泰瑞達 (TER) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Q2 2025 Teradyne Inc earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 2025 年第二季 Teradyne Inc 收益電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Traci Tsuchiguchi. Please go ahead.

現在我想將會議交給主持人 Traci Tsuchiguchi。請繼續。

Thank you, operator. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results. I'm joined this morning by our CEO, Greg Smith, and our CFO, Sanjay Mehta. Following our opening remarks, we'll provide details on our performance for the second quarter of 2025 and our outlook for the third quarter of 2025. The press release containing our second quarter results was issued last evening.

謝謝您，接線生。大家早安，歡迎參加我們對泰瑞達最新財務表現的討論。今天上午，我們的執行長 Greg Smith 和財務長 Sanjay Mehta 也和我一起出席了會議。在我們的開場白之後，我們將詳細介紹 2025 年第二季的業績以及 2025 年第三季的展望。包含我們第二季業績的新聞稿已於昨晚發布。

The slides as well as a copy of this earnings script are on the Investor Page of the Teradyne website. Replays of this call will be available via the same page after the call ends. The matters that we discuss today will include forward-looking statements that involve risks that could cause Teradyne's results to differ materially from management's current expectations. We caution listeners not to place undue reliance on any forward-looking statements included in this presentation. We encourage you to review the safe harbor statement contained in the slides accompanying this presentation as well as the risk factors described in our annual report on Form 10-K for the fiscal year ending December 31, 2024, on file with the SEC.

該投影片以及收益腳本的副本位於 Teradyne 網站的投資者頁面上。通話結束後，可在同一頁面上重播本次通話。我們今天討論的事項將包括前瞻性陳述，其中涉及的風險可能導致泰瑞達的業績與管理層目前的預期有重大差異。我們提醒聽眾不要過度依賴本簡報中的任何前瞻性陳述。我們鼓勵您查看本簡報附帶的幻燈片中的安全港聲明以及我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的財政年度的 10-K 表格年度報告中描述的風險因素。

Additionally, these forward-looking statements are made only as of today, and we do not undertake any obligation to update forward-looking statements to reflect subsequent events or circumstances, except to the extent required by law.

此外，這些前瞻性陳述僅截至今天作出，我們不承擔更新前瞻性陳述以反映後續事件或情況的任何義務，除非法律要求。

During today's call, we will refer to non-GAAP financial measures. We have posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measures were available on the Investor page of our website. Looking ahead between now and our next earnings call, Teradyne expects to participate in technology or industrial-focused investor conferences hosted by Evercore, KeyBanc, Citi Group in Goldman Sachs. Our quiet period will begin at the close of business on September 19, 2025. Following Greg and Sanjay's comments this morning, we'll open up the call for questions. This call is scheduled for one hour.

在今天的電話會議中，我們將參考非公認會計準則財務指標。我們已發布有關這些非 GAAP 財務指標的更多信息，包括與最直接可比的 GAAP 財務指標的對賬，這些資訊可在我們網站的投資者頁面上找到。展望從現在到我們下次財報電話會議期間，泰瑞達預計將參加由 Evercore、KeyBanc、花旗集團和高盛主辦的技術或工業重點投資者會議。我們的靜默期將於 2025 年 9 月 19 日下班後開始。根據格雷格和桑傑今天上午的評論，我們將開始提問。此次通話預計可持續一小時。

Greg?

格雷格？

Thanks, Traci. Good morning, everyone, and thanks for joining us. Today, I'll discuss our second quarter results and provide an update on what we're seeing across our businesses. Sanjay will then provide more detail on our second quarter results and third quarter guidance.

謝謝，特蕾西。大家早安，感謝大家的參與。今天，我將討論我們的第二季業績並提供我們業務的最新進展。隨後，桑傑將提供有關我們第二季業績和第三季指引的更多詳細資訊。

Through the second quarter, end market trends noted in prior quarters were generally consistent with strengthening second half. Strength in AI compute is more than offsetting lower demand in auto and industrial end markets. Pockets of improvement in mobile are driven more by customer-specific dynamics than an uptick in the end market demand. Visibility is starting to improve.

在整個第二季度，前幾季出現的終端市場趨勢整體與下半年的增強趨勢一致。人工智慧運算的優勢足以抵消汽車和工業終端市場需求的下降。行動領域的改進更多是由客戶特定的動態驅動的，而不是終端市場需求的上升。能見度開始改善。

In terms of capacity utilization, we believe that we have turned the corner towards more new system sales rather than selling upgrades of existing idle mobile capacity for new compute and mobile applications. Demand is strengthening in AI compute, and we are seeing a broadening of opportunities where Teradyne and especially the UltraFLEXplus is getting strong consideration in areas where we have not historically had a seat at the table.

在產能利用率方面，我們相信我們已經轉向更多新系統銷售，而不是銷售現有閒置行動容量的升級版以用於新的運算和行動應用程式。人工智慧運算的需求正在增強，我們看到機會不斷擴大，Teradyne，尤其是 UltraFLEXplus，在我們過去從未涉足的領域得到了強烈的關注。

While new program and new test insertions can drive a lumpy order pattern, we are optimistic about the opportunities on our horizon. In the second half of 2025, we expect AI compute to be the dominant driver of our SoC business. The long-term themes we've discussed, AI, verticalization and electrification remain intact with AI and verticalization emerging as the primary growth drivers in the near term.

儘管新程序和新測試的插入可能會導致訂單模式不穩定，但我們對未來的機會持樂觀態度。到 2025 年下半年，我們預計 AI 運算將成為我們 SoC 業務的主要驅動力。我們討論過的長期主題——人工智慧、垂直化和電氣化——保持不變，人工智慧和垂直化將成為短期內的主要成長動力。

Our Q2 results reflect the evolving composition of our business. In the past, the typical seasonality in our revenue was heavily driven by consumer mobile demand. This has now been superseded by the waves of demand driven by specific customer program ramps in AI compute. These have no correlation to consumer holiday buying patterns.

我們第二季的業績反映了我們業務結構的變化。過去，我們收入的典型季節性很大程度上受到消費者行動需求的影響。如今，這一趨勢已被人工智慧運算領域特定客戶計畫的成長所驅動的需求浪潮所取代。這些與消費者假期購買模式沒有關聯。

In the second quarter, we delivered revenue, gross margins and earnings per share above the midpoint of ranges. Semi Test, specifically SoC for AI compute drove results above our expectations, and demand trends will persist, but we saw pockets of customer-specific strength in RF and mobile power in the quarter. In the industrial and automotive end markets, demand has stabilized at a low level.

在第二季度，我們的營收、毛利率和每股盈餘均高於預期中位數。半導體測試，特別是用於人工智慧運算的 SoC 推動的結果超出了我們的預期，需求趨勢將持續下去，但我們在本季度看到了 RF 和行動電源領域的客戶特定優勢。在工業和汽車終端市場，需求已穩定在低點。

As expected in Q2, memory revenue was lower quarter-on-quarter due to the timing of shipments and is expected to snap back in the second half. In the quarter, our memory business unit secured an important HBM 4 post STACK singulated die win. HBM suppliers are adding test coverage to improve device quality some suppliers are adding a test insertion for HBM singulated stacks. And while this new insertion is not yet pervasive across the broader industry, we believe that it is an important growth driver for the memory TAM in the future. This win builds on momentum from the HBM4 post stack wafer test win in Q1 for our memory business unit.

正如第二季度所預期的那樣，由於出貨時間原因，記憶體收入環比下降，預計下半年將回升。在本季度，我們的記憶體業務部門獲得了重要的 HBM 4 後 STACK 單一晶片勝利。HBM 供應商正在增加測試覆蓋率以提高設備質量，一些供應商正在為 HBM 單一堆堆疊添加測試插入。儘管這項新產品尚未在整個產業普及，但我們相信它將成為未來記憶體 TAM 的重要成長動力。這場勝利是建立在我們記憶體業務部門第一季 HBM4 後堆疊晶圓測試勝利的基礎之上的。

As we discussed in our Analyst Day, there are four elements to growth in our IST business. Accelerated bit growth in HDD, share growth and recovery in the mobile SLT market, emerging SLT for high accelerators and solid-state disk drives. In Q2, IST revenue more than doubled compared to the same period last year, mainly driven by HDD and mobile.

正如我們在分析師日所討論的，我們的 IST 業務成長有四個要素。HDD 的位元成長加速、行動 SLT 市場的份額成長和復甦、高加速器和固態磁碟機的新興 SLT。第二季度，IST 營收較去年同期成長了一倍以上，主要得益於 HDD 和行動業務的推動。

All of the businesses within our product test group delivered second quarter results generally in line with our expectations and up year-on-year. In the quarter, we closed the acquisition of quantify Photonics, accelerating an important element of our strategy to gain share in AI compute by establishing a leadership position in silicon photonics test.

我們產品測試組內的所有業務的第二季業績基本上符合我們的預期，並且同比增長。本季度，我們完成了對 Quantify Photonics 的收購，透過在矽光子測試領域確立領導地位，加速了我們獲取人工智慧運算份額策略的重要內容。

In robotics, recall that we executed a structural reorganization that consolidated the customer-facing sales, marketing and service organizations of UR and MiR in the first quarter of 2025. In Q2, this new organization delivered 9% quarter-on-quarter growth despite persistent difficult market conditions, and we continue to optimize our OpEx envelope to respond.

在機器人領域，我們於 2025 年第一季進行了結構重組，整合了 UR 和 MiR 面向客戶的銷售、行銷和服務組織。在第二季度，儘管市場條件持續艱難，但這個新組織仍實現了 9% 的環比成長，我們將繼續優化我們的營運支出範圍以應對這一變化。

In the second quarter, as part of our pivot to large customers, we secured a plan of record decision from a large customer. This is not expected to have a material impact on robotics revenue in 2025 but is expected to be a significant growth driver later in 2026. In support of this opportunity and others, the team plans to open a manufacturing operation in the United States to best serve customers in this region.

