安森美 (ON) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the onsemi's second-quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 onsemi 2026 年第二季財報電話會議。目前所有與會者皆為僅收聽模式。提醒您，今日會議將進行錄音。(接線員指示)

I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Investor Relations and Corporate Development.

現在我想將會議交給今天的講者：投資人關係與企業發展副總裁 Parag Agarwal。

Thank you, Josh. Good afternoon, and thank you for joining onsemi's second-quarter results conference call. I'm joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO.

謝謝你，Josh。各位下午好，感謝您參加 onsemi 第二季業績電話會議。今天與我一同出席的有：總裁暨執行長 Hassane El-Khoury，以及財務長 Thad Trent。

This call is being webcast in the Investor Relations section of our website at www.onsemi.com. A replay of this webcast, along with our second-quarter earnings release, will be available on our website approximately one hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call. Additional information is posted on the Investor Relations section of our website.

本次電話會議將於我們網站 www.onsemi.com 的投資人關係專區進行網路直播。電話會議結束後約一小時，我們網站將提供本次網路直播的重播，以及第二季財報新聞稿；錄製的網路直播將在本次電話會議後約 30 天內提供。更多資訊已發布於我們網站的投資人關係專區。

Our earnings release and this presentation includes certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of certain limitations when using non-GAAP financial measures are included in our earnings release, which is posted separately on our website in the Investor Relations section.

我們的財報新聞稿與本簡報包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，以及使用非 GAAP 財務衡量指標時的部分限制之說明，均載於我們的財報新聞稿中；該新聞稿已另行發布於我們網站的投資人關係專區。

During the course of this conference call, we will make projections or other forward-looking statements regarding future events or the future financial performance of our company. We wish to caution that such statements are subject to risks and uncertainties that could cause actual events or results to differ materially from projections.

在本次電話會議過程中，我們將就未來事件或本公司未來財務表現提出預測或其他前瞻性陳述。我們提醒您，此類陳述存在風險與不確定性，可能導致實際事件或結果與預測有重大差異。

Important factors that can affect our business, including factors that could cause actual results to differ materially from our forward-looking statements, are described in our most recent Form 10-Ks, Form 10-Qs, and other filings with the Securities and Exchange Commission and in our earnings release for the second quarter.

可能影響我們業務的重要因素（包括可能導致實際結果與前瞻性陳述有重大差異的因素），已載於我們最近期的 Form 10-K、Form 10-Q 及其他向美國證券交易委員會提交的文件，以及第二季財報新聞稿中。

Our estimate or other forward-looking statements might change, and the company assumes no obligation to update forward-looking statements to reflect actual results, change, assumptions, or other events that may occur, except as required by law.

我們的估計或其他前瞻性陳述可能會改變；除法律要求外，本公司不承擔更新前瞻性陳述以反映實際結果、變更、假設或其他可能發生事件之義務。

Now, let me turn it over to Hassane. Hassane?

現在，讓我把時間交給 Hassane。Hassane？

Thank you, Parag. Good afternoon, and thank you for joining us on the call.

謝謝你，Parag。各位下午好，感謝您加入本次電話會議。

Our second-quarter results reflect the progress we have made in reshaping the business and our technology portfolio over the past several years and the strengthening demand environment. As we anticipated, the recovery continued to take shape during the quarter with continued strength in our AI data center business.

我們第二季的業績反映了過去幾年我們在重塑業務與技術產品組合方面所取得的進展，以及需求環境的走強。如我們所預期，復甦在本季持續成形，且我們的 AI 資料中心業務維持強勁。

We also saw multiple indicators of strengthening demand with China, BEVs and automotive, for example, and energy infrastructure and medical and industrial already showing overmarket growth. Supply is tightening in several growth areas, lead times are extending, and we are seeing increases in both orders placed within lead time and customer escalations, all signs of a healthy recovery across the board.

我們也看到多項需求轉強的指標，例如中國、純電動車（BEV）與汽車領域；而能源基礎設施以及醫療與工業領域已呈現高於市場的成長。在數個成長領域，供給正趨於吃緊、交期拉長；同時我們也看到在交期內下單的訂單增加以及客戶升級（escalation）增加，這些都是全面性健康復甦的跡象。

In Q2, we delivered $1.6 billion of revenue, non-GAAP gross margin of 39.3%, and non-GAAP diluted earnings per share of $0.74, all above the midpoint of our guidance. These results reflect the operating leverage in our model with recovering demand driving accelerated margin expansion and earnings growth.

第二季我們實現 16 億美元營收、非 GAAP 毛利率 39.3%，以及非 GAAP 稀釋後每股盈餘 0.74 美元，皆高於我們財測區間的中點。這些結果反映了我們模型中的營運槓桿：隨著需求復甦，帶動毛利率加速擴張與獲利成長。

AI data center remains our fastest-growing market. We now expect AI data center revenue to more than double in 2026, driven by stronger demand, further accelerated by broader customer wins, and expanding content across the entire Power Tree.

AI 資料中心仍是我們成長最快的市場。我們目前預期 2026 年 AI 資料中心營收將較 2025 年增加逾一倍，主要受更強勁的需求帶動，並因更廣泛的客戶贏單以及在整個電源樹（Power Tree）中擴大單機價值（content）而進一步加速。

We have expanded our role in the NVIDIA MGX ecosystem to supply advanced power systems designed to support the next generation of AI data centers, broadening the number of platforms where our intelligent power solutions are designed in.

我們已擴大在 NVIDIA MGX 生態系中的角色，供應用於支援下一代 AI 資料中心的先進電源系統，並擴增我們智慧電源解決方案被導入設計（designed in）的平台數量。

In addition, we secured two power supply platform wins with Great Wall, a leading provider of power solutions for China's cloud and AI infrastructure market.

此外，我們也在中國雲端與 AI 基礎設施市場的領先電源解決方案供應商長城（Great Wall）取得兩項電源供應平台的贏單。

In parallel, we continue to add content in US hyperscalers AI deployments with design wins supporting AWS power supply and battery backup systems. These wins create additional content opportunities for our differentiated high-voltage power portfolio, including silicon carbide solutions and reflect the value of our higher power efficiency and superior power density in next-generation AI power architectures.

同時，我們持續在美國超大規模雲端業者（hyperscalers）的 AI 部署中增加單機價值，並取得支援 AWS 電源供應與電池備援系統的設計贏單。這些贏單為我們差異化的高電壓電源產品組合（包括碳化矽解決方案）帶來更多單機價值機會，並反映我們在下一代 AI 電源架構中更高的電源效率與更優異的功率密度所帶來的價值。

In 2026, we expect our silicon carbide revenue in AI data center applications to grow nearly 60% year over year. We expect our high-voltage revenue to accelerate as power requirements continue to rise and system architectures evolve toward 800-volt DC distribution, driving greater adoption of our intelligent power solutions from high-voltage infrastructure through low-voltage power delivery.

2026 年，我們預期 AI 資料中心應用中的碳化矽營收將年增近 60%。隨著電力需求持續上升、系統架構朝向 800 伏直流（DC）配電演進，我們預期高電壓營收將加速成長，進而推動從高電壓基礎設施到低電壓供電的全鏈路更廣泛採用我們的智慧電源解決方案。

As the only broad-based US power semiconductor supplier with technologies spanning the full AI power tree, we are uniquely positioned to support this transition from the grid all the way to the processor.

作為唯一一家技術涵蓋完整 AI 電源樹的美國廣泛型電源半導體供應商，我們具備獨特優勢，可支援從電網一路到處理器的轉型。

Importantly, this is not a position we earned overnight. It is the results of years of investment in solving complex power challenges, particularly in automotive where power efficiency, thermal management, reliability, and system integration have long been critical design requirements.

重要的是，這並非一夕之間取得的地位。這是多年來投入解決複雜電源挑戰的成果，尤其是在汽車領域，電源效率、熱管理、可靠性與系統整合長期以來一直是關鍵的設計要求。

Our opportunity extends beyond the data center into the power infrastructure required to support AI deployments. In our industrial business, we are increasingly seeing the benefits of the AI halo effect, where AI growth is driving demand across the power infrastructure required to support it, including energy storage systems or ESS. We expect our ESS revenue to grow approximately 40% year over year in 2026, driven by higher year-over-year growth in North America with microgrid customers.

我們的機會不僅限於資料中心，也延伸至支援 AI 部署所需的電力基礎設施。在工業業務方面，我們愈來愈看到「AI 光環效應」帶來的效益：AI 成長正推動支援其所需的電力基礎設施需求，包括儲能系統（ESS）。我們預期 2026 年 ESS 營收將年增約 40%，主要由北美微電網客戶帶動更高的年增率。

During the quarter, we released our next-generation EliteSiC hybrid ESS module, delivering industry-leading 99.3% efficiency. We also began sampling our industry-first and the world's highest-power-density hybrid module platform at 500 kilowatts, which increases power density by 20% compared to our previous platform, delivering growth at accretive gross margins.

本季我們發布了下一代 EliteSiC 混合式 ESS 模組，提供業界領先的 99.3% 效率。我們也開始送樣業界首款、且全球功率密度最高的 500 千瓦混合模組平台，相較前一代平台功率密度提升 20%，並以具增益性的毛利率帶動成長。

Growth in AI workloads and increasing grid reliability and resilience requirements are expanding our industrial portfolio into higher value infrastructure markets with greater semiconductor content.

AI 工作負載的成長，以及電網可靠性與韌性要求的提升，正推動我們的工業產品組合擴展至半導體含量更高、價值更高的基礎設施市場。

Turning to automotive, we continue to expand our content per vehicle through a growing portfolio of differentiated power, sensing, and connectivity solutions.

談到汽車領域，我們持續透過日益擴大的差異化電源、感測與連接解決方案產品組合，提高每輛車的單機價值。

In China, our automotive revenue increased 13% in the first half of '26 over the same period last year against a total vehicle sales number that was down 4%, supported by expanding content per vehicle with customers like Geely, ZEEKR, and Xiaomi.

在中國，我們 2026 年上半年汽車營收較去年同期成長 13%，而同期整體汽車銷量下滑 4%；成長主要受每車單機價值提升所支撐，客戶包括吉利（Geely）、極氪（ZEEKR）與小米（Xiaomi）。

With our market share gains in China EVs, we now expect silicon carbide revenue in that market to increase between 60% and 70% year over year as our market share gains continue and programs ramp across existing platforms and newer vehicle launches.

