高通 (QCOM) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm second-quarter fiscal 2026 earnings conference call.

各位女士、先生，感謝您稍候。歡迎參加高通 2026 會計年度第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded, April 29, 2026.

（接線員指示）提醒您，本次會議將被錄音，日期為 2026 年 4 月 29 日。

Playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. Playback reservation number is 13759551.

今日會議的回放電話為 (877) 660-6853。國際來電者請撥 (201) 612-7415。回放預約號碼為 13759551。

I would now like to turn the call over to Brett Simpson, Senior Vice President of Investor Relations. Mr. Simpson, please go ahead.

現在我想把電話交給投資人關係資深副總裁 Brett Simpson。Simpson 先生，請開始。

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，各位下午好。今天的電話會議將包含 Cristiano Amon 與 Akash Palkhiwala 的事先準備發言。此外，Alex Rogers 也將加入問答環節。您可在我們的投資人關係網站取得本次電話會議的財報新聞稿與隨附的簡報。另，本次電話會議也在 qualcomm.com 進行網路直播，稍晚今天我們也會在網站提供重播。

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.

在今天的電話會議中，我們將使用《G 規則》（Regulation G）所定義的非 GAAP 財務衡量指標，相關與 GAAP 的調節表可在我們網站上查閱。我們也將作出前瞻性陳述，包括對未來事件、業務或產業趨勢，或業務與財務結果的預測與估計。

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-Q, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

實際事件或結果可能與我們前瞻性陳述中的預測存在重大差異。請參閱我們向 SEC 提交的文件（包括最新的 10-Q），其中載有可能導致實際結果與前瞻性陳述存在重大差異的重要因素。

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

接下來請聽取高通總裁兼執行長 Cristiano Amon 的發言。

Thank you, Brett, and good afternoon, everyone. Thanks for joining us today. In fiscal Q2, we delivered revenues of $10.6 billion and non-GAAP earnings per share of $2.65, with EPS coming in at the high end of our guidance. QCT revenues were $9.1 billion, with another quarter of record automotive revenues as well as growth in IoT. Licensing business revenues were $1.4 billion.

謝謝你，Brett，各位下午好。感謝大家今天加入我們。在 2026 會計年度第二季，我們實現營收 106 億美元，非 GAAP 每股盈餘（EPS）為 2.65 美元，EPS 落在我們指引區間的高端。QCT 營收為 91 億美元，汽車業務再創單季營收新高，IoT 亦實現成長。授權業務營收為 14 億美元。

Before I share key highlights from the business, I would like to provide some perspective on Qualcomm's current customer design cycles and the opportunities ahead.

在我分享業務重點之前，我想先就高通目前的客戶設計週期與未來機會提供一些觀點。

We are in a period of profound change, and it may not yet seem obvious to the financial community. The emergence of agentic AI workload, with OpenClaw as an early example, are fundamentally changing user experiences across connected edge devices and reshaping our roadmap in every platform we develop.

我們正處於一個深刻變革的時期，而金融界可能尚未明顯感受到。代理式 AI（agentic AI）工作負載的興起（OpenClaw 是早期例子之一），正在從根本上改變各類連網邊緣裝置的使用者體驗，並重塑我們在每一個平台上的產品路線圖。

For agents to work efficiently, they must run continuously in the background, fuel sensor data into context, orchestrate multistep tasks reliably and deliver strong security. Today's installed base of devices were not built for this new capabilities, and it represents a significant upgrade opportunity and expansion of our addressable market in the coming years.

要讓代理高效率運作，它們必須在背景中持續運行，將感測器資料轉化為情境脈絡，可靠地協調多步驟任務，並提供強健的安全性。現有已安裝的裝置基礎並非為這些新能力而打造，這代表未來數年將出現顯著的升級機會，並擴大我們的可服務市場（TAM）。

Agent orchestration is predominantly CPU bound and Qualcomm has the world's best-performing CPU across smartphones, PCs, auto, and soon, the data center. Qualcomm's unparalleled connectivity solutions empower efficient NPU for local models will also be key assets to delivering agentic AI experiences.

代理協調主要受限於 CPU，而高通在智慧型手機、PC、汽車，以及即將進入的資料中心領域，擁有全球效能最佳的 CPU。高通無與倫比的連線解決方案，以及能支援本地模型的高效率 NPU，也將是提供代理式 AI 體驗的關鍵資產。

No other semiconductor company matches the breadth and scale of our technology and product portfolio, which powers devices spanning milliwatts to kilowatts, from smart wearables to data centers. As a result, we're seeing a step-function increase in strategic customer engagement and is changing how we think about the broad AI opportunity as well as the speed of our diversification efforts.

沒有任何其他半導體公司能在技術與產品組合的廣度與規模上與我們匹敵；我們的產品驅動從毫瓦到千瓦等不同功耗等級的裝置，涵蓋從智慧穿戴到資料中心。因此，我們看到策略性客戶互動出現跳躍式提升，這也正在改變我們對廣泛 AI 機會的思考方式，以及我們多元化布局的推進速度。

Beginning with Automotive, in Q2, we exceeded $5 billion in annualized revenues for the first time, and we expect to exit fiscal '26 at a run rate above $6 billion. This growth is driven by our fourth generation Snapdragon Digital Chassis platform, which comprises connectivity, telematics, infotainment, as well as advanced driver assistance and automated driving. Notably, we have now enabled more than 1 million cars operating ADAS and autonomy on our Snapdragon Ride processors. By the end of the fiscal year, we will begin commercial shipments of our fifth-generation Snapdragon Digital Chassis platform. This represents the largest generation-to-generation content increase in Qualcomm's history, delivering 3 times higher CPU throughput, a threefold increase in GPU capability, and 12 times higher NPU performance while supporting in-vehicle agents and processing for Level 3 and Level 4 autonomous driving.

先從汽車業務談起：在第二季，我們的年化營收首次突破 50 億美元，並預期在 2026 會計年度結束時的營收運行率將高於 60 億美元。此成長由我們第四代 Snapdragon 數位座艙（Digital Chassis）平台所帶動，該平台涵蓋連線、車載資通訊（telematics）、資訊娛樂（infotainment），以及先進駕駛輔助系統（ADAS）與自動駕駛。值得一提的是，目前已有超過 100 萬輛汽車在我們的 Snapdragon Ride 處理器上運行 ADAS 與自動化功能。到本會計年度末，我們將開始第五代 Snapdragon 數位座艙平台的商用出貨。這是高通歷史上世代間內容（content）提升幅度最大的一次：CPU 吞吐量提升 3 倍、GPU 能力提升 3 倍、NPU 效能提升 12 倍，同時支援車內代理（in-vehicle agents）以及 L3 與 L4 自動駕駛所需的運算處理。

Looking ahead to fiscal '27, we expect continued share gains and increased content, particularly in ADAS. We're pleased with the performance of our automated driving stack with BMW, and we're seeing broad customer engagement from other leading automakers. Our recent announcement with Bosch and Wayve are good examples of what's to come as we build on our proven platforms and self-driving stack and scale ADAS.

展望 2027 會計年度，我們預期市占將持續提升、單車內容價值也將增加，尤其是在 ADAS 方面。我們對與 BMW 合作的自動駕駛軟硬體堆疊（stack）表現感到滿意，也看到其他領先車廠的廣泛客戶互動。我們近期與 Bosch 與 Wayve 的公告，是我們在既有成熟平台與自動駕駛堆疊基礎上，擴大 ADAS 規模、持續推進的良好例證。

In IoT, agentic workloads and edge AI are driving major product renewal design cycles. Overall, our pipeline is healthy, and there is clear momentum for Qualcomm’s solutions.

在 IoT 方面，代理式工作負載與邊緣 AI 正推動重大的產品更新設計週期。整體而言，我們的專案管線（pipeline）健康，且高通解決方案的動能明確。

In personal AI, we expect a significant increase in the choice of new smart glasses starting in the second half of the year. We believe these launches, combined with the rapid progress in agentic AI, will catalyze an inflection point in customer demand across this category.

