高通 (QCOM) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm third quarter fiscal 2024 earnings conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加高通 2024 財年第三季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded July 31, 2024. (Operator Instructions)

謹此提醒，本次會議的錄音日期為 2024 年 7 月 31 日。

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

我現在想將電話轉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，大家下午好。今天的電話會議將包括克里斯蒂亞諾·阿蒙 (Cristiano Amon) 和阿卡什·帕爾希瓦拉 (Akash Palkhiwala) 準備好的演講。此外，亞歷克斯·羅傑斯（Alex Rogers）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.

您可以在我們的投資者關係網站上造訪我們的收益發布和本次電話會議附帶的幻燈片簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，今天稍後將在我們的網站上提供重播。

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. 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.

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 相關的調整表。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、或業務或財務表現的預測和估計。實際事件或結果可能與我們前瞻性陳述中的預測有重大差異。

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.

請參閱我們向 SEC 提交的文件，包括我們最近的 10-K，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.

現在請聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙 (Cristiano Amon) 的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today.

謝謝毛里西奧，大家午安。感謝您今天加入我們。

In fiscal Q3, we delivered non-GAAP revenues of $9.4 billion and non-GAAP earnings per share of $2.33, which was above the midpoint of our guidance range. Revenues from our chipset business of $8.1 billion reflect the sequential growth in automotive and IoT and continued traction of our Snapdragon mobile platforms across leading smartphones.

在第三財季，我們實現了非 GAAP 收入 94 億美元，非 GAAP 每股收益 2.33 美元，高於我們指導範圍的中點。我們晶片組業務的收入為 81 億美元，反映出汽車和物聯網領域的連續成長，以及我們的 Snapdragon 行動平台在領先智慧型手機上的持續吸引力。

Our automotive and IoT revenues were the result of ongoing execution of our diversification strategy. Licensing business revenues were $1.3 billion.

我們的汽車和物聯網收入是我們持續執行多元化策略的結果。授權業務收入為 13 億美元。

Now, I would like to share some key highlights from the business. In automotive, we secured more than 10 new design wins with global automakers during the quarter. These include next-generation digital cockpit, connectivity, and/or ADAS and autonomy. Our Snapdragon Digital Chassis continue to scale across virtually all OEMs and is now a key asset for the automotive industry.

現在，我想分享該業務的一些關鍵亮點。在汽車領域，本季我們與全球汽車製造商贏得了 10 多項新設計。其中包括下一代數位駕駛艙、連接性和/或 ADAS 和自主性。我們的 Snapdragon 數位底盤繼續在幾乎所有 OEM 廠商中擴展，現在已成為汽車產業的重要資產。

As we look forward, we're focused on extending our industry-leading on-device AI solutions to the Snapdragon Digital Chassis to enable automotive-centric GenAI use cases and applications.

展望未來，我們將專注於將業界領先的設備端人工智慧解決方案擴展到 Snapdragon 數位機箱，以實現以汽車為中心的 GenAI 用例和應用程式。

It's important to note that our architecture, with capabilities across all domains, is uniquely positioned to enable sensor data to be utilized simultaneously for ADAS autonomy workloads in user-centric GenAI experiences in the digital cockpit. A great example is our Snapdragon Ride Flex solution, which combines digital cockpit in ADAS on a single SoC.

值得注意的是，我們的架構具有跨所有領域的功能，具有獨特的定位，可以在數位駕駛艙中以用戶為中心的 GenAI 體驗中同時利用感測器資料來實現 ADAS 自主工作負載。一個很好的例子是我們的 Snapdragon Ride Flex 解決方案，它將 ADAS 中的數位駕駛艙結合在單一 SoC 上。

Future drivers for automotive growth include GenAI experiences, the software-defined vehicle transition, central computing replacing microcontrollers, expansion into two wheelers, and car-to-cloud services. In handsets, we are pleased that all Galaxy Z Fold 6 and Flip 6 are powered by the Snapdragon 8 Gen3 for Galaxy, delivering extraordinary AI capabilities, premium level performance, and power efficiency for foldable devices.

汽車成長的未來驅動力包括 GenAI 體驗、軟體定義的車輛轉型、中央運算取代微控制器、擴展到兩輪車以及汽車到雲端服務。在手機方面，我們很高興所有 Galaxy Z Fold 6 和 Flip 6 均搭載適用於 Galaxy 的 Snapdragon 8 Gen3，為可折疊裝置提供非凡的人工智慧功能、一流的效能和能源效率。

Together with Samsung and our other partners, we continue to push the boundaries of on-device GenAI on mobile devices. To that end, we're pleased with the growth and trajectory of AI use cases on smartphones. This continued expansion of AI features is a precursor to next-generation smartphones, which we believe will become AI-centric, with pervasive on-device AI working across applications in the cloud. Qualcomm is very well positioned to help drive this transformation across the industry in the coming years.

我們與三星和其他合作夥伴一起，不斷突破行動裝置上 GenAI 的界限。為此，我們對智慧型手機上人工智慧用例的成長和軌跡感到滿意。人工智慧功能的持續擴展是下一代智慧型手機的先驅，我們相信下一代智慧型手機將以人工智慧為中心，普遍的設備上人工智慧可以跨雲端中的應用程式工作。高通完全有能力在未來幾年幫助推動整個產業的轉型。

At our upcoming Snapdragon Summit in October, we will reveal details of our next-generation Snapdragon 8 flagship mobile platform, the first to be powered by our custom Oryon CPU. This platform, combined with new and unparalleled NPU AI capabilities, is already exceeding both our and our customers' performance expectations.

在 10 月即將舉行的 Snapdragon 峰會上，我們將透露下一代 Snapdragon 8 旗艦移動平台的詳細信息，該平台是第一個由我們定制的 Oryon CPU 提供支援的平台。該平台與無與倫比的全新 NPU AI 功能相結合，已經超越了我們和客戶的效能預期。

In compute, we're very pleased that Copilot+ PCs, powered exclusively by Snapdragon X Series platforms, became available for purchase on June 18. This marks the start of one of the most significant transitions in personal computing since the launch of Windows 95 and is restoring performance leadership back to the Windows ecosystem. 20 Copilot+ PCs from Microsoft, Dell, HP, Lenovo, Acer, ASUS, and Samsung are now available across 20 countries and 47 retailers.

在運算方面，我們非常高興地看到，僅由 Snapdragon X 系列平台提供支援的 Copilot+ PC 已於 6 月 18 日上市。 Windows 生態系的效能領先地位。來自 Microsoft、Dell、HP、Lenovo、Acer、ASUS 和 Samsung 的 20 款 Copilot+ PC 現已在 20 個國家/地區的 47 家零售商處銷售。

It's important to highlight the unique Copilot+ and Snapdragon X Elite dedicated retail spaces in Best Buy, Costco, Currys, Harvey Norman, and many more. We are very pleased with the initial response with several models sold out at retailers and online.

值得一提的是 Best Buy、Costco、Currys、Harvey Norman 等公司獨特的 Copilot+ 和 Snapdragon X Elite 專用零售空間。我們對最初的反應感到非常滿意，一些型號在零售商和網上已經售罄。

Our retail presence is expected to expand to more than 60 retailers across 25 countries in the coming months. We're also working closely with more than 50 global commercial customers to drive Snapdragon readiness in their respective environments.

