Rambus Inc (RMBS) 2025 Q3 法說會逐字稿

Welcome to the Rambus third-quarter fiscal year 2025 earnings conference call. (Operator instructions) As a reminder, this conference call is being recorded.

歡迎參加 Rambus 2025 財年第三季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I will now turn the conference over to Desmond Lynch, Chief Financial Officer. You may proceed.

現在我將會議交給財務長 Desmond Lynch。您可以繼續。

Thank you, operator, and welcome to the Rambus third-quarter 2025 results conference call. I am Desmond Lynch, Chief Financial Officer at Rambus, and on the call with me today is Luc Seraphin, our CEO.

謝謝接線員，歡迎參加 Rambus 2025 年第三季業績電話會議。我是 Rambus 財務長 Desmond Lynch，今天與我一起通話的是我們的執行長 Luc Seraphin。

The press release for the results that we will be discussing today has been filed with the SEC in Form 8-K. We are webcasting this call along with the slides that we will reference during portions of today’s call. A replay of this call can be accessed on our website beginning today at 5:00 PM Pacific Time.

我們今天將要討論的結果新聞稿已以 8-K 表格形式提交給美國證券交易委員會。我們將透過網路直播此電話會議以及我們將在今天的電話會議部分內容中引用的幻燈片。從今天太平洋時間下午 5:00 開始，您可以在我們的網站上收聽本次通話的重播。

Our discussion today will contain forward-looking statements, including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, and other market factors, including reflections of the geopolitical and macroeconomic environment, and the effects of ASC 606 on reported revenue, amongst other items.

我們今天的討論將包含前瞻性陳述，包括我們對預期財務結果、財務前景、市場成長、對我們解決方案的需求以及其他市場因素的期望，包括地緣政治和宏觀經濟環境的反映，以及 ASC 606 對報告收入的影響等。

These statements are subject to risks and uncertainties that may be discussed during this call and are more fully described in the documents we file with the SEC, including our 8-Ks, 10-Qs, and 10-Ks. These forward-looking statements may differ materially from our actual results, and we are under no obligation to update these statements.

這些聲明受到本次電話會議中可能討論的風險和不確定性的影響，並在我們向美國證券交易委員會提交的文件（包括我們的 8-K、10-Q 和 10-K）中有更詳細的描述。這些前瞻性陳述可能與我們的實際結果有重大差異，我們沒有義務更新這些陳述。

In an effort to provide greater clarity in the financials, we are using both GAAP and non-GAAP financial presentations in both our press release and on this call. A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures has been included in our press release, in our slide presentation, and on our website at rambus.com on the Investor Relations page under Financial Releases.

為了讓財務狀況更加清晰，我們在新聞稿和本次電話會議中都使用了 GAAP 和非 GAAP 財務報表。這些非 GAAP 財務數據與最直接可比較的 GAAP 指標的對帳已包含在我們的新聞稿、幻燈片演示以及我們網站 rambus.com 的「投資者關係」頁面的「財務發布」下。

In addition, we will continue to provide operational metrics such as licensing billings to give our investors better insight into our operational performance. The order of our call today will be as follows: Luc will start with an overview of the business, I will discuss our financial results, and then we will end with Q&A.

此外，我們將繼續提供許可證帳單等營運指標，以便我們的投資者更了解我們的營運績效。我們今天電話會議的順序如下：Luc 將首先概述業務，然後我將討論我們的財務結果，最後我們將以問答結束。

I’ll now turn the call over to Luc to provide an overview of the quarter. Luc?

現在我將把電話轉給 Luc，讓他概述本季的情況。盧克？

Thank you, Des. Good afternoon, everyone, and thank you for joining us. Rambus delivered a very strong third quarter with solid sequential growth and revenue above expectations. Product revenue led the way with a double-digit increase and growth that outpaced the market. This was driven by sustained market leadership in DDR5 products, coupled with ramping contributions from our suite of new products.

謝謝你，Des。大家下午好，感謝大家的參與。Rambus 第三季表現非常強勁，連續成長且營收超出預期。產品收入一路領先，實現兩位數成長，成長速度超過市場。這是由於 DDR5 產品持續保持市場領先地位，加上我們新產品套件的持續貢獻。

We also delivered another quarter of excellent cash from operations, highlighting the strength of our balanced business model while we continue to execute on our strategic roadmap. Leveraging our core expertise in signal and power integrity, our strategic focus on delivering complete solutions for high-performance memory subsystems positions us well amid strong secular trends in data center and AI markets.

我們也在另一個季度實現了出色的營運現金流，凸顯了我們平衡的業務模式的優勢，同時我們繼續執行我們的策略路線圖。利用我們在訊號和電源完整性方面的核心專業知識，我們的策略重點是為高效能記憶體子系統提供完整的解決方案，這使我們在資料中心和人工智慧市場的強勁長期趨勢中佔據有利地位。

Turning to our businesses, I’m extremely pleased with the performance of our chip business. In Q3, we delivered another product revenue record at $93 million and marked our sixth consecutive quarter of growth.

談到我們的業務，我對我們的晶片業務的表現非常滿意。第三季度，我們的產品收入再創紀錄，達到 9,300 萬美元，這是我們連續第六個季度成長。

As a cornerstone of our success, our DDR5 RCD leadership and ongoing market share gains continue to fuel our top-line growth. In addition, customer adoption of new products is progressing well, with initial production shipments now in motion. Looking forward, we expect our continued RCD market share leadership and increasing contributions from new products to drive full-year product revenue growth of over 40%.

作為我們成功的基石，我們的 DDR5 RCD 領導地位和持續的市場份額成長繼續推動我們的營收成長。此外，客戶對新產品的採用進展順利，目前初始生產出貨正在進行中。展望未來，我們預計我們將繼續保持 RCD 市場份額領先地位，並不斷增加新產品的貢獻，推動全年產品收入成長 40% 以上。

Our broad product offering, including chips for all JEDEC standard DDR5 and LPDDR5 modules, supports the full spectrum of high-performance computing platforms in servers and client systems. Our full chipset solutions offer customers not only the ease of one-stop shopping but also the greater assurance of interoperability, which becomes ever more critical as the complexity of design rises alongside data rates.

我們提供廣泛的產品，包括所有 JEDEC 標準 DDR5 和 LPDDR5 模組的晶片，支援伺服器和用戶端系統中全方位的高效能運算平台。我們的完整晶片組解決方案不僅為客戶提供一站式購物的便利，而且還提供更強的互通性保證，隨著設計複雜性和數據速率的提高，這一點變得越來越重要。

Through ongoing leadership in RCDs and growing traction across our portfolio of new products, we expect continued momentum and long-term growth.

憑藉在 RCD 領域的持續領導地位以及新產品組合的不斷增長，我們預計將繼續保持成長勢頭並實現長期成長。

Turning to silicon IP, AI continues to drive design win momentum. The increasing pace and diversity of AI accelerator and networking IC designs is driving demand for high-speed memory, interconnect, and security IP. Led by our best-in-class HBM4, GDDR7, and PCIe 7.0 solutions, our IP is critical to enabling the performance and security required by AI training and inference workloads.

轉向矽 IP，人工智慧繼續推動設計獲勝的勢頭。人工智慧加速器和網路 IC 設計的發展速度和多樣性正在推動對高速記憶體、互連和安全 IP 的需求。在我們一流的 HBM4、GDDR7 和 PCIe 7.0 解決方案的引領下，我們的 IP 對於實現 AI 訓練和推理工作負載所需的效能和安全性至關重要。

Focused on providing our customers with differentiated features and performance for the most challenging applications, we see momentum across our portfolio of cutting-edge solutions, and we remain on track for our long-term growth targets.

