威騰電子 (WDC) 2027 Q1 法說會逐字稿

Good afternoon and thank you for standing by. Welcome to Western Digital's first-quarter fiscal 2027 conference call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，感謝各位稍候。歡迎參加 Western Digital 2027 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次通話將被錄音。

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

現在我想把電話交給投資人關係副總裁 Ambrish Srivastava 先生。您可以開始了。

Thank you, and good afternoon, everyone. Joining me today are Irving Tan, WD's Chief Executive Officer; and Kris Sennesael, WD's Chief Financial Officer.

謝謝，各位下午好。今天與我一同出席的有 WD 執行長 Irving Tan，以及 WD 財務長 Kris Sennesael。

Before we begin, please note that today's discussion will contain forward-looking statements based on management's current assumptions and expectations, which are subject to various risks and uncertainties. These forward-looking statements include expectations for our product portfolio, business plans and performance, ongoing market trends, and future financial results. We assume no obligation to update these statements. Please refer to our most recent Annual Report on Form 10-K and other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. Unless stated otherwise, today's remarks reflect non-GAAP results. Reconciliations to GAAP results are available in our press release and at investor.wdc.com.

在開始之前，請注意今天的討論將包含以前瞻性陳述為主的內容，係基於管理階層目前的假設與預期，並可能受到各種風險與不確定性影響。這些前瞻性陳述包括我們對產品組合、業務計畫與表現、持續的市場趨勢，以及未來財務結果的預期。我們不承擔更新這些陳述的任何義務。有關可能導致實際結果與預期存在重大差異的風險與不確定性之更多資訊，請參閱我們最新的 Form 10-K 年度報告及其他向美國證券交易委員會（SEC）提交的文件。除非另有說明，今天的發言反映的是非 GAAP 結果。與 GAAP 結果的調節表可在我們的新聞稿以及 investor.wdc.com 上取得。

With that, I will now turn the call over to Irving.

接下來，我把電話交給 Irving。

Thanks, Ambrish. Good afternoon, everyone, and thank you for joining us today. Q1 marked a strong start to fiscal 2027, reflecting solid execution across the business and results ahead of our expectations. Revenue grew 55% year over year, while gross and operating margins expanded meaningfully to 58% and 49%, respectively. EPS grew 161% year over year, and we generated $1.4 billion in free cash flow.

謝謝你，Ambrish。各位下午好，感謝今天加入我們。第一季為 2027 會計年度帶來強勁開局，反映我們在全公司範圍內的扎實執行，且成果優於我們的預期。營收年增 55%，同時毛利率與營業利益率分別顯著擴張至 58% 與 49%。每股盈餘（EPS）年增 161%，我們也創造了 14 億美元的自由現金流。

These results reflect ongoing robust customer demand, operational discipline, and successful execution of our product and technology roadmap. Demand remains strong across our customer base and end markets. Our visibility is extending further, and with it our conviction in the durability of demand for data storage on HDDs. We are increasingly seeing storage demand grow beyond our core cloud and hyperscale customers into enterprise environments and into newer end markets such as neoclouds and AI frontier labs, resulting in a larger and more diversified customer base. Our customers are making longer-term infrastructure investments and continue to extend their planning horizons into the next decade.

這些成果反映客戶需求持續強勁、營運紀律，以及我們在產品與技術藍圖上的成功執行。我們的客戶群與終端市場需求仍然強勁。我們的能見度正延伸得更遠，也因此更堅信 HDD 資料儲存需求的持久性。我們愈來愈常看到儲存需求從核心的雲端與超大規模客戶，擴展到企業環境，以及新興終端市場（如新雲端（neoclouds）與 AI 前沿實驗室），使客戶基礎更大且更多元。客戶正在進行更長期的基礎設施投資，並持續將規劃視野延伸至未來十年。

As the value of data is increasing, they are investing with confidence to support their growing needs for data storage with the vast majority of the data being stored on HDDs. We see this firsthand in our customer conversations and in broader industry research. A recent IDC survey of more than 750 companies across several countries found that organizations are storing more data, retaining it for longer periods, and increasingly putting archived data back to work. At the core of these trends is continued data growth, fueled by the ongoing expansion of cloud environments and the increasing storage demands from AI. While much of the conversation around AI focuses on compute, we believe the more enduring opportunity is in data.

隨著資料價值不斷提升，客戶正以更高信心投入資本，以支援其日益成長的資料儲存需求，而絕大多數資料仍儲存在 HDD 上。我們在與客戶的對話以及更廣泛的產業研究中都能直接觀察到這一點。IDC 近期針對多個國家超過 750 家公司的調查發現，組織正在儲存更多資料、保留更長時間，並且愈來愈常將封存資料重新投入使用。這些趨勢的核心是資料持續成長，動能來自雲端環境的持續擴張，以及 AI 帶來的儲存需求提升。雖然圍繞 AI 的討論多聚焦於運算，但我們認為更持久的機會在於資料。

AI is fundamentally a data system. Every workload creates more data, and that data must be stored, managed and accessed in a scalable and economical manner. As AI adoption continues to expand across industries worldwide, data creation and storage requirements are expanding with it. Inference and agentic AI systems are generating significant volumes of logs, model outputs, and system performance data that must be stored and retained. Physical AI applications such as robotics, factory automation, and autonomous vehicles are further accelerating this trend with AI-generated content and video workloads that are creating and retaining data at scale.

AI 從根本上是一個資料系統。每一種工作負載都會產生更多資料，而這些資料必須以可擴展且具成本效益的方式被儲存、管理並存取。隨著 AI 採用在全球各產業持續擴大，資料生成與儲存需求也隨之擴張。推論（inference）與代理式（agentic）AI 系統正在產生大量的日誌、模型輸出與系統效能資料，這些資料必須被儲存並保留。實體 AI 應用（如機器人、工廠自動化與自駕車）也透過 AI 生成內容與影音工作負載，進一步加速此趨勢，在規模化情境下創造並保留資料。

Let me now turn to our industry-leading technology and innovative products. We are executing well against our technology roadmap and remain on track transitioning our customers to higher-capacity drives. As we ramp production across our next-generation ePMR and HAMR platforms, we expect exabyte shipments to continue to increase through fiscal 2027 and beyond. Volume production of our latest ePMR platform, delivering up to 40 terabytes of capacity, is off to a strong start. Customer adoption is progressing ahead of prior transitions, and we expect this platform to represent close to 30% of our nearline shipments by the second quarter and 50% by the third quarter of fiscal 2027.

接下來談談我們業界領先的技術與創新產品。我們正良好地推進技術藍圖的執行，並持續按計畫將客戶轉移至更高容量的硬碟。隨著我們在下一代 ePMR 與 HAMR 平台上提升產能，我們預期 Exabyte 出貨量將在 2027 會計年度及其後持續增加。我們最新的 ePMR 平台已進入量產，可提供最高 40TB 容量，並有一個強勁的起步。客戶採用進度快於先前的轉換週期；我們預期該平台在 2027 會計年度第二季將占我們近線（nearline）出貨量接近 30%，並在第三季達到 50%。

On our first-generation HAMR product, we are on track to finish qualifications with two hyperscale customers in the first quarter of calendar year 2027 and are on schedule to begin volume shipments in the first half of calendar year 2027. We also expect to begin qualifications with two additional customers during the first half of calendar year 2027, further expanding customer validation and supporting broader adoption of our HAMR products. As AI workloads scale, customers not only need more capacity but also greater performance from their storage infrastructure. We are expanding the role of HDDs within the cloud and AI infrastructure through innovations such as our High Bandwidth Drive and dual-pivot technology. By combining the economics of HDDs with significantly higher levels of performance, we believe this technology can address a broader range of existing and emerging workloads. We are currently sampling our High Bandwidth Drives with multiple customers, and the feedback has been positive, with clear use cases and value creation identified.

在第一代 HAMR 產品方面，我們正按計畫於 2027 曆年第一季完成與兩家超大規模客戶的資格認證，並如期在 2027 曆年上半年開始大量出貨。我們也預期在 2027 曆年上半年開始與另外兩家客戶進行資格認證，進一步擴大客戶驗證並支援 HAMR 產品更廣泛的採用。隨著 AI 工作負載擴大規模，客戶不僅需要更大容量，也需要其儲存基礎設施具備更高效能。我們正透過如高頻寬硬碟（High Bandwidth Drive）與雙樞軸（dual-pivot）技術等創新，擴大 HDD 在雲端與 AI 基礎設施中的角色。我們相信，將 HDD 的經濟性與顯著更高的效能結合，這項技術可涵蓋更廣泛的既有與新興工作負載。我們目前正向多家客戶提供高頻寬硬碟樣品，回饋正面，且已明確辨識出使用情境與價值創造。

In summary, WD is executing with momentum. We are deepening customer relationships, extending visibility, and broadening the customer base while our product and technology roadmap delivers precisely what customers need. As data grows in volume and value across cloud, AI and emerging workloads, we have high confidence in the durability of long-term storage demand.

總結來說，WD 正以動能持續推進執行。我們在產品與技術藍圖精準交付客戶所需的同時，也正深化客戶關係、延伸能見度並擴大客戶基礎。隨著雲端、AI 與新興工作負載的資料量與資料價值持續成長，我們對長期儲存需求的持久性充滿信心。

With that, let me turn it over to Kris.

