Sandisk Corp (SNDK) 2026 Q1 法說會逐字稿

Good day and welcome to the Sanddisk first quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Sanddisk 2026 財年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Ivan Donaldson, Vice President of investor relations. Please go ahead.

現在我將把會議交給投資者關係副總裁伊凡唐納森。請繼續。

Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties. These forward-looking statements include expectations for our technology and product portfolio, our business plans and performance, market trends and opportunities and our future financial results. We assume no obligation to update these statements.

在開始之前，請注意，今天的討論將包含基於管理層當前假設和預期的前瞻性陳述，這些陳述受到各種風險和不確定性的影響。這些前瞻性聲明包括對我們的技術和產品組合、業務計劃和業績、市場趨勢和機會以及未來財務表現的預期。我們不承擔更新這些聲明的義務。

Please refer to our annual report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. We will also make reference to non-GAAP financial measures today. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in written materials posted in the Investor Relations section of our website.

有關可能導致實際結果與預期結果存在重大差異的風險和不確定性的更多信息，請參閱我們的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件。今天我們也會提到非GAAP財務指標。非GAAP財務指標與可比較GAAP財務指標之間的調節表已包含在我們網站投資者關係部分發布的書面資料中。

With that, I'll turn the call over to David.

接下來，我將把電話交給大衛。

Thanks, Ivan. Good afternoon and thank you for joining Sandisk's first quarter fiscal year 2026 earnings call. Sandisk delivered a strong quarter with revenue of $2.3 billion, up sequentially 21% and non-GAAP earnings per share of $1.22. We generated $448 million in adjusted free cash flow and closed the quarter in a net cash position of $91 million. As discussed in February during our Analyst Day, we are focused on growing revenue, expanding margins and generating sustainable free cash flow to create shareholder value and we are executing that plan.

謝謝你，伊凡。下午好，感謝各位參加 Sandisk 2026 財年第一季財報電話會議。Sandisk本季業績強勁，營收達23億美元，季增21%，非GAAP每股收益為1.22美元。我們產生了4.48億美元的調整後自由現金流，季度末淨現金部位為9,100萬美元。正如我們在二月的分析師日上所討論的那樣，我們專注於增加收入、擴大利潤率和產生可持續的自由現金流，以創造股東價值，我們正在執行該計劃。

Our results reflect the strong execution by the Sandisk team in an environment marked by strengthening demand across our end markets. In the first quarter, demand for our NAND products continued to outpace our supply, a dynamic we expect to persist through the end of calendar year '26 and beyond. In response, we are making strategic allocation decisions to maximize long-term value creation.

我們的績效反映了 Sandisk 團隊在終端市場需求不斷增強的環境下所展現的出色執行力。第一季度，市場對我們 NAND 產品的需求持續超過供應，我們預計這種趨勢將持續到 2026 年底及以後。為此，我們正在製定策略性資源配置決策，以最大限度地創造長期價值。

We are focused on advancing our technology road map and strengthening customer partnerships to deliver the right products to the right applications and customers. Customers are proactively seeking long-term commitments given the critical nature of our technology and to secure continued access to our products. These priorities are expected to deliver durable and attractive financial results while unlocking the strength of our broad product portfolio.

我們致力於推進技術路線圖，加強與客戶的合作關係，以便為合適的應用和客戶提供合適的產品。鑑於我們技術的關鍵性以及為了確保能夠持續獲得我們的產品，客戶正在積極尋求長期合作。這些優先事項有望帶來持久且具吸引力的財務業績，同時釋放我們廣泛產品組合的優勢。

With investments in data centers and AI infrastructure expected to surpass $1 trillion by 2030, the demand for NAND storage products capable of processing large volumes of data quickly and efficiently is increasing dramatically, creating a strong tailwind for our high-capacity power-efficient SSDs enabled by our BiCS8 technology. BiCS8, which delivers industry-leading capacity, I/O performance and energy efficiency, accounted for 15% of total bits shipped and is expected to reach majority of bit production exiting fiscal year '26.

預計到 2030 年，對資料中心和人工智慧基礎設施的投資將超過 1 兆美元，對能夠快速高效地處理大量資料的 NAND 儲存產品的需求正在急劇增長，這為我們採用 BiCS8 技術實現的高容量、高能效 SSD 創造了強勁的順風。BiCS8 具有業界領先的容量、I/O 性能和能源效率，佔總出貨量的 15%，預計到 2026 財年末將佔據大部分產量。

Our BiCS8 products are expected to enable us to grow our data center business while further strengthening our positioning in the edge and consumer markets. Let's dive into the first quarter results by business. Our data center business gained momentum with revenue up 26% sequentially as global hyperscaler, neocloud and OEM customers are seeking to deepen their partnership with Sandisk. Our storage-focused SSD product line, code named Stargate is growing in demand with Two hyperscaler qualifications underway and a third hyperscaler along with a major storage OEM planned for calendar year '26.

我們的 BiCS8 產品有望幫助我們發展資料中心業務，同時進一步鞏固我們在邊緣運算和消費市場的地位。讓我們逐一業務部門深入分析第一季業績。我們的資料中心業務發展勢頭強勁，營收季增 26%，全球超大規模資料中心、新雲端和 OEM 客戶都在尋求深化與 Sandisk 的合作關係。我們以儲存為中心的 SSD 產品線，代號為 Stargate，需求正在成長，目前正在進行兩家超大規模資料中心的認證，併計劃在 2026 年與第三家超大規模資料中心以及一家主要的儲存 OEM 廠商合作。

Across the data center portfolio, we are working with 5 major hyperscale customers through active sales and strategic engagements. In edge, we are seeing positive momentum from a PC refresh cycle, aided by Windows 11 adoption and Windows 10 end of life. PC unit shipments are expected to grow low single digits with mid-single-digit growth in capacity per device in calendar years '25 and '26. Beyond PC, premium smartphones are delivering modest unit growth, supported by new model launches featuring enhanced generative AI capabilities.

在資料中心產品組合方面，我們正透過積極的銷售和策略合作，與 5 家主要的超大規模客戶合作。在 Edge 領域，我們看到 PC 更新換代週期帶來了積極的發展勢頭，這得益於 Windows 11 的普及和 Windows 10 的生命週期結束。預計 2025 年和 2026 年個人電腦出貨量將實現個位數低成長，單一裝置容量將達到個位數中成長。除了個人電腦之外，高階智慧型手機的銷量也實現了小幅成長，這得益於配備增強型生成式人工智慧功能的新機型的推出。

Average smartphone capacity per device is expected to grow high single digits in calendar years '25 and '26. Looking ahead, we expect continued momentum in edge as device upgrades accelerate, driving increasing NAND content. Ongoing supply and demand dynamics are expected to extend the need to strategically place bits as mentioned above. As customers across data center and edge seek higher performance AI inference capabilities, demand for innovative solutions to address AI inference storage has increased interest in our high-bandwidth flash or HBF technology will deliver.

預計 2025 年和 2026 年，智慧型手機的平均單機容量將實現接近兩位數的成長。展望未來，我們預期隨著設備升級加速，邊緣運算領域將持續保持成長勢頭，從而推動 NAND 快閃記憶體含量的增加。持續的供需動態預計將延長如上所述的對位元進行策略性部署的需求。隨著資料中心和邊緣運算領域的客戶尋求更高效能的 AI 推理能力，對用於解決 AI 推理儲存問題的創新解決方案的需求日益增長，人們對我們的高頻寬快閃記憶體或 HBF 技術的興趣也隨之增加。

Building on the technical advisory board and ecosystem partnership with SK hynix we announced last quarter, we are actively engaging potential customers for inference applications in both data center and edge. As we enter the holiday period, we are also well positioned to capture strong seasonal demand with our refreshed consumer portfolio and significant presence across key retail and online channels.

基於我們上季宣布的與 SK 海力士的技術顧問委員會和生態系統合作夥伴關係，我們正在積極與資料中心和邊緣推理應用的潛在客戶進行接洽。隨著假期季節的到來，憑藉我們煥然一新的消費者產品組合以及在主要零售和線上管道的強大影響力，我們也已做好充分準備，抓住強勁的季節性需求。

We are engaging with the gaming and creator communities to sustain our momentum. Our recently launched Memory Man campaign is creating lots of interest and excitement, strengthening brand relevance ahead of the holiday season.

我們正與遊戲和創作者社群保持互動，以保持發展勢頭。我們最近推出的「記憶人」活動引起了廣泛關注和興奮，在假期來臨之際增強了品牌的相關性。

Also in consumer, our partnerships with leading companies like Nintendo remains strong with solid adoption of our co-branded Switch 2 microSD Express Card, which eclipsed 900,000 units sold in fiscal Q1. We are also expanding our presence in the handheld gaming sector with the new Sandisk microSD for ROG Xbox Ally, reinforcing our position in gaming storage. Our consumer business remains a major focus for the company, driving revenue growth and attractive margin through cycle. In summary, this is a new era for Sandisk.

在消費領域，我們與任天堂等領先公司的合作關係依然穩固，我們聯合品牌的 Switch 2 microSD Express 卡得到了廣泛應用，在第一財季的銷量超過了 90 萬張。我們也透過推出適用於 ROG Xbox Ally 的全新 Sandisk microSD 卡，擴大了我們在掌上游戲領域的市場份額，鞏固了我們在遊戲儲存領域的地位。我們的消費者業務仍然是公司的重點，在整個經濟週期中推動收入成長和可觀的利潤率。總之，這對閃迪來說是一個新時代。

We have a strong balance sheet, an industry-leading product portfolio and a clear technology road map that drives organic strategic customer engagements. As we help power one of the most transformative technology megatrends of our time driven by accelerated AI proliferation, we are confident in our ability to create significant and sustainable value for our customers and shareholders.

