高通 (QCOM) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Second Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded May 1, 2024. The playback number for today's call is (877) 660-6853, International callers, please dial (201) 612-7415. The playback reservation number is 13745532.

女士們、先生們，感謝你們的支持。歡迎參加高通2024財年第二季財報電話會議。 (操作員指示) 提醒一下，本次會議將於 2024 年 5 月 1 日錄製。今天電話會議的播放號碼是 (877) 660-6853，國際來電者請撥打 (201) 612-7415。播放預約編號為13745532。

I would now like to turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

現在我想將電話轉交給投資人關係副總裁 Mauricio Lopez-Hodoyan。洛佩茲·霍多揚先生，請繼續。

Thank you, and good afternoon, everyone. Today's call will include prepared remarks by Cristiano Amon and Akash Palkhiwala, in addition, Alex Rogers will join the question-and-answer session.

謝謝大家，下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙和阿卡什·帕爾基瓦拉的準備好的發言，此外，亞歷克斯·羅傑斯也將參加問答環節。

You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today. During the call today, we will use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website.

您可以在我們的投資者關係網站上存取我們的收益報告和本次電話會議的幻燈片簡報。此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。在今天的電話會議中，我們將使用 G 條例中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對帳。

We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

我們還將做出前瞻性陳述，包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。實際事件或結果可能與我們的前瞻性陳述中的預測有重大差異。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表，其中包含可能導致實際結果與前瞻性陳述有重大差異的重要因素。

And now to comments from Qualcomm's President and Chief Executive Officer, Cristiano Amon.

現在來聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q2, we delivered non-GAAP revenues of $9.4 billion. Non-GAAP earnings per share of $2.44, was above the high end of our guidance. Revenues from our chipset business of $8 billion, reflect strong premium tier demand for Android smartphones and continued momentum in automotive. Licensing business revenues were $1.3 billion.

謝謝你，毛里西奧，大家下午好。感謝您今天加入我們。在第二財季，我們的非公認會計準則收入為 94 億美元。非公認會計準則每股收益為 2.44 美元，高於我們預期的高端。我們的晶片組業務收入為 80 億美元，反映了對 Android 智慧型手機的強勁高端需求以及汽車市場的持續成長勢頭。許可業務收入為13億美元。

During the quarter, we also made significant progress on our leading technology and product roadmaps as well as executing on our growth and diversification opportunities. Let me share some key highlights from the business.

本季度，我們在領先的技術和產品路線圖以及實施成長和多元化機會方面也取得了重大進展。讓我分享一下業務中的一些關鍵亮點。

As we drive intelligent computing everywhere, we're enabling the ecosystem to develop and commercialize on-device GenAI applications across smartphones next-generation PCs, XR devices, vehicles, industrial edge, robotics, networking and more.

隨著我們推動智慧運算無所不在，我們正在支援生態系統在智慧型手機、下一代 PC、XR 設備、車輛、工業邊緣、機器人、網路等領域開發和商業化設備上的 GenAI 應用程式。

To that end, we recently launched the Qualcomm AI Hub, a gateway for developers to enable at scale commercialization of on-device AI applications. It features a library of approximately 100 pre-optimized AI models for devices powered by Snapdragon and Qualcomm platforms, delivering 4x faster inferencing versus nonoptimized models. As AI expands rapidly from the cloud to devices, we are extremely well positioned to capitalize on this growth opportunity given our leadership position at the edge across technologies, including on-device AI.

為此，我們最近推出了 Qualcomm AI Hub，這是一個幫助開發人員實現設備 AI 應用大規模商業化的入口網站。它擁有一個包含約 100 個預先優化的 AI 模型庫，適用於搭載 Snapdragon 和 Qualcomm 平台的設備，與未優化的模型相比，推理速度提高了 4 倍。隨著人工智慧從雲端迅速擴展到設備，憑藉我們在包括設備上人工智慧在內的各個技術領域的領先地位，我們完全有能力利用這一成長機會。

In automotive, the Snapdragon Digital Chassis is the industry's leading technology solution, and we're pleased to announce that our design-win pipeline has increased to approximately $45 billion. We're growing faster than the addressable market and remain on track to achieve more than $4 billion of automotive revenues in fiscal '26.

在汽車領域，驍龍數位底盤是業界領先的技術解決方案，我們很高興地宣布，我們的設計中標管道已增加到約 450 億美元。我們的成長速度超過了目標市場，並預計在 26 財年實現超過 40 億美元的汽車收入。

In premium and high-tier smartphones, our Snapdragon mobile platforms continue to set the bar for performance and on-device GenAI capabilities. Recently launched flagship Android devices powered by Snapdragon 8 Gen 3 are seeing strong demand globally, especially in China. We are extending the most sought after 8 Series capabilities, including on-device AI to a broader range of flagship and high-tier smartphones with the new Snapdragon 8S Gen 3 and Snapdragon 7 Plus Gen 3 mobile platforms launching in the second half of 2024.

在高階和高階智慧型手機中，我們的 Snapdragon 行動平台繼續為效能和裝置上的 GenAI 功能設定標準。最近推出的搭載驍龍 8 Gen 3 的旗艦 Android 裝置在全球範圍內需求強勁，尤其是在中國。我們正在將最受追捧的 8 系列功能（包括設備上的 AI）擴展到更廣泛的旗艦和高階智慧型手機，新的 Snapdragon 8S Gen 3 和 Snapdragon 7 Plus Gen 3 行動平台將於 2024 年下半年推出。

In cellular modems, we have again established a new industry benchmark with the Snapdragon X80, the world's most advanced 5G Modem-RF System. The X80 supports 5G Advanced, the next era of 5G in addition to direct-to-mobile 3GPP-compliant satellite communications and leading Release 18 features.

在蜂巢式調變解調器領域，我們再次憑藉全球最先進的 5G 調變解調器-射頻系統 Snapdragon X80 樹立了新的產業標竿。除了直接面向行動的 3GPP 相容衛星通訊和領先的 Release 18 功能外，X80 還支援 5G Advanced，即 5G 的下一個時代。

Additionally, our networking solutions continue to gain traction as the WiFi 7 transition expands to the enterprise. We are excited about the upcoming launches of next-generation Windows AI PCs powered by Snapdragon. The Snapdragon X Elite is the leader in performance, on-device AI and power efficiency for the Windows ecosystem and is optimally positioned to lead the transition to true AI PCs.

