Rambus Inc. (RMBS) 2026 Q3 法說會逐字稿

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

歡迎參加 Rambus 2026 會計年度第三季財報電話會議。(操作員指示) 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。您可以開始您的會議。

Thank you, operator, and welcome to Rambus third-quarter 2026 results conference call. I'm Sumeet Gagneja, Chief Financial Officer at Rambus. On the call with me today is Luc Seraphin, our CEO.

謝謝您，操作員，也歡迎各位參加 Rambus 2026 年第三季業績電話會議。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 5:00 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）申報。我們將以網路直播方式進行本次電話會議，並搭配我們在今日會議部分段落將引用的投影片。本次電話會議的重播將自今日太平洋時間下午 5:00 起於我們的網站提供。

Our discussion today will contain forward-looking statements, including our expectations for projected financial results and prospects, market growth, demand for our solutions, and the potential effects of geopolitical and macroeconomic conditions. These statements are subject to risks and uncertainties that may be discussed during this call and are more fully described in our documents we filed with 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與前景、市場成長、對我們解決方案的需求，以及地緣政治與總體經濟情勢可能影響的預期。這些陳述受風險與不確定性影響，可能會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，包括我們的 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 our press release and on the call today, we present both GAAP and non-GAAP financial measures to provide greater clarity regarding our financial performance. A reconciliation of these non-GAAP financials, 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.

在我們的新聞稿以及今天的電話會議中，我們同時提供 GAAP 與非 GAAP 財務衡量指標，以更清楚呈現我們的財務表現。這些非 GAAP 財務數據與最直接可比較之 GAAP 指標的調節表，已收錄於我們的新聞稿、投影片簡報中，並刊登於 rambus.com 的投資人關係頁面（Investor Relations）之 Financial Releases。

The order of the call today will be as follows: Luc will begin with an overview of the business, followed by my review of the financial results, and then we'll open the call to 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，接著由我回顧財務結果，然後我們將開放問答。

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.

謝謝你，Sumeet。各位下午好，感謝各位加入我們。

In Q3, we delivered a truly exceptional quarter. Revenue and non-GAAP earnings both reached new record highs and exceeded the top end of our guidance ranges. Strong customer demand fueled record product revenue and cash from operations, and we expect an even stronger product performance in Q4.

在第三季，我們交出真正卓越的一季。營收與非 GAAP 盈利皆創下新高，並超越我們財測區間的上緣。強勁的客戶需求帶動產品營收與營運現金流創新高，我們預期第四季產品表現將更為強勁。

We introduced new chip and silicon IP products that extend our leadership in data center and AI infrastructure. In addition, as complexity and pace accelerate in semiconductor development for AI, we are also investing in the tools and infrastructure that will keep us on the leading edge of technology. As such, we engaged with a fellow pioneer in the ecosystem and announced an exciting new partnership that propels us into the age of AI agent-driven chip and IP design.

我們推出新的晶片與矽智財（silicon IP）產品，延伸我們在資料中心與 AI 基礎設施的領導地位。此外，隨著 AI 半導體開發的複雜度與節奏加速，我們也在投資工具與基礎設施，以確保我們持續站在技術前沿。因此，我們與生態系中的另一位先驅展開合作，並宣布一項令人振奮的新夥伴關係，推動我們邁入由 AI 代理（AI agent）驅動的晶片與 IP 設計時代。

As we continue to invest in our future, we are also pleased to have completed a $100 million accelerated share repurchase. This demonstrates the strength of our business model and our ability to return value to our stockholders while advancing our product roadmap to drive long-term growth.

在持續投資未來的同時，我們也很高興已完成 1 億美元的加速庫藏股回購（accelerated share repurchase）。這展現我們商業模式的強健，以及在推進產品藍圖、驅動長期成長的同時，回饋股東價值的能力。

Taken together, the results and progress we delivered this quarter reflect the strength and long-term resilience of a strategy we have pursued over many years, investing in technology leadership, anticipating the key trends transforming the data center, and positioning the company to capture the opportunities those trends create. Our strategy is producing strong results today while at the same time, laying the foundation for future growth.

綜合而言，本季我們交出的成果與進展，反映出我們多年來所採取策略的強度與長期韌性：投資技術領先、預判改變資料中心的關鍵趨勢，並讓公司具備掌握這些趨勢所帶來機會的定位。我們的策略不僅在今天帶來強勁成果，同時也為未來成長奠定基礎。

As we outlined over previous quarters, AI continues to create strong tailwinds for Rambus across our businesses. As frontier AI training continues to advance and inference scales across a growing range of applications, customers require increasingly sophisticated memory and infrastructure architectures to move, manage, and secure growing volumes of data.

如同我們在前幾季所說明，AI 持續為 Rambus 各項業務帶來強勁順風。隨著前沿 AI 訓練持續推進、推論在日益廣泛的應用中擴大規模，客戶需要更精密的記憶體與基礎設施架構，以搬移、管理並保護不斷成長的資料量。

Agentic AI is accelerating this trend as deployments evolve toward more distributed and heterogeneous architectures that require greater coordination across systems.

代理式 AI（Agentic AI）正加速這一趨勢，因為部署正演進為更分散且更異質的架構，並需要跨系統更高程度的協同。

At the same time, orchestration of always-on workloads puts greater demands on the CPU, lifting CPU to GPU ratios and driving requirements for more main memory bandwidth and capacity across the data center.

同時，對於永遠在線（always-on）工作負載的編排（orchestration）對 CPU 提出更高要求，推升 CPU 對 GPU 的比例，並帶動資料中心對更高主記憶體頻寬與容量的需求。

The latest agentic implementations amplify this need even further by assigning dedicated compute and memory resources to individual users or agents. All this creates accelerating demand for Rambus products and IP throughout the memory subsystem and across the broader infrastructure stack while we continue to invest in the fundamental R&D and product roadmap required to address the ever-growing demand of memory management efficiency in the long run.

最新的代理式實作更進一步放大此需求，因其會為個別使用者或代理分配專屬的運算與記憶體資源。上述種種因素，正加速帶動 Rambus 產品與 IP 在整個記憶體子系統以及更廣泛的基礎設施堆疊中的需求；同時我們也持續投資於基礎研發與產品藍圖，以在長期滿足對記憶體管理效率不斷成長的需求。

Now, let me turn to the quarterly results, starting with products. We delivered a new all-time high in quarterly product revenue, reaching approximately $114 million, up 15% sequentially and 22% year over year.

接下來我來談本季業績，先從產品開始。我們的季度產品營收創下歷史新高，約達 1.14 億美元，季增 15%，年增 22%。

Our leadership in DDR5 RCDs and growing adoption of new generation products fueled our record results. We are seeing strong demand across multiple generations of RCDs, supporting our outlook for another record quarter of product revenue in Q4, which we expect to grow more than 30% year over year.

我們在 DDR5 RCD 的領導地位，以及新一代產品的採用率提升，推動了這項創紀錄的成果。我們看到多個世代 RCD 的需求皆相當強勁，支持我們對第四季產品營收再創新高的展望；我們預期第四季產品營收年增將超過 30%。

Looking ahead, we have a strong pipeline of products aligned with upcoming platform ramps, positioning us well for the next generation of server platforms. As part of that pipeline, we are pleased to share that our sixth-generation RCD announced early in Q3, which supports DDR5 9600, is now sampling broadly with customers and is being very well received.