我們擁有穩健的資產負債表、業界領先的產品組合和清晰的技術路線圖，從而推動了與客戶的有機策略互動。隨著人工智慧加速普及，我們協助推動當今最具變革性的科技大趨勢之一，我們有信心為客戶和股東創造重大且永續的價值。

With that, I'll turn the call over to Luis to dive deeper into our financial performance and guidance.

接下來，我將把電話交給路易斯，讓他更深入探討我們的財務表現和展望。

Thank you, David. Let's dive deeper into the quarter results. Revenue for the first quarter was $2,308 million, up 21% quarter-over-quarter and up 23% year-over-year. This compares favorably to our guidance of $2.1 billion to $2.2 billion. Bits were up mid-teens sequentially with pricing up mid-single digits. Pricing strengthened during the quarter. Higher-than-expected bit growth enabled the revenue over delivery. Before reviewing the details by market, I will share that we will be aligning the names for our end markets to match the nomenclature commonly used in the industry.

謝謝你，大衛。讓我們深入分析本季業績。第一季營收為 23.08 億美元，季增 21%，年增 23%。這比我們先前預測的 21 億至 22 億美元要好得多。Bits價格較上季上漲15%左右，而定價則上漲了個位數百分比左右。本季價格走強。高於預期的比特成長使得收入超出預期。在逐個市場審查細節之前，我想先說明一下，我們將調整終端市場的名稱，使其與業界常用的命名法保持一致。

Going forward, we will use data center to refer to the business that's comprised primarily of our products for public and private cloud environments. We used to refer to this business as cloud. We'll use edge to refer to the business that serves our original equipment manufacturer and channel customers with a broad array of high-performance flash solutions across computer, mobile, gaming, automotive, virtual reality headsets and other edge devices. We used to refer to this business as clients.

今後，我們將使用「資料中心」來指主要由我們面向公有雲和私有雲環境的產品所組成的業務。我們過去把這種業務稱為雲端運算。我們將使用「邊緣」來指稱為我們的原始設備製造商和通路客戶提供各種高效能快閃記憶體解決方案的業務，這些解決方案涵蓋電腦、行動裝置、遊戲、汽車、虛擬實境頭戴式裝置和其它邊緣設備。我們過去稱這家企業為客戶。

We will continue to use consumer to refer to the business that contains our broad range of retail and other end user products, which capitalizes on the strength of our product brand recognition and vast point of presence around the world. In the first quarter, we saw strong sequential demand across all end markets. Edge revenue came in at $1,387 million, up 26% sequentially. Consumer revenue came in at $652 million, up 11% quarter-over-quarter and data center came in at $269 million, up 26% sequentially.

我們將繼續使用「消費者」一詞來指包含我們廣泛的零售和其他終端用戶產品的業務，該業務充分利用了我們強大的產品品牌知名度和遍布全球的廣泛影響力。第一季度，我們看到所有終端市場的需求實現了強勁的環比成長。Edge業務營收為13.87億美元，較上季成長26%。消費者營收為 6.52 億美元，季增 11%；資料中心營收為 2.69 億美元，季增 26%。

Non-GAAP gross margin for the first quarter was 29.9%, up 350 basis points quarter-over-quarter. This compares favorably to our guidance of 28.5% to 29.5%. The incremental revenue drove the higher-than-expected gross margins. In the first quarter, we incurred $61 million in start-up costs and $11 million in underutilization charges. Excluding this cost, non-GAAP gross margin would have been 33.1%. Non-GAAP operating expenses for the first quarter were $446 million, which is higher than our guidance of $415 million to $430 million.

第一季非GAAP毛利率為29.9%，季增350個基點。這比我們先前預測的 28.5% 至 29.5% 更為理想。新增收入推動了毛利率高於預期。第一季度，我們產生了 6,100 萬美元的啟動成本和 1,100 萬美元的未充分利用費用。剔除此成本後，非GAAP毛利率將為33.1%。第一季的非GAAP營運費用為4.46億美元，高於我們先前預測的4.15億美元至4.3億美元。

Operating expenses were above guidance, mostly driven by higher variable compensation from the revenue over delivery versus plan. As a result, non-GAAP operating margins at 10.6% were up 530 basis points quarter-over-quarter. Non-GAAP EPS for the first quarter were $1.22, up from $0.29 in the prior quarter. This compares favorably to our guidance of $0.70 to $0.90. The non-GAAP EPS beat reflects a higher-than-expected revenue and gross margins and a more favorable tax rate.

營運費用高於預期，主要是由於實際收入高於預期，導致可變薪酬增加。因此，非GAAP營業利益率為10.6%，較上季成長530個基點。第一季非GAAP每股收益為1.22美元，高於上一季的0.29美元。這比我們先前預測的每股收益 0.70 美元至 0.90 美元更佳。非 GAAP 每股盈餘超出預期，反映了高於預期的收入和毛利率以及更有利的稅率。

Key GAAP to non-GAAP reconciliation items include $47 million in stock-based compensation, net of taxes, which represents 2% of revenue, $9 million in separation charges and $17 million in onetime costs related to the SSDs transaction and separation from Western Digital. Moving on to the balance sheet. We closed the quarter with $1,442 million in cash and cash equivalents and $1,351 million in gross debt. We achieved a net cash position approximately 6 months faster than the target shared during Investor Day in February, driven by strong cash focus in a robust market.

GAAP 與非 GAAP 關鍵調整項目包括 4,700 萬美元的股票選擇權費用（扣除稅款後），佔收入的 2%；900 萬美元的分離費用；以及與 SSD 交易和從西部數據公司分離相關的 1700 萬美元一次性成本。接下來來看資產負債表。本季末，我們持有現金及現金等價物 14.42 億美元，總負債為 13.51 億美元。在強勁的市場環境下，我們憑藉對現金的重視，提前約 6 個月實現了淨現金頭寸，比 2 月份投資者日上公佈的目標提前了約 6 個月。

During the quarter, we paid an additional $500 million of our TLB and reduced our inventory days from 135 to 115 as demand exceeded supply. Moving on to free cash flow. During the quarter, we generated $448 million in adjusted free cash flow, which represents 19.4% free cash flow margin. This included $488 million cash from operations and $10 million cash received from our activities related to Flash Ventures, partially offset by $50 million invested in our back-end operation and offices.

本季度，我們額外支付了 5 億美元的 TLB，並將庫存週轉天數從 135 天減少到 115 天，因為需求超過了供應。接下來分析自由現金流。本季度，我們產生了 4.48 億美元的調整後自由現金流，自由現金流利潤率為 19.4%。這其中包括來自營運的 4.88 億美元現金和來自 Flash Ventures 相關活動的 1,000 萬美元現金，部分被投資於我們後端營運和辦公室的 5,000 萬美元所抵銷。

The $10 million received from our operations related to Flash Ventures includes $337 million in gross CapEx with $107 million funded through depreciation as part of our cost of goods sold and $240 million funded from external sources, mainly subsidies and equipment leasing. Altogether, our gross capital expenditures totaled $387 million and represents 16.8% of revenue. Moving on to guidance. For the second quarter, we expect revenue between $2,550 million and $2,650 million due to double-digit price increases and mid-single-digit bit growth.

從與 Flash Ventures 相關的營運中獲得的 1000 萬美元包括 3.37 億美元的資本支出總額，其中 1.07 億美元透過折舊作為銷售成本的一部分進行融資，2.4 億美元來自外部來源，主要是補貼和設備租賃。我們的總資本支出為 3.87 億美元，佔收入的 16.8%。接下來是指導部分。由於兩位數的價格上漲和中等個位數的比特成長，我們預計第二季營收將在 25.5 億美元至 26.5 億美元之間。

Consistent with our expectations, we anticipate demand for our products to exceed supply throughout the end of the calendar 2026. Based on current supply and demand dynamics, we believe demand for our products will exceed supply beyond that period. Our products are currently on allocation across all end markets. Recall, the third quarter is a seasonally lower volume period for our consumer business following the holidays. Our forecast for non-GAAP gross margin for the second quarter is between 41% and 43% from higher pricing and cost tailwinds.

與我們的預期一致，我們預計到 2026 年底，我們產品的需求將超過供應。根據目前的供需動態，我們認為在此之後，對我們產品的需求將超過供應。我們的產品目前已在所有終端市場進行配售。請注意，第三季是假日過後，我們消費者業務的銷售通常會下降。受價格上漲和成本下降等利多因素影響，我們預測第二季非GAAP毛利率將在41%至43%之間。

This estimate includes an expected $30 million in start-up costs. For the second quarter, we expect non-GAAP operating expenses between $450 million and $475 million. The incremental operating expenses are to support our data center business expansion and our HBF innovation. We expect non-GAAP interest and other expense between $40 million and $45 million and non-GAAP tax expenses between $80 million and $90 million. We forecast non-GAAP EPS for the second quarter between $3 and $3.40, assuming 155 million fully diluted shares.

該估算包括預計的 3000 萬美元啟動成本。我們預計第二季非GAAP營運費用在4.5億美元至4.75億美元之間。新增營運費用將用於支援我們的資料中心業務擴張和 HBF 創新。我們預期非GAAP利息和其他支出在4000萬美元至4500萬美元之間，非GAAP稅項支出在8000萬美元至9000萬美元之間。我們預測第二季非GAAP每股收益在3美元至3.40美元之間，假設完全稀釋後的股份數量為1.55億股。

The higher diluted share count in the second quarter is driven by the increase in the stock price following the treasury model. We expect to generate positive free cash flow in the second quarter despite capital investments to enable the BiCS8 transition, which is expected to be our most significant node by the end of the fiscal year. Our fiscal 2026 CapEx plans remain unchanged along with the long-term strategy to grow supply in line with the market, assuming bit demand compound annual growth rate in the mid- to high teens.

