美光科技 (MU) 2026 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Micron fourth-quarter 2026 financial call. After today's prepared remarks, we will host a question-and-answer session.

各位好。感謝各位加入，歡迎參加美光 2026 會計年度第四季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Satya, please go ahead.

現在我將把會議交給企業副總裁、投資人關係與財務部（Investor Relations and Treasury）負責人 Satya Kumar。Satya，請開始。

Thank you, and welcome to Micron Technologies' fiscal fourth quarter 2026 financial conference call. On the call with me today are Sanjay Mehrotra, our Chairman and CEO; and Mark Murphy, our CFO.

謝謝，歡迎參加美光科技 2026 會計年度第四季財務電話會議。今天與我一同出席的有我們的董事長暨執行長 Sanjay Mehrotra，以及財務長 Mark Murphy。

Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with prepared remarks for this call. Today's discussion contains forward-looking statements that are subject to risks and uncertainties.

今天的電話會議將透過我們投資人關係網站 investors.micron.com 進行網路直播，包含音訊與投影片。此外，詳述本季業績的新聞稿已發布於網站上，並附有本次電話會議的預先準備發言稿。今天的討論包含前瞻性陳述，可能受到風險與不確定性影響。

These forward-looking statements include statements regarding our future financial and operating performance and our business model, as well as trends and expectations in our business, customers, 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.

這些前瞻性陳述包括關於我們未來財務與營運表現及商業模式的陳述，以及我們在業務、客戶、市場、產業、產品、法規及其他事項方面的趨勢與預期。這些陳述係基於我們目前的假設，我們不承擔更新這些陳述的義務。

Please refer to our most recent financial reports 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. 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出現重大差異的風險與不確定性之更多資訊，請參閱我們最新的 Form 10-K、Form 10-Q 財務報告以及向美國證券交易委員會（SEC）提交的其他文件。除非另有說明，今天對財務結果的討論係以非 GAAP 財務基礎呈現。GAAP 與非 GAAP 財務衡量指標之調節表可於我們網站查閱。

I'll now turn the call over to Sanjay.

接下來我把電話交給 Sanjay。

Thank you, Satya. Micron delivered an exceptional fiscal Q4 with significant records in revenue, gross margin and EPS, each exceeding the high end of our guidance. Fiscal 2026 was an outstanding year. Revenue was 3.5 times last year's record with data center revenue up fourfold. Micron's DRAM revenue for the fiscal year 2026 surpassed $100 billion. I'm thankful for the above and beyond efforts of our employees around the world that made these extraordinary results possible.

謝謝你，Satya。美光在會計年度第四季交出卓越成績，營收、毛利率與每股盈餘（EPS）皆創下重要紀錄，且各項均高於我們財測區間的上緣。2026 會計年度是非常出色的一年。營收為去年紀錄的 3.5 倍，其中資料中心營收成長至四倍。美光 2026 會計年度的 DRAM 營收突破 1,000 億美元。我感謝全球員工超越本分的努力，讓這些非凡成果得以實現。

In recognition of these efforts and Micron's strong execution, we increased fiscal 2026 incentive compensation for every global team member, reinforcing our performance-driven culture and aligning team member success with long-term shareholder value creation.

為表彰這些努力以及美光強勁的執行力，我們提高了 2026 會計年度每一位全球團隊成員的激勵性薪酬，強化我們以績效為導向的文化，並使團隊成員的成功與長期股東價值創造保持一致。

As strong as fiscal 2026 was, we expect fiscal 2027 to be even better. Industry demand has strengthened since our last earnings call, and we expect memory and storage supply demand conditions to be much tighter in fiscal 2027 and 2028 than they were in 2026.

儘管 2026 會計年度表現強勁，我們預期 2027 會計年度將更上一層樓。自上次財報電話會議以來，產業需求已轉強，我們預期 2027 與 2028 會計年度的記憶體與儲存供需條件將比 2026 年緊俏得多。

AI is becoming super intelligence and memory enhances this intelligence and the competitiveness of our customers' platforms. AI applications across end markets, whether using open source or closed source models are run on a variety of competing customer platforms. These platforms all share one important characteristic. Their value proposition is enhanced by the performance and capacity of memory and storage.

AI 正在邁向超級智慧，而記憶體能強化這種智慧並提升我們客戶平台的競爭力。各終端市場的 AI 應用，不論使用開源或閉源模型，都會在多種彼此競爭的客戶平台上運行。這些平台都有一個重要的共同特徵。其價值主張會因記憶體與儲存的效能與容量而提升。

Running an AI application on a platform with greater memory capability enables more scalable growth in usage, improves the end user experience and increases the value users get from AI applications. The strategic importance of memory to our customers also provides greater differentiation opportunities for Micron than at any time in our history.

在具備更強記憶體能力的平台上運行 AI 應用，可支援更具可擴展性的使用量成長、改善終端使用者體驗，並提升使用者從 AI 應用中獲得的價值。記憶體對客戶的策略重要性，也為美光帶來比我們歷史上任何時期都更大的差異化機會。

As we address AI-driven demand for an increasingly complex set of products across the memory hierarchy, we have opportunities to deliver differentiated performance and quality, time-to-market advantages, and geographically diversified supply, including DRAM made in the US. We also have opportunities for richer product mix relative to our competitors with our focus on higher-value solutions.

在因應 AI 驅動、橫跨記憶體階層日益複雜的產品需求之際，我們有機會提供差異化的效能與品質、上市時程優勢，以及地理多元化的供應來源，包括在美國製造的 DRAM。此外，透過聚焦更高價值的解決方案，我們也有機會相較競爭對手取得更佳的產品組合。

Micron's technology leadership, strong product portfolio, strategic customer agreements and manufacturing excellence position us to capitalize on these opportunities. Micron is the industry's technology leader. Our 1-gamma DRAM node and G9 NAND nodes are our largest production nodes today and are on track to become the highest volume nodes in Micron's history.

美光的技術領先地位、強大的產品組合、策略性客戶協議以及製造卓越能力，使我們能把握這些機會。美光是產業的技術領導者。我們的 1-gamma DRAM 製程節點與 G9 NAND 製程節點是目前最大的量產節點，並正按計畫成為美光史上出貨量最高的節點。

Development of our next-generation DRAM and NAND technology nodes is also progressing well, and they are on track to begin volume production in the second-half of calendar 2027. We are leveraging these technology nodes and our advanced packaging capabilities to deliver leadership products across the memory hierarchy, such as industry-leading HBM, high-capacity SOCAMM, high-capacity and high-performance DDR modules and data center SSD products.

我們下一代 DRAM 與 NAND 製程節點的開發也進展順利，預計於 2027 年下半年開始量產。我們正運用這些製程節點與先進封裝能力，在記憶體階層各領域提供領先產品，例如業界領先的 HBM、高容量 SOCAMM、高容量且高效能的 DDR 模組，以及資料中心 SSD 產品。

We are focused on our global manufacturing expansions to help address customer demand growth through the end of this decade and beyond. Micron is investing to provide long-term US-based supply assurance for DDR, LPDRAM and HBM products through our fabs in Virginia, Idaho and New York to support our customers across a variety of markets, including data center, PC, mobile, automotive, aerospace and defense, medical, humanoid robotics and other industrial and consumer markets.

我們專注於全球製造擴產，以協助因應本十年末及更長期的客戶需求成長。美光正投資透過位於維吉尼亞州、愛達荷州與紐約州的晶圓廠，為 DDR、LPDRAM 與 HBM 產品提供長期的美國在地供應保障，以支援我們在多元市場的客戶，包括資料中心、PC、行動裝置、汽車、航太與國防、醫療、人形機器人，以及其他工業與消費市場。

During the last quarter, we celebrated a concrete pour milestone for our first New York fab with initial wafer output expected in calendar 2030. Our ID1 fab is on track to commence wafer output in mid-calendar 2027 and ID2 is on track to commence wafer output in late calendar 2028.

在上一季，我們慶祝紐約首座晶圓廠完成首次混凝土澆置的重要里程碑，預計於 2030 年開始初期晶圓產出。我們的 ID1 晶圓廠正按計畫於 2027 年年中開始晶圓產出，而 ID2 則正按計畫於 2028 年年底開始晶圓產出。

In fiscal Q4, we held a groundbreaking ceremony for our DRAM fab expansion in Japan, with initial output expected in late calendar 2028 to support technology node transitions. In Taiwan, we are on track for meaningful product shipments from our Tongluo facility in mid-calendar 2027.

在 2026 會計年度第四季，我們為日本 DRAM 晶圓廠擴建舉行動土典禮，預計於 2028 年年底開始初期產出，以支援製程節點轉換。在台灣，我們正按計畫於 2027 年年中自銅鑼廠區出貨具規模的產品。

In Singapore, cleanroom preparation is ahead of plan at our HBM Advanced Packaging facility with initial output expected in early calendar 2027. Also, construction is on track for our new NAND facility in Singapore to begin output in the second-half of calendar 2028. Production from new DRAM and NAND fabrication facilities takes time to ramp and gradually becomes more meaningful starting a few quarters after initial output.

