Teradyne（TER）— 2026-10-28 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-28（美國時間盤前） 逐字稿為 Teradyne 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。 - 「form factor investment」／「形式因素投資」「形態因子投資」→ FormFactor 投資（公司名誤轉寫；Teradyne 對 FormFactor 的 3 億美元投資預計 4Q26 完成交割，需監管核准） - 「Both the bill for the quarter was 1.4 times」／「帳單為 1.4 倍」→ book-to-bill 1.4 倍（產品測試組）；分析師問題中的「1.4 book that Bill highlighted」同步還原為 1.4 book-to-bill - CFO 答 CJ Muse 時口誤「gross margins came in at 51.1%」→ 59.1%（隨後發言者當場更正；3Q26 毛利率 59.1% 與營業利益 4.13 億÷營收 13.06 億 = 31.6% 互相印證）；更正句「You mentioned 51.1%」保留原話 - 「Keller」→ Michelle（CFO Michelle Turner，分析師口誤／轉寫誤植，共 2 處） - 「CPO and MPO／CPO、MPO」→ CPO and NPO（NPO＝Near Package Optics，與 CEO 準備稿用語一致） - 「industry's 'TikTok'」／「抖音」→ tick-tock（指消費性手機週期節拍） - 01:01:07、01:02:42、01:03:57 三段發言標籤「Mehdi Hosseini - SIG」→ Krish Sankar - TD Cowen（操作員已點名 Krish Sankar；CEO 回答亦稱 Krish）；「Chris」→ Krish；「HBM 去斑」→ HBM 降規（despec） - 00:36:13 Mehdi Hosseini 開場同一句 ASR 重複 12 次，已壓縮為一句 - 分析師 Vivek Arya 問句中「set the 60-40 split」與 CFO 前文「this year's roughly 50-50 split」不一致，疑為年初預期上下半年 40／60 分布 [待確認]，保留原話 - 財務四項交叉驗算：①Semi Test SOC 676 + Memory 301 + IST 95 = 1,072 百萬美元；+ 產品測試 138 + 機器人 96 = 1,306 百萬美元 ✓（口述「超過 13 億」）；②營業利益 413 ÷ 31.6% ≈ 1,307 ✓；③毛利率 59.1% × 1,306 ≈ 772，扣營業利益 413，推得 Non-GAAP 營業費用約 359 百萬美元（27.5%，低於 4Q26 指引 28.5–29.5%，合理）；④9M 營收 3.9B + 4Q26 指引中位 1.3B = 5.2B ✓，與口述全年約 52 億相符 - 刪除站方募款宣傳行

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 • 公司總營收突破 13 億美元，年增 70%，季度間保持穩定，非 GAAP 每股盈餘為 2.29 美元，年增超過 150%（根據 2026 年 10 月 28 日音頻推斷）。 [CEO - 00:06:12] • 三大業務群組——半導體測試、產品測試及機器人——均較去年同期成長，彰顯 AI 需求遍及整個業務領域。 [CEO - 00:06:28] • AI 驅動的營收佔總營收超過 60%，這是我們從晶圓到資料中心策略取得成效的重要證明。 [CEO - 00:06:39] • 2026 年前九個月，我們實現 39 億美元營收及非 GAAP 每股盈餘 7.31 美元，分別較去年同期成長超過 85% 及 235%，主要受益於 AI 相關業務。 [CFO - 00:18:03] • 本季度毛利率為 59.1%，較去年同期提升 60 個基點，主要受益於強勁的銷量及產品組合。與上一季度相比，毛利率下降 70 個基點，主要因產品組合變化所致。 [CFO - 00:21:49] • 本季度末現金及投資總額達 6.25 億美元，較上一季度增長 21%。本季度產生自由現金流 2.27 億美元。2026 年前九個月自由現金流達 8.06 億美元，較去年同期增長近 250%。 [CFO - 00:23:02] • 本季度預計營收介於 12.5 億至 13.5 億美元之間，非 GAAP 每股盈餘預計為 1.95 至 2.25 美元。毛利率預計介於 57.5% 至 58.5%。 [CFO - 00:23:39] • 第四季指引中點為 13 億美元，約較去年第四季成長 20%，全年營收將達約 52 億美元，年增超過 60%。 [CFO - 00:24:21] 產業循環週期 • AI 轉型的第一波浪潮始於 2024 年，當時建置了通用資料中心。2026 年，我們正處於第二波浪潮的早期階段，資料中心優化以支援代理式 AI 及全球規模的推論。第三波浪潮將聚焦於實體及邊緣 AI。 [CEO - 00:07:10] • 這些浪潮的強勁動能讓我們對中期成長計畫充滿信心。 [CEO - 00:07:46] 產業供需 • 運算需求遠超供給，半導體產業正進行大規模產能擴張以滿足日益增長的需求。 [CEO - 00:07:53] • 記憶體供應限制嚴重，AI 加速器轉向使用較低堆疊高度的 HBM 記憶體，以從相同體積的 DRAM 晶圓中獲得更多堆疊數量。 [CEO - 00:13:30] 產業狀況 • 半導體資本支出中分配給測試的比例持續增加，從 2025 年的 6.4% 提升至 2026 年前八個月的 8.1%（根據 2026 年 10 月 28 日估算）。 [CEO - 00:08:03] • 隨著 2027 年、2028 年及以後的半導體資本支出預測上修，我們認為 ATE 市場規模將持續擴大。 [CEO - 00:08:15] 獲利 • 非 GAAP 營業收入為 4.13 億美元，營業利潤率為 31.6%。 [CFO - 00:22:12] • 本季度毛利率為 59.1%，較去年同期提升 60 個基點，主要受益於強勁的銷量及產品組合。與上一季度相比，毛利率下降 70 個基點，主要因產品組合變化所致。 [CFO - 00:21:49] 公司展望、未來成長動能 • 展望第四季，我們預期記憶體業務將持續保持強勁。進入 2027 年，隨著多家晶圓廠擴產上線，我們預期記憶體業務將實現顯著的年增長。 [CEO - 00:27:16] • 我們預期第一季將呈現一定成長，且全年季度間將持續成長，與今年約 50-50 的分佈不同。 [CFO - 00:43:30] • 我們預期明年每個季度均將較前一季度成長。季度內可能有波動，但目前預期明年每季均較 2026 年成長。 [CFO - 00:55:33] • 展望第四季及 2027 年，我們終端市場的需求信號依然強勁，期待在第四季電話會議中分享更新的目標盈餘模型。 [CFO - 00:25:42] 市場競爭策略 • 我們的競爭對手在運算領域已建立強勢市佔率。我們在 2026 年於運算領域取得顯著市佔成長，但由於運算市場規模大幅擴張，整體市佔率實際上被稀釋。 [CEO - 00:53:34] • 關於與韓國供應商的市佔比較，他們主要服務記憶體業務的晶圓分選環節，而非性能測試環節，因此對我們的影響有限。 [CEO - 01:02:09] 公司對市場觀點的看法 • 我們提醒聽眾，請勿過度依賴本簡報中包含的任何前瞻性陳述。 [IR - 00:05:03] 營收 • 公司總營收突破 13 億美元，年增 70%，季度間保持穩定（根據 2026 年 10 月 28 日音頻推斷）。 [CEO - 00:06:12] • 2026 年前九個月，我們實現 39 億美元營收，較去年同期成長超過 85%。 [CFO - 00:18:03] • 本季度預計營收介於 12.5 億至 13.5 億美元之間。 [CFO - 00:23:39] • 第四季指引中點為 13 億美元，約較去年第四季成長 20%，全年營收將達約 52 億美元，年增超過 60%。 [CFO - 00:24:21] 訂單 • 本季度訂單出貨比（book-to-bill）為 1.4 倍，特別是在集團中新加入的 MultiLane Test Products 合資企業表現強勁，因資料中心互連測試解決方案需求增加。 [CFO - 00:20:36] 產品組合 • 半導體測試營收分佈為系統單晶片（SOC）6.76 億美元、記憶體 3.01 億美元及 IST 9500 萬美元。 [CFO - 00:18:36] • 產品測試組營收為 1.38 億美元，年增 56%；機器人營收為 9600 萬美元，年增 28%。 [CFO - 00:20:51] 上游廠商 • 我們採購用於建造測試設備的多種元件，這些元件的交貨期普遍延長，因此需提前下單並持有庫存以因應較長的交貨期。 [CEO - 00:32:34] 下游客戶 • 客戶提前提供更準確的產能需求預測，提升了我們的產能規劃準確度。 [CEO - 00:35:06] 同業 • 我們的競爭對手在運算領域已建立強勢市佔率。我們在 2026 年於運算領域取得顯著市佔成長，但由於運算市場規模大幅擴張，整體市佔率實際上被稀釋。 [CEO - 00:53:34] 稼動率 • 我們已大幅增加主要系統單晶片測試平台 UltraFlex+的產能，目前產能約為 18 個月前的四倍，並計劃進行下一階段產能擴充。 [CEO - 00:34:02] 存貨庫存 • 我們增加庫存以支持未來營收成長，估計約有一半是實際需求，另一半是為可能受限的元件囤貨。目前 189 天的庫存天數略低於約 200 天的正常水平，與部分同業相比仍偏低。 [CFO - 00:23:23] 出貨週期與交期 • 我們持續採購材料並擴充產能，以應對突發需求。若無預先預測，響應時間可能較一年前更長。 [CEO - 00:35:48] 新產品／新技術 • 我們剛推出的三款新型 UltraFlex Plus 儀器，針對 2027 年即將上市的次世代 AI 及資料中心裝置需求：UltraPin 5000 EM（擴展記憶體）、UltraVS64HP（高功率）及 UltraPort PCIe 6（業界首款 PCIe Gen 6 ATE 解決方案）。 [CEO - 00:11:29] • 我們亦推出 Iris 100，為微型 LED 及 VCSEL 發射器的光學測試解決方案，服務於行動應用及光纖網路領域。 [CEO - 00:12:12] • 第三季推出 Titan HP 平台的新燒機功能，實現燒機溫度範圍內的全系統測試覆蓋。 [CEO - 00:12:32] • 第三季推出 UltraFlex Plus S，小型系統，涵蓋邊緣 AI 裝置的工程及量產插入測試。 [CEO - 00:12:50] • 為支援新記憶體技術，第三季推出 Magnum E2，次世代 DRAM 測試器，具備信號完整性及吞吐量，滿足記憶體客戶需求。 [CEO - 00:14:01] • 第三季推出 Universal Robots 第七代協作機器人平台，專為將實體 AI 引入電子組裝工作站設計。 [CEO - 00:16:19] 法規影響 • 供您建模參考，我們預期FormFactor 投資將於第四季完成，需經監管批准及慣例交割條件。 [CFO - 00:25:00] 成本毛利 • 本季度毛利率為 59.1%，較去年同期提升 60 個基點，主要受益於強勁的銷量及產品組合。與上一季度相比，毛利率下降 70 個基點，主要因產品組合變化所致。 [CFO - 00:21:49] • 營運費用預計佔第四季銷售額的 28.5% 至 29.5%，主要因持續投資於研發及市場推廣。 [CFO - 00:24:02] 原物料／關鍵零組件 • 測試設備使用 DDR4 晶片及類似元件，庫存增加約一半為實際需求，另一半為可能受限元件的囤貨。 [Analyst - 01:02:59] [CFO - 01:03:11] 銷售／管理／研發費用 • 營運費用增加，主要因研發及市場推廣投資提升，以支持未來成長。 [CFO - 00:22:04] • 2026 年，我們將在研發及資本支出上投資近 10 億美元，研發投資佔銷售額的兩位數百分比。 [CFO - 00:22:27] 擴廠規劃 • 我們積極擴充記憶體及 Eagle 功率測試線產能，並計劃對主要系統單晶片測試平台進行下一階段產能提升。 [CEO - 00:34:56] 營業利益 • 非 GAAP 營業收入為 4.13 億美元，營業利潤率為 31.6%。 [CFO - 00:22:12] 股利政策 • 本季度支付股息 2000 萬美元，股票回購總額為 9900 萬美元。 [CFO - 00:23:30] 現金、現金流 • 本季度末現金及投資總額達 6.25 億美元，較上一季度增長 21%。本季度產生自由現金流 2.27 億美元。2026 年前九個月自由現金流達 8.06 億美元，較去年同期增長近 250%。 [CFO - 00:23:02] 併購 • 此外，我們的策略是維持現金儲備以促進業務成長，透過股息及股票回購回饋股東，並保留資金以備創新併購之用。 [CFO - 00:22:37] Transcript Presentation Speaker01 - Operator

(00:00:01)Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero.

