高通 (QCOM) 2026 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm fourth quarter fiscal 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您耐心等候。歡迎參加高通 2026 會計年度第四季財報電話會議。（接線員指示）

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

現在我想將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 的預先準備發言。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簡報投影片。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. Actual events or results could differ materially from those projected in our forward-looking statements. Please refer to our SEC filings, including our most recent 10-K, which contain important factors that could cause actual results to differ materially from the forward-looking statements.

在今天的電話會議中，我們將使用《G 規則》（Regulation G）所定義的非 GAAP 財務衡量指標，您可在我們網站上找到與 GAAP 的相關調節表。我們也將發表前瞻性陳述，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。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-K），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。

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

接下來請聽取高通總裁暨執行長 Cristiano Amon 的發言。

Thank you, Brett, and good afternoon, everyone. In fiscal Q4, we delivered non-GAAP revenues of $10.4 billion and non-GAAP earnings per share of $2.17. QCT revenues of $9 billion, up 6% sequentially, were at the high end of our guidance. Licensing business revenues were $1.3 billion. For fiscal 2026, we reported non-GAAP revenues of $43.2 billion and QCT revenues of $37.2 billion, highlighted by year-over-year revenue growth of 24% across combined Automotive and IoT.

謝謝你，Brett，各位下午好。在會計年度第四季，我們達成非 GAAP 營收 104 億美元，以及非 GAAP 每股盈餘 2.17 美元。QCT 營收 90 億美元，季增 6%，位於我們財測區間的高端。授權業務營收為 13 億美元。就 2026 會計年度而言，我們公布非 GAAP 營收 432 億美元、QCT 營收 372 億美元，其中汽車與 IoT 合計營收年增 24% 表現亮眼。

We closed fiscal 2026 with many of the uncertainties that have been weighing on our business now behind us. Specifically, QTL license renewals, the loss of Apple as a customer, and the negative impact of memory pricing on the size of the mobile industry. Regarding the latter, the June quarter marked the low point for our China Android business, and we have seen sequential growth this quarter.

我們在 2026 會計年度結束時，許多一直對我們業務造成壓力的不確定因素如今已成為過去。具體而言，包括 QTL 授權續約、失去蘋果作為客戶，以及記憶體價格對行動產業規模造成的負面影響。就後者而言，6 月季度是我們中國 Android 業務的低點，而本季我們已看到環比成長。

Going forward, our plan assumes global handset units will remain flat to down in calendar '27. The timing and shape of the Apple modem transition is fully incorporated in how we're planning the business and is well understood at this point. We also renewed important QTL licensing agreements, including Apple and Huawei. Now, we enter fiscal 2027 as a broader, more diversified Qualcomm with strong momentum and significant opportunities ahead. First, non-handset revenues in QCT will grow by more than 60% year-over-year. Second, our data center business begins its ramp with revenues expected to exceed $650 million in the December quarter. Third, Automotive revenues reach an $8 billion annualized run rate exiting fiscal 2026, $1 billion ahead of expectations. Fourth, we establish a solid foundation in how agentic AI transforms the edge and leads to new product categories for Qualcomm. And finally, we reached a landmark agreement with SpaceX to power their nationwide terrestrial 5G network in the US. Our technology investments are aligned with the direction the industry is moving. We made key acquisitions to build on our hardware and software capabilities as we evolve into a full-stack semiconductor company.

展望未來，我們的規劃假設在 2027 年曆年全球手機出貨量將持平至下滑。蘋果數據機轉換的時點與型態已完整納入我們的業務規劃之中，且目前已相當明確。我們也續簽了重要的 QTL 授權協議，包括與蘋果及華為。現在，我們以更廣泛、更多元化且動能強勁的高通邁入 2027 會計年度，前方有顯著的機會。第一，QCT 的非手機營收將年增超過 60%。第二，我們的資料中心業務開始放量，預期 12 月季度營收將超過 6.5 億美元。第三，汽車業務營收在 2026 會計年度結束時達到年化 80 億美元的運行速度（run rate），較預期高出 10 億美元。第四，我們在「代理式 AI（agentic AI）」如何改變邊緣運算並帶來高通新產品類別方面，建立了堅實基礎。最後，我們與 SpaceX 達成里程碑式協議，為其在美國的全國性地面 5G 網路提供支援。我們的技術投資與產業發展方向一致。我們也進行了關鍵併購，以強化硬體與軟體能力，並隨著我們演進為全堆疊（full-stack）半導體公司而持續布局。

We announced strategic agreements with industry leaders, including Meta, Amazon, BMW, and Stellantis, with more to come, and our design win pipeline across the company grew 70% year-over-year. This is the backdrop that positions Qualcomm to deliver on our fiscal 2029 targets of $40 billion in non-handset revenues, with over $15 billion coming from Data Center.

我們宣布與多家產業領導者達成策略協議，包括 Meta、Amazon、BMW 與 Stellantis，後續還會有更多；同時，公司整體的設計導入（design win）管線年增 70%。在此背景下，高通具備條件達成我們 2029 會計年度的目標：非手機營收達 400 億美元，其中超過 150 億美元來自資料中心。

Now, I will focus on the areas that are top of mind for investors. Let me start with licensing, where we reached a milestone this quarter. We are extremely pleased with our renewals with Apple, Huawei, and Transsion. These agreements provide stability for QTL as we move to the 6G era. They also demonstrate the enduring value of our IP and patent portfolio. Just as in every prior generation, we expect our inventions to be foundational to 6G.

接下來，我將聚焦投資人最關心的領域。先從授權談起，本季我們達成一項里程碑。我們對與蘋果、華為及 Transsion 的續約感到非常滿意。這些協議在我們邁向 6G 時代之際，為 QTL 提供穩定性。它們也展現了我們智慧財產權與專利組合的長期價值。如同以往每一代技術，我們預期我們的發明將成為 6G 的基礎。

Importantly, our QTL revenue run rate remains unchanged. The next renewal cycle begins in fiscal 2030 and runs through fiscal 2033. Licensing gives Qualcomm a durable, highly profitable foundation as we scale our next set of growth opportunities.

重要的是，我們的 QTL 營收運行速度（run rate）維持不變。下一輪續約週期將自 2030 會計年度開始，並延續至 2033 會計年度。授權業務為高通提供持久且高獲利的基礎，使我們能擴大下一波成長機會。

Data Center is another area where we made considerable progress this quarter. It is one of our top strategic priorities, and a major focus of my own time, as we build this business around long-term customer relationships, a broad product portfolio, and an open software ecosystem.

資料中心是我們本季取得顯著進展的另一個領域。這是我們最重要的策略優先事項之一，也是我投入時間的重點；我們正圍繞長期客戶關係、廣泛的產品組合，以及開放式軟體生態系來打造這項業務。

AWS is a good example. Our agreement spans multiple product generations across custom silicon for AI inference and optical connectivity. Custom accelerators began shipping in October, and our connectivity solutions with AWS ramp later this month. We also secured a second optical connectivity customer. With Qualcomm High Bandwidth Compute, our AI250 silicon is exceeding our expectations for power efficiency and bandwidth, and early yields are on track. These results are generating significant interest from AI customers and memory partners, and we added two major prospects in the quarter. Our Dragonfly C1000 CPU remains on track to ship to Meta as scheduled, and we engage with a large new potential customer.

AWS 是一個很好的例子。我們的協議涵蓋多個產品世代，包含用於 AI 推論的客製化矽晶片以及光學連接。客製化加速器已於 10 月開始出貨，而我們與 AWS 的連接解決方案將於本月稍晚開始放量。我們也取得第二位光學連接客戶。透過 Qualcomm High Bandwidth Compute，我們的 AI250 晶片在功耗效率與頻寬方面的表現超出預期，且早期良率進展符合規劃。這些成果正引發 AI 客戶與記憶體合作夥伴的高度興趣，我們在本季新增了兩個重要潛在客戶。我們的 Dragonfly C1000 CPU 仍按計畫如期出貨給 Meta，同時我們也正與一位大型新潛在客戶洽談。

We are optimistic about the opportunities we have today with our high-speed connectivity solutions, such as optical DSPs, and we are investing in bringing optics directly alongside our XPUs and custom silicon, as we demonstrated with Lumentum and Corning at ECOC 2026.

