高通 (QCOM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm third quarter fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded July 30, 2025.

女士們、先生們，感謝你們的支持。歡迎參加高通2025財年第三季財報電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 7 月 30 日錄製。

Now let's turn the call over to Mauricio Lopez-Hodoyan, Vice President of Investor Relations. Mr. Lopez-Hodoyan, please go ahead.

現在讓我們把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. You can access our earnings release and a slide presentation that accompany this call on our Investor Relations website.

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。

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

此外，本次電話會議將在 qualcomm.com 上進行網路直播，重播將於今天晚些時候在我們的網站上提供。在今天的電話會議中，我們將使用 G 條例中定義的非 GAAP 財務指標，您可以在我們的網站上找到與 GAAP 相關的對帳。

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

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

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

現在來聽聽高通總裁兼執行長克里斯蒂亞諾·阿蒙的評論。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q3, we delivered revenues of $10.4 billion and non-GAAP earnings per share of $2.77, which was near the high end of our guidance range. Our chipset business delivered revenues of $9 billion, reflecting strength in Automotive and IoT and ongoing growth in Handsets. Automotive and IoT revenues increased 21% and 24% year over year, respectively.

謝謝你，毛里西奧，大家下午好。感謝您今天加入我們。在第三財季，我們的營收為 104 億美元，非公認會計準則每股收益為 2.77 美元，接近我們預期範圍的高端。我們的晶片組業務實現了 90 億美元的收入，反映了汽車和物聯網領域的強勁表現以及手機領域的持續成長。汽車和物聯網收入分別較去年同期成長21％和24％。

Our licensing business revenues were $1.3 billion. Our momentum in Automotive and IoT is the result of strong execution of our growth and diversification strategy. We remain on track to meet our fiscal 2029 target for combined Automotive and IoT revenues of $22 billion. We're forecasting fiscal '25 to be the second consecutive year of greater than 15% year over year growth in total QCT non-Apple revenues.

我們的授權業務收入為13億美元。我們在汽車和物聯網領域的發展勢頭源於我們強有力地執行成長和多元化策略。我們仍有望實現 2029 財年汽車和物聯網總收入達到 220 億美元的目標。我們預測 25 財年將是 QCT 非 Apple 總收入連續第二年同比增長超過 15% 的一年。

I will now share some key highlights from the business. In Handsets, we extended our Xiaomi collaboration with a multi-year agreement. Snapdragon 8-series platforms will power multiple generations of Xiaomi's flagship devices for China and global markets with volume increasing each year of the agreement. The Snapdragon 8 Elite continues to set the pace of innovation in mobile processors and is leading the transition to AI smartphones with 124 designs shipped or announced to date.

現在我將分享一些業務的關鍵亮點。在手機領域，我們與小米簽署了多年協議，延長了合作。驍龍 8 系列平台將為小米麵向中國和全球市場的多代旗艦設備提供支持，協議執行期間，小米的出貨量每年都在增加。Snapdragon 8 Elite 繼續引領行動處理器的創新步伐，引領向 AI 智慧型手機的轉變，迄今為止已有 124 款設計出貨或發布。

AI usage in smartphones is increasing. For example, Samsung noted that 70% of Galaxy S25 users are utilizing Galaxy AI and usage of Google Gemini AI has nearly tripled among S25 users compared to the S24. Looking ahead, we expect the range of on-device and Agentic AI use cases will continue to expand and reshape the mobile industry. We are optimistic about the Android ecosystem’s leadership in AI.

智慧型手機中人工智慧的使用正在增加。例如，三星指出，70% 的 Galaxy S25 用戶正在使用 Galaxy AI，而與 S24 相比，S25 用戶對 Google Gemini AI 的使用率幾乎增加了兩倍。展望未來，我們預計設備和 Agentic AI 用例的範圍將繼續擴大並重塑行動產業。我們對 Android 生態系統在人工智慧領域的領導地位持樂觀態度。

As we reach the one-year mark of our entry into AI PCs, we are encouraged by the steady progress we're seeing with our Snapdragon X Series platforms. Multiple new devices launched during the quarter from leading OEMs, such as Acer, Dell, HP, Lenovo, Microsoft and Samsung, and we remain on track for more than 100 designs to be commercialized through 2026.

我們進入人工智慧 PC 領域已經一年了，我們對 Snapdragon X 系列平台的穩步進展感到鼓舞。本季度，宏碁、戴爾、惠普、聯想、微軟和三星等領先的 OEM 廠商推出了多款新設備，我們仍有望在 2026 年前實現 100 多種設計的商業化。

Snapdragon is transforming personal computing experiences and the design traction we're seeing from major customers reflects confidence in our technology roadmap, product portfolio and long-term commitment to PCs.

Snapdragon 正在改變個人運算體驗，我們從主要客戶那裡看到的設計吸引力反映了他們對我們的技術路線圖、產品組合和對個人電腦的長期承諾的信心。

In the second calendar quarter of 2025, according to third-party sources, Snapdragon-based PCs continue to make up approximately 9% of Windows laptops sold above the $600 price tier in retail US and the top five European countries. While we are at the beginning of our journey into PCs, we remain excited about the long-term opportunity and continue to work toward our target of achieving $4 billion in revenue by fiscal '29.

據第三方消息稱，到 2025 年第二季度，在美國和歐洲前五大國家零售的 600 美元以上價位的 Windows 筆記型電腦中，基於驍龍的 PC 仍將佔比約 9%。雖然我們進入個人電腦領域才剛起步，但我們對長期發展機會仍然感到興奮，並將繼續努力實現 29 財年實現 40 億美元收入的目標。

In XR, Snapdragon continues to be the platform of choice for smart glasses and mixed reality devices. We now have 19 designs from our global partners. Demand for Meta's AI smart glasses continues to exceed expectations, and they recently expanded the portfolio with the launch of the new Meta Oakley smart glasses and introduction of new Ray-Ban styles. Xiaomi's new AI Glasses launched in the quarter, were also well received. All three are powered by the Snapdragon AR1 Gen 1 platform.

在XR領域，驍龍繼續成為智慧眼鏡和混合實境設備的首選平台。我們現在有來自全球合作夥伴的 19 種設計。Meta 的 AI 智慧眼鏡的需求持續超出預期，他們最近推出了新款 Meta Oakley 智慧眼鏡和新款 Ray-Ban 款式，擴大了產品組合。小米本季推出的新款AI眼鏡也廣受好評。這三款手機均搭載驍龍 AR1 Gen 1 平台。

At the Augmented World Expo USA we conducted the world's first demonstration of a 1 billion parameter model running locally on smart glasses powered by our next-generation Snapdragon AR platform. We also introduced a smart ring controller reference design as a new input device for discrete and intuitive interactions.