接下來，我把電話交給 Kris。

Thank you, Irving. Our first-quarter results demonstrate ongoing strength of our business in combination with outstanding execution on all fronts. Customer demand remains healthy, and our visibility is extending further out. Our product transitions are progressing well, resulting in higher-capacity products, solid year-over-year growth in exabytes shipped, and improved pricing, all driving another quarter of strong financial performance. During the first quarter of fiscal year 2027, revenue was $4.4 billion, up 55% year over year, driven by strong exabyte growth and a favorable pricing environment.

謝謝你，Irving。我們第一季的結果展現了業務持續強勁，同時也反映我們在各方面的卓越執行。客戶需求仍然健康，我們的能見度也正延伸到更遠的期間。我們的產品轉換進展順利，帶來更高容量的產品、Exabyte 出貨量穩健的年增成長，以及更佳的定價，推動本季再度繳出強勁的財務表現。在 2027 會計年度第一季，營收為 44 億美元，年增 55%，主要由強勁的 Exabyte 成長與有利的定價環境所帶動。

We delivered 248 exabytes in the quarter, up 22% year over year and up 8% sequentially. Nearline products continue to drive growth as we execute on our product transitions, starting with the ramp of our latest-generation ePMR drives with capacities up to 40 terabytes. And followed by the introduction of our HAMR technology in the first half of calendar year 2027, setting us up for stronger year-over-year growth in exabyte shipments. Cloud revenue was $3.9 billion, representing 88% of total revenue and increasing 54% year over year driven by durable demand for our high-capacity nearline HDDs, including the initial ramp of our latest ePMR platform.

本季我們出貨 248 Exabytes，年增 22%，季增 8%。隨著我們推進產品轉換，近線產品持續帶動成長，首先是我們最新一代 ePMR 硬碟（容量最高 40TB）的產能爬坡。接著是在 2027 曆年上半年導入 HAMR 技術，為 Exabyte 出貨量更強勁的年增成長奠定基礎。雲端營收為 39 億美元，占總營收 88%，年增 54%，主要由我們高容量近線 HDD 的持久需求所帶動，其中包括最新 ePMR 平台的初期放量。

In addition, continued pricing strength reflects the value and TCO advantages we deliver to our customers. Client represented 7% of total revenue at $320 million, up 119% year over year. Consumer represented 5% of revenue at $193 million, up 19% year over year. Gross margin expanded to 58.1%, up 1,420 basis points year over year, with incremental year-over-year gross margin above 80%. Gross margin reflects a mix shift towards higher-capacity drives, disciplined operational execution, and a favorable pricing environment across our portfolio, as we continue to deliver greater value to our customers.

此外，持續的定價力道反映了我們為客戶帶來的價值與總持有成本（TCO）優勢。Client 業務占總營收的 7%，金額為 3.20 億美元，年增 119%。Consumer 業務占營收的 5%，金額為 1.93 億美元，年增 19%。毛利率擴大至 58.1%，年增 1,420 個基點，且年增量毛利率超過 80%。毛利率反映了產品組合轉向更高容量硬碟、嚴謹的營運執行，以及我們產品組合整體有利的定價環境，同時我們持續為客戶提供更高價值。

Year-over-year growth in average price per terabyte further increased to 28% versus the high teens we reported in the prior quarter. Operating expenses were $391 million, or approximately 9% of revenue, a 130-basis-point sequential improvement, demonstrating continuing operating leverage in the model. Operating income of $2.2 billion increased 152% year over year, driven by strong revenue growth, expanding gross margin, and operating leverage. Operating margin expanded to 49.1% in the quarter, demonstrating our ability to continue to drive sustainably higher levels of profitability in the business. Interest and other expenses were $10 million, and our effective tax rate was 17%.

每 TB 平均售價的年增幅進一步提高至 28%，高於我們上一季所報告的十幾個百分點水準。營業費用為 3.91 億美元，約占營收 9%，較前一季改善 130 個基點，顯示該模式持續展現營運槓桿。營業利益為 22 億美元，年增 152%，主要受惠於強勁的營收成長、毛利率擴大以及營運槓桿。本季營業利益率擴大至 49.1%，展現我們持續推動業務獲利能力穩健提升的能力。利息及其他費用為 1,000 萬美元，我們的有效稅率為 17%。

Taking into account a diluted share count of 383 million shares, EPS was $4.64, an increase of 161% year over year. We generated $1.4 billion in free cash flow during the quarter and returned $1.1 billion to shareholders through share repurchases and dividends, reflecting confidence in the durability of free cash flow generation and our ability to drive long-term shareholder value. Supported by the strength of the free cash flow generation and consistent with our capital allocation framework, the Board has approved a 17% increase in the quarterly cash dividend from $0.15 per share to $0.175 per share. Which will be paid on December 17, 2026, to shareholders of record on December 4, 2026.

在稀釋後股數 3.83 億股的基礎上，每股盈餘（EPS）為 4.64 美元，年增 161%。本季我們產生 14 億美元自由現金流，並透過庫藏股回購與股利向股東回饋 11 億美元，反映我們對自由現金流產生能力之持久性，以及推動長期股東價值的信心。在強勁自由現金流產生的支持下，並符合我們的資本配置框架，董事會已核准將季度現金股利提高 17%，由每股 0.15 美元提高至每股 0.175 美元。該股利將於 2026 年 12 月 17 日支付給截至 2026 年 12 月 4 日登記在冊的股東。

Turning to the balance sheet, during the quarter, we took additional steps to simplify our capital structure by substantially reducing our remaining 2028 convertible notes. Our balance sheet remains strong, and we ended the quarter with a net cash position of $0.5 billion.

接著談資產負債表，本季我們採取進一步措施簡化資本結構，透過大幅降低我們剩餘的 2028 年到期可轉換公司債。我們的資產負債表仍然強健，本季期末淨現金部位為 5 億美元。

Let me now turn to the outlook for the second quarter of fiscal 2027. We continue to operate in an environment of strong demand and favorable pricing in all our end markets. For the second quarter of fiscal 2027, we expect revenue to be $5.1 billion plus/minus $100 million. At the midpoint, this reflects a 69% increase year over year.

接下來我談談 2027 會計年度第二季的展望。我們在所有終端市場仍處於需求強勁且定價有利的環境中運作。對於 2027 會計年度第二季，我們預期營收為 51 億美元，上下浮動 1 億美元。以中位數計算，這代表年增 69%。

Gross margin is expected to be in the range of 60% to 61% as we continue to benefit from the shift to higher-capacity drives along with a strong pricing environment. We anticipate operating expenses of $400 million to $410 million, a sequential increase driven by the project expenses related to increased product qualification activities. Interest and other expenses are expected to be $15 million. The tax rate is expected to be 17%. As a result, we expect diluted earnings per share to be $5.80 plus/minus $0.20 based on a non-GAAP diluted share count of 380 million shares.

毛利率預期落在 60% 至 61% 區間，因我們持續受惠於產品組合轉向更高容量硬碟以及強勁的定價環境。我們預期營業費用為 4.00 億至 4.10 億美元，較前一季增加，主要由於與增加產品認證活動相關的專案費用所致。利息及其他費用預期為 1,500 萬美元。稅率預期為 17%。因此，基於非 GAAP 稀釋後股數 3.80 億股，我們預期稀釋後每股盈餘為 5.80 美元，上下浮動 0.20 美元。

As we look ahead, demand remains robust, customer engagements continue to deepen and broaden, and our visibility continues to improve. And as we execute on our technology and product transitions, we expect to accelerate exabyte supply growth throughout fiscal year 2027 and 2028. Our strong balance sheet and free cash flow generation give us the ability to make targeted investments that strengthen our technology leadership and support our customers' growing storage needs. While we expect capital expenditures to average 4% to 6% of revenue over a five-year period, we anticipate that CapEx as a percentage of revenue will be modestly above that range over the next two years as we continue to invest in heads and media technology and factory automation, supporting our industry-leading areal density and higher-capacity drives without having to spend CapEx to add unit capacity.

展望未來，需求仍然強勁，客戶合作持續加深並擴大，我們的能見度也持續提升。隨著我們推進技術與產品轉換，我們預期在 2027 與 2028 會計年度加速 EB（exabyte）供應量成長。我們強健的資產負債表與自由現金流產生能力，使我們能進行具針對性的投資，以強化技術領先地位並支援客戶日益成長的儲存需求。雖然我們預期在五年期間資本支出平均占營收 4% 至 6%，但未來兩年我們預期資本支出占營收比重將略高於該區間，因我們持續投資於磁頭與媒體技術以及工廠自動化，在不必為增加單位產能而投入資本支出的情況下，支撐我們業界領先的面積密度與更高容量硬碟。

In summary, accelerating exabyte growth, technology leadership, expanding margins, and disciplined capital allocation provide a solid foundation for sustainable earnings, free cash flow growth, and long-term shareholder value creation.