此外，隨著 WiFi 7 過渡擴展到企業，我們的網路解決方案繼續獲得關注。我們對即將推出的搭載驍龍的下一代 Windows AI PC 感到非常興奮。 Snapdragon X Elite 在 Windows 生態系統中處於效能、裝置 AI 和電源效率的領先地位，並具有引領向真正的 AI PC 過渡的最佳優勢。

I'm also pleased to share that we recently expanded our compute portfolio with the Snapdragon X Plus platform, which is designed to address a broader range of device tiers. In XR, we're seeing good momentum in augmented and virtual reality. In particular, the Ray-Ban Meta glasses powered by our Snapdragon AR1 Gen 1 platform continue to gain traction with consumers. Additionally, the Meta Horizon OS, running on Snapdragon, is now open and available to third-party hardware makers. This is a significant milestone as they will expand the device ecosystem.

我也很高興地告訴大家，我們最近透過 Snapdragon X Plus 平台擴展了我們的運算產品組合，該平台旨在滿足更廣泛的設備層級。在 XR 領域，我們看到擴增實境和虛擬實境的發展勢頭良好。特別是，搭載我們 Snapdragon AR1 Gen 1 平台的雷朋 Meta 眼鏡持續受到消費者的青睞。此外，基於驍龍的 Meta Horizo​​n OS 現已開放，可供第三方硬體製造商使用。這是一個重要的里程碑，因為他們將擴大設備生態系統。

Finally, at the Embedded World Conference in Germany, we announced 2 new solutions for the industrial IoT ecosystem - the Qualcomm QCC730 micro-power WiFi SoC and the Qualcomm RB3 Gen 2 platform. The QCC730 is specifically designed for IoT connectivity in battery power, industrial, commercial and consumer applications, featuring 88% lower power consumption than previous generations. And the RB3 Gen 2 platform is a complete hardware and software solution designed for a wide range of products, including various types of robots, drones, industrial handheld devices and more. The RB3 is supported by the recently announced AI hub and also feature support for Qualcomm Linux, a comprehensive package of operating system, software and developer tools for our IoT platforms.

最後，在德國嵌入式世界大會上，我們發表了兩款針對工業物聯網生態系統的全新解決方案—高通QCC730微功率WiFi SoC和高通RB3 Gen 2平台。 QCC730 專為電池供電、工業、商業和消費應用中的物聯網連接而設計，功耗比前幾代產品降低 88%。 RB3 Gen 2 平台是一套完整的硬體和軟體解決方案，專為各種產品而設計，包括各種類型的機器人、無人機、工業手持設備等。 RB3 得到了最近發布的 AI 中心的支持，並且還支援 Qualcomm Linux，這是一套用於我們的物聯網平台的綜合作業系統、軟體和開發工具包。

In summary, we're very pleased with the continued progress on our growth and diversification strategy. Beyond handsets, we have established leadership positions across automotive, XR and networking and we are well positioned to do the same in PCs, industrial and edge AI. We're optimistic about the opportunities ahead for the company and will continue to execute on our plan to deliver long-term growth and value for shareholders.

總而言之，我們對我們的成長和多元化策略的持續進展感到非常高興。除了手機之外，我們還在汽車、XR 和網路領域確立了領導地位，並且在個人電腦、工業和邊緣 AI 領域也佔據了領先地位。我們對公司未來的機會持樂觀態度，並將繼續執行我們的計劃，為股東實現長期成長和價值。

I would now like to turn the call over to Akash.

現在我想把電話轉給 Akash。

Thank you, Cristiano, and good afternoon, everyone. I'll start with our second fiscal quarter earnings. We are pleased to announce another quarter of strong non-GAAP results with revenues of $9.4 billion and EPS of $2.44, which was above the high end of our guidance range. QTL revenues of $1.3 billion and EBT margin of 71%, were in line with our expectations.

謝謝你，克里斯蒂亞諾，大家下午好。我先從我們的第二財季收益開始。我們很高興地宣布，本季非公認會計準則業績再創佳績，營收達 94 億美元，每股收益達 2.44 美元，高於我們預期範圍的高端。 QTL 的營收為 13 億美元，EBT 利潤率為 71%，符合我們的預期。

QCT delivered revenues of $8 billion and EBT margin of 29%, which was at the high end of our guidance range, reflecting strength across handset and automotive. QCT handset revenues of $6.2 billion included the benefit of flagship Android smartphone launches powered by our Snapdragon Gen 3 mobile platform. QCT IoT revenues increased 9% sequentially to $1.2 billion, which was slightly better than our expectations. We had another record quarter in QCT Automotive, with revenues increasing by 35% on a year-over-year basis, reflecting increased content in new vehicle launches with our Snapdragon Digital Chassis products.

QCT 的營收為 80 億美元，息稅前利潤率為 29%，處於我們預期範圍的高端，反映了手機和汽車領域的強勁表現。 QCT 手機收入為 62 億美元，其中包括由我們的 Snapdragon Gen 3 行動平台提供支援的旗艦 Android 智慧型手機的推出帶來的好處。 QCT IoT 營收季增 9%，達到 12 億美元，略優於我們的預期。 QCT 汽車業務本季再創紀錄，營收年增 35%，反映出搭載我們驍龍數位底盤產品的新車上市內容有所增加。

We returned $1.6 billion to stockholders during the quarter, including $731 million in stock repurchases and $895 million in dividends. During the quarter, we also announced an increase in our quarterly dividends from $0.80 to $0.85 per share, consistent with our commitment to dividend growth.

本季我們向股東返還了 16 億美元，其中包括 7.31 億美元的股票回購和 8.95 億美元的股息。在本季度，我們也宣布將季度股息從每股 0.80 美元增加到 0.85 美元，這符合我們對股息成長的承諾。

Lastly, the sale of the Restraint Control System business successfully completes the divestitures of the non-Arriver businesses related to our acquisition of Veoneer. We are very pleased with this acquisition, and the Arriver team is executing on the development of our computer vision and drive policy ADAS software stack, targeting vehicle launches starting in late '25.

最後，約束控制系統業務的出售成功完成了與我們收購 Veoneer 相關的非 Arriver 業務的剝離。我們對此次收購感到非常高興，Arriver 團隊正在開發我們的電腦視覺和駕駛策略 ADAS 軟體堆棧，目標是在 25 年底推出汽車。

Now turning to guidance. Our forecast for global 3G, 4G, 5G handset units remains unchanged for calendar '24. We estimate that global handset units will be flat to slightly up on a year-over-year basis. This includes expected growth of high-single-digit to low-double-digit percentage in 5G handsets.

現在轉向指導。我們對 2024 年全球 3G、4G、5G 手機銷售的預測保持不變。我們預計全球手機出貨量將與去年同期持平或略有成長。其中包括 5G 手機預計將實現高個位數至低兩位數百分比的成長。

For the third fiscal quarter, we are forecasting revenues of $8.8 billion to $9.6 billion, and non-GAAP EPS of $2.15 to $2.35. In QTL, we estimate revenues of $1.2 billion to $1.4 billion and EBT margins of 69% to 73%, reflecting normal seasonality for handset units.

