威騰電子 (WDC) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to Western Digital's second-quarter fiscal 2026 Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，感謝您的耐心等待。歡迎參加西部數據公司 2026 財年第二季電話會議。（操作員說明）提醒您，本次通話正在錄音。

Now I will turn the call over to Mr. Ambrish Srivastava, Vice President, Investor Relations. You may begin.

現在我將把電話交給投資者關係副總裁安布里什·斯里瓦斯塔瓦先生。你可以開始了。

Thank you, and good afternoon, everyone. Joining me today are Irving Tan, Western Digital's Chief Executive Officer; and Kris Sennesael, Western Digital's Chief Financial Officer. Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties.

謝謝大家，大家下午好。今天與我一同出席的有西部數據執行長 Irving Tan 和西部數據財務長 Kris Sennesael。在開始之前，請注意，今天的討論將包含基於管理層當前假設和預期的前瞻性陳述，這些陳述受到各種風險和不確定性的影響。

These forward-looking statements include expectations for our product portfolio, our business plans and performance, ongoing market trends and our future financial results. We assume no obligation to update these statements. Please refer to our most recent annual report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations.

這些前瞻性聲明包括對我們的產品組合、業務計劃和業績、持續的市場趨勢以及未來財務表現的預期。我們不承擔更新這些聲明的義務。有關可能導致實際結果與預期結果存在重大差異的風險和不確定性的更多信息，請參閱我們最新的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件。

In our prepared remarks, our comments will be related to non-GAAP results on a continuing operations basis, unless stated otherwise. Reconciliations between the non-GAAP and comparable GAAP financial measures are included in the press release and other materials that are being posted in the Investor Relations section of our website at investor.wdc.com. Lastly, I want to note that when we refer to we, us, are or similar terms, we are referring only to Western Digital as a company and not speaking on behalf of the industry.

除非另有說明，我們準備的發言稿將與持續經營基礎上的非GAAP績效相關。非GAAP財務指標與可比較GAAP財務指標的調節表已包含在新聞稿以及發佈於我們網站投資者關係欄位（investor.wdc.com）的其他資料中。最後，我想說明，當我們使用「我們」、「本公司」或類似表達時，僅指西部數據公司，並不代表整個產業。

With that, I will now turn the call over to Irving for introductory remarks. Irving?

接下來，我會把電話交給歐文，請他作開場白。歐文？

Thanks, Ambrish, and good afternoon, everyone, and thank you for joining us today. The growth and impact of AI continues to accelerate across numerous industries. As generative AI models become the norm and agentic AI scales to drive business productivity, it is clear that AI is becoming a true strategic enabler of business transformation.

謝謝安布里什，大家下午好，謝謝今天參加我們的節目。人工智慧的成長和影響在眾多產業中持續加速。隨著生成式人工智慧模型成為常態，智能體人工智慧規模化發展以提升業務生產力，人工智慧顯然正在成為業務轉型真正的策略推動力。

AI inference has also begun to take hold in many ways becoming the true AI workload with deployment to chat bots and virtual assistants and customer relationship management tools. Further innovations in physical AI are also accelerating quickly, generating increasingly larger multimodal models propelled by advancements in autonomous vehicles and robotics.

人工智慧推理也開始在許多方面佔有一席之地，成為真正的人工智慧工作負載，並被部署到聊天機器人、虛擬助理和客戶關係管理工具中。物理人工智慧領域的進一步創新也在快速發展，在自動駕駛汽車和機器人技術的推動下，產生了越來越大的多模態模型。

In all cases, it is data that is needed to fuel the entire AI process from training to inference to enable stronger models and sharper inference results. And as more data is generated and the value of data increases, the demand to store it is expanding at a rapid rate. As AI capabilities expand, cloud continues to grow as well, and both are driving the surge in demand for higher-density storage solutions.

在所有情況下，數據都是驅動整個人工智慧過程（從訓練到推理）所必需的，從而能夠建立更強大的模型並獲得更清晰的推理結果。隨著產生的資料越來越多，資料的價值也越來越高，對資料儲存的需求正在快速成長。隨著人工智慧能力的擴展，雲端運算也在不斷發展，兩者都在推動對更高密度儲存解決方案的需求激增。

In this new era where AI and cloud dominate, Western Digital has taken a customer-focused approach to managing the strong demand by working closely with our hyperscale customers, ensuring that we deliver reliable, high-capacity drives at scale to give them the best performance and total cost of ownership. We are doing this by continuing to focus on increasing our drives areal density and accelerating our HAMR and ePMR road maps as well as upshifting our customers to accelerate adoption of higher capacity drives and UltraSMR technology.

在人工智慧和雲端運算主導的這個新時代，西部數據採取以客戶為中心的策略來應對強勁的需求，與我們的超大規模客戶緊密合作，確保我們能夠大規模地提供可靠的高容量硬碟，從而為他們帶來最佳的性能和總體擁有成本。我們正在透過繼續專注於提高驅動器的面密度、加快 HAMR 和 ePMR 路線圖以及推動客戶升級以加速採用更高容量的驅動器和 UltraSMR 技術來實現這一目標。

This last quarter, we shipped over 3.5 million units of our latest generation ePMR products, offering up to 26 terabyte CMR and 32 terabyte by UltraSMR capacities, representing strong confidence and adoption by our customers. We have also started qualification of our HAMR and next-generation ePMR products, each with a different hyperscale customer.

上個季度，我們最新一代 ePMR 產品出貨量超過 350 萬台，CMR 容量高達 26 TB，UltraSMR 容量高達 32 TB，這體現了客戶對我們的產品的強烈信心和廣泛採用。我們也已開始對我們的 HAMR 和下一代 ePMR 產品進行認證，每個產品都與不同的超大規模客戶合作。

These drives will offer our customers the higher capacity and improve total cost of ownership that they are looking for. In addition, we continue to accelerate our HAMR innovation. To support this, we recently acquired intellectual property assets and talent that will help us in the development of our internal laser capabilities.

這些硬碟將為我們的客戶提供他們所期望的更高容量和更低的整體擁有成本。此外，我們將持續加速HAMR創新。為了支持這一目標，我們最近收購了知識產權資產和人才，這將有助於我們發展內部雷射能力。

Also this past quarter, in partnership with software ecosystem partners, we announced our UltraSMR-enabled JBOD platforms, expanding UltraSMR adoption to a broader customer set. These platforms deliver significantly higher storage density compared to conventional drives. Giving customers hyperscale-like performance and make mass scale data analysis more sustainable and efficient.