在美國擴增實境世界博覽會上，我們進行了全球首次演示，在由我們的下一代 Snapdragon AR 平台驅動的智慧眼鏡上本地運行 10 億參數模型。我們也推出了智慧環控制器參考設計，作為實現離散和直覺互動的新型輸入裝置。

Our Snapdragon Digital Chassis solutions continue to see strong traction across the automotive ecosystem with 12 new designs during the quarter and a total of 50 vehicle launches this fiscal year. We're incredibly excited about BMW's upcoming Neue Klasse vehicles, which will launch globally with our new ISO safety-certified ADAS stack later this year. This will include our Snapdragon Ride platforms and our jointly developed Driving Stack, which meets safety standards in the US and Europe. More details about the deployment, certifications and capabilities will be shared at the IAA Mobility Show in September.

我們的驍龍數位底盤解決方案繼續在整個汽車生態系統中受到強烈關注，本季推出了 12 款新設計，本財年共推出 50 款汽車。我們對BMW即將推出的 Neue Klasse 車款感到無比興奮，該車將於今年稍晚在全球推出，搭載我們新的 ISO 安全認證的 ADAS 堆疊。這將包括我們的 Snapdragon Ride 平台和我們共同開發的 Driving Stack，符合美國和歐洲的安全標準。有關部署、認證和功能的更多詳細資訊將於 9 月的 IAA 行動展上分享。

Our Snapdragon Ride platforms and Driving Stack are also gaining momentum more broadly with 20 OEMs programs for various highway and urban Navigate on Autopilot solutions. The majority of these programs will launch in the next 18 months across all global regions.

我們的 Snapdragon Ride 平台和 Driving Stack 也正在更廣泛地發展，目前已有 20 家 OEM 廠商為各種高速公路和城市自動駕駛導航解決方案製定了計劃。其中大部分項目將在未來 18 個月內在全球所有地區啟動。

In Industrial IoT, we continue to expand our ecosystem of partners, and we're pleased with the traction of our Dragonwing platforms. At COMPUTEX, we announced new collaborations with DigiWin and Aetina to utilize our AI On-Prem Appliance Solution and AI Inference Suites for enterprise automation.

在工業物聯網領域，我們繼續擴大合作夥伴生態系統，我們對 Dragonwing 平台的吸引力感到滿意。在 COMPUTEX 上，我們宣布與 DigiWin 和 Aetina 建立新的合作關係，利用我們的 AI On-Prem Appliance Solution 和 AI Inference Suites 實現企業自動化。

We also expanded our work with IBM on their Maximo AI assistant powered by watsonX.ai. Our broad range of OEMs and partners now includes companies such as Asus-IoT, Dell, EverFocus, iBase, Lenovo, Deloitte, e&, HUMAIN, Palantir and many others.

我們也擴展了與 IBM 的合作，開發了由 watsonX.ai 驅動的 Maximo 人工智慧助理。我們廣泛的原始設備製造商 (OEM) 和合作夥伴目前包括華碩物聯網 (Asus-IoT)、戴爾 (Dell)、EverFocus、iBase、聯想 (Lenovo)、德勤 (Deloitte)、e&、HUMAIN、Palantir 等眾多公司。

We're also gaining traction with our industrial-grade Dragonwing IQ series with up to 100 TOPS of AI inference performance as well as the Dragonwing Intelligent Video Suite, a platform designed to extract intelligence from any video frame and create intelligent reasoning workflows for enterprises across many verticals.

我們的工業級 Dragonwing IQ 系列也越來越受歡迎，該系列具有高達 100 TOPS 的 AI 推理性能，而 Dragonwing 智能視頻套件則是一個旨在從任何視頻幀中提取智能並為多個垂直行業的企業創建智能推理工作流程的平台。

We've also seen continued strength in edge networking driven by strong demand for Wi-Fi 7 gateway platforms across retail and carrier customers, and for 5G enable fixed wireless access platforms for our carrier customers.

我們也看到邊緣網路的持續強勁成長，這得益於零售和營運商客戶對 Wi-Fi 7 閘道平台的強勁需求，以及營運商客戶對 5G 支援固定無線存取平台的需求。

Now I would like to provide an update on our expansion into the data center. This represents a new growth opportunity for Qualcomm and is a logical extension of our diversification strategy as we continue to demonstrate leadership in CPU performance and NPU efficiency.

現在我想提供有關我們向資料中心擴展的最新情況。這對高通來說是一個新的成長機會，也是我們多元化策略的合理延伸，因為我們將繼續在 CPU 效能和 NPU 效率方面展現領導地位。

As inference gain scale, cloud service providers are building dedicated inferencing clusters focused not only on performance, but also efficiency, specifically tokens per dollar and tokens per watt. These factors, combined with the shift from merchant X86 CPUs to custom ARM-compatible CPU and for both cloud computing and AI head node create an entry point for Qualcomm.

隨著推理規模的擴大，雲端服務供應商正在建立專用的推理集群，不僅關注效能，還關注效率，特別是每美元代幣和每瓦代幣。這些因素，加上從商用 X86 CPU 到客製化 ARM 相容 CPU 的轉變，以及雲端運算和 AI 頭節點的轉變，為高通創造了切入點。

We're currently building NPU-based AI inference accelerator cards as well as custom SoCs for general purpose and AI head node compute solutions utilizing our Oryon CPU. We also reached an agreement to acquire Alphawave IP Group plc, a global leader in high-speed wired connectivity and compute technologies for data centers, AI, data networking and data storage.

我們目前正在利用 Oryon CPU 建立基於 NPU 的 AI 推理加速器卡以及用於通用和 AI 頭節點運算解決方案的客製化 SoC。我們也達成協議，收購 Alphawave IP Group plc，該公司是資料中心、人工智慧、資料網路和資料儲存領域高速有線連接和運算技術的全球領導者。

The acquisition is expected to close during the first calendar quarter of 2026, subject to customary closing conditions. Alphawave's leading IP and data center design capabilities are key assets that will complement our Oryon CPU and Hexagon NPU processors and help accelerate our road map.

此次收購預計將於 2026 年第一季完成，但須遵守慣例成交條件。Alphawave 領先的 IP 和資料中心設計能力是關鍵資產，將補充我們的 Oryon CPU 和 Hexagon NPU 處理器並協助加速我們的路線圖。

While we are in the early stages of this expansion, we are engaged with multiple potential customers and are currently in advanced discussions with a leading hyper-scaler. If successful, we expect revenues to begin in the fiscal '28 timeframe.

