高通 (QCOM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm fourth quarter fiscal 2025 earnings conference call. (Operator Instructions)As a reminder, this conference is being recorded, November 5, 2025. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2025財年第四季財報電話會議。（操作員說明）提醒：本次會議正在錄製，2025 年 11 月 5 日。（操作說明）

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

現在我將把電話交給投資者關係副總裁毛里西奧·洛佩茲-霍多揚。洛佩茲-霍多揚先生，請繼續。

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

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

You can access our earnings release and a slide presentation that accompanied this call on our Investor Relations website. In addition, this call is being webcast on qualcomm.com, and a replay will be available on our website later today.

您可以造訪我們的投資者關係網站，查看我們的獲利報告和本次電話會議的簡報。此外，本次電話會議正在 qualcomm.com 上進行網路直播，稍後將在我們的網站上提供重播。

During the call today, we will 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. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ maturely from the forward-looking statements.

在今天的電話會議中，我們將使用符合 G 條例定義的非 GAAP 財務指標。您可以在我們的網站上找到與 GAAP 的相關調整表。我們也會做出前瞻性聲明，包括對未來事件、業務或行業趨勢或業務或財務表現的預測和估計。實際事件或結果可能與我們的前瞻性聲明中預測的內容有重大差異。請查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格，其中包含可能導致實際結果與前瞻性陳述有顯著差異的重要因素。

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

接下來是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.

謝謝你，毛里西奧，大家下午好。感謝您今天收看我們的節目。

In fiscal Q4, we delivered another strong quarter with revenues of $11.3 billion and non-GAAP earnings per share of $3, both of which exceeded the high end of our guidance range. QCT revenues of $9.8 billion, up 9% sequentially, were driven by strong end-customer demand for Snapdragon-powered premium tier Android handsets, continued traction for automotive Snapdragon Digital Chassis and the strength in IoT across industrial, Wi-Fi 7 access point, 5G Fixed Wireless, and smart glasses. In addition, all three QCT revenue streams exceeded our expectations, including record Automotive quarterly revenues in excess of $1 billion. Licensing business revenues were $1.4 billion.

在第四財季，我們再次取得了強勁的業績，營收達到 113 億美元，非 GAAP 每股收益為 3 美元，這兩項數據均超過了我們預期範圍的上限。QCT 營收達 98 億美元，季增 9%，這主要得益於終端客戶對搭載驍龍處理器的高階安卓手機的強勁需求、汽車驍龍數位底盤的持續成長以及物聯網在工業、Wi-Fi 7 存取點、5G 固定無線和智慧眼鏡等領域的強勁表現。此外，QCT 的三個收入來源均超出預期，其中汽車業務季度收入創下歷史新高，超過 10 億美元。授權業務收入為14億美元。

Fiscal '25 non-GAAP revenues of $44 billion were up 13% year over year, with record QCT annual revenues of $38.4 billion up 16% year over year, including Automotive and IoT revenue growth of 36% and 22% year over year respectively. We delivered 18% year over year growth in total QCT non-Apple revenues above our prior estimates. We remain on track to achieve our fiscal '29 long-term revenue commitment as outlined at our 2024 Investor Day.

2025 財年非 GAAP 營收為 440 億美元，年增 13%；其中 QCT 年度營收創歷史新高，達 384 億美元，年增 16%，包括汽車和物聯網營收分別年增 36% 和 22%。我們實現了除蘋果公司以外的QCT總營收年增18%，高於我們先前的預期。我們仍有望實現我們在 2024 年投資者日上概述的 2029 財年長期收入承諾。

I will now share some key highlights from the business. At Snapdragon Summit in September, we introduced our Snapdragon 8 Elite Gen 5 mobile platform for next-generation flagship AI smartphones. This platform is equipped with our custom-built third-generation Oryon CPU, the fastest mobile CPU ever, along with an upgraded NPU and GPU. With the Snapdragon 8 Elite Gen 5, we continue to set the pace of innovation in mobile processors.

接下來我將分享一些公司的主要亮點。在 9 月的驍龍峰會上，我們推出了下一代旗艦 AI 智慧型手機的驍龍 8 Elite Gen 5 行動平台。該平台配備了我們自主研發的第三代 Oryon CPU，這是迄今為止速度最快的行動 CPU，以及升級後的 NPU 和 GPU。憑藉驍龍 8 Elite Gen 5，我們持續引領行動處理器領域的創新步伐。

This year marked our 10th Snapdragon Summit with simultaneous events held in Maui and Beijing. Validating the strength of our Snapdragon ecosystem, leading China OEMs, including Xiaomi, Honor, Vivo, and OnePlus, announced their flagship phones at our event. More than 1,100 partners, analysts, tech influencers, and press attended in person, and our keynotes captured over 26 million unique views across both events.

今年是我們的第十屆驍龍峰會，高峰會同時在毛伊島和北京舉行。為了驗證我們驍龍生態系統的實力，包括小米、榮耀、vivo 和一加在內的中國領先 OEM 廠商在我們的活動上發布了他們的旗艦手機。超過 1100 位合作夥伴、分析師、科技界影響者和媒體人士親自到場，兩場活動的專題演講共獲得了超過 2,600 萬次獨立觀看。

Together with our announcement, Snapdragon Summit generated over 547 million social media impressions. In addition, our Snapdragon Insiders community of tech enthusiasts, developers, and fans has grown to more than 20 million members worldwide.

連同我們的公告，Snapdragon Summit 在社群媒體上獲得了超過 5.47 億次的曝光。此外，我們的驍龍內幕社群（Snapdragon Insiders）由技術愛好者、開發者和粉絲組成，全球成員已超過 2,000 萬。

Our highly differentiated technology continues to drive increased brand visibility, and during the quarter, Qualcomm debuted at 39 on the Interbrand Top 100 Global Brands list for 2025, reflecting the strength of Snapdragon. And for the first time ever, Kantar’s Brand Z Most Valuable Global Brands List included Snapdragon, where we ranked number 38. Also at Summit, we unveiled our newest platforms for premium laptops, the Snapdragon X-2 Elite and X2 Elite Extreme.

我們高度差異化的技術持續推動品牌知名度的提升，本季度，高通首次躋身 Interbrand 2025 年全球百強品牌榜單第 39 位，這反映了驍龍處理器的強勁實力。Snapdragon 首次榮登 Kantar 的 Brand Z 全球最有價值品牌榜單，排名第 38 位。在高峰會上，我們也推出了高階筆記型電腦的最新平台—驍龍 X-2 Elite 和 X2 Elite Extreme。

Once again, our industry- leading processors continue to outperform competitors, surpassing Intel and AMD in both speed and power efficiency. Our latest NPU sets a new benchmark as the world's fastest AI engine for laptops, also exceeding Intel and AMD in performance. And with the new Oryon Gen 3, we have the world's first 5 gigahertz CPU for the ultramobile laptop category with extended battery life. We now expect approximately 150 designs to be commercialized through 2026 and remain optimistic about the continued momentum for Snapdragon-powered AI PCs.