此外，上個季度，我們與軟體生態系統合作夥伴合作，推出了支援 UltraSMR 的 JBOD 平台，將 UltraSMR 的應用範圍擴大到更廣泛的客戶群。與傳統硬碟相比，這些平台可提供更高的儲存密度。為客戶提供超大規模效能，使大規模數據分析更具永續性和效率。

We are truly seeing our approach resonate with our customers, and this is reflected in longer-term agreements and better visibility into their requirements. We have firm purchase orders with our top seven customers through calendar year 2026. We also have in place robust commercial agreements with three of our top five customers, two through calendar year 2027 and one through calendar year 2028.

我們確實看到我們的方法引起了客戶的共鳴，這體現在更長期的協議和對客戶需求的更清晰了解上。我們與前七大客戶簽訂了有效期至 2026 年的確定性採購訂單。我們也與前五大客戶中的三家簽訂了穩健的商業協議，其中兩家的協議有效期至 2027 年，一家的協議有效期至 2028 年。

These agreements indicate a strong trust that we have built with our customers and confidence in our ability to meet their exabyte needs. We are hosting an Innovation Day on February 3rd in New York next week, where we will share updated road maps for our HAMR and ePMR products as well as further details on core innovations that we are developing to improve our drives performance, energy efficiency and throughput.

這些協議顯示我們與客戶之間建立了牢固的信任，以及我們對滿足其EB級資料需求的能力充滿信心。我們將於下週 2 月 3 日在紐約舉辦創新日活動，屆時我們將分享 HAMR 和 ePMR 產品的最新路線圖，以及我們正在開發的核心創新技術的更多細節，以提高驅動器的性能、能源效率和吞吐量。

We will also provide an update on our financial model. In keeping with our strategy to incubate new growth vectors based on our intellectual property and core capabilities, last month, we announced a strategic investment in Qolab, which combines our expertise in material science and precision manufacturing with Qolab's breakthrough approach to quantum hardware design.

我們還將提供財務模型的最新進展。為了貫徹我們基於自身智慧財產權和核心能力孵化新增長點的策略，上個月，我們宣布對 Qolab 進行策略性投資，將我們在材料科學和精密製造方面的專業知識與 Qolab 在量子硬體設計方面的突破性方法相結合。

Working with Qolab, we aim to advance next-generation nanofabrication processes that improve qubit performance, reliability and scalability. Looking ahead, we see our positive momentum continuing and we will remain focused on supporting our customers' exabyte storage requirements while completing qualifications and launching our next-generation HAMR and ePMR drives.

我們與 Qolab 合作，旨在推進下一代奈米製造工藝，以提高量子位元的性能、可靠性和可擴展性。展望未來，我們看到積極的發展勢頭將繼續保持，我們將繼續專注於滿足客戶的EB級儲存需求，同時完成認證並推出我們的下一代HAMR和ePMR硬碟。

I will now hand it over to Kris to share our Q2 results and outlook for Q3.

現在我將把發言權交給 Kris，讓他來分享我們第二季的業績和第三季的展望。

Thank you, Irving, and good afternoon, everyone. Western Digital delivered another quarter of strong financial performance, reflecting disciplined execution across our organization and our ability to meet the customers' growing demand in the AI-driven data economy. During the second-quarter of fiscal 2026, revenue was $3 billion, up 25% year-over-year, driven by strong demand for our near-line drives.

謝謝你，歐文，大家下午好。西部數據公司又一個季度取得了強勁的財務業績，這反映了我們整個組織嚴密的執行力，以及我們在人工智慧驅動的數據經濟中滿足客戶日益增長的需求的能力。2026 財年第二季度，公司營收達 30 億美元，年增 25%，這主要得益於市場對我們近線驅動器的強勁需求。

Earnings per share was $2.13. Both revenue and EPS were above the high end of the guidance range. We delivered 215 exabytes to our customers, up 22% year-over-year. This includes over 3.5 million drives or 103 exabytes of our latest generation ePMR with capacity points up to 32 terabytes. Cloud represented 89% of total revenue at $2.7 billion, up 28% year-over-year, driven by strong demand for our higher capacity nearline product portfolio.

每股收益為 2.13 美元。營收和每股盈餘均高於預期範圍的上限。我們向客戶交付了 215 艾字節的數據，年增 22%。這其中包括超過 350 萬個硬碟或 103 艾字節的最新一代 ePMR，容量點高達 32 太字節。雲端運算業務佔總營收的 89%，達到 27 億美元，年增 28%，這主要得益於市場對我們更高容量的近線產品組合的強勁需求。

Client represented 6% of total revenue at $176 million, up 26% year-over-year. Consumer represented 5% of revenue at $168 million, down 3% year-over-year. Gross margin for the fiscal second-quarter was 46.1%. Gross margin improved 770 basis points year-over-year and 220 basis points sequentially. The improved gross margin performance reflects continued mix shift towards higher capacity drives and tight cost control in our manufacturing sites and throughout the supply chain.

客戶貢獻了總收入的 6%，達到 1.76 億美元，年增 26%。消費者業務佔總營收的 5%，為 1.68 億美元，年減 3%。第二財季毛利率為 46.1%。毛利率年增 770 個基點，較上季提高 220 個基點。毛利率的改善反映了我們生產基地和整個供應鏈中持續向高產能驅動型生產模式轉變以及嚴格的成本控制。

Operating expenses were $372 million. As a percentage of revenue, operating expenses declined 120 basis points sequentially, primarily due to operating leverage in the model. Operating income was slightly above $1 billion, translating into an operating margin of 33.8%. Interest and other expenses were $45 million, and our effective tax rate in the fiscal second-quarter was 15.1%.

營運支出為3.72億美元。營業費用佔收入的百分比環比下降了 120 個基點，這主要是由於模型中的營運槓桿作用。營業收入略高於 10 億美元，營業利益率為 33.8%。利息和其他支出為 4500 萬美元，我們第二財季的實際稅率為 15.1%。

Taking into account the diluted share count of 378 million shares, EPS was $2.13, an increase of 78% year-over-year. Turning to the balance sheet. At the end of our fiscal second-quarter, cash and cash equivalents were $2 billion and total liquidity was $3.2 billion, including the undrawn revolver capacity. Debt outstanding was $4.7 billion, translating into a net debt position of $2.7 billion and a net leverage EBITDA ratio of well below one turn.