第二季稀釋後股數增加，是由於採用國債模式後股價上漲所致。儘管需要進行資本投資以實現 BiCS8 過渡（預計到本財年末，BiCS8 將成為我們最重要的節點），但我們預計第二季度仍將產生正的自由現金流。我們的 2026 財年資本支出計畫保持不變，長期策略也保持不變，即根據市場需求增加供應，假設比特需求複合年增長率在 15% 到 10% 之間。

Our capital allocation priorities are consistent with what we shared during Investor Day in February. Our first priority was to achieve a net cash position, which we have now accomplished through strong cash generation. Going forward, our capital allocation is unchanged, and we expect to continue to invest in the business and return cash to shareholders.

我們的資本配置重點與我們在2月份投資者日上分享的內容一致。我們的首要任務是實現淨現金頭寸，而我們現在已經透過強勁的現金流實現了這一目標。展望未來，我們的資本配置保持不變，我們將繼續投資於業務並向股東返還現金。

We're executing the strategies and plans that we shared with you in February, and the results are coming in as anticipated with revenue growth, margin expansion and more efficient use of assets. We remain focused on creating sustainable value for customers and shareholders with continued prudent management of the business.

我們正在執行二月與您分享的策略和計劃，正如預期的那樣，結果正在逐步顯現，包括收入成長、利潤率擴大和資產利用效率提高。我們將繼續秉持審慎經營的原則，專注於為客戶和股東創造可持續的價值。

With that, let me turn the call back to David.

那麼，現在讓我把電話轉回給大衛。

Thank you, Luis. In summary, Sandisk delivered a strong start to the fiscal year, underscoring the success of our strategy to drive profitable growth, expand margins and generate sustainable free cash flow. Our solid execution amidst robust demand positions us well for continued momentum across the data center, edge and consumer markets. Our ongoing qualifications and strategic engagements with key hyperscale customers underscore the growing adoption of our high-capacity power-efficient enterprise SSDs.

謝謝你，路易斯。總而言之，SanDisk 在本財年取得了強勁的開局，凸顯了我們推動獲利成長、擴大利潤率和產生可持續自由現金流的策略的成功。我們在強勁的需求下保持穩健的執行力，這使我們能夠在資料中心、邊緣運算和消費市場中繼續保持成長勢頭。我們不斷進行的資質認證以及與主要超大規模客戶的策略合作，凸顯了我們高容量、高能源效率的企業級 SSD 的日益普及。

As we move through the remainder of fiscal 2026, our focus remains on disciplined capital allocation, operational excellence and delivering differentiated technology that meets evolving customer needs. We are well positioned with industry-leading technology and products, healthy long-term market fundamentals, a strong balance sheet and an efficient operating model to create substantial value for our shareholders.

在 2026 財年剩餘的時間裡，我們將繼續專注於嚴格的資本配置、卓越的營運以及提供差異化技術以滿足不斷變化的客戶需求。我們擁有業界領先的技術和產品、健康的長期市場基本面、強勁的資產負債表和高效的營運模式，能夠為股東創造巨大的價值。

Our technology is arriving at exactly the right time. When the market is ready, the demand is real and the opportunity to drive meaningful earnings power is just starting.

我們的技術來得正是時候。當市場準備就緒，需求真實存在，而創造可觀獲利能力的機會才剛開始。

With that, we will open the call for questions.

接下來，我們將開始接受提問。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

CJ Muse with Cantor Fitzgerald. Please go ahead.

CJ Muse 與 Cantor Fitzgerald。請繼續。

Yeah, thank you for taking the question. I guess, Dave, you spoke to customer engagement evolving now that we're on allocation. And you know very well how that's transpired in the HDD world moving from build to order, followed by long-term agreements. So curious, are you seeing similar trends emerge here in NAND? How does your visibility extend? And how are you allocating the bits that you can produce?

是的，謝謝你回答這個問題。戴夫，我想，你剛才談到了在我們實行配額制之後，客戶互動方式的演變。你很清楚硬碟領域是如何從按需生產轉變為簽訂長期協議的。很好奇，您是否也觀察到 NAND 領域出現了類似的趨勢？你的影響力範圍有多廣？那麼，你要如何分配你能夠產生的位元組呢？

Yeah. So I'll let Luis talk about the allocation. But yes, -- C.J., it's good to hear from you, first of all. Thanks for being on the call. I would say there's kind of 2 phases of how we're hearing from customers and what they're reaching out about. There's a phase where we're striking deals that are multi-quarters, let's say, through the first half of next calendar year that are volume and price kind of deals where customers are looking for certainty of supply. And so that's a little bit different than what we've seen in the past where everything is usually just quarter-by-quarter based.

是的。那麼，我就讓路易斯來談談分配問題吧。是的，C.J.，首先很高興收到你的來信。感謝您參加通話。我認為，我們從客戶那裡聽到的回饋以及他們聯繫我們的內容大致可以分為兩個階段。目前正處於這樣一個階段：我們正在達成一些跨越多個季度的交易，比如說，持續到明年上半年，這些交易涉及數量和價格，客戶希望獲得供應的確定性。所以這和我們過去看到的情況有點不同，過去的一切通常都是按季度進行的。

But especially as data center starts to grow, those customers are reaching out proactively and providing visibility all the way through calendar year '27 of what their demand is going to be and kind of want to have conversations on how we could line up our supply to that demand given the product -- the emerging product line we have that's under qualification across all those players. So it is a very different time. I'd say it's still fairly nascent, especially that second phase of it, and we'll be having those conversations over the next several months and keep you updated on how that goes.

但尤其是在資料中心開始發展壯大之後，這些客戶會主動聯繫我們，並提前告知他們到 2027 年全年的需求情況，他們希望與我們探討如何根據我們的產品（我們正在接受所有參與者的資格認證的新興產品線）來調整我們的供應以滿足這些需求。所以，現在的時代與以往大不相同了。我認為它還處於相當初級的階段，尤其是第二階段，我們將在接下來的幾個月進行這些討論，並隨時向您報告進展。

But I think it's certainly a very welcome development in this market. As you know, this is a market where we have to make very long-term CapEx decisions. And demand over the next quarter or 2 or 3 doesn't really move the CapEx number. We're looking for what demand is going to be over the next many years. So having these conversations with what is emerging as the largest customers in the market is, as I said, a very welcome development. We'll be engaging in those conversations more deeply over the next several months. So Luis, do you want to talk about allocation?

但我認為這無疑是市場上一個非常值得歡迎的發展。如您所知，在這個市場中，我們必須做出非常長期的資本支出決策。未來一、兩個季度甚至三季的需求並不會真正影響資本支出數字。我們正在了解未來幾年的需求狀況。正如我所說，與市場上正在崛起的最大客戶進行這些對話，是一個非常值得歡迎的進展。在接下來的幾個月裡，我們將更深入地參與這些對話。路易斯，你想談談資源分配嗎？

Yes. C.J., we're working very closely with our customers. We talk to them all the time. And what we're doing is we're prioritizing our most strategic customers, those customers that have been very close to us, those customers where we see growth, those customers where we can create value for them and value for us, right? And that's how we're evolving our portfolio. We're going from a mobile-centric company to really serve our customers, and we're seeing very strong growth in our data center business. So we're very excited about the opportunity that this presents to us, but working very closely with our customers, particularly those more strategic to us.

是的。C.J.，我們正與客戶密切合作。我們經常和他們聯絡。我們現在所做的，就是優先考慮我們最具策略意義的客戶，那些與我們關係非常密切的客戶，那些我們看到成長的客戶，那些我們可以為他們和我們自己創造價值的客戶，對吧？這就是我們不斷調整投資組合的方式。我們正在從一家以行動端為中心的公司轉型為真正服務客戶的公司，我們看到資料中心業務實現了非常強勁的成長。因此，我們對這一機會感到非常興奮，但同時也將與我們的客戶，特別是那些對我們具有戰略意義的客戶，密切合作。

As a quick follow-up, how are you thinking about your bit shipment growth opportunities here in calendar '25, '26? Your days inventory down to only 107 days and BiCS8 is just kind of ramping. How are you thinking about what kind of bits you can ship this year and next?

作為後續問題，您如何看待貴公司在 2025 年和 2026 年的比特出貨量成長機會？您的庫存週轉天數已降至僅 107 天，BiCS8 也正在逐步提升。您是如何考慮今年和明年可以交付哪些類型的產品的？

Yeah. Our goal is to keep our market share, right? We're not here to disrupt the market, but we're very optimistic about where things are heading. We're doing well in our client portfolio. We're doing very well on the consumer business. And we are very optimistic that we can build our business in data center where we are underrepresented, and we've talked this in previous meetings. So -- and the way to do it is through innovation. We have BiCS8 coming in. We're getting qualification with our products. So we feel good about our market share on bits across the market.

