷了兩個到三個季度的企業級成長之後，這種趨勢變得較為平緩。我相信團隊看到了業務的強勁成長，對吧？根據一些第三方研究的估計，我認為你們的企業級 SSD 業務在最近一個季度環比增長了 25%，對吧？所以，在八、九個競爭對手中，你們的市佔率排名第三，這是一個非常強大的市佔率地位。有鑑於此，我推測，隨著需求趨勢的增加和交貨時間的延長，美光團隊是否也正在與你們的 ESSD 客戶簽訂長期供應協議。其次，我的意思是，SSD 的需求是否更多地與推理工作負載的擴展有關，因為客戶正在積極地轉向獲利模式？

In other words, is storage intensity to be higher on inferencing versus training workloads?

換句話說，推理工作負載的儲存強度是否高於訓練工作負載？

So with respect to enterprise SSDs really very proud of our engineering and business teams and of course, our sales teams in terms of our customer engagement and the strong momentum and the share gains that we have with our enterprise SSD. Of course, our enterprise SSDs are a big part, an important part, let me say, of our data center strengthening mix. Of course, DRAM is continuing to increase in mix towards data center, but data center SSDs are an important part of our overall revenue mix. And we expect to continue to focus on share gains with our strong SSD road map, customer engagement and great quality that we provide to the customers.

因此，就企業級 SSD 而言，我真的為我們的工程和業務團隊感到非常自豪，當然，也為我們的銷售團隊感到非常自豪，他們在客戶互動方面表現出色，並且我們的企業級 SSD 取得了強勁的增長勢頭和市場份額提升。當然，我們的企業級固態硬碟是我們資料中心強化方案的重要組成部分。當然，DRAM 在資料中心領域的佔比仍在不斷提高，但資料中心 SSD 是我們整體收入組成的重要組成部分。我們期望繼續專注於提升市場份額，這得益於我們強大的固態硬碟發展路線圖、客戶互動以及我們為客戶提供的優質服務。

And as I mentioned, that our multiyear contract that we are in discussions with, with our several key customers, our SSDs, our data center SSDs are also part of that. And let me tell you that these multiyear contracts are not just about data center customers. They also are about multiple customers across our market segments here.

正如我之前提到的，我們正在與幾位重要客戶洽談的多年期合同，其中也包括我們的固態硬碟，我們的資料中心固態硬碟。而且我要告訴你，這些多年合約不只針對資料中心客戶。它們也代表了我們市場區隔領域的眾多客戶。

And in terms of your questions on is the SSD requirement growing with inferencing versus training? What I can tell you is that in the data center AI applications, I mean, as the generative AI moves to more and more video, of course, that drives greater our demand for more SSDs as well. So I mean, the rapid evolution of AI from training to inferencing and a rapid evolution of AI models and applications, they are all driving greater growth of enterprise SSDs, yes, fueled by GenAI.

至於你提出的「推理對 SSD 的需求是否高於訓練對 SSD 的需求」這個問題？我可以告訴你們的是，在資料中心人工智慧應用中，我的意思是，隨著生成式人工智慧越來越多地應用於視訊領域，當然，這也推動了我們對固態硬碟 (SSD) 的需求不斷增長。我的意思是，人工智慧從訓練到推理的快速發展，以及人工智慧模型和應用的快速發展，都在推動企業級固態硬碟的更大成長，是的，這一切都得益於 GenAI 的發展。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey guys, thanks for taking my question.

各位好，感謝你們回答我的問題。

Sanjay, you've been helpful in the past about kind of talking about Micron's ramp in HBM and then also the ramp of the total market. You gave some new color on HBM with the $35 billion moving at a 40% CAGR. But Micron specifically, I was curious if you could give us any color on percentage of the DRAM business today that's HBM from a dollars perspective. And then on share as you move into next year, obviously, there's a large competitor that is looking to become more competitive at three. We haven't heard anything on four yet.

Sanjay，你過去在談論美光在 HBM 領域的成長以及整個市場的成長方面給予了很大的幫助。你為 HBM 帶來了一些新的信息，其 350 億美元的規模以 40% 的複合年增長率增長。但具體到美光公司，我很好奇您能否從美元角度向我們介紹一下目前 DRAM 業務中 HBM 的百分比。然後，到了明年，很明顯，在市場份額方面，有一家大型競爭對手正尋求在第三名變得更具競爭力。關於四號的消息我們還沒有聽到任何消息。

How do you feel about your competitive positioning into next year? And -- do you think that you're going to make any strategic decisions differently based on the public certification of their memory in the next couple of months? Thank you very much.