我們的業界領先的處理器再次超越競爭對手，在速度和能源效率方面都超過了英特爾和 AMD。我們最新的NPU樹立了新的標桿，成為全球速度最快的筆記型電腦AI引擎，其性能也超越了英特爾和AMD的產品。而全新的 Oryon Gen 3 則擁有全球首款 5 GHz CPU，專為超便攜筆記型電腦打造，並具備更長的電池續航力。我們現在預計到 2026 年將有大約 150 款設計實現商業化，並且對驍龍 AI PC 的持續發展勢頭保持樂觀。

As AI transforms human-computer interactions, intelligent wearables, and specifically smart glasses, are evolving into personal AI devices that can connect the user directly to an AI agent or model. This emerging category is growing at a remarkable pace and has reached an inflection point fueled by very strong demand for smart glasses from Meta. This quarter alone, Meta introduced several new Snapdragon-powered styles, including the Ray-Ban Meta second-generation glasses, the Oakley Meta Vanguard performance glasses, and the Meta Ray-Ban Display and neural band.

隨著人工智慧改變人機互動方式，智慧穿戴設備，特別是智慧眼鏡，正在發展成為可以將用戶直接連接到人工智慧代理或模型的個人人工智慧設備。這個新興類別正以驚人的速度成長，並在 Meta 智慧眼鏡的強勁需求推動下達到了轉折點。光是本季度，Meta 就推出了幾款採用驍龍處理器的全新產品，包括 Ray-Ban Meta 第二代眼鏡、Oakley Meta Vanguard 高性能眼鏡以及 Meta Ray-Ban Display 和神經手環。

In addition to Meta, our leadership in this space is reflected by the 30 designs in production or development with our global partners. They include Samsung, which recently launched Galaxy XR, a truly multimodal AI headset and the first device for Google's new AI native operating system, Android XR. We achieved a significant milestone in Automotive with the launch of Snapdragon Ride Pilot, our first full-system solution for L2+ automated driving. Developed in close collaboration with BMW, it debuted in the automaker's BMW iX3 EV SUV.

除了 Meta 之外，我們與全球合作夥伴正在生產或開發的 30 個設計也反映了我們在該領域的領先地位。其中包括三星，該公司最近推出了 Galaxy XR，這是一款真正的多模態 AI 頭戴式設備，也是首款搭載谷歌全新 AI 原生作業系統 Android XR 的設備。我們推出了驍龍 Ride Pilot，這是我們在汽車領域取得的一個重要里程碑，這是我們第一個針對 L2+ 自動駕駛的全系統解決方案。該技術由BMW公司密切合作開發，首次應用於BMWiX3電動SUV車款。

Powered by our advanced self-driving software stack, Snapdragon Ride Pilot sets a new standard in automated driving. It's designed for universal compatibility and seamless integration with automakers, unlocking L2+ driver assistant features like hands-free highway driving and urban navigation for vehicles worldwide.

Snapdragon Ride Pilot 由我們先進的自動駕駛軟體堆疊提供支持，為自動駕駛樹立了新的標準。它旨在實現與汽車製造商的通用相容性和無縫集成，從而解鎖 L2+ 駕駛輔助功能，例如高速公路免手持駕駛和城市導航，適用於全球車輛。

Snapdragon Ride Pilot is currently validated in 60 countries and extends to 100 in 2026. The broad interest from leading automakers globally is exceeding our expectations. At IAA Mobility, Qualcomm and Google announced an expanded partnership, including the integration of Google Gemini models to our suite of Snapdragon Digital Chassis solutions. Together, we will enable automakers to build and deploy personalized AI agents that act as an in-vehicle assistants bringing muitimodal, Edge to Cloud AI to next-generation software-defined vehicles.

Snapdragon Ride Pilot 目前已在 60 個國家/地區進行驗證，並將於 2026 年擴展到 100 個國家。全球領先汽車製造商的廣泛興趣超出了我們的預期。在 IAA Mobility 展會上，高通和Google宣布擴大合作夥伴關係，包括將Google Gemini 模型整合到我們的驍龍數位底盤解決方案套件中。我們將攜手合作，協助汽車製造商建構和部署個人化人工智慧代理，作為車載助手，將多模態、邊緣到雲端的人工智慧引入下一代軟體定義汽車。

In industrial IoT, we completed our acquisition of Arduino, a premier open-source hardware and software company with an IoT development ecosystem of more than 30 million users worldwide. This builds on our acquisitions of Edge Impulse and Foundries.io and accelerates our plans to provide a comprehensive Edge AI development platform for a broad set of applications. With this new assets, we're expanding our portfolio to a wide range of customers and verticals, further cementing our position as a leader of AI for the Edge.

在工業物聯網領域，我們完成了對 Arduino 的收購。 Arduino 是一家領先的開源硬體和軟體公司，其物聯網開發生態系統在全球擁有超過 3,000 萬用戶。這建立在我們收購 Edge Impulse 和 Foundries.io 的基礎上，並加速了我們為廣泛的應用提供全面邊緣人工智慧開發平台的計畫。憑藉這些新資產，我們將業務範圍擴展到更廣泛的客戶群和垂直行業，進一步鞏固了我們作為邊緣人工智慧領導者的地位。

Additionally, we recently released the Arduino UNO Q single-board computer. Powered by a Dragonwing processor, this full stack Edge AI platform enables the rapid development of solutions for applications ranging from smart home automation to industrial, robotics, drones, and more.

此外，我們最近也發布了 Arduino UNO Q 單板計算機。這款全端邊緣人工智慧平台由 Dragonwing 處理器驅動，能夠快速開發從智慧家庭自動化到工業、機器人、無人機等各種應用的解決方案。

AI data center growth is moving from training to dedicated inference workloads, and this trend is expected to accelerate in the coming years. The mass adoption and continuous use of AI applications is driving the industry to look for competitive alternatives that prioritize power-efficient performance and cost.

AI 資料中心的發展正從訓練轉向專用推理工作負載，預計這一趨勢將在未來幾年加速。人工智慧應用的廣泛普及和持續使用，正促使業界尋求具有競爭力的替代方案，優先考慮節能性能和成本。

We announced our entry into this market and recently unveiled our AI inference optimize AI200 and AI250 SoCs and associated accelerator cards and racks. We are very pleased to have HUMAIN as our first customer for these solutions with a target deployment of 200 megawatts starting in 2026. Looking ahead, we're executing on a multi-generation roadmap with an annual cadence.

我們宣布進入這個市場，並於近期推出了我們的 AI 推理優化 AI200 和 AI250 SoC 以及相關的加速卡和機架。我們非常高興 HUMAIN 成為我們這些解決方案的首個客戶，目標是從 2026 年開始部署 200 兆瓦。展望未來，我們將以年度節奏執行多代產品路線圖。

I would like to share that we're looking forward to providing an update in the first half of 2026 on our data center plans, including our roadmap performance and differentiated memory and compute technology. We'll also highlight our progress in other areas, including advanced robotics, next-generation ADAS, industrial edge AI, and 6G devices in AI-powered RAN. As we execute on our strategy and expand our IP and capabilities, we believe we are one of the best positioned companies to lead the expansion of AI to the Edge, Edge to Cloud Hybrid AI, and develop a power efficient cloud inferencing solution.

我想與大家分享的是，我們期待在 2026 年上半年提供資料中心計畫的最新進展，包括我們的路線圖效能以及差異化的記憶體和運算技術。我們還將重點介紹我們在其他領域的進展，包括先進機器人技術、下一代ADAS、工業邊緣人工智慧以及人工智慧驅動的RAN中的6G設備。隨著我們策略的實施和智慧財產權及能力的擴展，我們相信我們是引領人工智慧向邊緣、邊緣到雲端混合人工智慧擴展，並開發節能型雲端推理解決方案的最佳公司之一。

I will now turn the call over to Akash.

