高通 (QCOM) 2026 Q3 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加高通 2026 會計年度第三季財報電話會議。

(Operator Instructions)

(接線員指示)

As a reminder, this conference is being recorded, July 29, 2026. The playback number for today's call is (877) 660-6853. International callers, please dial (201) 612-7415. The playback reservation number is 13761080. I would now like to turn the call over to Brett Simpson, Senior Vice President of Investor Relations.

提醒各位，本次會議正在錄音，日期為 2026 年 7 月 29 日。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 13761080。現在我將把電話交給投資人關係資深副總裁 Brett Simpson。

Mr. Simpson, please go ahead.

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。此外，本次電話會議也將於 qualcomm.com 進行網路直播，並將於今日稍晚在我們網站提供重播。

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

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），其中包含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。接下來請聽高通總裁暨執行長 Cristiano Amon 的發言。

Thank you, Brett, and good afternoon, everyone. Thanks for joining us today. In fiscal Q3, we delivered revenues of $9.9 billion, coming in at the high end of our guidance and non-GAAP earnings per share of $2.21. QCT revenues were $8.5 billion, with another quarter of record Automotive revenues as well as growth in IoT. Licensing business revenues were $1.3 billion.

謝謝你，Brett，各位下午好。感謝各位今天加入我們。在會計年度第三季，我們實現 99 億美元營收，落在指引區間的高端，非 GAAP 每股盈餘為 2.21 美元。QCT 營收為 85 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 13 億美元。

At our recent Investor Day, we laid out the next chapter of Qualcomm built across three dimensions. One, Expanding into the data center with four unique product lines; two, Driving agentic and physical AI compute everywhere; and three, Expanding beyond silicon to full-stack software and platform solutions.

在近期的投資人日上，我們闡述了高通下一篇章，將建立在三個面向之上。第一，以四條獨特產品線擴展至資料中心；第二，推動代理式（agentic）與實體 AI（physical AI）運算無所不在；第三，從矽晶片延伸至全棧軟體與平台解決方案。

We also updated our fiscal 2029 financial targets, which now include more than $24 billion in revenue across Automotive and IoT plus more than $15 billion in Data Center, bringing our total non-handset revenue outlook to $40 billion by fiscal 2029, up from our previous target of $22 billion. This reflects our conviction in the opportunities through the end of the decade and the scale of our business diversification.

我們也更新了 2029 會計年度的財務目標：汽車與 IoT 合計營收超過 240 億美元，另有資料中心超過 150 億美元，使我們到 2029 會計年度的非手機營收展望達到 400 億美元，高於先前 220 億美元的目標。這反映了我們對本十年末之前機會的信心，以及我們業務多元化的規模。

In the short term, the entire industry continues to be impacted by unprecedented memory prices, higher manufacturing, and input costs as well as supply chain shortages driven by overall data center demand. In addition to the resulting revenue decline in mobile and consumer electronics, this is creating short-term pressure on QCT gross margins which will be slightly below our historical range.

短期而言，整個產業仍持續受到前所未有的記憶體價格、更高的製造與投入成本，以及由整體資料中心需求所驅動的供應鏈短缺影響。除了行動與消費性電子營收因此下滑之外，這也對 QCT 毛利率造成短期壓力，使其將略低於我們的歷史區間。

We're implementing price increases and as they take effect, we expect to see gross margins re-align to our operating model. Despite these headwinds, we expect top-line growth for Qualcomm in fiscal '27, driven by an inflection in non-handset revenues throughout the fiscal year. We're incredibly excited about the next chapter of Qualcomm, our relevance in the next phase of AI and distributed intelligence from edge to cloud, and we remain firmly focused on the execution phase of our strategy. I will now share some key highlights on the business. Let me start with Data Center. This is the ideal and logical time for Qualcomm to enter the market, as agentic workloads are reshaping the economics of AI. Efficient token generation and total cost of ownership are fundamental to scaling AI. And as a result, inference is becoming disaggregated in the data center and will be increasingly distributed. This means hybrid inference will evolve across the entire compute continuum from data center to on-premise network edge and edge devices. Given Qualcomm's assets, it's a natural evolution of our growth story.

我們正在實施漲價，隨著漲價生效，我們預期毛利率將重新對齊我們的營運模型。儘管面臨這些逆風，我們預期高通在 2027 會計年度將實現營收成長，動能來自非手機營收在整個會計年度的轉折性提升。我們對高通的下一篇章、我們在 AI 與從邊緣到雲端的分散式智慧下一階段中的關鍵性角色感到無比振奮，並將持續堅定聚焦於策略的執行階段。接下來我將分享一些業務重點。先從資料中心談起。現在是高通進入該市場的理想且合乎邏輯的時機，因為代理式工作負載正在重塑 AI 的經濟性。高效率的 token 生成與總持有成本（TCO）是擴展 AI 的根本。因此，推論（inference）在資料中心正走向解耦（disaggregated），並將日益分散化。這意味著混合式推論將在整個運算連續體中演進，從資料中心到企業內部網路邊緣，再到邊緣裝置。憑藉高通的資產，這是我們成長故事的自然延伸。

We are developing a differentiated set of product lines, including connectivity in fiscal '26, custom silicon and AI accelerators in fiscal '27, and server-class CPUs in fiscal '28. Our portfolio is rolling out in phases over the next two years, leveraging decades of leadership in power-efficient compute and strong ecosystem presence and relationships. Our two near-term custom silicon wins will be revenue generating in the December quarter, and we have begun wafer production. Both projects are in the first phase of strategic multiyear customer relationships that we expect to expand over time.

我們正在開發一套具差異化的產品線，包括 2026 會計年度的連接性、2027 會計年度的客製化矽晶片與 AI 加速器，以及 2028 會計年度的伺服器等級 CPU。我們的產品組合將在未來兩年分階段推出，運用我們在高能效運算方面數十年的領導地位，以及強大的生態系存在與合作關係。我們近期兩項客製化矽晶片的勝出案將在 12 月季度開始貢獻營收，我們也已開始晶圓生產。這兩個專案皆屬於策略性多年期客戶關係的第一階段，我們預期將隨時間推進而擴大。

Our innovative high-bandwidth compute solution is designed to address one of the industry's most difficult bottlenecks by integrating compute directly with high-density memory, improving performance per watt, memory efficiency and total cost of ownership. I'm pleased to report that we have completed the tape-out of HBC Gen 1, an engineering milestone that moves us into the next phase of customer engagements. We expect to demonstrate HBC performance on silicon in the coming quarters ahead of the launch of our first HBC solution in mid-2027.

