Rambus（RMBS）— 2026-10-26 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-26（美國時間盤後） 逐字稿為 Rambus earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。

校正紀錄

本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - companionship → companion chip（伴隨晶片，PMIC／SPD hub 等隨 RCD 搭售的模組配套晶片；EN「companionship products／ramps」、ZH「伴侶產品／伴侶關係／伴隨收入」皆同音誤植） - SOCAM／SOCAM2 → SOCAMM／SOCAMM2（Memo 與逐字稿同步） - memory despecking／「記憶體去雜化」→ 記憶體降規（de-spec，每條模組容量下修） - 「待辦事項」→ 訂單積壓（backlog） - 分析師提問 Tristan Gerra「x86 and ARM-based TPUs」→ ARM-based CPUs（Vera 為 CPU，TPU 為辨識誤植） - 「Thank you for that, Carla」→ Gary（Gary Mobley，講者稱呼誤植） - 回答 Sébastien 前的「Product?」「產品？」為辨識雜訊，已刪除 - AI Memo「管理層強調競爭對手缺乏相當的 IP 故事」→ 該說法出自分析師 Kevin Cassidy（Rosenblatt）提問，CEO 回應未評論競爭對手；Memo 區塊已改（以逐字稿為準） - 財務四項交叉驗算：①產品 1.14 億＋權利金 0.77 億＋合約及其他 0.27 億＝2.18 億 ✓；②非 GAAP 營運成本 1.16 億，營業利益＝2.18−1.16＝1.02 億†，＋利息及其他 0.07 億＝1.09 億，×(1−16%)＝0.916 億 ✓ 淨利 9,170 萬，÷稀釋股數約 1.09 億股＝EPS 0.84 ✓；③產品毛利率 60.4%：1.14 億×(1−60.4%)＝產品銷貨成本約 0.45 億†，營運成本 1.16 億−營業費用 0.70 億＝0.46 億 ✓ 吻合；④4Q 指引：產品中點 1.30＋權利金 0.71＋合約及其他 0.29＝2.30 億＝營收中點 ✓，營業利益中點 1.08 億＋利息 0.065 億，×84%÷1.09 億股＝EPS 約 0.88 ✓（區間 0.84–0.92），QoQ +5%（0.88/0.84）✓，產品 QoQ +14%（1.30/1.14）✓ - 「MRDIMM 機會 6 億美元」為 CEO 稱公司估算之總規模，未註明期間與口徑，保留原話

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • Rambus 在 2026 年第三季創下歷史新高，營收與非 GAAP 盈餘均超出指引區間上限。產品營收約為 1.14 億美元，較上一季成長 15%，較去年同期成長 22%。非 GAAP 淨利為 9,170 萬美元，非 GAAP 每股盈餘為 0.84 美元，較去年同期成長 35%，較上一季成長 10%（所有時間參考均推斷自 2026 年 10 月 26 日音訊）。 [CEO - 00:02:52] [CFO - 00:16:22] • Rambus 在 2026 年第三季完成 1 億美元的加速庫藏股回購，展現對業務的信心及對股東資本回饋的承諾。 [CEO - 00:03:48] [CFO - 00:15:37] • 2026 年第四季指引：預計營收介於 2.27 億至 2.33 億美元；產品營收介於 1.27 億至 1.33 億美元（中點暗示年增 34%、季增 14%）；非 GAAP 每股盈餘預計介於 0.84 至 0.92 美元（中點：年增 30%、季增 5%）。 [CFO - 00:19:33] • 公司宣佈與 ChipAgents 進行策略性投資與合作，目標是利用 AI 原生設計流程加速晶片與 IP 的開發。 [CEO - 00:13:20] 總體經濟 • 管理層指出，前瞻性陳述受風險與不確定因素影響，包括宏觀經濟狀況，可能影響預期結果。 [CFO - 00:01:18] 地緣政治 • 地緣政治條件對 Rambus 業務的潛在影響被列為前瞻性陳述的風險因素之一。 [CFO - 00:01:18] 產業循環週期 • 下半年通常受季節性因素有利於 Rambus，管理層預期此趨勢將延續至 2027 年，需求將增強，且上下半年間存在季節性差異。 [CEO - 00:27:46] 產業供需 • 強勁的客戶需求推動 2026 年第三季產品營收與營運現金流創新高。預期需求將持續強勁至第四季及 2027 年，管理層指出因供應鏈緊縮，客戶提前下單，訂單能見度提升。 [CEO - 00:03:04] [CEO - 00:39:58] • 供應端交貨期延長，但 Rambus 利用資產負債表建立庫存以確保客戶供應。對客戶的交貨期尚未增加，但整體供應鏈正趨緊。 [CEO - 00:38:07] 產業狀況 • 人工智慧持續為 Rambus 各業務帶來強勁推動力，促使對先進記憶體與基礎架構架構的需求增加。AI 擴展催生新一波客製化矽晶片開發，超大規模雲端服務商與基礎架構供應商設計差異化架構。 [CEO - 00:04:39] [CEO - 00:10:11] 獲利 • 2026 年第三季非 GAAP 淨利為 9,170 萬美元，非 GAAP 每股盈餘為 0.84 美元，較去年同期成長 35%，較上一季成長 10%。非 GAAP 產品毛利率約為 60.4%，位於短期 60%-63% 區間的下緣，主要因供應鏈投入成本。 [CFO - 00:17:48] [CFO - 00:35:18] 公司展望、未來成長動能 • 管理層預期 2026 年第四季產品表現更強勁，產品營收指引暗示年增超過 30%。公司對發展路徑與規劃充滿信心，預期 2027 年及以後將持續受 AI 基礎架構與資料中心趨勢推動，實現獲利成長。 [CEO - 00:03:04] [CEO - 00:14:51] • 2026 年第四季指引中點暗示全年營收將較 2025 年成長約 18%，產品營收成長約 24%。非 GAAP 每股盈餘預計較 2025 年成長約 24%。 [CFO - 00:21:26] 市場競爭策略 • Rambus 透過廣泛的產品與 IP 組合、與超大規模雲端服務商的早期設計介入，以及與 ChipAgents 的策略合作，強化競爭地位。分析師（Rosenblatt）指出兩家競爭對手缺乏 IP 佈局，為 Rambus 優勢；CEO 回應聚焦矽 IP 對架構趨勢的洞察，未評論競爭對手。 [CEO - 00:13:20] [Analyst - 00:48:18] 營收 • 2026 年第三季營收為 2.18 億美元，較去年同期成長 22%，較上一季成長 5%。產品營收為 1.14 億美元，較去年同期成長 22%，較上一季成長 15%。權利金營收為 7,700 萬美元。合約及其他營收為 2,700 萬美元，較去年同期成長 35%，較上一季成長 13%。 [CFO - 00:16:22] 訂單 • 由於供應鏈緊縮，客戶較以往季度提前下單，為 Rambus 提供更佳的訂單能見度。 [CEO - 00:39:58] 產品組合 • 新一代 RCD 佔產品營收成長大部分。伴隨晶片（companion chip）產品在年初佔產品營收低雙位數百分比，且持續季增。MRDIMM 出貨量仍屬適度，主要為認證與預生產出貨；AMD 平台開始加速。 [CEO - 00:23:53] 存貨庫存 • 2026 年第三季庫存增加 1,200 萬美元，利用資產負債表提供客戶更高供應保障。預期第四季庫存建置將與第二、三季相當，以因應需求加速與訂單能見度提升。 [CFO - 00:19:02] [CFO - 00:48:42] 出貨週期與交期 • 供應商交貨期延長，但 Rambus 尚未延長對客戶的交貨期。公司利用資產負債表建立庫存，維持供應保障。 [CEO - 00:38:07] 新產品／新技術 • Rambus 在 2026 年第三季推出新晶片與矽智財產品，包括支援 DDR5-9600 的第六代 RCD（現已廣泛取樣），以及針對即將推出的 LPDDR6 SOCAMM2 的業界領先 PMIC。公司亦宣佈針對 AI 與資料中心部署的 Caliptra 規範支援的新 Root of Trust 解決方案。 [CEO - 00:03:14] • 新 PMIC 解決方案將伺服器記憶體產品路線圖延伸至 LPDDR6，強化 Rambus 在先進伺服器記憶體電源管理的領導地位。SOCAMM2 預計於 2028 年左右上市（根據 2026 年 10 月 26 日估計）。 [CEO - 00:07:33] 產品價格 • 從第一代 SOCAMM 過渡到 SOCAMM2，每模組的美元含量因更複雜的電源管理而增加，但 SOCAMM 解決方案在市場中佔比仍小。 [CEO - 00:32:58] 出貨量 • MRDIMM 出貨量仍屬適度，2026 年主要為認證與預生產出貨。AMD 平台開始加速，但整體 MRDIMM 的成長幅度預期較其他產品世代為淺。 [CEO - 00:24:10] 成本毛利 • 2026 年第三季非 GAAP 產品毛利率約為 60.4%，位於短期 60%-63% 區間的下緣，主要因供應鏈投入成本。管理層預期第四季毛利率將維持在 60%-63% 區間，全年 2026 毛利率接近該區間中段。 [CFO - 00:35:18] 銷售／管理／研發費用 • 2026 年第三季營運費用為 7,000 萬美元，較上一季下降，主因研發與銷管費用略減。 [CFO - 00:17:28] 擴廠規劃 • Rambus 持續投資工具與基礎設施以維持技術領先地位，包括與 ChipAgents 的策略合作以加速晶片與 IP 開發。 [CEO - 00:03:21] 營業利益 • 2026 年第四季非 GAAP 營業利益預計介於 1.03 億至 1.13 億美元。 [CFO - 00:20:26] 業外損益 • 2026 年第三季利息及其他收入為 700 萬美元。第四季利息及其他收入預計約為 650 萬美元。 [CFO - 00:17:37] [CFO - 00:20:35] 稅率 • 2026 年第三季採用 16% 的非 GAAP 稅率，第四季指引亦預期相同稅率。 [CFO - 00:17:41] [CFO - 00:20:43] 股本、增資、可轉換債券、庫藏股 • Rambus 在 2026 年第三季完成 1 億美元的加速庫藏股回購。公司計劃持續將自由現金流的 40% 至 50% 回饋股東，並以強健的資產負債表與持續現金產生能力支持此策略。 [CFO - 00:15:37] 現金、現金流 • Rambus 於 2026 年第三季末持有現金、約當現金及可供出售證券共計 7.77 億美元，較第二季減少 4,800 萬美元。創紀錄的營運現金流 1.02 億美元被 1.35 億美元的庫藏股回購抵銷。 [CFO - 00:18:06] Transcript Presentation Operator

(00:00:00)Welcome to the Rambus third quarter fiscal year 2026 earnings conference call. At this time, all participants are in listen-only mode. At the conclusion of our prepared remarks, we will conduct a question-and-answer session. If you would like to ask a question, please press star 1 on your touchtone phone at any time. If anyone requires assistance during the conference, please press star zero at any time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Sumeet Gagneja, Chief Financial Officer.