在第二季度，作為我們轉向大客戶的一部分，我們從一位大客戶那裡獲得了記錄決策計劃。預計這不會對 2025 年的機器人收入產生重大影響，但預計將成為 2026 年後期的重要成長動力。為了抓住這個機會和其他機會，團隊計劃在美國開設一家製造工廠，以便為該地區的客戶提供最好的服務。

Moving on to Q3. As we progress through the third quarter, we are gaining confidence in AI compute related revenue inflecting in the second half of the year, driven by both SoC and memory. We are less certain of the quarterly timing of shipments between Q3 and Q4 and then between Q4 and Q1 due to customer schedules. That said, we expect the relative size of AI compute in our SoC and memory business to represent the majority of our Semi Test revenue in the second half.

進入第三季。隨著第三季的進展，我們越來越相信，在 SoC 和記憶體的推動下，人工智慧運算相關的收入將在下半年成長。由於客戶的時間安排，我們不太確定第三季和第四季之間以及第四季和第一季之間的季度出貨時間。也就是說，我們預期 SoC 和記憶體業務中 AI 計算的相對規模將佔下半年半測試收入的大部分。

Our expectations for mobile are modest in the third quarter and the second half generally expecting that the bulk of the demand we see for the year has been satisfied in the first half. Growth in the mobile segment is coupled to the ramp of 2-nanometer gate all around, and the expectation of more compelling AI applications in the generation of smartphones coming in the back half of 2026.

我們對第三季和下半年行動市場的預期不高，整體預計今年的大部分需求已在上半年得到滿足。行動領域的成長與 2 奈米閘極的全面提升以及 2026 年下半年智慧型手機世代中更引人注目的人工智慧應用的預期有關。

In the auto and industrial end markets, our end customers remain cautious about significant capacity adds, but we do not expect test equipment order patterns to deteriorate further. There are areas within this end market that are showing strength like the power semiconductors for data center build-outs, and we believe that the long-term trend towards electrification will drive growth beyond 2025.

在汽車和工業終端市場，我們的終端客戶對大幅增加產能仍持謹慎態度，但我們預計測試設備訂單模式不會進一步惡化。這個終端市場中的一些領域正展現出實力，例如用於資料中心建立的功率半導體，我們相信電氣化的長期趨勢將推動 2025 年以後的成長。

Overall, we feel good about where we're headed in the third quarter and the second half of the year. We are significantly more confident than we were 90 days ago. Demand trends in AI compute have strengthened and forecasts are materializing into orders. Utilization rates have improved considerably, leading to an increase in UltraFLEXplus system orders.

整體而言，我們對第三季和下半年的發展前景感到樂觀。與 90 天前相比，我們現在更有信心了。人工智慧運算的需求趨勢不斷增強，預測正在轉化為訂單。使用率大幅提高，導致 UltraFLEXplus 系統訂單增加。

With the work that we have done to increase the resilience of our supply chain and dual source our manufacturing, we are in a position to effectively scale volume with increased demand and provide timely delivery of our testers to fast-moving customers. I want to emphasize that we are opening these new opportunities because of the scalability of our newest systems, our capabilities in silicon photonics are parallelism and higher throughput that lowers the cost of test for our customers.

透過我們為提高供應鏈的彈性和雙重製造來源所做的工作，我們能夠隨著需求的增加而有效地擴大產量，並及時向快速移動的客戶交付測試儀。我想強調的是，我們之所以能開闢這些新機遇，是因為我們最新系統具有可擴展性，我們在矽光子學方面的能力是並行性和更高的吞吐量，從而降低了客戶的測試成本。

And with that, I'll turn the call over to Sanjay.

說完這些，我會把電話轉給桑傑。

Thank you, Greg. Good morning, everyone. Today, I'll cover the financial summary of Q2 and provide our Q3 outlook. Now, to Q2. Second quarter sales were $652 million and non-GAAP EPS was $0.57, both above the midpoint of our guidance ranges. Non-GAAP gross margins were 57.3% consistent with our guidance range.

謝謝你，格雷格。大家早安。今天，我將介紹第二季的財務摘要並提供第三季的展望。現在進入第二季。第二季銷售額為 6.52 億美元，非 GAAP 每股收益為 0.57 美元，均高於我們預期範圍的中點。非公認會計準則毛利率為 57.3%，與我們的指導範圍一致。

Non-GAAP operating expenses were $275 million, up year-over-year as we have increased our R&D investments and targeted opportunities to drive longer-term growth. OpEx came in flattish sequentially as we continue to practice disciplined spending controls. Non-GAAP operating profit was 15.1%.

非公認會計準則營運費用為 2.75 億美元，年成長，因為我們增加了研發投入並瞄準機會來推動長期成長。由於我們持續實施嚴格的支出控制，營運支出較上季持平。非公認會計準則營業利潤為15.1%。

Turning to our revenue breakdown in Q2. Semi Test revenue for the quarter was $492 million, with SoC revenue contributing $397 million. Memory, $61 million, and IST $34 million. Strength in SoC was driven by mobile upgrades. AI compute growth exceeded our plan. Expected memory revenue was considerably lower sequentially and year-over-year due to the timing of customer deliveries, which is expected to be back half weighted this year.

談談我們第二季的營收細目。本季半測試收入為 4.92 億美元，其中 SoC 收入貢獻 3.97 億美元。記憶體為 6,100 萬美元，IST 為 3,400 萬美元。SoC 的強勁表現得益於行動升級。人工智慧計算的成長超出了我們的計劃。由於客戶交付時間的原因，預計記憶體收入環比和年比均大幅下降，預計今年將下降一半。

In the first half of this year, customers have been digesting the HBM test equipment delivered in 2024. We expect DRAM to dominate the memory mix in 2025, just as it did in 2024. IST revenue of $34 million was up both sequentially and year-over-year, driven by mobile SLT and HDD testers. In product test, Q2 revenue was $85 million, up 7% year-over-year with all business units within product test up year-over-year. As Greg noted, we closed the acquisition of Quantify Photonics in the quarter as its results are included in this segment.

今年上半年，客戶一直在消化2024年交付的HBM測試設備。我們預計 DRAM 將在 2025 年佔據記憶體市場的主導地位，就像 2024 年一樣。IST 營收為 3,400 萬美元，環比和年成長均有所成長，這主要得益於行動 SLT 和 HDD 測試儀的推動。在產品測試方面，第二季營收為 8,500 萬美元，年增 7%，產品測試所有業務部門均較去年同期成長。正如格雷格所指出的，我們在本季度完成了對 Quantify Photonics 的收購，因為其業績已包含在此部門中。

Now to Robotics. Revenue was $75 million, up quarter-over-quarter but down year-over-year. In the quarter, UR contributed $63 million and MiR contributed $12 million. While the long-term drivers of AI and onshoring and advanced robotics remain intact, near-term macro factors continue to be a headwind. Our second quarter operating results were better than our first quarter, and we expect the second half of the year to be better than the first half. Despite this, due to the weak end market, we had lower volumes, yielding a lower gross margin.

現在談談機器人技術。營收為 7,500 萬美元，比上一季成長，但比去年同期下降。本季度，UR 貢獻了 6,300 萬美元，MiR 貢獻了 1,200 萬美元。儘管人工智慧、在岸化和先進機器人技術的長期驅動力仍然存在，但短期宏觀因素仍構成阻力。我們第二季度的經營業績好於第一季，我們預計下半年的經營業績將優於上半年。儘管如此，由於終端市場疲軟，我們的銷售量較低，導致毛利率較低。

We expect the weak market to persist and do not expect robotics to break even this year. Some other financial information in Q2. We had one customer that directly or indirectly drove more than 10% of our revenue in the second quarter. The tax rate, excluding discrete items for the quarter was 13.5% on a GAAP and non-GAAP basis.

我們預計疲軟的市場將持續下去，並且預計機器人行業今年不會實現收支平衡。第二季度的一些其他財務資訊。我們有一位客戶在第二季直接或間接地為我們帶來了 10% 以上的收入。根據 GAAP 和非 GAAP 標準，本季不包括單一項目的稅率為 13.5%。

At a company level, our free cash flow was $132 million, primarily driven by improvements in net working capital in the quarter. We repurchased $117 million of shares in the quarter and paid $19 million in dividends. In the first half, we returned $316 million or 138% of our free cash flow through dividends and buybacks to shareholders. We ended the quarter with $489 million in cash and marketable securities.

從公司層級來看，我們的自由現金流為 1.32 億美元，主要得益於本季淨營運資本的改善。我們在本季回購了價值 1.17 億美元的股票，並支付了 1,900 萬美元的股息。上半年，我們透過股利和回購向股東返還了 3.16 億美元，佔自由現金流的 138%。本季末，我們擁有 4.89 億美元的現金和有價證券。

Now, turning to Q3. Q3 sales are expected to be between $710 million and $770 million. Third quarter gross margins are expected to be at 56.5% to 57.5%. Q3 OpEx is expected to run at 36.5% to 38.5% of third quarter sales. The non-GAAP operating profit rate at the midpoint of our third quarter guidance is 19.5%. The Q3 tax rate is expected to be 16.3% on a GAAP and non-GAAP basis. The increase in rate is driven by the impact of the new tax legislation, which goes into effect in Q3.

現在，轉到第三季。預計第三季銷售額在 7.1 億美元至 7.7 億美元之間。預計第三季毛利率為56.5%至57.5%。預計第三季營運支出將佔第三季銷售額的 36.5% 至 38.5%。我們第三季預期中位數的非公認會計準則營業利潤率為 19.5%。預計第三季稅率（根據 GAAP 和非 GAAP）為 16.3%。稅率的上升是受到第三季生效的新稅法的影響。

Hence, the year-to-date catch-up is included in Q3. A full year tax rate is expected to be 14.5%. Q3 non-GAAP EPS is expected to be in a range of $0.69 to $0.87 on 158 million diluted shares. GAAP EPS is expected to be in the range of $0.62 to $0.80. In terms of guidance, we will continue to guide one quarter at a time.

