高通 (QCOM) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm first quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, February 4, 2026. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13758127.

女士們、先生們，感謝你們的耐心等待。歡迎參加高通公司2026財年第一季財報電話會議。（操作員說明）提醒：本次會議正在錄音，2026 年 2 月 4 日。今天電話回放號碼是 (877) 660-6853。國際來電者請撥打 (201) 612-7415。播放預約號碼為 13758127。

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

謝謝大家，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。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幻燈片簡報。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 use non-GAAP financial measures as defined in Regulation G, and you can find the related reconciliations to GAAP on our website. We will also make forward-looking statements, including projections and estimates of future events, business or industry trends or business or financial results. Actual events or results could differ materially from those projected in our forward-looking statements. 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.

在今天的電話會議中，我們將使用 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 相關的調整表。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。請參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重大差異的重要因素。

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

現在請高通總裁兼執行長克里斯蒂亞諾·阿蒙發表演說。

Thank you, Mauricio, and good afternoon, everyone. Thanks for joining us today. In fiscal Q1, we delivered record revenues of $12.3 billion and non-GAAP earnings per share of $3.50. Within QCT, record revenues of $10.6 billion were driven by strength in flagship handsets. We also saw another quarter of record revenues in Automotive and positive momentum in IoT across industrial, edge networking applications and smart glasses.

謝謝你，毛里西奧，大家下午好。感謝您今天收看我們的節目。在第一財季，我們實現了創紀錄的123億美元營收，非GAAP每股收益為3.50美元。其中，QCT業務營收達到創紀錄的106億美元，主要得益於旗艦手機的強勁表現。我們也看到汽車業務連續第二季創下營收紀錄，物聯網在工業、邊緣網路應用和智慧眼鏡等領域也呈現積極發展動能。

Licensing business revenues were $1.6 billion. While global consumer demand for handsets, especially premium and high tier exceeded our expectations with healthy sell-through observed through fiscal Q1 and the first few weeks of 2026, in the coming quarters, the handset industry will be constrained by the availability and pricing of memory, particularly DRAM.

授權業務收入為16億美元。儘管全球消費者對手機的需求，尤其是高階手機的需求，超出了我們的預期，並且在2026財年第一季和前幾週都觀察到了良好的銷售情況，但在接下來的幾個季度裡，手機產業將受到內存（尤其是DRAM）的供應和價格的限制。

As memory suppliers redirect manufacturing capacity to HBM to meet AI data center demand, the resulting industry-wide memory shortage and price increases are likely to define the overall scale of the handset industry through the fiscal year. Given the current environment, several handset OEMs, especially in China, are taking a cautious approach in reducing their chipset inventory.

隨著記憶體供應商將生產能力轉向 HBM 以滿足 AI 資料中心的需求，由此導致的產業記憶體短缺和價格上漲可能會決定本財年手機產業的整體規模。鑑於當前形勢，多家手機廠商，尤其是中國的手機廠商，在減少晶片組庫存方面採取了謹慎的態度。

This is reflected in our guidance for the upcoming quarter. We will continue to work closely with our customers and suppliers as the situation evolves. Akash will share more details on the memory impact in his prepared remarks.

這一點已體現在我們對下一季的業績預期。我們將繼續與客戶和供應商密切合作，共同應對不斷變化的情況。阿卡什將在事先準備好的演講稿中分享更多關於記憶力影響的細節。

And now, some key highlights from the business. We are pleased with the continued expansion of the premium and high-tier smartphone segments and traction of Snapdragon platforms, including broad OEM adoption for dual flagship product strategy. For Samsung's upcoming family of premium tier devices, we expect approximately 75% share, consistent with prior expectations. It's important to note that during the quarter, Bytedance launched the first Agentic AI smartphone powered by the Snapdragon 8 Elite. This is a significant milestone in the transition toward AI-native smartphones and a precursor to the agentic experiences shaping the future of mobile.

接下來，我們將介紹公司的一些關鍵亮點。我們對高階智慧型手機市場的持續擴張以及驍龍平台的普及感到欣喜，包括OEM廠商廣泛採用該平台來實施雙旗艦產品策略。對於三星即將推出的高階設備系列，我們預計其市佔率約為 75%，與先前的預期一致。值得注意的是，在本季度，位元組跳動推出了首款搭載驍龍 8 Elite 處理器的智慧型 AI 智慧型手機。這是向原生人工智慧智慧型手機過渡的一個重要里程碑，也是塑造行動未來智慧體驗的先兆。

With the development of agents and AI becoming the new UI, intelligent wearables are evolving into personal AI companions and quickly emerging as the next mobile computing category.

隨著智慧體和人工智慧的發展成為新的使用者介面，智慧型穿戴裝置正在演變為個人人工智慧伴侶，並迅速成為下一個行動運算類別。

Our early investments in this area, including powerful and power-efficient chipsets, advanced connectivity, including micropower Wi-Fi as well as ambient sensing and perception technologies position Snapdragon XR, Wear and Sound as the platforms of choice for the industry. We're pleased to be working with 7 of the 9 largest cloud companies globally and more than 40 personal AI devices are in production or development.

我們早期在該領域的投資，包括功能強大且節能的晶片組、先進的連接技術（包括微功耗 Wi-Fi）以及環境感知技術，使 Snapdragon XR、Wear 和 Sound 成為業界的首選平台。我們很高興能與全球 9 家最大的雲端公司中的 7 家合作，目前有 40 多款個人人工智慧設備正在生產或開發中。

In PCs, we introduced the Snapdragon X2 Plus, an expansion of our second-generation platforms purpose-built for the enterprise and commercial segment. The X2 Plus is powered by the third-generation Qualcomm Oryon CPU, which delivers up to 35% faster single core performance and up to 3.5 times faster multi-core performance compared to the competition in previous generations. Our Hexagon NPU provides up to 5.7 times and 3.4 times faster inferencing versus competitors' NPU and GPU, respectively.

在個人電腦領域，我們推出了驍龍 X2 Plus，這是我們第二代平台的擴展，專為企業和商業領域打造。X2 Plus 搭載了第三代高通 Oryon CPU，與前幾代的同類產品相比，單核心效能提升高達 35%，多核心效能提升高達 3.5 倍。我們的 Hexagon NPU 推理速度分別比競爭對手的 NPU 和 GPU 快 5.7 倍和 3.4 倍。

18 Snapdragon powered PCs debuted at CES from ASUS, HP, Lenovo and Microsoft. The ASUS Zenbook A16 was one of the standouts, featuring the Snapdragon X2 Elite Extreme and is the fastest Snapdragon Power laptop to date. It features our 18 core third-generation Oryon CPU, an 80 TOPS Hexagon NPU for AI workloads in an Adreno GPU, delivering up to a 2.3 times improvement in performance per watt versus the prior generation. X2 Elite Extreme enables desktop class performance, advanced graphics and more than 21 hours of battery life in an ultra-light 16-inch form factor. We remain on track to commercialize 150 Snapdragon X-Powered PCs this year.