(00:00:00)歡迎參加 Rambus 2026 財政年度第三季度收益電話會議。此時，所有參與者均處於僅聆聽模式。在我們的準備發言結束後，我們將進行問答環節。如果您想提問，請隨時在您的觸控電話上按星號 1。如果在會議期間需要協助，請隨時按星號 0。提醒您，本次電話會議正在錄音。現在我想將會議交給 Rambus 的首席財務官 Sumeet Gagneja。

Operator

(00:00:37)You may begin your conference.

(00:00:37)您可以開始您的會議。

Sumeet Gagneja - Rambus, CFO

(00:00:39)Thank you, operator, and welcome to Rambus' third quarter 2026 results conference call. I'm Sumeet Gagneja, Chief Financial Officer at Rambus. On the call with me today is Luc Seraphin, our CEO. The press release for the results we will discuss today has been filed with the SEC on Form 8-K. We are webcasting this call along with the slides we will reference during portions of today's discussion. A replay of this call will be available on our website beginning today at 5 p.m. Pacific Time.

(00:00:39)謝謝您，操作員，歡迎來到 Rambus 的 2026 年第三季度業績電話會議。我是 Sumeet Gagneja，Rambus 的首席財務官。今天與我一起通話的是我們的首席執行官 Luc Seraphin。我們今天將討論的業績新聞稿已經向 SEC 提交，表格為 8-K。我們正在網絡直播此次通話，並將參考今天討論的幻燈片。此次通話的重播將於今天下午 5 點在我們的網站上提供。太平洋時間。

Sumeet Gagneja - Rambus, CFO

(00:01:18)Our discussion today will contain forward-looking statements, including expectations for projected financial results and prospects, market growth, demand for our solutions, and potential effects of geopolitical and macroeconomic conditions. These statements are subject to risks and uncertainties that may be discussed during this call and are more fully described in our SEC filings, including our 8-Ks, 10-Qs, and 10-Ks. These forward-looking statements may differ materially from our actual results, and we are under no obligation to update them.

(00:01:18)我們今天的討論將包含前瞻性聲明，包括對預期財務結果和前景、市場增長、我們解決方案的需求以及地緣政治和宏觀經濟條件的潛在影響的預期。這些聲明受到風險和不確定性的影響，這些風險和不確定性可能在此次通話中討論，並在我們的 SEC 文件中更詳細地描述，包括我們的 8-K、10-Q 和 10-K。這些前瞻性聲明可能與我們的實際結果有重大差異，我們沒有義務更新它們。

Sumeet Gagneja - Rambus, CFO

(00:02:01)In our press release and on today's call, we present both GAAP and non-GAAP financial measures to provide greater clarity regarding our financial performance. A reconciliation of these non-GAAP financials to the most directly comparable GAAP measures is included in our press release, slide presentation, and on our website at rambus.com under the investor relations page, financial releases section. The order of today's call will be as follows. Luc will begin with an overview of the business, followed by my review of the financial results, and then we'll open the call to Q&A.

(00:02:01)在我們的新聞稿和今天的通話中，我們提供了 GAAP 和非 GAAP 財務指標，以便更清楚地瞭解我們的財務表現。這些非 GAAP 財務數據與最直接可比的 GAAP 指標的調整已包含在我們的新聞稿、幻燈片演示中，並在我們的網站 rambus.com 的投資者關係頁面、財務發布部分中提供。今天通話的順序如下。Luc 將首先介紹業務概況，接著由我回顧財務結果，然後我們將開放問答環節。

Sumeet Gagneja - Rambus, CFO

(00:02:40)I will now turn the call over to Luc to provide an overview of the quarter.

(00:02:40)現在我將通話交給 Luc，讓他提供本季度的概述。

Luc Seraphin - Rambus, CEO

(00:02:46)Luc? Thank you, Sumeet. Good afternoon, everyone, and thank you for joining us. In Q3, we delivered a truly exceptional quarter. Revenue and non-GAAP earnings both reached new record highs, exceeding the top end of our guidance ranges. Strong customer demand fueled record product revenue and cash from operations, and we expect even stronger product performance in Q4. We introduced new chip and Silicon IP products that extend our leadership in data center and AI infrastructure. Additionally, as complexity and pace accelerate in semiconductor development for AI, we are investing in the tools and infrastructure to keep us at the leading edge of technology.

(00:02:46)Luc？謝謝你，Sumeet。大家下午好，感謝您加入我們。在第三季度，我們交出了真正卓越的季度業績。收入和非 GAAP 收益均達到新的歷史高點，超過我們指導範圍的上限。強勁的客戶需求推動了創紀錄的產品收入和現金流，我們預計第四季度的產品表現將更強勁。我們推出了新的晶片和矽 IP 產品，進一步鞏固了我們在數據中心和 AI 基礎設施中的領導地位。此外，隨著 AI 半導體開發的複雜性和速度加快，我們正在投資於工具和基礎設施，以保持我們在技術前沿的地位。

Luc Seraphin - Rambus, CEO

(00:03:34)Accordingly, we engaged with a fellow pioneer in the ecosystem and announced an exciting new partnership that propels us into the age of AI agent-driven chip and IP design. As we continue to invest in our future, we are also pleased to have completed a $100 million accelerated share repurchase. This demonstrates the strength of our business model and our ability to return value to stockholders while advancing our product roadmap to drive long-term growth.

(00:03:34)因此，我們與生態系統中的一位先驅合作，宣佈了一項令人興奮的新夥伴關係，將我們推向 AI 代理驅動的晶片和 IP 設計時代。隨著我們繼續投資於未來，我們也很高興完成了一項 1 億美元的加速股票回購。這顯示了我們商業模式的強大以及在推進我們的產品路線圖以促進長期增長的同時，為股東回報價值的能力。

Luc Seraphin - Rambus, CEO

(00:04:09)Taken together, the results and progress we delivered this quarter reflect the strength and long-term resilience of a strategy we have pursued over many years, investing in technology leadership, anticipating key trends transforming the data center, and positioning the company to capture the opportunities those trends create. Our strategy is producing strong results today while laying the foundation for future growth. As we outlined in previous quarters, AI continues to create strong tailwinds for Rambus across our businesses.

(00:04:09)總體而言，我們本季度交付的結果和進展反映了我們多年來所追求的戰略的強大和長期韌性，投資於技術領導地位，預測改變數據中心的關鍵趨勢，並使公司能夠捕捉這些趨勢所創造的機會。我們的戰略今天正在產生強勁的結果，同時為未來的增長奠定基礎。正如我們在前幾個季度中概述的，AI 繼續為 Rambus 的各項業務創造強勁的順風。

Luc Seraphin - Rambus, CEO

(00:04:47)As frontier AI training advances and inference scales across a growing range of applications, customers require increasingly sophisticated memory and infrastructure architectures to move, manage, and secure growing volumes of data. Agentic AI is accelerating this trend as deployments evolve toward more distributed and heterogeneous architectures requiring greater coordination across systems. At the same time, orchestration of always-on workloads puts greater demands on the CPU, increasing CPU-to-GPU ratios and driving requirements for more main memory bandwidth and capacity across the data center.

(00:04:47)隨著前沿 AI 訓練的進步和推理在不斷增長的應用範圍內擴展，客戶需要越來越複雜的記憶體和基礎設施架構，以移動、管理和保護不斷增長的數據量。代理 AI 進一步加速了這一趨勢，因為部署向需要更大系統協調的分佈式和異構架構演變。同時，持續運行的工作負載的協調對 CPU 提出了更高的要求，增加了 CPU 與 GPU 的比率，並推動了數據中心對更多主記憶體帶寬和容量的需求。

Luc Seraphin - Rambus, CEO

(00:05:34)The latest agentic implementations amplify this need further by assigning dedicated compute and memory resources to individual users or agents. All this creates accelerating demand for Rambus products and IP throughout the memory subsystem and broader infrastructure stack, while we continue to invest in fundamental R&D and our product roadmap to address the growing demand for memory management efficiency in the long term. Now, let me turn to the quarterly results, starting with products. We delivered a new all-time high in quarterly product revenue, reaching approximately $114 million, up 15% sequentially and 22% year-over-year.