我們專注於為客戶提供最具挑戰性的應用所需的差異化功能和性能，我們的尖端解決方案組合發展勢頭強勁，我們將繼續朝著長期成長目標邁進。

As we look ahead, the rapidly rising adoption of AI is driving continued server growth. Training and inference require massive compute infrastructure to support increasingly complex and diverse workloads.

展望未來，人工智慧的快速普及將推動伺服器的持續成長。訓練和推理需要大量的計算基礎設施來支援日益複雜和多樣化的工作負載。

Notably, Agentic AI is emerging as a major catalyst for server demand, particularly for traditional CPU-based systems. This is helping to fuel the ongoing hyperscaler and enterprise refresh cycle, amplifying the growth in server unit shipments.

值得注意的是，Agentic AI 正在成為伺服器需求的主要催化劑，特別是對於傳統的基於 CPU 的系統。這有助於推動正在進行的超大規模和企業更新周期，擴大伺服器出貨量的成長。

In addition, the amount of memory per server continues to grow. AI workloads demand unprecedented levels of compute performance, driving increasing core counts and the need for more memory bandwidth and capacity. This translates to more DIMMs per server at higher data rates, as well as the need for novel high-performance memory solutions and enabling technologies.

此外，每台伺服器的內存量還在不斷增長。人工智慧工作負載需要前所未有的運算效能水平，從而推動核心數量的增加以及對更多記憶體頻寬和容量的需求。這意味著每台伺服器需要更多 DIMM 和更高的資料速率，並且需要新型高效能記憶體解決方案和支援技術。

MRDIMM is a great example of this, as it leverages an innovative architecture to double the capacity and bandwidth versus standard RDIMMs. Scaling the amount of memory per server also creates demand for increasingly sophisticated power management solutions that optimize the efficiency and quality of power delivery.

MRDIMM 就是一個很好的例子，因為它利用創新架構將容量和頻寬提高到標準 RDIMM 的兩倍。擴大每台伺服器的記憶體量也產生了對日益複雜的電源管理解決方案的需求，以優化電力傳輸的效率和品質。

We solve these complex problems for our customers with leading-edge products and are pleased to be on track to intercept compatible future generation systems with our complete industry standard MRDIMM and RDIMM chipsets.

我們利用尖端產品為客戶解決這些複雜問題，並很高興能夠利用我們完整的行業標準 MRDIMM 和 RDIMM 晶片組來攔截兼容的未來一代系統。

Going beyond servers, the release of each new client platform continues the trend of server-class technologies waterfalling into AI PCs as performance targets continue to rise. This drives demand for faster memory and more module chip content.

除了伺服器之外，隨著效能目標的不斷提高，每個新客戶端平台的發布都延續了伺服器級技術進入 AI PC 的趨勢。這推動了對更快記憶體和更多模組晶片內容的需求。

Leveraging our fundamental signal and power integrity building blocks, our client chipsets are progressing well with growing customer traction, and we look forward to meeting this rising market need. The secular growth trend in data center, as well as the rising performance requirements across the computing landscape driven by AI, are highly favorable to Rambus and align directly with our long-term strategy.

利用我們的基本訊號和電源完整性建構模組，我們的客戶晶片組隨著客戶吸引力的不斷增長而發展良好，我們期待滿足這一不斷增長的市場需求。資料中心的長期成長趨勢以及人工智慧推動的整個運算領域不斷上升的效能要求對 Rambus 非常有利，並且與我們的長期策略直接一致。

Our groundbreaking memory connectivity and power management solutions are foundational to enabling the next generation of AI and HPC platforms by advancing system memory bandwidth and capacity capabilities.

我們突破性的記憶體連接和電源管理解決方案透過提高系統記憶體頻寬和容量能力，為實現下一代 AI 和 HPC 平台奠定了基礎。

Having identified the increasing technical demands of data-intensive applications as opportunities, we have developed a roadmap that builds on our leadership in signal and power integrity to enable robust high-performance memory subsystems.

在將資料密集型應用日益增長的技術需求視為機會後，我們制定了路線圖，該路線圖以我們在訊號和電源完整性方面的領導地位為基礎，以實現強大的高效能記憶體子系統。

In closing, Q3 was a very strong quarter with solid financial results. Our continued product leadership in DDR5 and increasing momentum in new products are underpinned by the company’s strong alignment with positive secular trends in data center and AI. This gives us great confidence in our ongoing success and our ability to deliver long-term profitable growth.

總而言之，第三季表現非常強勁，財務表現穩健。我們在 DDR5 產品領域的持續領先地位以及新產品的成長勢頭得益於公司與資料中心和人工智慧領域的長期積極趨勢的緊密結合。這讓我們對持續的成功和實現長期獲利成長的能力充滿信心。

As always. I want to thank our customers, partners, and employees for their continued support.

一如既往。我要感謝我們的客戶、合作夥伴和員工的持續支持。

With that, I’ll turn the call over to Des to walk us through the financials. Des?.

說完這些，我會把電話轉給 Des，讓他向我們介紹一下財務狀況。德斯？ 。

Thank you, Luc. I’d like to begin with a summary of our financial results for the third quarter on slide three. We are pleased with our strong Q3 financial results as we continue to execute on our strategic initiatives. As Luc mentioned earlier, we continued our market leadership position in DDR5 products and have started to see increasing contributions from our suite of new products.

謝謝你，盧克。我想先從第三張投影片上我們第三季的財務業績總結開始。隨著我們繼續執行策略舉措，我們對強勁的第三季財務業績感到滿意。正如 Luc 之前提到的，我們繼續保持 DDR5 產品的市場領先地位，並開始看到我們的新產品套件做出越來越大的貢獻。

Our diversified portfolio continues to deliver strong results, which led to outstanding cash generation in the quarter of $88 million, which further strengthened our balance sheet. Our consistent ability to generate cash allows us to strategically invest in our product roadmap to drive our long-term growth.

我們的多元化投資組合持續取得強勁業績，導致本季產生了 8,800 萬美元的未償現金，進一步增強了我們的資產負債表。我們持續的現金創造能力使我們能夠策略性地投資於我們的產品路線圖，以推動我們的長期成長。

Let me now provide you a summary of our non-GAAP income statement on slide five. Revenue for the third quarter was $178.5 million, which was above our expectations. Royalty revenue was $65.1 million, while licensing billings were $66.1 million.

現在，讓我在第五張投影片上向您提供我們的非 GAAP 損益表的摘要。第三季的營收為 1.785 億美元，超出我們的預期。特許權使用費收入為 6,510 萬美元，授權費用為 6,610 萬美元。

The difference between licensing billings and royalty revenue mainly relates to timing, as we do not always recognize revenue in the same quarter as we bill our customers. Product revenue was $93.3 million, as we delivered another quarter of record product revenue. This represents a 15% sequential increase and a 41% year-over-year growth driven by continued strength in DDR5 products and ramping new product contributions.

授權費用和特許權使用費收入之間的差異主要與時間有關，因為我們並不總是在向客戶收費的同一季度確認收入。產品收入為 9,330 萬美元，我們又創下了季度產品收入的新高。這比上一季成長了 15%，比去年同期成長了 41%，這得益於 DDR5 產品的持續強勁表現和新產品貢獻的不斷增加。

Contract and other revenue was $20.1 million, consisting predominantly of silicon IP. As a reminder, only a portion of our silicon IP revenue is reflected in contract and other revenue, and the remaining portion is reported in royalty revenue as well as in licensing, billings. Total operating costs, including cost of goods sold for the quarter, were $99.3 million.