(00:00:01)感謝您持續的耐心等待。您的會議將很快開始。如果您在任何時候需要協助，請按星號零。

Speaker02

(00:00:08)Any member of our team will be happy to assist you.

(00:00:08)我們團隊的任何成員都會很高興協助您。

(00:00:29)Thank you. ¶¶ ¶¶

(00:00:29)謝謝。¶¶¶¶

Speaker01 - Operator

(00:01:27)Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press star zero, and a member of our team will be happy to assist you.

(00:01:27)感謝您持續的耐心等待。您的會議將很快開始。如果您在任何時候需要協助，請按星號零，我們團隊的成員將很高興協助您。

Speaker02

(00:01:44)Thank you. do do ¶¶ Thank you.

(00:01:44)謝謝。do do¶¶謝謝。

Speaker01 - Operator

(00:03:38)Please stand by; your meeting is about to begin. Ladies and gentlemen, good morning, and welcome to the Teradyne Third Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the prepared remarks. At that time, if you wish to ask a question, please press star 1 on your telephone keypad. As a reminder, today's call is being recorded. I would now like to turn the call over to Amy McAndrews, Vice President of Corporate Relations for Teradyne.

(00:03:38)請稍候；您的會議即將開始。各位女士、先生，早安，歡迎參加 Teradyne 2026 年第三季度財報電話會議。此時，所有參與者均為聆聽模式。準備好的發言後將進行問答環節。到時，如果您希望提問，請在電話鍵盤上按星號 1。提醒您，今天的通話正在錄音。現在我想將通話轉交給 Teradyne 的企業關係副總裁 Amy McAndrews。

Speaker01 - Operator

(00:04:15)Please go ahead.

(00:04:15)請開始。

Amy McAndrews - Teradyne, Investor Relation

(00:04:17)Thank you, Operator. Good morning, everyone, and welcome to our discussion of Teradyne's most recent financial results. I'm joined this morning by our CEO, Greg Smith, and our CFO, Michelle Turner. Following our opening remarks, we'll provide details of our performance for the third quarter of 2026 and our outlook for the fourth quarter. The press release containing our third quarter results was issued last evening. We are providing slides as well as a copy of these prepared remarks on the Teradyne Investor website, which may be helpful in following the discussion.

(00:04:17)謝謝，操作員。大家早安，歡迎參加我們對 Teradyne 最近財務結果的討論。今天早上我與我們的 CEO Greg Smith 和 CFO Michelle Turner 一同參加。在我們的開場發言之後，我們將提供 2026 年第三季度的業績細節以及對第四季度的展望。包含我們第三季度結果的新聞稿昨晚已發佈。我們在 Teradyne 投資者網站上提供了幻燈片以及這些準備好的發言的副本，這可能有助於跟進討論。

Amy McAndrews - Teradyne, Investor Relation

(00:04:48)Replays of this call will be available via the same page after the call ends. The matters we discuss today include forward-looking statements that involve risks which could cause Teradyne's results to differ materially from management's current expectations. We caution listeners not to place undue reliance on any forward-looking statements included in this presentation. We encourage you to review the safe harbor statement contained in the slides accompanying this presentation, as well as the risk factors described in our annual report on Form 10-K for the fiscal year ended December 31, 2025, on file with the SEC.

(00:04:48)此通話的重播將在通話結束後通過同一頁面提供。我們今天討論的事項包括前瞻性聲明，這些聲明涉及風險，可能導致 Teradyne 的結果與管理層當前的預期有重大差異。我們提醒聽眾不要過度依賴本次簡報中包含的任何前瞻性聲明。我們鼓勵您查看隨本簡報附上的安全港聲明，以及我們在 2025 年 12 月 31 日結束的財政年度的 10-K 表格年報中描述的風險因素，該報告已提交給 SEC。

Amy McAndrews - Teradyne, Investor Relation

(00:05:25)Additionally, these forward-looking statements are made only as of today. During today's call, we will refer to non-GAAP financial measures. We have posted additional information concerning these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP financial measures, where available, on our investor website. Looking ahead, between now and our next earnings call, Teradyne expects to participate in a technology-focused investor conference hosted by UBS. Our quiet period will begin at the close of business on December 18, 2026.

(00:05:25)此外，這些前瞻性聲明僅在今天作出。在今天的通話中，我們將提及非 GAAP 財務指標。我們已在投資者網站上發布了有關這些非 GAAP 財務指標的額外信息，包括與最直接可比的 GAAP 財務指標的調整，若有的話。展望未來，在我們下一次財報電話會議之前，Teradyne 預計將參加由 UBS 主辦的以技術為重點的投資者會議。我們的靜默期將在 2026 年 12 月 18 日的業務結束時開始。

Amy McAndrews - Teradyne, Investor Relation

(00:05:59)Following Greg and Michelle's comments this morning, we'll open the call for questions. This call is scheduled for one hour. Greg?

(00:05:59)在 Greg 和 Michelle 今天早上的評論之後，我們將開放提問。此通話預定持續一小時。Greg？

Greg Smith - Teradyne, CEO

(00:06:07)Thanks, Amy. Good morning. AI was the driver again this quarter. Total company revenue topped $1.3 billion, up 70% year over year, and was consistent quarter over quarter, with non-GAAP EPS of $2.29, up over 150% year over year. All three of our business groups—semi-test, product test, and robotics—grew versus the prior year, highlighting AI demand across all parts of the business. AI-driven revenue represents more than 60% of total revenue, a key proof point that our wafer-to-data center strategy is delivering results.

(00:06:07)謝謝，Amy。早安。本季度 AI 再次成為驅動力。公司總收入超過 13 億美元，同比增長 70%，並且與上一季度持平，非 GAAP 每股收益為 2.29 美元，同比增長超過 150%。我們的三個業務組別——半導體測試、產品測試和機器人——均較去年增長，突顯了 AI 在業務各個部分的需求。由 AI 驅動的收入佔總收入的 60% 以上，這是我們從晶圓到數據中心策略取得成果的關鍵證明。

Greg Smith - Teradyne, CEO

(00:06:48)From wafers to modules to trays to racks and into full data centers, Teradyne equipment is used to build and test the high-performance computing that underpins the growth of agentic AI. We've previously discussed our long-term perspective on the AI transformation of the semiconductor industry and the global economy. The first wave started back in 2024 with the build-out of general-purpose data centers, which were used for both model training and inference. In 2026, we are in the early stages of the second wave, where data centers are optimized to serve these models to support agentic AI and inference on a global scale.

(00:06:48)從晶圓到模組，再到託盤和機架，直至完整的數據中心，Teradyne 的設備用於構建和測試支撐代理 AI 增長的高性能計算。我們之前已討論過對半導體行業和全球經濟的 AI 轉型的長期觀點。第一波始於 2024 年，當時建設了通用數據中心，這些數據中心用於模型訓練和推理。到 2026 年，我們正處於第二波的早期階段，數據中心被優化以支持這些模型，從而在全球範圍內支持代理 AI 和推理。

Greg Smith - Teradyne, CEO

(00:07:32)The third wave is physical and edge AI. While there are already compelling examples of physical and edge AI in automotive, robotics, and wearables, the full impact of AI on these segments is yet to come. The strength of these waves gives us great confidence in our midterm growth plans. Let's start with semiconductor test. The demand for compute far exceeds supply, and the semiconductor industry is undergoing dramatic capacity expansion to meet this growing demand. The portion of semiconductor CapEx allocated to test is also increasing, from 6.4% in 2025 to 8.1% for the first eight months of 2026.

(00:07:32)第三波是物理和邊緣人工智慧。雖然在汽車、機器人和可穿戴設備中已經有令人信服的物理和邊緣人工智慧的例子，但人工智慧對這些領域的全面影響尚未到來。這些波的強度使我們對中期增長計劃充滿信心。讓我們從半導體測試開始。計算需求遠超供應，半導體行業正在進行劇烈的產能擴張，以滿足這一增長的需求。分配給測試的半導體資本支出比例也在增加，從 2025 年的 6.4% 上升到 2026 年前八個月的 8.1%。

Greg Smith - Teradyne, CEO

(00:08:15)With semiconductor CapEx forecasts being revised upward for 2027, 2028, and beyond, we believe conditions are favorable for prolonged expansion of the ATE TAM. CPUs and AI accelerators are key drivers of this expansion. Through our accelerated investments, Teradyne is positioned for continued growth in both the overall ATE market and share gains driven by customers adopting dual vendor strategies. Dual vendor strategies provide greater assurance of capacity availability, minimize supply chain disruption risks, and ensure test capabilities arrive in time for new device technologies.

(00:08:15)隨著對 2027 年、2028 年及以後的半導體資本支出預測上調，我們相信 ATE 市場的擴張條件是有利的。CPU 和人工智慧加速器是這一擴張的主要驅動力。通過我們加速的投資，Teradyne 在整體 ATE 市場和由客戶採用雙供應商策略所驅動的市場份額增長中都處於有利位置。雙供應商策略提供了更大的產能可用性保證，最小化供應鏈中斷風險，並確保測試能力及時到達新設備技術。

Greg Smith - Teradyne, CEO

(00:08:59)Dual vendor programs progress through several phases over multiple quarters, including initial qualification, fast follower, and mature dual sourcing. We have multiple customers at different stages of this process. Our first hyperscaler customer is in the mature phase, and we expect our next major ramp in mid-2027. Our merchant GPU customer is in the fast follower phase with multiple devices in development, and we anticipate additional revenue in 2027. Our second hyperscaler customer has passed qualification and is now in the fast follower phase, expecting capacity buys in the second half of 2027.

(00:08:59)雙供應商計劃經過多個季度的幾個階段，包括初步資格認證、快速跟進和成熟的雙來源。我們有多個客戶在這一過程的不同階段。我們的第一個超大規模客戶已經進入成熟階段，我們預計在 2027 年中期會有下一次重大增長。我們的商業 GPU 客戶正處於快速跟進階段，正在開發多個設備，我們預計在 2027 年會有額外的收入。我們的第二個超大規模客戶已經通過資格認證，現在進入快速跟進階段，預計在 2027 年下半年會有產能採購。

Greg Smith - Teradyne, CEO

(00:09:41)We also have a third hyperscaler in initial qualification. Networking devices, both copper and optical, are growing proportionally with compute. The majority of this TAM is in switches. However, retimers and DSPs are driving significant business. The majority of the networking market currently consists of copper and optical pluggables. Over the next few years, we believe the NPO and CPO markets will grow strongly from a small base. We are working with leaders in this segment on solutions across all test insertions, and it is clear that many different approaches and technologies are being tried by different customers.

(00:09:41)我們還有第三個超大規模客戶在初步資格認證中。網絡設備，包括銅纜和光纖，正與計算成比例增長。這一市場的主要部分在於交換機。然而，重定時器和數字信號處理器正在推動顯著的業務增長。當前網絡市場的主要組成部分是銅纜和光纖可插拔設備。在接下來的幾年中，我們相信 NPO 和 CPO 市場將從小基數中強勁增長。我們正在與這一領域的領導者合作，提供所有測試插入的解決方案，顯然許多不同的客戶正在嘗試不同的方法和技術。

Greg Smith - Teradyne, CEO

(00:10:21)As a result, the types of tests and the handling and alignment techniques are in flux. The key to our strategy here is to develop strong open ecosystem partnerships for instrumentation, handling, and alignment. We have previously discussed our partnerships with Technoprobe and ficonTEC, and we have just announced a partnership with FormFactor to address optical tests, among other opportunities. Our open, non-exclusive ecosystem of probing, handling, and interface partners allows us to validate complete test cell solutions before they reach our customers' floors, providing more interoperability and full control over supply chains and lead times.