我們創新的高頻寬運算（HBC）解決方案，旨在透過將運算直接與高密度記憶體整合，來解決產業最棘手的瓶頸之一，進而提升每瓦效能、記憶體效率與總持有成本。我很高興報告，我們已完成 HBC 第一代（Gen 1）的流片（tape-out），這是一項工程里程碑，使我們進入客戶合作的下一階段。我們預期在未來幾個季度於矽晶片上展示 HBC 的效能，並在 2027 年年中推出我們第一個 HBC 解決方案之前完成相關準備。

Across our merchant platforms, including HBC based AI accelerators, SerDes connectivity and CPUs, we are in active conversations with nearly every leading data center player about building long-term partnerships. We're pleased with the activity and interest across these opportunities and expect to share more as they advance.

在我們的標準化（merchant）平台上，包括基於 HBC 的 AI 加速器、SerDes 連接性與 CPU，我們正與幾乎所有領先的資料中心業者就建立長期夥伴關係進行積極洽談。我們對這些機會所展現的活動與興趣感到滿意，並預期隨著進展推進，將分享更多資訊。

As announced earlier today, we have closed our acquisition of Modular Inc., and integration is now underway. Modular strengthens our ability to deliver an end-to-end software stack for data center and edge AI deployments. It will also be hardware-agnostic helping simplify AI software complexity across multiple platforms and giving developers a modern and open environment for heterogeneous compute. This is an important step in how we see AI infrastructure evolving, with software and hardware coming together to deliver better performance, flexibility, and efficiency.

如同今日稍早所宣布，我們已完成對 Modular Inc. 的收購，整合作業現已展開。Modular 強化了我們為資料中心與邊緣 AI 部署提供端到端軟體棧的能力。它也將採硬體不可知（hardware-agnostic）的方式，協助簡化跨多平台的 AI 軟體複雜度，並為開發者提供一個現代且開放的異質運算環境。這是我們對 AI 基礎設施演進方向的重要一步：軟體與硬體結合，以提供更佳的效能、彈性與效率。

Our vision and objective with Modular goes far beyond augmenting our AI software capabilities. We have the ambition to change the current industry approach to AI software from closed to open systems to promote enhanced competition, innovation, and resilience. Modular will host ModCon in August with some incredible announcements from industry partners, and we look forward to further engaging with developers and ecosystem partners at this event.

我們對 Modular 的願景與目標，遠不僅是強化我們的 AI 軟體能力。我們有志於改變目前產業對 AI 軟體的做法，從封閉走向開放系統，以促進更強的競爭、創新與韌性。Modular 將於 8 月舉辦 ModCon，屆時將有來自產業夥伴的一些令人振奮的重大宣布，我們也期待在此活動中與開發者及生態系夥伴進一步互動。

In Automotive, customer momentum continues to drive exceptional revenue growth. This quarter, we signed a landmark, expanded agreement with BMW, winning a highly competitive selection process to become the lead compute silicon provider for their next-generation ADAS as well as digital cockpit. This agreement represents a material expansion of our Automotive pipeline and establishes Qualcomm as the lead compute silicon partner for BMW extending across model programs well into the next decade. We look forward to building on our existing cooperation with BMW in the years ahead. Additionally, our recently announced collaboration with Stellantis supports our Automotive pipeline well into the 2030s. These agreements reflect the broad interest we're seeing for digital cockpit and ADAS. Customers are shifting from socket-by-socket design awards to multi-generation strategic engagements as they increasingly recognize the value of our broad technology portfolio, platform approach and long-term commitment to partnerships, the Automotive industry and open ecosystems.

在汽車領域，客戶動能持續推動卓越的營收成長。本季度，我們與 BMW 簽署了一項具里程碑意義的擴大協議，並在高度競爭的遴選流程中勝出，成為其下一代 ADAS 以及數位座艙的主要運算矽晶片供應商。此協議代表我們汽車業務管線的重大擴張，並確立高通作為 BMW 的主要運算矽晶片合作夥伴，涵蓋多個車型計畫並延伸至下一個十年深處。我們期待在未來幾年持續深化與 BMW 既有的合作。此外，我們近期宣布與 Stellantis 的合作，也將我們的汽車業務管線支撐至 2030 年代。這些協議反映了我們在數位座艙與 ADAS 方面所看到的廣泛興趣。隨著客戶日益認可我們廣泛的技術產品組合、平台化方法與對夥伴關係、汽車產業及開放生態系的長期承諾，他們正從逐一插槽（socket-by-socket）的設計得標，轉向跨多世代的策略性合作。

Further, with our fifth-generation Snapdragon Digital Chassis ramping in September, we're delivering a significant increase in content per vehicle, and we are on track to become the number one Automotive semiconductor player by revenue. Last quarter, we said we were targeting an annualized revenue run rate of $6 billion as we exit fiscal 2026. Today, we're raising that outlook and now expect annualized sales of approximately $7 billion exiting fiscal '26. Within Industrial, we're strengthening our position across many verticals as they embrace AI at the edge and open weight models. At our Investor Day, we introduced a fiscal '29 projection of $8 billion in revenue for Industrial Networking and Robotics. We're happy to report that our industrial design win pipeline exceeds $7 billion with over $3.5 billion in design wins secured this fiscal year. This reflects strong customer demand and a meaningful increase in new businesses. We have a very broad portfolio of purpose-built silicon and full stack software solutions for this category. Our channel presence exceeds 38,000 customers supported by a deep partner ecosystem that is already yielding results. And with Arduino and Edge Impulse, our reach now extends to more than 30 million users.

此外，隨著我們第五代 Snapdragon Digital Chassis 於九月開始放量，我們正為每輛車帶來顯著的單車內容價值提升，並且我們正按計畫以營收計成為汽車半導體領域的第一名。上季我們表示，目標是在 2026 會計年度結束時達到年化營收運行率 60 億美元。今天，我們上調該展望，現在預期在 26 會計年度結束時年化銷售額約為 70 億美元。在工業領域，隨著各垂直產業擁抱邊緣 AI 與開放權重模型，我們正在多個垂直市場強化自身地位。在投資人日上，我們提出 29 會計年度工業網路與機器人營收 80 億美元的預測。我們很高興報告，我們的工業設計導入（design win）管線超過 70 億美元，且本會計年度已取得超過 35 億美元的設計導入。這反映出強勁的客戶需求以及新業務的顯著增加。我們在此類別擁有非常廣泛、為特定用途打造的矽晶片產品組合與全棧軟體解決方案。我們的通路觸及超過 38,000 家客戶，並由深厚的合作夥伴生態系支援，且已開始產生成果。此外，透過 Arduino 與 Edge Impulse，我們的觸及範圍如今延伸至超過 3,000 萬名使用者。

Moving on to Handsets. Despite overall industry contraction caused by the current memory environment, we're seeing early signs of an agentic smartphone cycle that will grow over time. In China, major OEMs are preparing to bring new on-device agents and orchestrators to market, and we believe agentic experiences will play a larger role in premium tier demand as adoption grows. Our share position at Samsung remains strong, with Snapdragon powering approximately 70% of their flagship devices as announced at Samsung Unpacked,Our collaboration is now expanding across the wider Galaxy ecosystem from the latest foldable phones and Galaxy Watches to intelligent eyewear developed with Google, bringing new agentic experiences to more devices. This reflects a broader potential to reimagine mobile for the age of agentic AI.

