高通 (QCOM) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm second quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, April 30, 2025. Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. Playback reservation number is 13752782.

女士們、先生們，感謝你們的支持。歡迎參加高通2025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 2025 年 4 月 30 日錄製。今天電話會議的回放號碼是 (877) 660-6853。國際電話請撥 (201) 612-7415。播放預約號碼為13752782。

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. 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.

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（Alex Rogers）也將參加問答環節。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，本次電話會議正在 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。

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 相關的對帳。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。

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

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。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 $10.8 billion and non-GAAP earnings per share of $2.85. Revenues of $9.5 billion from our chipset business were driven by strength across handsets, automotive and IoT, all exceeding revenue expectations. Automotive and IoT revenues increased 59% and 27% year-over-year, respectively. 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營收為 108 億美元，非公認會計準則每股收益為 2.85 美元。我們的晶片組業務收入達到 95 億美元，這得益於手機、汽車和物聯網的強勁增長，都超出了收入預期。汽車和物聯網收入分別較去年同期成長59％和27％。許可業務收入為13億美元。

Demand for our industry-leading platforms continues to expand as high-performance connectivity and processing at the edge are increasingly important, and AI becomes more pervasive across industries. We have the industry's broadest product and IP portfolio, a strong track record of establishing a technology leadership position in every industry we enter and a clear vision for the future. As we navigate the current macroeconomic and trade environment, we remain focused on driving the next wave of AI smartphones, and growing our non-handset revenues to $22 billion by fiscal '29.

隨著高效能連接和邊緣處理變得越來越重要，以及人工智慧在各行業中的普及程度越來越高，對我們行業領先平台的需求也不斷擴大。我們擁有業界最廣泛的產品和智慧財產權組合、在所涉足的每個行業中建立技術領導地位的良好記錄以及清晰的未來願景。在應對當前宏觀經濟和貿易環境的同時，我們仍將重點關注推動下一波人工智慧智慧型手機的發展，並在 29 財年將非手機收入提高到 220 億美元。

We are excited by the ongoing developments in generative AI, including the proliferation of smaller models. In just six months, the AI landscape has been redrawn with a wide array of new consumer and enterprise applications. New players have emerged and AI video models are becoming more dependable, marking a significant expansion in capabilities. Additionally, smaller GenAI models that can run directly on device are also advancing rapidly. It now takes only a few months to match the performance of their larger cloud-based counterparts compared to 12 months just a year ago.

我們對生成式人工智慧的持續發展感到興奮，包括小型模型的激增。在短短六個月內，人工智慧領域已經發生了巨大的變化，出現了大量新的消費者和企業應用。新的參與者不斷湧現，AI視訊模型也變得越來越可靠，標誌著其功能的顯著擴展。此外，可直接在裝置上運行的小型 GenAI 模型也在快速發展中。現在，它只需幾個月的時間就能趕上規模更大的基於雲端運算的同行的表現，而一年前則需要 12 個月。

Several new state-of-the-art small language and multimodal models were recently released, including Microsoft Phi, Google Nano, Meta Llama, Mistral Ministral, OpenAI Whisper and Alibaba Qwen. Some of these models are already running on Snapdragon platforms. As these trends continue, the opportunity for Qualcomm is significant.

最近發布了幾種新的最先進的小語言和多模式模型，包括 Microsoft Phi、Google Nano、Meta Llama、Mistral Ministral、OpenAI Whisper 和 Alibaba Qwen。其中一些型號已經在 Snapdragon 平台上運行。隨著這些趨勢的持續，高通面臨的機會是巨大的。

I will now provide some key highlights from across the business, starting with mobile. At Mobile World Congress, we announced our X85 5G platform, the world's most advanced AI-powered modem-to-antenna system delivering substantial improvements in speed, efficiency, coverage, and power consumption.

現在我將介紹整個業務的一些關鍵亮點，首先從行動業務開始。在世界行動通訊大會上，我們發布了 X85 5G 平台，這是世界上最先進的人工智慧數據機到天線系統，在速度、效率、覆蓋範圍和功耗方面均有顯著提升。

The X85 sets new benchmarks and brings connectivity leadership to the Android ecosystem. It also supports 5G Advanced capabilities with ultra-fast peak download speeds of up to 12.5 gigabits per second and delivers the connectivity required for hybrid and agentic AI experiences.

X85 設立了新的基準並為 Android 生態系統帶來了連結領導地位。它還支援 5G 高級功能，具有高達每秒 12.5 千兆位元的超快峰值下載速度，並提供混合和代理 AI 體驗所需的連接。

High-performance, low latency 5G is essential for AI applications, ensuring seamless and timely data transmission and information retrieval for real-time processing and decision-making. According to Google, the X85 is "designed for mobile AI and is the perfect match for Android and the agentic experiences of the Gemini era. This modem delivers breakthrough 5G speeds, network reliability and intelligent connectivity to Android phones, cementing Android and Qualcomm Technologies’ leadership in the mobile AI world."

高效能、低延遲的 5G 對於人工智慧應用至關重要，可確保無縫及時的資料傳輸和資訊檢索，以實現即時處理和決策。據谷歌稱，X85「專為行動人工智慧而設計，與安卓系統和雙子座時代的代理體驗完美匹配。這款調變解調器為 Android 手機提供了突破性的 5G 速度、網路可靠性和智慧連接，鞏固了 Android 和 Qualcomm Technologies 在行動 AI 領域的領導地位。 」

The X85 was also positively received by many of the largest operators in the U.S., China and Japan, who are excited about the superior connectivity X85 brings to 5G smartphones, the improved network performance and reliability, and potential for new AI-powered services. The X85 will be shipping in handsets, automotive and IoT products starting in the second half of the year. Within smartphones, we expect this platform to be available exclusively on Android devices.

X85 也得到了美國、中國和日本許多最大運營商的積極評價，他們對 X85 為 5G 智慧型手機帶來的卓越連接性、改進的網路性能和可靠性以及新的人工智慧服務的潛力感到興奮。X85 將於今年下半年開始在手機、汽車和物聯網產品中出貨。在智慧型手機領域，我們預計該平台將專門在 Android 裝置上使用。

In handsets, we continue to gain design traction with our Snapdragon 8 Elite, the industry's most powerful smartphone platform. To date, we have 90 flagship designs shipped or announced globally across major Android OEMs. During the quarter, subsidies in China had a positive impact on growing the premium tier which has continued to expand over the last several years.

在手機領域，我們憑藉著業界最強大的智慧型手機平台 Snapdragon 8 Elite 繼續獲得設計上的關注。迄今為止，我們已向全球各大 Android OEM 廠商交付或發布了 90 款旗艦設計。本季度，中國的補貼對高端汽車市場的成長產生了積極影響，而高端汽車市場在過去幾年中持續擴張。

Additionally, we're incredibly excited to see our customers launching innovative new flip-style devices featuring Snapdragon 8 Elite. This is now a flagship smartphone category. As an example, the recently announced flip-style Motorola Razr Ultra 2025 comes with MotoAI, a suite of AI-powered features such as Catch Me Up, which summarizes notifications and prioritizes urgent messages, Remember This, which saves screenshots, photos and notes to recall later and Magic Canvas, which lets users create AI-generated images as wallpapers. It also integrates Perplexity AI, Google Gemini, Microsoft Copilot and Meta Llama.