在個人 AI 方面，我們預期從今年下半年開始，新款智慧眼鏡的選擇將顯著增加。我們相信，這些新品上市加上代理式 AI 的快速進展，將促使此類別的客戶需求出現拐點。

Our 2026 Snapdragon X2 PC platforms are currently in production and our world-class Oryon CPU unlocks powerful, always-on agentic experiences, making it a true competitive differentiator. Agentic orchestrators such as OpenClaw, Claude Desktop, Claude Code, OpenAI Codex Desktop, Perplexity Computer, Crew AI, Hermes Agent, LandGraph, and Humain One running on Snapdragon X2 are early proof points.

我們的 2026 年 Snapdragon X2 PC 平台目前已進入量產，而我們世界級的 Oryon CPU 可解鎖強大、隨時在線（always-on）的代理式體驗，成為真正的競爭差異化因素。OpenClaw、Claude Desktop、Claude Code、OpenAI Codex Desktop、Perplexity Computer、Crew AI、Hermes Agent、LandGraph 與 Humain One 等代理式協調器在 Snapdragon X2 上運行，已是早期的驗證案例。

A recent PCMag review of the ASUS ZenBook A16 notes that Qualcomm is now a “serious challenger” in the PC space and states, “the generational leap from the original Snapdragon X Elite to the X2 series is particularly striking. Qualcomm hasn't just caught up to the industry. In some cases, is now helping to set the pace.” In addition, our Hexagon NPU is the world's fastest for laptops delivering up to 85 TOPS. Together with our industry-leading CPU, which has the best on-device token generation rate, Snapdragon X2 delivers the full agent experience end-to-end and outperforms Intel's Panther Lake by nearly 30%.

PCMag 近期對 ASUS ZenBook A16 的評測指出，高通如今已是 PC 領域的「嚴肅挑戰者」，並表示：「從最初的 Snapdragon X Elite 到 X2 系列的世代躍升尤其令人印象深刻。高通不僅追上了產業，在某些方面甚至正在幫助設定節奏。」此外，我們的 Hexagon NPU 是全球筆電最快者，最高可達 85 TOPS。結合我們業界領先、具備最佳裝置端 token 生成速率的 CPU，Snapdragon X2 可端到端提供完整代理體驗，且效能較 Intel 的 Panther Lake 高出近 30%。

In Physical and Industrial AI, our new Dragonwing IQ10 platform has generated substantial customer interest since our launch at CES. This is a significant upgrade compared to IQ9, featuring an NPU with up to 700 TOPS of on-device AI performance, an 18-core Orion CPU, over 20 camera sensors, and an integrated safety island. Building on our design win with Figure AI, we announced an exciting multi-year agreement with Neura, reinforcing our confidence that we can become a significant player in the broad robotics market.

在實體與工業 AI 方面，我們全新的 Dragonwing IQ10 平台自 CES 發表以來已引發大量客戶興趣。相較 IQ9，這是一項重大升級：其 NPU 提供最高 700 TOPS 的裝置端 AI 效能、18 核 Orion CPU、可支援超過 20 個相機感測器，並整合安全島（safety island）。在我們取得 Figure AI 設計導入（design win）的基礎上，我們也宣布與 Neura 達成令人振奮的多年期協議，進一步強化我們對於成為廣泛機器人市場重要參與者的信心。

Also during the quarter, we introduced VENTUNO Q at Embedded World. This is the second Arduino platform built on Qualcomm silicon and we view it as a world-class prototyping engine for both robotics and industrial AI developers as we expand our ecosystem across key verticals. VENTUNO Q is purpose built to bring AI into the physical world, enabling fully autonomous AI agents in a wide range of Edge AI applications, including voice assistance and vision systems. Several new industrial AI products are also moving from design win to deployment across retail, utilities, oil and gas, agriculture, and other verticals.

本季期間，我們也在 Embedded World 發表 VENTUNO Q。這是第二個基於高通晶片打造的 Arduino 平台；隨著我們在關鍵垂直領域擴大生態系，我們將其視為面向機器人與工業 AI 開發者的世界級原型開發引擎。VENTUNO Q 專為將 AI 帶入實體世界而設計，可在多種邊緣 AI 應用中實現完全自主的 AI 代理，包括語音助理與視覺系統。另有多項新的工業 AI 產品也正從設計導入走向部署，涵蓋零售、公用事業、油氣、農業及其他垂直領域。

In Data Center, the Alphawave integration is off to a great start, and we're pursuing multiple opportunities with large hyperscalers, cloud service providers, sovereign AI projects, and other global partners. Building on that momentum, we're also entering the custom silicon, space beginning our ramp with a leading hyperscaler and we expect initial shipments in the December quarter. In addition, development of our leading data center CPU and high-performance AI inference accelerators is progressing well. We look forward to sharing more details and customer wins at Investor Day in June.

在資料中心方面，Alphawave 的整合進展良好，我們正與大型超大規模業者（hyperscalers）、雲端服務供應商、主權 AI 專案，以及其他全球合作夥伴洽談多項機會。在此動能之上，我們也正進入客製化晶片（custom silicon）領域，並已與一家領先的 hyperscaler 展開放量爬坡（ramp），預期在 12 月季度開始初期出貨。此外，我們領先的資料中心 CPU 與高效能 AI 推論加速器的研發也進展順利。我們期待在 6 月的投資人日分享更多細節與客戶導入成果。

Regarding Handsets, I would like to underscore two key points. First, the quarter played out as we expected: sell-through held up in our chip business materially under shipped consumer demand. We believe our China Android revenue is bottoming out in fiscal Q3, and Akash will provide more specifics in his financial update. Second, we think agentic smartphone will soon begin to influence the premium tier and we expect this theme will only get stronger into fiscal '27. With examples like the ByteDance/Doubao-powered agentic AI phone from ZTE Nubia, Xiaomi's recent announcement of MiClaw agent framework and other agentic-assist systems now in development across the Android ecosystem, we have a clear line of sight into how the AI upgrade cycle will unfold, and this is going to be an important tailwind for premium demand over time.

關於手機業務，我想強調兩點。第一，本季走勢符合我們預期：在晶片業務方面，終端銷售（sell-through）表現穩健，且明顯低於我們的出貨量（shipped），反映消費者需求低於出貨。我们認為中國 Android 營收將在 2026 會計年度第三季觸底，Akash 將在財務更新中提供更具體說明。第二，我們認為代理式智慧型手機很快將開始影響高階價位帶，且此趨勢在 2027 會計年度將更為強勁。以中興努比亞（ZTE Nubia）推出的、由字節跳動／豆包（Doubao）驅動的代理式 AI 手機、小米近期宣布的 MiClaw 代理框架，以及 Android 生態系中其他正在開發的代理式輔助系統為例，我們已清楚看見 AI 升級週期將如何展開，這將隨時間推進成為高階需求的重要順風（tailwind）。

Next, I want to highlight a major strategic initiative and long-term growth driver for Qualcomm: 6G – the next generation of wireless. Designed for the age of AI, we believe 6G will present one of the most significant transitions for the wireless industry. From a connectivity perspective, 6G will enable new classes of mobile and personal devices, such as smart glasses, with enhanced uplink capabilities to support agentic use cases like see what I see.

接下來，我想強調高通一項重大的策略性倡議與長期成長驅動力：6G——下一代無線通訊。6G 是為 AI 時代所設計，我們相信 6G 將帶來無線產業最重大的轉型之一。從連線的角度來看，6G 將促成新類別的行動與個人裝置，例如智慧眼鏡，並具備更強的上行鏈路能力，以支援如「看我所見（see what I see）」等代理式（agentic）使用情境。

Beyond connectivity, 6G will be an AI-native network where AI reasoning, learning, and autonomous action are core functions. It is intended to act as distributed intelligent infrastructure that integrates communication in wide area real-time sensing. With these new capabilities, the network becomes critical infrastructure and provides the telecom industry an opportunity to develop completely new business and economic models. It will make possible new AI-enabled services, ranging from context-relevant data, data insights and analytics, low-altitude like aerial, terrestrial, and autonomous traffic management, drone detection, and tracking and 3D mapping with telemetry to build dynamic digital wins at scale.