對於第三財季，我們預測營收為 88 億美元至 96 億美元，非 GAAP 每股收益為 2.15 美元至 2.35 美元。在 QTL，我們估計收入為 12 億美元至 14 億美元，EBT 利潤率為 69% 至 73%，反映了手機部門的正常季節性。

In QCT, we expect revenues of $7.5 billion to $8.1 billion and EBT margins of 25% to 27%. Consistent with our previous comments, we anticipate QCT handset revenues to decline by mid-single-digit percentage sequentially, reflecting a seasonal trend due to the absence of flagship handset launches in the quarter. We expect QCT IoT revenues to grow sequentially by low-to-mid single-digit percentage as we continue to see a gradual recovery from the macro factors impacting the industry. Following a record performance in the second fiscal quarter, we expect QCT Automotive revenues to grow by low double-digit percentage quarter-over-quarter as the increase in our design win pipeline continues to materialize into revenue. Lastly, we expect non-GAAP operating expenses to be approximately $2.2 billion.

在 QCT，我們預計營收為 75 億美元至 81 億美元，EBT 利潤率為 25% 至 27%。與我們先前的評論一致，我們預計 QCT 手機收入將環比下降中等個位數百分比，這反映了由於本季度沒有推出旗艦手機而導致的季節性趨勢。隨著我們繼續看到影響行業的宏觀因素逐漸復甦，我們預計 QCT IoT 收入將以低至中等個位數百分比環比增長。繼第二財季創下紀錄之後，我們預計 QCT 汽車收入將環比增長低兩位數百分比，因為我們的設計中標管道的增長將繼續轉化為收入。最後，我們預計非公認會計準則營運費用約為 22 億美元。

In closing, we are pleased with our execution and financial performance for the first half of the fiscal year. Specifically, we saw year-over-year handset revenues from our Chinese OEM increased by greater than 40% in the first half of fiscal '24, reflecting our strong competitive positioning and recovery of demand.

最後，我們對本財年上半年的執行情況和財務表現感到滿意。具體來說，我們看到 24 財年上半年來自中國 OEM 的手機收入年增超過 40%，這反映了我們強大的競爭地位和需求的復甦。

Looking forward, our technology leadership positions us to continue to execute on our diversification strategy across IoT and automotive. In IoT, we look forward to normalization of demand across our customer base exiting fiscal '24. In addition, we're excited about the launch of our next-generation AI PCs powered by our Snapdragon X Elite and X Plus platforms from all leading PC OEMs starting in mid-'24. These PCs will deliver industry-leading processor performance, advanced on-device GenAI features and extended battery life. In automotive, we are pleased that our design win pipeline has increased from $30 billion in September '22 and to approximately $45 billion, providing confidence in executing to our long-term revenue targets.

展望未來，我們的技術領先地位使我們能夠繼續執行物聯網和汽車領域的多元化策略。在物聯網領域，我們期待在 24 財年結束時整個客戶群的需求能夠正常化。此外，我們很高興看到所有領先的 PC OEM 廠商將於 2024 年中期推出搭載我們的 Snapdragon X Elite 和 X Plus 平台的下一代 AI PC。這些 PC 將提供業界領先的處理器效能、先進的設備 GenAI 功能和更長的電池壽命。在汽車領域，我們很高興看到我們的設計得標金額從 2022 年 9 月的 300 億美元增加到約 450 億美元，這為實現我們的長期收入目標提供了信心。

This concludes our prepared remarks. Back to you, Mauricio.

我們的準備好的演講到此結束。回到你身邊，毛里西奧。

Thank you, Akash. Operator, we are now ready for questions.

謝謝你，阿卡什。接線員，我們現在可以回答問題了。

(Operator Instructions) One moment please for the first question from Matt Ramsay with Cowen.

（操作員指示）請稍等片刻，回答 Cowen 的 Matt Ramsay 提出的第一個問題。

Cristiano, I wanted to ask you a question about sort of handset, modem and RF architecture as we move into sort of the era of AI in handsets and mobile devices, where I think it's likely that the compute system and the memory system of the phone take up more battery life potentially as we try to compute some of these applications for AI inference on the device.

克里斯蒂亞諾，我想問您一個關於手機、調製解調器和射頻架構的問題，隨著我們進入手機和移動設備的人工智能時代，我認為手機的計算系統和內存系統可能會佔用更多的電池壽命，因為我們嘗試計算一些應用程序以在設備上進行人工智能推理。

And I wonder if that how that changes your potential opportunity for your modem business integrated with your RF business. There was a -- one of your competitors talked about socket lost last night, and I think it went to you guys. I wonder if you might comment on how or why. But I think it's a bigger picture question as the compute subsystem of the phone puts pressure on the modem and RF does that give you opportunities for further integration.

我想知道這是否會改變您的數據機業務與射頻業務相結合的潛在機會。你們的一個競爭對手昨晚談到了插座遺失的問題，我認為這個問題是你們遇到的。我想知道您是否可以評論一下如何或為什麼。但我認為這是一個更大的問題，因為手機的計算子系統給調製解調器和射頻帶來了壓力，這為進一步整合提供了機會。

Well, let me unpack this. I think as far as modem-RF, we believe we have a very competitive RF front end portfolio, and we have been really delivering unique features across the modem-RF, especially on power. I -- as a general comment, not related to AI, but a general comment -- I think as you look at RF AI running on device and AI running on the cloud modem becomes more important, especially things like latency of response or hybrid AI models has a new importance of real-time connectivity.

好吧，讓我來解開這個謎團。我認為就調製解調器射頻而言，我們相信我們擁有非常有競爭力的射頻前端產品組合，並且我們一直在調製解調器射頻領域提供獨特的功能，特別是在功率方面。我——作為一個一般性評論，與人工智慧無關，但一般性評論——我認為當你看到在設備上運行的 RF AI 和在雲端調製解調器上運行的 AI 變得更加重要時，特別是響應延遲或混合 AI 模型等具有即時連接的新重要性。

So we're starting to see more and more the modem becoming more important. The real advantage for Qualcomm is not only on the modem-RF, even though I think we're very proud of having the leadership position there, is the fact that we actually created the ability to run AI pervasive on devices without compromising battery life. And that has been reflected within our NPU performance both on phones as well as PCs and cars. And I think that's the key, I think, technology leadership position for AI, which is the best possible performance per watt.