總結而言，加速的 EB 成長、技術領先、利潤率擴大，以及嚴謹的資本配置，為可持續的獲利、自由現金流成長與長期股東價值創造奠定了堅實基礎。

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

接下來，我們開始問答環節。Ambrish？

Thank you, Kris. Operator, you can now open the line to questions, please. And 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，Kris。接線員，請現在開放提問線路。為了確保我們能聽到盡可能多位分析師的問題，請一次只提一個問題。在我們回覆後，我們會給你機會再問一個追問問題。接線員？

(Operator Instructions) Amit Daryanani, Evercore.

（接線員指示）Amit Daryanani，Evercore。

I guess maybe to start with Irving, there's always a lot of focus on HAMR and you outlined sort of completing qualifications with two hyperscalers in March, volume shipping mid-'27. Can you just talk about, what are the remaining milestones between those two steps from your perspective?

我想也許先從 Irving 開始，市場一直很關注 HAMR，而你提到在 3 月完成與兩家超大規模雲端客戶的認證，並在 2027 年年中開始大量出貨。你能否談談，從你們的角度看，這兩個步驟之間還有哪些剩餘的里程碑？

And then what determines how quickly you scale from there? Is it more driven by customer deployment schedules or your manufacturing readiness? Just any help there?

另外，接下來擴產放量的速度取決於什麼？是更多由客戶部署時程驅動，還是由你們的製造就緒度所驅動？能否提供一些說明？

Yeah. I mean, thanks for the question. First of all, I would say I'm very pleased with the progress that we're making with HAMR. As we've highlighted in the past, feedback from our customers has been very positive, particularly around the failure rates that we've seen in our drive performance vis-à-vis what they've seen with other players within the market. As a result of that, we're very confident in terms of finishing qualifications with the two customers that we have, our first-generation HAMR products in Q1.

好的。謝謝你的問題。首先，我要說我對我們在 HAMR 方面取得的進展非常滿意。正如我們過去強調的，客戶回饋非常正面，特別是在故障率方面：就硬碟表現而言，我們觀察到的故障率相較於他們在市場上其他廠商所看到的更佳。因此，我們對於在第一季完成我們現有兩家客戶的第一代 HAMR 產品認證非常有信心。

We will be starting qualification with two additional customers in the first half of calendar year '27 as well. We haven't had any feedback that would give us any reason for pause in terms of us translating that qual completion to volume shipments starting first half '27. Both our customer technical support teams are working very closely with customers to complete those qual schedules and get them into production across our global operations teams who are working closely with our own internal manufacturing assets and vendors to get the supply chain ready to support the program as well. And then starting in the second half of calendar year '27, we will also start qualification of our second-generation HAMR drives, and this will be at 5 terabytes per platter on an 11-disk platform. So overall, very pleased with the progress.

我們也將在 2027 年曆年上半年開始與另外兩家客戶進行認證。目前我們沒有收到任何回饋會讓我們在把認證完成轉換為自 2027 年上半年開始的大量出貨方面需要放慢腳步。我們的客戶技術支援團隊正與客戶非常緊密合作，以完成這些認證時程並導入量產；同時，我們全球營運團隊也正與我們內部製造資產及供應商密切合作，讓供應鏈就緒以支援該計畫。此外，從 2027 年曆年下半年開始，我們也將啟動第二代 HAMR 硬碟的認證，該產品將在 11 碟平台上達到每片碟 5TB。整體而言，我們對進展非常滿意。

I think the engineering and operations teams across the company have done a great job in really helping us accelerate the development of the products, the reliability of it, and then we're focused very much on scaling it up and getting it into customers' hands.

我認為公司內的工程與營運團隊做得非常出色，確實協助我們加速產品開發、提升可靠性；接下來我們也非常專注於擴大規模並把產品交到客戶手上。

Do you have a follow-up, Amit?

Amit，你有追問嗎？

I do. Thanks, Ambrish. And maybe just to follow up on the cost per terabyte. I realize you folks in the past have talked about some of this input cost inflation headwind, but I think cost per terabyte was down like 4% or 5% in September quarter. That's the lowest we've seen in a while. Maybe you can just touch on what's happening there and what's the right way to think about this longer term because I do realize you're guiding for some really strong gross margins in December. So just a little bit on the cost per terabyte number would be helpful.

是的。謝謝你，Ambrish。另外也許想追問一下每 TB 成本。我知道你們過去談過一些投入成本通膨帶來的逆風，但我記得 9 月季度每 TB 成本大概下降了 4% 或 5%。這是我們一段時間以來看到的最低水準。也許你可以談談那邊發生了什麼，以及從長期來看應該如何思考，因為我也理解你們對 12 月季度給出了非常強勁的毛利率指引。所以如果能多說一點每 TB 成本這個數字會很有幫助。

Yeah. So as Irving just indicated, we continue to execute well on our technology roadmap and product transitions, basically moving to higher-capacity drives based on a better and higher areal density. And so we're well on track in the long run to reduce our cost per terabyte approximately 10% year over year. In the near term, and I've indicated this before, this is not a surprise. We are facing some input cost increases. As most of you know, we use some DRAM and some NAND inside our hard disk drives, and the whole supply chain really operates in a very tight environment.

好的。正如 Irving 剛才指出的，我們持續在技術路線圖與產品轉換上執行得很好，基本上是轉向基於更佳且更高面密度的更大容量硬碟。因此，從長期來看，我們正按計畫將每 TB 成本約以年對年 10% 的幅度降低。在短期內，我之前也提過，這並不令人意外。我們正面臨一些投入成本上升。如各位所知，我們在硬碟內部會使用一些 DRAM 與 NAND，而整個供應鏈確實是在非常吃緊的環境下運作。

And so we are seeing some of those input cost increases. We are addressing all of them through value engineering initiatives that we are seeing some good traction. It takes a little bit of time to implement and qualify those solutions, and so in the near term, our cost per TB will be less than 10% down year over year. Taking it all into account, as you indicated as well, we are delivering very strong gross margins in the September quarter as well as a strong guide for the December quarter. Our incremental gross margins continue to be very strong, well above 80%.

因此我們確實看到部分投入成本上升。我們正透過價值工程（value engineering）計畫來因應，且已看到不錯的進展。這些解決方案的導入與認證需要一些時間，所以短期內，我們的每 TB 成本年對年降幅會小於 10%。綜合來看，如你也提到的，我們在 9 月季度交出了非常強勁的毛利率，同時也對 12 月季度給出強勁指引。我們的增量毛利率持續非常強勁，遠高於 80%。

And so I think we're very well set up to continue to increase our margins over time.

因此我認為，我們已經具備非常好的條件，能在時間推進下持續提升毛利率。

Thank you, Amit.

謝謝你，Amit。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thank you. Irving, I was wondering if you could just address this angst around incremental capacity adds from the smallest player in the market, and there's been some chatter around potential consolidation in the industry. Just would love to get your high-level take on, what do you think could be, if there is any potential impact from that at an industry level? And is that impacting any of your price negotiations with scale customers and the out-years?

是的，謝謝。Irving，我想請你談談市場上對於由市場中最小的參與者所帶來的增量產能擴張的焦慮，另外也有一些關於產業可能整併的討論。很希望聽聽你高層次的看法：如果真的有的話，你認為在產業層面可能會帶來什麼影響？以及這是否正在影響你們與大型客戶在價格談判以及更長期年度（out-years）的安排？

Yeah, Wamsi, thanks for the question. I would say at a high level, we don't see any change in terms of the long-term fundamentals of both the industry or our business specifically, right? We continue to see demand continuing to be very strong, 25% plus CAGR, as we've highlighted consistently, in a very tight supply environment. And we remain committed to our strategy and our focus to meet that supply-demand growth based on delivering areal density, and that's delivered through technology, particularly through our head and media technology, because that is the best way to deliver the best TCO to our customers and to also drive greater profitability for our business as well. And that's, you know, you can see that focus in terms of the investments we're making both into research and development and into capital investment into our head and media parts of the business.

好的，Wamsi，謝謝你的問題。我會說，從高層次來看，我們並未看到產業或我們自身業務的長期基本面有任何改變，對吧？我們持續看到需求非常強勁，在供給非常吃緊的環境下，如我們一再強調的，年複合成長率（CAGR）在 25% 以上。我們也持續致力於我們的策略與重點：透過提升面密度來滿足供需成長；而這是透過技術來實現，特別是透過我們的磁頭與碟片（media）技術，因為這是為客戶提供最佳總持有成本（TCO）的最佳方式，同時也能為我們的業務帶來更高的獲利能力。你也可以從我們在研發投資以及在磁頭與碟片業務方面的資本投資中看到這個重點。

And I think the unique differentiation that we have with our own head and media development, the drive integration capability that we have, gives us the confidence to be able to meet that growth trajectory through areal density and therefore remain committed to not investing in any incremental unit capacity. There may be some other players in the market who don't have that unique ability to build their own media, build their own heads, drive areal density improvement, and they have to compensate that by potentially maybe increasing the number of units just to maintain their share and position in the marketplace.

我認為，我們在自有磁頭與碟片研發上的獨特差異化，以及我們具備的硬碟整合能力，讓我們有信心能透過面密度提升來達成那樣的成長軌跡，因此也持續承諾不去投資任何額外的單位產能（unit capacity）。市場上可能有其他業者不具備這種獨特能力，無法自製碟片、無法自製磁頭、無法推動面密度提升，因此他們可能必須透過增加出貨單位數來補償，以維持其市占與市場地位。

Do you have a follow-up, Wamsi?

