MaxLinear, Inc. (MXL) 2026 Q3 法說會逐字稿

Greetings, and welcome to the MaxLinear Q3 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 MaxLinear 2026 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Leslie Green of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：投資人關係部的 Leslie Green。謝謝。您可以開始了。

Thank you, Shamali. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's third quarter 2026 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take your questions.

謝謝你，Shamali。各位下午好，感謝各位參加今天的電話會議，一同討論 MaxLinear 2026 年第三季財務結果。今天的會議由 MaxLinear 執行長 Kishore Seendripu 博士，以及財務長兼企業策略長 Steve Litchfield 主持。在我們的準備發言之後，將開放提問。

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements regarding our guidance for the fourth quarter of 2026, including revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, GAAP and non-GAAP interest and other expense, GAAP and non-GAAP income taxes and GAAP and non-GAAP diluted share count.

我們今天的評論包含適用證券法所定義的前瞻性陳述，包括關於我們對 2026 年第四季的財測指引之陳述，涵蓋營收、GAAP 與非 GAAP 毛利率、GAAP 與非 GAAP 營業費用、GAAP 與非 GAAP 利息及其他費用、GAAP 與非 GAAP 所得稅，以及 GAAP 與非 GAAP 稀釋後股數。

In addition, we will make forward-looking statements relating to trends, opportunities, execution of our business plan and potential growth and uncertainties in various product and geographic markets, including, without limitation, statements concerning the future financial and operating results, opportunities for revenue and market share -- market share gains across our target markets, new products, including the timing of production and launches of such products, demand for the adoption of certain technologies and our total addressable market.

此外，我們也將就趨勢、機會、我們商業計畫的執行，以及在各產品與地理市場中的潛在成長與不確定性發表前瞻性陳述；其中包括但不限於：未來財務與營運結果、營收與市占機會——在我們目標市場中的市占提升、新產品（包括此類產品的量產與上市時程）、特定技術採用需求，以及我們的可服務總市場（TAM）。

These forward-looking statements involve substantial risks and uncertainties, including risks outlined in the Risk Factors section of our recent SEC filings, including our most recent annual report on Form 10-K and our Form 10-Q for the quarter ended September 30, 2026, which we filed today.

這些前瞻性陳述涉及重大風險與不確定性，包括我們近期向美國證券交易委員會（SEC）提交文件之「風險因素」章節所列風險；其中包括我們最新的 Form 10-K 年度報告，以及截至 2026 年 9 月 30 日止季度的 Form 10-Q（我們已於今日提交）。

Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements. The third quarter 2026 earnings release is available in the Investor Relations section of our website at maxlinear.com.

任何前瞻性陳述均以今日為準，MaxLinear 無義務更新或修訂任何前瞻性陳述。2026 年第三季財報新聞稿可於我們網站 maxlinear.com 的投資人關係專區取得。

In addition, we report certain historical financial metrics, including, but not limited to, gross margin, income or loss from operations, operating expenses, interest and other expense and income tax on both the GAAP and non-GAAP basis.

此外，我們也以 GAAP 與非 GAAP 基礎揭露若干歷史財務指標，包括但不限於毛利率、營業利益或損失、營業費用、利息及其他費用，以及所得稅。

We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations and the press release available on our website.

我們鼓勵投資人查閱我們 GAAP 與非 GAAP 呈現方式的詳細調節表，以及網站上提供的新聞稿。

We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future changes, including stock-based compensation and its related tax effects as well as potential impairments.

由於我們在預測某些未來變動（包括以股份為基礎之酬勞及其相關稅務影響，以及潛在減損）方面存在固有不確定性，因此我們不提供未來期間非 GAAP 指引的調節表。

Non-GAAP financial measures discussed today are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. We are providing this information because management believes it is useful to investors as it reflects how management measures our business. Lastly, this call is also being webcast, and the replay will be available on our website for two weeks.

今日討論的非 GAAP 財務衡量指標不應被孤立看待，亦不應作為可比較 GAAP 財務衡量指標的替代。我們提供此資訊，是因管理階層認為其對投資人有用，因為它反映管理階層衡量我們業務的方式。最後，本次電話會議亦同步網路直播，重播將於我們網站提供兩週。

And now let me turn the call over to Kishore Seendripu, CEO of MaxLinear. Kishore?

接下來我把電話交給 MaxLinear 執行長 Kishore Seendripu。Kishore？

Thank you, Leslie, and good afternoon, everyone. As the ongoing AI infrastructure build-out momentum continues and as AI data center clusters continue to scale to unprecedented size and bandwidth requirements, we believe MaxLinear is emerging as a key enabler of next-generation connectivity technologies.

謝謝你，Leslie，各位下午好。隨著 AI 基礎設施建置動能持續，以及 AI 資料中心叢集規模擴張至前所未有的尺寸與頻寬需求，我們相信 MaxLinear 正逐步成為下一代連線技術的關鍵推動者。

Demand for our optical data center connectivity and infrastructure solutions continues to strengthen, and we believe MaxLinear is in the early innings of a multiyear AI-driven growth cycle. Against this backdrop, our AI data center business continues to outperform our expectations.

市場對我們光學資料中心連線與基礎設施解決方案的需求持續增強，我們相信 MaxLinear 正處於一個由 AI 驅動、為期多年的成長週期的早期階段。在此背景下，我們的 AI 資料中心業務持續優於我們的預期。

In Q3, overall revenue grew 72% year-on-year, driven by accelerating adoption of our optical PAM4 products, expanding customer engagements and strong execution across our infrastructure portfolio.

第三季整體營收年增 72%，主要受惠於我們光學 PAM4 產品採用加速、客戶互動擴大，以及我們基礎設施產品組合的強勁執行。

Infrastructure as a category grew 210% year-on-year and which is now larger than the rest of our revenue categories combined. Reflecting this momentum, we are raising our 2026 optical data center revenue outlook to $250 million to $270 million.

基礎設施作為一個類別年增 210%，目前其規模已大於我們其他所有營收類別的總和。反映此一動能，我們將 2026 年光學資料中心營收展望上調至 2.5 億至 2.7 億美元。

With strong visibility in bookings extending beyond 2027, we expect another significant step-up in revenue next year.

在訂單能見度強勁、延伸至 2027 年之後的情況下，我們預期明年營收將再出現一次顯著的躍升。

Keystone, our 5-nanometer CMOS 100 gigabit per lane PAM4 SerDes family continues to ramp rapidly in high-volume production across multiple hyperscalers. Its industry-leading power efficiency and performance position MaxLinear at the center of today's 800-gig optical infrastructure deployments.

Keystone——我們採用 5 奈米 CMOS、每通道 100Gb 的 PAM4 SerDes 產品家族——持續在多家超大規模客戶中快速提升至高量產。其業界領先的功耗效率與效能，使 MaxLinear 站在當前 800G 光學基礎設施部署的核心位置。

Looking ahead, we are seeing accelerating customer activity around Rushmore-based 200 gigabit per lane PAM4, 1.6 terabit architectures where qualification programs are advancing toward expected production deployments in 2027.

展望未來，我們看到客戶對基於 Rushmore 的每通道 200Gb PAM4、1.6Tb 架構的活動正在加速，相關認證計畫正朝向預期於 2027 年的量產部署推進。

Rushmore is building on Keystone's foundational success and is also expected to become a major multiyear growth driver.

Rushmore 建立在 Keystone 的基礎性成功之上，亦預期將成為一個主要的多年期成長驅動因素。

Big Sky, our family of next-generation 400 gigabit per lane 3.2 terabit optical and electrical PAM4 interconnect technologies will further catalyze growth as network -- as data center network speeds continue to accelerate beyond 200 gigabit per lane.

Big Sky——我們下一代每通道 400Gb、3.2Tb 的光學與電性 PAM4 互連技術家族——將在資料中心網路速度持續加速、超越每通道 200Gb 之際，進一步催化成長。

Beyond PAM4 SerDes optics, we continue to broaden our AI infrastructure footprint across optical and electrical interconnects, retimers, control plane connectivity, telemetry and power management.

