Rambus Inc. (RMBS) 2026 Q2 法說會逐字稿

Welcome to the Rambus second quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加 Rambus 2026 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。

I would now like to turn the conference over to Sumeet Gagneja, Chief Financial Officer. You may begin your conference.

現在我想把電話會議交給財務長 Sumeet Gagneja。您可以開始會議。

Thank you, operator, and welcome to the Rambus second quarter 2026 results conference call. I am Sumeet Gagneja, Chief Financial Officer at Rambus. And on the call today with me is Luc Seraphin, our CEO.

謝謝你，接線員，並歡迎各位參加 Rambus 2026 年第二季業績電話會議。我是 Rambus 財務長 Sumeet Gagneja。今天與我一同出席的還有我們的執行長 Luc Seraphin。

The press release for the results that we will be discussing today has been filed with the SEC on 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 will be available on our website beginning today at 5 PM Pacific Time.

我們今天將討論的業績新聞稿已以 8-K 表格向美國證券交易委員會（SEC）提交。我們將透過網路直播本次電話會議，並搭配我們在今日會議部分內容中將引用的投影片。本次電話會議的重播將自今日太平洋時間下午 5 點起於我們的網站提供。

Our discussion today will contain forward-looking statements, including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, other market factors, including reflections of the geopolitical and macroeconomic environment amongst other items. These statements are subject to risks and uncertainties that may be discussed during the call and more fully described in the documents we filed 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.

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（包括地緣政治與總體經濟環境的影響等）的看法。這些陳述受風險與不確定性影響，相關內容可能在本次電話會議中討論，並在我們向 SEC 提交的文件中有更完整的說明，包括 8-K、10-Q 與 10-K。這些前瞻性陳述可能與我們的實際結果有重大差異，我們亦無義務更新這些陳述。

In an effort to provide greater clarity on 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.

為了讓財務資訊更清楚，我們在新聞稿與本次電話會議中同時使用 GAAP 與非 GAAP 的財務呈現方式。非 GAAP 財務數據與最直接可比的 GAAP 指標之調節表，已收錄於我們的新聞稿、投影片簡報，並可於 rambus.com 的投資人關係頁面「Financial Releases」中查閱。

I would like to note a change in how we present our results going forward. Since the adoption of ASC 606, we have disclosed licensing billings, an operational metric that bridges the difference between GAAP revenue and actual billings to our licensees. This was an important metric in the initial years after ASC 606 adoption when the delta between royalties revenue and licensing billings was material. As the difference is now minimal, and we expect to remain so, we will focus our financial results and guidance on an ASC 606 revenue basis going forward.

我想說明我們未來呈現業績方式的一項變更。自採用 ASC 606 以來，我們揭露「授權開立帳單金額（licensing billings）」這一營運指標，用以銜接 GAAP 營收與對授權客戶實際開立帳單金額之間的差異。在採用 ASC 606 後的最初幾年，權利金收入與授權開立帳單金額之間的差異相當顯著，因此該指標很重要。由於目前差異已很小，且我們預期將持續維持在低水準，未來我們將以 ASC 606 的營收基礎作為財務結果與財測指引的重點。

The order of the call today will be as follows: Luc will start with an overview of the business. I will discuss our financial results, and then we end with Q&A.

今天電話會議的流程如下：Luc 將先就業務概況進行說明。我將討論我們的財務結果，最後進入問答。

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

現在我把電話會議交給 Luc，請他概述本季表現。Luc？

Thank you, Sumeet. Good afternoon, everyone, and thank you for joining us. Before we begin, I'd like to take a moment to welcome Sumeet Gagneja to his first earnings call as Rambus's Chief Financial Officer. Sumeet brings more than two decades of leadership experience in the semiconductor industry and a wealth of knowledge in the data center ecosystem. Since joining Rambus, he has quickly become a valued member of the leadership team, and we are very pleased to have him on board. Welcome, Sumeet.

謝謝你，Sumeet。各位下午好，感謝各位加入我們。在開始之前，我想花一點時間歡迎 Sumeet Gagneja 以 Rambus 財務長身分首次參與財報電話會議。Sumeet 在半導體產業擁有超過二十年的領導經驗，並對資料中心生態系具備豐富的知識。自加入 Rambus 以來，他很快就成為領導團隊中備受重視的一員，我們非常高興他加入我們。歡迎你，Sumeet。

With that, let's turn to our results. Rambus had an excellent second quarter, delivering a new all-time high in revenue and non-GAAP earnings and beating the high end of our guidance ranges. Fueled by record product revenue and strong contributions from our diversified revenue streams, this quarter marks the first time we have exceeded $200 million in revenue. These results reflect our sustained execution and leadership across our expanding portfolio of chips and IP.

接下來讓我們看一下業績。Rambus 第二季表現非常出色，營收與非 GAAP 獲利皆創下歷史新高，並超越我們財測區間的上緣。在創紀錄的產品營收以及多元化營收來源的強勁貢獻帶動下，本季也是我們首次營收突破 2 億美元。這些結果反映我們在持續擴展的晶片與 IP 產品組合上，長期穩健的執行力與領先地位。

We also generated solid cash from operations, underscoring the strength of our business model and enabling us to continue investing in our product road map to drive long-term growth. This combination of record performance, disciplined execution and sustained investment positions Rambus to capitalize on the exciting market trends in data center and AI.

我們也產生了穩健的營運現金流，凸顯我們商業模式的強韌性，並使我們得以持續投資產品藍圖以推動長期成長。創紀錄的表現、嚴謹的執行與持續的投資相結合，使 Rambus 能把握資料中心與 AI 的令人振奮的市場趨勢。

AI continues to drive a fundamental evolution in computing. As inference and agentic use cases scale, workloads are becoming more diverse, more persistent and more memory intensive. To support these workloads, AI infrastructure deployments are becoming more complex and heterogeneous, combining a mix of traditional and AI server platforms. This is accelerating demand for CPU-based servers to support orchestration, data management and real-time execution at scale while increasing requirements for memory capacity, bandwidth and power efficiency. These trends align directly with our strengths and are driving new opportunities for richer chip content and broader adoption of our industry-leading IP.

AI 持續推動運算領域的根本性演進。隨著推論與代理式（agentic）使用情境擴大，工作負載變得更多元、更持續，且更依賴記憶體。為了支援這些工作負載，AI 基礎設施的部署正變得更複雜且更異質化，結合傳統伺服器平台與 AI 伺服器平台的混合配置。這正在加速對以 CPU 為基礎之伺服器的需求，以支援大規模的編排、資料管理與即時執行，同時也提高對記憶體容量、頻寬與功耗效率的要求。這些趨勢與我們的優勢高度契合，並帶來更多機會：更豐富的晶片內容，以及更廣泛採用我們業界領先的 IP。

Now let me turn to our quarterly business results. Starting with chips, product revenue reached a new record of $99 million, up 22% year-over-year, and we expect another quarter of double-digit growth in Q3. This reflects our continued leadership in DDR5 RCDs, strong execution and growing traction in new products. And looking ahead, we see increasing customer adoption and remain well positioned to support the ramp of next-generation platforms as they enter the market. We continue to execute well across our DDR5 road map.

接下來我說明本季的業務成果。先從晶片業務開始，產品營收創下 9,900 萬美元的新紀錄，年增 22%，我們預期第三季仍將再有一季雙位數成長。這反映我們在 DDR5 RCD 的持續領先地位、強勁的執行力，以及新產品的動能提升。展望未來，我們看到客戶採用度持續提高，並且在下一代平台進入市場並開始放量時，我們仍具備良好支援能力。我們在 DDR5 藍圖上持續執行到位。

We expanded our portfolio with complete chipsets for DDR5 9600 client and server memory modules, further extending our leadership in high-speed memory interface solutions. Our new DDR5 9600 client chipset enables top-of-the-line performance for emerging AI PCs and leverages the same high-speed memory interface expertise we have developed across multiple generations of server platforms as technology requirements increasingly waterfall from the data center into high-performance client systems.