現在我將把通話轉給阿卡什。

Thank you, Cristiano, and good afternoon, everyone. Let me begin with our fourth fiscal quarter results.

謝謝你，克里斯蒂亞諾，大家下午好。首先，讓我來看看我們第四財季的業績。

We are pleased with our strong non-GAAP performance, with revenues of $11.3 billion and EPS of $3.00, both of which were above the high end of our guidance. QTL revenues of $1.4 billion and EBT margin of 72% were above the midpoint of our guidance, driven by slightly higher handset units.

我們對強勁的非GAAP業績感到滿意，營收達113億美元，每股收益達3.00美元，這兩項數據均高於我們預期的上限。QTL 營收為 14 億美元，EBT 利潤率為 72%，均高於我們預期的中點，這主要得益於手機銷量略有成長。

QCT delivered revenues of $9.8 billion and EBT of $2.9 billion, with year-over-year growth of 13% and 17%, respectively. QCT EBT margin of 29% was at the high end of our guidance. QCT handset revenues of $7 billion increased 14% on a year-over-year basis, reflecting increased demand for premium Android handsets powered by our Snapdragon 8 Elite Gen 5 platform.

QCT 實現營收 98 億美元，稅前利潤 29 億美元，年成長分別為 13% 和 17%。QCT EBT 利潤率為 29%，處於我們預期範圍的高端。QCT手機營收達70億美元，年增14%，反映出市場對搭載驍龍8 Elite Gen 5平台的高階安卓手機的需求增加。

QCT IoT revenues of $1.8 billion grew 7% year-over-year, driven by strength across industrial and networking products and increased demand for AI smart glasses powered by our Snapdragon platform. In QCT Automotive, we surpassed $1 billion quarterly revenue milestone, delivering 17% year-over-year revenue growth as the adoption of our Snapdragon Digital Chassis platform continues to accelerate.

QCT 物聯網營收達 18 億美元，年增 7%，這主要得益於工業和網路產品的強勁表現，以及市場對我們驍龍平台驅動的 AI 智慧眼鏡的需求不斷增長。在 QCT Automotive，我們季度營收突破 10 億美元大關，年增 17%，這得益於我們驍龍數位底盤平台的採用率持續加速。

With the recent enactment of the One Big Beautiful Tax Bill, we now expect our non-GAAP tax rate to remain in the 13% to 14% range going forward. And we anticipate lower cash tax payments relative to prior expectations. This new legislation resulted in a non-cash charge of $5.7 billion in the fourth fiscal quarter to reduce the value of our deferred tax assets. This charge is excluded from non-GAAP metrics, but impacts our GAAP results.

隨著近期《一項偉大的稅收法案》的頒布，我們預計未來我們的非GAAP稅率將維持在13%至14%的範圍內。我們預計現金稅款支出將低於先前的預期。這項新法規導致我們在第四財季產生了 57 億美元的非現金支出，以減少我們遞延所得稅資產的價值。這項費用不計入非GAAP指標，但會影響我們的GAAP績效。

Before turning to guidance, I'd like to take a moment to highlight our strong performance in fiscal '25. We are incredibly pleased with our execution, with non-GAAP revenues of $44 billion and EPS of $12.03, representing year-over-year growth of 13% and 18%, respectively. In QCT, we achieved 16% year-over-year revenue growth driven by double-digit increases across all revenue streams, with IoT up 22% and Automotive growing 36%.

在展望未來業績之前，我想先花點時間重點介紹一下我們在 2025 財年的強勁表現。我們對業績表現非常滿意，非GAAP營收達440億美元，每股收益達12.03美元，分別較去年同期成長13%和18%。在QCT業務中，我們實現了16%的同比增長，這主要得益於所有收入來源的兩位數增長，其中物聯網增長了22%，汽車業務增長了36%。

We also delivered QCT operating margins of 30%, in line with our long-term target we've previously outlined. Over the past five years, our non-Apple QCT revenues grew at a 15% compounded annual growth rate. Similarly, over the last two years, our non-Apple QCT revenues grew by 17% and 18%, respectively. Lastly, we generated record free cash flow of $12.8 billion. And consistent with our commitment, we returned nearly 100% to stockholders through repurchases and dividends through the year.

我們也實現了 QCT 30% 的營業利潤率，與我們先前製定的長期目標一致。過去五年，我們非蘋果QCT營收的複合年增長率為15%。同樣，在過去兩年中，我們非蘋果QCT收入分別成長了17%和18%。最後，我們創造了創紀錄的128億美元自由現金流。秉承我們的承諾，我們透過股票回購和分紅，在年內向股東返還了近 100% 的收益。

Now turning to guidance, in the first fiscal quarter, we expect to deliver record results, with revenues in the range of $11.8 billion to $12.6 billion and non-GAAP EPS of $3.30 to $3.50. In QTL, we estimate revenues of $1.4 billion to $1.6 billion and EBT margins of 74% to 78%. In QCT, we expect record revenues of $10.3 billion to $10.9 billion and EBT margins of 30% to 32%. We anticipate record QCT handset revenues, with low-teens percentage growth sequentially, primarily driven by new flagship Android handset launches powered by Snapdragon.

現在來看看業績展望，我們預期第一財季將取得創紀錄的業績，營收將在118億美元至126億美元之間，非GAAP每股收益為3.30美元至3.50美元。在QTL業務方面，我們預期營收為14億美元至16億美元，稅前利潤率介於74%至78%之間。在 QCT，我們預計營收將創下 103 億美元至 109 億美元的紀錄，EBT 利潤率將達到 30% 至 32%。我們預期QCT手機營收將創歷史新高，季增10%左右，主要得益於搭載驍龍處理器的全新旗艦Android手機的發表。

Following our outperformance for QCT IoT revenues in the fourth quarter, we expect a sequential decline consistent with last year, driven by seasonality in consumer products. In QCT Automotive, following a record fourth quarter, we estimate revenues in the first fiscal quarter to remain flat to slightly up on a sequential basis. Lastly, we forecast non-GAAP operating expenses to be approximately $2.45 billion in the quarter.

繼第四季 QCT 物聯網營收表現優異之後，我們預期會受到消費品季節性因素的影響，營收將與去年同期一樣較上季下降。QCT Automotive在第四季創下紀錄後，我們預計第一財季的營收將與上一財季持平或略有成長。最後，我們預測本季非GAAP營運費用約為24.5億美元。

In closing, as we approach one year since outlining our growth strategy at Investor Day, I'd like to provide an update on the progress towards our $22 billion fiscal '29 revenue target across Automotive and IoT. In Automotive, we've established ourselves as the most strategic silicon partner for OEMs globally. The accelerating adoption of our Snapdragon Digital Chassis platform and 36% year-over-year revenue growth in fiscal '25 puts us on track to achieve our $8 billion revenue target.