Wamsi，你有追問嗎？

Yeah, I do. Thanks. So on the exabyte shipments, you grew 22%, and as I'm hearing you talk about sort of the trajectory here for the rest of the year, it looks like you expect that growth to improve as you execute on these product transitions and then have HAMR in the mix. Could you just give us some sense of what it is at the high level? Like, is it right to think of fiscal '27 at roughly your longer-term range for the year? Is that the right way to think about it?

有的。謝謝。關於 EB（exabyte）出貨量，你們成長了 22%；而從你談到今年剩餘時間的走勢來看，似乎你們預期隨著這些產品轉換的執行、以及 HAMR 納入組合後，成長會進一步改善。你能否在高層次上給我們一些概念？例如，把 2027 會計年度視為大致落在你們長期區間的水準，這樣想對嗎？這是正確的理解方式嗎？

And maybe just if you think about unconstrained sort of demand, like how much higher is that relative to where your supply is? And do you see that widening because of just how strong the demand is over the next couple of years? Thank you.

另外，如果從不受供給限制的需求來看，需求相對於你們目前供給大概高出多少？而在未來幾年需求如此強勁的情況下，你是否看到這個差距還會擴大？謝謝。

Yeah. Thanks for the question, Wamsi. We sort of see the current quarter as being sort of the floor in terms of exabyte growth, and we see that accelerating through the rest of the fiscal year and obviously, as Kris highlighted in the script, '28 and beyond that as well. That's really driven by, you know, the confidence that we have in the new platforms that we'll be introducing. Obviously, we have HAMR coming out in the first half of fiscal '27, and then, as I highlighted, we have our second-generation HAMR drive starting qualification in the second half as well.

好的，謝謝你的問題，Wamsi。我們把目前這一季視為 EB 成長的「底部」，並且預期在本會計年度剩餘期間會加速成長；當然，如 Kris 在講稿中提到的，2028 年及之後也會如此。這主要是來自於我們對即將導入的新平台的信心。很明顯地，我們會在 2027 會計年度上半年推出 HAMR，然後如我所提到的，我們第二代 HAMR 硬碟也會在下半年開始進行認證（qualification）。

So we're very quickly at the top end going from a 32-terabyte drive to 44-terabyte drive to 55-terabyte drive and beyond, and that's the best way, the most economical way for both our customers and for us to be able to meet the demands that they have in terms of our products.

因此在高容量端，我們會很快從 32TB 硬碟提升到 44TB、再到 55TB 以及更高；這對我們的客戶與我們而言，都是滿足其產品需求的最佳方式、也是最具經濟效益的方式。

To your question around the demand, as I said, we see that continuing to grow. We see it being very durable. There hasn't been any diminishing in demand, and we don't see the gap in supply or demand that exists today perishing in the near term as well. So we continue to focus on supporting our customers the best we can with the technology that we have.

至於你問到需求，我剛才也說了，我們看到需求持續成長。我們認為它非常具韌性。需求沒有任何減弱，我們也不認為目前存在的供給與需求缺口會在短期內消失。因此我們會持續專注於運用我們現有的技術，盡可能以最佳方式支援客戶。

Erik Woodring, Morgan Stanley.

摩根士丹利的 Erik Woodring。

Super, guys. Thank you so much for taking my questions, and congrats on the quarter and the guide. Irving, can you maybe just share a bit more granular detail on your visibility comments? Meaning, how far out are we talking? How many customers are we talking?

太好了，各位。非常感謝回答我的問題，也恭喜本季表現與指引。Irving，你能否就你提到的「能見度」再分享一些更細的內容？也就是說，我們談的是多長的時間範圍？涉及多少客戶？

And for those customers that are planning that far out, just what are their exabyte needs today or in the future relative to three or six months ago? Do you see that demand expanding relative to, again, three or six months ago?

另外，對於那些能做那麼長期規劃的客戶，他們目前或未來的 EB 需求，相較於三個月或六個月前是什麼狀況？你是否看到需求相較於三個月或六個月前在擴大？

Yeah, Erik, thanks for the question. I think in terms of visibility outlook, if you take our top seven customers as an example, we have good visibility up to 2030, 2031, across all seven of them. And that's something that we've highlighted that we've always really much appreciated, so we can make sure we both deliver both the technology and the supply to meet that growth in demand going forward. And so we have good visibility in that. In fact, we see quarter after quarter the demand signal actually increasing over time.

好的，Erik，謝謝你的問題。就能見度展望而言，以我們前七大客戶為例，我們對這七家全部都有良好的能見度，可看到 2030、2031 年。這也是我們一直強調、且非常重視的一點，如此我們才能確保提供技術與供給，以滿足未來需求成長。因此我們在這方面有很好的能見度。事實上，我們看到一季接一季，需求訊號確實隨時間持續增加。

And as we move forward into the '28, '29, '30 timeframe, we see that demand continuing to be very durable.

隨著我們往前推進到 '28、'29、'30 的時間範圍，我們看到需求持續非常強勁且具韌性。

Do you have a follow-up, Erik?

Erik，你有後續問題嗎？

Yeah. Thank you, Ambrish. And then just as a follow-up, you obviously just grew revenue 55% year over year. You're guiding to 69% year-over-year revenue growth at the midpoint in December, incredibly strong, and obviously you're referencing some exabyte growth acceleration. But that also then, excuse me, that also implies that you're going to be accelerating pricing in the December quarter as well.

有的。謝謝你，Ambrish。接著作為追問，你們顯然剛剛實現了營收年增 55%。你們在 12 月季度的指引，在中位數是營收年增 69%，非常強勁，而且你們也明顯提到一些 EB（exabyte）出貨成長加速。但那也同時，抱歉，那也意味著你們在 12 月季度的定價也會加速上升。

So can you maybe just help us understand what is the source of that pricing acceleration? Is that coming from the non-nearline side? Is that the nearline side? I assume it's probably both, but just any more granular colour you can provide on why we're seeing that acceleration in pricing in the December quarter and how sustainable that is?

所以你能否幫我們理解一下，這個定價加速的來源是什麼？是來自非近線（non-nearline）端嗎？還是近線（nearline）端？我猜可能兩者都有，但想請你提供更細的說明：為什麼我們會在 12 月季度看到定價加速，以及這樣的趨勢有多可持續？

Yeah, Erik, we continue to operate in a very strong, favorable pricing environment. You saw our blended average selling price per terabyte was up 28% on a year-over-year basis, and we saw that strength across the board in nearline and non-nearline, some of our Consumer and Client businesses as well. The pricing environment is strong because we do execute on our technology and product roadmap, and we continue to deliver higher-capacity drives to our customers that help our customers to reduce their total cost of ownership. Because you have better rack density, lower power consumption, and a lot of benefits for our customers. As we continue to execute on that strategy and continue to deliver higher-capacity drives, there is an opportunity to further enhance our price per terabyte over time.

是的，Erik，我們仍然處於非常強勁、有利的定價環境中運作。你看到我們每 TB（terabyte）的混合平均售價（ASP）年增 28%，而且我們在近線與非近線都看到這種強勢，我們的一些消費者（Consumer）與客戶端（Client）業務也是如此。定價環境之所以強，是因為我們確實在執行我們的技術與產品路線圖，並持續向客戶交付更高容量的硬碟，協助客戶降低其總持有成本（TCO）。因為你能有更好的機櫃密度、更低的耗電，以及為客戶帶來許多好處。隨著我們持續執行這項策略並持續交付更高容量硬碟，長期來看，我們有機會進一步提升每 TB 的價格。

As you probably know, some of that business is under LTAs. Some of the LTAs are expiring and new agreements are being put in place. And in addition to that, of course, some of our exabytes are not under contract as well. And we do see a very strong pricing environment for those exabytes that are not under contract as well.

你可能知道，其中一部分業務是在長期協議（LTA）之下。有些 LTA 正在到期，新的協議也正在建立。此外，當然，我們也有一些 EB 出貨並不在合約之下。而對於那些未簽約的 EB，我們同樣看到非常強勁的定價環境。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

I guess, Irving, you started the conversation talking about results ahead of expectations. And just to follow up on the last question, for gross margins, you initially guided incremental 62%, and you reported 80%, and now guiding 75%. So really trying to drill down as to what is driving that incremental strength.

我想，Irving，你在一開始提到業績優於預期。接著延續上一題，關於毛利率，你們最初指引增量為 62%，實際報告是 80%，現在又指引 75%。所以我想更深入釐清，究竟是什麼在推動這種增量強勢。

Is it, you know, more bits that are not under contract? Is it contracts that are unwinding and repricing? And I guess, as we think beyond the near term, how should we think about the sustainability in '27 and beyond?

是因為更多未簽約的位元（bits）嗎？是因為合約到期、重新定價嗎？另外，當我們把視野放到短期之外，對於 '27 年及之後的可持續性，我們應該如何看待？

Yeah. I think at a high level, C.J., first of all, we think the sustainability of gross margin expansion is absolutely there. There are three drivers of that. Obviously pricing, as Kris highlighted, we have a bunch of LTAs that have contractual price increases as we move into different periods. As they reach sort of their anniversary, there are price adjustments as we deliver higher-capacity platforms to get better TCO values.