隨著我們在中國電動車市場的市占率提升，我們目前預期該市場的碳化矽營收將年增 60% 至 70%；在市占率持續提升之下，既有平台與新車型導入的專案也將逐步放量。

In the US, we continue to gain share across EV disruptors with a recent example of our power content on Rivian's R2 platform where our MOSFETs support power distribution throughout the vehicle's zonal controller architecture, while our silicon carbide solutions are deployed in the onboard charging system. These wins highlight our ability to participate across multiple vehicle domains as EV architectures continue to evolve.

在美國，我們持續在電動車新勢力（EV disruptors）中擴大市占；近期例子是我們在 Rivian R2 平台上的電源單機價值：我們的 MOSFET 支援整車分區控制器（zonal controller）架構中的電力分配，而我們的碳化矽解決方案則部署於車載充電系統。這些贏單凸顯，隨著電動車架構持續演進，我們有能力參與多個車用領域。

The demands of next-generation vehicle architecture around efficiency, power density, and reliability increasingly mirror the challenges being addressed in AI infrastructure and energy systems, enabling onsemi to leverage decades of power expertise across multiple growth markets.

下一代車輛架構在效率、功率密度與可靠性方面的需求，愈來愈與 AI 基礎設施與能源系統所面臨的挑戰相呼應，使 onsemi 能夠將數十年的電源專業延伸至多個成長市場。

A growing share of our recent design wins are coming from products introduced over the last two years, including our 10BASE-T1S Ethernet offering and our inductive and ultrasonic sensing products, reflecting the increasing contribution of Treo, our analog mixed signal platform, at favorable margins. By leveraging common technology building blocks across automotive, industrial, and AI infrastructure applications, Treo enables faster innovation cycles and more efficient product development.

我們近期設計導入（design wins）中，來自過去兩年內推出之產品的占比持續提高，包括我們的 10BASE-T1S 乙太網路方案，以及感應式與超音波感測產品；這反映出 Treo（我們的類比混合訊號平台）在具吸引力的毛利率水準下，對營收與獲利的貢獻日益增加。透過在車用、工業與 AI 基礎設施應用間共用技術基礎模組，Treo 能夠加速創新週期並提升產品開發效率。

We remain on track to double the number of products sampling this year, further strengthening our pipeline and positioning us to capture additional content opportunities as vehicle architectures evolve.

我們仍按計畫在今年將送樣（sampling）的產品數量倍增，進一步強化我們的產品管線，並在車輛架構演進之際，讓我們得以掌握更多內容價值（content）機會。

Over a multiyear period, we expect to outgrow underlying vehicle production through content expansion, technology leadership, and share gains.

在多年期間內，我們預期將透過內容擴張、技術領先與市占提升，使成長速度超越整體車輛產量的成長。

More broadly across automotive, industrial, and AI data center, the industry is moving toward architectures requiring higher level of power efficiency, power density, and system intelligence, all of which place greater demands on power conversion, delivery, and management. This is what we do.

更廣泛而言，在車用、工業與 AI 資料中心領域，產業正朝向需要更高電源效率、更高功率密度與更高系統智慧化的架構演進，而這些都對電力轉換、供電與電源管理提出更高要求。這正是我們所擅長的。

As we look ahead, our confidence in the second half is grounded in the momentum we are seeing across our key growth drivers. We now expect AI data center revenue to more than double for the year. At the same time, the AI halo effect continues to create incremental growth opportunities across energy infrastructure, where we expect ESS revenue to grow by approximately 40% this year.

展望未來，我們對下半年保持信心，主要基於我們在關鍵成長驅動因素上所看到的動能。我們目前預期 AI 資料中心營收在今年將超過倍增。同時，AI 的光環效應（halo effect）持續在能源基礎設施領域創造額外的成長機會；我們預期 ESS 營收今年將成長約 40%。

In automotive, we continue to gain content and share, particularly in China, where automotive silicon carbide revenue is expected to grow between 60% and 70%.

在車用方面，我們持續提升內容價值與市占，尤其是在中國；車用碳化矽營收預期將成長 60% 至 70%。

As I wrap up, I want to highlight our announced agreement to acquire Synaptics. Beyond the compelling strategic and financial rationale, we are excited about the opportunities this combination creates for all shareholders. Synaptics' market-leading connected compute capabilities complement our strength in power, sensing, and control at accretive gross margins.

在結語之前，我想強調我們已宣布達成收購 Synaptics 的協議。除了具吸引力的策略與財務理由之外，我們也對此一組合為所有股東帶來的機會感到振奮。Synaptics 在連網運算（connected compute）方面的市場領先能力，可與我們在電源、感測與控制方面的優勢互補，並可在具增益（accretive）的毛利率水準下帶來貢獻。

Our combination would leverage our manufacturing scale, global sales channel, and mass market engine to drive growth across our highly complementary portfolio. We expect the transaction to close in mid-2027, subject to customary approvals.

此一組合將運用我們的製造規模、全球銷售通路與大眾市場引擎，推動我們高度互補的產品組合成長。在取得慣常核准的前提下，我們預期交易將於 2027 年年中完成。

Let me now turn the call over to Thad to provide more details on our results and guidance for the third quarter.

接下來我把電話交給 Thad，請他提供更多關於我們第三季業績與財測的細節。

Thanks, Hassane. Our second-quarter results demonstrate the operating leverage in our model with revenue up 9% year over year and non-GAAP earnings per share growing approximately 4 times faster than revenue.

謝謝你，Hassane。我們第二季的結果展現了我們營運模式的營運槓桿：營收年增 9%，而非 GAAP 每股盈餘的成長速度約為營收的 4 倍。

Free cash flow nearly quadrupled and non-GAAP gross margin expanded for the fourth-consecutive quarter. This reflects the earnings power of our focused portfolio, the benefits of our manufacturing cost actions, and we are entering the second half of the year from a position of strength as demand continues to recover.

自由現金流幾乎成長至四倍，且非 GAAP 毛利率已連續第四季擴張。這反映出我們聚焦型產品組合的獲利能力、製造成本行動帶來的效益；隨著需求持續復甦，我們以強勢姿態進入下半年。

Our results were above the midpoint of our guidance range as we delivered revenue of $1.6 billion, driven by increasing demand in AI data center. Non-GAAP gross margin expanded 80 basis points sequentially to 39.3%, while non-GAAP earnings per share increased to $0.74. We generated $425 million of free cash flow in Q2 and returned $332 million to shareholders through share repurchases.

由於 AI 資料中心需求增加帶動，我們實現 16 億美元營收，使得本季表現高於財測區間的中位數。非 GAAP 毛利率較前一季提升 80 個基點至 39.3%，非 GAAP 每股盈餘提升至 0.74 美元。第二季我們創造 4.25 億美元自由現金流，並透過庫藏股回購向股東返還 3.32 億美元。

Year to date, we have returned approximately 105% of free cash flow. Our ability to simultaneously invest for growth, expand profitability, and return capital reflects the structural improvements in our business and differentiates onsemi today.

年初至今，我們返還的資本約相當於自由現金流的 105%。我們能同時投資成長、擴大利潤率並回饋資本，反映出我們業務的結構性改善，也使今日的 onsemi 更具差異化。

Turning back to revenue for the quarter. Q2 revenue was $1.6 billion, up 6% sequentially and above normal seasonality even as we completed the final $35 million of planned non-core revenue exits. Across the business, our overall book-to-bill ratio has been significantly above one for several quarters and continued to strengthen.

回到本季營收。第二季營收為 16 億美元，季增 6%，且高於正常季節性水準，即便我們完成了最後 3,500 萬美元的既定非核心營收退出計畫。整體而言，我們的總接單出貨比（book-to-bill）已連續數季顯著高於 1，且持續走強。

Given the accelerated ramp in AI data center demand, we prioritized shipments to AI data center over automotive and industrial. We expect this to normalize as supply rebalances to match demand.

鑑於 AI 資料中心需求加速爬坡，我們優先將出貨配置給 AI 資料中心，而非車用與工業。隨著供給重新平衡以符合需求，我們預期此情況將回歸常態。

Automotive revenue was $781 million in the second quarter, down 2% quarter over quarter and grew 7% year over year. Consistent with previous years, the sequential decline was primarily driven by specific customer seasonality in Europe offset by strength in China. Year to date, automotive revenue increased approximately 6% compared to 2025.

第二季車用營收為 7.81 億美元，季減 2%，年增 7%。與往年一致，季減主要由歐洲特定客戶的季節性因素所致，但部分被中國市場的強勁表現所抵銷。年初至今，車用營收相較 2025 年約成長 6%。

Industrial revenue was $423 million, up 1% sequentially and 4% year over year, driven by strength in our focus areas of energy infrastructure, medical, and factory automation, partially offset by declines in traditional part of the industrial market.

工業營收為 4.23 億美元，季增 1%、年增 4%，主要受惠於我們聚焦領域（能源基礎設施、醫療與工廠自動化）的強勁表現，但部分被工業市場傳統領域的下滑所抵銷。

Total revenue for the other category in the second quarter was $400 million, up 34% sequentially, anchored by stronger than expected AI data center demand as well as growth in other end markets.

第二季其他類別的總營收為 4.00 億美元，季增 34%，主要由優於預期的 AI 資料中心需求所支撐，並包含其他終端市場的成長。

Our AI data center business continued to grow in Q2, and 2026 is now on pace to more than double compared to 2025.

我們的 AI 資料中心業務在第二季持續成長，而 2026 年目前的進度顯示，相較 2025 年將超過倍增。

Looking at the second-quarter split between the business units. Revenue for the Power Solutions Group, or PSG, was $829 million, an increase of 13% quarter over quarter and 19% year over year.

再看第二季在各事業群之間的分布。電源解決方案事業群（Power Solutions Group，PSG）營收為 8.29 億美元，季增 13%、年增 19%。

Revenue for the Analog and Mixed Signal Group, or AMG, was $546 million, an increase of 1% quarter over quarter and 2% decrease year over year.

類比與混合訊號事業群（Analog and Mixed Signal Group，AMG）營收為 5.46 億美元，季增 1%，年減 2%。

Revenue for the Intelligent Sensing Group, or ISG, was $229 million, a 3% decrease quarter over quarter and a 7% increase over the same quarter last year.