展望未來，我們擁有與即將到來的平台放量（platform ramps）相契合的強勁產品管線，使我們在下一代伺服器平台上具備良好布局。作為該管線的一部分，我們很高興分享：我們在第三季初宣布、支援 DDR5 9600 的第六代 RCD，目前已在客戶端廣泛送樣，且反應非常正面。

We continue to execute successfully on our roadmap, recently expanding our product portfolio with an industry-leading PMIC for the upcoming LPDDR6 SOCAMM2. Earlier this year, we introduced our first SOCAMM2 chipset that supports LPDDR5X. This new PMIC solution extends our server memory product roadmap to LPDDR6 and reinforces our leadership in advanced server memory power management.

我們持續成功執行產品藍圖，近期更以業界領先、用於即將推出之 LPDDR6 SOCAMM2 的 PMIC 擴充了產品組合。今年稍早，我們推出首款支援 LPDDR5X 的 SOCAMM2 晶片組。這項新的 PMIC 解決方案將我們的伺服器記憶體產品藍圖延伸至 LPDDR6，並強化我們在先進伺服器記憶體電源管理方面的領導地位。

It was developed in close collaboration with customers and ecosystem partners to enhance memory subsystem power efficiency and help scale tokens per watt for AI workloads.

該方案是在與客戶及生態系夥伴緊密合作下開發，旨在提升記憶體子系統的電源效率，並協助 AI 工作負載提升每瓦可處理的 token 數（tokens per watt）。

We identified early on that power management would be critical to the success of AI deployments and have been investing in this area for many years. We are proud of our progress and continued leadership in this space.

我們很早就辨識到電源管理將是 AI 部署成功的關鍵，並已在此領域投入多年。我們為自身的進展與在此領域持續的領導地位感到自豪。

We have consistently said that as memory speeds increase and server architectures become more sophisticated and heterogeneous, the memory subsystem will require additional intelligence, power management, and control functionality. Our roadmap is designed to address this evolution across both DDR- and LPDDR-based memory with timing management, power management, and security management creating opportunities for Rambus to participate in increasing module chip content over time.

我們一再表示，隨著記憶體速度提升、伺服器架構變得更精密且更異質，記憶體子系統將需要更多智慧化能力、電源管理與控制功能。我們的產品藍圖旨在因應 DDR 與 LPDDR 記憶體在此演進過程中的需求；透過時序管理（timing management）、電源管理與安全管理，Rambus 將有機會隨時間推進而參與模組晶片含量的提升。

In addition, DDR-based server platforms are expanding from 8 memory channels to 12 to 16 channels, increasing the maximum available memory bandwidth and capacity. This raises the number of modules supported in the server and amplifies demand as platforms progress.

此外，以 DDR 為基礎的伺服器平台正從 8 個記憶體通道擴展至 12 到 16 個通道，提升可用的最大記憶體頻寬與容量。這將提高伺服器所支援的模組數量，並隨著平台演進而放大需求。

Today, Rambus offers complete chipsets across all major industry standard DDR5 and LPDDR server memory module architectures. This broad portfolio positions us well for future server platforms and allows customers to leverage Rambus solutions across a growing range of memory architectures and deployment models.

目前，Rambus 在所有主要業界標準 DDR5 與 LPDDR 伺服器記憶體模組架構上，皆提供完整的晶片組。這項廣泛的產品組合使我們能為未來的伺服器平台做好充分準備，並讓客戶得以在日益多元的記憶體架構與部署模式中運用 Rambus 解決方案。

Looking ahead, we believe we are exceptionally well-positioned for future server generations and for the continued expansion of memory-intensive AI infrastructure.

展望未來，我們相信我們在未來伺服器世代以及記憶體密集型 AI 基礎設施持續擴張方面，具備極佳的有利位置。

Turning now to silicon IP. We delivered a very strong quarter with key design wins across our silicon IP portfolio. The strength of those wins, combined with expanding strategic engagement across the industry, including custom silicon makers and hyperscalers, reinforces our confidence in the long-term growth opportunity for the silicon IP business and for Rambus.

接下來談矽智財（silicon IP）。我們在本季表現非常強勁，於矽智財產品組合中取得多項關鍵設計導入（design win）。這些設計導入的力道，加上我們在產業中的策略性合作持續擴大（包括客製化矽晶片製造商與超大規模雲端業者 hyperscalers），進一步強化我們對矽智財業務以及 Rambus 長期成長機會的信心。

One of the defining characteristics of today's market is the rapid growth of custom silicon. The expansion of AI is fueling a new wave of custom silicon development. Hyperscalers, AI infrastructure providers, and emerging semiconductor companies are designing increasingly differentiated architectures and tailored to silicon optimized for their own environments. These systems depend on advanced memory technologies, high-speed interconnects, and trusted security, creating significant opportunities for Rambus silicon IP.

當今市場的一個關鍵特徵，是客製化矽晶片的快速成長。AI 的擴張正推動新一波客製化矽晶片開發浪潮。超大規模雲端業者、AI 基礎設施供應商，以及新興半導體公司，正設計出差異化程度更高的架構，並打造針對其自身環境最佳化的客製化矽晶片。這些系統仰賴先進記憶體技術、高速互連與可信任安全性，為 Rambus 的矽智財帶來顯著機會。

During the quarter, we drove increasing ecosystem engagement and new Tier 1 design wins for next-generation HBM, supported by our deep architectural engagements ahead of standards being finalized. We continue to see increasing interest in PCIe controller and switch IP for scale-up and scale-out connectivity solutions as customers seek higher levels of performance and efficiency across rapidly expanding AI infrastructure.

本季期間，我們推動生態系參與度提升，並在下一代 HBM 取得新的 Tier 1 設計導入；這得益於我們在標準尚未定案前即進行的深度架構層合作。隨著客戶在快速擴張的 AI 基礎設施中追求更高層級的效能與效率，我們持續看到市場對 PCIe 控制器與交換器（switch）IP 在 scale-up 與 scale-out 連線解決方案上的興趣日益增加。

The importance of bleeding-edge IP continues to increase as customers pursue differentiated performance, power efficiency, and time-to-market advantages. As a result, we are engaging earlier in the architectural planning cycle with both our customers as well as our customers' customers and participating in a broader set of strategic programs.

隨著客戶追求差異化的效能、功耗效率與上市時程（time-to-market）優勢，對最先進（bleeding-edge）IP 的重要性持續提升。因此，我們在架構規劃週期中更早與客戶、以及客戶的客戶展開合作，並參與更廣泛的策略性專案。

Leading-edge memory and connectivity are fundamental to performance. And as AI infrastructure scales and becomes more heterogeneous, hardware-based security foundation is becoming fundamental.

領先的記憶體與連線能力是效能的根本。而隨著 AI 基礎設施規模擴大且異質性提高，以硬體為基礎的安全性基礎也正成為不可或缺的要素。

Agentic AI relies on distributed computing architectures that execute workloads across multiple systems, which increases the available attack surface for adversaries, a growing concern in the current environment.

代理式 AI（agentic AI）仰賴分散式運算架構，將工作負載分散在多個系統上執行，這會增加對手可利用的攻擊面（attack surface），在當前環境下成為日益令人關切的議題。

As a pioneer and longtime leader in hardware-based security, Rambus IP solutions address that risk by providing a trusted foundation for the entire system and enhancing protection for valuable data and infrastructure.