除了 PAM4 SerDes 光學產品之外，我們也持續在光學與電性互連、重定時器（retimers）、控制平面連線、遙測（telemetry）與電源管理等領域，擴大我們在 AI 基礎設施中的布局。

This strong expansion of content inside the AI data center stack positions MaxLinear to participate across multiple layers of future AI data center architectures.

我們在 AI 資料中心堆疊內部內容的強勁擴張，使 MaxLinear 能夠在未來 AI 資料中心架構的多個層級中參與。

Already, Annapurna, our 1.6 terabit electrical interconnects product family, addresses 1.6 terabit active electrical cable and onboard retimer applications for AI scale-up.

目前，Annapurna——我們 1.6Tb 電性互連產品家族——可滿足 AI scale-up 所需的 1.6Tb 主動式電纜（AEC）與板上重定時器應用。

Washington, our 200 gigabit per lane TIA platform not only supports PAM4 DSP-based optics, but also non-DSP-based linear pluggable optics consisting of LRO, LPO, NPO and CPO solutions. We expect initial Washington and Annapurna revenues in 2027, followed by a stronger volume ramp in 2028.

Washington——我們每通道 200Gb 的 TIA 平台——不僅支援基於 PAM4 DSP 的光學方案，也支援非 DSP 的線性可插拔光學，包含 LRO、LPO、NPO 與 CPO 解決方案。我們預期 Washington 與 Annapurna 的初期營收將於 2027 年開始，並在 2028 年迎來更強勁的放量爬坡。

We are also excited about our AI RackCommander portfolio, consisting of USB, PCIe, UART connectivity bridges used for telemetry, power management and protection solutions for rack scale AI infrastructure. RackCommander expands our role beyond data movement and into the control plane of the AI data center.

我們也對 AI RackCommander 產品組合感到振奮，其包含用於遙測、電源管理與保護解決方案的 USB、PCIe、UART 連線橋接器，服務於機架級 AI 基礎設施。RackCommander 讓我們的角色從資料傳輸延伸至 AI 資料中心的控制平面。

Customers require advanced telemetry monitoring, connectivity and power control capabilities to maximize performance and efficiency, which is critical for infrastructure management. We believe this represents a significant long-term growth opportunity while expanding our strategic footprint.

客戶需要先進的遙測監控、連線與電源控制能力，以最大化效能與效率，而這對基礎設施管理至關重要。我們相信這代表一項重要的長期成長機會，同時也擴大我們的策略性布局。

Additionally, our XGS-PON hyperscale data center design win, which serves as the control plane connectivity network across multiple data centers, has completed qualification.

此外，我們的 XGS-PON 超大規模資料中心設計案（design win）已完成認證；該方案作為跨多個資料中心的控制平面連線網路。

Supported by secured backlog, we expect first deployments of this inter-data center control plane solution to start in 2027. Separately, Panther, our storage accelerator platform, continues to gain momentum as customers seek more efficient AI infrastructure.

在已確保的積壓訂單（backlog）支持下，我們預期此一跨資料中心控制平面解決方案的首次部署將於 2027 年開始。另外，Panther——我們的儲存加速器平台——隨著客戶尋求更高效率的 AI 基礎設施，持續累積動能。

By significantly increasing effective storage utilization and unlocking KV cache capacity for agentic AI applications, Panther enables customers to support larger AI inference workloads without increasing storage infrastructure spending.

透過大幅提升有效儲存使用率，並為代理式（agentic）AI 應用釋放 KV cache 容量，Panther 使客戶能在不增加儲存基礎設施支出的情況下，支援更大的 AI 推論工作負載。

We expect Panther revenue to roughly double this year with potential for another meaningful increase in 2027.

我們預期 Panther 今年營收約將倍增，並在 2027 年有機會再出現另一波顯著成長。

While AI data center remains our primary growth driver, we expect edge AI-driven upgrades to also drive growth in '27 and '28 for our wireless infrastructure and broadband access and connectivity solutions.

雖然 AI 資料中心仍是我們主要的成長驅動力，但我們預期由邊緣 AI 驅動的升級，也將在 2027 與 2028 年帶動我們無線基礎設施，以及寬頻接取與連線解決方案的成長。

These include Sierra single-chip 5G RAN remote radio unit solution, our millimeter wave and microwave backhaul RF and modem SoCs and XGS-PON fiber broadband home gateways.

這些包括 Sierra 單晶片 5G RAN 遠端無線電單元（RRU）解決方案、我們的毫米波與微波回傳（backhaul）RF 與數據機 SoC，以及 XGS-PON 光纖寬頻家用閘道器。

Both broadband and connectivity categories delivered sequential revenue growth in Q3, driven by large-scale deployments of fiber PON and Wi-Fi 7 gateways at major Tier 1 service providers in North America and Europe.

寬頻與連線兩大類別在第三季皆呈現季增，主要受北美與歐洲主要一級（Tier 1）服務供應商大規模部署光纖 PON 與 Wi‑Fi 7 閘道器所帶動。

In closing, accelerating hyperscale deployments, increasing optical connectivity content, new product ramps and broader participation across the AI infrastructure stack, give us confidence that MaxLinear is still in the early stages of a significant growth cycle.

最後，超大規模部署加速、光學互連內容量提升、新產品放量，以及在 AI 基礎設施堆疊中更廣泛的參與，讓我們有信心 MaxLinear 仍處於一個顯著成長週期的早期階段。

Our strategy is focused on strengthening our leadership in high-speed data center connectivity, expanding into adjacent infrastructure markets and increasing our content share and strategic relevance with hyperscale customers.

我們的策略聚焦於強化我們在高速資料中心連接領域的領導地位，擴展至相鄰的基礎設施市場，並提升我們在超大規模客戶中的內容占比與策略相關性。

With strong customer momentum, great backlog visibility and a differentiated technology portfolio, we believe MaxLinear is well positioned to deliver sustained growth and long-term shareholder value.

憑藉強勁的客戶動能、良好的訂單能見度，以及差異化的技術組合，我們相信 MaxLinear 已具備條件實現持續成長並為股東創造長期價值。

With that, let me turn the call over to Steve Litchfield, our Chief Financial Officer and Chief Corporate Strategy Officer. Steve?

接下來，我把電話交給我們的財務長暨企業策略長 Steve Litchfield。Steve？

Thanks, Kishore. Total revenue for the third quarter was $218.1 million, up 29% from $168.8 million in the previous quarter and up 72% from $126.5 million in the third quarter of 2025. Infrastructure revenue for the third quarter of '26 grew to approximately $125 million. Broadband revenue grew to approximately $53 million. Connectivity revenue was approximately $25 million.

謝謝你，Kishore。第三季總營收為 2.181 億美元，較上一季的 1.688 億美元成長 29%，較 2025 年第三季的 1.265 億美元成長 72%。2026 年第三季基礎設施營收成長至約 1.25 億美元。寬頻營收成長至約 5,300 萬美元。連接（Connectivity）營收約 2,500 萬美元。

Our industrial and multimarket revenue was approximately $15 million. GAAP and non-GAAP gross margin for the third quarter were 58.7% and 60% of revenue.

我們的工業與多元市場營收約 1,500 萬美元。第三季 GAAP 與非 GAAP 毛利率分別為營收的 58.7% 與 60%。

The delta between GAAP and non-GAAP gross margin in the third quarter was primarily driven by $2.5 million of acquisition-related intangible asset amortization.

第三季 GAAP 與非 GAAP 毛利率之間的差異，主要來自 250 萬美元的併購相關無形資產攤銷。

Third quarter GAAP operating expenses were $97.8 million and non-GAAP operating expenses were $66.5 million.

第三季 GAAP 營業費用為 9,780 萬美元，非 GAAP 營業費用為 6,650 萬美元。

The delta between GAAP and non-GAAP operating expenses were primarily due to stock-based compensation and performance-based equity accruals of $28.8 million combined and acquisition-related costs and other costs of $2.3 million.

GAAP 與非 GAAP 營業費用之間的差異，主要來自合計 2,880 萬美元的股票基礎薪酬與績效型股權提列，以及 230 萬美元的併購相關成本與其他成本。

With the strong growth in our business, coupled with continued spending discipline, we have delivered significant improvement in our GAAP and non-GAAP operating margin over the past 12 months.