智慧感測事業群（Intelligent Sensing Group，ISG）營收為 2.29 億美元，季減 3%，較去年同期成長 7%。

Moving to gross margin, GAAP gross margin was 38.4% and non-GAAP gross margin was 39.3%, an increase of 80 basis points sequentially. We benefited from improved manufacturing performance and favorable mix.

接著看毛利率：GAAP 毛利率為 38.4%，非 GAAP 毛利率為 39.3%，較前一季提升 80 個基點。我們受惠於製造表現改善與有利的產品組合。

Utilization increased to 83% from 77% as we continue to quickly ramp production to support the increasing backlog for future quarters. In Q3, we expect utilization to be flat to up.

產能利用率由 77% 提升至 83%，因我們持續快速提升產量，以支援未來季度不斷增加的積壓訂單（backlog）。第三季我們預期產能利用率將持平至小幅上升。

We are seeing incremental increases in input costs, primarily in raw materials and external manufacturing. We are implementing a second round of price increases to offset these costs and expect to see the benefit over the next several quarters.

我們看到投入成本出現增量上升，主要來自原物料與外部製造。我們正實施第二輪漲價以抵銷這些成本，並預期在未來數季逐步反映效益。

The announced divestitures of our Mountain Top and Philippines manufacturing facilities further advances our Fab Right strategy of exiting subscale legacy operations to improve our cost direction. We expect approximately $35 million of annualized savings with the initial benefit starting in 2027 and the full savings realized in 2028. This represents approximately 50 of the 200 basis points of gross margin improvement from our planned Fab Right initiatives.

已宣布出售我們的 Mountain Top 與菲律賓製造設施，將進一步推進我們的 Fab Right 策略：退出規模不足的傳統營運，以改善成本走勢。我們預期可帶來約 3,500 萬美元的年化節省，初步效益將自 2027 年開始，並於 2028 年完全實現。這約占我們規劃中的 Fab Right 計畫所帶來 200 個基點毛利率改善中的 50 個基點。

GAAP operating expenses were $358 million, including $41 million in restructuring expenses and non-GAAP operating expenses were $297 million.

GAAP 營業費用為 3.58 億美元，其中包含 4,100 萬美元的重組費用；非 GAAP 營業費用為 2.97 億美元。

GAAP operating margin for the quarter was 16.1% and non-GAAP operating margin was 20.8%.

本季 GAAP 營業利益率為 16.1%，非 GAAP 營業利益率為 20.8%。

Our GAAP tax rate was 16% and non-GAAP tax rate was 15%.

GAAP 稅率為 16%，非 GAAP 稅率為 15%。

GAAP earnings per share was $0.56. Non-GAAP earnings per share was $0.74, a 16% increase over the prior quarter.

GAAP 每股盈餘為 0.56 美元；非 GAAP 每股盈餘為 0.74 美元，較前一季成長 16%。

GAAP share count was 404 million shares and non-GAAP share count was 397 million shares.

GAAP 加權平均股數為 4.04 億股，非 GAAP 加權平均股數為 3.97 億股。

Turning to the balance sheet, cash and short-term investments was approximately $3.9 billion, with total liquidity of $5.4 billion, including $1.5 billion undrawn on a revolver.

轉向資產負債表，現金及短期投資約為39億美元，總流動性為54億美元，其中包括循環信貸額度（revolver）中尚未動用的15億美元。

Cash from operations was $460 million and free cash flow was $425 million. We achieved record free cash flow margin on an LTM basis of 24%.

營運活動產生的現金為4.6億美元，自由現金流為4.25億美元。我們在過去十二個月（LTM）基礎上達成了創紀錄的24%自由現金流利潤率。

Capital expenditures were $34 million or 2.1% of revenue. Inventory declined 9 days to 192 days and flat on a dollar basis. As expected, we continue to drain our strategic inventory, which is down eight days. Our base inventory declined 1 day to 125 days, reflecting a healthy level of inventory supporting our expected revenue growth.

資本支出為3,400萬美元，約占營收的2.1%。庫存天數下降9天至192天，按金額計則持平。如預期所示，我們持續去化策略性庫存，該庫存已下降8天。我們的基礎庫存天數下降1天至125天，反映出健康的庫存水準，可支撐我們預期的營收成長。

Distribution inventory declined to 10.1 weeks from 10.8 in Q1 with sell-through outpacing sell-in and our mass market revenue increased 20% sequentially.

通路庫存由第一季的10.8週降至10.1週，因為終端銷售（sell-through）快於進貨（sell-in），且我們的大眾市場營收較前一季成長20%。

Looking forward, let me provide the key elements of our non-GAAP guidance for the third quarter. As a reminder, today's press release contains a table detailing our GAAP and non-GAAP guidance.

展望未來，讓我提供第三季非GAAP指引的關鍵要素。提醒一下，今天的新聞稿包含一張表格，詳細列示我們的GAAP與非GAAP指引。

We anticipate Q3 revenue will be in the range of $1.65 billion to $1.75 billion.

我們預期第三季營收將介於16.5億至17.5億美元。

Our non-GAAP gross margin is expected to be between 40% and 42%, which includes share-based compensation of $8 million. This represents a significant step-up function increase as we realize the benefit of increasing utilization since the start of the year. Given the improving demand outlook, we expect sequential gross margin expansion throughout the year.

我們的非GAAP毛利率預期介於40%至42%，其中包含800萬美元的股份基礎給付（share-based compensation）。隨著我們自年初以來提高產能利用率並開始體現其效益，這代表毛利率將出現顯著的階梯式提升。鑑於需求展望改善，我們預期全年毛利率將逐季擴張。

Non-GAAP operating expenses are expected to be between $303 million and $318 million, which includes share-based compensation of $33 million.

非GAAP營業費用預期介於3.03億至3.18億美元，其中包含3,300萬美元的股份基礎給付。

Operating expenses are expected to increase at a slower pace than revenue, supporting continued operating leverage as we grow into our model.

我們預期營業費用的增速將低於營收增速，隨著我們朝既定營運模式成長，將支持持續的營運槓桿。

We anticipate our non-GAAP other income to be a net benefit of $18 million, with our interest income exceeding interest expense.

我們預期非GAAP其他收益為淨收益1,800萬美元，利息收入將高於利息費用。

We expect our non-GAAP tax rate to be approximately 15% and our non-GAAP share count is expected to be approximately 395 million shares. This results in non-GAAP earnings per share in the range of $0.81 to $0.93.

我們預期非GAAP有效稅率約為15%，非GAAP加權平均股數預期約為3.95億股。因此，非GAAP每股盈餘（EPS）預期介於0.81至0.93美元。

At the midpoint, EPS growth would outpace revenue by nearly 3x.

以中位數計算，EPS成長將幾乎是營收成長的3倍。

We expect capital expenditures in the range of $40 million to $50 million, and we now expect capital expenditures for the year to be below 5% of revenue.

我們預期資本支出介於4,000萬至5,000萬美元，且我們現在預期全年資本支出將低於營收的5%。

In closing, the actions we have taken to reshape the company have created a structurally stronger and more efficient business, and we believe we are still in the early stages of realizing the full benefit of our model.

最後，我們為重塑公司所採取的行動，已打造出結構上更強健且更有效率的業務；我們相信，我們仍處於實現我們營運模式全部效益的早期階段。

We are entering the second half of the year from a position of strength. With a stronger demand environment, a more focused portfolio, and additional manufacturing efficiencies still ahead of us, we remain confident in our ability to drive sustainable value for our shareholders.

我們以強勢姿態進入下半年。在更強勁的需求環境、更聚焦的產品組合，以及仍在前方的額外製造效率提升之下，我們對於為股東創造可持續價值的能力仍充滿信心。

We look forward to sharing more with you during our Analyst Day in New York on September 16.

我們期待在9月16日於紐約舉行的分析師日（Analyst Day）與各位分享更多內容。

With that, I'll turn the call back over to Josh to open it up for questions.

接下來，我把電話交回給Josh，開放提問。

(Operator Instructions) Vivek Arya, Bank of America Securities.

（接線員指示）美國銀行證券（Bank of America Securities）的Vivek Arya。

Thanks for taking my question. Hassane, I was hoping you would give us some more color on the automotive environment. Sales were down slightly sequentially. Maybe some of it was because of exits. But how should we think about, in the context of the 6% sequential you're guiding, how you expect your automotive business to do in Q3? And then what is kind of the typical seasonality in Q4?

謝謝讓我提問。Hassane，我希望你能就汽車市場環境提供更多細節。銷售額較前一季略有下滑。也許部分原因是退出某些業務。但在你們指引的6%季增背景下，我們應如何看待你們第三季汽車業務的表現？另外，第四季通常的季節性大概是怎樣？

And the reason I want to ask about autos is that does the pricing lever apply to autos also? Because I imagine you are exposed to large OEMs and Tier 1s. So do you get the same benefit of pricing even when dealing with the automotive customers? So just commentary on demand and pricing and sequentials would be helpful.

我之所以想問汽車，是因為價格調整這個槓桿也適用於汽車嗎？因為我想你們面對的是大型OEM與一級供應商（Tier 1）。所以即使面對汽車客戶，你們也能獲得同樣的定價效益嗎？因此，若能就需求、定價與季比變化做些評論會很有幫助。

Yeah, let me -- there's a lot to unpack here, Vivek. So let me take it. And if I miss any, just prompt me again.

好的，讓我——這裡面要拆解的點很多，Vivek。我來回答。如果我漏掉任何部分，請再提醒我。

So overall, the quarter came in exactly as we expected. We still believe we're shipping to true demand now, that the inventory is behind us. So that's what we see as true demand.

整體而言，本季表現完全符合我們的預期。我們仍相信現在的出貨是對應真實需求，庫存問題已經過去。所以我們看到的就是真實需求。

Of course, regionally, automotive behaves very differently. I talked about some of the strength with share gains in North America. China is doing very well for us, all came in kind of where we expected.

當然，就區域而言，汽車業務的表現差異很大。我談到北美因市占提升而展現的一些強勁動能。中國對我們而言表現也非常好，整體都大致符合我們的預期。

Q2 for us, if you look historically in '24 and '25, Q2 is a seasonally typically down quarter. I think the numbers for the last few years have been like 11% down and a 4% down. So Q2 is not, again, seasonality given a couple of key customers in Europe specifically.