作為硬體式安全性的先驅與長期領導者，Rambus 的 IP 解決方案透過為整體系統提供可信任的基礎，並強化對高價值資料與基礎設施的保護，以因應該風險。

Building on our industry-leading security offerings, we recently added a new Root of Trust solution designed specifically for AI and data center deployments that supports the Caliptra specification. Caliptra was developed by key leading technology companies to establish a common hardware security foundation for data center class SoCs and reflects the growing recognition that hardware-based security is essential for next-generation infrastructure.

在我們業界領先的安全性產品基礎上，我們近期新增一項專為 AI 與資料中心部署所設計的全新信任根（Root of Trust）解決方案，支援 Caliptra 規範。Caliptra 由多家關鍵領先科技公司共同開發，旨在為資料中心等級 SoC 建立共同的硬體安全基礎，也反映出業界日益認同：硬體式安全性對下一代基礎設施至關重要。

Looking across both chips and silicon IP, we will continue to drive solutions that address the long-term foundation memory performance. High-speed connectivity, and robust security demands of AI infrastructure. At the same time, we are harnessing AI to advance the underlying tools and development infrastructure that enable us to move faster, extend our leadership, and scale the business more effectively.

綜觀晶片與矽智財兩大領域，我們將持續推動解決方案，以滿足 AI 基礎設施對長期基礎記憶體效能、高速連線能力，以及強健安全性需求。同時，我們也正運用 AI 來推進底層工具與開發基礎設施，使我們能更快前進、延伸領導地位，並更有效率地擴大業務規模。

As I mentioned at the beginning of the call, we recently announced a strategic investment and collaboration with ChipAgents, a fellow industry pioneer and leader in agentic AI design platforms. We see great opportunities to leverage the ChipAgents' AI-native design flows to accelerate our roadmap by speeding the pace of our chip and IP development, improving design quality, and enhancing and generating productivity across our organization.

如同我在電話會議一開始提到的，我們近期宣布對 ChipAgents 進行策略性投資並展開合作；ChipAgents 同樣是代理式 AI 設計平台的產業先驅與領導者。我們看見可觀的機會，能運用 ChipAgents 的 AI 原生（AI-native）設計流程，加速我們的產品藍圖（roadmap），透過提升晶片與 IP 開發速度、改善設計品質，並在全組織提升與創造生產力。

We believe this collaboration further strengthens our competitive position both for products and for IP and reinforces Rambus leadership role in next generation of AI data center infrastructure.

我們相信這項合作將進一步強化我們在產品與 IP 兩方面的競爭地位，並鞏固 Rambus 在下一代 AI 資料中心基礎設施中的領導角色。

In summary, the company delivered an exceptional third quarter, and we expect an even stronger Q4 as we continue to capitalize on the growing demand from AI.

總結而言，公司第三季表現卓越；隨著我們持續掌握 AI 帶動的需求成長，我們預期第四季將更為強勁。

We achieved record revenue and earnings while expanding our chip and IP offerings. And at the same time, we are investing in our development infrastructure to address the growing opportunities ahead. These results and decisions reflect the strength of our strategy and the continued alignment between Rambus technology and the most important trends shaping AI and data center infrastructure.

我們在擴大晶片與 IP 產品供給的同時，達成營收與獲利的歷史新高。同時，我們也正投資於開發基礎設施，以因應前方日益增加的機會。這些成果與決策反映出我們策略的強勁力道，以及 Rambus 技術與塑造 AI 與資料中心基礎設施之最重要趨勢之間的持續一致性。

We are executing well. And more importantly, we are continuing to invest for the future and build on a strong foundation of technology leadership and customer partnerships. We are confident in our trajectory, our roadmap, and our ability to drive continued profitable growth in 2027 and beyond.

我們執行得很到位。更重要的是，我們持續為未來投資，並在堅實的技術領導力與客戶夥伴關係基礎上再接再厲。我們對自身的發展軌跡、產品藍圖，以及在 2027 年及其後持續推動獲利性成長的能力充滿信心。

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

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。

And with that, I turn the call over to Sumeet. Sumeet?

接下來，我把電話會議交給 Sumeet。Sumeet？

Thank you, Luc, and good afternoon, everyone. We delivered an outstanding third quarter, achieving record revenue and earnings and record cash flow from operations. These results reflect the strength of our business model, growing demand for our products and technologies, and disciplined execution across the company.

謝謝你，Luc，各位下午好。我們交出亮眼的第三季成績，達成營收與獲利的歷史新高，營運活動現金流也創下新高。這些成果反映出我們商業模式的優勢、對我們產品與技術日益增加的需求，以及公司整體紀律嚴謹的執行力。

Consistent with our balanced capital allocation strategy, we completed a $100 million accelerated share repurchase program during the quarter. The transaction demonstrates our confidence in the business and our commitment to returning capital to shareholders while preserving the flexibility to invest in the growth.

依循我們均衡的資本配置策略，我們在本季完成了一項 1 億美元的加速庫藏股買回（accelerated share repurchase）計畫。此交易展現我們對業務的信心，以及在保有投資成長彈性的同時，致力於回饋股東的承諾。

Looking ahead, we believe Rambus is well-positioned to capitalize on the secular growth in AI infrastructure, data centers, and advanced computing through the strength of our product and technology portfolio.

展望未來，我們相信 Rambus 憑藉其產品與技術組合的實力，已做好充分準備，把握 AI 基礎設施、資料中心與先進運算的結構性（secular）成長。

With that, let me review our third-quarter financial results.

接下來，我來回顧我們第三季的財務結果。

Third-quarter revenue was $218 million, driven by strong product and contract revenue. This represents growth of 22% year over year and 5% sequentially. Product revenue was $114 million, which is up 22% year over year and up 15% sequentially. Royalties revenue was $77 million. Contract and other revenue was $27 million, up 35% year over year and 13% sequentially.

第三季營收為 2.18 億美元，主要由強勁的產品營收與合約營收所帶動。這代表年增 22%，季增 5%。產品營收為 1.14 億美元，年增 22%，季增 15%。權利金（royalties）營收為 7,700 萬美元。合約及其他營收為 2,700 萬美元，年增 35%，季增 13%。

Contract and other revenue consists 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.

合約及其他營收主要由矽智財構成。提醒各位，我們的矽智財營收只有一部分會反映在合約及其他營收中，其餘部分則列報於權利金營收。

Total non-GAAP operating costs, including cost of goods sold for the quarter, were $116 million. Operating expenses were $70 million, down sequentially due to slightly lower R&D and SG&A expenses.

本季總非 GAAP 營運成本（包含銷貨成本）為 1.16 億美元。營運費用為 7,000 萬美元，因研發與銷售、一般及行政（SG&A）費用略為下降而較前一季減少。

Interest and other income for the quarter was $7 million. Using non-GAAP tax rate at 16%, non-GAAP net income for the quarter was $91.7 million, resulting in Q3 non-GAAP earnings per share of $0.84, which is up 35% year over year and up 10% sequentially.

本季利息及其他收益為 700 萬美元。以 16% 的非 GAAP 稅率計算，本季非 GAAP 淨利為 9,170 萬美元，使第三季非 GAAP 每股盈餘為 0.84 美元，年增 35%，季增 10%。

Now, let me turn to the balance sheet details. We ended the third quarter with cash, cash equivalents, and marketable securities of $777 million, down $48 million from Q2. Record cash flow from operations of $102 million were offset by $135 million of share repurchases, including the $100 million accelerated share repurchase program.