(00:05:34)最新的代理實現進一步放大了這一需求，通過將專用計算和記憶體資源分配給個別用戶或代理。所有這些都在記憶體子系統和更廣泛的基礎設施堆棧中創造了對 Rambus 產品和 IP 的加速需求，同時我們繼續投資於基礎研究與開發以及我們的產品路線圖，以應對長期對記憶體管理效率的增長需求。現在，讓我轉向季度結果，首先談談產品。我們在季度產品收入上創下了新的歷史高點，達到約 1.14 億美元，環比增長 15%，同比增長 22%。

Luc Seraphin - Rambus, CEO

(00:06:24)Our leadership in DDR5 RCDs and growing adoption of new generation products fueled our record results. We are seeing strong demand across multiple generations of RCDs, supporting our outlook for another record quarter of product revenue in Q4, which we expect to grow more than 30% year-over-year. Looking ahead, we have a strong pipeline of products aligned with upcoming platform ramps, positioning us well for the next generation of server platforms. As part of that pipeline, we are pleased to share that our sixth-generation RCD, announced early in Q3 and supporting DDR5-9600, is now sampling broadly with customers and is being very well received.

(00:06:24)我們在 DDR5 RCDs 方面的領導地位以及新一代產品的日益採用推動了我們的創紀錄結果。我們在多代 RCDs 上看到強勁的需求，支持我們對第四季度產品收入再創紀錄的展望，我們預計將同比增長超過 30%。展望未來，我們擁有與即將推出的平台增長相一致的強大產品管道，為下一代伺服器平台做好了良好準備。作為該管道的一部分，我們很高興地分享我們的第六代 RCD，於第三季度初宣佈，支持 DDR5-9600，現在已廣泛樣品供客戶使用，並受到非常好的反響。

Luc Seraphin - Rambus, CEO

(00:07:13)We continue to execute successfully on our roadmap, recently expanding our product portfolio with an industry-leading PMIC for the upcoming LPDDR6 SOCAMM2. Earlier this year, we introduced our first SOCAMM2 chipset that supports LPDDR5X. This new PMIC solution extends our server memory product roadmap to LPDDR6 and reinforces our leadership in advanced server memory power management. It was developed in close collaboration with customers and ecosystem partners to enhance memory subsystem power efficiency and help scale tokens per watt for AI workloads.

(00:07:13)我們繼續成功執行我們的路線圖，最近擴展了我們的產品組合，推出了行業領先的 PMIC，將用於即將推出的 LPDDR6 SOCAMM2。今年早些時候，我們推出了首款支持 LPDDR5X 的 SOCAMM2 晶片組。這個新的 PMIC 解決方案擴展了我們的伺服器記憶體產品路線圖至 LPDDR6，並加強了我們在先進伺服器記憶體電源管理方面的領導地位。它是在與客戶和生態系統夥伴密切合作下開發的，旨在提高記憶體子系統的電源效率，並幫助提升 AI 工作負載的每瓦令牌數。

Luc Seraphin - Rambus, CEO

(00:07:56)We identified early on that power management would be critical to the success of AI deployments and have been investing in this area for many years. We are proud of our progress and continued leadership in this space. We have consistently said that as memory speeds increase and server architectures become more sophisticated and heterogeneous, the memory subsystem will require additional intelligence, power management, and control functionality. Our roadmap is designed to address this evolution across both DDR and LPDDR-based memory.

(00:07:56)我們早期就意識到電源管理對 AI 部署的成功至關重要，並在這一領域投資多年。我們對在這一領域的進展和持續領導感到自豪。我們一直表示，隨著記憶體速度的提高和伺服器架構變得更加複雜和異構，記憶體子系統將需要額外的智能、電源管理和控制功能。我們的路線圖旨在應對 DDR 和 LPDDR 基記憶體的這一演變。

Luc Seraphin - Rambus, CEO

(00:08:33)Timing management, power management, and security management create opportunities for Rambus to participate in increasing module chip content over time. In addition, DDR-based server platforms are expanding from 8 memory channels to 12 and 16 channels, increasing the maximum available memory bandwidth and capacity. This raises the number of modules supported in a server and amplifies demand as platforms progress. Today, Rambus offers complete chipsets across all major industry-standard DDR5 and LPDDR server memory module architectures.

(00:08:33)時序管理、電源管理和安全管理為 Rambus 提供了隨著時間推移增加模組晶片內容的機會。此外，基於 DDR 的伺服器平台正在從 8 個記憶體通道擴展到 12 和 16 個通道，增加了可用的最大記憶體帶寬和容量。這提高了伺服器中支持的模組數量，並隨著平台的進步而放大需求。今天，Rambus 提供了涵蓋所有主要行業標準 DDR5 和 LPDDR 伺服器記憶體模組架構的完整晶片組。

Luc Seraphin - Rambus, CEO

(00:09:14)This broad portfolio positions us well for future server platforms and allows customers to leverage Rambus solutions across a growing range of memory architectures and deployment models. Looking ahead, we believe we are exceptionally well positioned for future server generations and for the continued expansion of memory-intensive AI infrastructure. Turning now to Silicon IP, we delivered a very strong quarter with key design wins across our Silicon IP portfolio.

(00:09:14)這一廣泛的產品組合使我們在未來的伺服器平台中處於良好位置，並允許客戶在不斷增長的記憶體架構和部署模型中利用 Rambus 解決方案。展望未來，我們相信我們在未來伺服器世代和記憶體密集型 AI 基礎設施的持續擴展中處於極佳的位置。現在轉向矽 IP，我們在矽 IP 投資組閤中交付了一個非常強勁的季度，獲得了關鍵設計勝利。

Luc Seraphin - Rambus, CEO

(00:09:47)The strength of those wins, combined with expanding strategic engagement across the industry—including custom silicon makers and hyperscalers—reinforces our confidence in the long-term growth opportunity for the Silicon IP business and for Rambus. One of the defining characteristics of today's market is the rapid growth of custom silicon. The expansion of AI is fueling a new wave of custom silicon development. Hyperscalers, AI infrastructure providers, and emerging semiconductor companies are designing increasingly differentiated architectures and tailored silicon optimized for their own environments.

(00:09:47)這些勝利的強度，加上與行業內的擴展戰略參與——包括定製矽製造商和超大規模雲服務商——增強了我們對矽 IP 業務和 Rambus 長期增長機會的信心。當今市場的一個定義特徵是定製矽的快速增長。AI 的擴展正在推動一波新的定製矽開發浪潮。超大規模雲服務商、AI 基礎設施提供商和新興半導體公司正在設計越來越具差異化的架構和針對其自身環境優化的定製矽。

Luc Seraphin - Rambus, CEO

(00:10:29)These systems depend on advanced memory technologies, high-speed interconnects, and trusted security, creating significant opportunities for Rambus Silicon IP. During the quarter, we drove increasing ecosystem engagement and secured new tier-one design wins for next-generation HBM, supported by our deep architectural engagements ahead of standards being finalized. We continue to see increasing interest in PCIe controller and switch IP for scale-up and scale-out connectivity solutions as customers seek higher levels of performance and efficiency across rapidly expanding AI infrastructure.

(00:10:29)這些系統依賴於先進的記憶體技術、高速互連和可信的安全性，為 Rambus 矽 IP 創造了重大機會。在這個季度，我們推動了生態系統的參與，並為下一代 HBM 獲得了新的一級設計勝利，這得益於我們在標準最終確定之前的深度架構參與。隨著客戶尋求在快速擴展的 AI 基礎設施中實現更高的性能和效率，我們繼續看到對 PCIe 控制器和交換機 IP 的興趣日益增加。

Luc Seraphin - Rambus, CEO

(00:11:11)The importance of bleeding-edge IP continues to increase as customers pursue differentiated performance, power efficiency, and time-to-market advantages. As a result, we are engaging earlier in the architectural planning cycle with both our customers and their customers, participating in a broader set of strategic programs. Leading-edge memory and connectivity are fundamental to performance, and as AI infrastructure scales and becomes more heterogeneous, a hardware-based security foundation is becoming essential.

(00:11:11)尖端 IP 的重要性隨著客戶追求差異化的性能、電源效率和上市時間優勢而不斷增加。因此，我們在與客戶及其客戶的架構規劃週期中更早地參與，參與更廣泛的戰略計劃。領先的記憶體和連接對性能至關重要，隨著 AI 基礎設施的擴展和變得更加異構，基於硬體的安全基礎變得至關重要。

Luc Seraphin - Rambus, CEO

(00:11:49)Agentic AI relies on distributed computing architectures that execute workloads across multiple systems, increasing the available attack surface for adversaries—a growing concern in the current environment. As a pioneer and longtime leader in hardware-based security, Rambus IP solutions address that risk by providing a trusted foundation for the entire system and enhancing protection for valuable data and infrastructure. Building on our industry-leading security offerings, we recently added a new Root of Trust solution designed specifically for AI and data center deployments that supports the Caliptra specification.

(00:11:49)Agentic AI 依賴於分佈式計算架構，這些架構在多個系統上執行工作負載，增加了對手的可攻擊面——這在當前環境中是一個日益關注的問題。作為硬體安全的先驅和長期領導者，Rambus IP 解決方案通過為整個系統提供可信的基礎，增強對有價值數據和基礎設施的保護，來應對這一風險。在我們行業領先的安全產品基礎上，我們最近增加了一個專為 AI 和數據中心部署設計的新信任根解決方案，支持 Caliptra 規範。

Luc Seraphin - Rambus, CEO

(00:12:34)Caliptra was developed by key leading technology companies to establish a common hardware security foundation for data center-class SoCs and reflects the growing recognition that hardware-based security is essential for next-generation infrastructure. Looking across both chips and Silicon IP, we will continue to drive solutions that address the long-term foundational memory performance, high-speed connectivity, and robust security demands of AI infrastructure. At the same time, we are harnessing AI to advance the underlying tools and development infrastructure that enable us to move faster, extend our leadership, and scale the business more effectively.