對我們來說，若回顧2024年與2025年的歷史，第二季通常是季節性偏弱的一季。我想過去幾年的數字大概是下滑11%以及下滑4%。所以第二季並不是——再次強調，這種季節性主要是受到歐洲幾個關鍵客戶的影響。

Outside of that, we see the demand environment kind of stable. We see us maintaining our content gains with new products we are introducing, whether it's the Treo starting to ramp in some of the zonal architectures already or silicon carbide, which we are expecting growth with a stellar growth coming out of China, again, based on the competitive nature of the share gains I have talked about here on these calls.

除此之外，我們看到需求環境大致穩定。我們看到我們透過正在導入的新產品持續維持單車價值量（content）提升的成果，不論是Treo已開始在部分區域化（zonal）架構中逐步放量，或是碳化矽（silicon carbide）；我們預期這些都將帶來成長，且中國市場的成長非常亮眼——同樣是基於我在這些電話會議中談到的、具競爭力的市占提升。

So overall, we see automotive kind of, how do you say it, very stable with a good outlook.

因此整體而言，我們認為汽車業務可以說是非常穩定，且展望良好。

As far as the pricing is concerned, pricing for us is not really market-driven because the cost increases that we are seeing are, I'm going to call it material in nature, material meaning substrates or gold or a lot of it applies regardless of market and therefore, yes, our pricing actions that Thad and I both talked about last quarter are offsetting those costs across all of our markets.

至於定價方面，對我們而言，定價並不完全是由市場驅動，因為我們看到的成本上升——我會稱之為材料性質的上升，材料指的是基板或黃金等——這些在很大程度上不受市場影響；因此，是的，我和Thad在上季都談到的定價措施，正在我們所有市場中用來抵銷這些成本。

We do have some surgical cost increases where we see strength or we see really allocation. But in general, where we're offsetting cost that's across the board, including automotive.

我們確實也有一些更精準的成本調整，會在我們看到需求強勁或看到供給分配（allocation）的地方採取。但總體而言，我們用來抵銷成本的措施是全面性的，包含汽車市場在內。

All right, thank you, Hassane. For my follow-up, maybe one for Thad on gross margins. The gross margins went up about 80 basis points, although I think utilization you mentioned went up almost 800 basis points. So is it that a bulk of that benefit you get to see in Q3? What kind of utilization should we assume for Q3?

好的，謝謝你，Hassane。我的追問可能想請教Thad，關於毛利率。毛利率上升了約80個基點，雖然我記得你提到產能利用率上升了將近800個基點。所以是否大部分的效益會在第三季才會看到？我們對第三季的產能利用率應該做何假設？

And what is the effect of mix and pricing? And I ask these questions because if I go back to the levels of revenue we saw for on towards the end of '24, it was in this $1.7 billion-ish quarterly range, and your gross margins were already in the mid-40s. So I imagine that that was a different time versus what we have. So just help us think through the effect of utilization mix and pricing for your current trajectory of gross margins.

另外，產品組合與定價的影響是什麼？我之所以問這些，是因為如果我回到2024年底左右我們看到的營收水準，大概是每季約17億美元的區間，而你們的毛利率已經在40%中段。所以我想那時候的情況與現在不同。因此，請協助我們理解在你們目前毛利率走勢下，產能利用率、產品組合與定價各自的影響。

Yeah, Vivek, for the Q2 gross margin, you actually need to go back and look at the Q4 utilization because you remember there's about a two quarter for utilization to hit the P&L.

是的，Vivek，關於第二季的毛利率，你其實需要回頭看第四季的產能利用率，因為你記得產能利用率大約要延後兩個季度才會反映到損益表上。

So in Q4, utilization actually dropped 6 percentage points from Q3 to Q4. So that would have been a headwind to Q2. So we actually offset that headwind with favorable mix primarily, and we saw that coming because our guide was 39%, we came in at 39.3%, so better than we expected, but we saw that favorable mix that we guided to.

所以在第四季，產能利用率其實從第三季到第四季下滑了6個百分點。因此這會對第二季形成逆風。我們主要透過有利的產品組合來抵消這個逆風，而且我們也預先看到了這點，因為我們的指引是39%，實際結果是39.3%，比我們預期更好，但我們確實看到了我們在指引中提到的那種有利組合。

There really wasn't much of a margin impact at all from pricing because of the input costs that Hassane just walked through. So you can think about anything we did in pricing in the second quarter really didn't give a bump to the gross margin.

由於Hassane剛剛說明的投入成本因素，定價對毛利率幾乎沒有帶來什麼影響。所以你可以這樣理解：我們在第二季做的任何定價動作，實際上並沒有推升毛利率。

The utilization increase now here in Q2 that we see going up will obviously impact us in the future quarters, so you can think about Q2 hitting Q4. So that's why we're very confident that you'll see additional gross margin expansion through the rest of this year as utilization has been consistently going up since Q4.

而我們現在在第二季看到的產能利用率上升，顯然會在未來幾個季度影響我們，所以你可以把第二季對應到第四季。這也是為什麼我們非常有信心，隨著產能利用率自第四季以來持續上升，你會在今年剩餘期間看到毛利率進一步擴張。

So as the market improves, as the utilization continues to go up, as we catch up supply to demand just because demand has moved so quickly, we'll be able to see that benefit coming through the P&L for the remainder of the year.

因此，隨著市場改善、產能利用率持續上升，以及因為需求變化太快而使供給追上需求，我們將能在今年剩餘時間看到這些效益逐步反映在損益表上。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Hi, thanks a lot. Thad, I just wanted to follow-up on that comment on gross or -- sorry, on utilization tailwind to gross margin. So is the right rubric still to think like 30 bps per point of utilization? So all things equal between now and Q4, the increase in utilization should drive margin up by, I don't know, 150 to 200 basis points. Is that kind of the right way to think about it?

嗨，非常感謝。Thad，我想針對你剛才關於毛利率——抱歉，是關於產能利用率對毛利率的順風——那段話追問一下。所以正確的衡量準則仍然是：產能利用率每提升1個點，毛利率大約增加30個基點嗎？所以在其他條件相同下，從現在到第四季，產能利用率的提升應該會推動毛利率上升，大概150到200個基點。這樣理解對嗎？

Yeah, the math is 25 to 30 basis points of gross margin improvement for every point of utilization.

是的，計算方式是：產能利用率每提升1個點，毛利率改善25到30個基點。

So as we look into Q4, yes, you should expect a margin increase, all things being equal, that's assuming a consistent mix, those types of things.

所以當我們看向第四季，是的，在其他條件相同下，你應該會看到毛利率上升；這是以產品組合一致等因素為前提。

Now, again, we had a richer mix here in Q2, so just keep that in mind, we saw that coming. But yes, we will see additional margin expansion in Q4.

不過再說一次，我們在第二季的產品組合更偏高端，所以請把這點納入考量，我們也預先看到了。但沒錯，我們會在第四季看到進一步的毛利率擴張。

Okay. And then just with respect to the exit, so I think you exited $35 million you said in the second quarter, can you just talk about do you still see $300 million for the full year? It sounded like you made a comment that it's done now, that the exits are done, so can you just walk through all that?

好的。另外關於退出（exit），我想你說第二季退出了3,500萬美元，你能談談全年是否仍然是3億美元嗎？聽起來你提到現在已經完成了、退出都結束了，所以你能把整個情況再說明一下嗎？

Yeah, the exits are done. So the $35 million was the Q2 impact. So if you take what we did for Q1, Q2 and you annualize it, you get to roughly about $300 million for the year because that doesn't obviously, those don't repeat in Q3 and Q4.

是的，退出已經完成。所以3,500萬美元是第二季的影響。因此，如果你把我們第一季、第二季所做的加總並年化，全年大約就是3億美元，因為這些在第三季和第四季顯然不會重複發生。

So the exits are behind us now. We won't be talking about that going forward. It was $35 million for the quarter, and that's it for the year.

所以退出現在已經告一段落。我們之後不會再談這件事。本季是3,500萬美元，今年就到此為止。

And that really, if you go back to when we mapped this out, it's about $900 million of annual revenue that we've exited over the last few years, so right on target to what we expected.

而且如果你回頭看我們當初如何規劃，過去幾年我們累計退出的年營收大約是9億美元，與我們預期的目標完全一致。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行（Wells Fargo）。

Yeah, thanks for taking the questions. You talked about like prioritizing data center demand over auto industrial the quarter. Was that any sort of impact to revenue or how do we think about that dynamic?

是的，謝謝讓我提問。你提到本季把資料中心需求的優先順序放在汽車與工業之前。這對營收有任何影響嗎？我們該如何理解這個動態？

Yeah, I mean, obviously, when we have some technology specifically in power where we have constraint, we did see some orders come in, what I would say within lead time and we had to make priority calls. So we did shift some not just automotive specifically, but we did prioritize AI data center that took away from our other businesses in the short term as manufacturing really catches up to the updated signals of demand. So we made those calls within the quarter.

是的，我的意思是，顯然當我們在某些技術上——特別是在電源（power）方面——存在產能限制時，我們確實看到一些訂單在交期範圍內進來，而我們必須做出優先順序的取捨。所以我們確實做了調整，不只是汽車而已；我們優先供應AI資料中心，短期內相對排擠了其他業務，因為製造端正在追趕更新後的需求訊號。所以我們在本季內做了這些決策。

You saw that strength in AI data center. We expect that AI data center, of course, to continue during the year. So it's not just a temporary Q2, meaning we got the gain, we got the designs, we'll continue to ramp, and then our manufacturing output will catch up to the, call it, automotive and industrial.

你也看到了AI資料中心的強勁表現。我們預期AI資料中心當然會在今年持續成長。所以這不只是第二季的短期現象；也就是說，我們拿到了增量、拿到了設計案，會持續放量，然後我們的製造產出會追上——可以說——汽車與工業的需求。

So overall, we made those calls within the quarter. That's the long-term beneficial for the company, and we didn't have really a customer impact in the short term, but it is something that we're catching up to here in the third and fourth quarter.