此外，我們非常高興看到我們的客戶推出搭載 Snapdragon 8 Elite 的創新翻蓋式設備。這現在已成為旗艦智慧型手機類別。例如，最近發布的翻蓋式摩托羅拉 Razr Ultra 2025 配備了 MotoAI，這是一套由人工智能驅動的功能，例如 Catch Me Up（可匯總通知並優先處理緊急消息）、Remember This（可保存屏幕截圖、照片和筆記以供日後調用）和 Magic Canvas（可讓用戶創建人工智能生成的圖像作為壁紙）。它還整合了 Perplexity AI、Google Gemini、Microsoft Copilot 和 Meta Llama。

We remain excited about the PC opportunity for Snapdragon, and we're making progress toward achieving $4 billion in revenues by fiscal ‘29. We are extremely focused on driving new OEM designs, expanding markets and channels, growing into the enterprise, and increasing the ecosystem of native applications. Since the launch of the first Snapdragon X-powered devices in mid-2024, we have more than 85 designs in production or development, and we are targeting more than 100 designs to be commercialized through 2026.

我們仍然對 Snapdragon 在 PC 領域的機會感到興奮，並且我們正在朝著 29 財年實現 40 億美元收入的目標努力。我們非常注重推動新的 OEM 設計、擴大市場和通路、發展企業以及增加原生應用程式的生態系統。自 2024 年中推出首款搭載 Snapdragon X 的設備以來，我們已有 85 多種設計處於生產或開發階段，我們的目標是到 2026 年實現 100 多種設計的商業化。

In the first calendar quarter of 2025, according to third-party sources, Snapdragon-based PCs made up approximately 9% of Windows laptops above the $600 price tier in retail US and the top five European countries. We now have more than 750 native applications running on Snapdragon X, including over 100 for the enterprise. Additionally, there are over 1,400 games running on the platform.

據第三方消息來源稱，到 2025 年第一季度，在美國和歐洲前五大國家零售價位 600 美元以上的 Windows 筆記型電腦中，基於驍龍的 PC 約佔 9%。目前，我們在 Snapdragon X 上運行 750 多個原生應用程序，其中包括 100 多個企業應用程式。此外，該平台上還有超過 1,400 款遊戲運行。

Microsoft has continued to add new Copilot+ AI capabilities. This includes the rollout in March and April of expanded live captions, which offers real-time audio and video translations in English during virtual meetings, podcasts or video playback and new voice access functions that enable users to interact with the AI assistant using natural language voice commands. Consumers can also experience Recall, improved Windows search and Click To Do, making it easier to pick up where you left off, find what you're looking for and do more with less time. We also continue to partner with Microsoft on their signature Surface PCs.

微軟不斷增加新的 Copilot+ AI 功能。其中包括 3 月和 4 月推出的擴展即時字幕，可在虛擬會議、播客或視訊播放期間提供英語即時音訊和視訊翻譯，以及新的語音存取功能，使用戶能夠使用自然語言語音命令與 AI 助理進行互動。消費者還可以體驗 Recall、改進的 Windows 搜尋和 Click To Do，從而更輕鬆地從上次中斷的地方繼續操作，找到所需內容，用更少的時間完成更多工作。我們也繼續與微軟合作推出其標誌性的 Surface PC。

In XR, favorable consumer reception for smart glasses continues, particularly as AI enables more compelling use cases. Meta continues to add more capabilities to their Ray-Ban smart glasses powered by Snapdragon. These include enhanced AI assistant interactions, video AI support, location recall, live speech translation and more.

在 XR 領域，消費者對智慧眼鏡的接受度持續上升，尤其是 AI 實現了更引人注目的用例。Meta 繼續為其搭載 Snapdragon 的 Ray-Ban 智慧眼鏡添加更多功能。這些包括增強的AI助理互動、視訊AI支援、位置回憶、即時語音翻譯等。

In addition to Meta, and Samsung's upcoming Android XR headset, we are pleased to report that we now have more than 15 designs of smart glasses from our global partners. Smart glasses are now the best example of a new device category gaining scale because of AI. We remain confident in our ability to achieve $2 billion in XR revenues by fiscal '29. We continue to see strong demand in automotive for the Snapdragon Digital Chassis, and we are on course to reach our fiscal '29 revenue target of $8 billion.

除了 Meta 和三星即將推出的 Android XR 耳機之外，我們很高興地報告，我們現在擁有來自全球合作夥伴的 15 多種智慧眼鏡設計。智慧眼鏡如今已成為新設備類別因人工智慧而獲得規模化發展的最佳例子。我們仍有信心在 29 財年實現 20 億美元的 XR 收入。我們持續看到汽車產業對驍龍數位底盤的強勁需求，我們預計將實現 29 財年 80 億美元的收入目標。

During the quarter, we secured 30 new designs, including five ADAS programs as well as designs from Chinese automakers, such as Nio, Zeekr, Great Wall, Dongfeng and more. We also saw 14 commercial vehicle launches from global automakers utilizing our platforms with a total of 29 commercial vehicle launches since the start of the fiscal year.

本季度，我們獲得了 30 個新設計，其中包括 5 個 ADAS 項目以及來自蔚來、Zeekr、長城、東風等中國汽車製造商的設計。我們也看到全球汽車製造商利用我們的平台推出了 14 款商用車，自本財年開始以來共推出了 29 款商用車。

Additionally, last week, at the Shanghai Auto Show, we announced new collaborations with Visteon and PATEO to create next-generation AI intelligent cockpit solutions based on our Snapdragon Cockpit Elite. And with Desay SV to jointly deliver a suite of pre-integrated ADAS solutions that support L1 and L2+ functions.

此外，上週在上海車展上，我們宣布與偉世通和博泰展開新的合作，基於驍龍駕駛艙精英版打造下一代AI智慧駕駛艙解決方案。並與德賽西威共同提供支援L1和L2+功能的預先整合ADAS解決方案。

Fiscal Q2 was a strong quarter for Industrial IoT, with notable new partnerships and recently, the completion of two strategic acquisitions, increasing our confidence in executing on our industrial IoT revenue target of $4 billion by fiscal '29. In a major step toward advancing industrial intelligence at the edge, we're collaborating with Palantir to integrate their Ontology enterprise systems and AI capabilities on our advanced platforms. This collaboration will enhance real-time insights and data-driven decisions in remote and offline environments, enabling OEMs and enterprises to deploy scalable AI solutions for manufacturing, industrial and automotive applications.