除了連線之外，6G 將是一個 AI 原生（AI-native）的網路，AI 推理、學習與自主行動將成為核心功能。其目標是作為分散式智慧基礎設施，將通訊整合到廣域即時感測之中。憑藉這些新能力，網路將成為關鍵基礎設施，並為電信產業帶來發展全新商業與經濟模式的機會。它將使新的 AI 賦能服務成為可能，範圍涵蓋情境相關資料、資料洞察與分析、低空（如空中）、地面與自動化交通管理、無人機偵測與追蹤，以及結合遙測的 3D 建圖，以在規模化下建立動態數位孿生（digital twins）。

Qualcomm's leadership in connectivity, AI processing, and high-performance, low-power computing position us to be one of the key architects and beneficiaries of the 6G transition. In addition to the development of foundational technologies and standards, we're building end-to-end solutions for devices and the network – from agentic modems and compute platforms that power phones, PC, intelligent wearables, and cars all the way to the network, including power-efficient next-generation radio units, wide area network sensing platforms, and high-performance compute and AI accelerators for the RAN, network edge, core, and data center.

高通在連線、AI 處理以及高效能、低功耗運算方面的領導地位，使我們有能力成為 6G 轉型的關鍵架構設計者與受益者之一。除了基礎技術與標準的開發之外，我們也正在打造涵蓋裝置與網路的端到端解決方案——從為手機、PC、智慧穿戴與汽車提供動力的代理式數據機與運算平台，一直到網路端，包括高能效的下一代無線電單元、廣域網路感測平台，以及用於 RAN、網路邊緣、核心與資料中心的高效能運算與 AI 加速器。

To help shape and accelerate the 6G roadmap, at MWC we launched a 60-company coalition spinning carriers, cloud infrastructure, AI-native partners, and auto OEMs. The engagement and feedback on our 6G vision and plans from our partners, customers, and governments across the globe has been very positive, and we look forward to working across the industry to deliver on this generational opportunity.

為了協助塑造並加速 6G 路線圖，我們在 MWC 發起了一個由 60 家公司組成的聯盟，涵蓋電信營運商、雲端基礎設施、AI 原生合作夥伴以及汽車 OEM。全球各地的合作夥伴、客戶與政府對我們的 6G 願景與計畫所提供的參與與回饋都非常正面，我們也期待與全產業攜手合作，把握這個世代性的機會。

Before I turn the call over to Akash, I want to note that we will provide a broader update at our Investor Day to include our data center plans and our progress in other areas, including advanced robotics, next-generation ADAS, industrial edge AI, personal AI devices, and 6G. We hope you can join us as we will be highlighting meaningful new avenues of growth to support our long-term diversification story.

在我把電話交給 Akash 之前，我想說明我們將在投資人日提供更全面的更新，內容將包括我們的資料中心計畫，以及我們在其他領域的進展，包括先進機器人、下一代 ADAS、工業邊緣 AI、個人 AI 裝置與 6G。我們希望您能參與，因為我們將重點介紹多條具實質意義的新成長途徑，以支持我們長期的多元化成長故事。

I will now turn the call to Akash.

我現在把電話交給 Akash。

Thank you, Cristiano, and good afternoon, everyone. Let me begin with our results for the second fiscal quarter. We delivered revenues of $10.6 billion and non-GAAP EPS of $2.65, with EPS at the high end of our guidance. QTL revenues of $1.4 billion and EBT margin of 72% came in at the high end of our guidance, driven by favorable mix with global handset units approximately flat on a year-over-year basis. QCT revenues of $9.1 billion and EBT margin of 27% were in line with our expectations.

謝謝你，Cristiano，各位下午好。讓我先從我們第二財季的業績開始。我們實現營收 106 億美元，非 GAAP 每股盈餘（EPS）為 2.65 美元，EPS 位於我們指引區間的高端。QTL 營收 14 億美元、稅前利潤（EBT）利潤率 72%，同樣落在指引高端，主要受惠於產品組合較佳，且全球手機出貨量年增大致持平。QCT 營收 91 億美元、EBT 利潤率 27%，符合我們的預期。

QCT Handset revenues of $6 billion came in as anticipated, as OEMs remain cautious on handset builds due to the impact of challenging memory industry dynamics. QCT IoT revenues of $1.7 billion were up 9% on a year-over-year basis, driven by growth across consumer and industrial products. In QCT Automotive, we delivered another record quarter with revenues of $1.3 billion, representing 38% year-over-year growth driven by accelerating demand and increasing content per vehicle due to the transition of new digital cockpit and ADAS launches to our 4th generation chipsets.

QCT 手機營收 60 億美元符合預期，因記憶體產業動態艱困所帶來的影響，OEM 對手機備貨仍保持審慎。QCT 物聯網（IoT）營收 17 億美元，年增 9%，成長動能來自消費與工業產品的全面增長。在 QCT 汽車業務方面，我們再度交出創紀錄的一季，營收 13 億美元，年增 38%；成長主要來自需求加速，以及隨著新一代數位座艙與 ADAS 導入轉向我們第四代晶片組，每車搭載內容（content per vehicle）持續提升。

On a combined basis, QCT Automotive and IoT revenues grew 20% year over year, underscoring the continued diversification of our business, consistent with our long-term revenue targets. We also returned $3.7 billion to stockholders during the quarter, including $2.8 billion in share repurchases and $945 million in dividends, reflecting acceleration of our capital return program.

合併來看，QCT 汽車與 IoT 營收年增 20%，凸顯我們業務持續多元化，並與我們的長期營收目標一致。本季我們也向股東回饋 37 億美元，其中包括 28 億美元的庫藏股回購與 9.45 億美元的股利，反映我們加速資本回饋計畫的執行。

Lastly, we released a previously recorded tax valuation allowance, resulting in a $5.7 million noncash GAAP tax benefit in the second fiscal quarter. This benefit is excluded from non-GAAP results. This reversal reflects new guidance on Corporate Alternative Minimum Tax issued in February by Treasury and IRS permitting taxpayers to deduct previously capitalized domestic R&D expenses.

最後，我們釋放了先前計提的稅務估值備抵（tax valuation allowance），使第二財季產生 570 萬美元的非現金 GAAP 稅務利益。此項利益已自非 GAAP 結果中排除。這次回轉反映財政部與 IRS 於 2 月發布的企業替代性最低稅（Corporate Alternative Minimum Tax）新指引，允許納稅人扣除先前資本化的國內研發（R&D）費用。

Before turning to guidance, I'd like to provide an update on the continued impact of memory industry dynamics on our business. Last quarter, we highlighted that the increasing demand for memory and AI data centers was driving uncertainty in memory supply and price increases to handset OEMs. And as a result, the handset OEMs, particularly in China, were taking a cautious approach by reducing build plans and drawing down channel inventory. These dynamics played out as expected in the second fiscal quarter and are also reflected in our third quarter guidance.

在談指引之前，我想更新記憶體產業動態對我們業務持續造成的影響。上季我們提到，記憶體與 AI 資料中心需求增加，導致記憶體供應不確定性上升，並使手機 OEM 面臨價格上漲。因此，手機 OEM（特別是在中國）採取更審慎的策略，降低生產計畫並去化通路庫存。這些動態在第二財季如預期發展，也反映在我們第三財季的指引之中。

As a result, in both quarters, our China QCT Android shipments are meaningfully below the scale of end-consumer handset demand. We now estimate that QCT handset revenues from Chinese customers will reach a bottom in the third quarter and return to sequential growth in the following quarter.