您對明年的競爭地位有何看法？那麼——你認為在接下來的幾個月裡，根據他們記憶力的公開認證，你會做出任何不同的策略決策嗎？非常感謝。

We feel very good about our competitive position. We feel very, very good about our product and our HBM4 product that we have highlighted as industry-leading performance over 11 gigabit per second, the best specifications in the industry with our performance. And of course, we feel very good about the power consumption in our products as well. In the past, we have shared with you that how our HBM3E is 30% lower power than any of the competitors in the industry, and we are maintaining that momentum of low power, which you know is in data center applications is very important.

我們對自己的競爭地位感到非常滿意。我們對我們的產品和 HBM4 產品感到非常非常滿意，我們強調其性能在業界領先，超過每秒 11 千兆比特，這是我們產品性能方面業界最佳的規格。當然，我們對產品的能耗表現也非常滿意。過去，我們曾向大家介紹過，我們的 HBM3E 比業界任何競爭對手的功耗都低 30%，我們將繼續保持低功耗的優勢，您也知道，低功耗在資料中心應用中非常重要。

So we are maintaining our performance in power and of course, our strong capacity position with HBM4 road map as well. So we feel very good about our competitive position, about our road map and our road map going beyond HPM 4 for the future years, beyond '26 as well. And we are very proud of our team's ability to execute successfully over the course of last several quarters in terms of ramping up production capabilities of HBM3E and we shared with you that in Q3, we reached our share of HBM to be in line with our -- I mean, our HBM share to be in line with our DRAM share. And we have always highlighted that as we have reached that share, we will, particularly in the tight supply environment, we'll be managing the mix of our HBM as well as our non-HBM, all of it is in high demand. And HBM as well as non-HBM has strong profitability.

因此，我們在電力方面保持了良好的表現，當然，憑藉 HBM4 路線圖，我們也保持了強大的產能地位。因此，我們對自身的競爭地位、發展路線圖以及未來幾年（包括 2026 年以後）超越 HPM 4 的發展路線圖都感到非常滿意。我們為團隊在過去幾季中成功提升 HBM3E 產能的能力感到非常自豪，我們曾與大家分享過，在第三季度，我們的 HBM 份額達到了與 DRAM 份額一致的水平。我們一直強調，一旦達到這個份額，尤其是在供應緊張的環境下，我們將管理好我們的 HBM 和非 HBM 的組合，所有這些產品都需求旺盛。HBM 和非 HBM 都具有很強的獲利能力。

So looking at our strategic customer relationships as well as our overall profitability goals and growth objectives, we'll continue to manage that mix between HBM and non-HBM, but of course, HBM is growing, and we have highlighted that how we expect the TAM to be $100 million by 2028, a couple of years ahead of our prior projection. And of course, we will grow our HBM as well, 2026 will see a strong year-over-year growth in our HBM. And this is a tight supply environment, as I mentioned, that the gap between the demand and supply for all of DRAM, including HBM is really highest that we have ever seen, and I quantified it earlier as well. So in this environment, of course, working closely with our customers, we are continuing to manage our mix of the product here.

因此，考慮到我們的策略客戶關係以及整體獲利目標和成長目標，我們將繼續管理 HBM 和非 HBM 之間的組合，但當然，HBM 正在成長，我們已經強調，我們預計到 2028 年 TAM 將達到 1 億美元，比我們之前的預測提前幾年。當然，我們的 HBM 也將發展壯大，2026 年我們的 HBM 將實現強勁的同比增長。正如我之前提到的，目前的供應環境非常緊張，包括 HBM 在內的所有 DRAM 的需求和供應之間的差距是前所未有的，我之前也對此進行了量化。因此，在這種環境下，我們當然會與客戶緊密合作，繼續管理我們的產品組合。

Let me focus on also continuing to increase supply to better address our customers' demand requirements.

同時，我也要專注於如何持續增加供應，以便更好地滿足客戶的需求。

Perfect. And just as a follow-up, you've said historically kind of the $8 billion run rate. If you look at November and February, you're taking up the total TAM, but any color specifically on HBM contribution in the November quarter and what you're expecting in the guide?

完美的。還有一個後續問題，您之前提到過，歷史上的年化收入大約是 80 億美元。如果看一下 11 月和 2 月的數據，你們佔據了總 TAM，但是關於 11 月份 HBM 的貢獻以及你們在指南中的預期，是否有任何具體說明？

We are not really providing those specifics here in terms of the breakout. I mean we highlighted that in Q1, our HBM revenue was a record we did highlight that. And beyond that, we are really not going to be providing the specifics in terms of revenue. And just would tell you again that year-over-year in '26, we'll be seeing strong growth in our HBM revenue. And again, our product is very well positioned.