是的。我想從高層次來看，C.J.，首先，我們認為毛利率擴張的可持續性絕對存在。這背後有三個驅動因素。顯然第一是定價，如 Kris 所強調的，我們有一批 LTA 在進入不同期間時，合約中就包含價格上調。當它們到達某種「周年」節點時，隨著我們交付更高容量的平台、帶來更好的 TCO 價值，就會有價格調整。

We're able to share in that and drive higher pricing for those contracts that we have -- customers with LTAs. We've also been able to get better spot pricing with nearline customers who aren't on LTAs, given the tight supply environment. And as Kris also highlighted, across the board, we are seeing a better pricing environment in our Client and Consumer segments of the business as well. So pricing is one key element. And second, we've also been upmixing our customers to higher-capacity drives.

我們能夠分享這些價值，並對我們那些有 LTA 的客戶合約推動更高的定價。我們也能在供給吃緊的環境下，對未簽 LTA 的近線客戶取得更好的現貨（spot）定價。而且如 Kris 也提到的，我們在客戶端（Client）與消費者（Consumer）業務區隔同樣全面看到更好的定價環境。所以定價是其中一個關鍵要素。第二，我們也在把客戶組合升級（upmix）到更高容量的硬碟。

So as we move them up to higher-capacity drives, obviously these are more profitable for us because the ASPs per drive are much higher as well. So that's the second driver of gross margin expansion that we expect to remain over a longer-term time period as well.

因此，當我們把客戶帶往更高容量硬碟時，顯然這對我們更有利可圖，因為每顆硬碟的 ASP 也高得多。所以這是我們預期在更長期也會持續存在的第二個毛利率擴張驅動因素。

And third, obviously we'll be shipping more exabytes through higher areal density, and so we are able to deliver more exabytes through higher areal density. You avoid the fixed cost of having to produce more units, and that's another driver of gross margin expansion. So you put the combination of those three factors together, we feel very optimistic about ongoing gross margin expansion.

第三，顯然我們會透過更高的面積密度（areal density）出貨更多 EB，因此我們能以更高面積密度交付更多 EB。你就能避免為了生產更多台數而必須承擔的固定成本，這也是毛利率擴張的另一個驅動因素。把這三項因素結合起來，我們對於毛利率持續擴張感到非常樂觀。

Do you have a follow-up, C.J.?

C.J.，你有後續問題嗎？

I do, Ambrish. Thank you. You talked about a broadening breadth of customers, including enterprise and MCPs. I'm curious, how is that perhaps changing the duration of LTAs, pricing, and deposits perhaps. Just would love to hear how your customer base is evolving and how that might impact your contracts.

有的，Ambrish。謝謝。你提到客戶廣度正在擴大，包括企業客戶與 MCP。我很好奇，這是否正在改變 LTA 的期限、定價，以及可能的預付款（deposits）。很想聽聽你們的客戶基礎如何演進，以及這可能如何影響你們的合約。

Yeah. So we definitely see a, I would say, diversification of our customer base, right? And it's something that we've communicated in the past, where the sort of three-tier architecture and the critical role that HDDs play, both in terms of the scalability, reliability, and the economic value that provides to customers, is truly playing out, right? And we definitely see that demand happening from the frontier AI labs, from the neocloud players, and also hybrid cloud solution OEM providers as well.

是的。所以我們確實看到我們的客戶基礎正在，我會說，是在多元化，對吧？而這也是我們過去溝通過的：三層式架構（three-tier architecture）以及 HDD 所扮演的關鍵角色，無論是在可擴展性、可靠性，或是為客戶帶來的經濟價值方面，確實正在發揮作用，對吧？我們也確實看到需求來自前沿 AI 實驗室、neocloud 業者，以及混合雲解決方案的 OEM 供應商。

So we're factoring in their demand signal as well as we look forward. And that's translating into the expanding demand signal that we've highlighted in my response to the earlier questions. And again, we're delivering, we're building technology, we're making investments into head and media to be able to provide the areal density and the capacity to support all our customers in this more diversified customer environment.

因此，在我們展望未來時，也會把他們的需求訊號納入考量。而這也轉化為我們在先前問題回覆中所強調的、正在擴大的需求訊號。同樣地，我們在交付、我們在打造技術、我們在對磁頭與碟片（head and media）進行投資，以便提供面積密度與容量，來支援在這個更為多元化客戶環境中的所有客戶。

Asiya Merchant, Citigroup.

Asiya Merchant，花旗集團（Citigroup）。

Great. Thanks a lot. Irving, I think you talked about some of the High Bandwidth Drives as well and opportunity there to grow. Maybe if you could just double-click on how big is that opportunity today? How many of these are you shipping? If you can elaborate on that and how big do you think that opportunity could be for you? Thank you.

很好。非常感謝。Irving，我想你也談到一些高頻寬硬碟（High Bandwidth Drives）以及那裡的成長機會。也許你可以再深入一點說明：目前這個機會有多大？你們正在出貨多少這類產品？如果你能進一步闡述，以及你認為這個機會對你們而言可能有多大。謝謝。

Yeah, thanks for the question, Asiya. Look, I think the opportunity is still somewhat nascent today. Our primary focus is obviously to get capacity into the hands of the customers. But as we move into the latter part of calendar year '27, '28 and beyond, this becomes what we feel a big differentiator for us because things like High Bandwidth Drives provide customers with an opportunity to use HDDs for different workloads that they may have to use alternative storage media for, which can be much more costly.

是的，謝謝你的問題，Asiya。我認為目前這個機會仍然相對早期。我們的首要重點顯然是把容量交到客戶手上。但當我們進入 2027 年下半年、'28 以及更往後，這會成為我們認為的一個重要差異化因素，因為像高頻寬硬碟這樣的產品，能讓客戶有機會用 HDD 來承載不同的工作負載；而這些工作負載原本可能必須使用替代性的儲存媒介，成本可能高得多。

For example, KV cache workloads in AI inference and in video streaming as well. So we've been actually providing samples to many of our customers in terms of this product so that they can test out different use cases. And I highlighted that's been very positively received. And so we're working through sort of the commercial structure of how we would price those high-bandwidth capabilities to customers.

例如，在 AI 推論中的 KV cache 工作負載，以及影音串流等。所以我們其實已經向許多客戶提供了這項產品的樣品，讓他們能測試不同的使用情境。我也提到過，客戶的回饋非常正面。因此，我們正在推進商業化架構，思考要如何就這些高頻寬能力向客戶定價。

But from a technical capability standpoint, very positive. We are working through the sort of commercial construct of how we would price going forward.

但從技術能力的角度來看，非常正面。我們正在推進並梳理未來定價方式的商業架構。

Did you have a follow-up, Asiya?

Asiya，你有後續問題嗎？

Yeah, sure. If I can just ask about the physical AI as well. I think you talked about that as well in your script. Any early indications, again, of, you know, how big is that opportunity today? Are you shipping towards that?

有，當然。如果我也可以問一下實體 AI（physical AI）。我想你在講稿裡也提到過。目前有沒有任何早期跡象，例如，今天這個機會有多大？你們是否正朝這個方向出貨？

Probably still, you know, in the early innings now, but how do you think about it through calendar '27 and into calendar '28? Thank you.

可能現在仍然還在非常早期的階段，但你們如何看待到 2027 年、以及進入 2028 年的發展？謝謝。

Yeah. I think we're definitely seeing very promising signs from the physical AI segment of the market. For example, some of our customers in Asia who are in the autonomous vehicle space are definitely looking for increased demand supply from us to be able to support their physical AI initiatives. A good data point of that is NVIDIA themselves have just recently highlighted the opportunity in terms of data centre revenue from physical AI being in the $10 billion range, right? So if you see that happening in compute, there's obviously the demand for storage to support that compute as well.

是的。我認為我們確實在市場的實體 AI 領域看到非常令人鼓舞的訊號。例如，我們在亞洲的一些客戶，位於自動駕駛車領域，確實正在尋求我們提供更多的供應量，以支援他們的實體 AI 計畫。一個很好的數據點是，NVIDIA 自己最近剛強調，實體 AI 帶來的資料中心營收機會大約在 100 億美元的規模，對吧？所以如果你看到算力端出現這樣的情況，顯然也會有儲存需求來支援這些算力。

So we see it very positively. Obviously autonomous vehicles will be one. Robotics is also becoming a key area for us. A lot of it's actually happening out in Asia, but I anticipate that will happen throughout the rest of the world over the next two to three years as well.

因此我們對此非常正面。顯然自動駕駛車會是其中之一。機器人也正在成為我們的一個關鍵領域。其中很多其實正在亞洲發生，但我預期在未來兩到三年，這也會擴展到世界其他地區。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

I wanted to go back to one of the earlier questions on the competitive aspect of adding capacity. I think there's just some basics that would be helpful. How can somebody go from 10% to 30% capacity share? Is there enough materials to do media and heads to be able to do something like that? Maybe you can address the question from that, and what would be the -- is your view that somebody could do that, and what would be the bottlenecks in doing so?