因此，在這兩個季度中，我們在中國的 QCT Android 出貨量明顯低於終端消費者手機需求的規模。我們目前估計，來自中國客戶的 QCT 手機營收將在第三財季觸底，並在下一季恢復季增成長。

Now turning to guidance. In the third fiscal quarter, we are forecasting revenues of $9.2 billion to $10 billion and non-GAAP EPS of $2.10 to $2.30. In QTL, we estimate revenues of $1.15 billion to $1.35 billion and EBT margins of 67% to 71% with sequential decline primarily due to the operating assumption of weaker low-tier handset units.

接著談指引。第三財季我們預估營收為 92 億至 100 億美元，非 GAAP EPS 為 2.10 至 2.30 美元。在 QTL 方面，我們估計營收為 11.5 億至 13.5 億美元，EBT 利潤率為 67% 至 71%，季減主要是因營運假設低階手機出貨量走弱。

In QCT, we expect revenues of $7.9 billion to $8.5 billion and EBT margins of 25% to 27%. We are forecasting QCT Handset revenues to be approximately $4.9 billion as a result of the impact of the industry-wide memory dynamics I just outlined. We anticipate QCT IoT revenues to grow by high-single digits versus the year ago period, driven by industrial and consumer products. In QCT Automotive, following another record quarter, we expect year-over-year revenue growth to further accelerate to approximately 50% in the third fiscal quarter. Lastly, we forecast non-GAAP operating expenses to be approximately $2.6 billion in the quarter.

在 QCT 方面，我們預期營收為 79 億至 85 億美元，EBT 利潤率為 25% 至 27%。由於我剛才提到的全產業記憶體動態影響，我們預估 QCT 手機營收約為 49 億美元。我們預期 QCT IoT 營收相較去年同期將以高個位數成長，動能來自工業與消費產品。在 QCT 汽車方面，在再創紀錄的一季之後，我們預期第三財季年增率將進一步加速至約 50%。最後，我們預估本季非 GAAP 營業費用約為 26 億美元。

In closing, while our near-term revenues are impacted by memory industry cyclical dynamics, we're confident in the underlying fundamentals around Snapdragon product leadership and content growth opportunities, including the adoption of agentic AI technologies.

總結來說，雖然我們短期營收受到記憶體產業景氣循環動態的影響，但我們對 Snapdragon 產品領先地位與內容成長機會等基本面仍具信心，其中也包括代理式 AI 技術的採用。

We continue to execute on our secular growth opportunities in Automotive and IoT and remain confident in achieving our long-term revenue targets. In addition, we are very excited about the progress in our data center products and customer traction – we now expect initial shipments for our custom silicon engagement at a leading hyperscaler later this calendar year.

我們持續推進汽車與 IoT 的結構性成長機會，並對達成長期營收目標保持信心。此外，我們對資料中心產品的進展與客戶牽引力感到非常振奮——我們目前預期，與一家領先超大規模雲端業者（hyperscaler）的客製化矽晶（custom silicon）合作案，將於今年稍晚開始初期出貨。

We look forward to providing an update on our growth initiatives, including opportunities in Data Center and Physical AI at our Investor Day on June 24. This concludes our prepared remarks. Back to you, Brett.

我們期待在 6 月 24 日的投資人日，針對我們的成長倡議提供更新，包括資料中心與實體 AI（Physical AI）的機會。以上為我們事先準備的發言。交回給你，Brett。

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

謝謝你，Akash。接線員，我們現在準備開始問答。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（接線員指示）Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my question. Obviously, I'm not sure you're going to be able to front-run the AI Day you plan to host in June. But any details you're able to share or context on what the custom silicon engagement, what the scope is, what the magnitude is? Is this a CPU? Is it an accelerator? Is it a networking chip?

嗨，各位。謝謝讓我提問。顯然，我不確定你們是否能在 6 月計畫舉辦的 AI Day 之前先行透露。不過，任何你們能分享的細節或背景——關於這個客製化矽晶合作案的內容、範疇、規模？這是 CPU 嗎？是加速器嗎？還是網路晶片？

Just any help you can give us beyond the press release and prepared remarks, I think would be helpful as that's where investors certainly want to dig in today. Thank you.

我想，除了新聞稿與事先準備的發言之外，你們能提供的任何協助都會很有幫助，因為投資人今天確實想深入了解這部分。謝謝。

Josh, this is Cristiano. Thanks a lot for the question. Look, I can't provide a lot of details, as you said, we don't want to front run, I think, June 24. But here's a couple of things I can tell you, which is alongside what we said in the script. I think we have spent the time, I think, building assets and we've been building our CPU. We have accelerator. We have a different solution for memory in the accelerator.

Josh，我是 Cristiano。非常感謝你的提問。你說得沒錯，我無法提供太多細節，我們不希望在我想是 6 月 24 日之前搶先透露。不過我可以告訴你幾點，作為對我們講稿內容的補充。我認為我們已經花了時間打造相關資產，也一直在打造我們的 CPU。我們有加速器。我們在加速器上也有不同的記憶體解決方案。

We have added a lot of capabilities for custom ASIC with the acquisition of Alphawave, and connectivity we have been pursuing custom ASIC. We’ve talked about having an engagement with a number of companies and pleased with the engagement several quarters ago. And I think given the capabilities that we're developing and what's happening in the market, that's accelerating. So we're very excited.

我們透過收購 Alphawave，為客製化 ASIC 增加了許多能力；在連結性方面，我們也一直在推進客製化 ASIC。我們談到已與多家公司展開合作，且對於幾個季度前的合作進展感到滿意。我認為，鑑於我們正在打造的能力以及市場正在發生的事情，這正在加速。因此我們非常興奮。

The only thing I can tell, it is a large hyperscaler and we're really thinking about a multi-generation engagement. But I think that's what we can say at this point.

我唯一能說的是，這是一家大型超大規模雲端業者（hyperscaler），而且我們確實在思考一個跨多世代的合作。但我想目前我們能說的就到這裡。

Okay. I guess we'll stay tuned. For my follow-up, can you maybe walk through why you're confident that -- I assume it's fiscal third quarter that you were referring to with the third quarter, but why you're confident fiscal third quarter can be the bottom for Android sales -- Android QCT sales into China.

好的。我想我們就拭目以待。關於我的追問，你能否說明一下為什麼你有信心——我猜你提到的第三季是指會計年度第三季——為什麼你有信心會計年度第三季可能會是 Android 銷售的谷底——也就是 Android 的 QCT 對中國出貨銷售。

I mean, that's typically -- September quarter is usually a typically down seasonal quarter. And just given how low visibility is right now overall in the handset market, I'd be curious just what inputs you're seeing that gives you the confidence it's going to bottom in the June quarter. Thank you.

我的意思是，通常——9 月季度通常是季節性較弱的季度。而且考量到目前整體手機市場能見度非常低，我很好奇你們看到哪些輸入因素，讓你們有信心它會在 6 月季度觸底。謝謝。

Sure, Josh. It's Akash. So if you think about the impact to QCT from Chinese handset OEMs as a result of the memory dynamics, it's really two parts. The first part is the scale of the handset market. And there, we have seen some small decline in it, especially in the mid, low tiers. But by far, the larger impact have been the OEMs making a decision to slow down their builds and draw down on channel inventory.

當然，Josh。我是 Akash。若你思考因記憶體供需動態而對中國手機 OEM 的 QCT 造成的影響，其實分成兩部分。第一部分是手機市場的規模；在這方面，我們確實看到一些小幅下滑，特別是在中低階。但到目前為止，更大的影響是 OEM 決定放慢備貨生產，並降低通路庫存。

So both of these factors have been in our March quarter results and they're also represented in our June quarter guidance. And so what we end up doing in both quarters is really significantly under-shipping the end consumer demand for handsets as a result of the channel inventory drawdown factor.