財年第二季對於工業物聯網來說是一個強勁的季度，我們建立了引人注目的新合作夥伴關係，並且最近完成了兩項戰略收購，這增強了我們實現 29 財年工業物聯網 40 億美元收入目標的信心。為了向邊緣工業智慧邁出重要一步，我們正在與 Palantir 合作，將他們的 Ontology 企業系統和 AI 功能整合到我們的先進平台上。此次合作將增強遠端和離線環境中的即時洞察和數據驅動決策，使原始設備製造商和企業能夠為製造、工業和汽車應用部署可擴展的人工智慧解決方案。

We acquired Edge Impulse, one of the industry's leading edge AI development platforms, which enables more than 170,000 developers to build solutions for a wide range of applications, such as asset tracking and monitoring, manufacturing anomaly detection and predictive maintenance systems -- using various AI capabilities, including computer vision, time series data, audio events and speech recognition. The development platform includes a comprehensive set of tools and features for data collection and preparation, model training, deployment and monitoring, all with an easy-to-use, user-friendly interface requiring little or no code at all. As AI accelerates the next phase of digital transformation, Edge Impulse, combined with our AI hub, creates a true world-class industrial development platform for the age of intelligence.

我們收購了業界領先的邊緣 AI 開發平台之一 Edge Impulse，它使超過 170,000 名開發人員能夠使用各種 AI 功能（包括電腦視覺、時間序列資料、音訊事件和語音識別）為廣泛的應用建立解決方案，例如資產追蹤和監控、製造異常檢測和預測性維護系統。該開發平台包括一套全面的工具和功能，用於資料收集和準備、模型訓練、部署和監控，所有這些都具有易於使用、使用者友好的介面，幾乎不需要或根本不需要程式碼。隨著人工智慧加速數位轉型的下一階段，Edge Impulse 與我們的人工智慧中心相結合，為智慧時代打造了一個真正的世界級工業發展平台。

We also acquired FocusAI, a leader in computer vision at the edge for an intelligent end-to-end edge AI and cloud management solution that enables real-time insights and analysis. FocusAI’s solutions are now part of the new Qualcomm Dragonwing Intelligent Video Suite, enhancing our video analytics AI portfolio.

我們也收購了邊緣電腦視覺領域的領導者 FocusAI，提供智慧型端對端邊緣 AI 和雲端管理解決方案，以實現即時洞察和分析。FocusAI 的解決方案現已成為全新 Qualcomm Dragonwing 智慧影片套件的一部分，增強了我們的影片分析 AI 產品組合。

Finally, in edge networking, we launched the Dragonwing Fixed Wireless Access Gen 4 Elite Platform based on the X85 and is the world's first 5G Advanced FWA platform. It includes an AI coprocessor that delivers up to 40 TOPS of AI processing power to optimize wireless connectivity across 5G broadband and Wi-Fi 7 and unlocks new GenAI capabilities at the network edge.

最後，在邊緣網路方面，我們推出了基於X85的Dragonwing固定無線接入Gen 4精英平台，這是全球首個5G高級FWA平台。它包括一個 AI 協處理器，可提供高達 40 TOPS 的 AI 處理能力，以優化 5G 寬頻和 Wi-Fi 7 之間的無線連接，並在網路邊緣解鎖新的 GenAI 功能。

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 non-GAAP revenues of $10.8 billion and non-GAAP EPS of $2.85, both of which are above the midpoint of our guidance.

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，非公認會計準則收入為 108 億美元，非公認會計準則每股收益為 2.85 美元，均高於我們預期的中位數。

QTL revenues of $1.3 billion and EBT margin of 70% were flat on a year-over-year basis and slightly below the midpoint of our guidance due to lower handset units in emerging regions. QCT delivered revenues of $9.5 billion and EBT margin of 30%, with revenues at the high end of guidance, due to upside across handsets, IoT and automotive. QCT handset revenues grew 12% year-over-year to $6.9 billion, reflecting the benefit of increased premium tier Android shipments.

QTL 營收為 13 億美元，EBT 利潤率為 70%，與去年同期持平，且略低於我們預期的中位數，原因是新興地區手機銷售較低。由於手機、物聯網和汽車領域的成長，QCT 的營收為 95 億美元，息稅前利潤率為 30%，營收處於預期的高點。QCT 手機營收年增 12% 至 69 億美元，反映了高階 Android 出貨量成長帶來的好處。

QCT IoT revenues of $1.6 billion increased 27% versus a year ago period, driven by demand for our products with connectivity, processing and AI technologies. We delivered QCT automotive revenues of $959 million, reflecting 59% year-over-year growth on increased content in new vehicle launches with our Snapdragon Digital Chassis platforms. Lastly, we returned $2.7 billion to stockholders, including $938 million in dividends and $1.7 billion in stock repurchases.

QCT IoT 營收為 16 億美元，較去年同期成長 27%，這得益於市場對我們具有連接性、處理能力和人工智慧技術的產品的需求。我們的 QCT 汽車收入達到 9.59 億美元，年增 59%，這得益於我們採用 Snapdragon 數位底盤平台的新車推出內容的增加。最後，我們向股東返還了 27 億美元，其中包括 9.38 億美元的股息和 17 億美元的股票回購。

Now turning to guidance. I'll first address the macroeconomic environment, including the impact of tariffs. There's uncertainty around the impact of the global trade landscape on demand across our businesses. Our guidance for the upcoming quarter is based on our current assessment of the financial impact of tariffs as they stand today. As the situation remains dynamic, we'll continue to closely monitor for potential changes.

現在轉向指導。我首先要談談宏觀經濟環境，包括關稅的影響。全球貿易格局對我們業務需求的影響存在不確定性。我們對下一季度的指導是基於我們對當前關稅財務影響的當前評估。由於情況仍在不斷變化，我們將繼續密切關注潛在的變化。

For the third fiscal quarter, we are forecasting revenues of $9.9 billion to $10.7 billion and non-GAAP EPS of $2.60 to $2.80. We estimate QTL revenues to be approximately flat on a year-over-year basis, reflecting normal seasonality for handset units with revenues of $1.15 billion to $1.35 billion and EBT margin of 67% to 71%.

對於第三財季，我們預測營收為 99 億美元至 107 億美元，非 GAAP 每股收益為 2.60 美元至 2.80 美元。我們估計 QTL 營收與去年同期基本持平，反映手機部門的正常季節性，營收為 11.5 億美元至 13.5 億美元，EBT 利潤率為 67% 至 71%。

In QCT, we expect revenues of $8.7 billion to $9.3 billion, an EBIT margin of 28% to 30%. At the midpoint, this reflects year-over-year revenue growth of approximately 12%, led by strength in handsets, IoT and automotive. We expect QCT handset revenues to increase approximately 10% on a year-over-year basis, driven by growth in Android. We estimate QCT IoT and automotive revenues to grow approximately 15% and 20%, respectively, versus a year ago period, driven by the same factors I outlined in our second quarter results. Lastly, we estimate non-GAAP operating expenses to be approximately $2.25 billion.

