编者按： 博通（Broadcom）于2026年6月3日发布了2026财年第二季度（截至2026年5月3日）财报。本篇文章分两部分：第一部分基于官方新闻稿，简要梳理Q2核心业绩；第二部分为电话会逐字稿中英文对照，原汁原味，无任何文字加工。
核心结论：AI半导体业务是唯一引擎，非AI业务缓慢复苏。
关键数字
| 221.87亿美元 | ||
| 108亿美元 | ||
| 120.74亿美元 | ||
| 152.44亿美元 | ||
| 69% | ||
| 102.62亿美元 |
分部表现
| 150.09亿美元 | ||
| 71.78亿美元 |
Q3指引（截至2026年8月2日）
| 约294亿美元 | ||
| 约160亿美元 | ||
| 约89亿美元 | ||
| 约67% |
Hock Tan说了什么
"博通Q2实现了创纪录的营收、营业利润和自由现金流，AI半导体营收加速增长是核心驱动力。Q2 AI半导体营收108亿美元，同比增长143%，超出我们此前预期，主要受益于定制AI加速器和AI网络需求的持续增长。"
"这一动能将在Q3继续延续，我们预计Q3 AI半导体营收将同比增长超过200%，达到160亿美元。"
二、业绩电话会逐字稿
> Operator
> Welcome to Broadcom Inc.'s second quarter fiscal year 2026 financial results conference call. At this time, for opening remarks and introductions. I would like to turn the call over to Gu, Head of Investor Relations of Broadcom Inc.
> Operator
> 欢迎参加博通2026财年第二季度财务业绩电话会议。现在进行开场致辞和介绍，请将电话转交给博通投资者关系负责人Gu。
> Ji Yoo — Head of Investor Relations
> Thank you Operator and good afternoon everyone. Joining me on today's call are Hock Tan, President and CEO; Charlie Kawaz, President, Semiconductor Solutions Group; and Ram Valaga, President, Infrastructure Software Group. Also joining is Kirsten Spears, Chief Financial Officer. As we announced, Kirsten will be retiring June 12th, and today we are joined by our incoming Chief Financial Officer, Amy Teenergy. Thank you Kirsten for your leadership over the past 12 years.
> Ji Yoo — 投资者关系负责人
> 谢谢主持人，大家下午好。出席今天电话会议的有：总裁兼CEO Hock Tan；半导体解决方案集团总裁Charlie Kawaz；基础设施软件集团总裁Ram Valaga。以及首席财务官Kirsten Spears。如我们所宣布的，Kirsten将于6月12日退休，今天我们的新任首席财务官Amy Teenergy也一同参会。感谢Kirsten过去12年的领导。
> Broadcom distributed a press release and financial tables after the market closed describing our financial performance for the second quarter fiscal year 2026. If you did not receive a copy, you may obtain the information from the Investor section of Broadcom's website at broadcom.com. This conference call is being webcast live, and an audio replay of the call can be accessed for one year through the Investor section of Broadcom's website.
> 博通在美股收盘后发布了2026财年第二季度财务业绩新闻稿和财务数据表。如未收到，请访问博通网站investors.broadcom.com的投资者栏目获取。本次电话会议进行网络直播，音频回放可在一年内通过博通网站投资者栏目访问。
> During the prepared comments, Hock and Kirsten will be providing details of our second quarter fiscal year 2026 results, guidance for our third quarter fiscal year 2026, as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments.
> 在预准备发言中，Hock和Kirsten将详细介绍2026财年Q2业绩、Q3指引以及业务环境评论。预准备发言结束后将进入问答环节。
> Please refer to our press release today and our recent filings with the SEC for information on risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call. In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures, to the extent possible, is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results. I will now turn the call over to Hock.
> 请参阅今天发布的新闻稿及向SEC提交的近期文件，获取可能导致实际结果与本次电话会中前瞻性陈述存在重大差异的风险因素信息。除美国GAAP报告外，博通也按非GAAP口径报告部分财务指标。GAAP与非GAAP指标的调节表已包含在今日新闻稿所附表格中（尽可能提供）。本次电话会中的发言将主要涉及非GAAP财务数据。现在将电话交给Hock。
Hock Tan — President and Chief Executive Officer
> Hock Tan
> Thank you Ji. Well, in Q2 revenue was a record $15 billion as we grew 79% year on year. Driving this growth was AI semiconductor revenue at a record $10.8 billion, up 143%. Oops, sorry. Well, let me restart, guys.
> Hock Tan — 总裁兼首席执行官
> 谢谢Ji。Q2营收达到创纪录的150亿美元，同比增长79%。增长的核心驱动力是AI半导体营收，达到创纪录的108亿美元，同比增长143%。呃，抱歉，让我重新开始。
> Thank you Jay, and thank you everyone for attending. Joining today. In our fiscal Q2 2026, total revenue reached a record $22.2 billion, up 48% year on year, above our guidance, on strength in AI semiconductors. Q2 operating margin was a record 67% and adjusted EBITDA was a record 69% of revenue, which was above our guidance, even as our revenue scales are massive. Driven by AI, our operating and EBITDA margins remain strong and stable.
> 感谢Jay，感谢今天参会的各位。2026财年Q2，总营收达到创纪录的222亿美元，同比增长48%，超出我们此前指引，主要得益于AI半导体的强劲表现。Q2营业利润率达到创纪录的67%，调整后EBITDA利润率达到创纪录的69%，高于我们此前的指引，尽管营收规模已非常庞大。在AI驱动下，我们的营业利润率和EBITDA利润率保持强劲和稳定。
> Turning to semiconductors. Q2 revenue was a record $15 billion, as I said, as we grew 79% year on year. Driving this growth was AI semiconductor revenue at a record $10.8 billion, up 143% year on year, and above our outlook. Networking represented almost 40% of our Q2 AI revenue. Demand for XPUs and networking is simply insatiable.
> 转向半导体业务。Q2半导体营收达到创纪录的150亿美元，如我所说，同比增长79%。增长的核心驱动力是AI半导体营收，达到创纪录的108亿美元，同比增长143%，超出我们此前的展望。网络业务占Q2 AI营收的近40%。对XPU和网络的需求简直是无限旺盛。
> During the quarter, bookings for AI semiconductors were over $30 billion against the $10.8 billion we shipped in the second half of 2026. We expect AI semiconductor revenue to double from the first half we shipped last year from the ship.
> 本季度，AI半导体的预订量超过300亿美元，而我们2026年下半年的实际出货额仅为108亿美元。我们预计AI半导体营收将从去年上半年出货的水平翻倍。
> This year, consistent with this trend in Q3, we expect AI semiconductor revenue to accelerate to $16 billion, up over 200% year on year. For the full year 2026, we expect to achieve AI semiconductor revenue of $56 billion, up approximately 180% from fiscal 2025.
> 今年，延续这一趋势，Q3我们预计AI半导体营收将加速增长至160亿美元，同比增长超过200%。2026全财年，我们预计实现AI半导体营收560亿美元，同比增长约180%。
> Now we expect this momentum to continue into fiscal year 2027 and reiterate our AI semiconductor revenue guidance to be in excess of $100 billion. We expect AI semiconductor revenue growth to continue in fiscal 2028 based on the following initiatives we have with our six core customers.
> 我们预计这一动能将延续至2027财年，重申AI半导体营收指引将超过1000亿美元。我们预计基于以下与六大核心客户的合作计划，AI半导体营收增长将在2028财年继续。
> As you are aware, with Google, we announced in April that we entered into a long-term agreement to develop and supply multiple generations of TPUs and AI networking. Our relationship continues to be strategic and very substantial, as we continue to deliver vastly superior technology and execution compared to other alternatives. This ability to provide differentiated value to Google ensures that our business will sustain and grow for the foreseeable future.