因此，這兩個因素都已反映在我們 3 月季度的結果中，也同樣反映在我們 6 月季度的指引裡。也就是說，在這兩個季度，我們實際出貨量都顯著低於終端消費者對手機的需求，原因在於通路庫存去化這個因素。

So as we look forward, we feel confident that the third quarter is now the bottom. And so as we go forward, the revenue is going to be much closer to the scale of the handset business versus the inventory drawdown factor continuing into our forecast.

所以展望未來，我們有信心第三季現在就是谷底。因此往後看，營收將會更貼近手機業務本身的規模，而不是讓庫存去化因素持續延伸到我們的預測之中。

And Josh, this is Cristiano. I just want to add one thing because -- there's another way to look into this. As you know, because of our licensing business, we do have visibility of what happens in the market. So we know sell-through. We know how the sell-through market is behaving even with increased prices on the handsets. So it gave us a real good idea on activations and customer demand versus what we're shipping. So that dynamic outlined by Akash, is very clear to us that Q3 becomes the bottom.

Josh，我是 Cristiano。我只想補充一點，因為——還有另一種看法。你知道，由於我們的授權業務，我們對市場發生的事情有能見度。我們知道實際銷售（sell-through）。即使手機價格上漲，我們也知道 sell-through 市場的表現。因此，這讓我們對啟用量（activations）與客戶需求相對於我們出貨量有非常好的掌握。Akash 所描述的那個動態，對我們而言非常清楚，因此第三季會成為谷底。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通（JPMorgan）。

Hi. Thank you. Thanks for taking my questions. Cristiano, maybe just going back to the data center opportunity and just trying to think about if you can help us think about the competitive landscape here. I mean, you've had Arm, which is the IP provider now announced they want to vertically integrate and make chips.

嗨，謝謝。感謝回答我的問題。Cristiano，回到資料中心的機會，我想請你幫我們理解一下這裡的競爭格局。我的意思是，你們面對 Arm——作為 IP 供應商——現在宣布他們想要垂直整合並自己做晶片。

You had NVIDIA announce that they are going to focus on the inferencing market as well. How are you thinking about the competitive dynamics where they are related to maybe three months ago or six months ago that you're now going and trying to deliver these wins? And I have a quick follow-up after that. Thank you.

你也看到 NVIDIA 宣布他們將同樣聚焦在推論（inferencing）市場。你如何看待競爭動態？相較於三個月前或六個月前，現在你們要去爭取並交付這些 wins（得標/勝出案）時，競爭態勢有何不同？我後面還有一個簡短追問。謝謝。

Great question. Look, I'll give our perspective. And I think we have now, I think, more clarity than we ever have about where we are in the AI space. So a little bit of maybe at a very high level, right? In the beginning, it was all about training. It was all about creation of AI, a lot of GPU, very GPU-centric deployment.

這個問題很好。你看，我先分享我們的觀點。我認為我們現在對自己在 AI 領域的位置，比以往任何時候都更清楚。先用很高層次來說：一開始一切都圍繞訓練（training），也就是 AI 的創建，部署非常以 GPU 為中心、非常 GPU 導向。

Infra started gain scale and then the conversation changed to -- I'm going to use my GPU from training on the cluster that I build and when I'm not training, I'm going to use that for inference.

當基礎設施（infra）開始擴大規模後，對話就變成——我會用我在所建置叢集上用於訓練的 GPU，而當我不在訓練時，我會用同一套資源來做推論（inference）。

As inference starts to gain scale, we started to see dedicated solutions. The data center becomes more disaggregated. You have separate computing solution, some for compute bound, some from memory bound.

隨著推論開始擴大規模，我們開始看到專用解決方案。資料中心變得更分離化（disaggregated）。你會有不同的運算解決方案：有些偏向運算受限（compute bound），有些偏向記憶體受限（memory bound）。

And now we're entering the, I will say, the next phase, which is how AI is really going from inference-generating tokens, how do you generate demand for tokens, which all those agentic experience and those orchestrators, they run into a lot of the devices.

而現在我們正在進入——我會說——下一個階段，也就是 AI 如何從推論產生 token，進一步變成：你如何產生對 token 的需求？那些代理式（agentic）的體驗與協調器（orchestrators）會在大量裝置上運行。

So when you think at that landscape and you look at our IP, in the places that we could be very differentiated, I will start by our CPU. I think when you think about agents, CPU becomes very important. And I will argue, we are one of the companies that have a pretty good CPU asset. We've proven that CPU performance with leading performance on the markets that we are right now, such as PC, smartphone, and auto.

所以當你看這個格局並檢視我們的 IP，在我們能夠高度差異化的地方，我會先從 CPU 談起。我認為當你想到 agents（代理），CPU 會變得非常重要。我也會主張，我們是少數擁有相當不錯 CPU 資產的公司之一。我們已經在目前所處的市場證明了 CPU 的效能領先，例如 PC、智慧型手機與車用。

And we have built -- and we'll provide details on Investor Day -- a dedicated CPU for agentic experiences in the data center. We're going to show the metrics, we're going to show how it performs. People will be able to compare. As you know, we have an architecture license, and we have a very, very high-performance CPU. So that's one of the assets.

而且我們已經打造——並會在投資人日（Investor Day）提供細節——一款專為資料中心代理式體驗設計的專用 CPU。我們會展示指標、展示其表現，讓大家可以比較。如你所知，我們擁有架構授權（architecture license），並且有一顆非常、非常高效能的 CPU。這是其中一項資產。

The other asset is how you think about the scale of a semiconductor company like Qualcomm. We're not small. And the ability to combine the IP with the ability to do custom silicon, make sure that that yields, make sure it's delivered with quality, and combine a lot of the connectivity IP, which I believe Alphawave because it was a licensing IP company has a leading IP. The more you license, the better your IP becomes.

另一項資產是你如何看待像高通這樣的半導體公司的規模。我們不小。能夠把 IP 與客製化矽晶片（custom silicon）的能力結合，確保良率（yields），確保以品質交付，並結合大量連結性 IP——我相信 Alphawave 作為一家授權 IP 公司擁有領先的 IP。你授權得越多，你的 IP 就會越好。

Number three is how we think about the accelerator. You're going to need high compute density, low TCO. And we think that we have something unique, which is focused on a cluster that is disaggregating for very specific function especially like decode. I think the activity you've seen with companies like Groq and Cerebras just prove that you have opportunity for a dedicated inference accelerator.

第三點是我們如何看待加速器（accelerator）。你會需要高運算密度、低總持有成本（TCO）。我們認為我們有獨特之處：聚焦在一個為非常特定功能而分離化（disaggregating）的叢集，特別像是解碼（decode）。我認為你看到像 Groq 和 Cerebras 這些公司的動作，正好證明了專用推論加速器的機會存在。

And the last point is, I would not discount the position that we have on the edge. If you actually track what's happening with OpenClaw in all of the different desktop and co-work solutions, you rely a lot on a high-performance CPU device, which is also causing an upgrade cycle for us.

最後一點是，我不會低估我們在邊緣端（edge）的地位。如果你追蹤 OpenClaw 在各種桌面與共同工作（co-work）解決方案中的進展，你會很依賴高效能 CPU 裝置，而這也正在為我們帶來一個升級週期。

So we look at this whole landscape, and that's how we feel so good about the agentic transition of AI, what it means to Qualcomm. And hopefully, on June 24, we'll show the details on the roadmap and investors will be able to see where we stand, and please reserve a seat.

所以我們看待整個格局，就是這樣我們對 AI 的代理式轉型（agentic transition）以及它對高通的意義感到非常有信心。希望在 6 月 24 日，我們會展示路線圖的細節，投資人也能看見我們所處的位置，請預留席位。

Yeah. No, please, look forward to talking about that more at the Investor Day. Maybe for my follow-up, just going back to the handset business. Can you just remind us of the multi-year agreement framework that you have with your primary premium smartphone customer, Samsung. You did have some changes in the market -- in the share with them this year. I think there are some more indications for the step-down in share and more use of the in-house SoC next year? Or can you just remind us how you're thinking about that engagement long term? And what does the multi-year agreement capture at this point?