在新加坡，我們的 HBM 先進封裝設施無塵室準備進度超前，預計於 2027 年年初開始初期產出。此外，我們在新加坡的新 NAND 設施建設也按計畫進行，預計於 2028 年下半年開始產出。新建 DRAM 與 NAND 晶圓製造設施的產能爬坡需要時間，通常在初期產出後的數個季度才會逐步變得更具規模與意義。

Micron's strategic customer agreements accelerate the transformation of our business. These multi-year take or pay agreements sharpen our long-term supply planning and enhance the durability and predictability of our strong financial performance.

美光的策略性客戶協議加速了我們業務的轉型。這些多年期的 take-or-pay（承購或付款）協議強化我們的長期供應規劃，並提升我們強勁財務表現的持久性與可預測性。

Further, they provide our customers supply assurance and deepen technology road map collaboration. This, in turn, helps our customers invest more confidently in their business and enables their end consumers to benefit from their products and services. To date, we have signed 26 SCAs, which we currently estimate to be over 35% of our revenue through 2030.

此外，這些協議為客戶提供供應保障，並深化技術路線圖的合作。進而協助客戶更有信心地投資其業務，並使其終端消費者能從其產品與服務中受益。截至目前，我們已簽署 26 份 SCA，我們目前估計這些協議在 2030 年前將占我們營收的 35% 以上。

Three quarters of this estimated revenue has a defined pricing framework, a majority of which have pricing bands with floor and ceiling prices. The remaining quarter of this SCA revenue expectation has pricing negotiated periodically based on market prices. Customers want SCA-assured supply beyond 2030 and we have now signed SCAs that extend into 2031 as well as one-year extensions to 2031 for two agreements.

這項估計營收中有四分之三具備明確的定價架構，其中多數採用含底價與天花板價的價格區間。其餘四分之一的 SCA 營收預期，則會依據市場價格定期協商定價。客戶希望在 2030 年之後仍能獲得 SCA 保證供應，而我們目前已簽署延伸至 2031 年的 SCA，並且對兩份協議簽署了一年期延長至 2031 年的展延。

Any new discussions on SCAs where pricing is involved are negotiated with higher pricing based on prevailing market conditions and outlook. For the 26 signed SCAs and extensions, financial commitments from customers have increased to $32 billion, the vast majority of which are cash deposits. These financial commitments reflect our customers' confidence in their long-term demand for memory and storage.

任何涉及定價的新 SCA 討論，皆會依據當前市場狀況與展望，以較高價格進行協商。就已簽署的 26 份 SCA 與展延而言，客戶的財務承諾已增加至 320 億美元，其中絕大多數為現金押金。這些財務承諾反映出我們的客戶對其記憶體與儲存長期需求的信心。

Turning to our end markets, please see our earnings press release for highlights across our high-capacity DDR and LP server DRAM. Data center SSD, PC, smartphone and physical AI product portfolios. We expect server unit growth in the high 10s percentage range in both calendar 2026 and 2027. This strong server unit growth is supported by a modestly lower rate of content growth than prior expectations amid tight memory supply.

談到我們的終端市場，請參閱我們的財報新聞稿，其中包含我們在高容量 DDR 與 LP 伺服器 DRAM 的重點摘要。以及資料中心 SSD、PC、智慧型手機與實體 AI 產品組合。我們預期在曆年 2026 與 2027 年，伺服器出貨量將以高十位數百分比的區間成長。在記憶體供應緊俏的情況下，這項強勁的伺服器出貨成長，受到內容（content）成長率較先前預期略低的支撐。

Growing model parameter size, longer context lengths and higher concurrency continue to increase the memory and storage content required to execute AI workloads efficiently. Micron is leveraging our technology leadership and manufacturing excellence to deliver innovative products across the memory hierarchy to data center customers.

模型參數規模持續擴大、更長的上下文長度以及更高的並發量，持續推升為有效執行 AI 工作負載所需的記憶體與儲存內容。美光正運用我們的技術領先與製造卓越能力，為資料中心客戶在整個記憶體階層提供創新產品。

In HBM, our revenue for fiscal Q4 2026 grew faster than total company revenue in the quarter as we ramp HBM shipments across a growing number of customers. We have completed agreements for the vast majority of our calendar 2027 HBM bit supply with significant price increases year-over-year, narrowing the gross margin gap with conventional DRAM.

在 HBM 方面，我們 2026 會計年度第四季的營收成長速度快於當季公司整體營收，因為我們正將 HBM 出貨量擴大至更多客戶。我們已就曆年 2027 年 HBM 位元供應量的絕大部分完成協議，且年對年價格大幅上調，縮小與傳統 DRAM 之間的毛利率差距。

We continue to execute well on our ramp of HBM4. We have a strong roadmap for future HBM products and are proud to be working with NVIDIA on the industry's first custom HBM4E implementation NVHBM to be adopted on next generation of GPUs and NVLink Fusion platforms.

我們持續在 HBM4 的量產爬坡上執行良好。我們對未來 HBM 產品有強勁的產品藍圖，並很自豪能與 NVIDIA 合作，推出業界首個客製化 HBM4E 實作 NVHBM，將導入下一代 GPU 與 NVLink Fusion 平台。

In NAND, AI context memory storage used for KV cache offload and HDD displacement opportunities are expanding the addressable market for SSDs. Data center SSD revenue in fiscal Q4 was nearly $10 billion, more than 10 times the year ago quarter and was over two-thirds of total company NAND revenue. We are on track to deliver the fifth consecutive year of record market share in data center SSD in calendar 2026.

在 NAND 方面，用於 KV cache 卸載的 AI 上下文記憶體儲存，以及取代 HDD 的機會，正在擴大 SSD 的可服務市場。2026 會計年度第四季資料中心 SSD 營收接近 100 億美元，較去年同期成長超過 10 倍，並占公司 NAND 總營收的三分之二以上。我們正按計畫在曆年 2026 年達成資料中心 SSD 市占率連續第五年創新高。

This performance is driven by the strength of our NAND technology leadership, end-to-end data center storage portfolio and close collaboration with customers, which has resulted in design wins across the largest data center deployments.

這項表現來自我們 NAND 技術領先的優勢、端到端的資料中心儲存產品組合，以及與客戶的緊密合作，進而在最大規模的資料中心部署中取得設計導入（design win）。

PC and mobile industry revenue remain on track to grow this calendar year, driven by strength at the premium end of the market despite potential double-digit overall unit declines in both markets. OEMs continue to introduce new AI capabilities in flagship PCs and smartphones, driving robust demand for higher-performance devices with increased DRAM and NAND content.

PC 與行動裝置產業營收仍按計畫在今年曆年成長，主要由市場高階端的強勁表現所帶動，儘管兩個市場的整體出貨量可能都會出現雙位數下滑。OEM 持續在旗艦 PC 與智慧型手機導入新的 AI 能力，帶動對更高效能裝置的強勁需求，並提升 DRAM 與 NAND 的搭載量。

Micron is focused on these premium segments and is well positioned to support customers as they expand edge AI capabilities with our industry-leading memory and storage portfolio. Nearly half of MCBU revenue in fiscal Q4 was generated by 1-gamma products as customers accelerate qualifications and adopt our latest technology, which delivers lower power consumption and higher performance.

美光聚焦於這些高階區隔，並憑藉我們業界領先的記憶體與儲存產品組合，具備良好條件支援客戶擴展邊緣 AI 能力。2026 會計年度第四季 MCBU 營收中，近一半來自 1-gamma 產品；隨著客戶加速認證並採用我們最新技術，該技術可提供更低功耗與更高效能。

Autonomous vehicles are the first major deployment of physical AI, which we believe will expand over time to humanoid robots and other intelligent autonomous systems. These increasingly complex systems require substantially higher performance and more power-efficient memory and storage to operate in real time.

自動駕駛車是實體 AI 的第一個重大部署，我們相信未來將逐步擴展至人形機器人及其他智慧自主系統。這些日益複雜的系統需要大幅更高效能且更省電的記憶體與儲存，才能即時運作。

Memory content in Level 4 and higher autonomous vehicles typically exceeds 200 GB, while storage content reaches multiple terabytes, each more than an order of magnitude greater than in today's Level 2+ and Level 3 semi-autonomous vehicles. Humanoid robots are expected to have comparable memory and storage requirements to autonomous vehicles.

在 Level 4 及以上的自動駕駛車中，記憶體搭載量通常超過 200GB，而儲存搭載量可達數 TB；兩者皆比今日的 Level 2+ 與 Level 3 半自動駕駛車高出一個數量級以上。預期人形機器人的記憶體與儲存需求將與自動駕駛車相當。

With the anticipated increase in both units and memory content, physical AI can become a significant driver of memory and storage demand by the end of this decade. Several physical AI customers are sampling our next-generation products and we are increasing investments in our technology roadmap to ensure we are prepared to capitalize on this opportunity.