最後，在我們距離在投資者日上概述我們的成長策略已近一年之際，我想就我們在汽車和物聯網領域實現 2029 財年 220 億美元收入目標的進展情況作個匯報。在汽車領域，我們已成為全球OEM廠商最具戰略意義的矽晶片合作夥伴。我們的驍龍數位底盤平台的加速普及以及 2025 財年 36% 的年成長收入，使我們有望實現 80 億美元的收入目標。

Across IoT, the increasing importance of artificial intelligence, high-performance low-power computing, and connectivity, validated by our 22% year-over-year revenue growth in fiscal '25, reinforces our confidence in achieving our $14 billion revenue target. In Industrial, increasing customer engagement and growth in design win pipeline, combined with our recent acquisitions to unlock access to 30 million users, underlines our confidence in strong revenue growth through the end of the decade.

在物聯網領域，人工智慧、高效能低功耗運算和連接的重要性日益凸顯，我們在 2025 財年實現了 22% 的同比增長，這更加堅定了我們實現 140 億美元營收目標的信心。在工業領域，不斷提高的客戶參與度和設計中標管道的成長，加上我們最近透過收購獲得了 3,000 萬用戶的存取權限，凸顯了我們對未來十年末強勁收入成長的信心。

In XR, we're exceeding prior expectations on strong demand for AI smart glasses, and we remain the platform of choice for smart glasses and mixed reality devices across leading global OEMs and ecosystems. In PCs, we extended our technology leadership with the recent launch of Snapdragon X2 Elite and X2 Elite Extreme platforms, which deliver multi-generational performance increases across CPU, GPU, and AI.

在 XR 領域，由於對 AI 智慧眼鏡的強勁需求，我們超越了先前的預期，我們仍然是全球領先的 OEM 廠商和生態系統中智慧眼鏡和混合實境設備的首選平台。在個人電腦領域，我們透過近期推出的驍龍 X2 Elite 和 X2 Elite Extreme 平台，進一步鞏固了我們的技術領先地位，這兩個平台在 CPU、GPU 和 AI 方面實現了多代效能提升。

Given our strong pipeline of approximately 150 design wins, we're optimistic about the growth potential for Snapdragon-powered AI PCs as we expand our presence across global consumer and enterprise channels. In Networking, our continued innovation and leadership in WiFi, 5G, Edge processing, and AI, combined with our integrated platform approach, positions us to drive content growth and adoption globally.

鑑於我們目前擁有約 150 個設計訂單，我們對搭載驍龍處理器的 AI PC 的成長潛力充滿信心，因為我們將擴大我們在全球消費者和企業通路的業務。在網路領域，我們在 WiFi、5G、邊緣處理和人工智慧方面的持續創新和領先地位，加上我們的一體化平台方法，使我們能夠推動全球內容成長和普及。

As Cristiano outlined, beyond our revenue target, we're also pursuing incremental opportunities across data center and robotics. Finally, I want to thank our employees for exceptional execution and continuing to deliver industry-leading technologies and products.

正如克里斯蒂亞諾所概述的那樣，除了我們的收入目標之外，我們還在資料中心和機器人領域尋求增量機會。最後，我要感謝我們的員工，感謝他們出色的執行力，以及他們持續提供業界領先的技術和產品。

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

我們的發言稿到此結束。把機會交給你，毛里西奧。

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

謝謝你，阿卡什。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作說明）Joshua Buchalter，TD Cowen。

Hey guys, thanks for taking my question, and congrats on a stellar set of results in a bumpy backdrop. I wanted to start with the data center business. You know, I realize you're going to provide more details in the first half of 2026 and my questions might get punted as a result. But maybe you could spend a few minutes talking about what you see as Qualcomm's right to win in the data center space. And any details you can provide on the specs of the AI200 and 250 beyond what you were able to offer in the press release when the HUMAIN engagement was announced.

大家好，感謝你們回答我的問題，也祝賀你們在如此艱難的環境下取得瞭如此優異的成績。我想先從資料中心業務入手。我知道您會在 2026 年上半年提供更多細節，因此我的問題可能會被擱置。但或許您可以花幾分鐘時間談談您認為高通在資料中心領域獲勝的理由。除了在宣布 HUMAIN 項目時發布的新聞稿中提供的資訊之外，您還能提供 AI200 和 250 的規格方面的任何詳細資訊嗎？

And then lastly on this topic. You know last quarter, you called out a, I believe, a hyperscaler engagement. I assume that's distinct from the HUMAIN engagement, and any details on timing there? Thank you.

最後，關於這個話題。你知道，上個季度你曾公開提及一項，我認為是與超大規模資料中心的合作。我假設這與 HUMAIN 專案不同，請問該專案的具體時間安排如何？謝謝。

Hey, Josh. Thanks for your question. Yes, look, we're very excited. I think this is the next chapter of, the process we have been in Qualcomm to changing the company, diversifying the company, spending our IP.

嘿，喬許。謝謝你的提問。是的，你看，我們非常興奮。我認為這是我們高通公司轉型、多角化發展、利用智慧財產權的下一個階段。

I think that's one of the reasons we made acquisitions such as Alphawave. We think there are two areas that we outlined that we can participate into the data center. We're incredibly excited about the size of the opportunity in the next phase, I think, of data center build-out, where there's going to be real competition, we go from training to inference.

我認為這是我們進行 Alphawave 等收購的原因之一。我們認為，我們可以參與資料中心建置的兩個領域就是我們之前提到的兩個領域。我認為，下一階段資料中心建設的巨大機會讓我們感到無比興奮，因為屆時將會出現真正的競爭，我們將從訓練階段過渡到推理階段。

We have been focused in two areas. One is we believe we have one very strategic asset in the industry, which is a very competitive power-efficient CPU that is both for the head node of AI clusters as well as general purpose compute. And then we also have been building what we think is a new architecture dedicated for inference. I think the focus has been increased computer density and simplify the architecture for the data center in terms of increase, I think, performance per watt. I think it's all going to be about generating the most amount of tokens with the least amount of power, and that's our right to play.

我們一直專注於兩個領域。我們認為，我們在業界擁有一項非常具有戰略意義的資產，那就是極具競爭力的節能型 CPU，它既適用於 AI 叢集的頭部節點，也適用於通用運算。此外，我們也正在建構我們認為是專門用於推理的新架構。我認為重點在於提高電腦密度並簡化資料中心架構，從而提高每瓦效能。我認為一切都將圍繞著用最少的權力產生最多的代幣展開，而這是我們參與遊戲的權利。

We're excited about what we're doing. That has been in development. It's something that we're actually doing in a very disciplined manner. We spend a lot of time, I think, with our early experimentation with AI100 to develop the software and then we're now building AI200, AI250 both the SoC, the card direct solutions. And I think we're pleased with what we're seeing. We will provide more details on that as we outlined early next year.

我們對自己正在做的事情感到興奮。這項技術一直在研發中。我們正在以非常嚴謹的方式進行這項工作。我認為，我們在早期對 AI100 進行實驗以開發軟體方面投入了大量時間，現在我們正在建立 AI200、AI250，包括 SoC 和直接卡解決方案。我認為我們對目前的情況感到滿意。我們將於明年初提供更多細節。

Specific to your questions, I think we were in discussion with a hyperscaler. We're very pleased with the outcome of that conversation, and that's going to be part of our update when we provide details on the roadmap, the performance, the KPI. We'll be able to show details of the solution as well as our customer engagement.

