德州儀器 (TXN) 2026 Q3 法說會逐字稿

Welcome to the Texas Instruments third quarter 2026 earnings conference call. I'm Mike Beckman, head of Investor Relations, and I'm joined by our Chief Executive Officer Haviv Ilan and our Chief Financial Officer Julie Knecht.

歡迎參加德州儀器 2026 年第三季財報電話會議。我是投資人關係主管 Mike Beckman，與我一同出席的還有我們的執行長 Haviv Ilan 以及財務長 Julie Knecht。

For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website.

若各位錯過了新聞稿，可至我們網站 ti.com/ir 查閱。本次電話會議將透過網路進行即時直播，並可透過我們的網站收看。此外，今天的會議也會錄音，並將在我們網站提供重播。

This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today, as well as TI's most recent SEC filings, for a more complete description.

本次電話會議將包含前瞻性陳述，涉及風險與不確定性，可能導致德州儀器的實際結果與管理層目前預期出現重大差異。我們建議各位查閱今日發布之財報新聞稿中關於前瞻性陳述的提示，以及德州儀器最近一期的 SEC 申報文件，以取得更完整的說明。

Today we'll provide the following updates. First, Haviv will start with a quick overview of the quarter. Next, he will provide insight into third quarter revenue results, with some details on what we are seeing with respect to our end markets. And lastly, Julie will cover the financial results and give an update on capital management, as well as share the guidance for fourth quarter 2026.

今天我們將提供以下更新。首先，Haviv 將先對本季做簡要概述。接著，他將就第三季營收結果提供洞見，並說明我們在各終端市場的觀察。最後，Julie 將說明財務結果並更新資本管理情況，同時分享 2026 年第四季的財測指引。

With that, let me turn it over to Haviv.

接下來我把時間交給 Haviv。

Thanks, Mike.

謝謝你，Mike。

Let me start with a quick overview of the third quarter. Revenue was $6.1 billion, an increase of 11% sequentially and an increase of 28% year over year. Analog and Embedded Processing both grew sequentially and year on year. Analog revenue grew 32% year on year, and Embedded Processing grew 21%. Our "Other" segment declined 6% from the year-ago quarter.

我先對第三季做個簡要概述。營收為 61 億美元，季增 11%，年增 28%。類比與嵌入式處理兩大業務皆呈現季增與年增。類比營收年增 32%，嵌入式處理年增 21%。我們的「其他」部門較去年同期下滑 6%。

During the quarter, we saw broad demand, with revenue growth across all end markets and regions. Secular growth of semiconductor content is continuing, alongside a strong cyclical recovery. We are working closely with our customers to support them during this time of increased demand. We are executing to our long-term manufacturing plan, and our investments have positioned us to ramp our factories to support revenue growth.

本季我們看到需求面相當廣泛，所有終端市場與各地區的營收皆成長。半導體含量的長期結構性成長仍在延續，同時也伴隨強勁的景氣循環復甦。在需求增加的期間，我們正與客戶密切合作以支援其需求。我們正依照長期製造計畫執行，而我們的投資也使我們具備擴產、支援營收成長的能力。

Now, I'll share some additional insights into third quarter revenue by end market.

接下來我將就第三季按終端市場別的營收，分享一些額外洞見。

First, industrial increased more than 40% year on year and was up about 10% sequentially.

首先，工業市場年增超過 40%，季增約 10%。

Automotive increased mid-teens year on year and increased about 10% sequentially.

車用市場年增約十幾個百分點，季增約 10%。

Data center was up about 95% year on year and grew about 20% sequentially.

資料中心年增約 95%，季增約 20%。

Personal electronics was about flat year on year and grew upper-single digits sequentially.

個人電子產品年比約持平，季比成長高個位數百分比。

And lastly, communications equipment grew both year on year and sequentially.

最後，通訊設備市場不論年比或季比皆成長。

With that, let me turn it over to Julie to review profitability and capital management.

接下來我把時間交給 Julie，請她回顧獲利能力與資本管理。

Thanks, Haviv, and good afternoon everyone.

謝謝你，Haviv，各位下午好。

As Haviv mentioned, third quarter revenue was $6.1 billion. Gross profit in the quarter was $3.9 billion, or 64% of revenue. Sequentially, gross profit margin increased 280 basis points.

如 Haviv 所提到，第三季營收為 61 億美元。本季毛利為 39 億美元，占營收 64%。就季比而言，毛利率提升 280 個基點。

Operating expenses in the quarter were $1 billion. On a trailing 12-month basis, operating expenses were $4 billion, or 19% of revenue.

本季營業費用為 10 億美元。以過去 12 個月（TTM）計算，營業費用為 40 億美元，占營收 19%。

Operating profit was $2.9 billion in the quarter, or 47% of revenue, and it was up 73% from the year-ago quarter.

本季營業利益為 29 億美元，占營收 47%，較去年同期成長 73%。

Net income in the quarter was $2.4 billion, or $2.62 per share. Earnings per share included a 1-cent reduction not in our original guidance, due to discrete tax items.

本季淨利為 24 億美元，或每股 2.62 美元。由於一次性稅務項目，每股盈餘較我們原先指引少 0.01 美元。

Let me now comment on our capital management results, starting with our cash generation. Cash flow from operations was $3.4 billion in the quarter and $9.9 billion on a trailing 12-month basis. Capital expenditures were $463 million in the quarter and $2.6 billion over the last 12 months. Free cash flow on a trailing 12-month basis was $8.4 billion, up from $2.4 billion in the third quarter of 2025. Free cash flow in the trailing 12 months includes $1.6 billion of CHIPS Act incentives, which includes both the investment tax credit and direct funding.

接下來我談談我們的資本管理成果，先從現金創造能力開始。本季營運活動現金流為 34 億美元，過去 12 個月為 99 億美元。本季資本支出為 4.63 億美元，過去 12 個月合計 26 億美元。以過去 12 個月計算，自由現金流為 84 億美元，高於 2025 年第三季的 24 億美元。過去 12 個月的自由現金流包含 16 億美元的《CHIPS 法案》激勵，涵蓋投資稅額抵減與直接補助資金。

In the quarter, we paid $1.3 billion in dividends. In September, we announced we would increase our dividend by 7% to $1.52 per share, marking our 23rd consecutive year of dividend increases. This reflects our continued commitment to return all free cash flow to owners over time. In total, we returned $5.8 billion to our owners in the past 12 months.

本季我們支付了 13 億美元股利。9 月我們宣布將股利提高 7% 至每股 1.52 美元，這是我們連續第 23 年調升股利。這反映我們持續承諾在時間推移中將所有自由現金流回饋給股東。合計而言，過去 12 個月我們已向股東回饋 58 億美元。

Our balance sheet remains strong with $8.1 billion of cash and short-term investments at the end of the third quarter. In the quarter, we repaid $500 million of debt. Total debt outstanding is $13.65 billion with a weighted average coupon of 4.11%.

我們的資產負債表依然穩健，第三季末現金與短期投資為 81 億美元。本季我們償還了 5 億美元債務。未償還總債務為 136.5 億美元，加權平均票面利率為 4.11%。

Inventory at the end of the quarter was $4.7 billion, up $67 million from the prior quarter, and days were 194, down 2 days sequentially.

季末存貨為 47 億美元，較前一季增加 6,700 萬美元；存貨天數為 194 天，季比減少 2 天。

Turning to our outlook for the fourth quarter, we expect TI's revenue in the range of $5.8 billion to $6.3 billion and earnings per share to be in the range of $2.45 to $2.79. We expect our effective tax rate to be about 13% in the fourth quarter. And for 2027, we expect it to be about 13% to 14%.