因此，我們開始看到調製解調器變得越來越重要。高通的真正優勢不僅在於調製解調器射頻方面，儘管我認為我們對在該領域的領導地位感到非常自豪，但事實上我們實際上創造了在設備上運行人工智慧的能力，而不會影響電池壽命。這已經反映在我們的手機、個人電腦和汽車上的 NPU 性能上。我認為這是人工智慧技術領先地位的關鍵，即每瓦盡可能最好的效能。

Our next question is from the line of Samik Chatterjee with JPMorgan.

我們的下一個問題來自摩根大通的 Samik Chatterjee。

Maybe if I can start with Cristiano asking sort of you mentioned the strong performance you're seeing in the China market, but maybe any more details in terms of just what you're seeing in the market relative to any specific numbers that you can share because there's been a lot of conflicting data points about the market being strong in 1Q and then maybe taking a breather. So, curious to understand what you're seeing on the ground there in terms of the China market.

也許我可以先從克里斯蒂亞諾的問題開始，問您提到了您在中國市場看到的強勁表現，但也許您可以分享更多關於您在市場上看到的具體數字的細節，因為關於市場在第一季度表現強勁，然後可能稍作喘息，存在很多相互矛盾的數據點。所以，我很好奇地想了解您對中國市場的具體情況。

Also, it's always been sort of a leader in adopting new technology and it seems like the AI phones are doing well. So how much of the recent strength do you attribute to AI-led upgrade cycle versus a normal market rebound? And I have a quick follow-up after that.

此外，它在採用新技術方面一直處於領先地位，而且人工智慧手機似乎表現良好。那麼，您認為近期的強勁表現有多少是人工智慧引領的升級週期所致，有多少是正常的市場反彈所致？之後我會進行快速跟進。

Thank you, Samik. So what moves to market for us, it's premium and high tier. And I think what we're seeing in the China market is that the mix is improving. As the market has stabilized, when and return to some form of normality. What we really liked is that within that market, premium and high tier as a percentage continue to increase, and that's actually what's driving the results. And you -- and we are seeing the very first instances of on-device AI and GenAI being launched in premium devices, and that has been resonating well with the consumer. So it's a positive trend that we like.

謝謝你，薩米克。那麼對我們來說，進入市場的是高端和高層次的產品。我認為我們在中國市場看到的情況是產品組合正在改善。隨著市場逐漸穩定，並恢復到某種常態。我們真正喜歡的是，在這個市場中，高端和高層次產品的百分比持續增加，而這實際上正是推動業績成長的因素。而且我們看到，設備上的 AI 和 GenAI 首次在高階設備中推出，並且引起了消費者的強烈共鳴。所以這是我們喜歡的正面趨勢。

The other color I'd like to add is, we have not seen signs of weakness in the Android premium market in China, especially with our OEMs. So a lot of the strength is really coming from premium devices from Xiaomi, Honor, Oppo, OnePlus, Vivo. And I think Huawei entering that market actually increased the overall TAM of premium Android.

我想補充的另一點是，我們並沒有看到中國 Android 高階市場出現疲軟跡象，尤其是對我們的 OEM 廠商而言。因此，很大一部分優勢實際上來自於小米、榮耀、Oppo、OnePlus、Vivo 等高階設備。我認為華為進入該市場實際上增加了高階 Android 的整體 TAM。

And maybe, Samik, to add a couple of quick data points on top. As we mentioned in our prepared remarks, first half of fiscal '24, our revenue from Chinese OEMs grew by greater than 40% year-over-year, and that is also reflected in our third quarter guidance. So it's a trend that's holding up as we look forward. And then from a road map perspective, as you look into our new premium tier launches coming up later this year, in addition to GenAI, we'll have our Oryon custom CPU core's coming in as well. So we're very excited about the road map.

也許，薩米克，可以在上面添加幾個快速數據點。正如我們在準備好的評論中提到的那樣，24 財年上半年，我們從中國 OEM 獲得的收入同比增長了 40％ 以上，這也反映在我們的第三季度指引中。因此，展望未來，這是一個持續的趨勢。然後從路線圖的角度來看，當您看到我們今年稍後即將推出的新的高級層級產品時，除了 GenAI 之外，我們還將推出 Oryon 客製化 CPU 核心。因此，我們對路線圖感到非常興奮。

Got it. And for my follow-up, maybe Akash, this is more for you. I mean when you talked about the seasonality into the June quarter, handset seasonality is sort of the typical seasonality that you see and the aggregate results or revenue being better than seasonal is really being driven by autos here with the low double rate growth that you talked about.

知道了。對於我的後續問題，也許 Akash，這更適合您。我的意思是，當您談到 6 月份季度的季節性時，手機季節性就是您所看到的典型季節性，而總體結果或收入優於季節性實際上是受到汽車的推動，因為您談到了較低的雙倍增長率。

Clearly, very strong sort of pipeline of wins, but how sustainable is this sort of pace of improvement quarter-over-quarter in terms of revenue. Just want to get a sense if this is when we start to see more sort of inflection in auto revenues given the strong pipeline you have and that drives better seasonal results going forward, even into the September quarter?

顯然，這是一場非常強勁的勝利，但就收入而言，這種季度環比成長速度的可持續性如何？只是想了解一下，鑑於您擁有強大的管道，我們是否會開始看到汽車收入出現更多變化，並且這將推動未來甚至 9 月季度出現更好的季節性業績？

Yes. From an automotive perspective, as you know, we've given out a target of greater than $4 billion revenue in fiscal '26. And what you're seeing is really our design win pipeline materializing into revenue on our way to that number. And so that's the framework as to how I think about it.

是的。從汽車角度來看，如您所知，我們設定的目標是 26 財年的收入超過 40 億美元。而您實際上看到的是，我們的設計勝利管道在實現這一數字的過程中轉化為收入。這就是我思考這個問題的框架。

Two key kind of data points on our design win pipeline. So as you'll recall, the last number we had given was $30 billion in September -- about 18 months ago, September '22. The updated number that we just provided is $45 billion of design wins. So obviously, a very significant increase. And of note, within that, approximately 1/3 is driven by ADAS. So we're seeing tremendous success now in ADAS and that's adding to our design win pipeline.

我們的設計獲勝管道上有兩種關鍵數據點。大家應該還記得，我們​​給的最後一個數字是 9 月的 300 億美元——大約 18 個月前，也就是 2022 年 9 月。我們剛剛提供的最新數字是 450 億美元的設計合約。顯然，這是一個非常顯著的成長。值得注意的是，其中約有 1/3 是由 ADAS 驅動的。因此，我們現在在 ADAS 領域取得了巨大的成功，這也增強了我們的設計獲勝管道。

Our next question is from Mike Walkley with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

And maybe just building off the 40% increase in shipments to the Chinese OEMs holding through the June quarter guidance. Just based on your expanding on device AI portfolio, is this level of demand sustainable into the back half of the calendar year? Or asked another way, do you expect the smartphone market to have kind of normal seasonal trends after the June quarter dip?