我們對目前高速連接解決方案（例如光學 DSP）所帶來的機會感到樂觀；同時，我們也投資將光學技術直接與我們的 XPU 與客製化矽晶片並置整合，正如我們在 ECOC 2026 與 Lumentum 及 Corning 的展示。

In software, our full-stack integration with Modular is progressing well. Modular is delivering impressive performance as an open, multi-vendor stack running on NVIDIA and AMD GPUs, Amazon Trainium, and Google TPU. Optimization for Qualcomm accelerators is also underway. Last month, Modular made the full MAX source code available, and this builds on open sourcing the Mojo language in August. We are also excited that Modular Cloud went live during the September quarter and is already processing tens of trillions of tokens per month. We will share more details soon about how our ecosystem partners are using Modular Cloud.

在軟體方面，我們與 Modular 的全堆疊整合進展順利。Modular 以開放、多供應商的堆疊在 NVIDIA 與 AMD GPU、Amazon Trainium 以及 Google TPU 上運行，展現令人印象深刻的效能；針對高通加速器的最佳化也正在進行中。上個月，Modular 已將完整的 MAX 原始碼釋出，並在 8 月開源 Mojo 語言的基礎上更進一步。我們也很振奮地看到 Modular Cloud 在 9 月季度正式上線，且已經每月處理數以十兆計的 token。我們將很快分享更多細節，說明我們的生態系夥伴如何使用 Modular Cloud。

Our data center business is off to a strong start. We are reiterating our $5 billion revenue target for fiscal '27, with healthy order coverage supporting continued revenue growth in fiscal '28.

我們的資料中心業務開局強勁。我們重申 2027 會計年度 50 億美元的營收目標，且在充足的訂單覆蓋支持下，2028 會計年度營收可望持續成長。

In Automotive, we exit fiscal 2026 at an annualized revenue run rate of approximately $8 billion, well above the $7 billion expectations we provided last quarter. Additionally, fiscal fourth quarter automotive revenue grew nearly 90% year-over-year. Commercial shipments of our fifth-generation Snapdragon Digital Chassis began in the September quarter and will continue to ramp in fiscal 2027. As a reminder, this platform is our most advanced to date, delivering a significant increase in performance and represents our largest generation-to-generation content increase in Qualcomm's history. Our products also evolve from SoCs to integrated compute modules. Customer demand remains strong across our portfolio, and Qualcomm is positioned to become one of the largest automotive semiconductor suppliers by revenue in fiscal 2027.

在汽車業務方面，我們在 2026 會計年度結束時的年化營收運行率約為 80 億美元，明顯高於我們上季提供的 70 億美元預期。此外，會計年度第四季汽車營收年增近 90%。我們第五代 Snapdragon Digital Chassis 的商用出貨已於 9 月季度開始，並將在 2027 會計年度持續放量。提醒一下，該平台是我們迄今最先進的平台，帶來顯著的效能提升，並代表高通歷史上最大的一次代際內容增量。我們的產品也正從 SoC 演進為整合式運算模組。客戶需求在我們的產品組合中仍然強勁，高通有望在 2027 會計年度按營收成為最大的汽車半導體供應商之一。

In robotics, our premium-tier Dragonwing IQ10 processor is set to begin its commercial ramp and continues to generate strong customer momentum. During the quarter, ecosystem partners demonstrated AI models of up to 80 billion parameters running directly on IQ10. In fiscal 2027, we will continue to expand the technologies and capabilities across our robotics platforms.

在機器人領域，我們高階級距的 Dragonwing IQ10 處理器即將開始商用放量，並持續帶來強勁的客戶動能。本季度期間，生態系夥伴展示了多達 800 億參數的 AI 模型可直接在 IQ10 上運行。

As we anticipated, the proliferation and capability of AI agents is increasing rapidly, and we're seeing growing consumer adoption as a result. A prime example is Meta Muse, which reached over 10 million downloads in just 40 days.

如我們所預期，AI 代理（agents）的普及與能力正在快速提升，因此我們看到消費者採用度也在增加。一個典型例子是 Meta Muse，在短短 40 天內下載量就超過 1,000 萬次。

We're also seeing more companies designing experiences and devices around agents. This includes agentic smartphones, smart glasses, and other new personal AI form factors. Meta's Audio AI Glasses, Muse Charm, Gemini Eyewear, and Alibaba's Qwen AI Glasses are recent examples of intelligent wearables, with more to come over the next year.

我們也看到更多公司圍繞代理（agents）來設計體驗與裝置。這包括代理型智慧型手機、智慧眼鏡，以及其他新型個人 AI 外形規格。Meta 的 Audio AI Glasses、Muse Charm、Gemini Eyewear，以及阿里巴巴的 Qwen AI Glasses，都是近期智慧穿戴裝置的例子，未來一年還會有更多產品推出。

The smartphone is an essential device for agentic experiences, as it's the device that knows people best. It's always with them and has their context, preferences, and permissions. The device is also evolving to simultaneously support what the user is doing and what agents are doing on the user's behalf. Delivering these experiences will require greater computing performance, power efficiency, and connectivity, which play directly to Qualcomm's strengths. More of our customers are already building agentic features into their flagship devices, and we're pleased to share that the world's first agentic smartphones were launched on Snapdragon.

智慧型手機是代理型體驗的關鍵裝置，因為它最了解使用者。它始終隨身，並掌握使用者的情境、偏好與權限。該裝置也正在演進，以同時支援使用者正在做的事，以及代理代表使用者所執行的事。要提供這些體驗，將需要更高的運算效能、更佳的能效與連線能力，而這些正是高通的強項。我們有更多客戶已在其旗艦裝置中導入代理型功能，我們也很高興分享，全球首批代理型智慧型手機是在 Snapdragon 平台上推出的。

Heading into fiscal 2027, we're pleased with our premium-tier Android share position, and we expect it to strengthen as the transition to agentic smartphones drives an increase in computing content per device. For perspective, leading AI companies are targeting smartphones by 2028 capable of running 100 billion parameter models locally with an all-day battery life. Reaching this goal will require a step function change in on-device compute performance.

展望 2027 會計年度，我們對於在高階 Android 市佔的地位感到滿意，並預期隨著代理型智慧型手機的轉型推動每台裝置的運算內容增加，該地位將進一步強化。作為參考，領先的 AI 公司正以 2028 年為目標，打造可在本地端運行 1,000 億參數模型且具備全天續航的智慧型手機。要達成此目標，將需要裝置端運算效能出現躍升式的變化。

Finally, I'm very proud to share that SpaceX selected Qualcomm to power Starlink Mobile's nationwide terrestrial 5G network in the US. Starlink is building one of the most ambitious new cellular networks in the country, and our Dragonwing infrastructure platforms will bring together advanced massive MIMO, purpose-built RAN processing, and commercial-grade Layer 1 software. Under a multi-year agreement, deployment begins in 2027, and it is expected to be one of the largest 5G deployments in the United States.

最後，我非常自豪地分享，SpaceX 選擇高通為 Starlink Mobile 在美國的全國性地面 5G 網路提供核心動力。Starlink 正在打造美國最具雄心的新蜂巢式網路之一，而我們的 Dragonwing 基礎設施平台將整合先進的大規模 MIMO、專用的 RAN 處理，以及商用等級的第 1 層（Layer 1）軟體。根據一項多年期協議，部署將於 2027 年開始，並預期成為美國規模最大的 5G 部署之一。

Together, we have an opportunity to advance United States wireless leadership, starting with 5G and the convergence of satellite and terrestrial connectivity. This new architecture establishes a foundation for next-generation connectivity and network intelligence. This is a significant win for our infrastructure business and the beginning of a strategic relationship with tremendous potential.