接下來談手機。儘管目前的記憶體環境導致整體產業收縮，我們仍看到「代理式（agentic）」智慧型手機週期的早期跡象，且將隨時間成長。在中國，主要 OEM 正準備將新的端側代理與協調器推向市場；我們相信，隨著採用率提升，代理式體驗將在高階需求中扮演更重要的角色。我們在三星的市佔地位依然強勁；如同在 Samsung Unpacked 所宣布，Snapdragon 為其約 70% 的旗艦裝置提供動力。我們的合作現正擴展至更廣泛的 Galaxy 生態系，從最新的摺疊手機與 Galaxy Watch，到與 Google 共同開發的智慧眼鏡，將新的代理式體驗帶到更多裝置上。這反映出在代理式 AI 時代重新想像行動體驗的更廣泛潛力。

Beyond smartphones, PCs, smart glasses, and other new personal AI form factors are all becoming endpoint for agents. That creates a significant multi-year upgrade opportunity for Qualcomm as today's installed base needs to evolve to enable more personal, contextual, and autonomous AI experience. In PCs, we're growing our leading share of design wins in GoogleBooks, bringing Snapdragon together with Gemini Intelligence for a new generation of AI first laptops. With Microsoft, we're collaborating on Project Solara, a chip-to-cloud platform designed for agent-first enterprise devices. And through our Snapdragon START program for smart glasses, we're delivering a complete reference platform that enables eyewear brands to develop their own devices. With roughly 600 million global eyewear units shipped every year, this program will help expand the ecosystem and accelerate the transition of this category to smart glasses. You will hear more about this as Snapdragon Summit in September.

除了智慧型手機之外，PC、智慧眼鏡以及其他新型個人 AI 外形規格都正在成為代理的端點。這為 Qualcomm 帶來顯著的多年升級機會，因為當前的既有裝置基礎需要演進，才能支援更個人化、更具情境感知且更自主的 AI 體驗。在 PC 方面，我們正在擴大於 GoogleBooks 的設計導入領先市佔，將 Snapdragon 與 Gemini Intelligence 結合，打造新一代 AI 優先（AI first）的筆電。與 Microsoft 方面，我們正合作推動 Project Solara，這是一個為代理優先（agent-first）的企業裝置所設計的從晶片到雲端（chip-to-cloud）平台。此外，透過我們針對智慧眼鏡的 Snapdragon START 計畫，我們提供完整的參考平台，使眼鏡品牌能夠開發自有裝置。全球每年約出貨 6 億副眼鏡，本計畫將有助於擴大生態系並加速此類別向智慧眼鏡轉型。九月的 Snapdragon Summit 上，您將聽到更多相關內容。

At Investor Day, we laid out our vision for Qualcomm's next chapter and our path toward our fiscal 2029 targets. We're already seeing an inflection in our non-handset businesses, which underscores the success of our diversification strategy, and there's a lot more to come.

在投資人日上，我們闡述了 Qualcomm 下一篇章的願景，以及邁向 2029 會計年度目標的路徑。我們已經看到非手機業務的拐點，這凸顯了我們多元化策略的成功，而且後續還有更多進展。

Our Data Center business is just at the beginning of its journey, and we recognize that investors want to see more proof points that we can successfully execute on our plans as a new entrant. We welcome the challenge ahead and are confident we will prove, as we have many times before, that Qualcomm can execute and win in new growth areas, including Data Center.

我們的資料中心業務才剛開始起步，我們也理解投資人希望看到更多佐證，證明我們作為新進者能成功執行既定計畫。我們歡迎前方的挑戰，並有信心如同過去多次證明的那樣，Qualcomm 能夠在新的成長領域（包括資料中心）成功執行並取得勝利。

With that, I will turn the call over to Akash.

接下來，我把電話會議交給 Akash。

Thank you, Cristiano, and good afternoon, everyone. Let me begin with our results for the third fiscal quarter. We delivered revenues of $9.9 billion and non-GAAP EPS of $2.21, with revenue at the high end of our guidance. QTL revenues of $1.3 billion and EBT margin of 69% were in line with our expectations. QCT revenues of $8.5 billion were at the high end of our guidance, and EBT margin of 26% was in line with guidance.

謝謝你，Cristiano，各位下午好。我先從我們第三會計季度的業績開始。我們實現 99 億美元營收與非 GAAP 每股盈餘（EPS）2.21 美元，營收落在我們指引區間的高端。QTL 營收 13 億美元、EBT 利潤率 69%，符合我們的預期。QCT 營收 85 億美元，位於我們指引的高端，EBT 利潤率 26% 亦符合指引。

QCT handset revenues of $5.1 billion reflect the impact of industry-wide memory dynamics on the global smartphone market. QCT IoT revenues of $1.8 billion were up 9% versus the prior year driven by growth within the industrial, networking and robotics category of products. In QCT Automotive, we delivered another record quarter with revenues of $1.6 billion, with 61% year-over-year growth driven by accelerating demand and increasing compute content per vehicle. Total non-handset revenues in QCT, including Automotive and IoT, grew 28% year-over-year, underscoring the continued execution of our diversification strategy.

QCT 手機營收 51 億美元，反映出產業整體記憶體動態對全球智慧型手機市場的影響。QCT 物聯網（IoT）營收 18 億美元，較去年同期成長 9%，主要由工業、網路與機器人產品類別的成長所帶動。在 QCT 汽車業務方面，我們再度交出創紀錄的一季，營收 16 億美元，年增 61%，動能來自需求加速以及每輛車的運算內容價值提升。QCT 的非手機總營收（包含汽車與 IoT）年增 28%，凸顯我們多元化策略的持續落實。

Lastly, we returned $2.3 billion to stockholders, including $1.4 billion in share repurchases and $937 million in dividends.

最後，我們向股東回饋 23 億美元，其中包括 14 億美元的庫藏股回購與 9.37 億美元的股利。

Before turning to guidance, I'd like to provide an update on a couple of factors reflected in our financial performance. First, consistent with our expectations, we estimate that QCT handset revenues from Chinese OEMs reached a bottom in the third fiscal quarter and will return to double-digit sequential growth in the fourth quarter.

在進入財測指引之前，我想更新幾項反映在我們財務表現中的因素。第一，符合我們的預期，我們估計來自中國 OEM 的 QCT 手機營收在第三會計季度觸底，並將在第四會計季度恢復為連續（季對季）雙位數成長。

Second, the semiconductor industry is experiencing broad-based increase in input costs across wafer fabrication, assembly, test, advanced packaging, memory, and other materials. We are taking concrete actions to reflect the higher input costs in our product pricing. These actions will benefit our gross margins over time as the pricing changes gradually come into effect.