所以整體而言，我們在本季內做了這些取捨。這對公司長期是有利的，短期內我們其實沒有真正的客戶影響，但這確實是我們在第三季與第四季要追趕補上的部分。

Thanks. And then just maybe as a follow-up, any sort of help on just thinking about the sub-segments of the business looking into 3Q on the guidance front?

謝謝。另外可能作為追問，你能否協助我們思考一下，在第三季指引上，各子業務（sub-segments）的展望？

Yeah. As you look forward, we expect auto to be up low-single digits, industrial to be relatively flat, and we expect other, which has our AI data center to be up high-teens. Those are all percentage-wise.

好的。往前看，我們預期汽車業務將呈現低個位數成長，工業業務大致持平，而我們預期其他（其中包含AI資料中心）將成長高十幾個百分點。這些都是以百分比表示。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Thanks for letting me ask a question. I guess maybe just following up on that sort of guide. Other was up $100 million sequentially, looks like it will be up several tens of millions. But the third-quarter guide, that certainly implies a pretty healthy AI data center business. I know you guys are saying it's going to more than double, but is it going to be significantly higher than the previous $500 million target you talked about last quarter? I mean, how much better than $500 million do you think you can do? Certainly, it seems like if all of the strength in other in Q2, Q3 is coming from AI data center, you've got a much bigger data center business than $500 million.

謝謝讓我提問。我想可能是延續剛才的指引。其他（Other）環比增加了1億美元，看起來還會再增加數千萬美元。但第三季指引確實意味著AI資料中心業務相當健康。我知道你們說它會超過翻倍，但它會不會顯著高於你們上季提到的5億美元目標？我的意思是，你們覺得能比5億美元好多少？當然，看起來如果第二季、第三季其他（Other）的強勁表現都來自AI資料中心，那你們的資料中心業務規模就遠大於5億美元。

I'll let you run the numbers, but I mean the fact that we started with not disclosing to doubling, now more than doubling, I would just say highlights the momentum we are gaining, which is not a surprise. We've always said the AI data center is coming in exactly where our technology is the most competitive, and we're going to win on our technology -- on the baseline of our technology and that's what you're seeing.

我讓你自己去算數字，但我的意思是，我們從一開始不揭露，到翻倍，現在是超過翻倍；我只能說這凸顯了我們正在取得的動能，而且這並不令人意外。我們一直說AI資料中心正好落在我們技術競爭力最強的位置，我們會憑藉技術取勝——以我們技術的基本盤來取勝——而你現在看到的就是這點。

We're not breaking it up beyond that at this point, but we are seeing them, we're seeing strength. And like you said, it is sustained strength. It's not a quarterly strength.

目前我們不會再進一步拆分揭露，但我們確實看到了、我們看到了強勁需求。而且如你所說，這是持續性的強勁。不是單一季度的強勁。

And by the way, just projecting more forward -- forward-looking as we get to the 800-volt DC transition, that's going to fuel more of our content. So we're excited about where we are. Our investments have delivered to the market today, and our investment will continue to deliver in that market.

另外，若再往前推估——更前瞻地看——當我們進入800伏直流（DC）轉換，這將帶動我們更多的內容價值（content）。所以我們對目前的位置感到振奮。我們的投資已在今天交付給市場，而我們的投資也將持續在該市場交付成果。

Follow-up question. I think in the prepared comments, you mentioned that I think you said it was your North American silicon carbide business for data center PSUs would be of 60% to 70%. I guess I would have thought that silicon carbide was one of your lead products in the data center business, which is now likely to more than double year on year.

追問。我想在事先準備的發言中，您提到我記得您說，您在北美用於資料中心 PSU 的碳化矽業務占比會是 60% 到 70%。我原本以為碳化矽是您在資料中心業務中的主力產品之一，而該業務現在很可能年增超過一倍。

And so just wondering, was that comment specific to North America? Or is there a reason silicon carbide maybe growing slower than the rest of the data center business? Or maybe ask a different way, what's leading the growth in data center if it's not silicon carbide based?

所以想請教，那個評論是特別針對北美嗎？或者是否有原因使得碳化矽的成長可能比資料中心其他業務更慢？或者換個問法，如果不是以碳化矽為主，那資料中心的成長動能主要來自什麼？

Yeah, I've always said our growth in data center is literally from the wall to the core. We do not have a single technology that is an outsized across the power tree, which gives us a very good distribution from what I call the high voltage because it's not only silicon carbide MOSFETs, we have silicon carbide JFETs and we have silicon as well, all the way to, I'd say, the SPS, which is right at the xPU.

是的，我一直說我們在資料中心的成長，真的是從牆端到核心端。我們沒有任何單一技術在整個電源樹上占比特別突出，這讓我們在我所稱的高電壓端有非常好的分布；因為不只有碳化矽 MOSFET，我們也有碳化矽 JFET，也有矽元件，一直到我會說的 SPS，也就是緊貼在 xPU 旁邊的那一段。

Our data center revenue is very, I would say very equal across all of them. So the growth that we are seeing in AI data center is not necessarily anchored on the high voltage. We are gaining share and ramping close to the core as well, but all of it is growing.

我們的資料中心營收，我會說在各個部分之間非常平均。因此，我們在 AI 資料中心看到的成長，未必是以高電壓端為錨定。我們也在更靠近核心端的地方取得市占並加速放量，但整體各部分都在成長。

And those are, by the way, those are all consistent with what we've said as far as wins that we've talked about over the last couple of quarters are now starting to ramp and contribute revenue.

而且順帶一提，這些都與我們先前所說的一致：過去幾季我們談到的那些贏單，現在開始放量並貢獻營收。

Silicon carbide is specifically that now -- silicon carbide, obviously, we've made the investment thesis on automotive that's still winning in China, both in AI data center and automotive specifically. And my commentary is more on we're seeing that growth now in North America, in PSUs, and so on where high voltage comes in. But it is not only a silicon carbide story for us in AI data center, it's really across the board.

碳化矽方面，具體來說——碳化矽當然，我們的投資論點是放在汽車上，而這在中國仍然持續勝出；同時在 AI 資料中心與汽車領域都一樣。而我的評論更多是指：我們現在在北美看到那樣的成長，特別是在 PSU 等高電壓會切入的地方。但對我們而言，AI 資料中心並不只是碳化矽的故事，而是全面性的成長。

Christopher Rolland, Susquehanna.

Christopher Rolland，Susquehanna。

Thank you, guys. Yeah, in regards to the AI opportunity, and I know you've had a lot of this, but it was a considerable increase in the slide deck for the AI DC TAM. I think you went from $12 billion to almost $50 billion in that number. You also talked about an expanded role in NVIDIA MGX, as well as a hyperscale opportunity, I believe for battery backup at AWS.

謝謝各位。是的，關於 AI 的機會，我知道你們已經談了很多，但你們在簡報中對 AI 資料中心 TAM 的數字做了相當大的上修。我想你們從 120 億美元提高到接近 500 億美元。你們也談到在 NVIDIA MGX 中擴大的角色，以及我記得還提到在 AWS 的電池備援（battery backup）方面有超大規模（hyperscale）的機會。

I guess, first of all, can you talk about that increase in the TAM and what from a product basis is expanding that almost fourfold?

我想先請教，能否談談 TAM 上修的原因？從產品面來看，是哪些項目讓它幾乎擴大到原來的四倍？

Yeah, a couple of things. So if you look at the number we're anchoring on is 2030. And the projection we are basing the increase is really correlated to a, I'm going to call it a gigawatt scale that would be installed by 2030. And if you take the installed base of power and compute that is really projected in 2030 and you backtrack and convert that to really installation of power that we need at a data center site or a rack site and we use our content per rack, that's where the increase happens.

好的，有幾點。首先，如果你看我們所錨定的數字，是以 2030 年為基準。而我們用來支撐這次上修的預測，主要是與我稱之為到 2030 年將部署的「GW 等級」裝置容量相關。如果你把 2030 年預計的電力裝置基礎（installed base of power）拿來計算，再回推並換算成我們在資料中心站點或機櫃站點所需要的電力安裝量，並套用我們每個機櫃的內容價值（content per rack），上修就是在這裡發生的。

So that's point number one is just the volume that is proportional to the gigawatt increase that we've seen. This is purely, call it market data. We do see the correlation with market data, and we're using that data to backfill into our content.

所以第一點就是：我們看到的 GW 增量所對應的量體提升。這純粹可以說是市場數據。我們確實看到與市場數據的相關性，並用這些數據回填到我們的內容價值假設中。

Point number two, because my second point is more on across the board, not just on AI data center. Our TAM has increased, and that is really a factor of we have targeted, we have invested, and we have been introducing products that we did not have last time we updated this a few years ago in our Analyst Day. And as we turn those investments into opportunities and those markets now start coming into the investments that we've made into the last couple of years, we're starting to see that increase.

第二點——而且我的第二點是更全面的，不只針對 AI 資料中心。我們的 TAM 也在增加，這主要是因為：我們鎖定了方向、投入了資本，並且推出了產品；而這些產品在幾年前我們上一次於分析師日更新時其實還沒有。當我們把這些投資轉化為機會、而這些市場也開始承接我們過去幾年的投入時，我們就開始看到 TAM 的上升。

Of course, it's high in the AI data center given the content growth that I talk about, 10x on the high voltage, for example, but also our TAM is increasing across the board. You can think about vertical GaN. You can think about additional opportunities with Treo. You can think about some of our silicon carbide JFET that is both finding its way in the data center, but also the industrial halo, solid-state circuit breakers, solid-state power disconnect, and all of these are opportunities that did not exist even a few years ago.

當然，在 AI 資料中心這塊會特別高，因為我提到的內容價值成長，例如高電壓端成長 10 倍。但我們的 TAM 是全面性增加。你可以想到垂直 GaN。你可以想到 Treo 帶來的額外機會。

And when you add all of them up, that is the opportunity in front of us and that is the investment we have already made in products that we have been delivering and that's the next five years for us. So stay tuned, and we'll love to see you at Analyst Day.

當你把這些全部加總起來，就是我們面前的機會，也是我們已經在產品上做出的投資；我們一直在交付這些產品，而這就是我們接下來五年的重點。所以敬請期待，也很期待在分析師日見到你。

I will certainly be there, Hassane. The other big change here I think was the EV TAM that went from like $26 billion to $63 billion. Very interested as to what's driving that. Obviously, the silicon carbide opportunity. I think maybe there was a zonal architecture commentary as well. But what else is almost doubling that EV TAM for you guys? Thank you.