我們共同擁有推進美國無線領導地位的機會，起點是 5G 以及衛星與地面連線的融合。這種新架構為下一代連線能力與網路智慧奠定基礎。這是我們基礎設施業務的一項重大勝利，也是與具備巨大潛力的策略關係之開端。

Before I close, I would like to briefly address our litigation with Arm. We're gratified that the jury found Arm breached its long-standing architecture license agreement, ALA, with Qualcomm, failed to honor its commitments, intentionally acted to disrupt Qualcomm's business, and engaged in unfair competition both as a supplier and a competitor.

在結束之前，我想簡要談一下我們與 Arm 的訴訟。我們很欣慰陪審團認定 Arm 違反其與高通長期以來的架構授權協議（ALA），未能履行其承諾，並蓄意採取行動干擾高通的業務，且同時以供應商與競爭者身分從事不公平競爭。

Together with Qualcomm's prior court victory, this outcome further exposes Arm's intentions to harm Qualcomm and its ecosystem. This outcome is a victory for innovation and competition, and we remain focused on developing and delivering industry-leading semiconductor products, including our Oryon CPUs to customers and consumers worldwide, from mobile to data center.

結合高通先前在法院的勝訴結果，此次裁決進一步揭露 Arm 意圖傷害高通及其生態系的企圖。這一結果是創新與競爭的勝利；我們仍將專注於研發並交付業界領先的半導體產品，包括向全球客戶與消費者提供我們的 Oryon CPU，涵蓋從行動裝置到資料中心等領域。

In summary, we enter fiscal 2027 having made important progress against the ambitious growth plan we outlined at Investor Day. Since then, we have signed major strategic agreements and positioned our Data Center business to ramp at scale. We remain focused on execution as we build the next chapter for Qualcomm, and we are confident in delivering on our fiscal 2029 targets.

總結而言，我們在邁入 2027 會計年度之際，已在投資人日所提出的雄心勃勃成長計畫上取得重要進展。自那以來，我們已簽署多項重大策略協議，並使我們的資料中心業務具備規模化放量的條件。在打造高通下一篇章的過程中，我們仍專注於執行力，並有信心達成 2029 會計年度的目標。

With that, I will turn it over to Akash.

接下來，我把時間交給 Akash。

Thank you, Cristiano, and good afternoon, everyone. Let me begin with our results for the fourth fiscal quarter. We delivered non-GAAP revenues of $10.4 billion and EPS of $2.17, with revenues at the high end of our guidance. QTL revenues of $1.3 billion and EBT margin of 70% were in line with our expectations. QCT revenues of $9 billion were at the high end of our guidance, and EBT margin of 24% was in line with expectations. QCT handset revenues of $5.1 billion reflected the impact of industry-wide memory dynamics on the global smartphone market.

謝謝你，Cristiano，各位下午好。我先從我們的會計年度第四季業績開始。我們實現非 GAAP 營收 104 億美元、每股盈餘（EPS）2.17 美元，營收位於我們指引區間的高端。QTL 營收 13 億美元、稅前利潤（EBT）利潤率 70%，符合我們的預期。QCT 營收 90 億美元位於指引高端，EBT 利潤率 24% 亦符合預期。QCT 手機營收 51 億美元，反映了全產業記憶體供需動態對全球智慧型手機市場的影響。

In QCT Automotive, we delivered our first $2 billion revenue quarter with 89% year-over-year growth, driven by the growing adoption of integrated module products for our fifth-generation compute platforms. QCT IoT revenues of $1.9 billion were up 4% year-over-year, led by our industrial, networking, and robotics category of products, which grew 20% versus the year-ago period, offset by the impact of memory constraints on consumer products. Total non-handset revenues in QCT, including Automotive and IoT, grew 36% year-over-year, underscoring the continued execution of our growth initiatives. Lastly, we returned $2 billion to stockholders, including $1 billion each in share repurchases and dividends.

在 QCT 汽車業務方面，我們首次實現單季 20 億美元營收，年增 89%，主要受惠於第五代運算平台整合式模組產品的採用持續提升。QCT 物聯網（IoT）營收 19 億美元，年增 4%；其中以工業、網路與機器人類別產品帶動，該類別較去年同期成長 20%，但部分被記憶體供應限制對消費性產品的影響所抵銷。QCT 的非手機總營收（包含汽車與 IoT）年增 36%，凸顯我們成長計畫持續落地執行。最後，我們向股東回饋 20 億美元，其中股票回購與股利各 10 億美元。

Before turning to guidance, I would like to provide an update on a couple factors reflected in our financial performance. First, in QTL, we have now completed long-term license agreements with Apple, Huawei, and Transsion, and do not have any upcoming license renewals with major handset OEMs for the next several years. Following these agreements, QTL revenue run rate and long-term revenue forecast remain unchanged.

在談指引之前，我想就我們財務表現中反映的幾個因素提供最新進展。首先，在 QTL 方面，我們已完成與 Apple、華為以及 Transsion 的長期授權協議，未來數年內與主要手機 OEM 不會有即將到期的授權續約。在完成這些協議後，QTL 的營收運行率與長期營收預測維持不變。

Second, as we outlined last quarter, we are implementing price increases across our products to reflect the higher semiconductor input costs. We expect the full benefit of these actions to be reflected in QCT gross margins in the second half of fiscal '27.

第二，如同我們上季所說明，我們正針對各項產品實施漲價，以反映較高的半導體投入成本。我們預期這些措施的完整效益將在 2027 會計年度下半年反映於 QCT 的毛利率。

Finally, we are excited that fiscal '27 marks an important milestone for our Data Center business as we transition from customer engagements to revenue generation. Our first fiscal quarter guidance reflects the commencement of shipments to two hyperscaler customers for custom silicon engagement. As we have discussed previously, we expect these custom silicon engagements to be accretive to QCT operating margins, but dilutive to gross margins. These factors are reflected in our fourth quarter performance and first quarter outlook.

最後，我們很振奮 2027 會計年度將成為資料中心業務的重要里程碑，因為我們正從客戶合作洽談階段轉向營收產生階段。我們的第一季指引反映了針對兩家超大規模雲端客戶（hyperscaler）的客製化晶片合作案開始出貨。如先前所討論，我們預期這些客製化晶片合作案將對 QCT 營業利潤率具增益（accretive），但對毛利率具稀釋（dilutive）效果。這些因素已反映在我們第四季表現與第一季展望之中。

I will now provide our guidance for the first fiscal quarter. We are forecasting revenues of $10.4 billion to $11.2 billion and non-GAAP EPS of $2.15 to $2.35. In QTL, we estimate revenues of $1.3 billion to $1.5 billion and EBT margins of 72% to 76%, reflecting normal seasonal trends. In QCT, we expect revenues of $9 billion to $9.6 billion and EBT margins of 20% to 22%. Please note that QCT EBT margin guidance includes an impact of 3 percentage points due to the addition of Data Center in the QCT segment starting in fiscal 2027, and reflects investments for AI accelerator and CPU platform ahead of revenue ramp. Importantly, this segmentation change has no impact on total company guidance or on our long-term QCT EBT margin target of 30%. We forecast QCT handset revenues to decline by a mid-single-digit percentage sequentially, as growth in Android revenues is offset by the continued ramp-down in Apple product revenue. In QCT Data Center, we expect revenues of greater than $650 million, driven by commencements of shipments to custom silicon customers. We expect combined QCT Automotive and IoT revenues to be approximately flat sequentially. Lastly, we anticipate non-GAAP operating expenses to be approximately $2.8 billion in the quarter.