(00:12:34)Caliptra 是由主要技術公司開發的，旨在為數據中心級 SoC 建立一個共同的硬體安全基礎，並反映出對基於硬體的安全性在下一代基礎設施中至關重要的日益認識。在晶片和矽 IP 之間展望，我們將繼續推動解決方案，以應對 AI 基礎設施對長期基礎記憶體性能、高速連接和強大安全性的需求。同時，我們正在利用 AI 來推進基礎工具和開發基礎設施，使我們能夠更快地行動，延續我們的領導地位，並更有效地擴大業務。

Luc Seraphin - Rambus, CEO

(00:13:20)As I mentioned at the beginning of the call, we recently announced a strategic investment and collaboration with ChipAgents, a fellow industry pioneer and leader in agentic AI design platforms. We see great opportunities to leverage the ChipAgents AI-native design flows to accelerate our roadmap by speeding the pace of our chip and IP development, improving design quality, and enhancing engineering productivity across our organization. We believe this collaboration further strengthens our competitive position, both for products and for IP, and reinforces Rambus's leadership role in the next generation of AI data center infrastructure.

(00:13:20)正如我在通話開始時提到的，我們最近宣佈了與 ChipAgents 的戰略投資和合作，ChipAgents 是一家在 agentic AI 設計平台方面的行業先驅和領導者。我們看到利用 ChipAgents AI 原生設計流程的巨大機會，以加速我們的路線圖，通過加快我們的晶片和 IP 開發的步伐，提高設計質量，並增強我們整個組織的工程生產力。我們相信這一合作進一步加強了我們的競爭地位，無論是對產品還是對 IP，並強化了 Rambus 在下一代 AI 數據中心基礎設施中的領導角色。

Luc Seraphin - Rambus, CEO

(00:14:05)In summary, the company delivered an exceptional third quarter, and we expect an even stronger Q4 as we continue to capitalize on the growing demand from AI. We achieved record revenue and earnings while expanding our chip and IP offerings. At the same time, we are investing in our development infrastructure to address the growing opportunities ahead. These results and decisions reflect the strength of our strategy and the continued alignment between Rambus technology and the most important trends shaping AI and data center infrastructure.

(00:14:05)總結來說，公司在第三季度表現卓越，我們預計第四季度會更強勁，因為我們繼續利用 AI 需求的增長。我們實現了創紀錄的收入和收益，同時擴大了我們的晶片和 IP 產品。同時，我們正在投資於我們的開發基礎設施，以應對未來增長的機會。這些結果和決策反映了我們戰略的強大，以及 Rambus 技術與塑造 AI 和數據中心基礎設施的最重要趨勢之間的持續一致性。

Luc Seraphin - Rambus, CEO

(00:14:40)We are executing well, and more importantly, we are continuing to invest for the future and build on a strong foundation of technology leadership and customer partnerships. We are confident in our trajectory, our roadmap, and our ability to drive continued profitable growth in 2027 and beyond. As always, I want to thank our customers, partners, and employees for their continued trust and support. And with that, I turn the call over to Sumeet.

(00:14:40)我們執行良好，更重要的是，我們繼續為未來投資，並在技術領導和客戶夥伴關係的堅實基礎上不斷發展。我們對我們的發展軌跡、路線圖以及在 2027 年及以後推動持續盈利增長的能力充滿信心。一如既往，我想感謝我們的客戶、合作夥伴和員工對我們的持續信任和支持。那麼，我將通話交給 Sumeet。

Sumeet Gagneja - Rambus, CFO

(00:15:11)Thank you, Luc, and good afternoon, everyone. We delivered an outstanding third quarter, achieving record revenue, earnings, and record cash flow from operations. These results reflect the strength of our business model, growing demand for our products and technologies, and disciplined execution across the company. Consistent with our balanced capital allocation strategy, we completed a $100 million accelerated share repurchase program during the quarter. The transaction demonstrates our confidence in the business and our commitment to returning capital to shareholders while preserving the flexibility to invest in growth.

(00:15:11)謝謝你，Luc，大家下午好。我們在第三季度表現出色，實現了創紀錄的收入、收益和創紀錄的營運現金流。這些結果反映了我們商業模式的強大、對我們產品和技術的需求增長，以及公司內部的嚴謹執行。與我們的平衡資本配置策略一致，我們在本季度完成了一項 1 億美元的加速股票回購計劃。此交易展示了我們對業務的信心，以及我們在保留增長投資靈活性的同時，向股東回報資本的承諾。

Sumeet Gagneja - Rambus, CFO

(00:15:59)Looking ahead, we believe Rambus is well positioned to capitalize on the secular growth in AI infrastructure, data centers, and advanced computing through the strength of our product and technology portfolio. With that, let me review our third-quarter financial results. Third-quarter revenue was $218 million, driven by strong product and contract revenue. This represents growth of 22% year-over-year and 5% sequentially. Product revenue was $114 million, up 22% year-over-year and 15% sequentially. Royalties revenue was $77 million.

(00:15:59)展望未來，我們相信 Rambus 在 AI 基礎設施、數據中心和先進計算的長期增長中處於良好位置，這得益於我們的產品和技術組合的強大。現在，讓我回顧我們第三季度的財務結果。第三季度的收入為 2.18 億美元，主要受到強勁的產品和合約收入驅動。這代表著同比增長 22%，環比增長 5%。產品收入為 1.14 億美元，同比增長 22%，環比增長 15%。版稅收入為 7700 萬美元。

Sumeet Gagneja - Rambus, CFO

(00:16:53)Contract and other revenue was $27 million, up 35% year-over-year and 13% sequentially. Contract and other revenue consists primarily of Silicon IP. As a reminder, only a portion of our Silicon IP revenue is reflected in contracts and other revenue; the remaining portion is reported in royalties revenue. Total non-GAAP operating costs, including cost of goods sold for the quarter, were $116 million. Operating expenses were $70 million, down sequentially due to slightly lower R&D and SG&A expenses. Interest and other income for the quarter was $7 million.

(00:16:53)合約及其他收入為 2700 萬美元，同比增長 35%，環比增長 13%。合約及其他收入主要由矽 IP 組成。提醒一下，我們的矽 IP 收入只有一部分反映在合約及其他收入中；其餘部分則報告在版稅收入中。本季度的總非 GAAP 營運成本，包括銷售成本，為 1.16 億美元。營運費用為 7000 萬美元，因為研發和 SG&A 費用略有下降而環比減少。本季度的利息及其他收入為 700 萬美元。

Sumeet Gagneja - Rambus, CFO

(00:17:41)Using a non-GAAP tax rate of 16%, non-GAAP net income for the quarter was $91.7 million, resulting in Q3 non-GAAP earnings per share of 84 cents, up 35% year-over-year and 10% sequentially. Now, let me turn to the balance sheet details. We ended the third quarter with cash, cash equivalents, and marketable securities totaling $777 million, down $48 million from Q2. Record cash flow from operations of $102 million was offset by $135 million of share repurchases, including the $100 million accelerated share repurchase program.

(00:17:41)使用 16% 的非 GAAP 稅率，本季度的非 GAAP 淨收入為9170 萬美元，導致第三季度的非 GAAP 每股收益為 84 美分，同比增長 35%，環比增長 10%。現在，讓我轉向資產負債表的細節。我們在第三季度結束時的現金、現金等價物和可交易證券總計為 7.77 億美元，較第二季度減少 4800 萬美元。創紀錄的營運現金流為 1.02 億美元，抵消了 1.35 億美元的股票回購，包括 1 億美元的加速股票回購計劃。

Sumeet Gagneja - Rambus, CFO

(00:18:34)Capital allocation remains a key priority for us. We intend to continue investing in the business while returning 40 to 50% of free cash flow to shareholders over time, supported by a strong balance sheet and continued cash generation. Our capital allocation approach reflects our focus on driving shareholder value while investing in growth and pursuing long-term opportunities ahead. We also leveraged the strength of our balance sheet to increase inventory by $12 million during the quarter, positioning us to support future product ramps and provide customers with greater supply assurance.

(00:18:34)資本配置仍然是我們的重點優先事項。我們打算繼續投資於業務，同時在未來將 40% 到 50% 的自由現金流回饋給股東，這得益於強勁的資產負債表和持續的現金生成。我們的資本配置方法反映了我們專注於推動股東價值，同時投資於增長和追求未來的長期機會。我們還利用資產負債表的優勢，在本季度增加了 1200 萬美元的庫存，為未來產品的增長提供支持，並為客戶提供更大的供應保障。

Sumeet Gagneja - Rambus, CFO

(00:19:16)Now, let me turn to our non-GAAP outlook for the fourth quarter. As a reminder, the forward-looking guidance reflects our best estimates at this time, and actual results could differ materially from what I am about to review. We expect fourth-quarter revenue to be between $227 million and $233 million. Product revenue is expected to be between $127 million and $133 million. At the midpoint of the guidance, this represents an increase of 34% year-over-year and 14% sequentially. Royalties revenue is expected to be between $68 million and $74 million.

(00:19:16)現在，讓我轉向我們第四季度的非 GAAP 展望。提醒一下，前瞻性指引反映了我們目前的最佳預測，實際結果可能與我即將回顧的內容有重大差異。我們預計第四季度的收入將在 2.27 億到 2.33 億美元之間。產品收入預計在 1.27 億到 1.33 億美元之間。在指引的中點，這代表著同比增長 34% 和環比增長 14%。版稅收入預計在 6800 萬到 7400 萬美元之間。

Sumeet Gagneja - Rambus, CFO

(00:20:04)Contract and other revenues are expected to be between $26 million and $32 million. We expect Q4 non-GAAP total operating costs, including cost of sales, to be between $120 million and $124 million. We expect Q4 capital expenditures to be approximately $8 million. Non-GAAP operating profit for the fourth quarter is expected to be between $103 million and $113 million. We expect fourth-quarter interest and other income to be approximately $6.5 million. Assuming a non-GAAP tax rate of 16% and 109 million diluted shares outstanding, we expect fourth-quarter non-GAAP earnings per share to be in the range of 84 cents to 92 cents.