接著，我來說明資產負債表細節。第三季結束時，我們的現金、約當現金與有價證券為 7.77 億美元，較第二季減少 4,800 萬美元。營運活動現金流創新高達 1.02 億美元，但被 1.35 億美元的股票回購所抵銷，其中包含 1 億美元的加速庫藏股買回計畫。

Capital allocation remains a key priority for us. We intend to continue investing in the business while returning 40% to 50% of free cash flows to shareholders over time, supported by a strong balance sheet and continued cash generation. Our capital allocation approach reflects our focus on driving shareholder value while investing in our growth and pursue long-term opportunities ahead.

資本配置仍然是我們的關鍵優先事項。我們打算在持續投資業務的同時，隨時間推進將自由現金流的40%至50%回饋給股東，這將由強勁的資產負債表與持續的現金創造能力所支撐。我們的資本配置方法反映出我們在投資成長並追求長期機會的同時，專注於推動股東價值。

We also leveraged the strength of our balance sheet to increase inventory by $12 million during the quarter positioning us to support future product ramps and provide customers with greater supply assurance.

我們也運用資產負債表的強勁實力，在本季將庫存增加了1,200萬美元，使我們能夠支援未來產品放量，並為客戶提供更高的供應保障。

Now, let me turn to our non-GAAP outlook for the fourth 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.

接下來，我來談談我們對第四季的非GAAP展望。提醒一下，這些前瞻性指引反映了我們目前的最佳估計，而實際結果可能與我接下來要說明的內容有重大差異。

We expect fourth quarter revenue to be between $227 million and $233 million. Product revenue is expected to be between $127 million and $133 million. At the midpoint of the guidance, it is an increase of 34% year over year and an increase of 14% sequentially. Royalties revenue is expected to be between $68 million and $74 million, and contract and other revenue is expected to be between $26 million and $32 million.

我們預期第四季營收介於2.27億至2.33億美元之間。產品營收預期介於1.27億至1.33億美元之間。以指引中點計算，年增34%，季增14%。權利金營收預期介於6,800萬至7,400萬美元之間，合約及其他營收預期介於2,600萬至3,200萬美元之間。

We expect Q4 non-GAAP total operating costs, which include cost of sales, to be between $124 million and $120 million. We expect Q4 capital expenditures to be approximately $8 million. Non-GAAP operating profit for the fourth quarter is expected to be between a profit of $103 million and $113 million.

我們預期第四季非GAAP總營運成本（包含銷貨成本）介於1.24億至1.20億美元之間。我們預期第四季資本支出約為800萬美元。第四季非GAAP營業利益預期介於1.03億至1.13億美元之間。

We expect fourth-quarter interest and other income to be approximately $6.5 million. Assuming a non-GAAP tax rate of 16% and 109 million diluted shares outstanding, we expect fourth-quarter non-GAAP earnings per share to be in the range from $0.84 to $0.92. At the midpoint of the guidance, this represents growth of 30% year over year and 5% sequentially.

我們預期第四季利息及其他收入約為650萬美元。假設非GAAP稅率為16%，且稀釋後流通股數為1.09億股，我們預期第四季非GAAP每股盈餘介於0.84至0.92美元。以指引中點計算，這代表年增30%、季增5%。

Overall, we are very pleased with our third quarter performance. Our record revenue, earnings, and cash flow from operations demonstrate the breadth of our product and technology portfolio, the diversity of our revenue streams, and the disciplined execution of our teams.

整體而言，我們對第三季表現非常滿意。我們創紀錄的營收、獲利以及營運現金流，展現了我們產品與技術組合的廣度、營收來源的多元性，以及團隊嚴謹的執行力。

The midpoint of our fourth-quarter guidance implies that 2026 revenue will grow approximately 18% over 2025, including product revenue growth of approximately 24%. With our continued focus on driving growth and operating efficiency, we expect non-GAAP earnings per share to grow approximately 24% over 2025.

我們第四季指引的中點意味著，2026年營收將較2025年成長約18%，其中包含產品營收約24%的成長。在我們持續專注於推動成長與營運效率之下，我們預期非GAAP每股盈餘將較2025年成長約24%。

We remain focused on executing our strategy and capturing the opportunities created by AI infrastructure, data center, and advanced computing markets. We are committed to translating these opportunities into sustainable growth, strong cash generation, and long-term shareholder value.

我們仍專注於執行策略，並把握AI基礎設施、資料中心與先進運算市場所帶來的機會。我們致力於將這些機會轉化為可持續的成長、強勁的現金創造能力，以及長期股東價值。

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

接下來，我把電話交回給接線員進行問答。接線員，請問可以開始第一個問題嗎？

(Operator Instructions) Kevin Garrigan, Jefferies.

(接線員指示) Jefferies 的 Kevin Garrigan。

Yeah. Hey, team. Thanks for taking my questions and congrats on the results.

是的，嗨，團隊。謝謝讓我提問，也恭喜你們的成果。

Hey, Luc. So Q3 product revenue growth was 22% year over year. The Q4 midpoint implies about 34%. And I know you talked about strong growth across RCD generations, but can you give us a sense of how much growth is coming from other areas like companion chip ramps or any initial MRDIMM shipments?

嗨，Luc。第三季產品營收年增22%。第四季指引中點意味著大約年增34%。我知道你提到RCD各世代都有強勁成長，但你能否說明一下，有多少成長來自其他領域，例如伴隨晶片（companion chip）的放量，或任何初期的MRDIMM出貨？

Thanks, Kevin. Yeah, we were really pleased with the results for Q3 and the growth for Q4, 34% year over year.

謝謝你，Kevin。是的，我們對第三季的結果以及第四季年增34%的成長非常滿意。

We always saw that the second half of the year would be stronger than the first half of the year. I would say it's a combination of market demand going up and a lot of our products actually ramping into the market. The new generation of RCDs make the bulk of that.

我們一直認為下半年會比上半年更強。我會說這是市場需求上升，以及我們許多產品實際開始在市場放量的綜合結果。其中主要貢獻來自新一代RCD。

At the beginning of the year, we said that our companion chip were approximately low-double-digit percentage of our product revenue and that it would grow sequentially quarter over quarter. We see this happening. MRDIMM remains very modest actually. We have shipped MRDIMMs for Qual and pre-production this year.

年初我們提到，伴隨晶片約占我們產品營收的低雙位數百分比，並且會逐季成長。我們看到這正在發生。MRDIMM其實仍然非常小。今年我們已出貨MRDIMM用於Qual（資格認證）與量產前（pre-production）。

The AMD platform is starting to ramp, so it's still very modest. So we're really pleased with this 34% year-over-year growth based on the core, I would say, RCD and companion chip.

AMD平台正開始放量，因此目前仍然非常小。所以我們對這個年增34%的成長非常滿意，主要是由核心的RCD與伴隨晶片所帶動。

Okay, great. And then as a follow-up just on the MRDIMM opportunity. So the RCD playbook was always about being first to market and qualifying early. One of your competitors was designed for the first-generation MRDIMM platform. So what's different about this next generation that gives you confidence that you can take a leadership position?

好的，很棒。接著追問一下MRDIMM的機會。RCD的策略一向是搶先上市並及早完成認證。你們的一位競爭對手被設計進第一代MRDIMM平台。那麼，下一代有什麼不同之處，讓你們有信心能取得領先地位？

The difference with MRDIMM is that it's associated with the launch of a platform that is very different than what we have all seen for the past few years. There is only one platform that is supporting MRDIMM now growing into the market. We don't know what the portion of MRDIMM is going to be compared to the standard DIMM in that area, so it's going to be a ramp and we're confident this ramp will happen.