談到第四季展望，我們預期德州儀器營收將介於 58 億至 63 億美元之間，每股盈餘介於 2.45 至 2.79 美元之間。我們預期第四季有效稅率約為 13%。而 2027 年我們預期約為 13% 至 14%。

In closing, we will stay focused in the areas that add value in the long term. We continue to invest in our competitive advantages, which are manufacturing and technology, a broad product portfolio, reach of our channels, and diverse and long-lived positions. We will continue to strengthen these advantages through disciplined capital allocation and by focusing on the best opportunities, which we believe will enable us to continue to deliver free cash flow per share growth over the long term.

最後，我們將持續聚焦於能在長期創造價值的領域。我們持續投資於自身的競爭優勢，包括製造與技術、廣泛的產品組合、通路覆蓋範圍，以及多元且長生命週期的市場地位。我們將透過嚴謹的資本配置並聚焦最佳機會，持續強化這些優勢；我們相信這將使我們能在長期持續實現每股自由現金流成長。

With that, let me turn it back to Mike.

接下來我把時間交回給 Mike。

Thanks, Julie. Operator, you can now open the line for questions. (Event Instructions)

謝謝你，Julie。接線生，現在可以開放提問。(活動說明)

(Operator Instructions) Joe Moore, Morgan Stanley.

(接線生指示) Morgan Stanley 的 Joe Moore。

Yes. Hi, thank you. I was a little surprised that the gross margins -- kind of incremental gross margins of about 90% on incremental revenue, I know the long-term target's lower than that. Can you just give us a sense for what went right there and how sustainable that may be? Thank you.

是的，嗨，謝謝。我有點意外的是毛利率——也就是增量營收對應的增量毛利率大約 90%；我知道長期目標比這個低。你們能否說明一下這部分有哪些因素表現得特別好，以及這樣的水準有多可持續？謝謝。

Sure. Thanks, Joe. Yes, our margin in third quarter were really driven by higher revenue. That's the largest reason for that increase. But we also did have some benefit from pricing, loadings, and some product and end market mix.

當然可以。謝謝你，Joe。是的，我們第三季的毛利率主要是由更高的營收所帶動。這是毛利率上升的最大原因。不過我們也確實受惠於定價、產能負載，以及部分產品與終端市場組合的影響。

Do you have a follow-up, Joe?

Joe，你還有追問嗎？

No, I'm good. So that looks like about comparable gross margins embedded in the guidance? Is that kind of the right way to think of it?

沒有，我沒問題了。所以看起來指引中隱含的毛利率大致相當？這樣理解是對的嗎？

I think over the long term, the way to model continues to be looking at 75% to 85% ex-depreciation fall-through. It's easier to look at that more over a longer time horizon, so year over year. But of course, there are puts and takes in this.

我認為從長期來看，建模的方式仍然是看 75% 到 85%（扣除折舊前）的落底傳導率（fall-through）。用更長的時間跨度來看會更容易，因此以年對年（YoY）的角度。但當然，這之中也有拉鋸與抵銷因素。

For modeling, I would also share that OpEx for the fourth quarter, we're expecting to be flat to slightly up. Acquisition charges should look about similar to what we saw in third quarter. Same with net OI&E.

就建模而言，我也補充一下，第四季的營業費用（OpEx）我們預期持平到小幅上升。併購相關費用應該大致與第三季看到的水準相近。淨其他收入與費用（net OI&E）也是如此。

Thanks, Joe. Moving on to our next caller, please.

謝謝你，Joe。請進入下一位來電者。

Harlan Sur, JPMorgan.

JPMorgan 的 Harlan Sur。

Good afternoon. Thank you for taking my question, and great job on the quarterly execution. Both short lead time orders and longer-term duration orders have been positive for the TI team over the past few quarters. Lead times, I assume, are probably expanding a bit, so you're getting a bit more orders placed further out in time as well. Did the TI team drive another quarter of positive book-to-bill in Q3? And was the order activity pretty broad-based?

午安。謝謝讓我提問，也恭喜本季執行表現出色。過去幾季，無論是短交期訂單或較長週期的訂單，對 TI 團隊而言都呈現正向。我猜交期可能也在拉長一些，因此你們也收到更多下得更遠期的訂單。TI 團隊在第三季是否又推動了正向的接單出貨比（book-to-bill）？而且訂單活動是否相當廣泛、涵蓋多個領域？

Harlan, this is Haviv. Let me say a few words, and I'll let Mike offer some more comments.

Harlan，我是 Haviv。我先說幾句，然後讓 Mike 再補充一些看法。

So look, we are seeing, as I said, the broadening of the demand coming across the three main markets that we focus on for the long term: industrial, automotive and data center. But in general, demand was strong across the board, across markets, sectors and regions. That put pressure on lead times, but I think they maybe ticked a little bit higher, I'll let Mike comment. But I still believe that TI is best positioned to support that growing demand. I think we are still the most competitive supplier in terms of lead time.

你看，正如我說的，我們看到需求在我們長期聚焦的三大主要市場擴散：工業、車用與資料中心。但整體而言，各市場、各產業別與各地區的需求都很強勁。這對交期造成壓力，但我認為交期可能只是略微上升一點，讓 Mike 來評論。不過我仍然相信 TI 最有能力支援這個成長中的需求。我認為就交期而言，我們仍是最具競爭力的供應商。

Mike, I mean, if you can offer anything else here?

Mike，我是說，你這邊如果還能補充什麼？

Yeah, I think you characterized it right, and I'd just also add, the investments that we've made in inventory and capacity do position us to support growing demand. And we'll continue to ramp our factories to support revenue growth moving forward.

對，我覺得你描述得很到位。我再補充一點：我們在庫存與產能上的投資，確實讓我們具備支援需求成長的能力。而且我們會持續提升（ramp）我們的工廠產出，以支援未來的營收成長。

Do you have a follow-up?

你有追問嗎？

Yeah, and I appreciate the answer. Last quarter, Haviv, you talked about the potential for broader positive pricing initiatives as you hold your annual pricing negotiations for next year. That would overlay not just on your analog and power products, but also on your embedded products as well. Can you give us an update here? I mean, industry supply dynamics feel like they're getting worse, not better. TI is in a great position to support customers' supply requirements. And I think they do value the team's supply capability. And I assume they're willing to pay a premium for the assurance and predictability you offer, but wanted to get an update from you there on annual pricing negotiations.

有的，也謝謝你的回答。上季 Haviv 你提到，在你們進行明年度的年度價格談判時，可能會有更廣泛的正向定價措施。這不只會反映在類比與電源產品，也會涵蓋你們的嵌入式產品。你能否更新一下進度？我的意思是，產業供需動態看起來像是在惡化，而不是改善。TI 在支援客戶供應需求方面處於很好的位置。我認為客戶也很重視團隊的供應能力。我推測他們也願意為你們提供的保障與可預測性支付溢價，但想請你更新一下年度價格談判的狀況。

Yeah, first, a high-level picture, Harlan. As you mentioned, there is a stronger demand environment right now. And if you look at the area of foundational chips as I call it, but specifically analog, there hasn't been a lot of addition into capacity in the last four years since the previous peak of the market during the COVID days. So especially if you do care about geopolitically dependable capacity, meaning usually factories outside of China and Taiwan. So in this case, TI has a good position. We are seeing our customers value our investment and also capacity to continue to grow, not only in the next quarter, but also in the foreseeable future. So that's a good characterization of the situation we are in.