(00:20:04)合約及其他收入預計在 2600 萬到 3200 萬美元之間。我們預計第四季度的非 GAAP 總營運成本，包括銷售成本，將在 1.2 億到 1.24 億美元之間。我們預計第四季度的資本支出約為 800 萬美元。第四季度的非 GAAP 營運利潤預計在 1.03 億到 1.13 億美元之間。我們預計第四季度的利息及其他收入約為 650 萬美元。假設非 GAAP 稅率為 16% 且稀釋後的流通股為 1.09 億，我們預計第四季度的非 GAAP 每股收益將在84 美分到 92 美分之間。

Sumeet Gagneja - Rambus, CFO

(00:20:58)At the midpoint of the guidance, this represents growth of 30% year-over-year and 5% sequentially. Overall, we are very pleased with our third-quarter performance. Our record revenue, earnings, and cash flow from operations demonstrate the breadth of our product and technology portfolio, the diversity of our revenue streams, and the disciplined execution of our teams. The midpoint of our fourth-quarter guidance implies that 2026 revenue will grow approximately 18% over 2025, including product revenue growth of approximately 24%.

(00:20:58)在指引的中點，這代表著同比增長 30% 和環比增長 5%。總體而言，我們對第三季度的表現非常滿意。我們創紀錄的收入、收益和營運現金流展示了我們產品和技術組合的廣度、收入來源的多樣性，以及我們團隊的嚴謹執行。我們第四季度指引的中點暗示 2026 年的收入將比 2025 年增長約 18%，其中產品收入增長約 24%。

Sumeet Gagneja - Rambus, CFO

(00:21:39)With our continued focus on driving growth and operating efficiency, we expect non-GAAP earnings per share to grow approximately 24% over 2025. We remain focused on executing our strategy and capturing the opportunities created by AI infrastructure, data center, and advanced computing markets. We are committed to translating these opportunities into sustainable growth, strong cash generation, and long-term shareholder value. With that, I'll turn the call back to the operator for Q&A. Operator, could we have our first question, please?

(00:21:39)隨著我們持續專注於推動增長和營運效率，我們預計非 GAAP 每股收益將比 2025 年增長約 24%。我們仍然專注於執行我們的策略，並抓住 AI 基礎設施、數據中心和先進計算市場所創造的機會。我們致力於將這些機會轉化為可持續增長、強勁的現金生成和長期的股東價值。現在，我將把電話交回給操作員進行問答。操作員，請問我們可以開始第一個問題嗎？

Operator

(00:22:33)Thank you. Ladies and gentlemen, if you have a question, please press star one on your touch-tone phone. Please limit yourself to one question and one follow-up. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Kevin Garrigan with Jefferies. Kevin, your line is open. Please go ahead.

(00:22:33)謝謝。各位女士先生，如果您有問題，請在您的觸控電話上按星號一。請限制自己提問一個問題和一個後續問題。如果您在本地被靜音，請記得解除靜音您的設備。請稍候，我們正在整理問答名單。您的第一個問題來自 Jefferies 的 Kevin Garrigan。Kevin，你的線路已開通。請繼續。

Q&A Kevin Garrigan - Jefferies, Analyst

(00:23:03)Yeah, hey team, thanks for taking my questions and congratulations on the results. Hey Luc, so Q3 product revenue growth was 22% year over year. The Q4 midpoint implies about 34% growth. And I know you mentioned strong growth across RCD generations, but can you give us a sense of how much growth is coming from other areas like companion chip ramps or any initial MRDIMM shipments?

(00:23:03)嗨，團隊，謝謝你們回答我的問題，並祝賀你們取得的成果。嗨，Luc，第三季度的產品收入增長為 22%。第四季度的中點預示著約 34% 的增長。我知道你提到 RCD 各代產品的強勁增長，但你能告訴我們其他領域的增長情況嗎，比如伴隨晶片產品的增長或任何初步的 MRDIMM 出貨？

Luc Seraphin - Rambus, CEO

(00:23:28)Thanks, Kevin. Yeah, we're really pleased with the Q3 results and the projected 34% year-over-year growth for Q4. We always expected the second half of the year to be stronger than the first half. I would say it's a combination of increasing market demand and many of our products ramping into the market. The new generation of RCDs accounts for the bulk of that growth. At the beginning of the year, we said our companion chip products represented approximately a low double-digit percentage of our product revenue and that this would grow sequentially quarter to quarter.

(00:23:28)謝謝，Kevin。是的，我們對第三季度的結果和預測的第四季度 34% 的年增長感到非常高興。我們一直預期下半年的表現會比上半年強。我會說這是市場需求增加和我們許多產品進入市場的結合。新一代的 RCD 佔據了這一增長的主要部分。在年初，我們表示伴隨晶片產品大約佔我們產品收入的低雙位數百分比，並且這將會逐季增長。

Luc Seraphin - Rambus, CEO

(00:24:08)We are seeing this trend materialize. MRDIMM shipments remain very modest, actually. We have shipped MRDIMMs for qualification and pre-production this year. The AMD platform is starting to ramp. So, it's still very modest at this stage. We're really pleased with this 34% year-over-year growth, driven primarily by the core RCD and companion chip products.

(00:24:08)我們看到這一趨勢正在實現。其實，MRDIMM 的出貨量仍然非常有限。我們今年已經出貨了 MRDIMM 以進行資格認證和預生產。AMD 平台開始增長。所以，在這個階段仍然非常有限。我們對這一 34% 的年增長感到非常高興，主要是由核心 RCD 和伴隨晶片產品推動的。

Kevin Garrigan - Jefferies, Analyst

(00:24:36)Okay, great. And then, as a follow-up, just on the MRDIMM opportunity, The RCD playbook was always about being first to market and qualifying early. One of your competitors was designed for the first-generation MRDIMM platform. So what's different about this next generation that gives you confidence you can take a leadership position?

(00:24:36)好的，很棒。然後，作為後續問題，關於 MRDIMM 的機會，RCD 的策略一直是搶先進入市場並提前獲得資格。你們的一個競爭對手是為第一代 MRDIMM 平台設計的。那麼，這一代產品有什麼不同之處讓你們有信心能夠取得領導地位？

Luc Seraphin - Rambus, CEO

(00:24:59)The difference with MRDIMM is that it is associated with the launch of a platform very different from what we've seen in recent years. Currently, there is only one platform supporting MRDIMM as it grows into the market. We don't yet know what portion of MRDIMM will be compared to standard DIMMs in that area. So it's going to be a ramp, and we're confident this ramp will happen. We still believe this is a great opportunity, which we size at $600 million in total. However, the ramp will be shallower, in our opinion, than other product generations, simply because not all platforms are ramping simultaneously.

(00:24:59)MRDIMM 的不同之處在於它與一個與我們近年來所見截然不同的平台的推出相關。目前，只有一個平台支持 MRDIMM 隨著市場的增長。我們尚不清楚在該領域中 MRDIMM 將佔據多少比例與標準 DIMM 相比。所以這將是一個增長過程，我們有信心這一增長會發生。我們仍然認為這是一個很好的機會，我們預測總額為 6 億美元。然而，在我們看來，這一增長將比其他產品代的增長要淺，因為並非所有平台都在同時增長。

Luc Seraphin - Rambus, CEO

(00:25:52)This is a new technology, and our customers need to adopt it and work through initial challenges. There's also a trend in the market of memory de-specking (de-spec). It's not that people are decreasing the number of modules, but they tend to decrease the capacity of each of these modules. We see growth in the number of modules in the market, which explains our Q4 growth, but at the same time, each module tends to have lower capacity due to current memory economics. So, between memory economics, the stage of platform ramp, and the introduction of new technology and supply, we see this as a great opportunity, but expect the ramp to be shallower than a standard ramp of an RCD product.

(00:25:52)這是一項新技術，我們的客戶需要採用它並克服初步挑戰。市場上還有一個記憶體降規（de-spec）的趨勢。不是說人們減少了模組的數量，而是他們傾向於減少每個模組的容量。我們看到市場上模組數量的增長，這解釋了我們第四季度的增長，但同時，由於當前的記憶體經濟學，每個模組的容量往往較低。因此，在記憶體經濟學、平台增長階段以及新技術和供應的引入之間，我們認為這是一個很好的機會，但預計增長將比標準的 RCD 產品增長要淺。

Kevin Garrigan - Jefferies, Analyst

(00:26:49)Yep, got it. Okay, perfect. Thanks for the insight and congratulations again on the results.

(00:26:49)是的，明白了。好的，完美。謝謝你的見解，再次祝賀你們取得的成果。

Operator

(00:26:54)Thank you, Kevin. Your next question comes from Gary Mobley with StoneX. Gary, your line is open. Please go ahead.

(00:26:54)謝謝你，Kevin。你的下一個問題來自 StoneX 的 Gary Mobley。Gary，你的線路已開通。請繼續。

Gary Mobley - StoneX, Analyst

(00:27:05)Thank you. Good afternoon, gentlemen. Thanks for taking my question and congratulations on strong execution as we navigate the second half of the year. Clearly, the second half of the year is showing seasonal strength on the product side, as you have communicated throughout the year. Based on what appears to be a strong market environment and your existing backlog, how would you characterize the seasonality of the first half of the year? We see something a little atypical, perhaps slightly better than seasonal, in the first half of the year.