在業務強勁成長、並持續維持支出紀律的帶動下，過去 12 個月我們的 GAAP 與非 GAAP 營業利潤率已顯著改善。

GAAP operating margin for Q3 2026 was 13.9% and non-GAAP operating margin in Q3 was 29.5% of net revenue. GAAP and non-GAAP interest and other expense during the quarter was $2.1 million and $2 million. GAAP diluted EPS for Q3 2026 was $0.30 per share. Non-GAAP diluted EPS was $0.62 per share.

2026 年第三季 GAAP 營業利潤率為 13.9%，第三季非 GAAP 營業利潤率為淨營收的 29.5%。本季 GAAP 與非 GAAP 利息及其他費用分別為 210 萬美元與 200 萬美元。2026 年第三季 GAAP 稀釋後每股盈餘為每股 0.30 美元。非 GAAP 稀釋後每股盈餘為每股 0.62 美元。

In Q3, net cash flow was used in operating activities was approximately $13.6 million. We exited Q3 of 2026 with approximately $109.9 million in cash, cash equivalents and restricted cash.

第三季營運活動使用的淨現金流約為 1,360 萬美元。2026 年第三季末，我們持有約 1.099 億美元的現金、約當現金及受限制現金。

This included a substantial prepayment for wafers supporting rising demand for our data center products for which we have committed order backlog throughout 2027.

其中包含一筆可觀的晶圓預付款，用以支援資料中心產品需求上升；我們對此已承諾的訂單積壓（backlog）一路延伸至 2027 年。

Our day sales outstanding in Q3 was approximately 31 days versus 28 days in the previous quarter. Our days of inventory was down in the quarter from 123 days to 111 days.

第三季應收帳款週轉天數約 31 天，上一季為 28 天。本季庫存天數由 123 天降至 111 天。

Finally, today, we announced that we have amended our existing credit agreement to increase the amounts available under the revolving credit facility by $70 million to $200 million.

最後，我們今天宣布已修訂現有的信貸協議，將循環信用額度可用金額增加 7,000 萬美元至 2 億美元。

With this facility, our total available liquidity has much improved, giving us additional flexibility to address further customer demand and other growth opportunities.

透過這項額度，我們的總可用流動性已大幅改善，讓我們在因應進一步的客戶需求及其他成長機會方面更具彈性。

This concludes the discussion for our Q3 financial results. With that, let's turn to our guidance for Q4 of 2026. We currently expect revenue in the fourth quarter of 2026 to be between $240 million and $260 million.

以上為我們 2026 年第三季財務結果的說明。接下來，讓我們談談 2026 年第四季的財測指引。我們目前預期 2026 年第四季營收介於 2.40 億至 2.60 億美元之間。

Looking at Q4 by end market, we expect strong growth in infrastructure driven by data center optical interconnects.

以終端市場來看第四季，我們預期在資料中心光學互連的帶動下，基礎設施將強勁成長。

We expect broadband and connectivity end markets to be down seasonally, while industrial multi-market end market is expected to be up. We expect fourth quarter GAAP gross margin to be approximately 58% to 61% and non-GAAP gross margin to be in the range of 59% and 62% of revenue.

我們預期寬頻與連接終端市場將呈現季節性下滑，而工業多元市場終端市場預期將上升。我們預期第四季 GAAP 毛利率約為 58% 至 61%，非 GAAP 毛利率約為營收的 59% 至 62%。

We expect Q4 2026 GAAP operating expenses to be in the range of $96 million to $101 million. We expect Q4 2026 non-GAAP operating expenses to be in the range of $65 million to $70 million.

我們預期 2026 年第四季 GAAP 營業費用介於 9,600 萬至 1.01 億美元。我們預期 2026 年第四季非 GAAP 營業費用介於 6,500 萬至 7,000 萬美元。

We expect both our Q4 GAAP and non-GAAP interest and other expense to be in the range of approximately $3.5 million to $4.3 million. We expect a 1.3 -- I'm sorry, $1.5 million tax benefit on a GAAP basis and non-GAAP tax provision of approximately $1.5 million.

我們預期第四季 GAAP 與非 GAAP 的利息及其他費用皆約介於 350 萬至 430 萬美元。我們預期 GAAP 基礎下有 130 萬——抱歉，是 150 萬美元的稅務利益（tax benefit），以及非 GAAP 稅費提列約 150 萬美元。

We expect our Q4 GAAP and non-GAAP diluted share count to be approximately 99.7 million each. In summary, our quarterly performance highlights the continued strength of our optical product portfolio and the accelerating momentum across several growth drivers within our infrastructure business.

我們預期第四季 GAAP 與非 GAAP 稀釋後股數各約為 9,970 萬股。總結而言，我們的季度表現凸顯了光學產品組合的持續強勁，以及基礎設施業務中多項成長驅動因素動能加速。

The progress and innovation we have achieved in this area have been transformative, and we believe we remain in the early innings of a multiyear growth cycle marked by expanding revenue and increasing operating leverage.

我們在此領域取得的進展與創新具有轉型意義；我們相信我們仍處於一個多年成長週期的早期階段，其特徵是營收擴張與營運槓桿提升。

We're excited about the opportunities ahead and remain confident in our ability to deliver sustainable long-term value for shareholders.

我們對未來的機會感到振奮，並對我們為股東創造可持續的長期價值之能力保持信心。

With that, I'd like to open up the call for questions. Operator?

接下來，我想開放提問。接線員？

(Operator Instructions) Tori Svanberg, Stifel.

(接線員指示) Stifel 的 Tori Svanberg。

Thank you, Kishore, Steve, congrats on the strong results. I guess my first question is on the PAM4 DSP side. You upped the number there for calendar '26. I mean based on my rough math, I think that's now it will be running at about $100 million a quarter run rate. So as we think about '27, is $400 million plus a good number? And how should we think about the mix next year between 800 gig and 1.6T?

謝謝你們，Kishore、Steve，恭喜繳出強勁的成績。我第一個問題是關於 PAM4 DSP。你們上調了 2026 年曆年的數字。以我粗略估算，我認為目前大約相當於每季 1 億美元的年化（run rate）。那麼在看 2027 年時，4 億美元以上會是個合理的數字嗎？另外，明年 800G 與 1.6T 的組合應該如何看待？

Yeah. Tore, this is Steve. So I don't think we're planning to give guidance in the out year today. But certainly, I do believe you've seen us with some very strong growth coming from our optical DSP business. I think we're actually doing a really great job on the market share standpoint. And so I think as you look into 2027, you're starting to see the momentum pick up, and I would expect to see us outgrow the market in 2027.

是的。Tore，我是 Steve。我想我們今天不打算提供更遠期年度的指引。但可以確定的是，你們已看到我們的光學 DSP 業務帶來非常強勁的成長。我認為我們在市占率方面其實做得非常好。因此，當你看向 2027 年時，你會開始看到動能加速，我預期我們在 2027 年的成長將超越市場。

Very good. And then as far as customer diversification, I noticed you didn't have any 10% customers this quarter. And I had a question specifically on your optical DSP business. How should we think about the composition there by amount of customers, module makers, geography? Any color you could share with us on how diversified that business is becoming real time?

很好。接著關於客戶多元化，我注意到你們本季沒有任何單一客戶占比達 10%。我有一個特別針對你們光學 DSP 業務的問題。我們應該如何看待其客戶組成：客戶數量、模組廠、地理分布？你們能否分享一些資訊，說明這項業務在當下正如何變得更加分散、多元？

Thank you, Tore. I think when you go to the first order of diversification for us, it's really exciting that now we are transitioning from 800 gig fully established as a growth vehicle and market share gains.

謝謝你，Tore。我認為就我們而言，多元化的第一個層次是：我們正從 800G 已完全確立為成長引擎並持續取得市占提升的階段，進一步轉換。

And we are in strong qual cycles on 1.6 terabit or Rushmore products, along with -- not just only in optical products, but we have in the strong qual cycle on electrical products as well at the 1.6 terabit speeds.

同時，我們在 1.6Tbps（terabit）的 Rushmore 產品上正處於強勁的認證（qual）週期；而且不僅是光學產品，我們在 1.6Tbps 速率的電性產品上也同樣處於強勁的認證週期。

So that's the first layer of diversification, if you will. So we expect in the near term, Rushmore to start picking up revenue in 2027.