我想回到先前關於擴充產能競爭面的問題。我覺得有一些基本面資訊會很有幫助。有人要如何把產能市占從 10% 提升到 30%？是否有足夠的材料來製作碟片（media）和磁頭（heads），以做到這樣的提升？也許你可以從這個角度回答：你認為有人能做到嗎？以及做到這件事的瓶頸會是什麼？

Yeah, Ben, thanks for the question. I can't comment about somebody else doing it. I can share what we are doing to enable it. So first and foremost, it all starts with technology. Our R&D teams do a great job in terms of designing head designs, media recipes to really enable high areal density products. Obviously, we combine that with our firmware capabilities and drive servo-mechanics capability.

是的，Ben，謝謝你的問題。我無法評論別人是否能做到。我可以分享我們為了實現這件事正在做什麼。首先也是最重要的，一切都始於技術。我們的研發團隊在磁頭設計、碟片配方（media recipes）方面做得非常出色，真正能夠支援高面密度（high areal density）產品。當然，我們也把這些與我們的韌體能力以及硬碟伺服機構（drive servo-mechanics）能力結合起來。

So it's not only about the individual components, but when you integrate all of it together, do you get the optimum areal density per drive. So that's really at the engineering level, and that's one of the big differentiators that we feel versus maybe one of the players in the market who is dependent on third-party suppliers. So they're not vertically integrated.

所以不只是單一元件本身，而是當你把所有東西整合在一起時，是否能在每顆硬碟上達到最佳的面密度。這主要是在工程層面，而這也是我們認為相較於市場上某些依賴第三方供應商的業者的一大差異化因素。也就是說，他們並非垂直整合。

Secondly, as you've touched on, a key element of it, it's not so much the unit capacity that you have, it's the availability to produce at scale the needed media and heads to support the higher areal density in the drives as well. And again, that's something we have been and will continue to make investments in at WD, both in terms of our R&D capability, but also into our manufacturing assets, specifically to enable greater areal density through our head and media assets to drive that.

第二點，正如你提到的，關鍵因素之一不在於你有多少單位產能，而在於你是否具備以規模化方式生產所需碟片與磁頭的能力，以支援硬碟中更高的面密度。同樣地，這也是我們在 WD 一直在、並將持續投入的方向：不僅是研發能力，也包括製造資產的投資，特別是透過我們的磁頭與碟片資產來推動更高面密度。

So I think that's what we're doing, and we see the results of that. Other organizations that don't have that degree of vertical integration, I would say, will have a harder time being able to reach the same levels of growth that we are seeing.

所以我認為這就是我們正在做的事情，而我們也看到了成果。至於其他沒有這種程度垂直整合的組織，我會說，他們要達到我們所看到的同等成長水準會更困難。

Do you have a follow-up, Ben?

Ben，你有後續問題嗎？

Yeah. Thanks a lot, Ambrish. You know, there's obviously a lot of fear out there, as you guys see and well know, going into this call. I was just wondering if you could give more color around how big neoclouds are for you now and in your forecast, and if there was a hiccup in demand there just due to timing of capital, how we would see it. How big a concern would that be for you?

有的。非常感謝，Ambrish。你也知道、而且你們在這通電話前也一定看到了，市場上顯然有很多擔憂。我想請你多補充一些：新型雲端（neoclouds）目前對你們有多大、在你們的預測中又占多大比重？如果那邊的需求只是因為資本投入時點而出現小插曲，我們會如何看到它反映出來？這對你們而言會是多大的疑慮？

Thanks.

謝謝。

Yeah, I think first of all, we need to take a step back there. There are really four drivers of growth within the storage space, right? One is the ongoing secular growth of the cloud, and the cloud itself has been around for close to two decades. It's still growing at a very healthy pace, in fact accelerating, really driven by a lot more storage being driven by video content. So a lot more demand because a lot of content being stored is video, and obviously a lot of the cloud-based services are becoming AI-enabled.

是的，我認為首先我們需要先退一步看。在儲存領域裡，成長其實有四個驅動因素，對吧？第一個是雲端持續的結構性成長，而雲端本身已經存在將近二十年。它仍以非常健康的速度成長，事實上還在加速，主要是因為影片內容帶動了更多的儲存需求。因此需求增加，因為被儲存的內容有更多是影片；而且很明顯，許多雲端服務也正在變成 AI 化（AI-enabled）。

So that's driving greater storage requirements. So that's one key driver of growth that will continue over the foreseeable future. The second driver of growth has been model training and development, and we see that continuing to grow as new models get created. As reinforcement learning is happening, more data needs to be stored to support reinforcement learning of existing models as well. And that's where the neoclouds do play a part in, but we don't see that being in any way a major hiccup if there is a bit of a slowdown in the neocloud segment.

這就推升了更高的儲存需求。所以這是第一個關鍵成長驅動因素，且在可預見的未來會持續存在。第二個成長驅動因素是模型訓練與開發；隨著新模型不斷被建立，我們看到這也會持續成長。隨著強化學習的進行，需要儲存更多資料，以支援既有模型的強化學習。而新型雲端（neoclouds）確實在其中扮演一部分角色，但即便新型雲端領域出現一些放緩，我們也不認為那會造成任何重大的短期波動。

The third is around inferencing and agentic AI, and that's where we see a lot of opportunity going forward. And we're starting to see a tremendous amount of growth coming from that area as customers need to store logs, checkpoints, more outputs of that inferencing, and sort of the agentic system decision points to support reinforcement learning as well. And then finally, physical AI that we've just touched on as well. So if you add those four things together, I think the demand remains very durable even if there may be a slight softness in one of the four segments. The demand will be easily picked up by any one of the other three.

第三個是推論（inferencing）與代理式 AI（agentic AI），這也是我們看到未來大量機會的地方。我們開始看到該領域帶來非常可觀的成長，因為客戶需要儲存日誌、檢查點（checkpoints）、更多推論輸出，以及代理系統的決策節點，以同樣支援強化學習。最後則是我們剛剛也提到的實體 AI。所以把這四項加總起來，我認為即使四個領域中的某一個出現些微疲軟，需求仍然非常具韌性。需求很容易就會被其他三個領域中的任何一個所承接。

So all things added together, we see a very positive outlook in terms of the demand remaining strong and remaining durable. In terms of how we look at the neoclouds, obviously we are very diligent in looking at the strategic neoclouds that we want to engage with, those that we think have a very strong balance sheet, underpinned by a very good end customer base as well. And so we prioritize that over other players within the market.

因此綜合來看，我們對需求維持強勁且具持續性的展望非常正面。至於我們如何看待新型雲端（neoclouds），顯然我們會非常審慎地評估我們想要合作的策略性新型雲端業者，也就是那些我們認為資產負債表非常強健、並且有非常好的終端客戶基礎作為支撐的業者。因此，相較於市場上的其他業者，我們會優先選擇這些對象。

Tom O'Malley, Barclays. Please go ahead with your question.

Tom O'Malley，Barclays。請提出你的問題。

So if I look at kind of the CAGR of total HDD exabyte shipments over the last couple of quarters, ranged from low 20s kind of up to the mid-30s, and I plug that in for your guide, it looks like your year-over-year pricing that's implied for the December quarter is above that 30% year-over-year mark. So you guys have historically said high teens is the sustainable growth rate.

如果我看過去幾季整體 HDD 以 EB（exabyte）計的出貨量 CAGR，大約落在 20% 出頭到 30% 中段，然後把這個套用到你們的指引來看，似乎你們 12 月季度所隱含的年對年定價成長高於 30% 年增的水準。但你們過去一向表示，高十幾％才是可持續的成長率。

You are now well above that for the past couple of quarters. Do you think you could give us an update about what the right way to look at that is in terms of sustainability of those pricing increases on a go-forward basis?

你們在過去幾個季度已經明顯高於那個水準了。你覺得能否跟我們更新一下，從可持續性的角度來看，未來要如何正確解讀這些價格上調？

Yeah, Tom, I think the 10% or whatever number you were referencing, we're operating well above that, right? Just one quarter ago, we were already at 18% ASP increase on an ASP per terabyte basis. And so last quarter we did 28%, and as I indicated before, given the strong demand environment as we operate in, given the fact that we continue to move to higher-capacity drives and continue to add more value to our customers, there is definitely further room for ASP per terabyte increases going forward over the next, call it, three, four quarters. I would assume eventually that is going to slow down a little bit, but for the next three, four quarters, there's definitely further room to expand our ASP per terabyte year-over-year growth.

是的，Tom，我想你提到的10%或不管你指的是哪個數字，我們的確遠高於那個水準，對吧？就在一個季度前，我們以每TB的ASP來看，ASP已經年增18%。而上個季度我們做到28%；如我先前所說，考量我們所處的強勁需求環境、以及我們持續轉向更高容量硬碟並持續為客戶創造更多價值，未來在接下來大概三到四個季度，按每TB計算的ASP仍然有進一步上升的空間。我認為最終這個增速會稍微放緩，但在接下來三到四個季度，按每TB計算的ASP年增仍然有明確的擴張空間。

Do you have a follow-up, Tom?