或許只是基於 6 月季度指引中對中國 OEM 的出貨量成長 40% 的基礎上。僅基於您不斷擴展的設備 AI 產品組合，這種需求水平是否能夠持續到今年下半年？或者換一種問法，您是否預期智慧型手機市場在 6 月季度下滑後會出現正常的季節性趨勢？

Yes. So as you'll recall, Mike, we had said earlier that we expect the third quarter to be the low quarter from a financial perspective, just given the seasonality of our business. That still holds true. So as we go from third to fourth quarter and then into fiscal first quarter, which is the December quarter, we expect growth as new launches of phones happen across all major OEMs.

是的。麥克，你應該還記得，我們​​之前說過，考慮到我們業務的季節性，我們預計第三季從財務角度來看將是低迷的季度。這仍然是正確的。因此，當我們從第三季度進入第四季度，再進入第一財季（即 12 月季度）時，我們預計隨著所有主要 OEM 廠商推出新手機，手機市場將會成長。

And as I said earlier, we're going to have the launch of our Snapdragon 8 Gen 4 chip as well, and we're extremely excited about what that chip does and the launches that will come through that chip later in the year. Specifically, as you think about fourth quarter, we expect the EPS growth from third to fourth quarter to be consistent with fiscal '23, and then we'll grow beyond that into the December quarter.

正如我之前所說，我們也將推出驍龍 8 Gen 4 晶片，我們對這款晶片的功能以及今年稍後將透過該晶片推出的產品感到非常興奮。具體來說，當您想到第四季時，我們預計第三季至第四季的每股盈餘成長將與 23 財年保持一致，然後我們將在 12 月季度超越這一成長。

Great. That's very helpful. And maybe just for a quick follow-up on the IoT business. It sounds like March is the bottom, as you laid out. Can you maybe update us on the 3 segments, just what you're seeing in terms of the inventory correction?

偉大的。這非常有幫助。也許只是為了快速跟進物聯網業務。聽起來就像您所說的，三月是最低谷。您能否向我們介紹這三個部分的最新情況，以及您在庫存調整方面看到的情況？

Yes. So Mike, we had talked about December fiscal first quarter as the bottom quarter. We grew from that into March by 9% sequential growth, which was better than our expectations. And then now we're guiding low to mid-single-digit growth into the September quarter. So it's -- as we had outlined at the beginning of the year, we would see improvement through the year, and that trend is holding, and we expect it to hold in the fourth fiscal quarter as well.

是的。麥克，我們曾討論過 12 月財政第一季是業績最差的季度。從那時到 3 月份，我們的銷售額環比增長了 9%，這比我們的預期要好。現在我們預計 9 月季度的成長率將達到低至中個位數。所以，正如我們在年初所概述的那樣，我們將在全年看到改善，而且這種趨勢正在保持，我們預計這種趨勢在第四財季也將保持下去。

In terms of different parts within IoT, consumer is more aligned with phones. So we've seen that recover faster. And then the industrial networking is consistent with what our peers are seeing within those industries and the recovery timeline is aligned with that.

從物聯網的不同部分來看，消費者更傾向於選擇手機。因此我們看到恢復得更快。然後，工業網絡與我們的同行在這些行業中看到的情況一致，恢復時間表也與之一致。

If you kind of step back and think about our business there, we're pretty excited about new products that are coming out. So Cristiano talked about the PC set of products coming out later this year, device launch coming out later this year. But then in addition to that, we also have new products in industrial and WiFi 7 that will drive growth into this IoT segment as well.

如果你退一步思考我們在那裡的業務，我們對即將推出的新產品感到非常興奮。因此克里斯蒂亞諾談到了今年稍後推出的 PC 產品系列和設備。除此之外，我們還有工業和 WiFi 7 領域的新產品，也將推廣動物聯網領域的成長。

Our next question comes from Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

For my first question, just on the PC outlook, it does sound like devices are going to be available for purchase in the back half. So like how much PC is actually in the Q3 outlook? And what should we expect for the PC in the numbers like into the second half and beyond, like when does PC actually get big enough for us to see it?

對於我的第一個問題，僅就 PC 前景而言，聽起來設備將在下半年上市。那麼，第三季的前景中 PC 的比例實際上是多少？那麼，對於 PC 在下半年及以後的數據，我們該抱持怎樣的期望呢？什麼時候 PC 才能真正發展到夠大，讓我們能夠看到它？

Stacy, thanks for the question. We have a lot of product momentum right now and especially with all the launches, I would encourage everybody to go watch the Microsoft Build event, especially or what is happening with on device AI. There's a lot of product momentum and launches. As those devices started ramp up in volume. And since a lot of them are going to be back to school, it's going to be more of a fiscal '25 event in terms of being material within the IoT segment. Anything you'd like to add, Akash?

史黛西，謝謝你的提問。我們現在有許多產品發展勢頭，特別是隨著所有產品的發布，我鼓勵大家去觀看微軟 Build 活動，特別是設備 AI 方面的情況。有很多產品正在湧現並推出。隨著這些設備的銷售量開始增加。而且由於他們中的許多人都將重返校園，因此從物聯網領域的重要意義來看，這將更像是 25 財年的事件。 Akash，您還有什麼要補充的嗎？

Just maybe in our June quarter guidance, there isn't material PC volume forecasted in our numbers.

也許在我們的六月季度指引中，我們的數字並沒有預測實質的個人電腦銷售。

One thing we're going to do -- sorry, just real quick. One thing we're going to do, like we provide an update on auto this quarter. We're going to provide a more detailed update next quarter on PC, especially as we're going to have those devices are launched.

我們要做一件事——抱歉，只是很快。我們要做的一件事是，本季提供有關汽車的更新。我們將在下個季度提供有關 PC 的更詳細更新，特別是因為我們即將推出這些設備。

Got it. That's very helpful. For my follow-up, I wanted to ask about Huawei revenues. So in the Q, it says that you're not expecting any further product revenue from Huawei beyond the end of the calendar year. So I know it's only low end 4G that's left, but like how big is that now in the numbers in the end? How much of that will be going away into the calendar year?

知道了。這非常有幫助。接下來我想問一下華為的收入狀況。因此，在問題中，您表示預計華為在年底後不會再有任何產品收入。所以我知道只剩下低階 4G 了，但最終這個數字是多少？其中有多少會進入日曆年？

Yes. So Stacy, if you look at Huawei, as you've seen, they have launched multiple tiers of 5G devices already with their own chips. And clearly, we don't participate in those devices. What we are shipping at this point is the license that we have is for 4G chips. And as you rightly pointed out, it's at the low end of the spectrum. What we outlined in the Q is since the devices will eventually transition all to 5G, we don't expect any revenue from Huawei product business in '25.