未來幾個月，我們的零售業務預計將擴展到 25 個國家的 60 多家零售商。我們也與全球 50 多家商業客戶密切合作，推動 Snapdragon 在各自的環境中做好準備。

Additionally, we added the Snapdragon X Series platforms to the Qualcomm AI hub, allowing developers to easily take advantage of optimized AI models to create responsive, power efficient, and compelling on-device generative AI applications for Copilot+ PCs.

此外，我們將Snapdragon X系列平台添加到Qualcomm AI中心，使開發人員能夠輕鬆利用優化的AI模型，為Copilot+ PC創建響應靈敏、節能且引人注目的設備端生成AI應用程式。

As we look forward to 2025, we are already working with OEMs on the next wave of Copilot+ PCs. In addition to new design wins, our X Series product roadmap will expand to address PCs with retail prices as low as $700 without compromising NPU performance.

展望 2025 年，我們已經在與 OEM 合作開發下一波 Copilot+ PC。除了新的設計成果外，我們的 X 系列產品路線圖還將擴展到零售價低至 700 美元的 PC，而不會影響 NPU 效能。

Longer term, we believe the benefits of Snapdragon X Series platforms make it clear that the PC ecosystem has begun to transition to an ARM-compatible architecture. As we look forward, we're forecasting that at least 50% of PCs will be AI capable by 2027. Given our clear technology leadership and competitive roadmap, we expect to be positioned as one of the top silicon suppliers for these devices.

從長遠來看，我們相信 Snapdragon X 系列平台的優勢清楚地表明 PC 生態系統已開始向 ARM 相容架構過渡。展望未來，我們預測到 2027 年，至少 50% 的 PC 將具備人工智慧功能。

We also remain excited about the continued positive momentum in XR, particularly the success of Meta's Ray-Ban smart glasses. Sales are exceeding our expectations due in part to the integration of Llama into the experience. We foresee an acceleration in demand for extended and mixed reality devices as new use cases enabled by GenAI gain scale.

我們也對 XR 領域持續的積極勢頭感到興奮，尤其是 Meta 雷朋智慧眼鏡的成功。銷售額超出了我們的預期，部分原因是 Llama 融入了體驗中。我們預計，隨著 GenAI 帶來的新用例規模擴大，對擴充實境和混合實境設備的需求將會加速。

Snapdragon XR remains the industry platform of choice, and we are engaged with major ecosystem players, including Meta, Google, Microsoft, and others. Most recently at the augmented World Expo, we showcased two of the latest XR devices, NTT's augmented reality glasses and Sony's upcoming head-mounted mixed reality device.

Snapdragon XR 仍然是業界的首選平台，我們正在與主要的生態系統參與者合作，包括 Meta、Google、微軟等。最近在增強世界博覽會上，我們展示了兩款最新的 XR 設備：NTT 的擴增實境眼鏡和索尼即將推出的頭戴式混合實境設備。

In industrial IoT, we're pleased to report that we're now collaborating with Aramco on connectivity, AI, and advanced computing solutions for industrial and enterprise use cases in Saudi Arabia. This also includes accelerating development of the industrial 4G, 5G, and non-terrestrial networks ecosystem, including the first significant wide area private cellular network for IoT.

在工業物聯網方面，我們很高興地報告，我們現在正在與阿美公司合作，為沙烏地阿拉伯的工業和企業用例提供連接、人工智慧和先進運算解決方案。這也包括加速工業 4G、5G 和非地面網路生態系統的發展，包括第一個重要的物聯網廣域專用蜂巢網路。

As the industrial sector is transformed by AI, we expect an increase in demand for more complex on-device processing. This trend aligns well with our core capabilities, especially the computing and AI roadmap we have built for auto and PC.

隨著人工智慧改變工業領域，我們預計對更複雜的設備上處理的需求將會增加。這一趨勢與我們的核心能力非常契合，特別是我們為汽車和PC構建的計算和人工智慧路線圖。

As high-performance processing and intelligence at the edge becomes critical for the next phase of enterprise digital transformation, we see a unique opportunity to build a leadership position in this space. In the next few months, we will announce our new dedicated product roadmap for industrial IoT, including support for multiple operating systems, ability to run multi-billion perimeter AI models, and a comprehensive development platform.

隨著邊緣的高效能處理和智慧對於下一階段的企業數位轉型至關重要，我們看到了在該領域建立領導地位的獨特機會。在接下來的幾個月中，我們將宣布新的工業物聯網專用產品路線圖，包括對多種作業系統的支援、運行數十億週邊人工智慧模型的能力以及全面的開發平台。

Finally, we're very pleased to share that we recently signed a key long-term licensing agreement with Honor, a leading Chinese smartphone OEM. We continue to be pleased with the company's diversification beyond mobile, and we're particularly proud of what we have accomplished to date in automotive and PC.

最後，我們非常高興地告訴大家，我們最近與中國領先的智慧型手機 OEM 廠商榮耀簽署了一項重要的長期授權協議。我們仍然對公司在行動領域以外的多元化發展感到滿意，尤其對我們迄今為止在汽車和個人電腦領域的成就感到自豪。

We will provide additional updates on our diversification strategy at our Investor Day in New York on November 19. I would now like to turn the call over to Akash.

我們將在 11 月 19 日於紐約舉行的投資者日上提供有關多元化策略的更多最新資訊。

Thank you, Cristiano, and good afternoon, everyone. I'll start with our third fiscal quarter earnings.

謝謝你，克里斯蒂亞諾，大家下午好。我將從我們第三財季的收益開始。

We are pleased to announce strong non-GAAP results with revenue of $9.4 billion and EPS of $2.33, both of which were above the midpoint of our guidance. QTL revenues of $1.3 billion and EBT margin of 70% were in line with our expectations. QCT delivered revenues of 8.1 billion and EBT margin of 27%, which was at the high end of our guidance range, driven by upside in both IoT and automotive.

我們很高興地宣布強勁的非 GAAP 業績，收入為 94 億美元，每股收益為 2.33 美元，兩者均高於我們指導的中點。 QTL 營收為 13 億美元，EBT 利潤率為 70%，符合我們的預期。在物聯網和汽車產業成長的推動下，QCT 實現了 81 億美元的收入，EBT 利潤率為 27%，處於我們指導範圍的高端。

QCT handset revenues of $5.9 billion were in line with expectations, reflecting our scale in premium Android handsets and greater than 50% year-over-year growth in revenues from Chinese OEMs. QCT IoT revenues increased 9% (sic – see slide 9, “decreased 8%”) sequentially to $1.4 billion as we continue to see a gradual recovery in the industry environment.

QCT 手機營收為 59 億美元，符合預期，反映了我們在高階 Android 手機領域的規模以及來自中國 OEM 廠商的營收年增超過 50%。隨著我們繼續看到產業環境逐步復甦，QCT 物聯網收入環比增長 9%（原文如此，請參閱投影片 9，「下降 8%」），達到 14 億美元。

We delivered our fourth consecutive quarter of record QCT automotive revenues of $811 million with sequential growth of 34%. Our revenue acceleration reflects content growth in new vehicle launches as we become the leading supplier of advanced computing and connectivity solutions to the automotive industry.

我們連續第四個季度創造了創紀錄的 QCT 汽車收入 8.11 億美元，季增 34%。我們的收入加速反映了新車發佈內容的成長，因為我們成為汽車行業先進計算和連接解決方案的領先供應商。

Lastly, we returned $2.3 billion to stockholders during the quarter, including $1.3 billion in stock repurchases and $949 million in dividends.