我們以 DDR5 9600 用戶端與伺服器記憶體模組的完整晶片組擴充了產品組合，進一步延伸我們在高速記憶體介面解決方案的領先地位。我們新的 DDR5 9600 用戶端晶片組可為新興 AI PC 提供頂級效能，並運用我們在多代伺服器平台上累積的高速記憶體介面專業；隨著技術需求日益從資料中心向下延伸至高效能用戶端系統，這項優勢更為關鍵。

For servers, our new DDR5 9600 RDIMM chipset built around our sixth-generation RCD and PMIC5030 supports the next level of memory performance required by advanced CPU-based server platforms. As core counts, memory channels and bandwidth requirements increase, solutions like these are essential to enabling higher system throughput and power-efficient performance. Importantly, our server chip solutions support the expanding range of new and existing processor and system architectures, positioning us to benefit from increasing memory requirements across the industry.

在伺服器方面，我們新的 DDR5 9600 RDIMM 晶片組以第六代 RCD 與 PMIC5030 為核心，支援先進 CPU 型伺服器平台所需的下一階記憶體效能。隨著核心數、記憶體通道數與頻寬需求提升，這類解決方案對於實現更高的系統吞吐量與更具功耗效率的效能至關重要。重要的是，我們的伺服器晶片解決方案可支援日益擴大的新舊處理器與系統架構範圍，使我們能受惠於全產業不斷提高的記憶體需求。

Together, these additions expand the breadth of our DDR5 road map and demonstrate our continued enablement of higher performance, improved signal integrity and advanced power management across both data center and client applications. As AI workloads continue to diversify, there's increasing demand for novel memory architectures with application-specific performance, capacity and power requirements. We are addressing these needs through products like our complete chipsets for MRDIMM and LPDDR5X SOCAMM2 and remain on track to intercept the market as these architectures gain adoption.

這些新增產品共同擴展了我們 DDR5 藍圖的廣度，並展現我們持續在資料中心與用戶端應用中，推動更高效能、更佳訊號完整性與先進電源管理的能力。隨著 AI 工作負載持續多樣化，市場對具備特定應用效能、容量與功耗需求的新型記憶體架構之需求日益增加。我們透過如 MRDIMM 與 LPDDR5X SOCAMM2 的完整晶片組等產品來滿足這些需求，並持續按計畫在這些架構逐步被採用時切入市場。

Supported by active engagements across customers and ecosystem partners, we are expanding our road map of differentiated memory subsystem solutions to help shape the next generation of server modules. This reinforces our opportunity for increased chip content and sustained growth in 2027 and beyond.

在與客戶及生態系夥伴的積極合作支持下，我們正擴展具差異化的記憶體子系統解決方案藍圖，以協助塑造下一代伺服器模組。這進一步強化我們在 2027 年及之後提升晶片內容並維持成長的機會。

Turning now to silicon IP. We delivered another strong quarter with increasing customer traction and key design wins across hyperscalers, custom silicon companies and emerging AI semiconductor developers. As AI infrastructure scales, chip development cycles are accelerating and performance requirements are pushing beyond industry standard specifications. Customers are building advanced SoCs for high-performance AI systems, driving robust demand for our differentiated IP solutions, spanning advanced memory, connectivity and security IP.

接著談矽智財（silicon IP）。我們再度交出強勁的一季，客戶動能持續提升，並在超大規模雲端業者（hyperscalers）、客製化矽晶片公司以及新興 AI 半導體開發商中取得關鍵設計導入（design wins）。隨著 AI 基礎設施擴張，晶片開發週期正在加速，效能需求也正推進至超越產業標準規格。客戶正為高效能 AI 系統打造先進 SoC，帶動對我們差異化 IP 解決方案的強勁需求，涵蓋先進記憶體、連接與安全性 IP。

We also have a growing number of deep architectural engagements ahead of standards being finalized to help our customers be first to market with state-of-the-art performance. This includes an exciting design win with a Tier 1 US hyperscaler for next-generation HBM in future AI chips. These engagements are great testaments to the strategic importance of our premium IP portfolio.

在標準最終定案之前，我們也有越來越多深入的架構層面合作案在推進，以協助客戶率先以最先進的效能搶先上市。其中包括與一家美國 Tier 1 超大規模雲端業者在未來 AI 晶片採用次世代 HBM 的令人振奮的設計導入（design win）。這些合作充分證明了我們高階 IP 產品組合的策略重要性。

The growth of custom silicon for acceleration and connectivity remains an important long-term trend, particularly among hyperscalers and leading AI infrastructure companies. As customers optimize hardware for their own workloads, software stacks and deployment requirements, they need Rambus advanced IP to help them deliver performance, power efficiency and reliability at scale. Secure connectivity is also an increasingly important part of the overall architecture and Rambus' proven security IP is foundational to enabling trusted high-performance data movement across distributed AI infrastructure.

用於加速與連接的客製化矽晶（custom silicon）成長，仍是一項重要的長期趨勢，尤其在超大規模雲端業者與領先的 AI 基礎設施公司之間更為明顯。當客戶針對其自身工作負載、軟體堆疊與部署需求最佳化硬體時，他們需要 Rambus 的先進 IP，協助其在規模化部署下實現效能、功耗效率與可靠性。安全連接也正日益成為整體架構中更重要的一環，而 Rambus 經驗證的安全 IP 是在分散式 AI 基礎設施中實現可信任高效能資料移動的基礎。

During the quarter, we also expanded our AI IP solutions with PCIe 7.0 Switch IP supporting 128 giga transfer per second. This solution is designed to support the next generation of AI scale-up and scale-out architectures where high-bandwidth, low-latency connectivity is critical to overall system performance. As AI infrastructure scales, Rambus IP is in great demand, enabling faster, more efficient and more secure data movement. With our strong customer partnerships and deep architectural engagements, we are enabling the future of advanced AI hardware.

本季我們也以支援每秒 128 giga transfer 的 PCIe 7.0 Switch IP 擴充了 AI IP 解決方案。此解決方案旨在支援下一代 AI scale-up 與 scale-out 架構，在這些架構中，高頻寬、低延遲的連接能力對整體系統效能至關重要。隨著 AI 基礎設施擴張，Rambus IP 需求強勁，可實現更快、更高效率且更安全的資料移動。憑藉我們強大的客戶夥伴關係與深入的架構合作，我們正在推動先進 AI 硬體的未來。

In summary, Rambus delivered an excellent second quarter with record revenue and earnings. Our results reflect the strength of our product leadership, the depth of our customer relationships and our ability to execute in markets that continue to present significant opportunities for growth.

總結而言，Rambus 第二季表現優異，營收與獲利皆創新高。我們的成果反映了產品領導力的強勁、客戶關係的深度，以及我們在持續提供顯著成長機會的市場中執行到位的能力。

Looking ahead, we are well positioned for the major trends reshaping data center and AI infrastructure. As AI scales and agentic workloads drive greater demand for CPU-based servers and memory, Rambus chips and IP are enabling the performance, connectivity and security customers need to build the next generations of advanced computing systems. We remain confident in our strategy, our road map and our ability to drive strong growth in 2026 and beyond. As always, I want to thank our customers, partners and employees for their continued trust and support.

展望未來，我們已為重塑資料中心與 AI 基礎設施的主要趨勢做好充分布局。隨著 AI 規模擴大與代理式（agentic）工作負載推升對 CPU 型伺服器與記憶體的需求，Rambus 的晶片與 IP 正在提供客戶打造下一代先進運算系統所需的效能、連接與安全性。我們對自身策略、產品藍圖以及在 2026 年及更長遠未來推動強勁成長的能力仍充滿信心。一如既往，我要感謝我們的客戶、合作夥伴與員工持續的信任與支持。

Now I'll turn the call over to Sumeet to walk us through the financials. Sumeet?

