eclair_lave wrote:
電話會議上開頭自己說，因為庫存很低所以無法依賴庫存去彌補產能不足供應市場需求，後面就被分析師直接戳為何庫存水平高達百億鎂?是怎發生的?結果cfo答非所問根本沒解釋出理由，自相矛盾到不行
Q - Stacy Rasgon
Hi, everyone. Thanks for taking my question. For my first one, I wanted to drill down into the segments a little bit. If I back into the numbers, Mobileye is up and Altera foundry revenue might be close to a couple hundred million. I need both DCAI and Client to be down pretty meaningfully. If Client is down more, I mean, maybe DCAI down high single digits and Client down mid-teens. So I guess I have two questions. One, is that true? And two, why is Data Center down so much given where demand is and where your priorities are? Like, why would I expect Data Center units to decline? It seems like they must decline pretty meaningfully in Q1.
A - David Zinsner
Yes. I mean, both will decline due to supply constraints. Clearly, we're shifting as much as we can to Data Center to meet high demand, but we cannot completely neglect the Client segment. So we're doing our best to support both. We're obviously working hard to resolve this supply issue. I do believe the first quarter is the trough. We will improve supply in the second quarter. Part of the challenge is that in the third and fourth quarters of last year, we relied heavily on supply while also consuming a significant portion of fixed finished goods inventory.
Unfortunately, inventory levels have now dropped to 40% of their peak. So we don't have that buffer to rely on. It's literally a 'hand-to-mouth' situation—what we can get from the fab is what we can deliver to customers, and that’s how we manage it.
A - John Pitzer
Stacy, do you have a follow-up question?
Q - Stacy Rasgon
I do. Thank you. Just want to follow up on that. I mean, you have your own factories, so how did you end up in this inventory situation? I mean, I understand the whole concept of finished goods versus other things. But I mean, you're sitting on $11.6 billion worth of inventory. And yet it's not in the right place at the right time to ship. How does that happen?
A - David Zinsner
It largely happened. I would tell you, Stacy, I think the biggest thing is if you go back six months or so and look at what the outlook was, cores were absolutely going to be up. Units were not expected to be up. Every hyperscaler we talked to signaled as much. Clearly, in the third and fourth quarters, it ramped very quickly. Speaking with a few of them just prior to this call, it feels like this is a story that's going to persist for a couple of years. Yes, our advantage is we do have our own wafer fab, so we can squeeze as much supply out as possible, which is what we are doing. But we didn't anticipate the unit growth in data centers being as significant as it turned out to be in managing our supply.
A - John Pitzer
Jonathan, let's move to the next question.
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