在CES展會上，華碩、惠普、聯想和微軟共推出了18款搭載驍龍處理器的PC。ASUS Zenbook A16 是其中一款表現突出的產品，它搭載了驍龍 X2 Elite Extreme 處理器，是迄今為止速度最快的驍龍 Power 筆記型電腦。它採用我們 18 核心第三代 Oryon CPU、80 TOPS Hexagon NPU（用於 AI 工作負載）和 Adreno GPU，與上一代產品相比，每瓦效能提升高達 2.3 倍。X2 Elite Extreme 是一款超輕薄的 16 吋筆記型電腦，具備桌上型電腦等級的效能、先進的圖形處理能力和超過 21 小時的電池續航力。我們仍有望在今年實現 150 台搭載驍龍 X 處理器的 PC 的商業化目標。

Demand for our Snapdragon Digital Chassis solutions remains incredibly strong, and we announced several collaborations with top automakers, OEMs and service providers during the quarter. We signed a Letter of Intent for a long-term supply agreement with Volkswagen Group, which spans many brands, including Audi and Porsche. Under this intended agreement, we would provide advanced infotainment and connectivity capabilities powered by our Digital Chassis across multiple vehicle segments, price tiers and markets. We would also serve as the group's primary technology provider for its software-defined vehicle architecture developed through its joint venture with Rivian Automotive. In addition, we're collaborating with the group's Automated Driving Alliance formed by CARIAD and Bosch to accelerate development of highly automated driving systems.

市場對我們驍龍數位底盤解決方案的需求依然非常強勁，本季我們宣布與多家頂級汽車製造商、OEM廠商和服務供應商開展合作。我們與大眾汽車集團簽署了一份長期供貨協議意向書，該集團旗下擁有眾多品牌，包括奧迪和保時捷。根據這項擬議協議，我們將透過我們的數位底盤，在多個汽車細分市場、價格等級和市場提供先進的資訊娛樂和連接功能。我們也將作為該集團的主要技術提供商，為其透過與 Rivian Automotive 的合資企業開發的軟體定義車輛架構提供支援。此外，我們正在與由 CARIAD 和博世組成的集團自動駕駛聯盟合作，以加速高度自動化駕駛系統的開發。

We're very proud that the newly launched RAV4, Toyota's top-selling vehicle globally and one of the best-selling cars worldwide is powered by our Snapdragon Cockpit Platform, delivering premium AI-enabled in-vehicle experiences.

我們非常自豪地宣布，全新上市的 RAV4 是豐田在全球最暢銷的車型，也是全球最暢銷的汽車之一，它搭載了我們的驍龍座艙平台，可提供優質的 AI 車載體驗。

We also announced new and expanded collaborations with Hyundai Mobis, Leapmotor, Li Auto, Zeekr, GreatWall Motor, NIO and Chery, bringing our total design wins for Snapdragon Elite platforms to 10 programs.

我們還宣布與現代摩比斯、Leapmotor、理想汽車、Zeekr、長城汽車、蔚來汽車和奇瑞汽車開展新的和擴大的合作，使我們在驍龍精英平台方面的設計項目總數達到 10 個。

In industrial IoT, we continue to expand our portfolio of advanced computing, connectivity and AI solutions for an increasing number of verticals. With the recent acquisition of Augentix, we augmented our Dragonwing vision portfolio and Qualcomm Insight Platform with its AI-based, low-power image signal processing solution. At CES, we also introduced two new Dragonwing processors delivering on-device intelligence for security-focused drones, smart cameras and industrial vision, AI TVs/ media hubs and video collaboration systems.

在工業物聯網領域，我們不斷擴展越來越多垂直產業的先進運算、連接和人工智慧解決方案組合。透過最近對 Augentix 的收購，我們利用其基於人工智慧的低功耗影像訊號處理解決方案，增強了我們的 Dragonwing 視覺產品組合和高通 Insight 平台。在 CES 上，我們還推出了兩款新的 Dragonwing 處理器，為專注於安全的無人機、智慧攝影機和工業視覺、AI 電視/媒體中心和視訊協作系統提供裝置端智慧。

Additionally, the launch of our new Dragonwing IQ-X series marked our entry into the industrial PC space with best-in-class compute performance and efficient edge AI engineered for PLCs, advanced HMIs, edge controls and panel and box PCs.

此外，我們推出的全新 Dragonwing IQ-X 系列標誌著我們正式進軍工業 PC 領域，該系列產品擁有頂尖的運算效能和高效的邊緣 AI，專為 PLC、高級 HMI、邊緣控制以及面板和箱式 PC 而設計。

This quarter, we formally announced our expansion into advanced robotics and introduced a full suite of robotics technologies and solutions, including the Dragonwing IQ10 series. Our general-purpose robotics architecture supports advanced perception and motion planning using models such as VLAs and VLMs, allowing robots to perceive, reason, adapt and act in real-world environments. As part of a complete hardware-to-software stack, IQ10 is designed to accelerate commercialization of household, industrial and humanoid robots. It combines heterogeneous edge compute, safety-grade SoCs and end-to-end AI.

本季度，我們正式宣布進軍先進機器人領域，並推出了一整套機器人技術和解決方案，包括 Dragonwing IQ10 系列。我們的通用機器人架構支援使用 VLA 和 VLM 等模型進行高階感知和運動規劃，使機器人能夠在真實環境中感知、推理、適應和行動。作為完整的硬體到軟體堆疊的一部分，IQ10 旨在加速家用、工業和人形機器人的商業化。它結合了異構邊緣運算、安全級SoC和端到端人工智慧。

In a short period of time, we have engaged with Advantech, APLUX, AutoCore, Booster, Figure, Kuka Robotics, Robotech.ai and VinMotion to help define the compute architecture for their robotics and humanoid platforms. The physical AI and robotics space is experiencing rapid growth driven by advances in edge AI and sensor fusion, and Qualcomm is one of the best positioned companies to enable this next frontier of AI.

在很短的時間內，我們與研華科技、APLUX、AutoCore、Booster、Figure、庫卡機器人、Robotech.ai 和 VinMotion 合作，協助他們定義機器人和人形機器人平台的運算架構。實體人工智慧和機器人領域正經歷著快速成長，這得益於邊緣人工智慧和感測器融合技術的進步，而高通是推動人工智慧下一個前沿發展的最佳公司之一。

We will do this by leveraging our strengths in high-performance, power-efficient computing, connectivity and edge intelligence as well as our experience in ADAS and autonomy, industrial and safety-grade silicon and perception and sensing technologies. Many of the drivers of our leadership in automotive are applicable to advanced robotics.

我們將利用我們在高性能、高能效運算、連接性和邊緣智慧方面的優勢，以及我們在高級駕駛輔助系統 (ADAS) 和自動駕駛、工業級和安全級矽晶片以及感知和感測技術方面的經驗來實現這一目標。我們在汽車領域保持領先地位的許多驅動因素也適用於先進機器人技術。

Finally, we continue to develop our data center solutions and engage with leading hyperscalers, cloud service providers, sovereign AI projects and other global partners. We remain encouraged by the positive feedback on our CPU and innovative AI processing and memory architecture for next-generation inferencing data centers.

最後，我們將繼續開發資料中心解決方案，並與領先的超大規模資料中心營運商、雲端服務供應商、自主人工智慧專案和其他全球合作夥伴合作。我們對下一代推理資料中心的 CPU 和創新 AI 處理和記憶體架構所獲得的正面回饋感到鼓舞。

Additionally, the recent developments in the industry validate Qualcomm's view of the importance of specialized and power-efficient AI platforms as inferencing becomes the key driver of data center growth.