是的。所以 Stacy，如果你看看華為，正如你所看到的，他們已經推出了採用自己晶片的多層級 5G 設備。顯然，我們不參與這些設備。我們目前正在運送的是已獲許可的 4G 晶片。正如您正確指出的那樣，它處於頻譜的低端。我們在問中概述的是，由於設備最終將全部過渡到 5G，我們預計 25 年華為產品業務不會產生任何收入。

Our next question comes from the line of Chris Caso with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Caso。

Question is on QTL. And it sounds like that you're starting to see some degree of improvement particularly among the China OEMs in the QCT business. But that has thus far hasn't translated to the QTL business. Can you talk about sort of the lag between the recovery in those segments and what your level of optimism or not is -- for sort of breaking out of this range in the QTL business.

問題是關於QTL的。聽起來你開始看到一定程度的改善，特別是在 QCT 業務中的中國 OEM 中。但迄今為止，這還沒有轉化為 QTL 業務。您能否談談這些領域的復甦之間的滯後情況，以及您對 QTL 業務突破這一範圍的樂觀程度。

Yes. So as you know, well, QTL business is really driven by the size of the market. And there is a cap on the total ASPs, up to which the royalty rate -- the percent royalty rate applies. So as we have seen the benefit on the QCT side is a lot driven by more units at the premium tier, especially above $400 in price. It does not -- it's not something that benefits the QTL business directly, the way the royalty program is structured. So that's the disconnect between the 2.

是的。所以如您所知，QTL 業務實際上是由市場規模驅動的。總 ASP 有一個上限，在此上限內適用特許權使用費率 - 百分比特許權使用費率。因此，正如我們所看到的，QCT 方面的優勢很大程度上是由高端產品的更多推動的，尤其是價格超過 400 美元的產品。這並不是什麼好事——特許權使用費計劃的結構方式並不能直接使 QTL 業務受益。這就是兩者之間的脫節。

Got it. That's helpful. As a follow-up, with regard to the AI handsets, a lot of the questions that we receive on this is, sort of why? And what are the applications, what are the reasons for a consumer to upgrade their handsets to AI. Cristiano, you talked about the developer hub that you're running, perhaps that gives you some insight into what the developers are doing, what's going on in the pipeline that will drive these AI handset sales?

知道了。這很有幫助。作為後續問題，關於人工智慧手機，我們收到的許多問題是，為什麼？那麼有哪些應用程序，消費者將手機升級到 AI 的原因是什麼？克里斯蒂亞諾，您談到了您正在經營的開發者中心，也許這可以讓您了解開發人員正在做什麼，以及正在發生的哪些事情將推動這些 AI 手機的銷售？

Look, it's a great question. And I want to step back and say, in general, I think AI is going to benefit all the devices. I think AI when extends to running on device besides the benefit of working alongside the cloud. They have completely new use cases, privacy, security, latency, costs, personalization, et cetera. Here's how you should look into this. In the same way that when the smartphone started, you have a handful of apps that eventually grew to thousands and hundreds of thousands of apps, and that was really the user experience.

瞧，這是一個很好的問題。我想退一步說，總的來說，我認為人工智慧將使所有設備受益。我認為，除了與雲端協同工作的好處之外，人工智慧還可以擴展到在設備上運行。它們有全新的用例、隱私、安全、延遲、成本、個人化等等。您應該這樣看待這個問題。就像智慧型手機剛開始出現時，只有少數幾個應用程序，最終增長到成千上萬個應用程序，這就是真正的用戶體驗。

I think we're in the very early stage. And you're starting to see some of those use cases and you have exactly that moment. Some of the phones have 10 apps and they're growing. And one of the reasons we have the AI hub because this is a new, I think, moment for the industry. It works a little bit different. It's different than how you think about the traditional app store.

我認為我們還處於非常早期的階段。您開始看到其中一些用例，並且您正好擁有那個時刻。有些手機有 10 個應用程序，而且還在增加。我們建立人工智慧中心的原因之一是，我認為這對產業來說是一個新時刻。它的工作原理有點不同。這與您對傳統應用程式商店的看法不同。

You have many models, many in the open source models, They can run on a device and they can be attached or built into any application. So I think we're starting to see is a lot of developer interest. As we said in the prepared remarks, we have over 100 different models, from -- models from OpenAI to Llama 3 and many, they're quantize and optimized to the NPU when they are optimized using the tool, they run 4x faster than the model without optimization.

您有許多模型，其中許多是開源模型，它們可以在設備上運行，並且可以附加或內建到任何應用程式中。所以我認為我們開始看到很多開發人員的興趣。正如我們在準備好的評論中所說，我們有超過 100 種不同的模型，從 OpenAI 到 Llama 3 等等，它們都經過量化並針對 NPU 進行了優化，當使用該工具進行優化時，它們的運行速度比未經優化的模型快 4 倍。

And those models and those use cases started to be implemented in apps, whether it's an image or associated with a camera, it's associated with language. So we're in the beginning of that transition. We really like what we see because it's really creating a reason for people to buy a new device, it's going to be the same on PC. It's going to be the same as they come to cars as well and in industrial. So it's an exciting tailwind, I think, for our strategy of actually driving computing and connectivity at the edge.

這些模型和用例開始在應用程式中實現，無論是圖像還是與相機相關，都與語言相關。因此，我們正處於這轉變的開始階段。我們真的很喜歡我們所看到的，因為它確實為人們購買新設備創造了理由，在 PC 上也是如此。當他們進入汽車和工業領域時也會發生同樣的事情。因此，我認為，對於我們實際推動邊緣運算和連接的策略來說，這是一個令人興奮的順風。

Our next question is from the line of Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I wanted to ask about the mix of the business. And as you said, Akash, China is holding up quite well. It's up 40% year-over-year in the fiscal first half. But it's within shouting distance of kind of where it peaked on a quarterly basis back in fiscal '22 when they were obviously over building at that time. So can you talk a little bit about what's happening there? How much of the year-over-year growth is units versus pricing?

我想詢問一下業務組合的情況。正如你所說，阿卡什，中國表現相當不錯。本財年上半年年增 40%。但它與 22 財年季度高峰的差距不大，當時的建設顯然過度了。那你能稍微談談那裡發生的事情嗎？與去年同期相比，銷量成長了多少，價格又成長了多少？

Yes. Thanks, Tim. It's -- as we said earlier, it's really the biggest benefit we are seeing is the mix being stronger. And as you know, we are competitive positioning is stronger at the higher tiers, and so that's helping us. The second is, when you look at generation over generation, the chips, especially at the premium tier are getting more capable as more -- not just GenAI, but other additional capabilities are being integrated into the chips and the strong competition between the OEMs. So there's demand for those capabilities.