因此，年初至今的追趕情況已納入第三季。預計全年稅率為14.5%。預計第三季非 GAAP 每股盈餘將在 1.58 億股稀釋股份中介於 0.69 美元至 0.87 美元之間。預計 GAAP 每股收益將在 0.62 美元至 0.80 美元之間。在業績指引方面，我們將持續逐季發佈業績指引。

Summing up, we delivered sales and earnings above the midpoint of our guide. We feel more confident in our near-term outlook than we did 90 days ago. Looking ahead, our visibility is improving, driven by demand in artificial intelligence in both SoC and memory. Second half of the year is shaping up to be stronger than the first half as we expected earlier in the year. Our multi-year investments in testing artificial intelligence are beginning to deliver new opportunities and accelerating top line growth. We are confident in the long-term growth drivers of AI, electrification and verticalization trends that will drive our business in the coming years.

總而言之，我們的銷售額和收益高於預期的中點。與 90 天前相比，我們對近期前景更有信心。展望未來，受 SoC 和記憶體中人工智慧需求的推動，我們的知名度正在提高。正如我們年初所預期的，下半年的情況將比上半年更加強勁。我們在人工智慧測試方面的多年投資開始帶來新的機會並加速收入成長。我們對人工智慧、電氣化和垂直化趨勢的長期成長動力充滿信心，這些趨勢將在未來幾年推動我們的業務發展。

With that, I'll turn the call back to the operator to open the line up for questions. Operator?

說完這些，我將把電話轉回給接線生，以便大家可以提問。操作員？

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，領唱費茲傑拉。

I guess first question, your tone on your outlook, clearly much more positive versus three months ago. I'm curious, is that a reflection of a pickup in business that you're seeing today in the second half? And is there any way to sort of frame whether growth continues into Q4? And then perhaps more importantly, is it also related to new design wins that give you confidence beyond 2025?

我想第一個問題是，您對未來展望的態度顯然比三個月前積極得多。我很好奇，這是您今天看到的下半年業務回升的反映嗎？有什麼方法可以判斷成長是否會持續到第四季嗎？然後也許更重要的是，這是否也與新的設計勝利有關，讓您對 2025 年以後充滿信心？

It's Greg. Yeah, so the confidence is definitely related to an uptick in demand, primarily in AI compute both in SoC and in memory. And we expect that to -- it's the main driver for our Q3 guidance, and it's also the reason for our optimism about the full year. As I said earlier in my remarks, a lot of the programs that were designed into are our -- the ramps are occurring late in the year. And so the split of demand between Q4 and Q1 is a real x factor. We know the demand is there. We just don't know the exact timing of it.

我是格雷格。是的，所以信心肯定與需求的上升有關，主要是在 SoC 和記憶體中的 AI 計算方面。我們預計，這是我們第三季業績指引的主要驅動力，也是我們對全年業績持樂觀態度的原因。正如我之前在發言中所說，我們設計的許多項目都是在年底才開始實施的。因此，第四季和第一季之間的需求分割是一個真正的 x 因素。我們知道有需求。我們只是不知道它的確切時間。

And your other question in terms of -- for the second half of this year, is this related to new wins or existing programs? I would say that many of the things that we're seeing in the second half of '25 are actually wins that have occurred mainly in '24. So in memory and in SoC, there are customer wins that we achieved either in '24 or early in '25 that are ramping. There are more opportunities in the funnel that we're hoping to close before the end of the year, but we would expect those to have a more positive impact in '26 than in '25.

您的另一個問題是——對於今年下半年，這與新的勝利還是現有的項目有關？我想說，我們在 25 年下半年看到的很多事情實際上主要是在 24 年發生的勝利。因此，在記憶體和 SoC 方面，我們在 24 年或 25 年初贏得的客戶數量正在增加。我們希望在年底前完成更多的機會，但我們預計這些機會在 2026 年將比 2025 年產生更積極的影響。

Very helpful. And then I guess, a follow-up to that, as you look to 2026, is there a framework for thinking about AI contributions to you and segmenting between custom silicon networking, HBM and other?

非常有幫助。然後我想，接下來的問題是，當您展望 2026 年時，是否有一個框架來思考 AI 對您的貢獻以及在定制矽網絡、HBM 和其他之間進行細分？

Looking out into 2026, we haven't done that analysis in terms of how that demand is going to segment. I think, in general, we would expect the same kind of a split in the memory market that we're seeing now with kind of between 85% and 95% of the memory market being driven by DRAM and most of that being driven by cloud compute AI applications.

展望2026年，我們還沒有對需求如何細分進行分析。我認為，總的來說，我們預計記憶體市場會出現與現在相同的分化，即 85% 到 95% 的記憶體市場由 DRAM 驅動，而其中大部分由雲端運算 AI 應用驅動。

In the SoC market, looking into 2026, we've had a lot of strength this year, both in VIP compute and also in the networking part of compute, and we would expect that that's going to continue into 2026. We're hopeful that we're going to be able to add in additional compute revenue from the merchant suppliers, but that is an opportunity, not something that we have in the bank right now.

在 SoC 市場，展望 2026 年，我們今年在 VIP 運算和運算網路部分都擁有強大的實力，我們預計這種勢頭將持續到 2026 年。我們希望能夠從商家供應商那裡獲得額外的計算收入，但這是一個機會，而不是我們現在在銀行擁有的東西。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

So Greg, for the Robotics business, I think you said you talked about a plan of record opportunity. And you're opening up a manufacturing facility in the US, which given how bad the business has been, you must feel pretty good about how big that opportunity can be. And they've -- I believe this customer has put some stuff on their website. So can you just help us like size how big that could be and sort of when it starts to impact your business? I think you said it's going to be a core significant growth driver for next year. Can you just help us give us any color on that?

格雷格，對於機器人業務，我想你說過你談論了一個創紀錄的機會計劃。而且你正在美國開設一家製造工廠，考慮到業務的糟糕程度，你一定對這個機會感到非常樂觀。而且他們——我相信這位顧客已經在他們的網站上放了一些東西。那麼，您能否幫助我們估算一下這種影響有多大，以及它何時開始對您的業務產生影響？我認為您說過這將成為明年的重要核心成長動力。您能幫我們解釋一下嗎？

Yeah. So from the statements that I made in terms of establishing manufacturing in the US, for us, that opportunity is at first, primarily driven in the US -- North America more generally. It has the opportunity to spread into other regions as well, but we're able to serve the European region from our Denmark manufacturing quite well.

是的。因此，從我關於在美國建立製造業的聲明來看，對我們來說，這個機會首先主要在美國——更廣泛地說是北美——推動。它也有機會擴展到其他地區，但我們能夠透過丹麥製造很好地為歐洲地區提供服務。

I do want to emphasize that one of the things that is a requirement for many of the larger customer opportunities that we're pursuing, including the one that we won is supply chain resilience that these manufacturers want to see that you have multiple production facilities so that they're going to be able to get their material no matter what. So we believe that having geographic diversity in our operations is kind of a key element of this large customer strategy in general.

我確實想強調的是，對於我們正在追求的許多更大的客戶機會（包括我們贏得的機會）來說，其中一個要求是供應鏈彈性，這些製造商希望看到你擁有多個生產設施，這樣他們無論如何都能夠獲得他們的材料。因此，我們相信，營運中的地理多樣性是整個大客戶策略的關鍵要素。

Now, specifically around this one opportunity, the solutions are largely developed, but there's a lot of kind of new product introduction work that has to happen in 2025. And so the demand associated with this opportunity in 2025 is going to be quite -- it's not going to be -- it's not going to have a material effect on our robotics results. When we get into I can't give you an exact number, but it will represent a sizable fraction of the UR business and UR is the majority of the robotics business. So it's definitely a needle mover in '26, but I can't give you an exact number.

現在，圍繞著這一機遇，解決方案已基本開發完畢，但到 2025 年還有很多新產品的推出工作要做。因此，2025 年與此機會相關的需求將會相當大——它不會——它不會對我們的機器人技術成果產生實質影響。當我們進入時，我無法給你一個確切的數字，但它將代表 UR 業務的相當大一部分，而 UR 是機器人業務的大部分。因此，這肯定是 26 年的一個重大推動因素，但我無法給出一個確切的數字。

Okay. Awesome. And then just on the -- I know you're not that excited about the opportunities in mobile this year. But it does seem that you're a big mobile customer, they're moving to a new package next year. And what is your assessment sort of on what impact that's going to have on test times?

好的。驚人的。然後就——我知道你對今年行動領域的機會並不那麼興奮。但看起來你確實是一個大的行動客戶，他們明年將轉向新的套餐。您如何評價這會對考試時間產生什麼影響？

Obviously, until you have a transistor density going up and test times seem like they're going to also go up. So I know you saw the modem test orders this year. But does it make you optimistic about your mobile market and your large customer in particular next year? I know you haven't been that optimistic lately, but I wonder if you can comment on that.

顯然，只要晶體管密度沒有提高，測試時間似乎也會增加。所以我知道你看到了今年的調製解調器測試訂單。但這是否讓您對明年的行動市場，特別是大客戶感到樂觀？我知道您最近不太樂觀，但我想知道您是否可以對此發表評論。

Yeah. So we've talked about the drivers for demand in the mobile space that there's unit volume, that there's device complexity and yield, the yield and utilization, sort of the efficiency of the process. On complexity, 2-nanometer gate all around is definitely going to enable significant increases in like transistor count kind of complexity. The parts are going to be more complex.

是的。因此，我們討論了行動領域需求的驅動因素，即單位體積、設備複雜性和產量、產量和利用率，以及流程的效率。就複雜性而言，2 奈米閘極肯定會顯著增加電晶體數量的複雜性。這些部件將會變得更加複雜。

The other thing that drives complexity is the packaging methodology and things like the memory bandwidth. So if, for instance, there are wider buses between the processor and memory, that means that you'll consume more tester resources per device than you would if the buses were more narrow.