接下來我把電話交給 Sumeet，請他帶我們回顧財務表現。Sumeet？

Thank you, Luc, and good afternoon, everyone. Before I turn to the quarter, I want to say how excited I am to be here and how much I've appreciated the warm welcome from the team. Having spent the past several weeks meeting with our employees and investors, I have come away with a clear conviction. We have differentiated technology, deep customer relationships and meaningful long-term growth opportunities ahead. As CFO, my focus is straightforward: drive profitable growth through disciplined financial execution, allocate capital thoughtfully and provide shareholders with transparent and consistent communication.

謝謝你，Luc，大家午安。在我進入本季內容之前，我想先說我很興奮能加入這裡，也非常感謝團隊給予的熱情歡迎。過去幾週我與員工及投資人會面後，得到了一個明確的信念。我們擁有差異化技術、深厚的客戶關係，以及具意義的長期成長機會。作為 CFO，我的重點很明確：透過嚴謹的財務執行推動獲利性成長、審慎配置資本，並向股東提供透明且一致的溝通。

Now let me turn to our second quarter financial results. As I noted earlier, because the difference between royalties revenue and licensing billing is now minimal, we will focus our financial results and guidance solely on an ASC 606 revenue basis. We delivered Q2 revenue and non-GAAP earnings per share exceeding our Q2 guidance, driven by strong contributions across our diversified revenue streams. Revenue for the second quarter was $207.4 million, which is up 20% year-over-year and up 15% sequentially, led by strong performances from our product and royalties revenue. Product revenue was $99.2 million, which is up 22% year-over-year and up 13% sequentially.

現在我來說明第二季財務結果。如我先前提到，由於權利金收入與授權開立帳單（licensing billing）之間的差異如今已非常小，我們將僅以 ASC 606 收入基礎來呈現財務結果與提供指引。我們第二季營收與非 GAAP 每股盈餘均超越第二季指引，主要受惠於多元化收入來源的強勁貢獻。第二季營收為 2.074 億美元，年增 20%、季增 15%，主要由產品與權利金收入的強勁表現帶動。產品收入為 9,920 萬美元，年增 22%、季增 13%。

Royalties revenue was $84.2 million. Contract and other revenue was $24 million, consisting primarily 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 royalties revenue. Total non-GAAP operating costs, including cost of goods sold for the quarter, were $113.7 million. Operating expenses of $73.5 million were up sequentially due to higher SG&A expenses.

權利金收入為 8,420 萬美元。合約及其他收入為 2,400 萬美元，主要由矽智財（silicon IP）構成。提醒一下，我們的矽智財收入只有一部分反映在合約及其他收入中，其餘部分則列報於權利金收入。本季非 GAAP 營運成本總額（包含銷貨成本）為 1.137 億美元。營業費用為 7,350 萬美元，因 SG&A 費用較高而較上季增加。

Interest and other income for the quarter was $6.8 million. Using an assumed non-GAAP tax rate of 16%, non-GAAP net income for the quarter was $84.4 million, resulting in Q2 non-GAAP earnings per share of $0.77, which is up 24% year-over-year and up 21% sequentially.

本季利息及其他收入為 680 萬美元。以假設的非 GAAP 稅率 16% 計算，本季非 GAAP 淨利為 8,440 萬美元，第二季非 GAAP 每股盈餘為 0.77 美元，年增 24%、季增 21%。

Now let me turn to the balance sheet details. We ended the quarter with cash, cash equivalents and marketable securities totaling $825 million, up $39 million from Q1 with solid operating cash flow of $61 million, partially offset by $12 million in capital expenditures and $9 million of net equity outflows.

接下來說明資產負債表細節。本季結束時，我們的現金、約當現金與有價證券合計 8.25 億美元，較第一季增加 3,900 萬美元；其中營運現金流入穩健達 6,100 萬美元，部分被 1,200 萬美元資本支出與 900 萬美元淨股權流出所抵銷。

Inventory increased by $16 million during the quarter as we leveraged the strength of our balance sheet to support future product ramps and provide customers with greater supply assurance in the coming quarters. Free cash flow in the quarter was $49 million.

本季存貨增加 1,600 萬美元，我們運用資產負債表的強勁實力來支援未來產品放量，並在接下來幾季為客戶提供更高的供應保障。本季自由現金流為 4,900 萬美元。

Let me now turn to our non-GAAP outlook for the third quarter. As a reminder, the forward-looking guidance reflects our best estimates at this time, and our actual results could differ materially from what I'm about to review. We expect revenue in the third quarter to be between $210 million and $216 million.

現在我來說明第三季的非 GAAP 展望。提醒一下，前瞻性指引反映我們目前的最佳估計，實際結果可能與我接下來所述有重大差異。我們預期第三季營收介於 2.10 億至 2.16 億美元。

We expect product revenue to be between $110 million and $116 million, a sequential increase of 14% at the midpoint of guidance. We expect royalties revenue to be between $69 million and $75 million, and we expect contract and other revenues to be between $25 million and $31 million.

我們預期產品收入介於 1.10 億至 1.16 億美元，以指引中點計算，較上季增加 14%。我們預期權利金收入介於 6,900 萬至 7,500 萬美元，合約及其他收入介於 2,500 萬至 3,100 萬美元。

We expect Q3 non-GAAP total operating costs, which include cost of sales, to be between $119 million and $115 million. We expect Q3 capital expenditures to be approximately $13 million. Non-GAAP operating results for the third quarter are expected to be between a profit of $91 million and $101 million. For non-GAAP interest and other income, we expect $7 million of interest income. Assuming non-GAAP tax rate of 16% and Q3 share count of 110 million diluted shares outstanding, we expect Q3 non-GAAP earnings per share range between $0.75 and $0.82.

我們預期第三季非 GAAP 營運成本總額（包含銷貨成本）介於 1.19 億至 1.15 億美元。我們預期第三季資本支出約為 1,300 萬美元。非 GAAP第三季營運結果預期介於獲利 9,100 萬至 1.01 億美元。就非 GAAP 利息及其他收入而言，我們預期利息收入為 700 萬美元。假設非 GAAP 稅率為 16%，且第三季稀釋後流通股數為 1.10 億股，我們預期第三季非 GAAP 每股盈餘介於 0.75 至 0.82 美元。

In closing, we delivered a strong quarter, reflecting the diversification of our business and contributions across our revenue streams. Our third quarter outlook reflects continued sequential growth in both revenue and earnings per share, supported by sustained momentum across the business. We remain firmly focused on driving long-term shareholder value through disciplined execution, thoughtful capital allocation and consistent operational performance.

最後，我們交出一個強勁的季度表現，反映了業務的多元化以及各收入來源的貢獻。我們對第三季的展望顯示營收與每股盈餘將持續呈現季增，並由整體業務的持續動能所支撐。我們仍將堅定聚焦於透過嚴謹執行、審慎資本配置與一致的營運表現，為股東創造長期價值。

Before we open the call to questions, I want to thank our employees for their continued dedication and execution, our customers for their trusted partnership and our investors for their ongoing support and confidence in Rambus.

在我們開放提問之前，我要感謝員工持續的投入與執行力，感謝客戶值得信賴的合作夥伴關係，也感謝投資人對 Rambus 持續的支持與信心。

With that, I'll turn the call back to our operator to begin Q&A. Could we have our first question, please?

接下來我把電話交回給主持人，開始問答環節。請問可以先接第一個問題嗎？

(Operator Instructions) Kevin Cassidy, Rosenblatt Securities.

(主持人指示) Kevin Cassidy，Rosenblatt Securities。

Yes. Congratulations on the great results. Just to confirm, did you have any capacity issues during the quarter? Any orders you weren't able to meet?

是的。恭喜你們取得很棒的成果。我想確認一下，本季你們是否有任何產能問題？是否有任何訂單無法滿足？

Kevin, no, we didn't have any capacity issue in the second quarter. We continue to see tightness in the supply chain. We continue to see lead times increasing, but we didn't have any capacity issue in Q2. We have built strong relationships with our suppliers. And at this point in time, we are able to serve the market demand.