最後，我們在本季向股東返還了 23 億美元，其中包括 13 億美元的股票回購和 9.49 億美元的股息。

Before turning to guidance, I would like to outline three factors included in our forecast. First, consistent with our long-term financial planning assumption of largely flat handset units, we continue to estimate global 3G, 4G, 5G units in calendar '24 to be flat to slightly up on a year-over-year basis.

在轉向指導之前，我想先概述一下我們預測中包含的三個因素。首先，與我們對手機銷售量基本持平的長期財務規劃假設相一致，我們繼續預計 24 年全球 3G、4G、5G 銷售量將同比持平或略有上升。

Second, our license to export products to Huawei, which was set to expire in late calendar '24, was revoked on May 7. This change will impact our revenues in both the current quarter and the first quarter of fiscal '25. Lastly, our fourth fiscal quarter includes an additional week as we align our fiscal reporting period with the calendar quarter end every five to six years.

其次，我們向華為出口產品的許可證原定於 24 年末到期，但已於 5 月 7 日被吊銷。最後，我們的第四個財政季度包括額外的一周，因為我們每五到六年將財政報告期與日曆季度末對齊。

Now turning to fourth fiscal quarter guidance, we are forecasting revenues of $9.5 billion to $10.3 billion and non-GAAP EPS of $2.45 to $2.65. In QTL, we estimate revenues of $1.35 billion to $1.55 billion and EBT margins of 70% to 74%, reflecting normal seasonality for handset units. In QCT, we expect revenues of $8.1 billion to $8.7 billion and EBT margins of 27% to 29%. We expect QCT handset revenues to grow by low single-digit percentage sequentially.

現在轉向第四財季指導，我們預測收入為 95 億美元至 103 億美元，非 GAAP 每股收益為 2.45 美元至 2.65 美元。我們預計 QTL 的營收為 13.5 億至 15.5 億美元，EBT 利潤率為 70% 至 74%，反映了手機部門的正常季節性。在 QCT 中，我們預計營收為 81 億美元至 87 億美元，EBT 利潤率為 27% 至 29%。我們預計 QCT 手機收入將以較低的個位數百分比持續成長。

This forecast reflects an increase in purchases from a modem-only handset customer, partially offset by seasonally lower Android revenue ahead of our new Snapdragon premium chipset launch in the first quarter of fiscal '25. We expect QCT IoT revenues will increase by low double-digit percentage sequentially, driven by growth across consumer, networking, and industrial.

這項預測反映了僅調製解調器手機客戶的購買量增加，部分被我們在 25 財年第一季推出新的 Snapdragon 高級晶片組之前季節性下降的 Android 收入所抵消。我們預計，在消費者、網路和工業領域成長的推動下，QCT 物聯網收入將連續以較低的兩位數百分比成長。

Following our outperformance in the third quarter, we expect QCT automotive revenues to remain flat in the fourth fiscal quarter. We are on track to deliver approximately 50% year-over-year revenue growth in fiscal '24, providing confidence in our ability to execute to our long-term targets. Lastly, we expect non-GAAP operating expenses to be approximately $2.2 billion.

繼第三季表現出色後，我們預計第四財季 QCT 汽車收入將保持穩定。我們預計在 24 財年實現約 50% 的年收入成長，這讓我們對執行長期目標的能力充滿信心。最後，我們預計非 GAAP 營運費用約為 22 億美元。

In closing, we are pleased with our execution and financial performance in fiscal '24. Based on the midpoint of our guidance, we are on track to deliver strong non-GAAP EPS growth of approximately 20% relative to fiscal '23.

最後，我們對 24 財年的執行和財務表現感到滿意。根據我們指引的中點，我們有望實現非 GAAP 每股盈餘較 23 財年強勁成長約 20%。

Over the last quarter, industry support for our vision for on-device AI has accelerated and been validated by several key players. Beyond handsets and PCs, we expect on-device AI to drive competitive differentiation for us in industrial, networking, automotive, and XR. Our leading technology and product portfolio has positioned us to continue to execute on our diversification strategy, and in the months ahead, we look forward to introducing new industry-leading products across all our end markets.

在上個季度，業界對我們的設備端人工智慧願景的支援有所加速，並得到了幾個關鍵參與者的驗證。除了手機和 PC 之外，我們預計設備上的人工智慧將為我們在工業、網路、汽車和 XR 領域帶來競爭優勢。我們領先的技術和產品組合使我們能夠繼續執行多元化策略，在未來幾個月，我們期待在所有終端市場推出新的行業領先產品。

Finally, as Cristiano outlined, we'll be hosting our Investor Day on November 19, where we'll provide an update on our IoT and automotive diversification strategy.

最後，正如 Cristiano 所概述的那樣，我們將於 11 月 19 日舉辦投資者日，屆時我們將提供有關物聯網和汽車多元化策略的最新資訊。

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

我們準備好的演講到此結束。回到你身邊，毛里西奧。

Thank you, Akash. Operator, we're now ready for questions.

謝謝你，阿卡什。接線員，我們現在準備好提問了。

(Operator Instructions) Matt Ramsay, TD Cowen.

（操作員說明）Matt Ramsay，TD Cowen。

Thank you very much. Good afternoon, everybody. I have a couple of questions, guys, really highlighting some of the diversification that the company is now starting to deliver on on the revenue. I guess the first one is in the automotive business, pretty big upside there. If you could talk a little bit about -- like you're seeing some of this revenue come through now in OEM programs that no doubt you had one, two or three years ago.

非常感謝。大家下午好。夥計們，我有幾個問題，真正強調了該公司現在開始實現收入多元化的一些問題。我想第一個是汽車產業，那裡有很大的上升空間。如果你能談談——就像你現在看到的一些收入是透過 OEM 計畫實現的，毫無疑問你在一、兩年或三年前就有過這樣的計畫。

Do you think that continues as we roll through the next several quarters? I mean, what kind of momentum could we see as some of these units start to roll out from programs you won a long time back?

您認為在接下來的幾個季度中這種情況還會持續嗎？我的意思是，當其中一些單位開始從您很久以前贏得的項目中推出時，我們會看到什麼樣的動力？

And then, Cristiano, the second one, people keep asking lots of questions about AI PCs. As you know, you're getting really close here to when the holiday ramp period would start for you to sell in units. So maybe if you could give us your current take on your expectations of what the PC market could bring in terms of units of revenue for your company as we look forward into the next fiscal year. Thanks, guys.

然後，克里斯蒂亞諾，第二個，人們不斷問很多有關人工智慧電腦的問題。如您所知，您已經非常接近假期銷售旺季的開始時間了。因此，在我們展望下一個財年時，也許您可以向我們介紹您目前對個人電腦市場可以為您的公司帶來的收入單位的期望。多謝你們。

Very good. Thank you, Matt. Thanks for asking the questions. Let me start with automotive.

非常好。謝謝你，馬特。感謝您提出問題。讓我從汽車開始。

Look, we're very pleased with automotive performance. And I want to start by saying this is -- you continue to see signs off of the pipeline translated into revenue. There are a couple things we really like. The first one is our automotive revenue is all about share of new cars being launched with our content. Also, it's independent whether the industry is about internal combustion or EV because it's all about digital. The Snapdrgon Digital Chassis really became a key asset for the automotive industry.