我們這裡並沒有提供具體的細分數據。我的意思是，我們在第一季重點強調了我們的 HBM 收入創下紀錄，我們確實重點強調了這一點。除此之外，我們不會透露具體的收入狀況。我再次告訴大家，2026 年，我們的 HBM 收入將實現強勁成長。再次強調，我們的產品定位非常有利。

So I mean, that's a very good place to be in, in terms of managing the overall mix of the business.

所以我的意思是，就管理業務的整體組合而言，這是一個非常好的位置。

Thank you.

謝謝。

Krish Sankar, Cowen.

Krish Sankar，Cowen。

Yeah, hi, thanks for the my question and congrats on the phenomenal results and guidance. My first question is for Mark. I know you spoke about the sustainability for the next year. I'm kind of curious how to think about gross margins beyond the February quarter, like interim May, is it going to improve or sustain at these levels? How to think about the gross margins and I have follow-up for Sanjay.

是的，你好，感謝你的提問，也祝賀你取得如此驚人的成績，並感謝你的指導。我的第一個問題是問馬克的。我知道您談到了明年的可持續發展計劃。我很好奇2月季度之後，例如5月的中期業績，毛利率會提高還是會維持在目前的水平？如何看待毛利率？我還有一些後續問題要跟進給 Sanjay。

Thanks, Krish. For -- we're not guiding margins beyond Q2. We did guide a record Q2, as you know, 68%, 11 points sequential improvement, 7 points better than the previous record. We did indicate that we would -- our business would strengthen through the year. And so we do believe margins can be up.

謝謝你，克里什。對於－我們不會對第二季以後的利潤率進行預測。如你所知，我們第二季業績創下歷史新高，達到 68%，環比成長 11 個百分點，比之前的紀錄高出 7 個百分點。我們確實表示過，我們的業務將在年內穩定成長。因此，我們相信利潤率可以提高。

We do believe that they will be up for DRAM and NAND. Now keep in mind that at these high gross margin levels, mathematically, we get less in gross margin percent for the same increase in price. So yes, we would expect gross margins to expand beyond fiscal Q2, but we would expect that growth to be more gradual than what we've seen in the last couple of quarters or the first quarter and the second quarter guide.

我們相信他們會在DRAM和NAND領域取得成功。請記住，在如此高的毛利率水準下，從數學角度來看，價格上漲相同幅度，毛利率百分比就會降低。所以，是的，我們預計毛利率將在第二財季之後繼續成長，但我們預計這種成長將比過去幾季或第一季和第二季的預期成長更為緩慢。

Got it. Thanks a lot, Mark. That's super helpful.

知道了。非常感謝，馬克。這太有幫助了。

And Krish, just one last thing. We have indicated that strengthened through the year because we believe this constructive market environment will remain so through the year, these favorable market conditions. But we also -- we're executing very well on cost. And as Sanjay mentioned earlier, we're deploying the bits to the valuable part of the market. and where we can serve our customers best.

克里什，還有最後一件事。我們已經指出，由於我們相信這種建設性的市場環境將在今年保持下去，這些有利的市場條件將持續下去，因此市場在年內持續走強。但是，我們在成本控制方面也做得非常好。正如桑傑之前所提到的，我們將這些技術部署到市場中最有價值的部分，以及我們能夠為客戶提供最佳服務的地方。

Got it. Super helpful, Mark. Thanks for that. And Sanjay, just as a follow-up to the earlier question. I understand you on you like put some bond reconditions, but a year ago, you totally nailed it when you said you're going to get like HBM market share close to your DRAM market share, the DDR market share. So when you talk about like a 2028 CAGR of 40%, $100 billion TAM, how do you think about Micron's HBM market share in that route.

知道了。馬克，你真是幫了大忙。謝謝。Sanjay，這是對先前問題的後續。我理解你對債券進行了一些調整，但一年前，你說你會讓 HBM 的市場份額接近 DRAM 和 DDR 的市場份額，你的預測完全正確。所以，當您談到 2028 年複合年增長率達到 40%，市場規模達到 1000 億美元時，您如何看待美光 HBM 在這種市場環境下的份額？

Should we assume it's going to be the low 20%. So is that spectrum or is going to be lower? Thank you.