MRDIMM的不同之處在於，它與一個平台的推出相關，而這個平台與過去幾年我們所見到的非常不同。目前只有一個平台支援MRDIMM並正在市場中成長。我們不知道在該領域中MRDIMM相對於標準DIMM的占比會是多少，因此這會是一個放量過程，但我們有信心這個放量會發生。

We still believe this is a great opportunity for us that we still size at $600 million in total. But the ramp will be shallower in our opinion than the other generations of products simply because all of the platforms are not ramping at the same time. This is a new technology, and our customers have to adopt this technology and go through the initial stumbles.

我們仍然相信這對我們是很好的機會，總體規模我們仍估計為6億美元。但我們認為放量曲線會比其他世代產品更平緩，原因很簡單：並非所有平台都在同一時間放量。這是一項新技術，我們的客戶必須採用這項技術並經歷初期的磨合。

There's also this thing that we see in the market of memory despecing, it's not that people decrease the number of modules, but they tend to decrease the capacity of each one of these modules. So we do see a growth of the number of modules in the market that explains our growth in Q4. But we do see at the same time that each one of these modules tend to have lower capacity and it's due to the economics of the memory at this point in time.

此外，我們在市場上也看到所謂的記憶體降規（memory despecing）：並不是人們減少模組數量，而是傾向於降低每一個模組的容量。因此，我們確實看到市場上的模組數量成長，這也解釋了我們第四季的成長；但同時我們也看到每個模組的容量傾向較低，這與目前記憶體的經濟性有關。

So between the memory economics, the stage ramp of the platforms, and the introduction of new technology and supply associated with that, we see this as a great opportunity, but we see the ramp to be shallower than the standard ramp of an RCD product.

綜合記憶體經濟性、平台分階段放量，以及新技術導入與其相關供應等因素，我們認為這是一個很好的機會，但我們預期其放量會比RCD產品的標準放量更為平緩。

Yeah. got it. Perfect. Thanks for the color, and congrats again on the results.

是的，了解。很好。謝謝你的補充說明，也再次恭喜你們的成果。

Thank you, Kevin.

謝謝你，Kevin。

Gary Mobley, StoneX.

StoneX 的 Gary Mobley。

Thank you. Good afternoon, gentlemen. Thanks for taking my question, and congrats on strong execution as we navigate to the second half of the year.

謝謝。各位先生，下午好。感謝讓我提問，也恭喜你們在邁向下半年之際展現出強勁的執行力。

Clearly, the second half of the year is playing out with seasonal strength on the product side as you had been communicating throughout the year. Based on what seems to be strong market environment and your existing backlog, how would you call out seasonality of the first half of the year? We see something a little atypical, maybe probably better than seasonal in the first half of the year, how do you see your visibility plan for the first half of the year on the product side?

很明顯，如同你們今年一路以來所溝通的，下半年在產品端正呈現季節性走強。基於看起來相當強勁的市場環境以及你們既有的訂單積壓（backlog），你們會如何描述上半年季節性的表現？我們看到上半年似乎有些不太典型，可能比季節性更好；在產品端，你們如何看待對上半年的能見度規劃？

Yeah, so you're correct, Gary. The second half of the year, we have this seasonal effect that is advantageous to us. I would add to this for this year that I think we're really pleased with the execution. We do see our companion chip ramp in earnest, for example, the new generation being adopted at a higher rate than they used to be.

是的，你說得沒錯，Gary。下半年我們確實有對我們有利的季節性效應。我也要補充，就今年而言，我們對執行成果非常滿意。例如，我們看到伴隨晶片（companion chip）的放量正在加速推進，新一代產品的採用率比以往更高。

When we look into 2027, I would say that we see demand strengthening. I think this is not going down, so we are quite optimistic for 2027, the demand is strengthening. We have a better visibility into our backlog going into 2027.

當我們展望 2027 年時，我會說我們看到需求正在增強。我認為這個趨勢不會下滑，因此我們對 2027 年相當樂觀，需求正在走強。我們對於進入 2027 年的訂單積壓有更好的能見度。

I think we're going to continue to see some sort of seasonality between the first half and the second half in 2027. But in aggregate, we are confident with the health of the demand growth in 2027.

我認為在 2027 年，上半年與下半年之間仍會持續看到某種程度的季節性。但整體而言，我們對 2027 年需求成長的健康度充滿信心。

Thank you for that color. As my follow-up, I want to ask about the silicon IP business. I think you've been communicating that this might be a $130 million annual business. I would assume that you're maybe trending above that. Can you confirm or give us any color on that?

謝謝你提供這些說明。我的追問想請教矽智財（silicon IP）業務。我想你們一直在溝通這可能是一個年營收 1.3 億美元的業務。我猜測你們可能正高於這個水準成長。你們能否確認或提供一些說明？

And then with respect to custom ASIC development, do you see an opportunity, whether it be on high-speed SerDes interface IP, high-speed memory interface IP, or security IP to forge a long-term development arrangement with some of the hyperscalers developing custom silicon like what we've seen with some of the other competitors in the IP space.

另外，關於客製化 ASIC 開發，你們是否看到機會——不論是在高速 SerDes 介面 IP、高速記憶體介面 IP，或安全性 IP——與一些正在開發客製化矽晶片的超大規模業者（hyperscalers）建立長期的開發合作安排，就像我們在 IP 領域其他競爭對手身上所看到的那樣？

Yeah. So Gary, I'll start with the second question about the potential for a silicon IP and then I'll ask Sumeet to answer on the revenue and the revenue growth.

好的。Gary，我先從第二個問題談矽智財的潛在機會，然後我會請 Sumeet 回答營收與營收成長的部分。

We are engaged more and more with the ecosystem on the silicon IP because people are building more and more complex chips that require more and more complex integration. And on the bleeding-edge of technology, this is, for example, what we described in our last call with the engagement with a hyperscaler on next generation of memory.

我們在矽智財方面與生態系的合作越來越多，因為大家正在打造越來越複雜的晶片，需要越來越複雜的整合。在最先進技術的前沿，例如我們在上次電話會議中提到的：與某家超大規模業者就下一代記憶體的合作。

So we see our confidence in the silicon IP keeps increasing. If you look at our product rollout, we talk about PCIe 7, IP PCIe 7 Switch, HBM4 in next generations of HBM, these dedicated security solutions for the data center, so we are engaged deeply with the ecosystem. That gives us the opportunity going forward to potentially continue to increase our portfolio, not only organically, but possibly inorganically, and also to partner with our customers to develop broader system.

因此，我們對矽智財的信心持續提升。如果你看我們的產品推出節奏，我們談到 PCIe 7、PCIe 7 Switch 的 IP、HBM4 等下一代 HBM，以及針對資料中心的專用安全解決方案；所以我們正深度參與生態系。這讓我們未來有機會持續擴充產品組合，不僅透過有機方式，也可能透過非有機方式，同時也能與客戶合作開發更廣泛的系統。

So as part of our thinking for silicon IP, we have that notion of working more and more with our partners on the system level. By the way, the announcement we made about agentic AI helps us do that. The ability to have agents work with us on integrating IP in much more complex systems is actually enabled by this type of things. So we're building the infrastructure to do that.

因此，在我們對矽智財的思考中，我們有一個概念：在系統層級與合作夥伴進行越來越多的協作。順帶一提，我們關於代理式 AI（agentic AI）的公告也有助於做到這點。讓代理（agents）與我們一起在更複雜的系統中整合 IP 的能力，確實是由這類技術所促成。因此我們正在建置相應的基礎設施。

That's the direction we are going into. It's going to take us time, but this is definitely a great trend for us.