我們預計 QCT 的收入為 87 億美元至 93 億美元，息稅前利潤率為 28% 至 30%。從中位數來看，這反映了年比約 12% 的收入成長，主要得益於手機、物聯網和汽車領域的強勁成長。我們預計，受 Android 成長的推動，QCT 手機營收將年增約 10%。我們估計 QCT IoT 和汽車收入將分別比去年同期增長約 15% 和 20%，這受到我在第二季度業績中概述的相同因素的推動。最後，我們估計非公認會計準則營運費用約為 22.5 億美元。

In closing, we are very pleased with our strong results in the first half of fiscal '25, with revenue and non-GAAP EPS growth of 17% and 21%, respectively, versus a year ago period. We are increasing our capital return target to 100% of free cash flow in fiscal '25, reflecting confidence in our strong cash flow generation and financial targets outlined at our recent Investor Day.

最後，我們對 25 財年上半年的強勁業績感到非常滿意，與去年同期相比，收入和非 GAAP EPS 分別成長了 17％ 和 21％。我們將 25 財年的資本回報目標提高到自由現金流的 100%，這反映出我們對強勁的現金流產生能力以及最近投資者日概述的財務目標的信心。

As the global trade environment continues to evolve, we remain focused on our execution priorities including our relationships with customers and partners globally and investing in our industry-leading technology and product roadmap. Despite the near-term macro uncertainty, our business strategy remains unchanged, and we remain committed to our long-term financial framework. Our disciplined capital allocation and balance sheet flexibility position us for success across varying market scenarios.

隨著全球貿易環境的不斷發展，我們仍然專注於我們的執行重點，包括與全球客戶和合作夥伴的關係以及對我們行業領先的技術和產品路線圖的投資。儘管短期宏觀經濟存在不確定性，但我們的業務策略保持不變，我們仍致力於長期財務框架。我們嚴謹的資本配置和資產負債表彈性使我們能夠在不同的市場情況下取得成功。

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're 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) Joshua Buchalter, TD Cowen.

（操作員指示）Joshua Buchalter，TD Cowen。

Congrats on the solid results in a difficult backdrop. My first question, could you maybe spend a couple of minutes talking through what kind of assumptions you're baking into in particular, your guidance in the handset market? I mean, given there's pretty widespread concerns of tariff-related pull-ins. Are you seeing any signs of that yet? And in particular, your largest customer was up pretty meaningfully year-over-year. So was any change in order patterns there?

恭喜您在困難的背景下取得了堅實的成績。我的第一個問題是，您能否花幾分鐘時間談談您具體基於哪些假設，以及您對手機市場的指導？我的意思是，鑑於人們對關稅相關影響的擔憂相當普遍。您看到任何這樣的跡象了嗎？尤其是，你們最大的客戶的數量與去年同期相比有顯著成長。那麼那裡的訂單模式有改變嗎？

Yes. Thanks, Josh, for the question. Our approach on tariffs is really our guidance reflects our current assessment of the financial impact from it. We do not see any material direct impact to us at this point. The landscape obviously is dynamic, so we're closely monitoring, but we're very focused on things we control and very focused on supporting our customers as well.

是的。謝謝喬希提出這個問題。我們對關稅的態度實際上是我們的指導，反映了我們目前對其財務影響的評估。目前我們尚未看到任何對我們產生的重大直接影響。情況顯然是動態的，所以我們正在密切關注，但我們非常關注我們控制的事情，也非常關注對客戶的支援。

One thing to remember is when you look at our supply chain, we have a very diversified global supply chain, and so that positions us very well to navigate challenges that might happen as a result of tariffs. And then maybe specifically on your question of pull-ins, we have not any material pull-ins from our customers. So this reflects kind of reasonable, consistent ordering patterns from them. And that's what's reflected in our guidance.

要記住的一件事是，當你查看我們的供應鏈時，我們擁有非常多樣化的全球供應鏈，因此這使我們能夠很好地應對可能因關稅而發生的挑戰。然後也許具體到您關於拉動的問題，我們沒有從客戶那裡得到任何實質的拉動。這反映了他們的合理、一致的訂購模式。這正是我們的指導所反映的。

Understood. And to follow up, I think a quarter ago, you expressed some optimism but certainly didn't include any Huawei royalty revenue in the model. Any updates to share on those negotiations, obviously, given the difficult backdrop to be signing deals right now?

明白了。另外，我想一個季度前，您表達了一些樂觀情緒，但肯定沒有在模型中包括任何華為的專利費收入。顯然，考慮到目前簽署協議的困難背景，有關這些談判有什麼進展可以分享嗎？

Josh, this is Alex. There really aren't any updates. Discussions will be ongoing, but we don't have any updates right now.

喬希，這是亞歷克斯。確實沒有任何更新。討論將會持續進行，但目前我們還沒有任何更新。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

So maybe if I can start on the IoT segment. And just in relation to the -- it seems like that is the segment you saw the most upside rated to your own expectations for the quarter. If you can just flesh out what drove that upside? And maybe just going back to following up on the last question as well, like is that a segment that you’ve seen any evidence of pull forward of demand? And then I have a quick follow-up.

所以也許我可以從物聯網領域開始。就此而言——看起來這是您認為對本季度的預期最具上升空間的部分。您能否具體說明一下推動這項上漲的原因？也許我們再回到最後一個問題，您是否看到過該領域需求提前的任何證據？然後我有一個快速的跟進。

Yes. Samik, this is Akash. So in the IoT area, we saw tremendous growth in the quarter. We reported 27% year-over-year growth and we saw growth across all three areas, so consumer, networking and industrial. The largest growth contributor was actually industrial. As we have discussed in the past, we have this premise of where the market is going, which is a transition from microcontrollers to microprocessors and AI and we're seeing the benefit of our technology portfolio as it applies to that transition. And so we're at the front end of the transition in our minds, and some of the upside in the quarter came through the benefit that came from that transition.

是的。薩米克，這是阿卡西。因此，在物聯網領域，我們在本季看到了巨大的成長。我們報告稱，年成長 27%，並且消費、網路和工業三個領域均實現了成長。最大的成長貢獻者實際上是工業。正如我們過去所討論過的，我們對市場的發展方向有這樣的前提，那就是從微控制器到微處理器和人工智慧的轉變，我們看到了我們的技術組合在這種轉變中帶來的好處。因此，在我們的思想中，我們正處於轉型的前沿，本季的部分收益來自於這種轉型帶來的好處。

Then maybe the last thing I'll highlight is -- when you step back and look at all the different areas in our IoT revenue stream, which is PC, XR, industrial networking, our technology is becoming more relevant than ever to each of those areas. So that's what gives us confidence in our long-term forecast.

然後，也許我要強調的最後一件事是——當你回顧並看看我們的物聯網收入流中的所有不同領域，即 PC、XR、工業網絡時，我們的技術與每個領域的相關性都變得比以往任何時候都更加密切。這讓我們對長期預測充滿信心。

Okay. And then maybe for my follow-up, if I can ask you about your M&A pipeline and strategy here. When I look at focus AI and Edge impulse, obviously, I don't know those businesses as closely, but how should we think about some of these acquisitions enhancing the capabilities in the current end markets that you're trying to diversify and enhance your position in, relative to maybe some acquisitions adding to the existing end markets and giving you more growth pillars in terms of additional incremental end markets that you can go into with some acquisitions?