(00:27:05)謝謝。下午好，先生們。謝謝你們回答我的問題，並祝賀你們在下半年強勁的執行力。顯然，下半年的產品方面顯示出季節性強勁，正如你們全年所傳達的。根據看起來強勁的市場環境和你們現有的訂單積壓，你們會如何描述上半年的季節性？我們看到上半年有些不尋常的情況，或許稍微好於季節性。

Gary Mobley - StoneX, Analyst

(00:27:39)How do you see your visibility shaping up for the first half of the year on the product side?

(00:27:39)您如何看待今年上半年產品方面的可見度？

Luc Seraphin - Rambus, CEO

(00:27:45)Yes, that's correct, Gary. The second half of the year typically benefits from a seasonal effect that works in our favor. I would also add that we are very pleased with our execution this year. We are seeing our companion chip ramping up earnestly, for example. A new generation is being adopted at a higher rate than before. Looking into 2027, we expect demand to strengthen. I believe this trend will continue upward, so we are quite optimistic about 2027. Demand is indeed strengthening. We have better visibility into our backlog as we approach 2027.

(00:27:45)是的，沒錯，Gary。下半年通常會受益於對我們有利的季節性效應。我還想補充的是，我們對今年的執行非常滿意。例如，我們看到我們的伴隨晶片正在確實放量。新一代產品的採用率比以往更高。展望 2027 年，我們預期需求將增強。我相信這一趨勢將持續上升，因此我們對 2027 年相當樂觀。需求確實在增強。隨著我們接近 2027 年，我們對訂單積壓（backlog）的可見度更好。

Luc Seraphin - Rambus, CEO

(00:28:29)I anticipate we will continue to see some seasonality between the first and second halves of 2027. Overall, we remain confident in the health of demand growth for 2027.

(00:28:29)我預計在 2027 年上半年和下半年之間會繼續出現一些季節性變化。總體而言，我們對 2027 年需求增長的健康狀況保持信心。

Gary Mobley - StoneX, Analyst

(00:28:43)Thank you for that, Gary. As a follow-up, I wanted to ask about the Silicon IP business. I believe you have communicated that this could be a $130 million annual business. I would assume it is trending above that. Can you confirm or provide any additional insight on that? Regarding custom ASIC development, do you see opportunities—whether in high-speed interface IP, high-speed memory interface IP, or security IP—to establish long-term development partnerships with hyperscalers developing custom silicon?

(00:28:43)謝謝你，Gary。作為後續問題，我想詢問有關矽 IP 業務的情況。我相信您已經傳達過這可能是一個 1.3 億美元的年業務。我假設它是超過這個數字的。您能否確認或提供任何額外的見解？關於定製 ASIC 開發，您是否看到機會——無論是在高速接口 IP、高速內存接口 IP 還是安全 IP 方面——與開發定製矽的超大規模企業建立長期開發夥伴關係？

Gary Mobley - StoneX, Analyst

(00:29:27)Similar to what we've seen with other competitors in the IP space.

(00:29:27)這與我們在 IP 領域看到的其他競爭對手類似。

Luc Seraphin - Rambus, CEO

(00:29:34)Yes. Gary, I'll begin with the second question about the potential for Silicon IP, then I'll ask someone to address revenue and growth. We are increasingly engaged with the ecosystem on Silicon IP because chips are becoming more complex and require more sophisticated integration. This is especially true at the bleeding edge of technology. For example, as we described in our last call, we are engaged with a hyperscaler on next-generation memory. Our confidence in Silicon IP continues to grow. Looking at our product rollout, we have PCIe 7 IP and PCIe 7 switches.

(00:29:34)是的。Gary，我將從第二個問題開始，談談矽 IP 的潛力，然後我會請其他人來談談收入和增長。我們與矽 IP 生態系統的參與度日益增加，因為芯片變得越來越複雜，需要更精密的整合。在技術的最前沿，這一點尤其如此。例如，正如我們在上次電話會議中所描述的，我們正在與一家超大規模企業合作開發下一代內存。我們對矽 IP 的信心持續增長。在我們的產品推出中，我們有 PCIe 7 IP 和 PCIe 7 交換機。

Luc Seraphin - Rambus, CEO

(00:30:20)We also have HBM4 and next-generation HBM, along with dedicated security solutions for data centers. We are deeply engaged with the ecosystem, which gives us opportunities to expand our portfolio both organically and potentially inorganically. Additionally, we aim to partner with customers to develop broader system solutions. As part of our Silicon IP strategy, we are increasingly collaborating with partners at the system level. For instance, our announcement about Agentic AI supports this approach.

(00:30:20)我們還有 HBM4 和下一代 HBM，以及針對數據中心的專用安全解決方案。我們與生態系統的深度參與為我們提供了有機和潛在的非有機擴展我們產品組合的機會。此外，我們的目標是與客戶合作開發更廣泛的系統解決方案。作為我們矽 IP 戰略的一部分，我們越來越多地與系統層面的夥伴合作。例如，我們關於 Agentic AI 的公告支持這一方法。

Luc Seraphin - Rambus, CEO

(00:31:07)The ability to have agents assist in integrating IP into more complex systems is enabled by these technologies. We are building the infrastructure to support this. This is the direction we are heading. It will take time, but this is a very positive trend for us. Now, let's have Sumeet provide an update on the numbers.

(00:31:07)讓代理協助將 IP 整合到更複雜系統中的能力是這些技術所實現的。我們正在建立支持這一點的基礎設施。這是我們前進的方向。這需要時間，但這對我們來說是一個非常積極的趨勢。現在，讓 Sumeet 提供有關數字的更新。

Sumeet Gagneja - Rambus, CFO

(00:31:30)Thanks, Luc. To add to that, Gary, our Silicon IP business has been around $130 million, growing at 10% to 15%. But as Luc mentioned, our confidence has been building throughout the year, and 2026 has been a strong year for our Silicon IP business, alongside strong momentum in design wins. I would say we are trending toward the higher end of that growth range. We've set a 10% to 15% growth target and continue to make progress across memory interface and security segments. Thank you both.

(00:31:30)謝謝，Luc。除此之外，Gary，我們的矽 IP 業務大約在 1.3 億美元，增長率為 10% 到 15%。但正如 Luc 提到的，我們的信心在整個年度中不斷增強，2026 年對我們的矽 IP 業務來說是一個強勁的年份，並且設計贏得了強勁的動能。我會說我們正朝著增長範圍的高端趨勢發展。我們設定了 10% 到 15% 的增長目標，並在內存接口和安全領域持續取得進展。謝謝你們兩位。

Operator

(00:32:07)Your next question comes from Sebastien Naji with William Blair. Sebastien, your line is open. Please go ahead.

(00:32:07)您的下一個問題來自 William Blair 的 Sebastien Naji。Sebastien，您的線路已開通。請繼續。

Sebastien Naji - William Blair, Analyst

(00:32:18)Good afternoon, and thank you for taking my questions. First, I wanted to ask about the LPDDR6 PMIC that you announced. Could you provide some insight into how this increases your dollar content per module compared to the SOCAMM2 content announced in April? I believe it was related to voltage regulators in an SPD hub? And when do you anticipate initial revenue from that?

(00:32:18)下午好，謝謝您接受我的提問。首先，我想詢問您所宣佈的 LPDDR6 PMIC。您能否提供一些見解，說明這如何提高您每個模組的美元內容，與四月宣佈的 SOCAMM2 內容相比？我相信這是與 SPD 集線器中的電壓調節器有關？那麼您預計何時會從中獲得初步收入？

Luc Seraphin - Rambus, CEO

(00:32:41)Thank you, Sébastien. I will be somewhat discreet about the exact content of this SOCAMM2 since the final specification has not yet been released. I prefer to wait until the final specification is available. However, I can say that moving from the first version of SOCAMM announced earlier this year to this new generation, the content is increasing. The power management is more complex. Consequently, the dollar content will increase from the first generation to the second generation. The module's performance will also improve significantly, which I believe will drive higher adoption.

(00:32:41)謝謝，Sébastien。我會對這個 SOCAMM2 的具體內容保持一些謹慎，因為最終規範尚未發布。我更願意等到最終規範可用時再說。不過，我可以說，從今年早些時候宣佈的第一版 SOCAMM 到這一新一代，內容正在增加。電源管理變得更加複雜。因此，美元內容將從第一代增加到第二代。模組的性能也將顯著改善，我相信這將推動更高的採用率。

Luc Seraphin - Rambus, CEO

(00:33:38)Like all SOCAMM solutions, this provides an excellent solution for AI areas where power performance is critical. However, this represents a small portion of the market, and that will remain the case between the first version of SOCAMM and SOCAMM2. SOCAMM2 is expected to enter the market around 2028. We view AI infrastructure development as having multiple horizons for us. We aim to develop these solutions well ahead of market demand. When they are deployed, we will have proven solutions available. This approach explains our Q4 performance this year, which is largely based on products developed previously.

(00:33:38)像所有 SOCAMM 解決方案一樣，這為電源性能至關重要的 AI 領域提供了出色的解決方案。不過，這只佔市場的一小部分，這一情況在第一版 SOCAMM 和 SOCAMM2 之間仍將如此。SOCAMM2 預計將於 2028 年左右進入市場。我們認為 AI 基礎設施的發展對我們來說有多個視野。我們的目標是提前開發這些解決方案，以滿足市場需求。當它們部署時，我們將擁有經過驗證的解決方案可用。這種方法解釋了我們今年第四季度的表現，這主要基於之前開發的產品。

Luc Seraphin - Rambus, CEO

(00:34:34)These products had limited traction initially but are now generating revenue in Q4. The same will apply to SOCAMM. SOCAMM will address a niche segment of the AI infrastructure stack. Adoption of LP will occur. However, it will not happen rapidly. The content will not match that of current standard memory. Nonetheless, it is important for us to include this in our portfolio while supporting our customers and ecosystem partners in deploying their solutions.