這就是我們前進的方向。這需要時間，但這對我們而言絕對是一個很好的趨勢。

I'll let Sumeet answer on the numbers here.

我把數字的部分交給 Sumeet 來回答。

Yeah, thanks, Luc. And just to add to that, Gary, so yeah, so we've said our silicon IP business around $130 million, growing at 10% to 15%. But like Luc said, our confidence has been building throughout the year, and 2026 has been a great year for our silicon IP business along with a strong momentum in the design win. So I would put it more like we're growing more towards the higher end of that range. We've said 10% to 15%, and we continue to make progress in all aspects from memory interface and security aspects.

好的，謝謝，Luc。我也補充一下，Gary：我們確實說過矽智財業務大約是 1.3 億美元規模，成長率約 10% 到 15%。但如 Luc 所說，我們的信心在今年持續增強，而 2026 年對我們的矽智財業務來說是非常好的一年，設計案中標（design win）的動能也很強。所以我會更傾向於說，我們的成長更接近該區間的高端。我們說過是 10% 到 15%，而我們在各方面都持續取得進展，包括記憶體介面與安全性等面向。

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

Yeah, good afternoon, and thanks for taking my questions. Maybe first, I wanted to ask about the LPDDR6 PMIC that you announced. Could you maybe give us a sense for how that increases your dollar content per module versus the SOCAMM2 content that you had announced in April? I think it was two-voltage regulators and an SPD hub. And then when do you expect maybe some initial revenue for that product?

好的，下午好，謝謝讓我提問。首先我想問一下你們宣布的 LPDDR6 PMIC。你們能否大概說明，與你們在四月宣布的 SOCAMM2 內容相比，這會如何提高每個模組的美元含量（dollar content）？我記得當時是兩個電壓調節器以及一個 SPD hub。另外，你們預期這個產品何時會開始帶來一些初期營收？

Thanks, Sebastien. I would say that I'll be a bit discreet about the exact content on this SOCAMM2 because it's not the final spec has not been released yet. So I'd rather wait for the final spec to be released.

謝謝你，Sebastien。我會說，關於 SOCAMM2 的確切內容我會稍微保留一些，因為最終規格尚未發布。所以我寧可等最終規格發布後再談。

But what I can say is that when you move from the first version of SOCAMM that we announced earlier this year to this new generation of SOCAMM, the content is increasing. The power management is more complex. And as a result of that, the dollar content is going to increase from that first generation to that second generation.

但我能說的是，當你從我們今年稍早宣布的第一版 SOCAMM，轉向這一代新的 SOCAMM 時，內容會增加。電源管理會更複雜。因此，美元含量將會從第一代提升到第二代。

The module performance itself is going to be much better as well, which will, I would say, trigger adoption at a higher level.

模組本身的效能也會好很多，我會說，這將促使更高程度的採用。

But as every one of these SOCAMM solutions, they provide a very good solution for these areas of AI where power performance is really, really important. But this is a small portion of the market, and that's going to be continuing -- that's continued to be the case between the first version of SOCAMM and this SOCAMM2.

但就像所有這些 SOCAMM 解決方案一樣，它們為 AI 的某些領域提供非常好的解決方案，因為功耗與效能非常、非常重要。不過這只占市場的一小部分；從第一版 SOCAMM 到 SOCAMM2，這點仍然——一直都是如此。

The SOCAMM2 will hit the market probably in 2028. And the way to look at it is we see the development of the AI infrastructure as having multiple horizons for us, if you wish. We want to make sure that we develop those solutions way ahead of the market. And when they deploy in the market, then we are present with solutions that work.

SOCAMM2 可能會在 2028 年進入市場。看待這件事的方式是：我們把 AI 基礎設施的發展視為對我們而言有多個時間視野（horizons），如果你願意這麼說的話。我們希望確保能遠早於市場需求就把這些解決方案開發完成。當它們在市場上部署時，我們就能以可運作的解決方案在場。

This is what we've done in the past that explains, for example, our performance in Q4 this year that are based a lot on the products we developed in the past. They had little traction at the beginning, but they're starting to show revenues in Q4 this year.

這就是我們過去一直在做的事；例如，這也解釋了我們今年第四季的表現，很大一部分是建立在我們過去開發的產品之上。它們一開始的拉動力不大，但在今年第四季開始展現營收。

This is going to be the same with SOCAMM. SOCAMM is going to address a niche portion of the AI stack, AI infrastructure, but the adoption of LP is going to happen. It's not going to happen fast. It's not going to be the same content as the current content of standard memory, but it's important for us to have that as part of our portfolio. While we help our customers and ecosystem partners to deploy their solutions in the market.

這在 SOCAMM 上也會是一樣的情況。SOCAMM 將會切入 AI 堆疊中的一個利基部分，也就是 AI 基礎設施，但 LP 的採用是會發生的。它不會很快發生。它不會與目前標準記憶體的內容相同，但對我們而言，把它納入我們的產品組合是很重要的。同時我們也協助客戶與生態系夥伴在市場上部署他們的解決方案。

That's very helpful. Thank you, Luc. And then maybe my second question or my follow-up for Sumeet on gross margins. It looks like non-GAAP product gross margins were about 60.4% in Q3. That's on the lower end of the, I think, 60% to 63% near-term range that you gave us. Could you maybe give us a sense for how much of gap here is mixed in terms of more companion chip revenue, next-generation RCDs with early yields versus how much of it is wafer substrate or OSAT cost inflation?

這非常有幫助。謝謝你，Luc。接著也許我第二個問題，或是對 Sumeet 的追問，關於毛利率。看起來第三季非 GAAP 產品毛利率大約是 60.4%。這落在你們先前給的短期 60% 到 63% 區間的較低端。你能否說明一下，這個落差有多少是產品組合因素（例如更多伴隨晶片營收、次世代 RCD 初期良率）造成的，還是有多少是晶圓基板或 OSAT 成本通膨造成的？

And then how should we think about Q4 product gross margins? Do they say in that lower 60% area or can they move up a little bit?

另外，我們應該如何看待第四季的產品毛利率？會維持在 60% 出頭偏低的位置，還是有機會小幅上升？

Yeah. Thanks for the question, Sebastien. So gross margin historically has been this tight band, 60% to 63%, and you're right, in the Q3 was slightly above 60%. Our long-term target remains, which is 60% to 65%.

是的。謝謝你的問題，Sebastien。毛利率歷來一直維持在一個很窄的區間，60% 到 63%；你說得沒錯，第三季略高於 60%。我們的長期目標仍然是 60% 到 65%。

In the near term, it's really the margin trending toward the lower end is primarily driven by the supply chain input cost. And we've been very successful in offsetting that cost input cost by driving internal cost savings and keeping our product gross margin in the range of 60% to 63% in the near term.

就短期而言，毛利率走向區間下緣主要是由供應鏈投入成本所驅動。而我們也非常成功地透過推動內部成本節省來抵消這些投入成本，並在短期內將產品毛利率維持在 60% 到 63% 的範圍內。

Q4, it's the same sort of the setup going into Q4, but the investments and the cost reductions we have done, especially in our operations side, there may be a slight uptick in the gross margin in Q4, but it's more material, but it's still within the 60% to 63%.