Kevin，不，我們在第二季沒有任何產能問題。我們仍然看到供應鏈吃緊。我們持續看到交期拉長，但我們在第二季沒有任何產能問題。我們與供應商建立了很強的合作關係。而在目前這個時間點，我們有能力滿足市場需求。

Okay. Great. And just because it's topical today, China-based CXMT had a big splash today. And is Rambus involved with CXMT either on the IP side or product side?

好的。很好。另外，因為今天這是熱門話題，中國的 CXMT 今天引起很大關注。Rambus 是否在 IP 端或產品端與 CXMT 有任何合作？

Yes, it's great news for CXMT. I think they're going to be a strong player in the market. Every company that builds memory has to have a license agreement with us, and they're one of them. So we're very pleased with the success, and that's going to be a good thing for us in the long run as well.

是的，這對 CXMT 來說是很棒的消息。我認為他們會成為市場上的強勁玩家。每一家製造記憶體的公司都必須與我們簽訂授權協議，而他們也是其中之一。所以我們對他們的成功感到非常高興，從長期來看，這對我們也會是件好事。

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

Maybe just for the first one, could you update us on your expectation for MRDIMM -- for the ramp of MRDIMM? AMD is in production with the Venice CPU today. It sounds like servers will start shipping in Q4. Are you starting to get any better visibility into how much of the market will go down the MRDIMM route versus sticking with more traditional RDIMMs?

也許先問第一個問題，能否更新一下你們對 MRDIMM——MRDIMM 放量爬坡的預期？AMD 的 Venice CPU 目前已在量產。聽起來伺服器將在第四季開始出貨。你們是否開始更清楚看到，市場中有多少會走 MRDIMM 路線、相較於仍採用較傳統的 RDIMM？

Yes. Thank you. We do continue to see MRDIMM as a material opportunity. But as you said, the timing is going to be dependent on the platform adoption when the servers go to market and whether those servers what percentage of MRDIMM are they going to use as compared to a standard DIMM.

是的。謝謝。我們確實持續將 MRDIMM 視為一個重要的機會。但如你所說，時點將取決於伺服器上市時平台的採用情況，以及這些伺服器中 MRDIMM 的使用比例，相較於標準 DIMM 會是多少。

So we are excited by the opportunity. But at this point in time, we will not overcall the adoption curve before the platforms actually ramps and we get feedback from the market. The contribution for Q4 is going to be minimal. We continue to ship to our customers for these early system buildups and a more material contribution is going to happen in 2027 when both platforms from the CPU guys ramp in the market in earnest.

所以我們對這個機會感到興奮。但在目前這個時間點，在平台真正開始放量、並且我們從市場獲得回饋之前，我們不會過度預估採用曲線。第四季的貢獻將會很小。我們仍持續出貨給客戶，用於這些早期系統建置；而更具實質的貢獻將在 2027 年出現，屆時兩家 CPU 廠的平台都會在市場上真正開始大幅放量。

Got it. Okay. Great. That's helpful. And then maybe for my follow-up, one of the concerns that we're hearing more about from investors is just the risk of potentially over ordering in this very tight memory supply environment. Are you seeing any signs of inventory buildup at your customers? Or what kind of signals are you looking at that gives you some confidence this is not happening right now?

了解。好的。很好。這很有幫助。接著作為追問，我們從投資人那邊聽到越來越多的擔憂，是在記憶體供應非常吃緊的環境下，可能存在過度下單的風險。你們是否看到客戶端有任何庫存堆積的跡象？或者你們在觀察哪些訊號，讓你們有信心目前並沒有發生這種情況？

We don't see any signs of our customers building inventory for the concerns that you expressed. This said, however, we are building some inventory on critical products that we believe are going to ramp here in Q3, Q4 and early next year as we do see our lead times lengthening given the tightness in the supply chain. So no inventory buildup from our customers. We build strategic inventory for the products that we believe are going to contribute to our growth in the next few quarters.

我們沒有看到客戶因你所提到的擔憂而建立庫存的任何跡象。不過話說回來，鑑於供應鏈吃緊導致交期拉長，我們正在針對一些關鍵產品建立部分庫存，我們相信這些產品會在第三季、第四季以及明年初開始放量。所以客戶端沒有庫存堆積。我們則是為了我們認為在未來幾季將推動成長的產品，建立策略性庫存。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

Let me extend my congratulations on the snapback in your product revenue. Now relating to that, I think you've always stated at least so far this year that typically you see seasonal strength in the second half of the year, and that's certainly reflected in your Q3 guidance. And you're obviously building inventory, I assume, in preparation to fill strong demand. And we've also heard from the server processor supply chain that volumes continue to exceed expectations. So I'm curious to know what kind of visibility you have currently versus, say, last quarter? And what kind of visibility you have looking into the fourth quarter in terms of the continued strength?

讓我先恭喜你們產品營收的快速回升。就此而言，我想你們今年到目前為止一直表示，通常下半年會有季節性走強，而這也確實反映在你們對第三季的指引中。而且你們顯然正在建立庫存，我猜是為了準備滿足強勁需求。我們也從伺服器處理器供應鏈那邊聽到，出貨量持續超出預期。所以我想了解，你們目前的能見度相較於上一季如何？以及你們對第四季、就持續強勁表現而言的能見度如何？

Thank you, Gary. I think our confidence is continuing to build. One of the reasons is the use of CPU in agentic AI is certainly a demand driver, and we sense this with our customers. Our guide for Q3 shows another 20% growth year-over-year compared to last year. So this is a good sign as well.

謝謝你，Gary。我認為我們的信心正在持續提升。其中一個原因是，agentic AI 對 CPU 的使用確實是需求驅動因素，我們也從客戶那邊感受到這點。我們對第三季的指引顯示，相較去年同期將再成長 20%。所以這也是一個好跡象。

We want to be reasonable, though, in terms of guiding beyond one quarter for two reasons, the same reasons. One is the timing of ramp of the platforms. We hear good things, but they have to ramp. And the second one is the supply tightness. So we believe our second half is going to be stronger than our first half. We're going to see the same dynamic as we saw in prior years, but we will continue to guide quarter-by-quarter.

不過，我們在超過一季的指引上仍希望保持合理，原因有兩點，也就是同樣的兩個原因。第一是平台放量的時點。我們聽到很多正面的消息，但它們必須真正放量。第二是供應吃緊。因此我們相信下半年會比上半年更強。我們會看到與過去幾年相同的動態，但我們仍會逐季提供指引。

As a follow-up, I want to ask about the silicon IP business. If I'm not mistaken, you've been pretty steady and assuming that business is about $130 million, correct me if I'm wrong, but you've consistently and seemingly delivered upside to that number, at least through the first half of the year. So what's your most up-to-date view on the performance of the silicon IP business, whether be expressed in growth or dollar terms?

作為追問，我想問一下矽智財（silicon IP）業務。如果我沒記錯，你們一直相當穩定，並假設該業務大約是 1.3 億美元；如有不對請糾正我，但你們似乎一直交出高於這個數字的表現，至少在上半年是如此。那麼你們對矽智財業務表現的最新看法是什麼？不論是以成長率或金額來表達。

So we continue to see that business growing 10% to 15% a year. I would say that this is another business where our confidence in that number is continuing to build, again, with the inference and agentic AI coming up into the market, we do see a lot of our customers building custom solutions that use our IP whether it's on the interconnect side, on the security side or on the memory side. So our confidence is building up, and we're confident in this 10% to 15% growth going forward. We also -- it gives us comfort as well in terms of the strategy we're using.

我們仍然看到該業務每年成長 10% 到 15%。我會說，這也是另一個我們對該數字的信心持續提升的業務；同樣地，隨著推論（inference）與 agentic AI 進入市場，我們確實看到許多客戶在打造使用我們 IP 的客製化解決方案，不論是在互連、資安或記憶體方面。所以我們的信心正在提升，並且對未來維持 10% 到 15% 的成長很有信心。同時——這也讓我們對所採取的策略感到更安心。

We're trying to stay at the bleeding edge of technology on these interconnect, memory or security IPs and that allows us to engage with customers very, very early and gives us a longer-term visibility into that growth. So again, I would say, we still see that business growing 10% to 15% a year. But our confidence in that growth continues to grow. We had a great quarter in Q2, in particular, as you could see.

