Management remarks
Call period: 2026 Q3 · 2026-09-02
Guidance: Hock Tan: Based on all this -- on this Q4 guidance, I should say, we expect our fiscal 2026 AI revenue to be $58 billion, for the year, up 186% year-upon-year and above our prior guidance of $56 million (sic) [ $56 billion ].Demand and orders: Hock Tan: We believe the vast majority of compute demand for AI workloads today originates from these concentrated group who develops state-of-the-art frontier models, and we expect their need for compute infrastructure to inflect even more in 2027 and 2028.Margins: Amie O'Toole: Regardless, we expect Q4 operating margin to be approximately 66%, flat from a year ago because our strong revenue growth drives substantial operating leverage.Analyst Q&A
Analyst Joseph Moore asked: You talked about the business doubling next year, and you said demand could be higher than that. Can you talk about the supply around that? Management Hock Tan answered: And that's always very much in our mind when we give you that outlook. But certainly, our customers want us to ship more. But we are -- we have secured supply, and we think it's the right number to put it to $115 billion. And if times -- if circumstances change and our ability to secure more supply change, of course, we will uplift. But at this point, that's our best outlook. And by the way, the same applies. The same thinking applies to 2028 when we give you that outlook of $230 billion.管理层陈述
电话会期间：2026 Q3 · 2026-09-02
指引：霍克·谭：基于本次第四季度业绩指引，我们预计2026财年全年AI收入为580亿美元，同比增长186%，高于此前560亿美元的业绩指引（原文标注5600万美元有误）。需求与订单：霍克·谭：我们认为，当前AI工作负载的绝大多数计算需求来自开发顶尖前沿大模型的集中群体，预计他们对计算基础设施的需求将在2027年和2028年进一步大幅增长。利润率：艾米·奥图尔：无论如何，我们预计第四季度营业利润率约为66%，与去年持平，因强劲的收入增长带来了显著的运营杠杆效应。分析师问答
分析师约瑟夫·摩尔询问公司此前提及明年业务将翻倍且需求可能更高，能否谈谈相关的供应情况，管理层霍克·谭回应称公司已锁定供应，当前最佳展望为1150亿美元，若能获得更多供应将上调预期，2028年2300亿美元的展望也遵循同样逻辑。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