所以如果你願意的話，這就是第一層的多元化。因此我們預期在短期內，Rushmore 將在 2027 年開始帶來營收成長。

And if you look to '28 and '29, it's going to be a massive growth driver for us in addition to Keystone at 800 gig still growing for us as well. So that's the first order of diversification. The second part is that our revenues are quite broad-based. It's across all the major module makers. And we have a growing set of module makers are also engaged in 1.6 terabit beyond our 800-gig product lines.

而且如果你看向 '28 和 '29，除了 Keystone 以 800G 持續為我們帶來成長之外，那也將成為我們一個巨大的成長驅動力。所以這是多元化的第一個層面。第二個層面是，我們的營收來源相當廣泛。涵蓋所有主要的模組製造商。而且也有越來越多的模組製造商參與到 1.6Tbps，超越我們現有的 800G 產品線。

And the same applies on the data centers as well. Our penetration of geographically in Asia and the US is increasingly now -- the momentum on the design-in cycle is starting to shift towards 1.6 terabit. I think the US is in a more advanced phase of 1.6 terabit deployments.

資料中心端也是同樣的情況。我們在亞洲與美國的地理滲透率正在提高——設計導入（design-in）週期的動能如今開始轉向 1.6Tbps。我認為美國在 1.6Tbps 部署方面處於更成熟的階段。

We naturally expect the US to become an increasingly strong driver of our value proposition in the optical module space as well.

我們自然預期，美國也將在光學模組領域成為我們價值主張日益強勁的驅動力。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop Capital Markets。

Thanks, guys, for taking the question and congrats on the continued good progress. It's cool to see. I guess two, if I could, Kishore, just sort of sticking there on the hyperscaler diversification. And maybe just part of the clarification as well. How much -- you said in the past, 1.6T production ships is really a mid-'27 dynamic.

謝謝各位讓我提問，也恭喜你們持續取得良好進展。看到這樣的表現很棒。我想問兩點，如果可以的話，Kishore，我想延續一下超大規模客戶（hyperscaler）多元化的話題。也可能順便釐清一下。你之前提到，1.6T 的量產出貨其實是 '27 年中期才會發生的動態。

How much of the business between now and then in 800G, if any, is from US based hyperscalers? And it's just even anecdotal, and then I have a quick follow-up.

那在此之前到那個時間點之間，800G 的業務有多少（如果有的話）是來自美國本土的 hyperscaler？即便只是一些軼事性的說法也可以，然後我還有一個簡短的追問。

So Ananda, we have never broken down that revenue in that sort of -- we never do that. However, it's pretty broad-based. Suffice it to say, as 1.6 terabit revenues start ramping with initial revenues actually in early '27 and a stronger ramp in the second half, the US data centers will start becoming very important in both on a static snapshot basis and also from a trajectory basis.

Ananda，我們從未以那種方式拆分過營收——我們不會那樣做。不過，它確實相當分散、基礎很廣。可以這麼說：隨著 1.6Tbps 營收開始爬坡——初期營收其實會在 '27 年初出現，而在下半年會有更強勁的拉升——美國資料中心將開始變得非常重要，無論是以靜態的當下占比來看，或是以成長軌跡來看都是如此。

So because the US is the one that's going to adopt 1.6 terabit, a much earlier cycle than their Chinese counterparts, right? So I think that what we take extreme satisfaction and joy is that 1.6 terabit traction is quite across the board substantially.

因為美國會比中國同業更早進入 1.6Tbps 的採用週期，對吧？所以我們感到非常滿意、也很欣喜的是，1.6Tbps 的牽引力在各方面都相當廣泛且很扎實。

And the US data centers are just beginning to start ramping 1.6 terabit outside of an NVIDIA and a Google in that order, right?

而美國資料中心才剛開始在 NVIDIA 和 Google 之外（大致按這個順序）啟動 1.6Tbps 的放量。

So -- and our supply diversity across the various speed nodes, across 800 gig and 1.6 terabit on the supply lines, including the fabrication process, really puts us in a unique position where within our company, we're not competing across product lines for the same technology node. So in a sense, we should be able to win this race in terms of becoming a major provider in 1.6T.

另外，我們在不同速率節點的供應多元性——涵蓋 800G 與 1.6Tbps 的供應鏈路徑、包含製程（fabrication process）——讓我們處於一個獨特的位置：在公司內部，我們不需要在不同產品線之間為了同一個技術節點而互相競爭。因此從某種意義上說，我們應該能在成為 1.6T 主要供應商的競賽中勝出。

That's good context. I appreciate it. That's helpful. And then the quick follow-up is, you mentioned NPO, CPO. So is there a useful way for us to think about your SerDes participation in NPO, CPO, if even just kind of from like a paradigm approach, how involved do you expect to be?

這個背景很有幫助。我很感謝。這很有用。然後快速追問一下，你提到了 NPO、CPO。那我們是否有一個有用的方式來理解你們在 NPO、CPO 中的 SerDes 參與度？即便只是從一種範式（paradigm）的角度，你預期會參與到什麼程度？

In what ways do you expect to be involved? The question's been coming up and it will be kind of relevant 12 months from now.

你預期會以哪些方式參與？這個問題最近常被提起，而且大概在 12 個月後會變得更相關。

Okay. If you look forward, you see a future where all the alphabet POs will be in coexistence with the PAM4 SerDes-based optical pluggables, right?

好的。往前看，你會看到一個未來：所有這些字母縮寫的 PO 方案都會與基於 PAM4 SerDes 的可插拔光模組（optical pluggables）共存，對吧？

And we have seen that the shoreline density and power consumption scenarios will drive a certain volume of the speed connections into the optical-based what I call incarnations, right, be it an NPO or an LRO, right?

而我們也看到，前面板（shoreline）密度與功耗的情境，會把一定比例的高速連接推向我所稱的「光學化」形態（incarnations），不論是 NPO 或 LRO，對吧？

So if you look at the LRO, our DSP naturally lends itself into a full-blown participation. And we believe that in the US, LRO is a real option at the 200 gig per lane.

所以如果看 LRO，我們的 DSP 天然就適合全面參與。而且我們相信在美國，LRO 在每通道 200G 會是一個可行的選項。

And I believe it will be a major option in the 400 gig per lane as well. That's my particular view. And then if you look at CPO has gotten delayed because the challenge of the optics in a hybridized co-package configuration is a very huge problem.

我也相信它在每通道 400G 也會成為一個主要選項。這是我個人的看法。另外，如果看 CPO，它之所以延後，是因為在混合式共封裝（hybridized co-package）配置中，光學部分的挑戰非常巨大。

And therefore, I think NPO supplants what we were thinking about as CPO. NPO, the advantages of maintenance, modularity, diversity of suppliers for the product, as against being locked to the ASIC players on the switch side or the GPU side.

因此我認為 NPO 會取代我們原本對 CPO 的一些想像。NPO 的優勢在於可維護性、模組化、以及產品供應商的多樣性；相較之下，若採 CPO，會被鎖定在交換器端或 GPU 端的 ASIC 供應商上。

So I think it's a natural place where the ecosystem goes. So I think the NPO will be big. How big? I cannot speak. But I would say, on a snapshot basis in 2030, you should expect 60% to 70% pluggable, 20% NPO and 10% all various forms of it.

所以我認為這是生態系自然會走向的方向。因此我認為 NPO 會很大。會有多大？我無法評論。但我會說，以 2030 年某個時間點的快照來看，你應該預期 60% 到 70% 是可插拔，20% 是 NPO，10% 是各種其他形式。

That's my personal view, not a market view. But I think we'll be a major player in NPO and LROs, which will be the natural ideally suited for low-power applications versus an LPO in the future as the speeds increase.

這是我個人的看法，不是市場共識。但我認為我們會是 NPO 與 LRO 的主要玩家；隨著速度提升，相較於未來的 LPO，這些方案在低功耗應用上會是天然更理想的選擇。

That's great context.

這個背景很棒。

Cody Acree, StoneX Financial.

Cody Acree，StoneX Financial。

Hey, guys. Congrats on the progress. It's been a great performance. Kishore, maybe can you talk about your visibility into '27, if you're not going to talk yet about the scale of your optical ramp. Can you maybe just talk about your bookings or your lead time visibility for the next few quarters?