(00:34:34)這些產品最初的吸引力有限，但現在在第四季度產生了收入。SOCAMM 也將如此。SOCAMM 將針對 AI 基礎設施堆棧中的一個利基市場。LP 的採用將會發生。不過，這不會迅速發生。內容不會與當前標準記憶體相匹配。儘管如此，對我們來說，在支持客戶和生態系統合作夥伴部署其解決方案的同時，將其納入我們的產品組合仍然很重要。

Sebastien Naji - William Blair, Analyst

(00:35:09)Great. Okay. That is very helpful. Thank you, Luc. My second question, or follow-up, is for Sumeet regarding gross margins. Non-GAAP product gross margins were approximately 60.4% in Q3. This is at the lower end of the 60% to 63% near-term range you provided. Could you clarify how much of this gap is due to mix, such as more companion chip revenue and next-generation RCDs with early yields, versus wafer, substrate, or OSAT cost inflation? Also, how should we expect Q4 product gross margins to perform? Will they remain in the lower 60% range, or is there potential for improvement?

(00:35:09)很好。好的。這非常有幫助。謝謝你，Luc。我的第二個問題，或後續問題，是針對 Sumeet 有關毛利率的。第三季度的非 GAAP 產品毛利率約為 60.4%。這在您提供的 60% 到 63% 的短期範圍的低端。您能否澄清這一差距有多少是由於組合造成的，例如更多的伴隨晶片收入和早期產量的下一代 RCD，而不是晶圓、基板或 OSAT 成本通脹？此外，我們應該如何預期第四季度產品毛利率的表現？它們會保持在 60% 的低端範圍內，還是有改善的潛力？

Sumeet Gagneja - Rambus, CFO

(00:35:52)Thank you for the question, Sébastien. Historically, our gross margin has been between 60% and 63%, and you are correct that Q3 was slightly above 60%. Our long-term target remains between 60% and 65%. In the near term, margins trending toward the lower end are primarily driven by supply chain input costs. We have been successful in offsetting these input costs through internal cost savings, maintaining product gross margins in the 60% to 63% range. Going into Q4, the situation is similar, but investments and cost reductions, especially on the operations side, may lead to a slight increase in gross margin.

(00:35:52)謝謝你的問題，Sébastien。歷史上，我們的毛利率一直在 60% 到 63% 之間，您是對的，第三季度略高於 60%。我們的長期目標仍然在 60% 到 65% 之間。在短期內，毛利率趨向低端主要是由供應鏈投入成本驅動的。我們已成功通過內部成本節省來抵消這些投入成本，保持產品毛利率在 60% 到 63% 之間。進入第四季度，情況類似，但投資和成本降低，特別是在運營方面，可能會導致毛利率略有上升。

Sumeet Gagneja - Rambus, CFO

(00:36:44)However, this increase will be modest and still within the 60% to 63% range. On a full-year basis, it is more important to consider gross margin performance. We expect 2026 gross margins to be near the middle of the 60% to 63% range. Understood.

(00:36:44)不過，這一增長將是適度的，仍然在 60% 到 63% 之間。從全年來看，更重要的是考慮毛利率的表現。我們預計 2026 年的毛利率將接近 60% 到 63% 範圍的中間。明白了。

Operator

(00:37:06)Great. Thank you. Thank you. Your next question comes from Mark Lipacis of Evercore. Mark, your line is now open. Please go ahead.

(00:37:06)很好。謝謝。謝謝。您的下一個問題來自 Evercore 的 Mark Lipacis。Mark，您的線路現在開放。請開始。

Mark Lipacis - Evercore, Analyst

(00:37:21)Great. Thank you for taking my question. I have two questions. I was hoping you could discuss lead times from your suppliers, specifically whether you are seeing any tightening on the front or back end of the foundry business. Also, can you comment on lead times to your customers? Are you stretching lead times to your customers, and is there any indication that your customers or the downstream supply chain are increasing their inventories given the tightening environment? Thank you.

(00:37:21)很好。感謝您回答我的問題。我有兩個問題。我希望您能討論一下供應商的交貨時間，特別是您是否看到代工業務的前端或後端有任何緊縮。此外，您能否評論一下對客戶的交貨時間？您是否在延長對客戶的交貨時間？是否有任何跡象顯示您的客戶或下游供應鏈在緊縮環境下增加了庫存？謝謝。

Luc Seraphin - Rambus, CEO

(00:38:04)Thanks, Mark. I'll start and then let Sumeet comment. On the supply side, we are seeing lead times increase. We signaled this two calls ago. We anticipated this and have implemented plans to mitigate the impact. We are leveraging our strong balance sheet to build inventory of products we expect to grow substantially with our customers, and we maintain constant relationships with our suppliers to ensure we can meet customer demand using our financial strength. So, yes, lead times on the supply side are longer, but this has not impacted our Q3 results and will not affect our Q4 guidance.

(00:38:04)謝謝，Mark。我先開始，然後讓 Sumeet 發表評論。在供應方面，我們看到交貨時間在增加。我們在兩次電話會議前就已經發出這個信號。我們預見到了這一點，並已實施計劃以減輕影響。我們正在利用我們強大的資產負債表來建立我們預期會與客戶大幅增長的產品庫存，並保持與供應商的穩定關係，以確保我們能夠利用我們的財務實力滿足客戶需求。所以，是的，供應方面的交貨時間更長，但這並未影響我們的第三季度業績，也不會影響我們的第四季度指引。

Luc Seraphin - Rambus, CEO

(00:38:58)We have managed this well so far, but we must continue to do so. Regarding lead times to our customers, they have not increased at this time. However, we are in ongoing discussions with them. The entire supply chain is tightening. Fortunately, our business is very focused. We have strong partnerships with our customers and collaborate closely to ensure we can supply their needs. In summary, lead times are longer on the supply side, but we are using our balance sheet to manage this. At this point, we have not increased lead times to our customers.

(00:38:58)到目前為止，我們管理得很好，但我們必須繼續這樣做。關於對客戶的交貨時間，目前並未增加。不過，我們正在與他們進行持續的討論。整個供應鏈正在緊縮。幸運的是，我們的業務非常專注。我們與客戶建立了強大的夥伴關係，並密切合作以確保我們能夠滿足他們的需求。總結來說，供應方面的交貨時間更長，但我們正在利用我們的資產負債表來管理這一點。到目前為止，我們並未增加對客戶的交貨時間。

Mark Lipacis - Evercore, Analyst

(00:39:43)Just to clarify, do you have visibility into whether your customers or their downstream customers are increasing inventories, or is that a black box to you?

(00:39:43)只是為了澄清，您是否能看到您的客戶或他們的下游客戶是否在增加庫存，還是這對您來說是一個黑箱？

Luc Seraphin - Rambus, CEO

(00:39:58)It's very difficult to determine. What we observe is that customers are placing orders earlier than they did a quarter or two ago. Everyone understands the current situation, so we have better backlog visibility, which allows us to deepen our relationships with customers. Once we understand their backlog profiles, it becomes easier to collaborate on how to manage that backlog. So, we don't see customers building inventory, but we do see them placing orders earlier.

(00:39:58)這很難確定。我們觀察到客戶比一兩個季度前更早下訂單。每個人都理解當前的情況，因此我們有了更好的訂單積壓可見性，這使我們能夠加深與客戶的關係。一旦我們瞭解他們的訂單積壓情況，與他們合作管理這些積壓就變得更容易。所以，我們並不認為客戶在增加庫存，但我們確實看到他們更早下訂單。

Mark Lipacis - Evercore, Analyst

(00:40:39)Got it. Very helpful. Thank you.

(00:40:39)明白了。非常有幫助。謝謝。

Luc Seraphin - Rambus, CEO

(00:40:41)Thank you, Mark.

(00:40:41)謝謝你，Mark。

Operator

(00:40:44)Your next question comes from Tristan Gerra with Baird. Tristan, your line is open. Please go ahead.

(00:40:44)您的下一個問題來自 Baird 的 Tristan Gerra。Tristan，您的線路已開放。請開始。

Tristan Gerra - Baird, Analyst

(00:40:53)Hi. Good afternoon. If I understood correctly, you mentioned that your revenue this quarter and guidance are not constrained by supply. That provides some confidence compared to when you faced supply issues previously. What is your level of confidence that you can meet the accelerating demand you described for next year? I know you are not guiding beyond this quarter, but do you believe the year-over-year product revenue acceleration is sustainable, or do you foresee supply challenges again next year?

(00:40:53)嗨。下午好。如果我理解正確，您提到本季度的收入和指引並不受供應限制。這與您之前面臨供應問題時相比，提供了一些信心。您對能夠滿足您所描述的明年加速需求的信心有多大？我知道您不會對本季度以外的情況進行指引，但您認為同比產品收入的加速是可持續的，還是您預見明年會再次面臨供應挑戰？

Tristan Gerra - Baird, Analyst

(00:41:37)Also, are there discussions about longer-term agreements or other arrangements customers are pursuing to secure supply from you?

(00:41:37)此外，是否有關於客戶為了確保從您那裡獲得供應而追求的長期協議或其他安排的討論？

Luc Seraphin - Rambus, CEO

(00:41:50)Thank you, Tristan. We see demand strengthening into next year and have begun working with our supply chain partners to meet anticipated requirements. Honestly, this is something we address almost weekly. We explore all avenues to support our customer base. Demand remains strong going into 2027. Supply will continue to be tight. But as we did in 2026, we are working early with our supply base to explore every option to support customer demand. That's how we view this. The good news is that demand for the products in our portfolio remains strong.