(00:10:21)因此，測試類型以及處理和對準技術正在變化。我們在這裡的策略關鍵是發展強大的開放生態系統夥伴關係，以便於儀器、處理和對準。我們之前討論過與 Technoprobe 和 ficonTEC 的合作夥伴關係，並且我們剛剛宣佈與 FormFactor 的合作夥伴關係，以解決光學測試等機會。我們的開放、非專屬的探測、處理和介面夥伴生態系統使我們能夠在測試解決方案到達客戶之前進行驗證，提供更多的互操作性和對供應鏈及交貨時間的全面控制。

Greg Smith - Teradyne, CEO

(00:11:05)This approach provides a faster path to high-volume production. The pace of innovation in compute and networking has accelerated, and we have been investing in R&D to ensure our product roadmap aligns with those needs. We've discussed before that there is currently no ATE solution for the most complex next-generation AI and data center devices coming to market in 2027. The trio of new UltraFlex Plus instruments we just introduced addresses that need. The first is the UltraPin 5000 EM. The EM stands for extended memory.

(00:11:05)這一方法提供了更快的高產量生產路徑。計算和網絡的創新速度加快，我們一直在投資於研發，以確保我們的產品路線圖與這些需求保持一致。我們之前討論過，目前對於 2027 年即將上市的最複雜的下一代人工智慧和數據中心設備，尚無 ATE 解決方案。我們剛剛推出的三款新 UltraFlex Plus 儀器滿足了這一需求。第一款是 UltraPin 5000 EM。EM 代表擴展記憶體。

Greg Smith - Teradyne, CEO

(00:11:42)This instrument offers up to 80 times deeper memories than our current instrument, designed for intensive device characterization work. The second instrument is the UltraVS64HP. The HP stands for high power. This instrument enables testing of accelerators that consume up to 15,000 amps. And finally, the UltraPort PCIe 6. This is the industry's first ATE solution for PCIe Gen 6. We also introduced the Iris 100, a solution for optical testing of microLED and VCSEL emitters. This instrument serves both mobile applications and optical networking.

(00:11:42)這款儀器提供的記憶體深度比我們目前的儀器多達 80 倍，專為密集的設備特性化工作而設計。第二款儀器是 UltraVS64HP。HP 代表高功率。這款儀器能夠測試消耗高達 15,000 安培的加速器。最後是 UltraPort PCIe 6。這是業界首個針對 PCIe Gen 6 的 ATE 解決方案。我們還推出了 Iris 100，這是一個針對 microLED 和 VCSEL 發射器的光學測試解決方案。這款儀器同時服務於移動應用和光學網絡。

Greg Smith - Teradyne, CEO

(00:12:25)To assure data center reliability and uptime, customers are increasingly turning to system-level test and burn-in. In the third quarter, we introduced new burn-in capabilities for the Titan HP platform, enabling full system test coverage across burn-in temperature ranges. As AI moves out of the data center and into cars, robots, and wearables as part of the third wave of AI,

(00:12:25)為了確保數據中心的可靠性和正常運行，客戶越來越多地轉向系統級測試和燒錄。在第三季度，我們為 Titan HP 平台推出了新的燒錄能力，實現了在燒錄溫度範圍內的全系統測試覆蓋。隨著人工智慧從數據中心走向汽車、機器人和可穿戴設備，成為人工智慧的第三波，

Greg Smith - Teradyne, CEO

(00:12:50)mobile processors and microcontrollers are adding neural processing units and other AI features to address that emerging market. In the third quarter, we launched the UltraFlex Plus S, a small footprint system that covers both engineering and production insertion for edge AI devices. Moving on now to memory: memory manufacturers are increasing capacity for HBM, DDR, LPDDR, and flash memories. More capacity means more wafers. More wafers mean more bits and more units, which translates to more testing in memory.

(00:12:50)移動處理器和微控制器正在添加神經處理單元和其他人工智慧功能，以應對這一新興市場。在第三季度，我們推出了 UltraFlex Plus S，這是一個小型系統，涵蓋了邊緣人工智慧設備的工程和生產插入。接下來談談記憶體：記憶體製造商正在增加 HBM、DDR、LPDDR 和閃存的產能。更多的產能意味著更多的晶圓。更多的晶圓意味著更多的位元和更多的單位，這轉化為記憶體中更多的測試。

Greg Smith - Teradyne, CEO

(00:13:30)In the past two quarters, it has become clear that constraints on memory supply are so severe that AI accelerators are turning to lower stack heights of HBM memory to get a larger number of stacks from the same volume of DRAM wafers. This trend will tend to increase the TAM for HBM performance testing, an area where we hold a higher share. The HBM, DDR, LPDDR, and GDDR markets are moving quickly from generation to generation with higher data rates and new encoding approaches. To support these new technologies, in the third quarter we introduced the Magnum E2, our next-generation DRAM tester with the signal integrity and throughput needed to keep pace with our memory customers.

(00:13:30)在過去兩個季度中，記憶體供應的限制變得非常嚴重，以至於人工智慧加速器轉向較低堆疊高度的 HBM 記憶體，以便從相同體積的 DRAM 晶圓中獲得更多的堆疊。這一趨勢將傾向於增加 HBM 性能測試的市場規模，而這是我們擁有更高市場份額的領域。HBM、DDR、LPDDR 和 GDDR 市場正迅速從一代轉向下一代，數據速率更高，編碼方法也在不斷更新。為了支持這些新技術，在第三季度我們推出了 Magnum E2，這是我們的下一代 DRAM 測試儀，具備了與我們的記憶體客戶保持同步所需的信號完整性和吞吐量。

Greg Smith - Teradyne, CEO

(00:14:14)Linear and power segments, previously driven mainly by automotive and industrial verticals, are now adding capacity to deliver data center power distribution and regulation components. Our product revenue in the automotive and industrial space has grown from less than $400 million in 2025 to over $600 million in 2026. This trend will accelerate with new 800-volt standards and technologies like IVR. The demand for AI-accelerated compute extends beyond the semiconductor market. The need for near-line storage and data centers has accelerated the annual exabyte growth for HDDs to over 20% in 2026.

(00:14:14)線性和電力部門，之前主要由汽車和工業垂直市場驅動，現在正在增加產能以提供數據中心的電力分配和調節元件。我們在汽車和工業領域的產品收入從 2025 年的不到 4 億美元增長到 2026 年的超過 6 億美元。隨著新的 800 伏特標準和 IVR 等技術的推出，這一趨勢將加速。對 AI 加速計算的需求超越了半導體市場。對近線存儲和數據中心的需求加速了 HDD 的年增長率，2026 年增長超過 20%。

Greg Smith - Teradyne, CEO

(00:14:56)Since the test time for HDDs is more closely related to capacity than unit volume, this factor, along with adding a third major customer, is driving expansion of our HDD test revenue. Scale-up networking to support large GPU clusters is predominantly served by copper connections via backplanes and cable spines running at unprecedented data rates. This has transformed backplanes and cables from commodities into highly engineered and tested elements of HPC systems, driving significant growth in TDR and BERT test equipment served by our MLTP joint venture.

(00:14:56)由於 HDD 的測試時間與容量的關係比單位數量更密切，因此這一因素，加上增加第三個主要客戶，正在推動我們 HDD 測試收入的擴張。支持大型 GPU 集群的擴展網絡主要通過背板和以空前數據速率運行的電纜脊進行銅連接。這使得背板和電纜從商品轉變為高工程化和經過測試的 HPC 系統元件，推動了我們 MLTP 合資企業提供的 TDR 和 BERT 測試設備的顯著增長。

Greg Smith - Teradyne, CEO

(00:15:40)Additionally, we have seen strong demand for our Omnics board test products. Together, these contributed to nearly 30% quarter-over-quarter growth for the entire product test group. Increasingly, exotic packaging and materials are being used in data center tray assemblies. These trays require superhuman accuracy and stamina to build. ODMs and CMs are increasingly turning to flexible, physical AI-based robots to assist in assembly and test processes. As a result, electronics and semiconductors are now our largest vertical for robotics.

(00:15:40)此外，我們還看到了對我們 Omnics 板測試產品的強勁需求。這些共同促成了整個產品測試組近 30% 的季度增長。越來越多的異國包裝和材料被用於數據中心託盤組裝中。這些託盤需要超人的精確度和耐力來建造。ODM 和 CM 越來越多地轉向靈活的基於物理 AI 的機器人來協助組裝和測試過程。因此，電子和半導體現在成為我們機器人業務最大的垂直市場。

Greg Smith - Teradyne, CEO

(00:16:19)In the third quarter, we introduced the Universal Robots Gen 7 Cobot platform. The features of this platform and PolyScope X have been precisely tailored to bring physical AI to electronics assembly work cells and provide a platform for UR+ partners to support the diverse requirements of server and rack builds. To sum up, our wafer-to-AI data center strategy is delivering results. Within the third quarter, outside of compute, the rest of our portfolio delivered close to 80% of our overall sales. The R&D investments we have made have yielded next-generation products.

(00:16:19)在第三季度，我們推出了 Universal Robots Gen 7 Cobot 平台。此平台和 PolyScope X 的特性已精確調整，以將物理 AI 帶入電子組裝工作單元，並為 UR+合作夥伴提供支持伺服器和機架建設多樣需求的平台。總結來說，我們的晶圓到 AI 數據中心策略正在產生成果。在第三季度，除了計算外，我們的其餘產品組合貢獻了接近 80% 的整體銷售。我們所做的研發投資已產生下一代產品。

Greg Smith - Teradyne, CEO

(00:17:01)These products enable us to capture opportunities along the entire value chain, from wafers to modules to trays to racks. Our continued investment reflects optimism about the near- and medium-term opportunities ahead. This was another strong quarter where AI was the primary driver across our business groups. We are riding a rising tide. AI has propelled the semiconductor and electronics industry into a new era, and our wafer-to-data center strategy has positioned us to benefit from these positive changes.

(00:17:01)這些產品使我們能夠在整個價值鏈中捕捉機會，從晶圓到模組，再到託盤和機架。我們持續的投資反映了對未來短期和中期機會的樂觀。這是另一個強勁的季度，AI 是我們各業務組的主要驅動力。我們正在乘著上升的潮流。AI 已將半導體和電子行業推入一個新時代，而我們的晶圓到數據中心策略使我們能夠從這些積極變化中受益。

Greg Smith - Teradyne, CEO

(00:17:33)With that, I'll turn the call over to Michelle.

(00:17:33)接下來，我將把電話交給 Michelle。

Michelle Turner - Teradyne, CFO

(00:17:37)Thanks, Greg, and good morning, everyone. Let's begin the quarter review with the total company results. Both revenue and non-GAAP EPS came in above the high end of our guidance range, as our wafer-to-data center strategy and broad portfolio sustained positive momentum. For the third consecutive quarter, total company sales remained at the high watermark of $1.3 billion. For the first nine months of 2026, we delivered $3.9 billion in revenue and $7.31 of non-GAAP EPS, up over 85% and 235% year-over-year, respectively, driven by all things AI.

(00:17:37)謝謝，Greg，大家早上好。讓我們從總公司業績開始本季度的回顧。收入和非 GAAP 每股收益均超過我們指導範圍的高端，因為我們的晶圓到數據中心策略和廣泛的產品組合保持了積極的動力。連續第三個季度，總公司銷售保持在 13 億美元的高點。在 2026 年前九個月，我們實現了 39 億美元的收入和 7.31 美元的非 GAAP 每股收益，分別同比增長超過 85% 和 235%，這一切都受到 AI 的驅動。

Michelle Turner - Teradyne, CFO

(00:18:23)Building on that, let's take a deeper look at revenue, starting with semiconductor tests. Our Semitest team once again surpassed $1 billion in revenue, up 77% from Q3 2025. The revenue breakdown within Semitest was SOC at $676 million, memory at $301 million, and IST at $95 million. As expected, compute order timing was predominantly offset by strength across the rest of the Semitest portfolio. Starting with SOC, compute revenue grew nearly 50% year-over-year on continued AI-related demand. As Greg mentioned, our customers' dual vendor strategies are opening more opportunities for us in compute, and we expect healthy growth in 2027.