此外，業界近期的發展也印證了高通的觀點，即專業化、節能型人工智慧平台的重要性，因為推理已成為資料中心成長的關鍵驅動力。

In fiscal Q1, we completed the Alphawave Semi acquisition, adding high-speed wire connectivity technologies to further strengthen our platforms. We also acquired Ventana Micro Systems, reinforcing our leadership and commitment to expanding the RISC-V standard and ecosystem and development of our high-performance RISC-V CPU for data-center workloads. We look forward to providing more information, including an update on our road map at our next investor event. We'll also share our progress in robotics, automotive and next-generation autonomy, industrial IoT and 6G.

在第一財季，我們完成了對 Alphawave Semi 的收購，增加了高速有線連接技術，進一步加強了我們的平台。我們也收購了 Ventana Micro Systems，進一步鞏固了我們在擴展 RISC-V 標準和生態系統以及開髮用於資料中心工作負載的高效能 RISC-V CPU 方面的領導地位和承諾。我們期待在下次投資者活動中提供更多信息，包括我們路線圖的最新進展。我們還將分享我們在機器人、汽車和下一代自動駕駛、工業物聯網和 6G 方面的進展。

I will now turn the call to Akash.

現在我將把電話轉給阿卡什。

Thank you, Cristiano, and good afternoon, everyone. Let me begin with our strong first fiscal quarter results. Total revenues of $12.3 billion and non-GAAP EPS of $3.50 were both records, with non-GAAP EPS coming in at the high end of our guidance. QTL revenues of $1.6 billion and EBIT margin of 77% were at the high end of our guidance, driven by higher units and favorable mix. We delivered record revenues in QCT of $10.6 billion including strong year over year growth across Automotive and IoT.

謝謝你，克里斯蒂亞諾，大家下午好。首先，我想談談我們強勁的第一財季業績。總收入達 123 億美元，非 GAAP 每股收益達 3.50 美元，均創歷史新高，其中非 GAAP 每股收益達到了我們預期的上限。QTL 營收達 16 億美元，息稅前利潤率達 77%，均達到我們預期的高端水平，這主要得益於銷售成長和產品組合的最佳化。我們在季度實現了創紀錄的 106 億美元收入，其中包括汽車和物聯網業務的強勁同比增長。

QCT Handset revenues reached a record $7.8 billion, reflecting the benefit of recently launched flagship smartphones. QCT IoT revenues of $1.7 billion grew 9% year over year, driven by demand across consumer and networking products. In QCT Automotive, we delivered another record quarter with revenues growing to $1.1 billion, up 15% versus the year ago period on increased demand for our Snapdragon digital chassis platforms.

QCT手機業務收入達到創紀錄的78億美元，反映了近期推出的旗艦智慧型手機帶來的效益。QCT 物聯網營收達 17 億美元，年增 9%，主要得益於消費者和網路產品的需求成長。在 QCT Automotive，我們又實現了創紀錄的一個季度，營收成長至 11 億美元，比去年同期成長 15%，這主要得益於市場對我們驍龍數位底盤平台的需求增加。

QCT EBT margin of 31% came in line with expectations, exceeding our long-term target of 30%. Lastly, we returned $3.6 billion to stockholders, including $2.6 billion in stock repurchases and $949 million in dividends.

QCT EBT 利潤率為 31%，符合預期，超過了我們 30% 的長期目標。最後，我們向股東返還了 36 億美元，其中包括 26 億美元的股票回購和 9.49 億美元的股息。

Before turning to guidance, I'd like to address the impact of the memory industry dynamics on our financial outlook. The fundamentals of our handset business remain favorable with a stable global economic environment, total handset shipments exceeding expectations in the December quarter, especially in the premium and high tiers, and a strong design win pipeline for our Snapdragon chipsets.

在給出業績指引之前，我想先談談記憶體產業動態對我們財務前景的影響。在全球經濟環境穩定的背景下，我們的手機業務基本面依然良好；12 月季度手機總出貨量超出預期，尤其是在高端和高端市場；此外，我們的驍龍晶片組也擁有強勁的設計訂單儲備。

However, increasing demand for memory solutions in AI data centers is driving near-term uncertainty in memory supply and pricing for handset OEMs. As a result, the handset OEMs are taking a cautious approach in planning their business. We've seen several OEMs, especially in China, take actions to reduce their handset build plans and channel inventory.

然而，人工智慧資料中心對記憶體解決方案的需求不斷增長，導致手機 OEM 廠商在記憶體供應和定價方面面臨短期不確定性。因此，手機廠商在規劃業務時採取了謹慎的態度。我們看到一些 OEM 廠商，尤其是中國的廠商，採取措施減少手機生產計畫和通路庫存。

Our guidance for the upcoming quarter reflects the latest signals from these customers, which includes reduced chipset orders aligned with their scaled back expectations for build plans. We expect to return to our prior run rate and growth trajectory for QCT Handset revenues when these conditions normalize.

我們對下一季的業績預期反映了這些客戶的最新訊號，其中包括晶片組訂單減少，這與他們縮減生產計劃的預期相一致。我們預計，當這些條件恢復正常時，QCT 手機收入將恢復到先前的運行速度和成長軌跡。

Now turning to guidance. In the second fiscal quarter, we are forecasting revenues of $10.2 billion to $11 billion and non-GAAP EPS of $2.45 to $2.65. In QTL, we estimate revenues of $1.2 billion to $1.4 billion and EBT margins of 68% to 72%, reflecting normal sequential trend. In QCT, we expect revenues of $8.8 billion to $9.4 billion and EBT margins of 26% to 28%.

現在進入指導環節。在第二財季，我們預測營收為 102 億美元至 110 億美元，非 GAAP 每股收益為 2.45 美元至 2.65 美元。在 QTL 方面，我們預計營收為 12 億美元至 14 億美元，EBT 利潤率為 68% 至 72%，反映了正常的環比趨勢。在 QCT，我們預計營收為 88 億美元至 94 億美元，EBT 利潤率為 26% 至 28%。

We are forecasting QCT Handset revenues to be approximately $6 billion, as a result of the impact of memory constraints I just outlined. We anticipate QCT IoT revenues to grow by low teens percentage versus the year ago period, driven by growth across industrial and consumer products. In QCT Automotive, following another record quarter, we expect year over year revenue growth to accelerate to greater than 35% in the second fiscal quarter.

受我剛才提到的記憶體限制的影響，我們預測 QCT 手機的收入約為 60 億美元。我們預計，在工業和消費產品成長的推動下，QCT 物聯網營收將比去年同期成長 10% 左右。QCT Automotive 繼又一個創紀錄的季度之後，我們預計第二財季的年比營收成長將加速至 35% 以上。

Lastly, we expect non-GAAP operating expenses to be approximately $2.6 billion in the quarter. The sequential increase is driven by typical calendar year resets for certain employee-related costs and completion of our acquisition of Alphawave to further strengthen our platforms for next-generation AI data centers.

最後，我們預計本季非GAAP營運費用約為26億美元。此次環比成長是由於某些員工相關成本的典型日曆年重置以及我們完成對 Alphawave 的收購，從而進一步加強了我們面向下一代人工智慧資料中心的平台。

In closing, we are pleased with our strong first quarter performance, delivering record results across the following metrics: Total company revenue, non-GAAP EPS, QCT revenues, QCT Handset revenues and QCT Automotive revenues. While near-term QCT Handset guidance is being impacted by memory industry dynamics, the underlying fundamentals around consumer demand for handsets and Snapdragon product leadership remain strong.