好，先從高層次的圖像來看，Harlan。如你所說，目前的需求環境更強。如果你看我所稱的「基礎型晶片」領域，特別是類比，從 COVID 時期上一個市場高峰以來的四年，產能新增其實不多。尤其當你在意具地緣政治可靠性的產能時，通常指的是中國與台灣以外的工廠。在這種情況下，TI 的位置不錯。我們看到客戶重視我們的投資，以及我們持續擴充產能的能力，不僅是下一季，也包括可預見的未來。所以你對我們所處情勢的描述是貼切的。

Regarding pricing specifically, look, most of our pricing discussions are done once a year with our customers, but we did see some areas in the middle of the year where we had the opportunity to talk with customers that wanted more supply more urgently. And in this case, and Julie indicated in her answer, we did see some price movement, I would say mainly on the analog side in the second half. I would just characterize it as second half of 2026 after a flat pricing environment year over year in the first half of '26. So we are seeing a little bit of an uptick, not very significant for this year.

就定價本身而言，你看，我們大多數的價格討論都是每年與客戶進行一次，但我們也確實在年中看到一些領域出現機會，因為有些客戶更急迫地想要更多供應。在這種情況下，正如 Julie 在她的回答中提到的，我們確實看到一些價格變動，我會說主要是在下半年、以類比產品為主。我會把它描述為：在 2026 年上半年價格環境年對年持平之後，2026 年下半年出現一些變化。所以我們看到一點點上行，但就今年而言並不算非常顯著。

For '27, yes, we are now engaged in the discussions you just mentioned. We are looking at the customers' demand and what type of supply they want to guarantee, if you will, or to get supported from TI, and that has a pricing element to it. So I think we will report more of it when we provide our results, mainly our guidance during the January call.

至於 2027 年，是的，我們現在正投入你剛提到的那些討論。我們在看客戶的需求，以及他們希望由 TI 保證、或說由 TI 支援的供應類型，而這其中包含定價因素。因此我想我們會在 1 月的電話會議、主要是在提供業績與指引時，再多做說明。

All right. Thank you, Harlan. We'll move on to our next caller, please.

好的。謝謝你，Harlan。請進入下一位來電者。

Stacy Rasgon, Bernstein Research.

Bernstein Research 的 Stacy Rasgon。

Hi, guys. Thanks for taking my questions. I wanted to ask about the end market outlook that's embedded in guidance. Usually Q4 just seasonally is down, I don't know, mid-single to high-single, maybe even more sometimes. And I get it -- it's calculators and personal electronics typically. You're guiding flattish, which is well above. It would be one of your stronger Q4s in quite a while, probably since the COVID cycle. What is embedded there, the puts and takes on end markets, given those sort of typical seasonal patterns? What are you seeing across the markets now that's driving things stronger?

嗨，各位。謝謝讓我提問。我想問一下指引中隱含的終端市場展望。通常第四季季節性會下滑，我不知道，大概是中個位數到高個位數，有時甚至更多。我理解——通常是計算機和個人電子產品的因素。你們給的指引接近持平，明顯高於一般水準。這會是你們相當久以來較強的第四季之一，可能是自 COVID 週期以來。在那些典型季節性型態之下，終端市場有哪些拉抬與抵銷因素被納入其中？你們目前在各市場看到什麼，讓走勢更強？

Stacy, I'll take a stab at it. I'm not going to guide by market, as you know we don't, but I will just give a little bit of color.

Stacy，我來試著回答。我不會按市場給指引，你也知道我們一向不這麼做，但我可以提供一些補充說明。

The data center market, it's a market that we see strong secular growth. I don't think it's influenced by seasonality. The demand continues to be strong and growing. And it's just a bigger part of our business now. I think it was about 13% of revenue in Q3 or so. So I think that you see that coming in and just helping, if you will, the transition from Q3 to Q4.

資料中心市場，我們看到很強的結構性（長期）成長。我不認為它會受到季節性的影響。需求持續強勁且在成長。而且它現在在我們業務中的占比更大了。我想第三季它大約占營收 13% 左右。所以我認為你會看到這一塊進來，並在某種程度上幫助第三季到第四季的銜接。

But on top of it, I'm very excited about what we're seeing on the industrial market. We are seeing a very strong momentum in industrial across the sectors, but specifically in areas like aerospace and defense, energy infrastructure, test and measurement, the robotics sector. So this is where we see a combination of secular growth but also sequential or cyclical recovery, I would say. So this is why we are seeing an above-seasonal forecast from TI. We also saw the automotive customers waking up, if you will, with higher demand in Q3, and I think that may continue into Q4.

此外，我對我們在工業市場看到的情況非常振奮。我們看到工業領域各個次產業都有非常強的動能，特別是在航太與國防、能源基礎設施、測試與量測、機器人等領域。因此我們看到的是結構性成長與連續性或循環性復甦的結合，我會這麼說。這也是為什麼 TI 的預測會高於季節性水準。我們也看到車用客戶在第三季「醒來」了些，需求更高，我認為這可能會延續到第四季。

So again, the top three markets -- industrial, automotive, and data center -- are the ones that are driving our guide into Q4.

所以再說一次，前三大市場——工業、車用與資料中心——是推動我們第四季指引的主要動力。

Follow up, Stacy?

後續問題，Stacy？

I do, thanks. I wanted to ask about CapEx. So you've been talking about you'll be near the higher end of the $2 to $3 billion range for the year, and are you still going to be tracking there in the one quarter that we have left?

有的，謝謝。我想問一下資本支出（CapEx）。你們一直提到今年會接近 20 億到 30 億美元區間的較高端，那在剩下的最後一個季度，你們仍會維持在那個軌道上嗎？

And I guess in addition to that, you talked about continuing to invest in manufacturing to support demand. So like, how do we think about CapEx in '27 relative to '26, given that statement?

另外，你們也談到會持續投資製造以支撐需求。所以基於這個說法，我們該如何看待 2027 年相對於 2026 年的資本支出？

Yeah. Let me start with '26 right now, Stacy, and of course, we'll give some more color during our February call for capital management about what we're seeing.

好的。Stacy，我先從 2026 年談起，當然，我們會在 2 月的資本管理電話會議上，就我們看到的情況提供更多說明。

But high level, you're right, we are aiming to continue to invest right now in '26 somewhere between $2 and $3 billion. And yes, we want to aim higher, but also, we are seeing lead times extending on tools and everything, especially on the back-end side. So that is a very, very tactical situation, but we do want to expand capacity.

但從高層次來看，你說得沒錯，我們目前的目標是在 2026 年持續投資，金額大約在 20 億到 30 億美元之間。是的，我們希望偏向較高端，但同時我們也看到設備與各項工具的交期正在拉長，尤其是在後段製程（back-end）方面。所以這是一個非常、非常戰術性的情況，但我們確實希望擴充產能。

As you know, we have plenty of cleanroom, and we are seeing strong demand. Leaving this quarter, we grew in the high 20s, so you do want to make sure you continue to fill that cleanroom with tools, both on the back end, but also later on the front-end side. So we are leaning in.

如你所知，我們有充足的無塵室（cleanroom），而且我們看到需求強勁。在本季度結束時，我們年增達到接近 20% 高段，因此你會希望確保持續把設備導入無塵室，不僅是後段製程，之後也包括前段製程（front-end）。所以我們正在加大投入。

And again, now when you talk about CapEx, it's when tools are coming in, delivered by our suppliers, and that's what influences more or less the result, but you should expect somewhere between $2 to $3 billion this year, and maybe on the higher end if we get that execution as planned.