(00:18:23)在此基礎上，讓我們深入瞭解收入，首先從半導體測試開始。我們的 Semitest 團隊再次超過了 10 億美元的收入，較 2025 年第三季度增長 77%。Semitest 內部的收入分解為 SOC 為 6.76 億美元，記憶體為 3.01 億美元，IST 為 9500 萬美元。正如預期，計算訂單的時機主要被 Semitest 產品組合的其他部分的強勁表現所抵消。從 SOC 開始，計算收入在持續的 AI 相關需求下同比增長近 50%。正如 Greg 提到的，我們客戶的雙供應商策略為我們在計算領域開啟了更多機會，我們預計 2027 年將實現健康增長。

Michelle Turner - Teradyne, CFO

(00:19:14)Auto and industrial continue to strengthen, up nearly 90% year-over-year, driven primarily by power management demand increases for AI data center build-outs. Mobile was up 60% year-over-year from a low base but remains below historical levels in the muted part of the overall SOC portfolio. Now turning to memory. Our memory business delivered another record quarter at $301 million in revenue, up from the previous record set just last quarter. This represents our fourth consecutive quarter with revenue over $200 million, driven by continued robust HBM and DRAM test solutions demand and a resurgence in NAND.

(00:19:14)汽車和工業持續增強，同比增長近 90%，主要受到 AI 數據中心建設的電源管理需求增加的驅動。移動業務同比增長 60%，基數較低，但在整體 SOC 產品組合的低迷部分仍然低於歷史水平。現在轉向記憶體。我們的記憶體業務在本季度實現了 3.01 億美元的收入，再創紀錄，超過了上個季度創下的前紀錄。這代表著我們連續第四個季度的收入超過 2 億美元，這得益於持續強勁的 HBM 和 DRAM 測試解決方案需求以及 NAND 的復甦。

Michelle Turner - Teradyne, CFO

(00:20:01)Finally, turning to IST. Revenue in the quarter reached a new record at $95 million, up approximately 150% from the prior year, with continued storage demand from all three major suppliers in this space. Now onto the product test group: revenue was $138 million, up 56% year-over-year. The group experienced broad-based growth tied to AI infrastructure build-outs, from production board tests to optical to high-speed interconnects. The book-to-bill for the quarter was 1.4 times, with particular strength in the newest addition to the group, the MultiLane Test Products joint venture, as the need for data center interconnect test solutions increases.

(00:20:01)最後，轉向 IST。本季度的收入達到 9500 萬美元的新紀錄，同比增長約 150%，持續受到三大主要供應商的存儲需求推動。現在轉向產品測試組：收入為 1.38 億美元，同比增長 56%。該組經歷了與 AI 基礎設施建設相關的廣泛增長，從生產板測試到光學到高速互連。本季度的訂單量為 1.4 倍，特別是在該組最新加入的 MultiLane Test Products 合資企業中，隨著數據中心互連測試解決方案需求的增加。

Michelle Turner - Teradyne, CFO

(00:20:51)Robotics revenue was $96 million, up 28% year-over-year. Our robotics group delivered its highest third-quarter revenue ever and also achieved profitability within the quarter. AI-related revenue remains elevated, with robot-assisted tests and assembly across the data center value chain in high demand. In the first nine months of the year, AI-related revenue was roughly 20%. Aligned with the third wave of AI Greg mentioned, the physical and edge AI ecosystem is in its early innings and building momentum.

(00:20:51)機器人收入為 9600 萬美元，同比增長 28%。我們的機器人組在第三季度實現了有史以來最高的收入，並在本季度內實現了盈利。與 AI 相關的收入保持高位，數據中心價值鏈中的機器人輔助測試和組裝需求旺盛。在今年的前九個月，與 AI 相關的收入約佔 20%。與 Greg 提到的第三波 AI 相一致，物理和邊緣 AI 生態系統正處於早期階段並正在建立動力。

Michelle Turner - Teradyne, CFO

(00:21:28)Our robotics group has announced partnerships with industry leaders such as NVIDIA and Analog Devices, as well as innovative startups including Scale AI, Generalist, Bright Machines, and Sereact. These partnerships reflect growing interest in physical AI. Now, moving down the P&L. Gross margins for the quarter were 59.1%, up 60 basis points year-over-year, driven by strong volume and product mix. Sequentially, gross margins were down 70 basis points, primarily due to product mix. As expected, OPEX increased, driven by higher R&D and go-to-market investments to support future growth.

(00:21:28)我們的機器人組已與行業領導者如 NVIDIA 和 Analog Devices，以及創新初創公司如 Scale AI、Generalist、Bright Machines 和 Sereact 建立了合作夥伴關係。這些合作夥伴關係反映了對物理 AI 日益增長的興趣。現在，讓我們來看看損益表。本季度的毛利率為 59.1%，同比上升 60 個基點，主要受到強勁的銷量和產品組合的推動。按季度計算，毛利率下降了 70 個基點，主要是由於產品組合的影響。如預期，營運支出增加，主要是因為更高的研發和市場推廣投資，以支持未來的增長。

Michelle Turner - Teradyne, CFO

(00:22:12)Finally, non-GAAP operating income was $413 million, with an operating margin of 31.6%. Now, moving to capital allocation. Reinvesting in the business remains our top priority. In 2026, we will invest close to $1 billion across R&D and CapEx, with R&D investments representing a double-digit percentage of our sales. Beyond that, our strategy is to maintain cash reserves to grow the business, return capital to shareholders through dividends and share repurchases, and keep dry powder available for creative M&A.

(00:22:12)最終，非 GAAP 營業收入為 4.13 億美元，營業利潤率為 31.6%。現在，讓我們來看看資本配置。對業務的再投資仍然是我們的首要任務。在 2026 年，我們將在研發和資本支出上投資接近 10 億美元，其中研發投資將佔我們銷售額的兩位數百分比。除此之外，我們的策略是保持現金儲備以增長業務，通過股息和股票回購向股東返還資本，並保持可用的資金以進行創意併購。

Michelle Turner - Teradyne, CFO

(00:22:51)Each pillar of our capital allocation strategy focuses on innovating from wafer to data center, positioning us well over the near and mid-term. We ended the quarter with cash and investments of $625 million, up 21% from last quarter. We generated free cash flow of $227 million in the quarter. For the first nine months of 2026, free cash flow was $806 million, up nearly 250% from the prior year period. Additionally, from a working capital perspective, we increased our inventory to support future revenue growth.

(00:22:51)我們的資本配置策略的每一個支柱都專注於從晶圓到數據中心的創新，使我們在短期和中期內都處於良好位置。我們以 6.25 億美元的現金和投資結束了本季度，較上季度增長 21%。本季度我們產生了 2.27 億美元的自由現金流。在 2026 年前九個月，自由現金流為 8.06 億美元，同比增長近 250%。此外，從營運資本的角度來看，我們增加了庫存以支持未來的收入增長。

Michelle Turner - Teradyne, CFO

(00:23:30)We paid $20 million in dividends during the quarter, and our share buybacks totaled $99 million. Now, looking ahead to our fourth quarter guidance. For the quarter, we expect revenue in the range of $1.25 billion to $1.35 billion, and non-GAAP EPS of $1.95 to $2.25. Gross margins are expected to be between 57.5% and 58.5%, reflecting product mix and new product launches. Operating expenses are expected to run at 28.5% to 29.5% of fourth quarter sales, driven by continued investments in R&D and go-to-market.

(00:23:30)本季度我們支付了 2000 萬美元的股息，股票回購總額為 9900 萬美元。現在，展望我們的第四季度指引。對於本季度，我們預計收入在 12.5 億美元到 13.5 億美元之間，非 GAAP 每股收益為 1.95 美元到 2.25 美元。預計毛利率將在 57.5% 到 58.5% 之間，反映產品組合和新產品的推出。預計營運支出將佔第四季度銷售的 28.5% 到 29.5%，主要是由於持續的研發和市場推廣投資。

Michelle Turner - Teradyne, CFO

(00:24:14)The non-GAAP operating profit rate is expected to be between 28% and 30%. Our Q4 guidance midpoint of $1.3 billion represents approximately 20% growth over last year's fourth quarter, which would bring full-year revenue to about $5.2 billion, up over 60%. We expect Q4 to be our fourth consecutive quarter with revenue above $1.25 billion, representing a sustained step change in the business from a year ago. As we said last quarter, we expect 2027 to be another year of healthy growth. Our strengthening backlog and growth in compute give us momentum, which we expect to carry and build throughout the year.

(00:24:14)非 GAAP 營業利潤率預計在 28% 到 30% 之間。我們的第四季度指引中點為 13 億美元，約代表去年第四季度增長 20%，這將使全年收入達到約 52 億美元，增長超過 60%。我們預計第四季度將是我們連續第四個季度收入超過 12.5 億美元，這代表著業務相較於一年前的持續變化。正如我們上個季度所說，我們預計 2027 年將是又一個健康增長的年份。我們不斷增強的訂單積壓和計算增長為我們提供了動力，我們預計這種動力將在整個年度持續並增強。

Michelle Turner - Teradyne, CFO

(00:25:00)For your modeling purposes, we expect the FormFactor investment to close in the fourth quarter, subject to regulatory approval and customary closing conditions. The rest of our portfolio is fully active in the second half, as memory, automotive and industrial, IST product tests, and robotics grow, offsetting second-half program timing and compute. In closing, Q3 was another quarter of strong execution. AI demand continued to drive every part of our portfolio, from the chips that power it to the systems, interconnects, and robots that build it.

(00:25:00)為了您的建模目的，我們預計FormFactor 投資將在第四季度完成，需經監管批准和慣常的結案條件。我們的其他產品組合在下半年完全活躍，隨著記憶體、汽車和工業、IST 產品測試和機器人技術的增長，抵消了下半年計劃的時間安排和計算。總結來說，第三季度是另一個強勁執行的季度。人工智慧需求持續推動我們產品組合的每一部分，從驅動它的晶片到構建它的系統、互連和機器人。

Michelle Turner - Teradyne, CFO

(00:25:39)This is exactly what our Wafer-to-Data Center strategy is designed to capture. Looking to the fourth quarter and into 2027, demand signals across our end markets remain strong, and we look forward to sharing an updated target earnings model on our Q4 call. I'd like to thank all of our Teradyne team members worldwide for their hard work and dedication, which drives our results and positions us well for the opportunities ahead.

(00:25:39)這正是我們的晶圓到數據中心策略所設計的目標。展望第四季度及 2027 年，我們的終端市場需求信號仍然強勁，我們期待在第四季度的電話會議中分享更新的目標收益模型。我想感謝我們全球的 Teradyne 團隊成員，他們的辛勤工作和奉獻精神推動了我們的業績，並使我們在未來的機會中處於良好位置。

Q&A Michelle Turner - Teradyne, CFO

(00:26:05)With that, operator, we are ready for questions.

(00:26:05)有鑑於此，操作員，我們準備好回答問題了。

Speaker01 - Operator

(00:26:11)We will now take questions from Teradyne's research analysts. At this time, if you wish to ask a question, please press star 1 on your telephone keypad. You may remove yourself from the queue by pressing star 2. In the interest of time, please limit yourself to one question and one quick follow-up. Thank you. We'll take our first question from CJ Muse with Cantor Fitzgerald. Your line is open.