最後，我們對第一季的強勁業績感到滿意，在以下指標上均取得了創紀錄的成績：公司總收入、非GAAP每股收益、QCT收入、QCT手機收入和QCT汽車收入。儘管近期 QCT 手機業務的業績指引受到記憶體產業動態的影響，但消費者對手機的需求以及驍龍產品領先地位的基本面依然強勁。

Our second quarter guidance reflects the continued revenue acceleration across Automotive and IoT with their combined growth outpacing the run rate required to achieve our long-term revenue targets. Our product announcements and strong customer engagement at CES 2026 further demonstrated our momentum across multiple growth vectors. In Automotive, we have reinforced our technology leadership with 10 design wins for Snapdragon Ride Elite and Cockpit Elite, 8 global programs for Snapdragon Ride Flex and continued success in building an automated driving stack ecosystem for our customers.

我們第二季的業績預期反映了汽車和物聯網業務收入的持續加速成長，它們的合併成長速度超過了實現我們長期收入目標所需的成長速度。我們在 CES 2026 上發布的新產品和與客戶的積極互動，進一步證明了我們在多個成長方向上的強勁勢頭。在汽車領域，我們憑藉驍龍 Ride Elite 和 Cockpit Elite 贏得了 10 個設計項目，驍龍 Ride Flex 贏得了 8 個全球項目，鞏固了我們的技術領先地位，並在為客戶建立自動駕駛堆疊生態系統方面持續取得成功。

In Robotics, we announced a full suite of technologies, including the industry-leading Dragonwing IQ10 chipset platform and engagement with several players in the ecosystem to drive commercialization of our products. In Industrial, we showcased our ability to serve a wide spectrum of customers from global enterprises to local developers with an expanded portfolio that offers advanced edge computing and AI solutions across industry verticals.

在機器人領域，我們發布了一整套技術，包括業界領先的 Dragonwing IQ10 晶片組平台，並與生態系統中的幾家公司合作，以推動我們產品的商業化。在工業領域，我們展示了我們服務於從全球企業到本地開發商等各類客戶的能力，並擴展了產品組合，為各個行業垂直領域提供先進的邊緣運算和人工智慧解決方案。

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 are now ready for questions.

謝謝你，阿卡什。操作員，我們現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

I wanted to start with the handset outlook. Any other factors that are driving the weakness beyond the memory pricing. It was good to hear the reiterated Samsung share. But I think most importantly, how should we think about the TAM for the year? And do you feel like this inventory correction is sort of the last shoe to drop in the March quarter that you're seeing?

我想先從手機外觀說起。除了記憶體價格之外，還有哪些因素導致了這種疲軟態勢？很高興聽到三星再次分享了他們的表現。但我認為最重要的是，我們應該如何看待今年的總市場規模（TAM）？您是否覺得這次庫存調整是您在三月季度中看到的最後一個可能出現的問題？

Thanks, Josh, for the question. I will start, and I'll ask Akash to add more color. -- it's 100% related to memory. Actually, I'll say the macroeconomic indicators have been strong. We look at the handset demand has been strong. I think because of our licensing business, we have a good understanding of the overall demand, we look at sell-through data, also very strong. But unfortunately, I think what we saw in Q1, as we guide to Q2, is 100% sized by the availability of memory.

謝謝你的提問，喬希。我先來，然後請阿卡什補充更多細節。 ——這完全與記憶力有關。實際上，我認為宏觀經濟指標一直表現強勁。我們看到手機需求一直很強勁。我認為，由於我們的授權業務，我們對整體需求有很好的了解，我們查看銷售數據，數據也非常強勁。但不幸的是，我認為我們在第一季看到的情況，以及我們對第二季的展望，100% 取決於記憶體的可用性。

So as you all know, as all the indication shows that DRAM availability for consumer electronics, especially handsets, is actually down biased on a year-over-year because of the prioritization of HBM for data center. I think the market is going to be sized by that. And I think we saw the reaction right away from our customers are adjusting, I think their build production to the memory they have available. And I don't know if Akash, you'd like to add some more color to that.

如大家所知，所有跡像都表明，由於資料中心優先使用 HBM，消費性電子產品（尤其是手機）的 DRAM 可用性實際上逐年下降。我認為市場規模將取決於此。我認為我們很快就看到了客戶的反應，他們正在調整生產方式，以適應他們可用的記憶體。我不知道阿卡什，你是否想為它增添一些色彩。

No, I think that covers it.

不，我想這樣就夠了。

Okay. I guess to follow up, I mean, just backing into the guidance you just gave on QCT, I mean, that Auto number is implying a pretty sharp acceleration sequentially. Is this some of the ADAS wins that you've talked about previously layering in? And maybe you could speak to both the drivers and the durability of this higher -- the higher watermark that you're guiding to?

好的。我想接著說，我的意思是，回到您剛才對 QCT 的指導，我的意思是，Auto 的數據表明其連續增長速度相當快。這是您之前提到的ADAS優勢之一嗎？或許您可以談談推動這更高目標實現的因素，以及您所引領的更高目標的持久性？

As we have said consistently, I think the pipeline we have built in Automotive -- it has continued to translate into revenue, especially as new cars ramp and new cars launch. And I think that's why we continue to see record revenues in Automotive. We don't move with the industry, you move primarily with our share gains. I think we're very excited about the trajectory. I'll say, we feel good about all the projections we have made about the size of the revenue when you look at our targets for fiscal '29. It's all going in the right direction. And we continue to have more design wins.

正如我們一直以來所說，我認為我們在汽車領域建立的管道——它已經持續轉化為收入，尤其是在新車產量增加和新車上市的情況下。我認為這就是為什麼汽車業的收入持續創下新高的原因。我們並沒有隨產業發展，你們的行動主要取決於我們的市佔率成長。我認為我們對未來的發展軌跡感到非常興奮。我想說，當我們展望 2029 財年的目標時，我們對所有關於收入規模的預測都感到滿意。一切都在朝著正確的方向發展。我們不斷贏得更多設計項目。

I think our position in the industry becomes stronger, I think with the platform. We're seeing traction with Flex, which both the ability to bring ADAS and digital cockpit in the same chipset across other tiers. We're seeing now some of the major, I think, volume drivers achieving SOP. We did announce a very broad partnership with Volkswagen Group and to your comment, it is correct. We're getting more traction with ADAS, once OEMs were able to see the stack that we launched with BMW, that was an option for them. We're seeing interest and those things are progressing very well.

我認為，有了這個平台，我們在業界的地位會更加穩固。我們看到 Flex 獲得了市場認可，它能夠將 ADAS 和數位座艙整合到同一晶片組中，並推廣到其他層級。我認為，我們現在看到一些主要的銷售驅動因素正在達到標準作業程序 (SOP)。我們確實宣布了與大眾汽車集團建立非常廣泛的合作夥伴關係，你的評論是正確的。隨著 OEM 廠商看到我們與寶馬合作推出的技術棧，ADAS 也越來越受到關注，這成為了他們的一個選擇。我們看到了各方的興趣，而這些事情進展得非常順利。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

I have one on data center and one on the smartphone side. Maybe on the data center, Cristiano, if you can give us an update in terms of the progress with your customers on that front. And given sort of the volatility we are seeing in memory, is that sort of being more disruptive to making progress with your customers? Or instead, is it sort of augmenting some of the pace of the discussions given sort of a big focus on that side of the sort of bill of materials as well? And I have a follow-up.