我現在將提供我們對第一個會計季度的財測指引。我們預估營收為 104 億至 112 億美元，非 GAAP 每股盈餘（EPS）為 2.15 至 2.35 美元。在 QTL，我們估計營收為 13 億至 15 億美元，稅前利潤（EBT）利潤率為 72% 至 76%，反映正常的季節性趨勢。在 QCT，我們預期營收為 90 億至 96 億美元，EBT 利潤率為 20% 至 22%。請注意，QCT 的 EBT 利潤率指引包含自 2027 會計年度起資料中心納入 QCT 部門所帶來的 3 個百分點影響，並反映在營收放量前對 AI 加速器與 CPU 平台的投資。重要的是，這項分部調整不會影響公司整體指引，也不會影響我們 QCT 長期 EBT 利潤率 30% 的目標。我們預測 QCT 手機營收將較前一季以中個位數百分比下滑，因 Android 營收成長被 Apple 產品營收持續下滑所抵銷。在 QCT 資料中心方面，我們預期營收將超過 6.5 億美元，主要由於開始向客製化晶片客戶出貨。我們預期 QCT 汽車與 IoT 合計營收較前一季大致持平。最後，我們預期本季非 GAAP 營業費用約為 28 億美元。

Before I conclude my prepared remarks, I'd like to outline the progress in the execution of our growth strategy. In fiscal '27, we expect to achieve two key milestones for revenue diversification. First, non-handset revenues in QCT across Automotive, IoT, and Data Center will grow by greater than 60% on a year-over-year basis starting in the first fiscal quarter. Second, non-handset revenues will represent more than 50% of QCT revenues in the fiscal year.

在我結束預先準備的發言之前，我想概述我們成長策略執行的進展。在 2027 會計年度，我們預期將達成營收多元化的兩項關鍵里程碑。第一，QCT 中來自汽車、IoT 與資料中心的非手機營收，將自第一個會計季度起以年增率超過 60% 成長。第二，在該會計年度中，非手機營收將占 QCT 營收超過 50%。

In Data Center, we're executing to the revenue targets we outlined at Investor Day, including $5 billion in fiscal 2027 and $15 billion in fiscal 2029. We expect Data Center revenues to scale throughout fiscal '27, exiting the year at a $7 billion run rate. We're also expanding our customer engagement pipeline across additional global hyperscalers, including the long-term strategic agreement with Amazon Web Services, with a potential revenue opportunity of up to $60 billion over the next 10 years.

在資料中心方面，我們正依照投資人日所提出的營收目標推進執行，包括 2027 會計年度 50 億美元，以及 2029 會計年度 150 億美元。我們預期資料中心營收將在 2027 會計年度全年持續擴大，並在年底以 70 億美元的年化營收運行率（run rate）收官。我們也正擴大與更多全球超大規模雲端業者（hyperscalers）的客戶互動管線，包括與 Amazon Web Services 的長期策略協議，未來 10 年潛在營收機會最高可達 600 億美元。

During the quarter, we also successfully validated our High Bandwidth Compute technology in lab trials, marking a key milestone in delivering an innovative AI inference accelerator solution designed to address the memory bandwidth challenge in Data Centers. We are also well-positioned to lead other key industry trends, including the transition to agentic AI in consumer devices and the adoption of physical AI across automotive, industrial, and robotics.

本季度期間，我們也在實驗室測試中成功驗證了我們的高頻寬運算（High Bandwidth Compute, HBC）技術，這是交付創新 AI 推論加速器解決方案的一項關鍵里程碑，該方案旨在解決資料中心的記憶體頻寬挑戰。我們也具備良好條件引領其他關鍵產業趨勢，包括消費性裝置向代理式 AI（agentic AI）的轉型，以及實體 AI（physical AI）在汽車、工業與機器人領域的採用。

Finally, we would like to thank our employees for their exceptional execution and innovation throughout fiscal 2026. Their commitment enables us to deliver industry-leading products to customers around the world.

最後，我們要感謝員工在 2026 會計年度期間展現卓越的執行力與創新。他們的投入使我們能向全球客戶提供業界領先的產品。

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

以上為我們預先準備的發言內容。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。

I mean, last quarter, you guys kind of telegraphed the gross margin step-down that was expected from the ASIC business starting to ramp. How should we think about it through the rest of the year, though? Because just the simple math of having to get to your $7 billion run rate exiting the year implies the data center business should grow close to 3x. Should we expect gross margins to continue to trend down through the year as a result of the larger data center business and this being the year where custom silicon is ramping aggressively?

我的意思是，上個季度你們某種程度上已經預告了，隨著 ASIC 業務開始放量，毛利率會出現下滑。那我們該如何看待今年剩餘時間的走勢呢？因為單從簡單的數學來看，要在年底達到你們 70 億美元的運行率，意味著資料中心業務應該要成長接近 3 倍。是否可以預期，隨著資料中心業務規模變大、且今年客製化晶片快速放量，毛利率會在全年持續走低？

Hi, Josh. It's Akash. Let me kind of frame the overall gross margin framework for the company. As you know, we mentioned this last quarter, we are implementing price increases to reflect the higher semiconductor cost across the industry. We start realizing the benefit of that in our second fiscal quarter, and we'll see the full benefit of that show up in second half of '27.

嗨，Josh。我是 Akash。我先從公司整體的毛利率架構來說明。如你所知，我們在上個季度提到，我們正在實施漲價，以反映整個產業半導體成本上升。我們會在第二個會計季度開始看到這項措施帶來的效益，而在 2027 年下半年會看到完整效益反映出來。

The way it plays out is as these price increases come into effect, our baseline gross margin goes back to our historical range of 48% to 50% at the low end of that range. And then separately, on your question on data center, as we said previously, we expect that to be something that is accretive to our operating margins, but dilutive to gross margins. That calibrates the gross margin down from the framework I just outlined. That's no different than what we told you last quarter, and we're executing on that plan.

其運作方式是，隨著這些漲價生效，我們的基礎毛利率會回到歷史區間 48% 到 50%，並落在該區間的低端。另外，針對你關於資料中心的問題，如我們先前所說，我們預期資料中心業務將對營業利潤率具增益（accretive），但對毛利率具稀釋（dilutive）。這會使毛利率相較我剛才描述的架構有所下調。這與我們上個季度告訴你的內容一致，我們也正按計畫執行。

For my follow-up, it was good to see the HBC demos that you outlined earlier this week. Can you speak to what type of workloads you're seeing the most traction for your accelerator parts initially? Then, any updates on the commercial traction as we think about that? I believe that's supposed to start contributing and ramping in the fiscal second half of this year, which is kind of only a couple quarters away at this point.

我的追問是，本週稍早你們提到的 HBC 展示很不錯。你能談談你們的加速器產品在初期最有進展的是哪些類型的工作負載（workloads）嗎？另外，從商業進展的角度來看，有沒有任何更新？我記得這應該會在今年會計年度下半年開始貢獻並放量，而現在其實只剩下幾個季度了。

Thanks, Josh. This is Cristiano. We're very happy with the progress we're making on HBC. We're actually doing better than what we said on Investor Day. We had a target on the design to about 0.5 picojoules per bit. We're doing better in the lab. We're doing about 0.3. Yield is exceeding our expectations. So we're very happy with the technology progress.

謝謝，Josh。我是 Cristiano。我們對 HBC 的進展非常滿意。事實上，我們的表現比投資人日所說的還要好。我們在設計上原本的目標是每 bit 約 0.5 皮焦耳（picojoules）。我們在實驗室的結果更好。我們大約做到 0.3。良率也超出我們的預期。因此我們對技術進展非常滿意。

The main workloads that were getting a lot of traction, it's incredibly efficient for decode. So decode, it's where we're getting a lot of the positive feedback. We are engaged with customers. It changes the conversation when you have a PowerPoint to when you have silicon.

目前最有牽引力的主要工作負載是解碼（decode），在解碼方面效率極高。所以解碼是我們收到大量正面回饋的領域。我們正與客戶互動。當你從只有 PowerPoint 變成有實體晶片（silicon）時，對話的層次就會改變。

I think that continues to build confidence in the projections we have, not only for our custom ASIC, but for merchant solutions coming up as we think about 2029 targets. What is also interesting, it's now become part of the conversation of custom silicon with HBC, combining our HBC with some of our customer accelerators. I would just say customer engagement is very positive.