(00:26:11)現在我們將接受 Teradyne 的研究分析師的提問。此時，如果您希望提問，請在電話鍵盤上按星號 1。您可以通過按星號 2 來退出隊列。為了節省時間，請限制自己提一個問題和一個快速的跟進問題。謝謝。我們將首先接受來自 Cantor Fitzgerald 的 CJ Muse 的提問。您的線路已開通。

CJ Muse - Cantor Fitzgerald, Analyst

(00:26:39)Yes, good morning. Thank you for taking my question. My first question is on memory. You obviously posted a record number for September. I'm curious how we should think about the trajectory of that business into December. Moreover, looking bigger picture into 2027, I know it's early. I understand you'll save that for your February outlook. But as you sit here today and look at your book-to-bill, how are you thinking about the rank order of growth among HBM, traditional DRAM, and NAND?

(00:26:39)是的，早安。感謝您接受我的提問。我的第一個問題是關於記憶體的。顯然，您在九月份創下了記錄的數字。我很好奇我們應該如何看待該業務在十二月的發展軌跡。此外，展望 2027 年，我知道現在還為時尚早。我理解您會將這個留到二月份的展望中。但在您今天坐在這裡並查看您的訂單與出貨比時，您如何看待 HBM、傳統 DRAM 和 NAND 之間的增長排名？

Greg Smith - Teradyne, CEO

(00:27:13)Hey CJ, it's Greg. Looking ahead to Q4, we expect memory to continue at a very strong level. Going into 2027, given all the fab expansions coming online, we anticipate significant year-over-year growth for the memory business. You asked which segment will drive most of the growth. We would say that this year, HBM was probably the biggest driver of growth in the memory TAM. Flash made a strong comeback, and DRAM performed surprisingly well compared to our expectations at the start of the year. Looking ahead to next year, I believe HBM will be the star; while growth is expected across all memory segments, HBM will have the most significant impact.

(00:27:13)嘿 CJ，我是 Greg。展望第四季度，我們預計記憶體將保持在非常強勁的水平。進入 2027 年，考慮到所有即將上線的晶圓廠擴張，我們預計記憶體業務將實現顯著的同比增長。您問哪個細分市場將驅動大部分增長。我們認為今年，HBM 可能是記憶體市場總體需求增長的最大推動力。快閃記憶體強勢回歸，而 DRAM 的表現也超出我們年初的預期。展望明年，我相信 HBM 將成為明星；雖然所有記憶體細分市場都預期會增長，但 HBM 將產生最顯著的影響。

CJ Muse - Cantor Fitzgerald, Analyst

(00:28:15)Very helpful. Regarding your gross margin guidance and the strength in the 1.4 book-to-bill highlighted for product test, how should we think about product test sequentially? I assume that segment is up. Is that the factor driving gross margins lower? As you consider that business next year, how should we think about a more normalized gross margin for Teradyne?

(00:28:15)非常有幫助。關於您的毛利率指引以及 所強調的 1.4 book-to-bill在產品測試中的強勁表現，我們應該如何看待產品測試的連續性？我假設那個細分市場是上升的。這是導致毛利率下降的因素嗎？當您考慮明年的業務時，我們應該如何看待 Teradyne 的更正常化的毛利率？

Michelle Turner - Teradyne, CFO

(00:28:43)I'll start with gross margins, then we can discuss product tests. In the quarter, gross margins came in at 59.1%. This is an increase of 60 basis points compared to Q3 last year. For Q4, we are guiding up about 80 basis points compared to last year. Extrapolating that for the full year, our overall gross margin for the year will be approximately 59.4%, up about 110 basis points year-over-year. This places us at the low end of the earnings model we released in January, and we expect to update that in the Q4 call.

(00:28:43)我將從毛利率開始，然後我們可以討論產品測試。在這個季度，毛利率為 59.1%。這比去年第三季度增加了 60 個基點。對於第四季度，我們預測將比去年增加約 80 個基點。將這個數據推算到全年，我們全年的整體毛利率將約為 59.4%，同比增長約 110 個基點。這使我們位於一月份發布的收益模型的低端，我們預計在第四季度的電話會議中更新該模型。

Michelle Turner - Teradyne, CFO

(00:29:21)Considering the three segments, CJ, product test is actually accretive to the overall portfolio. We expect this to continue through Q4 and into next year. For 2027 gross margins, I categorize factors into headwinds and tailwinds. On the headwinds side, volume will see another year of healthy growth across the portfolio, along with some mix effects next year. Tailwinds include ongoing cost pressures and inflationary effects across the supply ecosystem. Additionally, there may be expanded capacity next year.

(00:29:21)考慮到這三個細分市場，CJ，產品測試實際上對整體投資組合是有增益的。我們預計這將持續到第四季度並延續到明年。對於 2027 年的毛利率，我將因素分為逆風和順風。在逆風方面，整體業務將在各個細分市場中實現健康增長，明年還會有一些組合效應。順風因素包括持續的成本壓力和供應生態系統中的通脹影響。此外，明年可能會擴大產能。

Michelle Turner - Teradyne, CFO

(00:30:11)Looking at the second half of next year, we continue to see strong demand signals. As we build capacity, associated expenses are expected next year as well. I don't believe we have anything further.

(00:30:11)展望明年下半年，我們仍然看到強勁的需求信號。隨著我們擴大產能，相關的費用預計明年也會增加。我不認為我們還有其他問題。

Greg Smith - Teradyne, CEO

(00:30:26)You mentioned 51.1%. I think you meant 59.1%. I just want to ensure that figure is clarified. Understood. I completely agree that there are roughly equal upward and downward forces affecting gross margin heading into 2027.

(00:30:26)您提到 51.1%。我想您是指 59.1%。我只是想確保這個數字得到澄清。明白了。我完全同意，影響毛利率的上行和下行力量大致相等，進入 2027 年。

Michelle Turner - Teradyne, CFO

(00:30:51)Yes, and to add, CJ, regarding Q4 compared to Q3, Greg noted continued growth in memory, and we expect that as well. However, Q3 was the record quarter for 2026. We anticipate a slight digestion period, although growth will continue from Q4 of last year. We expect compute was at its lowest in Q3 and will begin to reaccelerate in Q4. Additionally, product tests and robotics are expected to grow in the fourth quarter.

(00:30:51)是的，另外，CJ，關於第四季度與第三季度的比較，Greg 提到記憶體持續增長，我們也預期如此。然而，第三季度是 2026 年的記錄季度。我們預計會有一段輕微的消化期，儘管增長將從去年第四季度持續。我們預計計算部門在第三季度達到最低點，並將在第四季度開始重新加速。此外，產品測試和機器人技術預計在第四季度增長。

CJ Muse - Cantor Fitzgerald, Analyst

(00:31:29)Thank you. Thank you.

(00:31:29)謝謝。謝謝。

Speaker01 - Operator

(00:31:32)Thank you. We'll now move on to Timothy Arcuri with UBS. Your line is open.

(00:31:32)謝謝。現在我們將轉到 UBS 的 Timothy Arcuri。您的線路已開通。

Timothy Arcuri - UBS, Analyst

(00:31:41)You're asking about the shape of the year. This year unfolded as follows. There was a significant step up in Q1, followed by a mostly flat performance throughout the year, Greg. Inventory has increased by about $200 million over the past six months. Clearly, you are anticipating a strong year next year. Can you comment on that? It seems both your first and second hyperscale customers have more back-end-loaded demand next year. Does this imply that next year will be back-end loaded? Should we expect the first half to be relatively flat compared to the back half of this year, with a significant step up in the second half of next year?

(00:31:41)您在詢問今年的形勢。今年的情況如下。第一季度有顯著的增長，隨後整年表現大致平穩，Greg。在過去六個月中，庫存增加了約 2 億美元。顯然，您預期明年會有強勁的表現。您能對此發表評論嗎？看起來您的第一和第二個超大規模客戶明年有更多的後端需求。這是否意味著明年將是後端需求主導？我們是否應該預期上半年與今年下半年相比相對平穩，明年下半年將有顯著增長？

Timothy Arcuri - UBS, Analyst

(00:32:14)I ask because some expect a more evenly distributed, ratable revenue pattern throughout the year. If you could help clarify that, it would be appreciated.

(00:32:14)我問這個問題是因為有些人預期全年收入模式會更均勻分佈。如果您能幫忙澄清這一點，我將不勝感激。

Greg Smith - Teradyne, CEO

(00:32:22)I believe two factors are driving the inventory increase you are seeing. One is, you're right, we are preparing for robust growth in 2027. The other is that many of the components we are procuring to build these testers have experienced extended lead times. Therefore, we need to place orders and hold inventory to accommodate these longer lead times for our inputs. So, there are essentially two factors at play here. I don't think it's advisable to simply extrapolate from that number to a pure growth figure.

(00:32:22)我相信有兩個因素驅動您所看到的庫存增加。一個是，你說得對，我們正在為 2027 年的強勁增長做準備。另一個是，我們為建造這些測試儀器所採購的許多元件經歷了較長的交貨期。因此，我們需要下訂單並持有庫存，以適應這些較長的交貨期。所以，這裡基本上有兩個因素在起作用。我不認為僅僅從那個數字推斷出純增長數字是明智的。關於明年將如何分解，我們會在第四季度的電話會議中提供更多細節。

Greg Smith - Teradyne, CEO

(00:33:00)Regarding how next year will break down, we will provide more details during our Q4 call. But I will say that concerning the ASIC programs, I believe you're correct. I expect they will tend to be more back half loaded. However, I don't particularly anticipate, you know, I think it will be a strong year overall, and we will discuss the phasing in more detail next quarter.

(00:33:00)不過，我會說，關於 ASIC 計劃，我相信你是對的。我預期它們將更傾向於下半年的負載。然而，我並不特別預期，你知道，我認為整體來看會是強勁的一年，我們將在下個季度詳細討論階段性問題。好的，我想只是，Greg，關於市場份額增長的速度——昨晚你的競爭對手在推遲任何市場份額的損失。

Timothy Arcuri - UBS, Analyst

(00:33:30)Okay, and I guess just, Greg, on the share gain pace—last night your competitor was pushing back on losing any share. In their release last night, there were references to their contract manufacturing partners adding significant supply for them. How do you see your lead times affecting the pace of your share gains? Are you being proactive enough in ensuring your supply chain adds sufficient capacity to maintain lead times when needed so that you prevent customers from simply going to them and placing orders?

(00:33:30)在他們昨晚的發布中，提到了他們的合同製造夥伴為他們增加了大量供應。你如何看待你的交貨期影響你們市場份額增長的速度？你是否足夠主動地確保你的供應鏈增加足夠的產能，以在需要時保持交貨期，這樣你就能防止客戶直接去找他們下訂單？謝謝。

Timothy Arcuri - UBS, Analyst

(00:34:01)Thanks.

(00:34:01)是的，我們在之前的電話會議中已經詳細討論過這個問題；我們已經為我們的主要 SoC 測試平台 UltraFlex+增加了大量產能。

Greg Smith - Teradyne, CEO

(00:34:02)Yes, we've discussed this extensively in prior calls; we've already added significant capacity for our primary SoC test platform, the UltraFlex+. We currently have approximately four times the capacity compared to 18 months ago. That is the capacity level we had about 18 months ago. We are also planning the next capacity increase for that platform. Additionally, we've implemented a dual-vendor strategy for our supply chain. In 2026, we qualified a second contract manufacturer to build that platform. We are currently doing the same for our memory test platform.

(00:34:02)我們目前的產能大約是 18 個月前的四倍。那是我們大約 18 個月前的產能水平。我們也在計劃該平台的下一次產能增長。此外，我們已經為我們的供應鏈實施了雙供應商策略。在 2026 年，我們合格了一家第二家合同製造商來建造該平台。我們目前也在為我們的記憶體測試平台做同樣的事情。我們正在積極增加記憶體和我們的 Eagle 電源測試線的產能。

Greg Smith - Teradyne, CEO

(00:34:47)We are aggressively adding capacity for both memory and our Eagle power test line. So, we are definitely focused on increasing our capacity. We are doing our best to maintain our lead times. One difference is that while we are holding lead times, customers are providing better forecast information about their capacity needs in advance of placing orders. This improved visibility allows us to plan capacity more accurately than before. We are doing our best to maintain our lead times. I would say that if demand arises without prior forecast, the drop-in time is probably longer than it was a year ago.