合約和其他收入為 2,010 萬美元，主要包括矽 IP。提醒一下，我們的矽 IP 收入中只有一部分反映在合約和其他收入中，其餘部分則在特許權使用費收入以及許可和帳單中報告。總營運成本（包括本季銷售成本）為 9,930 萬美元。

Operating expenses were $64.6 million, as we continue to invest in our growth opportunities in a disciplined manner. Interest and other income for the third quarter was $6 million. Using an assumed flat tax rate of 20% for non-GAAP pre-tax income, non-GAAP net income for the quarter was $68.2 million.

營運費用為 6,460 萬美元，因為我們繼續以嚴謹的方式投資於我們的成長機會。第三季的利息和其他收入為 600 萬美元。假設非公認會計準則稅前收入的統一稅率為 20%，則本季非公認會計準則淨收入為 6,820 萬美元。

Now, let me turn to the balance sheet details on slide 6. We ended the quarter with cash, cash equivalents, and marketable securities totaling $673.3 million, up from Q2, primarily driven by strong cash from operations of $88.4 million. Third quarter capital expenditures were $8.4 million, with depreciation expense of $8 million. We delivered $80 million of free cash flow in the quarter.

現在，讓我翻到投影片 6 上的資產負債表詳細資料。本季末，我們的現金、現金等價物和有價證券總額為 6.733 億美元，高於第二季度，主要得益於 8,840 萬美元的強勁經營現金流。第三季資本支出為 840 萬美元，其中折舊支出為 800 萬美元。本季我們實現了 8000 萬美元的自由現金流。

Let me now review our non-GAAP outlook for the fourth quarter on slide seven. As a reminder, the forward-looking guidance reflects our current best estimates at this time, and our actual results could differ materially from what I’m about to review.

現在讓我回顧一下第七張投影片上我們對第四季的非 GAAP 展望。提醒一下，前瞻性指引反映了我們目前的最佳估計，我們的實際結果可能與我將要審查的結果有重大差異。

The economic environment remains a dynamic environment, and we continue to actively monitor this situation. In addition to the non-GAAP financial outlook under ASC 606, we also provide information on licensing billings, which is an operational metric that reflects amounts invoiced to our licensing customers during the period adjusted for certain differences.

經濟環境依然充滿活力，我們將持續積極監測這一情況。除了 ASC 606 下的非 GAAP 財務前景外，我們還提供有關許可帳單的信息，這是一項營運指標，反映了在調整某些差異後的期間內向我們的許可客戶開立的發票金額。

We expect revenue in the fourth quarter to be between $184 million and $190 million. We expect royalty revenue to be between $59 million and $65 million, and licensing billings between $60 million and $66 million. We expect Q4 non-GAAP total operating costs, which includes COGS, to be between $103 million and $99 million.

我們預計第四季的營收將在 1.84 億美元至 1.9 億美元之間。我們預計特許權使用費收入將在 5,900 萬美元至 6,500 萬美元之間，許可費用將在 6,000 萬美元至 6,600 萬美元之間。我們預計第四季非 GAAP 總營運成本（包括銷貨成本）將在 1.03 億至 9,900 萬美元之間。

We expect Q4 capital expenditures to be approximately $10 million. Non-GAAP operating results for the fourth quarter are expected to be between a profit of $81 million and $91 million. For non-GAAP interest and other income and expense, we expect $6 million of interest income.

我們預計第四季資本支出約為1000萬美元。非公認會計準則預計第四季營業利潤在8,100萬美元至9,100萬美元之間。對於非公認會計準則利息和其他收入和支出，我們預計利息收入為 600 萬美元。

We expect the pro forma tax rate to be 20%, with non-GAAP tax expenses to be between $17.4 million and $19.4 million in Q4. We expect Q4 share count to be 109.5 million diluted shares outstanding. Overall, we anticipate the Q4 non-GAAP earnings per share range between $0.64 and $0.71.

我們預計第四季的備考稅率為 20%，非公認會計準則稅費將介於 1,740 萬美元至 1,940 萬美元之間。我們預計第四季流通股數為 1.095 億股。總體而言，我們預計第四季度非公認會計準則每股收益將在 0.64 美元至 0.71 美元之間。

Let me finish with a summary on slide 8. In closing, our team delivered strong third-quarter financial results, setting another record for product revenue and continued strong cash generation. Our robust balance sheet continues to allow us to invest in market expansion opportunities. Our product portfolio, including silicon IP and chip solutions, is strategically aligned to capitalize on the growing opportunities in data center and AI.

讓我以第 8 張投影片上的總結來結束演講。最後，我們的團隊取得了強勁的第三季財務業績，創下了產品收入的新紀錄，並繼續保持強勁的現金產生能力。我們強勁的資產負債表使我們能夠繼續投資於市場擴張機會。我們的產品組合包括矽 IP 和晶片解決方案，具有策略性，可以充分利用資料中心和人工智慧領域日益增長的機會。

Before I open up the call to Q&A, I would like to thank our employees for their continued teamwork and execution. With that, I’ll turn the call back to our operator to begin Q&A. Could we have our first question?

在我開始問答環節之前，我想感謝我們的員工持續的團隊合作和執行力。說完這些，我將把電話轉回給我們的接線生，開始問答。我們可以提出第一個問題嗎？

(Operator Instructions) Tristan Gerra, Baird.

（操作員指示）Tristan Gerra，Baird。

Hi, good afternoon. You recently quantified the MRDIMM TAM opportunity. Is it fair to assume you can replicate the market share with MRDIMM that you have currently in DDR5? Also, when do you think you can fully realize the TAM that you quantified for MRDIMM? Is that something that we could envision for 2028?

嗨，下午好。您最近量化了 MRDIMM TAM 機會。您是否可以合理地假設，您可以利用 MRDIMM 複製目前在 DDR5 的市場佔有率？另外，您認為何時才能完全實現您為 MRDIMM 量化的 TAM？這是我們能預見的 2028 年的事嗎？

Hi, Tristan. Thank you for your question. Yeah, we’re very pleased with the progress we’re making with the MRDIMM development. We do believe that, you know, with time in the long run, we can reach, you know, similar market share as we have with the DDR, market share we currently have on DDR5.

你好，特里斯坦。感謝您的提問。是的，我們對 MRDIMM 開發所取得的進展感到非常滿意。我們確實相信，從長遠來看，隨著時間的推移，我們可以達到與 DDR 類似的市場份額，即我們目前在 DDR5 上的市場份額。

The timing of that really depends on the rollout of platforms from, you know, our main partners on the CPU side, you know, Intel and AMD. To the extent that they roll out their platform, I think it’s fair to say that, you know, we’re going to ramp in large volumes towards the very end of 2026 and probably 2027. 2028 is probably a good time to look at, you know, this type of market share.

這個時間實際上取決於我們在 CPU 方面的主要合作夥伴英特爾和 AMD 推出的平台。就他們推出平台的程度而言，我認為可以公平地說，我們將在 2026 年底甚至 2027 年大幅提升產量。 2028 年可能是審視這種市場佔有率的好時機。

The other thing I would add regarding MRDIMM is that it’s a much more complex system. Because of the system requirements, we will need a tight coupling of the chips on that MRDIMM. So, there’s an opportunity for us to have more content as the interoperability of all those chips on that MRDIMM is going to become very critical.