我認為這會持續提升我們對既有預測的信心，不僅是對我們的客製化 ASIC，也包括我們展望 2029 目標時即將推出的標準化（merchant）解決方案。另外一個有趣之處是，HBC 現在也成為客製化晶片討論的一部分，將我們的 HBC 與部分客戶的加速器結合。我只能說，客戶互動非常正向。

Joseph Cardoso, JPMorgan.

Joseph Cardoso，摩根大通（JPMorgan）。

Maybe just wanted to start off first with, happy for you guys to give us the disclosure around how to think about the data center revenue ramp through the year. Maybe can you just provide a little bit more color on how you're thinking about your customers and how they get paced into that revenue ramp through the year itself?

我想先從一點開始：很高興你們揭露了如何看待資料中心營收在全年放量的節奏。你們是否可以再多提供一些細節，說明你們如何看待客戶，以及他們在全年營收放量過程中的節奏安排？

Then maybe the second aspect there too is, I think in the past you talked about two customers. So can you provide any color on the third customer here that's mentioned in the slide deck and how you're thinking about that, getting it to find in the guidance that you provided for this year, the third customer ramp at another point? Then I do have a follow-up.

另外第二點是，我記得過去你們談到兩位客戶。那你們能否就簡報中提到的第三位客戶提供一些說明，以及你們如何看待第三位客戶在今年指引中的納入方式：是已經包含在你們今年提供的指引裡，還是第三位客戶會在其他時間點才開始放量？我還有一個追問。

Okay. Joseph, this is Akash. So let me address the financials, then Cristiano will comment on top on customer ramp. So for fiscal '27, we are looking at $5 billion revenue forecast that we've previously provided. We're guiding greater than $650 million in the first quarter, and we expect this revenue to ramp throughout the year as we go through the quarters. We'll exit the year at approximately a $7 billion exit rate going into '28.

好的。Joseph，我是 Akash。我先說明財務面，接著 Cristiano 會補充客戶放量（ramp）的情況。就 27 財年而言，我們仍以先前提供的 50 億美元營收預測為目標。我們對第一季的指引是高於 6.5 億美元，並預期隨著季度推進，營收將在全年逐季爬升。我們預期在進入 28 年時，將以約 70 億美元的年化退出水準（exit rate）結束本年度。

Very happy with that. We will be very well-positioned from a supply perspective to execute on the $5 billion target. Really, we expect to be constrained by supply rather than demand for upsides beyond the $5 billion.

對此非常滿意。從供應角度來看，我們將處於非常有利的位置來達成 50 億美元的目標。坦白說，若要超過 50 億美元的上行空間，我們預期限制因素會是供應而非需求。

When you look at fiscal '28, we are looking at a $7 billion starting point, and the customers that we have in '27 will extend to '28 as well, and it gives us really strong design win coverage to deliver very strong year-over-year growth in fiscal '28 as well. Then, as you know, we have set a target of $15 billion for '29, which the customer engagements that Cristiano will outline right after this will position us very well to have a very high coverage of that number as well.

展望 28 財年，我們將以 70 億美元作為起點，而我們在 27 年的客戶也會延續到 28 年，這讓我們在設計導入（design win）覆蓋度上非常強，有能力在 28 財年同樣實現非常強勁的年增長。另外，如你所知，我們已為 29 年設定 150 億美元的目標；Cristiano 接下來將說明的客戶合作進展，也會讓我們在達成該數字方面具備非常高的覆蓋度。

Just real quick, Joseph, on the customer. The majority of the $5 billion in fiscal '27 come from the two hyperscaler customers, so one of them being Amazon. I think the details of those were made public on the custom silicon plus connectivity. We do have another customer on the accelerator and an advanced discussion also on subsequent custom silicon that is part of the ramp towards '28 and '29. We had said in the script, I think, we have new prospects, especially on the CPU as well, I think, beyond Meta, and we're working with the customers.

Joseph，我很快補充一下客戶面。27 財年 50 億美元中的大部分來自兩家超大規模雲端（hyperscaler）客戶，其中一家是 Amazon。我想相關細節先前已就客製化矽晶片加上連接（custom silicon plus connectivity）對外公開。我們在加速器（accelerator）方面還有另一位客戶，並且也在就後續的客製化矽晶片進行深入討論，這些都是推動 28 與 29 年放量的一部分。我們在講稿中也提到，我想我們在 CPU 方面也有新的潛在機會，除了 Meta 之外，我們也正與客戶合作推進。

Got it. Appreciate the color there. Maybe just wanted to double-click on how you guys were framing handset revenue kind of exiting the year and into next year. Specifically, how are you guys thinking about the growth here in terms of pricing layering on? I know it sounds like you're not expecting that to be in the period or to kind of tranche here over the subsequent quarters, but any more color you can help us think about how that pricing ends up influencing kind of the numbers here and the magnitude that we should be thinking about?

了解。感謝你提供這些補充資訊。我想再深入追問一下，你們如何看待手機營收在今年結束時以及進入明年的走勢。具體來說，你們如何思考這裡的成長，尤其是價格因素的疊加影響？我知道聽起來你們不預期它會在這段期間發生，或是在接下來幾季分段（tranche）反映，但你能否再多提供一些資訊，幫助我們理解價格最終如何影響這裡的數字，以及我們應該思考的影響幅度？

And then as a second question, just bigger picture, obviously when we look at the market data points on the handset market, it does seem like a contraction on kind of the memory prices has been something we've been witnessing through this year. Just any early thoughts on how you're thinking about the health of the market going into next year? Would appreciate it.

第二個問題，從更宏觀的角度來看，顯然當我們觀察手機市場的各項數據時，似乎今年我們一直看到記憶體價格出現收縮。想請教你們對明年市場健康度的初步看法是什麼？謝謝。

Yeah, Joseph, when you look at the overall handset market, '25 to '26, as like other industry analysts, we are projecting a low teens to mid-teens decline in the market. As we go into '27, we're thinking flat to slightly down for the handset market. That's how we've always projected our business based on that assumption, and it's playing out consistent with expectations.

是的，Joseph，當你看整體手機市場時，25 到 26 年，我們和其他產業分析師一樣，預估市場將出現低十位數到中十位數百分比的下滑。進入 27 年，我們認為手機市場大致持平到小幅下滑。我們一直都是基於這樣的假設來預測我們的業務，而目前的發展也與預期一致。

Specifically for QCT handset revenue in Android, as you'll recall, we called the June quarter the bottom for QCT handset revenues and Android in China. What has happened since is we've seen revenue grow into September and December quarter.

就 Android 的 QCT 手機營收而言，如你所記得，我們曾表示 6 月季度是 QCT 手機營收以及中國 Android 市場的谷底。此後的情況是，我們看到營收在 9 月與 12 月季度持續成長。

We are encouraged to see that. We've been conservative in our planning, and it's playing out exactly as we'd expected.

看到這點我們感到鼓舞。我們在規劃上一直偏保守，而目前的走勢正如我們所預期。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

In terms of the royalty rate, you sort of said that the revenue run rate of QTL is unchanged. Is that the rate per device kind of similar as you look at these new contracts that you signed? Is there any change there? I assume that's right, but I just want to make sure.

關於權利金費率（royalty rate），你提到 QTL 的營收運行水準（run rate）沒有改變。那麼在你們簽下這些新合約時，單機（per device）的費率是否大致相同？這方面有任何變化嗎？我猜應該是沒有，但我想確認一下。

Yeah, Joe, we obviously don't specifically talk about the details of the contract, they're confidential, but we are indicating that the revenue run rate remains the same, which you should take it as we were able to hold the rates and the royalties as we renewed the contracts.

是的，Joe，我們當然不會具體談合約細節，因為屬於機密。

And then separately, on the Amazon deal, the warrant structure that you have there, do you view that as kind of the model for approaching other customers? Do you expect to have those types of warrant arrangements, or is that unique to that specific relationship?