雖然我們還處於擴張的早期階段，但我們已經與多個潛在客戶進行了接觸，並且正在與一家領先的超大規模企業進行深入討論。如果成功的話，我們預計營收將在 28 財年開始。

Additionally, we signed an MOU with HUMAIN to develop AI data centers in Saudi Arabia and deliver highly efficient and scalable cloud-to-edge hybrid AI inferencing solutions for local and international customers. We also announced that our Oryon CPUs can be integrated with NVIDIA GPUs for high-performance NVIDIA AI factories using the NVIDIA NVLink Fusion architecture. We will provide further updates as we make progress.

此外，我們與 HUMAIN 簽署了一份諒解備忘錄，在沙烏地阿拉伯開發人工智慧資料中心，並為本地和國際客戶提供高效、可擴展的雲端到邊緣混合人工智慧推理解決方案。我們還宣布，我們的 Oryon CPU 可以與 NVIDIA GPU 集成，以使用 NVIDIA NVLink Fusion 架構打造高性能 NVIDIA AI 工廠。隨著進展的進展，我們將提供進一步的更新。

Over the past 12 months, we have continued to see AI and generative AI advance at an accelerated rate and we're both excited and confident in the opportunities this is creating for Qualcomm across all our businesses. As GenAI changes the human-computer interface and Agentic AI experiences continue to evolve, the mobile industry is being redefined and a new generation of personal AI devices are emerging.

在過去的 12 個月中，我們持續看到人工智慧和生成人工智慧以加速的速度發展，我們對這為高通所有業務創造的機會感到興奮和充滿信心。隨著 GenAI 改變人機介面以及 Agentic AI 體驗的不斷發展，行動產業正在重新定義，新一代個人 AI 設備正在湧現。

Smart glasses and wearables, such as smartwatches, earbuds and other form factors are being transformed into personal AI devices as they connect the user directly to the AI agent and model. These devices are quickly transitioning from simply extending smartphone experiences to now provide a new and unique personalized AI in agentic use cases. These devices will evolve independently of the smartphone ecosystem and become a significant opportunity.

智慧眼鏡和穿戴式裝置（如智慧手錶、耳塞和其他形式的設備）正在轉變為個人人工智慧設備，因為它們將用戶直接連接到人工智慧代理和模型。這些設備正在迅速從簡單地擴展智慧型手機體驗轉變為在代理用例中提供全新且獨特的個人化人工智慧。這些設備將獨立於智慧型手機生態系統發展，並成為一個重大機會。

Given our technology leadership in mobile, XR and wearables and the breadth of IP and product portfolio, we expect to be the industry preferred solution provider in this new category. Specifically, personal AI devices will require Snapdragons always-on cloud connectivity -- 5G and micro power Wi-Fi -- power-efficient processing, on-device AI best-in-class imaging, audio, video sensors and context capabilities.

鑑於我們在行動、XR 和穿戴式裝置領域的技術領先地位以及廣泛的 IP 和產品組合，我們有望成為這一新類別中業界首選的解決方案提供者。具體來說，個人人工智慧設備將需要驍龍始終在線的雲端連接——5G 和微功率 Wi-Fi——節能處理、設備上人工智慧一流的成像、音訊、視訊感測器和上下文功能。

Meta AI smart glasses are currently the best example of personal AI. We're very optimistic about the trends we see in this area with major AI players, application developers and device makers investing in this space. Physical AI is another technology that is reshaping industries and creating new opportunities, particularly in robotics. Robotics requires high-performance computing, including powerful on-device AI, extended battery life, reliable connectivity, a higher level of silicon integration and advanced computer vision and sensor fusion to interpret and understand real-world information in real time and make decisions locally. These requirements are perfectly aligned with our strengths, and our technology and product portfolio. Our right to play in this new segment is similar to our expansion into automotive.

Meta AI智慧眼鏡是目前個人AI的最佳範例。我們對這一領域的趨勢非常樂觀，主要的人工智慧參與者、應用程式開發人員和設備製造商都在投資這一領域。物理人工智慧是另一種正在重塑產業並創造新機會的技術，尤其是在機器人領域。機器人技術需要高效能運算，包括強大的設備上人工智慧、更長的電池壽命、可靠的連接性、更高水平的矽整合以及先進的電腦視覺和感測器融合，以便即時解釋和理解現實世界的信息並在本地做出決策。這些要求與我們的優勢以及我們的技術和產品組合完全一致。我們在這個新領域的權利與我們在汽車領域的擴張類似。

Furthermore, our experience in industrial and safety-grade silicon, perception and sensing technologies, and ADAS and autonomy provide a very competitive foundation to develop highly differentiated solutions for autonomous robots next-generation industrial automation and humanoid robotics. We're incredibly excited about this opportunity for which third-party estimates indicate a potential TAM of $1 trillion in the next decade.

此外，我們在工業和安全級矽片、感知和感測技術以及 ADAS 和自主性方面的經驗為開發自主機器人、下一代工業自動化和人形機器人的高度差異化解決方案提供了非常有競爭力的基礎。我們對這個機會感到非常興奮，第三方估計表明，未來十年其潛在 TAM 可達 1 兆美元。

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

現在我想把電話轉給 Akash。

Thank you, Cristiano. Good afternoon, everyone. Let me begin with our third fiscal quarter results. We delivered revenues of $10.4 billion and non-GAAP EPS of $2.77, which was near the high end of our guidance range. QTL revenues of $1.3 billion and EBT margin of 71% were above the midpoint of our guidance.

謝謝你，克里斯蒂亞諾。大家下午好。讓我先介紹一下我們的第三財季業績。我們實現了 104 億美元的營收，非公認會計準則每股收益為 2.77 美元，接近我們預期範圍的高端。QTL 的營收為 13 億美元，EBT 利潤率為 71%，高於我們預期的中位數。

QCT delivered revenues of $9 billion and EBT of $2.7 billion with year over year growth of 11% and 22%, respectively. QCT EBT margin of 30% was at the high end of our guidance range.

QCT 的營收為 90 億美元，息稅前利潤為 27 億美元，分別較去年同期成長 11% 和 22%。QCT EBT 利潤率為 30%，處於我們指導範圍的高端。

QCT Handset revenues increased 7% year over year to $6.3 billion, reflecting strong demand for premium tier handsets, enabled by our Snapdragon 8 Elite platform. QCT IoT revenues grew 24% year over year to $1.7 billion. The outperformance, relative to expectations, was driven by increased demand for our Snapdragon AR1 chipset, the clear industry leader in emerging AI smart glasses category.

QCT 手機營收年增 7% 至 63 億美元，反映出得益於我們的 Snapdragon 8 Elite 平台，高階手機的需求強勁。QCT IoT 營收年增 24%，達到 17 億美元。相對於預期，這一優異表現是由於對我們的 Snapdragon AR1 晶片組的需求增加所致，該晶片組是新興 AI 智慧眼鏡類別的明顯行業領導者。

We delivered another record quarter in QCT Automotive with revenues of $984 million, an increase of 21% year over year, driven by content growth in new vehicle launches with our Snapdragon Digital Chassis platform.