我一定會到場，Hassane。我想另一個很大的變化是電動車（EV）TAM，從大約 260 億美元提高到 630 億美元。我很想了解是什麼在推動這個變化。顯然有碳化矽的機會。我想可能也有提到分區式架構（zonal architecture）。但還有什麼因素讓你們的 EV TAM 幾乎翻倍？謝謝。

So you can take a look at it where before, as you get more and more penetration of the EV and more of the acceleration of the EV, remember we've talked about two things in electrification. One is EVs as a higher percent of SAR, and number two is the acceleration given the, I guess, the financial side of silicon carbide and the advancements we've made there, that silicon carbide, which is the opportunity for us, is a higher percent of penetration within the EVs from your standard silicon.

你可以這樣看：隨著 EV 滲透率越來越高、EV 加速發展，我們在電氣化上談過兩件事。第一是 EV 在 SAR（全球汽車銷量）中的占比提高；第二是加速效應——我想是來自碳化矽在財務面（成本/效益）以及我們在技術上取得的進展——使得碳化矽（對我們而言是機會）在 EV 內部相對於傳統矽方案的滲透率更高。

And the other one, which we've talked about here about some designs that we have won both in China and North America on the hybrid, where we've always thought hybrid will remain as a silicon or IGBT.

另外一點，我們也在這裡談過：在混合動力（hybrid）方面，我們在中國與北美都贏得了一些設計案；而過去我們一直認為混合動力會維持在矽或 IGBT 的方案。

And given our competitive nature and what we've introduced and the extended range of hybrids that OEMs are looking for, that's content that we have again, within the same area that we have products for already, so that's part of our increased TAM.

但基於我們的競爭力、我們所推出的產品，以及 OEM 對混合動力延長續航里程的需求，這些都帶來了內容價值；而且仍然是在同一個我們已經有產品布局的領域之內，所以這也是我們 TAM 增加的一部分。

And you mentioned it in addition to a lot of the Treo opportunities that we've had with 10BASE-T1S, ultrasonic sensing, NNN, plus a lot of the onboard charging, one of which I highlighted here, which are all coming into our technology domain.

此外，正如你提到的，還有很多 Treo 的機會，包括 10BASE-T1S、超音波感測、NNN，再加上許多車載充電（onboard charging）的機會——我在這裡也特別強調了其中一項——這些都正在納入我們的技術版圖。

So all of these, again, we took a very fresh view of where the market is and is headed given the trends and the technologies we have, and you can think about it as a bottoms-up TAM adjustment that we've done as part of our work for Analyst Day and our strategic work we have been performing to refine and deploy our strategy.

所以總結來說，我們以非常新的視角重新檢視市場現況與未來走向，並結合我們擁有的趨勢與技術；你可以把它視為我們在分析師日與策略工作的一部分，所做的由下而上（bottoms-up）的 TAM 調整，用以精煉並落實我們的策略。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Good afternoon, guys. I just want to go back, I think, prior question. The growth in other $100 million, I just want to make sure that was a correct statement that data center was the primary driver there before you were getting out percent of revenue. I don't know if you could just dial us in a little bit better. I want to make sure that that is the source of the growth.

各位下午好。我想回到前一個問題。其他業務增加的那 1 億美元，我只是想確認你剛才的說法是否正確：在你們退出某個營收占比之前，資料中心是那裡成長的主要驅動因素。不確定你能不能再幫我們更精準地釐清一下。我想確認那就是成長的來源。

The AI data center was the primary driver, but the other markets were also up, so it wasn't 100% AI data center, but that was as a percentage was the highest growth in that bucket.

AI 資料中心是主要驅動因素，但其他市場也有成長，所以並不是 100% 都來自 AI 資料中心；不過以占比來看，在那個分類裡它的成長幅度是最高的。

Got you. And then, Thad, I wanted to ask, you mentioned lead times were extending. I was wondering if you could kind of give us a context of what that means.

了解。接著，Thad，我想問你提到交期在拉長。想請你幫我們提供一些背景，這具體代表什麼意思。

And then I guess, you're talking about prioritization. I'm kind of just curious on utilization, keeping it flat. Is it just a mix issue that you couldn't improve those deliverables or I'm just trying to understand, walk us through the flat utilization.

然後我想，你在談的是優先順序。我也有點好奇你們把產能利用率維持持平。這只是產品組合的問題，導致你們無法提升那些交付量嗎？我只是想理解一下，請帶我們走一遍為什麼利用率會持平。

Yeah. Let me start with the lead time. So lead time stretched out from about 27 weeks to somewhere around 32 weeks on average. That's across the entire portfolio. We have some that are shorter, some that are longer, obviously. But we did see lead time stretching out.

好的。我先從交期開始。平均交期從大約 27 週拉長到大約 32 週左右。這是涵蓋整個產品組合。當然有些更短、有些更長。但我們確實看到交期在拉長。

As Hassane said, we're seeing a lot of orders inside of lead time, a lot of escalations, kind of points to, I guess, kind of a healthy environment, demand environment, which kind of gives us that indication of the future. And I mentioned the book the bill continues to improve.

如 Hassane 所說，我們看到很多訂單是在交期之內下單、也有很多加急（escalations），這某種程度上反映出一個健康的環境、需求環境，也讓我們對未來有一些指標。我也提到 book-to-bill 持續改善。

So we're getting better visibility even into '27 and we've got, in some situations, some customers ordering out into '28 trying to lock up supply.

所以我們甚至對 2027 年的能見度也更好了；而且在某些情況下，有些客戶已經把訂單下到 2028 年，試圖鎖定供應。

In terms of the utilization, we've had to increase utilization very sharply to reflect the increase in demand that we've seen sharp, right? So if you think about a cycle time, a fab cycle time all the way through from beginning of wafer to a finished good, it can be four to six months. So you've kind of got to get that you've got to ramp it and then you can catch up with demand. So that's where we expect that happening.

就產能利用率而言，我們必須非常迅速地提高利用率，以反映我們看到的需求快速上升，對吧？所以如果你想一下週期時間，也就是晶圓廠從開始投片到成品完成的整個製程週期，可能需要四到六個月。因此你必須先把它拉升，之後才能追上需求。所以我們預期會是這樣發生。

Now, if the demand continues to increase beyond what we're seeing, we'll continue to take that utilization up. But right now, we believe we can catch up and that's why utilization doesn't have to go up at least in the next quarter.

現在，如果需求持續增加、超過我們目前看到的水準，我們會繼續把利用率往上拉。但就目前而言，我們相信我們可以追上，因此至少在下一季利用率不需要再提高。

Tom O'Malley, Barclays.

Barclays 的 Tom O'Malley。

Hey, guys. Thanks for taking my question. I just wanted to complete the deep dive on gross margins. I know you've gotten a bunch here, but the last remaining component there is depreciation. If you look at depreciation in the quarter, I think it was at a low for over the past two years plus. I just wanted to make sure nothing changed there.

各位好。謝謝讓我提問。我想把毛利率的深度探討補完。我知道你們已經被問了很多，但最後一個剩下的組成項是折舊。如果看本季折舊，我認為它是過去兩年多以來的低點。我只是想確認那邊沒有任何變化。

And then as you look forward, obviously, you're going to see this utilization step up, but anything unexpected from a depreciation side or anything expected that we can look at September, December? I know that like you've kind of trended in this mid-600 range. Anything changing there just because I know you are doing a lot of these exits that should naturally come down, I would imagine.

然後往前看，顯然你們會看到利用率上升，但在折舊端有沒有任何意外，或是有沒有什麼我們在 9 月、12 月可以預期的？我知道你們大概一直在 6 億多美元這個區間。那邊有任何變化嗎？因為我知道你們在做很多退出（exits），我想那應該會自然下降。

Yeah. Tom, so we did that we took capacity offline about 12%, right? And so that's starting to hit the depreciation as that capacity is coming offline. I would say the depreciation that you're seeing now is really kind of steady state at this point, right?

是的。Tom，我們確實把大約 12% 的產能下線，對吧？因此當那部分產能下線時，折舊也開始受到影響。我會說你現在看到的折舊，基本上在此刻已經是相對穩態（steady state）了，對吧？

And if you look at our CapEx, it's maintenance CapEx, I said that's going to be below our 5% target for this year. I think our target over multiple years is kind of in that mid-single-digit percentage range, but we're keeping it tight this year and it's primarily maintenance.

而且如果你看我們的資本支出（CapEx），是維護性資本支出；我說過今年會低於我們 5% 的目標。我認為我們跨多年期的目標大概是在中個位數百分比區間，但今年我們控制得很緊，主要是維護性支出。

So no change to depreciation from kind of what you're seeing as steady state right now.

所以折舊不會有變化，基本上就是你現在看到的這種穩態水準。

And then just one if I could sneak it in on the disti side. I saw it stepped up a little bit traditionally. You see disti kind of aligned with China, so I saw that step up as well. Is that the right way to think about it? Is that more auto or industrial related? Any color on that step up in disti would be helpful.

另外如果我可以再塞一個問題，關於經銷（disti）那邊。我看到它傳統上有小幅上升。你通常會看到 disti 跟中國比較一致，所以我也看到那邊上升。這樣理解對嗎？那比較偏汽車還是工業相關？對於 disti 這次上升的原因，如果能提供一些說明會很有幫助。

So the mass market actually increased 20% quarter over quarter. So you can think about a lot of that mass market tends to be industrial. There is some automotive in there.

所以大眾市場（mass market）實際上季對季成長了 20%。你可以把其中很大一部分視為工業相關。裡面也有一些汽車。

But I wouldn't call anything other than the mass market, and that's a good leading indicator, right? So we've been investing and putting inventory into the channel to satisfy that mass market. We're now seeing that happen with a 20% sequential growth in that revenue.

但我不會把它歸因於大眾市場以外的任何項目；而且那是一個很好的領先指標，對吧？所以我們一直在投資並把庫存放到通路裡，以滿足大眾市場需求。我們現在看到這件事正在發生，因為該部分營收出現了 20% 的連續成長。

Tore Svanberg, Stifel.