另外，關於與 Amazon 的交易，你們那邊的認股權證（warrant）架構，你們是否把它視為未來與其他客戶合作的模式？你們是否預期會有這類認股權證安排，還是那是該特定合作關係的特殊案例？

Well, if you look at our general set of engagements across data center, the engagements are very traditional, normal kind of customer engagements in the semiconductor industry. The Amazon warrant structure is the exception, and as you know, the warrants that we issued were at-the-money warrants. That is the only exception that we have at this point. I think as we consider data center engagements going forward, we will look at other structures on a deal-by-deal basis, but you should think of our framework as being aligned with the traditional semiconductor model.

嗯，如果你看我們在資料中心領域的整體合作案，大多都是半導體產業中非常傳統、正常的客戶合作模式。Amazon 的認股權證架構是例外；而且如你所知，我們發行的是平價（at-the-money）的認股權證。截至目前，這是我們唯一的例外安排。我想未來在考量資料中心合作案時，我們會逐案（deal-by-deal）評估其他架構，但你應該把我們的整體框架視為與傳統半導體模式一致。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Akash, I was wondering if you can provide a little bit of maybe outlook into March. I know that you do not want to guide March, but I think last call you thought that revenue would be up a little bit in March. You have easy comps for Apple into March. Android should be a little better. Can you just give us kind of just a sense on March would be great.

Akash，我想請你提供一點對 3 月季度的展望。我知道你不想對 3 月季度給指引，但我記得上次電話會議你認為 3 月季度營收會小幅上升。在 3 月季度，Apple 的比較基期會比較容易。Android 應該也會好一些。你能否給我們一些對 3 月季度的感覺就好，會很有幫助。

Yeah. Tim, you are right. We are not guiding March at this point. Let me make a few comments on the year that I hope are helpful. The first is, typically in previous years, December has been our strongest quarter in the year. Now with Apple product revenue ramp down, we do not expect December to be the high quarter for us.

是的。Tim，你說得對。我們目前不對 3 月季度提供指引。我先就全年做幾點說明，希望能有所幫助。第一，過去幾年通常 12 月季度是我們全年最強的季度。但現在隨著 Apple 產品營收放量下滑（ramp down），我們不預期 12 月季度會是我們的高峰季度。

When you look at data center revenue, we have talked about kind of greater than $650 million in the first quarter, but we expect that to ramp as we go through the year, so that kind of defines our quarterly profile to some extent.

第二，談到資料中心營收，我們已提到第一季將高於 6.5 億美元，但我們預期它會隨著全年推進而逐步放量，因此在某種程度上也界定了我們的季度走勢輪廓。

The third is when you look at '26 to '27, we expect auto IoT plus data center, kind of non-handset revenue to grow by greater than 60%. So this revenue would more than offset the decline in Apple product revenue.

第三，從 26 到 27 年，我們預期汽車、IoT 加上資料中心等非手機營收將成長超過 60%。因此，這部分營收將足以抵消 Apple 產品營收的下滑。

And then finally, I think if you look to fiscal 2027, we expect handset now to be less than 50% of our total revenue. Obviously, that's a key milestone for our diversification plan, and we are happy to achieve that this year.

最後，如果你看 2027 財年，我們預期手機業務將降至我們總營收的 50% 以下。顯然，這是我們多元化計畫的一個關鍵里程碑，我們也很高興能在今年達成。

Got it. You don't want to, is that because last call you did say that March would be up? I guess you don't want to commit to that now?

了解。你不想談，是因為上次電話會議你確實說過 3 月季度會上升嗎？我猜你現在不想對此做出承諾？

Yeah, I think it's the reasonable framework that I think the way people have been looking at the business is a reasonable way of looking at it.

是的，我認為大家一直以來看待這項業務的方式，是一個合理的框架。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

I wanted to dig into your handset market outlook a little bit. I am a little surprised still with the outlook for flat, especially given where we seem to be running at the end of the year. We are probably down more than 20% year-over-year decrease here, and things do not look better, do not look all that great in Q4.

我想再深入了解一下你們對手機市場的展望。我對於你們仍然預期持平的看法有點意外，尤其考量到我們在年底看到的走勢。我們這裡年對年可能下滑超過20%，而且情況看起來沒有變好，第四季看起來也不怎麼樂觀。

You also said your own China Android revenues were actually starting to grow in, I guess, September and December. You are also doing price increases. How do you know in the context of everything that is going on that that is just not pre-buys in front of the price increases in Android? I am just struggling a little bit with the handset outlook. Any further color you could give on that would be super helpful for me.

你也提到你們自己在中國的 Android 營收其實在我猜是9月到12月開始成長。你們也在調漲價格。在目前發生的這一切背景下，你們怎麼知道那不只是因為 Android 漲價前的提前拉貨？我對手機展望有點難以理解。如果你能再補充一些細節，對我會非常有幫助。

Sure, Stacy. Let me break it down into two parts. Let us talk about the market and then separately talk about QCT product revenue within Android.

當然可以，Stacy。我把它拆成兩個部分來說。我們先談市場，然後再分開談 Android 內 QCT 產品營收。

Overall market, as I said earlier, our view is that '25 to '26, it is down low to mid-teens. Then '26 to '27, we are projecting flat to down for the total market. So we think that is a prudent assumption as we plan, given the uncertainty overall in the environment.

就整體市場而言，如我先前所說，我們的看法是從'25到'26，市場下滑約低到中十位數百分比。接著從'26到'27，我們預估整體市場持平到下滑。在目前整體環境不確定性之下，我們認為以此作為規劃假設是審慎的。

Specifically on QCT revenue, as you will recall, the impact we saw in '26 was not just from the change in the market, but also channel inventory drawdown by OEMs. We do not expect that impact in '27 because we have been following channel inventory. As you know, we get QTL information as well that we can check against. The channel inventory continues to be thin, so we expect QCT revenue really to be aligned with the overall market, and that is how we are projecting it going forward.

就 QCT 營收而言，你會記得我們在'26看到的影響不只是市場變化，還包括 OEM 的通路庫存去化。我們不預期'27會再出現同樣影響，因為我們一直在追蹤通路庫存。如你所知，我們也會取得 QTL 的資訊，可以用來交叉比對。通路庫存仍然偏薄，因此我們預期 QCT 營收會與整體市場更一致，這也是我們往後的預估方式。

Maybe, Stacy, Cristiano, just to add another thing. One of the things we had said before, and that is because of our long-term partnerships that we have with our customers, a lot of the price increases, the reason that they have a delta versus the cost increase, and we talk about prices become more effective in the numbers in the second half, we have been pricing newer platforms, new phones, so less subject to pre-buying effect. As Akash said, I think based on the data we are seeing in the market, June remains, I think, the bottom, I think, for China Android.

Stacy，也許我再補充一點，Cristiano。我們之前提過，因為我們與客戶有長期合作關係，許多漲價之所以相對於成本上升有一個差額（delta），而且我們也談到價格在下半年會在數字上更有效反映，是因為我們是在對較新的平台、新手機定價，因此較不容易受到提前拉貨效應影響。如 Akash 所說，根據我們看到的市場數據，我認為6月仍然是中國 Android 的谷底。

If I could ask one follow-up, please. You talked about Samsung market share framework, 75%. Is that still the framework share you have in mind for your share with them in their next generation platform that ramps in '27?

我可以再追問一個問題嗎？你提到三星市占的框架是75%。對於他們在'27放量的下一代平台，你們心中仍然是以這個占比作為你們在其中的份額框架嗎？

Yeah, absolutely. Here is how we think about the Samsung business, and here is a simple way to do it. If you think about our business in the past, the baseline was 50%. This baseline is no longer 50%. It is north of 70%, as we have been doing. When you think about future generations of Galaxy, this is how we plan our business, and I encourage all of you to plan the same way. That is the new baseline with Samsung.

是的，完全沒錯。我們看待三星業務的方式如下，也可以用一個簡單的方法來理解。如果你回顧我們過去的業務，基準是50%。這個基準不再是50%。如同我們目前的表現，它已經超過70%。當你思考未來幾代 Galaxy 時，這就是我們規劃業務的方式，我也鼓勵各位用同樣方式來規劃。這就是與三星合作的新基準。

The other thing with Samsung is we are expanding the business. So traditionally, we were not the main supplier of all of their wearables and other devices, and you started to see that associated with the premium Galaxy design as well.