好的。然後，也許作為我的後續問題，我可以問您有關這裡的併購管道和策略的問題。當我關注 AI 和 Edge Impulse 時，顯然我對這些業務不太了解，但我們應該如何看待這些收購，它們會增強您試圖實現多元化和增強地位的當前終端市場的能力，相對於一些收購可能會增加現有的終端市場，並為您提供更多的增長支柱，即通過一些收購您可以進入的額外增量終端市場？

Samik, this is Cristiano, thanks for the question. Look, this is very consistent to what we said before. And I kind of point you back to the plan we outlined on our last Investor Day. If you look, we have made acquisitions in the past to create our automotive business, which we feel very confident about how complete our roadmap is.

薩米克，我是克里斯蒂亞諾，感謝您的提問。你看，這和我們之前說的非常一致。我想讓大家回顧一下我們在上次投資者日概述的計劃。如果你看一下，你會發現我們過去曾經進行過收購來創建我們的汽車業務，我們對我們的路線圖的完整性非常有信心。

We made acquisitions such as Nuvia, which enables us to create an opportunity in compute,and we have been saying that the next focus for the company was to really augment our IoT space and especially in industrial as Akash outlined. We're 100% convinced there's a significant opportunity for advanced computing and AI at the edge in industrial. And what you see us doing with Edge Impulse, with FocusAI, is actually building a software platform, that we can scale our technology to all those different verticals and we'll probably continue to augment the platform with those types of acquisitions.

我們進行了 Nuvia 等收購，這使我們能夠在運算領域創造機會，我們一直在說，公司的下一個重點是真正擴大我們的物聯網領域，特別是工業領域，正如 Akash 所概述的那樣。我們百分之百相信，先進運算和人工智慧在工業邊緣領域有著巨大的發展機會。您看到我們透過 Edge Impulse 和 FocusAI 所做的實際上是建立一個軟體平台，我們可以將我們的技術擴展到所有不同的垂直領域，並且我們可能會繼續透過這些類型的收購來擴充該平台。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Akash, typically, September is like seasonally, it's up kind of mid-singles to high singles. I know there's a lot of uncertainty, but is there anything besides just the macro that you would sort of point us away from thinking of that as like a normal Q3?

Akash，通常情況下，9 月就像季節性的一樣，氣溫會從中單數上升到高單數。我知道存在著許多不確定性，但除了宏觀因素之外，還有什麼因素可以讓我們避免將其視為正常的第三季？

Yes, Tim, you're right. I mean as we look at the fourth quarter, obviously, the underlying factor there is the macroenvironment. And so we've reflected the best information we have today, and we're going to watch -- obviously monitor that closely.

是的，提姆，你是對的。我的意思是，當我們看第四季時，顯然，那裡的根本因素是宏觀環境。因此，我們反映了今天所掌握的最佳信息，並且我們將密切關注——顯然會密切監視。

In QCT, specifically, when you look at Android, automotive and IoT, we expect normal seasonality, both from a quarter-over-quarter and year-over-year perspective. And then within the Apple product business, as we've said, we expect our share to go lower in the launches that happened in fall 2025. So we're forecasting approximately 70% share in that launch and the rest of the factors are kind of consistent with what you'd expect.

具體來說，在 QCT 中，當你查看 Android、汽車和物聯網時，我們預計無論是從季度環比還是同比角度來看，季節性都是正常的。然後，在蘋果產品業務中，正如我們所說，我們預計在 2025 年秋季推出的產品中我們的份額將會下降。因此，我們預測此次發布的份額約為 70%，其餘因素與您的預期一致。

Great. And then just on China, there's a few offsetting factors. I know you did speak about what's helping the market, but there's also tariffs on trade. So how do you handicap your China business? Are you seeing signs of the customers wanting to move away from U.S. suppliers like you and move more to MediaTek? How do you weigh those factors?

偉大的。就中國而言，存在一些抵消因素。我知道您確實談到了什麼對市場有幫助，但還有貿易關稅。那麼，您如何阻礙自己的中國業務呢？您是否看到有跡象表明客戶希望擺脫像您這樣的美國供應商，轉而使用聯發科？您如何權衡這些因素？

Tim, thanks for the question. This is Cristiano. Look, at this point, we feel that our position is strong because it has to do with how unique our product is and how relevant our product is for the global ambition of our customers. I think we remind everyone that when we look at our China exposure, there are the products that stay within China, but there is a significant volume that goes from China to the rest of the world and I think that's what drives uniqueness, I think, of the Snapdragon position there.

提姆，謝謝你的提問。這是克里斯蒂亞諾。你看，在這一點上，我們覺得我們的地位很強大，因為這與我們的產品的獨特性以及我們的產品與客戶的全球抱負的相關性有關。我想我們要提醒大家，當我們看我們在中國的業務時，有些產品仍留在中國，但有相當一部分產品從中國銷往世界其他地區，我認為這就是驍龍在中國的獨特地位。

And there are a couple of data points. I think just a couple of weeks ago, we had the Shanghai Auto Show. We had a number of new partnerships, including an expansion of the pipeline with new design wins in auto. We have seen no signs of a slowdown in design traction on Qualcomm products within our Chinese base, and that includes smartphones, PC, automotive, XR and we’re excited about some traction in industrial as well.

這裡有幾個數據點。我想就在幾週前，我們舉辦了上海車展。我們建立了許多新的合作夥伴關係，包括透過贏得汽車領域的新設計來擴大產品線。我們沒有看到高通產品在中國市場的設計吸引力出現放緩的跡象，這些產品包括智慧型手機、個人電腦、汽車、XR，我們對工業領域的一些吸引力也感到興奮。

Stacy Rasgon, Bernstein.

史泰西‧拉斯貢，伯恩斯坦。

I wanted to first ask about chipset gross margins. It looks like they were down a bit in Q2, maybe 90 bps or so. They seem like they're being guided out a similar amount in Q2. But like, why were they down in Q3 and Q2, especially given within handsets that presumed mix toward more premium given the weakness in the emerging regions smartphones that you talked about? Was it just mix between like the different segments? Or just like what was going on there?

我想先詢問一下晶片組的毛利率。看起來它們在第二季度有所下降，大概是 90 個基點左右。他們似乎在第二季度獲得了類似的金額。但是，為什麼它們在第三季和第二季會下降，特別是考慮到您提到的新興地區智慧型手機的疲軟，這些手機的銷量預計會更加高端？它只是不同片段之間的混合嗎？或者就像那裡發生的事情一樣？

Yes. So Stacy, this is Akash. It's really the mix across tiers and segments as well, right? We saw some upside that came through on lower tiers that kind of made a very small difference in gross margin. But kind of when you step back and think about broader gross margin trend, we're pretty very happy with kind of both our actuals and guidance and there's no new information versus what we’ve told you before. It's just how the mix plays out between quarters.