> 众所周知，与Google的合作方面，我们于4月宣布达成了一项长期协议，开发并供应多代TPU和AI网络产品。我们与Google的关系持续具有战略意义且规模巨大，因为我们持续提供远优于其他替代方案的技术和执行能力。这种为Google提供差异化价值的能力，确保我们的业务在可预见的未来将保持并持续增长。
> For Entropic, as you know, for 2026 we are providing access to Broadcom TPU-based compute of over 1 gigawatt. In April, we entered into an agreement to enable Entropic to access another 5 GW of next-generation TPU-based compute beginning in 2027.
> 关于Entropic，大家知道，2026年我们为其提供超过1吉瓦的博通TPU算力。4月，我们达成了一项协议，使Entropic能从2027年起获得另外5吉瓦的新一代TPU算力。
> For OpenAI, we have delivered silicon and we are on track for production late 2026. We have a contractual commitment to deploy 1.3 gigawatts in 2027, as part of the larger 10 gigawatts by 2029 agreement we announced last year.
> 关于OpenAI，我们已交付了芯片，2026年末量产目标在轨。我们有合同承诺2027年部署1.3吉瓦，作为我们去年宣布的2029年前总计10吉瓦协议的一部分。
> For Meta, in April we announced a partnership to deliver multiple generations of MTIA XPUs. And under this agreement, we expect to deploy 3 gigawatts through the end of 2028. The initial order for 1 gigawatt, which includes XPUs and our networking, has been received and will start delivery in the second half of 2027.
> 关于Meta，4月我们宣布了一项合作计划，交付多代MTIA XPU。根据该协议，我们预计到2028年底部署3吉瓦。首批1吉瓦订单（含XPU和网络产品）已收到，将于2027年下半年开始交付。
> For our other two customers, we expect shipments to begin late 2026 and accelerate into 2027. To date, we have received purchase orders totaling $6 billion.
> 关于另外两家客户，我们预计将于2026年末开始出货，并在2027年加速。迄今为止，我们已收到总计60亿美元的采购订单。
> While we have significant IP and execution leadership in XPUs, networking is key to building scalable XPU and GPU clusters. And here in networking, we have at least one generation of technology and product leadership for scale-up within racks. We enable direct attached copper based on our industry-leading 200G and 400G SerDes, driving co-packaged copper with Ethernet and PCI Express switches for scale-out between racks.
> 虽然我们在XPU领域拥有重要的IP和执行层面的领先地位，但网络是构建可扩展XPU和GPU集群的关键。在网络方面，我们至少领先一代的技术和产品，用于机架内扩展互联。我们基于业界领先的200G和400G SerDes实现直连铜线方案，推动共封装铜线（CPO）配合以太网和PCI Express交换机的机架间扩展。
> We have been shipping the industry's only 100 terabyte Ethernet switch, the Tomahawk 5, for over a year. We will now be tapping out our next-generation 200 terabyte switch this quarter.
> 一年多来，我们一直在出货业界唯一的100太字节以太网交换机Tomahawk 5。本季度我们将开始流片下一代200太字节交换机。
> And in CPOs — which is co-packaged optics — with 1.6 terabit DSPs, CW and EML lasers, we are the de facto standard in the industry to extend AI clusters across data centers. We remain the industry leader with our Jericho 3 and Jericho 4 fabric solutions enabling the world's largest deployments at multiple hyperscalers.
> 在CPO（共封装光学）方面——使用1.6太比特DSP、CW激光器和EML激光器——我们是业界的事实标准，用于跨数据中心扩展AI集群。凭借Jericho 3和Jericho 4交换结构解决方案，我们保持业界领先地位，在多个超大规模数据中心实现全球最大规模的部署。
> Our strategic vision is to bring together Broadcom's leading technology and investor partners with the strongest balance sheets to deliver at scale sufficient compute capacity at the lowest cost and power for the leading AI frontier labs including Anthropic and OpenAI.
> 我们的战略愿景是：将博通领先的技术与拥有最强资产负债表的投资者合作伙伴结合，为包括Anthropic和OpenAI在内的顶级AI前沿实验室，大规模提供最低成本和功耗的充足算力。
> To deliver this vision, we are creating the AI XPU platform with Apollo and Blackstone and other leading investors, to deploy more than 20 gigawatts of compute capacity through 2028. The first tranche of this platform, valued at $35 billion, is in fact currently being launched by Apollo.
> 为实现这一愿景，我们正在与Apollo、Blackstone及其他领先投资者共同创建AI XPU平台，在2028年前部署超过20吉瓦的算力。该平台的第一期价值350亿美元，目前正由Apollo推出。
> Now turning to non-AI semiconductors. Q2 revenue of $4.2 billion was up 6% year on year. Bookings during the same period exceeded $6 billion, which is a clear indication we are on the path towards a full cyclical recovery. Broadband, server storage, and enterprise networking together were up, partially offset by seasonal decline in wireless. Consistent with this trend, in Q3 we forecast non-AI semiconductor revenue to be approximately $4.5 billion, up 12% from a year ago.
> 现在转向非AI半导体。Q2营收42亿美元，同比增长6%。同期预订量超过60亿美元，这清楚地表明我们正走在全面周期性复苏的道路上。宽带、服务器存储和企业网络业务合计增长，部分被无线的季节性下降所抵消。延续这一趋势，Q3我们预计非AI半导体营收约为45亿美元，同比增长12%。
> In summary, we expect Q3 semiconductor revenue to be $20.5 billion, up 124% year on year.
> 总结：我们预计Q3半导体营收为205亿美元，同比增长124%。
> Let me turn to the infrastructure software segment. Q2 software revenue of $7.2 billion was up 9% year on year, in line with our guidance. Bookings continue to be strong as we sustain ARR growth of 17% year over year. For Q3 we forecast software revenue to be approximately $8.9 billion, up 31% year on year.
> 现在转向基础设施软件业务。Q2软件营收72亿美元，同比增长9%，符合我们此前的指引。订单持续强劲，常驻年收入（ARR）同比增长17%。Q3我们预计软件营收约为89亿美元，同比增长31%。
> We just released VMware Cloud Foundation 9.1, focused on improving infrastructure efficiency, security, and support for enterprise AI inferencing workloads. With strong server demand globally, the deployment of VCF 9.1 for on-prem cloud computing is extremely strong, driving robust revenue growth. This release adds heterogeneous compute support across GPUs and CPU architectures, including AMD, Intel, and Nvidia platforms, enabling customers — enterprise cloud customers — to run AI, Kubernetes, and traditional virtualized workloads on a common private cloud environment.
> 我们刚刚发布了VMware Cloud Foundation 9.1，专注于提升基础设施效率、安全性，以及对企业AI推理工作负载的支持。凭借全球强劲的服务器需求，VCF 9.1的本地云计算部署极为强劲，推动收入强劲增长。该版本增加了跨GPU和CPU架构的异构计算支持，包括AMD、Intel和Nvidia平台，使企业云客户能够在统一的私有云环境中运行AI、Kubernetes和传统虚拟化工作负载。
> So to sum it up, for Q3 2026 we expect our consolidated revenue to grow to $29.4 billion, up 84% year on year. We expect operating margin to be stable at approximately 67% of revenue, and adjusted EBITDA to be at approximately 68% of revenue. And with that, let me turn the call over to Kirsten.
> 总结：2026年Q3，我们预计合并营收将增长至294亿美元，同比增长84%。我们预计营业利润率将稳定在约67%，调整后EBITDA约为营收的68%。现在将电话交给Kirsten。
Kirsten Spears — Chief Financial Officer
> Kirsten Spears
> Thank you Hock. Let me now provide additional detail on our Q2 financial performance. Consolidated revenue was a record $22.2 billion for the quarter, up 48% from a year ago. Gross margin was 77.1% of revenue in the quarter, down 230 basis points year on year, as semiconductor became a larger proportion of our product mix.