關於 MRDIMM，我想補充的另一件事是它是一個更複雜的系統。由於系統需求，我們需要緊密耦合 MRDIMM 上的晶片。因此，我們有機會獲得更多內容，因為 MRDIMM 上所有晶片的互通性將變得非常關鍵。

Great. As a quick follow-up, regarding the recently announced Ethernet scale-up networking architecture at OCP, does that provide opportunities for Rambus on the licensing side?

偉大的。作為一個快速的後續問題，關於最近在 OCP 上宣布的乙太網路擴展網路架構，這是否為 Rambus 在授權方面提供了機會？

Our SIP portfolio is very focused on high-speed memory, high-speed interconnect, and security. Certainly, with our networking customers and our memory customers, we are on the leading edge of technology, whether it is on GDDR and HBM on the memory side or PCIe 7.0 on the networking side.

我們的 SIP 產品組合非常注重高速記憶體、高速互連和安全性。當然，無論是記憶體方面的 GDDR 和 HBM，還是網路方面的 PCIe 7.0，我們都處於技術前沿，服務於我們的網路客戶和記憶體客戶。

What we’ve seen recently is an acceleration of demand for the latest technology. The transition from PCIe 5 to PCIe 7.0 is moving very, very fast, and that’s certainly an opportunity for us.

我們最近看到，對最新技術的需求正在加速成長。從 PCIe 5 到 PCIe 7.0 的過渡進展非常非常快，這對我們來說無疑是一個機會。

Great. And then as a quick follow-up, regarding the recently announced Ethernet scale up networking architecture at OCP does that provide the opportunities for Wembus on the licensing side?

偉大的。然後作為一個快速的後續問題，關於最近在 OCP 上宣布的乙太網路擴展網路架構，這是否為 Wembus 在許可方面提供了機會？

Thank you, Tristan. Our SIP, portfolio is very focused on, high-speed memory and high-speed interconnect and security. Certainly, with our networking customers and our memory customers, we're on the leading edge of technology, whether it is on GDDR on HBM on the memory side, or PCIE 7. On the networking side. What we've seen recently is an acceleration of demand for the latest technology. The transition from PCI 5 to PCIE 7 is moving very fast, and that's certainly an opportunity for us.

謝謝你，特里斯坦。我們的 SIP 產品組合非常注重高速記憶體和高速互連和安全性。當然，對於我們的網路客戶和記憶體客戶來說，我們處於技術的前沿，無論是記憶體方面的 HBM 上的 GDDR，還是 PCIE 7。在網路方面。我們最近看到的是對最新技術的需求加速成長。從 PCI 5 到 PCIE 7 的轉變進展非常快，這對我們來說無疑是一個機會。

Great.

偉大的。

Thank you very much.

非常感謝。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Thanks for taking the questions. I’ve got a couple as well. I guess first, kind of sticking on the technology, you know, evolution of what we’re seeing in some of these processors , there’s a lot of news recently around the move towards SOCAMs, and SOCAM2 in particular is getting JEDEC standardization.

感謝您回答這些問題。我也有幾個。我想首先，讓我們來談談技術，您知道，我們在某些​​處理器中看到的技術演變，最近有很多關於 SOCAM 發展的新聞，特別是 SOCAM2 正在獲得 JEDEC 標準化。

Can you help us maybe think about Rambus’s opportunity set in SOCAM2 modules and when maybe you would expect to see that in any kind of framing of kind of the dollar content opportunity on those modules?

您能否幫助我們思考 Rambus 在 SOCAM2 模組中的機會集，以及您可能何時期望在這些模組的任何美元內容機會框架中看到這一點？

Thank you, Aaron. The first thing I would say is that we are excited to see the emergence of these new architectures that actually play on our strengths and focus in signal integrity and power integrity. As you know, the first attempt at SOCAM didn’t work that well. As a reminder, the attempt was actually to take benefit of the low power and high bandwidth of LPDDR, but to put this on modules. When you put this on modules, you actually break the signal integrity and the reliability of the system.

謝謝你，亞倫。我想說的第一件事是，我們很高興看到這些新架構的出現，它們實際上發揮了我們的優勢並專注於訊號完整性和電源完整性。如你所知，瑞安建業的首次嘗試並不順利。提醒一下，這次嘗試實際上是為了利用 LPDDR 的低功耗和高頻寬，但將其放在模組上。當你將其放在模組上時，你實際上會破壞訊號完整性和系統的可靠性。

So we are pleased to see those efforts going into JEDEC because I think the industry is eventually going to resolve those issues. As a reminder, as we said in our remarks, we currently have solutions for all JEDEC module systems, both for LPDDR and DDR, and both for client and server.

因此，我們很高興看到這些努力進入 JEDEC，因為我認為業界最終會解決這些問題。提醒一下，正如我們在評論中所說，我們目前為所有 JEDEC 模組系統提供了解決方案，包括 LPDDR 和 DDR，以及客戶端和伺服器。

The fact that it’s going through JEDEC is actually good news for us. There will be opportunity for us, certainly opportunity for the SPD Hub chip. There’s going to be some development on voltage regulators, but as we said, power management is also something we’re focusing on. We see this as an opportunity. We don’t expect the volumes to be very high.

它透過 JEDEC 審核這一事實對我們來說實際上是個好消息。這對我們來說是一個機會，對 SPD Hub 晶片來說肯定是一個機會。電壓調節器將會有一些發展，但正如我們所說，電源管理也是我們關注的重點。我們認為這是一個機會。我們預計交易量不會很高。

These things actually go into system and chip solutions, very tight systems where the volumes are not necessarily very, very high. It’s early to say what the content is going to be, but that’s certainly an area we’re going to play in given that the company focuses on both the signal integrity and power integrity. The fact that it’s moving to JEDEC is good news for us.

這些東西實際上進入了系統和晶片解決方案，非常緊密的系統，其容量不一定非常非常高。現在談論內容還為時過早，但鑑於公司同時關注訊號完整性和電源完整性，這肯定是我們將要涉足的領域。它轉向 JEDEC 這一事實對我們來說是個好消息。

Yep. Very good. And then maybe as a follow-up to that the answer is on the PMIC side, your product chipset business did really well this quarter growing over 40%. It looks like that appears to be sustainable as we look forward. How do we think about the opportunity of PMIC? How much does that represent of your product chipset business today? And maybe unpack how quickly you're seeing that ramp looking forward.

是的。非常好。然後也許作為後續問題的答案是在 PMIC 方面，您的產品晶片組業務本季表現非常好，成長超過 40%。展望未來，這似乎是可持續的。我們如何看待PMIC的機會？這對您目前的產品晶片組業務有多大意義？也許可以解釋一下您看到那個斜坡的速度有多快。

Thank you, Aaron. The way we look at these products is we have a whole suite of new products including the PMICs, and the PMICs is actually a suite of products. If you remember the product announcements we've made over the last few years, we have the first generation of PMICs family announced in Q2 of last year, the clock driver announced in Q3, then we have the second generation of PMIC announced in Q4, as well as Gen 2 RCDs and MRDIMM.

謝謝你，亞倫。我們看待這些產品的方式是，我們有一整套新產品，包括 PMIC，而 PMIC 實際上是一套產品。如果您還記得我們過去幾年發布的產品，我們在去年第二季度發布了第一代 PMIC 系列，在第三季度發布了時鐘驅動器，然後在第四季度發布了第二代 PMIC，以及第二代 RCD 和 MRDIMM。

And this year, in Q2, we announced a family of PMICs for the client space. So what you see is we do have a whole suite of products that are companionship. We're pleased with the progress this year, in Q2 these chips represented low single-digit contribution to our product revenues.