好的。是的，我也很期待在投資人日再更深入談這個。我的追問回到手機業務：你能否提醒我們，你們與主要高階智慧型手機客戶三星（Samsung）之間的多年期協議（multi-year agreement）架構是什麼？今年你們與他們的市占（share）確實有一些變化。我想也有一些跡象顯示，明年市占可能會再下滑、更多採用他們自研 SoC？或者你能提醒我們，你們如何長期看待這段合作？目前多年期協議涵蓋了哪些內容？

No, absolutely. I love answering the question. So this is a very, very stable, I think, relationship with Qualcomm. I want to remind you all that we have reset the framework of this relationship. Historically, we always had a business with Samsung that was in the 50% share between us and their own in-house silicon.

當然可以。我很喜歡回答這個問題。這是一段非常、非常穩定的關係——我認為——與高通之間的關係。我想提醒大家，我們已經重新設定了這段關係的框架。過去，我們與三星的業務歷來大約是 50% 的市占，由我們與他們自家晶片各占一半。

That has changed to greater than 70%, as you know, and that has been the framework. And sometimes we get more than that, but we plan our business in greater than 70% share, which is exactly what we have said. You should expect that that is the framework of this year, and that is also the framework for next year.

如你所知，這已經改變為超過 70%，而這就是目前的框架。有時我們會高於這個比例，但我們在規劃業務時是以超過 70% 的市占為基準，這也正是我們所說的。你應該預期，今年的框架是如此，明年也同樣是這個框架。

I would say that, that's probably one of the most stable relationship that we have, and we have visibility of what that entails. And we feel good about the position of Snapdragon. And I'll argue, I think given what's happened with agents, we have an opportunity to actually have a positive bias on that share.

我會說，這大概是我們擁有的最穩定的合作關係之一，而且我們對其中所包含的內容有相當清楚的能見度。我們對 Snapdragon 的定位感到很有信心。我也會主張，考量到代理（agents）所發生的事情，我們其實有機會在那個市占上出現正向偏移。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yes. Hi. Good evening. I guess the first question is just returning to the data center briefly. And to clarify what you mentioned in terms of the hyperscale engagement for the December quarter. Is that an engagement for an accelerator or a CPU? I understand your targeting both, it sounds like, but what's the particular engagement for December?

是的。嗨，晚安。我想第一個問題先簡短回到資料中心。想釐清一下你提到的、關於 12 月季度與超大規模客戶（hyperscale）的合作互動。那是針對加速器（accelerator）還是 CPU 的合作？我理解你們看起來兩者都在瞄準，但 12 月這個特定合作互動是什麼？

This particular engagement, which we're going to have shipments in December is a custom product. We're working with a hyperscaler.

這個特定的合作互動——我們會在 12 月出貨——是一個客製化產品。我們正在與一家超大規模業者合作。

Okay. So no other specificity past that okay. Just with regard to QTL, and it looks like that's modestly down and likely due to what you've been talking about with regard to what's going on in the handset market. What's the right way to think about the QTL business as we go forward into the second half of the year? Do you think that we maintain these levels and adjust for seasonality as you get to the end of the year? Or do you expect the impact on QTL to be more significant as you go in the second half?

好的。所以除此之外就沒有更具體的資訊了，了解。再談 QTL，看起來小幅下滑，可能是你一直在談的、手機市場狀況所致。展望今年下半年，應該如何看待 QTL 業務？你認為我們會維持在這些水準，並在年底依季節性調整？還是你預期進入下半年後，對 QTL 的影響會更顯著？

Yes, Chris, it's Akash. So as you saw in our results for the second quarter, year-over-year handset units were flat for the global units. And this was really impacting our guidance as well, our actuals as well. As we look at third quarter, what we're guiding is some weakness in the mid, low tiers in the market. I mean, this is obviously something that we are projecting forward, and we're going to track closely.

是的，Chris，我是 Akash。正如你在我們第二季的結果中看到的，全球手機出貨量（handset units）年對年持平。這確實也影響了我們的指引，以及我們的實際表現。展望第三季，我們的指引反映市場中階、低階機種會有一些疲弱。當然，這是我們對未來的預測，我們也會密切追蹤。

But what we're seeing is the premium high tier of the market is continuing to hold and weakness in the lower tiers. And that's what's reflected in our guidance. That's a reasonable way of thinking about the market going forward as well.

但我們看到的是，高階旗艦（premium high tier）市場仍然撐得住，而較低階的市場走弱。這也反映在我們的指引中。用這個方式來思考未來市場走向，也是合理的。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

Hi, guys. Thanks for taking my questions. So if the China handsets bottom in Q3 and then they grow in Q4, that September quarter, September quarter, I think, is when we're supposed to get the Apple step down, which may be an offset. So I guess just how are you thinking about handset seasonality in the September quarter, given those competing dynamics? How should we be thinking about that?

嗨，各位。謝謝回答我的問題。如果中國手機在第三季觸底、第四季回升，那個 9 月季度——9 月季度我想也是我們預期 Apple 份額下調（step down）的時間點，可能會形成抵消。所以我想問的是，在這兩股相反動能同時存在下，你們如何看待 9 月季度的手機季節性？我們應該怎麼思考？

Yes. Stacy, it's Akash. You're right. I think in terms of handset revenues for QCT from Chinese OEMs, we do expect that the June quarter is the bottom, and you will see sequential growth from there. And Apple, you're right as well that typically, it's a growth quarter for Apple product revenue, and we do not see that at this point given the share assumption change. So those are the two factors you would use to forecast September quarter.

是的，Stacy，我是 Akash。你說得對。就 QCT 來自中國 OEM 的手機營收而言，我們確實預期 6 月季度是谷底，之後會看到逐季成長。至於 Apple，你也說得對，通常那會是 Apple 產品營收成長的季度，但基於市占假設的變動，我們目前並沒有看到那樣的成長。因此，這兩個因素就是你用來預測 9 月季度的關鍵。

I mean, do you think handsets growing sequentially in September or not given those two factors?

我的意思是，考量這兩個因素，你認為 9 月季度手機會逐季成長嗎？還是不會？

Stacy, we are not specifically guiding it at this point, but I think those two factors would be the input into the forecast.

Stacy，我們目前不會就此做具體指引，但我認為那兩個因素會是預測時的輸入變數。

Okay. And for my follow-up, you talked about like agentic devices and agentic smartphones like driving a shift and things, I guess, into '27. Do you think the memory issues are going to be done by -- like how much memory does an agentic smartphone need? And is that something that's going to continue to be a headwind do you think on this as we go into 2027? How do we think about the broader dynamics around memory as we go forward?

好的。那我的追問是，你提到像是代理型裝置（agentic devices）與代理型智慧型手機（agentic smartphones）會驅動一些轉變，我想是一路到 2027 年。你認為記憶體的問題到那時會解決嗎——代理型智慧型手機需要多少記憶體？而你覺得這會不會在我們走向 2027 年時，持續成為逆風？我們該如何看待未來記憶體的整體動態？

Thank you for the question, Stacy. Look, it's a little early to talk about '27. I think one thing to see is the pace of change of AI is getting scale. When I think about the framework that I talked about before, which you go from inference to now, you know how you generate demand for tokens with a lot of agents. And I think what we see is two things.

謝謝你的問題，Stacy。坦白說，現在談 2027 年還有點早。我認為有一點值得注意：AI 的變化速度正在加速並且規模化。回到我之前提到的框架，你會從推論（inference）走到——你知道的——透過大量代理來產生對 token 的需求。我想我們看到兩件事。

One is the devices are changing the requirements in the design and the players. We see interesting associations now starting to form between smartphones and AI companies. We're starting to see some very interesting dynamics there, which is changing the nature of designs. We see designs moving towards products they have much more capable CPU to run those type of products. And there's a lot of noise in the memory environment right now.