我們 QCT 汽車業務本季再創紀錄，營收達 9.84 億美元，年增 21%，這得益於採用我們的 Snapdragon 數位底盤平台的新車發佈內容的成長。

Lastly, we returned $3.8 billion to stockholders, including $2.8 billion in stock repurchases and $967 million in dividends, aligned with our commitment to return 100% of our free cash flow in the fiscal year.

最後，我們向股東返還了 38 億美元，其中包括 28 億美元的股票回購和 9.67 億美元的股息，這與我們在本財年返還 100% 自由現金流的承諾一致。

Before turning to guidance, a quick reminder that our fourth quarter in fiscal '25 includes 13 weeks relative to a 14-week quarter in the year ago period. For the fourth quarter, we are forecasting revenues of $10.3 billion to $11.1 billion and non-GAAP EPS of $2.75 to $2.95.

在談到指引之前，需要快速提醒一下，25 財年的第四季有 13 週，而去年同期則有 14 週。對於第四季度，我們預測營收為 103 億美元至 111 億美元，非 GAAP 每股收益為 2.75 美元至 2.95 美元。

In QTL, we estimate revenues of $1.25 billion to $1.45 billion and EBT margins of 69% to 73%. In QCT, we expect revenues of $9 billion to $9.6 billion and EBT margins of 27% to 29%. We anticipate QCT Handset revenues to grow approximately 5% sequentially, consistent with typical historical trends, despite lower Apple revenues. We estimate QCT IoT revenues to be flat sequentially and QCT Automotive revenues to reach $1 billion in the fourth fiscal quarter. Lastly, we estimate non-GAAP operating expenses to be approximately $2.35 billion in the quarter.

在 QTL，我們估計營收為 12.5 億美元至 14.5 億美元，EBT 利潤率為 69% 至 73%。在 QCT，我們預計營收為 90 億美元至 96 億美元，EBT 利潤率為 27% 至 29%。儘管蘋果收入有所下降，但我們預計 QCT 手機收入將環比增長約 5%，與典型的歷史趨勢一致。我們預計 QCT IoT 營收將與上一季持平，QCT Automotive 營收將在第四財季達到 10 億美元。最後，我們估計本季非公認會計準則營運費用約為 23.5 億美元。

In closing, we are very pleased with our performance in fiscal '25 and as we continue to execute on the financial metrics we outlined at our Investor Day last year. Based on the midpoint of our guidance, we are positioned to deliver revenue and non-GAAP EPS growth of 12% and 16%, respectively, relative to fiscal '24. We are forecasting fiscal '25 to be the second consecutive year of greater than 15% year over year growth in total QCT non-Apple revenues.

最後，我們對 25 財年的業績感到非常滿意，我們將繼續執行去年投資者日概述的財務指標。根據我們預期的中點，我們預計相對於 24 財年，營收和非 GAAP EPS 成長率將分別達到 12% 和 16%。我們預測 25 財年將是 QCT 非 Apple 總收入連續第二年同比增長超過 15% 的一年。

We anticipate QCT IoT and Automotive revenues to grow by approximately 20% and 35%, respectively, reinforcing our confidence in achieving our fiscal '29 target of $22 billion in combined Automotive and IoT revenues. We are pleased to see our customer relationships strengthening during the time of global trade volatility, including the upcoming global ADAS launch with BMW and the recently signed strategic agreement with Xiaomi.

我們預計 QCT 物聯網和汽車收入將分別成長約 20% 和 35%，這增強了我們實現 29 財年汽車和物聯網總收入 220 億美元的目標的信心。我們很高興看到在全球貿易動盪時期我們的客戶關係不斷加強，包括即將與寶馬合作推出的全球 ADAS 以及最近與小米簽署的戰略協議。

We remain focused on maximizing shareholder returns by executing across a broad range of growth and diversification opportunities while maintaining operating discipline. Lastly, I'd like to invite you to tune into our upcoming Snapdragon Summit event, taking place on September 23 to 25, to learn more about our technology leadership and new product launches.

我們始終致力於透過廣泛的成長和多樣化機會實現股東回報最大化，同時保持經營紀律。最後，我想邀請您關注我們即將於 9 月 23 日至 25 日舉行的 Snapdragon 高峰會活動，以了解有關我們的技術領導力和新產品發布的更多資訊。

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

我們的準備好的演講到此結束。回到你身邊，毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey guys, thanks for taking my question. I wanted to start with the Handset market. I think you just spoke to 5% growth in the September quarter despite the lower share that you've communicated at Apple. Can you speak to the drivers there? I mean I think Xiaomi was up meaningfully in the quarter. which is typical in the June quarter. But I think investors are worried about some level of pull-ins. Are you seeing any evidence of that specifically related to China? Thank you.

嘿夥計們，謝謝你們回答我的問題。我想從手機市場開始。我認為您剛才提到了 9 月份季度的 5% 增長率，儘管您之前表示蘋果的市場份額較低。你能和那裡的司機說話嗎？我的意思是，我認為小米在本季的業績大幅成長，這在六月季度很常見。但我認為投資者對某種程度的拉動感到擔憂。您是否看到任何與中國具體相關的證據？謝謝。

Hi Josh, it's Akash. We're not seeing any evidence of pull-in. I think the upside that we guided in the September quarter in Handset revenue stream, is really driven by our new product launch. As I mentioned in my prepared remarks, we're going to announce our new chip at the end of September. And we're already working with several OEMs for launch of new devices based on a tremendous interest in it. And what you're seeing is really people getting ready for launch of new devices.

嗨，喬希，我是阿卡什。我們沒有看到任何拉入的跡象。我認為，我們在 9 月季度中預測的手機收入流的成長實際上是由我們的新產品發布所推動的。正如我在準備好的演講中提到的，我們將在九月底發布我們的新晶片。由於對此的極大興趣，我們已經與多家 OEM 廠商合作推出新設備。而你看到的其實是人們正在為新設備的發布做準備。

Got it. Thank you. And as a follow-up, I wanted to ask about the data center business and the hyper-scaler engagement you mentioned specifically. Any details you can give us on the scope of that engagement? Is that for an ARM-based CPU? Is it an accelerator and you mentioned fiscal 2028 as potential if that converts. Is that the right time frame to think about contribution from your data center business more broadly at other customers as well? Thank you and congrats on the results.