考慮稀釋後的股份數量為 3.78 億股，每股收益為 2.13 美元，年增 78%。接下來看一下資產負債表。截至我們第二財季末，現金及現金等價物為 20 億美元，總流動性為 32 億美元，其中包括未提取的循環信貸額度。未償債務為 47 億美元，淨負債為 27 億美元，淨槓桿 EBITDA 比率遠低於 1 倍。

Operating cash flow for the fiscal second-quarter was $745 million, and capital expenditures were $92 million, resulting in strong free cash flow generation of $653 million for the quarter, which reflected a free cash flow margin of 21.6%. During the quarter, we made $48 million of dividend payments and increased our share repurchases to $615 million, repurchasing 3.8 million shares of common stock.

第二財季的營運現金流為 7.45 億美元，資本支出為 9,200 萬美元，由此產生了強勁的自由現金流，該季度自由現金流為 6.53 億美元，自由現金流利潤率為 21.6%。本季度，我們支付了 4,800 萬美元的股息，並將股票回購額增加到 6.15 億美元，回購了 380 萬股普通股。

Since the launch of our capital return program in the fourth-quarter of fiscal 2025, we have returned $1.4 billion to our shareholders by way of share repurchases and dividend payments. Also, today, we announced that our Board has approved a quarterly cash dividend of $0.125 per share of the company's common stock, payable on March 18, 2026, to shareholders of record as of March 5, 2026.

自 2025 財年第四季啟動資本回報計畫以來，我們已透過股票回購和股利支付的方式向股東返還了 14 億美元。此外，我們今天宣布，董事會已批准向公司普通股股東派發每股 0.125 美元的季度現金股息，將於 2026 年 3 月 18 日支付給截至 2026 年 3 月 5 日登記在冊的股東。

I will now turn to the outlook for the third-quarter of fiscal 2026. We anticipate revenue to be $3.2 billion, plus/minus $100 million. At midpoint, this reflects a growth of approximately 40% year-over-year. Gross margin is expected to be between 47% and 48%. We expect operating expenses in the range of $380 million to $390 million. Interest and other expenses are anticipated to be approximately $50 million.

接下來，我將展望2026財年第三季。我們預計營收為 32 億美元，上下浮動 1 億美元。年中數據顯示，年增約 40%。預計毛利率將在 47% 至 48% 之間。我們預計營運費用在 3.8 億美元至 3.9 億美元之間。預計利息和其他費用約為 5000 萬美元。

The tax rate is expected to be approximately 16%. As a result, we expect diluted earnings per share to be $2.30, plus/minus $0.15 based on a non-GAAP diluted share count of approximately 385 million shares. To wrap up, Western Digital achieved another strong quarter with performance ahead of expectations. Our guidance for the next quarter underscore continued favorable trends in our business alongside our disciplined approach to free cash flow, capital returns and long-term value creation for shareholders.

預計稅率約為16%。因此，我們預計稀釋後每股收益為 2.30 美元，上下浮動 0.15 美元，基於約 3.85 億股的非 GAAP 稀釋後股份數量。總而言之，西部數據公司又取得了一項強勁的季度業績，超乎預期。我們對下一季的業績預期強調了我們業務持續向好的發展趨勢，以及我們對自由現金流、資本回報和為股東創造長期價值的嚴謹態度。

With that, let's now begin the Q&A. Ambrish?

那麼，現在讓我們開始問答環節。安布里什？

Thank you, Kris. Operator, you can now open the line to questions, please. To ensure that we hear from as many analysts as possible, please ask one question at a time. After we respond we will give you an opportunity to ask one follow-up question. Operator?

謝謝你，克里斯。接線員，現在可以開始接受提問了。為了確保我們能聽到盡可能多的分析師的意見，請一次只提一個問題。我們回覆後，會給您提問的機會。操作員？

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作說明）Aaron Rakers，富國銀行。

And I will stick to one, Ambrish. On the gross margin line, the guidance that you're giving for 47% to 48%, I guess the back of the envelope math would suggest that you're maintaining what looks to be like a 70%, maybe 75% incremental margin flow-through. So, I guess, my question is, how do you think about the durability of that incremental margin? Or maybe taken another way, how do you think about the cost curve down on a per terabyte basis as we look out over the next, call it, several quarters?

我會堅持只選一個，安布里什。關於毛利率，您給出的 47% 到 48% 的指導意見，我粗略估算一下，似乎意味著您將保持 70% 到 75% 的增量利潤率。所以，我想問的是，您如何看待這種增量利潤的持久性？換個角度來看，展望未來幾季，您如何看待每TB的成本下降趨勢？

Yes, Aaron, thanks for your question. And so, first of all, I'm really happy with what's going on with the gross margin. We delivered 46.1% gross margin, up 220 basis points quarter-over-quarter, up 770 basis points year-over-year. And we are guiding to 47%, 48%, so 47.5% at the midpoint, which is up 740 basis points on a year-over-year basis. And Aaron, I think your math is working.

是的，亞倫，謝謝你的提問。首先，我對目前的毛利率狀況非常滿意。我們實現了 46.1% 的毛利率，環比成長 220 個基點，較去年同期成長 770 個基點。我們預期中間值為 47%、48%，即 47.5%，比上年同期成長 740 個基點。亞倫，我覺得你的計算沒問題。

The incremental gross margin is on or about 75%, depending on how you look at it on a year-over-year basis or a quarter-over-quarter basis. So I've stated before, I'm very comfortable with an incremental gross margin higher than 50% and definitely 75% is higher than 50%. I mean in gross margins, there's two sides to the equation. On one hand, you have pricing environment.

根據同比或環比計算方式的不同，增量毛利率約為 75%。正如我之前所說，我對高於 50% 的增量毛利率非常滿意，而 75% 肯定高於 50%。我的意思是，就毛利率而言，等式有兩個面向。一方面，你需要考慮定價環境。

On the other hand, you have the cost environment. In pricing, I've talked about that before. We see a stable pricing environment with prices on a price per terabyte kind of flattish to slightly up. Actually, last quarter, it was up 2%, 3% on an ASP per terabyte basis. So that clearly demonstrate the value that we continue to deliver to our customers.

另一方面，還有成本環境的問題。關於定價，我之前已經談過了。我們看到定價環境穩定，每TB的價格基本上持平或略有上漲。事實上，上個季度，以每TB平均售價計算，成長了2%至3%。這清楚地表明了我們持續為客戶創造的價值。

And on the cost front, the teams continue to execute really well. We continue to upshift our customers to higher capacity drives, which gives us a cost benefit. And then there is great execution as well on driving down the cost in our manufacturing assets as well as throughout the supply chain. And when you look at it last quarter, the cost per terabyte was coming down on or about 10% on a year-over-year basis.