另一個導致複雜性的因素是封裝方法和記憶體頻寬等。因此，例如，如果處理器和記憶體之間的匯流排較寬，則表示與總線較窄的情況相比，每個裝置將消耗更多的測試資源。

So in addition to just the transistor complexity, if the device needs more tester resources per device, you can test fewer devices at the same time. And that would be another way that it would -- that would come through in our model as an increase in complexity.

因此，除了晶體管的複雜性之外，如果每個設備需要更多的測試資源，那麼您可以同時測試更少的設備。這將是另一種方式——它將在我們的模型中以複雜性的增加的形式體現出來。

So going into 2026, we think that there is a potential inflection in transistor complexity. We also believe that there's a potential inflection around memory technologies and packaging. And so that makes us optimistic that mobile will be better next year. The thing is that mobile is going to be a smaller part of our overall mix in 2026 because of the strength of compute. So it's like the -- if mobile gets bigger, it's going to be under -- as a part of a more balanced mix than it was in our past.

因此，到 2026 年，我們認為電晶體複雜性可能會出現一個轉折點。我們也相信，記憶體技術和封裝領域可能會出現轉折。因此，我們樂觀地認為，明年行動領域將會更好。事實是，由於運算能力的強大，到 2026 年，行動裝置在我們的整體產品組合中所佔的比例將變得更小。因此，如果行動業務變得更大，它將成為比過去更加平衡的組合的一部分。

Mehdi Hosseini, SIG.

邁赫迪·胡賽尼（Mehdi Hosseini），SIG。

Greg, I just want to follow up to the last statement that you made. And I'm looking at the trend, and to me, 2026 could be an inflection point in both mobile, catalyzed by 2-nanometer and increased complexities as well as Teradyne's ability in scaling AI. And then the Robotics, which is a second derivative beneficiary of AI -- from AI to IA.

格雷格，我只是想跟進你最後說的話。我正在觀察這一趨勢，對我來說，2026 年可能是行動領域的一個轉折點，受 2 奈米和日益增加的複雜性以及 Teradyne 在擴展 AI 方面的能力的催化。然後是機器人技術，它是人工智慧的第二個衍生受益者——從人工智慧到智慧自動化。

And I'm not asking for a guide, we all understand that you have a 2028 EPS target, but if all of these inflection points were to start happening in '26, we could see the mix changing, and we could see, finally, a strategy coming together. Am I thinking about this right? And I have a follow-up.

我並不是在尋求指導，我們都知道你有一個 2028 年的每股收益目標，但如果所有這些拐點都在 26 年開始發生，我們可以看到組合發生變化，我們最終可以看到一個策略的形成。我這樣想對嗎？我還有一個後續問題。

Yeah. No, you're thinking right. By the way, I love your optimism. Our strategy is to drive growth across all of our businesses between in Semi Test all of the different parts of Semi Test compute, auto industrial, mobile, memory, we believe that we are positioned for growth across the midterm for all of them. Some of them because end market is growing very, very strongly and others because they're positioned for a cyclical recovery.

是的。不，你想的是對的。順便說一句，我喜歡你的樂觀。我們的策略是推動半測試運算、汽車工業、行動、記憶體等所有不同部分的所有業務的成長，我們相信，我們已準備好實現所有業務的中期成長。其中一些是因為終端市場成長非常強勁，有些是因為它們已為週期性復甦做好準備。

Our IST business, we believe we're positioned for growth because of the growth in HDD bit growth, the rise of SSDs, the fact that SLT is going to be needed for AI accelerators and the fact that we're gaining share in the mobile space. So we believe that's going to grow. Our product test group is positioned for growth through the midterm across all of the different units inside of the product test group, including the new edition quantify Photonics, which we think is positioned for strong growth.

我們相信，我們的 IST 業務將實現成長，因為 HDD 位元成長、SSD 的興起、AI 加速器需要 SLT 以及我們在行動領域的份額不斷增加。因此我們相信這個數字還會成長。我們的產品測試組定位於透過中期在產品測試組內的所有不同部門實現成長，包括新版量化光子學，我們認為它將實現強勁成長。

And then Robotics. Robotics, we are pivoting to segments that have higher growth and we are pivoting the organization to be able to effectively serve large customers and winning those customers. So our plan has a fair amount of resiliency in terms of the sum of the parts is greater than the whole. But there is uncertainty in terms of how fast those things will go.

然後是機器人技術。在機器人領域，我們正在轉向成長更快的領域，我們正在調整組織結構，以便能夠有效地服務大客戶並贏得這些客戶。因此，從各部分總和大於整體的角度來看，我們的計劃具有相當大的彈性。但這些事情進展的速度還不確定。

That's fair. And more of the near term, last night, one of your key HDD customer regarded to almost a doubling in CapEx. How should we think about the system-level test? And if there is an uptick in SDD test catalyzed by a new technology hammer. Is this going to be an immediate impact or is it going to take some time for you to actually see it?

這很公平。近期，昨晚，你們的一位主要 HDD 客戶的資本支出幾乎翻了一番。我們該如何思考系統級測試？如果新技術的出現促使 SDD 測試出現上升趨勢，將會對市場產生影響。這會產生立竿見影的效果嗎？還是需要一段時間才能真正看到效果？

I think it's going to take some time. First of all, in that market, the testers that we build actually have -- there's a relatively long lead time. They are built to order and installation takes a little while. So it's not like we're not going to crank out 100 of these things in a quarter. We do believe that demand is going to be strengthening through 2026. But you also have to remember that there was huge amounts of idle capacity in the HDD market that is being filled more by the increase in test time of drives then volume of drives.

我認為這需要一些時間。首先，在那個市場中，我們建造的測試儀實際上具有相對較長的交貨時間。它們是按訂單生產的，安裝需要一點時間。所以，我們不可能在一個季度內生產出 100 件這樣的產品。我們確實相信到 2026 年需求將會增強。但您還必須記住，HDD 市場中存在大量閒置產能，這些產能更多的是透過增加驅動器的測試時間而不是驅動器的容量來填補的。

So we're actually kind of hopeful about the transition to HAMR and similar technologies from other HDD manufacturers because those drives take longer to go through the test and configuration process. But I think generally strengthening through 2026, but you won't see a doubling like you saw in terms of the capital budget for the player.

因此，我們實際上對其他 HDD 製造商向 HAMR 和類似技術的過渡抱有希望，因為這些驅動器需要更長的時間來完成測試和配置過程。但我認為到 2026 年總體會增強，但你不會看到像玩家資本預算那樣翻倍。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

For the first one, Greg, I was hoping you could help quantify how large is your AI compute business in Q2. So if your SoC was about $400 million, how big is AI compute, and if you could help break it between compute and networking. And you mentioned new opportunities. I assume you're referring to the potential to be part of the GPU testing side. What needs to happen for you to get more confidence? And if it does happen, is that a '26 or '27 contributor. So just some quantification and then GPU timeline is at '26 or '27?

首先，格雷格，我希望你能幫忙量化你第二季的人工智慧運算業務規模。因此，如果您的 SoC 價值約為 4 億美元，那麼 AI 運算規模有多大，以及您是否可以幫助將其分解到運算和網路之間。您還提到了新的機會。我假設您指的是成為 GPU 測試方面的一部分的潛力。你需要做什麼才能獲得更多信心？如果確實發生了，那是 26 年還是 27 年的貢獻者？那麼，僅進行一些量化，GPU 時間線是在 '26 年還是 '27 年？

So why don't we take those in backwards order. I'm going to -- I'll try to answer the GPU related question, and I'll hand it off to Sanjay around the sort of the Q2 breakdown.

那我們為什麼不按相反的順序來做呢？我將嘗試回答與 GPU 相關的問題，然後我會將第二季的細分情況交給 Sanjay。

What has to happen for us to gain share in the merchant compute space? Basically, right now, we have to execute, and we have to prove that our test capability is equivalent that we provide the equivalent quality, and we provide superior value. And we believe that we are on a track to be able to accomplish that.

我們要怎麼做才能在商業運算領域獲得份額？基本上，現在，我們必須執行，我們必須證明我們的測試能力是相當的，我們提供同等的質量，並且我們提供卓越的價值。我們相信我們能夠實現這一目標。

In terms of timing, I would expect that if we are successful, that this will have a modest positive impact in 2026. And it has the potential to build over time. When you are working with a customer that is implementing a dual vendor strategy, typically, they will need to continue to buy capacity from their prior sole source for a period of time as they increase the number of devices that are tested on a new platform.

就時間而言，我預計如果我們成功了，這將在 2026 年產生適度的正面影響。並且它具有隨著時間的推移而不斷增強的潛力。當您與實施雙供應商策略的客戶合作時，通常，隨著在新平台上測試的設備數量的增加，他們需要在一段時間內繼續從先前的唯一來源購買容量。

So we think that this is -- the good news is, this puts us on a level playing field for new devices, and we believe that we have a differentiated product that we're playing with. So we think that we're very optimistic about where things are going to go. But I think it's important to remember that it takes time to shift test strategy at customers of this size.

所以我們認為這是——好消息是，這為我們在新設備上提供了公平的競爭環境，我們相信我們擁有一個差異化的產品。因此，我們認為我們對事態的發展非常樂觀。但我認為重要的是要記住，改變這種規模的客戶的測試策略需要時間。

And then on the first question, on round numbers, the compute was as part of SoC was roughly about 20%, and it was a key driver of growth in Q2 versus expectations. And as Greg noted prior, we're seeing significant traction in the back half of the year where compute, and I'll add memory in there, is going to be the majority of the revenue in Semi Test.