隨著出貨量與記憶體搭載量預期同步增加，實體 AI 有望在本十年末成為記憶體與儲存需求的重要驅動力。多家實體 AI 客戶正在試用我們的下一代產品，我們也正加大對技術藍圖的投資，以確保能把握這項機會。

Now turning to market outlook. We expect memory and storage supply/demand conditions to be much tighter in calendar 2027 and 2028 than they were in 2026. In NAND, for calendar 2026, we expect industry bit shipments to grow in the low 20s percentage range, slightly above our prior expectations. We expect micron NAND supply to grow less than industry supply growth in calendar 2026.

接著談市場展望。我們預期在曆年 2027 與 2028 年，記憶體與儲存的供需狀況將比 2026 年緊俏得多。在 NAND 方面，就曆年 2026 年而言，我們預期產業位元出貨量將以 20% 出頭的區間成長，略高於我們先前的預期。我們預期美光 NAND 供應成長將低於產業供應成長。

For calendar 2027 and 2028, we expect industry NAND bit shipments to grow approximately in the mid-20s percentage range and the industry to remain supply constrained in both years. In DRAM, for calendar 2026, we expect industry bit shipments to grow in the mid-20s percentage range. We expect Micron DRAM supply to grow approximately in line with industry supply growth.

就曆年 2027 與 2028 年而言，我們預期產業 NAND 位元出貨量將約以 20% 中段的區間成長，且產業在兩年內都將維持供應受限。在 DRAM 方面，就曆年 2026 年而言，我們預期產業位元出貨量將以 20% 中段的區間成長。我們預期美光 DRAM 供應成長將大致與產業供應成長一致。

For calendar 2027 and 2028, we expect industry DRAM bit shipments to grow approximately in the low 20s percentage range and the industry to remain supply constrained in both years. We expect industry HBM bit shipments to grow faster than conventional DRAM through calendar 2028.

就曆年 2027 與 2028 年而言，我們預期產業 DRAM 位元出貨量將約以 20% 出頭的區間成長，且產業在兩年內都將維持供應受限。我們預期產業 HBM 位元出貨量在 2028 年之前將持續快於傳統 DRAM。

The structural gap between DRAM supply and demand growth rates is resulting in ongoing supply tightness and cleanroom additions are required to augment node transition supply growth and help narrow the gap. Even with additional industry DRAM cleanroom space plans with robust demand trends, including new upside requests from customers, we do not have line of sight to when supply and demand will return to balance.

DRAM 供給與需求成長率之間的結構性缺口，正導致供應持續緊俏；需要新增無塵室，以補強製程節點轉換帶來的供應成長並協助縮小缺口。即使產業規劃增加 DRAM 無塵室空間，且需求趨勢強勁（包括客戶新增的上行需求請求），我們仍無法明確掌握供需何時能回到平衡。

Given the need for DRAM cleanroom space and supported by greater visibility from SCAs into our demand through the end of the decade and beyond, we plan to increase our CapEx in fiscal 2027 versus prior plans. A majority of the increase is for construction CapEx, most of which is to help accelerate cleanroom space availability in late calendar 2028 and beyond. We are also working to optimize production from available cleanroom space, which is resulting in some pull forward of equipment spending.

鑑於 DRAM 無塵室空間的需求，並且在 SCA 讓我們對本十年末及更長期需求有更高能見度的支持下，我們計畫在 2027 會計年度相較先前規劃提高資本支出（CapEx）。增幅中的大部分將用於建設性資本支出，其中多數是為了協助在曆年 2028 年末及之後加速無塵室空間的可用性。我們也正致力於最佳化既有無塵室空間的產出，這使得部分設備支出有所提前。

Mark will provide more details on CapEx. As we make these clean room space investments, we will remain disciplined in our approach and anticipate ramping equipment capacity appropriately with our demand in the market environment.

Mark 將提供更多關於資本支出（CapEx）的細節。在進行這些無塵室空間投資時，我們將維持審慎自律的做法，並預期會依據市場環境中的需求，適當地提升設備產能。

To further accelerate execution and innovation across the company, last month we announced leadership appointments. Manish Bhatia has been appointed to President and Chief Operating Officer and Scott DeBoer has been appointed to President and Chief Technology and Products Officer. Manish leads Micron's business units and global operations with accountability for our operating P&L.

為了進一步加速公司整體的執行與創新，上個月我們宣布了領導層任命。Manish Bhatia 已被任命為總裁兼營運長（COO），Scott DeBoer 已被任命為總裁兼技術與產品長。Manish 領導美光的事業單位與全球營運，並對我們的營運損益（P&L）負責。

In his role as COO, Manish has end-to-end responsibility for demand through supply, enabling faster, more integrated decision-making and stronger alignment across the organization to meet our customers' evolving needs.

以營運長（COO）的角色，Manish 對從需求到供應的端到端流程負全責，促成更快速、更整合的決策，並強化全組織的協同一致，以滿足客戶不斷演進的需求。

Scott leads Micron's innovation technology and products organization. In his role as Chief Technology and Products Officer, Scott is responsible for advancing Micron's industry-leading memory and storage roadmaps accelerating innovation to meet customers' rapidly evolving requirements and overseeing Micron Research Labs, a global flagship research hub dedicated to breakthrough memory and compute technologies.

Scott 領導美光的創新技術與產品組織。在其擔任技術與產品長（Chief Technology and Products Officer）的職務中，Scott 負責推進美光業界領先的記憶體與儲存產品藍圖，加速創新以滿足客戶快速演進的需求，並監督美光研究實驗室（Micron Research Labs）——這是一個全球旗艦研究中心，致力於突破性的記憶體與運算技術。

I'll now hand it over to Mark for our fiscal Q4 financial results and outlook.

接下來我把時間交給 Mark，說明我們 2026 會計年度第四季（Q4）的財務結果與展望。

Thank you, Sanjay, and good afternoon, everyone. Micron delivered exceptional results to close out the fiscal year, with fiscal Q4 revenue, gross margin and EPS all exceeding the high end of our guidance. For the full year, we achieved record revenue of $133.2 billion, up 256% year over year.

謝謝你，Sanjay，各位下午好。美光以卓越的表現為本會計年度畫下句點，2026 會計年度第四季（Q4）的營收、毛利率與每股盈餘（EPS）皆高於我們財測區間的上緣。就全年而言，我們達成 1,332 億美元的創紀錄營收，年增 256%。

Fiscal 2026 gross margins expanded to 81.1%, a 40 percentage point improvement from fiscal 2025 and EPS increased 811% year-over-year to $75.52. To date, we have signed 26 SCAs in total and our remaining performance obligations or RPO is approximately $150 billion.

2026 會計年度毛利率擴張至 81.1%，較 2025 會計年度提升 40 個百分點；每股盈餘（EPS）年增 811% 至 75.52 美元。截至目前，我們累計已簽署 26 份 SCA，而我們的剩餘履約義務（RPO）約為 1,500 億美元。

All SCAs have take or pay contracted volumes, and RPO reflects the contract value for only SCAs that have a determined pricing framework, which can be either a fixed price or subject to a pricing floor and ceiling. RPO is based on committed volumes and minimum pricing and is inherently conservative.

所有 SCA 均包含「買或付（take or pay）」的合約量承諾；而 RPO 僅反映已具備明確定價架構之 SCA 的合約價值，該定價架構可為固定價格，或受價格下限與上限約束。RPO 係以承諾量與最低定價為基礎，因此本質上偏保守。

As mentioned in our last earnings call, even at floor prices, we expect margins meaningfully above any prior cycle peak margins. We expect revenue to well exceed the associated RPO over the terms of the agreements.

如同我們在上次法說會所提，即使在價格下限水準，我們預期毛利率也將顯著高於過往任何景氣循環的高峰毛利率。我們預期在協議期間內，營收將遠高於相對應的 RPO。

Consolidated fiscal Q4 revenue was $54.2 billion, up 31% sequentially and up 379% year over year. Fiscal Q4 revenue was our sixth consecutive quarterly revenue record. Fiscal Q4 DRAM revenue was a record $39.8 billion, up 343% year over year and represented 73% of total revenue

合併 2026 會計年度第四季（Q4）營收為 542 億美元，季增 31%，年增 379%。第四季營收為我們連續第六季創下單季營收新高。第四季 DRAM 營收創新高達 398 億美元，年增 343%，占總營收 73%。

Sequentially, DRAM revenue increased 27%. Bit Shipments were up mid-single-digit percentage range. Prices increased high 10s percentage range, driven by tight DRAM industry conditions. Fiscal Q4 NAND revenue was a record $14.1 billion, up 526% year-over-year and represented 26% of total revenue.

就季比而言，DRAM 營收增加 27%。位元出貨量（Bit Shipments）增加中個位數百分比。在 DRAM 產業供給吃緊的帶動下，價格上升約十幾個百分點的高段。第四季 NAND 營收創新高達 141 億美元，年增 526%，占總營收 26%。

Sequentially, NAND revenue increased 42%. Bit shipments increased approximately 10% prices increased approximately 30%, driven by tight NAND industry conditions. Consolidated gross margin for fiscal Q4 was 87%, up 210 basis points sequentially. This improvement was driven primarily by higher pricing and strong execution, partially offset by mix.