看，我們對汽車性能非常滿意。首先我想說的是──你會繼續看到管道的跡象轉化為收入。有幾件事我們真的很喜歡。第一個是我們的汽車收入取決於我們內容推出的新車的份額。此外，無論該行業是關於內燃機還是電動車，它都是獨立的，因為它都是關於數字的。驍龍數位底盤真正成為汽車產業的關鍵資產。

And just within the quarter we have not only the launch of 10 new models with our technology, but also, we actually have 10 new design wins which continue to add to the pipeline. So we're very excited about that. We will continue to see, as new cars get launched with our technology from the pipeline, the revenue to grow. And as Akash said in the script, we're actually on track to the metric we provided for $4 billion in 2026.

就在本季度內，我們不僅推出了 10 款採用我們技術的新車型，而且實際上我們還贏得了 10 款新設計，這些設計還在增加。所以我們對此感到非常興奮。隨著採用我們的技術的新車上市，我們將繼續看到收入的成長。正如 Akash 在腳本中所說，我們實際上正在朝著 2026 年 40 億美元的目標邁進。

One side comment on your question. An upside is what GenAI is doing in automotive. GenAI use cases, especially using large language models for audio, is a great user interface. From where behind the wheel, we're starting to see a lot of interesting use case being developed. That upside to our model, it could be an upgrade of content in the digital cockpits that we have in.

一方面評論你的問題。 GenAI 在汽車領域所做的事情有一個好處。 GenAI 用例，特別是使用大型音訊語言模型，是一個很棒的使用者介面。從方向盤後面，我們開始看到許多有趣的用例正在開發中。我們模型的優勢在於，它可能是我們數位駕駛艙內容的升級。

The second comment, which is about PCs. I will start by saying we're very pleased. It's exceeding our expectations. It's a new version of Windows. The Copilot+ is a new architecture with an ARM compatible. We expect that that will ramp over a period of time.

第二條評論是關於PC的。首先我要說的是我們非常高興。這超出了我們的預期。這是 Windows 的新版本。 Copilot+ 是一種與 ARM 相容的新架構。我們預計這種情況會在一段時間內逐漸增加。

But what we have seen in the market right now, with the 20 models that get launched, is exceeding our internal targets. Some models, as I mentioned in my prepared remarks, had sold out. And I think we should expect that that will continue to be a crescendo, slow and steady as the market transition. We will have new product announcements coming up at EFA, and you're going to continue to see more Copilot+ features coming from Microsoft.

但我們目前在市場上看到的 20 款車型的推出，已經超出了我們的內部目標。正如我在準備好的發言中提到的，有些型號已經售罄。我認為我們應該預期，隨著市場轉型，這種情況將持續漸強、緩慢且穩定。我們將在 EFA 上發布新產品，您將繼續看到來自 Microsoft 的更多 Copilot+ 功能。

We're very happy about that, as the same thing we did with auto expect PC to be the next biggest driver of diversification for the company. And we'll continue to track every quarter.

我們對此感到非常高興，就像我們對汽車所做的一樣，預計個人電腦將成為公司多元化的下一個最大推動力。我們將繼續每個季度進行追蹤。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hey. Thank you for taking the questions and congrats on the strong quarter. I guess, Cristiano, let's start you up with those smartphone questions, related to AI smartphones. One, can you share if you're seeing any depreciable difference in the demand for smartphones with AI features and then from consumers already.

嘿。感謝您提出問題，並祝賀本季的強勁表現。我想，克里斯蒂亞諾，讓我們先向您提出與人工智慧智慧型手機相關的智慧型手機問題。第一，如果您發現具有人工智慧功能的智慧型手機的需求與消費者的需求有明顯差異，您能否分享一下？

And as you look to the pipeline in terms of design wins for next year, how are you thinking about proliferation of the AI features and then capabilities into more mid-tier or outside of the flagship, the earphones that you walk with with your customers. Then I have a follow-up. Thank you.

當您展望明年的設計勝利時，您如何考慮人工智慧功能的擴散，以及如何將功能擴展到更多中端或旗艦產品之外，也就是您與客戶隨身攜帶的耳機。然後我有一個後續行動。謝謝。

Thank you for your questions, Samik. So on smartphones, I will start by saying one thing that we really like and I think was reflected by some of the metrics provided by Akashi talks about in his remarks, 50% growth within China, with Chinese OEMs. So AI has expanded the size of the premium tier.

謝謝你的提問，薩米克。因此，在智慧型手機方面，我首先要說一件我們真正喜歡的事情，我認為明石在他的演講中談到的一些指標反映了這一點，即中國 OEM 廠商在中國實現了 50% 的增長。因此，人工智慧擴大了高端市場的規模。

So even in a market which it's kind of flattish to low single digits in growth, the premium tier is actually growing faster. And we've seen that. We've seen a larger premium tier enabled by AI.

因此，即使在一個成長緩慢到低個位數的市場中，高端市場實際上成長得更快。我們已經看到了這一點。我們已經看到人工智慧帶來了更大的高階層。

And to your specific question, we are happy with the trajectory of AI features. We used to have a few; now we have tens of AI features. And eventually, when they get to hundreds, we're going to start to see a change that a smartphone with AI feature will become an AI smartphone. We don't have any heroic assumptions in our model, but we actually like the direction this is going that could create an interesting upside if we have an AI-driven upgrade cycle.

對於你的具體問題，我們對人工智慧功能的發展軌跡感到滿意。我們曾經有過一些；現在我們有數十個人工智慧功能。最終，當它們達到數百個時，我們將開始看到具有人工智慧功能的智慧型手機將成為人工智慧智慧型手機的變化。我們的模型中沒有任何英雄假設，但我們實際上喜歡這個方向，如果我們有人工智慧驅動的升級週期，它可以創造一個有趣的好處。

It's too early in the process, but the use cases are becoming more interesting. I pointed to the increase of use cases in the Galaxy Flip 6 and Fold 6. China has a number of use cases. They're going to be launched in the next flagship.

現在這個過程還為時過早，但用例正變得越來越有趣。我指出了 Galaxy Flip 6 和 Fold 6 用例的增加。它們將在下一款旗艦產品中推出。

And I know you asked about bringing AI to the mass tier. We intend to do that. The same thing we're doing with the PC, which is as we expand the roadmap, we're not compromising on AI capabilities. We're going to see us doing that within our mobile roadmap.

我知道您詢問過將人工智慧引入大眾市場的問題。我們打算這樣做。就像我們在 PC 上所做的一樣，當我們擴展路線圖時，我們不會在人工智慧功能上做出妥協。我們將看到我們在移動路線圖中這樣做。

But on the premium tier, I'm actually very excited given the upcoming launch of our next Snapdragon that has our custom CPU, and you're going to see the same shift in performance that we have done in the PC ecosystem, restoring the performance back to the Windows ecosystem. You're going see doing us something similar in phones, and AI is going to be a big part of this story. Thank you.

但在高階市場，我實際上非常興奮，因為我們即將推出具有客製化 CPU 的下一代 Snapdragon，您將看到我們在 PC 生態系統中所做的相同效能轉變，恢復效能回到Windows生態系統。你會看到我們在手機領域做類似的事情，而人工智慧將成為這個故事的重要組成部分。謝謝。

And a quick one for Akash. I guess the guide for the September revenues that looks pretty similar to what you were soft guiding us back 90 days ago. Although you now have incremental headwinds with the license to export to Huawei. How should we think about sort of where you're finding the offsets? Where is the upside to help you offset that incremental headwind? Thank you.