我們努力在這些互連、記憶體或資安 IP 上保持技術最前沿，這讓我們能非常、非常早期就與客戶互動，並讓我們對該成長有更長期的能見度。所以再說一次，我會說我們仍然看到該業務每年成長 10% 到 15%。但我們對這個成長的信心也在持續增加。我們在第二季表現非常好，特別是如你所見。

Aaron Rakers, Wells Fargo.

Aaron Rakers，Wells Fargo。

I guess my first question is, earlier was asked about MRDIMM that there's just a lot of architecture stuff going on in memory or the memory subsystems in general. I'm curious, Luc, as you think about MRDIMMs and you maybe juxtapose that relative to, let's say, CXL, what is the company's views on CXL now that we've seen Meta endorse the technology? There's kind of other inklings that other [hyperscalers are working on their own solutions for CXL. I'm just curious to how you see that playing out and maybe touch on Rambus' position for CXL, if it starts to materialize].

我想我的第一個問題是，先前有人問到 MRDIMM，記憶體或整體記憶體子系統在架構上有很多變化正在發生。我很好奇，Luc，當你看待 MRDIMM，並把它與例如 CXL 做對照時，在我們看到 Meta 背書這項技術之後，公司目前對 CXL 的看法是什麼？也有一些其他跡象顯示，其他[超大規模業者正在為 CXL 開發他們自己的解決方案。我想了解你如何看待這會如何發展，並且也請談談 Rambus 在 CXL 上的定位，如果它開始實質化的話]。

[Yes. Thank you, Aaron. I'll start with MRDIMM because we mentioned MRDIMM. One of the excitements we show around MRDIMM is that it's a standard product defined by JEDEC and it goes into an existing infrastructure]. So that's the excitement around MRDIMM.

[是的。謝謝你，Aaron。我先從 MRDIMM 開始，因為我們提到了 MRDIMM。對 MRDIMM 我們感到興奮的一點是，它是 JEDEC 定義的標準產品，並且可以導入既有的基礎架構中]。所以這就是我們對 MRDIMM 感到興奮的原因。

Now when it comes to CXL, we are very supportive of CXL as a very important Internet protocol. It's not a chip, it's an -- interconnect protocol, excuse me. And I think it's going to play a role in the AI evolution. In particular, in agentic AI is going to play a role on managing the memory stack or the memory pyramid and moving from cold memory to hot memory. But that's still, I would say, interconnect protocol and other products. So it remains very, very relevant to our silicon IP business.

至於 CXL，我們非常支持 CXL，因為它是一個非常重要的網際網路協定。它不是晶片，而是——抱歉——一種互連協定。我認為它將在 AI 的演進中扮演角色。特別是在代理式 AI（agentic AI）中，它將在管理記憶體堆疊或記憶體金字塔方面發揮作用，並促進從冷記憶體到熱記憶體的移動。但我會說，那仍然屬於互連協定以及其他產品的範疇。因此，它對我們的矽智財（silicon IP）業務仍然非常、非常相關。

Now at the product chip level, because we actually talk to the people who build those products, we continue to see a fragmented market from a product standpoint with many deployments looking like ASIC-like or customer-specific products. So our position with respect to CXL remains the same. We will continue to enable the ecosystem with our IP engagement, and that's why we're building confidence in our IP business, and we'll continue to monitor the traction there.

在產品晶片層級，因為我們實際上會與打造這些產品的人交流，我們持續看到從產品角度來看市場仍然相當分散，許多部署看起來像是類 ASIC 或客戶特定的產品。因此，我們對 CXL 的立場維持不變。我們將持續透過智財合作來賦能整個生態系，這也是我們對智財業務建立信心的原因；同時我們也會持續觀察那裡的牽引力。

But we will continue also to focus our product investment where we see, I would say, the strongest market opportunity for scaling and in particular on standard products. So again, we play a critical role in the deployment in the ecosystem for our IP business. And we're monitoring the product business. At this point in time, we see this as a custom ASIC business that is fragmented for us. And from the product standpoint, we'd rather invest into standard products at this point in time.

但我們也會持續把產品投資聚焦在我們認為具備最強市場機會、能夠擴張的領域，尤其是標準產品。所以再次強調，對於我們的智財業務而言，我們在生態系的部署中扮演關鍵角色。而我們也在監測產品業務。就目前而言，我們把這視為一個對我們來說分散的客製 ASIC 業務。從產品角度看，現階段我們更願意投資於標準產品。

Yes. That makes a lot of sense. I appreciate that. And then as a quick follow-up, I know you referenced it in your prepared remarks that you were engaged with the hyperscaler on some of the IP and some future generation, I'm guessing, XPUs or programs that they have in place. I'm curious, is that changing? Like that opportunity set of your business, is that necessarily a new dynamic? Or any thoughts on hyperscalers being direct like real customers and driving some incremental growth for Rambus?

是的。這很有道理。謝謝你的說明。接著快速追問一下，我知道你在事先準備的發言中提到，你們正與超大規模雲端業者（hyperscaler）就部分 IP 以及某些未來世代——我猜是 XPU 或他們正在推動的專案——進行合作。我很好奇，這有在改變嗎？也就是說，你們業務的那一組機會集合，是否代表一種新的動態？或者你對 hyperscaler 直接成為真正客戶、並為 Rambus 帶來額外成長動能，有什麼看法？

Yes, Aaron, that's a very good question. I think the trend we see is that hyperscalers are playing a growing role in defining their own architectures, whether they build the products themselves or whether they have ASIC companies or product companies building the products for themselves because they want to stay competitive and move fast.

是的，Aaron，這是個非常好的問題。我認為我們看到的趨勢是，hyperscaler 在定義自身架構方面扮演愈來愈重要的角色；不論是他們自己打造產品，或是由 ASIC 公司或產品公司替他們打造，因為他們希望保持競爭力並快速推進。

So their role in defining the architectures on complex subsystems, like the memory subsystems, is becoming more and more important. So they work very early with us, for example, before even the other specifications are complete to make sure that we can meet their system requirements. And once this is done, they can use that to either build their own products or actually have semiconductor building their own products against those high-end specifications.

因此，他們在定義複雜子系統（例如記憶體子系統）架構方面的角色變得愈來愈重要。所以他們會非常早期就與我們合作，例如甚至在其他規格尚未完全定案之前，就先確保我們能滿足他們的系統需求。一旦完成後，他們就可以用這些成果來自行打造產品，或是讓半導體廠商依照那些高階規格來打造產品。

And the trend that I see here is that these technologies actually proliferate. Once hyperscaler has decided upon a particular implementation of a memory controller, for example, then that proliferates into their own ecosystem. And that, again, is one of the reasons we feel confident in the growth rate of our IP business.

而我在這裡看到的趨勢是，這些技術會實際上擴散開來。例如，一旦 hyperscaler 決定採用某一種記憶體控制器的實作方式，那就會在他們自己的生態系中擴散。而這也再次是我們對智財業務成長率感到有信心的原因之一。

Kevin Garrigan, Jefferies.

Kevin Garrigan，Jefferies。

Congrats on the results. I may have missed it, but can you just talk about how much of your revenue was from companion chips or new product revenue this quarter?

恭喜這次的業績。我可能漏聽了，但你能談談本季有多少營收來自伴隨晶片（companion chips）或新產品營收嗎？

We continue -- like in the first quarter, we indicated that our product, I would say, these new products were in a low double-digit percentage of the product revenue. We continue to be at that type of rate, and we continue to ramp those products into the market. And that's going to be in the mid double digits by the end of Q4. So we are on that trajectory.