是的。史黛西，這是阿卡什。這實際上也是跨層級和跨細分市場的混合，對嗎？我們看到較低層級上出現了一些上漲，但對毛利率的影響卻很小。但是當你退一步思考更廣泛的毛利率趨勢時，我們對我們的實際情況和指導都非常滿意，與我們之前告訴你的相比，沒有什麼新的資訊。這只是季度之間的混合結果。

Got it. And for my follow-up, I know you talked about no direct impact from tariffs, but you said you're baking in what you're seeing. Like what are you baking in for the indirect effect of tariffs? Like you talked about Android being seasonal, I guess, in the September quarter, which doesn't sound like you're baking in or suggesting any potential for demand destruction if tariffs or anything get put back on this. How should we be thinking about like the actual specific assumptions you're putting on the market in the wake of the current macro and the tariff situation as we go through the year?

知道了。接下來，我知道您談到關稅沒有直接影響，但您說您正在考慮您所看到的影響。例如，您為關稅的間接影響做了哪些準備？就像您說的，Android 在 9 月這個季度具有季節性，這聽起來並不像是您在考慮或暗示如果重新徵收關稅或其他任何費用，可能會造成需求破壞。我們應該如何考慮您在當前宏觀經濟情勢和全年關稅情勢下對市場提出的實際具體假設？

Sure. So Stacy, what I said is we do not see any material direct impact. There is smaller direct impact and some minor changes in demand. We are reflecting that, and so it's in our numbers. But nothing that really is significant enough to change the direction of our guidance. So that's the data point I was giving. In terms of indirect impact, that's obviously something that we are watching closely. Difficult for us to predict that at this point.

當然。史黛西，我說的是，我們沒有看到任何實質的直接影響。直接影響較小，需求有一些細微的變化。我們正在反映這一點，因此它體現在我們的數字中。但實際上沒有什麼事情足以改變我們的指導方向。這就是我給的數據點。就間接影響而言，我們顯然正在密切關注。目前我們很難預測這一點。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great, thank you. And you guys are continuing to show really strong results in auto in what's been a tough market for others. And you're talking about doubling by fiscal '29 from here. Can you talk about the growth drivers there? When does ADAS start to kick in more as a growth category and just what is it that gives you that confidence in that multi-year forecast?

太好了，謝謝。在汽車市場對其他公司來說一直很艱難，而你們卻繼續在汽車市場中表現出強勁的業績。你說的是從現在開始到 29 財年達到翻倍。您能談談那裡的成長動力嗎？ADAS 何時會開始成為成長類別，是什麼讓您對多年預測如此有信心？

Joe, this is Cristiano. There are a couple of drivers. I think if you remember when we outlined and disclosed the pipeline, we said one third of that was ADAS and we also had, Flex is really becoming a reality. We have some interesting designs and some upcoming SOPs with Flex that has both the digital cockpit and ADAS in the same chipset. But the key drivers of the revenue is really the mix improvement with more digital cockpit, more computer and content and then in ADAS coming up. On ADAS alone, I think we just announced in the quarter of five new designs of ADAS.

喬，這是克里斯蒂亞諾。有幾個司機。我想如果你還記得我們概述和揭露管道時，我們說其中三分之一是 ADAS，而且我們也有，Flex 真的成為現實。我們有一些有趣的設計和一些即將推出的 Flex SOP，它們在同一個晶片組中同時具有數位駕駛艙和 ADAS。但收入的關鍵驅動因素實際上是混合改進，包括更多的數位駕駛艙、更多的電腦和內容，以及 ADAS 的出現。僅就 ADAS 而言，我想我們剛剛在本季度宣布了五種新的 ADAS 設計。

And Joe, to quickly add a datapoint to it. When you kind of step back and look at within the auto market, the car is being transformed, we play in the market that is being transformed. So digitization of car is happening, and we play in the area that is actually growing significantly, both in terms of the penetration within the established base of the auto market. But then also the silicon content multiplies as you get into the new type of cars, and so we are playing in this tremendous growth area within the car market, and that's what you're seeing in our numbers show up.

而 Joe 則快速地在其中加入一個數據點。當你退一步看看汽車市場時，你會發現汽車正在轉變，我們也在轉變的市場中發揮作用。汽車數位化正在發生，我們所處的領域實際上正在顯著增長，無論是在汽車市場現有基礎的滲透率方面。但隨著新型汽車的出現，矽含量也會成倍增加，因此，我們在汽車市場中這個成長巨大的領域中發揮作用，這就是您從我們的數據中看到的結果。

Chris Caso, Wolf Research.

克里斯‧卡索 (Chris Caso)，沃爾夫研究公司。

The first question is with regard to handsets, and you talked about that being up about 10% year-on-year. Could you break out the relative strengths of, I guess, the two buckets that would drive that the China business and then your other large customer? And you also mentioned some impact from some of the subsidies that were happening in China. Could you give some more detail on that and perhaps is that sustainable demand? Or would perhaps that caused some pull forward as well?

第一個問題是關於手機的，您說手機銷量年增了約 10%。您能否分別說明一下推動中國業務和其他大客戶的兩大因素的相對優勢？您也提到了中國一些補貼的影響。您能否提供更多細節，也許這是永續的需求？或者這也許也會引起一些向前的拉動？

Yes. From a subsidy perspective, in China, what you've seen is really the total units for the March quarter came in line with expectations. We are continuing to see a stronger mix play out, and this has been a trend for the last several years. So if you think about premium tier handsets over $400, they have increased from 21% of the installed -- 21% of new devices sold in 2019 to about 30% now in 2024, and so that part of the market is expanding, our customers are gaining share, and that is really what is informing the upside for us, both in the results quarter and the guidance quarter. And that's the primary driver of growth for us.

是的。從補貼角度來看，在中國，你所看到的是三月季度的總銷售量確實符合預期。我們繼續看到更強勁的混合趨勢，這是過去幾年的趨勢。因此，如果您考慮一下售價超過 400 美元的高階手機，它們佔安裝量的 21%（佔 2019 年售出的新設備的 21%）已經增加到 2024 年的 30% 左右，因此這部分市場正在擴大，我們的客戶正在獲得份額，這才是我們真正受益的因素，無論是在業績季度還是在指引季度。這是我們成長的主要動力。

Got it, thank you. I guess with regard to the PC business, and you gave some data points on the -- in your prepared remarks. I know that your product line has changed a bit, so you can attack some lower price points there. What does that mean for the growth of the PC business within IoT this year? And as you attack some of those lower price points, are the margins on those products similar to what your IoT business is today?

知道了，謝謝。我想關於個人電腦業務，您在準備好的發言中給了一些數據點。我知道你們的產品線已經發生了一些變化，因此你們可以針對一些較低的價格點進行攻擊。這對於今年物聯網領域的 PC 業務成長意味著什麼？當您攻擊一些較低的價格點時，這些產品的利潤率是否與您今天的物聯網業務的利潤率相似？

Yes. So if you think about what we've done in the PC business, we started at the top of the roadmap and established ourselves as the performance leader. And since then, we've introduced a total of four platforms, which addresses PCs all the way down to $600, and then the next generation of chips will come out later this year as well. So very, very happy with how the roadmap is playing out.