另外一點是，我們也在擴大與三星的業務。過去我們並不是他們所有穿戴式裝置與其他裝置的主要供應商，而你也開始看到這點與高階 Galaxy 的設計相互連結。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I am switching my question because Stacy just asked on the Samsung. So I wanted to ask about automotive with regard to the beat in the quarter versus expectations. I know you are talking about IoT, automotive, and data center all growing 60% for the year. But specifically in automotive, it was particularly strong versus expectations, and you are increasing some prices that you mentioned. Is there a chance that there was pre-buying there in the automotive segment, or do you feel like this kind of performance is sustainable throughout the year? Then I have a follow-up.

因為 Stacy 剛剛問了三星的問題，我就換個問題。我想問汽車業務，關於本季表現優於預期的部分。我知道你們提到 IoT、汽車與資料中心全年都成長60%。但就汽車而言，表現特別強、超出預期，而且你們也提到正在調漲一些價格。汽車這一塊是否可能也有提前拉貨？還是你們覺得這樣的表現可以在全年持續？然後我還有一個追問。

Look, we have been saying, I believe we have said that last quarter about the transition for fifth-generation platform. Just to give an idea, for cars that you see now on the road that were for the third-generation platform, the silicon content increase versus the fifth generation, it's 8x. There's a lot more compute content into the automotive, and most of our automotive growth is really share where the design win pipeline translate into revenue. That's where you started to see step function increases on the SoC revenue, and that will continue.

你看，我們一直在說，我相信我們上季也提過，關於向第五代平台的轉換。給你一個概念：你現在在路上看到、屬於第三代平台的車款，相較於第五代平台，其矽含量（silicon content）提升是8倍。汽車裡的運算內容多了很多，而我們汽車業務的大部分成長，主要來自市占提升，也就是設計導入（design win）管線轉化為營收。這就是你開始看到 SoC 營收出現階梯式（step function）成長的原因，而且這種趨勢會持續。

And then Akash, with regard to the EBIT margins, the EBT margins for QCT. How's that going to progress throughout the year from the 20% to 22% that you guided for, given the mix shift towards data center? I was a little unclear there. How should we model that as we go throughout the year?

另外 Akash，關於 EBIT 利潤率、也就是 QCT 的 EBT 利潤率：在你們指引的20%到22%之後，隨著組合轉向資料中心，全年會如何演進？我對這部分有點不太清楚。我們在建模時，應該如何看待你們全年走勢？

Yeah. Ben, so maybe it's a good opportunity to clarify that one of the changes we've made in the way we segment the business is QCT now includes data center. In '26, it was outside the QCT segment. Just that change kind of reduces QCT gross margin, operating margin by 3%, as of course, we're investing ahead of revenue in a couple product lines. It doesn't change the overall Qualcomm numbers. It's just a change within segments that is included now in the QCT numbers.

好的。Ben，這也許是個澄清的好機會：我們在業務分部方式上做了一項調整，現在 QCT 已經包含資料中心。在'26，資料中心是在 QCT 分部之外。光是這個調整，就會讓 QCT 的毛利率、營業利益率降低約3%，因為當然我們在幾條產品線上是在營收出來之前先行投資。這不會改變高通整體的數字。這只是分部內的呈現方式改變，現在納入 QCT 的數字中。

We're, of course, not guiding specific quarters or years for operating margins, but you should think of it as our operating margin target for QCT doesn't change. We're still looking at a target of 30%, and as revenue starts scaling across the next two through three years, we're confident in our ability to achieve it.

當然，我們不會針對特定季度或年度提供營業利益率的指引，但你應該這樣理解：我們對 QCT 的營業利益率目標不變。我們仍然以30%為目標；隨著未來兩到三年營收開始放量擴張，我們對達成該目標的能力有信心。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Hi, this is Liam Pharr on for Vivek. Thank you for taking my question. On networking interconnects, you mentioned the AWS optical ramp and a second optical connectivity customer. Could you help us size how large connectivity is today and how you see it growing into fiscal '27 and '28 as you move to 224G and 1.6T? Does the ongoing consolidation in the optical interconnect space impact you in any way? Do you see any natural synergies between interconnects and lasers from an ownership standpoint?

嗨，我是代 Vivek 提問的 Liam Pharr。謝謝你回答我的問題。關於網路互連（networking interconnects），你提到 AWS 光學產品的放量，以及第二位光學連接客戶。你能否協助我們衡量目前連接（connectivity）業務的規模有多大，以及隨著你們邁向224G與1.6T，你們如何看待它在'27與'28財年的成長？光學互連領域持續整併，是否會以任何方式影響你們？從所有權的角度來看，你是否看到互連與雷射之間有任何自然的協同效應？

Very good. Actually, thank you so much for your question. Really appreciate that. So we are not breaking that down, but you should assume that there is interconnect connectivity revenue within the $15 billion that we talk about it, and some of the $5 billion that we talk about in data center, $5 billion '27, $15 billion '29.

很好。其實非常感謝你的提問。真的很感激。我們不會把那部分再細分揭露，但你可以假設：在我們談到的150億美元之中包含互連連接（interconnect connectivity）營收，另外我們談到的資料中心50億美元之中也包含一部分，也就是'27年50億美元、'29年150億美元。

We have been very optimistic about this. We have been investing. This asset came to Qualcomm as part of the Alphawave acquisition. I think Qualcomm is probably a natural place for comms, and we have been investing into this. We have very interesting technology demonstration of progress with optical and co-packaged optics in the quarter, in the 2026 ECOC in Europe. We actually did the demonstration with Lumentum.

我們對此一直非常樂觀。我們也一直在投資。這項資產是高通透過收購 Alphawave 而取得的。我認為高通可能是通訊（comms）很自然的歸屬，我們也持續投入。在本季、也就是2026年於歐洲舉辦的 ECOC，我們在光學與共封裝光學（co-packaged optics）方面做了非常有意思的技術展示，展現進展。我們實際上是與 Lumentum 一起完成這項展示。

You bring a good point. I think the structure of the industry is going to change. My analogy is what happened on RF front end, and that creates opportunity. We have been engaged in very interesting conversations with some of the laser companies, especially as different forms of partnerships and strategic partnerships are going to be formed. This is actually a very exciting opportunity for Qualcomm, and you are going to see over time a lot more products from Qualcomm on optics. We have been working on the roadmap that we outlined in 400G, 800G, and 1.6T.

你提出了一個很好的觀點。我認為產業結構將會改變。我的類比是 RF 前端曾經發生的事情，而那會創造機會。我們一直在與一些雷射公司進行非常有意思的對話，特別是隨著不同形式的合作夥伴關係與策略性合作夥伴關係將會形成。這對高通而言其實是一個非常令人振奮的機會，隨著時間推進，你會看到高通在光學領域推出更多產品。我們一直在推進我們所概述的 400G、800G 與 1.6T 路線圖。

Thank you. On the Dragonfly CPU, you mentioned new prospects beyond Meta. How should we think about the relative upside in CPUs relative to custom accelerators? With the Arm remedies phase still pending, does the outcome have any implications for your CPU roadmap or cost structure? Thank you.

謝謝。關於 Dragonfly CPU，你提到除了 Meta 之外還有新的前景。我們應該如何看待 CPU 相對於客製化加速器的相對上行空間？在 Arm 補救措施階段仍待定的情況下，結果是否會對你們的 CPU 路線圖或成本結構產生任何影響？謝謝。

Let me break that question in two. No implications on our CPU roadmap. I think we have been very clear about where we are with the Arm trial. We are actually very happy with our ability to continue to develop and ship Oryon products. I will look at that as probably upside in the projections that we made on $5 billion and $15 billion. We just had Meta as a customer. Any new customer above that is an upside to the revenue target.