(00:34:47)所以，我們肯定專注於增加我們的產能。我們正在盡力保持我們的交貨期。一個不同之處是，雖然我們保持交貨期，但客戶在下訂單之前提供了更好的預測信息，關於他們的產能需求。這種改善的可見性使我們能夠比以前更準確地計劃產能。我們正在盡力保持我們的交貨期。我會說，如果需求在沒有提前預測的情況下出現，交貨時間可能比一年前更長。然而，我們正在採購材料並擴大產能，以保持對即時需求的響應能力。

Greg Smith - Teradyne, CEO

(00:35:48)However, we are procuring materials and expanding capacity to remain responsive to spot demand.

(00:35:48)好的，Greg。

Timothy Arcuri - UBS, Analyst

(00:36:00)Okay, Greg. Thank you very much.

(00:36:00)非常感謝。謝謝。

Speaker01 - Operator

(00:36:04)Thank you. We'll move next to Mehdi Hosseini with SIG. Your line is open. Mehdi Hosseini with SIG. Your line is open.

(00:36:04)我們接下來將轉到來自 SIG 的 Mehdi Hosseini。你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。Mehdi Hosseini 來自 SIG。

Mehdi Hosseini - SIG, Analyst

(00:36:13)Mehdi Hosseini with SIG. Your line is open. Mehdi Hosseini with SIG. Your line is open.

(00:36:13)你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。Mehdi Hosseini 來自 SIG。你的線路已開通。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。Mehdi Hosseini 來自 SIG。您的線路已開通。

Mehdi Hosseini - SIG, Analyst

(00:36:26)Mehdi Hosseini with SIG.

(00:36:26)Mehdi Hosseini 來自 SIG。

(00:36:26)Your line. I believe the targeted model is now outdated, and while we'll have to wait until the Q4 earnings for an update, it would be very helpful if you could shed some light on different demand vectors. It seems like everything is tracking somewhat unexpectedly, and next year could see progress in the second half. Is there any additional information you can provide? I want to ensure that consensus estimates, which are already well above your target, are not overly aggressive. I don't have a follow-up question.

(00:36:26)您的線路。我相信目標模型現在已經過時，雖然我們必須等到第四季度的財報才能更新，但如果您能對不同的需求向量提供一些見解，那將非常有幫助。看起來一切的進展有些出乎意料，明年下半年可能會有進展。您能提供任何額外的信息嗎？我想確保共識預測，已經遠高於您的目標，不會過於激進。我沒有後續問題。

Greg Smith - Teradyne, CEO

(00:37:04)Yeah, no. So, I think we can definitely provide an updated model in January. The last model was based on a $13 billion ATE TAM, roughly between $12 and $14 billion. And the TAM has grown very rapidly. When we built that model, we aimed to give an idea of what a larger Teradyne would look like without specifying exactly when that growth would occur, due to uncertainty about growth rates. Having said that, Multiple independent parts of Teradyne are each growing in line with their markets and our success there.

(00:37:04)是的，不。所以，我認為我們肯定可以在一月提供更新的模型。上一個模型是基於 130 億美元的 ATE TAM，大約在 120 億到 140 億美元之間。而 TAM 增長非常迅速。當我們建立那個模型時，我們旨在給出一個更大 Teradyne 的樣子，而不具體說明那種增長何時會發生，因為對增長率的不確定性。說到這，Teradyne 的多個獨立部分都在與其市場和我們在那裡的成功保持一致地增長。

Greg Smith - Teradyne, CEO

(00:37:54)We had to make assumptions regarding the revenue mix. In our model, we assumed semiconductor test would represent 80% of revenue, robotics 10%, and product test 10%. Semiconductors are growing so fast that this mix has shifted. Also, semiconductor TAM growth has been concentrated in compute, where we have a low but growing share, so we need a larger ATE TAM to achieve the revenue in our published model. As we prepare the model for January, We are definitely retiming the different groups within the company.

(00:37:54)我們不得不對收入組合做出假設。在我們的模型中，我們假設半導體測試將佔收入的 80%，機器人佔 10%，產品測試佔 10%。半導體增長如此之快，以至於這個組合已經發生了變化。此外，半導體 TAM 的增長集中在計算領域，我們在那裡的市場份額雖然低但正在增長，因此我們需要更大的 ATE TAM 來實現我們已發佈模型中的收入。在我們為一月準備模型時，我們肯定會重新調整公司內部不同團隊的時間安排。

Greg Smith - Teradyne, CEO

(00:38:38)Compute is growing faster than anticipated, and we're gaining share modestly, driven primarily by dual vendor strategies from customers and growth in networking. Mobile is underperforming relative to our model expectations, and we will reassess to determine if and when an edge AI-driven recovery might occur in that segment. In automotive and industrial sectors, we are seeing good growth. This growth aligns with our previous model. Both product test and robotics are tracking as expected, but semiconductor growth has outpaced them.

(00:38:38)計算增長速度超出預期，我們的市場份額也在穩步增長，主要是由於客戶的雙供應商策略和網絡增長。移動領域的表現相對於我們的模型預期不佳，我們將重新評估以確定在該領域是否以及何時可能會出現邊緣 AI 驅動的復甦。在汽車和工業領域，我們看到良好的增長。這一增長與我們之前的模型一致。產品測試和機器人的增長都如預期，但半導體的增長超過了它們。

Greg Smith - Teradyne, CEO

(00:39:37)Overall, I expect us to build an evergreen model based on a much larger ATE TAM, which we will discuss in January. All growth vectors are positive and moving in the right direction.

(00:39:37)總體而言，我預計我們將基於更大的 ATE TAM 建立一個常青模型，這將在一月討論。所有增長向量都是正面的，並朝著正確的方向發展。

Mehdi Hosseini - SIG, Analyst

(00:39:57)Thank you. Thanks for the detailed explanation. As a follow-up, your industrial automation segment essentially represents physical AI, which has been established. You have also expanded manufacturing capacity in the U.S. What needs to happen to achieve a higher growth rate? Is it simply a matter of timing, or do you need to modify the model further to support higher growth?

(00:39:57)謝謝。感謝您的詳細解釋。作為後續，您的工業自動化領域基本上代表了已建立的物理 AI。您還在美國擴大了製造能力。為了實現更高的增長率，需要發生什麼？這僅僅是時間問題，還是您需要進一步修改模型以支持更高的增長？

Greg Smith - Teradyne, CEO

(00:40:31)That's a great question. With the growth and capabilities of physical AI, we expect significant growth in the robotics group. There are a few key developments that need to occur. Over the past year, as Michelle mentioned in her remarks, we have been building partnerships with labs working on physical AI models and implementations. We are also aligning with the contract manufacturers and original design manufacturers primarily serving the AI data center build-out. They are essentially focused on server builds.

(00:40:31)這是一個很好的問題。隨著物理 AI 的增長和能力，我們預期機器人組將實現顯著增長。有幾個關鍵發展需要發生。在過去的一年中，正如 Michelle 在她的發言中提到的，我們一直在與研究實驗室建立合作夥伴關係，這些實驗室專注於物理 AI 模型和實施。我們也在與主要服務於人工智慧數據中心建設的合約製造商和原始設計製造商進行對接。他們基本上專注於伺服器的建設。

Greg Smith - Teradyne, CEO

(00:41:21)These systems are quite complex to build, and the customers are very sophisticated in their technology adoption. This creates fertile ground for deploying robots. However, I want to caution that since we are working with labs, which in turn work with end customers to solve problems, there will be a gestation period. Therefore, I expect robust growth in transactions with the labs in 2027. But I believe the significant impact will likely be more evident in 2028 than in 2027, beyond our major robotics customer.

(00:41:21)這些系統的建設相當複雜，客戶在技術採用上非常成熟。這為部署機器人創造了良好的環境。不過，我想提醒的是，由於我們與實驗室合作，而這些實驗室又與最終客戶合作解決問題，因此會有一段孕育期。因此，我預期在 2027 年與實驗室的交易將會有強勁增長。但我相信，顯著的影響可能在 2028 年比在 2027 年更為明顯，超出我們主要的機器人客戶。

Speaker01 - Operator

(00:42:08)Thank you. Thank you. We will now move on to Jim Schneider with Goldman Sachs. Your line is open.

(00:42:08)謝謝。謝謝。現在我們將轉到來自高盛的吉姆·施奈德。您的線路已開通。

Jim Schneider - Goldman Sachs, Analyst

(00:42:19)Good morning. Thank you for taking my question. I was wondering if you could comment on your near-term visibility over the next several months. Specifically, I understand you have visibility extending beyond the current quarter. Could you provide some directional insight on Q1—whether you expect it to be up, flat, or down—and what factors beyond the memory drivers might influence that? Thank you.

(00:42:19)早安。感謝您回答我的問題。我想知道您是否可以對未來幾個月的短期可見性發表評論。具體來說，我瞭解您有可見性延伸到當前季度之外。您能否提供一些關於第一季度的方向性見解——您預期它會上升、持平還是下降——以及除了記憶體驅動因素之外，還有哪些因素可能影響這一點？謝謝。

Michelle Turner - Teradyne, CFO

(00:42:55)Good morning, Jim. How are you? This is Michelle. Regarding visibility, we have discussed this over the past few quarters. Historically, at the start of the year, we had about 13 weeks of visibility. Currently, we have a good line of sight extending a couple of quarters out. As we exit 2026, we have a strong backlog and clear visibility into Q1. However, we remain cautious about providing guidance because there can be shifts within a quarter depending on how test cells come together for our customers. From where we stand today, we expect Q1 to show some growth, with the year progressively growing quarter over quarter, unlike this year’s roughly 50-50 split.

(00:42:55)早安，吉姆。您好嗎？我是米歇爾。關於可見性，我們在過去幾個季度中討論過這個問題。歷史上，在年初，我們有大約 13 週的可見性。目前，我們有良好的視野，延伸到幾個季度之外。隨著我們走出 2026 年，我們有強大的訂單積壓，並對第一季度有清晰的可見性。不過，我們對提供指導仍然保持謹慎，因為根據測試單元如何為我們的客戶組合，季度內可能會有變化。從我們今天的立場來看，我們預期第一季度會顯示出一些增長，整個年度將逐季增長，與今年大約 50-50 的分配不同。

Jim Schneider - Goldman Sachs, Analyst

(00:43:47)Thanks. That’s very helpful, Michelle. Thank you. As a follow-up, could you provide a broad view of the robotics business? The momentum there is improving, and I understand you have some visibility on large customers potentially ramping next year. Could you update us on how your visibility in robotics compares to the broader business visibility you just discussed? Thank you.

(00:43:47)謝謝。這非常有幫助，凱勒。謝謝。作為後續問題，您能否提供機器人業務的廣泛概況？那裡的勢頭正在改善，我瞭解您對大型客戶明年可能增長的可見性。您能否告訴我們您在機器人領域的可見性與您剛才討論的更廣泛業務可見性相比如何？謝謝。

Greg Smith - Teradyne, CEO

(00:44:18)Visibility in robotics, aside from our largest customer, is relatively short term. Entering a quarter, a large portion of our robotics revenue comes from turns. We manage that business based on a pipeline of opportunities. I can tell you the pipeline is expanding. Our closure rates remain consistent, but outcomes are essentially probabilistic. Since we operate in semiconductor test, we track demand closely. We know how many testers customers will need and when. In robotics, a significant portion of business is driven by the opportunity pipeline.