關於您的問題，我認為我們當時正在和一家超大規模資料中心營運商進行洽談。我們對那次談話的結果非常滿意，這將在我們提供有關路線圖、業績和關鍵績效指標的詳細資訊時，作為更新的一部分。我們將能夠展示解決方案的詳細資訊以及我們與客戶的互動情況。

We are in conversation with a lot of companies. It's clear the market wants competition for this. But in a typical Qualcomm way, we're just going to be focused on executing and show the products performing. Like I said, this is exciting in the new chapter of our expansion. And alongside robotics, those are kind of new opportunities for us.

我們正在與很多公司洽談。很明顯，市場需要這種競爭。但按照高通一貫的做法，我們將專注於執行，並展示產品的性能。正如我所說，這是我們擴張新篇章的激動人心之處。除了機器人技術之外，這些也為我們帶來了新的機會。

Appreciate all the color there and looking forward to the update. For my follow-up, I wanted to ask about the handset market. So you highlighted your ongoing momentum in the Android space as driving growth in the fourth quarter -- or excuse me, calendar fourth quarter in your prepared remarks. There's been a lot of noise, I think, about at your lead Android customer potentially looking to use an internal modem more than they have in recent years.

很喜歡那裡的色彩，期待更新。接下來，我想詢問一下手機市場的狀況。所以你在事先準備好的發言稿中強調了你在 Android 領域的持續成長勢頭，認為這是第四季度（或抱歉，是日曆上的第四季）的成長動力。我認為，關於你們的主要 Android 客戶可能比近年來更多地使用內建調變解調器的傳聞很多。

Could you maybe just talk about your visibility into your share at that customer? And any sort of share that you would expect to -- how that you would expect that over the next year or so? Thank you.

您能否談談您對您在該客戶中所佔份額的了解情況？您預計在未來一年左右的時間裡，會獲得多少份額？謝謝。

Look, thanks for the question, I want to spend a little bit of time on this because I sense that there is potential for a lot of noise when noise is actually not required. I think, first of all, there is one thing that is happening with our Snapdragon and our premium-tier Snapdragon Android, which has been very consistent, and this has happened over the past few years. The premium tier is expanding. I think if we look at the overall market, we have this trend that is very healthy and the premium tier is expanding and is adding more compute. That is the reason why our Android business, even on a market that is relatively flat, which is a handset market, we continue to grow our content, ASPs, and earnings because we see premium-tier expanding. A lot of the upside we have in the handsets is primarily driven by the Android premium tier.

謝謝你的提問，我想花點時間仔細考慮這個問題，因為我感覺可能會出現很多不必要的噪音。我認為，首先，我們的驍龍處理器和高階驍龍安卓系統正在發生一件非常穩定的事情，而且這種情況在過去幾年裡一直持續存在。高級會員等級正在擴大。我認為，從整體市場來看，這是一個非常健康的趨勢，高端市場正在擴張，運算能力也不斷提升。這就是為什麼即使在相對平穩的手機市場中，我們的 Android 業務也能持續成長內容、平均售價和收益，因為我們看到高階市場正在擴張。手機價格上漲的大部分原因主要在於安卓高階機種。

Second part is our relationship with Samsung. We have said for a number of years -- a number of reasons. And that's been true in the past, I think, several years that what used to be a normal relationship at a 50% share, the new baseline is about 75% share. And that is always going to be our financial assumption. When we out-execute, sometimes we get more than 75%. On Galaxy S25, we got 100%. Our assumption for any new Galaxy is always going to be 75%. That's our assumption for Galaxy S26.

第二部分是我們與三星的關係。多年來，我們一直強調這一點——原因有很多。過去幾年確實如此，以前正常伴侶關係的比例是 50%，而現在新的基準比例是 75%。而這始終是我們財務上的假設。當我們執行得更好時，有時能達到 75% 以上。在 Galaxy S25 上，我們獲得了 100% 的分數。我們對任何新星系的假設始終是 75%。這是我們對 Galaxy S26 的假設。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thanks for taking my question. Cristiano, you mentioned the -- on the data center side, starting with that. You mentioned the price performance for the inferencing performance that you're trying to deliver. I mean, most of the training clusters that we've sort of seen the other incumbents sort of talk about the ranges of installation cost is somewhere in the sort of $30 billion, $40 billion per gigawatt that we're hearing of. Can you just rightsize us in terms of when you're thinking about the deployment on a gigawatt basis? What kind of cost performance or price performance are you thinking of relative to these inferencing workloads that you can support on the AI200 or AI250.

您好，感謝您回答我的問題。克里斯蒂亞諾，你提到了資料中心方面的問題，就從那裡開始。您提到了您想要實現的推理性能的性價比。我的意思是，我們看到的大多數培訓集群，其他現有企業談論的安裝成本範圍都在每吉瓦 300 億美元到 400 億美元之間。您能否根據您考慮以千兆瓦為單位進行部署時的情況，調整一下我們的規模？相對於AI200或AI250能夠支持的這些推理工作負載，您認為其性價比或價格表現如何？

And I'm also trying to get to sort of what revenue implications are for HUMAIN when you sort of deploy 200 megawatts with them. And I have a follow-up, please.

我還在努力了解，當 HUMAIN 公司部署 200 兆瓦的電力時，會對公司的收入產生哪些影響。我還有一個後續問題。

Okay. I'm going to try to give as much color as I can without getting ahead of the update we're going to provide next year. So first, let's just have a broader discussion about revenue. What we said before, that we expect data center products to start leading to a revenue ramp beginning in fiscal '28. I think as a result of the HUMAIN engagement and our progress on the AI accelerator, I think we're pulling this forward into fiscal '27. So you should expect now from what we said before, I think data center revenue is going to start to become material in fiscal '27. So I think that's the extent of what I can provide at this moment is about a one-year pull-in.

好的。我會盡量多描述細節，但不會搶在明年更新之前透露更多資訊。首先，讓我們來更廣泛地討論一下收入問題。正如我們之前所說，我們預計資料中心產品將從 2028 財年開始帶來營收成長。我認為，由於 HUMAIN 的參與以及我們在人工智慧加速器方面取得的進展，我們將把這項工作提前到 2027 財年。所以根據我們之前所說，我認為資料中心收入將在 2027 財年開始變得重要。所以我覺得目前我能提供的最多也就是大約一年的過渡期。

The second thing is we are getting interest. You should assume the companies that are having to deploy as much compute as they need in the data center for inference, especially now that you see the constraints that you have on power, the constraints that you have on the amount of computer density. I think we have a lot of folks interested. We will not be haveing conversations if we didn't have a solution that is competitive, but we will show the KPIs of the platform, I think, when we have a roadmap update earlier next year.

第二點是，我們開始受到關注了。你應該考慮到，那些必須在資料中心部署足夠的運算資源來進行推理的公司，尤其是在你看到電力供應和電腦密度方面的限制之後。我認為很多人都對此感興趣。如果我們沒有具有競爭力的解決方案，我們就不會進行討論，但我認為，當我們明年年初發布路線圖更新時，我們會展示該平台的關鍵績效指標。

Okay, okay. Got it. And maybe the second one, similar to Josh's question, I think, Akash, if I'm interpreting the market's reaction to your strong numbers, there seems to be that concern about what March looks like with the change in share at the primary Android customer. Typically, on the handset side, your quarter-over-quarter decline into March has been sort of this high single-digit pace.