對阿卡什來說，這是一個快速的過程。我想 9 月的收入指南看起來與 90 天前你們軟性指導我們的指南非常相似。儘管現在在向華為出口許可證方面遇到了越來越多的阻力。我們應該如何考慮在哪裡找到偏移量？幫助您抵消不斷增加的逆風的好處在哪裡？謝謝。

Yeah. Thanks, Samik. Samik, we're pretty happy with the way the quarter's played out, right? If you look at our handset business, we are growing. We are guiding that we'll grow low single-digit percentage on a quarter-over-quarter basis. IoT, we're guiding low double-digit growth, and we're seeing strength across industrial edge networking and consumer.

是的。謝謝，薩米克。 Samik，我們對本季的表現非常滿意，對吧？如果你看看我們的手機業務，你會發現我們正在成長。我們預計，季度環比成長率將保持較低的個位數百分比。在物聯網方面，我們正在引導低兩位數的成長，並且我們看到了工業邊緣網路和消費者領域的實力。

And then auto, coming off of an extremely strong quarter in June, we're guiding flat revenue in the September quarter. And so all of these, both IoT and automotive, are incremental to our previous expectations. And you're seeing that benefit show up in our guidance.

然後是汽車產業，在經歷了 6 月極其強勁的季度後，我們預計 9 月季度的營收將持平。因此，所有這些，無論是物聯網還是汽車，都超出了我們先前的預期。您會在我們的指南中看到這種好處。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes, hi. I guess first question is just clarification on the extra week in the quarter that you referred to. Can you speak about what impact you might -- you expected to have on both revenue and cost and if there's any implications on that absence of the extra week as you go into the following quarter, which is obviously a seasonally strong quarter?

是的，嗨。我想第一個問題只是對您提到的季度中額外一周的澄清。您能否談談您預計會對收入和成本產生什麼影響，以及在進入下一個季度（這顯然是一個季節性強勁的季度）時，沒有額外一周是否會產生任何影響？

Yeah, sure, Chris. If you'd think about the two factors I outlined for the guidance, which is the extra week on one hand and then offset by the Huawei revenue reduction on the other side, those two largely offset each other. And so the net impact on our overall guidance is pretty limited when you consider the impact of both factors.

是的，當然，克里斯。如果你考慮我在指導中概述的兩個因素，一方面是額外一周的時間，另一方面是華為收入減少所抵消的，這兩個因素在很大程度上是相互抵消的。因此，當您考慮這兩個因素的影響時，對我們整體指導的淨影響相當有限。

Specifically on the extra week, as you know, not all weeks are created equal as you think about the different parts of our business. So what we factored in is incremental revenue on the QCT side, incremental OpEx on the OpEx side, and then within -- sorry, incremental revenue in the QTL side. And then within QCT, revenue forecast and the benefit that we have from a flagship phone launch, that doesn't really change based on the number of weeks.

特別是在額外的一周，正如您所知，當您考慮我們業務的不同部分時，並非所有周都是平等的。因此，我們考慮的是 QCT 方面的增量收入、OpEx 方面的增量 OpEx，然後是——抱歉，QTL 方面的增量收入。然後在 QCT 中，收入預測以及我們從旗艦手機發布中獲得的好處，並不會根據週數而真正改變。

So that remains largely consistent. And these factors are already included in. But the big message is when you step back and look at the two key factors outlined, they pretty much cancel out against each other.

所以這基本上保持一致。這些因素已經包含在其中。

Okay, understood. And then moving over to QTL. The guidance for the fourth quarter is it's outside of the range that you have been talking about before. You haven't changed your expectation for global handset units. So can you speak to the reason for the QTL guidance and if that's sustainable going forward? Because typically, the first quarter is a stronger quarter for that segment?

好的，明白了。然後轉向QTL。第四季度的指導超出了您之前討論的範圍。您沒有改變對全球手機銷售的期望。那麼您能否談談 QTL 指導的原因以及這種指導是否可持續發展？因為通常情況下，第一季是該細分市場表現較好的季度？

Yeah, sure. So the QTL guidance is relatively straightforward. If you look at June to September, we typically see very small growth on a quarter-over-quarter basis. So we factored that in. And then we have the extra week on top of it as well, which is also factored into our numbers. So that's how we got to the number we're guiding for QTL.

好，當然。所以QTL引導相對簡單。如果你看看六月到九月，我們通常會看到環比增長非常小。所以我們把這一點考慮在內。這就是我們獲得 QTL 指導值的方法。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

Hi, guys. Thanks for taking my question. I want to ask the second half of Chris's question again that he didn't quite get to. The extra week, how should I think about the implications for December quarter seasonality coming off of that? What are you guys thinking for December, if you could help us shape that a little bit?

嗨，大家好。感謝您提出我的問題。我想再問克里斯問題的後半部分，他沒有完全回答清楚。額外的一周，我應該如何考慮這對 12 月季度季節性的影響？你們對 12 月有什麼想法，如果你們可以幫我們塑造一下嗎？

Sure, Stacy. So as you know well, we typically grow into the first quarter into the December quarter, and we're expecting that it's the seasonally strongest quarter of the year going forward. And as we think about the quarter, there are couple of factors we consider.

當然，史黛西。如您所知，我們通常會從第一季到 12 月季度，我們預計這是今年季節性最強的季度。當我們考慮本季時，我們考慮了幾個因素。

First is the launch of our new Android premium-tier chip which is going to be a tailwind for us. We do go back from the 16 weeks -- 14 weeks back to 13 weeks within the quarter. And then relative to last year will not have Huawei product revenue going forward, which we did have last year.

首先是我們新的 Android 高階晶片的推出，這對我們來說將是一個順風車。我們確實從該季度的 16 週至 14 週回到了 13 週。相對於去年，華為的產品收入將不會增加，而我們去年確實有。

So a net of all of this, when you look at a year-over-year basis, we expect revenue to be largely -- revenue growth to be largely consistent with the year-over-year growth we saw in December quarter last year.

因此，在扣除所有這些因素後，當您查看同比情況時，我們預計收入成長將與去年 12 月季度的同比增長基本一致。

Got it. That's helpful. If you could also just give us any sort of incremental color, how much of the guide actually includes -- how much of the guide is PC revenue at this point for next quarter? I know you said the consumer piece sounds like it's growing in IoT, that's where it is, but how much of it actually is PCs?

知道了。這很有幫助。如果您還可以給我們任何增量顏色，那麼指南中實際包含了多少內容——此時下個季度的 PC 收入佔指南的多少？我知道你說過消費性產品聽起來像是在物聯網中成長，這就是它的所在，但其中有多少實際上是個人電腦？

Yeah. Stacy, in all candor, we're few weeks into our launch. And so it's too early to have either a bullish assumption or a specific assumption on PC. We do have indications from our customers, and we have tried our best to factor it in as we usually do.

是的。史黛西，坦白說，我們的發布還有幾週時間。因此，現在對個人電腦做出看漲假設或具體假設還為時過早。我們確實收到了客戶的指示，我們已盡力像往常一樣將其考慮在內。

But as Cristiano said to us, this is about the longer-term growth opportunity and being very specific on sell-through in the short term is not really something that we have insight into. But we will -- as we get to Investor Day, we're going to give a lot more disclosure and our specific plans on revenue ramp up.