我在資料中心有一個伺服器，在智慧型手機端有一個伺服器。克里斯蒂亞諾，或許你可以向我們報告一下資料中心方面，你和客戶在那方面的進展。鑑於我們目前在記憶體領域看到的這種波動性，這是否會對與客戶共同取得進展造成更大的干擾？或者，鑑於對物料清單這一方面的重視程度較高，這是否在某種程度上加快了討論的節奏？我還有一個後續問題。

Thank you so much, Samik. So let me start with the data center. I think everything is going in the way we have planned. I think the only public, I think customer announced today as HUMAIN, that is progressing well. We have started shipping. We have been working with them in ISV on third-party workloads. We're encouraged about the progress our teams are doing on our road map. We continue to get very positive feedback, I think from broad engagements. You would imagine that the company at our size will be engaged in conversations with some of the largest hyperscalers and in cloud service providers in the industry.

非常感謝你，薩米克。那麼，就讓我先從資料中心開始吧。我認為一切都在按計劃進行。我認為今天唯一一家公開宣布的客戶公司是 HUMAIN，目前進展順利。我們已經開始出貨了。我們一直與他們合作，在 ISV 領域處理第三方工作負載。我們對團隊在路線圖上的進展感到鼓舞。我認為，我們持續收到來自各方的正面回饋。你可能會認為，像我們這樣規模的公司會與業內一些最大的超大規模資料中心營運商和雲端服務供應商進行洽談。

We have something very unique. We always said we have a dedicated platform for the disaggregated data center. We do very, very well in certain workloads such as decode with our different approach to compute and memory. If anything, I think the transaction of Groq kind of validates that, when you think about this aggregated data center, you have specialized hardware versus just a GPU that would do everything.

我們擁有一些非常獨特的東西。我們一直強調，我們擁有一個專門用於分散式資料中心的平台。我們採用不同的計算和記憶體方法，在某些工作負載（例如解碼）方面表現非常出色。如果有什麼意義的話，我認為 Groq 的交易某種程度上證實了這一點：當你考慮這種聚合資料中心時，你會發現你需要的是專用硬件，而不是一個可以處理所有事情的 GPU。

And we're getting good traction. What we’re really focused on right now is on execution. I think we had identified some of the milestones. We're executing on two fronts. It's CPU, we added a RISC-V CPU now to a road map in addition to Oryon, which is ARM compatible. And we're executing on AI250 with our new memory architecture. And we will provide details of our road map in our investor event. But so far, everything is on track. We still restate, we would expect '27 to start showing in revenues. And we feel good. We're just going to keep executing that.

我們取得了不錯的進展。我們現在真正關注的是執行力。我認為我們已經確定了一些里程碑。我們正在雙管齊下。這是 CPU，除了 Oryon（與 ARM 相容）之外，我們現在還在路線圖中增加了 RISC-V CPU。我們正在使用我們新的記憶體架構在 AI250 上進行測試。我們將在投資者活動中詳細介紹我們的發展路線圖。但目前為止，一切都在按計劃進行。我們仍然重申，我們預計 2027 年開始在營收中體現出來。我們感覺很好。我們將繼續執行這個計劃。

And I don't know if Akash want to add anything before I go to memories.

我不知道阿卡什在我進入回憶錄部分之前是否還有什麼要補充的。

No, I think the only thing I'll add on data center is -- we've mentioned previously that we expect this to be a multibillion revenue opportunity in a couple of years. And so everything that Cristiano outlined kind of just reiterates that opportunity for us.

不，關於資料中心，我唯一要補充的是——我們之前提到過，我們預計這將在幾年內成為一個數十億美元的收入機會。因此，克里斯蒂亞諾所概述的一切都再次強調了我們所擁有的機會。

Okay. So the memory thing, -- and look, I think we're going to see how this thing played out. I'm going to give maybe a little bit of the dynamics. When we step back and we look at the business, we're very, very happy with everything in the business. We just wish there was more memory. And the handsets get hit the most given its scale and its cycle time.

好的。所以關於記憶力的問題，－－你看，我想我們會看到這件事最終會如何發展。我打算稍微談談其中的動態。當我們退後一步審視整個業務時，我們對業務的各個方面都非常非常滿意。我們只是希望記憶體能更大一些。鑑於手機的規模和更新週期，手機受到的影響最大。

So we expect that the impact is going to be more muted in other business. For example, automotive is a little bit less sensitive to memory price increases. As you pointed out, the impact on handsets in the BOM. Having said that, when we go back to situations that we saw in the past, I think the best proxies will happen to do in a pandemic. The premium and high tier has proven to be more resilient to price increases. And we think that, that may be a factor that play out. But the most important thing is to that issue is not just the price. The issue is just availability. So I think the memory availability will determine the overall size of the handset market.

因此我們預計，對其他業務的影響會比較輕微。例如，汽車業對記憶體價格上漲的敏感度略低。正如您所指出的，這對物料清單中的手機產生了影響。話雖如此，當我們回顧過去的情況時，我認為最好的替代指標恰好會在大流行期間出現。事實證明，高端產品對價格上漲的抵抗力更強。我們認為，這可能是會起作用的因素。但解決這個問題的關鍵不僅在於價格。問題僅在於供貨情況。所以我認為記憶體的可用性將決定手機市場的整體規模。

OEMs are very likely to prioritize premium and high-tier, how they have done in the past. That could be less impacted, and we will see the reaction on consumers as their price increases for the finished product. I do stand by what I said, I think the whole fiscal year mobile/ handset size will be determined by memory availability, and we're just going to monitor this on a quarter as phones get repriced, tiers kind of shift towards high-end premium, and we'll see what happened in the marketplace.

就像過去一樣，汽車製造商很可能會優先考慮高端和高檔產品。這方面受到的影響可能較小，我們將看到消費者對成品價格上漲的反應。我堅持我之前的說法，我認為整個財年的手機/行動裝置尺寸將取決於記憶體的可用性，我們將按季度觀察手機重新定價、產品線向高端旗艦機型轉變的情況，看看市場會發生什麼變化。

Got it. If I just can quickly follow up on that, Cristiano. On the OEMs prioritizing the higher tier, I mean, within that higher tier, do you expect them to downshift in terms of the tiering of the chipsets or the SoCs that they go for just to be able to manage their overall cost in relation to what they need to pass on to consumers? And that's it for me.

知道了。如果我能盡快跟進一下，克里斯蒂亞諾。關於 OEM 廠商優先考慮高階產品的問題，我的意思是，在高階產品內部，您是否認為他們會為了控制整體成本，從而將成本轉嫁給消費者，而降低晶片組或 SoC 的檔次？我的故事就到此為止了。

So as a general trend, and I wanted to emphasize what we saw in the quarter. Yes, there's a memory shortage, but when there was memory, we saw the results, was very good. Consumer demand was very good. And what we have seen, which it's been going on like for years now: the premium tier continues to expand in a market that has been relatively flat, which is the handset market, we have seen growth in the mix where the premium tier are expanding.

所以總的來說，我想強調一下我們在本季看到的情況。是的，記憶體確實不足，但當記憶體充足時，我們看到了結果，非常好。消費者需求非常旺盛。我們已經看到，這種情況已經持續多年了：在相對平穩的手機市場中，高階市場持續擴張，我們看到高階市場正在擴張。

So I think that's a factor that is likely going to drive OEMs to continue to be focused on the premium tier. I did mention one thing in my prepared remarks, which is a dual flagship strategy that we have adopted, and there has been also very well received, I think, by the market. You probably see that when you think of different OEMs, how they have like ultra or different categories, and they have multiple tiers of the premium tier. I expect that's going to play. But overall, our hope is that the premium tier will be more resilient, granted, the memory that is available is the memory that's available.