再者，談到資本支出，關鍵在於設備何時由供應商交付到位；這會或多或少影響實際結果。但你應該預期今年會在 20 億到 30 億美元之間；如果執行如計畫推進，可能會落在較高端。

Now regarding '27, I won't say anything right now about the numbers, but I do think it's a function of demand and what our aspiration of growth is, Stacy. I think we've given a framework at the time of what CapEx will do as a function of the expected longer-term revenue growth. Of course, you are investing ahead of demand, right? So there is a certain CapEx level to support the 10% growth versus a higher CapEx plan to support mid-teens growth, for example. And this is where we want to provide some more color in our February call.

至於 2027 年，我現在不會談任何數字，但我認為這取決於需求，以及我們希望達成的成長目標，Stacy。我們先前已提供一個框架：資本支出會隨著預期的長期營收成長而變動。當然，你會提前於需求進行投資，對吧？因此，支撐 10% 成長所需的資本支出水準，會不同於支撐例如中十位數成長（mid-teens growth）的較高資本支出計畫。這部分我們會在 2 月的電話會議上提供更多說明。

I will say that we have the -- we are in a position to control our destiny. We have taken care of the long lead time investments on cleanrooms, including all the subfab and all the, to be fair, the equipment that takes right now a very long time to get and build and get qualified. So I'm very excited about that. We do have the slots reserved for '27 and beyond, and we are going to modulate the incoming rate based on the revenue growth we would like to support, okay?

我想說的是，我們——我們處在能掌握自身命運的位置。我們已經完成了無塵室等長交期投資，包括所有的 subfab，以及坦白說，那些目前需要很長時間才能取得、建置並完成認證的設備。所以我對此非常振奮。我們也已為 2027 年及之後預留了產能/設備名額（slots），並且會依據我們希望支撐的營收成長，來調節設備導入的速度，好嗎？

All right. Thank you for the question, Stacy. Moving on to our next caller, please.

好的。謝謝你的提問，Stacy。接下來請下一位來電者。

Chris Caso, Wolfe Research.

Chris Caso，Wolfe Research。

Yes, thanks, good evening. First question was to dig in a little more on the industrial market. And that market has been in recovery for some time now. You're seeing it up 40% year on year in the quarter.

是的，謝謝，晚安。第一個問題想更深入談一下工業市場。這個市場已經復甦一段時間了。你們看到本季度年增 40%。

I guess the question is, what's your level of conviction that when this recovers, how much of that recovery do you think has been driven by cyclical factors as opposed to secular factors such as the growth in some of those individual segments?

我想問的是，你們對於這波復甦的信心程度如何？你們認為其中有多少是由景氣循環因素驅動，而不是由結構性因素（例如某些細分領域的成長）所帶動？

Yes, so let me start, and then Mike, maybe you can offer some more color on the sectors inside industrial. But high level, the excitement I have about industrial is growing very fast, but only now in Q3 2026, it reached the same level of revenue we had in Q3 2022. So this is the first time we created a new peak in industrial after four years.

好的，我先回答，然後 Mike 也許可以就工業內部的各個領域補充一些說明。但從高層次來看，我對工業市場的興奮點在於它成長很快，但直到 2026 年第三季，它才回到我們在 2022 年第三季的同等營收水準。所以這是四年來我們第一次在工業領域創下新的高點。

I do believe that systems that are being designed by our customers four years later than the COVID peak are much more rich with content. We are seeing, end equipment by end equipment, sector by sector, that there is just more content per system as customers want to achieve higher precision, higher speed, higher quality, more throughput, whatever they want to drive, right. So that is there.

我確實相信，客戶在 COVID 高峰四年後所設計的系統，其內容（content）要豐富得多。我們看到，從終端設備到終端設備、從產業別到產業別，每個系統的內容都更多，因為客戶希望達到更高精度、更高速度、更高品質、更高吞吐量，或任何他們想推動的目標，對吧。所以這個趨勢是存在的。

I also believe our portfolio has done very well in terms of we've built more and more parts in the last several years, invested in R&D, and I think we won a larger share per system based on our portfolio, so I'm excited about that as well.

我也相信，我們的產品組合表現非常好：過去幾年我們打造了越來越多的零組件、投入研發，我認為憑藉我們的產品組合，我們在每套系統中拿到更高的份額，所以我對此也很振奮。

Now there is also some secular areas of growth like aerospace and defense and also data center-induced sectors. I'll let Mike comment there about the different sectors. Some of them, by the way, have not reached their previous peak yet. So we are in early innings.

另外也有一些結構性成長領域，例如航太與國防，以及由資料中心帶動的相關領域。我讓 Mike 來評論不同的領域。順帶一提，其中有些領域甚至還沒回到先前的高點。所以我們還在早期階段。

Right. So some of the sectors, as you probably know, that have had industry-level unit demand, like aerospace and defense or the ones that are more closely adjacent to data center like energy infrastructure or test and measurement, make all new highs over time. But even areas like industrial automation that are going through recovery have also had, as Haviv described, four years of content increase, gen-to-gen secular content growth. So as we look at the industrial end market, we see opportunity ahead there. And as Haviv mentioned, it's just now reached a little bit above its previous peak, but again, that's four years of content expansion. So we look forward to serving that market well in the quarters ahead.

對。所以有些領域，如你可能知道的，單位需求在產業層級持續成長，例如航太與國防，或是更貼近資料中心的領域，如能源基礎設施或測試與量測，會隨時間推移不斷創新高。但即便是正在復甦的工業自動化等領域，也如 Haviv 所描述，經歷了四年的內容增加，也就是代際（gen-to-gen）的結構性內容成長。因此當我們看工業終端市場時，我們看到前方仍有機會。而且如 Haviv 提到的，它現在才剛剛略高於先前的高點，但那是四年的內容擴張所帶來的結果。所以我們期待在接下來的季度持續把這個市場服務好。

So do you have a follow-up?

所以你有後續問題嗎？

I do, thanks. The follow-up question is on Embedded. And now that I guess the second Lehi shell will be ready by the end of the year, maybe you can talk about how you intend to deploy that as you go into next year. And as you said, it does seem like industry capacity is getting tighter. So what benefit does that bring to you? What are your plans for next year? And does that have any margin impact?

有的，謝謝。後續問題是關於嵌入式（Embedded）。現在我想第二座 Lehi 廠房（shell）將在年底前就緒，也許你們可以談談明年開始你們打算如何部署。而且如你所說，產業產能似乎正在趨緊。那這會為你們帶來什麼好處？你們明年的計畫是什麼？以及這對毛利率是否有任何影響？

Yes, so on the embedded side, I am -- we are seeing that our investment in Lehi -- Lehi 1 and Lehi 2 -- is extremely beneficial.

好的，所以在嵌入式這一塊，我——我們看到我們在 Lehi 的投資——Lehi 1 和 Lehi 2——帶來極大的效益。

On Lehi 1, as you remember, we have transferred a lot of our foundry-based business into Lehi 1, but we still have plenty of cleanroom in Lehi 1, so we are going to grow into that. That will carry us at least in the coming quarters.

在 Lehi 1，如你記得的，我們已把大量原本委外晶圓代工（foundry-based）的業務轉移到 Lehi 1，但 Lehi 1 仍有充足的無塵室空間，所以我們會在那裡持續擴張。這至少能支撐我們接下來幾個季度。

But we do have Lehi 2, as you mentioned there, to continue to grow embedded at the rate which demand will indicate. So we are right now looking at the numbers. I think that the embedded business in general -- I think this is not only a TI comment, but in terms of the cyclical recovery, I would call it maybe a year beyond, later than analog. We saw that the Embedded business peaked in 2023, while Analog for TI, while Analog peaked in 2022.