我把這個問題拆成兩部分來回答。對我們的 CPU 路線圖沒有任何影響。我想我們對 Arm 訴訟目前的狀況已經講得很清楚了。我們其實對於能夠持續開發並出貨 Oryon 產品感到非常滿意。我會把這視為我們對 50 億美元與 150 億美元所做預測中的潛在上行。我們目前只有 Meta 這一位客戶。任何新增客戶都會為營收目標帶來上行空間。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe just clarify relative to the three distinct hyperscale customers that you are ramping through fiscal '27, will all three of those be at some kind of revenue materiality exiting the year, or will it just be maybe two of them and one will kind of fall outside the year?

我想請教一下，關於你們在 2027 會計年度之前逐步放量的三個不同超大規模客戶，這三個客戶在該年度結束時是否都會達到某種具實質性的營收規模？還是可能只有其中兩個會在年度內達到，而另一個會落在年度之外？

You should think of two of those customers at a very significant scale making up that $5 billion, and they will extend into fiscal '28 and then '29 as well. Think of it as a long-term, multi-generation, multi-product relationship, and both the relationships are at scale.

你可以把其中兩個客戶視為以非常顯著的規模構成那 50 億美元，而且它們也會延伸到 2028 會計年度以及 2029 會計年度。把它想成是一段長期、多世代、多產品的合作關係，而且這兩段合作關係都是具規模的。

Thank you. Then, as we model fiscal '27, you provide some helpful overall EBIT margin commentary in terms of the profile of the year, but is there any way to think about OpEx, and specifically, is there any kind of material OpEx step-up that we should be thinking about during the course of fiscal '27?

謝謝。那麼，在我們建模 2027 會計年度時，你們提供了一些有幫助的整體 EBIT 利潤率評論，談到年度內的走勢輪廓；但有沒有什麼方式可以思考營業費用（OpEx）？特別是，在 2027 會計年度期間，我們是否需要考慮任何具實質性的 OpEx 躍升？

Yeah. I think you should just think of our OpEx approach as consistent over the last year. We're guiding $2.8 billion for the September quarter. The focus on OpEx is really kind of bringing in new skills that don't exist in the company as we diversify, especially within Data Center, and that'll continue to be the focus area for us going forward. Just maybe one timing thing is just we typically have calendar year employee-related expenses reset when we get to January, so that'll happen, but that's kind of consistent with previous years that you've seen.

是的。我認為你應該把我們的 OpEx 作法視為與過去一年一致。我們對 9 月季度的指引是 28 億美元。OpEx 的重點主要是在我們多元化的過程中，引進公司內部原本不存在的新技能，尤其是在資料中心領域，而這也會持續成為我們未來的重點方向。另外可能有一個時間點因素：我們通常在每年 1 月時，會重設與日曆年度相關的員工費用，所以那會發生，但這與你過去幾年看到的情況一致。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yes, good evening. I guess first question is with regard to the Starlink announcement you made this morning. Could you give some more color on that in terms of timing, magnitude, and what Qualcomm is providing into that venture?

是的，晚安。我想第一個問題是關於你們今天早上發布的 Starlink 公告。你能否就時程、規模，以及高通在這項合作中提供的內容，給我們更多說明？

Yes. Thanks for the question, Chris. Timing, I think we talk about '27. You should think about from a financial standpoint, it will start to appear as we exit fiscal '27. It is more of a fiscal '28 from a revenue standpoint.

好的。謝謝你的問題，Chris。時程方面，我想我們談的是 2027 年。從財務角度來看，你應該把它視為在 2027 會計年度接近尾聲時開始反映出來。就營收角度而言，它更偏向是 2028 會計年度。

Magnitude, I think what we can say at this point, and I think it is probably how we both articulated into the announcement, is a nationwide network in the United States and probably one of the largest build-outs of a network. It is terrestrial network. We provide silicon content for radio, including massive MIMO, as well as the accelerator for the digital unit, and we provide software on the Layer 1.

規模方面，我想我們目前能說的，以及我想這也大致是我們雙方在公告中所表述的，是在美國的全國性網路，並且可能是規模最大的網路建置之一。這是一個地面網路。我們提供用於無線電的晶片內容，包括 massive MIMO，同時也提供數位單元的加速器，並且在第 1 層（Layer 1）提供軟體。

It is a great partnership with SpaceX for next-generation, I think, infrastructure. The industry has been running on dedicated equipment. I think we have seen a lot of trends of technology ranging from Open RAN to AI native as an opportunity to innovate in this space. As we talked about, it is a multi-year agreement, and including how we are going to be thinking about the next generation of wireless as well.

這是與 SpaceX 在下一代基礎設施方面的一項很棒的合作夥伴關係。這個產業一直以來都依賴專用設備運作。我認為我們已經看到許多技術趨勢，從 Open RAN 到 AI 原生（AI native），都為在這個領域創新帶來機會。如同我們所談到的，這是一項多年期協議，也包含我們將如何思考下一代無線技術。

We are very proud of this announcement. I think it is great, also from the United States technology leadership standpoint, and we are going to be executing on it.

我們對這項公告感到非常自豪。我認為這也很棒，從美國技術領導地位的角度來看亦是如此，而我們將會落實執行。

As a follow-up question, I wonder if you could give some color, and I know you talked a bit about this in the Analyst Day, but in terms of what product categories are in the Data Center revenue in the $5 billion in fiscal '27 and when other products layer in. Obviously, for near term, for this year, is it all connectivity revenue? Is there, assuming that there is no accelerator revenue in the numbers for the $5 billion that comes in '27?

作為追問，我想請你再多說明一下；我知道你們在分析師日已經談過一些，但就 2027 會計年度 50 億美元的資料中心營收而言，裡面包含哪些產品類別，以及其他產品何時會逐步加入。顯然就短期、就今年而言，是否全部都是連線（connectivity）營收？另外，假設在 2027 年那 50 億美元的數字中，並沒有包含任何加速器營收，是否正確？

Chris, so for the $5 billion in '27, most of that revenue is actually custom silicon engagement for the main AI accelerator at our two hyperscaler customers. The next category that is material in the $5 billion in fiscal '27 is the connectivity revenue. So you should think of those as driving the FY27 revenue ramp.

Chris，就 2027 年的 50 億美元而言，其中大部分營收其實是來自我們在兩家超大規模客戶那裡，針對主要 AI 加速器所進行的客製化晶片合作案。在 2027 會計年度 50 億美元中，另一個具實質性的類別是連線營收。所以你可以把這兩者視為推動 FY27 營收爬坡的主要動能。

When you think about the $15 billion revenue in '29, that will be inclusive of the custom silicon engagement, expansion in connectivity, but then we will also have CPU and AI accelerator both coming in. That is why we feel confident about achieving the $15 billion and really going beyond that as we execute on the product roadmap, given how good our technology is looking and the interest that we are seeing from various hyperscalers.

當你思考 2029 年的 150 億美元營收時，將會包含客製化晶片合作案、連線業務的擴張，但同時我們也會有 CPU 與 AI 加速器兩者的貢獻。這也是為什麼我們對達成 150 億美元、甚至在我們依照產品路線圖執行下超越該目標感到有信心，因為我們的技術展現非常好，而且我們也看到來自各家超大規模業者的高度興趣。

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

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

No, I just wanted to thank our employees and our partners. As I said in my prepared remarks, this is an important, I think, close of a fiscal year for Qualcomm, and it really positioned us to start fiscal 2027 with all of the things that within our control and focus on growing in a much more diversified company. We're very excited about that. We have a lot of things we're doing in parallel, but I guess we develop that capability as we diversify the company, and we're excited about our future. Thank you.

沒有，我只是想感謝我們的員工與合作夥伴。正如我在事先準備的發言中所說，我認為這是高通一個重要的會計年度收尾，也確實讓我們在所有可控事項都到位的情況下，為 2027 會計年度的開始做好定位，並專注於成長為一家更加多元化的公司。我們對此感到非常興奮。我們同時在平行推進很多事情，但我想我們在公司多元化的過程中也建立了這種能力，而我們對未來感到振奮。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。