是的。我們的目標是保持市場份額，對嗎？我們並非要擾亂市場，但我們對未來的發展方向非常樂觀。我們的客戶組合表現良好。我們在消費者業務方面做得非常好。我們非常樂觀地認為，我們可以在資料中心領域建立我們的業務，因為我們目前在該領域的份額還很低，我們在之前的會議中也討論過這個問題。所以——而實現這目標的途徑就是創新。我們即將推出 BiCS8。我們的產品正在獲得認證。因此，我們對自身在市場上的各個零件領域的市場份額感到滿意。

So C.J., well as Luis -- just to add a little bit. I mean, Luis, as he rightly said, we're looking, and we plan to grow along with the market. And we've got the capital plans to support that. We're investing assuming that mid- to high teens level of demand on the long term. And then as demand exceeds that, we'll talk about the allocation phases that we talked about. But as I said earlier in the first part of your question, we're optimistic that our customers are starting to look further down the road as far as what their demand is. And I think that helps this whole equation. But we're definitely growing along with the market. We have our capital plans, and they remain unchanged.

所以，C.J.，還有路易斯——我再補充一點。我的意思是，路易斯，正如他所說，我們正在觀察，並且計劃與市場共同發展。我們也有相應的資金計劃來支持這項工作。我們投資的前提是，長期需求水準將維持在十幾到二十幾的水準。然後，當需求超過需求時，我們將討論我們之前討論過的分配階段。但正如我在你問題的第一部分所說，我們樂觀地認為，我們的客戶開始著眼於更長遠的未來，考慮他們的需求是什麼。我認為這有助於解釋整個問題。但我們肯定是在與市場共同成長。我們的資本計劃保持不變。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good afternoon, thanks for taking my question. Just structurally, obviously, we're in a supply-constrained scenario, and I think a lot of customers are clearly asking for supply as you kind of talked about. So maybe you just kind of give us your view on over the next couple of years, the supply situation you expect to deliver, whether that's just through upgrades at this point? And what would make you decide to add wafer capacity over the next coming years?

下午好，謝謝您回答我的問題。從結構上看，顯然我們處於供應受限的局面，而且我認為很多客戶都像你剛才提到的那樣，明確地要求增加供應。那麼，您能否談談您對未來幾年供應情況的看法，您預計能夠提供的供應情況，目前是否只能透過升級來實現？那麼，是什麼原因促使您決定在未來幾年增加晶圓產能呢？

Yes. So first of all, on the overall environment, I think we've been talking for, I don't know, at least a year now that we saw an undersupplied market through the end of '26, and that's mainly focused on looking at long-term demand trends and then what capital has been invested in this business over the last several years and factoring in nodal transitions of all the players in the market. So as we said in the prepared remarks, we're now seeing that push out beyond '26, just given these conversations we had earlier where customers are coming to us looking for '27 supply. So we've kind of planned for this market.

是的。首先，就整體環境而言，我認為我們已經討論了至少一年了，我們看到到 2026 年底市場供應不足，這主要集中在觀察長期需求趨勢，以及過去幾年投入到該行業的資本，並考慮市場中所有參與者的關鍵性轉變。正如我們在準備好的演講稿中所說，鑑於我們之前進行的這些對話，我們現在看到這種趨勢已經延續到 2026 年以後，客戶們正在向我們尋求 2027 年的供應。所以我們已經為這個市場做了一些規劃。

It's hard to call sometimes on a quarter-by-quarter basis, but we've seen this set up for quite some time. As far as what does it take, we're not at the phase of talking about additional capital in this business. We're investing a significant amount of capital, as Luis said, to do the BiCS8 transition. We have a very, very strong technology road map where we can increase productivity and bit supply without increasing wafers.

雖然很難按季度預測，但我們已經看到這種情況持續了相當長一段時間。至於需要什麼，我們目前還沒有到討論這個產業需要額外資金的階段。正如路易斯所說，我們正在投入大量資金來進行 BiCS8 過渡。我們擁有非常強大的技術路線圖，可以在不增加晶圓數量的情況下提高生產效率和位元供應量。

When you start to get into that kind of discussion, which we are not yet quite frankly, it's where we -- we need to -- it's not about what demand is going to be next year or the year after that if we're going to add capacity, we got to see demand for a long period of time. So we have zeroed in on that mid to high teens, clearly, we are above that right now, but that's a long term number we are investing to.

當我們開始進行這類討論時（坦白說，我們還沒有開始討論），我們需要關注的是——如果我們要增加產能，那麼重點不是明年或後年的需求量，而是長期的需求量。所以我們已經將目標鎖定在十幾到十幾的水平，顯然，我們現在已經超過了這個水平，但這是我們長期投資的目標。

That's helpful, thank you. And then maybe relative to your position in enterprise SSDs. I think you gave some targets at the time of separation in terms of your ambitions in that market. Maybe give us an update on how the qualifications are going and as you look into the end of 2026 or 2027, what percentage of market share you might hope to attain and what -- how big of a part of the business that might be?

這很有幫助，謝謝。然後，這可能與你在企業級固態硬碟領域的定位有關。我認為當你分道揚鑣時，就你在該市場的抱負設定了一些目標。或許可以向我們介紹一下資格認證的進展情況，以及展望 2026 年底或 2027 年，您希望達到多少市場份額，以及這可能在業務中佔多大的比例？

Yes. So we're very, very happy with where the business is. It's driven by where the product portfolio is. We talked about our Stargate program, which is storage-based enterprise SSDs. We talked about that at our Analyst Day. Those products are now in customers' hands and starting qualifications, the 128T drives and we'll be moving up from there. Those are the part of the products where people are talking up -- talking to us already about supply several years out. So they feel good about the products.

是的。所以我們對公司目前的業務狀況非常非常滿意。這取決於產品組合的現狀。我們討論了我們的 Stargate 項目，這是一個基於儲存的企業級 SSD 項目。我們在分析師日上討論過這個問題。這些產品現在已經交付到客戶手中，並開始進行資格認證，首先是 128T 驅動器，我們將以此為基礎逐步提高產品規格。這些產品是人們熱議的領域——人們已經在和我們談論未來幾年的供應情況了。所以他們對這些產品感覺很好。

We feel good about the products. We also have our compute-focused enterprise SSD, which continues to do very well, and the number of customers deploying that continues to broaden. So all of the right things are happening to move the portfolio in the right direction and move how much we're shipping in the right direction. Look, I think you're going to see -- our plan is you're going to see increasing sales in this segment sequentially throughout FY '26.

我們對這些產品感到滿意。我們還有面向運算領域的企業級 SSD，該產品表現一直非常出色，部署該產品的客戶數量也不斷擴大。所以，所有正確的事情都在發生，這將推動產品組合朝著正確的方向發展，並推動我們的出貨量朝著正確的方向發展。你看，我認為你會看到——我們的計劃是，你會看到該細分市場的銷售額在 2026 財年內逐年增長。

I think we'll end the fiscal year in a strong position from an exit rate point of view. It's a bit of -- it's a difficult market right now to completely start talking about market share because the market is very dynamic. The market is -- it's almost like every week or 2, our estimates for calendar year '26 demand in the data center market move around and they're all moving up. When we were sitting here 3 months ago, we thought our forecast was data center exabytes would increase mid-20% level in '26.

我認為從退出率的角度來看，我們將在本財年結束時處於強勁的地位。現在市場瞬息萬變，很難全面討論市佔率。市場狀況是——幾乎每隔一兩週，我們對 2026 年資料中心市場需求的預測就會發​​生變化，而且都在上升。三個月前我們坐在這裡的時候，我們認為到 2026 年，資料中心 EB 等級資料量將增加 20% 左右。

We've now upped that to mid-40% in '26. So the market is moving very quickly. And what our goal is to get our fair share of that market. We think the product portfolio is exactly in the right spot. We think BiCS8 is absolutely the right node to drive that across performance and density. And you're going to see this whole story play out in the numbers as we move through calendar year '26.

到 2026 年，我們已經將這一比例提高到 40% 左右。所以市場變化非常快。我們的目標是獲得我們應有的市場份額。我們認為目前的產品組合定位非常適合。我們認為 BiCS8 絕對是能夠提升效能和密度的最佳節點。隨著我們進入 2026 年，你將會在數字中看到整個故事的發展。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks for, taking the question. Apologize for the background noise here. II guess my first question is just building on the last one, David, there's been a lot of discussion around hard disk drives being supply constrained and what seems to be kind of an inflecting AI narrative around enterprise SSDs. I'm curious how you assess kind of the enterprise SSD market opportunity relative to hard disk drives. Is that -- has your thought process changed at all? Have the shortages in hard drives on a nearline perspective driven any kind of change of engagements on those opportunities?

謝謝你回答這個問題。抱歉，背景噪音有點大。我想我的第一個問題只是在上一個問題的基礎上提出的，David，最近有很多關於硬碟供應受限的討論，以及似乎正在影響企業級固態硬碟的人工智慧敘事。我很想知道您如何評估企業級固態硬碟相對於機械硬碟的市場機會。也就是說──你的思考方式有改變嗎？從近線角度來看，硬碟短缺是否導致對這些機會的參與方式發生任何變化？

Yes. I mean my primary view on this, Aaron, as you know, we've talked about this for a long time, maybe years and years going back to when we ran both franchises is these are primarily complementary technologies in the cloud. And we're definitely seeing kind of the rising tide lifting all boats. And I do think you have a dynamic that with AI, more data is getting warmer and warmer data moves to enterprise SSDs. So I've always thought that both technologies are going to grow, and enterprise SSD is going to grow faster.

是的。我的意思是，亞倫，你知道，我對此的主要觀點是，我們已經討論這個問題很久了，可能很多年了，可以追溯到我們同時運營這兩個品牌的時候，那就是這些技術在雲端主要是互補的。我們現在確實看到水位上升帶動了所有船隻的提升。而且我認為，隨著人工智慧的發展，越來越多的數據變得越來越“溫暖”，越來越多的“溫暖”數據遷移到企業級固態硬碟上。所以我一直認為這兩種技術都會發展，而且企業級固態硬碟的發展速度會更快。

Is it a substitution question? Is it one or the other based on some shortages or tightness in one market versus the other over time. There could be some of that dynamic going on. But I think the long-term drivers for enterprise SSD are extremely strong in the data center. We're seeing more data being stored all the time. The value of data is going higher as it's being used to train more and more models.