但如你提到的，我們也有 Lehi 2，可在需求所指引的速度下，持續擴大嵌入式業務。所以我們目前正在檢視相關數字。我認為整體嵌入式業務——我想這不只是 TI 的看法——就景氣循環復甦而言，我會說它可能比類比（Analog）晚大約一年。我們看到嵌入式業務在 2023 年見頂，而 TI 的類比業務在 2022 年見頂。

I also believe that the supply demand mismatch is higher in analog because some of the analog supply, to be fair, went offline in the last few years, and more is coming out, and some of the foundries are transitioning their supply base to support non-analog portfolio parts. So with that stance, I think the pressure is now higher, and this is why you're seeing higher growth on analog.

我也認為，在類比產品方面，供需不匹配的程度更高，因為坦白說，過去幾年有一部分類比供給已下線，而現在又有更多產能釋出，同時也有一些晶圓代工廠正將其供應基礎轉型，以支援非類比產品組合的零組件。因此在這樣的立場下，我認為目前壓力更大，這也是為什麼你會看到類比業務呈現更高成長。

Having said that, Embedded is well positioned. Our portfolio is growing. We have a cleanroom in LFAB1. We have the shell in LFAB2 that is in the last stages of completion. So we can modulate now tool installations according to what demand says.

話雖如此，嵌入式業務的布局很到位。我們的產品組合正在成長。我們在 LFAB1 有一間無塵室。LFAB2 的廠房外殼也已進入完工的最後階段。

Last but not least, I want to mention our plan with the Silicon Labs acquisition. That's another cleanroom that will serve the transitioning of the portfolio that right now is running in foundries into, again, into Lehi.

最後但同樣重要的是，我想提一下我們對 Silicon Labs 併購案的規劃。那將是另一間無塵室，用來支援把目前在代工廠生產的產品組合轉移——再次——轉回到 Lehi。

From a gross margin perspective, we are seeing strong progress. I think we've seen it in the last several quarters, Julie, right? Is it a couple of points per quarter that we have seen lately?

從毛利率的角度來看，我們看到強勁的進展。Julie，我想我們在過去幾個季度都看到了，對吧？最近我們看到的是每季提升幾個百分點嗎？

Yes.

是的。

Yes? And I think about 10 points year over a year or something. So I do see that the Embedded has room to grow in the sense of not only top-line growth, but also gross margins as well.

是嗎？而且我想年對年大概提升了 10 個百分點之類的。所以我確實看到嵌入式業務仍有成長空間，不僅是營收（top-line）成長，也包括毛利率的提升。

All right. Moving on to our next caller, please.

好的。請進入下一位來電者。

Joe Quatrochi, Wells Fargo & Company.

Wells Fargo & Company 的 Joe Quatrochi。

Yeah, thanks for taking the questions. I wanted to ask about the auto demand commentary you provided, talking about you're seeing customers kind of wake up a little bit. Can you give a little bit more color? Is that broad-based demand that you're seeing? And are you seeing customers add more inventory? And is that across analog and embedded, or more concentrated?

好的，謝謝讓我提問。我想問一下你們對汽車需求的評論，你提到你們看到客戶似乎有點「醒過來」了。能否再多補充一些細節？你們看到的是廣泛性的需求回升嗎？以及你們是否看到客戶增加更多庫存？這是同時發生在類比與嵌入式，還是更集中在某一塊？

Yeah, I will start, but automotive, I think I would describe the demand we are seeing in automotive as such that keeping -- demand is coming in pretty strong in Q3. We did see a nice sequential growth. We are seeing mid-teens year over year growth, but I think customers have not had -- not kept a lot of inventory on their side. So when they saw maybe demand growing, maybe a little bit more EV as fuel prices went up, they were not well positioned compared to customers we've seen in other markets.

是的，我先開始回答。就汽車而言，我會這樣描述我們看到的需求：第三季需求進來得相當強勁。我們確實看到不錯的季對季成長。我們看到年對年約中十位數（mid-teens）的成長，但我認為客戶端並沒有——沒有維持太多庫存。所以當他們看到需求可能在成長、也許因為燃油價格上升而帶動電動車（EV）需求增加時，相較於我們在其他市場看到的客戶，他們的準備並不充分。

So we are now supporting these customers as they're trying to ramp their production. I don't see any inventory buildup. On the contrary, I wish they had a little bit more. But we are positioned to grow. Of course, the fab, you cannot switch a flip -- flip a switch, sorry -- to get the output, the right mix immediately. And this is where we help some customers with the existing inventory we've built ahead, but some of the parts are more unique and we need to react to customer demand. So that's what I'm seeing right now.

因此我們現在正在支援這些客戶，協助他們提升產量。我沒有看到任何庫存堆積。相反地，我倒希望他們能多一些庫存。但我們具備成長的條件。當然，晶圓廠不可能——不能一按開關就立刻得到所需的產出與正確的產品組合，抱歉——。這也是我們如何用先前建立的既有庫存來協助部分客戶的地方；但有些零件更為獨特，我們需要依客戶需求做出反應。所以這就是我目前看到的情況。

In terms of region, can you add a little bit, Mike?

就區域而言，Mike，你能再補充一點嗎？

Yeah, so similar to last quarter, you may recall that we saw China and the U.S. averaging up the overall growth. We continue to see that in third quarter as well.

可以。和上一季類似，你可能記得我們看到中國與美國拉升了整體成長的平均值。我們在第三季也持續看到同樣的情況。

And the comment around EV mix, you can see it clearly in our sectors as well. So the hybrid electric and powertrain systems sector grew about twice as fast as the overall did. So that just gives you a sense of the mix that has shifted toward EV inside of that.

至於你提到的電動車組合（EV mix），在我們的各個領域也看得很清楚。因此，混合動力電動與動力總成系統（powertrain systems）這個領域的成長速度，大約是整體成長速度的兩倍。這讓你大致了解，在該領域內部的產品組合已朝向電動車方向移動。

So with that, do you have a follow-up?

那麼，你有後續問題嗎？

Yeah, thanks. And then just, as I think about it, you talked about back-end tools, lead times kind of starting to extend and things. Capacity, obviously tight. Does that change any of your plans and how you're thinking about just moving more of your capacity on the back-end side to internal? Are you trying to flex some of your external capacity a bit more, just given the pretty significant increase in demand you're seeing?

有的，謝謝。另外我在想，你們談到後段（back-end）設備、交期似乎開始拉長等等。產能顯然很吃緊。這會不會改變你們的任何計畫，以及你們對於把更多後段產能轉為內部化的思考？鑑於你們看到需求顯著增加，你們是否會嘗試更彈性地運用一些外部產能？

Yes, I think I commented before, earlier this year, we have done it throughout the year. So we are not getting as much as we wanted from our OSAT partners, and I think it's also just tightness of supply, as you mentioned.

會的。我想我之前也評論過，今年稍早、以及我們其實全年都在做這件事。因此我們從 OSAT 合作夥伴那裡拿到的量沒有達到我們想要的程度，我認為這也就是你提到的供給吃緊。

So we do have a new site in Malaysia that we are ramping very quickly. It's our largest A/T site, newly built, and I'm very glad we have it. The parts are being qualified and ramped, so we can continue and increase capacity every quarter. Thanks to the cleanroom we have, the rate of which we go is a function of how quickly we add tools. And that's also a function of the demand, I would say.