第一，裝置端正在改變設計需求與參與者。我們現在看到智慧型手機與 AI 公司之間開始形成一些有趣的結盟。我們也看到一些非常有意思的動態，正在改變設計的本質。我們看到設計正朝向具備更強 CPU 的產品移動，以便執行這類應用。而目前記憶體環境也有很多雜音。

I wish I could make a prediction on '27 is a little early, but we see a combination of some of the same companies that want a lot of demand for data centers and also getting involved with some of the devices at the edge as well. And we see new memory players coming and building capacity. So we're going to have to monitor the situation and see what happens in '27.

我希望能對 2027 年做出預測，但現在還太早。不過我們看到的是：一些同樣希望資料中心需求大幅成長的公司，也開始涉入邊緣端裝置。我們也看到新的記憶體業者進來並擴建產能。因此我們必須持續監控情勢，看看 2027 年會如何發展。

Timothy Arcuri, UBS.

Timothy Arcuri，UBS。

Thanks a lot. I wanted to ask also about this custom that is going to ship in the fourth quarter of this year. I know you brought a team in from Alphawave. It seems a little fast to get something to market that includes your IP by the end of this year, given cycle time. So I think they had some chiplet stuff and maybe some custom DSP stuff. Is that the thing you're talking about? Or is this truly something that includes a big portion of your IP that you've been able to turn around since the deal closed?

非常感謝。我也想問關於今年第四季要出貨的那個客製化產品。我知道你們從 Alphawave 引進了一個團隊。考量到開發週期時間，要在今年底把包含你們 IP 的產品推向市場似乎有點快。所以我想他們有一些 chiplet 的東西，可能還有一些客製 DSP 的東西。你們說的是那個嗎？還是這真的是一個包含你們大量 IP、而且在交易完成後你們就能快速完成的產品？

Look, I think I have two answers. So we have -- I'm pretty positive for the past several quarters, we've been talking about engaging with customers in the data center. So I think when we start engaging and talking about some of the Qualcomm capabilities, it's probably, I think, even before the acquisition of Alphawave.

我想我有兩個回答。首先，我相當確定在過去幾個季度，我們一直在談與資料中心客戶的互動與合作。所以當我們開始與客戶接觸、討論 Qualcomm 的一些能力時，我認為那可能甚至是在收購 Alphawave 之前就已經開始了。

I think the acquisition of Alphawave increase our execution capabilities in the portfolio of IP. I think you should expect that we're going to have a longer multi-generation agreements with those companies that brings a lot of Qualcomm capabilities to the table.

我認為收購 Alphawave 提升了我們在執行能力以及 IP 組合上的能力。我想你應該預期，我們會與這些公司簽訂更長期、跨多世代的協議，把 Qualcomm 的多項能力帶到桌面上。

I wish I could provide more details, but like I said, I don't want to front run what we're going to do on June 24. But I think we will provide a detail of everything we're doing. Our customer wins in our roadmap and our IP.

我希望能提供更多細節，但如我所說，我不想搶先透露我們在 6 月 24 日要公布的內容。不過我想我們會提供我們正在做的一切的細節，包括客戶贏單、路線圖以及 IP。

And then I guess just as a follow-up, is the assumption still the same that like around your share in Apple. I know there are some signs that there's going to be a little more aggressive displacement. Is the assumption still that it's going to be 20% for the new launch?

那我追問一下，關於你們在 Apple 的份額，假設還是一樣嗎？我知道有一些跡象顯示可能會有更積極的替代。對於新機發表，你們的假設仍然是 20% 嗎？

Yes. No change, Tim, to our assumption there. We've said 20% of the -- 20% share of the phones that will launch in fall this year and no product relationship beyond that. And this is -- this assumption has been consistent for the last couple of years. In terms of Apple product revenue for fiscal '27, we've seen sell-side models in the range of a little over $2 billion in terms of QCT product revenue in the year, and we think that's a reasonable place to model the business.

是的，Tim，我們的假設沒有改變。我們說的是：今年秋季推出的手機中，我們會有 20% 的份額，而且除此之外不再有產品合作關係。這個假設在過去幾年一直一致。就 2027 會計年度的 Apple 產品營收而言，我們看到賣方模型對 QCT 產品營收的預估大約在略高於 20 億美元的區間，我們認為用這個水準來建模是合理的。

Joe Moore, Morgan Stanley.

Joe Moore，Morgan Stanley。

Thank you. You alluded to the weakness being more in the medium tier and the premium tier as being stronger. Is that something you can see where you're taking limited memory allocation and that drives just to limit that puts it in the high tier. Just what are you seeing in terms of what that's doing to your mix going forward?

謝謝。你們提到疲弱主要在中階，而高階旗艦更強。你們是否能看到這與記憶體配置受限有關，導致只能把有限的記憶體配置到高階機種？你們看到這對未來產品組合（mix）會造成什麼影響？

Yeah. I think the actions from the OEMs are obviously very logical. If you had to choose between which devices you put your memory allocation to, you would pick the premium and the high tier, that's where the profitability sits, and that's what you're seeing happen in the market.

是的。我認為 OEM 的作法顯然非常合乎邏輯。如果你必須在不同裝置之間選擇把記憶體配置給誰，你會選擇旗艦與高階，因為獲利能力在那裡，而市場上正在發生的就是這件事。

Okay. And you talked about 6G in 2029. I mean, is that -- what does that time frame represent? Is that introduction of technology? Is there shipments then? Just anything you can tell us about when 6G starts to become relevant.

好的。你們也談到 6G 在 2029 年。我是說——那個時間點代表什麼？是技術導入？還是那時會開始出貨？關於 6G 何時開始變得重要，你們能否多分享一些？

Yes. And look, thank you for the question. The reason I brought it up is because 6G is going to feel, I think, very different than the other G’s for Qualcomm. I also believe that 6G creates some very interesting, I think sovereign AI and data center opportunities, I think, for Qualcomm as well.

是的。而且，謝謝你的提問。我之所以提出這個，是因為我認為 6G 對高通而言，感受上會與其他幾代 G 非常不同。我也相信 6G 會為高通帶來一些非常有意思的機會，我認為包括主權 AI 與資料中心的機會。

You should be thinking about our timeline, and we've been consistent with it. We will have prototype base, I think, demonstrations in 2028. Likely, we're going to have first silicon in '28, and we want early launches in 2029, and then we expect that to get scale by 2030.

你應該把我們的時間表納入考量，而我們在這方面一直很一致。我們預計在 2028 年會有原型基站的展示。我們很可能在 2028 年推出第一版矽晶片，並希望在 2029 年進行早期上市，然後我們預期到 2030 年實現規模化。

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

Hi, guys. Thanks for letting me ask a question. I want to go back to the handset side. And if you could just level set us to whether it's the fiscal second quarter or fiscal third quarter, what percentage of handsets is China. And you mentioned that a lot of the dynamics is how far you're under-shipping versus true demand, are you believing that true demand, whether it's China or elsewhere, is truly weakening still? Or is that side of the equation stabilizing despite the memory fears?

嗨，各位。謝謝讓我提問。我想回到手機端。如果可以的話，請幫我們校準一下：不論是財年第二季或財年第三季，中國占手機的百分比是多少？另外你提到很多動態取決於你們的出貨量相對於真實需求有多不足——你們是否認為真實需求（不論在中國或其他地區）仍在真正走弱？還是說儘管有記憶體方面的擔憂，需求端其實正在趨於穩定？

Yes, Ross, when you think about the total handset market, and this is more of a QTL comment, right, that's where we are seeing that the -- there's a slight decline in mid-low tiers, but the overall scale of the handset market has not changed much, at least in the March quarter, and we're going to obviously closely monitor that going forward.