這是一個替換題嗎？是因為隨著時間的推移，某個市場出現短缺或供應緊張，所以才選擇其中一個嗎？可能確實存在這種動態因素。但我認為，資料中心對企業級 SSD 的長期需求非常強勁。我們看到儲存的資料量一直在增加。隨著資料被用來訓練越來越多的模型，資料的價值也越來越高。

And now we're seeing the video creation models getting much, much more sophisticated and just driving even faster creation of data. So obviously, we're very bullish long term on the data center market. I think the NAND market is going through a very interesting transition right now. I mean calendar year '26 will be the first time that data center market is the largest market in NAND. That's always been the mobile market. And so we're seeing a major inflection there. The growth rate is higher.

現在我們看到影片創作模型變得越來越複雜，並且推動了資料創作速度的加速。顯然，我們非常看好資料中心市場的長期前景。我認為NAND市場目前正經歷著一個非常有趣的轉型期。我的意思是，2026 年將是資料中心市場首次成為 NAND 快閃記憶體最大市場。行動市場一直都是這樣。因此，我們看到那裡出現了一個重大轉折點。增長率更高。

It's now going to be the biggest segment of the market. And it's also -- from a customer point of view, it's a more diverse market. So I think that changes the dynamics of the way the conversations with customers, the way purchasing decisions are made, pricing, visibility. All those things, I think, are changing before our eyes as the data center market emerges as the largest market in NAND.

它現在將成為最大的市場份額。而且，從顧客的角度來看，這是一個更多元化的市場。所以我認為這改變了與客戶對話的方式、購買決策的製定方式、定價方式和可見性。我認為，隨著資料中心市場成為 NAND 最大的市場，所有這些事情都在我們眼前改變。

And the corollary to that is the customers behind that are -- if you look out at, there are 27 exabyte demand numbers we're talking about, they're very, very big numbers. So I think all that says, it's a very good market, very -- better visibility, growing visibility for enterprise SSD. Is some of that because of what's happening in HDD? Maybe it is, but I don't think that's the primary driver of what's going on here and what's going to happen over the next several years.

由此可見，背後的客戶群非常龐大——如果你仔細觀察，你會發現我們談論的是 27 艾字節的需求量，這的確是非常非常大的數字。所以我覺得所有這些都表明，這是一個非常好的市場，企業級 SSD 的知名度越來越高，知名度也不斷提高。部分原因是否與硬碟 (HDD) 中發生的事情有關？也許是這樣，但我認為這不是目前局勢以及未來幾年將要發生的事情的主要驅動因素。

Yes, that's very helpful. And then Luis, if I can, real quick. I mean, in your prepared comments, you alluded to seasonality or just be aware of seasonality into the March quarter. Can you kind of unpack that? What should we be thinking about? Are we down sequentially in the March quarter? It seems like pricing could continue to trend higher. And how do we think about kind of feathering out the start-up costs as we move forward? Thank you.

是的，這很有幫助。然後，如果可以的話，再快速地跟路易斯說幾句。我的意思是，在你事先準備好的演講稿中，你提到了季節性因素，或者只是提醒大家注意三月季度的季節性因素。你能解釋一下嗎？我們該考慮些什麼？我們三月的季度業績環比下降了嗎？價格似乎還會繼續上漲。那麼，隨著專案的推進，我們該如何逐步降低啟動成本呢？謝謝。

Yeah. So let me start with the last part of your question. Start-up costs, consistent with what we said in the last call, we went from $60 million last quarter to call it, $30 million this quarter to pretty much 0 going forward. So that's easy to put into your forecast. Now I don't want to guide into Q3, but I did want you to be careful as you build your models in Q3. If you look at historically, right?

是的。那麼，讓我先回答你問題的最後一部分。啟動成本，正如我們在上次電話會議中所說，從上個季度的 6000 萬美元，到本季度的 3000 萬美元，再到未來幾乎為零。所以很容易把它納入你的預測中。現在我不想深入探討第三季度，但我希望你們在第三季度建立模型時要小心。從歷史角度來看，對吧？

Our bits are down in Q3 somewhere around 12% to 14% sequentially. Now the dynamics in the market may be a little bit different because data center is stronger, and therefore, the mix of our portfolio is slightly different. But I want you to be careful and just assume that there is some seasonality, which is particularly important for us given that we have a stronger consumer business.

第三季我們的業務量較上季下降了約 12% 至 14%。現在，由於資料中心業務更加強勁，市場動態可能略有不同，因此，我們的投資組合組成也略有不同。但我希望你們謹慎一些，假設存在一定的季節性因素，這一點對我們來說尤其重要，因為我們擁有更強大的消費者業務。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you so much. I wonder if you could characterize some of this data center demand that you're seeing. Is there demand for QLC on the enterprise side? How much of it is QLC? And can you talk a little bit about how BiCS8 enables you to kind of increase your presence in that market?

太好了，非常感謝。我想請您描述一下您目前看到的資料中心需求的一些特徵。企業方面對QLC有需求嗎？其中有多少是QLC？您能否談談 BiCS8 如何幫助您提昇在該市場的份額？

Yes. Joe, I would say -- I don't have a split for you across QLC and TLC, but there's these 2 primary use cases, which is what we -- the compute enterprise SSD, which is a TLC faster interface. We have good demand for that across the -- across our customer base. We have a lot of customers coming in looking for upsides on that. And then you've got the storage class product, 128T is what we're qualifying, which is a QLC product.

是的。Joe，我想說——我沒有 QLC 和 TLC 的具體劃分，但主要有兩種使用場景，也就是我們所說的——計算企業級 SSD，它採用的是 TLC 更快的介面。我們整個客戶群對這種產品的需求都很好。有很多顧客前來諮詢這方面的優勢。然後是儲存級產品，我們正在認證的是 128T，它是一款 QLC 產品。

And BiCS8 QLC, very energy-efficient, high performance. So we think that node is extremely well positioned. In FY '26, I actually do have some numbers here, QLC going from 20% to 40% of the market by the end of our business by the end of FY '26. So definitely seeing strong growth in that storage category as that product gets qualified in the market.

還有 BiCS8 QLC，非常節能，性能優異。所以我們認為這個節點的位置非常好。2026 財年，我這裡確實有一些數據，QLC 的市佔率將在 2026 財年末從 20% 成長到 40%。因此，隨著該產品獲得市場認可，儲存類別無疑實現了強勁成長。

Great, thank you. And then as you describe the market, I would have to think that the fabs are all running full in NAND at this point, but you didn't mention underutilization expense. Do you think there's any incremental supply coming from the fact that people had underutilized the fabs earlier in the year? And just how does that affect your view of '26?

太好了，謝謝。根據你對市場的描述，我認為目前晶圓廠都在全力生產 NAND 閃存，但你沒有提到產能利用不足的成本。你認為今年早些時候人們沒有充分利用晶圓廠，這是否會帶來一些額外的供應？那麼，這會對你對 26 年的看法產生怎樣的影響呢？

Yeah. We've moved to 100% utilization, Joe. So fabs are running at full capacity, and we keep on pushing them to produce as much as we can because as you've seen, inventories are down very meaningfully. So yes, we're running full capacity, Joe.

是的。喬，我們已經實現了100%的產能利用率。所以晶圓廠都在滿載運轉，而且我們會繼續推動它們盡可能多地生產，因為正如你所看到的，庫存已經大幅下降。是的，我們已經滿載運轉了，喬。

So Joe, just to put some numbers around it, I mean, we see supply growth -- we saw supply growth in calendar year '25 of about 8%. We see it at about 17% in '26. We see demand -- constrained demand around 14% because that's what -- mid-teens because that's what -- that's all that's out there from a supply point of view. But unconstrained demand is in the -- literally, a couple of weeks ago, we thought it was 20%, it's probably mid-20s by now. So we see the supply pretty much being able to service that kind of mid-teens level demand for '26.

所以喬，為了更直觀地說明這一點，我的意思是，我們看到供應成長——我們在 2025 年日曆年看到了大約 8% 的供應成長。我們看到，2026 年這一比例約為 17%。我們看到需求——受限的需求在 14% 左右，因為這就是——十幾個百分點，因為這就是——從供應的角度來看，這就是全部了。但不受限制的需求——實際上，幾週前我們認為它是 20%，現在可能已經達到 20% 左右了。因此，我們看到供應基本上能夠滿足 2026 年十幾歲左右的需求。

Okay, thank you.

好的，謝謝。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Hi, thanks for taking my question and Congrats on a great quarter. So just digging a bit deeper into the supply-demand dynamic. It seems like things are going great. I wondered if you could give us a little bit more clarity on the portion of your contracts that are shorter term versus longer term? Because obviously, longer-term contracts, as was discussed a little bit earlier, has a lot of positives in terms of giving you more confidence in the demand for longer term.

您好，感謝您回答我的問題，並祝賀您本季業績出色。所以，讓我們更深入地探究一下供需動態。一切似乎都很順利。我想請您更詳細地說明一下，您的合約中哪些部分是短期合同，哪些部分是長期合約？因為很明顯，正如前面討論過的，長期合約有很多積極作用，可以讓你對長期需求更有信心。

But on the other hand, when you're talking about pricing, some of the pricing data out there is inflecting up significantly right now, but longer-term contracts may not actually inflect obviously, because they're longer-term contracts. So I just wondered if you could break out for us what portion would be shorter term, say, a quarter or less or what portion would be six quarters would be useful? And I have a follow-up on HBF as well.