所以我們在馬來西亞有一個新廠區，正在非常快速地爬坡。那是我們最大的一個封裝/測試（A/T）據點，為新建廠，我很高興我們有它。相關零件正在進行認證並逐步放量，因此我們可以持續在每一季增加產能。由於我們有無塵室，我們提升速度取決於我們增加設備（tools）的速度。而我會說，這同樣也取決於需求。

But in general, I'm very pleased with our situation, both front end and back end, because we control our destiny here. And we've done the work during the downcycle, again, when lead times were very short on this type of equipment to get ahead and to be ready for a range of scenarios. This scenario right now is a very strong demand scenario.

但總體而言，我對我們目前的狀況非常滿意，無論是前段（front end）或後段（back end），因為我們在這裡能掌控自己的命運。而且我們在景氣下行期間已經做了相關工作——當時這類設備的交期非常短——以便提前布局，為各種情境做好準備。而現在這個情境，就是需求非常強勁的情境。

All right. Thanks, Joe. Moving on to our next caller, please.

好的。謝謝你，Joe。請進入下一位來電者。

Tore Svanberg, Stifel.

Stifel 的 Tore Svanberg。

Thank you, and congratulations on the results. Just zooming in a little bit on data center, I think it almost doubled year over year. I think in the past, you've talked about your exposure to the data center still kind of being more building block components, but I do know you have some newer products that are starting to get designed in. So how should we think about that in the context of the almost double year-over-year growth rate?

謝謝，也恭喜你們的業績表現。我想更聚焦在資料中心。我認為年對年幾乎翻倍。過去你們談到，你們在資料中心的曝險仍偏向基礎建構模組（building block）元件，但我也知道你們有一些較新的產品開始被導入設計（designed in）。那麼，在年對年幾乎翻倍的成長率背景下，我們應該如何看待這件事？

Yeah, look, I'm very excited about the market in the sense of -- you guys know exactly what's going on there, but what I would like to share is that we see a very high breadth of opportunity, and we are continuing to invest. I mean customers want new solutions to get more -- I mean these are very expensive assets if you think about the compute rack or networking rack, and it needs a lot of telemetry and cooling. And efficiency is critical. Power density is critical. So we are seeing customers being very, very innovative on how they add parts that are mainly coming from our portfolio of foundational chips, of analog and embedded chips, to do all of that. So just a growing opportunity in terms of diversity of part numbers. We reviewed it earlier this week and we have about 10,000 different GPNs, or generic part numbers, that we are selling into this market, and it's growing every quarter. So that's a very exciting opportunity.

是的。你看，我對這個市場非常興奮——你們也很清楚那裡正在發生什麼——但我想分享的是，我們看到非常廣泛的機會面，而且我們持續在投資。我的意思是，客戶需要新的解決方案來獲得更多——如果你想到運算機櫃或網路機櫃，這些都是非常昂貴的資產，需要大量的遙測（telemetry）與散熱。效率至關重要。功率密度也至關重要。因此我們看到客戶在如何新增零件方面非常、非常有創新性，而這些零件主要來自我們的基礎晶片產品組合——類比與嵌入式晶片——用來完成上述需求。所以就料號多樣性而言，這是一個持續成長的機會。我們本週稍早回顧過，我們大約有 10,000 個不同的 GPN（generic part numbers，通用料號）銷往這個市場，而且每一季都在增加。所以這是一個非常令人振奮的機會。

Now our focus is -- again, we are a company that is trying to -- breadth of our portfolio is one of our competitive advantages. But of course, we also pay attention to the more application-specific sockets. We have developed the technology for that. I think I've mentioned it. It's now early ramps in Sherman. I think the execution is going well. So I'm excited about continuing to expand our portfolio in data center, assuming the investments in data center continues in the U.S. And by the way, it's not only in the U.S. We are seeing it worldwide, but the U.S. is leading.

現在我們的重點是——再說一次，我們是一家努力去——我們產品組合的廣度是我們的競爭優勢之一。但當然，我們也會關注更偏應用特定的插槽。我們已經為此開發了相關技術。我想我之前提過。目前在 Sherman 正處於早期爬坡階段。我認為執行進展良好。所以，假設美國的資料中心投資持續，我很期待在資料中心領域持續擴展我們的產品組合。順帶一提，不只是在美國；我們在全球都看到了這個趨勢，但美國仍是領先者。

Your follow-up, Tore.

Tore，你的追問。

Yes, thank you, Mike. So in industrial, which is a little more than 30% of your revenue, I know you talked about the cyclical growth and the secular growth. But I'm just also curious, if you look at all the subsegments there, how much of that, let's say 35% of revenue, is potentially being impacted by the data center buildup as well?

是的，謝謝你，Mike。所以在工業領域，佔你們營收略高於 30%，我知道你談到週期性成長與結構性成長。但我也好奇，如果你看那裡所有的子領域，有多少——比方說那 35% 的營收——也可能同樣受到資料中心建置擴張的影響？

So I think we have about nine or 10 sectors over there in industrial. The last one is kind of what we call "Other", all other end equipment. But of the nine, I think two are very much data center-specific: energy infrastructure and also test and measurement. But I think I see a lot of robustness there. I mean, people are building memories and GPUs for the foreseeable future. They need to test them. This has been a very fast-growing sector for us, and we are doing well over there.

我想我們在工業那邊大概有九到十個產業別。最後一個我們稱為「其他」，也就是所有其他終端設備。但在這九個裡面，我認為有兩個非常偏資料中心：能源基礎設施，以及測試與量測。不過我覺得那裡的韌性很強。我的意思是，在可預見的未來，人們會持續建置記憶體和 GPU。他們需要測試它們。這一直是我們成長非常快的領域，而我們在那邊表現也很好。

And then the energy infrastructure, I think the world is rebuilding its grid, and it's -- the content is very rich with semiconductors, so that has been a very good sector growth for us. I think data center influences it, but the world needs more energy, I think in general. If you think about automation and later on physical AI and robotics and aerospace and defense, everything needs more energy, and I think that's going to continue. So I'm very excited about the progress over there.

再來是能源基礎設施，我認為全世界正在重建電網，而且——其中的半導體含量非常高，所以這對我們來說一直是非常好的成長領域。我認為資料中心會影響它，但整體而言，世界普遍需要更多能源。如果你想到自動化，以及之後的實體 AI、機器人、航太與國防，所有事情都需要更多能源，我認為這個趨勢會持續。所以我對那邊的進展非常振奮。

Now we are seeing, as Mike mentioned before, we just see other secular trends that are not -- I don't think -- they may be related to data center because they have helped accelerate them, but what's going on in the aerospace and defense with autonomous end equipment, if you will, that are very content-rich in the type of parts we make. Very early on the robotic side, but I think '27 is going to be a great deal of ramps. Our content over there is actually per -- for example, per humanoid is very high. I would say somewhere between $500 to $1,000 per -- content for TI won on this type of system. So I don't know how many they'll build there next year, but definitely the demand is -- they want to grow.

另外我們也看到，如同 Mike 先前提到的，我們還看到其他一些結構性趨勢——我不認為——它們可能與資料中心有關，因為資料中心幫助加速了它們，但在航太與國防領域，關於自主終端設備（如果你願意這麼稱呼）的發展，這些系統在我們所製造的零件類型上含量非常高。機器人方面目前還很早期，但我認為 2027 年會有大量的爬坡放量。我們在那邊的單機含量其實——例如每一台人形機器人的含量都非常高。我會說，TI 在這類系統上拿到的單機內容價值大約在每台 500 到 1,000 美元之間。所以我不知道他們明年會做多少台，但需求確實——他們想要成長。

So all of that is putting a lot of -- providing a lot of tailwind on our industrial business, which I'm excited about because it also helps you. There was a question before on margins. This is our best market in terms of diversity and longevity, but also in terms of margins, so a very lucrative market.