(00:44:18)除了我們最大的客戶外，機器人領域的可見性相對短期。進入一個季度，我們機器人收入的很大一部分來自於轉換。我們根據機會管道來管理這項業務。我可以告訴您，管道正在擴大。我們的成交率保持穩定，但結果基本上是概率性的。由於我們在半導體測試領域運營，我們密切跟蹤需求。我們知道客戶需要多少測試設備以及何時需要。在機器人領域，業務的很大一部分是由機會管道驅動的。

Greg Smith - Teradyne, CEO

(00:45:14)For our large customer, we tripled revenue from 2025 to 2026. We expect robust growth next year. In 2025, that customer focused largely on engineering work to validate their deployed solution. In 2026, they deployed the solution to their leading-edge distribution centers, working out issues and preparing it for broader use. They are also developing processes to enable rapid installation, allowing quick transitions from manual to automated workflows in distribution centers. We expect this broader deployment in 2027, though the exact pace remains to be seen.

(00:45:14)對於我們的大客戶，我們的收入從 2025 年到 2026 年增長了三倍。我們預期明年會有強勁增長。在 2025 年，該客戶主要專注於工程工作，以驗證他們部署的解決方案。在 2026 年，他們將解決方案部署到其尖端配送中心，解決問題並為更廣泛的使用做準備。他們還在開發流程，以實現快速安裝，允許在配送中心快速從手動工作流程轉變為自動化工作流程。我們預期在 2027 年會有更廣泛的部署，儘管具體的步伐仍有待觀察。

Michelle Turner - Teradyne, CFO

(00:46:21)To follow up, Jim, this is an example where we anticipate more activity in the back half of the year, based on that customer’s schedule.

(00:46:21)作為後續問題，吉姆，這是一個例子，我們預期根據該客戶的時間表，在下半年會有更多活動。

Jim Schneider - Goldman Sachs, Analyst

(00:46:30)Great, Michelle.

(00:46:30)很好，凱勒。

Speaker01 - Operator

(00:46:30)Thank you. Thank you. We'll move on now to Joseph Cardoso with J.P. Morgan. Your line is open.

(00:46:30)謝謝。謝謝你。現在我們將轉到 Joseph Cardoso，來自 J.P. Morgan。你的線路已開通。好的，早安，謝謝你的提問。

Joseph Cardoso - J.P. Morgan, Analyst

(00:46:42)All right, good morning, and thanks for the question. For the first question, I wanted to touch on your prepared remarks where you referenced CPO and NPO. Could you provide an update on your thoughts regarding the timing? It seems there might be some de-emphasis anecdotally on how quickly these opportunities could ramp compared to what we're hearing from various suppliers in the broader supply chain. I’m curious if you’re thinking about this differently, as well as your views on the content and TAM associated with the opportunity.

(00:46:42)對於第一個問題，我想談談你準備的發言中提到的 CPO 和 NPO。你能提供一下你對時機的看法嗎？聽起來在這些機會的快速增長上，可能會有一些非正式的減少強調，與我們從各個供應商那裡聽到的情況相比。我很好奇你是否有不同的看法，以及你對這個機會的內容和 TAM 的看法。此外，我還有一個快速的跟進問題。

Joseph Cardoso - J.P. Morgan, Analyst

(00:47:11)Additionally, I have a quick follow-up. Thank you. Hi, Joe.

(00:47:11)謝謝你。嗨，Joe。我認為我們對 CPO 仍然非常熱情。當我們之前討論時，我們已經明確表示我們處於季前階段。

Greg Smith - Teradyne, CEO

(00:47:21)I think we remain quite enthusiastic about CPO. When we've discussed it before, we've been clear that we're in the pre-season phase. There is an initial customer driving toward a significant ramp in 2027, but it is growing from a very small base. We've estimated the TAM in 2026 to be around $100 million for the test equipment portion, potentially growing to $300 to $700 million by 2028. I believe that range remains accurate. Whether we trend toward the high or low end of CPO depends on whether the economics make it practical to ramp aggressively.

(00:47:21)有一位初始客戶正在推動 2027 年的顯著增長，但它是從一個非常小的基數開始增長的。我們估計 2026 年的 TAM大約為 1 億美元，測試設備部分，可能到 2028 年增長到 3 億到 7 億美元。我相信這個範圍仍然是準確的。我們是否趨向 CPO 的高端或低端，取決於經濟是否使得積極增長變得可行。目前，CPO 所需的測試時間和強度相當高。

Greg Smith - Teradyne, CEO

(00:48:17)Currently, the test times and intensity required for CPO are quite high. This will somewhat limit broad deployment until those factors improve. Testing is only part of the challenge; there are other issues in the assembly flow that need refinement. As these challenges are addressed, this market could grow significantly, with the $300 to $700 million range being just a milestone along the way. This market is likely to reach up to a billion dollars or more. However, the exact timing and speed of that ramp remain uncertain.

(00:48:17)這在某種程度上會限制廣泛部署，直到這些因素改善。測試只是挑戰的一部分；組裝流程中還有其他問題需要改進。隨著這些挑戰的解決，這個市場可能會顯著增長，3 億到 7 億美元的範圍只是途中一個里程碑。這個市場可能會達到十億美元或更多。然而，具體的時機和增長速度仍然不確定。重要的是要記住，這些網絡連接必須建立。

Greg Smith - Teradyne, CEO

(00:49:14)It's important to remember that these network connections must be made. Whether through CPO, NPO, pluggables, or copper, clusters will grow larger and connectivity will increase. Our strategy is to serve all these markets through both our product test group for pluggables and copper, and our semiconductor test market for switch silicon and other products. We are investing in an open ecosystem for CPO, but we aim to ensure our business strategy is resilient to any timing uncertainties. This is not due to a lack of confidence in the end goal.

(00:49:14)無論是通過 CPO、NPO、可插拔設備還是銅，集群將變得更大，連接性將增加。我們的策略是通過我們的可插拔設備和銅的產品測試組，以及我們的半導體測試市場，為所有這些市場提供服務。我們正在為 CPO 投資一個開放的生態系統，但我們的目標是確保我們的商業策略能夠抵禦任何時機的不確定性。這並不是因為對最終目標缺乏信心。而是反映了這些連接的重要性，這將有多條成功的路徑。

Greg Smith - Teradyne, CEO

(00:50:08)Rather, it reflects the importance of these connections, which will have multiple paths to success.

(00:50:08)明白了。

Joseph Cardoso - J.P. Morgan, Analyst

(00:50:19)Got it. I appreciate your thoughts and agree that’s a fair perspective. For the second question, I wanted to revisit CPO but from a different angle. You have disclosed customers ramping through 2027, but looking medium to longer term, I’d like your thoughts on potential engagements beyond those three customers, especially given reports of a larger inflection point for custom ASIC opportunities in 2028 with additional hyperscalers and AI labs. How are you thinking about the opportunity or TAM as you consider or hear about these customer discussions?

(00:50:19)我感謝你的看法，並同意這是一個公平的觀點。對於第二個問題，我想從不同的角度重新探討 CPO。你已經披露了客戶在 2027 年的增長，但從中長期來看，我想聽聽你對這三位客戶之外的潛在合作的看法，特別是考慮到 2028 年與其他超大規模和 AI 實驗室的定製 ASIC 機會的更大轉折點的報導。當你考慮或聽到這些客戶的討論時，你對這個機會或 TAM 的看法是什麼？隨著我們展望 2028 年，你是否看到類似的趨勢？

Joseph Cardoso - J.P. Morgan, Analyst

(00:51:07)Are you seeing a similar trend as we look toward 2028? I realize I’m skipping 2027 a bit, but this seems to be a major topic regarding an expanding opportunity set. I’m curious about your perspective on this. Thank you.

(00:51:07)我意識到我有點跳過了 2027 年，但這似乎是關於擴大機會集的一個主要話題。我對你的看法很感興趣。謝謝你。很高興看到你在思考 2028 年。

Greg Smith - Teradyne, CEO

(00:51:24)It’s great to see you thinking about 2028. This reflects the new market reality: previously, there was significant quarter-to-quarter uncertainty about end-market development. Now, quarter-to-quarter uncertainty mainly concerns shipment timing and how quickly facilities can be built. It’s encouraging that we can look out to 2028 and discuss long-term targets. In our prepared remarks, I mentioned that hyperscaler one is mature. Hyperscaler two is a fast follower. We expect activity in the back half of 2027.

(00:51:24)這反映了新的市場現實：之前，對最終市場發展存在顯著的季度不確定性。現在，季度不確定性主要涉及出貨時機和設施建設的速度。我們能夠展望 2028 年並討論長期目標，這是令人鼓舞的。在我們的準備發言中，我提到超大規模客戶一已經成熟。超大規模客戶二是快速跟進者。我們預計在 2027 年下半年會有活動。我們目前正在與第三方進行資格認證。

Greg Smith - Teradyne, CEO

(00:52:10)We are currently in qualification with a third. There are other unknown factors, such as the impact of the TeraFab investment and developments with OpenAI and Anthropic. All of these companies are heavily investing in developing their own silicon technology for a complete stack. They are leaning hard into building integrated silicon solutions. I will say that we are approaching all of them in the same way. In some cases, we are the first supplier and are working to maintain and maximize our share. In other cases, we are positioning ourselves as a capable dual-vendor option to help secure their supply chain. Essentially, it's the same approach.

(00:52:10)還有其他未知因素，例如 TeraFab 投資的影響以及與 OpenAI 和 Anthropic 的發展。所有這些公司都在大力投資於開發自己的矽技術，以實現完整的堆疊。他們正在全力以赴地構建集成矽解決方案。我會說，我們對所有這些客戶的接觸方式都是相同的。在某些情況下，我們是第一個供應商，並努力維持和最大化我們的市場份額。在其他情況下，我們則將自己定位為一個有能力的雙供應商選擇，以幫助確保他們的供應鏈。基本上，這是相同的方法。

Greg Smith - Teradyne, CEO

(00:53:09)The same engagement process we used for the first three hyperscalers will be applied to subsequent ones. We believe the factors driving those early hyperscalers in their choices will similarly influence the rest of the market. So, I think it's logical to consider what will happen in the future. I will say that, you know, Our competitor has established a very strong share position in compute. We are making significant progress in gaining share within compute in 2026. However, the compute market has grown so much that this has essentially diluted our overall share.

(00:53:09)我們對前三個超級雲端服務商使用的相同參與過程將應用於後續的服務商。我們相信，驅動這些早期超級雲端服務商選擇的因素將同樣影響市場的其他部分。所以，我認為考慮未來會發生什麼是合乎邏輯的。我會說，你知道，我們的競爭對手在計算領域已經建立了非常強大的市場份額。我們在 2026 年在計算領域獲得市場份額方面取得了顯著進展。然而，計算市場增長如此之快，以至於這基本上稀釋了我們的整體市場份額。

Greg Smith - Teradyne, CEO

(00:53:59)I am very optimistic about the future of hyperscaler programs, but it definitely takes time. Therefore, 2027 will be a good year for these programs. And 2028 is expected to be even better.

(00:53:59)我對超級雲端服務商計劃的未來非常樂觀，但這確實需要時間。因此，2027 年將是這些計劃的一個好年頭。而 2028 年預計會更好。

Speaker01 - Operator

(00:54:22)Thank you. We'll now move on to Vivek Arya with Bank of America Securities. Your line is open.

(00:54:22)謝謝。現在我們將轉到美國銀行證券的 Vivek Arya。您的線路已開通。

Vivek Arya - BofA Securities, Analyst

(00:54:30)Thank you for taking my questions. I have a near-term question and then a more intermediate-term one. So, on the near term, Michelle, you mentioned that you expect sales to consistently grow over the next several quarters. Looking back at the Q4 to Q1 transitions in 2022, 2023, and 2024, I recall Q1 sales were down double digits, but in Q1 2026, they were up, likely because compute started to become more important than mobility. I understand it's a lumpy business, but I want to ensure we consider any factors that could cause Q1 sales to fall below Q4 levels.