今年第二季度，我們發布了一系列面向客戶領域的 PMIC。所以，您看到的是我們確實有一整套陪伴產品。我們對今年的進展感到滿意，在第二季度，這些晶片對我們的產品收入貢獻了較低的個位數。

As we indicated, Q3 was on track with mixed-single digit. And in Q4, it's going to be mid to high single digits. So in aggregate, we're pleased with the momentum. But it's not going to be a step function. We have different stages of qualification and preproduction, on different modules and different platforms. Current platforms and future. We have products that are in early qualification, we have products that are in pre-production, and we have products that are in full production now.

正如我們所指出的，第三季的業績表現良好，呈現混合個位數成長。而在第四季度，這數字將達到中高個位數。總的來說，我們對這一發展勢頭感到滿意。但它不會是一個階躍函數。我們在不同的模組和不同的平台上有不同的資格認證和預生產階段。當前平台和未來。我們有一些產品處於早期認證階段，有些產品處於預生產階段，有些產品現已全面投入生產。

But there's a strong momentum. And as these products intercalate through the ecosystem, we do believe that we're going to continue to see growth. Now specifically to PMIC, what we have observed is that we have lots of success with a very high-end PMIC. There's a lot of excitement there. They are the most complex PMICs to make. But they're also the ones that are showing the best performance compared to our competition.

但目前勢頭強勁。隨著這些產品融入生態系統，我們確實相信我們將繼續看到成長。現在具體到 PMIC，我們觀察到我們在非常高階的 PMIC 上取得了許多成功。那裡有很多令人興奮的事情。它們是最複雜的 PMIC。但與我們的競爭對手相比，它們也是表現最好的。

So that's exciting for us. These very high-end PMICs are going to be linked to next generation with AMD and Intel. But we certainly have the early generation of PMICs also rolling out in the market.

這對我們來說是令人興奮的。這些非常高階的 PMIC 將與 AMD 和 Intel 的下一代產品相連。但我們確實也有早期世代的 PMIC 投放市場。

So difficult to separate PMIC from the rest, as I said, we have many products at many stages of development with our customers. But what we see is very strong momentum to grow that revenue quarter over quarter given the progress we're making.

正如我所說，將 PMIC 與其他產品區分開來非常困難，我們與客戶合作開發了許多處於不同開發階段的產品。但考慮到我們取得的進展，我們看到收入逐季度成長的勢頭非常強勁。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Let me extend my congratulations to the solid results. And I want to start asking about any sort of supply chain considerations first on your side. Do you see any extension of the order lead times that your customers are seeing as they place an order with you given any sort of constraints that TSMC may have?

我對所取得的堅實成果表示祝賀。我想先詢問一下你們方面對供應鏈的考量。考慮到台積電可能存在的任何限制，您是否認為客戶在向您下訂單時會遇到訂單交付週期的延長？

And then away from you, are you seeing any sort of impact on the market any sort of constraints on high-capacity server DIMMs or the DRAM to support that market, considering most of the memory IDMs are prioritizing HBM at this point?

然後，除了您之外，考慮到目前大多數記憶體 IDM 都優先考慮 HBM，您是否看到對市場產生任何影響，對高容量伺服器 DIMM 或 DRAM 的任何限制以支援該市場？

Gary, it's Des here. Thanks for your question. Like others within the industry, we are carefully monitoring the supply situation. With regards to Rambus, I was pleased that we were able to grow our inventory in the third quarter. We grew inventory by about $6 million, which will support our growth in Q4.

加里，我是德斯。謝謝你的提問。與業內其他公司一樣，我們正在密切監測供應情況。關於 Rambus，我很高興我們能夠在第三季增加庫存。我們的庫存增加了約 600 萬美元，這將支持我們第四季的成長。

In addition, I would highlight that we've not seen any notable buildup of customer inventory in the sort of third quarter. Really looking at our own supply chain and manufacturing, in terms of front-end manufacturing, it is important to note that we are not on leading-edge technology nodes. And on the back end, we continue to have strong long-term relationships with our manufacturing partners. And we do see some pockets of tightness, and we continue to work with our partners to improve the lead times there.

此外，我想強調的是，我們在第三季沒有看到客戶庫存有任何明顯的增加。真正審視我們自己的供應鏈和製造業，就前端製造而言，重要的是要注意我們並不處於前沿技術節點。在後端，我們繼續與製造合作夥伴保持著長期穩固的合作關係。我們確實看到了一些緊張的局面，我們將繼續與合作夥伴合作，以縮短交貨時間。

And looking at Q4, I would expect to see a slight increase in our own internal inventory to support customers' Q1 2026 demand. I would say, overall, we have a robust supply chain, which has enabled our strong product revenue growth, and we'll continue to work with our manufacturing partners to support our growth objectives going forward.

展望第四季度，我預計我們自己的內部庫存將略有增加，以支援客戶 2026 年第一季的需求。我想說，總的來說，我們擁有強大的供應鏈，這使得我們的產品收入強勁成長，我們將繼續與我們的製造合作夥伴合作，支持我們未來的成長目標。

Got it. That's helpful. In the RCD market specifically, I would assume that you're running about or above 40% market share. Do you see a natural cap there given that this is more or less a sort of a three-supplier market, maybe two additional suppliers in sort of the nascent stages of their development. Do you see that as a natural cap? Or do we see maybe 45%, 50% market share on the horizon?

知道了。這很有幫助。具體來說，在 RCD 市場，我認為您的市佔率約為 40% 或以上。鑑於這或多或少是一個由三個供應商組成的市場，並且可能還有兩家處於發展初期的供應商，您是否認為存在自然上限？您認為這是一個自然上限嗎？或者我們預見到 45%、50% 的市佔率即將到來？

Thanks, Gary. What we said last year in 2024 is that on the DDR5 generation, we were in the early 40% market share. We actually disclose market shares once a year because of some fluctuations we have every quarter. But if you look at the current outlook for this year, it looks like we're going to continue to grow share. The market for servers or DIMMs has increased mid- to high single digit.

謝謝，加里。我們去年在 2024 年所說的是，在 DDR5 這一代，我們的市佔率達到了 40% 左右。由於每個季度都會有一些波動，我們實際上每年披露一次市場份額。但如果你看一下今年的當前前景，看起來我們的份額將繼續增長。伺服器或 DIMM 市場實現了中高個位數的成長。

And as Des indicated in his prepared remarks, we grew 40% year-over-year. So we have certainly gained share this year on this market. And we still believe we can continue to gain share. We always have the objective of 40% to 50%. So there's room to gain share.

正如德斯在其準備好的發言中指出的那樣，我們的年增長率達到了 40%。因此，我們今年在這個市場上的份額肯定有所增加。我們仍然相信我們可以繼續獲得市場份額。我們的目標始終是40%到50%。因此仍有增加份額的空間。

We also early in the DDR5 cycles, it's been three years in, and we expect the DDR5 cycle to last about seven years. So we do expect to continue to have the possibility of winning shares. The other thing is I think that when the products become more complex and the interoperability becomes more complex as well, because we have a complete chipset that's going to help us continue to gain share. Certainly, there's going to be a cap, but we don't see the cap in the near future at this point in time.