所以我認為這很可能是促使汽車製造商繼續專注於高端市場的因素之一。我在準備的發言稿中確實提到了一點，那就是我們採取的雙旗艦策略，我認為市場對此也反應很好。你可能會在想到不同的汽車製造商時會發現，他們有像超高端或不同類別的產品，而且高端產品也有多個等級。我預計那段影片會播放。但總的來說，我們希望高級版能夠更具韌性，當然，可用的記憶體就是可用的記憶體。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

You mentioned a couple of different things on the handset side for my first question. But I guess what it comes down to is what percentage of your handset business do you think is in China, considering that you cited them as being especially hit. And do you think normal seasonality is likely to occur after the step down in the March quarter? Or is that too difficult to tell?

關於我的第一個問題，你提到了手機方面的幾個不同面向。但我想歸根結底，你認為你的手機業務中有多少比例來自中國，考慮到你曾經提到中國受到的衝擊尤其嚴重。你認為在3月季度下滑之後，正常的季節性波動是否可能出現？還是這很難判斷？

Yeah. I think on your first question, Ross, we don't really kind of break down by regions. But if you think about the percent of volume that is driven by the Chinese OEMs but then adjust it down for the tiers that they play in. So our exposure would be less than what you would just see based on the units.

是的。羅斯，關於你的第一個問題，我認為我們並沒有按地區劃分。但如果你考慮到中國汽車製造商所佔的銷售百分比，然後再根據他們所處的等級進行調整，你會發現情況並非如此。因此，我們的風險敞口會比您根據單位數量所看到的要小。

And the seasonality side?

那麼季節性因素呢？

The seasonality on the handset side, I think you should think of the seasonality in the demand from the consumers is going to be consistent with what we've seen in the past. I think consumers wait for premium tier launches and there is significant purchases that happen when that plays out. I think to Cristiano's earlier point, it's really a question of how supply aligns against the demand. We don't have a demand issue, as we said earlier. The demand continues to be strong. Our design win pipeline continues to be strong. And then it's just a question of supply alignment with it over the next few months.

就手機而言，我認為你應該考慮到消費者需求的季節性變化，這與我們過去看到的情況一致。我認為消費者都在等待高端產品上市，而當這種情況發生時，往往會有大量的購買行為。我認為正如克里斯蒂亞諾之前所說，這實際上是一個供需平衡的問題。正如我們之前所說，我們不存在需求問題。需求依然強勁。我們的設計項目中標管道依然強勁。接下來幾個月的問題就是如何保證供應與需求相符。

And then I guess just for my follow-up, on the OpEx side of things, you gave a good explanation why it's popping up a bit in the March quarter. After that, are there any adjustments given what you're saying in the memory side? Or are you guys kind of investing right through this?

然後，我想就營運支出方面再補充一點，您很好地解釋了為什麼它在三月份的季度中有所增加。之後，根據你所說的記憶體方面的情況，還需要做任何調整嗎？還是說你們打算繼續投資？

I think it's the way we've guided the March quarter is a reasonable way of thinking about the rest of the year. I think our focus, as we've said before, is the following framework on OpEx, really kind of reduce the investments in mature businesses and use it to fund the diversification priorities. And then we have these acquisitions, including Alphawave, kind of driving incremental expense and investment in data center. But it's really just focused on those things as we've been extremely disciplined over the last several years and grown OpEx significantly slower than revenue and gross profit. That framework for our operating plan doesn't change going forward.

我認為，我們在三月季度的指導方式，對於思考今年剩餘時間的工作也是合理的。我認為，正如我們之前所說，我們的重點是以下營運支出框架，真正減少對成熟業務的投資，並將其用於多元化優先事項的資金。然後，我們還有這些收購，包括對 Alphawave 的收購，這在一定程度上推動了資料中心的額外支出和投資。但我們確實只專注於這些方面，因為在過去幾年裡，我們一直非常自律，營運支出成長速度遠低於收入和毛利成長速度。我們的營運計劃框架不會改變。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

For the first one, I want to ask that seasonality question in a different way. And I think it was really getting at June. It usually just seasonally, I know your revenues stepped down in June. So you're guiding $6 billion on Handsets. You're guiding $6 billion in March quarter, which is down about 13% year over year. Are you expecting, just given what you're seeing in the memory market right now is similar and what you -- what can be supplied a similar type of year over year growth like in June? Or do you think there's like $6 billion number given it is sort of supply content is like a good number to have, given the current supply that is out there until things normalize? Like just how do we think about June in the context of March given the March decline in the context of the memory situation.

對於第一個問題，我想換個方式問一下季節性問題。我覺得這件事真的跟六月有關。通常只是季節性的，我知道你們六月的收入下降了。所以你們計劃投資60億美元用於手機業務。您預計3月季度營收為60億美元，年減約13%。鑑於目前內存市場的情況與往年類似，而且您認為——能否實現與 6 月份類似的同比增長？或者你認為考慮到目前的供應情況，在一切恢復正常之前，60億美元的數字是比較合適的供應量數字嗎？例如，考慮到三月記憶力下降的情況，我們該如何看待三月的情況？

Yeah. So Stacy, given the uncertainty in the market, we're obviously not guiding beyond the second quarter at this point. But as Cristiano said earlier, -- when you think about the demand fundamentals, they're strong. And really, it's a question of how supply aligns against it, and we expect that supply will really define the financial forecast for the year for the rest of the fiscal year, specifically kind of between quarters, you should think of March as a reasonable way to model June as well is really kind of a similar seasonality profile that you would have seen in other years.

是的。所以，Stacy，鑑於市場的不確定性，我們目前顯然不會對第二季以後的情況做出預測。但正如克里斯蒂亞諾之前所說，——當你考慮需求基本面時，你會發現它們很強勁。實際上，這取決於供應如何與之匹配，我們預計供應將真正決定本財年剩餘時間的財務預測，尤其是在季度之間，你應該把 3 月份的情況作為 6 月份的合理預測，這與往年類似的季節性特徵。

Got it. And for my follow-up, I want to ask just about QTL. So again, it sounds like the demand is there, but we just don't know how many handsets are going to be able to be built. I guess in that context, how are you thinking about sort of like just a typical QTL run rates in the various quarters through the year? Do you think they're similar to what we've seen in the past. I think your guidance is maybe in line to maybe slightly below what would we typically see for March? And below? I mean how do you think about that?

知道了。最後，我想問關於 QTL 的問題。所以，聽起來市場需求是存在的，但我們不知道能夠生產多少手機。我想在這個背景下，您是如何考慮一年中各個季度典型的 QTL 運行率的呢？你認為它們和我們過去看到的類似嗎？我認為你們的預測可能與三月的通常預測相符，或者略低於預期？下面呢？我是說，你對此有什麼看法？

Yeah, Stacy, it's Akash. So let me try to address it a couple of ways. I think first is just strong performance in December quarter. We saw units, handset units higher than expectation in the quarter. I think as you go into the next quarter, we are guiding QTL just slightly below what we did last year. So pretty consistent with trend. But of course, that's subject to supply considerations. As you think about the full year at this point, given the supply, we have a negative bias on units, but really, we're going to have to see how it plays out as we go through the next several months.