> Kirsten Spears — 首席财务官
> 谢谢Hock。现在让我提供Q2财务业绩的更多细节。合并营收本季度达到创纪录的222亿美元，同比增长48%。毛利率为营收的77.1%，同比下降230个基点，因为半导体在产品组合中的占比上升。
> Consolidated operating expenses were $2.2 billion, of which $1.6 billion was R&D. Q2 operating income was a record $14.9 billion, up 52% from a year ago. Note that even with the decline in gross margin, operating margin increased 200 basis points year over year to 67.3%, as operating expenses remained relatively flat.
> 合并营业费用为22亿美元，其中R&D为16亿美元。Q2营业利润达到创纪录的149亿美元，同比增长52%。值得注意的是，尽管毛利率下降，但由于营业费用相对持平，营业利润率仍同比增长200个基点至67.3%。
> Adjusted EBITDA of $15.2 billion, or 69% of revenue, was above our guidance of 68%.
> 调整后EBITDA为152亿美元，占营收的69%，高于我们68%的指引。
> Now a review of the P&L for our two segments, starting with semiconductors. Revenue for our semiconductor solutions segment was a record $15 billion, with growth accelerating to 79% year on year, driven by AI. Semiconductor revenue represented 68% of total revenue in the quarter, and AI semiconductor revenue represented 49% of total revenue. Gross margin for our semiconductor solutions segment was approximately 70%.
> 现在按两大业务分部审视损益表，先看半导体。半导体解决方案分部营收达到创纪录的150亿美元，在AI驱动下同比增长加速至79%。半导体营收占本季度总营收的68%，AI半导体营收占总营收的49%。半导体解决方案分部的毛利率约为70%。
> Operating expenses of $1.2 billion reflected increased investment in R&D for leading-edge AI semiconductors and represented 8% of revenue. Semiconductor operating margin of 62% was up 460 basis points year on year, reflecting our strong operating leverage.
> 营业费用为12亿美元，反映了对前沿AI半导体的R&D投入增加，占营收的8%。半导体营业利润率为62%，同比增长460个基点，显示出我们强劲的运营杠杆效应。
> Now moving on to infrastructure software. Revenue for infrastructure software of $7.2 billion was up 9% year on year and represented 32% of revenue. Gross margin for infrastructure software was 93% in the quarter, and operating expenses were $1 billion in the quarter. Q2 software operating margin was up 310 basis points year on year to approximately 79%.
> 现在转向基础设施软件。基础设施软件营收为72亿美元，同比增长9%，占总营收的32%。基础设施软件毛利率本季度为93%，营业费用为10亿美元。Q2软件营业利润率同比增长310个基点至约79%。
> Moving on to cash flow. Free cash flow in the quarter was a record $10.3 billion and represented 46% of revenue. We spent $231 million on capital expenditures. We ended the second quarter with $19.6 billion of cash, compared to $14.2 billion in the prior quarter.
> 转向现金流。本季度自由现金流达到创纪录的103亿美元，占营收的46%。我们支出了2.31亿美元的资本支出。Q2末现金余额为196亿美元，而上季度末为142亿美元。
> We ended the second quarter with inventory of $4.33 billion. As we continued to secure supply to support strong AI demand, our days of inventory on hand were 86 days in Q2 compared to 68 days in Q1, in anticipation of accelerating AI semiconductor growth in the second half of the year.
> Q2末库存为43.3亿美元。随着我们持续确保供应以支持强劲的AI需求，Q2库存周转天数为86天，而Q1为68天，这是为下半年AI半导体加速增长所做的准备。
> Turning to capital allocation. In Q2, we paid stockholders $3.1 billion of cash dividends based on a quarterly common stock cash dividend of $0.65 per share.
> 转向资本配置。Q2，我们按每股0.65美元的季度普通股现金股息向股东支付了31亿美元现金股息。
> Now moving to guidance. Our guidance for Q3 is for consolidated revenue of $29.4 billion, up 84% year on year. We forecast semiconductor revenue of approximately $20.4 billion, up 124% year on year. Within this, we expect Q3 AI semiconductor revenue of $16 billion, up over 200% year on year. We expect Q3 infrastructure software revenue of approximately $8.9 billion, up 31% year on year.
> 现在转向指引。Q3指引：合并营收294亿美元，同比增长84%。我们预计半导体营收约为204亿美元，同比增长124%。其中，我们预计Q3 AI半导体营收160亿美元，同比增长超过200%。我们预计Q3基础设施软件营收约为89亿美元，同比增长31%。
> Moving on to margins. As the proportion of AI revenue significantly grows in Q3, we expect Q3 consolidated gross margin to be down to approximately 74%. This decline in gross margin does not represent a structural change in semiconductor margin. Rather, it reflects product mix between semiconductors and infrastructure software. Regardless of the impact to gross margin, we expect Q3 operating margin to be 67%, which is flat quarter on quarter, demonstrating our strong operating leverage.
> 现在谈利润率。随着AI营收在Q3占比大幅增长，我们预计Q3合并毛利率将下降至约74%。毛利率的下降并不代表半导体利润率出现结构性变化，而只是反映了半导体与基础设施软件之间的产品组合变化。无论对毛利率的影响如何，我们预计Q3营业利润率为67%，环比持平，显示出我们强劲的运营杠杆效应。
> We highly recommend that investors model semiconductor and infrastructure software margins separately to properly reflect the impact of changes in total revenue mix going forward.
> 我们强烈建议投资者将半导体和基础设施软件的利润率分别建模，以正确反映未来总营收组合变化的影响。
> We expect the non-GAAP tax rate for Q3 and fiscal year 2026 to be approximately 16% due to the impact of the global minimum tax and the geographic mix of income compared to that of fiscal year 2025.
> 我们预计Q3及2026财年的非GAAP税率约为16%，原因是全球最低税的影响以及与2025财年相比的地域收入组合变化。
> In Q3, we expect the non-GAAP diluted share count to be approximately 4.94 billion shares, excluding the impact of potential share repurchases. That concludes my prepared remarks. Operator, please open up the call for questions.
> Q3，我们预计非GAAP稀释股数约为49.4亿股，不含潜在股票回购的影响。我的预准备发言到此结束。主持人，请开放电话提问。
问答环节
> Operator
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> Operator
> 谢谢。如需提问，请在电话上按Star 1-1。撤回问题请再次按Star 1-1。由于时间有限，请每人限问一个问题。请等待我们整理问答名单。
问题一：Harlan Sur，JP Morgan
> Harlan Sur — Analyst, JP Morgan
> Yeah. Good afternoon. Thank you for taking my question. Thanks for all your support. Kirsten and Amy, welcome to the team. First, just a housekeeping quick housekeeping item, Hock: on this fiscal year AI sort of 2x growth, second half over first half — that would put AI revenues over $60 billion with sequential growth in fiscal Q4. But you gave us this $56 billion number, which is only like 1.5x half-over-half growth, with Q4 AI actually being down sequentially. So if you could just help us kind of square the numbers there.
> Harlan Sur — JP Morgan分析师
> 下午好，谢谢接受我的问题。也感谢各位一直以来的支持。Kirsten和Amy，欢迎加入团队。首先是几个小问题：关于本财年AI业务上半年到下半年翻倍的增长——如果按此推算，Q4 AI营收应超过600亿美元，环比增长。但你们给出的是560亿美元的数字，相当于半年环比仅增长1.5倍，而且Q4 AI实际上是环比下降的。能帮我们理清一下这个数字吗？
> And then for my real question, back in December of last year, you talked about an AI backlog next 18 months, $73 billion market. Sort of took that number, spread that linearly over six quarters. But we know that the backlog is always more front-loaded over the first four quarters, right? And sure enough, you're going to deliver around 80% or more of that backlog in this fiscal year, or first four quarters. Just given the strength of all your programs, the broadening of the customer base, accelerating year-over-year trends in your AI shipments, all the multi-gigawatt partnerships that you just articulated today, which is most of it, which is set to fire next year — is it fair to assume that your 18-month AI backlog, second half of this year through first half through all of fiscal '27, sits at $200 billion or better?