就季比而言，NAND 營收增加 42%。位元出貨量增加約 10%，在 NAND 產業供給吃緊的帶動下，價格上升約 30%。第四季合併毛利率為 87%，季增 210 個基點。此改善主要來自較高的定價與強勁的執行力，部分被產品組合影響所抵銷。

Now turning to quarterly financial performance by business unit. Cloud memory business unit revenue was a record $16.3 billion and represented 30% of total company revenue. CMBU revenue was up 18% sequentially, driven by higher pricing and bit shipments. CMBU gross margins were 83%, flat sequentially driven by higher pricing, offset by higher HBM mix.

接著看各事業單位的季度財務表現。雲端記憶體事業單位（CMBU）營收創新高達 163 億美元，占公司總營收 30%。CMBU 營收季增 18%，主要由較高定價與位元出貨量帶動。CMBU 毛利率為 83%，季比持平；較高定價的正面影響被較高的 HBM 組合占比所抵銷。

Core data center business unit revenue was a record $18 billion and represented 33% of total company revenue. CDBU revenue was up 56% sequentially, driven by higher pricing and bit shipments. CDBU gross margins were 90%, up 290 basis points sequentially, driven by higher pricing and favorable mix.

核心資料中心事業單位（CDBU）營收創新高達 180 億美元，占公司總營收 33%。CDBU 營收季增 56%，主要由較高定價與位元出貨量帶動。CDBU 毛利率為 90%，季增 290 個基點，主要受較高定價與有利的產品組合帶動。

Mobile and client business unit revenue was a record $13.1 billion and represented 24% of total company revenue. MCBU revenue was up 14% sequentially, driven by higher pricing partially offset by lower bit shipments. MCBU gross margins were 90%, up 260 basis points sequentially, driven primarily by higher pricing and favorable mix.

行動與用戶端事業單位（MCBU）營收創新高達 131 億美元，占公司總營收 24%。MCBU 營收季增 14%，主要由較高定價帶動，但部分被較低的位元出貨量所抵銷。MCBU 毛利率為 90%，季增 260 個基點，主要受較高定價與有利的產品組合帶動。

Automotive and embedded business unit revenue was a record $6.8 billion and represented 13% of total company revenue. AEBU revenue was up 47% sequentially, driven by higher pricing and higher bit shipments. AEBU gross margins were 84%, up 470 basis points sequentially driven by higher pricing.

車用與嵌入式事業單位（AEBU）營收創新高達 68 億美元，占公司總營收 13%。AEBU 營收季增 47%，主要由較高定價與較高的位元出貨量帶動。AEBU 毛利率為 84%，季增 470 個基點，主要由較高定價帶動。

Operating expenses in fiscal Q4 were $2.6 billion, up $1.1 billion quarter over quarter. The sequential change was primarily due to the increase in incentive compensation for every global team member, along with our decisions to contribute $300 million to community investments.

第四季營業費用為 26 億美元，較前一季增加 11 億美元。季比變動主要來自全球所有團隊成員的獎勵性薪酬增加，以及我們決定投入 3 億美元於社區投資。

We generated operating income of $44.6 billion in fiscal Q4, resulting in an operating margin of 82.3%, up 110 basis points sequentially and 47 percentage points year-over-year. Fiscal Q4 taxes were $6.8 billion on an effective tax rate of 15%. Non-GAAP diluted earnings per share in fiscal Q4 was $33.42, up 33% sequentially.

第四季我們創造營業利益 446 億美元，使營業利益率達 82.3%，季增 110 個基點，年增 47 個百分點。第四季稅費為 68 億美元，有效稅率為 15%。第四季非 GAAP 稀釋後每股盈餘為 33.42 美元，季增 33%。

Turning to cash flow and capital expenditures, in fiscal Q4, operating cash flows were $44 billion. Capital expenditures were $10.8 billion, resulting in free cash flow of $33.2 billion. As noted in previous disclosures, customer cash deposits associated with the SCAs are reported within financing activities and therefore do not affect our free cash flow.

接著看現金流與資本支出：第四季營運現金流為 440 億美元。資本支出為 108 億美元，因此自由現金流為 332 億美元。如先前揭露所述，與 SCA 相關的客戶現金存款列示於籌資活動之中，因此不影響我們的自由現金流。

Customer cash deposits received during fiscal Q4 were $12.3 billion. Ending inventory for fiscal Q4 was $10.4 billion with days of inventory at 129, an increase of 9 days sequentially. The increase in DIO includes the effect of no end-of-life related build-ahead and manufacturing-related incentive compensation in fiscal Q4 that was absorbed into inventories.

第四季收到的客戶現金存款為 123 億美元。第四季期末存貨為 104 億美元，存貨天數（DIO）為 129 天，較前一季增加 9 天。DIO 的增加包含兩項影響：第四季未進行任何與產品生命週期終止（end-of-life）相關的提前備貨（build-ahead），以及與製造相關的獎勵性薪酬被吸收進存貨。

Our inventory levels and supply remain extremely tight, and we expect DIO to decline in the coming quarters. We reached record levels of cash and investments of $73.5 billion at quarter end. Customer cash deposits on our balance sheet at the end of fiscal Q4 were $12.7 billion. SCA cash deposits are unrestricted and will be returned to customers over time toward the latter half of each agreement's term, assuming minimum purchase requirements are met.

我們的存貨水位與供應仍極為吃緊，並預期未來幾季 DIO 將下降。我們在季末的現金與投資達到創紀錄的 735 億美元。截至第四季末，資產負債表上的客戶現金存款為 127 億美元。SCA現金存款不受限制，且在符合最低採購要求的前提下，將於各協議期間後半段逐步返還給客戶。

During fiscal Q4, we reduced debt by approximately $500 million, including a note redemption that reduced senior notes by approximately $300 million. The weighted average maturity on our outstanding debt is approximately nine years. We closed the quarter with $5.2 billion of debt and a net cash balance of $68.3 billion.

第四季期間，我們將負債降低約 5 億美元，其中包含一筆票據贖回，使公司債（senior notes）減少約 3 億美元。我們未償債務的加權平均到期年限約為 9 年。本季結束時，我們的負債為 52 億美元，淨現金餘額為 683 億美元。

During the quarter, we received two credit rating agency upgrades and are now rated at BBB plus or equivalent with all three major credit rating agencies. Our balance sheet has never been stronger, and we expect it to strengthen further even as we increase investment in technology and needed capacity.

在本季度期間，我們獲得兩家信用評等機構上調評等，目前在三大主要信用評等機構的評等皆為 BBB+ 或同等級。我們的資產負債表從未如此強健，且即使我們增加對技術與所需產能的投資，我們預期資產負債表仍將進一步強化。

As noted previously, we intend to increase our capital return from December 9, 2026, the second anniversary of the signature of our definitive CHIPS agreements. Over time, we expect to return 100% of our excess cash to shareholders.

如先前所述，我們計劃自 2026 年 12 月 9 日起（亦即我們簽署具約束力之 CHIPS 最終協議的兩週年）提高資本回饋。隨著時間推進，我們預期將把 100% 的超額現金回饋給股東。

Now turning to guidance. We expect fiscal Q1 revenue to be a record $61.5 billion, plus or minus $1.5 billion, gross margin to be approximately 86.25% and operating expenses to be approximately $2.06 billion. Based on a share count of approximately 1.15 billion shares, we expect EPS to be $38.15 per share, plus or minus $1. We expect fiscal 2027 to be another record year with sequential revenue growth each quarter.

接下來談指引。我們預期會計年度第一季營收將創新高，達 615 億美元，上下浮動 15 億美元；毛利率約為 86.25%，營業費用約為 20.6 億美元。以約 11.5 億股的股數計算，我們預期每股盈餘（EPS）為每股 38.15 美元，上下浮動 1 美元。我們預期 2027 會計年度將是另一個創紀錄年度，且每一季營收皆將逐季成長。

Consistent with projected strong execution and record company financial performance, we expect fiscal 2027 to have higher incentive compensation levels. We anticipate fiscal Q1 to be the floor for gross margins in fiscal 2027.

與我們預期的強勁執行力與公司創紀錄的財務表現一致，我們預期 2027 會計年度的獎酬性薪酬水準將更高。我們預期 2027 會計年度第一季將是 2027 會計年度毛利率的底部。

As Sanjay mentioned, we made a decision to increase fiscal 2026 incentive compensation in fiscal Q4. Most of the increase in fiscal 2026 incentive compensation pertaining to manufacturing was absorbed into inventories in fiscal Q4.

如 Sanjay 所提到，我們決定在 2026 會計年度第四季提高 2026 會計年度的獎酬性薪酬。與製造相關的 2026 會計年度獎酬性薪酬增加部分，多數已在 2026 會計年度第四季被吸收並反映於存貨中。

As a result, the effects from the sale of these higher cost inventories principally impact fiscal Q1 gross margin. Fiscal Q2 benefits from less of this fiscal Q4 related compensation expense, but this benefit is offset by the impact of higher fiscal 2027 incentive compensation. We expect higher gross margins beyond fiscal Q1 for the remainder of fiscal 2027 with a more moderate rate of price increases.