第二，半導體產業正經歷廣泛的投入成本上升，涵蓋晶圓製造、封裝組裝、測試、先進封裝、記憶體及其他材料。我們正採取具體行動，將較高的投入成本反映在產品定價上。隨著價格調整逐步生效，這些行動將在時間推移中有利於提升我們的毛利率。

Finally, as a result of our supply constraints, we now expect an acceleration in the step-down of Apple product revenues starting in the fourth fiscal quarter as our share for upcoming iPhone launch is expected to be materially lower than our prior estimate of 20%. All these factors are contemplated both in our third-quarter performance and fourth-quarter outlook.

最後，由於我們的供應限制，我們現在預期自第四會計季度起，Apple 產品營收的下滑幅度將加速，因為我們在即將推出的 iPhone 上的份額預期將顯著低於先前估計的 20%。上述所有因素都已反映在我們第三季表現與第四季展望之中。

Against this backdrop, I'll now provide our guidance for the fourth fiscal quarter. We are forecasting revenues of $9.7 billion to $10.5 billion and non-GAAP EPS of $2.05 to $2.25. In QTL, we estimate revenues of $1.2 billion to $1.4 billion, and EBT margin of 68% to 72%, reflecting normal seasonal trends.

在此背景下，我現在提供第四會計季度的指引。我們預測營收為 97 億至 105 億美元，非 GAAP EPS 為 2.05 至 2.25 美元。在 QTL 方面，我們估計營收為 12 億至 14 億美元，EBT 利潤率為 68% 至 72%，反映正常的季節性趨勢。

In QCT, we expect revenues of $8.4 billion to $9 billion and EBT margins of 23% to 25%. We forecast QCT handset revenues to be approximately $5.2 billion, driven by sequential growth in Android, offset by lower Apple product revenues. We expect QCT IoT revenues to remain approximately flat versus the year-ago period, with double-digit growth across our industrial, networking and robotics category of products, offset primarily by the impact of memory constraints on tablets and other consumer products.

在 QCT 方面，我們預期營收為 84 億至 90 億美元，EBT 利潤率為 23% 至 25%。我們預測 QCT 手機營收約為 52 億美元，主要由 Android 的季對季成長帶動，但部分被較低的 Apple 產品營收所抵銷。我們預期 QCT IoT 營收相較去年同期大致持平；工業、網路與機器人產品類別維持雙位數成長，但主要被記憶體限制對平板與其他消費性產品的影響所抵銷。

In QCT Automotive, we expect another record quarter with approximately 60% year-over-year revenue growth. Lastly, we anticipate non-GAAP operating expenses to be approximately $2.7 billion in the quarter, reflecting the acquisition of Modular and continued investment in our data center product road map, ahead of revenue ramp.

在 QCT 汽車業務方面，我們預期將再創紀錄的一季，營收年增約 60%。最後，我們預期本季非 GAAP 營運費用約為 27 億美元，反映收購 Modular 以及在營收放量之前，持續投資於我們的資料中心產品藍圖。

Before I conclude my prepared remarks, let me summarize the key drivers of QCT's growth trajectory going forward. We are well positioned to execute on the vision we outlined at our recent Investor Day with QCT non-handset revenues expected to grow to $40 billion by fiscal '29, nearly double the target we had previously provided. This forecast includes Data Center revenue growth to $5 billion in fiscal '27 and $15 billion in fiscal '29.

在結束我預先準備的發言之前，讓我總結未來推動 QCT 成長軌跡的關鍵動能。我們已具備良好條件，得以落實近期投資人日所闡述的願景；預期到 29 會計年度，QCT 非手機營收將成長至 400 億美元，幾乎是我們先前提供目標的兩倍。此預測包含資料中心營收在 27 會計年度成長至 50 億美元，以及在 29 會計年度成長至 150 億美元。

As a result of our diversification execution, we now estimate non-handsets at more than 50% of QCT revenues in fiscal '27 and grow to approximately two-thirds in fiscal '29. In the short term, we anticipate growth in non-handset revenues, relative to prior year, to accelerate from 24% in fiscal '26 to greater than 60% in fiscal '27 – a significant inflection point in the execution of our growth strategy.

由於我們執行多元化策略，我們目前預估在 27 會計年度，非手機業務將占 QCT 營收超過 50%，並在 29 會計年度成長至約三分之二。短期內，我們預期非手機營收相較前一年之成長將加速，從 26 會計年度的 24% 提升至 27 會計年度超過 60%——這是我們執行成長策略的一個重要拐點。

We expect this growth from non-handset revenues in fiscal '27 to replace total Apple product revenues in '26. In Handsets, when memory industry dynamics stabilize, our Snapdragon product leadership and emergence of agentic AI experiences will position us well to reinstate QCT Android revenue scale and growth rates.

我們預期 27 會計年度來自非手機營收的這項成長，將可取代 26 年度全部 Apple 產品營收。在手機業務方面，當記憶體產業動態趨於穩定時，我們 Snapdragon 產品的領先地位以及代理式（agentic）AI 體驗的興起，將使我們具備良好條件，重新恢復 QCT Android 營收規模與成長率。

Lastly, I'd like to welcome the Modular team to Qualcomm. We're excited to have completed this transaction, adding a world-class team whose AI software expertise will enhance our ability to execute on the significant opportunities ahead. This concludes our prepared remarks.

最後，我想歡迎 Modular 團隊加入 Qualcomm。我們很高興完成這筆交易，納入一支世界級團隊，其 AI 軟體專業將強化我們把握未來重大機會的執行能力。以上為我們事先準備的發言。

Back to you, Brett.

交還給你，Brett。

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

謝謝你，Akash。接線員，我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Congrats on solid results in a tough backdrop. I wanted to start on the gross margins. It's pretty clear, you explained what was going on with the rising input costs and now you're raising prices. Can you walk us through how we should think about QCT gross margins returning to their prior levels, how long between the ASP increases kind of match the input costs rising?

在艱難的環境下仍交出穩健成果，恭喜。我想先從毛利率談起。很明顯，你已解釋了投入成本上升的情況，而現在你們也在調漲價格。你能否帶我們了解一下，我們應如何看待 QCT 毛利率回到先前水準的路徑？ASP 上調大概需要多久才能與投入成本上升相匹配？

Hi Josh, it's Akash. So as I said in my prepared remarks, there's two key drivers on the impact on gross margins. I think the first is a little bit of a weaker mix within premium tier. As you know, we have multiple chips within premium and you're seeing OEMs making a choice on which chip to use and also using prior generation as a response to kind of the memory cost increase environment.