Tom，你有追問嗎？

I do. Thank you. Just following up on the commentary, just the CapEx on average 4% to 6% of revs over a five-year period, but modestly above that in the next two years. I think, like, the knee-jerk reaction to that is making sure that that is just investing in heads and this is not something about expanding capacity or feeling like you need to take advantage of a market as it's nearing a potential peak. Not saying that, just outlining what you could hear.

有的。謝謝。延續剛才的說法，你們提到在五年期間，資本支出（CapEx）平均約占營收的4%到6%，但未來兩年會略高於此。我想大家的直覺反應會是要確認：這只是投資在磁頭（heads），而不是在擴充產能，或覺得需要在市場接近可能的高峰時趁勢擴張。我不是在這樣說，只是描述外界可能會這樣解讀。

So maybe could you spend a little bit of time talking to us about why the investment is needed in heads? Is this around diversification efforts because of what we've heard in the media lately or just a desire to get your internal efforts to a better spot? I'd love to hear your kind of thoughts on that. Thank you.

所以能否請你們花點時間談談，為什麼需要在磁頭上投資？這是因為最近媒體提到的事情而做的供應多元化努力，還是只是希望把你們內部的相關工作推進到更好的狀態？我很想聽聽你們的想法。謝謝。

Yeah. Yeah. And Tom, just to be clear, in the prepared remarks, we explicitly said that the CapEx is going to head and media and factory automation and not to expanding our unit capacity.

是的。是的。Tom，先澄清一下，在事先準備的講稿裡，我們已經明確說過，CapEx會用在磁頭與碟片（media）以及工廠自動化，而不是用來擴充我們的單位產能。

Yeah. So I think Kris summarised it really well. And obviously, as we look to transition to HAMR, obviously there are longer cycle times in terms of the steps that are involved in terms of the heads that we need, head wafers that we need to produce, and also the media products that we need to produce. So we're making the appropriate investments to support both the technology capabilities and at the same time to recognise that there are slightly longer cycle times because there are slightly more steps that are involved to produce the head and media components that's needed for HAMR.

是的。我想Kris總結得很好。很明顯地，當我們要轉向HAMR時，在我們需要的磁頭、需要生產的磁頭晶圓，以及需要生產的碟片產品方面，相關製程步驟的週期時間會更長。因此我們正在進行適當的投資，一方面支援技術能力，同時也考量到因為HAMR所需的磁頭與碟片元件在生產上涉及更多步驟，所以週期時間會略長。

Thank you, Tom.

謝謝你，Tom。

Our next question comes from Timothy Arcuri from UBS. Please go ahead with your question.

下一題來自UBS的Timothy Arcuri。請提出你的問題。

Thanks a lot. You guys talked about an acceleration in exabyte growth. You've been undershipping your peer by about 10 points there. You're sort of mid-20s and they're sort of mid-30s. So Kris, when you mentioned that, like, what is the target?

非常感謝。你們談到EB（exabyte）出貨成長加速。你們的出貨一直比同業少大約10個百分點。你們大概是20%中段，而他們大概是30%中段。所以Kris，當你提到這點時，你們的目標是什麼？

Should we think that maybe over a multitude of quarters you could get to, like, the mid-30s? Is the goal to sort of close that gap?

我們是否應該認為，經過多個季度，你們可以提升到例如30%中段？目標是要把這個差距補上嗎？

So yeah, we did 22% last quarter, and we've talked about that we are in between two product transitions. The last couple quarters, we executed really well on our up to 32-terabyte ePMR transition. We are now starting to execute on our up to 44-terabyte ePMR transition, and then we have our HAMR transitions, first and second generation, coming up. And that is going to drive meaningful increase in our areal density and a meaningful increase to higher-capacity drives. And that will definitely accelerate our exabyte year-over-year supply growth over the next six, seven, eight quarters.

是的，我們上季是22%，而且我們也談過，我們正處於兩個產品轉換之間。過去幾個季度，我們在最高到32TB的ePMR轉換上執行得非常好。我們現在開始執行最高到44TB的ePMR轉換，接著還有HAMR的第一代與第二代轉換即將到來。這將帶動我們面積密度（areal density）顯著提升，並顯著推動更高容量硬碟。這也將在接下來六、七、八個季度，明顯加速我們EB供給的年增成長。

Do you have a follow-up, Tim?

Tim，你有追問嗎？

I do, yeah. So just to kind of double-click on that. So Kris, should we think of you in six quarters shipping, like, 35% exabyte growth? Is that the message?

有的。我想再更深入確認一下。所以Kris，我們是否可以把你們在六個季度後的出貨想成，例如EB成長35%？這是你要傳達的訊息嗎？

So we're only guiding one quarter at a time, but you're thinking about it in the right direction.

我們一次只提供一個季度的指引，但你的思考方向是對的。

Yeah, okay. Thanks.

好，了解。謝謝。

Thank you, Tim.

謝謝你，Tim。

Our next question comes from Krish Sankar from TD Cowen. Please go ahead with your question.

下一題來自TD Cowen的Krish Sankar。請提出你的問題。

Yeah, thanks for taking my question. I have two of them. Thanks for the colour on the pricing. I'm just curious, as your set of HAMR customers ramp in the first half, would there be any impact on the ASP growth, mainly because you're helping your early customers ramp HAMR, or should not have any impact?

是的，謝謝讓我提問。我有兩個問題。謝謝你們提供關於定價的補充說明。我想請教，當你們的HAMR客戶群在上半年開始放量（ramp）時，是否會對ASP成長造成任何影響？主要是因為你們在協助早期客戶導入並放量HAMR，還是應該不會有影響？

No, we're not discounting our HAMR products in any way versus our ePMR products. So we price them on a dollar-per-TB basis, and we have LTAs that I mentioned that have appropriate price reviews periodically. And so whether we ship a HAMR bit or ePMR bit, the price is the price.

不會，我們不會以任何方式對HAMR產品相對於ePMR產品做折扣。我們以每TB美元（dollar-per-TB）的基礎來定價，而且如我提到的，我們有長期合約（LTA），並會定期進行適當的價格檢視。因此，不論我們出貨的是HAMR的bit或ePMR的bit，價格就是那個價格。

Got it. And then just a quick follow-up. I totally understand your argument about adding head capacity, but not units. I'm just -- if I try to play the devil's advocate, by adding head capacity, you are increasing the capacity for units. So I'm just wondering, isn't that lead to the fact that you are actually adding capacity, even though it's head, not unit, leading to more capacity increase versus the minutiae between a unit or a head?

了解。再一個快速追問。我完全理解你們增加磁頭產能、但不增加整機（units）的論點。但如果我扮演一下唱反調的角色，增加磁頭產能，其實就是在提高整機的產能。所以我想問，這難道不代表你們其實是在增加產能嗎？即使是磁頭而不是整機，這是否只是單位與磁頭之間的細微差別，實際上仍會導致產能增加？

Yeah, I think there are two factors there. First of all, we say we are investing into head capacity, and part of it is, as I mentioned, for example, a HAMR head does require more cycles to produce. So there's a bit of throughput loss. So we do need to put in more capacity. So that does not translate into more heads and therefore more units.

是的，我想這裡有兩個因素。首先，我們說我們投資在磁頭產能，其中一部分原因是，如我提到的，例如HAMR磁頭確實需要更多製程循環才能生產。因此會有一些吞吐量損失。所以我們確實需要投入更多產能。但這並不會轉化為更多磁頭、因此也不會轉化為更多整機出貨。

And we have also indicated at our Innovation Day back in February of this year, we have a roadmap to deliver drives with up to 14 platters as well. And therefore, you will need more heads within the existing number of drives that we have as well. So we are making the investments to support that roadmap going forward as well.

另外，我們也在今年2月的Innovation Day上指出，我們有一個路線圖，要交付最高可達14片碟片（platters）的硬碟。因此，在我們既有的硬碟數量之下，你也會需要更多磁頭。所以我們也在進行投資，以支援這個未來的路線圖。

And Krish, last quarter we shared with you the platter count growth on very minimal unit growth, right? So that's one of the reasons we have to invest on the head side.

Krish，上個季度我們也跟你分享過，在整機出貨量成長非常有限的情況下，碟片數（platter count）仍在成長，對吧？所以這也是我們必須在磁頭端投資的原因之一。

And that applies to media as well, same thing.

碟片（media）也是同樣道理，一樣的情況。

The next caller, please.

請下一位來電者。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you could maybe just clarify with respect to your head strategy currently, whether you use external vendors for any of your products or for surge capacity? And to what extent the head investments, beyond just the HAMR items you mentioned before, are meant to sort of eliminate the need for any potential vendors in the future and sort of take that external reliance off the table completely?

我想請您釐清一下，就你們目前的磁頭策略而言，你們是否在任何產品上使用外部供應商，或用於應對尖峰產能？另外，除了您先前提到的 HAMR 項目之外，這些磁頭投資在多大程度上是為了在未來消除對任何潛在供應商的需求，並且把對外部的依賴完全排除？

So we do use some external head capacity that we always have done. We do that for media as well. That is part of our sort of innovation approach where we build and buy. So we're able to benchmark our performance of our components with the third-party suppliers as well.