知道了。謝謝。作為後續問題，我想問您特別提到的資料中心業務和超大規模參與情況。您能向我們提供有關此合作範圍的任何詳細資訊嗎？這是基於 ARM 的 CPU 嗎？它是一個加速器嗎？您提到，如果可以轉換的話，2028 財年是可能的。現在是不是也該考慮一下您的資料中心業務對其他客戶做出更廣泛的貢獻了？謝謝您並祝賀您所取得的成果。

Thank you, Joshua. This is Cristiano. We can't really disclose more other than what we said in the script. We are in advanced discussions. We have been executing on a product. As we said before, we always felt that we had IP that was very relevant to the data center. I think the Alphawave provides complementary IP and allows us to build custom SoC products. And we're pleased with the way we're developing this, I am sure we'll be able to share more as we probably conclude some of those discussions.

謝謝你，約書亞。這是克里斯蒂亞諾。除了劇本中所說的內容外，我們無法透露更多。我們正在進行深入討論。我們一直在執行一款產品。正如我們之前所說，我們一直認為我們擁有與資料中心非常相關的 IP。我認為 Alphawave 提供了互補的 IP 並允許我們建立客製化的 SoC 產品。我們對目前的發展方式感到滿意，我相信在結束一些討論後，我們能夠分享更多資訊。

Samik Chatterjee, JP Morgan.

摩根大通的 Samik Chatterjee。

Hi, thanks for taking my questions. Cristiano, maybe I can follow up on the data center roadmap here or the sort of thought process and strategy around it. Less so maybe timing, but in terms of how do you envision sort of Alphawave integrating into the sort of the portfolio stack capability that you have currently?

你好，謝謝你回答我的問題。克里斯蒂亞諾，也許我可以在這裡跟進資料中心路線圖或圍繞它的思考過程和策略。時間可能不那麼重要，但就您設想如何將 Alphawave 融入您目前擁有的投資組合堆疊功能而言？

And in relation to just thinking about sort of how you're going about selecting customers that you want to approach for this, what's typically sort of in terms of thinking about customization relative to standardization of the chipsets, how you're sort of thinking about deal sizes that would make sense for you in the longer run for this business? Any thoughts around that? And I have a follow-up.

關於如何選擇想要接觸的客戶，您通常會考慮晶片組的客製化與標準化，您如何考慮從長遠來看對這項業務有意義的交易規模？對此有什麼想法嗎？我還有一個後續問題。

Very good. Thank you for your question. I know there's a lot of topics in that question. I'll try to probably give an overview. As we said before and we said in the script, we have been focused on building two products. One is ability to leverage our CPU asset. And that happens in two situations. One, of course, is the general purpose CPU. We've been very focused on hyper-scalers. They have first-party workloads for ARM-compatible CPU.

非常好。感謝您的提問。我知道這個問題涉及很多話題。我將嘗試給出一個概述。正如我們之前和腳本中所說，我們一直專注於打造兩款產品。一是利用我們的CPU資產的能力。這種情況有兩種情況。一個當然是通用CPU。我們一直非常關注超大規模。他們擁有針對 ARM 相容 CPU 的第一方工作負載。

The other one is the head unit for inferencing clusters. As AI starts to get scale, and we're really looking at how we're starting to see inference taking over training. There is a new dynamic in the marketplace, which is about ability to be efficient with tokens per dollar as well as energy. That creates an opportunity for us for that.

另一個是用於推理集群的頭部單元。隨著人工智慧開始規模化，我們真正開始關注推理如何取代訓練。市場上出現了一種新的動態，即如何有效地利用每美元的代幣以及能源。這為我們創造了機會。

We have been building accelerator cards, and we will be building a rack as well. And those are the two areas that we're building product roadmap. We're very focused on customers, they have the ability to put first-party workloads or inferencing cluster.

我們一直在建造加速器卡，我們也將建造一個機架。這些就是我們正在建立產品路線圖的兩個領域。我們非常關注客戶，他們有能力承擔第一方工作負載或推理叢集。

The Alphawave IP is important. It provides us the ability to scale out and provide connectivity, we believe is leading connectivity in the industry. And that should inform you the type of customers that we've been focused on. We think there's a very large TAM, as you know.

Alphawave IP 很重要。它為我們提供了擴展和提供連接的能力，我們相信這是業界領先的連接。這應該能讓你了解我們一直在關注的客戶類型。如您所知，我們認為 TAM 非常大。

There is an opportunity for Qualcomm to play if you have leading IP -- of course, as this is a new market for us, and we have been planning for it, we're going to be very careful about making disclosures, we're going to wait until they become factual, and we're excited about the engagement we have today. We are in advanced negotiations with one significant customer. And hopefully, that creates a halo effect that could validate our platform and create other opportunities down the road. Thank you.

如果擁有領先的智慧財產權，高通就有機會參與其中——當然，因為這對我們來說是一個新的市場，而且我們一直在為此做準備，我們會非常謹慎地進行披露，我們會等到它們成為事實，我們對今天的合作感到非常興奮。我們正在與一位重要客戶進行深入談判。希望這能產生光環效應，驗證我們的平台並在未來創造其他機會。謝謝。

Thank you for that. And for my follow-up, in the Handset business for the or fiscal 3Q here, you had 7% revenue growth year over year, which I think did sort of miss modestly you're guiding to last quarter for about 10% growth. So maybe if you can shed any color in terms of if you did see any parts of the month that were weaker than you expected in the quarter?

謝謝你。接下來我想問一下，在第三財季的手機業務中，你們的收入同比增長了 7%，我認為這與你們對上一季約 10% 的增長預期略有差距。那麼，您是否可以解釋一下，您是否發現本月的某些部分比您預期的季度表現弱？

And then maybe similarly, when you -- when I think about your guidance for fiscal fourth quarter here, it looks like you're getting to about a high single-digit growth even as Apple -- even with the impact of Apple. So maybe you can parse it out in terms of what the strength is because that seems like a pretty robust number for fiscal or even with the loss of apple revenues?

然後也許類似地，當我想到您對第四財季的指導時，看起來您將實現大約個位數的高增長，即使受到蘋果的影響。那麼，也許您可以從實力角度來分析一下，因為對於財政而言，或者即使在蘋果收入損失的情況下，這似乎也是一個相當強勁的數字？

Yeah. Samik, it's Akash. On the third quarter, we had a slightly weaker mix than we had expected. As you know, that this is a quarter that is seasonally weaker for us as there are no flagship launches. And that mix is really -- the weaker mix is more than offset by the strength you're seeing in the September quarter.

是的。Samik，我是 Akash。第三季度，我們的業績組合比我們預期的略弱。如您所知，由於沒有推出旗艦產品，因此本季對我們來說是季節性較弱的季度。而這種組合確實是——較弱的組合被 9 月季度所見的強勢所抵消。

Whereas I mentioned earlier to Josh's question, we're launching the new chip. We have flagship launches coming in at the end of the quarter, and we are seeing the demand increase because of that reason.