嗨 Josh，我是 Akash。如我在事先準備的發言中所說，影響毛利率有兩個主要驅動因素。第一個是高階（premium）產品線內部的組合稍微偏弱。如你所知，我們在高階有多款晶片，你會看到 OEM 在選擇使用哪一款晶片上做出取捨，也會在記憶體成本上升的環境下，改用前一代產品作為因應。

And then the second factor is the higher input cost across the supply chain. And so as you would expect, kind of we're taking action to increase the prices and reflect it in our customer product pricing. And we expect this benefit to show up in our gross margins over the next couple of quarters. These changes, as you would expect, come in gradually as we have some contracts in place, and so we need to get past those contracts. There are also product cycles that happen.

第二個因素是供應鏈各環節的投入成本上升。因此如你所預期，我們正採取行動調漲價格，並反映在我們對客戶的產品定價上。我們預期這項效益將在接下來幾個季度反映在毛利率上。如你所預期，這些變動會逐步發生，因為我們已有部分合約在執行中，需要等合約到期後才能調整。此外也會受到產品週期的影響。

So this will come up over time. But I think when we get through it, we expect to be consistent with the historical gross margin range we have.

因此這會隨時間逐步改善。但我認為當我們度過這段期間後，毛利率將可回到並維持在我們歷史毛利率區間的一致水準。

Maybe to follow up, you mentioned that data center revenue from your ASIC engagements would start to layer in, in the December quarter. Any help you can give us on the sort of the shape of that contribution through fiscal 2027 as it's obviously quite a material step up in revenue growth there?

再追問一下，你提到來自 ASIC 專案的資料中心營收會在 12 月季度開始逐步貢獻。你能否協助我們理解，這項貢獻在 2027 會計年度的走勢輪廓？因為那顯然會使營收成長出現相當明顯的躍升。

Yes. So I think as we said, the revenue starts in the December quarter, and you should expect a ramp as we go through the year. As we've said this before, we have two custom chip engagements, and both of these are global scale hyperscalers and we're going to expect to start seeing revenue from both of them starting in the December quarter.

可以。如我們所說，營收會從 12 月季度開始，你應該預期在接下來一年中逐步爬升。我們之前也提過，我們有兩個客製化晶片合作案，兩者都是具全球規模的超大規模雲端業者（hyperscalers），我們預期從 12 月季度起，將開始看到兩個案子都帶來營收。

As you know, the December quarter is right there. And so we do have POs from these engagements, and so we've already started wafers. So we're very confident about the engagement with both the customers.

如你所知，12 月季度已近在眼前。我們已收到這些合作案的採購訂單（PO），因此我們已經開始投片（wafer）。所以我們對與兩位客戶的合作都非常有信心。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，JPMorgan。

Maybe just as a first one and a follow-up kind of on the pricing dynamics. Can you just flesh out the pricing actions, like any commentary in terms of the magnitude of price increase that you're looking to take? And then whether these actions are broad-based or you're going to look to be more concentrated across the portfolio? And just as we think about maybe pricing actions in some of these consumer markets like handsets, how do you navigate rising prices in a market that has already seen demand affected by cost inflation and other components? And then I have a follow-up. Thank you.

先問一個，然後再追問一個，主要是關於定價動態。你能否更具體說明你們的定價行動，例如預計調漲幅度大概是多少？另外，這些行動是全面性的，還是會更集中在產品組合的某些部分？再者，當我們思考在手機等消費性市場採取定價行動時，市場需求已受到成本通膨與其他零組件影響，你們如何在這樣的市場中因應價格上升？然後我還有一個追問。謝謝。

Sure, Joe. So the way you should think about it is this is a pricing action that we are taking broadly across different end markets. As I said earlier, there are certain places where we have a contract or we are waiting for a product cycle to come through, so it will layer in over time. But it's no different than what a lot of the peers in our industry have done, and you should expect something that the scale of the increase that we're looking at is double digit and consistent with some of the actions from other players.

當然，Joe。你可以這樣理解：這是一項我們在不同終端市場廣泛採取的定價行動。如我先前所說，有些地方我們有合約在身，或是在等待產品週期推進，因此會隨時間逐步反映。但這與我們產業中許多同業所做的並無不同；你應可預期我們的調漲幅度會是雙位數，且與其他業者的部分行動一致。

Maybe, Joe, this is Cristiano. I'm just going to add one comment. I understand your comment, but I think the market is actually down because of the magnitude of increases in the bill materials with memory. So even a double-digit price increase, which is just a pass-through of the input cost increase and wafer price increases, it's actually small when you compare it to the order of magnitude of the memory bill of materials. So we actually don't expect that fundamental changes in the premium tier and the higher tier volume. And we maintain the position that China handset this Q3 is the bottom.

Joe，我是 Cristiano。我補充一點。我理解你的看法，但我認為市場下滑其實是因為記憶體在物料清單（BOM）中的成本增幅太大。因此即便是雙位數的漲價——這只是把投入成本上升與晶圓價格上升轉嫁出去——相較於記憶體 BOM 的增幅量級，其實仍然不大。所以我們其實不預期高階與更高階產品的出貨量會出現根本性變化。而且我們仍維持判斷：中國手機市場在本次 Q3 已經觸底。

Fair. Understood. And then maybe just as a second one, can you provide any early thoughts on how you're thinking about handset seasonality into the December quarter, just given kind of the moving pieces here around, obviously, Apple and then the recovery on the China OEM side of things?

了解。明白。那第二個問題，你能否分享一些初步看法：在 12 月季度，手機業務的季節性你們目前怎麼看？考量到這裡有一些變動因素，包括 Apple，還有中國 OEM 端的復甦。

Sure. So as you would expect, we're not necessarily guiding the December quarter at this point but let me give you some kind of qualitative comments about sequential trend on revenues in QCT between fourth quarter and first quarter. So a couple of key factors there.

當然。如你所預期，我們目前不一定會對 12 月季度提供指引，但我可以就 QCT 營收在第四季到第一季之間的環比趨勢，提供一些定性評論。這裡有幾個關鍵因素。

First is Apple. As I mentioned in my prepared remarks, we expect materially lower share in new launches versus our previous estimate of 20%. And as a result of that, we are forecasting approximately 50% decline from September to December quarter. This obviously accelerates, kind of, the exit of Apple revenue out of our model.

第一是 Apple。如我在事先準備的發言中提到，相較於我們先前估計的 20%，我們預期在新機上市中的占比將顯著降低。因此，我們預估從 9 月季度到 12 月季度將下滑約 50%。這顯然會加速 Apple 營收從我們模型中退出的進程。

The second is Android. We expect Android to grow and significantly offset the reduction in Apple and then data center revenue that starts to ramp in the first quarter. So the revenue profile in the December quarter will be a combination of these things, and we expect it to be slightly up on a sequential basis.