因此，出售這些較高成本存貨所帶來的影響，主要會反映在 2027 會計年度第一季的毛利率上。2027 會計年度第二季受 2026 會計年度第四季相關獎酬性薪酬費用的影響較小，但此項利多會被 2027 會計年度獎酬性薪酬提高的影響所抵銷。我們預期在 2027 會計年度第一季之後、2027 會計年度其餘期間毛利率將更高，且價格上調的幅度將更為溫和。

We project operating expenses to increase by approximately $2.5 billion in fiscal 2027, primarily from higher R&D to support an unprecedented set of opportunities in memory and storage and from higher incentive compensation plans. We expect a fiscal Q1 and fiscal 2027 tax rate of around 15.5%. Micron continues to invest in a disciplined manner across our global footprint to address customer demand.

我們預估 2027 會計年度營業費用將增加約 25 億美元，主要來自更高的研發支出，以支援記憶體與儲存領域前所未有的一系列機會，以及更高的獎酬性薪酬計畫。我們預期 2027 會計年度第一季與 2027 會計年度的稅率約為 15.5%。美光持續以嚴謹且有紀律的方式，在我們的全球布局中進行投資，以因應客戶需求。

As a reminder, our CapEx is net of anticipated government incentives. In fiscal Q1, we project CapEx of around $11.5 billion and anticipate first half fiscal 2027 CapEx to be approximately $25 billion. We project CapEx to be higher in the second-half of fiscal 2027. We expect a meaningfully higher growth rate in construction CapEx as compared to equipment CapEx in fiscal 2027.

提醒一下，我們的資本支出（CapEx）已扣除預期的政府補助。在 2027 會計年度第一季，我們預估資本支出約為 115 億美元，並預期 2027 會計年度上半年資本支出約為 250 億美元。我們預估 2027 會計年度下半年資本支出將更高。我們預期 2027 會計年度建設類資本支出的成長率將顯著高於設備類資本支出。

Before I close, I would also like to add my thanks to all Micron global team members for their focus on technology and product innovation and disciplined execution that makes these strong results and outlook possible.

在我結束之前，我也要感謝所有美光全球團隊成員，專注於技術與產品創新，以及有紀律的執行，讓這些強勁的成果與展望成為可能。

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

接下來我把時間交給 Sanjay 做結語。

Thank you, Mark. Superintelligence is creating the most compelling opportunity for Micron in its history. Fiscal 2026 was an outstanding year and we expect fiscal 2027 to be even better. As we celebrate the 48th anniversary of Micron's founding, I would like to acknowledge the nearly five decades of innovation, disciplined execution and perseverance that have prepared Micron for this moment.

謝謝你，Mark。超級智慧正為美光帶來公司史上最具吸引力的機會。2026 會計年度表現非常出色，我們預期 2027 會計年度會更好。在我們慶祝美光成立 48 週年之際，我想向近五十年的創新、有紀律的執行與堅持致敬，正是這些讓美光為此刻做好準備。

We will now open for questions.

我們現在開放提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Timothy Arcuri, UBS Securities LLC.

Timothy Arcuri，UBS Securities LLC。

Mark, I wanted to ask about capital return. I know you don't want to front run yourself, but can you give us any mileposts here? Like what are you thinking of minimum cash balance? You have pretty much double the cash that Apple or NVIDIA have. So sort of what's enough cash so you think do you want to keep $100 billion in cash and your work there and everything beyond that? Can you give us, I know you don't want a front runner, so yourself, but can you give us some sense of what the mileposts are?

Mark，我想問一下資本回饋。我知道你不想搶先透露太多，但你能否提供一些里程碑指標？例如你們心目中的最低現金餘額是多少？你們的現金幾乎是 Apple 或 NVIDIA 的兩倍。所以到底多少現金才算足夠？你們是否想保留 1,000 億美元現金，然後把超過的部分都回饋出去？我知道你不想搶先說，但能否讓我們大概了解一下你們的里程碑會是什麼？

Sure, Tim, I'm happy to provide some perspective. Yeah, the market conditions, Micron's technology and product position and operational execution, all combined to deliver very strong free cash flow. We had $33 billion as reported here in fiscal Q4. We expected strong free cash flow growth to continue on the market conditions and disciplined execution, even while we invest in more R&D and CapEx as you heard today.

當然可以，Tim，我很樂意提供一些觀點。是的，市場狀況、美光的技術與產品定位以及營運執行力，綜合起來帶來非常強勁的自由現金流。我們在 2026 會計年度第四季如本次所揭露的自由現金流為 330 億美元。我們預期在市場狀況與有紀律的執行之下，自由現金流的強勁成長將持續，即使我們如同今天所提到的，會增加研發與資本支出投資。

So with these demand drivers and supply factors and long-term and committed agreements that you heard about today, plus Micron's technology position and execution, we think this free cash flow strength is more durable. So near term, based on our Q1 guide and including the CapEx number that you heard, you will see free cash flow significantly higher than the $33 billion we reported in fiscal Q4.

因此，基於你今天聽到的這些需求驅動因素、供給因素，以及長期且具承諾性的協議，再加上美光的技術定位與執行力，我們認為這樣的自由現金流強度更具持續性。就短期而言，依據我們對第一季的指引，並包含你所聽到的資本支出數字，你將會看到自由現金流顯著高於我們在 2026 會計年度第四季所報告的 330 億美元。

On target cash, we expect to be around a target cash level by the end of fiscal Q1. Now over time and with the rate and pace determined by various factors, we plan to return excess primarily done through share repurchase. We intend to increase capital return as we've talked about before and in the script today from December 9.

關於目標現金水位，我們預期在 2027 會計年度第一季末左右達到目標現金水準。接下來隨著時間推進，並依各種因素決定的速度與節奏，我們計劃回饋超額資金，主要將透過庫藏股回購來進行。我們打算如同先前以及今天講稿中所提到的，自 12 月 9 日起提高資本回饋。

And then finally, I'll just add that our current authorization that you can see from our previous filings for share repurchase stands at $2.2 billion, and you can assume that we will seek additional authorization in the near term on more authorization.

最後我再補充一點：你可以從我們先前的申報文件中看到，目前核准的庫藏股回購額度為 22 億美元；你也可以假設我們在短期內會尋求額外的回購授權、取得更多授權額度。

Thanks a lot for that, Mark. And then just a follow-up. So CapEx, you're not guiding the full year, but it sounds like maybe it's going to be [55], maybe a little higher this year, which seems like it's maybe in the high 10s as a percent of revenue for fiscal '27. I know that revenue is a lot higher, so it's going to take time for the CapEx to kind of catch up. But how do we think about capital intensity over the longer-term for the business? I know you used to talk about mid-30s, that seems a little high, probably given what's going on now. But, is like 20 to 25 the new norm? Can you kind of walk us through that?

非常感謝，Mark。再追問一下。關於資本支出，你們沒有提供全年指引，但聽起來今年可能會是 [55]，也許還會更高；以 2027 會計年度來看，這似乎相當於營收的百分之十幾的高段。我知道營收高很多，所以資本支出要追上可能需要時間。但我們該如何從更長期的角度看待這項業務的資本密集度？我知道你們以前談過 30% 中段，但考量現在的情況，那看起來有點高。那麼 20% 到 25% 是否會成為新的常態？你能否帶我們梳理一下？

Tim, I would just comment that you captured correctly that we gave you a first half CapEx number, we indicated second-half would be higher. Importantly, that mix of capital spend is shifting to more construction and we gave you some commentary on that versus equipment. And we would expect that trend to continue here next few years.

Tim，我只想補充一下，你的理解很正確：我們給了你上半年資本支出（CapEx）的數字，並且指出下半年會更高。重要的是，這筆資本支出的組合正在轉向更多的建廠/施工，我們也就此相對於設備支出提供了一些說明。而我們預期這個趨勢在未來幾年會持續。

Now, as it relates to capital intensity, I think as you point out, the capital intensity is low on historic levels and that is reflective of the strategic asset that memory and storage has become and the industry is structurally reset and we will continue to work to add capacity in a very disciplined manner, ensuring that we're getting adequate return on that capacity investment going forward.

至於資本密集度，我想如你所指出的，資本密集度相較歷史水準偏低，這反映了記憶體與儲存已成為策略性資產，且產業結構已經重新調整；我們將持續以非常嚴謹自律的方式擴增產能，確保未來對產能投資能取得足夠的報酬。

Okay, thank you.

好的，謝謝。

CJ Muse, Cantor Fitzgerald.

CJ Muse，Cantor Fitzgerald。

Good afternoon. Thank you for taking the question. I guess first question on gross margins. Within the guide for November, can you quantify the impact from the higher ASP inventory? And are there other sort of mix shifts that we should be thinking about that are impacting the sequential?

下午好。謝謝讓我提問。我想先問毛利率。在你們對11月的指引中，能否量化較高ASP庫存帶來的影響？另外，是否還有其他我們應該留意、會影響環比變動的產品組合/結構性變化？

CJ, I will -- this is Mark. I will take this opportunity to just provide a bit more perspective on fiscal Q4 and fiscal Q1 to help walk you through the puts and takes on margin.