嗨，各位。恭喜你們的進展。表現非常出色。Kishore，如果你們還不打算談光學放量的規模，那你能否談談你們對 '27 年的能見度？你能否談談未來幾季的接單（bookings）或交期（lead time）能見度？

Steve, you want to take a shot at it?

Steve，你要不要回答一下？

Sure. Yes, Cody. Look, we have great visibility, as I'm sure you've heard from others in the industry. We're booking products throughout '27 into 2028. Lead times for optical product are 26, 28 weeks, but customers are certainly coming in and placing orders out much further than that, just kind of given they want a secure supply. You've seen a lot of our upsides that we've delivered, I think you'll continue to see more of that growth in '27.

當然。是的，Cody。你看，我們的能見度非常好，正如你可能也從產業其他公司那邊聽到的一樣。我們正在接 '27 年一路到 2028 年的訂單。光學產品的交期是 26 到 28 週，但客戶確實會把訂單下得更遠，主要是因為他們希望確保供應。你已經看到我們交出的許多上修（upsides），我認為你在 '27 年會持續看到更多成長。

And Steve, maybe just continuing with you, can you just bridge your next gross margin thoughts between mix, pricing, manufacturing costs and product transition over the next couple quarters?

Steve，那我接著問，你能否把接下來幾季你對毛利率的想法做個拆解？包括產品組合、定價、製造成本以及產品轉換等因素。

Yeah, sure. So gross margin, as you know, we've been making some nice progress, kind of moved up from 58%. We delivered on 60% this quarter, our guidance's at 60.5%.

好的，當然。毛利率方面，如你所知，我們取得了不錯的進展，從大約 58% 往上走。我們本季達到 60%，而我們的指引是 60.5%。

So I think we're really seeing some nice progress kind of despite some of the cost increases that we're seeing across our entire ecosystem here, I guess. Some of that we've been able to pass along to the customer and I think our cost structure is actually just very good. So as the mix continues toward more infrastructure products, I think you will see our gross margin continue to trend up.

所以我認為，即便我們在整個生態系中看到一些成本上升，我們仍然看到相當不錯的進展。其中一部分我們能夠轉嫁給客戶，而我認為我們的成本結構其實非常好。因此，隨著產品組合持續朝更多基礎設施類產品傾斜，我認為你會看到我們的毛利率持續走升。

Excellent. Thank you, guys. Congrats.

非常好。謝謝各位。恭喜。

Thanks, Cody.

謝謝你，Cody。

Christopher Rollan, Susquehanna.

Christopher Rollan，Susquehanna。

Hey, guys. Thank you for the question. Regarding DSP, last cycle, maybe the 400, 800 cycle, DSP was much more widely available. Transceivers had shorter lead times and people could wait for land, power, shell to be built before making what was kind of a last-minute order on optical.

各位好。謝謝你的提問。關於 DSP，上個週期，可能是 400、800 的週期，DSP 的供應更為普遍。收發器的交期較短，大家可以等到土地、電力、機房外殼建好之後，才在最後一刻下光學相關的訂單。

Do you guys view that as different now with longer lead times? And does this kind of perhaps create an effect where people are ordering ahead more significantly, perhaps even over ordering? They can't get their AI data center up without these transceivers.

你們現在是否認為情況不同了，因為交期變長？這是否可能造成一種效應：大家更大幅度地提前下單，甚至可能超額下單？沒有這些收發器，他們就無法把 AI 資料中心建起來。

So does this become perhaps the golden screw that people are willing to purchase more of than they might need just for the initial deployment?

所以，這會不會變成所謂的「黃金螺絲」，讓大家願意買比初期部署實際需要更多的量？

So Chris, I don't think so at all, not at all actually. And you have to keep this in mind that even in the supply chain, nobody's signing real long-term agreements.

所以 Chris，我完全不這麼認為，真的一點也不。而且你得記住，即便在供應鏈裡，也沒有人在簽真正的長期合約。

So you have strict discipline on lead time. There's a lot of manufacturing shortage. So it is really naturally organizing the entire supply chain into very disciplined on you'll only get what you need now sort of behavior.

所以在交期上有嚴格的紀律。製造端短缺很多。因此它其實是在自然地把整個供應鏈組織成非常有紀律的狀態：你現在只會拿到你現在需要的量，形成這種行為模式。

So I don't think there's any double ordering. And then you get back to our DSP world. We are the only pure-play DSP provider on the optical pluggable.

所以我不認為有任何重複下單。再回到我們的 DSP 領域。在光學可插拔（optical pluggable）方面，我們是唯一的純 DSP 供應商。

Wafer capacities are allocated by companies, by the major foundry. And if you are in 5-nanometer, for example, you're welcome to choose how you distribute your silicon between switch pluggables, GPUs, TPUs and so on, so forth, right?

晶圓產能是由各家公司、由主要晶圓代工廠來分配的。例如你在 5 奈米，你可以選擇如何在交換器可插拔、GPU、TPU 等等之間分配你的矽晶片，對吧？

So we -- every company gets to prioritize what is in their best value interest. So I would say that, that is not the case at all, number one. Number two is that even to place over ordering, the data center guys are very, very disciplined about creating pure supply chains.

所以我們——每家公司都可以優先考量對自己最有價值的方向。所以我會說，第一，完全不是那樣。第二，即便要做超額下單，資料中心客戶在打造純粹供應鏈方面是非常、非常有紀律的。

That means what I mean by that is the optics, the DSP for a particular qualification in a data center is very unique so that they don't cross-corrupt the supply chain. So I think it's golden, it's not a screw, but it's a bolt.

我的意思是，資料中心針對某一項認證（qualification）所使用的光學件與 DSP 都非常獨特，這樣供應鏈才不會互相交叉污染。所以我覺得它是黃金的，但不是螺絲，而是一顆螺栓。

So there's a bolt there that is really, really fastening the cantilever bridge quite well here. So that's for those in the San Francisco Bay Area. But yes, it's looking pretty good.

所以這裡有一顆螺栓，確實把這座懸臂橋固定得很好。這是給舊金山灣區的朋友聽的。不過是的，看起來相當不錯。

Excellent. Maybe a follow-up there and a second question. I guess, first of all, obviously, you guys have some unique 4-nanometer DSP capacity that others don't. Can you talk about how you see constraints in the optical market playing out? Is it DSP?

很好。也許我再追問一下，然後再問第二個問題。我想，首先，很明顯你們擁有其他人沒有的某些獨特 4 奈米 DSP 產能。你能談談你如何看待光學市場的供給限制會如何演變嗎？限制是在 DSP 嗎？

Is it other parts, lasers, et cetera? If you could talk about your place there? And then secondly, DSP in the world of CPO, some believe it's less meaningful. Would like your take, Kishore, as a technologist.

還是其他零組件、雷射等等？如果可以的話，請談談你們在其中的位置？第二，在 CPO 的世界裡，有些人認為 DSP 的重要性較低。想聽聽你作為技術專家對此的看法，Kishore。

Okay. Chris, there's a lot of questions out there that you posed here to me. I will take the first one, which is basically related to supply. I think the optic supply is easing. We are really constrained by foundries on the DSP supply.

好的。Chris，你在這裡丟給我很多問題。我先回答第一個，也就是基本上跟供應相關的。我認為光學供應正在緩解。我們真正受限的是晶圓代工廠在 DSP 供應上的限制。

And the data center build-out is really accelerating. So if you sit here and talk, if the demand -- people talked about TAM units for optical pluggables, no matter what flavors is in the order of 120 million units. Now they talk about '27, '28, maybe in 200 million units. So I'm not keeping count anymore, right? So however, the fab capacity is not coming online.

而資料中心的建置正在加速。所以如果你坐在這裡談需求——大家談到光學可插拔的 TAM（總可服務市場）出貨量，不管是哪種規格，規模大約是 1.2 億顆。現在又談到 2027、2028 年可能是 2 億顆。所以我已經不再計數了，對吧？但無論如何，晶圓廠產能並沒有同步上線。

These are huge multiyear efforts. And so there's really, really a fab capacity shortage, I would say. And so the DSP supply is a pretty strong supply constraint. And we are really being -- and the opportunity on the CPO stuff really is a scale-up side, which is a greenfield opportunity for us. But I do believe the NPO is going to be the more bigger success driver than a CPO.