第二是 Android。我們預期 Android 將成長，並大幅抵銷 Apple 下滑的影響；此外，資料中心營收也會在第一季開始爬升。因此，12 月季度的營收輪廓將是這些因素的組合，我們預期環比將小幅上升。

When you look at the full year, you should not think of previous seasonality where first quarter was the high quarter for us. The profile obviously changes with Apple having a very strong December quarter, not in our model anymore. So we actually expect revenues to grow when we go from the December to the March quarter now.

從全年來看，你不應再以過去的季節性來思考，也就是第一季是我們的高峰季度。由於 Apple 在 12 月季度過去非常強勁、但現在已不在我們的模型中，整體輪廓顯然已改變。因此，我們現在反而預期營收會在 12 月季度到 3 月季度之間成長。

Stacy Rasgon, Bernstein.

Stacy Rasgon，Bernstein。

I wanted to ask about the accelerated Apple. The wording on the paragraph in the slide, it sounded like you guys were making the conscious choice not to sell to them nearly as much as you were before. I mean, you sort of blame the supply -- is that true? I mean I don't want to be too dramatic, but are you basically starving Apple, getting them out quicker than you could have and using that silicon to send it elsewhere? I mean is that what's going on?

我想問一下關於加速版 Apple 的情況。投影片那段文字的措辭，聽起來像是你們有意識地選擇不再像以前那樣賣給他們那麼多。我的意思是，你們有點把原因歸咎於供應——這是真的嗎？我不想太戲劇化，但你們基本上是在「餓」Apple，把他們能拿到的量壓到比你們本來能供的更少，然後把那些矽晶片轉去供應別的地方嗎？我的意思是，事情是這樣嗎？

Yes. I wouldn't characterize it as such, Stacy. You should think of it as our supply constraints were a part of it and then where discussions ended up is that we'd have a share materially less than 20%, and our revenue as a result in '27 from Apple product would be less than the previous guidance we had given, which was a little over $2 billion.

是的。Stacy，我不會用那樣的方式來形容。你應該這樣理解：供應限制是其中一部分因素，而後續討論的結果是，我們的份額將會實質性地低於 20%；因此，來自 Apple 產品在 '27 年的營收也會低於我們先前給出的指引——先前指引是略高於 20 億美元。

The way you should think about '27 is really the growth that we are targeting in the non-handset areas, which we said is going to be greater than 60% on a year-over-year basis will replace the entire Apple product revenue within the year.

你對 '27 年的理解，應該聚焦在我們在非手機領域所鎖定的成長；我們說過這部分將以年增率超過 60% 成長，並且在一年之內就能把整個 Apple 產品營收補回來。

Got it. Which must be about $7.5 billion. If I just take the 60% growth year-over-year, that would be something like $7.5 billion in non-handsets. So that's about what the Apple revenue is in '26. And most of that is going away in '27. That's how I should think about it?

了解。那大概就是 75 億美元。如果我就用 60% 的年增率來算，非手機業務大概會是 75 億美元左右。所以那差不多就是 '26 年的 Apple 營收。而其中大部分在 '27 年就會消失。我應該這樣理解嗎？

I think that's a fair range of estimate. I think we have given some additional disclosures in our web slides that you can look at to get some precise data points.

我認為那是一個合理的估計區間。我想我們在網站上的投影片也提供了一些額外揭露，你可以去看，以取得更精確的數據點。

Got it. And for my follow-up, I know the gross margins, hopefully, get better over the next several quarters, but you also have data center ramping as well. And you sort of talked to it at the Analyst Day that data center stuff should be dilutive to gross margin. So I mean does it offset some of that gross margin recovery? Or how do I think about that?

了解。那我追問一下：我知道毛利率希望在接下來幾個季度會變好，但你們也有資料中心在爬坡。而你們在分析師日也提到，資料中心相關業務會稀釋毛利率。所以它會抵消一部分毛利率回升嗎？或者我該怎麼看待這件事？

Yes. I think great question, Stacy. So you should think of it as our baseline business has a certain gross margin range, which has been in the 48% to 50% range. And so with the price increases coming online over time, we expect to be at that range. And really, the data center revenue coming in since the first revenue is mostly from custom chip engagements. We do expect that to be significantly lower than our ongoing, kind of, baseline gross margin percentage. And so that will be a drag of 1.5% to 2% on the weighted average gross margin for QCT.

是的。Stacy，我覺得這是個很好的問題。你可以這樣想：我們的基礎業務有一個既定的毛利率區間，過去大約在 48% 到 50% 之間。因此，隨著漲價在時間推移中逐步到位，我們預期會回到那個區間。而資料中心營收的導入，因為第一筆營收主要來自客製化晶片專案，我們確實預期其毛利率會顯著低於我們持續性的、所謂基礎毛利率百分比。因此，這會讓 QCT 的加權平均毛利率承受 1.5% 到 2% 的拖累。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

You talked about the stronger automotive ramp exiting the year. Can you just give us a sense of what that mix looks like at this point? How much ADAS is coming into that revenue stream? And then how do you think about future drivers? Do you see ADAS as a bigger driver next year? And do you see any autonomous kind of creeping in?

你提到汽車業務在年底退出時會有更強的爬坡。你能否讓我們了解一下，目前那個組合大概長什麼樣？其中有多少 ADAS 會進入那條營收流？另外你怎麼看未來的驅動因素？你覺得明年 ADAS 會是更大的驅動力嗎？你有看到任何自動駕駛相關開始滲透進來嗎？

Joe, this is Akash. So if you look at the kind of the breakdown we shared at Investor Day, you'll be able to see how ADAS is a significant portion of our design win pipeline, and that's a representation of how revenues will flow through over the next several years. I think one of the key things to take away from kind of our ongoing traction on the revenue side and design win side, in automotive is that we are transitioning to a place where a lot of our engagement across major OEMs is across platforms.

Joe，我是 Akash。如果你看我們在投資人日分享的拆解，你會看到 ADAS 在我們的設計導入（design win）管線中占了相當大的比重，而這也反映了未來幾年營收將如何逐步流入。我認為在汽車領域，我們在營收端與設計導入端持續取得進展的一個關鍵重點是：我們正在轉型到一個狀態——我們與主要 OEM 的許多合作，是以平台為範圍的合作。

So rather than kind of competing for individual sockets, or individual capabilities within the automotive, within a car, we are winning across the board across the entire platform because that just brings a lot of technology synergies to our customers.

也就是說，我們不再只是為了車內汽車領域的單一插槽（socket）或單一功能而競爭；我們是在整個平台層級全面勝出，因為這能為客戶帶來大量的技術協同效益。

And maybe, Joe, it's Cristiano. I'm just going to add one thing. We did talk about that before as a driver and that continues to be the case. As you move to our latest generation silicon, the amount of processing capability, it's an order of magnitude increase. We have seen a step function in silicon content.