是的。謝謝，蒂姆。正如我們之前所說，我們看到的最大好處就是組合變得更強大。如你所知，我們在更高層次的競爭地位更強，這對我們有幫助。第二，當你觀察一代又一代晶片時，你會發現，尤其是高階晶片，其功能越來越強大——不僅僅是 GenAI，還有其他附加功能被整合到晶片中，而且 OEM 之間的競爭也越來越激烈。因此，對這些能力是有需求的。

So we're seeing that come through as well. And it's really a combination of those things that is driving strength versus a unit upside. The unit size we are seeing is very much aligned with the market forecast, which says flat market versus last year.

所以我們也看到了這一點。正是這些因素的結合才推動了實力而不是單位優勢。我們看到的單位規模與市場預測非常一致，即市場與去年相比持平。

Got it. Okay. And then just as a quick follow-up. How sustainable are these RF wins that you've obviously gotten for this upcoming phone? Should we consider that as kind of part of the modem. So when the modem goes away, the RF wins also go away?

知道了。好的。然後只是進行快速跟進。這款即將推出的手機在射頻方面的進展能持續多久？我們是否應該將其視為調製解調器的一部分？那麼，當數據機消失時，RF 優勢也會消失嗎？

So of course, we'll not talk about any specific customer here, but I think I'd go back to the very first question that Cristiano answered. The key thing for us is the modem-RF architecture and how when we develop the end-to-end together, it creates an advantage for us in terms of performance, in terms of time to market for our customers as well. And that's a sustainable advantage that will stay going forward for us.

所以當然，我們不會在這裡談論任何特定的客戶，但我想我會回到克里斯蒂亞諾回答的第一個問題。對我們來說，關鍵在於調製解調器射頻架構，以及當我們共同開發端到端時，它在性能方面以及為我們的客戶提供產品上市時間方面為我們創造優勢。這是我們將繼續保持的可持續優勢。

Our next question is from the line of Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

When I look at your numbers, you beat the numbers mainly on handsets. It's both for QTL and QCT, of course. And I'm trying to understand how much of the outperformance is just China versus the rest of the world. So when you look at the rest of the world, what were the trends when it comes to your QCT shipments and QTL? And then within China, where are we in the recovery cycle, right? There is ongoing growth, but there is -- what we are seeing now in the first half of the year is mainly recovery from last year. So are you now at normal levels? And from here, it should trend normally based on demand? Or are we still recovering from the low of last year?

當我看到你們的數據時，我發現你們主要在手機上取得了成功。當然，它適用於QTL和QCT。我想了解的是，相對於世界其他地區，中國在多大程度上表現出色。那麼，當您觀察世界其他地區時，您的 QCT 出貨量和 QTL 的趨勢是如何的？那麼在中國，我們處於復甦週期的哪個階段呢？雖然經濟仍在持續成長，但我們現在看到的上半年主要是從去年開始的復甦。那麼你現在處於正常水平嗎？從這裡開始，它應該根據需求正常趨勢嗎？或者我們仍在從去年的低谷中恢復？

Yes. So a couple of comments. First is on the overall picture across OEMs. So China saw a very significant benefit, but we had strength across other parts of the Android ecosystem as well. And so it's not something that was isolated to 1 or 2 OEMs. It was a broad trend that is just represented of the overall market and the mix shift that we discussed in the overall market.

是的。有幾點評論。首先是整個 OEM 的整體情況。因此，我們在中國獲得了非常顯著的利益，但我們在 Android 生態系統的其他部分也擁有優勢。所以這不是 1 或 2 個 OEM 獨有的問題。這是一個廣泛的趨勢，代表了整體市場以及我們在整個市場中討論的混合轉變。

On your second question, as we think about our strength in handsets, we are very optimistic that as we go forward, this is a trend that holds forward. This is not about inventory. As I said earlier, the units are actually aligned with the size of the market and the trends are really driven by mix and increased content.

關於您的第二個問題，當我們考慮我們在手機領域的優勢時，我們非常樂觀地認為，隨著我們向前發展，這是一個持續的趨勢。這與庫存無關。正如我之前所說，單位實際上與市場規模一致，趨勢實際上是由混合和增加的內容所驅動的。

Got it. Okay. Second question, just on the AI. I don't know if it's possible to quantify at all. But if you look at the non-AI QCT contribution versus an AI QCT contribution, when AI is included in the mix, is there a number where it comes to the increase in content per phone. Does it mean that the semiconductor there is going to be more expensive, higher price for you? So even if the market doesn't grow, can you grow just by the market shifting to AI? That's theoretical, but I'm trying to isolate the impact of AI.

知道了。好的。第二個問題，關於人工智慧。我不知道是否有可能量化。但如果你比較非 AI QCT 貢獻與 AI QCT 貢獻，當 AI 包含在組合中時，每支手機的內容增加量是否有一個數字。這是否意味著那裡的半導體將會更貴、價格更高？那麼，即使市場沒有成長，僅透過市場轉向人工智慧就能實現成長嗎？這是理論上的，但我正在嘗試隔離人工智慧的影響。

A lot of people who (inaudible). But let me try to give you maybe an answer to help explain this. In first step, a lot of the increased content in ASP on QCT chipsets, including premium has been driven by the compute part. And it's more performance on the compute, CPU, GPU, the NPU.

很多人（聽不清楚）。但讓我試著給你一個答案來幫助解釋這一點。第一步，QCT 晶片組 ASP 的大量增加（包括溢價）都是由計算部分推動的。它在運算、CPU、GPU、NPU 方面具有更高的效能。

Second, the NPU has been the largest area of silicon growth in those chips. So generation over generation, one of the largest improvements has been the NPU for AI, and AI is driving a lot of silicon content in those devices because the expected computational capability to run those models.

其次，NPU 是這些晶片中矽片成長最大的區域。因此，一代又一代，最大的改進之一就是人工智慧的 NPU，而人工智慧正在推動這些設備中的大量矽含量，因為預期的運算能力可以運行這些模型。

The benefit financially I think it's going to come probably in the way that you're starting to see the beginning of it right now, which improves the mix. Users want to buy a more capable phone that can run AI.

我認為，從財務角度來看，它帶來的好處可能就是您現在開始看到的這種好處，它可以改善組合。用戶希望購買功能更強大、能夠運行 AI 的手機。

So it drives the market towards a richer mix of higher improvement here, share gains and then an upgrade cycle as people want to buy a new phone. That's how we should think about it in phones.