是的。因此，如果你想想我們在個人電腦業務中所取得的成就，我們是從路線圖的頂端開始的，並確立了自己作為性能領導者的地位。從那時起，我們總共推出了四個平台，適用於價格低至 600 美元的個人電腦，下一代晶片也將於今年稍後推出。我對路線圖的實施非常非常滿意。

In terms of design wins, we expect 100 devices to be commercialized by -- in 2026. We have greater than 85 design wins today. And in terms of applications being ported and games being ported, we have now ported 1,400 games onto the platform and 750 native applications. So that's kind of preparing ourselves for a ramp in the market.

在設計方面，我們預計到 2026 年將有 100 台設備實現商業化。如今，我們已經獲得超過 85 項設計勝利。在應用程式和遊戲移植方面，我們現在已經將 1,400 款遊戲移植到平台上，並移植了 750 款原生應用程式。這是我們為市場成長所做的準備。

The data point that Cristiano provided in his prepared remarks is for Windows devices greater than $600 in U.S. and the top five EU markets, we have approximately 9% share in the March quarter. So very happy with how the traction is playing out, and it positions us to achieve our target.

克里斯蒂亞諾在其準備好的發言中提供的數據點是，對於美國和歐盟前五大市場中價格超過 600 美元的 Windows 設備，我們在 3 月份季度的份額約為 9%。我對牽引力的發揮感到非常高興，它使我們能夠實現目標。

Yes. I just want to maybe a reminder. When you go back to our Investor Day, we're kind of projecting 12% share by fiscal '29. So I think that gives us confidence we're on the right track.

是的。我只是想提醒一下。當您回顧我們的投資者日時，我們預計到 29 財年將達到 12%。所以我認為這讓我們有信心我們走在正確的道路上。

Christopher Rolland, Susquehanna International.

薩斯奎漢納國際公司的克里斯多福羅蘭 (Christopher Rolland)。

I guess my first one is if you guys could address maybe competition, whether you guys are seeing either more or less pressure, particularly at the high end? And kind of related, would you say that CSS design that might provide APs out of the box for handset OEMs, would you ever consider that a threat or probably just a very low-level threat to your business?

我想我的第一個問題是，你們是否可以談談競爭，你們是否看到更多或更少的壓力，特別是在高端？而且有點相關的是，您是否認為 CSS 設計可能會為手機 OEM 提供開箱即用的 AP，您是否會認為這對您的業務是一種威脅，或者可能只是非常低級別的威脅？

Good question, Chris. I'm assuming you're asking about the competitive landscape in smartphones. So that's what I'm going to address. Competitive landscape has not changed for us at all. I think if we break that down by customer group, I think we have on Samsung, a relationship that is very stable. We have been competing for decades with their own silicon. We have changed the baseline of that business, used to be 50% level and now our baseline share is about 75% level. And we have been executing multi-year agreements with that customer. So I think no changes in the landscape. When you look about the competition for China-based customers, the competition is really between two players, us and MediaTek. We like the fact that the premium tier has expanded. We always have said it's a large enough market for two players and that's the competitive landscape we see going forward.

問得好，克里斯。我假設你問的是智慧型手機的競爭格局。這就是我要講的內容。對我們來說，競爭格局根本沒有改變。我認為，如果我們按客戶群進行細分，我們與三星的關係非常穩定。幾十年來，我們一直在與他們自己的矽片競爭。我們已經改變了該業務的基線，以前是 50% 的水平，現在我們的基線份額約為 75% 的水平。我們一直與該客戶簽訂多年協議。所以我認為景觀沒有改變。當你審視中國客戶的競爭時，你會發現競爭實際上是在兩個公司之間進行的，也就是我們和聯發科。我們喜歡高級層級擴大的事實。我們一直說，這個市場足夠大，可以容納兩家公司，而這正是我們所看到的未來​​的競爭格局。

Excellent. And Cristiano, maybe my second one here around AI. You guys have been really successful in AI, adding NPU, adding ASP as a result -- but maybe Intel suggested that this isn't the case in PC, they're not getting better ASPs for increasing AI capabilities. So I guess my question is, I guess, first, kind of philosophical, why does this work so well in mobile? And then for your future products going forward here, do you think there's still that link more AI, more NPU, more ASP or is this an upgrade cycle that's really taken place and kind of ASP expansion from here related to AI might be more difficult?

出色的。克里斯蒂亞諾可能是我在這裡談論人工智慧的第二個人。你們在人工智慧領域取得了真正的成功，增加了 NPU，從而增加了 ASP——但英特爾可能認為在 PC 領域並非如此，他們並沒有獲得更好的 ASP 來提高人工智慧能力。所以我想我的問題是，首先，有點哲學，為什麼這在行動裝置上運作得這麼好？那麼，對於您未來的產品，您是否認為它們之間仍然會存在更多的 AI、更多的 NPU、更多的 ASP 之間的聯繫，或者這是一個真正發生的升級週期，並且從現在開始與 AI 相關的 ASP 擴展可能會更加困難？

This is a great question. Actually, Chris, I love this question. I am -- so I wanted to unpack this, and I think there are two separate conversations. So I'm going to start with the philosophical as you pointed out. It's interesting, there's -- it seems to be a little bit of an impatience, I think about what's happening with AI, especially with mobile and PCs. But what you have to look is really the trend and I think that's what's really important, and I will unpack the difference between phone and PC. In phones, is crystal clear, especially when you look at the maturity of AI today, the ability to have an assistant that does things for you -- even for productivity, you see now more clarity on use cases being developed for smaller screen. When you have a smaller screen -- systems are incredibly useful for you. And where we are in the cycle right now, it's kind of similar to what we saw in the feature phone to smartphone transition. You're in the part of the cycle, the most of the new features come from the OEM and from the OS provider on AI. And then eventually, they're going to start coming from third-party developers and that's where we get scale -- we like the trend. It's driving more NPU content into the phone, it’s driving ASP, and it's going to be a game about once this thing is deployed at scale with a number of new use cases about who can deliver more NPU performance without compromising battery life.

這是一個很好的問題。事實上，克里斯，我很喜歡這個問題。我 — — 所以我想解開這個問題，我認為這是兩個獨立的對話。因此，正如您所指出的，我將從哲學角度開始。有趣的是，我似乎有點不耐煩，我在想人工智慧正在發生什麼，特別是在行動裝置和個人電腦方面。但你真正需要關注的是趨勢，我認為這才是真正重要的，我將揭示手機和個人電腦之間的差異。在手機中，這一點非常明顯，特別是當你看到當今人工智慧的成熟度時，擁有一個助手為你做事的能力——甚至是為了提高生產力，你現在可以看到針對小螢幕開發的用例更加清晰。當您擁有較小的螢幕時，系統對您來說非常有用。我們現在所處的周期與我們在功能手機轉變為智慧型手機時所看到的有些類似。您正處於週期的一部分，大多數新功能來自 OEM 和 AI 的作業系統提供者。最終，他們將開始來自第三方開發商，這就是我們獲得規模的地方——我們喜歡這種趨勢。它推動了手機中 NPU 內容的增加，推動了平均售價 (ASP) 的提高，一旦這項技術大規模部署，就會出現一系列新用例，看看誰能在不影響電池壽命的情況下提供更強大的 NPU 效能。

And I think that's kind of most of our investment is in this area. We like everything we see. I think there's impatience, people expected everybody like tomorrow to buy an AI smartphone, but the trend is good and again measured by the of use cases where the beginning of third-party developers building use cases.