> 然后是我的真正问题：去年12月，你们提到未来18个月的AI积压订单为730亿美元。你们把这个数字在六个季度中线性分摊了。但我们知道，积压订单通常在前四个季度更为集中，对吧？确实，你们将在本财年或前四个季度交付约80%或更多的积压订单。考虑到你们所有项目的强劲表现、客户群的扩大、AI出货同比加速的趋势，以及你们刚刚阐述的多吉瓦级合作伙伴关系——其中大部分将在明年开始发力——能否合理假设，你们从今年下半年到整个2027财年的18个月AI积压订单已达到2000亿美元或更高？
> Hock Tan — President and Chief Executive Officer
> That's a very complicated set of number questions to begin with. Let's start with '26. Doing the math, basically 2x, to 2x the first half we shipped about in total AI revenue, something in the range of $19 billion. You want to be precise? And if you do what I indicate and 2x that in the second half, you get pretty much in the range of what we're talking about, which is around $56 billion. So that kind of numbers, yeah, it ties up very well.
> Hock Tan — 总裁兼首席执行官
> 这是一组非常复杂的数字问题。让我们从2026年说起。简单算一下：上半年AI总营收约为190亿美元，你们想要精确数字？如果下半年按我所说的翻倍，就是我们所说的约560亿美元的范围。这些数字是吻合的。
> Now your second question on the second half, which you're going to need to do a detailed analysis of is — yeah, we keep the momentum going as we expect to see in 2027. What we will see in 2027 is continued growth of the level we're talking about. And if you drive on that basis of what we're seeing here, almost 2x what 2026 in the range of 2x what 2026 will be, I think you will easily see that 2027 will exceed very easily $100 billion in 2027, which is pretty much what we indicated last quarter and we are continuing to say that it will be over $100 billion in 2027. So in that sense, if anything else, it might be based on what we're doing, very much on track, if not stronger.
> 现在你关于下半年的第二个问题——我们预计在2027年保持这一动能。2027年我们预计将看到持续增长，基于我们目前所看到的，接近2026年的两倍，我认为你们可以很容易地看到2027年将轻松超过1000亿美元——这与我们上季度的指引一致，我们继续预期2027年将超过1000亿美元。如果有什么的话，我们不仅在轨，甚至比预期更强。
> But we're not trying to guide you every quarter what '27 would be like. So we basically say it continues to be in excess of $100 billion in 2027, but it is on the same trajectory as we are seeing in the back half of '26.
> 但我们不打算每个季度都给你们指引2027年的具体数字。我们基本上说的是2027年继续超过1000亿美元，并且保持与2026年下半年相同的增长轨迹。
> Harlan Sur — Analyst, JP Morgan
> Got it. Okay, thank you, Hock.
> Harlan Sur — JP Morgan分析师
> 明白了，谢谢Hock。
问题二：Blayne Curtis，Jefferies
> Blayne Curtis — Analyst, Jeffries
> Hey, good afternoon. Thanks for taking my question. Hock, I wanted to ask you: intra-quarter, you had that 8-K with the long-term agreement with Google. I think obviously you're probably not going to tell me what the total value is there, but I think there's a lot of concern about share loss within that customer. I was thinking, just kind of curious, now that you have this agreement, maybe you could speak to a little bit more in terms of your confidence and if there's upside to that customer — is it a fixed amount or is there shares?
> Blayne Curtis — Jefferies分析师
> 下午好，谢谢接受我的问题。Hock，我想问你：本季度内你们与Google签订了长期协议并发布了8-K文件。显然你可能不会告诉我合同总价值，但市场对该客户可能存在份额流失有很多担忧。我想了解一下，有了这份协议，你们对这一客户的信心如何？是否有上升空间？是固定金额还是存在份额变化？
> Is there any way you can kind of add some color to that agreement that came out?
> 能为我们介绍一下这份协议的一些细节吗？
> Hock Tan — President and Chief Executive Officer
> Well, you know, it's a very, very strong agreement, and it basically reflects the strength of the partnership we have, simply because of the products we do, the multi-generational products and the intellectual property we deploy into this whole program. To answer your question specifically, it's a commitment that is very substantial in dollars — very, very substantial amount of dollars.
> Hock Tan — 总裁兼首席执行官
> 这是一份非常强有力的协议，基本反映了我们合作关系的实力，这源于我们提供的产品、多代际产品以及我们部署到整个项目中的知识产权。具体回答你的问题：这是一份金额非常、非常可观的承诺订单。
> Now we also accept the fact that while we like to win every design in that program, we also accept the fact that given the growth of consumption and development of AI compute, even by our partner Google, we fully expect that there will be some diversity of sources for them. But our commitment from them is a very substantial dollar amount.
> 同时我们也接受这一事实：尽管我们希望赢得该项目的每一个设计，但鉴于我们的合作伙伴Google对AI算力的消费和开发不断增长，我们也完全预期他们会有一些多元化的供应来源。但他们对我们的承诺是金额非常可观的订单。
> Blayne Curtis — Analyst, Jeffries
> Thank you.
> Blayne Curtis — Jefferies分析师
> 谢谢。
问题三：Ross Seymore，Deutsche Bank
> Ross Seymore — Analyst, Deutsche Bank
> Hi, thanks for the last question and congrats to both Kirsten and Amy. Question on the gross margin side of things. I know Kirsten, you talked about it going down due to the mix dynamics within the semis versus the software side. But given the strength on the software side in the quarter, it seems like gross margin is falling a little bit harder. So behind the scenes, can you just talk a little bit about what the drivers within semis are? Is that the XPU versus the networking side of things? And is that trend likely to continue? Next year, are there rack scale versus chip scale, all those sorts of dynamics — any color you could give on that would be helpful.
> Ross Seymore — 德意志银行分析师
> 你好，谢谢最后一个问题，也祝贺Kirsten和Amy。关于毛利率的问题。我知道Kirsten你提到了毛利率下降是因为半导体与软件之间的产品组合变化。但考虑到本季度软件业务的强劲，毛利率降幅似乎更大一些。能谈谈半导体内部的驱动因素吗？是XPU与网络业务的差异吗？这种趋势会持续吗？明年在机架级与芯片级方面是否有各种动态变化？能提供一些细节吗？
> Kirsten Spears — Chief Financial Officer
> Yes, certainly. As our semiconductor business grows relative to our software business, you're going to have a decline in margins, right? A bit, right. You'll have compression, but remember that it's accretive because we have strong operating leverage, right? So our operating margins will step up a bit over time to that. Within semiconductors, we've always said our ASICs, the TPUs, some of the wireless business has lower margins. So as the TPUs continue to accelerate, there'll be pressure overall on margins. But the connectivity side, the AI networking side of the business has very rich margins. So it'll offset it somewhat as we go.
> Kirsten Spears — 首席财务官
> 是的，当然。随着我们的半导体业务相对于软件业务增长，利润率会出现下降，对吧？会出现一些压缩，但请记住这是增值的，因为我们的运营杠杆效应强劲，对吧？因此我们的营业利润率会随时间推移而提升。在半导体内部，我们一直表示ASIC、TPU和部分无线业务的利润率较低。因此随着TPU持续加速增长，整体利润率会承压。但连接侧，即AI网络业务拥有非常丰厚的利润率。这会在一定程度上抵消影响。
> Hock Tan — President and Chief Executive Officer
> I mean, Ross, as Kirsten said in her remarks, structurally the semiconductor margins remain very stable and very solid. It's the mix, particularly the mix between software and non-AI to the very, very rapidly growing AI semiconductor that is just diluting gross margin.
> Hock Tan — 总裁兼首席执行官
> Ross，Kirsten在她的发言中已说过，从结构上看，半导体利润率保持非常稳定和坚实。只是产品组合——特别是软件和非AI与快速增长AI半导体之间的组合——在稀释毛利率。
> Ross Seymore — Analyst, Deutsche Bank
> In the rack versus chip side of things, is that all clarified now?
> Ross Seymore — 德意志银行分析师
> 关于机架级与芯片级的问题，这已经澄清了吗？
> Hock Tan — President and Chief Executive Officer
> No. Racks is on chips only. Chip business only. We only chips. Only chips.