好的，好的。知道了。或許第二個問題與 Josh 的問題類似，我認為，Akash，如果我理解市場對你強勁業績的反應是正確的，那麼似乎存在一種擔憂，即隨著主要 Android 用戶份額的變化，3 月份的情況會如何。通常情況下，在手機方面，截至 3 月的季度環比下降幅度一直保持在較高的個位數水準。

Is that still a good run rate with sort of the lower level of share? Or would you sort of guide us otherwise? Because I think that's really what the market seems to be sort of concerned about at this point. Thank you.

在市佔率較低的情況下，這樣的收益率是否仍可觀？或者您會以其他方式指導我們嗎？因為我認為這才是目前市場真正關心的問題。謝謝。

Yeah, Samik. Thanks for the question. We were not guiding beyond first quarter at this point. But when you look at our strong business momentum, exiting fiscal '25, you see the benefit of that showed up in our results also showing up in the December quarter guidance. And so that carries forward into the rest of the fiscal year.

是的，薩米克。謝謝你的提問。當時我們並沒有對第一季之後的情況進行預測。但當你回顧我們強勁的業務發展勢頭，回顧 2025 財年結束時，你會發現這帶來的好處體現在我們的業績中，也體現在 12 月季度的業績指引中。因此，這種情況會延續到本財年的剩餘時間。

The only additional thing I'd note is just a reminder that we expect to close our Alphawave acquisition in the fourth calendar quarter of '26. But otherwise, I think the business momentum is strong and just a couple factors that you outlined.

我唯一要補充的是，我們預計將在 2026 年第四季完成對 Alphawave 的收購。但除此之外，我認為業務發展勢頭強勁，主要因素正如你所提到的幾個。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Akash, when you talked about September, you said that the beat was driven mostly by premium Android. But it seemed like it came a little more from your top customer because before you were saying to take like 30% of units out and that was like $500 million roughly, but it seems like nowhere near that much came out from that customer. So I mean, it was kind of barely down year over year. So can you just square that?

多謝。阿卡什，你之前談到九月的時候說過，銷量成長主要由高階安卓設備驅動。但似乎這筆錢更多來自你們最大的客戶，因為之前你們說過要拿出大約 30% 的銷量，那大約是 5 億美元，但似乎從那位客戶那裡得到的錢遠沒有那麼多。所以我的意思是，它與去年相比幾乎沒有下降。所以你能把這個問題平方一下嗎？

And then also as part of that, can you speak to how much that customer is as kind of a baseline assumption for December? I think we've seen that the model that has their modem in it is not really selling very well. So I would assume that that's a tailwind for you also in calendar Q4. And then I had a second question. Thanks.

此外，您能否談談作為12月份基準假設的該客戶數量是多少？我認為我們已經看到，內建調變解調器的那款機型銷量並不好。所以我認為這對你來說也是第四季的利多因素。然後我還有第二個問題。謝謝。

Sure, Tim. So as we had said earlier, we expect it to be in three of the four models of the phone that was launched. And so that is exactly what happened. And share, of course, is based on how sell-through plays out. Specifically on the September-quarter question, we already had kind of demand from the customer that was factored into the guidance we gave. So the upside we saw was not from Apple. It was really driven by Android customers and primarily premium tier with the launch of our new Snapdragon chip.

當然可以，提姆。正如我們之前所說，我們預計它將出現在已發布的四款手機型號中的三款中。事情就是這樣發生的。當然，市場佔有率取決於銷售情況。具體來說，關於九月季度的業績問題，我們已經從客戶那裡得到了一定的需求，並將這些需求納入了我們給出的業績指引中。所以我們看到的上漲行情並非來自蘋果公司。這主要是由安卓用戶，尤其是高階用戶，隨著我們推出新的驍龍晶片而推動的。

When you look at the sequential trend as well, as I mentioned, we are forecasting approximately low-teens sequential revenue growth in the handset revenue stream for QCT and primarily driven by Android as well. So there is some benefit from Apple, but the primary driver for the growth quarter over quarter is actually Android premium-tier shipments.

從連續成長趨勢來看，正如我之前提到的，我們預測QCT手機收入將實現大約兩位數的連續成長，這主要得益於Android的推動。因此，蘋果確實帶來了一些好處，但推動季度環比成長的主要因素實際上是安卓高階機型的出貨量。

Okay, thanks. And then is there any update on the negotiation with Huawei for a license? It seems like it's kind of dragging on a little bit. Can you just talk about that?

好的，謝謝。那麼，關於與華為就許可證進行的談判，是否有任何最新進展？感覺有點拖延了。你能談談這件事嗎？

Yeah. This is Alex. Thanks for the question. No, we actually don't have an update now. Discussions are still underway. Really nothing substantive to say beyond that.

是的。這是亞歷克斯。謝謝你的提問。不，我們目前還沒有更新資訊。討論仍在進行中。除此之外，其實沒什麼實質的內容要說。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

Hi guys, thanks for taking my questions. So you noted the non-Apple QCT revenue was up 18% year over year. And even if I take out the Auto and the IoT, it's clear that the Android piece was up like pretty strong double digits year over year. So am I right in assuming that's all content or primarily content given? I don't think units grew that much? And is that the right sort of pace of like further content increase that we ought to be thinking about as we go forward?

大家好，感謝你們回答我的問題。您提到，除蘋果以外的 QCT 收入年增了 18%。即使我把汽車和物聯網業務排除在外，很明顯，Android 業務的同比增長率也達到了兩位數的強勁水平。所以，我的理解是，這指的是所有內容或主要是已提供的內容，對嗎？我覺得單位數量成長幅度應該不大吧？那麼，這種內容持續成長的速度，是我們未來應該考慮的正確方向嗎？

Yeah. So Stacy, you're doing -- obviously, doing the math right. There are two primary drivers on this. One is just the mix shift of units, up. And so this is a trend that we've seen over the last several years. And sometimes it's thought of as a developed market trend, but that's not true. It's across all developing regions as well. The devices that are purchased continue to move up, and so that shows up in the benefit to our revenue stream.

是的。所以斯泰西，很明顯，你的計算是正確的。這主要有兩個驅動因素。一是單位組合的向上變化。這是我們在過去幾年中看到的趨勢。有時人們會認為這是已開發市場的趨勢，但事實並非如此。這種情況在所有發展中地區都存在。採購的設備不斷升級，因此也對我們的收入產生了正面影響。

The second trend is within premium tier. Content continues to grow as we deliver more and more capable chips and more capable handsets are being delivered as a result of it. And those are the two primary drivers of kind of the long-term trend of our handset business.

第二個趨勢出現在高端市場。隨著我們不斷推出功能越來越強大的晶片，以及由此帶來的功能越來越強大的手機，內容也在不斷增長。而這正是我們手機業務長期發展趨勢的兩個主要驅動因素。

Got it. Thanks. And if I could have a quick follow-up. Just the Snapdragon Android strength in September and December. Is that primarily China? and is there any concerns there? I mean, is that just the timing of the launches? Like any thoughts on pull forward or anything like that, anything we ought to be thinking about there.