但正如克里斯蒂亞諾對我們所說，這是關於長期成長機會的，並且非常具體地關注短期銷售並不是我們真正能夠深入了解的事情。但當我們到了投資者日時，我們將提供更多的披露資訊以及我們關於收入成長的具體計劃。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. I want to come back to the 50% growth in China handset. And it sounds like you talked about growth in the premium tier there. Can you give us a sense of how much of that is price versus units, and is the market expanding? And then maybe market share commentary because your numbers seem better than your competitor.

偉大的。謝謝。我想回到中國手機50%的成長。聽起來您談到了那裡的高端市場的成長。您能否讓我們了解其中價格與單位的比例以及市場是否正在擴大？然後也許是市場佔有率評論，因為你的數字似乎比你的競爭對手更好。

Yeah. So if you look at the total handset market, our general assumption is that from '23 to '24, it's flat to slightly up. So the market is not growing. But within that, the premium tier, the trend has been very positive. We've gone from greater than $400, representing 21% of the market, now to date, representing 31% of the market. And so that's very significant growth that we are benefiting from. And as you know, we are very strong at the premium tier. And as that market expands, we get to participate in that, not just from a revenue perspective, but content increase perspective as well.

是的。因此，如果你看看整個手機市場，我們的一般假設是，從 23 年到 24 年，市場持平或略有上升。所以市場沒有成長。但在高端市場中，趨勢非常正面。我們的價格從超過 400 美元，佔市場份額的 21%，到現在為止，佔市場份額的 31%。因此，我們正在從中受益，這是非常顯著的成長。如您所知，我們在高端市場非常強大。隨著市場的擴大，我們不僅從收入的角度，也從內容增加的角度參與其中。

Thank you.

謝謝。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hey, guys. Thanks for the question. I guess in your latest Q, you talked about a bunch of new licenses coming up. I think they expire early fiscal '25, including Huawei. I guess first of all, the 4G at Huawei, this might affect these negotiations. Do you expect everyone else to sign in those negotiations as well?

大家好。謝謝你的提問。我想在您最近的問題中，您談到了即將推出的一系列新許可證。我認為它們將在 25 財年年初到期，包括華為。我想首先是華為的4G，這可能會影響這些談判。您是否希望其他人也簽署這些談判？

And then lastly, do we think about Huawei, that impact is roughly $150 million a quarter? Is that a fair number on the 4G stuff from Huawei? Thank you.

最後，我們是否考慮華為，每季的影響約為 1.5 億美元？對於華為的 4G 產品來說，這個數字合理嗎？謝謝。

Hey, Chris, this is Alex. Thanks for the question.

嘿，克里斯，這是亞歷克斯。謝謝你的提問。

So if you look at the licensing progress, basically over the last year or so, we set out to execute on a number of renewals and extensions. And we've done actually a really good job doing that. The most recent was getting on or signed up to a long-term agreement.

因此，如果你看看許可進度，基本上是在過去一年左右的時間裡，我們開始執行一些續約和延期。事實上，我們在這方面做得非常好。最近的一次是簽訂或簽署長期協議。

And then as you know, Apple extended through '27. But we also noted recently that we have two major Chinese OEMs signed long term. We haven't named them, but there are significant handset manufacturers. And then we're working through negotiations with others that we still have optimistic expectations in terms of getting them signed up.

然後如你所知，蘋果延長了 27 年。但我們最近也注意到，我們與兩家主要的中國整車廠簽訂了長期合約。我們沒有透露他們的名字，但有一些重要的手機製造商。然後我們正在與其他人進行談判，我們仍然對讓他們簽約抱有樂觀的期望。

We also recently announced that we signed up tranche into a 5G license and we're still negotiating with them. There's some litigation ongoing. But I think the important thing is to focus on the 5G license with that company and the ongoing negotiations.

我們最近也宣布我們簽署了部分 5G 許可證，並且仍在與他們進行談判。有一些訴訟正在進行中。但我認為重要的是關注與該公司的 5G 牌照以及正在進行的談判。

So Huawei is a company that we've been engaged with just like the others in terms of trying to move negotiations forward. We expect that to continue. We don't really have any news on that just yet.

因此，我們和其他公司一樣，一直在與華為合作，試圖推動談判。我們預計這種情況會持續下去。我們還沒有任何關於這方面的消息。

And then from a revenue breakdown perspective, as you know, we don't break down our QTL revenue by OEM. But a reasonable way of thinking about it is look at the scale of the market and the number of units and specifically contribute to the scale of the market and apply that to our overall revenue stream.

然後，從收入細分的角度來看，如您所知，我們不會按 OEM 細分 QTL 收入。但合理的思考方式是著眼於市場規模和單位數量，特別是對市場規模的貢獻，並將其應用於我們的整體收入流。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hey, guys. One question, one follow-up. Thanks for letting me ask.

大家好。一個問題，一個後續。謝謝你讓我問。

First, one -- probably more for Cristiano. I just want to see how you feel with your leadership position on both the modem and the apps processor side in your handset business. How do you feel about the relative market share that you have in the penetration of given customers? There's kind of perpetual debate about what you're doing with your lead Korean customer year-to-year, gen-to-gen, same thing with your modem-only customer?

首先，一個——對於克里斯蒂亞諾來說可能更多。我只是想看看您對手機業務中調製解調器和應用程式處理器的領導地位有何感想。您對特定客戶滲透率的相對市場佔有率有何看法？關於您每年、一代又一代地與主要韓國客戶所做的事情存在著某種永恆的爭論，對僅使用調製解調器的客戶也是如此嗎？

So as you look forward over the next year or two, how are you feeling about the penetration that Qualcomm can have at the major customers?

那麼，當您展望未來一兩年時，您對高通在主要客戶中的滲透率有何看法？

All right. So thanks for your question, Ross. Loaded question, so I'm going to have to unpack one by one.

好的。謝謝你的提問，羅斯。問題太多了，所以我得一一解開。

I think the first part of the question, how do we think about our modem technology. We feel pretty good about our modern technology. I think this is one of the core competencies of the company. We continue to be the number one company in the country in number of wireless patents and standard essential patents and continue to be the company pushing forward the roadmap.

我認為問題的第一部分是，我們如何看待我們的現代科技。我們對我們的現代科技感覺非常好。我認為這是公司的核心競爭力之一。我們繼續成為國內無線專利和標準必要專利數量第一的公司，並繼續成為推動該路線圖的公司。

As relates to our business with Apple, we still operate with the framework that we provided to you all. I think when we extended the chipset agreement and we expect to be operating within that, we have no new update, provided everything above what we said before is an upside. So we don't have that in our financial planning assumptions above what we had disclosure.

就我們與 Apple 的業務而言，我們仍然按照我們提供給大家的框架來運作。我認為，當我們擴展晶片組協議並希望在該協議範圍內運行時，我們沒有新的更新，前提是我們之前所說的一切都是有利的。因此，我們的財務規劃假設中並沒有高於我們所揭露的內容。

When we think about the application processor, I think the conversation is a little bit more interesting, because always had the leadership in a high performance, we always had the leadership and peak and sustained performance in mobile gaming or in other applications with our Adreno GPU. And now, for the first time in a while, we're going to have our own custom CPU, which will be announced at the Snapdragon Summit and will be in the flagship devices launching towards the end of the year, beginning of 2025.