因此，它推動市場走向更豐富的組合，包括更高的改進、份額的增加，然後隨著人們想要購買新手機而進入升級週期。我們應該這樣思考手機的問題。

PC is a little different. As we enter the PC, I think the AI and the ability to run on device AI better than any of our peers on a laptop, I think it's going to be a tailwind to the capability.

PC 有點不同。當我們進入個人電腦領域時，我認為人工智慧以及在設備人工智慧上運行的能力比筆記型電腦上的任何同類產品都要好，我認為這將成為該能力的順風。

Car, it builds more value on top of the platforms that were -- that are being commercialized and design win with the increase of the pipeline, especially in many of those platforms, we can do a softer upgrade to be able to run GenAI on those vehicles.

汽車，它在正在商業化和設計獲勝的平台上構建了更多價值，隨著管道的增加，特別是在許多平台上，我們可以進行更軟的升級，以便能夠在這些車輛上運行 GenAI。

So I think that's how this is going to materialize for Qualcomm. The last part of my answer is industrial, which is a new area that we're trying to upgrade to higher performance from microcontrollers to high-performance computing connectivity. I think Edge AI is proving to be a key attribute of this market going forward.

所以我認為這就是高通實現這一目標的方式。我的答案的最後一部分是工業，這是一個新領域，我們正試圖將其從微控制器升級到高效能運算連接，以獲得更高的效能。我認為邊緣人工智慧將被證明是這個市場未來發展的關鍵屬性。

Our final question is from the line of C.J. Muse with Cantor Fitzgerald.

我們的最後一個問題來自 Cantor Fitzgerald 的 C.J. Muse。

I guess I was hoping you could speak to QCT gross margins. They impressively held flat despite revenues down 5%. And I guess the real question here is not just how you did it this quarter, but how should we be thinking about as you bring on non-handset revenues to the model, what incremental gross margins might look like for QCT, particularly as we think about the AI PC and IoT as well as auto, given that growing backlog.

我希望您能談談 QCT 的毛利率。儘管收入下降了 5%，但業績仍保持穩定。我想這裡真正的問題不僅僅是你本季的表現如何，而是當你將非手機收入引入模型時，我們應該如何思考 QCT 的增量毛利率會是什麼樣的，特別是當我們考慮 AI PC 和物聯網以及汽車時，考慮到不斷增長的積壓訂單。

Thanks C.J., yes, I think the first couple of quarters of this fiscal year, we've seen -- definitely seen strength in margin, and it's driven by the return mix that we've discussed on the call. What we're guiding for the third quarter is a sequential decline, again, reflecting kind of lack of flagship launches in the quarter. No change to what we've said on gross margins before. We've given a range, and we've been operating at the high end of the range, but no kind of fundamentally change on the framework of it going forward.

謝謝 C.J.，是的，我認為在本財年的前幾季度，我們已經看到利潤率明顯上升，這是由我們在電話會議上討論的回報組合推動的。我們對第三季的預測是連續下降，這再次反映出本季缺乏旗艦產品的推出。我們之前關於毛利率的說法沒有改變。我們給出了一個範圍，並且一直在該範圍的高端進行運營，但未來的框架不會發生任何根本性的變化。

Great. As a quick follow-up, on the auto side, you talked about the higher reiterated the $4 billion plus. Should we be thinking about kind of amortizing that 26-plus percent growth equally into fiscal '25-'26? Or might that come in sooner with faster growth.

偉大的。作為一個快速的後續問題，在汽車方面，您談到了更高的重申金額 40 億美元以上。我們是否應該考慮將 26% 以上的成長平均攤銷到 25-26 財年？或者，隨著成長速度加快，這種情況可能會更早出現。

Yes. So I mean, obviously, we are not kind of guiding quarters that far out at this point. But if you kind of take the current run rate and extend it forward towards the $4 billion target, kind of generally slope -- slope growth increase between the 2 data points is a reasonable way of thinking about it.

是的。所以我的意思是，顯然，我們目前還不能對那麼遠的未來做出指導。但如果你採用當前的運行率並將其延伸至 40 億美元的目標，那麼一般來說，兩個數據點之間的斜率增長增加是一種合理的思考方式。

That concludes today's question-and-answer session. Mr. Amon, do you have anything further to add before adjourning the call?

今天的問答環節到此結束。阿蒙先生，在休會之前您還有什麼要補充的嗎？

Yes. Just a few questions, I think we're incredibly pleased with our technology and product road map evolution. And we're really looking forward to our next-generation PCs with Snapdragon as I said during the call, I encourage everyone to look at the announcement from Microsoft Build and how that's going to drive much more AI into the Qualcomm platform.

是的。只問幾個問題，我認為我們對我們的技術和產品路線圖的演變感到非常滿意。正如我在電話會議中所說，我們非常期待搭載驍龍的下一代 PC，我鼓勵大家關注 Microsoft Build 的公告，以及它將如何為高通平台帶來更多的人工智慧。

And I was just going to leave you all with a thought. One great thing about the execution of the company. Every time we enter a new market or we set ourselves to go to a new market, and we end up building a very strong position. We went from mobile to RF front-end, we became #1. Same thing when we went to WiFi.

我只是想給你們留下一個想法。關於公司執行的一件偉大的事。每當我們進入一個新市場或準備進入一個新市場時，我們最終都會建立起非常強大的地位。我們從移動到射頻前端，我們成為了第一名。當我們使用 WiFi 時也發生了同樣的事情。

Automotive, it was something that we had ambition to build as part of the diversification. I think we're quickly becoming the industry partner of choice. We are -- believe that there is a long-term opportunity with virtual reality, augmented reality. And now we have the absolute majority of the designs. And with PC, we clearly build the leading platform, and we have the product momentum that we hopefully will translate in the financials in the coming year.

汽車，是我們作為多元化經營的一部分而雄心勃勃想要打造的一個產業。我認為我們很快就會成為業界首選的合作夥伴。我們相信虛擬實境和擴增實境具有長期發展機會。現在我們已經擁有了絕大多數的設計。憑藉個人電腦，我們顯然建立了領先的平台，並且我們擁有產品發展勢頭，希望能夠在未來一年將這種勢頭轉化為財務表現。

So I just wanted to state that we feel good about the company technology capabilities and how we're driving growth and diversification for shareholders. Thank you very much for your support. Thank you to all our employees, and I'm looking forward to talking to you in the next call.

所以我只想說，我們對公司的技術能力以及我們如何推動股東的成長和多元化感到滿意。非常感謝您的支持。感謝我們所有的員工，我期待下次通話時與您交談。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。