知道了。謝謝。如果可以的話，我想快速跟進一下。僅就驍龍處理器在九月和十二月的安卓性能而言。主要是指中國嗎？那方面是否有任何隱憂？我的意思是，這只是發佈時間的問題嗎？例如關於向前推進之類的想法，或是我們應該考慮的任何事情。

Yeah. No, there's no pull forward there. I think what we've seen is most of our China customers, actually all the major customers have already launched devices and the initial reception to the devices have been very positive. We'll see a lot of our global customers launch devices as well later this quarter going into early next year. And so it's just a reflection of kind of normal purchase patterns around the launch of these devices and the great initial consumer reaction to the launches.

是的。不，那裡沒有向前拉動的跡象。我認為我們看到的情況是，我們的大多數中國客戶，實際上所有主要客戶都已經推出了設備，而且這些設備最初的市場反應非常積極。預計本季末到明年初，我們的許多全球客戶也將陸續推出設備。因此，這只是反映了這些設備發布前後正常的購買模式，以及消費者對這些設備發布初期的熱烈反響。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究公司。

Yes, thank you. And a question again on AI data center, and I realize you're going to provide some detail coming up, but there's some specs out there, so which is why we ask. But from what we've seen what was in the press release was perhaps a different architecture than what we've seen others attack the market with, you know DDR memory, PCI Express andthat.

是的，謝謝。關於人工智慧資料中心，我還有一個問題。我知道您接下來會提供一些細節，但目前有一些規範，所以我們才問這個問題。但從我們目前所看到的來看，新聞稿中提到的架構可能與我們看到的其他廠商用來衝擊市場的架構有所不同，例如 DDR 記憶體、PCI Express 等等。

Should we interpret that as sort of a first approach by Qualcomm with more to come? Or is this rather a different sort of philosophy for attacking the market? You talked about being more efficient on power consumption. Is this sort of a different -- attacking the market differently than what's in the market today?

我們是否應該將此解讀為高通公司的初步嘗試，未來還會有更多舉措？或者，這是一種截然不同的市場攻堅理念？你提到要提高能源消耗效率。這算是一種不同的——以不同於當前市場的方式進入市場嗎？

I think the answer to the question is yes. For us, I think we’re approaching this, thinking about what the future architecture should look like. We had said before, we have thought about this for the Edge as well, which means when we think about dedicated inferencing clusters and the goal is to actually have the highest possible computer density at the lowest possible cost and energy consumption to generate tokens, we thought there may be an architecture that is beyond the GPU and what you've traditionally been doing with GPU and HBM is what we should be doing. That's we're developing and we have to execute. And that's the focus on the company right now.

我認為答案是肯定的。我認為，對我們來說，我們正在朝著這個方向努力，思考未來的建築應該是什麼樣子。我們之前說過，我們也考慮過邊緣運算，這意味著當我們考慮專用推理集群，並且目標是以盡可能低的成本和能耗實現盡可能高的計算機密度來生成令牌時，我們認為可能存在一種超越 GPU 的架構，而你們傳統上使用 GPU 和 HBM 所做的事情正是我們應該做的。這就是我們正在開發的內容，我們需要執行。這就是公司目前的工作重點。

Got it. Just back on handsets. And you talked about a mix shift towards the premium tier. To what extent has the growth that you've seen in handsets been driven by Snapdragon ASPs?

知道了。剛重新拿起手機。你也提到了產品組合轉變為高端市場的問題。您認為手機市場的成長在多大程度上是由驍龍處理器的平均售價（ASP）所推動的？

And obviously, wafer prices are going up as you go to finer geometries. Maybe talk about the impact of higher ASPs on handset growth, both now and going forward and how the industry absorbs those higher ASPs.

顯然，隨著晶圓幾何形狀的精細化，晶圓價格也會上漲。或許可以談談更高的平均售價對手機成長的影響，包括現在和未來，以及產業如何消化這些更高的平均售價。

Yeah. So I think there's a long-term trend that we've seen. This is a conversation that we have every year, but we continue to see just very strong demand for more capable chips, more capable processing in these premium-tier chips. And so the competition between the OEMs drives it, the demand for consumers doing more activity on the phone drives it. And we know the next couple of chips that we are making, and we're already in discussions, advanced discussions with our customers. So we feel pretty confident that there is legs to this trend over the next several years.

是的。所以我認為我們已經看到了一種長期趨勢。這是我們每年都會討論的話題，但我們仍然看到市場對性能更強、處理能力更強大的高端晶片的需求非常旺盛。因此，OEM廠商之間的競爭推動了這一趨勢，消費者對在手機上進行更多活動的需求也推動了這一趨勢。我們知道接下來要生產的幾款晶片，並且我們已經與客戶進行了深入的討論。因此，我們相當有信心，這種趨勢在未來幾年內會持續下去。

The second factor that I outlined is important to keep in mind as well, is this very significant mix shift towards more premium devices. And that's not about content growth within the tier, but it's more about more capable devices being purchased by consumers. And that is a multi-year trend as well that we're continuing to see going forward.

我提到的第二個因素也需要牢記，那就是產品組合朝向高階設備方向的顯著轉變。這與該層級內的內容成長無關，而更與消費者購買功能更強大的設備有關。而且這也是一種持續多年的趨勢，我們預計未來還會繼續看到這種趨勢。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi guys, thank you. If I look at this quarter, you grew handsets by 14%, and it looks like next quarter you're guiding again 600 basis points of above market growth or above market expectations for QCT. When you look at next quarter, what are the components of this outperformance? Can you go over kind of IoT Autos and Handsets? Where do you think you can perform better than you initially thought last quarter, et cetera? Can you give us a little bit of color on how next quarter is behaving of the QCT breakdown? Thanks.

大家好，謝謝。如果我看一下本季度，你們的手機銷量成長了 14%，而且看起來下個季度你們預計 QCT 的銷量將再次比市場預期高出 600 個基點。展望下個季度，這種優異表現的構成要素是什麼？可以介紹一下物聯網汽車和手機嗎？你認為你在哪些方面可以比上個季度最初預想的做得更好，等等？能否簡要介紹一下下一季 QCT 細分市場的具體情況？謝謝。

Tal, just to confirm your question is about the December quarter, first fiscal quarter?

Tal，請確認一下，你的問題是指12月季度，也就是第一季財季嗎？

Yes, first fiscal quarter, sorry. The question is about the guidance for next quarter. Yeah.

是的，是第一財季，抱歉。問題是關於下一季的業績指引。是的。

Yeah, perfect. So, specifically in Automotive, we had a record quarter in September. So $1.1 billion -- approximately $1.1 billion, and we are guiding flat to slightly up, in Automotive. We do think that we're in this very strong position as additional cars get launched with our capabilities in them. We will continue to grow revenue through the year.

對，完美。具體來說，在汽車產業，我們9月的季度業績創下了歷史新高。因此，汽車產業的營收約為 11 億美元，我們預計營收將持平或略有成長。我們認為，隨著更多搭載我們技術的汽車推出，我們將處於非常有利的地位。我們將繼續保持全年營收成長。

IoT is similarly positioned, right? We saw significant upside relative to our guidance within the September quarter, and we are positioned to continue to grow revenue starting first quarter going into the rest of the fiscal year as well.

物聯網的定位也類似，對吧？我們在9月份的季度中看到了比預期更大的成長，並且我們有能力從第一季開始，在本財年的剩餘時間裡繼續保持收入成長。

Within Handsets, the upside that you're seeing in the December quarter is really the success of our launch of our new chip. We've seen all the major OEMs launch devices with it. As I said earlier, strong consumer reaction, and that is reflected in our financial forecast.