是的，Ross，當你看整體手機市場時——而這更像是 QTL 的評論，對吧——我們看到中低階有些微下滑，但至少在 3 月季度，手機市場的整體規模並沒有太大改變；當然我們會在未來持續密切監控。

In terms of QCT shipments to Chinese customers, it's a factor, as I said earlier, of two things. It's not just the scale of the handset market, but the OEM decision to draw down on channel inventory. And so my comments earlier were about the drawdown of channel inventory will end soon, and that's us calling the bottom on the quarter. And then really, our shipments will reconcile to the size of the handset market.

就 QCT 對中國客戶的出貨而言，如我先前所說，主要取決於兩件事。不只是手機市場的規模，還有 OEM 決定去化通路庫存。因此我先前的評論是：通路庫存的去化很快會結束，而我們認為本季已觸底。接下來，我們的出貨量將會與手機市場的規模相匹配。

Okay. And I guess for my follow-up question, shifting gears to the automotive side of things. You mentioned about the ADAS side starting to ramp and growing 50% this year, so -- or at least in the next quarter, so doing very, very well. As you go from more of a cockpit business to the ADAS mix increasing, how does that change the revenue trajectory and perhaps the gross margin trajectory in your automotive business?

好的。那我追問一題，換到汽車端。你提到 ADAS 端開始放量、今年成長 50%，所以——或至少在下一季——表現非常、非常好。當你們從以座艙為主的業務，轉向 ADAS 占比提高時，這會如何改變你們汽車業務的營收軌跡，以及可能的毛利率軌跡？

Yes. So hi, this is Cristiano. I think what you see is it accelerates revenue dramatically because it's a lot more silicon content. If you -- and that is true actually on both sides. I think what you saw is when we went from generation 3 to generation 4 in digital cockpit, we keep mentioning the car, it's really becoming a computing surface. We saw a step function increase in the capability in silicon content. You expect another one when we go from fourth generation to fifth generation. And as we add processors and you start to see more and more development of L2++ in direction towards Level 3, you're starting to see the amount of computing power going up. So for us, it's basically a significant revenue accelerator within automotive.

是的。嗨，我是 Cristiano。我認為你會看到它大幅加速營收，因為它包含更多的矽含量。如果你——而且這其實在兩個面向都成立。我想你看到的是，當我們在數位座艙從第三代走到第四代時，我們一直提到車子正逐漸成為一個運算介面。我們看到矽含量能力出現階躍式提升。當我們從第四代走到第五代時，你也會再看到一次。隨著我們加入更多處理器，並且你開始看到 L2++ 朝向 Level 3 的更多開發，你會看到所需運算能力上升。因此對我們而言，這基本上是汽車業務中一個顯著的營收加速器。

And specifically on your question on gross margin, I'd highlight maybe two additional factors to what Cristiano said. I think we have the we're transitioning from a chip sale to a SIP sale. And so as we go to a module, it increases the revenue opportunity for us as well.

而就你關於毛利率的問題，我想在 Cristiano 所說之外再強調兩個因素。我認為我們正在從單純晶片銷售轉向 SIP 銷售。因此當我們走向模組化時，也會提升我們的營收機會。

And then in addition, we have software opportunity on top of the chipset, which also helps our margin profile. So net-net, we still model the business in line with our corporate average, but it really is a business that has several vectors of growth as both of us outlined.

此外，在晶片組之上我們還有軟體機會，這也有助於我們的毛利結構。總體而言，我們仍以接近公司平均水準來建模這項業務，但如我們兩位所概述的，這確實是一項具有多個成長向量的業務。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

Thanks for taking my questions. For the first one, Akash, you mentioned Apple product sales, I think, $2 billion plus for fiscal '27. What about the royalty contribution? How does that evolve as you approach the date for renegotiation negotiating that business?

謝謝回答我的問題。第一個問題，Akash，你提到 Apple 產品銷售，我想在 2027 財年是 20 億美元以上。那權利金的貢獻呢？當你們接近重新談判該業務的時間點時，權利金會如何演變？

Yes. So pending the renegotiation, the royalty, we don't expect it to change, right? It should be in the same scale that it's at, and it's an independent business separate from the chip business.

是的。所以在重新談判之前，權利金我們預期不會改變，對吧？它應該會維持在目前的同等規模，而且它是一個獨立於晶片業務之外的獨立業務。

And for my follow-up, Cristiano, back to the hyperscaler discussion, I realize you'll give more details at Analyst Day. But was -- is Qualcomm's intention to approach this from an ASIC perspective, I thought you plan to enter the data center from a merchant perspective. But are you saying that now the goal is to approach it from an ASIC perspective? And if that is the case, what impact does it have on margins? Like are you really going to compete head-on with the other ASIC suppliers that are out there. So this is going to be more a one-on-one right type approach to the market as opposed to approaching the market in a broader merchant. So just what is the broader strategy, go-to-market strategy that Qualcomm has in this business?

我的追問，Cristiano，回到超大規模雲端業者（hyperscaler）的討論。我知道你們會在分析師日提供更多細節。但——高通的意圖是要從 ASIC 的角度切入嗎？我原本以為你們計畫以通用（merchant）的方式進入資料中心。但你現在是說目標改為從 ASIC 的角度切入嗎？如果是這樣，對毛利有什麼影響？你們是否真的要與現有其他 ASIC 供應商正面競爭？所以這會更像是一對一的市場切入方式，而不是以更廣泛的通用產品方式切入。那麼高通在這項業務的更廣泛策略、go-to-market 策略是什麼？

Very good -- great question. I think the answer is all of the above. Look, we -- first of all, as a new entrant, I think we we're very flexible. But we also look at the reality of what's happening in the hyperscalers. You can see that the majority of the revenue for semiconductor companies is heavily concentrated in a few number of very large companies.

非常好——很棒的問題。我認為答案是以上皆是。你看，我們——首先，作為新進者，我認為我們非常有彈性。但我們也會看超大規模雲端業者正在發生的現實情況。你可以看到，半導體公司的大部分營收高度集中在少數幾家非常大型的公司上。

And those companies have now indicated very clearly, they have different -- as the data center gets disaggregated, you have different approach to compute to connectivity. And you should assume that Qualcomm will play on merchant, on custom and it's going to be a combination of how we're going to configure our IP and different IP blocks for different solutions is going to be a bespoke business.

而這些公司現在已非常清楚地表明，隨著資料中心走向解耦，你在運算與連接性上會有不同的做法。你應該假設高通會同時參與通用（merchant）、客製（custom），而且會是組合式的；我們將如何配置我們的 IP，以及針對不同解決方案使用不同的 IP 模組，將會是一門量身打造（bespoke）的業務。

And specifically on your question on this custom engagement we talked about, we do expect that to be accretive at the operating margin level.

而針對你關於我們所談到的這項客製合作的問題，我們確實預期它在營業利益率層面是具增益（accretive）的。

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

謝謝。今天的問答環節到此結束。Amon 先生，在結束電話會議之前，您還有什麼要補充的嗎？

I think the obvious thing I want to say is to please ask everyone to attend our June 24, I think, Investor Day. We intend at the Investor Day to really highlight not only, I think, everything that is happening with the new Qualcomm, but also I think the details of the products and technology we have been developing for the data center space, provide an update in how physical AI is transforming our business and provide the clarity that we have today, how really agents and agentic experience exactly has a broad implication in our entire business.

我想我最明顯要說的是，請大家務必參加我們 6 月 24 日的投資人日。我們打算在投資人日重點說明的不僅是我認為「新高通」正在發生的一切，也會提供我們為資料中心領域所開發的產品與技術細節；並更新實體 AI（physical AI）如何正在改變我們的業務；同時也會釐清我們目前所掌握的觀點：代理（agents）與代理式體驗（agentic experience）究竟如何對我們整體業務帶來廣泛影響。

And I'm looking forward to speak to all of you, and I'd like to our partners, our employees for a great quarter as we continue to transform Qualcomm. Thank you very much.

我也期待與各位交流，並且我想感謝我們的合作夥伴與員工，讓我們在持續轉型高通的過程中交出一個很棒的季度。非常感謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。