另外，Joe，我是 Cristiano。我再補充一點。我們之前確實談過這是個驅動因素，而現在仍然如此。當你轉向我們最新一代的矽晶片時，處理能力是數量級的提升。我們看到矽含量出現了躍升式的增加。

So these OEMs' choices to apply next-generation silicon as part of the mix are actually increasing the automotive revenue, even ahead of our expectations.

因此，這些 OEM 選擇把下一代矽晶片納入組合，實際上正在推升汽車營收，甚至超出我們的預期。

That's helpful. And then separately, just wonder if you could talk about your supply chain, your price increases reflect some input costs coming up. Just how are you feeling about your supply chain? And particularly, are you seeing constraints on the wafer side going forward?

這很有幫助。另外想請教你們的供應鏈：你們的漲價反映了一些投入成本上升。你們對供應鏈的感受如何？特別是，你們是否看到未來在晶圓端會有約束？

Yes. That's a great question. Look, I think the industry now is probably operating very similarly to what was in the pandemic. Everything is at 100% utilization, everything. So we're seeing a shortage in price increases across wafers, across assembly, across testing -- testers, everything.

是的。這是個很好的問題。你看，我認為現在整個產業的運作方式，大概非常類似疫情期間。所有產能利用率都是 100%，全部都是。所以我們看到晶圓、封裝、測試——測試機台等各方面都出現短缺並伴隨價格上漲。

The second answer is the same answer I was providing, I remember at the time of the pandemic. It's good to have scale. It's good to have scale. It's good to have significant volume across different nodes. This is actually helping us. And you're probably seeing what we did, not your question, but what we are doing on inventory. Inventory is also, in times of shortage, a strategic advantage as well. So we're actually very comfortable. Nobody is comfortable. Everybody wants more.

第二個回答也跟我記得在疫情時期給出的答案一樣。有規模是好的。有規模是好的。在不同製程節點上擁有可觀的出貨量是好的。這其實正在幫助我們。而且你可能也看到我們在做的事情——雖然不是你問的——就是庫存。在短缺時期，庫存同樣是一種策略性優勢。所以我們其實非常放心。當然，沒有人會覺得完全舒服。每個人都想要更多。

I have not met anybody that is using leading nodes today that does not want more, but we're comfortable that we have the supply to basically execute on our plans.

我還沒遇過任何一家今天在使用先進製程節點的公司是不想要更多的，但我們有信心，我們的供應足以基本上執行我們的計畫。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I wanted to talk about your data center initiative a little bit more. In June, you had enough visibility to double your target. And just wondering how is the reception outside of the two customers. And when you talk about the pipeline and some of the commentary around that, are you implying that there could be more than two customers? And how do you see that expanding beyond the current reach?

我想再多談一點你們的資料中心計畫。6 月時，你們有足夠的能見度把目標翻倍。我想知道在那兩家客戶之外，市場反應如何。當你談到管線以及相關評論時，你是否在暗示可能不只兩家客戶？你怎麼看它在目前觸及範圍之外的擴張？

Yes. Very good question. I'm going to break that conversation in probably two parts. One is the existing customer engagements. As we said before, we have line of sight to how those things expand across the custom silicon, the beginning of the accelerator with high-bandwidth compute as well as the ramp of the CPU to go from $5 billion to $15 billion. And I think we continue to restate those numbers. I think as we get to $15 billion, you're going to see a combination of multiproduct, multi-generation on the custom ASIC plus the ramp of the accelerator and the CPU.

是的。非常好的問題。我會把這個討論大概分成兩個部分。第一部分是既有的客戶合作案。如同我們之前說過的，我們對這些合作如何在客製化矽晶片上擴大規模有清楚的能見度，包括具備高頻寬運算的加速器起步，以及 CPU 的爬坡，從 50 億美元到 150 億美元。我想我們也持續重申這些數字。我認為當我們走到 150 億美元時，你會看到：在客製化 ASIC 上的多產品、多世代組合，再加上加速器與 CPU 的爬坡。

Now the second part of your question is actually the most interesting one, and that's why I provided some commentary in the script. I know everybody will live in an era of everybody wants instant gratification. But the reality is there's a lot of customers that want to see silicon.

而你問題的第二部分其實是最有意思的，這也是我在講稿裡做了一些評論的原因。我知道大家都活在一個人人都想要即時滿足的時代。但現實是，有很多客戶想要先看到矽晶片。

And that's both true on the accelerator on our HBC plus the accelerator as well on the CPU. So we're actually very happy. Everything is going according to plan on HBC. That's a disruptive technology. I said in my prepared remarks. In the coming quarters, we're going to have silicon, and we are going to be able to do silicon demonstration evaluation.

而且這在我們 HBC 上的加速器，以及 CPU 上的加速器上都同樣成立。所以我們其實非常滿意。HBC 的一切都在按計畫進行。那是一項顛覆性技術。我在事先準備的發言中提到過。在接下來幾個季度，我們將會有矽晶片，並且能夠進行矽晶片展示與評估。

I think that has the potential to unlock new opportunities. We have additional conversations with customers. But the next milestone is Qualcomm, we needed to see silicon and see how it performs before we make a decision that we're marching forward.

我認為這有潛力解鎖新的機會。我們也與客戶有更多的對話。但下一個里程碑是高通；在我們做出要往前推進的決定之前，我們需要看到矽晶片並看看它的表現如何。

Can I just follow up on the comment around China bottoming. Are you hearing from these customers that they're getting access to domestic Chinese memory and they're feeling really good that they're going to have supply? Or I just think I'm getting some questions after hours is why you have that confidence? And is it sustainable?

我可以就你提到中國觸底的評論再追問一下嗎？你是否從這些客戶那裡聽到，他們正在取得中國國產記憶體，並且對於供應將會到位感到很有信心？或者我只是覺得盤後有人在問，為什麼你有那樣的信心？而且這是否可持續？

Yes, Ben. So a couple of parts to that question. I think, what we've seen in China is, first of all, our revenue was the lowest in the June quarter, and we are forecasting double-digit increase in revenue in the September quarter, which is the quarter we are in, obviously, very high confidence. And then also going into next quarter. And one of the key drivers there is earlier in the year, the OEMs were buying based on the size of the market, but they were also drawing down on channel inventory.

是的，Ben。所以這個問題有幾個部分。我認為，我們在中國看到的是：首先，我們的營收在 6 月季度是最低的，而我們預測在 9 月季度（也就是我們目前所在的季度）營收將出現兩位數成長，顯然我們非常有信心。然後也延續到下一個季度。其中一個關鍵驅動因素是，今年較早時 OEM 的採購是依據市場規模，但同時也在消化通路庫存。

And where we are at now is the channel inventory has thinned down so that they can't draw down anymore. And so the revenue is reconciling to the size of the total market. And so that kind of change in profile of purchases is what gives us confidence.