當我們考慮應用處理器時，我認為對話更有趣一點，因為我們始終在高效能方面處於領先地位，我們在行動遊戲或使用 Adreno GPU 的其他應用程式中始終具有領先地位以及峰值和持續的性能。現在，我們將在一段時間內首次擁有自己的客製化 CPU，該 CPU 將在 Snapdragon 峰會上宣布，並將出現在今年年底 2025 年初推出的旗艦設備中。

So I'll argue that our application processor advantages accelerate. And as I said in this earnings, I think the launch of the Copilot+ PC was really graduation for Qualcomm as it used to be perceived as a communications company isn't really a computing company to the point that now we become the benchmark for others to follow within the PC industry. And I think that is going to be reflected in handsets as well as we have our own custom CPU.

所以我認為我們的應用處理器優勢正在加速。正如我在這份財報中所說，我認為Copilot+ PC 的推出確實是高通公司的畢業，因為它曾經被視為一家通訊公司，但實際上並不是一家計算公司，以至於現在我們成為其他公司的標竿緊接著個人電腦產業。我認為這將反映在手機上，我們也有自己的客製化 CPU。

As relates to relationship with Samsung, we have executed agreements with them. It's largely consistent to what you have seen with the launch of the G S24, how is that going to continue. We're pretty happy with the relationship. And I think we both have a lot of opportunity with the AI coming into premium smartphones. Thank you.

至於與三星的關係，我們已與他們簽署了協議。這與您在 G S24 發佈時所看到的情況基本一致，這種情況將如何繼續下去。我們對這種關係非常滿意。我認為，隨著人工智慧進入高階智慧型手機，我們都有很多機會。謝謝。

Thanks, Cristiano. I guess my follow up for Akash. One, in the answer to your prior question, you said that your year-over-year growth in December would be about the same as it was last December. Just a clarification, was that just for QCT?

謝謝，克里斯蒂亞諾。我想我對阿卡什的後續行動。第一，在回答您先前的問題時，您表示 12 月的年成長將與去年 12 月大致相同。請澄清一下，這只是為了 QCT 嗎？

And then I guess my bigger picture question, how should we think about gross margins in QCT going forward? Looks like you're implying them down a bit in the September quarter, but still flat year over year. As the diversification process happens, automotive, PCs, et cetera, how should we think about that line in your income statement?

然後我想我更大的問題是，我們應該如何考慮 QCT 未來的毛利率？看起來你暗示他們在九月季度有所下降，但與去年同期相比仍然持平。隨著汽車、個人電腦等多元化進程的發生，我們該如何考慮損益表中的這一行？

Sure, Ross. So that comment was really focused on overall company, so not just QCT, but the overall Qualcomm metrics. From a gross margin perspective, we did slightly better than we expected. We had guided in the third quarter. And what we're doing is we're guiding fourth quarter in line with the guidance we had provided for third quarter. I think as you look forward beyond fourth quarter into fiscal '25 using fourth quarter as a way to model the going-forward path is a reasonable way of thinking about it.

當然，羅斯。因此，該評論實際上關注的是整個公司，因此不僅僅是 QCT，還有高通的整體指標。從毛利率的角度來看，我們的表現略優於我們的預期。我們在第三季進行了指導。我們正在做的是，我們將根據我們為第三季提供的指導來指導第四季度。我認為，當您展望第四季度之後進入 25 財年時，使用第四季度作為對未來路徑建模的方式是一種合理的思考方式。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi. Can you hear me?

你好。你聽得到我嗎？

Yes, we can.

我們可以。

Okay. Perfect. Sorry. So I need help to define your addressable market in compute, meaning is it mostly about consumer laptops, enterprise? How do you envision your addressable market in the compute segment?

好的。完美的。對不起。因此，我需要幫助來定義您在計算領域的潛在市場，這意味著它主要與消費筆記型電腦、企業有關嗎？您如何看待計算領域的潛在市場？

And the second thing is you talked a lot about AI, AI inclusion in handsets. When we talk to carriers, they seem to be far away from it in the sense that they can't find the applications yet. What do you think is going to drive the deployment? What kind of applications and what's the timing of applications that will drive the deployment of AI in handsets? Thanks.

第二件事是你談了很多關於人工智慧、人工智慧在手機中的應用。當我們與運營商交談時，他們似乎離這個目標很遠，因為他們還找不到應用程式。您認為什麼將推動部署？什麼樣的應用程式以及應用程式的時機將推動人工智慧在手機中的部署？謝謝。

Hello, Tal. This is Cristiano. Thank you for your question. Let me take the first one.

你好，塔爾。這是克里斯蒂亞諾。謝謝你的問題。讓我拿第一個。

You should think about addressable market the following way. First of all, it's Windows 11, addressable market. We're very focused right now on laptops, whether it's commercial laptops for enterprise, consumer laptops. We're ranging price points, I think, especially as we talked in the prepared remarks, extending the road map from $700 and above.

您應該以以下方式考慮目標市場。首先，這是Windows 11，潛在市場。我們現在非常關注筆記型電腦，無論是企業用的商用筆記型電腦還是消費性筆記型電腦。我認為，我們正在調整價格點，特別是當我們在準備好的評論中談到時，將路線圖從 700 美元及以上延伸。

And what is defined as AI PC, a metric that I can provide to you. And I think there has been a number of OEMs indicating their respective views, but we forecast about 50% of our computers sold in 2027 will be AI PCs. That's one way to think about it. And we continue to basically see the transition of -- as upgrades are happening to Windows 11 and Copilot+ PCs, an opportunity for us to participate with a highly differentiated solution.

什麼是AI PC，我可以提供您一個指標。我認為已經有許多 OEM 廠商表達了各自的觀點，但我們預測 2027 年銷售的電腦中約有 50% 將是 AI PC。這是思考這個問題的一種方式。隨著 Windows 11 和 Copilot+ PC 的升級，我們基本上繼續看到這種轉變，這為我們提供了參與高度差異化解決方案的機會。

I think your second question --

我認為你的第二個問題——

It was on AI applications.

這是關於人工智慧應用的。

It was about AI applications for devices. So here's how you should think about it. AI is going to do on phones, whether you're going to text, whether you're going to talk, whether you're going to touch, it's going to be a very important part of the human-computer interface. And this is going to start to change a lot of the user experience on apps. It's less of a carrier conversation. It's really more of an application conversation.

這是關於設備的人工智慧應用。所以這是你應該如何思考的。 AI將會在手機上做事，無論你是要發短信，無論你是要說話，無論你是要觸摸，它都將成為人機界面中非常重要的一部分。這將開始改變許多應用程式的用戶體驗。這不像是運營商的對話。這實際上更像是一次應用程式對話。

And those are going to start to change a lot of the use case of existing apps or you're going to start to see as we see the development of new agents that become more relevant. For example, if you are like me, a user of WhatsApp, you're going to see the ability within WhatsApp for you to search with Llama, for you to do different things with their model. And eventually, a lot of their models are going to have multiple functionality across multiple apps.

這些將開始改變現有應用程式的許多用例，或者當我們看到變得更相關的新代理程式的開發時，您將開始看到。例如，如果您像我一樣，是 WhatsApp 的用戶，您將在 WhatsApp 中看到使用 Llama 進行搜尋的功能，您可以使用他們的模型做不同的事情。最終，他們的許多模型將在多個應用程式中具有多種功能。

The way to measure this is the number of use cases. And we're -- as I said before, we're actually very happy with the trajectory. I'd like to compare what happened with the smartphone. When the smartphone -- first, there were like 10 apps and then became 100 apps and became 1,000 of apps, became hundreds of thousands of apps, and then it became very clear what was happening.