> Hock Tan — 总裁兼首席执行官
> 不。机架是纯芯片业务。芯片业务仅限芯片。我们只做芯片。只做芯片。
> Ross Seymore — Analyst, Deutsche Bank
> Perfect. Thank you.
> Ross Seymore — 德意志银行分析师
> 明白了，谢谢。
问题四：Benjamin Reitzes，Melius Research
> Benjamin Reitzes — Analyst, Melius Research
> Yeah, hey guys, thanks for taking my question. I wanted to ask about 2027, Hock. With regard to — previously you talked about the TAM being $10 to $20 trillion and whatnot. It seems that one of your competitors talked recently about the TAM per GW going up a lot as we go throughout the decade, and it seems it wasn't just due to infrastructure, it was due to the compute and networking components and other things. Perhaps you're familiar with the comment that Jensen made where the overall infrastructure is going from something around $50 billion to $100 billion, and the compute content going way up. Are you seeing the same thing as you go throughout the long term? Is that potentially being an accelerator, what you've already outlined in terms of your TAM per gigawatt? And how are you thinking about that? Thanks a lot.
> Benjamin Reitzes — Melius Research分析师
> 谢谢接受我的问题。我想问关于2027年的问题，Hock。之前你谈到TAM是10到20万亿美元。你们的一位竞争对手最近谈到每吉瓦的TAM在接下来十年会大幅增长，而且似乎不只是基础设施部分，还包括计算和网络组件等其他部分。你可能熟悉Jensen的评论，即整体基础设施将从约500亿美元增至1000亿美元，计算内容的占比大幅上升。你们在长期视角下是否也看到了同样的趋势？这是否可能成为你们已勾勒出的每吉瓦TAM的加速器？你如何看待这个问题？
> Hock Tan — President and Chief Executive Officer
> Sean, well, I think the accelerating part — if you talk about power, realize one thing is: the dollars per gigawatt, the content dollars of racks per gigawatt is not accelerating that much, because you are creating chips that have each individual chips are driving higher and higher power. So you're driving less chips, though the as-pulled. Each chip is going up in price. So dollars per gigawatt — billions of dollars per gigawatt — is relatively stable. But the number of gigawatts will accelerate as I think some of remarks indicate.
> Hock Tan — 总裁兼首席执行官
> Sean，我认为关于加速的部分——如果你谈的是功耗，要认识到一点：每吉瓦的美元数，即每吉瓦的机架内容价值，并没有加速那么多，因为你生产的芯片单芯片功耗越来越高。所以尽管在拉货总量上芯片数量在减少，但每颗芯片的价格在上涨。因此每吉瓦的美元数——即每吉瓦的十亿美元——是相对稳定的。但正如一些评论所表明的，吉瓦的数量将会加速增长。
> And that's what we are seeing. That amount of gigawatts required compute capacity, as measured by number of gigawatts, is growing very fast. And we're seeing that, particularly to the point where for even two of our customers — which is Entropic and OpenAI, for which we are creating this platform to enable them to run sufficient compute power — we're talking about capacity as measured by gigawatt power that are way ahead of what we had expected say six months ago.
> 这正是我们看到的。以吉瓦数量衡量的算力需求正在快速增长。我们看到这一点，特别是对于我们的两个客户Entropic和OpenAI——我们为他们创建了这个平台，使他们能够运行充足的算力——我们谈论的以吉瓦功率衡量的算力，远超我们六个月前的预期。
> And that's just these guys. We don't talk about the consumption beyond the XPU platform. We have announced here from our other customers — which is Google, our internal workloads, Meta, workloads, and any other customer and the other two customers we have. So fold that in and you're talking about gigawatts in totality. If you ask about 2027 or 2028, that will continue to grow. We expect in fact 2028 to be a substantial growth from what we are forecasting in 2027.
> 这还只是这两家客户。我们不谈论XPU平台之外的消费。我们在这里宣布的还包括我们的其他客户——Google自有工作负载、Meta的工作负载，以及其他客户和另外两家客户。把这些都加起来，你谈论的是总计的吉瓦数。如果你问2027或2028年会怎样，这将继续增长。事实上我们预计2028年将比2027年的预测有实质性增长。
问题五：Timothy Arcuri，UBS
> Timothy Arcuri — Analyst, UBS
> Thanks a lot, Hock. I wanted to ask you about supply and kind of your ability to get incremental volume of wafers and HBM. As I look at some of your competitors, they're kind of able to drop $20 billion out of thin air and get incremental wafer supply. So I'm wondering, do you feel pretty good about if a customer comes to you, are you able to get upside in terms of wafers and HBM? And are you beginning to consider maybe using other foundries to add more optionality to your supply?
> Timothy Arcuri — UBS分析师
> 非常感谢，Hock。我想问你关于供应以及你们获得额外晶圆和HBM产能的能力。看看你们的一些竞争对手，他们似乎能够凭空拿出200亿美元并获得额外的晶圆供应。我想知道，如果客户来找你，你对获得晶圆和HBM的增量供应有多大把握？你们是否开始考虑使用其他晶圆厂来增加供应的多样性？
> Hock Tan — President and Chief Executive Officer
> Getting supply is not just about dropping money, Tim, though that does work. No, we are very comfortable that we have been able to secure supply of the types you mentioned about for our needs — 2026, 2027, working on 2028 and 2029 right now.
> Hock Tan — 总裁兼首席执行官
> Tim，获得供应不只是扔钱的事，尽管钱确实有用。我们非常确信，我们已经能够确保满足我们需求的上述类型的供应——2026年、2027年的，现在正在做2028年和2029年的规划。
> Timothy Arcuri — Analyst, UBS
> Right. But if a customer comes to you and wants incremental supply, are you able to go to your suppliers and get it, the way that it seems like some of your competitors are?
> Timothy Arcuri — UBS分析师
> 对。但如果客户来找你们，想要额外的供应，你们能够去供应商那里获得它，就像你们一些竞争对手似乎能做到的那样吗？
> Hock Tan — President and Chief Executive Officer
> Customers have been coming to us incrementally over the last few months. Expect that to continue and by and large, yes.
> Hock Tan — 总裁兼首席执行官
> 过去几个月，客户一直在陆续来找我们追加订单。预计这种情况将持续——总的来说，是的。
> Timothy Arcuri — Analyst, UBS
> Okay, Hawk, thank you.
> Timothy Arcuri — UBS分析师
> 好的，谢谢Hock。
问题六：Stacy Rasgon，Bernstein Research
> Stacy Rasgon — Analyst, Bernstein Research
> Hi guys, thanks for taking my question. Hock, you gave some gigawatt shipment targets for next year for your various customers. I just want to know: are those any different? Do they contemplate any change from what you said last quarter, where I think you said that was like close to 10 gigawatts you'd be shipping in 2027? And can you just sort of help us shape the year? It sounded to me like you expected that to be more back-half loaded in 2027, given the shape of the ramps. But most importantly, is there any change — is it more gigawatts, or less gigawatts, or the same gigawatts versus what you were suggesting last quarter?
> Stacy Rasgon — Bernstein Research分析师
> 谢谢接受我的问题。Hock，你给出了明年对各客户的吉瓦出货目标。我想知道这些有变化吗？与上季度你提到的约100吉瓦出货量相比，是否有调整？能帮我们勾勒一下明年的情况吗？听起来你预计2027年将更集中在下半年，考虑到爬坡的形态。但最重要的是：与上季度的指引相比，是变多了，变少了，还是相同？
> Hock Tan — President and Chief Executive Officer
> Well, good question. Yeah. For 2027, we indicated about 10 gigawatts shipment in 2027. That's still very much intact. We're planning to ship 10 gigawatts in 2027, and that nothing has changed. Back-half loaded — to that extent, yes. Which really provides an interesting trajectory into 2028, with this back-half trajectory. So 2028, we expect a lot more gigawatts.