這些都是跨多年、規模龐大的投入。因此我會說，晶圓廠產能確實非常、非常短缺。所以 DSP 供應是一個相當強的供給限制。而我們在 CPO 方面的機會其實是在 scale-up 端，這對我們來說是綠地（greenfield）的機會。但我確實相信 NPO 會比 CPO 成為更大的成功驅動因素。

And in an NPO scenario too as well, as you go to higher speed longer term, there'd be a DSP required just like an LRO configuration on the -- what you call a half DSP because we can all agree now that the LPOs are really, really a very small fraction point technology, and they don't have legs for the future, right?

而在 NPO 的情境下，隨著長期往更高速發展，也會需要 DSP，就像在——你所說的 LRO 配置上需要「半個 DSP」一樣；因為我們現在都同意，LPO 其實只是非常小眾的技術，它沒有未來的延展性，對吧？

So we have product portfolio that spans TIAs. We have drivers and also, we have announced products along those various categories. So I feel we are very well positioned whichever way the industry goes, and we'll have a full portfolio.

所以我們的產品組合涵蓋 TIA。我們也有驅動器（drivers），而且我們已經在這些不同類別上宣布了產品。所以我覺得無論產業往哪個方向走，我們都處於非常有利的位置，並且會有完整的產品組合。

Karl Ackerman, BNP Paribas.

BNP Paribas 的 Karl Ackerman。

Hi, this is Sam Feldman on for [Karl Ackerman]. So first, based on your extended visibility into calendar '28, can you provide any color on how we should think about the growth rate -- the relative growth rate between 800 gig and 1.6T? And should we expect 400 gig to grow through calendar '27?

嗨，我是 Sam Feldman，代替 [Karl Ackerman] 提問。首先，基於你們對 2028 年曆年的延伸能見度，你們能否提供一些看法，讓我們理解 800G 與 1.6T 之間的成長率——相對成長率應該怎麼看？另外，我們是否應預期 400G 會一路成長到 2027 年曆年？

So I'll take that. I mean with -- so this year, our optical growth is almost all 800 in the first half. As we've stated and Kishore mentioned earlier, 1.6T starts in '27, but it will have a much bigger growth year in 2028. What is the mix in '28? I mean I think it's substantially 1.6.

我來回答。我的意思是——今年我們的光學成長幾乎在上半年都是 800G。如同我們先前所說、Kishore 也稍早提到，1.6T 會在 2027 年開始，但 2028 年會是成長幅度更大的一年。那 2028 年的組合占比是什麼？我的意思是，我認為會是以 1.6T 為主。

Maybe you'll see 800 kind of trailing off, but potentially, it can sustain as well up until probably 2029. So I mean, we see significant growth in '27 as well as '28 on both of those.

也許你會看到 800G 有點逐步下滑，但也可能一路維持到大概 2029 年。所以我的意思是，我們看到 2027 年以及 2028 年，這兩者都會有顯著成長。

Quinn Bolton, Needham & Company.

Needham & Company 的 Quinn Bolton。

Hey guys, congratulations on the results and strong DSP outlook. I guess, Steve, for you, it looks like the prepaid assets on the balance sheet increased by about $50 million in the September quarter. I assume that, that's probably the large majority of that are your prepayments that you talked about.

各位好，恭喜你們的業績以及強勁的 DSP 展望。我想問 Steve，看起來你們資產負債表上的預付資產在 9 月季度增加了大約 5,000 萬美元。我猜其中大部分應該就是你們提到的那些預付款。

Given that it sounds like you're fairly well booked for calendar 2027 now in the DSP business, do you feel that the prepayments and the wafers you secured support that 2027 backlog?

鑑於聽起來你們在 DSP 業務上，2027 年曆年現在已經排得相當滿了，你們覺得這些預付款以及你們取得的晶圓，是否足以支撐 2027 年的在手訂單（backlog）？

Do you still have more work to do in the fourth quarter in terms of prepayments and securing wafers to meet the demand you're seeing for calendar '27?

你們在第四季是否還需要做更多工作，例如預付款與確保晶圓，以滿足你們看到的 2027 年曆年需求？

Yeah. So I mean, we talked about this a little bit before, similar to others, I mean, the prepayments mostly on the wafer side. I mean, there's lots of other things going on out there. I mean, on the balance sheet isn't just TSMC. There's other things on prepayments as well that we don't break out.

是的。我的意思是，我們之前也稍微談過，跟其他公司類似，預付款主要是在晶圓端。我的意思是，外面還有很多其他事情在進行。資產負債表上的預付款不只是台積電（TSMC），也還有其他預付款項，我們不會拆分揭露。

As far as -- I mean, I talked earlier about visibility in '27. Yes, I mean, backlog, as you would imagine, is very, very good in '27 and into 2028.

至於——我的意思是，我先前談到 2027 年的能見度。是的，如你所想像的，2027 年以及延伸到 2028 年的在手訂單都非常、非常好。

Prepaid, I mean, look, I expect prepaids to continue to go up from here as our revenue projections continue to go up as well. So I think that's part of the reason why we increased the revolver itself just to make sure that we can capture all of that upside capacity that's coming from increased market share that we've gained.

預付款，我是說，你看，我預期預付款會從這裡開始持續上升，因為我們的營收預測也在持續上修。所以我認為這也是我們提高循環信貸額度本身的部分原因，只是為了確保我們能夠把因我們取得更高市占而帶來的所有上行產能都納入。

Got it. Then a follow-up. Steve, I think at some of the investor conferences over the past few months, you've estimated your DSP share currently maybe in the 5% to 7% range. Do you think you're at the high end of that or potentially above that by the end of 2026, just based on the strong backlog you're seeing and the increase in the DSP forecast this year?

了解。那我追問一下。Steve，我想在過去幾個月的一些投資人會議上，你估計你們目前的 DSP 市占可能在 5% 到 7% 的區間。基於你們看到的強勁訂單能見度，以及今年 DSP 預測的上調，你認為到 2026 年底你們會在這個區間的高端，或甚至可能高於這個區間嗎？

This is Kishore. I think it's very hard to estimate share. Yes, thank you. I think it's very hard to estimate share given the accelerating demand on units as well. So if I'm looking backward, then I think we are well above that number.

我是 Kishore。我認為要估算市占非常困難。是的，謝謝。我認為在單位需求也在加速的情況下，要估算市占非常困難。所以如果我回頭看，我認為我們遠高於那個數字。

If I'm looking forward, maybe we have made more progress beyond that share percent, but I don't know at what level we are. So can I say what we will look like 2 years from now? Sure. It should be in the teens for sure, right? And so I think that's a very backward-looking number on a share percentage basis.

如果我往前看，也許我們在那個市占百分比之上又取得了更多進展，但我不知道我們目前在什麼水準。所以你要我說兩年後會是什麼樣子嗎？當然。肯定會到十幾個百分點，對吧？因此我認為那個市占百分比的數字是非常偏向回顧性的。

On a backward-looking TAM basis, it should be larger. But on a forward-looking basis, very hard to estimate because the numbers are moving all around. But suffice to say, we are gaining share every day. I think in a 12 to 24 window, we could be neck and neck with one of our two competitors, right? That's the hope. That's the goal, and that's the momentum.

以回顧性的 TAM 角度來看，應該會更大。但以前瞻角度來看，非常難估，因為數字一直在變動。但可以這麼說，我們每天都在提升市占。我認為在 12 到 24 個月的時間窗內，我們可能會與兩個競爭對手中的其中一家勢均力敵，對吧？那是希望。那是目標，也是目前的動能。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，Northland Capital Markets。

I'll add my congrats on the results and the outlook. I wanted to go back to kind of market growth, market share type discussion. And Steve, you made a comment earlier in the call about outgrowing the market. And I think we may have a baseline there. Marvell talked about kind of the AI interconnect unit for them growing, call it, 65% on a CAGR through 2030.