在成本控制方面，各隊也持續表現優異。我們持續幫助客戶升級到更高容量的硬碟，這為我們帶來了成本效益。此外，我們在降低製造資產成本以及整個供應鏈成本方面也做得非常出色。從上個季度來看，每TB的成本年減了約10%。

And so when you put this all together, we continue to drive further gross margin expansion. And we believe in the next couple of quarters and beyond, we will continue to be able to do that.

綜上所述，我們將繼續推動毛利率的進一步成長。我們相信，在接下來的幾個季度及以後，我們將繼續能夠做到這一點。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Irving, just given the tightness of the HDD market and kind of the significant inflation that NAND is going through right now, can you maybe just talk about maybe your patience in being able to sign purchase orders further into calendar '27 to extract better economics just relative to maybe how you were approaching signing POs last year? Is that making any difference in the economics you're able to extract? And then -- thank you.

歐文，鑑於硬碟市場的緊張局勢以及 NAND 閃存目前經歷的顯著通膨，您能否談談您在 2027 年更晚簽署採購訂單以獲得更好經濟效益方面的耐心，這與您去年簽署採購訂單的方式相比有何不同？這對你所能獲得的經濟效益有任何影響嗎？然後——謝謝。

Yes. Thanks, Erik. As we highlighted, we're pretty much sold out for calendar '26. We have firm POs with our top seven customers. And we've also established LTAs with two of them for calendar year '27 and one of them for calendar year '28. Obviously, these LTAs have a combination of volume of exabytes and price. And in relation to pricing.

是的。謝謝你，埃里克。正如我們之前提到的，2026 年的日曆幾乎已經售罄。我們與前七大客戶均簽訂了正式的採購訂單。我們也與其中兩家公司簽訂了 2027 年的長期協議，與其中一家公司簽訂了 2028 年的長期協議。顯然，這些長期協議兼具數據量（以艾字節為單位）和價格兩方面因素。以及與定價相關的部分。

I think first, it's important to recognize that our customers actually have value that there's actually a structural shift in the value that we deliver to them, especially in the impact that we have to their total cost of ownership as the business moves more and more towards inference where monetization is happening. So, in this case, the pricing that we've provided there reflects the value that we're delivering to them.

我認為首先，重要的是要認識到我們的客戶確實具有價值，我們為他們提供的價值實際上正在發生結構性轉變，尤其是在業務越來越向推斷（即貨幣化）發展的過程中，我們對他們的總體擁有成本的影響方面。所以，在這種情況下，我們提供的價格反映了我們為他們提供的價值。

And so as Kris mentioned, we continue to see going forward, a stable pricing environment that gives us an opportunity to continue to extract more value as we deliver both better TCO value to our customers and to better support their supply-demand needs as well through higher capacity drives.

正如 Kris 所提到的，我們繼續看到，未來將出現穩定的定價環境，這讓我們有機會繼續創造更多價值，既能為客戶提供更好的整體擁有價值，又能透過更高容量的驅動器更好地滿足他們的供需需求。

Do you have a follow-up, Erik?

艾瑞克，你還有後續問題嗎？

Sure. Just very quickly, Kris, would just love to know how you're approaching the SanDisk share ownership. Do you still plan to monetize before, I think it's the February 21 deadline? And more importantly, how do you expect to leverage those proceeds?

當然。Kris，我只想快速問一下，您是如何處理 SanDisk 的股份所有權問題的。你還計劃在2月21日截止日期前獲利嗎？更重要的是，您打算如何利用這些收益？

Yes, Erik. As you probably know, we still have 7.5 million SanDisk shares, and it's our intention to monetize those shares before the one-year anniversary of the separation. likely in a similar transaction that we have done before, meaning it's a debt for equity swap. And so the proceeds will be used to further reduce the debt.

是的，埃里克。您可能知道，我們仍然持有750萬股SanDisk股票，我們計劃在分拆一周年之前將這些股票變現。很可能採用與我們先前類似的交易方式，即債轉股。因此，所得款項將用於進一步減少債務。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

I guess could you speak to how customer engagement and contracts are evolving in this very tight environment?

我想請您談談在當前競爭非常激烈的市場環境下，客戶互動和合約是如何演變的？

Yes, CJ, this is Irving. Thanks for the question. One of the things that we've been very focused on over the last year is really develop a much more customer-centric approach. As we've shared in the past, we've really pivoted our organization to be centered around our big hyperscale customers with dedicated teams for each of them.

是的，CJ，我是歐文。謝謝你的提問。過去一年，我們一直非常關注的事情之一就是真正發展一種更以客戶為中心的方法。正如我們之前分享過的，我們已經真正調整了組織架構，以大型超大規模客戶為中心，並為每個客戶設立了專門的團隊。

That's really deepened the relationship that we have with them in terms of both technology road map development, in terms of getting better visibility of their demand requirements, and you see the result of that in the longer-term LTAs we've been able to structure with them. We're also looking forward to sharing with all of you the innovations that we are going to be delivering to support the AI needs -- workloads needs going forward at our Innovation Day next week.

這確實加深了我們與他們的關係，無論是在技術路線圖的製定方面，還是在更好地了解他們的需求方面，而我們能夠與他們建立的長期合作協議也體現了這一點。我們也期待在下週的創新日上與大家分享我們將推出的創新成果，以支持人工智慧的需求——未來的工作負載需求。

But definitely, the relationship has improved, as I highlighted, they definitely see the value and the structural -- that's resulting in the structural change that we're seeing in terms of pricing with them that's also resulting in the longer-term contracts that we have. Ultimately, what we want to do is to be able to ensure that it's a fair value exchange, deliver predictable pricing to them because one of the things that they are concerned about is the high volatility of some tiers of the storage space, right, and to ensure that there's sustainable value creation, both for them and for us along the way.

但毫無疑問，雙方關係已經改善，正如我所強調的那樣，他們肯定看到了價值和結構性變化——這導致了我們在定價方面看到的結構性變化，也導致了我們簽訂的長期合約。最終，我們想要做的是確保這是一個公平的價值交換，為他們提供可預測的價格，因為他們擔心的一件事是某些層級儲存空間的高波動性，對吧？並且要確保在過程中，無論對他們或對我們，都能創造永續的價值。

Do you have a follow-up, CJ? Let's go to the next. Sorry, CJ, go ahead.