正如我之前回答 Josh 的問題時提到的，我們正在推出新的晶片。我們將在本季末推出旗艦產品，因此我們看到需求正在增加。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Hi guys, thanks for taking my question. Given the guidance into September, with the dynamics around Apple and everything else. I mean, what would you consider normal seasonal in the December quarter? And how should we think about drivers as you currently see them against that normal -- against that seasonal trend? How should we expect things -- if there's anything else funky going on in December that we should know about that would influence results versus what might be more typical.

大家好，感謝你們回答我的問題。鑑於 9 月的指導，以及蘋果和其他一切事物的動態。我的意思是，您認為 12 月季度的正常季節性情況是怎樣的？那麼，我們該如何看待您目前看到的駕駛者與正常情況、與季節性趨勢相悖的情況呢？我們應該如何期待事情——如果 12 月還發生了其他什麼我們應該知道的、會影響結果而不是更典型情況的突發事件。

Yeah. Stacy, it's Akash. Assuming you're asking about the December quarter, not -- we expect normal revenue seasonality for all businesses. Of course, adjusted for the lower share in Apple phone launches that we've previously discussed, but nothing else to highlight in all other businesses.

是的。史黛西，我是阿卡什。假設您詢問的是 12 月季度的情況，我們預期所有企業的收入都會呈現正常的季節性。當然，我們之前討論過，蘋果手機發布的份額較低，但其他業務沒有什麼值得強調的。

I mean what would you consider normal seasonal then?

我的意思是，您認為什麼是正常的季節？

Well, we're not specifically guiding the quarter at this point, but I think you've seen a trend in the last several years, and you would expect the same quarterly trend just adjusted for the lower Apple volume for the share we've provided.

嗯，我們目前還沒有具體指導本季度，但我認為你已經看到了過去幾年的一種趨勢，你會預期同樣的季度趨勢只是根據我們提供的份額調整了蘋果銷量的下降。

Joe Moore, Morgan Stanley. Mr. Moore, your line is live for question. Perhaps you're on mute. Thank you.

摩根士丹利的喬摩爾。摩爾先生，現在您可以在線提問。也許您處於靜音狀態。謝謝。

Chris Caso, Wolfe Research.

克里斯‧卡索（Chris Caso），沃爾夫研究公司。

Yes, thank you. If I could just expand upon some of the commentary with regard to the December quarter. My understanding is last year, the Chinese OEMs started pulling forward the launch a little bit of some of the flagship devices.

是的，謝謝。如果我可以擴展關於 12 月季度的一些評論。據我了解，去年中國原始設備製造商開始提前推出一些旗艦設備。

Also, as we were last year, there was an extra week in the quarter. So -- and I guess maybe just some more granularity on the puts and takes on December, taking that into account. How much of a lift is that in the December quarter? And then does that turn into more of a headwind as you go into the March quarter?

此外，與去年一樣，本季增加了一周。所以——我想也許只需要對 12 月的看跌期權和看漲期權進行更詳細的說明，並考慮到這一點。12 月季度的增幅有多大？那麼，當進入三月季度時，這是否會變成更大的阻力？

Yeah. I think, Chris, the business remains very strong. So whether you look at the Android business Automotive, IoT, all the trends continue with the growth rates that we have previously outlined for the business. So there's nothing significant or unique that I want to point out there. I think we've talked about the Apple share dynamic. So that is a factor. But outside of that, I think you should think of this as a very strong quarter for us. seasonally the strongest quarter for us is December, and that will still be true regardless of the lower Apple share.

是的。克里斯，我認為業務仍然非常強勁。因此，無論您看 Android 業務、汽車業務或物聯網業務，所有趨勢都將繼續保持我們先前為該業務概述的成長率。因此我並沒有什麼重要或獨特的事情需要指出。我想我們已經討論過蘋果股票的動態。所以這是一個因素。但除此之外，我認為你應該認為這是我們非常強勁的一個季度。從季節性來看，我們最強勁的季度是 12 月，無論蘋果的市佔率如何下降，情況仍然如此。

Got it. Okay. If I could follow on with the data center business and I understand that you can't talk so much about some of the progress and design wins that you hope to have on that until they become factual. What about from a spending side? And moving into a new line of business, what's going to be the impact on spending and then as Alphawave closes, what will be the effect of that on sort of revenue expenses and EPS.

知道了。好的。如果我可以繼續談論資料中心業務，我明白您不能談論太多您希望取得的進展和設計勝利，直到它們成為事實。從支出來看呢？進入新的業務領域會對支出產生什麼影響？隨著 Alphawave 的關閉，這會對收入支出和每股盈餘產生什麼影響？

Yeah. So from a spend perspective, Chris, the way we've managed OpEx over the last several years, you've seen us very small growth in OpEx over the last four years. And the way we've managed it is really kind of absorbing the salary increases and reallocating existing spend towards diversification and growth.

是的。因此，從支出的角度來看，克里斯，過去幾年我們管理營運支出的方式，你會發現我們過去四年的營運支出成長非常小。我們的管理方式實際上是吸收薪資成長，並將現有支出重新分配到多樣化和成長上。

And really, the hiring as we go forward is really going to be focused on new skills that are required to execute on our plan. And so to the extent that there are new skills required to execute on the data center diversification assets, we will invest in that. But outside of that, we plan to be pretty careful managing OpEx going forward.

實際上，我們未來的招募將真正集中在執行我們計劃所需的新技能上。因此，只要執行資料中心多樣化資產需要新技能，我們就會對此進行投資。但除此之外，我們計劃在未來非常謹慎地管理營運支出。

Ross Seymour, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi guys, thanks. So I may ask a couple of questions. Just want to get into the OEM side. Akash, you've been very clear about what's happening on the Apple side of things. But recently, you've seen Samsung launch a couple of models with its own processor.

大家好，謝謝。因此我可以問幾個問題。只是想進入 OEM 領域。Akash，您非常清楚蘋果方面發生的事情。但最近，您已經看到三星推出了幾款採用自己的處理器的型號。

I just wondered, how do you compare and contrast that against the X85 that you guys are rightly excited about going forward. Do you think you will maintain the 100% share on the Galaxy S generation? Or is that decision not quite made yet? Any color on that would be helpful.

我只是想知道，您如何將其與您所期待已久的 X85 進行比較和對比。您認為 Galaxy S 系列的市佔率將維持 100% 嗎？還是這個決定還沒完全做出？任何顏色都會有幫助。

Hey Ross, thanks for the question. We have been talking about the framework of our relationship with Samsung. And we have been executing multi-year, multi-generation agreement with Samsung. And we have defined the new baseline of our share in the order of 75%, anything above that is upside. So that's our planning assumption.