是的，史黛西，我是阿卡西。那麼，讓我試著從幾個方面來解釋。我認為首先是12月季度的強勁表現。本季我們看到手機銷量高於預期。我認為，進入下一季度，我們預計 QTL 將略低於去年同期水準。所以與趨勢相當一致。當然，這取決於供應情況。考慮到目前的供應情況，從全年來看，我們對銷售持悲觀態度，但實際上，我們還要看看接下來幾個月的情況如何發展。

So maybe a touch below those similar to what we saw in March seems reasonable given what we know right now.

所以，考慮到我們目前所掌握的信息，略低於三月的水平似乎是合理的。

I think that's the framework that I outlined is the way we are thinking about it.

我認為我概述的框架就是我們思考這個問題的方式。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Akash, I wanted to ask about the Op margin guidance in QCT. The drop-through is more than 100%. I mean it's not surprising that margins would come down, but they seem to be coming down pretty quickly like faster than I would have thought. Is there -- is there something else going on there? I know that wafer costs are going up and MediaTek said on their call that they're still gaining share at the high end. Is there something going on to make the drop through more than 100% on the top line for March?

Akash，我想問QCT的Op利潤率指引。掉落率超過 100%。我的意思是，利潤率下降並不奇怪，但下降的速度似乎比我想像的要快得多。那裡是不是還有其他事情發生？我知道晶圓成本正在上漲，聯發科在電話會議上表示，他們仍在高端市場不斷擴大市場份額。3月份營收下降超過100%是有原因的嗎？

No, there isn't, Tim. I think we're expecting gross profit margin to be largely in line with the December quarter. And so it's just the scale of the revenue coming through and the OpEx guidance that we provided.

不，沒有，提姆。我認為我們預計毛利率將與12月份的季度基本持平。所以，關鍵在於收入規模和我們提供的營運支出指導。

Okay. Sorry, Tim, I just want to add one thing. No, look, we saw how I think the other company reported as well, very consistent view, on what we're seeing sequentially on the quarter. It's just the whole market is kind of being adjusted to the new build-out reality. So we actually don't see anything other than that. And remind you of the seasonality that we always have, regardless of this memory issue, a lot of the premium tier launched in Chinese New Year. So you actually normally see some of the Chinese go down on a sequential basis, because they just build for the premium launches.

好的。抱歉，提姆，我只想補充一點。不，你看，我們也看到了另一家公司的報告，我認為他們的觀點非常一致，與我們在本季度看到的環比情況相符。整個市場都在調整以適應新的建設現實。所以實際上我們什麼也沒看到。提醒大家，無論是否有記憶問題，我們始終都有季節性因素，許多高級會員產品都是在中國新年期間推出的。所以你通常會看到一些中國品牌的產品按順序降價，因為他們只生產高端產品。

Okay. And then do you have any update on the Huawei license, I know we're still waiting for it. And maybe what's the sticking point? And is there risk -- we talked about this before, but is there a risk and precedent for the big customer, if you don't sign a license with Huawei? Thanks for that.

好的。那麼，關於華為的許可證，您有什麼最新進展嗎？我知道我們還在等待中。那麼，癥結究竟在哪裡呢？是否有風險？我們之前討論過這個問題，但是如果不與華為簽署許可證，對於大客戶來說是否存在風險和先例？謝謝。

This is Alex. Really no update on the Huawei discussions. The discussions are still underway. In terms of sticking points that really can't get into what are confidential discussions. I see these two sets of negotiations is fairly distinct, actually significantly distinct operating in different paths. And as you know, with the other company, whenever we see a renewal date on the horizon, we start discussions very well in advance. And so that's underway, and we don't have any update on that.

這是亞歷克斯。關於華為的討論仍然沒有任何進展。討論仍在進行中。至於一些棘手的問題，實在不能在保密討論中提及。我認為這兩組談判截然不同，實際上是截然不同的，它們遵循著不同的路徑。如您所知，對於另一家公司，每當我們看到續約日期臨近時，我們都會提前很早就開始討論。目前這項工作正在進行中，我們還沒有關於此事的任何最新消息。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，坎托·菲茨傑拉德。

I guess curious, obviously, the DRAM makers have been talking about satisfying only 50% to 70% of the demand, and they're highlighting shortages into 2028. So curious how you're planning for a situation where this could be sustained -- are your Chinese customers looking to design in CXMT -- and could you get qualified inside of that? I would assume your business with Samsung would be strong given their internal supply from DRAM and as well as your supply chain in terms of your wafer commits to TSM, I guess how are you managing all of that given all this great uncertainty.

顯然，DRAM 製造商一直在談論只能滿足 50% 到 70% 的需求，他們強調到 2028 年仍將出現短缺，這令人感到好奇。我很好奇您是如何計劃讓這種情況持續下去的——您的中國客戶是否打算使用 CXMT 進行設計——以及您能否獲得相關資格？鑑於三星內部的DRAM供應以及你們對台積電晶圓的供應承諾，我認為你們與三星的業務應該很強勁。在目前如此巨大的不確定性下，你們是如何管理這一切的呢？

Look, very good question. I know it's obvious but just in case, I'm going to use this opportunity a clarification. For handsets, we don't buy memory. I think there are some memory to get stacked on models, but the majority of the memory is purchased directly by our customers. You should expect, given our scale, we're probably among the first to be qualified with every memory provider. Every single memory, you can imagine, CXMT and other smaller companies, we have been qualified. And also, we have flexibility versus some of the other companies. If you actually double click, you're going to see we have flexibility about working with new versions of memory as well as older version of memory on our platforms. We have multi-generation memory controllers. So from a platform perspective, we're going to work with whatever is available. I think that's kind of the approach we always took when you have a shortage.

你看，這是一個很好的問題。我知道這很明顯，但以防萬一，我還是想藉此機會澄清一下。對於手機，我們不購買內存。我認為有些型號的記憶體需要堆疊使用，但大部分記憶體都是我們的客戶直接購買的。鑑於我們的規模，您可以預料到，我們可能是最早一批獲得所有記憶體供應商認證的公司之一。你能想像的每一家公司，包括 CXMT 和其他規模較小的公司，我們都具備相應的資格。而且，與其他一些公司相比，我們也更有彈性。如果你雙擊一下，你會發現我們的平台可以靈活地使用新版本和舊版本記憶體。我們擁有多代內存控制器。所以從平台角度來看，我們將利用一切可用的資源。我認為，當出現短缺時，我們通常會採取這種做法。

So the second part of the question, which is the bigger question. Look, the trend, I think, of growth in the data center continues, and it's pretty obvious. I think the memory vendors have prioritized the build-out HBM, and some of the data that you just provided is kind of what we see. As I said before, it's a very clear indication that as of today, the availability of memory for consumer electronics year-over-year has been below the demand, and we've seen that in handsets.

所以問題的第二部分，也是更重要的問題。我認為，資料中心的成長趨勢仍在繼續，這一點顯而易見。我認為記憶體廠商已經優先考慮了 HBM 的構建，而你剛才提供的一些數據也印證了這一點。正如我之前所說，這非常清楚地表明，截至目前，消費性電子產品的記憶體供應量逐年低於需求量，我們在手機領域已經看到了這一點。

You start to see commentary on gaming consoles and other consumer electronic devices. We can't really predict if this will continue for '27 or '28. I think there's capacity build-out in plans. It all depends also on how much the trend on data center continues to accelerate. It is fair to assume at this point that for the fiscal year, the size of the handset market, which is one that is probably getting the brunt of the impact in our business is going to be defined by the availability of DRAM.