CJ，你還有後續問題嗎？我們來看下一個。抱歉，CJ，你先請。

Yes, sorry about the numbers. I guess just to follow on the SanDisk share comment. Can you talk about your plans thereafter? Are you going to focus more so on share repurchase or other?

是的，數字有點亂，抱歉。我想就SanDisk共享的評論做個補充。您能談談接下來的計劃嗎？您打算將更多精力放在股票回購上，還是其他方面？

Well, we are already focusing on share repurchases since we've announced the $2 billion share repurchase authorization in May of 2025. We already have repurchased $1.3 billion or we have used $1.3 billion of that program, repurchasing on or about 13 million shares, and there is no hesitation. We will continue to use that program.

嗯，我們已經開始專注於股票回購了，因為我們在 2025 年 5 月宣布了 20 億美元的股票回購授權。我們已經回購了價值 13 億美元的股票，或者說我們已經使用了該計劃中的 13 億美元，回購了大約 1300 萬股股票，而且我們毫不猶豫。我們將繼續使用該程式。

Aisling Grueninger, Bank of America.

艾斯琳‧格魯寧格，美國銀行。

This is Aisling Grueninger on for Wamsi. Congrats on the results, guys. Just one question for me. minds on the mix of UltraSMR. Just given your order book LTAs, how is this mix trend on UltraSMR trending? And how does this mix shift play a role kind of as a driver of gross margins moving forward?

這裡是艾斯琳·格魯寧格為Wamsi報道。恭喜各位取得好成績！我只有一個問題。大家對UltraSMR的混搭有什麼看法？根據您目前的訂單簿LTA數據，UltraSMR的這種混合趨勢如何？這種組合變化將如何影響未來的毛利率？

Yes. That's a really great question, Aisling. Thank you for that. Well, last quarter, we crossed on the nearline portfolio, 50% mix on UltraSMR, and we actually see that increasing. As we've highlighted, one of the things that we're doing to better support the growth in demand from our customers is really to upshift them to higher capacity drives.

是的。艾斯琳，你問的這個問題真好。謝謝。上個季度，我們在近線投資組合中實現了 UltraSMR 50% 的配置，而且我們看到這個比例還在增加。正如我們所強調的，為了更好地滿足客戶不斷增長的需求，我們正在採取的措施之一就是幫助他們升級到更高容量的硬碟。

A big part of that is the upshift to UltraSMR-based drives, and we see more and more customers adopting UltraSMR. We have our top three customers fully on board. With UltraSMR drives already today, and we have another two to three more that are moving into a process of adopting UltraSMR. So we are likely to see the UltraSMR mix of our total nearline exabyte base continue to increase going forward.

其中很大一部分原因是向 UltraSMR 硬碟的轉變，我們看到越來越多的客戶採用 UltraSMR。我們的前三大客戶都已完全同意我們的方案。目前我們已經有幾家公司採用​​了 UltraSMR 硬碟，還有兩到三家公司正在逐步採用 UltraSMR 硬碟。因此，我們可能會看到 UltraSMR 在我們近線 EB 級總量中所佔的比例在未來繼續增加。

That's actually very important for us because, one, we are better able to serve our customer demand needs. As you recall, UltraSMR gives a 20% capacity uplift over CMR and a 10% capacity uplift over the standard -- industry standard SMR. But equally important from a gross margin standpoint, UltraSMR is a software-based solution. So it's very accretive for us from a margin standpoint as well. So a higher shift higher mix of UltraSMR is definitely going to be beneficial both to our customers and to our ongoing profitability as well.

這對我們來說非常重要，因為，首先，我們能夠更好地滿足客戶的需求。如您所知，UltraSMR 的產能比 CMR 高 20%，比標準 SMR（行業標準）高 10%。但從毛利率的角度來看，同樣重要的是，UltraSMR 是一種基於軟體的解決方案。因此，從利潤率的角度來看，這對我們來說也是非常有利的。因此，增加 UltraSMR 的班次和比例，肯定對我們的客戶和我們持續的獲利能力都有好處。

And Aisling, one thing in Irving's prepared remarks, we mentioned the JBOD that we have launched, which also expands our UltraSMR customer reach beyond what we have been targeting so far. So thanks for your question. Maybe we go to the next question, please.

艾斯琳，在歐文準備好的演講稿中，我們提到了我們推出的 JBOD，這也將我們的 UltraSMR 客戶覆蓋範圍擴大到我們迄今為止的目標範圍之外。謝謝你的提問。我們不妨進入下一個問題。

Michael Cadiz, Citigroup.

麥可‧卡迪茲，花旗集團。

It's Mike Cadiz at Citi for Asiya today. So I have a question and perhaps a follow-up. So the first is, could you provide any color or additional color on yields and reliability? I know that is -- those are a couple of points that Irving has brought up over the past couple of quarters in relation to the multiple rollouts. Is there any implication to cost per bit declines that we can think of?

今天花旗銀行的麥克‧卡迪茲將為您帶來亞洲賽事報道。我有一個問題，或許還有一個後續問題。首先，您能否提供一些關於產量和可靠性的資訊或補充說明？我知道這一點——這是歐文在過去幾季中針對多次推廣活動提出的幾個要點。我們能想到每比特成本下降會帶來哪些影響嗎？

Yes. Thanks for the question, Mike. So our yields on our ePMR products continue to be very, very they continue to be yielding very well in the low 90s percentage yield range. And obviously, from a reliability and quality standpoint, we received very good feedback from our customers. The fact that we've been able to, last quarter, deliver over 3.5 million units of our flagship ePMR drives is a testimony to the confidence that they have in terms of the reliability and the quality.

是的。謝謝你的提問，麥克。因此，我們的 ePMR 產品產量持續非常非常高，產量一直保持在 90% 左右。顯然，從可靠性和品質的角度來看，我們收到了客戶非常好的回饋。上個季度我們能夠交付超過 350 萬台旗艦級 ePMR 硬碟，證明了客戶對我們產品的可靠性和品質充滿信心。

In terms of the cost related to the cost down, obviously, as we get yields up, cost continues to decline as the UltraSMR mix goes up within those new products as well, that's also going to be a driver of cost down as well.

就成本下降而言，顯然，隨著良率的提高，成本會繼續下降，因為 UltraSMR 在這些新產品中的比例也會增加，這也將成為成本下降的驅動因素。

Okay. Do you have a follow-up?

好的。您還有後續問題嗎？

I did. So can you talk more about any progress or the progress from your Rochester test and integration site how you're leveraging perhaps those efforts to accelerate maybe in the existing customer transitions?