所以這些因素都在為我們的工業業務帶來很大的——提供很強的順風，我對此很興奮，因為這也能幫助你們。之前有人問到毛利率。這是我們在多樣性與產品生命週期方面最好的市場，同時在毛利率方面也是，因此是一個非常有利可圖的市場。

Thanks for the questions, Tore. Moving on to our next caller, please.

謝謝你的提問，Tore。接下來請下一位來電者。

William Stein, Truist Securities.

Truist Securities 的 William Stein。

Great. Thanks for taking my question. I'm hoping you can comment on customer inventory levels and their ability to complete kits. We've heard some feedback from industry contacts that this is becoming a challenge the way it was a few years ago in the so-called golden screw era. I wonder to what degree you're seeing this, and what is your ability to perhaps help customers deal with those challenges?

很好。謝謝讓我提問。我想請你們評論一下客戶庫存水位，以及他們完成整套物料（kitting）的能力。我們從一些產業人士那裡聽到回饋，說這正變成一個挑戰，情況有點像幾年前所謂的「黃金螺絲」時期。我想知道你們在多大程度上也看到這種情況，以及你們是否有能力協助客戶應對這些挑戰？

Yes, first, we all here in TI lived through the previous upcycle during the COVID days. I would not compare the situations. I think also we are earlier right now in terms of where the cycle is. So we'll have to go to see. But again, from a TI perspective, we are much better prepared in terms of we have -- we can grow our capacity every quarter, and we've built inventory during the downcycle.

是的，首先，我們 TI 的所有人都經歷過 COVID 時期上一輪上行週期。我不會把現在的情況拿來做比較。我也認為就週期所處的位置而言，我們現在還比較早期。所以還需要再觀察。但再說一次，從 TI 的角度來看，我們準備得更充分：我們——我們可以每一季擴增產能，而且我們在下行週期期間建立了庫存。

Now, as you have a very rapid, fast growth in some of the customers or markets, and especially where customers have not prepared and did not have enough inventory on their side, you can run into situations like that. I think I gave an example before on the automotive market. That's the one place I would say that I see it right now versus in capital -- in the COVID cycle, we did see a much broader situation across almost every customer over every end market. So I would not compare them yet.

現在，當某些客戶或市場出現非常快速的成長，特別是客戶端沒有事先準備、手上庫存不足時，就可能遇到那樣的情況。我想我之前在汽車市場舉過例子。那是我會說目前我看到這種情況的一個地方；相較之下，在 COVID 那一輪週期，我們確實看到更廣泛的情況，幾乎涵蓋每個終端市場的幾乎每位客戶。所以我現在還不會把兩者拿來類比。

I will say that yes, we have come for help many times, we have been the solution many times indeed right now in other markets. So some of our industrial customers, some of our data center customers have asked for help, and many times, we had the inventory and could also commit capacity or growth into '27 and beyond. So we are seeing early anecdotal feedback that we can help our customers, but we need to see how the situation develops.

我會說，是的，我們確實多次被請求協助，而目前在其他市場我們也確實多次成為解方。所以一些工業客戶、一些資料中心客戶向我們尋求協助，而很多時候我們有庫存，也能承諾到 2027 年及之後的產能或產能成長。因此我們看到一些早期的零星回饋，顯示我們能幫助客戶，但仍需觀察情勢如何發展。

I will say, as I said before, in terms of capacity addition, outside of China, mainly on the analog side, it's not -- we don't see a lot of cleanroom and a lot of new capacity added in the last four years. And as I mentioned, the cycle time to build from moving dirt to getting output from the fab, it's about four years, not to mention about full ramp of a fab. So I think TI is in an advantaged position here versus the rest of the market.

我也要說，如我先前提到的，就產能新增而言，在中國以外、主要是在類比端，過去四年我們沒有看到太多無塵室以及太多新增產能。而如我所說，從動土到晶圓廠開始有產出，建廠週期大約要四年，更不用說晶圓廠要完全爬坡到滿載。所以我認為相較於市場其他公司，TI 在這裡處於更有利的位置。

I do think that customers, in the context of the question on kitting and making sure they have all the products they need, they will come to us and say, I need to make sure I have what I need from your portion to meet -- as I get what I need in maybe another area where they're having a challenge getting it. So this is all part of what we're seeing in our markets overall, but I think we are in a good position to be able to help work with our customers to help them as they grow.

我確實認為，客戶在你提到的 kitting（整套物料）與確保他們擁有所需全部產品的脈絡下，會來找我們說：我需要確保從你們這一部分拿到我所需要的，才能——當我在其他可能取得有困難的領域拿到我需要的東西時——能夠滿足需求。所以這都是我們在整體市場中看到的一部分，但我認為我們處於良好位置，能與客戶合作、協助他們在成長過程中解決問題。

So Will, do you have a follow-up?

Will，你有追問嗎？

Yeah, I appreciate that helpful answer. And the next one, you might have discussed it already, but can you talk about where lead times might have changed in the last quarter and what your customers' willingness and ability to place backlog with you has been? Has the backlog duration extended materially in the last quarter? Thank you.

有的，我很感謝這個很有幫助的回答。下一個問題，你們可能已經談過了，但能否談談過去一季交期（lead times）有哪些變化，以及客戶願意、也有能力向你們下長單（backlog）的情況如何？過去一季 backlog 的期間是否有明顯拉長？謝謝。

I'd characterize the backlog as consistent with the overall demand environment that we're seeing. And we have seen an uptick in lead times. And there are areas where you'll see, just as you would expect in an environment like this, where there may be more or less tightness in certain areas.

我會把 backlog 的狀況描述為與我們所看到的整體需求環境一致。而我們確實看到交期有所上升。並且在某些領域，你會看到——就像你在這樣的環境中所預期的——某些地方可能更緊、某些地方則相對不那麼緊。

But in terms of where we are from a lead time perspective, we're competitive right now. And again, we're in a position where we can make investments into the cleanroom and the assembly and test facilities that we have to be able to support growth for our customers. And we'll continue to ramp those as we move into this quarter and beyond.

但就交期的角度而言，我們目前具備競爭力。而且再說一次，我們也有能力在既有的無塵室以及封裝、測試設施上進行投資，以支援客戶的成長。隨著我們進入本季及之後，我們也會持續把這些產能爬坡上來。

With that, we'll move on to our next caller.

那麼，我們將進入下一位來電者。

Nabeel Aziz, Rothschild & Company.

Rothschild & Company 的 Nabeel Aziz。

Thanks for taking the question. I just had a question on supply/demand tightness through the quarter and what you're seeing in terms of socket wins and your engagements with customers there and whether you've started to see incremental market share gains through the quarter. Thank you.

感謝讓我提問。我想請教本季供需緊俏的情況，以及你們在插槽勝出（socket wins）與客戶互動方面看到的狀況；另外，你們是否已開始在本季看到額外的市佔率提升。謝謝。

Yeah, Nabeel, I think we -- when it comes to market share, we don't like to measure it. Of course, we look at the results internally, but I think we should look at it through the cycle as, again, if we are indeed better positioned than some of the competition to support demand. And if demand continues, we should be able to translate it to market share gains, but we cannot measure it yet.

是的，Nabeel，我想我們——談到市佔率時，我們不太喜歡去衡量它。當然，我們內部會看結果，但我認為應該以景氣循環的角度來看；也就是說，如果我們確實比部分競爭對手更有能力支援需求。而如果需求持續，我們應該能把它轉化為市佔率的提升，但目前我們還無法衡量。

So I think we have to wait through the cycle. Let's see when the next peak is, it will arrive one day, and then see where we are. But I'm pleased with the momentum we are building, I'm pleased with the ability to continue to ramp our supply, and let's see how we do over the long term.