我們也處於 DDR5 週期的早期階段，已經三年了，我們預計 DDR5 週期將持續約七年。因此我們確實期望繼續擁有贏得股份的可能性。另一件事是，我認為當產品變得更加複雜並且互通性變得更加複雜時，因為我們擁有完整的晶片組，這將有助於我們繼續獲得份額。當然，會有一個上限，但目前我們還沒有看到近期會出現這個上限。

Mehdi Hosseini, Susquehanna.

梅赫迪·胡賽尼 (Mehdi Hosseini)，薩斯奎漢納。

This is for the team. I think it would be very helpful if you could remind us how to think about different TAM and give us an update. In the past, we have talked about the buffer chip companion, CXL, and HBM IP perhaps with the diversification in the DRAM with the inclusion of MRDIMM, there are some changes there. And in that context, it will be great if you could give us what the TAM will look like, let's say, two or three years from now? And I have a follow-up.

這是為了團隊。我認為如果您能提醒我們如何思考不同的 TAM 並向我們提供最新信息，那將會非常有幫助。過去，我們討論過緩衝晶片配套產品、CXL 和 HBM IP，也許隨著 DRAM 的多樣化和 MRDIMM 的加入，那裡會發生一些變化。在這種情況下，如果您能告訴我們兩三年後的 TAM 會是什麼樣子，那就太好了？我還有一個後續問題。

Yes. Thank you, Mehdi. So we'd like to separate the I would say, the product from the silicon IP. On the product side, we estimate the time for the RCD market to be around $800 million. then you add to this $600 million of companionships, half of it being power management chips and the other half being the other companion chips.

是的。謝謝你，邁赫迪。因此，我們想將產品與矽 IP 分開。在產品方面，我們估計RCD市場規模在8億美元左右，再加上6億美元的配套產品，其中一半是電源管理晶片，另一半是其他配套晶片。

And then -- and you can think about the market growing mid to high single digits in aggregate. There's additional, I would say, tailwinds in to this with the increase of number of channels and the increase of number of DIMMs per channel. But this will translate into -- not into a step function, but some tailwinds to that TAM.

然後——你可以想像市場整體上以中高個位數成長。我想說，隨著通道數量的增加和每個通道的 DIMM 數量的增加，這方面還有額外的順風。但這將轉化為——不是階躍函數，而是對 TAM 的一些順風。

Then in addition to that, we see a TAM of about $600 million for the MRDIMM itself, which adds to this. But the MRDIMM as we discussed earlier, is not going to hit the market before very late in 2026, '27, depending on the rollout of the platform from AMD and Intel primarily.

除此之外，我們還看到 MRDIMM 本身的 TAM 約為 6 億美元，這也進一步增加了這個數字。但正如我們之前討論過的，MRDIMM 不會在 2026 年或 2027 年底之前進入市場，這主要取決於 AMD 和英特爾平台的推出情況。

Now if you turn to the Silicon IP business, it's hard to have a TAM number for the Silicon IP business. What I would say is that as part of our portfolio, we are at the center of what matters for AI. Our portfolio is focused on PCIe 7 and the future generations on HBM 4 and future generations and on GDDR and future generation.

現在，如果你轉向矽 IP 業務，很難獲得矽 IP 業務的 TAM 號碼。我想說的是，作為我們投資組合的一部分，我們處於人工智慧的核心。我們的產品組合專注於 PCIe 7 及未來幾代、HBM 4 及未來幾代以及 GDDR 及未來幾代。

So there's a pool for design staff on all of these IPs. But it's hard given the type of business model on the licensing side, it's hard to estimate a stand for this. But what I would say is that we are on track to meet our growth targets in that business of a double-digit growth.

因此，所有這些 IP 都為設計人員提供了一個資源池。但考慮到許可方面的商業模式類型，很難估計這一點。但我想說的是，我們有望實現該業務兩位數的成長目標。

Okay. Great. Just a quick follow-up here. Should I assume that MRDM margin is comparable to product? Or would it be more like an IT type of the margin?

好的。偉大的。這裡只是快速跟進一下。我是否應該假設 MRDM 利潤與產品相當？或者它更像是一種 IT 類型的利潤？

Mehdi, it's Des here. In terms of the MRDIMM, this is obviously a chip product that we will be selling here. What I would say is I would keep it within the same sort of margins of our product business. Our long-term goal of that business is 68% to 65%, and I would keep the MRDIMM margins within that. We continue to produce strong margin results on the chip side, and we're really pleased with the portfolio that we have.

梅赫迪，我是德斯。就MRDIMM而言，這顯然是我們將在這裡銷售的晶片產品。我想說的是，我會將其保持在與我們的產品業務相同的利潤範圍內。我們該業務的長期目標是 68% 到 65%，我會將 MRDIMM 利潤率保持在該範圍內。我們在晶片方面繼續取得強勁的利潤率，我們對現有的產品組合感到非常滿意。

Sure. Great. And my second question has to do with just looking beyond December and seasonality. I'm under impression that when it comes to servers and companionship, maybe there could be better than seasonal trend into early part of the '26.

當然。偉大的。我的第二個問題與 12 月和季節性以外的因素有關。我的印像是，當談到伺服器和陪伴時，也許在 26 年初會出現比季節性趨勢更好的趨勢。

And I wanted to see how you're looking at those trends. And I'm not asking for a guide, I'm not asking for a guide. I am not asking for a specific revenue guide but just trend -- Would better than that seasonal trend that I see in the server and AI will also apply to Rambus.

我想看看您如何看待這些趨勢。我並不是尋求嚮導，我並不是尋求嚮導。我並不是在尋求具體的收入指南，而只是趨勢——比我在伺服器中看到的季節性趨勢更好，而且 AI 也適用於 Rambus。

Thank you, Mehdi. We do see the market for servers to continue to grow between mid- to high single digits going into next year. There's some tailwinds, as we said, because of the growth of inference, for example, or Agentic AI, that's going to create tailwinds for standard CPU types of solutions. But we do see a growth between mid- and high single digits for the server market next year.

謝謝你，邁赫迪。我們確實看到伺服器市場明年將繼續保持中高個位數成長。正如我們所說，由於推理或 Agentic AI 的增長，存在一些順風，這將為標準 CPU 類型的解決方案創造順風。但我們確實看到明年伺服器市場將出現中高個位數的成長。

Typically, in Q4, we have our customers being prudent with the inventory before the year-end and that happens every year, but that's included in our guide for Q4 that we just gave. And things are going to be back on track in Q1 of 2026. We keep saying that one of the reasons we don't guide beyond one quarter is that things are changing very, very fast, and visibility is not the best. But we do see all the favorable tailwinds for our business going into 2026.

通常，在第四季度，我們的客戶會在年底前謹慎處理庫存，這種情況每年都會發生，但這包含在我們剛剛提供的第四季度指南中。2026 年第一季度，一切將重回正軌。我們一直說，我們不提供超過一個季度的指導的原因之一是情況變化非常非常快，而且可見性不是最好的。但我們確實看到了 2026 年對我們業務有利的順風。

Kevin Cassidy, Rosenblatt Securities.

羅森布拉特證券公司的凱文·卡西迪。

Congratulations on the great results. Just looking at the market, the DRAM market and maybe Gary touched on it with the lead time stretching out and prices going up, is there any concern at all of servers de-specking as the price of DRAMs go higher? Or is the need for DRAM and AI allocations so strong that there won't be a de-specing.