我做了。那麼，您能否詳細介紹一下羅徹斯特測試和整合網站的進展情況，以及您如何利用這些努力來加速現有客戶的過渡？

Yes. One update that we shared in the prepared script is actually we -- last quarter, we indicated that we would start HAMR qualification. We pulled it forward to the first half of calendar '26. We actually have started qualification of those drives already this month for HAMR. On top of that, we've also started qualification for our next-generation ePMR drives as well.

是的。我們在準備好的腳本中分享的一個最新進展是——上個季度，我們表示我們將開始HAMR資格認證。我們將其提前至 2026 年上半年。實際上，我們本月已經開始對這些驅動器進行 HAMR 認證。除此之外，我們也已經開始對下一代 ePMR 硬碟進行認證。

And obviously, our Rochester SIT Lab plays a critical role in ensuring that we have a very smooth, quick qualification. And equally important, as they move into production environments that they deliver the same reliability and quality. that our customers have been used to our previous generations of products. Again, on this one, we look forward to sharing a lot more on the 3rd of February in our Innovation Day, we'll be highlighting the updated road maps for both our ePMR and HAMR portfolio. And so we look forward to sharing more of that exciting news next week.

顯然，我們的羅徹斯特SIT實驗室在確保我們順利、快速地獲得資格認證方面發揮著至關重要的作用。同樣重要的是，當它們進入生產環境時，必須提供與我們的客戶一直以來對我們前幾代產品所習慣的相同的可靠性和品質。同樣，我們期待在 2 月 3 日的創新日上分享更多信息，我們將重點介紹我們 ePMR 和 HAMR 產品組合的最新路線圖。因此，我們期待下週與大家分享更多令人興奮的消息。

Hannah Liu, Evercore.

Hannah Liu，Evercore。

This is Hannah on for Amit. I was just wondering, are there any notable investments related to HAMR that are currently flowing through COGS or operating expenses? And should we expect those costs to roll off or normalize as HAMR begins to ramp?

這是漢娜替阿米特報道。我只是想知道，目前是否有與HAMR相關的值得注意的投資計入銷售成本或營運費用？隨著HAMR的逐步普及，我們是否應該預期這些成本會下降或趨於正常？

Yes, we have been working on HAMR for the last 10-years, and the engineering teams are making good progress. So there is no change there. We will continue to work on those programs, and we will, in general, continue to innovate and make performance improvements to our programs, continue to drive higher capacity drives and those investments will continue.

是的，我們過去 10 年一直在研究 HAMR，工程團隊取得了良好的進展。所以這方面沒有任何變化。我們將繼續推進這些項目，總體而言，我們將繼續創新並改進我們的項目，繼續推動更高容量的推進，這些投資也將繼續進行。

As it relates to the gross margin, we haven't started the HAMR ramp yet, but we are confident once we start ramping HAMR that will be neutral to accretive to our gross margins.

就毛利率而言，我們尚未開始HAMR的產能爬坡，但我們相信，一旦開始HAMR的產能爬坡，這將對我們的毛利率產生中性或成長的影響。

Yes. Maybe just to add on to what Kris said, even with the HAMR ramp that we anticipate will happen at the start of calendar year '27, our CapEx as a percentage of revenue on a run rate basis will still be within the 4% to 6% range.

是的。或許可以補充一下 Kris 所說的，即使我們預期 HAMR 將在 2027 年年初開始加速生產，我們的資本支出佔年收入的百分比仍將保持在 4% 到 6% 的範圍內。

Did you have a follow-up?

您有後續跟進嗎？

No.

不。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Rose mid-teens in 2025 and is projected to advance double digits again in 2026 as agentic AI is supposed to drive a cyclical recovery in front-end conventional servers. But in your case, because hard drive units are highly correlated to demand for conventional servers, and you're also seeing a content uplift from these new drives. Do you believe Agentic AI demand can enable you to exceed your long-term exabyte growth CAGR of low 20s?

預計 2025 年將成長 15 個百分點，2026 年將再次實現兩位數成長，因為智慧人工智慧有望推動前端傳統伺服器的週期性復甦。但就你的情況而言，因為硬碟的數量與傳統伺服器的需求高度相關，而且你也看到了這些新硬碟帶來的內容成長。您認為智能體人工智慧的需求能否使您的長期EB級成長複合年增長率超過20%左右？

Yes. Thanks for the question, Karl. Well, I think we've definitely seen exabyte growth over the last few quarters in the low 20s, as you've highlighted. Actually, we see as the AI value changes from model training to inference, more data is going to get created as a result in order to enable the inference delivery, more data needs to get stored as a result of that data getting generated as well.

是的。謝謝你的提問，卡爾。正如您所強調的，我認為在過去的幾個季度裡，我們確實看到了EB級資料量的成長，達到了20EB左右的低點。實際上，我們看到隨著人工智慧的價值從模型訓練轉變為推理，為了實現推理，將會產生更多的數據，而由於這些數據的生成，也需要儲存更多的數據。

And if you look at the economics of being able to deliver inference at the right cost structure to drive mass scale adoption. Again, a lot of that data that's getting generated and require storage will be delivered -- will be stored on hard drives as they are, as we've highlighted in the past, where hyperscalers really are masters of managing the economics and moving data across the different tiers of SSDs HDDs and tape as well.

如果你從經濟角度來看，以適當的成本結構提供推理功能，就能推動大規模應用。再次強調，大量正在產生並需要儲存的資料將按原樣交付——儲存在硬碟上，正如我們過去所強調的那樣，超大規模資料中心營運商真正擅長管理經濟效益，並在 SSD、HDD 和磁帶等不同層級之間移動資料。

So from our perspective and the conversations that we've been having with our customers, inference is definitely going to drive a significant amount of data storage requirement, and that's really positive for HDDs going forward.

因此，從我們的角度來看，以及我們與客戶的交流來看，推理技術肯定會推動大量的資料儲存需求，這對硬碟的未來發展來說是一個非常積極的訊號。

Do you have a follow-up, Karl?

卡爾，你還有後續問題嗎？

If I may, Ambrish, just going back to HAMR, it sounds like you've pulled in the progression of HAMR, at least your first primary customer. Can talk about the interest beyond your initial customer given the robust hyperscaler demand for exabyte capacity?

Ambrish，如果可以的話，我想回到 HAMR 的主題，聽起來你已經掌握了 HAMR 的發展情況，至少你的第一個主要客戶已經取得了進展。鑑於超大規模資料中心對EB級容量的強勁需求，能否談談初始客戶以外的其他潛在客戶的興趣？

Yes. Thanks for the question, Karl. As we've mentioned, we are starting qualification in the first half of this year. We've already started that with one hyperscale customer already this month, and we will be initiating another one -- initiating qualification with another hyperscale customer relatively soon.