Stifel 的 Tore Svanberg。

Yes, thank you. I just had a follow-up on some of these capacity/utilization questions. So obviously, Fab Right strategy makes a lot of sense, but it sounds like you do have some delinquencies. So I'm just curious, like why wouldn't you ramp the capacity utilization faster?

是的，謝謝。我想就這些產能/利用率問題追問一下。顯然 Fab Right 策略很有道理，但聽起來你們確實有一些逾期/欠交（delinquencies）。所以我有點好奇，為什麼你們不更快地拉升產能利用率？

And if you do get continued upset orders here, how much flexibility do you have with your external partners to keep ramping capacity?

而如果你們持續收到這些超預期的訂單，你們在外部合作夥伴那邊有多大的彈性，可以持續拉升產能？

Sorry, you cut out for like a few seconds in the middle, but I think I caught into how would we reconcile divestitures with increasing demand that capture?

抱歉，你中間有幾秒斷訊，但我想我聽到的是：我們要如何把資產剝離（divestitures）與需求增加、以及如何承接那個需求做對應？

No, I was asking how much flexibility do you have with your external partners to grant more capacity.

不是，我是在問你們在外部合作夥伴那邊有多大的彈性，可以提供更多產能。

Yeah, so external, obviously, everything is constrained, whether it's internal or external. When it comes to short lead time, we believe we have good capacity and good allocation coming from the outside.

好的，所以外部方面，顯然不管是內部或外部，一切都受限。就短交期而言，我們相信我們從外部取得的產能與配額分配都相當不錯。

The issue is not really capacity of what we can support as far as max capacity or max revenue, it is how quickly the demand came in.

問題其實不在於我們能支援的最大產能或最大營收，而在於需求進來的速度有多快。

We can service a lot of demand from die bank, but at some point, like Thad said, when we start a wafer today for an order that we got within the quarter that we didn't anticipate, you have a short-term allocation we have to deal with. That's both internal and external, even if you have the capacity secured is how quickly you are able to get to the capacity.

我們可以用晶粒庫存（die bank）來滿足很多需求，但在某個時間點，如 Thad 所說，當我們今天為一筆在本季內才收到、且我們原本未預期的訂單開始投片時，短期內就會有配額分配需要處理。這同時存在於內部與外部；即便你已經把產能鎖住，問題仍在於你能多快取得並用上那個產能。

So we feel comfortable about external supply. We're not fighting for a lot of the advanced nodes like on the compute side, our capacity is well understood.

所以我們對外部供應感到放心。我們並沒有在像運算端那種先進製程節點上激烈爭搶；我們的產能狀況是很清楚、可掌握的。

A lot of our capacity is also internal. We still do over 60% on internal manufacturing at onsemi, even with the divestitures. So all of these put together, put us in good place. And that's what I said. It's a short term where we're going to catch up.

我們的許多產能也來自內部。即使在資產剝離之後，我們在 onsemi 仍有超過 60% 是內部製造。所以把這些因素加總起來，讓我們處在一個很好的位置。而這就是我所說的。短期內我們會追上來。

If demand continues to accelerate, we'll take utilization up. We're not capped out. It's just how quickly we get there. And in the short-term, we just have to make these calls of prioritization until manufacturing output catches up.

如果需求持續加速，我們會把稼動率拉高。我們還沒有滿載。只是取決於我們能多快到達那個水準。而在短期內，在製造產出追上來之前，我們只能先做這些優先順序的取捨決策。

Yeah, not all capacity is fungible, right? So we do have some supply constraints on certain lanes. That's where we've just got to catch up with that demand and then we believe we can service it.

是的，不是所有產能都可以互相替代，對吧？所以我們在某些特定產線上確實有供應限制。那就是我們必須追上那部分需求，然後我們相信我們能夠滿足它。

Yeah, that makes sense. And that's my follow-up. And Hassane, you talk about the power from grid to core. You talk about the content per rack, 50,000 goal intervention to 115,000. How should we think about that journey and will it be a gradual journey or is there like a step function maybe by, I guess is when 800-volt and maybe by 2028 when that market really starts to take off. But yeah, any more color you could add there would be really helpful.

是的，這很合理。這也是我接下來的追問。Hassane，你談到從電網到核心的供電。你談到每個機櫃（rack）的內容價值，從 50,000 的目標提升到 115,000。我們應該如何看待這段旅程？它會是逐步的演進，還是會出現某種階躍式的變化——我想可能是在 800 伏，以及也許到 2028 年當那個市場真正開始起飛時？但總之，如果你能再補充一些細節會很有幫助。

Yeah, the content, look, a rack that is a 800-volt DC rack with the backplane at 800-volt is a step function from a prior rack. You're not going to see that as far as revenue step function because remember, you have a build out that's going to happen.

是的，關於內容價值，你看，一個 800 伏直流機櫃（DC rack），其背板（backplane）也是 800 伏，這相較於先前的機櫃是一個階躍式的提升。但你不會在營收上看到同樣的階躍式跳升，因為要記得，會有一段建置擴張（build-out）的過程。

So as these racks start to get deployed into newer data centers and whether older data centers will come in and how quickly they will retrofit and so on, so we model that into a gradual but a very healthy growth trajectory or slope, if you will. But it's not going to be just a step function, but it is going to be a very aggressive longer-term growth that we see.

因此，當這些機櫃開始部署到較新的資料中心，以及舊資料中心是否會導入、以及它們改裝（retrofit）的速度等等，我們把這些都納入模型，呈現為逐步但非常健康的成長軌跡或斜率。所以它不會只是一次性的階躍變化，但我們確實看到非常積極的長期成長。

And what you said is right. You can think about it as starting, whatever people believe, there's kind of a range that I give end of '27, beginning of '28. Give or take a quarter, but that's kind of where it's going to start ramping and then mature somewhere depending on the build-out of the data center. So that's how we are looking at it from the time. But we're already starting to see some platform. That's where the design is.

而你說得沒錯。你可以把它想成從某個時間點開始——我給的區間大概是 2027 年底到 2028 年初。前後差一季左右，但大致就是那時候開始加速爬坡，之後在某個時間點成熟，取決於資料中心的建置擴張。所以我們在時間軸上是這樣看的。但我們已經開始看到一些平台。設計就在那裡。

So it kind of starting to look like the content is justified, the way we model it. And our content in those you heard me talk about vertical GaN, JFET, and so on. So you're starting to see a lot of that content really solve density and efficiency problems in these new architectures.

所以看起來，依照我們的建模方式，這樣的內容價值是有其合理性的。而我們在其中的內容，你也聽我提到垂直 GaN、JFET 等等。所以你開始看到，這些內容在新架構中確實能解決密度與效率的問題。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

Good afternoon. Thanks for taking my question. In light of all the metrics you cited around lead times, extending, and everything else in terms of expedites, and normally at this point in time, I would have thought you would see OEM customers' inventory start to expand or customers taking a little bit more risk on their own balance sheet. Is that something you're seeing yet at this point in the cycle or not quite yet in terms of absolute dollars or in terms of days?

下午好。謝謝讓我提問。考量你提到的所有指標——交期延長、以及各種加急（expedites）等——通常在這個時間點，我原本會以為你會看到 OEM 客戶的庫存開始擴張，或客戶在自己的資產負債表上承擔更多風險。在這個週期的此刻，你們是否已經看到這種情況？不論是以絕對金額或以天數來看？

No, I mean, obviously, I can't speak to our customers because that's unless they publicly talk about it, but we're not seeing -- from our perspective, we're not seeing an inventory build, we are seeing really consumption to demand and that's why you see it in specifically, of course, in auto and industrial, we do believe we are shipping to end demand.

沒有。我的意思是，顯然我不能替客戶發言，除非他們公開談到，但就我們的角度來看，我們沒有看到庫存堆積——我們看到的是真正的消耗對應需求；這也是為什麼你會看到，特別是在汽車與工業領域，我們確實相信我們是在出貨給終端需求。

And there are technologies where you would see that is where it's constrained, and we're making a lot of the hard decisions, which is, by the way, the same thing we've done back in COVID, where we decided this quarter to take inventory or days of inventory down in the channel, so we have very close control of potential inventory bills. So we're very disciplined about this.

而你會看到那種情況的技術領域，通常是供給受限的地方；我們正在做很多艱難的決策。順帶一提，這跟我們在 COVID 時期做的一樣——我們在那個季度決定把通路端的庫存或庫存天數降下來，因此我們能非常緊密地控管潛在的庫存累積。所以我們在這方面非常自律。

We're excited about the signals in the market that I quoted. We're excited about the opportunity in AI data center, but we are maintaining a very disciplined and process-based, KPI-based approach to our manufacturing and our deployment of resources, so we don't get ahead of it.

我們對我提到的市場訊號感到振奮。我們對 AI 資料中心的機會感到振奮，

By the way, you see that in our inventory position and the drain and so on across the board. All matrices show a disciplined approach, even in a backdrop of a strong market or stronger market.

順帶一提，你也可以從我們的庫存水位、以及整體的去化等各方面看出來。所有指標都顯示出一種自律的做法，即使在強勁或更強勁的市場背景下也是如此。

That makes sense. And then just in terms of the input cost increases you talked about, you mentioned increasing price to offset those input costs over the coming quarters. As you look into, for example, 2027, what are your suppliers telling you about further potential input cost increases and maybe if you can handicap your level of confidence in staying ahead of those in terms of pricing or potentially significantly ahead of those? Thank you.

這很合理。接著就你提到的投入成本上升而言，你說你們會在接下來幾季透過漲價來抵消這些投入成本。當你展望例如 2027 年時，你的供應商對於後續可能的投入成本上升是怎麼說的？以及如果可以的話，你能否評估一下你們在定價上保持領先（或顯著領先）這些成本上升的信心程度？謝謝。

So obviously, we have a very broad range. We have some suppliers where we have long-term views and we give long-term visibility and we have long-term visibility for potential increases that is coming.

很顯然，我們的情況涵蓋很廣的範圍。我們有一些供應商是以長期視角合作：我們提供長期能見度，也能取得對方對於未來可能漲價的長期能見度。

What I would say, the only consistent message I can say here is, it's not going down. And given the fact that it's not going down, we are anticipating to make sure our business also reflects that, whether from now, because a lot of them will be effective in Q4 or telegraphing that in '27, we're not going to have any reductions or annual reductions and so on.