而我們現在所處的位置是，通路庫存已經變薄到他們無法再繼續消化了。因此，營收正在回歸並對應到整體市場的規模。所以，這種採購輪廓的變化就是讓我們有信心的原因。

To the first part of your question is around Chinese memory. That's certainly been a big part of what the Chinese OEMs use. This is not a new trend. It is something that has existed for the last several years. And certainly, it's something that will strengthen as we go forward.

你問題的第一部分是關於中國記憶體。那確實一直是中國 OEM 使用的重要組成。這不是新的趨勢。這在過去幾年一直存在。而且可以肯定的是，隨著我們往前走，這個趨勢會更強。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

This is Liam Pharr on for Vivek. I guess just to start, how are you thinking about potential for US-China restrictions impacting your data center business? And how is that factored into your decision-making leading up to kind of this ramp in fiscal '27?

我是代替 Vivek 的 Liam Pharr。我想先問，您如何看待美中限制可能對你們資料中心業務的影響？以及在邁向 2027 財年這一波放量之前，你們如何把這點納入決策考量？

For the engagements we have today we're not restricted. And it's within the category of other companies that are also providing solutions for China. So that is not a concern at this moment.

就我們目前的合作而言，並沒有受到限制。而且這也屬於其他同樣在為中國提供解決方案的公司所處的類別。所以目前這不是一個擔憂。

And then how are you thinking about handset market TAM for Qualcomm in 2027 if memory prices continue to be a headwind. Is it going to continue to kind of remain suppressed? Or can it rise up to the kind of 5% CAGR that you outlined at the Investor Day?

那麼，如果記憶體價格持續成為逆風，你們如何看待 2027 年高通在手機市場的 TAM（總可服務市場）？它會繼續維持在受壓抑的狀態嗎？還是能回升到你們在投資人日所概述的約 5% CAGR？

Yes. So I think at this point, where we are looking at for the handset market is we think the market will be down low teens relative to '26. And a lot of the impact is in the lower tiers. And so this is largely consistent with how the industry analysts are viewing it as well. The net impact on QCT Android revenue is down 20% year-over-year and the EPS impact of it is greater than $1.50.

是的。所以我認為，就目前我們對手機市場的看法是：相較於 26 年，市場可能會下滑低十幾個百分點。而影響主要集中在較低階的產品層級。因此，這大致也與產業分析師的看法一致。對 QCT Android 營收的淨影響是年減 20%，而對 EPS 的影響大於 1.50 美元。

So the way we think about it is longer term as conditions stabilize. And with our Snapdragon leadership and the agentic AI transformation of phones, we have the opportunity to reinstate the scale of the handset business and the growth that comes with it. So you should think of this greater than $1.50 of EPS as a potential tailwind for us as we go forward and the markets normalize.

所以我們的看法是，長期而言，隨著環境趨於穩定，再加上我們在 Snapdragon 的領先地位，以及手機的代理式 AI（agentic AI）轉型，我們有機會恢復手機業務的規模以及隨之而來的成長。因此，你可以把這個大於 1.50 美元的 EPS 影響視為：當我們往前走、且市場正常化時，對我們可能形成的順風。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

My question is on QTL. And it does look like QTL revenues have held up pretty well despite the decline in the market. Do you expect that to continue? And are the QTL revenues helped by any way by some of the price increases that your customers have had to implement?

我的問題是關於 QTL。看起來即使市場下滑，QTL 營收仍維持得相當不錯。你預期這會持續嗎？另外，客戶被迫實施的一些漲價，是否在任何程度上對 QTL 營收有幫助？

Yes, Chris, you should just think of QTL consistent with the model it has, right, which is there is a cap on the total royalties based on the device ASP. And so to the extent that prices go up below the cap, there is some benefit that accrues to QTL. And then above the cap, it really doesn't make a difference in the revenue for QTL. And so this is execution of licenses that we have in place.

是的，Chris，你可以把 QTL 視為與其既有模型一致，對吧，也就是：基於裝置 ASP 的總權利金有上限。因此，在價格上升但仍低於上限的範圍內，QTL 會獲得一些好處。而一旦高於上限，對 QTL 的營收其實就沒有差別。所以這就是我們既有授權合約的執行。

Got it. As a follow-up question, just a question about OpEx and your spending. And you've obviously been ramping spending. You've done some acquisitions, which I assume are now fully reflected in the September quarter guidance. What do you expect to be the trajectory of spending from here now you've had the step up, what kind of color can you give as for spending into next year?

了解。追問一下，關於 OpEx 和你們的支出。你們顯然一直在提高支出。你們也做了一些併購，我假設這些現在已完全反映在 9 月季度的指引中。在已經上調之後，接下來你預期支出的走勢會如何？對於明年的支出，你能提供哪些方向性的說明？

Yes, Chris, no change to the guidance we provided at Investor Day. You should think of it as we have a current scale of OpEx. Now going forward, it will reflect both obviously Alphawave and now Modular in that scale. We are investing in data center as we execute on the CPU and accelerator road map. So you'll see some growth there, but that's the primary driver of how OpEx plays out going forward.

是的，Chris，我們在投資人日提供的指引沒有改變。你可以這樣看：我們目前有一個既定的 OpEx 規模。接下來，它會在這個規模中反映 Alphawave，以及現在的 Modular。我們正在投資資料中心，因為我們在執行 CPU 與加速器的路線圖。所以你會看到那裡有一些成長，但這是未來 OpEx 走勢的主要驅動因素。

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

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

Yes. Thank you. Just before we wrap up, I just want to take a moment to thank our employees, our dedicated employees for their outstanding execution, commitment, especially for a company that is changing, is developing new capabilities. We could not do this without great employees. They are definitely the best part of the whole company.

是的。謝謝。在我們結束之前，我想花一點時間感謝我們的員工、我們敬業的員工，感謝他們出色的執行力與投入，尤其對一家正在轉型、正在發展新能力的公司而言。沒有優秀的員工，我們做不到這些。他們絕對是整個公司最棒的部分。

I also want to express gratitude to our customers, partners and suppliers, the current environment for the trust they place on us every day. I think the confidence of our customers, gives us the ability to deliver on the strategy, which has been instrumental to our success today and will be instrumental to our success in the future. And I will talk to you guys in the quarter. Thank you.

我也想對我們的客戶、合作夥伴與供應商表達感謝，在目前的環境下，感謝他們每天對我們的信任。我認為客戶的信心讓我們有能力落實策略，這對我們今天的成功至關重要，未來也同樣至關重要。我們下個季度再聊。謝謝。

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

謝謝。各位女士、先生，今天的電話會議到此結束。您現在可以掛線。