你開始看到關於遊戲機和其他消費性電子設備的評論。我們無法預測這種情況是否會持續到 2027 年或 2028 年。我認為規劃中有擴容措施。這也取決於資料中心的發展趨勢會以多快的速度持續下去。可以合理推斷，本財年手機市場的規模（該市場可能對我們的業務影響最大）將取決於 DRAM 的供應情況。

And C.J., on your second part of your question on wafers for leading nodes. As you know, kind of leading nodes are constrained on the wafer side as well. But we have great relationships with our suppliers, and so we're confident that we'll have enough way for us to address the demand.

C.J.，關於你問題的第二部分，即領先節點的晶圓。如您所知，領先的節點在晶圓方面也受到限制。但我們與供應商的關係很好，因此我們有信心滿足市場需求。

And I guess as a follow-up, curious, -- if we do see a mix shift, higher Snapdragon, but unit volume is lower, how should we think about that impacting your QCT EBT margins?

我想接著問一個問題，如果產品組合發生變化，驍龍處理器的使用率更高，但銷量卻更低，我們該如何看待這會對你們的季度息稅前利潤率產生怎樣的影響？

Yeah. I mean, as you know, well, C.J., we do very well in the premium and high tiers. And so as the volume shifts up, that is usually a benefit for us.

是的。我的意思是，正如你所知，C.J.，我們在高級和高端市場表現非常出色。因此，隨著銷量上升，這通常對我們來說是有利的。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

I wanted to just kind of keep going on the memory side. As we kind of look at Apple and their propensity for double-digit growth, maybe even the whole year, it just seems like they are going to continue to get disproportionate share of the available DRAM. Is it possible -- how do you kind of navigate that with all your partners -- and I guess the question would be, does that add to some of the uncertainty that could linger into the next fiscal year with one vendor getting disproportionately this kind of unit growth. And obviously, kind of allocation they get.

我當時只想繼續在記憶體方面深耕。當我們觀察蘋果及其有望實現兩位數成長的趨勢，甚至可能全年保持成長時，似乎他們將繼續獲得不成比例的可用 DRAM 份額。是否有可能——你如何與所有合作夥伴一起解決這個問題——我想問題在於，如果一家供應商獲得不成比例的銷售成長，這是否會加劇下一財年的不確定性。顯然，還有他們獲得的分配類型。

Look, it's hard to make predictions, but I will also probably remind you that we have another large customer, they also have the memory division as well. So I think as a general statement, it probably effects OEMs with larger scale, will have probably better ability to have enough memory, and they will make priority calls than OEMs with smaller scale. But I think that this problem is probably going to be industry-wide. I don't think any OEM has been immune. In general, I think the statements we have seen broader in the industry is not a demand issue, it's all supply constraint.

你看，預測很難，但我可能還要提醒你，我們還有另一個大客戶，他們也有記憶體部門。所以我認為，總的來說，這可能會對規模較大的 OEM 廠商產生影響，它們可能更有能力獲得足夠的內存，並且它們會比規模較小的 OEM 廠商做出更優先的決定。但我認為這個問題很可能是整個產業的普遍問題。我認為沒有哪家原始設備製造商能夠倖免。總的來說，我認為我們在業界廣泛看到的說法並非需求問題，而是供應限制問題。

Okay. Well, look, there's been a lot of questions on that. Just my next one, I just wanted to double-click on the data center. And I know you got asked about whether there'll be memory available for that. But just in terms of the recent events that validate I believe the decoding aspect of your solution. I was wondering if you could just provide a little bit of an update there, what's happened since Groq-NVIDIA, and how are discussions going beyond HUMAIN and just that overall trend and your ability to play.

好的。嗯，你看，關於這個問題已經有很多疑問了。下一個，我只想雙擊資料中心。我知道有人問過你是否會有足夠的記憶體來儲存這些資訊。但就最近發生的事件而言，我相信你方案中的解碼部分是正確的。我想問一下，您能否簡要介紹一下最新情況，自從 Groq-NVIDIA 事件以來發生了什麼，討論是如何超越 HUMAIN 的，以及整體趨勢和您的遊戲能力如何。

Look, here's what I can say without front-running our investor event. First of all, I would describe it like this. I think there's a lot of companies right now that recognize, the technology and the technical capability of Qualcomm. I think our track record on technology execution has been very successful. And I think we also understand some of the dynamics on compute and memory. I think given the breadth of our IP road map. We're probably one of the few companies that go from sub 5 watts to now all the way to 500 watts.

聽著，以下是我在不提前透露投資者活動資訊的情況下可以透露的內容。首先，我會這樣描述它。我認為現在有很多公司都認可高通的技術和技術能力。我認為我們在技術執行方面的記錄非常成功。而且我認為我們也了解計算和記憶體方面的一些動態。我認為，鑑於我們智慧財產權路線圖的廣度。我們可能是為數不多的幾家能夠從 5 瓦以下發展到現在的 500 瓦的公司之一。

And we have said in the past, as we're going to enter this market, we needed to kind of intercept where the market is going, and we're going to be really, really focused on inference and especially the disaggregated. I think you pointed to the right way, for example, decode applications, we believe, incredibly competitive. Not only from a power consumption, but also from an overall TCO, compute density, memory density.

我們過去曾說過，當我們進入這個市場時，我們需要掌握市場的發展方向，我們將非常非常專注於推斷，尤其是分解推論。我認為你指出了正確的方向，例如解碼應用程序，我們相信，它們極具競爭力。不僅從功耗來看，整體擁有成本、運算密度、記憶體密度來看也是如此。

And we really focus on execution. The feedback we have been given from a lot of the large companies on the technical side and on the product side is very positive. Now the ball is in our court to execute have hardware available and kind of show the results and/or just going to continue doing that.

我們非常注重執行。我們從許多大公司得到的關於技術和產品方面的回饋都非常積極。現在球在我們這邊，我們需要落實硬件，展示結果，或者繼續這樣做。

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

謝謝。今天的問答環節到此結束。克里斯蒂亞諾先生，在結束通話前，您還有什麼要補充的嗎？

The only thing I want to add, look, it's unfortunately, I think that the whole sector is impacted by memory, but we remain incredibly encouraged about, the foundation we set up for the company to be relevant to many industries. We are on track to the commitments we made on the diversification revenue for the company for fiscal '29.

我唯一想補充的是，很遺憾，我認為整個行業都受到了記憶技術的影響，但我們仍然對我們為公司奠定的基礎感到非常鼓舞，這使得公司能夠與許多行業相關聯。我們正依照計畫實現公司 2029 財年多元化收入所做的承諾。

We have, in a record time, I think, been having a very good traction in the future opportunity of robotics, physical AI and robot is the best example I can provide other than in autonomous driving of what edge AI is, and we believe that we are creating really a completely different company with relevance in many, many markets.

我認為，我們在創紀錄的時間內，在機器人、實體人工智慧的未來機會方面取得了非常好的進展。除了自動駕駛之外，機器人是我能提供的邊緣人工智慧的最佳範例。我們相信，我們正在打造一家真正與眾不同的公司，在許多市場上都具有重要意義。

And we'll just continue to execute on a road map. I would like to thank all of our partners, suppliers, they're dealing with us in this memory shortage and our employees, and we look forward to talking to you next quarter.

我們將繼續按照既定路線圖執行。我要感謝我們所有的合作夥伴、供應商，感謝他們在這次內存短缺的情況下與我們並肩作戰；也要感謝我們的員工，我們期待下個季度與大家繼續交流。

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。