我認為我們的大部分投資都在這個領域。我們喜歡所見的一切。我認為人們缺乏耐心，希望明天每個人都能購買人工智慧智慧型手機，但趨勢是好的，並且再次透過第三方開發人員開始建立用例的用例來衡量。

PC is a little different. PC, the first, when we enter the PC space, it's about we can deliver multi-day battery life and faster CPU in a better form factor. Now it's the same exact trend, it is a little bit different. I think that's why things like DeepSeek is incredibly helpful understanding a smaller model running on the PC. And for capabilities that you use AI all the time, there's an economic aspect of running that on devices at the edge.

PC 有點不同。首先，當我們進入 PC 領域時，我們的目標是以更好的外形提供多天的電池壽命和更快的 CPU。現在的趨勢完全相同，只是略有不同。我認為這就是為什麼像 DeepSeek 這樣的東西對於理解在 PC 上運行的較小模型非常有幫助。對於一直使用人工智慧的功能，在邊緣設備上運行它具有經濟方面的優勢。

So I think what we're seeing right now is we're winning PC designs because we have a better laptop. It's faster and it’s smaller, multiday battery life. But the PC AI is just at the beginning. As more and more SaaS companies, especially as they get pressure from competition, smaller models make the cloud and the devices at the edge now competing for inference.

所以我認為我們現在看到的是，我們贏得了 PC 設計，因為我們有更好的筆記型電腦。它速度更快、體積更小、電池壽命長達數天。但PC AI才剛開始。隨著越來越多的 SaaS 公司，尤其是面臨競爭壓力，較小的模式使得雲端和邊緣設備現在開始爭奪推理能力。

You're going to see more of those use cases and then the NPU is going to shine. And I think that you started to see that the OS vendor, Microsoft, talks about it a lot because they're building the AI use cases as an OS. But next, you're going to see the third party and it's going to be the same dynamics that we're seeing on the phone. So we remain encouraged by it. I think it's going to create a positive cycle and we are investing to have the best NPU out there.

您將會看到更多這樣的用例，然後 NPU 將會大放異彩。我認為您開始看到作業系統供應商微軟對此進行了大量討論，因為他們正在將 AI 用例建置為作業系統。但接下來，您將看到第三方，它將與我們在手機上看到的動態相同。因此我們對此仍然感到鼓舞。我認為這將形成一個良性循環，我們正在投資以獲得最好的 NPU。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Akash, they're both going to, I think, be for you. So the first one is you mentioned about the market share at your U.S. customer going down to about 70% in this generation. I wanted to see what that means on the OpEx front for you. You guys have done a great job of controlling the OpEx dollars. But as that business goes away, in the trajectory you've said many times before, how does the OpEx change and maybe the margin structure of Qualcomm during that exit from that main customer?

阿卡什，我認為它們都適合你。第一個問題是，您提到這一代美國客戶的市佔率下降到了 70% 左右。我想看看這對您的營運支出意味著什麼。你們在控制營運支出方面做得很好。但是，隨著該業務的消失，按照您之前多次提到的軌跡，在退出該主要客戶的過程中，高通的營運支出和利潤結構將如何變化？

Yes, Ross, thanks for the question. I think our strategy or OpEx has been very clear, and we put this in place a couple of years ago, where the idea was to keep the existing scale of the OpEx investment and transition the investment from handsets, while still maintaining leadership in handsets, to these new areas that we are focusing on within automotive and then PC, XR, and industrial within IoT. So -- that is the framework under which we are operating. We're continuing to move investment into those areas to create this tremendous growth opportunities for us. And then on the revenue side, as kind of Apple revenue goes down, we're looking -- we're very optimistic that the targets we laid out replaces that revenue and puts us in a good place from an overall P&L perspective. So that's the framework that we outlined at Investor Day as well, and that's what we're executing on.

是的，羅斯，謝謝你的提問。我認為我們的策略或營運支出非常明確，我們在幾年前就制定了這項策略，當時的想法是保持現有的營運支出投資規模，並將投資從手機領域轉移，同時仍保持在手機領域的領先地位，轉向我們關注的汽車、PC、XR 和物聯網領域的工業等新領域。所以——這就是我們運作的框架。我們將繼續向這些領域投資，為我們創造巨大的成長機會。然後在收入方面，隨著蘋果收入的下降，我們非常樂觀地認為，我們制定的目標將取代該收入，並從整體損益角度使我們處於良好的位置。這也是我們在投資者日概述的框架，也是我們正在執行的框架。

Great. Then one more for you quickly. You guys boosted the free cash flow return to 100% return to shareholders. What was the reasoning behind doing that? I think everybody will obviously take it as a positive sign, but I just wanted to see what the catalyst was.

偉大的。然後再給你一個。你們將自由現金流回報提高了 100% 的股東回報。這樣做的理由是什麼？我認為每個人顯然都會將其視為積極的信號，但我只是想看看催化劑是什麼。

Well, I think we've had very strong cash flow for the last couple of years, and so we've seen our cash balance grow. And there's an opportunity, given where the stock price is, it's an opportunity for us to leverage that cash balance and increase our buybacks. But we are doing it while, of course, maintaining our strategic flexibility for M&A. And it's the same framework we laid out at Investor Day, not fundamentally changing how about it, but there's an opportunity, and we're investing as a result.

嗯，我認為過去幾年我們的現金流非常強勁，所以我們的現金餘額正在成長。考慮到目前的股價，這是一個機會，我們可以利用現金餘額增加回購。但我們這樣做的同時，當然也保持了併購的策略彈性。這與我們在投資者日制定的框架相同，雖然不會從根本上改變它，但這是一個機會，因此我們會進行投資。

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 comments. Thank you all for listening to our call. I would like to say a big thank you to all of our employees, especially our supply chain teams, that have been doing a lot of great work. Thanks for all of our customers.

是的。僅幾點評論。感謝大家聆聽我們的電話。我要向我們所有的員工，特別是我們的供應鏈團隊表示衷心的感謝，他們做出了巨大的貢獻。感謝我們所有的顧客。

And I just want to leave you with this thought. As we navigate those times, this is a company that is not -- it's experienced with uncertainty. We always ask ourselves, is our technology relevant? And I think this is a time that we actually never felt stronger about our technology roadmap and how the company is positioned to be relevant to a number of different industries. So that's our North Star. We'll continue to execute to that, and I look forward to seeing you all in the next quarter. Thank you.

我只是想讓你們記住這個想法。當我們度過這些時光時，這家公司並不——它經歷著不確定性。我們總是問自己，我們的技術是否相關？我認為，我們從未像現在這樣對我們的技術路線圖以及公司如何定位於與多個不同行業相關而感到如此強烈。這就是我們的北極星。我們將繼續執行這一目標，並期待下個季度與大家見面。謝謝。

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。