> Hock Tan — 总裁兼首席执行官
> 很好的问题。对于2027年，我们指引约100吉瓦的出货。这个数字完全没有改变。我们计划2027年出货100吉瓦，没有任何变化。下半年集中——某种程度上是的。这为2028年提供了一个很有意思的增长轨迹。因此2028年我们预计会有更多的吉瓦。
> Stacy Rasgon — Analyst, Bernstein Research
> Got it. That's helpful. Thank you.
> Stacy Rasgon — Bernstein Research分析师
> 明白了，很有帮助，谢谢。
问题七：James Schneider，Goldman Sachs
> James Schneider — Analyst, Goldman Sachs
> Good afternoon. Thanks for taking my question. I was wondering if you could comment a little bit on the profile of your networking business. Hock, as we head through fiscal 2026 and 2027, about 40% of AI revenue this quarter, will you expect that to sort of fall back down as some of these custom XPU ramps ramp into the end of the year into early next year? Or what do you sort of expect to stay at the upper end of that range? And maybe talk about when you see some of the optical and CPO revenue becoming meaningful.
> James Schneider — 高盛分析师
> 下午好，谢谢接受我的问题。我想请你评论一下你们网络业务的概况，Hock。随着我们进入2026和2027财年，本季度AI营收中约40%来自网络业务，你预计随着定制XPU在年底到明年初开始爬坡，这个比例会回落吗？还是预计会维持在上述区间的上端？也许可以谈谈你们何时预计光网络和CPO营收会变得可观？
> Hock Tan — President and Chief Executive Officer
> That's a hell of a great question, Jim. It's just very difficult to answer because there are quite a few moving parts there. One of which is, to start with, as more and more of our customers turn to XPUs, obviously XPUs use a lot of our networking components across the board. So that's great for us, and that drives increased consumption. But it also means that we have been able to sell networking to non-XPU footprint, so that part of it would dilute the growth rate.
> Hock Tan — 总裁兼首席执行官
> Jim，这是个非常好的问题，但非常难回答，因为有很多变动因素。首先，随着我们越来越多的客户转向XPU，显然XPU会大量使用我们的各种网络组件。这对我们来说是好事，会推动消费增长。但这也意味着我们也能向非XPU客户销售网络产品，所以这部分会稀释增长率。
> And this 40%, I consider as a very well — almost a situation where stars are aligned, where we are shipping a lot of networking to non-XPU while the growth of XPUs are obviously allowing us to grow this networking business to our XPUs, and we get to 40%. But I see that as probably as high as that percentage of total AI revenue would go. Not the first time I indicated that the more expected percentage as a share of total AI revenue for networking would be closer to around 30%.
> 这个40%，我认为是各种条件完美对齐的状态——我们向非XPU客户大量出货网络产品的同时，XPU的增长也在推动我们向XPU客户扩展网络业务，从而达到40%。但我认为这可能已经是AI网络业务占总AI营收比例的天花板了。我之前也说过，我预期网络业务占AI总营收的比例更接近30%左右。
问题八：Thomas O'Malley，Barclays
> Thomas O'Malley — Analyst, Barclays
> Hey Hock, thanks for taking the question. So I noticed with the most recent deal with Anthropic that you guys are using Broadcom chips as a backstop for the deal. Do you expect more deals to come like this in the future? And then as you start to see the AI environment, is there any way you're thinking about financing in the future? Are you going to continue to do it with chips or anything that you can offer on that?
> Thomas O'Malley — 巴克莱分析师
> 谢谢接受问题。Hock，我注意到你们与Anthropic最近的合作中，博通芯片被用作这笔交易的备选。我们是否预期未来会有更多这样的交易？随着AI环境的发展，你们是否有考虑过未来的融资方式？会继续用芯片或其他你们能提供的东西来做吗？
> Hock Tan — President and Chief Executive Officer
> Can you repeat that question, especially at the front end? I didn't quite get what you're saying here. I don't want to answer the wrong way.
> Hock Tan — 总裁兼首席执行官
> 你能重复一下这个问题吗，特别是开头部分？我没太听清你的意思。我不想答非所问。
> Thomas O'Malley — Analyst, Barclays
> Sorry, Hawk. Essentially, most recent deal with Anthropic is being backstopped by Broadcom chips. Do you think that in the future you will see more deals done this way? And then any comments on the future financing of deals with the large AI models?
> Thomas O'Malley — 巴克莱分析师
> 抱歉，Hock。基本上，Anthropic最近的合作是用博通芯片作为备选。你认为未来会看到更多这样的交易方式吗？能评论一下未来大模型相关交易的融资方式吗？
> Hock Tan — President and Chief Executive Officer
> Oh, I have to correct you on that. Then I will deal with Anthropic — what we basically talked about, basically in our 8-K, we disclosed recently. The deal we did with Entropic is we use our TPU chips that we developed to provide the compute capacity to Entropic. We want that. It wasn't backstop in that sense. We were the ones providing the chips to Entropic. We were the ones providing the compute capacity in Entropic.
> Hock Tan — 总裁兼首席执行官
> 哦，我必须纠正你这一点。我来谈谈Anthropic——我们基本上在我们最近披露的8-K文件中已经说明了我们与Entropic的合作：我们使用自己开发的TPU芯片为Entropic提供算力。我们是这么做的。这不是你说的那种"备选"。我们是为Entropic提供芯片的一方。我们是为Entropic提供算力的。
问题九：Christopher Muse，Canaccord Genuity
> Christopher Muse — Analyst, Canaccord Genuity
> Yeah, good afternoon. Thanks for taking the question. I guess Hock, in recent years you've talked about really focusing your efforts on very large XPU platforms. And I'm just curious: we're seeing many kind of XPU-attached derivatives across interconnect, storage, other. And I'm wondering if there's any sort of programs there that are more niche that are whetting your appetite.
> Christopher Muse — Canaccord Genuity分析师
> 下午好，谢谢接受提问。Hock，近几年你谈到你们真正专注于非常大的XPU平台。我很好奇：我们看到很多XPU附加的衍生产品，涵盖互联、存储等领域。我想知道是否有更细分领域的项目让你们感兴趣？
> Hock Tan — President and Chief Executive Officer
> Well, I don't think so. I think our business model is actually very, very straightforward, which is: we are developing custom AI accelerators — XPUs — for use by our customers who are pretty much all LLM developers, whether it's for training or inference. We are also creating a portfolio of critical components to enable these XPUs and even GPUs to be clustered for better performance.
> Hock Tan — 总裁兼首席执行官
> 我不这么认为。我认为我们的商业模式实际上非常简单：我们为客户——基本上都是大语言模型开发商，无论用于训练还是推理——开发定制的AI加速器，即XPU。我们同时也在创建关键组件组合，使这些XPU甚至GPU能够集群化以获得更好的性能。
> And that continues to be the model we do — which is we provide chips technology in the form of chips, whether they be AI computer accelerators we call XPUs, or networking chips that cluster them together, be it switches, PCI Express connectors, DSPs, lasers, NICs, and routers.
> 这就是我们的商业模式——我们以芯片形式提供芯片技术，无论是称为XPU的AI计算加速器，还是将它们集群化的网络芯片，如交换机、PCI Express连接器、DSP、激光器、网卡和路由器。
> And that's very much still the model we employ in semiconductors. And we still, as you can see, our financial model and the program we go for drive towards a chip business model through the technologies we provide.
> 这是我们在半导体领域仍然采用的商业模式。正如你所见，我们的财务模型和我们追求的项目都通过我们所提供的技术驱动着一种芯片商业模式。
> What we are doing to enable some of these LLM players to be able to get access to the volume of compute capacity — the large gigawatt of compute capacity they need to scale up their models — is we are, as I announced here today, creating in partnership with guys with the best balance sheets around, a vehicle to basically have these chips funded for these LLM players who otherwise might have difficulty getting access to our technology, which provides them with the lowest power and the lowest cost.