但另一方面，談到定價時，目前一些定價數據明顯上漲，但長期合約的價格可能不會明顯上漲，因為它們是長期合約。所以我想知道，您能否幫我們區分一下，哪些部分適合短期使用，例如一個季度或更短時間，哪些部分適合使用六個季度？我還有關於HBF的後續問題。

Yeah. Thank you for the question. Yes. So we don't have volume -- we have very little volume price commitments that are beyond a quarter. So that's -- what we referred to in our prepared remarks is what we are hearing now from some of our very strategic customers, very large customers is they want assurance on supply. So they have approached us willing to start some of those conversations to see if there is a volume price commitment that we can agree for the year, potentially for longer. So we're going through that process. But today, as things stand, we have very, very little volume and price commitments that expand a quarter.

是的。謝謝你的提問。是的。所以我們沒有交易量——我們很少有超過一個季度的交易量和價格承諾。所以，我們在事先準備好的發言稿中提到的，就是我們現在從一些非常重要的策略客戶、非常大的客戶那裡聽到的，他們希望得到供應方面的保證。因此，他們主動聯繫我們，願意展開一些對話，看看我們是否可以就一年的用量價格達成一致，甚至有可能達成更長的協議。所以我們正在經歷這個過程。但就目前情況而言，我們幾乎沒有任何銷售量和價格承諾能夠實現季度成長。

Okay, great. Thanks for that. And then if you could give any more clarity on the road map for HBF, high-bandwidth flash. You discussed earlier in the prepared remarks about starting to work with some customers. Any updates on potential time line there? Thanks very much.

好的，太好了。謝謝。然後，您能否進一步闡明 HBF（高頻寬快閃記憶體）的發展路線圖？您在先前的發言稿中談到了開始與一些客戶合作的問題。關於可能的時間安排，有任何最新消息嗎？非常感謝。

So we're on -- we announced a time line last quarter of having the memory later in '26 and then having the controller for that in '27 we're still working towards that time line. We have a robust set of customer conversations going, looking at use cases, both in edge and cloud of how that product can be integrated into the architectures that customers are building across those -- across devices and the cloud.

所以，我們目前正朝著這個目標努力——上個季度我們宣布了時間表，計劃在 2026 年晚些時候推出內存，然後在 2027 年推出相應的控制器，我們仍在朝著這個時間表努力。我們正在與客戶進行一系列深入的對話，探討邊緣和雲端環境下的使用案例，以及如何將產品整合到客戶正在建構的跨裝置和雲端架構中。

So we're very optimistic about the technology and where it's headed and the use cases, and we continue to do the work on the technology and have a good set of conversations with a number of customers about how it can be deployed and zeroing in on the use cases, which helps you really dial in all the requirements. So work in progress.

因此，我們對這項技術及其發展方向和應用場景非常樂觀，我們將繼續致力於這項技術的研究，並與許多客戶就如何部署這項技術以及應用場景進行深入的交流，這有助於我們真正確定所有需求。還在進行中。

Great, thanks very much.

太好了，非常感謝。

Thank you.

謝謝。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes, thank you. I have 2 as well, please. As you seek to qualify more hyperscalers on your enterprise SSD portfolio, would you anticipate simply transitioning client and edge wafer capacity to enterprise? Or would that come primarily from new capacity coming online on your K2 fab?

是的，謝謝。我也有兩個，謝謝。當您尋求將更多超大規模資料中心納入您的企業級 SSD 產品組合時，您是否預期會簡單地將用戶端和邊緣晶圓產能轉移到企業級？還是這主要來自你們 K2 晶圓廠新增的產能？

No. Look, we're always -- again, we're growing bits all the time because we're growing with the market, and we do not plan to add capacity for any particular market. It will simply be a mix question either on a quarter-by-quarter basis or if there's -- obviously, if we get to the point where there's longer-term commitments, then we'll have more visibility into what that mix is going to look like. But as I've talked about quite a bit, our whole goal is as much optionality as possible and then mix for the best financial return in any given quarter with the supply we have available.

不。你看，我們一直在——再說一遍，我們一直在擴大規模，因為我們與市場一起發展，我們不打算為任何特定市場增加產能。這只是一個按季度劃分的組合問題，或者——顯然，如果我們有長期承諾，那麼我們就能更清楚地了解這種組合會是什麼樣子。但正如我多次談到的，我們的目標是盡可能地擁有更多選擇，然後根據我們現有的供應量，在任何給定的季度內進行組合，以獲得最佳的財務回報。

Got it, thank you. David, for my follow-up. For my follow-up, I guess, how should we think about cost declines going into the December quarter? And if we zoom out, is it fair to assume cost declines can approach, I suppose, high teens as you transition aggressively toward BiCS8? Thank you.

明白了，謝謝。大衛，請你跟進。我的後續問題是，我們應該如何看待進入 12 月季度後的成本下降？如果我們從更宏觀的角度來看，隨著積極向 BiCS8 過渡，成本下降幅度是否可以接近（我猜）十幾個百分點？謝謝。

Yeah. We stopped talking about cost declines a while back, as you know, but we'll give you some -- a little bit of maybe runway lights around it. So we're coming out of a period where we've had quite a bit of cost headwinds in the business, and we've been pretty clear about that over the last several quarters. And now we're transitioning to the BiCS8 ramp. We're getting the underutilization costs behind us.

是的。如你所知，我們已經有一段時間不再談論成本下降的問題了，但我們會給你一些——或許可以給你一些相關的提示。所以，我們只是走出了一段面臨相當大的成本壓力的時期，在過去的幾個季度裡，我們已經非常明確地表達了這一點。現在我們正在過渡到 BiCS8 階段。我們正逐步消除產能利用不足所造成的成本。

We're getting the fab start-up costs behind us. So in the December quarter, those cost headwinds turn into cost tailwinds, which is a great place to be. As we ramp BiCS8, we'll continue to get some cost out of it. But again, the costs are more idiosyncratic on a quarter-by-quarter basis. And we don't want to put an overall number out there, but the numbers you're talking about are pretty aggressive, too aggressive.

我們已經克服了啟動資金方面的困難。因此，在 12 月季度，這些成本逆風會變成成本順風，這是一個很好的情況。隨著 BiCS8 的逐步推廣，我們將繼續從中獲得一些成本優勢。但同樣，每季的成本波動性更大。我們不想公佈一個具體的數字，但你提到的數字相當激進，太激進了。

Yeah, Karl, our focus is obviously on driving our gross margin, and we feel good about the progress we're making here, right? We added whatever, 350 basis points quarter-over-quarter, 720 basis points in 2 quarters. Still, you would say we're 4 quarters below our model. So we need to get several quarters ahead of that number. But we're very focused on gross margin and driving that up.

是的，卡爾，我們顯然專注於提高毛利率，我們對目前的進展感到滿意，對吧？我們增加了，季度環比增加了 350 個基點，兩個季度增加了 720 個基點。不過，您仍然會說我們比預期低了 4 個季度。所以我們需要提前幾季實現這個目標。但我們非常注重毛利率，並致力於提高毛利率。

Very clear, thank you.

非常清楚，謝謝。

Mehdi Hosseini, SIG.

Mehdi Hosseini，SIG。

Yes, sir, thanks for taking my questions. Two follow-ups. What's the update on the UltraQLC 256TB? I think last earnings call; you said that you have a Tier 1 data center customer that should be ramping in the first half of calendar year. And what's the update there? And I have a follow-up.

是的，先生，謝謝您回答我的問題。兩次後續跟進。UltraQLC 256TB 有什麼最新進展嗎？我記得在上次財報電話會議上，您提到您有一位一級資料中心客戶，該客戶應該會在今年上半年開始擴大規模。那邊有什麼最新進展嗎？我還有一個後續問題。

No, that was the 128 that we're going to be ramping in calendar year '26, and we'll move -- that 256 is a -- will start hitting the market mid- to late next year and ramp the following year is the most likely timing for that. Again, I want to be careful getting into product timing that's not announced. But the qualification that's going on across Stargate right now is the 128T drives.

不，那是我們將在 2026 年開始量產的 128 型，而 256 型——最有可能的時間是明年年中到年末開始上市，並在後年開始量產。再次強調，對於尚未公佈的產品上市時間，我建議謹慎行事。但目前星際之門正在進行的資格認證是針對 128T 驅動器的。

Okay. So you have one customer for 128 that should be ramped in the first half of calendar year.

好的。所以你有一個客戶，需求量為 128，應該在今年上半年逐步增加。

We have multiple customers under qualification now. We have customers lined up for qualifications next year and you'll see ramping as -- qualifications can take quite a bit of time, as you know, several quarters. So you'll start to see the ramp of that product mid next year. Across all of our enterprise SSD portfolio, we're working with, as we said in the prepared remarks, 5 hyperscalers across all the different technology we're building. So we feel very good about there's much broader adoption that goes -- it happens quarter-over-quarter.

我們目前有多位客戶正在接受資格審查。我們已經安排了一些客戶參加明年的資格認證，你會看到業務逐步增長——正如你所知，資格認證可能需要相當長的時間，好幾個季度。所以，明年年中你會看到該產品開始逐步上市。正如我們在準備好的演講稿中所說，在我們所有的企業級 SSD 產品組合中，我們正在與 5 家超大規模資料中心營運商合作，涵蓋我們正在建立的所有不同技術。因此，我們對更廣泛的採用感到非常滿意——這種採用是逐季進行的。

And as a follow-up, assuming that there won't be much of a wafer capacity add at the JV, should we assume that as this 5 as the 128 terabyte ramps middle of next year, you would allocate more bits towards the customers, and therefore, there will be a more accelerated mix shift towards the cloud mix?