是的。謝謝你的提問，卡爾。正如我們之前提到的，我們將在今年上半年開始資格賽。本月我們已經開始與一家超大規模客戶合作，並將很快啟動另一項合作——與另一家超大規模客戶啟動資格審查。

Thomas O'Malley, Barclays.

Thomas O'Malley，巴克萊銀行。

Just a follow-up on some of the comments from the preamble about acquiring some IP, I think, on the laser side. Could you maybe give us a little more detail on that, maybe the size of the purchase? And then what in particular you needed to add on the laser side that you felt like you need to go out and do a deal?

我想就前言中關於獲取一些知識產權（我認為是激光方面的知識產權）的一些評論補充一下。您能否提供更多細節，例如購買金額？那麼，在雷射技術方面，你具體還需要增加哪些功能，以至於你覺得需要出去達成交易呢？

Yes. Thanks for the question. Well, unfortunately, the terms and conditions of the deal are confidential. So we can't really share too much about that. But we are excited about acquiring this technology. We'll share again more of that next week at our Innovation Day. But what I will say is it's definitely going to give us the benefit of taking much less real estate in the drive, right?

是的。謝謝你的提問。很遺憾，交易的具體條款和條件屬於保密資訊。所以我們不能透露太多相關資訊。但我們對獲得這項技術感到非常興奮。我們將在下週的創新日活動上分享更多相關內容。但我可以肯定的是，這樣做肯定會為我們帶來好處，那就是佔用車道的空間要少得多，對吧？

And that will actually help with manufacturability in terms of reliability. And we also see that with this innovative technology, energy requirements to support the lasers will also be reduced compared to the conventional laser diodes. So we're quite excited about the -- both the IP and the capabilities that we've acquired.

而這實際上有助於提高產品的可製造性和可靠性。我們也看到，與傳統的雷射二極體相比，採用這種創新技術後，支援雷射所需的能量也會降低。因此，我們對所獲得的知識產權和能力都感到非常興奮。

Do you have a follow-up, Tom?

湯姆，你還有後續問題嗎？

I do. With NVIDIA's addition of the KV cache offload and the NAND attach that's thought to go with that, I was curious if you guys have been engaging with any large hyperscalers or any large procurers of storage for any kind of solution that would maybe attach on to custom silicon deployment, say, something that brings the hard drive a little bit closer to some of the accelerators, if there's a road map for those or if you're engaging in that way with any customers?

我願意。鑑於 NVIDIA 增加了 KV 快取卸載功能以及與之配套的 NAND 附加功能，我很好奇你們是否與任何大型超大規模資料中心運營商或大型儲存採購商就某種解決方案進行過接觸，該解決方案或許可以附加到定制晶片部署上，例如，將硬碟更靠近某些加速器。你們是否有這方面的路線圖，或者是否正在以這種方式與任何客戶合作？

Yes. No, thanks for the question. Again, I think the initiative that NVIDIA has been driving is really to help accelerate inference capability. And as I've highlighted, as a result of that, the velocity and the volume of data is going to get generated much more rapidly. And the benefit from us, obviously, will be able to require -- it will require a lot more storage, which obviously HDDs are well suited with the superior economics.

是的。不，謝謝你的提問。我再次認為，NVIDIA 一直推動的這項舉措實際上是為了幫助加速推理能力。正如我之前強調的，因此，數據的速度和數量將會更快產生。顯然，我們從中獲得的益處將需要——它將需要更多的儲存空間，而硬碟顯然非常適合這種需求，因為它具有更優異的經濟性。

We are working on, as we've highlighted in the prepared remarks on interesting innovations to improve both our bandwidth and throughput of our drives. Again, something we are looking forward to be sharing with all of you next week as well.

正如我們在準備好的演講稿中所強調的那樣，我們正在努力進行一些有趣的創新，以提高我們硬碟的頻寬和吞吐量。同樣，這也是我們下週期待與大家分享的內容。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Kris, pretty phenomenal numbers here. Just a quick question on the HAMR side. Are you expecting to pull in the HAMR road map timeline given how tight supply is, et cetera?

克里斯，這些數據相當驚人。關於HAMR方面，我有個小問題。鑑於供應緊張等情況，您是否預計會調整HAMR路線圖時間表？

Yes. We've pulled in the qualification already by half year. And we've started the qualification process with one customer. As I just mentioned earlier to Karl's question, we will be starting a qualification with a second customer imminently on qualification. Obviously, getting HAMR and higher capacity drives to our customers are a key part of the approach that we're taking to meet the strong demand for exabytes from our customers on HDD.

是的。我們已經提前半年拿到資格了。我們已經開始與一位客戶進行資格認證流程。正如我剛才在回答卡爾的問題時提到的那樣，我們即將開始與第二位客戶進行資格認證。顯然，為我們的客戶提供 HAMR 和更高容量的硬碟是我們滿足客戶對 HDD 容量（EB）的強勁需求的關鍵舉措之一。

But it's also very important to remember, we also have started the qualification of our next-generation ePMR drives. And those products have shown the ability not to only deliver very high capacity per drive, but also to be able to support a high degree of scalability and manufacturability where we are able to deliver large volumes of drives to our customers. So, last quarter, we delivered over 3.5 million drives. And this quarter, we're looking to deliver close to 4 million drives.

但同樣重要的是要記住，我們也已經開始對下一代 ePMR 驅動器進行認證。這些產品不僅展現了單盤極高的容量，而且還展現了高度的可擴展性和可製造性，使我們能夠向客戶交付大量的硬碟。所以，上個季度我們交付了超過 350 萬個硬碟。本季度，我們預計交付近 400 萬個硬碟。

Got it. And then on the gross margin trajectory, I guess, with the incremental 50% drop-through, when you look at HAMR ramps, any thoughts on how we should look at those margins? I guess you might call it on the Innovation Day, but any preliminary thoughts there?

知道了。那麼就毛利率軌跡而言，考慮到 HAMR 的增量下降 50%，在考慮毛利率爬坡時，我們應該如何看待這些利潤率？我想你可以在創新日當天稱之為創新日，但你對此有什麼初步想法嗎？

Yes. I mean, as we've consistently highlighted, we see the transition once HAMR gets to the same scale as our ePMR portfolio, the gross margins for HAMR will be neutral to accretive from what we have with ePMR.