> 我们正在做一些事情，使一些大语言模型玩家能够获得他们扩大模型所需的算力量——大量的吉瓦级算力——我今天在这里宣布，我们与拥有最强资产负债表的合作伙伴共同创建一个平台，让这些大语言模型玩家能够获得资金来购买这些芯片——否则他们可能难以获得我们的技术，而我们提供的技术能以最低的功耗和最低的成本为他们服务。
问题十：Ateef Malik（代表分析师）
> Unidentified Participant
> Hi, thank you for taking my question. I have a question on infrastructure software business. Are you guys seeing any impact of AI, agentic AI, on your software growth and renewals? And if you can just talk about some sort of long-term growth for that business?
> Unidentified Participant
> 你好，谢谢接受我的问题。我想问关于基础设施软件业务的问题。你们是否看到AI、代理AI对软件增长和续约产生了任何影响？如果可以的话，能谈谈该业务的长期增长情况吗？
> Hock Tan — President and Chief Executive Officer
> Well, we're not seeing it. If anything else, as I reported, the high volume of core count of CPUs selling together with GPUs is driving some accelerated growth of our VMware business. And as you can see in Q3, we're seeing an accelerated growth, and we expect that to continue, I guess, for the next multiple quarters, as this demand picks up long-term.
> Hock Tan — 总裁兼首席执行官
> 我们没有看到这种影响。恰恰相反，正如我所报告的，大量搭配GPU销售的CPU内核正在推动我们VMware业务的加速增长。正如你在Q3看到的，我们正在看到加速增长，预计这种趋势将在未来几个季度持续下去，随着长期需求的增长。
> Given the kind of products we do in infrastructure software — very, very close to literally the hardware, basically the hypervisor, which is where our products are — we do not expect to see any impact on software products.
> 鉴于我们在基础设施软件领域的产品类型——与硬件非常、非常接近，本质上是虚拟机监控程序，这就是我们产品所在的地方——我们预计不会看到对软件产品的任何影响。
问题十一：Edward Snyder，Charter Equity Research
> Unidentified Participant
> Thanks a lot. This is very interesting because the gigawatts that you've laid out for the different customers makes it very clear that the two that are offering kind of CSP — I'm going to say cloud, but consumer versions of AI, Anthropic and OpenAI — have very large gigawatt commitments in the out years. I know part of that's catch-up because they've just started late, where your oldest customer's been doing this for quite some time. But even part of Google's is offering cloud services for TPUs too.
> Unidentified Participant
> 非常感谢。这非常有趣，因为你们为不同客户规划的吉瓦数据非常清楚地表明，有两家提供云服务的公司——我指的是AI的消费版服务，即Anthropic和OpenAI——在未来几年有非常大的吉瓦承诺。我知道部分原因是它们的追赶需求，因为它们起步较晚，而你们最早的客户已经做了很长时间。但Google的一部分也在为TPU提供云服务。
> So are we seeing a shift here? I know that initially a lot of the XPUs and the AI services were through the hyperscalers for their own custom workloads. We've talked about that ad nauseam. And now you're seeing AI finally hit the enterprises and you've seen cloud take off with the programming which is sweeping everybody. Can we expect then that there's going to be this big second wave of demand that's driven as AI starts hitting enterprises and consumers start getting access to it or finding usable tools?
> 那么我们是否看到了一种转变？我知道最初很多XPU和AI服务是通过超大规模服务商自有定制工作负载来实现的。我们已经讨论过很多次了。现在你看到AI终于进入了企业领域，云服务随着编程助手的普及而爆发，每个人都在使用。我们是否可以预期，随着AI进入企业领域、消费者开始获得AI工具或找到可用的工具，将会出现第二轮大的需求浪潮？
> Because the numbers you're saying here are significantly different for the two classes of customers.
> 因为你们这里说的数字对两类客户来说是显著不同的。
> Hock Tan — President and Chief Executive Officer
> Well, that's a very interesting thought here, and you may be very well right that enterprise consuming AI is still relatively at an early stage of the game. But having said that, what we also seeing is a lot of what the enterprise is consuming on tokens. They are buying a lot of these tokens from the platforms. The product API they pull from the platforms — of this same name of customers we talked about, which is Entropic, OpenAI, Gemini — these are the large guys they're pulling it from.
> Hock Tan — 总裁兼首席执行官
> 这是个非常有趣的想法，你很可能是对的，企业消费AI仍然处于相对早期的阶段。但话虽如此，我们还看到企业的很大一部分消费是通过token实现的。他们从平台上购买大量这些token。他们从平台上获取的产品API——来自我们提到的那些客户，即Entropic、OpenAI、Gemini——他们主要从这些大公司获取。
> And that's where I think high, substantially most of these tokens consumption are tied to those LLMs. And these LLM guys, as they productize their frontier models — whether it be Opus 4.7, ChatGPT 5.5, or Gemini 3.5 — comes back to the same end demand on compute capacity we provide to all these guys.
> 我认为这些token消费绝大部分都与这些LLM绑定。这些大语言模型公司，随着他们将前沿模型产品化——无论是Opus 4.7、ChatGPT 5.5还是Gemini 3.5——最终都会回到我们为这些公司提供的算力需求上来。
> And so even a growth of enterprise demand that we're now starting to see — as enterprise starts to consume AI tokens for their own workloads, for their own productivity users as consumers do — they're buying from the same source, these same few guys. And that's what's driving this very large, I call it insatiable growth in compute capacity that we are experiencing.
> 因此，即使我们现在开始看到企业需求的增长——随着企业开始消费AI token用于自己的工作负载、用于员工生产力，就像消费者一样——他们购买的是同样的来源，就是这少数几家公司。这就是驱动我们所经历的算力需求——我称之为无限增长——的原因。
> And we see that continuing to happen now through 2027 and what we're seeing now through 2028 as well. So this is getting to be quite a sustainable and steepening trajectory of demand.
> 我们预计这种趋势将持续到2027年，以及我们目前所看到的2028年。这正在成为一条相当可持续且越来越陡峭的需求增长曲线。
> Unidentified Participant
> If I could — doesn't this change the dynamic what we talked about before, and you talked about seven or so customers for your XPUs? But this is actually happening. You've already seen Google offering cloud services for TPUs. It opens up XPU access to all those smaller companies that don't kind of meet the criteria for doing their own ASICs that you couldn't partner with to Broadcom's technology through these platforms. Why would that not be the case?
> Unidentified Participant
> 如果我可以追问的话——这难道不会改变我们之前讨论的动态吗？你谈到你的XPU有约七个客户。但这实际上正在发生。你已经看到Google为TPU提供云服务了。这为所有不符合自己做ASIC条件的小公司开放了XPU的获取途径，它们可以通过这些平台与博通的技术合作。为什么这不是事实？
> Hock Tan — President and Chief Executive Officer
> Well, I guess the answer to that is it's possible. But the reality of the whole issue is: most of AI-generated content is provided in the form of SaaS models. APIs are pulled from the clouds — whether they're from Bedrock, Vertex, Azure, or first-party. It is still provided in the cloud.
> Hock Tan — 总裁兼首席执行官
> 嗯，我想答案是这是可能的。但整个问题的现实是：绝大多数AI生成的内容是以SaaS模式提供的。API从云端获取——无论是Bedrock、Vertex、Azure还是第一方服务。它仍然是通过云端提供的。
> So most of all that demand, at the end of the day, in terms of compute capacity — which is what we're doing — comes from those few large frontier model developers and the products they generate to supply to consumers and enterprises globally. Source of demand comes from those frontier model labs who are developing the products which consumers, enterprises, like you and us and our companies, are consuming.
> 因此，绝大多数需求——就算力而言，即我们所做的业务——来自于少数大型前沿模型开发商以及他们为向全球消费者和企业提供产品而生成的这些东西。需求来源是那些前沿模型实验室，它们开发的产品——如代码助手——消费者和企业（你、我、我们的公司）都在消费。
> And what we're doing is providing that capacity to that demand source, as opposed to going to a company or bank and trying to provide them XPUs, and then they having to try to build it, create a software stack to then write applications and run it themselves. I'm sure there are a few enterprises doing that now, but there are not many. It's early stage in that whole game. Right now most of the demand is coming from the frontier model players who are creating products, things as I said, like code assistance, like engineering verticals, which are really coming from the same source of guys who are doing all this. Those few guys doing the frontier model — it's not really coming from 100,000 companies directly trying to buy GPUs or for that matter XPU. It's not.