第四季也是類似的情況；但我們已經做的投資與成本降低措施，特別是在營運端，第四季毛利率可能會有些微上揚，但仍會落在 60% 到 63% 的區間內。

On a full-year basis, it's more important to look at from the gross margin perspective. We expect 2026 to be right in the middle of that 60% to 63% range.

以全年來看，從毛利率角度更重要的是看全年表現。我們預期 2026 年會落在 60% 到 63% 這個區間的中間位置。

Got it. Great. Thank you.

了解。很好。謝謝。

Mark Lipacis, Evercore.

Evercore 的 Mark Lipacis。

Great. Thanks for taking my question. I had two. I was hoping you just talked about lead times from your own suppliers and any to the extent that you're seeing tightening supply on the front end or the back end foundry business.

很好。謝謝讓我提問。我有兩個問題。我想請你談談你們自身供應商的交期，以及你們是否看到前段或後段晶圓代工業務的供給正在收緊。

And then can you talk about lead times to your customers? Are there any stretching of lead times to your customers from you, and any indication that your customers downstream or the supply chain downstream is increasing their own inventories given how tight everything seems to be becoming? Thank you.

另外，你能談談你們對客戶的交期嗎？你們提供給客戶的交期是否有拉長？以及是否有任何跡象顯示你們的下游客戶或下游供應鏈，鑑於一切似乎都在變得更緊張，正在增加他們自己的庫存？謝謝。

Thanks, Mark. I'll start and let Sumeet comment.

謝謝，Mark。我先回答，然後讓 Sumeet 補充。

I would say that on the supply side, we do see lead times increasing. We signaled this two calls ago, we were expecting this. But because we were expecting this, we also put in place plans to mitigate for that.

我會說，在供應端，我們確實看到交期在增加。我們在兩次電話會議之前就已經提示過這點，我們原本就預期會發生。但因為我們預期會發生，所以也事先制定了因應計畫來緩解。

So we lever our strong balance sheet to actually build inventory on products that we believe are going to grow substantially with our customers, and we're in constant relationship with our suppliers to make sure that we use our balance sheet to make sure that we can supply to our customers.

因此我們運用強健的資產負債表，針對我們認為會隨著客戶而大幅成長的產品來建立庫存；同時我們也與供應商保持持續的合作關係，確保我們能運用資產負債表來保障對客戶的供貨。

So yes, definitely longer lead times on the supply side, but it has not impacted our Q3 number, and it will not impact the Q4 number that we just talked about. So we've been able to manage that, but we have to continue to do that.

所以，是的，供應端的交期確實更長，但這並未影響我們第三季的數字，也不會影響我們剛剛談到的第四季數字。因此我們一直能夠管理這件事，但我們也必須持續這麼做。

Our lead times, the first approximation, our lead times to our customers have not increased at this point in time. But you understand that we are in constant discussions with them as well. The whole chain is tightening.

就我們對客戶的交期而言，初步來看，目前我們對客戶的交期尚未增加。但你也了解，我們同樣與他們保持持續的討論。整個供應鏈都在收緊。

The good thing is our business is very focused. We have very strong partnerships with our customers, and we work with them in making sure that we can supply what they need.

好的一點是，我們的業務非常聚焦。我們與客戶有非常強的合作夥伴關係，並與他們一起合作，確保我們能供應他們所需要的產品。

In summary, longer lead times on the supply side, we are using our balance sheet to deal with that. And at this point in time, we've not increased our lead times to our customers.

總結來說，供應端交期變長，我們正運用資產負債表來因應。而截至目前，我們並未拉長對客戶的交期。

And just to be clear, do you have the ability to see if customers or customers' customers downstream are increasing their inventories or is that like a black box to you and it's really hard to determine?

再確認一下，你們是否有能力看到客戶或客戶的客戶在下游是否正在增加庫存？還是對你們而言那像是一個黑盒子，很難判斷？

It's very hard to determine. We see -- what we see is that people place backlog earlier than what they used to a quarter ago or two quarters ago. I think everyone understands the current situation, so we have better visibility in the backlog, but at the same time, that gives us more opportunity to have a deeper, I would say, relationship with our customers once we understand the profile of their backlog, then it's easier to work with them on how we can lead that backlog. So we don't see people building inventory, but we see people placing backlog.

這非常難判斷。我們看到的是——我們看到人們比一季前或兩季前更早下達訂單積壓（backlog）。我想大家都理解目前的情況，所以我們對訂單積壓的能見度更好；但同時，當我們了解他們訂單積壓的輪廓後，也讓我們有更多機會與客戶建立更深層的關係，並更容易與他們合作，討論我們如何能夠提前消化／交付這些訂單積壓。所以我們沒有看到大家在建立庫存，但我們看到大家在下達訂單積壓。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you, Mark.

謝謝你，Mark。

Tristan Gerra, Baird.

Baird 的 Tristan Gerra。

Hi, good afternoon. So if I heard well, you mentioned that your revenue in the quarter and the guidance is not constrained by supply. So it probably provides a little bit of a easy call for what assistance first have where you did face some supply issues. What's your level of confidence that you can actually meet to be accelerating demand that you described into next year?

嗨，午安。所以如果我沒聽錯，你提到本季營收以及你們的指引並未受到供應限制。因此，這可能讓你們相較於一些同業更容易一些，因為他們確實遇到供應問題。你們對於能夠在明年滿足你所描述的加速需求，有多大的信心？

And I know you're not guiding beyond this quarter, but do you think that the acceleration that you're seeing in product Year-over-year is sustainable, or do you see supply as an issue again next year? And is there any talk about longer-term agreements or anything that customers are trying to set up to ensure supply for you?

我知道你們不會對本季以後提供指引，但你認為你們看到的產品年增加速是否可持續？還是你認為明年供應又會成為問題？另外，客戶是否有在討論長期協議或任何安排，以確保你們的供應？

Thank you, Tristan. So we see demand strengthening into next year, and we started to work with our supply chain partners to meet what we believe is going to be required. In all honesty, this is something that we work on almost on a weekly basis. We try all avenues to support our customer base.

謝謝你，Tristan。我們看到需求在明年持續轉強，我們也已開始與供應鏈夥伴合作，以滿足我們認為將會需要的產能與供應。坦白說，這是我們幾乎每週都在做的工作。我們會嘗試各種方式來支持我們的客戶群。

So demand is strong going into 2027. Supply will remain tight. But as I said, as we did in 2026, we're working early with our supply base to look at every knob we can turn to support our customer demand. That's how we look at this.

因此，進入 2027 年之際，需求依然強勁。供給仍將維持緊俏。但如我所說，就像我們在 2026 年所做的，我們正提早與供應鏈夥伴合作，檢視所有我們能調整的槓桿，以支援客戶需求。這就是我們看待此事的方式。

The good news is that the demand for the products we have in our portfolio is strong. The demand for CPUs, this CPU to GPU ratio is going in our favor. It's known from our customers all the way down to our suppliers, and we'll do our best to supply that growing demand into 2027.

好消息是，我們產品組合中的產品需求強勁。CPU 的需求，以及這個 CPU 對 GPU 的比例正朝對我們有利的方向發展。從我們的客戶一路到供應商都很清楚這點，我們會盡最大努力在 2027 年持續供應這個成長中的需求。

Great. And as a quick follow-up, I wanted to explore the difference in content opportunity, medium term for x86 CPU and standalone Vera. I kind of come up with maybe a 4x content in x86 CPU for you versus what you would get on the SOCAMM2 side with -- but are you quantifying at all what the opportunity is and the difference that you see in terms of opportunities on the x86 and the Arm-based side of CPUs next year and the years beyond?