我們是否應該假設它會在20%左右？所以這個範圍是現在這樣，還是會更低？謝謝。

So Krish, again, we are not really going to be specifying the share. As we have said, we will be managing the mix of the business between HBM as well as our non-HBM. It's like any other product in our portfolio that when you have a strong product road map across the portfolio, then of course, we manage the mix across our portfolio with all the strategic reasons and customer relationships in mind. So Krish, we are not really going to break that down. And all I would say is that in this current industry environment, which we see as durable industry fundamentals in the foreseeable future.

所以克里什，我們再次重申，我們不會具體說明股票比例。正如我們所說，我們將管理 HBM 和非 HBM 業務的組合。就像我們產品組合中的其他任何產品一樣，當你在整個產品組合中擁有強大的產品路線圖時，當然，我們會考慮到所有策略原因和客戶關係，來管理我們產品組合中的各種產品。所以克里什，我們不會真的去詳細分析這個問題。我只想說，在當前的產業環境下，我們認為在可預見的未來，產業基本面將保持穩定。

We are in a very good position with all the tailwinds of our product portfolio and, of course, the increasing value of memory across the board, of course, HBM, but also non-HBM in data center and other markets we will just remain very focused on managing the mix of our business and of course, managing for the best in the midterm as well as keeping in mind the longer term.

憑藉我們產品組合的種種利好因素，以及記憶體價值的全面提升（當然包括 HBM，以及資料中心和其他市場中的非 HBM），我們處於非常有利的地位。我們將繼續專注於管理我們的業務組合，當然，在中期內力求做到最好，同時也要著眼於長遠發展。

Thanks a lot, Sanjay. I appreciate it Thank you

非常感謝，桑傑。非常感謝！

Chris Danely, Citi.

克里斯·丹尼利，花旗銀行。

Hey, thanks guys.

嘿，謝謝大家。

So I just want to dig in on these long-term customer contracts you guys are negotiating. Can you give us any more sense of when you think you'll be able to sign these and then -- maybe just talk about what the holdup is? Is it just the unprecedented length or size? And given that the AI companies are asking for so much of your capacity, are you able to get them to more or less contribute to the building of a new fab. Thanks.

所以我想深入了解你們正在談判的這些長期客戶合約。您能否更清楚地說明您預計何時能夠簽署這些文件，然後——或許可以談談延誤的原因？只是前所未有的長度或尺寸嗎？鑑於人工智慧公司佔據了你們如此多的產能，你們能否讓他們或多或少地為建設一座新的晶圓廠做出貢獻？謝謝。

So we will not really get into the specifics around our contract discussions with our customers. But again, I will highlight a couple of important factors that customers are concerned about long-term access to adequate memory in the environment that we are heading into. And that's leading to constructive dialogues with several key customers and across our multiple markets in terms of their supply as well as other important specific commitments related to our -- these longer-term agreements.

因此，我們不會深入探討與客戶合約談判的具體細節。但是，我再次強調幾個重要因素，客戶擔心在我們即將進入的環境中，能否長期獲得足夠的記憶體。這促使我們與幾個重要客戶以及我們在多個市場就其供應和其他與我們的長期協議相關的具體重要承諾展開建設性對話。

Not getting into the specifics, but as I highlighted, our contract structures that we are discussing are not like anything before. They are far stronger contract structures with specific commitments. And of course, different from prior contracts is that those used to be like contracts, and these are multiyear in nature as well. And as we look at addressing the customer discussions, of course, we have to look at our overall supply. And I have mentioned to you that in the midterm, medium term, we are only able to meet half to two-third of the demand from our several key customers.

我不想贅述細節，但正如我所強調的那樣，我們正在討論的合約結構與以往任何合約結構都截然不同。它們是更強有力的合約結構，包含具體的承諾。當然，與以前的合約不同的是，以前的合約更像是合約，而這些合約也是多年期的。當然，在著手解決客戶問題時，我們必須審視我們的整體供應情況。我之前也跟你們說過，在中期內，我們只能滿足幾個主要客戶一半到三分之二的需求。

So all of that, as we are managing our customer relationships and keeping our strategic objectives in mind, all of that has to be taken into account as we manage our contract discussions. But really not getting into the specifics here.

因此，在管理客戶關係並牢記策略目標的同時，所有這些因素都必須在合約談判中加以考慮。但這裡就不深入討論細節了。

That's still very helpful, Sanjay. Thanks. And for my follow-up, just a question on HBM and the pricing there. So given that the demand is so strong, I think you said you're sold out for '26. Are you guys locked in to a set price? Or can you let that price more or less float a little bit given how strong demand is like DDR5 does, for example.