是的。我的意思是，正如我們一直強調的那樣，一旦 HAMR 達到與我們的 ePMR 產品組合相同的規模，HAMR 的毛利率將與 ePMR 相比持平或有所提高。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I was wondering if you could maybe talk about the revenue per exabyte in the quarter compared to last quarter and a year ago in the sense that how much of the change quarter-over-quarter and year-over-year is related to change in mix? And then I had a follow-up, if I could.

我想請您談談本季每艾字節的收入與上季度和去年同期相比的變化，以及季度環比和年度同比變化中有多少是由於產品組合變化造成的？然後，如果可以的話，我還有一個後續問題。

Yes. Maybe I can start off here, and Kris might want to add in. Look, the big driver of our sort of revenue per exabyte both year-on-year and quarter-on-quarter is related to our cloud segment. So, our big hyperscale customers, we see very strong demand from that segment. So, obviously, that's driving a lot of the bits and the revenues associated with that.

是的。或許我可以先從這裡開始，克里斯可能也想補充一些內容。你看，我們每艾位元組營收年增率和季比成長的主要驅動因素都與我們的雲端業務有關。因此，我們看到來自大型超大規模客戶的需求非常強勁。所以，很顯然，這推動了許多相關業務和收入的成長。

And in that segment, as Kris has highlighted, the pricing is stable. So, in fact, it was up single digit last quarter and year-on-year as well. So that's a positive trend that we continue to see, and that's going to be a growth driver for the business for the year and probably for the next two years as well.

正如克里斯所強調的，在該領域，價格是穩定的。所以，實際上，上個季度和同比都實現了個位數成長。這是我們持續看到的正面趨勢，它將成為今年乃至未來兩年業務成長的驅動力。

And if I could just quickly follow up. Can you just -- is there any commentary on how successful you were in terms of maybe getting out more exabytes during the quarter than originally planned for or whether through quicker customer qualifications or your own efficiencies? Any update there would be helpful.

如果可以的話，我想快速跟進一下。您能否就本季是否成功交付了比原計劃更多的EB數據，或者是否通過更快的客戶資格審核或自身效率的提高，發表一些評論？任何更新資訊都將不勝感激。

Yes. Well, last quarter, we delivered 215 exabytes, right? That was up 22% year-on-year. And again, a lot of it is being driven by our cloud portfolio. As we've highlighted, we shipped over 3.5 million units of our current ePMR products that go up to 32 terabyte. So it's a clear recognition of the stability, quality and scalability of that product. So we will continue to do that, and we look forward to ramping the next generation of ePMR and HAMR in the coming quarters to better support the customer demand.

是的。嗯，上個季度我們交付了 215 艾字節的數據，對吧？較去年同期成長22%。而且，這很大程度上是由我們的雲端產品組合所推動的。正如我們所強調的，我們目前已出貨超過 350 萬台 ePMR 產品，容量高達 32 TB。這充分體現了對該產品穩定性、品質和可擴展性的認可。因此我們將繼續這樣做，並期待在接下來的幾個季度中加快下一代 ePMR 和 HAMR 的生產，以更好地滿足客戶需求。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

On cost down, you mentioned that I think, Kris, December quarter was 10% year-over-year down. And with UltraSMR becoming a larger portion of the ship and then with HAMR coming on sort of margin neutral to positive, do you think that cost down, I think it's classically been about 10% year-over-year. Do you think that can increase in coming years, cost out increasing per exabyte ship?

關於成本下降，你提到過，我認為，克里斯，12 月季度年減了 10%。隨著 UltraSMR 在船舶中所佔比例越來越大，而 HAMR 的利潤率也趨於中性甚至正成長，你認為成本會下降嗎？我認為成本通常會比去年同期下降 10% 左右。你認為未來幾年這個數字會成長嗎？每艘艾字節級飛船的成本會因此增加嗎？

Yes. So, currently, it's on or about 10% cost per terabyte or exabyte reductions. Obviously, we will continue to innovate, continue to push to higher capacity drives, continue to upshift our customers to adoption of those higher capacity drives, including UltraSMR. And all of those actions will lead to further cost reductions on a cost per terabyte. I think it's fair to say that's on or about 10% is a good number. And as we potentially accelerate our road maps, we could potentially drive that higher.

是的。所以，目前每TB或EB的成本降低了約10%。顯然，我們將繼續創新，繼續推動更高容量的硬碟，並繼續引導我們的客戶採用更高容量的硬碟，包括 UltraSMR 硬碟。所有這些措施都將進一步降低每TB的成本。我認為10%左右是一個比較合理的數字。隨著我們加快推進路線圖，這個數字可能會更高。

That's super helpful.

這太有幫助了。

Do you have a follow-up, Ananda?

阿南達，你還有後續問題嗎？

Yes, quick. This may be one for next week actually. But just interested in understanding how far up the areal density stack do you think you can get CMR and UltraSMR before you really get HAMR going?

好的，快點。這或許要等到下週才能講了。我只是想知道，在真正實現HAMR之前，您認為CMR和UltraSMR的面積密度能達到多高？

Yes. I think that's something we are looking very much forward to sharing with you next week. So we look forward to seeing you there.

是的。我想這是我們非常期待下週與大家分享的內容。我們期待在那裡見到你。

Hadi Orabi, TD Cowen.

Hadi Orabi，TD Cowen。

This is Eddy for Krish. You mentioned you had three LTAs for 2027 and 2028 that are volume and not price based. I do wonder what is the reason these contracts are not locked in price, especially given the very tight supply? Is it the customer who prefer not to lock in price? Or is it you guys who prefer to have the flexibility? Any high-level color would be helpful.

這是艾迪給克里什的。您提到您有三份 2027 年和 2028 年的長期協議，這些協議是基於數量而不是價格的。我很好奇為什麼這些合約的價格沒有鎖定，尤其是在供應非常緊張的情況下？是顧客不願意鎖定價格嗎？還是說你們比較喜歡彈性的安排？任何高級顏色都會有所幫助。

Yes. Thanks for the question. Just to clarify, we have two customers that have LTAs through calendar year '27, one customer that has an LTA through calendar year '28. These LTAs have both price and volume conditions in them.

是的。謝謝你的提問。澄清一下，我們有兩位客戶的長期協議 (LTA) 到 2027 年到期，一位客戶的長期協議 (LTA) 到 2028 年到期。這些長期協議既包含價格條件，也包含數量條件。

Okay. Noted. That's great color.

好的。著名的。顏色真好看。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。