作為後續問題，假設合資企業不會大幅增加晶圓產能，我們是否可以假設，隨著 128 TB 晶圓產能於明年年中逐步提升，你們會將更多容量分配給客戶，因此，雲端儲存比例的轉變速度會更快？

Yes. I mean we don't want to get too far ahead of ourselves on forecasting quarters. But that's -- what I said is you're going to see sequential growth in our data center portfolio throughout fiscal year '26. And so you can assume you're going to see an exabyte shift in that direction as well.

是的。我的意思是，我們不想在預測季度業績方面過於超前。但是－我之前說過，在整個 2026 財年，你們將會看到我們的資料中心組合持續成長。因此，你可以預見到資料量也將朝著這個方向發生EB級（EB）的轉變。

And remember, even if we don't produce more wafers, those BiCS8 wafers contain a lot more bits, right? So that productivity allows you to produce more bits and therefore, to supply more of our customers.

記住，即使我們不生產更多的晶圓，這些 BiCS8 晶圓也包含更多的比特，對吧？這樣一來，生產效率的提升就能讓你生產出更多的產品，進而為更多的客戶提供產品。

Got it. Thank you.

知道了。謝謝。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Hi, thanks for taking my questions. It's Ruplu filling in for Wamsi today. I have 2, one for Dave on bit growth. Dave, you had strong mid-teens bit growth in the first quarter. Can you talk about how you're thinking about bit growth across the different markets, data center, client, consumer in the second half? And you talked about some products in allocation. Should we assume that's across the product line? And I'm assuming all of these orders are noncancelable. So any comments on the expected growth by end market in the second half and which products are in allocation? And I have a follow-up for Luis on margins.

您好，感謝您回答我的問題。今天由 Ruplu 代替 Wamsi 主持節目。我有兩份，一份是給Dave的，關於比特增長。戴夫，你第一季的比特成長強勁，達到了十幾個百分點。您能否談談您如何看待下半年不同市場（資料中心、客戶端、消費者）的比特成長？你也談到了一些產品分配問題。我們是否可以認為這種情況適用於整個產品線？我假設所有這些訂單都不可取消。那麼，對於下半年終端市場的預期成長以及哪些產品將被納入分配範圍，您有什麼看法？我還有一個關於利潤率的問題想問路易斯。

Do you want to take that one? You want me to --

你想選那個嗎？你想讓我--

I can. Yeah. So we feel good about our growth across segments. Obviously, data center is the segment, the end market that's growing the fastest. And therefore, we expect to grow there faster in the back half, as David alluded to at the beginning. But we do expect to continue to make progress on both the consumer and the edge market. So I would say our growth will be a little bit heavier on or higher on the data center end market.

我可以。是的。因此，我們對各業務板塊的成長感到滿意。顯然，資料中心是成長最快的細分市場和終端市場。因此，正如大衛在開頭提到的那樣，我們預計下半年在那裡的成長速度會更快。但我們預計在消費者市場和邊緣運算市場都將繼續取得進展。所以我認為，我們的成長將更依賴資料中心終端市場。

Okay. Okay. That's helpful. And Luis, if I can follow up on margins. It looks like you said in the first quarter, ex the start-up cost and underutilization, the gross margin would have been 33.1%. You're guiding at the midpoint of about 900 bps -- sorry, yes, a very strong 900 bps of growth in sequentially. So can you talk about what are the factors that are going into there?

好的。好的。那很有幫助。路易斯，如果我能跟進利潤率的話。正如你所說，在第一季度，扣除啟動成本和未充分利用成本後，毛利率將達到 33.1%。你們的指導價位在 900 個基點左右——抱歉，是的，環比增長非常強勁，達到了 900 個基點。那麼，您能談談影響這些因素的因素嗎？

Should we expect another round of price increases? What is the factor -- how much is mix a factor to that? And I think you said there are no more underutilization costs and you're not talking about cost down. So are these the only 2 factors? Or is there FX or some other thing also that is impacting margins, which you've got a very strong guide.

我們是否應該預期會出現新一輪的價格上漲？影響因素是什麼？混合因素在其中究竟扮演了多大角色？我認為你說過不再存在未充分利用成本，而且你指的也不是降低成本。所以只有這兩個因素嗎？或者，外匯或其他因素也會影響利潤率？您在這方面有非常明確的指導。

Yes. If you are comparing the 33% versus the 41%, 43%, you are comparing that already excluding start-up costs underutilization. So you're looking at it the right way. I would say the majority of that is the pricing that we're implementing. In my prepared remarks, I mentioned that during the quarter, we saw an improvement in pricing during the quarter. So the margins at the end of the quarter were better than the margins at the beginning of the quarter, and we expect that to continue.

是的。如果你比較的是 33% 和 41%，那麼你比較的已經是 43% 了，而這還不包括啟動成本和未充分利用的情況。所以你的想法是對的。我認為其中大部分原因是我們正在實施的定價策略。我在事先準備好的發言稿中提到，本季我們看到價格有所改善。因此，季度末的利潤率高於季度初的利潤率，我們預計這種情況會持續下去。

So pricing is a key driver of that. And obviously, as we shift more into BiCS8, we'll see lower cost per gigabyte. Again, that's not an area we want to spend a ton of time talking about, but we do see a little bit of a benefit there. So combine the two, we feel good about our gross margin expansion, which should continue.

因此，價格是關鍵驅動因素。顯然，隨著我們更多地採用 BiCS8，每 GB 的成本將會降低。再說一遍，這不是我們想花太多時間討論的領域，但我們確實看到了其中的一些好處。綜上所述，我們對毛利率的成長感到滿意，而且這種成長動能應該會持續下去。

Thanks for all the details. Appreciate it. Thank you.

謝謝你提供的所有細節。謝謝。謝謝。

Asiya Merchant, Citigroup. Please go ahead.

阿西婭·默錢特，花旗集團。請繼續。

Great, thanks for taking my question. Can I just clarify on the guide at the midpoint, I think it's 2.6%, and I think that's up like low double digits. I thought pricing in itself was up low double digits. So if you could just clarify that for us and you're still looking for bit growth unless I'm missing something here in my calculation. Then I have a follow-up. Thank you.

太好了，謝謝你回答我的問題。我能否確認一下中間點的指導價，我認為是 2.6%，我認為這相當於兩位數的低點漲幅。我原以為價格本身已經漲了兩位數。所以，如果您能為我們澄清一下，並且您仍然在尋找比特增長，除非我的計算中遺漏了什麼，那就太好了。然後我還有一個後續問題。謝謝。

Yeah, it depends on whether you're looking at the midpoint, the high point, the low point. But yes, we expect pricing to be double digit, and we expect some low single-digit bit growth, as we mentioned in our guide. Inventory levels are low, as you've seen. That's kind of the construct, right? So depending on which range you're looking at, that would be the combination of bits versus pricing. So I think the key message is most of the growth in revenue will be pricing driven in the quarter.

是的，這取決於你關注的是中點、高點還是低點。是的，我們預計價格將達到兩位數，正如我們在指南中提到的那樣，我們預計位元成長將達到個位數。正如你所看到的，庫存水準很低。這就是大致的結構，對吧？所以，這取決於你所關注的範圍，那就是比特數與價格的組合。所以我認為關鍵訊息是，本季的大部分收入成長將由價格因素驅動。

Okay. And then just for my follow-up, a lot of questions on the data center. But just wanted to -- if I heard David correctly on the edge, the client PC and the mobile phones, just the confidence as we look into calendar '26 on the growth there. I think some of the expectations on unit growth were a little bit higher than maybe some industry is forecasting. So just if you could click on what's driving the confidence there on the edge devices, particularly PCs and mobile phones. Thank you.

好的。然後，我還有一些後續問題，是關於資料中心的。但我想說的是——如果我沒聽錯大衛的話，關於邊緣、客戶端 PC 和手機，當我們展望 2026 年日曆時，我們對這些領域的成長充滿信心。我認為，有些人對單位成長的預期可能比某些產業的預測要高一些。所以，如果您能點擊了解一下是什麼因素增強了人們對邊緣設備（尤其是個人電腦和手機）的信心，那就太好了。謝謝。

Yes. I mean -- so phones, we've got units up slightly, but content per unit up double digits. So that's a strong number across [1.2x] billion units. And then you got PCs basically flat to slightly up, and then we got average capacity up, mid-single digits. So you've got -- that's good exabyte growth across those markets. And then on top of that, you've got what we've talked a lot about with the exabyte growth in data center. But there's one of the great things about the NAND market. It's very diversified.

是的。我的意思是——手機銷量略有上升，但每部手機的內容量卻增加了兩位數。所以，銷量達到了12億台，這是一個非常強勁的數字。然後個人電腦價格基本上持平或略有上漲，平均容量也上漲了，漲幅在個位數中段。所以，這些市場都實現了良好的EB級成長。除此之外，還有我們之前多次提到的資料中心EB級資料成長問題。但NAND市場也有一個非常棒的特色。它非常多元化。

NAND plays everywhere. There are these three very large pillars in the market. And we're seeing growth out of all of them and really very, very strong growth out of the data center, as we've talked about. And again, as I said earlier, it's just very interesting to see the data center now emerge as on an exabyte basis in '26 will be the largest market in NAND. And I think that's bringing some fundamental change to the way the market works. And I think we're going to see that play out over the next couple of quarters.