CJ，我來——我是Mark。我想藉這個機會，提供一些對財年Q4與財年Q1的更多觀點，幫你梳理毛利率的增減因素。

In fiscal Q4, we made the decision to increase incentive compensation. And you can see that most clearly in actually the OpEx number. And that you can see it clearly in the third quarter to fourth quarter OpEx. Now in manufacturing expense, most of these costs, they're absorbed into inventories in Q4. So there was only a small effect in Q4.

在財年Q4，我們決定提高激勵性薪酬。你其實在營運費用（OpEx）數字上看得最清楚。也就是你可以在第三季到第四季的OpEx變化中清楚看到。至於製造費用，這些成本大多在Q4被吸收進存貨。因此Q4的影響只有很小一部分。

The higher cost inventories as a result of the increase in incentive comp booked in the fourth quarter. The impact of that, you see in the fiscal Q1 guide. And we also have some start-up costs, which I've talked about previously and some other costs, but incentive comp is the big driver to that gross margin outlook. And in total, these factors in the first quarter are roughly $1 billion of higher cost in Q1, so that gives you a sense of the margin impact.

由於第四季認列的激勵性薪酬增加，導致存貨成本較高。其影響會反映在財年Q1的指引中。我們也有一些啟動成本（start-up costs），我之前談過，還有一些其他成本，但激勵性薪酬是影響毛利率展望的主要驅動因素。合計而言，這些因素在第一季約帶來10億美元的成本增加，因此你可以由此理解對毛利率的影響程度。

Now, I think it's important to note that we also have significantly increased fiscal '27 incentive compensation, and you see the effect of that in first quarter again in the OpEx number in the fiscal Q1 OpEx guide. On manufacturing, most of the higher FY27 incentive comp will start to impact margins in fiscal Q2.

另外，我認為也很重要的一點是，我們也大幅提高了財年'27的激勵性薪酬，你同樣會在第一季的OpEx數字、也就是財年Q1的OpEx指引中看到其影響。在製造端，大部分較高的FY27激勵性薪酬將從財年Q2開始影響毛利率。

Now beyond the normal cost increases from higher volume and depreciation, you have this roughly $1 billion of ongoing costs from incentive comp, higher startup and some other costs in fiscal '27. So while it's a headwind in the first quarter and there are some sustained costs through the year, it's important to keep in mind how structurally different the business is as far as profitability and return.

因此，除了因產量提高與折舊帶來的正常成本增加之外，在財年'27你還有這約10億美元的持續性成本，來自激勵性薪酬、較高的啟動成本以及其他一些成本。所以，雖然第一季會形成逆風，且全年會有一些持續性成本，但也要記得，就獲利能力與報酬而言，我們的業務結構已經有本質上的不同。

We're operating at a much stronger level and have talked about how '27, '28, we expect to be stronger market conditions in '26. And long-term agreements give us and take-or-pay agreements give us visibility beyond that. And I think it's important to also note that these costs, some of these costs can be considered variable or temporal.

我們目前的營運水準強得多，也談到我們預期在'27、'28的市場狀況會比'26更強。而長期協議以及「照付不議（take-or-pay）」協議，讓我們對更長期的能見度更高。我也認為同樣重要的是，這些成本中的一部分可以視為可變動或階段性的。

So for '27, we also discussed how we expect Q1 to be the floor and gross margin, and we expect higher gross margin for the balance of the year as we have continued price increases and strong operating performance.

因此就'27而言，我們也討論過，我們預期Q1將是毛利率的底部，並且隨著我們持續提價以及營運表現強勁，預期今年其餘時間的毛利率會更高。

Very helpful. I guess as a follow-up, could you speak to, I guess, HBM, you talked about raising pricing. To be closer to conventional DRAM, should we assume that that's a Jan 1st increase? And how should we think about the relative growth of that business overall? Is there sort of a percentage that you're comfortable sharing? Thanks so much.

非常有幫助。我想追問一下HBM，你們提到要提高定價。為了更接近傳統DRAM，我們是否應該假設這是1月1日開始的調漲？另外，我們應該如何看待這項業務整體的相對成長？有沒有你們願意分享的大概百分比？非常感謝。

So I can take that question, CJ. So as for 2026, our prices for HBM were negotiated with our customers last year. And we mentioned that now for 2027, a large part of the volume is already sold out for 2027 for HBM and the prices are much higher than 2026 prices. And of course, that is helping us narrow the margin gap with the non-HBM memory there.

CJ，這題我可以回答。就2026年而言，我們HBM的價格是在去年與客戶談定的。我們也提到，到了2027年，HBM在2027年的很大一部分出貨量已經售罄，而且價格遠高於2026年的價格。當然，這有助於我們縮小與非HBM記憶體之間的毛利差距。

So overall, our HBM is on a very good trajectory. We indicated that overall for the industry, we expect HBM to be outgrowing the DRAM in terms of the demand growth. So HBM is on a strong trajectory. Our portfolio is very well positioned. Our HBM3E, HBM4 products late next year with HBM4E products.

整體來看，我們的HBM正處於非常好的發展軌道上。我們指出，就整個產業而言，我們預期HBM在需求成長方面會快於DRAM。因此HBM的趨勢很強。我們的產品組合定位非常好。我們的HBM3E、以及明年稍晚推出的HBM4產品，還有HBM4E產品。

So we continue see growth momentum with our HBM products and well positioned to address the opportunities ahead. So I hope I answered your question regarding the growth here, strong growth, strong products and with the price increases starting in calendar year 2027, narrowing the margin gap with non-HBM part of the DRAM market.

因此，我們持續看到HBM產品的成長動能，並且具備良好定位以掌握未來的機會。希望我已回答你關於成長的問題：強勁成長、強勁產品，並且隨著在2027曆年開始的提價，縮小與DRAM市場中非HBM部分的毛利差距。

Very helpful. Thank you.

非常有幫助。謝謝。

Vivek Arya, Bank of America Security.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Thanks for taking my questions. For the first one, Mark, I wanted to go back to cash returns. At this space, Micron could generate over $100 billion, I think, from Q2 to Q4. So even if, let's say, Q1, you're building cash to get your target balance sheet, your cash generation from Q2 onward should get you to at least $100-plus billion. So if that is the case, why shouldn't we expect that level of cash return in fiscal '27? So I know you're not providing a specific number, but what am I missing in that high-level analysis right beyond just going through the outline of sales and margins and CapEx estimates that you're providing?

謝謝讓我提問。第一個問題，Mark，我想回到現金回饋（cash returns）。在這樣的情境下，我認為Micron從Q2到Q4可能可以產生超過1,000億美元的現金。所以即使假設Q1你們是在累積現金以達到目標資產負債表水位，從Q2開始的現金產生能力也應該能讓你們至少達到1,000億美元以上。如果是這樣，為什麼我們不應該預期在財年'27有那樣規模的現金回饋？我知道你們不提供具體數字，但在這個高層次分析中，除了你們提供的銷售、毛利率與CapEx估算框架之外，我還漏掉了什麼？

Yeah, Vivek, all I can add is that and hopefully made it clear in the prior response that we have the ability and the intent to increase our capital return and you can expect us to seek to increase our authorization and commence stronger capital return from December 9 in accordance with the agreements we have on chips.

是的，Vivek，我能補充的就是——也希望我在前一個回覆中已說清楚——我們有能力也有意圖提高資本回饋；你可以預期我們會尋求提高授權額度，並自12月9日起，依照我們在晶片方面的協議，開始更強力度的資本回饋。

For my follow-up, maybe one for Sanjay. When we look, Sanjay, at just the valuation of memory stocks, very depressed, which suggests that people feel that next year might be a peak for pricing, might be a peak for earnings in the cycle, either because the industry is bringing on incremental capacity or there is a narrative that maybe some of your customers, even in the data center might de-spec products either because of shortages of memory or just because it's such a bigger part of bill of materials.

我的追問，可能想請教Sanjay。Sanjay，當我們看記憶體類股的估值時非常低迷，這暗示市場認為明年的價格可能已接近高峰、或本輪循環的獲利可能接近高峰；原因可能是產業將新增產能上線，或是有一種敘事認為你們的一些客戶、甚至在資料中心端，可能會降低規格（de-spec）產品，可能是因為記憶體短缺，或只是因為記憶體在物料清單（BOM）中的占比變得更大。

So I know you don't talk about specific pricing, but as you were to think about conceptually in 2028 for the industry, what is the potential for industry pricing to continue to stay favorable to even potentially increase versus '27 given these headwinds from either incremental capacity coming online or some customers wanting to de-spec their products to cope with market conditions.

我知道你們不會談特定定價，但若以概念性的角度來看 2028 年的產業情況，在這些逆風之下——不論是新增產能上線，或是部分客戶為了因應市場狀況而想要降低產品規格（de-spec）——相較於 2027 年，產業價格維持有利、甚至可能進一步上升的潛力有多大？

So as we noted, calendar year, in calendar '27 as well as 2028, we see demand exceeding supply. And in fact, we see greater tightness in the industry in '27 and in '28 versus '26. So overall, supply demand environment is only getting tighter. And of course, even as we work hard to bring up capacity, as I shared in my prepared remarks, even with any new clean room space coming up in 2028, we see continuing tight supply conditions because first of all, clean rooms take a long while to build.