我也要對你們的業績與展望表示祝賀。我想回到市場成長、市占這類的討論。Steve，你在電話會議前面提到你們的成長會超越市場。我想我們或許可以用一個基準來看。Marvell 提到他們的 AI 互連單位業務到 2030 年的年複合成長率大約是 65%。

It's coincidentally what MaxLinear is growing overall in '26. But as we look at the optical DSP business, is it fair to use something like that as a baseline?

巧合的是，這也差不多是 MaxLinear 在 2026 年整體的成長幅度。但當我們看光學 DSP 業務時，用這樣的數字作為基準是否合理？

And when you say you want to outgrow the market, I mean, just based on your run rate, it seems like we should be thinking closer to a double here than anything else for '27. But I just kind of wanted to bounce that reasoning off you.

而當你說你們想要超越市場成長時，我的意思是，僅就你們目前的運行速度來看，對於 2027 年，我們似乎應該更接近「翻倍」的思考，而不是其他情境。但我只是想把這個推論跟你確認一下。

No, Tim, I feel very confident we're outgrowing the market, which I think is supportive of what you're asking,

不，Tim，我非常有信心我們的成長正在超越市場，我認為這也支持你所問的方向，

And we can't speak for Marvell's numbers.

而且我們無法評論 Marvell 的數字。

Okay. Well, I'll go on and ask this one anyway then, which is, yes, I think your market share is like 6% here. If you take those forecasts out to their conclusion, I mean, they're talking about, I don't know, a $15 billion optical DSP market in 2030. I mean, if you get into double-digits here before that, you should have a $1 billion business on your hand pretty quickly. I want to bounce that one off you too and that will be it for me.

好吧。那我還是繼續問這個問題：是的，我認為你們目前市占大概是 6%。如果把那些預測推到最後的結論，他們談的是 2030 年大約 150 億美元的光學 DSP 市場。我的意思是，如果你們在那之前市占進入雙位數，你們很快就會有一個 10 億美元規模的業務在手上。我也想把這個推論跟你確認一下，然後我就不再問了。

Tim, we can't comment on that, right? So.

Tim，我們無法對那個做評論，對吧？所以。

Yeah. But the numbers you're talking about, I mean, look, there's a lot of growth here. I mean Kishore commented earlier about the transceiver growth. I mean people are talking 200 million units next year. I mean -- so these numbers make a lot of sense, as Kishore stated, it being up in the teens over the next couple of years, very achievable.

是的。但你提到的那些數字，我是說，你看，這裡有很大的成長。Kishore 先前也提到收發器的成長。我的意思是，有人談到明年 2 億個單位。所以這些數字非常合理；如 Kishore 所說，未來幾年提升到十幾個百分點是非常可達成的。

I think we are doing a great job. I think you've seen that from us in 2026, but I would say it's just getting going. You're going to continue to see through that in '27, '28.

我認為我們做得非常好。我想你們已經在我們 2026 年的表現中看到了，但我會說這才剛開始。你們會在 2027、2028 年持續看到這樣的延續。

Thanks very much.

非常感謝。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，Wells Fargo。

Hi, guys. This is Travis Poulin on for [Joe]. So Steve, I just wanted to switch gears to broadbands. You spoke of seeing some seasonal softness in 4Q 2026. Just curious how we should think about this moving forward into the first half of 2027 into the second half of '27 and just the overall broadband recovery in general.

嗨，各位。我是 Travis Poulin，代替 [Joe] 發問。所以 Steve，我想把話題轉到寬頻。你提到在 2026 年第四季看到一些季節性走弱。想請教我們該如何看待接下來 2027 年上半年到 2027 年下半年，以及整體寬頻復甦的走勢？

Yeah. Thanks, Travis. Yeah, I mean, we actually feel pretty good. I mean we do see some seasonality in Q4, certainly. But as far as '27 goes, I mean, just as we had talked about previously with the telco spending, but then also our market share gains on the PON side, we do expect to see growth in 2027. So feel very good about that.

好的，謝謝 Travis。是的，我是說，我們其實感覺相當不錯。我們確實在第四季看到一些季節性，這點當然。但就 2027 年而言，我是說，正如我們先前談到的電信業者支出，以及我們在 PON 端的市占提升，我們確實預期 2027 年會看到成長。所以對此非常有信心。

Got it. Thank you. That's it for me.

了解。謝謝。我就這些。

Tory Svanberg, Stifel.

Tory Svanberg，Stifel。

Yeah, thank you. Now that the basic questions are out of the way. I just had a few more specific follow-ups. So Kishore, I think you said you expect 1.6T revenue already first half of next year. I think in the last quarter, I think you talked about maybe middle of the year. So what changed there?

是的，謝謝。既然基本問題都問完了。我還有幾個更具體的追問。Kishore，我想你說你預期 1.6T 的營收在明年上半年就會出現。我記得在上一季，你好像談的是年中左右。那中間有什麼改變？

Is it the market that's accelerating earlier? Is it based on some new design wins? Any clarification there? And by the way, does that include DSP and TIA? Or is it just DSP?

是市場更早加速了嗎？是基於一些新的設計導入（design wins）嗎？能否請你釐清一下？另外，順帶一提，那是否包含 DSP 和 TIA？還是只有 DSP？

So Tore, obviously, it's been three months, and we do not know where we would be, but I think there's an initial design win that will start shipping in the first half. The exact amount of quantity is not clear, but it's meaningful in the sense that it sets up the second half very nicely.

Tore，很顯然，已經過了三個月，我們也不知道我們會走到哪裡，但我認為有一個初期的設計導入會在上半年開始出貨。確切的出貨數量還不清楚，但它很有意義，因為它能把下半年鋪陳得非常好。

And also, second part also is correct, what you asked. There are accelerating design qual momentum going on. And somewhat, we are bottlenecked by our own ability to support multiple quals simultaneously, and we are all going through resource bottlenecks from that angle.

另外，你問的第二部分也沒錯。目前確實有加速的設計驗證（qual）動能在進行。某種程度上，我們受限於自身同時支援多個驗證的能力，從這個角度來看，我們都面臨資源瓶頸。

So that narrative is also about also accelerating on the qual windows across the module space into the data center cycles, right? So I think that's what gives me a little more -- and then we also have commitments both for DSP and TIA in these design wins. So it's not just our DSP alone.

所以這個敘事也在講：在模組領域的驗證時程窗口，正加速對齊資料中心的週期，對吧？所以我想這就是讓我更有把握的一點——而且在這些設計導入中，我們同時拿到了 DSP 與 TIA 的承諾。所以不只是我們的 DSP 而已。

Obviously, we live in a world where we want to attach our own TIA to our own DSP for selfish reasons beyond just a great performance advantage and cost saving for our own customers in terms of power efficiency and the total BOM efficiency, right? So I think all the three questions you asked are a strong affirmative response.

顯然，我們所處的世界是：出於自利的原因，我們希望把自家的 TIA 搭配到自家的 DSP 上，而不僅僅是因為在效能上有很大的優勢，以及在功耗效率與整體 BOM（物料清單）效率方面，能為我們的客戶節省成本，對吧？所以我認為你問的這三個問題，答案都是非常肯定的。

Very good. And last one is on pricing or content. So we're hearing as you go from 800 gig to 1.6T that maybe prices could be 2x. You're obviously going to be shipping more than the DSP with the TIA. So in your case, I guess you could potentially have more than 2x as the market goes from 800 gig to 1.6?

非常好。最後一個問題是關於定價或內容配置。我們聽到的是，當你從 800G 升級到 1.6T 時，價格可能會是 2 倍。你們顯然不只會出貨 DSP，還會搭配 TIA。所以在你們的情況下，我想隨著市場從 800G 走向 1.6，你們的增幅可能有機會超過 2 倍？

You're absolutely right. So if you just take this proverbial 2x, historically never stuck when you change speeds, right? But this time, it's sticking, right? So the ASP on the DSP is more or less doubling and then we have TIA that we did not add before. So all in all, we'll be growing more than a 2x on the ASP number.

你說得完全正確。如果你只看這個所謂的 2 倍，歷史上在變更速率時，這種 2 倍通常都不會真正成立，對吧？但這一次，它確實成立了。因此 DSP 的 ASP（平均銷售價格）大致上翻倍，另外我們還加入了以前沒有加的 TIA。所以整體而言，我們的 ASP 成長會超過 2 倍。

So -- and the TIA is not just a TIA, right? It's got smarts that really has what I call trajectory guide to our NPO strategy and our CPO strategy and our LPO strategy and LRO strategy. So it's an all-in-one deal in the MaxLinear TIA world.