我想說的是，我在這裡唯一能給的一致訊息是：它不會下降。而既然它不會下降，我們就會預期並確保我們的業務也能反映這點——不論是從現在開始，因為其中很多會在第四季生效；或是提前釋放訊號到 2027 年，我們不會有任何降價或年度降價之類的情況。

So it's not a one-size-fits-all, I would say, but we have visibility on where we're landing for '27, and we'll get more and more clarity as we get closer to that. But we have started these discussions, and I can tell you nothing is coming down. And therefore, I'm not expecting a softer pricing environment in '27 either.

所以我會說這不是一體適用（one-size-fits-all）。但我們對 2027 年的落點有能見度，而且越接近那個時間點，我們會得到越來越清楚的資訊。不過我們已經開始這些討論，我可以告訴你，沒有任何東西在往下走。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Great, thank you. Utilization in the low-80s, how do you think that compares to some of your direct competitors? And if we sort of continue to get into a more supply-constrained environment, do you anticipate that you'd be able to take share given where you're sitting with capacity?

很好，謝謝。稼動率在 80% 出頭，你認為這和一些直接競爭對手相比如何？如果我們持續進入一個供給更受限的環境，你是否預期以你們目前的產能狀況，能夠提升市佔？

Yeah, Joe, look, I don't want to comment about our competitors. I can tell you what we're doing in our business. Again, we've taken this utilization up quick in response to the snapback in demand.

是的，Joe，你看，我不想評論競爭對手。我可以告訴你我們在自己業務上做了什麼。同樣地，為了回應需求的快速回升，我們很快就把稼動率拉上來。

For us, getting to kind of in that low-90%, 92%, 93% is fully utilized. Once we get there, we start flexing to the outside. So there's a certain amount of our products today that we're manufacturing inside that we can take to the outside. So I don't think we're going to be limited.

對我們而言，達到大概 90% 出頭、92%、93% 就是滿載運轉。一旦到那裡，我們就會開始把部分產能彈性轉向外部。所以今天我們有一定比例的產品是在內部製造的，而這些是可以轉到外部代工的。因此我不認為我們會受到限制。

For us, to really start to get to a point where we even think about getting kept out, revenue is still 25%, 30% higher than the run rate today. So we're not worried about that given our flexibility with our fab right and our ability to flex inside and outside.

對我們而言，要真正開始走到一個我們甚至會去思考是否會被排除在外的程度，營收仍需比目前的運行水準高出25%、30%。因此，考量到我們在晶圓廠方面的彈性，以及我們在內部與外部之間調整的能力，我們並不擔心這點。

And look, the focus for our growth and our new product introduction, think about Treo, for example, that investment in capacity is done. It's in East Fishkill. East Fishkill is not fully utilized. So we have the runway to ramp. So it's not like Thad said earlier, not everything is fungible, but the areas where we have growth and the areas we've invested in those areas where we have runway, and we will continue to ramp aggressively across all markets.

而且你看，我們成長與新產品導入的重點——以Treo為例——那項產能投資已經完成。它在East Fishkill。East Fishkill目前尚未完全被利用。所以我們有足夠的跑道來爬坡增產。因此不像Thad先前說的，不是所有事情都可以互相替換，但在我們有成長、且已投資並仍有跑道的那些領域，我們會持續在所有市場積極擴大產出。

That's helpful. Thank you. And then in terms of things getting tighter and starting to see some constraints, are there any specific areas that are more impacted than others, any hotspots, silicon carbide different than everything else, just any sense of where supply demand might be different?

這很有幫助。謝謝。另外，就供應變得更吃緊、開始看到一些限制而言，有沒有任何特定領域比其他領域受影響更大？有沒有任何熱點？例如碳化矽是否與其他都不同？想請教供需可能在哪些地方出現差異。

No, I think if you think about it across power, and it's not just high voltage, because a lot of the, for example, data center is consuming power, not just in the high voltage.

沒有，我認為如果你從電源（power）的角度來看，而且不只是高電壓，因為很多——例如資料中心——消耗的是電力，不僅僅是在高電壓端。

I mentioned earlier, we're ramping everything from the wall all the way to the xPU. And that is high voltage all the way to low voltage and we see constraints in some of those lanes.

我先前提到，我們正在把從牆上電源一路到xPU的所有環節都在爬坡增產。這涵蓋從高電壓到低電壓，而我們在其中一些通道確實看到限制。

We have one of the most efficient power products out there. So we're getting an outsize and we're running it in multiple fabs now. So we're increasing our capacity and our flexibility to be able to service it.

我們擁有市面上效率最高的電源產品之一。因此我們獲得了超額的需求，而我們現在也在多座晶圓廠生產它。所以我們正在提升產能與彈性，以便能夠提供服務。

But that we are, those lead times have extended, and we are working with customers on supporting it. We will win share where others cannot, but that's not how we're winning. We're winning because really the product is superior because if it's a multi-source product, you can imagine the margin is not as exciting, and that's not business we play in. That's the business we actually exited.

不過，交期確實已經拉長，我們也正與客戶合作來支援。在其他人無法供應之處，我們會贏得市占，但我們並不是靠這種方式在贏。我們之所以能贏，是因為產品確實更優異；因為如果是可多來源（multi-source）的產品，你可以想像毛利就不會那麼吸引人，而那不是我們參與的業務。那其實是我們已經退出的業務。

So we are winning where our products provide a differentiation to our end customers, and that's what's consistent.

所以，我們是在我們的產品能為終端客戶帶來差異化的地方取勝，而這點是一貫的。

You see that in silicon carbide. I called out China specifically, given that I keep talking about we always win across the board based on efficiencies and product.

你在碳化矽也看得到。我特別點名中國，因為我一直在談我們總是憑藉效率與產品在各方面取勝。

You see that in China, you see it in North America, and you've seen it in Europe. So that's our focus, that's our investment, and that's how the margin expansion will continue.

你在中國看得到，在北美也看得到，在歐洲也看得到。所以這就是我們的重點、我們的投資方向，也就是毛利擴張將持續的方式。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

Yeah, hi, Hassane, Thad. Just a quick question. On the AI data center side, I saw that $48 billion TAM big increase in that opportunity there. Is there a way to look at it, how your content breaks out between site power, the power in the rack and the compute rack as you broke out? What's the split of the opportunity?

是的，你好，Hassane、Thad。我有個簡短問題。在AI資料中心這一端，我看到你們提到480億美元的TAM，這個機會大幅增加。有沒有辦法從你們拆分的站點供電（site power）、機櫃內供電（power in the rack）以及運算機櫃（compute rack）來看，你們的內容價值（content）如何分布？這個機會的拆分比例是多少？

Yeah, I'm going to give you an approximate. And the approximate is if you look at the numbers we've given as far as content per rack and you think about high voltage, which I would put the first order in the sidecar, going to 50% of the total, $115,000 of content. 50% of it is high voltage, 50% is medium and low voltage. That gives you that split 50/50.

有的，我給你一個大概的數字。大概是這樣：如果你看我們提供的每個機櫃的內容價值，並把高電壓（我會把第一階段放在sidecar）視為總計11.5萬美元內容價值中的50%。其中50%是高電壓，50%是中低電壓。因此拆分就是50/50。

Today, on the $15,000 of content, that split between high voltage and then the rest is 70/30. 30 is high voltage, 70 is medium to low. So the increase from a dollar content is on the high voltage side.

以今天每個機櫃1.5萬美元的內容價值來看，高電壓與其餘部分的拆分是70/30；其中30是高電壓，70是中低電壓。所以從內容價值（以美元計）增加的部分，主要是在高電壓端。

But both are going up, one is going up 10, one is going up like 5 to 6x. So both increasing, but an outsized increase is of course in the high voltage given the market trend we are talking about.

但兩邊都在上升，一邊大約增加10倍，另一邊大約增加5到6倍。所以兩者都在增加，但顯著更大的增幅當然是在高電壓端，因為這符合我們剛才談到的市場趨勢。

Got it. And then when you look at your auto, industrial, and data center, is there a way to look at how the order trends are by the different geographies? Like what are you seeing in US versus Europe versus China, I guess?

了解。另外，當你看你們的汽車、工業與資料中心業務時，有沒有辦法從不同地理區域來看訂單趨勢？例如你們在美國、歐洲與中國分別看到什麼情況？

Yeah, I think if I take it in order, automotive specifically.

有，我想如果我按順序來講，先從汽車業務開始。

Or all three.

或三個都講。

All three, okay. It's like very different, all three. So I would say automotive. I'll just rank order them. In auto, it's China, US, Europe.

三個都講，好。三者其實差異很大。所以我先說汽車。我就按強弱排序。在汽車方面，是中國、美國、歐洲。

Industrial, I would say China, US, Europe.

工業方面，我會說是中國、美國、歐洲。

And AI data center is really US and some China that I talked about with Great Wall on this call is starting for us as well, but primarily in the US.

而AI資料中心主要是美國，以及我在這通電話中提到的、與長城相關的部分在中國也開始對我們有起步，但主要仍在美國。

In Europe, you have, of course, the AI halo that I call out within our industrial business, not on our AI data center, but it is an AI halo that's supporting it. I think that's kind of how you can think about it.

在歐洲，當然在我們的工業業務中有我所說的AI光環效應（AI halo），不是在我們的AI資料中心業務裡，但它是一個支持該業務的AI光環效應。我想你可以這樣理解。

Thank you. I would now like to turn the call back over to Hassane El-Khoury, President and CEO, for closing remarks.

謝謝。我現在想把電話交回給總裁兼執行長Hassane El-Khoury作結語。

Thank you all for joining us today. Before we close, I'd like to recognize our employees around the world for their dedication, innovation, and execution. The momentum we are seeing across our business, the opportunities ahead of us, and our confidence in the future are all made possible by their hard work and commitment.

感謝各位今天加入我們。在結束之前，我想表揚我們全球員工的投入、創新與執行力。我們在業務各面向所看到的動能、我們面前的機會，以及我們對未來的信心，都是因為他們的辛勤工作與承諾才得以實現。

On behalf of the leadership team, thank you for everything you do to serve our customers and move onsemi forward.

我代表領導團隊，感謝各位為服務客戶、推動onsemi向前所做的一切。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以斷線。