我們持續——就像第一季時我們所指出的——我們的產品，我會說，這些新產品約占產品營收的低雙位數百分比。我們仍維持在這樣的比率，並且持續把這些產品推向市場、逐步放量。到第四季末，這個比重將達到中雙位數。所以我們正沿著這個軌跡前進。

Remember, this is on a growing revenue base for the product side. It actually is growing quite nicely, but it has to go through the qualification process with our customers, with our customers' customers and ecosystems. So it's never going to be a step function, but we do have momentum there across the board, and we're happy with the performance of those products.

請記得，這是在產品端營收基礎持續成長的情況下。產品端其實成長得相當不錯，但它必須通過我們客戶、我們客戶的客戶以及整個生態系的認證流程。所以它不會是跳躍式成長，但我們在各方面都看到動能，也對這些產品的表現感到滿意。

Yes. Okay. Great. That makes a ton of sense. And then -- so I get a lot of questions about just LPDDR-based servers, and you guys now have your SOCAMM2 chipset. And I believe just SOCAMM in general has lower content overall versus RDIMM and MRDIMM. But as the industry kind of shifts or potentially shifts towards more LPDDR-based server modules, does that kind of cannibalize your RDIMM or MRDIMM opportunity at all?

是的。好的。很好。這非常合理。接著——我收到很多關於以 LPDDR 為基礎的伺服器的問題，而你們現在有 SOCAMM2 晶片組。而我相信一般而言，SOCAMM 的整體內容價值（content）相較於 RDIMM 和 MRDIMM 會更低。但如果產業開始轉向、或可能轉向更多以 LPDDR 為基礎的伺服器模組，這會不會在某種程度上侵蝕你們的 RDIMM 或 MRDIMM 機會？

That's a great question. I wouldn't say that the industry is shifting to LPDDR. I think LPDDR is actually an incremental opportunity for servers. We believe that DDR will remain dominant where server grade scale, capacity, reliability, serviceability are required. So that's going to be -- continuing to be dominant in the server space. But LPDDR and SOCAMM have a role to play where power efficiency is really, really important. So we see this as complementary.

這是個很好的問題。我不會說產業正在轉向 LPDDR。我認為 LPDDR 對伺服器而言其實是一個增量機會。我們相信，在需要伺服器等級的規模、容量、可靠性與可維護性（serviceability）的地方，DDR 仍將保持主導地位。所以在伺服器領域，DDR 會——持續保持主導。但在電力效率非常、非常重要的場景下，LPDDR 與 SOCAMM 也有其角色。因此我們把它視為互補。

We talk a lot about the AI market becoming heterogeneous. This is one aspect of that. So our SOCAMM2 gives us a seat at the table. We have a chipset for the current generation. To the extent that LPDDR is adopted more in the future with future generations, we will continue to develop chipsets there. And I think the content is going to continue to increase as the complexity increase. So we do see this as an opportunity. We said in the last call, the revenue outlook in the short run is modest, but the strategic importance is really high for us.

我們經常談到 AI 市場正在變得異質化。這就是其中一個面向。因此，我們的 SOCAMM2 讓我們在桌上有一席之地。我們針對當前世代提供晶片組。若未來世代採用更多 LPDDR，我們也會持續在那裡開發晶片組。而我認為，隨著複雜度提升，內容價值（content）也會持續增加。所以我們確實把這視為一個機會。我們在上次電話會議中提到，短期的營收展望較為溫和，但對我們而言策略重要性非常高。

Tristan Gerra, Baird.

Tristan Gerra，Baird。

The 20% year-over-year increase in product revenue guidance that you provided, is that a good reflection of the unit demand that you see for x86 CPU in light of AMD provided or raising their x86 CPU CAGR to 50% over the next several years, but I understand this includes pricing. So is 20% kind of a good proxy in terms of units that you expect for CPU and then on top of that, you're layering additional channel count?

你們提供的產品營收指引年增 20%，這是否能很好反映你們對 x86 CPU 單位需求的觀察？尤其是考量到 AMD 提供或上調了未來幾年 x86 CPU 的 CAGR 至 50%，但我理解這裡面也包含價格因素。所以，20% 是否可作為你們對 CPU 單位數的預期的一個不錯代理指標？然後在此之上，你們還會再疊加額外的通道數（channel count）？

Thank you, Tristan. Yes, it's good that you remind that the way we look at our business is unit-based more than dollar-based as we do not see the same pricing dynamics than the CPU or the memory guys have. That's the nature of a standard product business. But if you look at our business, we grew 20% year-over-year. Next quarter, we're going to see the same growth -- type of growth year-over-year.

謝謝你，Tristan。是的，你提醒得很好：我們看待業務的方式更偏向以出貨單位（unit）為基礎，而不是以美元金額為基礎，因為我們並不會看到與 CPU 或記憶體廠商相同的定價動態。這就是標準產品業務的本質。但如果你看我們的業務，我們年增 20%。下一季，我們也會看到同樣的年增成長——類似的成長幅度。

And in the first quarter, despite the manufacturing issue we had, it was 15% higher than the same quarter a year earlier. So we are on that trend. The server market view in terms of unit has changed positively. I would say, last quarter, we would say it was mid- to high single-digit growth. Now it's double-digit growth. Gartner mentioned 12% growth.

而在第一季，儘管我們遇到製造方面的問題，仍比一年前同一季高出15%。所以我們正沿著這個趨勢前進。就出貨單位而言，伺服器市場的看法已正向改變。我會說，上季我們會認為是中到高個位數成長。現在是雙位數成長。Gartner 提到成長12%。

So we believe that we're growing faster than that, and it's coming from a combination of the channel accounts, but also the initial contribution of new products. Remember, on the channel accounts, we always make the same reflection. It's a great trend for us, but it's not a step function. We had AMD at 12 channels and Intel moved from 8 to 12, then the whole market is going to move to 16.

因此我們相信我們的成長速度比那更快，這來自通路客戶的組合，同時也來自新產品的初期貢獻。請記得，對於通路客戶，我們一向做同樣的觀察。這對我們是很好的趨勢，但它不是階躍式的變化。我們曾經看到 AMD 在12個通道，Intel 從8個移到12個，接著整個市場將會移到16個。

So all of that are pointing in the right direction and the secular trend is really, really good, but that's not a step function. So I would say that we're growing faster than market. We continue to believe we are growing faster than market, and all of these factors come into play.

所以這些都指向正確的方向，長期結構性趨勢真的非常、非常好，但那不是階躍式的變化。因此我會說我們的成長快於市場。我們仍然相信我們的成長快於市場，而所有這些因素都會發揮作用。

Okay. Great. And then as my follow-up for next year, do you think that we could see an acceleration from that 20% year-over-year growth given the dynamic that you've mentioned? Is that something that you would be able to get sufficient supply?

好的。很好。那我接著追問明年，你認為在你提到的這些動態之下，我們是否可能看到相較於年增20%的成長再加速？這是否是你們能夠取得足夠供應來支撐的？

And then if you could also talk about any potential mix changes that you're seeing? And anything that could impact ASPs given the supply constraint in DRAM and the potential this has in terms of DRAM content and CPU usage.

另外也請你談談你們看到的任何潛在產品組合變化？以及在 DRAM 供應受限、以及這對 DRAM 含量與 CPU 使用量可能帶來的影響之下，有哪些因素可能影響 ASP（平均售價）。

So as we said earlier, we don't guide beyond the current quarter, the guide is so dynamic. But I would say there are a few things to take into consideration when we look into 2027. I think the Gen 5 DDR5 is going to grow in earnest, so that's the time where the market will have moved to 16 channels per CPU. So that's a good thing. This is the trend we were talking about.

如同我們先前所說，我們不會對當季以外提供指引，因為指引變動性很大。但我會說，當我們展望2027年時，有幾件事需要納入考量。我認為 Gen 5 DDR5 將會開始真正加速成長，屆時市場將會轉向每顆 CPU 16個通道。所以這是好事。這就是我們所談到的趨勢。

This is also, as we said earlier, when MRDIMM is going to start to kick in in the market. So that's another good thing. And we continue to see growing contribution from our companion chip and the client space. So from a demand standpoint, the environment is very positive when we look 2027. This being said, the supply constraints will continue to be there in 2027.