而且——這個 TIA 不只是 TIA，對吧？它具備智慧功能，我稱之為對我們 NPO 策略、CPO 策略、LPO 策略以及 LRO 策略的「軌跡指引」。所以在 MaxLinear 的 TIA 世界裡，這是一個一體化的方案。

Cody Acree, StoneX Financial.

Cody Acree，StoneX Financial。

Hey, guys, just a couple follow-ups as well. Maybe, Kishore, can we go back to that comment you made about constrained ability to support more than one qual? Is this just wafers out of Samsung that you're talking about? Or is there -- and what's the ability to address that so that you can get quals lined up a little faster?

各位好，我也有幾個追問。Kishore，也許我們回到你剛才提到「支援超過一個認證（qual）的能力受限」那段話？你指的是來自三星的晶圓供應嗎？還是說——你們要如何解決這個問題，讓認證能更快排程、加速到位？

So the quals has got nothing to do with wafer supply, right? It's all the -- you have to line up, let's say, you have 10 module makers, and that's not unrealistic.

所以這些認證跟晶圓供應完全無關，對吧？而是——你必須把各方排程對齊。比方說，你有 10 家模組廠，這並不誇張。

And then all of the 10 want to go simultaneously get their modules ready to go to the data center qual. We'll have to pick and choose, right? Because at the endpoint, multiple module makers are targeting the same data centers as well.

然後這 10 家都想同時把他們的模組準備好，送去資料中心做認證。我們就必須取捨，對吧？因為在終端，多家模組廠也同時在瞄準相同的資料中心。

So that constrains us in terms of how we prioritize our own internal resources to get qual ready. So that was the context I talked about, right? These are pretty complicated.

因此，這會限制我們在如何優先配置內部資源、把認證準備到位這件事上。所以這就是我剛才提到的背景，對吧？這些都相當複雜。

Even though people simplify it and call it a pluggable, it sounds so trivial, but these are one of the most complex technologies that chip people have ever developed over the last 20 to 30 years.

即便大家把它簡化、稱作可插拔（pluggable），聽起來好像很簡單，但這其實是晶片產業在過去 20 到 30 年裡所開發過最複雜的技術之一。

And you ought to think about this in not just in terms of pluggable alone, you also ought to think about interoperability with the switch, the other two vendors of silicon and pre-existing 800-gig silicon as well.

而且你不應該只從可插拔本身來看，你也應該考慮與交換器的互通性、另外兩家矽晶片供應商，以及既有的 800G 矽晶片的互通性。

So not just 1.6 terabit. So it's pretty complicated. So we're constrained in how many we can activate at the same time. So you, of course, sequence and prioritize them. That's the constraint I was referring to.

所以不只是 1.6Tbps。因此它非常複雜。所以我們在同一時間能啟動多少個專案（認證）是受限的。因此你當然要做排序並設定優先順序。這就是我所指的限制。

Got it. Thank you for that clarification. And then just lastly, with Washington, can you talk about your expected attach rates to Rushmore and the opportunity for stand-alone as you get into '27 and maybe looking into '28? And then maybe the same thing with your AECs. Can you talk about the mix of onboard versus cables for Annapurna?

了解。謝謝你的澄清。最後，關於 Washington，你能談談你們對 Rushmore 的預期搭載率（attach rates），以及進入 2027 年、甚至展望 2028 年時，獨立（stand-alone）機會的情況嗎？另外 AEC 也是類似問題。你能談談 Annapurna 在板上（onboard）與線纜（cables）之間的組合占比嗎？

Okay. Good question. I would say, if you take the short-term window versus, let's say, a year out window, the TIA attach rate answers will be quite different, right? In the short term, let's say, it's an 80% attach rate. And in 1.5 years from now, I know it's around the corner.

好的。好問題。我會說，如果你看短期窗口與例如一年之後的窗口，TIA 的搭載率答案會很不一樣，對吧？短期來看，假設是 80% 的搭載率。而在 1.5 年之後——我知道那其實很快就到了。

It will be 100% and we hope it to be more than 100%, right? It's a TIA that works with other DSPs as well. And there's only one other real TIA vendor that meets the performance benchmarks that you need for a 1.6 terabit type of product with the power envelope that you need to meet. That is the truth despite what anybody can tell. So we hope to be the other guy outside of the one guy, and we have validation to show that.

它會是 100%，而且我們希望能超過 100%，對吧？因為這是一顆也能搭配其他 DSP 使用的 TIA。而且真正能達到你在 1.6Tbps 這類產品所需的效能基準、同時符合你必須滿足的功耗封裝（power envelope）要求的 TIA 供應商，實際上只有另一家。不管別人怎麼說，事實就是如此。所以我們希望成為那「唯一一家」之外的另一家，而且我們有驗證結果可以證明。

So we expect the attach rate to be 100% at least and more in 1.5 years from now, right? That's the #1 answer. The next question you had was related to -- could you repeat that for me, please? I just forgot. Annapurna.

所以我們預期 1.5 年後的搭載率至少是 100%，甚至更高，對吧？這是第一個答案。你下一個問題是關於——你可以再重複一次嗎？我剛剛忘了。Annapurna。

Just Annapurna, yes.

就是 Annapurna，對。

Annapurna. Look, yes, it's an active electrical cable, right? There's one large leader, which everybody knows is Credo. They're 93% or maybe 99% of the entire AEC cable market. But I think the market is diversifying now because the problem is getting a lot more complicated.

Annapurna。你看，對，它是一條主動式電纜（Active Electrical Cable），對吧？有一家大型領導者，大家都知道是 Credo。他們占整個 AEC 線纜市場的 93%，或許是 99%。但我認為市場現在正在多元化，因為問題變得更複雜了。

And there are going to be multiple AEC vendors. And our solution will be a pure silicon play to selling it to a cable maker or somebody who makes the -- what I call the paddle card for the AEC. So our revenues for the AEC will not be as large as selling a whole cable, but it will correspond to what an AEC market would dictate in terms of silicon price inside it.

而且未來會有多家 AEC 供應商。我們的解決方案會是純矽晶片的商業模式，把晶片賣給線纜製造商，或是製作我所稱的 AEC「paddle card（槳板卡）」的廠商。因此，我們在 AEC 的營收不會像賣整條線纜那麼大，但會反映 AEC 市場在其中矽晶片價格所應有的水準。

So I would think that it'd be a similar pricing as our PAM4 DSP for optical. And we expect not to get a big share, let's assume, but we are planning around one or two big data centers and then a share of those guys through intermediaries and -- so I think we should be able to get to 20% to 30% in the 1.6 terabit cycle somewhere in the next couple of years. So -- but we won't expand it to multiple data centers, right? It will be only one or two data centers in the US.

所以我認為定價會與我們用於光模組的 PAM4 DSP 類似。我們預期不會拿到很大的市占——先這樣假設——但我們的規劃是圍繞一到兩個大型資料中心，並透過中間商取得這些客戶的一部分份額——因此我認為在未來幾年、1.6Tbps 週期中，我們應該能達到 20% 到 30%。所以——但我們不會把它擴展到多個資料中心，對吧？在美國只會是一到兩個資料中心。

Excellent. Thanks for the help, guys.

太好了。謝謝各位的協助。

Thank you. And we have reached the end of the question-and-answer session. And therefore, I would like to turn the call back over to Leslie Green for closing remarks.

謝謝。我們已經到達問答環節的尾聲。因此，我想把電話會議交回給 Leslie Green 做結語。

Thank you, Shamali, and thank you all for joining. This quarter, we will be presenting at a number of financial conferences and virtual events. Details will be posted on our Investor Relations page. Thank you all for joining today, and we look forward to speaking with you again soon.

謝謝你，Shamali，也謝謝各位的參與。本季我們將在多場金融研討會與線上活動中進行簡報。相關細節將公布在我們的投資人關係頁面。謝謝各位今天加入，我們期待不久後再次與各位交流。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝各位的參與。