嘿，羅斯，謝謝你的提問。我們一直在談論我們與三星的關係框架。我們一直與三星執行多年、多代協議。我們已經將份額的新基準定義為 75%，高於這個數字的份額都是上漲的。這就是我們的規劃假設。

And when we outperform, I think we end up -- you started to see what you saw in Galaxy 25. Competing against the Samsung own platform is nothing new for Qualcomm. We've been doing that for decades. But I think historically, we have seen a relationship with Samsung continue to move up to higher level of share. And that's the baseline assumption. 75% is the baseline. That's the contractual share, everything above that is upside.

當我們表現出色時，我認為我們最終會——你開始看到你在 Galaxy 25 中看到的東西。對高通來說，與三星自己的平台競爭並不是什麼新鮮事。我們已經這樣做了幾十年。但我認為，從歷史上看，我們已經看到與三星的關係不斷提升到更高的水平。這是基準假設。 75％是基準。這是合約份額，高於該份額的都是上漲份額。

Thank you for that color. I guess as a follow-up and it probably would align to that also within Handsets. You've talked about at least the premium tier, flagship tier, of having roughly double-digit ASP or content increases going forward with all the capabilities that you're offering. Does that still hold true? Does it accelerate, decelerate with the X85? Just any update on that would be great.

謝謝你的那個顏色。我想作為後續行動，它可能也會與手機領域的情況一致。您至少談到了高端產品、旗艦產品，以及您提供的所有功能，未來平均銷售價格或內容將以大約兩位數的速度成長。這仍然成立嗎？它會隨著X85加速、減速嗎？任何有關此的更新都很好。

Yeah. So if you think about our Android business in fiscal '25, it grew over fiscal '24 by approximately 10%. So that is higher than the target we set at Investor Day. And it's a reflection of the strength of our roadmap, our competitive positioning and the fact that this is a market where the volume is moving up to higher tiers where Qualcomm has a very strong position.

是的。因此，如果您考慮我們 25 財年的 Android 業務，它比 24 財年增長了約 10%。因此，這高於我們在投資者日設定的目標。這反映了我們的路線圖的實力、我們的競爭定位，以及這個市場規模正在朝向高通佔據非常強勢地位的更高層次邁進的事實。

The other thing I just want to highlight is we did give a metric, both in mine and Cristiano's prepared remarks is over the last two years, kind of our non-Apple revenue stream in QCT has grown annually at more than 15%. So that should give you a key benchmark as you think about how the company is positioned to grow going forward as well. And this aligns with the fiscal '29 targets we set at Investor Day.

我想強調的另一件事是，我們確實在我的發言和克里斯蒂亞諾的準備好的發言中都給出了一個指標，那就是在過去兩年中，我們在 QCT 的非蘋果收入流每年的增長率超過 15%。因此，當您思考公司未來如何發展時，這應該會為您提供一個關鍵基準。這與我們在投資者日設定的 2029 財年目標一致。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

About China Handsets. The proportion of China is going up. And if Samsung -- you said you're working with an assumption of 75% for Samsung. So Samsung is going to go down from 100% for the Galaxy S25. China would further go up in percentage of QCT revenues.

關於中國手機。中國的比例正在上升。如果三星—您說您假設三星的比例為 75%。因此三星 Galaxy S25 的售價將從 100% 降至 100%。中國在 QCT 收入中所佔的比例將進一步上升。

How do you see the China growth trends when it comes to the domestic market and international markets? What's the outlook from your perspective? And what's the risk of competition within the Chinese market? Thanks. I have just a follow-up question on margins, but I'll keep it separate.

您如何看待中國國內市場和國際市場的成長趨勢？從您的角度來看前景如何？中國市場的競爭風險是什麼？謝謝。我只有一個關於利潤的後續問題，但我會將其分開。

Tal, our position in China continues to be very strong. I think the evidence of that is the announced --agreement that we announced with Xiaomi during the quarter. This is a multiyear agreement for premium phones, with increasing volumes every year, and they're going to use our chip for launches within China and globally as well.

塔爾，我們在中國的地位依然非常穩固。我認為證據就是我們本季與小米宣布的協議。這是針對高階手機的多年期協議，隨著銷量逐年增加，他們將在中國和全球範圍內推出高階手機時使用我們的晶片。

In addition, they will also be the first OEM to launch with our next Snapdragon 8 Elite chip, which comes out over the next couple of months. And the relationship really has expanded over the last couple of years. We've gone from phones to Automotive, they introduced smart glasses with our chips, wearables, tablets, so it's a very broad relationship, and it's just an example of relationships we have with other Chinese OEMs as well. So you should consider this as a very well-positioned sustained business for us.

此外，他們還將成為首家推出我們下一代 Snapdragon 8 Elite 晶片的 OEM，該晶片將在未來幾個月內推出。在過去幾年裡，兩國關係確實得到了進一步發展。我們已經從手機領域拓展到汽車領域，他們推出了搭載我們晶片的智慧眼鏡、穿戴式裝置、平板電腦，因此我們的合作關係非常廣泛，這只是我們與其他中國原始設備製造商關係的一個例子。所以你應該認為這對我們來說是一個非常有利的持續業務。

Within Samsung, as you can see in fiscal -- in 2026, they launched most of their devices with our chip, but they did launch flip with their own, and so we're slightly below 100% share. And as we go to next year, I think our agreement, as Cristiano outline carries over, and we're in a very good position to maintain our scale there as well.

在三星，正如您在 2026 年財報中所看到的，他們推出的大多數設備都帶有我們的晶片，但他們確實推出了使用自己晶片的翻蓋手機，因此我們的份額略低於 100%。到了明年，我認為我們的協議（正如克里斯蒂亞諾所概述的）將會繼續下去，而且我們完全有能力維持我們的規模。

So let me just maybe add a different perspective. Tal, I'm going to agree with Akash, but I'll provide probably a comment of questions that we usually we don't get. Look, we have been doing business in China for 30 years.

因此，讓我補充一個不同的觀點。Tal，我同意 Akash 的觀點，但我可能會對我們通常不會遇到的問題提出一些評論。你看，我們已經在中國做生意30年了。

We actually started down to the 3G. And I think what we learned by doing business in China, we actually learn how to move at China speed. And I think if you look at the position in Qualcomm in China, they only improve over the years. And as Akash outlined, not only we've been well positioned in the phone business, we're well positioned with some of the fastest-growing OEMs in the Auto business. and that is expanding now into industrial, into robotics and other areas.

我們實際上已經開始使用 3G 了。我認為，透過在中國開展業務，我們實際上學會瞭如何跟上中國的速度。我認為，如果你看看高通在中國的地位，你會發現他們這些年來一直在進步。正如 Akash 所概述的，我們不僅在手機業務中佔據有利地位，而且在汽車業務中與一些增長最快的原始設備製造商也佔據有利地位，並且現在我們正在擴展到工業、機器人和其他領域。

So another way to look into this is Qualcomm has become a very competitive company and learned how to compete in China and have been serving well. I think the market will expect that to continue to be the case.