恭喜您取得如此優異的成績。僅從市場來看，DRAM 市場，也許 Gary 提到了交貨時間延長和價格上漲，隨著 DRAM 價格上漲，是否擔心伺服器會出現問題？或者對 DRAM 和 AI 分配的需求如此強烈，以至於不會出現去規格化的情況。

Well, that's a good question for the memory vendors. I would say that historically, we've been kind of agnostic to DRAM pricing. We -- I think what the industry is going to have to go through is to deal with the growth of demand for data centers in general, and to have some arbitrage between the different types of memory. But I don't think that the DRAM pricing is going to have any impact on the demand for our products at Des. -- (multiple speakers) Can you hear me?

嗯，對於記憶體供應商來說，這是一個好問題。我想說，從歷史上看，我們對 DRAM 定價一直不太了解。我們——我認為該行業必須經歷的是應對資料中心整體需求的增長，並在不同類型的記憶體之間進行一些套利。但我不認為 DRAM 定價會對 Des 產品的需求產生任何影響。 ——（多位發言者）你聽得到我說話嗎？

Yes. Kevin, I would just add in the fact the inventory levels within the channel continue to remain sort of lean. When I look at inventory in Q3 versus Q2. And this is of our chips that our customers are holding. We saw no notable inventory build. And I would really put that down to two factors. One, it's been the multiple generations of DDR5 in the market and really the legacy overhang of overordering of DDR4 inventory from a couple of years ago. So I would say the inventory position just now is lean in terms of our sort of chips.

是的。凱文，我只想補充一點，頻道內的庫存水準仍然保持在較低水準。當我查看第三季與第二季的庫存時。這是我們的客戶所持有的籌碼。我們沒有看到明顯的庫存增加。我認為這主要有兩個因素。一是市場上已經有多代 DDR5，而且幾年前 DDR4 庫存過剩的問題仍然存在。因此我想說，就我們的晶片而言，目前的庫存狀況很差。

Right. Okay. Great. And maybe just along that, you mentioned here two years into this DDR5 cycle and maybe it's three generations of DDR5 modules. What's the bell curve like of your shipments? And what is that doing to ASPs as you go forward?

正確的。好的。偉大的。也許就在那時，您提到 DDR5 週期已經過去兩年了，也許是三代 DDR5 模組。您的貨運量呈現什麼樣的鐘形曲線？那麼這對 ASP 未來有何影響？

Kevin, it's Des. We've been really delighted with how we've been able to execute on the DDR5 cycle. We're in the middle of a fast paced DDR5 transition with multiple generations in the market today. I would say that in Q3, the predominant of our shipments was the second generation of DDR5 with growing and early production volumes of the sub-generation coming into the market.

凱文，我是德斯。我們對能夠在 DDR5 週期中執行的效果感到非常高興。我們正處於快速的 DDR5 轉型期，目前市場上已有多個代產品。我想說的是，在第三季度，我們出貨量的主要產品是第二代 DDR5，而子代產品的產量正在不斷增長，並且早期的生產量正在進入市場。

And as I look ahead into sort of Q4, I would still expect the predominance to be the second generation which really growing contribution of the sub generation into the market.

展望第四季度，我仍然預期第二代產品將佔據主導地位，其子代產品對​​市場的貢獻將真正持續成長。

In terms of pricing, what we've talked about in the past is when we move from one generation to the next generation. We do see a bump up in sort of pricing, which is obviously beneficial for us from there. And we'll continue to sort of see that benefit going into the numbers. We saw the benefit in the gross margin outlook in the third quarter on the product chip side, which increased about 300 basis points, which was really a combination of the product as well as continued manufacturing savings coming into the models.

在定價方面，我們過去討論的是何時從一代過渡到下一代。我們確實看到價格有所上漲，這顯然對我們有利。我們將繼續看到這種好處體現在數字中。我們看到第三季產品晶片方面的毛利率前景有所改善，增加了約 300 個基點，這實際上是產品以及模型持續製造成本節省的結合。

So overall, we're really pleased with how we're executing on the DDR5 generation. And irrespective of what fourth generation is ramping into the market through our early investment in continued leadership. We have confidence in our overall market share and leadership position.

總的來說，我們對 DDR5 世代的執行情況非常滿意。無論第四代如何，我們都會透過早期投資持續引領市場。我們對我們的整體市場份額和領導地位充滿信心。

Jae Kim, Arati Research.

Jae Kim，Arati Research。

I want to ask about outlook for CXL. There are a lot of perspective on how this market develops especially with the CXCL 3.1 expected next year. And your competitor like Montage becoming increasingly aggressive on the controller side.

我想問一下 CXL 的前景。關於這個市場如何發展有很多看法，尤其是預計明年推出的 CXCL 3.1。而你的競爭對手，像是 Montage，在控制器方面變得越來越激進。

At the same time, greater adoption of MRDIMMs in the future could address current memory capacitor constrained. So can you share your view on how you see CXL market evolving and what the Rambus strategy is in terms of controllers or other engagement in this space?

同時，未來更廣泛地採用 MRDIMM 可以解決目前記憶體電容器受限的問題。那麼，您能否分享一下您對 CXL 市場發展的看法，以及 Rambus 在控制器或該領域的其他參與方面的策略是什麼？

Nam, we have two players or two possible players in CXL. One is on the silicon IP business. We do have CXL controllers of different generations, and this has been part of this focused portfolio talking about where we do have traction, a lot of people developing chips need a CXL interface, and they have the possibility of buying that interface from us. So this has been one of the driver vectors of our growth in silicon IP business.

Nam，我們在 CXL 中有兩名球員或兩名可能的球員。一是矽IP業務。我們確實擁有不同世代的 CXL 控制器，這是我們重點關注的產品組合的一部分，許多開發晶片的人都需要 CXL 接口，他們有可能從我們這裡購買該接口。因此，這一直是我們矽 IP 業務成長的驅動因素之一。

But what we have observed is that every one of our customers tends to develop a bespoke solution for one, sometimes only one or two customers. So the chips that use the CXL market is very fragmented. That's how we look at it. And although we did have and we do have a CXL product development, we believe at this point in time that it does not make economic sense to actually roll out that product in the market because what we noticed is that we would have to develop a specific chip for a specific customer, who themselves will have a specific customer as well. So we'd rather play on the FIP side with CXL.

但我們觀察到的是，我們的每個客戶都傾向於為一個客戶（有時只有一兩個客戶）開發客製化解決方案。因此使用CXL的晶片市場非常分散。我們就是這樣看待它的。儘管我們確實有 CXL 產品開發，但我們認為，目前將該產品真正推向市場並不具有經濟意義，因為我們注意到，我們必須為特定客戶開發特定的晶片，而這些客戶本身也有特定的客戶。所以我們寧願與 CXL 一起在 FIP 方面比賽。

So what I would say is that CXL is very exciting in terms of being an interface that is accepted by everyone. But for us, it's not that exciting in terms of products. And we do believe that the usage model that is the most promising is actually memory expansion. A

所以我想說的是，CXL 作為一個被大家接受的介面非常令人興奮。但對我們來說，產品方面並沒有那麼令人興奮。我們確實相信最有前景的使用模式實際上是記憶體擴展。一個

And to your question, a very good question. The MRDIMM answers that because it uses the current infrastructure of standard servers. And just by using this MRDIMM type of architectures, we can double the capacity and the bandwidth using that same infrastructure. So that's the option we've taken at this point in time. As the market develops, as we've done in the past, we can pivot, but at this point in time, this is where we are.

對於您的問題，這是一個非常好的問題。MRDIMM 回答了這個問題，因為它使用了標準伺服器的目前基礎架構。僅透過使用這種 MRDIMM 類型的架構，我們就可以使用相同的基礎設施將容量和頻寬提高一倍。這就是我們目前採取的選擇。隨著市場的發展，正如我們過去所做的那樣，我們可以做出調整，但目前，我們的處境就是如此。

Kevin Garrigan, Jefferies.