NAND快閃記憶體應用廣泛。市面上有這三大支柱。我們看到所有這些領域都在成長，正如我們之前討論過的，資料中心的成長尤其強勁。正如我之前所說，現在看到資料中心以EB為單位崛起，到2026年將成為NAND快閃記憶體最大的市場，這非常有趣。我認為這將為市場運作方式帶來一些根本性的改變。我認為接下來的幾個季度我們將看到這種情況發生。

Great, thank you.

太好了，謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I just had one question for Dave. I guess I'm trying to figure out like how some of these long-term agreements might play out. I mean it seems like we're at a historic impasse with NAND and the demand coming from the cloud guys. So I don't know if you want to give any of this away, David, but like is there any kind of values that we should think about in these negotiations, whether it's sharing of cyclical risk, sharing of cash, CapEx, things like that? Anything you could sort of talk about? And then how does that trickle down to like customers that aren't lucky enough to be able to have longer-term supply agreements? Thanks.

您好，下午好。我只想問戴夫一個問題。我想弄清楚的是，這些長期協議最終會如何落實。我的意思是，NAND快閃記憶體和雲端運算領域的需求似乎陷入了歷史性的僵局。所以，大衛，我不知道你是否願意透露這些訊息，但是，在這些談判中，我們是否應該考慮一些價值觀，例如分擔週期性風險、分擔現金、資本支出等等？有什麼可以聊聊的嗎？那麼，對於那些沒有足夠幸運簽訂長期供應協議的客戶來說，這種影響又該如何體現呢？謝謝。

So Steven, I think it's a little early to get into that level of detail. I think the key issue is that it's the customers reaching out to us, right? And as I've said a couple of times on this call, as data center emerges as the largest market -- and again, all the markets are very, very important and all the customers are very important. But as these really big players are looking at their road maps and looking at their businesses, they're proactively reaching out now all the way into '27 and want to talk to us about supply across our portfolio. So it is just a different dynamic. I think we're working to have conversations with them to understand what those relationships could look like.

所以史蒂文，我覺得現在討論到那種細節還太早。我認為關鍵在於客戶主動聯絡我們，對嗎？正如我在這次電話會議上多次提到的，隨著資料中心成為最大的市場——再次強調，所有市場都非常非常重要，所有客戶都非常重要。但隨著這些真正的大公司審視他們的發展路線圖和業務，他們現在正積極主動地與我們聯繫，一直到 2027 年，並希望與我們討論我們產品組合中的供應問題。所以這只是不同的動態而已。我認為我們正在努力與他們進行對話，以了解這些關係可能會是什麼樣子。

It's very welcome. Again, as I said earlier, we have to make very long-range decisions when we spend money, and we're certainly have an enormous R&D capacity that's working on 2 or 3 nodes in the future for -- to drive growth in this technology. So we're making very long-term investments and to see our customers proactively -- and what is becoming the largest customers proactively reaching out and talking about multiyear supply dynamics is, I think, a very healthy sign. Exactly how that's going to get worked out, I think it's a stay tuned kind of message. We're kind of in the early stages of those conversations.

非常歡迎。正如我之前所說，我們在花錢時必須做出長遠的決策，而且我們確實擁有巨大的研發能力，致力於未來 2 到 3 個節點的研發，以推動這項技術的發展。因此，我們正在進行長期投資，看到我們的客戶積極主動地——而且是最大的客戶——主動聯繫我們，討論多年的供應動態，我認為這是一個非常健康的跡象。至於具體如何解決，我想只能說是敬請期待了。我們目前還處於這些對話的初期階段。

Got it. Fair enough. Thank you very much.

知道了。很公平。非常感謝。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. I had two of them. First one, Dave or Luis, your data center revenues grew very nicely. I'm just wondering, is there a way to figure out how much of that is related to AI data center and neocloud versus traditional cloud? Is there a way to put a percentage around it? Or is it all majority AI? And then I had a follow-up.

你好，謝謝你回答我的問題。我有兩個。首先，Dave 或 Luis，你們的資料中心收入成長非常可觀。我只是想知道，有沒有辦法弄清楚其中有多少與人工智慧資料中心和新雲端有關，又有多少與傳統雲端有關？有沒有辦法用百分比來表示它？或者說，這一切都是人工智慧在主導？然後我還有後續跟進。

Yes. I would say it's majority AI-driven growth.

是的。我認為這主要是人工智慧驅動的成長。

Got it. And then I think, David, you kind of talked about a 40% growth next year for data center exabytes and then even better growth in '27. I'm just curious, is that the right way to think about it, data centers is a 300-plus exabyte market this year going to mid-400 to 600 plus in '27?

知道了。然後我想，David，你之前提到明年資料中心EB（億位元組）將成長40%，而2027年成長會更好。我只是好奇，這樣想是否正確：資料中心市場今年將達到 300 EB 以上，到 2027 年將達到 400 EB 到 600 EB 以上？

Yes. We've got it as a high 300s number for '26. So that's healthy growth over what we saw in '25. Remember, going back to '24, we saw 130% year-over-year growth in that market. That was a 200 -- like around a 230 number, followed up by high teens in '25, and we're going to put on top of that a mid-40s number in '26. So yes, it's healthy growth in that market. And as I said, we're seeing those customers really start to change the dynamics of kind of structurally how we think about this whole supply-demand (technical difficulty) More to come.

是的。我們估計 2026 年的數字會達到 300 以上。所以，與 2025 年相比，這是一個健康的成長。請記住，回顧 2024 年，該市場實現了 130% 的同比增長。那是一個 200——大概是 230 左右的數字，緊接著是 2025 年的十幾，我們還要在此基礎上，在 2026 年達到 40 多的數字。所以，是的，該市場實現了健康成長。正如我所說，我們看到這些客戶正在真正改變我們對整個供需關係的結構性思考方式（技術難題）。更多內容敬請期待。

Nam Kim, Arete Research.

Nam Kim，Arete Research。

Thanks for taking my question. I also have 2 questions on HBF. I know it's still early, but how do you see the long-term growth potential? And can you provide any qualitative color or early market sizing? And then second, how are you approaching this given competitors' greater TSV stacking experience from HBM? What competitive advantage do you think Sandisk can bring to HBF? Thank you.

謝謝您回答我的問題。關於HBF，我還有兩個問題。我知道現在下結論還為時過早，但您如何看待其長期成長潛力？您能否提供一些定性的顏色資訊或早期的市場尺寸資料？其次，考慮到競爭對手在 HBM 方面擁有更豐富的 TSV 堆疊經驗，你們是如何應對的？你認為閃迪能為HBF帶來哪些競爭優勢？謝謝。

Yes. So I think on both of those questions, I'm going to defer. We'll talk more about the market potential and kind of the TAM numbers and all the things you're talking about. I mean, just to reinforce, this is an inference-based solution. We're not going after the model training side. We're not trying to replace HBM in that market. But we do believe there's a very large opportunity in the inference market, especially on the device market, given the footprint of what the density we can get out of flash.

是的。所以，關於這兩個問題，我決定暫且擱置。我們會更詳細地討論市場潛力、TAM（總市場規模）數據以及你提到的所有相關內容。我的意思是，再次強調一下，這是一個基於推理的解決方案。我們不打算攻克模型訓練方面的問題。我們並不是想取代HBM在該市場的地位。但我們相信，考慮到快閃記憶體所能達到的密度，推理市場，尤其是設備市場，存在著巨大的機會。

As far as what is the -- what is our competitive advantage, again, I think we'll wait on that as well. We've done a lot of work on the actual NAND design itself. And I think I said this a couple of quarters ago. I mean one way to think about it is NAND designers are always thinking about how they expand density. That's like been the number one thing. How do I get more bits out of how I design NAND.

至於我們的競爭優勢是什麼，我想我們還是等等再說吧。我們已經對 NAND 快閃記憶體本身的設計進行了大量工作。我想我兩三個季度前就說過這話了。我的意思是，換個角度想，NAND 設計人員一直在思考如何提高儲存密度。這簡直是頭等大事。如何提高NAND快閃記憶體的設計效率？

And when you actually start asking folks to start thinking about, well, how do I get higher bandwidth, all these kinds of questions, it turns out you can do -- how do I make the technology more durable. We've been thinking about those questions now for several years and have some design innovations, let's say, that we think make HBF a very compelling technology, but we're not ready to talk about what those are publicly.

當你真正開始讓人們思考，例如如何獲得更高的頻寬，以及所有這些問題時，你會發現你可以做到——如何讓這項技術更加耐用。我們已經思考這些問題好幾年了，並且有一些設計創新，可以說，我們認為這些創新使 HBF 成為一項非常有吸引力的技術，但我們還不准備公開談論這些創新是什麼。

Okay, thank you.

好的，謝謝。

Mark Miller, The Benchmark Co.

Mark Miller，基準公司

Thank you for the question and congrats on a great quarter and great outlook. Just with the strong sequential growth you've seen in data center, do you think you're picking up share there?

感謝您的提問，並祝賀您本季業績出色，前景一片光明。僅憑資料中心業務的強勁成長勢頭，您認為貴公司正在該領域搶佔市場份額嗎？

Yeah. We think we're growing faster than the market is growing, right? And we think we're going to see that throughout the fiscal year.

是的。我們認為我們的成長速度比市場成長速度更快，對嗎？我們認為這種情況會在整個財政年度持續下去。

Okay, thank you.

好的，謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to David for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給大衛，請他作總結發言。

Okay. I just want to thank everybody for joining the call, all the great questions. We look forward to talking to you throughout the quarter. Thanks again.

好的。我只想感謝所有參加電話會議的人，以及大家提出的所有精彩問題。我們期待在本季與您保持溝通。再次感謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。