然後關於第一個問題，從數字上看，計算作為 SoC 的一部分約佔 20%，這是第二季度成長的關鍵驅動力，與預期相比。正如 Greg 之前提到的，我們看到下半年出現了顯著的成長勢頭，其中計算（我將在其中添加記憶體）將成為半測試收入的主要來源。

Got it. And for my follow-up, Sanjay, how much did Quantify Photonics contribute to Q2, if any? And how much are you assuming in Q3. I assume you include this in AI compute. And I know you're not giving a specific number for Q4, but based on everything you are suggesting, is it reasonable to assume that Q4, perhaps grow sequentially and year-on-year to give Teradyne at least some modest top line growth overall for '25?

知道了。接下來想問一下，Sanjay，Quantify Photonics 對 Q2 的貢獻有多大？您預計第三季的數字是多少？我假設你將其包含在 AI 計算中。我知道您沒有給出第四季度的具體數字，但根據您的所有建議，是否可以合理地假設第四季度可能會實現環比和同比增長，從而使 Teradyne 在 25 年整體上至少實現適度的收入增長？

Sure. So just Quantify Photonics, which we closed on May 30, is actually in the product test group. We're not breaking those numbers out, but we've had it for about a month of the results. Regarding the growth in compute, we're not providing a Q4, but generally speaking, yeah, we are seeing incremental growth. As Greg noted in his prepared remarks, we're seeing program launches -- or straddle between Q3 and Q4 as well as Q4 and Q1. But it's our expectation that there will be significant growth Q3 over Q2, and then Q4 over Q3 as well.

當然。因此，我們在 5 月 30 日關閉的 Quantify Photonics 實際上屬於產品測試小組。我們不會公佈這些數字，但我們已經掌握了大約一個月的結果。關於計算的成長，我們沒有提供第四季的數據，但總的來說，是的，我們看到了增量成長。正如格雷格在其準備好的發言中指出的那樣，我們看到了計劃的啟動——或者跨越了第三季度和第四季度以及第四季度和第一季。但我們預計第三季將比第二季有顯著成長，第四季也將比第三季有顯著成長。

And just also, I think what you said in terms of significant growth for Q4 year-over-year, I think that's right. I think that definitely -- this Q4 is going to be stronger than 2024 as Q4.

而且，我認為您所說的第四季度同比顯著增長是正確的。我認為今年第四季的表現肯定會比 2024 年第四季更加強勁。

Sorry, I meant overall for the company, not just the compute side, like an overall Teradyne sales in Q4 --

抱歉，我指的是整個公司，而不僅僅是計算方面，例如 Teradyne 的整體銷售額在第四季度——

Yeah, that was what I meant as well.

是的，我也是這個意思。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could maybe first talk about the trends, Greg, you outlined before relative to mobile SoC and when that could recover? In terms of that recovery, do you think that's at earliest likely to happen in a meaningful way in sort of the middle of 2026 as you sort of prepare for those product ramps, or it could happen a little bit sooner than that?

格雷格，我想知道您是否可以先談談您之前概述的與行動 SoC 相關的趨勢以及何時可以恢復？就復甦而言，您認為最早可能在 2026 年中期以有意義的方式發生，因為您正在為這些產品的成長做準備，還是可能會更早一點發生？

Well, the typical mobile pattern is capacity adds in Q2 and Q3. That is not a hard and fast rule, and it has a lot to do with sort of the loading of testers through the year. So if there is sufficient capacity then we'd see the demand drifting towards the second half of the year versus being in the early half of the year. We'll be able to give you more color about that kind of early in 2026 as we get more firm forecasts about the demand. But right now, I think it's definitely more of a second half thing than a first half thing.

嗯，典型的移動模式是第二季和第三季的容量增加。這不是一個硬性規定，它與全年測試人員的負荷有很大關係。因此，如果有足夠的產能，那麼我們會看到需求從上半年轉向下半年。隨著我們對需求有了更明確的預測，我們將能夠在 2026 年初為您提供更多相關資訊。但目前，我認為這肯定是下半場的事情，而不是上半場的事情。

And then as a follow-up, can you maybe just kind of talk about as you continue to ramp the compute SoC business in the back half of this year? Is there any impact on the gross margin line, either positive or negative in terms of the mix of that business contribution above and beyond just the absorption piece?

然後作為後續問題，您能否談談您在今年下半年如何繼續推動計算 SoC 業務？從除了吸收部分之外的其他業務貢獻來看，對毛利率是否有任何影響，無論是正面的還是負面的？

Yeah. So I think overall, as volume scales up, we'll generally get some efficiencies. But I will remind you that, as you recall, our product margins are really driven by test configurations. And we operate the business model at the overall portfolio of 59%, 60%. And we do expect that we'll continue to operate in that level.

是的。所以我認為總的來說，隨著產量的增加，我們通常會獲得一些效率。但我要提醒您，正如您所記得的，我們的產品利潤實際上是由測試配置驅動的。我們以整體投資組合的59%、60%來經營該業務模式。我們確實希望我們能夠繼續保持這一水平。

Samik Chatterjee, JP Morgan.

摩根大通的 Samik Chatterjee。

Maybe just going back to the opportunity on the GPU front that you're looking to execute on and totally understand you think it is more modest in 2026 if you are successful and ramps up over time. In the past, you've quantified the VIP compute TAM for us, $300 million going to $800 million. How should we think about the size of the test equipment mark when it comes to GPUs? I think you've historically excluded that because you didn't have a seat at the table, but how should we think of the magnitude of that opportunity which can sort of translate over time? And I have a follow-up.

也許只是回到您希望執行的 GPU 方面的機會，並且完全理解您認為如果您成功並且隨著時間的推移而增加，那麼在 2026 年它會更加適中。過去，您已經為我們量化了 VIP 運算 TAM，從 3 億到 8 億美元。當談到GPU時，我們該如何看待測試設備市場規模？我認為您過去一直將這一點排除在外，因為您當時並沒有參與其中。但我們應該如何看待這個機會的規模，以及它隨著時間的推移會如何發展？我還有一個後續問題。

So in terms of the merchant AI accelerator space, so GPUs in general, that's big. I mean, it is the majority of the compute TAM. In general terms, we're probably looking at -- back in 2024, there was about $2.3 billion of compute. And so making progress into merchant compute taps us into a pretty big pool. So probably in the neighborhood of 2x the size of the VIP compute out in the later parts of the term, probably more than 2x the VIP compute. So getting a share of that is going to be a positive impact.

因此，就商業 AI 加速器領域而言，GPU 整體而言，規模很大。我的意思是，它是計算 TAM 的大部分。一般來說，我們可能會看到——到 2024 年，計算價值約為 23 億美元。因此，在商業計算領域取得進展將使我們進入一個相當大的領域。因此，在學期後期，VIP 計算的大小可能約為 2 倍，甚至可能超過 2 倍。因此，獲得其中的一部分將會產生正面的影響。

Got it. And then maybe for a follow-up, for the large customer that you have the plan of record on the Robotics business. I know you said this year Robotics, you expect it to not be breakeven, but is that embedding some of the cost related to supporting sort of the product-related expenses for this new program? And does that give you better leverage on operating line on the Robotics segment as you go and sort of get that revenue next year. Just trying to understand when the expenses at supporting that program are largely expect to hit. Is it this year or next year?

明白了。然後，也許可以進行後續跟進，針對大客戶，你們在機器人業務方面有計劃。我知道您說過今年機器人技術不會實現收支平衡，但這是否包含了一些與支援這個新項目的產品相關費用相關的成本？這是否會讓您在機器人領域的營運線上獲得更好的槓桿作用，並在明年獲得收入？只是想了解支持該計劃的費用預計何時會達到最高水平。是今年還是明年？

So as I said, the revenue impact is going to be positive in 2026. There are some expenses that we're taking in 2025, mostly associated with establishing manufacturing in the US. That is not specifically for one customer, but certainly, we will see benefits from being able to do that manufacturing in the US for that and other opportunities.

正如我所說，2026 年的收入影響將是正面的。我們在 2025 年會花費一些資金，主要與在美國建立製造業有關。這並不是專門針對某個客戶，但可以肯定的是，我們將從在美國進行製造中獲益，並有機會獲得其他利益。

So the term leverage is good that as our robotics volumes increase, since we are internally manufacturing most of robotics, we will be able to absorb our fixed costs associated with operations as our volumes go up, and we would expect to see that absorption having a positive effect on gross margins. So we'll have to see how that develops, but there's definitely a few of the expenses that are going to come in, in the second half of this year.

因此，槓桿這個術語是好的，隨著我們的機器人產量增加，由於我們內部製造大部分機器人，隨著產量增加，我們將能夠吸收與營運相關的固定成本，並且我們預計這種吸收會對毛利率產生積極的影響。所以我們必須觀察事態如何發展，但今年下半年肯定會有一些支出產生。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Greg, you talked about HBM memory Snapback in second half. In the past, you guys have been of the view that the TAM is more flat this year because of high productivity of your testers. So what has changed? Are you more optimistic on new HBM qualifications in Korea or is it HBM4 that's driving the improved outlook?

格雷格，您在下半部分談到了 HBM 內存 Snapback。過去，你們一直認為，由於測試人員的生產效率高，今年的 TAM 會更加穩定。那麼發生了什麼變化？您對韓國新的 HBM 資格認證更為樂觀嗎？還是 HBM4 推動了前景的改善？

So just to be clear, the Snapback that -- our view of sort of how the memory market is shaping up for 2025 has not changed that much. My comment about Snapback was really in terms of the timing of quarterly revenue. And so we had a low quarter for memory this quarter at $63 million. We are expecting that the overall TAM for memory is kind of stable and the demand that's coming in for HBM is going to be definitely primarily in Q4 of this year. And there's some uncertainty in terms of the timing of ramps between Q4 of this year and Q1 of next year because especially for HBM4, there are only certain devices that are designed for it.