如同我們提到的，以曆年來看，在 2027 年以及 2028 年，我們看到需求將超過供給。事實上，我們看到 2027 年與 2028 年的產業緊俏程度都會高於 2026 年。因此整體而言，供需環境只會愈來愈緊。當然，即便我們努力提升產能，正如我在事先準備的發言中分享的，即使 2028 年有任何新的無塵室空間啟用，我們仍看到供給持續緊俏，因為首先，無塵室需要很長時間才能建成。

Even after they are built, even after first wafer output, production ramps up only gradually in the clean rooms. That's just the nature of what it takes to bring up production. And with HBM going from 3E to a greater mix of 4 and 4E and with the trade ratio that exists that again creates headwinds with respect to supply growth, node transitions of the future gave less productivity gain per wafer as well. So there are a lot of factors, these key factors that are headwinds to the supply growth and even in 2028, even as some of the new clean rooms start ramping up, the supply is tight and that is in the backdrop of strong demand.

即使建好之後，即使有了第一片晶圓產出，無塵室的量產爬坡也只能逐步進行。這就是提升產能所需流程的本質。此外，隨著 HBM 從 3E 轉向 4 與 4E 的占比提高，加上既有的 trade ratio（折算比/轉換比）再次對供給成長形成逆風，而未來的節點轉換每片晶圓帶來的生產力提升也更少。因此有許多因素——這些關鍵因素——都對供給成長構成逆風；即便到了 2028 年，即使部分新的無塵室開始爬坡，在強勁需求的背景下，供給仍然緊俏。

While some level of content growth may be moderately lower in some of the servers compared to prior expectations, overall unit demand for servers continues to increase '26 as well as '27, we expect high 10s in terms of server unit shipments, and that sets the stage well for data center growth of shipments for DRAM in 2028 as well.

雖然相較於先前預期，部分伺服器的內容量（content）成長可能會略為降低，但整體伺服器的出貨單位需求在 2026 年以及 2027 年仍持續增加；我們預期伺服器出貨量將達到高十位數（high 10s）的成長，這也為 2028 年資料中心 DRAM 出貨成長奠定良好基礎。

So it's a strong demand environment and customers work with, they fully understand this extremely tight supply outlook that we have. We have shared with you that we do not see line of sight when supply catches up with demand because the demand trends of larger models, growing context, more concurrency, greater agents across enterprise and consumer only continue to drive greater need for memory content, as well as for higher performance memory.

因此這是一個需求非常強勁的環境，而我們合作的客戶也完全理解我們所看到的極度緊俏的供給展望。我們也與各位分享過，我們看不到供給何時能追上需求的明確能見度，因為更大型模型、更多上下文（context）、更高並行度（concurrency）、以及企業與消費端更廣泛的代理（agents）等需求趨勢，只會持續推升對記憶體容量內容的需求，以及對更高效能記憶體的需求。

So when customers reduce their content growth versus prior expectations, as I referred to in certain platforms, that really is to enable them to ship more units as reflected in the strong server growth in '26 as well as '27, which sets the stage up well for 2028 timeframe.

因此，當客戶在某些平台上把內容量成長相較於先前預期下修時——如我所提到的——那其實是為了讓他們能出貨更多單位數量，這也反映在 2026 年與 2027 年強勁的伺服器成長上，並為 2028 年的時間框架打下良好基礎。

So I see healthy demand supply environment here going forward for the factors related to demand as well as for supply and that obviously bodes well for the industry pricing environment as well. And I'll just add here that our SCAs give us tremendous visibility with our customers. And we mentioned here that our customers are actually coming to us asking for more supply. SCA customers are asking for more supply. Non-SCA customers, I mean we are getting POs. I'll tell you that 2027, more than 75% of our output is already committed for 2027 and majority of discussions with our customers today are already around 2028.

所以我認為，從需求面與供給面相關因素來看，未來的供需環境都會維持健康，而這顯然也有利於產業的定價環境。我再補充一點，我們的 SCA（策略客戶協議）讓我們對客戶需求具有極高的能見度。我們也在此提到，客戶實際上正來找我們要求更多供應。SCA 客戶正在要求更多供應。非 SCA 客戶方面，我們也收到採購訂單（PO）。我可以告訴你，2027 年我們超過 75% 的產出已經承諾（committed）出去，而我們今天與客戶的大多數討論已經是在談 2028 年。

So overall, the industry demand supply environment and the outlook is in a very healthy place here and we do not have in this strong demand environment, we do not have line of sight to when supply and demand will get in balance. And customers (inaudible) assurance now even beyond 2030 time frame, I mean, we mentioned that we concluded some extensions to our SCAs as well as the 2031 time frame as well as new SCAs for extending out to 2031 time frame.

總體而言，產業供需環境與展望都處於非常健康的位置；在這樣強勁的需求環境下，我們看不到供需何時會達到平衡的明確能見度。而客戶現在（聽不清）甚至希望在 2030 年之後的時間框架也能獲得供應保證；我們也提到，我們已完成部分 SCA 的延長，延伸到 2031 年的時間框架，同時也簽訂了新的 SCA，將合作延伸至 2031 年。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, thanks for taking my question. Sanjay, there's been talk of wave one large customer de-specing HBL. I'm kind of curious what your view on that is and also implications given the fact that HBM has higher trade ratio, if those wafers get reallocated to DDR, would that increase DDR supply quite a bit? And then I had a follow-up.

嗨，謝謝讓我提問。Sanjay，市場上一直在談第一波（wave one）的大型客戶在降低 HBL 的規格（de-spec）。我想了解你對此的看法，以及考量到 HBM 的 trade ratio 較高，如果那些晶圓被重新分配到 DDR，是否會使 DDR 供給大幅增加？另外我還有一個追問。

So as you mentioned, we actually see the overall HBM supply, I mean HBM demand outpacing the industry demand in '27 as well as in '28, and we continue to see tight memory conditions in both '27 and '28 time frame. And the latent nature of need for more memory in the applications continues to be strong because AI platforms in order to deliver their maximum capabilities and potential just need more and faster memory to again address the growing context, concurrency and of course the larger model sizes as well.

如你所提，我們確實看到整體 HBM 供給——我是說 HBM 需求——在 2027 年以及 2028 年都會超過產業供給，而我們也持續看到在 2027 與 2028 年期間記憶體供給仍然緊俏。而在各種應用中，對更多記憶體的潛在需求（latent nature of need）仍然非常強，因為 AI 平台若要發揮其最大能力與潛力，就需要更多且更快的記憶體，以因應不斷成長的上下文、並行度，當然也包括更大的模型規模。

So overall, the demand trends are in a very strong place and then customers make optimizations, they make these optimizations mainly to be able to ship more units to drive their own more growth as well as to address the end market opportunity of growing scaling up AI and these optimizations, when they occur, they do not take away from the latent nature of need for more memory in the systems and these optimizations also have diminishing return for any further optimizations.

因此整體需求趨勢處於非常強勁的位置；客戶會做一些最佳化，而這些最佳化主要是為了能出貨更多單位數量，以推動他們自身的成長，同時也為了掌握終端市場擴大 AI 規模化（scaling up AI）的機會。當這些最佳化發生時，並不會消除系統中對更多記憶體的潛在需求本質，而且這些最佳化在進一步最佳化方面也會出現報酬遞減。

And if you contrast optimizations with actually the secular demand and the value proposition of memory in the platforms, you will see that the overall demand trend continues to be very healthy for memory and storage. And again, we see '27 and '28 tighter than '26. And HBM continues to grow faster than conventional DRAM through 2028.

如果你把這些最佳化與記憶體在平台中的長期結構性需求（secular demand）以及價值主張做對比，你會看到記憶體與儲存的整體需求趨勢仍然非常健康。而且再次強調，我們看到 2027 與 2028 年會比 2026 年更緊俏。並且直到 2028 年，HBM 的成長速度仍將快於傳統 DRAM。

Got it. Thanks for that, Sanjay. And Mark, just a quick follow-up. I know clearly like FY27 CapEx higher than $50 billion and looks like your free cash flow is going to be over $100 billion and higher growth rate in construction CapEx, this is equipment. I'm just wondering, is it because you are constrained in getting semi-equipment next year or is it not an issue? I'm just trying to wonder if there is a natural cap on CapEx next year because you're constrained in securing the equipment?

了解。謝謝你的說明，Sanjay。Mark，我再快速追問一下。我知道很明顯 FY27 的資本支出（CapEx）會高於 500 億美元，而且看起來你們的自由現金流會超過 1,000 億美元；另外建設類 CapEx 的成長率更高，這部分是設備。我想問的是，這是因為你們明年在取得半導體設備方面受限，還是其實不是問題？我只是想了解，明年的 CapEx 是否因為設備取得受限而存在自然上限？

Krish, it's related to just the, strong supply-demand imbalance that we have and the lead time it takes to get greenfield capacity in place. So that we talked through many fabs that we're building out and coming ID1, ID2, Japan, Singapore, Tongluo. And so and we've got now the visibility through these strategic customer agreements to build out this greenfield capacity and then we will equip those fabs as appropriate given our most current views on demand.