同時，如同我們先前所說，MRDIMM 也將開始在市場上發揮作用。所以這也是另一個好消息。而且我們持續看到我們的 companion chip（配套晶片）以及客戶端領域的貢獻在增加。因此從需求面來看，展望2027年的環境非常正面。但即便如此，供應限制在2027年仍將持續存在。

When we talk to our suppliers, we work with them. That's a situation that is going to last with us for some time now. So we have to take this into account when we look at the potential of our business and as well as the platform timing. By experience, we know that platform ramps typically take a little bit longer than what people anticipate. So when we look and we guide and again, we cannot guide beyond one quarter. But when you look at the business, we feel very comfortable with the underlying assumptions on the demand side, but we are prudent with respect to platform timing and supply in particular.

當我們與供應商溝通時，我們會與他們合作。這種情況將會在一段時間內持續存在。因此在評估我們業務的潛力以及平台時程時，我們必須把這點納入考量。依我們的經驗，平台放量通常會比人們預期的稍微久一些。所以當我們觀察並提供指引——再次強調，我們無法提供超過一季的指引——但就業務而言，我們對需求面的基本假設感到非常有信心，不過在平台時程與供應（尤其是供應）方面，我們會保持審慎。

At this point in time, because we have standard products, we don't see any opportunity, I would say, for price increases because this is what you were talking about. But we want to stay competitive and maintain or continue to increase our share in the DIMM market.

就目前而言，因為我們是標準化產品，我會說我們看不到任何漲價的機會，這也是你剛才提到的重點。但我們希望保持競爭力，並在 DIMM 市場維持或持續提升市占率。

Mark Lipacis, Evercore ISI.

Mark Lipacis，Evercore ISI。

First question is, I think there is a framework to think about CPUs ramping in data centers along three dimensions. One would be CPU head nodes next to the GPU accelerators, one would be CPUs kind of stand-alone agentic AI CPUs. And then the third one would be CPUs in standard server configuration supporting legacy workloads like database.

第一個問題是，我認為可以用一個架構來思考資料中心 CPU 的放量，分成三個面向。一個是與 GPU 加速器相鄰的 CPU head node（前端節點），一個是某種獨立的 agentic AI CPU，第三個則是標準伺服器配置中的 CPU，用來支援像資料庫這類的既有工作負載。

Should we think about a different framework for your silicon content opportunity in either of these three categories? Or is the MRDIMM opportunity -- does it ramp more obviously in one of these versus the other? That's the first question. And then I had a follow-up.

在你所說的這三種類別中，我們是否應該用不同的架構來看你們的矽含量（silicon content）機會？或者 MRDIMM 的機會——是否在其中某一類別的放量更明顯？這是第一個問題。然後我還有一個追問。

Yes, that's a good framework to look at this. I would say that every segment that you described have their own requirements in head nodes. We see sometimes the emergence or where people are starting to look at very high bandwidth, low power that was one of the driver for the thoughts around SOCAMM.

是的，這是一個很好的分析架構。我會說你描述的每個區隔在 head node 上都有各自的需求。我們有時會看到一些趨勢浮現，或是人們開始關注非常高頻寬、低功耗——這也是促使大家思考 SOCAMM 的其中一個驅動因素。

In AI servers, we typically see them as a catalyst for the adoption of the fastest technology and the highest, I would say, configuration in terms of capacity. So if we put the questions of platform ramps and DRAM pricing on the side for a moment, that could be a good candidate for MRDIMM types of solutions, close to the GPUs HBM where you need a lot of memory there. That could be an option.

在 AI 伺服器方面，我們通常把它們視為採用最快技術、以及在容量配置上採用最高配置的催化劑。所以如果我們先暫時把平台放量與 DRAM 定價的問題放一邊，這可能會是 MRDIMM 類型解決方案的良好候選，靠近 GPU 的 HBM，因為那裡需要大量記憶體。這是一種可能性。

And then standard servers, I would say, whether they are used for a legacy or agentic AI, would have more standard solutions. In agentic AI, the latency is becoming very, very important. You have to build the key value cache. But then once you have to pull from that key value cache, you need to be very, very fast. The latency become very, very important.

至於標準伺服器，我會說不論它們是用於既有工作負載或 agentic AI，會採用較標準的解決方案。在 agentic AI 中，延遲正變得非常、非常重要。你必須建立 key value cache（鍵值快取）。但一旦你需要從該 key value cache 拉取資料，你就必須非常、非常快。延遲變得非常、非常重要。

And we see those servers actually using the maximum number of channels, not necessarily with the highest, I would say, capacity to maintain that latency smaller or shorter. So one of the strengths we have is we have a good understanding of those trade-offs, whether it's through our product business or our IP business. And if you look at our road map, we're trying to have solutions to each one of those segments. The question we have, as usual, is we have to understand the ramp profile of each one of them as well as I keep saying the supply constraints we're going to have in '26 and '27.

而我們看到這些伺服器實際上會使用最大數量的通道，不一定採用最高的容量配置，以便讓延遲維持更小或更短。因此我們的一個優勢是，我們對這些取捨有很好的理解，不論是透過我們的產品業務或 IP 業務。如果你看我們的產品路線圖，我們正嘗試為上述每個區隔提供解決方案。我們一如往常面臨的問題是，我們必須理解每個區隔的放量曲線，同時也如我一直在說的，我們在'26與'27將面臨的供應限制。

Okay. Got you. That's very helpful framework, Luc. And then the design win with the hyperscaler for next-gen chip, just to be clear, is this a product design win for you? Or is this IP?

好的。了解。這個架構非常有幫助，Luc。那接著關於與某家超大規模業者（hyperscaler）在下一代晶片上的 design win，為了確認清楚，這對你們而言是產品的 design win 嗎？還是 IP？

It's an IP design win where a company that designs a product. It's someone building a SoC, if you wish, or providing a spec for SoC for others to build and we provide critical IP in that SoC. But we see that trend with the requirements of AI as it moves to agentic AI, the requirements for high speed or the best performance, I would say, are accelerating. And this is a trend that we've seen that we're talking more and more directly to the hyperscalers and develop within the architecture, and then it proliferates into people building the silicon, but this is an IP win.

這是一個 IP 的 design win，對象是一家設計產品的公司。如果你願意的話，就是有人在打造一顆 SoC，或是為 SoC 提供規格讓其他人去打造，而我們在那顆 SoC 中提供關鍵 IP。但我們看到隨著 AI 的需求往 agentic AI 發展，對高速或最佳效能的需求——我會說——正在加速。而這是一個我們觀察到的趨勢：我們愈來愈多直接與 hyperscaler 對談並在架構內共同開發，接著擴散到打造矽晶片的人，但這是一個 IP 的勝出。

Got you. And would that be a royalty-based opportunity for you or licensed by (multiple speakers)

了解。那對你們而言，這會是以權利金為基礎的機會，還是以授權方式來進行？(多位講者)

Like most of our silicon IP business, it's a license or multi-license, meaning that anyone who's going to use that architecture in any product will have an opportunity for a license. So it's not volume-based. And particularly, the volumes might not be necessarily high, they're on big chips, but it's a license base, which is typical with our silicon IP business and the silicon IP business as a market.

如同我們大多數的矽智財（silicon IP）業務一樣，這是授權或多重授權模式，意思是任何打算在任何產品中使用該架構的人，都有機會取得授權。因此它不是以出貨量為基礎。而且特別是，出貨量未必一定很高，它們用在大型晶片上，但這是以授權為基礎，這在我們的矽智財業務以及整個矽智財市場中都很典型。

Okay. That's very helpful. And then the last question. You mentioned the PCI Express Gen 7, I believe, IP. What is the time frame for seeing revenues from that product or IP?