所以要先明確的是，我們對 2025 年記憶體市場發展前景的看法並沒有太大變化。我對 Snapback 的評論實際上是關於季度收入的時間。因此本季我們的記憶體銷售額較低，僅 6,300 萬美元。我們預計記憶體的整體 TAM 會比較穩定，而 HBM 的需求肯定主要會出現在今年第四季。今年第四季和明年第一季之間的成長時間存在一些不確定性，因為特別是對於 HBM4，只有某些設備是為其設計的。

So the HBM is not at the point like DDR, where there it's a commodity and used across a number of -- a lot of different designs. There's a high linkage between particular AI accelerators and particular generations of HBM. So that is the thing that's going to be driving those ramps. So I do think that the majority of capacity demand in 2025 is going to be adding capacity for HBM4.

因此，HBM 並不像 DDR 那樣是一種商品，可以用於多種不同的設計。特定的 AI 加速器和特定代 HBM 之間存在高度關聯。這就是推動這些坡道發展的因素。因此我確實認為 2025 年的大部分容量需求將是增加 HBM4 的容量。

Understand. And then in response to an earlier question, you mentioned that complexity is going to be our friend on the mobile side as the packaging moves from integrated fan out to wafer-level multichip modules. There's also a discussion going on, on substrate less packaging for new AI chips, in the next two to three years. And I was hoping that you can kind of pull the curtain a little bit on your optimism around the merchant GPUs. Is that packaging technology, the driver where you feel like you can insert your testers?

理解。然後，在回答先前的問題時，您提到，隨著封裝從整合式扇出型轉向晶圓級多晶片模組，複雜性將成為我們行動裝置的朋友。未來兩到三年內，有關新型 AI 晶片無基板封裝的討論也在進行中。我希望您能稍微放鬆一下對商用 GPU 的樂觀態度。那是封裝技術嗎？您覺得可以在其中插入測試儀嗎？

No. I think that -- I mean, in general, changes in packaging strategy generally are driving our customers to invest more in wafer level test of their devices so that they have less fallout further down the line. But the opportunities that we have to compete in new parts of compute have a lot more to do with those customers seeking to have more resilience in their supply chain and more ability to take advantage of the technology that each of the tester companies brings to bear. So it's like the opportunity isn't hinging on like a new technology or an introduction of a new device generation, it's definitely more around an operation strategy for these companies.

不。我認為——我的意思是，總的來說，封裝策略的變化通常會促使我們的客戶在其設備的晶圓級測試上投入更多資金，以便他們在未來受到的負面影響更小。但我們在計算新領域的競爭機會更與那些尋求在供應鏈中擁有更強彈性以及更有能力利用每個測試公司所提供的技術的客戶有關。因此，機會並不取決於新技術或新一代設備的推出，而更多的是取決於這些公司的營運策略。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Greg, I had to the first one on the GPU test win. Did you have the networking business help the GPU side or was it more of a direct comparison and value proposition with Advantis? And also, how to think about potential share gains on the ASIC side as well where Advantis has been a legacy test supplier?

格雷格，我必須在 GPU 測試中第一個獲勝。你們的網路業務是否為 GPU 方面提供了幫助，還是與 Advantis 進行了更直接的比較和價值主張？此外，在 Advantis 作為傳統測試供應商的情況下，如何看待 ASIC 方面的潛在份額成長？

So first of all, it isn't a win yet. So just to make sure that we're staying on the same page, we have an opportunity to compete in parts of the market where we haven't had that opportunity before. It is, in general, having -- serving a customer in another segment allows you to establish reputation and allows you to compete in other parts of that customer's business And we feel like in customers that do business with Teradyne that that, reputation helps us. We think that, that open stores and allows us to certainly demonstrate the capabilities of our equipment and our team. So I don't want to go into more detail around any specific customer.

所以首先，這還不算是勝利。因此，為了確保我們保持一致，我們有機會在以前沒有機會的市場部分進行競爭。一般來說，為另一個領域的客戶提供服務可以讓你建立聲譽，並讓你能夠在該客戶業務的其他部分中競爭。我們覺得，與 Teradyne 做生意的客戶，聲譽對我們有幫助。我們認為，開設商店可以讓我們充分展示我們的設備和團隊的能力。所以我不想談論任何特定的客戶。

Now, in terms of share of ASIC, for VIP compute, the market is becoming much more complex. When the VIPs or the hyperscalers were in their first generation of parts, they were definitely following the guidance of their design aggregators. Like whoever their foundry or the design aggregator was saying, you should test your part on this platform. They were pretty much doing that. And as they have ramped, as they have increased the volumes of their parts and increase the expertise of their internal teams, they're taking more and more control over the test strategy and the operation strategy for these devices.

現在，就 ASIC 的份額而言，對於 VIP 計算，市場變得更加複雜。當 VIP 或超大規模企業處於其第一代產品時，他們肯定遵循了其設計聚合器的指導。就像他們的代工廠或設計聚合器所說的那樣，你應該在這個平台上測試你的部分。他們基本上就是這麼做的。隨著他們產能的提升、零件數量的增加以及內部團隊專業技能的提升，他們對這些設備的測試策略和操作策略的控制力越來越強。

And so we are definitely doing our best to increase share at the design aggregators, but most of our energy is going into kind of the two ends. The people who actually buy the testers, the foundries and the OSATs demonstrating that we have a better platform, a platform that will help them make better margins. And then for the specifiers, the hyperscalers, the VIPs that are making these test strategy decisions that they're going to be able to get their parts to market faster and more effectively on our platform than the competition. So the power started in the middle and we believe that it's migrating towards the two ends.

因此，我們肯定會盡最大努力增加設計聚合器的份額，但我們的大部分精力都投入了兩端。實際購買測試儀的人、代工廠和 OSAT 顯示我們擁有更好的平台，這個平台可以幫助他們獲得更好的利潤。然後，對於制定這些測試策略決策的指定者、超大規模者和 VIP 來說，他們將能夠在我們的平台上比競爭對手更快、更有效地將他們的零件推向市場。因此，我們相信力量始於中間，然後向兩端遷移。

Very helpful, Greg. And then just a follow-up on the Robotics win. Is there a way to size it in terms of the number of the units you'll be shipping either in 2026 or longer term? And also, are you just providing the arm or even the sort of the belts and vessels like the groupers vision, etc, for this big robotics win?

非常有幫助，格雷格。然後只是對機器人勝利的後續報導。有沒有辦法根據 2026 年或更長時間內要運送的單位數量來確定規模？此外，為了實現這一機器人重大勝利，您是否只是提供機械手臂，甚至是像石斑魚視覺那樣的傳送帶和容器等？

So I can't give you exact numbers around units. And over time, as we get further into that program, we may be able to provide more information. But right now, we're going to have to wait and see. A lot of things depend on not just us but also how quickly and effectively the technology can be introduced across sort of thousands of locations for this customer. So I would hesitate to put a number on it. There are some interesting analyses that have been done that I think are using the right methodology, but there are pretty big error bands around it.

所以我無法給你單位的確切數字。隨著時間的推移，隨著我們進一步深入該計劃，我們也許能夠提供更多資訊。但現在，我們只能拭目以待。很多事情不僅取決於我們，還取決於這項技術能多快有效地推廣到客戶的數千個地點。所以我不太願意給一個數字。我認為已經進行了一些有趣的分析，這些分析使用的方法是正確的，但周圍存在相當大的誤差。

And to answer your other question, we are providing the arm. In terms of like the deliver hardware, it's really the arm and, call it, the robotics software platform. And so other software, other end-of-arm tooling is being added, vision, all of that is being done by the end customer. And so our business is primarily around the arms themselves and the support and service of those arms.

回答您的另一個問題，我們提供手臂。就交付硬體而言，它實際上就是手臂，也可以稱之為機器人軟體平台。因此，其他軟體、其他末端執行器工具正在被添加，視覺，所有這些都是由最終客戶完成的。因此，我們的業務主要圍繞著武器本身以及對這些武器的支援和服務。

Brian Chin, Stifel.

Brian Chin，Stifel。

A question or two. Great. Maybe just to kind of frame and contextualize some of this. Taking a stack, how are you sizing the overall compute and this year and also a subsegment that the VIP SAM again, inclusive of those AI-related ASICs and TPUs. I think in the past, earlier this year, you referenced sort of $2 billion, $2.3 billion for the compute market, $400 million for VIP. I know the numbers are probably uptick since then. You maybe sort of provide some color? And also, do you expect to perform at sort of a 50% share of that IP SAM?

一兩個問題。偉大的。也許只是為了建構和闡述其中的一些內容。就堆疊而言，您如何確定整體運算的大小以及今年以及 VIP SAM 的子部分，包括那些與 AI 相關的 ASIC 和 TPU。我認為在過去，今年早些時候，您提到計算市場規模為 20 億美元、23 億美元，VIP 市場規模為 4 億美元。我知道從那時起這個數字可能就一直在上升。您也許可以提供一些顏色？另外，您是否預期能佔據 IP SAM 的 50% 份額？

As I said, a lot of the VIP compute is kind of parched in Q4 and bridges Q4 and Q1. So the VIP TAM is really tough to call for 2025. I think what you said is that there's probably upward pressure, I would agree with that, that there's probably some upside to last year's $400 million. And in terms of like referencing the compute TAM for last year, I believe that there's also significant up this year, especially in the merchant GPU space, it's pretty clear that the TAM is going to come in higher, but we're not providing an estimate for the TAM right now.

正如我所說，許多 VIP 計算在 Q4 中處於乾涸狀態，並且連接 Q4 和 Q1。因此，2025 年的 VIP TAM 確實很難預測。我認為您所說的是可能存在上行壓力，我同意這一點，去年的 4 億美元可能還有一定的上漲空間。就參考去年的運算 TAM 而言，我相信今年也有顯著的成長，特別是在商用 GPU 領域，很明顯 TAM 將會更高，但我們現在還沒有提供 TAM 的估計值。

Got it. I guess on one hand, does that provide some sense that like networking is a very big component. And so this improvement as well as on the memory side in terms of some recovery or pick up on the HBM for test and new test insertion activity?