在手機業務方面，12 月季度的成長主要歸功於我們新晶片的成功發布。我們看到所有主流OEM廠商都推出了搭載該技術的設備。正如我之前所說，消費者反應強烈，這也反映在我們的財務預測中。

On a sequential basis, as I mentioned earlier, we are forecasting low teens sequential revenue growth in the handset stream in QCT.

正如我之前提到的，我們預計卡達手機業務的收入將達到兩位數左右的環比成長。

And my follow-up is on a, like historical perspective, when you launch a product into China and it's into the New Year's -- the Chinese New Year, et cetera, is first fiscal quarter the strongest quarter? What happens from a seasonality point of view? What happens for the next few quarters from a historical perspective?

我的後續問題是，從歷史角度來看，當你在中國推出一款產品，並且正值新年期間——比如中國新年——那麼第一個財季是否是最強勁的季度？從季節性角度來看會發生什麼？從歷史角度來看，未來幾季會發生什麼事？

I mean, as you've seen in the past, we expect our first fiscal and second fiscal quarter to be the stronger quarters in the year. And usually, the June quarter, the third fiscal quarter is the lower quarter. So that seasonality should be consistent with what you've seen before in the handset business.

我的意思是，正如你過去所看到的，我們預計第一財季和第二財季將是全年業績最好的兩個季度。通常情況下，6 月所在的季度，也就是第三財季，是較低的季度。因此，這種季節性變化應該與您之前在手機行業看到的情況一致。

CJ Muse, Canor Fitzgerald.

CJ Muse，卡諾·菲茨杰拉德。

Yeah, good afternoon, thank you for taking the question. I wanted to kind of focus on QCT EBT margins. And revenues grew 5% year on year, yet margins were down 100-plus bps. And I'm curious, is that a function of mix? Or is that a function of higher manufacturing costs? Or is it simply R&D investments for future revenue growth?

是的，下午好，謝謝您回答這個問題。我想重點關注QCT EBT利潤率。營收年增 5%，但利潤率卻下降了 100 多個基點。我很好奇，這是否與混合比例有關？或者說，這是製造成本較高所造成的？還是這僅僅是為未來營收成長而進行的研發投資？

Yeah. I think when you look at the year-over-year trend, I think you should think of, we are investing in the data center area, which over the last several years, we've been kind of just focusing OpEx on moving from mature businesses into growth areas. Data center is incremental to the investment profile that we have.

是的。我認為，從同比趨勢來看，你應該考慮到，我們正在投資資料中心領域，而過去幾年，我們一直致力於將營運支出從成熟業務轉向成長領域。資料中心是我們現有投資組合中的一個新增項目。

Okay. Very helpful. And then I guess just to hone in on your non-Android handset business. Is there an update in terms of how we should model that for calendar '26?

好的。很有幫助。然後，我想你大概會專注在非安卓手機業務吧。對於 2026 年曆，我們應該如何建模，目前有什麼更新嗎？

No change to what we've said on share within Apple versus what we've said in the past.

我們先前對蘋果公司內部股份分配的看法與過去的看法並沒有改變。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Hey guys, thanks a lot. Just wanted to touch back on the data center again so you don't do updating this in the next calendar year. Previously, you had an Analyst Day where you've put out these long-term targets for FY29. I would assume that the smallest opportunity was in XR at $2 billion. I would assume that if we're going to have an event and go through something like this, this has the opportunity to be something pretty material, bigger than the smallest opportunity outlined at the last Analyst Day was $2 billion for XR by '29 and more like another multi-billion opportunity.

嘿，夥計們，非常感謝。我只是想再次提醒一下資料中心的情況，這樣你們明年就不用進行更新了。此前，你們舉辦了一場分析師日活動，會上公佈了 2029 財年的長期目標。我認為機會最小的領域是 XR，規模為 20 億美元。我認為，如果我們要舉辦這樣的活動，經歷類似的事情，那麼它就有可能成為一件相當實質性的事情，比上次分析師日上概述的最小機會——到 2029 年 XR 市場​​規模達到 20 億美元——要大得多，更像是另一個數十億美元的機會。

Can you guys clarify that?

你們能解釋一下嗎？

Yeah, Ben, that's a great observation. I think we're seeing this market take off very fast, especially AI smart glasses. And so we definitely feel like we're significantly ahead of the guidance that we'd provided and very significant upside opportunity.

是的，本，你的觀察非常敏銳。我認為我們正在見證這個市場快速起飛，尤其是人工智慧智慧眼鏡。因此，我們感覺目前的業績遠超預期，而且還有很大的上漲空間。

I mean, if you kind of step back and think about the broader opportunity around personal AI, and you could think of it as the glasses form factor or the watch form factor or hearables form factor. This could be a very, very large market. And so if that plays out, as we suspect it might, it would create significant upside opportunity.

我的意思是，如果你退後一步，思考一下個人人工智慧更廣泛的機遇，你可以把它想像成眼鏡、手錶或穿戴式耳機等形態的裝置。這可能是一個非常非常大的市場。因此，如果這種情況真的發生（正如我們所懷疑的那樣），將會創造巨大的上漲機會。

Yes. Sorry, just to clarify though my question, I appreciate that is that if you're going to outline the data center opportunity and have a special event, could we assume that it's a multi-billion opportunity something that you would call out that's at least as big, if not bigger, than anything you laid out at your last Analyst Day which is the smaller opportunities or $2 billion to $4 billion?

是的。抱歉，我只是想澄清一下我的問題。我理解，如果您要概述資料中心的機會並舉辦特別活動，我們是否可以假設這是一個數十億美元的機遇，您會特別強調它至少與您上次分析師日上提出的規模較小的機會（20億至40億美元）一樣大，甚至更大？

Ben, no, thanks for the question. I understand it now. Yes, it's upside on that number. And success in this area, I think, presents to us a potential multi-billion-dollar revenue opportunity in a couple of years, and that's how we're thinking about it right now.

本，不，謝謝你的提問。我現在明白了。是的，這個數字是正數。我認為，在這個領域取得成功，將為我們帶來未來幾年內數十億美元的潛在收入機會，這也是我們目前的想法。

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

謝謝。今天的問答環節到此結束。阿蒙先生，在休會前您還有什麼要補充的嗎？

I just want to thank all of our partners, our employees. And we are continuing to change Qualcomm into a very diversified company. We're probably one of the few companies among all the semiconductor companies that can go from 5 watts to 500 watts with a very flexible and very broad technology capabilities.

我只想感謝我們所有的合作夥伴和員工。我們正在繼續將高通公司轉型為多元化企業。在所有半導體公司中，我們可能是少數的幾家能夠以非常靈活和廣泛的技術能力，實現從 5 瓦到 500 瓦功率輸出的公司之一。

I think one thing that we take pride of in every industry that we enter, we have a platform that is a leading technology platform. And we're excited about the future of the company, and we're just going to keep executing on this strategy. Thank you very much for supporting our call.

我認為，無論我們進入哪個產業，我們最引以為傲的一點就是我們擁有一個領先的科技平台。我們對公司的未來充滿信心，並將繼續執行這項策略。非常感謝您對我們呼籲的支持。

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了。