很好。另外快速追問一下，我想探討中期來看，x86 CPU 與獨立 Vera 在內容（content）機會上的差異。我大概推算 x86 CPU 這邊對你們而言的內容價值可能是 SOCAMM2 那邊的約 4 倍——但你們是否有量化這個機會，以及你們看到明年與往後幾年在 x86 與 Arm 架構 CPU 端的機會差異？

Thank you, Tristan. The way we look at it and the reason we are excited about these AI infrastructure deployments is that. We look at this in an aggregate way. There are areas of AI, like if you take the head nodes, for example, where SOCAMM and LP memory can be used. It's not always used, but it can be used. And that's an opportunity for us from a technology standpoint. It allows us to develop our LP technology on all fronts.

謝謝你，Tristan。我們之所以對這些 AI 基礎設施部署感到興奮，原因在於：我們是以整體的角度來看。AI 的某些領域，例如以 head node（前端節點）為例，是可以使用 SOCAMM 與 LP 記憶體的。不一定總是會用，但確實可以用。從技術角度來看，這對我們是一個機會。它讓我們能在各個面向推進 LP 技術的開發。

But in aggregate, you do have a growth in these head nodes that will create an opportunity for SOCAMM, but you have higher growth in the traditional servers with a refresh necessary in order to continue to develop the range of applications, range of standard applications.

但從整體來看，head node 的成長確實會為 SOCAMM 帶來機會；不過，傳統伺服器的成長更高，而且為了持續推進各類應用、各類標準應用的發展，勢必需要進行更新換代（refresh）。

We have a higher growth in agentic, standard CPUs as well for orchestration, tools management, memory management. So in aggregate, if you take the head nodes where you can have SOCAMM. And if you take the standard servers and the agentic server, the whole market is growing. But the majority of the growth is coming from CPUs with standard memory subsystems.

此外，在用於協調（orchestration）、工具管理、記憶體管理等的 agentic、標準 CPU 方面，我們也看到更高的成長。所以整體而言，如果把可採用 SOCAMM 的 head node，以及標準伺服器與 agentic 伺服器都納入，整個市場都在成長。但成長的大宗仍來自採用標準記憶體子系統的 CPU。

So that's the way we look at it. We definitely don't look at this as SOCAMM is cannibalizing the market for standard DIMM. It's actually complementary. It makes the system more efficient.

這就是我們的看法。我們絕對不會把 SOCAMM 視為在侵蝕（cannibalizing）標準 DIMM 的市場；它其實是互補的。它能讓系統更有效率。

The standard memory subsystems are going to increase at a higher pace going into 2027. And the head nodes will drive new technologies like SOCAMM to maximize this kind of application. So we see this as complementary and that's why we want to have solutions for all of that.

展望 2027 年，標準記憶體子系統的成長速度會更快。而 head node 會推動像 SOCAMM 這樣的新技術，以最大化這類應用。因此我們認為它是互補的，也因此我們希望能為所有這些需求提供解決方案。

We really want to be agnostic to the memory subsystems while the infrastructure for AI is growing in the market because as that infrastructure is growing in the market, we're going to see heterogeneous systems, and it's important that we have solutions for each one of those. But the vast majority is going to continue to be CPU with a standard DIMM configurations.

在 AI 基礎設施於市場中成長的同時，我們希望對記憶體子系統保持中立（agnostic），因為隨著基礎設施擴張，我們會看到異質系統（heterogeneous systems），而我們必須為其中每一種提供解決方案。但絕大多數仍將是搭配標準 DIMM 配置的 CPU。

Great. Thank you very much.

很好。非常感謝。

Thanks, Tristan.

謝謝你，Tristan。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Yeah, thanks, and I'll echo the congratulations on the great quarter. It's interesting as you mentioned about the custom chips and that you're getting involved earlier into the design cycle. And I'm just wondering if is there any way does this help you to win more modules on those designs as they come into production?

是的，謝謝，我也要附和一下，恭喜這一季表現很出色。你提到客製化晶片，以及你們更早介入設計週期，這點很有意思。我想請問，這是否會在這些設計進入量產時，幫助你們贏得更多模組的導入？

Thanks, Kevin. We're really excited with this silicon IP engagements with the ecosystem because they give us great insight into the architectural trends that these people are talking about.

謝謝你，Kevin。我們對於與生態系統進行這些矽智財（silicon IP）的合作案感到非常興奮，因為它們讓我們能深入了解這些夥伴正在討論的架構趨勢。

When we talk to hyperscalers with the opportunity for us to sell our silicon IP, we have insights into some of the architecture problems they're trying to resolve and where they see the world going.

當我們與超大規模業者（hyperscalers）討論、並有機會向他們銷售我們的矽智財時，我們能洞察他們試圖解決的一些架構問題，以及他們認為產業將往哪個方向發展。

And as a consequence of that helps us develop, continue to develop the right roadmap of products for this type of products. But it also gives us insight as to the overall architecture of their systems and where DIMM are going to be used, where LP is going to be used and why, what generation of DDR is going to be used and why, it just gives us that channel of information, it's almost through the discussion and it gives us a good sense of the trends in terms of what type of technologies they are going to use, not only on the silicon IP side, but also in terms of how they will configure the systems with different types of modules.

因此，這也有助於我們持續打造並完善適用於這類產品的正確產品藍圖（roadmap）。同時，它也讓我們了解他們整體系統架構，以及 DIMM 會用在哪裡、LP 會用在哪裡及其原因、會採用哪一代 DDR 及其原因；這等於提供我們一個資訊管道，幾乎是透過討論本身就能獲得，讓我們對他們將採用哪些技術趨勢有很好的掌握——不僅是在矽智財端，也包括他們會如何用不同類型的模組來配置系統。

And that seems like a big advantage over your two competitors that don't have IP storage. And maybe just on the inventory one more time, are you comfortable with the days of inventory now, or should we expect to see that continue to increase even with the increasing demand next year?

這看起來相較於你們另外兩家沒有 IP 儲備的競爭對手，是一個很大的優勢。另外再問一次庫存：你們對目前的庫存天數是否感到安心？還是即便明年需求增加，我們仍應預期庫存天數會持續上升？

Kevin, good question. So inventory, as you mentioned, we've been growing inventory this year. In Q3, we grew it again $12 million, again, primarily leveraging the strength of our balance sheet to make sure we provide greater assurance to our customers.

Kevin，問得很好。關於庫存，如你提到的，我們今年一直在增加庫存。在第三季，我們又增加了 1,200 萬美元的庫存，主要是運用我們資產負債表的強勁實力，以確保能為客戶提供更高的供應保障。

In Q4, as well, looking at just like Luc mentioned throughout the call, like we have more visibility into the backlog. And as demand is accelerating, we do plan to build, increase inventory even in Q4 similar level to like we built in Q3 and Q2.

第四季也是一樣，正如 Luc 在整場電話會議中提到的，我們對訂單積壓（backlog）的能見度更高。隨著需求加速，我們確實計畫在第四季持續建立、增加庫存，增幅大致會與第三季和第二季相近。

Okay, great. Thank you.

好的，很好。謝謝。

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

目前沒有其他問題。問答環節到此結束。我想把電話會議交回公司進行結語。

Thank you to everyone who has joined us today for your continued interest and support. We look forward to speaking with you again soon. Thank you.

感謝今天所有與會者持續的關注與支持。我們期待不久後再次與各位交流。謝謝。

Thank you. This concludes today's conference. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以掛線。