知道了。我想，一方面，這是否表明網路是一個非常重要的組成部分。那麼，這種改進以及在記憶體方面，就 HBM 上的一些恢復或拾取而言，是否適合測試和新的測試插入活動？

Oh, yeah. Networking is an important part of our compute revenue in 2025, certainly. And it has strengthened from where we expected at the beginning of the year.

哦，是的。毫無疑問，網路是我們 2025 年計算收入的重要組成部分。並且比我們年初預期的水平有所增強。

Got it. Okay. That's helpful. And then just kind of lastly -- for the follow-up, would you attribute any of the uptick in test utilization rates to any pull forward of supply chain activity?

知道了。好的。這很有幫助。最後，對於後續問題，您是否將測試利用率的上升歸因於供應鏈活動的提前？

No. The pull forward has shown up in some of our customers' results, but those customers were pulling forward demand in an environment where they essentially were able to push up utilization versus adding significant capacity. So it's certainly -- I don't think it's had a meaningful effect for us.

不。這種提前現像已經體現在我們部分客戶的業績中，但這些客戶是在本質上能夠提高利用率而非大幅增加產能的環境下提前需求的。所以這當然——我認為它對我們沒有什麼重大影響。

Shane Brett, Morgan Stanley.

摩根士丹利的 Shane Brett。

I just want to clarify on the GPU customer question from earlier. You said you don't have to win yet, but the tone from the call has been you're very confident that you will. Could you just level set on whether these wins be on networking or look in concrete or are we still kind of in discussion with that customer?

我只是想澄清一下之前 GPU 客戶提出的問題。你說你還不必贏，但電話裡的語氣顯示你非常有信心你會贏。您能否確定這些勝利是在網路上取得的還是具體實現的，或者我們是否仍在與該客戶進行討論？

I don't know that I can put odds on it. I believe that we have strong sponsorship from the customers where we're competing, that they want to execute a strategy that gives them more resilience in their supply chain. So when we set our minds to something, we tend to succeed at it. But I don't want to -- I certainly don't want to claim something as won when it isn't won. So I don't know if that's helpful, but we are proceeding with every intention to be successful in these design-ins but until you actually have the part in production, you have to be careful about what adverse factors you can't predict.

我不知道我是否可以對此進行猜測。我相信，我們得到了競爭客戶的大力支持，他們希望實施一項能夠增強其供應鏈彈性的策略。因此，當我們下定決心做某件事時，我們往往會成功。但我不想──我當然不想在沒有勝利的情況下宣稱自己勝利了。所以我不知道這是否有幫助，但我們正在盡一切努力使這些設計成功，但在你真正投入生產之前，你必須小心那些你無法預測的不利因素。

The other thing is that we've definitely seen over time that the amount of sort of how long it takes to go through the qualification process can vary by a lot. And so trying to call the timing of it is also a challenge. But I think we are very happy that we have an opportunity to compete for stuff that we haven't had the opportunity to compete for 20 years but I can't guarantee that we have a win.

另一件事是，隨著時間的推移，我們確實發現完成資格認證過程所需的時間可能會大不相同。因此，嘗試確定其時機也是一個挑戰。但我認為我們很高興有機會去爭奪 20 年來我們都沒有機會爭奪的東西，但我不能保證我們會贏。

It's very helpful. And my follow-up is, so you spoke about VIP driving compete revenues here. Could you just talk about the kind of customer breadth you're seeing there and just visibility towards further market share gains with those customers?

這非常有幫助。我的後續問題是，您在這裡談到了 VIP 推動競爭收入。您能否談談您所看到的客戶廣度以及透過這些客戶進一步擴大市場份額的前景？

Well, one of the key trends that we identified was verticalization. And there aren't all that many gigantic hyperscalers in the world. And their importance in this space is kind of directly proportional to their capital spend on data centers. So it also has a great deal to do with the number and the number of chips that they're designing -- the different chips that they're designing and the applications that they're going into.

嗯，我們發現的一個關鍵趨勢是垂直化。世界上並沒有那麼多巨型超大規模企業。他們在這個領域的重要性與他們在資料中心上的資本支出成正比。因此，這也與他們設計的晶片的數量有很大關係——他們設計的不同晶片以及他們所採用的應用程式。

The real prices in this space are the CPUs and the GPUs. The CPUs, the ones that are being developed by the hyperscalers, the VIPs in general, they're arm-based, and they have a very high volume because they're pervasive across data centers. The AI accelerators are also very important to win because they have so much complexity, a lot of test intensity to them.

這個領域的實際價格是 CPU 和 GPU。超大規模企業正在開發的 CPU、VIP 通常是基於 Arm 的，而且由於它們遍布整個資料中心，因此其容量非常大。贏得人工智慧加速器也非常重要，因為它們非常複雜，測試強度很高。

So to answer your question directly, our VIP compute is driven by a few customers, not a single customer, and certainly, it's like less than six more than one.

因此，直接回答您的問題，我們的 VIP 計算是由少數客戶而不是單一客戶驅動的，當然，數量肯定少於六個，多於一個。

Steve Barger, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Steve Barger。

Greg, you talked about the consolidation of customer-facing functions and robotics. Was that 9% growth primarily a function of that change or were those deals already in progress? Just trying to get a sense for how quickly that change can drive sustainable improvement in sales.

格雷格，您談到了面向客戶的功能和機器人技術的整合。9% 的成長主要是因為這項變化嗎，還是這些交易已經在進行中了？只是想了解這種變化能多快推動銷售額的永續成長。

So with the magnitude of the restructuring, we were really pleased that Robotics was able to deliver quarter-on-quarter growth. That said, we typically see a stronger Q2 than Q1. So the thing that I was trying to communicate was that -- the restructuring was executed successfully, and it didn't significantly -- it didn't have a significant negative impact on our results in Q2.

因此，透過大規模的重組，我們非常高興看到機器人業務能夠實現環比成長。也就是說，我們通常認為第二季的表現會比第一季更強勁。所以我想表達的是，重組成功執行，並且沒有對我們第二季的業績產生重大負面影響。

I think that we are going to -- the positive impact of this restructuring in terms of combining sales, combining service. Combining sales, we're going to be giving our partners a broader product line to be able to sell and our sellers a broader product line to be able to represent. So we believe that, that is going to be a top line positive. And by combining service, we're going to be able to offer a more consistent and better service packages for our customers that buy both kinds of robots.

我認為，這次重組將在合併銷售、合併服務方面產生正面影響。透過整合銷售，我們將為我們的合作夥伴提供更廣泛的產品線以供銷售，並為我們的賣家提供更廣泛的產品線以供代理商。因此我們相信，這將是一個利好消息。透過整合服務，我們將能夠為購買這兩種機器人的客戶提供更一致、更好的服務包。

I would expect that the positives from this restructuring are going to play out in 2026, not in 2025, that in 2025, we're really focusing on the new product introductions and the large customer wins that we have achieved, and that we're trying to achieve in the back half of the year. It's it was a big change and we are really pleased that it went as well as it did.

我預計此次重組的正面影響將在 2026 年而不是 2025 年顯現，2025 年，我們將真正專注於新產品的推出和我們已經取得的大量客戶勝利，並努力在下半年實現這些目標。這是一個巨大的變化，我們很高興一切進展順利。

Got it. And if this change really does cause Robotics to turn the corner in 2026, along with the plan of record that you talked about, can you talk about how you plan to build internal manufacturing capacity to -- are you going to build the where you see future demand or will some of this be fulfilled by EMS companies and what level of sales do you want to capacitize to?

知道了。如果這項變更確實會導致機器人技術在 2026 年出現轉機，那麼結合您談到的記錄計劃，您能否談談您計劃如何構建內部製造能力——您是否打算根據未來需求進行構建，或者其中一些將由 EMS 公司來滿足，以及您希望將銷售能力提高到什麼水平？

So we have a significant amount of production capacity. So the reason that we are doing something in North America is around operations resilience and customer intimacy more than trying to really like to meet up to immediate demand.

因此我們擁有相當大的生產能力。因此，我們在北美開展業務的原因更多是為了提高營運彈性和與客戶的親密度，而不是僅僅為了滿足即時需求。

And answer to your question in terms of internal operations versus EMS, our strategy in Europe and the US is primarily around internal and our strategy in APAC, as we localize production, would probably be to utilize partners there because they're going to be able to localize the supply chains more effectively than we could. So we'll have a blended strategy between internal and outsourced manufacturing for Robotics.

回答您關於內部營運與 EMS 的問題，我們在歐洲和美國的策略主要圍繞內部，而在亞太地區，隨著我們在地化生產，我們的策略可能是利用那裡的合作夥伴，因為他們將能夠比我們更有效地在地化供應鏈。因此，我們將針對機器人技術採取內部製造和外包製造的混合策略。

Gus Richard, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Gus Richard。

Just in terms of China as the domestic Chinese semiconductor industry grows, and you have more fabless and IDMs there. How is that impacting your business, particularly as it pertains to industrial and auto?

就中國而言，隨著中國國內半導體產業的發展，中國擁有更多的無晶圓廠和IDM。這對您的業務有何影響，特別是工業和汽車業務？

So right now, the market in China, if you look at the ATE market in China, there is a portion of that market that Teradyne cannot serve because of trade regulations. If you leave that aside, the remaining market is -- the biggest part is Chinese memory manufacturers. And our share in Chinese memory manufacturers is actually kind of higher than our average memory share worldwide. So we compete very, very well there.

因此，現在，如果你看中國的 ATE 市場，你會發現由於貿易法規的原因，Teradyne 無法為其中的一部分市場提供服務。如果撇開這一點不談，剩下的市場——最大的部分是中國記憶體製造商。我們在中國記憶體製造商中的份額實際上高於我們在全球的平均記憶體份額。所以我們在那裡的競爭非常非常激烈。

The rest of the SoC market in China, there is -- just like everywhere else, there's compute, there's mobile, and there's auto and industrial. And we are competitive in all three of those spaces. Most of the local competition in terms of ATE in China is really focused in the auto and industrial space. So we have significant competition, and we tend to focus on the higher volume, higher quality suppliers in the space because they value the throughput and the accuracy that our equipment has.