所以我認為我們必須等景氣循環走完。看看下一個高峰何時到來——它總有一天會到——然後再看我們的位置。但我對我們正在建立的動能感到滿意，也對我們能持續提升供給的能力感到滿意；讓我們看看長期表現如何。

Do you have a follow-up, Nabeel?

Nabeel，你有追問嗎？

Yeah, just to follow up on the back-end tool comments, could you just confirm, is there a potential that back-end tool availability could at all bottleneck your growth and whether that is a gating factor for you over the next couple of quarters? Thanks.

有的，針對你們對後段工具（back-end tool）的評論，我想確認一下：後段工具的可得性是否有可能在任何程度上成為你們成長的瓶頸？以及在接下來幾季，這是否會是你們的限制因素？謝謝。

I don't want to talk about the gating items because the gate is when you don't have the cleanroom, right? The gate when you now are stuck for a couple of years to build your shell and to build a cleanroom and all the infrastructure behind it. We don't have a gating item like that.

我不想談所謂的限制項（gating items），因為真正的限制是在你沒有無塵室的時候，對吧？當你卡住的限制，是你需要花上好幾年去建廠房外殼、建無塵室，以及其後所有基礎設施。我們沒有那種限制項。

I think this is just simple blocking and tackling, as we say, or execution of getting the equipment on time. Our suppliers also need -- their supply chain is complex, and they have to get through it. It's just a period of high demand all over. And everybody is going through their challenges, but there is a very large opportunity to expand capacity, and we are.

我認為這只是我們常說的基本功與執行力——也就是按時把設備到位。我們的供應商也需要——他們的供應鏈很複雜，必須把整個流程跑順。這只是整體需求都很高的一段期間。每個人都在面對各自的挑戰，但擴充產能的機會非常大，而我們正在擴充。

I would say that I don't see -- between front end and back end, we are going to be balanced. Of course, the higher investment we need to make when you think about CapEx for the longer term is always on the front end. This is where the CapEx is more expensive. And also, the lead times are always longer with the supply chain over there. And this is why we are not planning only '27 and '28. We are actually thinking through the rest of the decade what is our plan and how are we going to slot our future tools and even new cleanrooms so we can continue to support a range of scenarios that the market may present to us.

我會說，我看不出——在前段與後段之間，我們會保持平衡。當然，從長期資本支出（CapEx）的角度來看，需要投入更多資本的通常都在前段。因為前段的資本支出更昂貴。而且那邊供應鏈的交期也總是更長。這也是為什麼我們不只規劃到 2027、2028 年。我們其實是在思考這個十年剩餘期間的整體計畫：我們要如何配置未來的設備，甚至是新的無塵室，以便能持續支援市場可能帶給我們的各種情境。

All right. Thanks, Nabeel. We'll move on to our final caller.

好的。謝謝你，Nabeel。我們將進入最後一位來電者。

Vijay Rakesh, Mizuho Securities.

Mizuho Securities 的 Vijay Rakesh。

Yeah, hi. Just a quick question. I see your data center site is growing pretty strong. It's almost like a $2.5 billion run rate this year annualized. Just wondering, as you look at '27, do you expect that growth rate to continue and double from here? And a quick follow-up. Thanks.

是的，你好。我有個簡短問題。我看到你們資料中心業務成長相當強勁。以今年年化來看，幾乎像是 25 億美元的年化營收規模。想請問你們看 2027 年時，是否預期這個成長率會延續，並從目前水準再翻倍？以及一個簡短追問。謝謝。

Yeah, I mean, we are watching, like everyone, the CapEx investment into the data center market. It doesn't have -- it doesn't signal right now any -- we are not seeing any slowdown. We are seeing continuing demand, actually growing demand.

是的，我的意思是，我們和大家一樣都在觀察資料中心市場的資本支出投資。目前它並沒有——它現在沒有釋出任何——我們沒有看到任何放緩訊號。我們看到需求持續，實際上是需求在成長。

As I mentioned before, our portfolio is growing. That's my -- that's what I'm excited about, our investment. We are not sitting still. We are creating new parts. We are continuing to attack new subsystems. So we want to continue not only to grow with the market, but also play in more sockets and ultimately gain market share. So far, so good. We'll see how the demand continues to develop into the next year.

如我先前提到的，我們的產品組合正在擴大。這是我——我對我們的投資感到興奮的地方。我們沒有停下來。我們正在開發新的元件。我們持續切入新的子系統。因此，我們希望不僅跟著市場成長，也能參與更多插槽，最終提升市佔率。到目前為止，一切順利。我們會看看需求在明年如何持續發展。

And Vijay, just zooming out, when there's more power, there's more opportunity for TI. When there's more power density, there's more opportunity for TI. When there's higher voltages, there's more opportunity for TI. And obviously, these are things that are all being worked on very heavily in this end market. And again, we look forward to supporting.

而且 Vijay，從更宏觀的角度看，功率越大，TI 的機會就越多；功率密度越高，TI 的機會就越多；電壓越高，TI 的機會就越多。而顯然，這些都是這個終端市場目前正在非常積極推進的方向。同樣地，我們也期待能提供支援。

So do you have a follow-up?

所以你有追問嗎？

Agreed. Thanks. And just a quick one. On the commentary on the EV side, is this more of a -- does TI have more exposure on China, kind of China export EV market as well? Like how would you characterize the EV strength just globally across regions? Thanks.

同意。謝謝。再一個很快的問題。關於電動車（EV）方面的評論，這是否更像是——TI 在中國的曝險較高，也包含中國出口的電動車市場嗎？你會如何描述電動車的強勁表現，在全球各地區的分布情況？謝謝。

No, as I talked many times over the last several years, the China industry for the automotive industry and especially EVs is leading in many ways. And they are not only building for their domestic market. This is why a supplier like TI was always something that was very, very important to them. We are a global company, very diverse supply chain across the globe. And we've continued to design parts into their systems.

不，正如我在過去幾年多次提到的，中國的汽車產業，尤其是電動車，在許多方面都處於領先地位。而且他們不只是為了國內市場在生產。這也是為什麼像 TI 這樣的供應商對他們一直都非常、非常重要。我們是一家全球性公司，在全球各地都有非常多元的供應鏈。而我們也持續把產品設計導入他們的系統中。

I think I am excited about the fact that the China is growing faster their export business because these are usually just, in terms of content, just higher content and also higher share for us there. So that also is driving the growth. Mike has mentioned before that automotive business for TI in Q3 was driven by China and the U.S., and we are excited about our position there.

我認為讓我感到興奮的是，中國的出口業務成長更快，因為這些通常就內容價值（content）而言更高，同時我們在那裡的占比也更高。所以這也在推動成長。Mike 之前提到，TI 在第三季的車用業務是由中國與美國所帶動，而我們對我們在那裡的布局感到振奮。

All right. With that, I'm going to have Haviv close us out for the call.

好的。那麼，接下來我請 Haviv 為本次電話會議做結語。

Okay. So let me wrap up with what we've said previously. At our core, we are engineers, and technology is the foundation of our company. But ultimately, our objective and the best metric to measure progress and generate value to our owners is the long-term growth of free cash flow per share. Thank you and have a good evening.

好的。那我用我們先前說過的內容來做個總結。在核心上，我們是工程師，而技術是我們公司的基礎。但最終，我們的目標，以及衡量進展並為股東創造價值的最佳指標，是每股自由現金流的長期成長。謝謝，祝各位晚安。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝各位的參與。