(00:54:30)感謝您回答我的問題。我有一個短期問題，然後是一個中期問題。所以，在短期內，Michelle，您提到您預期銷售在接下來的幾個季度中會穩定增長。回顧 2022 年、2023 年和 2024 年的第四季度到第一季度的過渡，我記得第一季度的銷售下降了雙位數，但在 2026 年第一季度，它們上升了，可能是因為計算開始變得比移動更重要。我理解這是一個不穩定的業務，但我想確保我們考慮到任何可能導致第一季度銷售低於第四季度水平的因素。

Michelle Turner - Teradyne, CFO

(00:55:15)Let me clarify. You're asking about the Q4 to Q1 transition. I was referring to sales growth throughout 2027. We expect each quarter next year to show quarter-over-quarter growth. I also expect growth between Q4 and Q1. To clarify and set the baseline regarding the numbers you mentioned, At the start of this year, when we set the 60-40 split, our visibility was about 13 weeks. As the year progressed, we gained additional visibility that better informs our positioning. This helps us plan for Q1 and think about next year.

(00:55:15)讓我澄清一下。您在詢問第四季度到第一季度的過渡。我是指 2027 年整體的銷售增長。我們預期明年每個季度都會顯示出環比增長。我也預期第四季度和第一季度之間會有增長。為了澄清並設定您提到的數字的基準，在今年年初，當我們設定 60-40 的分配時，我們的可見度約為 13 週。隨著年年的推進，我們獲得了額外的可見度，這更好地告知了我們的定位。這幫助我們為第一季度做計劃，並考慮明年。

Michelle Turner - Teradyne, CFO

(00:56:03)That said, we continue to see quarter-to-quarter lumpiness, which is the caution you are hearing. We feel very confident about the demand signals and believe next year will be another year of healthy growth. There may be variability within quarters, but as of now, we expect each quarter next year to grow compared to 2026.

(00:56:03)也就是說，我們仍然看到季度之間的波動，這就是您聽到的謹慎。我們對需求信號感到非常有信心，並相信明年將是另一個健康增長的年份。雖然季度內可能會有變化，但截至目前，我們預期明年的每個季度都會比 2026 年增長。

Greg Smith - Teradyne, CEO

(00:56:25)I want to add that, as we discussed two or three calls ago, the patterns we saw up through 2024 are over. While historical patterns are useful analytically, there has been a seismic shift in the semiconductor test market starting in 2024 and really taking hold in 2025. Previously, the mobile consumer cycle was the industry's 'tick-tock'. But now, the focus is on data center buildup schedules and capacity coming online at semiconductor manufacturers who are vastly underserving market demand. It's important to provide good directional guidance, but we must be cautious about applying pre-2024 patterns to a market that is twice as large and behaving differently.

(00:56:25)我想補充的是，正如我們在兩三次通話前討論的那樣，我們在 2024 年之前看到的模式已經結束。雖然歷史模式在分析上是有用的，但自 2024 年以來，半導體測試市場發生了劇變，並在 2025 年真正紮根。之前，移動消費者週期是行業的「tick-tock」節拍。但現在，重點是數據中心的建設計劃和半導體製造商的產能上線，這些製造商遠遠無法滿足市場需求。提供良好的方向性指導是重要的，但我們必須謹慎地將 2024 年前的模式應用於一個規模是兩倍且行為不同的市場。

Michelle Turner - Teradyne, CFO

(00:57:52)Also, this is really driven by compute order timing. That was the main driver this year. We expect it to continue playing out next year as well.

(00:57:52)此外，這真的受到計算訂單時間的驅動。這是今年的主要驅動因素。我們預期明年這一情況也會持續發生。

Vivek Arya - BofA Securities, Analyst

(00:58:03)Very helpful. For my follow-up, Greg, I have a question for you. You made an interesting point that memory constraints are pushing some accelerators toward lower HBM stack heights. I'm curious to know if this is something you think might happen, if it is already happening, or if it will become prevalent. You also mentioned that your share might be higher when the different heights are shorter. I would appreciate your perspective on the sensitivity here, and for the same amount of HBM bit, how much more test insertion, test time, intensity, and opportunity this creates for you.

(00:58:03)非常有幫助。對於我的後續問題，Greg，我有一個問題想問你。您提到了一個有趣的觀點，即記憶體限制正在推動一些加速器朝向較低的 HBM 堆疊高度。我很好奇這是否是您認為可能發生的事情，如果它已經在發生，或者它是否會變得普遍。您還提到，當不同高度較短時，您的市場份額可能會更高。我希望您能分享一下這方面的敏感性，以及對於相同數量的 HBM 位元，這為您創造了多少更多的測試插入、測試時間、強度和機會。

Greg Smith - Teradyne, CEO

(00:58:46)I'm afraid I can't provide exact numbers, but I can offer some directional guidance. It seems quite certain that the next generation will see a trend toward higher stack heights. From 2024 to 2025 and into 2026, there was an expectation that stack heights would progress from 4, 6, 8, up to 12 and 16 layers. However, I believe that trend has reversed in 2026. I would expect to see lower stack heights across several different devices. Now, how does that benefit us? The key point is that the bottleneck is the total number of DRAM wafers that can be produced.

(00:58:46)我恐怕無法提供確切的數字，但我可以提供一些方向性的指導。看起來下一代將會有更高堆疊高度的趨勢。從 2024 年到 2025 年，甚至到 2026 年，預期堆疊高度將從 4 層、6 層、8 層，增加到 12 層和 16 層。然而，我相信這一趨勢在 2026 年已經逆轉。我預期在幾種不同的設備中會看到較低的堆疊高度。那麼，這對我們有什麼好處呢？關鍵點在於瓶頸是可以生產的 DRAM 晶圓總數。

Greg Smith - Teradyne, CEO

(00:59:42)If you consider those DRAM wafers, you can produce twice as many four-high stacks as eight-high stacks from the same wafer supply. This effectively helps alleviate constraints on shipments of AI accelerators that use those HBM memories. Additionally, with higher stack heights, you're essentially trying to transmit more data through a narrower channel. Therefore, there are data rate advantages to having more DRAM stacks rather than taller stacks. What makes this advantageous for us is that our market share in DRAM wafer sort is lower than in HBM performance testing.

(00:59:42)如果考慮這些 DRAM 晶圓，您可以從相同的晶圓供應中生產兩倍的四層堆疊，而不是八層堆疊。這有效地幫助緩解使用這些 HBM 記憶體的 AI 加速器出貨的限制。此外，隨著堆疊高度的增加，您基本上是在試圖通過更狹窄的通道傳輸更多數據。因此，擁有更多的 DRAM 堆疊而不是更高的堆疊在數據速率上是有優勢的。對我們來說，這一點的優勢在於我們在 DRAM 晶圓分類中的市場份額低於在 HBM 性能測試中的市場份額。

Greg Smith - Teradyne, CEO

(01:00:34)So, if the same number of wafers are used to create more stacks, more stacks will need testing, which increases demand for our testers. I see this as a positive indicator for our future market share. However, I don't have a precise figure to share.

(01:00:34)因此，如果使用相同數量的晶圓來創建更多的堆疊，則需要測試更多的堆疊，這增加了對我們測試設備的需求。我認為這對我們未來的市場份額是一個正面的指標。不過，我沒有精確的數字可以分享。

(01:00:56)Thank you. Thank you. We'll now move on to Krish Sankar with TD Cowen. Your line is open.

(01:00:56)謝謝。謝謝。現在我們將轉到 TD Cowen 的 Krish Sankar。您的線路已開通。

Krish Sankar - TD Cowen, Analyst

(01:01:07)Hi. Thank you for the question. I understand your argument. There's some discussion about a possible reduction in the HBM signal or pin speed. Would that affect test complexity? Also, I'm curious about HBM competition, not from Japanese competitors, but from Korean players like UniTest and others. How is that situation developing? And I have a follow-up question as well.

(01:01:07)嗨。感謝您的提問。我理解您的論點。有關 HBM 信號或引腳速度可能降低的討論。這會影響測試的複雜性嗎？此外，我對 HBM 競爭感到好奇，不是來自日本競爭者，而是來自像 UniTest 等韓國廠商。這種情況如何發展？我還有一個後續問題。

Greg Smith - Teradyne, CEO

(01:01:37)Krish, I caught part of your question, so please clarify if I misunderstood. I believe the first part of your question concerned HBM despecking. Honestly, while we've heard much about lower stack heights, we haven't received much feedback from customers regarding despecking or its impact on testing. So, at this point, despecking is not a factor in our considerations. Regarding market share versus Korean suppliers, they primarily serve the wafer sort segment of the memory business, not the performance test segment.

(01:01:37)Krish，我聽到你問題的一部分，所以如果我誤解了，請澄清一下。我相信你問題的第一部分涉及 HBM 降規（despec）。說實話，雖然我們聽到了很多關於較低堆疊高度的消息，但我們沒有收到客戶關於去斑或其對測試影響的反饋。因此，目前去斑並不是我們考慮的因素。關於市場份額與韓國供應商的比較，他們主要服務於記憶體業務的晶圓分類部分，而不是性能測試部分。

Greg Smith - Teradyne, CEO

(01:02:22)Therefore, their impact on us is limited. Given the current capacity expansion, I expect they will experience healthy growth and secure a fair share of business as DRAM and flash wafer volumes increase.

(01:02:22)因此，他們對我們的影響有限。鑒於目前的產能擴張，我預期他們將經歷健康的增長，並在 DRAM 和閃存晶圓量增加時獲得公平的業務份額。

Krish Sankar - TD Cowen, Analyst

(01:02:42)Got it. Thanks for that, Greg. And now a quick follow-up from Michelle. Thanks for addressing capacity and your inventory position. I'm curious how much of the inventory build-up is driven by true demand versus stockpiling components that might become constrained. For example, testers use DDR4 chips and similar components. So, how much of the inventory is to prevent future constraints versus actual demand?

(01:02:42)明白了。謝謝你，Greg。現在 Michelle 有一個快速的後續問題。感謝您談到產能和您的庫存狀況。我很好奇庫存的增加有多少是由真正的需求驅動，而不是囤積可能會受到限制的元件。例如，測試設備使用 DDR4 晶片和類似的元件。那麼，庫存中有多少是為了防止未來的限制，而不是實際需求？

Michelle Turner - Teradyne, CFO

(01:03:11)I'd estimate it's about a 50-50 split. Another point to consider is that from a Days Inventory Outstanding perspective, our inventory levels were unusually low in Q1. Part of this was due to rapid build-up to meet the surge in demand over the past six to nine months. So, some of this inventory increase is simply normalization. I would argue that our current level of 189 days is still slightly below what might be considered normal, which is around 200 days compared to some peers. Therefore, this factor should be considered rather than just extrapolating from the 35% growth within the quarter.

(01:03:11)我估計大約是 50-50 的分配。另一個需要考慮的點是，從庫存周轉天數的角度來看，我們的庫存水平在第一季度異常低。這部分是由於快速增長以滿足過去六到九個月的需求激增。因此，這部分庫存的增加只是正常化。我認為我們目前的 189 天仍然略低於正常水平，正常水平約為 200 天，與一些同行相比。因此，這一因素應該被考慮，而不僅僅是從季度內的 35% 增長進行推斷。

Krish Sankar - TD Cowen, Analyst

(01:03:57)Thank you.

(01:03:57)謝謝。

Speaker01 - Operator

(01:04:01)Thank you. At this time, we have reached the allotted time for Q&A. I'd be happy to return the call to our host for any closing remarks.

(01:04:01)謝謝。此時，我們已經達到了 Q&A 的預定時間。我很高興能將電話交回給我們的主持人，進行任何結束語的發言。

Greg Smith - Teradyne, CEO

(01:04:12)Thank you, Operator. It was another strong quarter for us. We're looking forward to Q4 and especially to providing you with an updated model in our next earnings call. We'll speak with you then.

(01:04:12)謝謝你，主持人。這是我們又一個強勁的季度。我們期待著第四季度，特別是在下次財報電話會議中為您提供更新的模型。我們到時再與您交談。

Speaker01 - Operator

(01:04:28)This concludes today's Teradyne third quarter 2026 earnings call and webcast. You may disconnect your line at this time. Have a wonderful day.

(01:04:28)今天的 Teradyne 2026 年第三季度財報電話會議和網路直播到此結束。您現在可以斷開連線。祝您有美好的一天。