我們確實會使用一些外部磁頭產能，這一直以來都是如此。媒體（介質）方面我們也會這麼做。這是我們創新方法的一部分，也就是自建與外購並行。因此，我們也能將自家元件的表現與第三方供應商進行對標比較。

It's a great way for us to continue to drive innovation both internally and with our partners as well. Our focus on our investment is to continue to ensure that we have the latest technology internally to support our products going forward. What we do buy from third parties are typically used in our lower-capacity drives. So all the high-cap leading-edge platforms that we introduce are all on our own internal heads.

這是我們持續推動創新的一個很好的方式，無論是在內部或與合作夥伴一起。我們投資的重點，是持續確保我們內部具備最新技術，以支援未來的產品。我們向第三方採購的通常用在較低容量的硬碟上。因此，我們推出的所有高容量、最先進的平台，全部都採用我們自家內部的磁頭。

Do you have a follow-up, Jim?

Jim，你有追問嗎？

Thank you. Yeah, just as a follow-up, in a hypothetical situation where one of your competitors were to meaningfully expand unit capacity, what hypothetically would be your response in that case?

謝謝。是的，作為追問，在一個假設情境下，如果你們的某個競爭對手大幅擴增單位產能，你們在那種情況下假設會如何回應？

Well, again, it boils down to not just unit capacity, but at what capacity point is a unit shipping at as well. So again, our focus is on delivering that capacity that customers need through higher-capacity drives through areal density. So our response is going to be the same as we've communicated over the last year, to continue to focus on areal density, translate that into the highest-capacity drives that we can bring into the market. That's the best TCO for our customers and drives the best economics for us as well.

嗯，再次強調，關鍵不只是單位產能，還包括該單位實際出貨時所處的容量點。所以，我們的重點仍是透過面積密度（areal density），以更高容量硬碟交付客戶所需的容量。因此，我們的回應會與過去一年所溝通的一樣：持續聚焦面積密度，並把它轉化為我們能帶到市場上的最高容量硬碟。這能為客戶帶來最佳的總持有成本（TCO），也能為我們帶來最佳的經濟效益。

Next caller, please.

請下一位來電者。

Karl Ackerman, BNP Paribas. Please go ahead with your question.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。請提出您的問題。

Yeah, thanks for squeezing me in. Irving and Kris, you indicated that HAMR will ramp over the next couple of quarters, but do you expect non-HAMR nearline drive capacity to also expand while HAMR ramps as well?

好的，謝謝讓我插隊提問。Irving 和 Kris，你們提到 HAMR 會在接下來幾個季度放量，但在 HAMR 放量的同時，你們是否也預期非 HAMR 的近線（nearline）硬碟容量也會擴增？

So we expect, obviously, we are looking to ramp HAMR in the first half of calendar '27. In parallel, we will also continue to ramp and supply our latest ePMR platform. As we highlighted, it's making a very successful transition, in fact the fastest transition of any ePMR platform that we've seen. In this quarter, Q2, we expect 30% of all the nearline bits to be on up to 40 terabyte platform. By Q3 of fiscal '27, we expect 50% of all the nearline bits that we ship will be on the 40-terabyte platform as well.

我們預期，顯然，我們的目標是在 2027 年曆年上半年讓 HAMR 放量。同時，我們也會持續放量並供應我們最新的 ePMR 平台。如同我們先前強調的，它正在非常成功地完成轉換，事實上是我們所見過所有 ePMR 平台中最快的一次轉換。在本季度，也就是 Q2，我們預期所有近線位元（nearline bits）中有 30% 會落在最高達 40TB 的平台上。到 2027 會計年度的 Q3，我們預期我們出貨的所有近線位元中有 50% 也會在 40TB 平台上。

And then obviously we'll continue to scale. So I think we have two very strong horses in the mix to deliver high-cap drives to support the demand that our customers need.

接著我們當然會持續擴大規模。所以我認為，我們手上有兩匹非常強的「馬」，能夠提供高容量硬碟，以支援客戶所需的需求。

We have time for one more caller. Operator, please.

我們還有時間再接一位來電者。請接線員安排。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

I wonder if I could just ask a bit more on the pricing. Pricing seems to be extremely strong, and this last quarter seems to be further accelerating. You talked about you have demand visibility all the way till 2030, 2031. I wonder if you could update us on how far out you have price visibility such as in your purchase orders already signed or long-term agreements. How far out should we expect this price to remain continuing at this cadence, or potentially can we expect it to further accelerate from here? Any comments on price visibility from here would be great.

我想再多問一點關於定價。定價看起來非常強勁，而上一季似乎還在進一步加速。你們提到你們對需求的能見度一直到 2030、2031 年。我想請你們更新一下，你們對價格的能見度能看到多遠，例如在已簽署的採購訂單或長期協議中，價格能見度到什麼程度。我們應該預期這樣的價格走勢會以目前的節奏維持多久，或者是否可能從現在起進一步加速？若能分享從現在起對價格能見度的任何看法會很有幫助。

Yeah. So the most important thing with LTAs and our customer engagements is to create that long-term visibility and making sure we are aligned from a technology and product roadmap. We're aligned on those product transitions that are being planned ahead for the next couple quarters and years and making sure that we put in place the necessary exabyte capacity to support the demand. That's the most important thing that we're trying to achieve here.

是的。所以在長期協議（LTA）以及我們與客戶的互動中，最重要的是建立長期能見度，並確保我們在技術與產品路線圖上保持一致。我們會就未來幾個季度與幾年的產品轉換計畫提前對齊，並確保我們部署必要的 EB（exabyte）產能以支援需求。這是我們在此最重要想達成的事情。

In terms of pricing in those LTAs, we do have some pricing components. Keep in mind that there is base volume, there is upside volume. So there is definitely some flexibility, and keep in mind, of course, that not all our exabytes are covered by the LTAs. The further you go out, the less of it is covered under LTAs and for sure under pricing component of the LTA. So we think in the current environment that's the best way to approach it.

至於這些 LTA 中的定價，我們確實有一些定價條款。請記得，會有基礎量，也會有上修量（upside volume）。因此確實存在一定彈性；同時也請記得，當然並非我們所有的 EB 都被 LTA 覆蓋。越往後看，被 LTA 覆蓋的比例就越少，當然也包括 LTA 中的定價條款覆蓋。就目前的環境而言，我們認為這是最佳的做法。

And again, as we -- And for us, it's all about execution on our technology product roadmap, get to the higher-capacity drives, deliver more value to our customers, and that's a very favorable setup for pricing and further increases in our ASP per terabyte.

另外，對我們而言，重點在於落實我們的技術產品路線圖執行，推進到更高容量硬碟，為客戶交付更多價值，而這也為定價以及我們每 TB 平均售價（ASP）的進一步提升創造了非常有利的條件。

Thank you, Mark.

謝謝你，Mark。

Can I ask one quick follow-up on the exabyte growth? 22% year on year. I believe you guided long-term exabyte growth for nearline at 25%. I just wanted to clarify that if that is still intact, which also your competitor had also outlined. Is that 25% a good guidance long term for nearline exabyte growth?

我可以就 EB 成長再快速追問一個問題嗎？年增 22%。我記得你們對近線的長期 EB 成長指引是 25%。我只是想確認這個指引是否仍然成立，你們的競爭對手也曾提出類似說法。25% 是否仍是近線 EB 長期成長的良好指引？

Yeah. We actually said greater than 25%, right. And again, we've indicated that currently it's slightly below the 25% because we are in between those two product transitions. But as the product transitions are getting more traction, we will exceed that 25%.

是的。我們其實說的是大於 25%，對吧。而且我們也指出，目前略低於 25%，因為我們正處於兩個產品轉換之間。但隨著產品轉換獲得更多動能，我們將會超過 25%。

And at this time, we'll conclude today's question-and-answer session. I would like to turn the floor back over to Irving Tan for closing remarks.

至此，我們將結束今天的問答環節。我想把時間交回給 Irving Tan 作結語。

Thank you, operator. I would like to leave all of you with a few thoughts. The first phase of AI investment focused on building the infrastructure to train models. Even as that continues, the next phases are about deploying AI to work at scale, from inference to agents to physical AI. As that happens, data will continue to compound, driving customers to plan further ahead, adopt higher-capacity products, and align their infrastructure roadmaps more closely with our technology roadmap. For WD, this creates an opportunity that extends well beyond the initial AI infrastructure buildout. As AI scales, data creation and associated storage requirements will accelerate and compound.

謝謝你，接線員。我想留給各位幾點想法。AI 投資的第一階段聚焦於建置用於訓練模型的基礎設施。即使這仍在持續，接下來的階段則是讓 AI 以規模化方式投入運作，從推論（inference）到代理（agents）再到實體 AI。隨著這些發生，資料將持續累積成長，促使客戶更早進行規劃、採用更高容量產品，並使其基礎設施路線圖與我們的技術路線圖更緊密對齊。對 WD 而言，這帶來的機會將遠遠超出最初的 AI 基礎設施建置。隨著 AI 規模化，資料生成及其相關的儲存需求將加速並持續累積。

As always, my thanks to our customers, partners, and the entire WD team, for all of you for your interest and support of WD. Thank you.

一如既往，我要感謝我們的客戶、合作夥伴，以及整個 WD 團隊，也感謝各位對 WD 的關注與支持。謝謝。

The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷線路。