衡量這一點的方法是使用案例的數量。正如我之前所說，我們實際上對發展軌跡非常滿意。我想與智慧型手機進行比較。當智慧型手機開始時，大約有 10 個應用程序，然後變成 100 個應用程序，變成 1,000 個應用程序，變成數十萬個應用程序，然後就很清楚發生了什麼。

I think we look at a little bit the same way. We're in the beginning, but we like the number of use cases increasing, and that's going to drive a lot more AI NPU performance in the silicon and hopefully continue to expand the premium and the high tier. Thank you.

我認為我們的看法有點相同。我們還處於起步階段，但我們希望用例數量不斷增加，這將推動晶片中的 AI NPU 性能大幅提高，並希望繼續擴大高端和高端市場。謝謝。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, guys. Thanks for sneaking me in. I have one for Cristiano and one for Akash. Just very recently here, obviously, in the quarter, there's a huge step-up in the auto portfolio, and I think you guys did a good job of kind of describing what drove that. But you've also, in your deck and in your commentary, talked more about AI PC being a driver.

大家好。謝謝你偷偷帶我進來。顯然，就在最近，在本季度，汽車產品組合出現了巨大的進步，我認為你們在描述推動這一趨勢的原因方面做得很好。但您也在您的套牌和評論中更多地談論了 AI PC 作為駕駛員的問題。

Cristiano, if you look at the next 12 months, you hosted an Auto Analyst Day and you talked about the opportunity being back-end loaded, and I think the end date was kind of the late 2020s. But if you look at the next 12 months, what opportunity do you think is more exciting to you, the automotive side or the IoT in terms of revenue growth? Obviously, the buckets are different sizes, but I'm just breaking those two out as to what can drive some growth there.

Cristiano，如果你看看接下來的 12 個月，你舉辦了一次汽車分析師日活動，你談到了後端加載的機會，我認為結束日期是 2020 年代末。但如果你展望未來 12 個月，就營收成長而言，你認為汽車方面還是物聯網方面哪個機會對你來說更令人興奮？顯然，這些桶的大小不同，但我只是將這兩個桶分開，看看什麼可以推動那裡的成長。

And then on Akash's side, if you look into Q4, you obviously have an extra week there, but you are seeing OpEx step down. Could you just walk through the moving parts that are expected to be up a little bit just given the extra week? Thanks for all that. Appreciate it, guys.

然後，在 Akash 方面，如果你查看第四季度，你顯然會多出一周的時間，但你會看到營運支出下降。能簡單介紹一下預計在額外一週內會上升的活動部分嗎？感謝這一切。非常感謝，夥計們。

Thank you, Tom. Actually, I appreciate the question. I really like the question. It gave me an opportunity to explain this. You should think of Qualcomm, we're not just trying to build one big business of differentiation. Actually, we're building a number of business -- I'm sorry, of diversification. We're really focused on this.

謝謝你，湯姆。事實上，我很欣賞這個問題。我真的很喜歡這個問題。這給了我一個解釋這一點的機會。你應該想想高通，我們不只是試著建立一項差異化的大業務。事實上，我們正​​在建立一些業務——對不起，是多元化業務。我們真的很專注於此。

And when we talk about Auto Investor Day, that was actually in the September 2022, we kind of outline how that is going to be turning into a big platform for Qualcomm and building into the financials. And then hopefully, you can see now, especially with this quarter, how that's materializing.

當我們談論汽車投資者日時，那實際上是在 2022 年 9 月，我們概述了它將如何變成高通的一個大平台並融入財務狀況。希望您現在可以看到，尤其是在本季度，這是如何實現的。

And that will continue. That's not going away. We expect -- given the size of our pipeline, we talk about $4 billion in '26. We talk about $9 billion towards the end of the decade. We're on track to do that.

這種情況還會持續下去。那不會消失。考慮到我們的管道規模，我們預計 26 年將達到 40 億美元。我們談論的是到本十年末的 90 億美元。我們正在努力做到這一點。

But the second one is PCs. And as we get -- it's early. As I said, we're very happy. It's exceeding our expectations. Some models sold out. We just launched.

但第二個是個人電腦。據我們了解，現在還早。正如我所說，我們非常高興。這超出了我們的預期。部分型號已售罄。我們剛剛推出。

I think when we get to the Investor Day, we probably will feel comfortable putting a metric out there of what that's going to represent and how that's going to grow over time when we think about the total contribution to Qualcomm. That's one they're very excited. But we don't stop there.

我認為，當我們到了投資者日時，當我們考慮對高通的總貢獻時，我們可能會放心地提出一個指標，衡量它所代表的內容以及隨著時間的推移它將如何增長。這是他們非常興奮的一件事。但我們不止於此。

The next one, and I encourage you, auto. So what we're going to do next quarter, I think AI and computing, it's driving the industrial road map towards Qualcomm. So we're completely redesigning our industrial roadmap, and we're going to unveil that road map in the coming months. So we think about this as there are many markets that can benefit from technology. We're super focused on growth and diversification, and it's about a number of bets, not just one bet. Thank you.

下一個，我鼓勵你，汽車。所以我們下個季度要做什麼，我認為人工智慧和運算正在推動高通的工業路線圖。因此，我們正在徹底重新設計我們的工業路線圖，我們將在未來幾個月內公佈該路線圖。所以我們考慮這一點，因為有很多市場可以從技術中受益。我們非常關注成長和多元化，這是一系列的賭注，而不僅僅是一個賭注。謝謝。

And Tom, on your second question on OpEx, we had some non-labor material-related spend and tape-out related spend in the third quarter, which is why third-quarter OpEx was higher and it goes down into the fourth quarter despite the extra week. And so it's just timing of non-labor spend that drove it.

湯姆，關於您關於營運支出的第二個問題，我們在第三季度有一些非勞動力材料相關支出和流片相關支出，這就是為什麼第三季度運營支出較高，儘管額外一周。因此，推動這一趨勢的只是非勞動支出的時機。

But fundamentally, no change in the way we are managing OpEx. We're very committed to operating discipline and hiring. Even when we do it, it is very focused on specific new skills that are required for diversification. So you won't see a difference in the way we are managing the OpEx for the company.

但從根本上來說，我們管理營運支出的方式並沒有改變。我們非常致力於營運紀律和招募。即使我們這樣做，也非常注重多元化所需的特定新技能。因此，您不會發現我們管理公司營運支出的方式有什麼不同。

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

謝謝。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？

No, I just want to just quickly thank all of our partners, our suppliers, our employees for great job on the PC execution. I think we're very proud of what we accomplished. We will continue to drive AI across each one of our businesses. We feel we have a very unique position in the ability to run AI at the Edge.

不，我只是想快速感謝我們所有的合作夥伴、我們的供應商、我們的員工在 PC 執行方面所做的出色工作。我認為我們對我們所取得的成就感到非常自豪。我們將繼續在我們的每一項業務中推動人工智慧的發展。我們認為我們在邊緣運行人工智慧的能力方面擁有非常獨特的地位。

We're very happy with the automotive traction, and we're actually looking forward to the next generation of products launching coming months, as I said, hopefully creating a new vector for growth of the company in the future in industrial IoT. Thank you very much.

我們對汽車的牽引力感到非常滿意，正如我所說，我們實際上期待下一代產品在未來幾個月推出，希望為公司未來在工業物聯網領域的成長創造一個新的載體。非常感謝。

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。