> 我们所做的是为那个需求来源提供算力，而不是去找一家公司或银行，试图给他们提供XPU，然后他们自己来构建它、创建软件栈、写应用程序并自己运行。我相信现在有一些企业在这样做，但并不多。这在整个领域中还处于早期阶段。目前绝大多数需求来自前沿模型玩家，他们创造产品，如我所说的代码助手、工程垂直领域，这些实际上都来自做所有这些事情的同一些公司。做前沿模型的那少数几家公司——需求并不是来自十万家公司直接购买GPU或XPU。事实并非如此。
问题十二：Joseph Moore，Morgan Stanley
> Joseph Moore — Analyst, Morgan Stanley
> Great, thank you. You talked about $30 billion of AI bookings in the quarter, which is a lot, I guess, relative to this quarter and next quarter shipments. Can you talk about the dynamic? Why is there so much backlog now? Or is there — you sort of said you can react to upside with supply. Just why so many bookings this quarter relative to revenue?
> Joseph Moore — 摩根士丹利分析师
> 太好了，谢谢。你谈到本季度AI预订量为300亿美元，相对于本季度和下季度的出货量来说非常高。能谈谈背后的动态吗？为什么现在有这么大的积压？或者——你说你们可以随需求增加而调配供应。为什么本季度有这么多相对于营收的预订？
> Hock Tan — President and Chief Executive Officer
> Well, that's a huge demand of compute. See, a lot of large — these few customers now, they realize that lead time to get compute — you need lead time, you need to be thoughtful. And that's not just asking for wafers to get the chips or memory to ensure that HBMs are available or DRAMs available. They're also talking about: "Hey, I got to have the power." The power shell. So all this is planning ahead.
> Hock Tan — 总裁兼首席执行官
> 这是巨大的算力需求。这些少数客户现在意识到，获得算力需要提前期，你需要提前规划。这不仅仅是要晶圆来生产芯片或确保HBM或DRAM可用。他们还在讨论："嘿，我得有电力。"电力基础设施。所有这些都需要提前规划。
> And what we are seeing is the bookings that are coming is not for immediate delivery — some hope to have — but the reality is they all accept is they need to align quite a few other things in place before they can deliver. But they are placing your orders early, and they are placing your orders now. And they are placing your orders in fairly huge demand, which basically gives us a lot more visibility than we normally otherwise would have in semiconductors.
> 我们看到的是，预订的订单不是为了立即交付——有些人希望能立即获得——但现实是他们都接受，在交付之前需要将其他很多事情安排到位。但他们正在提前下单，他们现在就在下单。他们在以相当大的需求下单，这基本上给了我们在半导体领域通常不会有的更多可见性。
> Our visibility runs all the way to 2028 right now. Three months ago, I can tell you, visibility ran pretty much to 2026. Today it runs to 2028. And that's a big part of the reason why we are creating this XPU platform — as really the platform to plan to build up, to put in place such capacity for those frontier model customers of ours, who are seeing, as you guys are seeing in some of the financials they're telling you, in terms of any experiences you have, which is driving huge amount of consumption of tokens from those compute capacity we are giving them.
> 我们现在的可见性一直延续到2028年。三个月前，我可以告诉你，可见性大概到2026年。今天已经到2028年了。这是我们创建XPU平台的一个很大原因——它确实是一个平台，用于为我们的前沿模型客户规划和建设这种算力，他们正在——正如你们从他们告诉你们的一些财务数据中所看到的——推动对我们提供给他们算力的大额token消费。
> We have the benefit now of a lot of lead time and we are planning — and it's not because of shortage of our components. There's also the other elements that need to be put in place, which particularly relates to power and connection into an infrastructure globally or through America at least, that enables inference to be distributed through to consumers and enterprises throughout the country. So we're just getting a lot of lead time.
> 我们现在有了大量提前期的优势，我们正在规划——不是因为我们组件的短缺。还有其他需要到位的因素，特别是与电力相关的，以及至少在美国全球范围内的基础设施连接，使推理能够分发到全国各地的消费者和企业。所以我们只是获得了大量的提前期。
> Joseph Moore — Analyst, Morgan Stanley
> Very helpful, thank you.
> Joseph Moore — 摩根士丹利分析师
> 非常有帮助，谢谢。
问题十三：Joshua Buchalter，TD Cowen（最后一个问题）
> Joshua Buchalter — Analyst, TD Cowen
> Hey guys, thank you for taking my question. In the past, you've talked about sort of $15 to $20 billion dollars per gigawatt of compute, and given the $10 billion that you implied you'll be doing next year, it implies a much larger number than $100 billion. You've also mentioned that the value per gigawatt does vary per project. So I guess how should we think about the evolution of your revenue per gigawatt over time? As I would expect, on one hand, AI agent pricing to increase on programs you're already shipping. But also there are other projects that are entering the model. Thank you.
> Joshua Buchalter — TD Cowen分析师
> 谢谢接受我的问题。过去你们谈到每吉瓦算力约150亿至200亿美元，而你们暗示明年将完成约100吉瓦，这意味着比1000亿美元大得多的数字。你们也提到每吉瓦的价值因项目而异。那么，我们应该如何看待你们每吉瓦营收随时间的演变？一方面，我预期你们现有项目的AI代理定价会上涨。但也有新项目正在加入。
> Hock Tan — President and Chief Executive Officer
> Our revenue — our content per gigawatt will increase. Put it simply, our content from the fact that our compute chip — the XPU — will go up in price very dramatically. Particularly when you not only put SRAM into it, you start putting a lot — you start putting embedding CPU cores into the same XPUs and making those chips basically multi-die with lots of HBM. So the trajectory of content increase will go up. It just doesn't go up every month, every six months, or every quarter, but it will follow one generation to the next — that the content will grow per gigawatt.
> Hock Tan — 总裁兼首席执行官
> 我们的营收——我们每吉瓦的内容价值将会增长。简单来说，我们计算芯片XPU的价格将会大幅上涨。尤其是当你不仅放入了SRAM，还开始将大量嵌入式CPU核心放入同一XPU中，使这些芯片成为具有大量HBM的多芯片组合时。内容增长的轨迹将会上升。它不是每月、每六个月或每季度就上涨，而是会跟随每一代产品——每吉瓦的内容将会增长。
> Kirsten Spears — Chief Financial Officer
> Thank you.
> Kirsten Spears — 首席财务官
> 谢谢。
结束语
> Operator
> Thank you. I would now like to turn the call over to Ji Yoo, Head of Investor Relations, for closing remarks.
> Operator
> 谢谢。现在请将电话转交给投资者关系负责人Ji Yoo进行闭幕致辞。
> Ji Yoo — Head of Investor Relations
> Thank you, Operator. Broadcom currently plans to report its earnings for the third quarter of fiscal year 2026 after close of market on Wednesday, September 2nd. A public webcast of Broadcom's earnings conference call will follow at 2 PM Pacific Time. That will conclude our earnings call today. Thank you all for joining. Operator, you may end the call.
> Ji Yoo — 投资者关系负责人
> 谢谢主持人。博通目前计划于9月2日（星期三）美股收盘后公布2026财年第三季度业绩。随后将在太平洋时间下午2点进行公开的网络直播。如上所述，今天的电话会到此结束。谢谢各位的参与。主持人，可以结束电话了。
> Operator
> This concludes today's program. Thank you all for participating. You may now disconnect.
> Operator
> 本次节目到此结束。感谢所有参与。再见。
本文基于博通官方新闻稿及电话会录音整理，文字稿为中英文逐句对照，未做任何文字加工。