(00:41:50)謝謝你，Tristan。我們看到需求在明年增強，並已開始與我們的供應鏈夥伴合作，以滿足預期的需求。說實話，這是我們幾乎每週都在處理的事情。我們探索所有途徑來支持我們的客戶基礎。需求在進入 2027 年時仍然強勁。供應將繼續緊張。但正如我們在 2026 年所做的，我們正在提前與我們的供應基礎合作，探索每一個選項以支持客戶需求。我們就是這樣看待這個問題的。好消息是，我們產品組閤中的需求仍然強勁。

Luc Seraphin - Rambus, CEO

(00:42:47)Demand for CPUs is increasing, and the CPU-to-GPU ratio is shifting in our favor. This trend is well understood from our customers down to our suppliers, and we will do our best to meet this growing demand through 2027.

(00:42:47)CPU 的需求正在增加，CPU 與 GPU 的比例正在向我們有利的方向轉變。這一趨勢在我們的客戶和供應商之間都得到了很好的理解，我們將竭盡所能滿足到 2027 年不斷增長的需求。

Tristan Gerra - Baird, Analyst

(00:43:08)Great. As a quick follow-up, I wanted to explore the difference in content opportunity medium-term between x86 CPUs and standalone Vera. I estimate about a 4x content opportunity in x86 CPUs compared to what you would get on the SOCAMM2 side. Are you quantifying the opportunity and the differences you see between x86 and ARM-based CPUs for next year and beyond?

(00:43:08)很好。作為快速的後續問題，我想探討一下 x86 CPU 和獨立 Vera 之間的中期內容機會差異。我估計 x86 CPU 的內容機會約為 SOCAMM2 的一個 4 倍。你是否在量化你所看到的 x86 和基於 ARM 的 CPU 之間的機會和差異，針對明年及以後的情況？

Luc Seraphin - Rambus, CEO

(00:43:52)Yes, thank you, Tristan. Our perspective and excitement about AI infrastructure deployment is based on several factors. We consider this from an aggregate standpoint. For example, in AI head nodes, SOCAMM and LP memory can be utilized. While not always used, these technologies can be applied. This presents a technological opportunity for us. It enables us to advance our LP technology across all fronts. Overall, growth in head nodes will create opportunities for SOCAMM. However, higher growth is expected in traditional servers, driven by necessary refresh cycles to support a range of standard applications.

(00:43:52)是的，謝謝你，Tristan。我們對 AI 基礎設施部署的看法和興奮是基於幾個因素。我們從整體的角度來考慮這個問題。例如，在 AI 頭節點中，可以利用 SOCAMM 和 LP 記憶體。雖然這些技術並不總是被使用，但可以應用。這為我們提供了一個技術機會。它使我們能夠在各個方面推進我們的 LP 技術。總體而言，頭節點的增長將為 SOCAMM 創造機會。然而，傳統伺服器的增長預期更高，這是由於支持一系列標準應用所需的更新週期。

Luc Seraphin - Rambus, CEO

(00:44:48)We also see growth in agentic standard CPUs for orchestration, tools management, and memory management. So, aggregating head nodes with SOCAMM and standard plus agentic servers, the entire market is expanding. The majority of growth is coming from CPUs with standard memory subsystems. That is our overall perspective. We do not view SOCAMM as cannibalizing the standard DIMM market. Rather, it is complementary. SOCAMM enhances system efficiency. Standard memory subsystems are projected to grow at a faster pace through 2027.

(00:44:48)我們還看到用於編排、工具管理和記憶體管理的代理標準 CPU 的增長。因此，將 SOCAMM 和標準加上代理伺服器的頭節點進行整合，整個市場正在擴大。大部分增長來自於具有標準記憶體子系統的 CPU。這是我們的整體觀點。我們不認為 SOCAMM 會侵蝕標準 DIMM 市場。相反，它是互補的。SOCAMM 提高了系統效率。預計標準記憶體子系統將在 2027 年前以更快的速度增長。

Luc Seraphin - Rambus, CEO

(00:45:35)Meanwhile, head nodes will drive adoption of new technologies like SOCAMM. This maximizes application performance. We see these technologies as complementary, which is why we aim to provide solutions for all. We want to remain agnostic to memory subsystems as AI infrastructure grows in the market because as infrastructure expands, heterogeneous systems will emerge, and it's important we have solutions for each. However, the vast majority will continue to be CPUs with standard DIMM configurations.

(00:45:35)同時，頭節點將推動新技術如 SOCAMM 的採用。這最大化了應用性能。我們認為這些技術是互補的，這就是為什麼我們旨在為所有人提供解決方案。隨著 AI 基礎設施在市場上的增長，我們希望對記憶體子系統保持中立，因為隨著基礎設施的擴展，異構系統將會出現，我們必須為每一種系統提供解決方案。然而，絕大多數仍將是具有標準 DIMM 配置的 CPU。

Tristan Gerra - Baird, Analyst

(00:46:18)Great. Thank you very much.

(00:46:18)很好。非常感謝。

Luc Seraphin - Rambus, CEO

(00:46:20)Thanks, Tristan.

(00:46:20)謝謝你，Tristan。

Operator

(00:46:23)Your next question comes from Kevin Cassidy with Rosenblatt Securities. Kevin, your line is open. Please go ahead.

(00:46:23)下一個問題來自 Rosenblatt Securities 的 Kevin Cassidy。Kevin，你的線路已開通。請繼續。

Kevin Cassidy - Rosenblatt Securities, Analyst

(00:46:33)Yes, thanks, and congratulations on the great quarter. It's interesting that you mentioned custom chips and your earlier involvement in the design cycle. I'm wondering if this helps you win more module business as those designs move into production?

(00:46:33)是的，謝謝，恭喜你們取得了優異的季度表現。你提到定製芯片和你早期參與設計週期，這很有趣。我想知道這是否幫助你在這些設計進入生產時贏得更多模塊業務？

Luc Seraphin - Rambus, CEO

(00:46:59)Thanks, Kevin. We're very excited about our Silicon IP engagements with the ecosystem because they provide great insight into architectural trends. When we talk to hyperscalers about selling our Silicon IP, we gain insights into architectural challenges they face and their future direction. This helps us continue developing the right product roadmap for these types of products. It also gives us insight into overall system architecture, including where DIMMs and LP memory will be used, and which DDR generation will be selected and why.

(00:46:59)謝謝你，Kevin。我們對與生態系統的矽 IP 合作感到非常興奮，因為它們提供了對架構趨勢的深刻洞察。當我們與超大規模客戶談論銷售我們的矽 IP 時，我們獲得了他們面臨的架構挑戰和未來方向的洞察。這幫助我們繼續為這類產品開發正確的產品路線圖。它還使我們能夠洞察整體系統架構，包括 DIMM 和 LP 記憶體將被使用的地方，以及將選擇哪一代 DDR 及其原因。

Luc Seraphin - Rambus, CEO

(00:47:55)It provides a valuable channel of information. It's almost... through these discussions, we gain a good sense of technology trends, not only on the Silicon IP side but also regarding system configurations with different module types.

(00:47:55)這提供了一個有價值的信息渠道。幾乎是...通過這些討論，我們對技術趨勢有了良好的瞭解，不僅在矽 IP 方面，還包括不同模塊類型的系統配置。

Kevin Cassidy - Rosenblatt Securities, Analyst

(00:48:18)Right, and that seems like a significant advantage over your two competitors who lack an IP story. And maybe one more question on inventory: Are you comfortable with current days of inventory, or should we expect it to continue increasing despite rising demand next year?

(00:48:18)對，這似乎是你們兩個缺乏 IP 故事的競爭對手的一個重大優勢。也許再問一個有關庫存的問題：你對當前的庫存天數感到滿意嗎？還是我們應該預期儘管明年需求上升，庫存仍會繼續增加？

Sumeet Gagneja - Rambus, CFO

(00:48:40)Yes, Kevin, good question. As you mentioned, we have been growing inventory this year. In Q3, we grew by $12 million, primarily driven by our core operations. We are leveraging the strength of our balance sheet to provide greater assurance to our customers. In Q4, as Luc mentioned throughout the call, we have increased visibility into the backlog, and with accelerating demand, we plan to build inventory at levels similar to those in Q2 and Q3.

(00:48:40)是的，Kevin，這是一個好問題。正如你所提到的，我們今年的庫存一直在增長。在第三季度，我們增長了 1200 萬美元，主要受到我們核心業務的推動。我們正在利用資產負債表的優勢，為客戶提供更大的保障。在第四季度，正如 Luc 在整個電話會議中提到的，我們對積壓訂單的可見性有所提高，隨著需求的加速增長，我們計劃將庫存建設到與第二季度和第三季度相似的水平。

Kevin Cassidy - Rosenblatt Securities, Analyst

(00:49:17)Okay, great. Thank you.

(00:49:17)好的，很棒。謝謝你。

Operator

(00:49:22)At this time, there are no further questions. This concludes the question-and-answer session. I would like to turn the conference back over to the company for closing remarks.

(00:49:22)此時，沒有其他問題。這結束了問答環節。我想將會議交回公司進行結束發言。

Luc Seraphin - Rambus, CEO

(00:49:34)Thank you to everyone who joined us today for your continued interest and support. We look forward to speaking with you again soon. Thank you. Thank you.

(00:49:34)感謝今天參加的每一位，感謝你們的持續關注和支持。我們期待不久後再次與您交談。謝謝你。謝謝你。

Operator

(00:49:45)This concludes today's conference. You may now disconnect.

(00:49:45)這結束了今天的會議。現在您可以斷開連接。