因此，從另一個角度來看，高通已經成為一家非常有競爭力的公司，並且學會瞭如何在中國競爭，並且一直表現得很好。我認為市場預期這種情況會持續下去。

Got it. Maybe just a question on margins, a quick one. I see that when I look at the gross margin, operating margin, I see that there is kind of you managed to maintain a very healthy operating margin despite the fluctuations in Apple revenues. So I just want to ask you a question I'm getting from investors quite often. What are the implications of the decline in Apple? What are the implications on margins? Are they positive or negative? Thanks.

知道了。也許只是一個關於利潤的問題，一個簡單的問題。當我查看毛利率和營業利潤率時，我發現儘管蘋果收入出現波動，但你們仍然保持了非常健康的營業利潤率。所以我只想問你一個投資人常問我的問題。蘋果股價下跌意味著什麼？這對利潤有何影響？它們是積極的還是消極的？謝謝。

Yeah. I think we're very happy with the margin profile of the business. I mean we will be at close to 30% margin this year, which is the target we have set for the long term. As you look forward, the growth opportunity that we have in Auto/IoT far exceeds the scale of the Apple revenue. So I think we have the ability to continue to grow revenue and manage the margin profile as a result of it. And so no change to our long-term target margin versus what we've said in the past.

是的。我認為我們對業務的利潤狀況非常滿意。我的意思是，今年我們的利潤率將接近 30%，這是我們設定的長期目標。展望未來，我們在汽車/物聯網領域的成長機會遠遠超過蘋果的收入規模。因此我認為我們有能力繼續增加收入並管理利潤率。因此，與我們過去所說的相比，我們的長期目標利潤率並沒有改變。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey guys, thanks a lot. I appreciate it. I wanted to ask about the data center. You're buying Alphawave for $2.4 billion, you have big ambitions there it sounds like for FY28. What is -- what are your thoughts on doing -- having more of a tuck-in acquisition strategy there or even going bigger to get big fast and get a hold of customers if you have such great IP. I was just wondering if you kind of give your -- a little bit more of the strategy. Is it more Alphawave’s coming? Or would you ever consider a bigger acquisition? Thanks.

嘿，大家好，非常感謝。我很感激。我想詢問有關資料中心的問題。您以 24 億美元收購了 Alphawave，聽起來您對 28 財年抱有很大的野心。如果您擁有如此優秀的智慧財產權，您打算採取更多的小型收購策略，還是採取更大的策略來快速發展並抓住客戶？我只是想知道您是否能提供更多一些策略。還會有更多 Alphawave 出現嗎？或者您是否考慮過更大規模的收購？謝謝。

Thanks, Ben, for the question. Look, at this point, we're very focused on actually driving Alphawave to closure and building our product roadmap. I think we feel that it provides the IP that is complementary to what we have and allow us to build a competitive position. This is a new initiative for Qualcomm, as I outlined. And like we have done for the rest of our business as opportunity becomes available, we're always going to be looking how to complement the roadmap. Right now, we're really focused on driving Alphawave to closure.

謝謝本提出這個問題。看，在這一點上，我們非常專注於推動 Alphawave 的完成並建立我們的產品路線圖。我認為我們認為它提供的智慧財產權與我們現有的智慧財產權相補充，並使我們能夠建立競爭地位。正如我所概述的，這是高通的一項新舉措。正如我們為其他業務所做的那樣，當機會出現時，我們將始終尋找如何補充路線圖。現在，我們真正專注於推動 Alphawave 走向成功。

All right. Thanks. And can I just ask a quick follow-up on your comments around Gemini and Galaxy AI use and in the Android area? And can you just draw that out a little more? Obviously, there's a perception that the Apple products are a little behind in AI. And what that means for you over the long term, whether you're really optimistic about that, maybe even past the -- your fiscal first quarter? And just any more color there? Thanks.

好的。謝謝。我能否快速跟進一下您對 Gemini 和 Galaxy AI 使用以及 Android 領域的評論？能再稍微畫一下嗎？顯然，人們認為蘋果產品在人工智慧方面有點落後。從長遠來看，這對您意味著什麼？您是否真的對此感到樂觀，甚至可能持續到您的第一季？還有其它顏色嗎？謝謝。

Yeah. Consistent to what we have been saying, we're starting to see AI use cases on phones to gain traction. And there's also another interesting data point. I think if you look at the overall share of AI models, you see Gemini AI actually increasing dramatically over other models.

是的。與我們一直所說的一致，我們開始看到手機上的人工智慧用例獲得關注。還有另一個有趣的數據點。我認為，如果你看一下人工智慧模型的整體份額，你會發現 Gemini AI 實際上比其他模型大幅增加。

We have seen, I think, the advantage of the Android ecosystem in terms of majority of AI as more and more use cases become agentic where you start to see AI as part of the applications. I expect that it creates excitement about the Android ecosystem, expands its SAM and it drives upgrade cycles. Those are all positive things from the mobile business.

我認為，我們已經看到了 Android 生態系統在大多數 AI 方面的優勢，因為越來越多的用例變得具有代理性，你開始將 AI 視為應用程式的一部分。我希望它能激發人們對 Android 生態系統的興趣、擴展其 SAM 並推動升級週期。這些都是行動業務的積極表現。

So I will think that what AI is doing is making connectivity more relevant, again, especially because of voice utilization is driving more computing, more capable devices and actually changing the use cases. And the rate of utilization, it's very encouraging. What I said in the call about 3x between Galaxy S24 and Galaxy S25. And I think I expect that to continue to accelerate.

因此我認為人工智慧正在做的事情是讓連接變得更加重要，尤其是因為語音的使用正在推動更多的運算、更強大的設備並實際改變用例。而且利用率非常令人鼓舞。我在通話中提到了 Galaxy S24 和 Galaxy S25 之間的 3 倍。我認為我預計這一趨勢將繼續加速。

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

謝謝。今天的問答環節到此結束。阿蒙先生，在通話前您還有什麼要補充的嗎？

Thank you all for attending the call. I would like to thank our employees, our partners and we appreciate following Qualcomm, we'll continue to execute on our strategy. We feel that the company is on the right trajectory, especially as we look for growth and diversification beyond Handsets and AI continues to be a great opportunity for us. Thank you very much.

感謝大家參加電話會議。我要感謝我們的員工、我們的合作夥伴，我們很高興跟隨高通，我們將繼續執行我們的策略。我們認為公司正走在正確的軌道上，特別是當我們尋求手機以外的成長和多樣化時，人工智慧對我們來說仍然是一個巨大的機會。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。