凱文‧加里根，傑富瑞集團。

Let me echo my congrats on the results. On the MRDIMM opportunity, you talked about customers starting qualifications. I mean, is there anything more that you need to do or can do to kind of help yourselves capture share there? Or is it pretty much all in the customers' hands at this point?

讓我再次對這項結果表示祝賀。關於 MRDIMM 機會，您談到了客戶的起始資格。我的意思是，你們還需要做什麼或可以做什麼來幫助自己獲得市場份額嗎？還是現在一切都掌握在客戶手中？

It's in customers' hands, our hands and the hands of the people who deploy the platforms like Intel and AMD because they have to be ready with their platforms as well. But I would say, on our hand, what plays in our hand is really the fact that we have a complete chipset for MRDIMM. And that's critically important because when you double the capacity and you double the bandwidth that interoperability is critical to the MRDIMM actually working.

它掌握在客戶手中、我們手中以及部署英特爾和 AMD 等平台的人員手中，因為他們也必須為他們的平台做好準備。但我想說，就我們而言，我們真正能做的是我們擁有一套完整的 MRDIMM 晶片組。這至關重要，因為當容量和頻寬加倍時，互通性對於 MRDIMM 的實際工作至關重要。

And I think that customers are going to be looking at their suppliers like us to really help them not only on the development of the chips but also on the testing of the whole platform, given how compact is going to be and how fast it's going to have to run at. So this is what I think is going to play in our hands. The fact that we have invested for a long time in signal integrity and power integrity allows us to have a complete chipset and having a complete chipset is going to help us with interoperability testing with our customers.

我認為，客戶將會把目光投向我們這樣的供應商，希望他們不僅能在晶片開發方面，還能在平台的測試方面為他們提供真正的幫助，因為平台的緊湊性和運行速度是必須的。所以我認為這就是我們能掌控的事情。事實上，我們在訊號完整性和電源完整性方面進行了長期投資，這使得我們擁有完整的晶片組，而完整的晶片組將有助於我們與客戶進行互通性測試。

And then just as a quick follow-up, going off of a previous question in your silicon IP business. You guys are doing well in HBM, but can you just talk about how traction has been with PCIe 7 and secured IP in that business?

然後，作為一個快速的後續問題，回到您在矽 IP 業務中之前提出的問題。你們在 HBM 方面做得很好，但是您能談談 PCIe 7 和安全 IP 在該業務中的發展嗎？

I'll start and let Des jump in. Typically, we don't split these things. But at a high level, security is about 50% of our business and between controllers, memory controllers, the PCI controllers, that's the other 50%. I would say security is widespread in terms of its application, it's really going into lots of applications with lots of customers in very different markets.

我先開始，然後讓 Des 加入。通常，我們不會分割這些東西。但從高層次來看，安全性約占我們業務的 50%，而控制器、記憶體控制器、 PCI 控制器則佔另外 50%。我想說，安全性在應用方面非常廣泛，它確實進入了不同市場中許多客戶的眾多應用中。

PCIe and HBM, we tend to work with a large number of customers who are much smaller and we tend to work on the bleeding edge solutions for these. So we mentioned HBM 4 and PCIe 7. So we typically work with large customers who we need to develop the latest and fastest solution mostly for the data center and the AI market.

PCIe 和 HBM，我們傾向於與大量規模小得多的客戶合作，我們傾向於為這些客戶開發最前沿的解決方案。所以我們提到了 HBM 4 和 PCIe 7。因此，我們通常與大客戶合作，主要為資料中心和人工智慧市場開發最新、最快的解決方案。

So it's a different dynamic there. Higher -- typically, we have a higher ASP, longer-time development with the bleeding edge solution for memory and PCI. It's a much broader and faster cycle in the security side. That's the way to look at it.

所以那裡的情況有所不同。更高——通常，我們擁有更高的 ASP、更長的開發時間以及針對記憶體和 PCI 的尖端解決方案。從安全角度來說，這是一個更廣泛、更快速的循環。這就是看待它的方式。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Thanks for the follow-up question. Just kind of thinking back again to the architecture evolution in this Ai demand that you're seeing. When you guys look at your RCD business today, how do you assess kind of the number of channels today that you're shipping into on a per socket or per CPU basis, and how that has evolved and whether not moving from 8 to 12? And do you see 12 going to 16 channels as we look out into '26.

感謝您的後續提問。只是再次回想您所看到的人工智慧需求的架構演變。當你們今天審視 RCD 業務時，你們如何評估目前每個插槽或每個 CPU 的出貨管道數量，以及這些管道是如何演變的，是否從 8 個增加到 12 個？展望 26 年，您是否認為 12 個頻道將變成 16 個頻道？

Thank you, Aaron. Certainly, AI workloads need more memory than standard types of applications and more bandwidth. So the very fact that the industry is converging to 12 channels is good. But remember, the -- it's only lately that Intel moved to 12 channels. So it's going to have a, I would say, a modest impact, but positive impact.

謝謝你，亞倫。當然，人工智慧工作負載比標準類型的應用程式需要更多的記憶體和更多的頻寬。因此，產業向 12 個管道融合這一事實本身就是好事。但請記住，英特爾只是最近才轉向 12 個通道。所以我想說，它會產生適度但積極的影響。

We do see these memory, these CPU vendors announcing the 16-channel solution, and that's going to be necessary. There's talk also no plans of going beyond maybe to 20, but the issue is you cannot just add channels after channels. It creates constraints on the packaging design, the chip designs. So I see there's going to be a limitation there. But that's certainly a tailwind for us. That's going to help, as we said earlier, continue to grow our product business.

我們確實看到這些記憶體、這些 CPU 供應商宣布推出 16 通道解決方案，這將是必要的。也有傳言稱，沒有計劃將頻道數量增加到 20 個以上，但問題是，你不能只是簡單地添加一個又一個頻道。它對封裝設計和晶片設計產生了限制。所以我認為那裡會有一個限制。但這對我們來說無疑是個順風。正如我們之前所說，這將有助於繼續發展我們的產品業務。

And on that channel discussion, how does that work with MRDIMMs?

在該頻道討論中，它如何與 MRDIMM 配合使用？

So the MRDIMMs is going to intercept given the next generation of platforms on AMD and Intel. These next-generation platforms and AMD and Intel, they announced 16 channel. But MRD is a very dense solution. So the number of DIMMs per channel is going to be the question. But these new platforms for Gen 5 are going to be around 16 per -- 16 channels per CPU, and that's the generation that Intercept MRDIMMs.

因此，MRDIMM 將會在 AMD 和 Intel 的下一代平台上發揮作用。這些下一代平台和AMD和英特爾一樣，他們宣布了16個通道。但 MRD 是一種非常密集的解決方案。因此，每個通道的 DIMM 數量就是一個問題。但第五代新平台將有大約 16 個通道——每個 CPU 有 16 個通道，這就是 Intercept MRDIMM 的一代。

I will now pass it back over to Luc for closing remarks.

現在我將把發言權交還給呂克，請他作最後發言。

Thank you to everyone who has joined us today for your continued interest and time. We look forward to speaking with you again soon. Have a very good day. Thank you.

感謝今天與我們一起的所有人，感謝你們的持續關注和時間。我們期待很快再次與您交談。祝您有個愉快的一天。謝謝。

Thank you. This now concludes today's conference.

謝謝。今天的會議到此結束。