好的。這非常有幫助。接著最後一個問題。你提到 PCI Express Gen 7，我想是相關的 IP。從那個產品或 IP 看到營收的時間框架是什麼？

It's a similar business model as the one we talked about, about HBM controllers. This is, again, a similar trend where customers are working with us ahead of the specifications being finalized or as the specifications are being finalized. So it's a license opportunity for us, which we will see very quickly, I mean, in the coming quarters, because it's a licensing business, right? It doesn't need to ramp in the market. It's very well ahead of the end products ramping in the market.

它的商業模式與我們剛才談到的 HBM 控制器非常類似。這同樣是一個趨勢：客戶會在規格尚未定案之前，或在規格定案的過程中，就與我們合作。所以對我們而言這是一個授權機會，我們會很快看到，意思是接下來幾個季度內，因為這是授權業務，對吧？它不需要等市場端放量爬坡。它遠早於終端產品在市場上的放量。

So you could get license revenues well ahead of the end product shipping from that. Got you, okay.

所以你們可能會在終端產品出貨之前很久，就先取得授權收入。了解，好的。

Yes. And that's typical for our IP business. We engaged very early. We get the license as we engage and then our customers build their chips and it can take them 12, 18, 24 months before the product actually goes into the market. But we see the revenue much earlier than that. But what we see as well is the trend because we understand what people are building and why they're building it and that gives us a very good insight as to where the market is going.

是的。而這對我們的 IP 業務來說很典型。我們很早就介入。我們在介入合作時就取得授權，接著客戶打造他們的晶片，而產品真正進入市場可能需要 12、18 或 24 個月。但我們會更早看到營收。同時我們也能看到趨勢，因為我們了解大家在打造什麼、以及為什麼要打造，這讓我們對市場走向有非常好的洞察。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes. All the good questions have already been asked. I just have a couple of follow-ups. Starting off with Luc. I look at the slide number 7, and it's very exciting that chipset, especially for memory interface, is diversified. But what I wanted to ask you is how do you see or what gives the confidence that this, combined with additional silicon IP, is going to help you with a growth acceleration.

是的。所有好的問題都已經被問過了。我只有幾個追問。先從 Luc 開始。我看了第 7 張投影片，晶片組（chipset），特別是記憶體介面相關的部分，走向多元化，這非常令人振奮。但我想問的是，你怎麼看，或是什麼讓你有信心，這再加上更多的矽智財，將能幫助你們加速成長？

We have gone through the DDR5 and you have done a great job of carving out market share in SPD companion chip. But as I look into next year, as I think about agentic AI and on-based solution where channel -- a number of channels per CPU is not really high priority. At the same time, you have all of these exotic chipset architecture coming to the market. What is it that you see that will give you the confidence that you can actually grow revenue at a higher rate? And I have a follow-up.

我們已經走過 DDR5，而你們在 SPD 伴隨晶片（companion chip）上切出市占，做得非常好。但當我看向明年，想到代理式 AI（agentic AI）以及以 on-based solution 為主的解決方案，在那種情境下，每顆 CPU 的通道數（channel）並不是很高的優先事項。同時，你們又看到各種「特殊／新奇」的晶片組架構進入市場。你看到的是什麼，能讓你有信心你們實際上可以用更高的速度成長營收？我還有一個追問。

Yes. Thank you, Mehdi. I think as we said earlier, we believe that we have a very strong secular setup for our business. If you look at it and you look into next year, the market will be entirely DDR5 as we moved from that transition from DDR4 to DDR5. We continue to see an acceleration of the DDR5 subgenerations, which gives us additional opportunities to grow share on the core business.

是的。謝謝你，Mehdi。我想如同我們先前所說，我們相信我們的業務具備非常強的長期結構性（secular）有利條件。如果你看明年，隨著我們完成從 DDR4 到 DDR5 的轉換，市場將會全面進入 DDR5。我們持續看到 DDR5 各子世代（subgenerations）的加速演進，這也為我們在核心業務上提供更多機會來提升市占。

In the prepared remarks, we talked about introducing Gen 6. Gen 5 is not in market yet, and we're introducing Gen 6 after that. So every generation gives us an opportunity to gain share. On the companion chips, we have a great growth opportunity there. We talked about increasing the percentage of revenue from our companion chips, but there's still a lot of room to increase that in 2027. So that's another vector for us.

在事先準備的發言中，我們談到要導入 Gen 6。Gen 5 還沒正式進入市場，而我們在其後就要推出 Gen 6。因此每一代都給我們一個提升市占的機會。在伴隨晶片方面，我們有很好的成長機會。我們談到要提高伴隨晶片營收占比，但到 2027 年仍有很大的提升空間。所以這是我們的另一個成長向量。

MRDIMM with [four times] the silicon content on the module is another vector. And we're starting to see more and more platforms on the client side. So all the seeds that we have planted over the last two years are actually going to grow into something quite solid in 2027. So I'm very confident in the setup from a demand standpoint.

MRDIMM 在模組上的矽含量是原來的[四倍]，這也是另一個向量。而且我們開始在用戶端（client）看到越來越多的平台採用。所以我們在過去兩年播下的所有種子，實際上會在 2027 年成長為相當扎實的成果。因此從需求面來看，我對這個布局非常有信心。

Now if you look at the silicon IP business, although this is a license-based business, not a volume-based business. We do see this trend with hyperscalers defining their own products with advanced IP, which is also a source of growth for us. So I am confident that we can grow. I know I said it, but I'll say it again, I think the challenge next year for the industry, not only for us, is going to be the tightness of the supply chain. But we're working with our suppliers to address that as early as we can.

再看矽智財業務，雖然這是以授權為基礎、而非以出貨量為基礎的業務。我們確實看到超大規模業者（hyperscalers）以先進 IP 來定義自家產品的趨勢，這也是我們的成長來源。所以我有信心我們能成長。我知道我說過了，但我再說一次，我認為明年對整個產業（不只我們）而言的挑戰，將會是供應鏈的緊俏。但我們正與供應商合作，盡可能提早因應。

Sure. So if part of the strategy is to increase market share, does that mean that your product revenue gross margin is actually going to remain in the low 60% because that's what's been a trend despite double-digit product revenue, the gross margin is in the low 60s. So is there a trade-off here?

了解。所以如果策略的一部分是提高市占，是否意味著你們的產品營收毛利率會維持在 60% 出頭的低段，因為即使產品營收是雙位數成長，毛利率仍一直維持在 60% 出頭的低段，這已成為趨勢。所以這裡是否存在取捨？

Our model remains 60% to 65%, and we do see fluctuations from quarter-to-quarter. We like to see the product margin looked at on an annual basis at the end of the year because with short-term supply constraints, mix and all of that, it can fluctuate from quarter-to-quarter.

我們的模型仍是 60% 到 65%，而且我們確實會看到季度之間的波動。我們更希望在年底以年度基礎來看產品毛利率，因為在短期供應受限、產品組合等因素影響下，毛利率可能會在季度間波動。

And if I may add to that. Luc, you covered it. But just to reinforce that, on a quarterly basis, you may see that our gross margin may fluctuate based on product mix and other factors. But recently, as you know, we've been operating in the 60% to 63% gross margin, but our long-term model of 60% to 65% remains intact.

如果我可以補充一下。Luc，你已經說得很完整了。但再強調一次，以季度來看，你可能會看到我們的毛利率因產品組合及其他因素而波動。但近期如你所知，我們一直在 60% 到 63% 的毛利率區間運作，而我們長期的 60% 到 65% 模型仍然不變。

At this time, there are no further questions. This concludes the question-and-answer session. I would now like to turn the conference back over to the company.

目前沒有其他問題。問答環節到此結束。我現在把電話會議交回公司。

I'd like to thank everyone who has joined us today for your continued time and support, and we look forward to speaking with you again soon. Thank you.

我要感謝今天加入我們的各位，感謝你們持續投入時間與支持，我們也期待很快能再次與各位交流。謝謝。

Thanks, everyone.

謝謝各位。

Thank you. This now concludes today's conference.

謝謝。今天的電話會議到此結束。