這仍然很有幫助，桑傑。謝謝。最後，我還有一個關於 HBM 及其定價的問題。鑑於需求如此強勁，我想你說過 2026 年的訂單已經售罄了。你們的價格是固定的嗎？或者，鑑於市場需求強勁（例如像 DDR5 那樣），是否可以允許價格有一定程度的浮動？

We are really pleased with our product position and our ability to work with our customers as we highlighted, in our prepared remarks that our HBM for 2026 is sold out in terms of volume and our negotiations with customers have been completed for calendar year 2026 for volume as well as pricing. And as we have always highlighted that our HBM has strong profitability. And of course, very much focused on ROI and our non-HBM business also clearly has healthy profitability as reflected in the results that we produced as well as in the guidance that we have provided here.

我們對我們的產品定位以及與客戶合作的能力感到非常滿意，正如我們在準備好的發言稿中強調的那樣，我們2026年的HBM產品銷量已售罄，並且我們與客戶就2026年日曆年的銷量和價格進行的談判已經完成。正如我們一直強調的那樣，我們的 HBM 具有很強的獲利能力。當然，我們非常注重投資回報率，而且我們的非HBM業務也明顯具有健康的盈利能力，這從我們取得的業績以及我們在此提供的指導中可見一斑。

Great, thanks, Sanjay. And congrats again on the results.

太好了，謝謝你，桑傑。再次恭喜你取得好成績。

Thank you

謝謝

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

Thanks for taking my questions. Sanjay, I'm curious, at what point does increasing memory price impact demand for electronics. If you set aside the data center and the AI market. Do you see some elasticity do you see any impact on demand as you look into 2026 for more consumer and kind of traditional enterprise products. How does that shape where memory pricing can go next year?

謝謝您回答我的問題。Sanjay，我很好奇，記憶體價格上漲到什麼程度才會影響電子產品的需求。如果把資料中心和人工智慧市場排除在外的話。展望 2026 年，您認為消費品和傳統企業產品的需求會受到一定程度的彈性影響嗎？這將如何影響明年記憶體價格的走勢？

We have highlighted in our prepared remarks that in some of the consumer markets, I mean, some of the unit demand may get impacted, given semiconductor prices here given memory prices here. And of course, some of the customers may have, for example, in smartphone and PCs, they may have some mix adjustments in their portfolio as well to address available supply to them. But these are accounted for in our forecast that we have. And so I mean, some of the possible impact on unit demand and some of the customer mix changes have been accounted for in our forecast. And we, of course, even then we see a very, very tight supply environment here in the large gap between the demand and supply.

我們在事先準備好的演講稿中強調，鑑於半導體價格和記憶體價格，某些消費市場（我是指某些消費市場）的單位需求可能會受到影響。當然，例如在智慧型手機和個人電腦領域，有些客戶可能也會對其產品組合進行一些調整，以應對可用的供應情況。但這些因素都已納入我們的預測之中。所以我的意思是，一些可能對單位需求的影響以及一些客戶結構的變化已經在我們的預測中考慮。當然，即便如此，我們仍然看到供需之間存在巨大缺口，供應環境非常緊張。

However, I will highlight to you that AI experience across from data center to edge, including in these edge devices like smartphones and PCs and other devices, AI experience really more memory is essential. So without sufficient memory, that AI experience, the functionality, the capability does get impacted in these edge devices as well. So I mean the punchline here is that AI across the board from data center to edge is driving increase in content and increasing requirement for memory as the customers look ahead as their road maps. And that's why customers are, of course, working with us with respect to access to supply for their long-term multiyear plans here as well.

但是，我要強調的是，從資料中心到邊緣，包括智慧型手機、PC 等邊緣設備在內，人工智慧體驗需要更多的記憶體。因此，如果沒有足夠的內存，這些邊緣設備上的人工智慧體驗、功能和能力也會受到影響。所以我的意思是，關鍵在於，從資料中心到邊緣，人工智慧正在推動內容成長，並隨著客戶展望未來製定發展路線圖，對記憶體的需求也在增加。因此，客戶當然也會與我們合作，以確保他們多年長期計劃的供應。

Thank you. This concludes our Q&A session, and today's conference call at this time, I'd like to end today's conference call. Thank you all for participating. You may now I'll disconnect

謝謝。我們的問答環節到此結束，今天的電話會議也到此結束。現在，我想結束今天的電話會議。感謝大家的參與。現在我可以斷開連線了。