中國其餘的 SoC 市場就像其他地方一樣，有計算、有移動、有汽車和工業。我們在這三個領域都具有競爭力。中國 ATE 領域的大多數本地競爭實際上集中在汽車和工業領域。因此，我們面臨激烈的競爭，我們傾向於關注該領域產量更大、品質更高的供應商，因為他們重視我們設備的吞吐量和準確性。

Got it. Super helpful. And then just in terms of Robotics, one out of two robots in the planet is installed in China. The EV market is shifting to China and production. And I'm just wondering, again, is your SAM shrinking because of that transition to manufacturing in China of autos? And a little bit of color on how competitive the Chinese manufacturers of robotics have or have not become.

知道了。超有幫助。就機器人技術而言，全球每兩個機器人中就有一個是在中國安裝的。電動車市場正在向中國轉移並生產。我只是再次想知道，由於汽車製造業轉向中國，您的 SAM 是否會縮小？並稍微介紹一下中國機器人製造商的競爭力。

So there is a very -- there are a number of competitors in the cobot space and the AMR space in China. And they have good products. We believe our products are better. They also have great customer intimacy in that market. You're right that over the -- from 2018 to now, the growth rate for the cobot market in China has been kind of twice the growth rate of the cobot market outside.

因此，中國的協作機器人領域和 AMR 領域存在大量競爭對手。而且他們的產品很好。我們相信我們的產品會更好。他們在該市場也擁有很高的客戶親密度。您說得對，從 2018 年到現在，中國協作機器人市場的成長率大約是國外協作機器人市場成長率的兩倍。

The Chinese automaker -- and so we're very focused on trying to compete in China and to make sure that we maintain and grow our share in that market. But it is highly competitive. The Chinese -- so I would say the Chinese auto manufacturers are definitely offering great products in EV, and they are growing faster than automakers in other parts of the world. But I am not sure if that is sort of an inevitable trend or if we'll see changes in the auto industry in the US and Europe and in terms of localization that sort of confused that situation going into the next couple of years.

作為中國汽車製造商——我們非常專注於在中國競爭，並確保我們保持並擴大在該市場的份額。但競爭非常激烈。所以我想說，中國汽車製造商肯定在電動車領域提供了優質的產品，而且他們的成長速度比世界其他地區的汽車製造商更快。但我不確定這是否是一種不可避免的趨勢，或者我們是否會看到美國和歐洲汽車產業的變化，以及未來幾年在地化方面的情況是否會發生混亂。

David Duley, Steelhead Securities.

Steelhead Securities 的 David Duley。

I also have a question on the GPU space. After the Analyst Day, it seemed like your opportunities to break into GPU test were based on a combination tester with silicon photonics, and you closed your Quantify acquisition. So I guess the first part of my question is, when can we expect kind of a combo product that can do electrical and optical test?

我對 GPU 空間也有一個疑問。分析師日之後，您似乎有機會進入 GPU 測試領域，這取決於與矽光子學的組合測試儀，並且您完成了對 Quantify 的收購。所以我想我的問題的第一部分是，我們什麼時候可以期待可以進行電氣和光學測試的組合產品？

And the second part of the question is, it sounds like you also have another cut in opportunity with the big GPU guy. And I'm wondering the key reason that why that is competitive wise, is it because you have twice the throughput or which would obviously make your economics much better than your competitor? Or why is there an earlier cut in point besides silicon photonics, I guess, is really the question.

問題的第二部分是，聽起來您還有另一個與 GPU 巨頭合作的機會。我想知道為什麼這種做法在競爭中具有優勢，是因為你們的吞吐量是競爭對手的兩倍，還是因為這種做法顯然會讓你們的經濟效益遠遠優於競爭對手？或者為什麼除了矽光子學之外還有更早的切入點，我想，這才是真正的問題。

Okay. So in answer to your first question, Teradyne is already delivering an electrooptical test solution. Right now and over the next 24 months, that solution is going to incorporate more and more of the Quantify Photonics instrumentation. And we expect that, that part of the market is going to grow, and we expected that. Having a superior solution in that space will allow us to grow share in the AI accelerator space, both merchant and VIP.

好的。因此，回答您的第一個問題，Teradyne 已經提供了電光測試解決方案。現在以及未來 24 個月內，解決方案將融入越來越多的 Quantify Photonics 儀器。我們預計，該部分市場將會成長，我們預料到了這一點。在該領域擁有卓越的解決方案將使我們在商家和 VIP 的 AI 加速器領域擴大份額。

Now, in terms of why is there an opportunity in GPUs before that? I think it has -- it's mostly to do -- there are two things going on. The reason that the opportunity is there is because of customers' desire to have more resilience in their supply chain. That's why we were invited to the dance. Now, that we've been invited to the dance, now it is our -- like our level of success is going to be dictated by the differentiation of our product offering. And that is -- we believe that we have advantages in throughput, in reliability and in time to market. But that's exactly what we have to prove and the degree that we prove it will have an influence over how quickly we are able to penetrate those accounts.

那麼，為什麼在此之前 GPU 中會有機會呢？我認為——主要是——有兩件事正在發生。之所以有這樣的機會，是因為客戶希望其供應鏈具有更強的彈性。這就是我們被邀請參加舞會的原因。現在，我們已經被邀請參加舞會，現在我們的成功程度將取決於我們產品的差異化。那就是——我們相信我們在吞吐量、可靠性和上市時間方面具有優勢。但這正是我們必須證明的，我們所證明的程度將影響我們滲透這些帳戶的速度。

Okay. Great. And then my second question is, could you just elaborate a bit more? You talked about another HBM win at the stack level. And it sounded like you're talking -- you're describing another insertion point. Could you just kind of like take a step back and help us understand the number of insertion points for HBM currently, and how you play in that space just to kind of --

好的。偉大的。我的第二個問題是，您能否詳細說明一下？您談到了 HBM 在堆疊層面上的另一個勝利。聽起來你正在說話——你正在描述另一個插入點。您能否退一步，幫助我們了解目前 HBM 的插入點數量，以及您如何在這個領域發揮作用？--

Thanks for like unleashing my inner professor Greg here. So let me just sort of take a step back. So an HBM memory stack has multiple DRAM die, right now 8, going to 12 and then a base die. Each one of those memory die and the base die go through a wafer level test. Once that wafer level test happens, then all of the DRAM die are diced up, and they are assembled down on top of the wafer of base die, okay?

感謝您在這裡釋放了我內心的格雷格教授。因此，請讓我退一步來說。因此，HBM 記憶體堆疊具有多個 DRAM 晶片，目前為 8 個，將增加到 12 個，然後是一個基本晶片。每個記憶體晶片和基礎晶片都要經過晶圓級測試。一旦完成晶圓級測試，所有的 DRAM 晶片就會被切割，然後組裝到基座晶片的晶圓頂部，好嗎？

So now you have a wafer that has a bunch of HBM stacks on it. And then after those stacks go through -- so the first test is at the wafer level. The second test is after the HBM die gets stacked on the base die. So we call that post stack wafer test. And then the current production methodology is, you chop up that wafer of stack die, you pack it up and you send it off and then you assemble it into an AI accelerator.

現在您有一塊帶有大量 HBM 堆疊的晶圓。然後在這些堆疊通過之後——第一個測試是在晶圓級進行的。第二次測試是在 HBM 晶片堆疊到基座晶片上之後進行的。因此我們稱之為堆疊後晶圓測試。目前的生產方法是，將堆疊晶片的晶圓切碎，包裝並發送，然後將其組裝成 AI 加速器。

What is happening is that after those AI accelerators have been assembled, they're actually seeing significant yield fallout due to HBM problems. And so what they're trying to do is they're trying to decrease the number of defective HBM stacks that get installed in these accelerators. And so the thought is if you do a test step after you cut that HBM stack die wafer into individual HBM stacks, you're going to be able to catch a set of faults that you didn't see before. And so there are suppliers in this space that are experimenting with adding that step to see if it improves quality.

實際情況是，在組裝這些 AI 加速器之後，由於 HBM 問題，它們的產量實際上出現了顯著下降。因此，他們正在嘗試做的是嘗試減少安裝在這些加速器中的有缺陷的 HBM 堆疊的數量。因此，我們的想法是，如果在將 HBM 堆疊晶片晶圓切割成單獨的 HBM 堆疊後進行測試步驟，您將能夠發現一組先前未發現的故障。因此，該領域的一些供應商正在嘗試添加該步驟，看看是否能提高品質。

Ladies and gentlemen, we have reached the end of our question-and-answer session. And I would like to turn the call back to Greg Smith for closing remarks. Please go ahead, sir.

女士們、先生們，我們的問答環節已經結束。我想請格雷格‧史密斯 (Greg Smith) 作最後發言。先生，請繼續。

So I just want to add a final thought. As we talked about in our Analyst Day, we believe that AI was going to have a profound and positive impact on Teradyne's business. The investments that we've made in our SoC, memory and IST businesses to align with AI trends are now delivering new opportunities, socket wins and financial returns. We expect that the majority of our Semi Test revenue in the second half will be driven by AI applications, and it's clear that our momentum is building. I'd like to thank you very much for joining today.

所以我只想補充最後的想法。正如我們在分析師日所討論的那樣，我們相信人工智慧將對泰瑞達的業務產生深遠而積極的影響。為了順應人工智慧趨勢，我們在 SoC、記憶體和 IST 業務方面進行的投資正在帶來新的機會、市場優勢和財務回報。我們預計下半年我們的半測試收入大部分將來自人工智慧應用，而且很明顯我們的勢頭正在增強。非常感謝大家今天的參加。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝您，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。