Krish，這主要與我們目前面臨的強烈供需失衡，以及建立綠地（greenfield）產能所需的交期有關。因此我們談到正在擴建的多座晶圓廠，包括 ID1、ID2、日本、新加坡、銅鑼。而且我們現在透過這些策略客戶協議獲得了能見度，得以建置這些綠地產能；接著我們會依據對需求的最新判斷，適時為這些廠區配置設備。

Thanks a lot, Mark. Very helpful.

非常感謝你，Mark。非常有幫助。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

Hey, good afternoon. Thanks for taking my question. Last earnings with 16 SEAs secured, your view was the potential for 50% plus kind of SCA coverage on forward revenues given the pipeline of SCAs signed and under negotiation.

嗨，下午好。感謝讓我提問。上次財報在已簽下 16 份 SEA 的情況下，你的看法是，考量已簽署及正在洽談中的 SCA 管線，未來營收的 SCA 覆蓋率有機會達到 50% 以上。

Fast forward to this quarter, 26 SCAs now secured on the coverage. And you and your customers have an updated industry view that is even further supply constrained in calendar '27 and calendar '28. So what do you think your forward revenue coverage will be if all of your current SCA negotiations are completed?

快轉到本季，目前已簽下 26 份 SCA 作為覆蓋。而你與客戶對產業的最新看法是，在 2027 年與 2028 年（曆年）供給限制更為嚴峻。所以，如果你們目前所有的 SCA 洽談都完成，你認為你們的未來營收覆蓋率會是多少？

I think, Sanjay, you said 70% of revenue is covered in fiscal '27 by customer commits, including SCAs. But, could the team actually see 60%, 70% SCA coverage on forward revenues over the next few years when all of your negotiations are completed?

我想，Sanjay，你提到 2027 會計年度有 70% 的營收已由客戶承諾（包含 SCA）所覆蓋。不過，當你們所有洽談都完成後，團隊是否可能在未來幾年看到未來營收有 60%、70% 的 SCA 覆蓋率？

So regarding my comment on '27, that more than 75% of our output is already committed. As I had said, that is, of course, between the SCA customers as well as non-SCA customers. Keep in mind that we have certain large customers where we, of course, are doing business with them on annual basis as well. So that volume coverage comment, I just wanted to clarify, it is across our customer base, SCAs as well as non-SCAs. And given the strong demand trends, we are getting purchase orders for 2027 from non-SCA customers as well early on here.

關於我對 2027 年的評論，也就是我們超過 75% 的產出已經被承諾。如我所說，這當然涵蓋 SCA 客戶以及非 SCA 客戶。請記得，我們有一些大型客戶，我們當然也會以年度為基礎與他們進行業務往來。所以我想澄清一下，那個「量的覆蓋」的評論，是涵蓋我們整體客戶基礎，包含 SCA 與非 SCA。而且在需求趨勢強勁之下，我們也很早就開始收到非 SCA 客戶針對 2027 年的採購訂單。

And regarding your question on where could SCAs ultimately reach to, so that basically is still around 50% of our revenue through the 2030 time frame that we had previously commented on, that comment still remains about the same. That we could reach around 50% of our revenue to be covered by SCA. Of course, that could be less too depending upon the revenue of all the rest of the business, right?

至於你問 SCA 最終可能達到什麼程度，基本上仍然大約是到 2030 年這段期間，我們約 50% 的營收會由 SCA 覆蓋，這是我們先前提過的看法，目前仍大致相同。也就是我們可能達到約 50% 的營收由 SCA 覆蓋。當然，這個比例也可能更低，取決於其他所有業務的營收表現，對吧？

But overall, that objective remains by and large the same. And of course, we are always managing the mix of the business, it is important for us to be able to maintain flexibility in terms of managing our supply across our customer base across the end market segments, across new customers too that may be evolving over the course of the next few years, particularly given the dynamic nature of our industry, the tremendous amount of innovation that's just happening across the Board.

但整體而言，這個目標大致維持不變。當然，我們也一直在管理業務組合；對我們而言，能夠維持彈性很重要，以便在我們的客戶基礎、終端市場區隔，以及未來幾年可能逐步浮現的新客戶之間，管理我們的供應配置，特別是在產業動態快速變化、且各方面都有大量創新正在發生的情況下。

We want to be in a position to basically remain in that position. So basically, I think we are really making very good progress in this regard and the benefit of SCA is to give us visibility into the demand out there in the future. It really helps us plan our investments and that really is a fundamental change to the nature of this industry when you think about it, that it helps us manage our investments, manage our supply expectations with a long lead time, long time horizon, that is really good for the health of the industry versus the past when you would experience more volatility in our industry.

我們希望能夠基本上維持在那樣的位置。所以我認為我們在這方面確實取得了非常好的進展，而 SCA 的好處在於讓我們能看見未來的需求。它確實有助於我們規劃投資；從產業本質來看，這是一個根本性的改變——它讓我們能以較長的前置期、較長的時間視野來管理投資、管理供應預期，這對產業健康度非常有利；相較之下，過去你會在我們的產業中經歷更大的波動。

I appreciate that. And then on the NAND side of the business, relative to your competitors in the Micron teams, I think total bit supply share puts you of in that number 4, number 5 sort of global market share regime right yet, the team continues to drive this very strong like number 2 market leadership position in data center and enterprise SSD, strong performance differentiation is required here, right? It's not just.

了解，謝謝。接著談 NAND 業務，相較於你們在 Micron 的競爭對手團隊，我想以總位元供給份額來看，你們大概是在全球市占第 4、第 5 的區間；但團隊仍持續在資料中心與企業級 SSD 維持非常強的、類似第 2 名的市場領導地位，而這裡需要很強的效能差異化，對吧？不只是。

You've got this great base G9 technology, but it's also the controller technology firmware customization. You're also a part of the NVIDIA SCADA initiative for direct GPU access to storage. And it seems like more and more of the inferencing related KV cache functionality is being offloaded to storage, right? And so with the expansion of memory tiering to include more and more flash based architectures, like has that changed the team's view on your R&D and CapEx investments in your NAND franchise?

你們有很好的 G9 基礎技術，但也包括控制器技術與韌體客製化。你們也是 NVIDIA SCADA 計畫的一部分，用於 GPU 直接存取儲存。而且看起來越來越多與推論相關的 KV cache 功能正在被卸載到儲存端，對吧？因此，隨著記憶體分層（memory tiering）擴展，納入越來越多以快閃為基礎的架構，這是否改變了團隊對 NAND 事業在研發與資本支出（CapEx）投資上的看法？

So certainly, as you noted, the memory hierarchy from HBM to DRAM to SSD, I mean, it continues to be leveraged as context windows grow and as AI advances. And we are very pleased with our product portfolio position. And as we noted, I mean, our portfolio is in the best position ever in the industry, particularly to capture these huge growing market opportunities with AI.

確實，如你所指出，從 HBM 到 DRAM 再到 SSD 的記憶體階層，隨著上下文視窗變大以及 AI 持續演進，仍在被更充分地運用。我們對自身的產品組合定位非常滿意。而且如我們所提，我們的產品組合目前處於產業史上最佳的位置，特別是為了掌握 AI 帶來的龐大且快速成長的市場機會。

And of course, very proud of our team's strong execution on the side of SSD, which is critical for data center SSDs, which are absolutely critical in the memory hierarchy that is needed to drive the growth of AI. Then you are seeing the results of that five consecutive years now of share growth in the data center market, our revenue reaching $10 billion in fiscal Q4 for data center SSD becoming two-thirds of our total NAND revenue.

當然，我們也非常以團隊在 SSD 方面的強勁執行力為傲；這對資料中心 SSD 至關重要，而資料中心 SSD 在推動 AI 成長所需的記憶體階層中也絕對關鍵。因此你也看到成果：我們在資料中心市場已連續五年市占成長，我們在 會計年度第四季資料中心 SSD 的營收達到 100 億美元，且資料中心 SSD 已成為我們 NAND 總營收的三分之二。

So we are, of course, continuing to invest in R&D related to the products as well as making the investments on the manufacturing side. Our investments related to NAND as part of our overall CapEx certainly are increasing as well. And as we have talked about the next fab for NAND that we are also building in Singapore, which is currently on track for late calendar 2028 time frame.

所以我們當然會持續在產品相關的研發上投資，也會在製造端進行投資。我們在 NAND 相關的投資，作為整體資本支出的一部分，確實也在增加。而且如我們所談到的，我們也正在新加坡興建下一座 NAND 晶圓廠，目前進度符合預期，目標時程為曆年 2028 年底左右。

And our CapEx is supporting our G9, NAND tech transition, of course driving toward equipment productivity optimization, NAND R&D and other aspects of our Singapore operations as well.

我們的資本支出也在支持 G9 NAND 技術轉換，當然也包括推動設備生產力最佳化、NAND 研發，以及新加坡營運的其他面向。

Thank you, Sanjay

謝謝你，Sanjay

This concludes the Q&A session and today's call. Thank you for attending. You may now disconnect.

問答環節與今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。