{"id":410,"date":"2026-11-05T09:51:49","date_gmt":"2026-11-05T00:51:49","guid":{"rendered":"https:\/\/www.arphile.net\/?p=410"},"modified":"2026-11-05T09:51:53","modified_gmt":"2026-11-05T00:51:53","slug":"261105-arm-q2-fy27-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/410\/","title":{"rendered":"[261105] ARM Q2 FY27 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \ub77c\uc774\uc120\uc2a4 +50%, \uc790\uccb4 \uce69(Arm AGI CPU) \ub9e4\ucd9c \ubaa9\ud45c $20\uc5b5\uc73c\ub85c \uc0c1\ud5a5<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$14.4\uc5b5 (+27% YoY)<\/strong>, 5\ubd84\uae30 \uc5f0\uc18d 20%\ub300 \uc774\uc0c1 \uc131\uc7a5. 2\ubd84\uae30 \uae30\uc900 \uc0ac\uc0c1 \ucd5c\ub300\uc774\uace0, \uc804\uccb4 \ubd84\uae30 \ud1b5\ud2c0\uc5b4\uc11c\ub294 \uc5ed\ub300 2\uc704<\/li>\n\n\n\n<li>Non-GAAP EPS $0.52 (+33%), \uc601\uc5c5\uc774\uc775 $6.38\uc5b5 (+37%), \uc601\uc5c5\uc774\uc775\ub960 44.2% (+3.0%p)<\/li>\n\n\n\n<li>\ub77c\uc774\uc120\uc2a4 \ub9e4\ucd9c\uc740 \uac00\uc774\ub358\uc2a4\ubcf4\ub2e4 \uc57d $1\uc5b5 \ub9ce\uc558\uc74c. \uace0\uac1d\ub4e4\uc774 \uc7a5\uae30 \uacc4\uc57d\uc744 \uc11c\ub458\ub7ec \ub9fa\uc73c\ub824 \ud588\uae30 \ub54c\ubb38\uc774\ub77c\uace0 \ud568<\/li>\n\n\n\n<li>\ub85c\uc5f4\ud2f0\ub294 +8%\uc5d0 \uadf8\uce68. \uc2a4\ub9c8\ud2b8\ud3f0\uc774 \ubc1c\ubaa9\uc744 \uc7a1\uc558\uc74c (\uba54\ubaa8\ub9ac \uac00\uaca9 \uc0c1\uc2b9\uc73c\ub85c \uc911\uc800\uac00\ud3f0 \ud310\ub9e4 \uac10\uc18c)<\/li>\n\n\n\n<li>3\ubd84\uae30 \uac00\uc774\ub358\uc2a4: \ub9e4\ucd9c $15.4\uc5b5 \u00b1$0.5\uc5b5 (+24% YoY). \ub85c\uc5f4\ud2f0\uac00 YoY \ud55c \uc790\ub9bf\uc218 \ucd08\ubc18 \uc131\uc7a5\uc5d0 \uadf8\uce58\ub294 \uc810\uc774 \uc57d\ud574 \ubcf4\uc784<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\uae08\uc561<\/th><th>YoY<\/th><\/tr><\/thead><tbody><tr><td>\ucd1d\ub9e4\ucd9c<\/td><td>$14.4\uc5b5<\/td><td>+27%<\/td><\/tr><tr><td>\ub77c\uc774\uc120\uc2a4 \ubc0f \uae30\ud0c0<\/td><td>$7.73\uc5b5<\/td><td>+50%<\/td><\/tr><tr><td>\ub85c\uc5f4\ud2f0<\/td><td>$6.70\uc5b5<\/td><td>+8%<\/td><\/tr><tr><td>Non-GAAP \uc601\uc5c5\ube44\uc6a9<\/td><td>$7.74\uc5b5<\/td><td>+19%<\/td><\/tr><tr><td>Non-GAAP \uc601\uc5c5\uc774\uc775<\/td><td>$6.38\uc5b5<\/td><td>+37%<\/td><\/tr><tr><td>Non-GAAP EPS<\/td><td>$0.52<\/td><td>+33%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-style-plain is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\ucc38\uace0 : Arm \uc0ac\uc5c5 \uad6c\uc870<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub77c\uc774\uc120\uc2a4: \uc124\uacc4\ub97c \uc4f0\ub294 \ub300\uac00\ub85c \ubc1b\ub294 \ub3c8. \uacc4\uc57d \uc2dc\uc810\uc5d0 \ud55c \ubc88\uc5d0 \uc778\uc2dd\ub418\uc5b4 \ubd84\uae30\ubcc4 \ud3b8\ucc28\uac00 \ud07c<\/li>\n\n\n\n<li>\ub85c\uc5f4\ud2f0: \uace0\uac1d\uc774 \uce69\uc744 \ub9cc\ub4e4\uc5b4 \ud314 \ub54c\ub9c8\ub2e4 \ubc1b\ub294 \ub3c8. \ub77c\uc774\uc120\uc2a4\uac00 \ub298\uba74 12~24\uac1c\uc6d4 \ub4a4 \ub85c\uc5f4\ud2f0\ub85c \uc774\uc5b4\uc9c4\ub2e4\uace0 \uc124\uba85\ud568<\/li>\n\n\n\n<li>ATA (Arm Total Access): \uad6c\ub3c5\ucc98\ub7fc Arm \uae30\uc220 \ub85c\ub4dc\ub9f5 \uc804\uccb4\uc5d0 \uc811\uadfc\ud558\ub294 \uacc4\uc57d<\/li>\n\n\n\n<li>CSS (Compute Subsystem): \ucf54\uc5b4, \uc778\ud130\ucee4\ub125\ud2b8 \ub4f1\uc744 \ubb36\uc5b4 \ubbf8\ub9ac \uac80\uc99d\ud574 \ub454 \uc124\uacc4 \ud328\ud0a4\uc9c0. \ub85c\uc5f4\ud2f0\uc728\uc774 \ub354 \ub192\uc74c<\/li>\n<\/ul>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Rene Haas)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub450 \uac1c\uc758 \uc131\uc7a5 \uc5d4\uc9c4<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uae30\uc874 IP \uc0ac\uc5c5 + \uc0c8 \uc2e4\ub9ac\ucf58 \uc0ac\uc5c5(Arm AGI CPU). \ub458 \ub2e4 \uac19\uc740 Arm Compute Platform\uacfc \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc0dd\ud0dc\uacc4\ub97c \uc500<\/li>\n\n\n\n<li>OCI(\uc624\ub77c\ud074 \ud074\ub77c\uc6b0\ub4dc)\uac00 \uc608\uc2dc. NVIDIA Vera CPU(Arm \uae30\ubc18)\ub97c \uc81c\uacf5\ud558\uace0 \uc788\uace0, 2027\ub144\uc5d0 Arm AGI CPU \uc778\uc2a4\ud134\uc2a4\ub3c4 \uc81c\uacf5\ud560 \uacc4\ud68d<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Arm AGI CPU<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3\uc6d4 \ucd9c\uc2dc \uc774\ud6c4 \uc218\uc694\uac00 \uacc4\uc18d \uac15\ud574\uc9d0. \uc5ec\ub7ec \uace0\uac1d\uacfc 2027\ub144 \ub9d0\uae4c\uc9c0 \uc774\uc5b4\uc9c0\ub294 \uad6c\ub9e4\uc8fc\ubb38(PO)\uc744 \ud655\ubcf4\ud568<\/li>\n\n\n\n<li>\uccab \uc0c1\uc5c5 \ucd9c\ud558\ub294 FY27 4\ubd84\uae30(2027\ub144 1\uc6d4 \ubd84\uae30)\ub85c \uacc4\ud68d\ub300\ub85c \uc9c4\ud589 \uc911<\/li>\n\n\n\n<li>2\ub144(FY27~FY28) \ud569\uc0b0 \ub9e4\ucd9c \ubaa9\ud45c\ub97c \ucd5c\ub300 $20\uc5b5\uc73c\ub85c \ub192\uc784 (\uc9c1\uc804 \ubd84\uae30\ub294 $10\uc5b5 \uc774\uc0c1). \uacf5\uae09\uacfc \uace0\uac1d \uad6c\uc131\uc774 \ubcf4\uac15\ub410\uae30 \ub54c\ubb38\uc774\ub77c\uace0 \ud568<\/li>\n\n\n\n<li>\uc804\ub825 \ubd80\uc871\uc774 \ud654\ub450. \ubaa8\uac74\uc2a4\ud0e0\ub9ac \uc804\ub9dd \uae30\uc900 2028\ub144\uae4c\uc9c0 \uc804 \uc138\uacc4 \ub370\uc774\ud130\uc13c\ud130 \uc804\ub825 \ubd80\uc871\ubd84\uc774 38GW<\/li>\n\n\n\n<li>OCP\uc5d0\uc11c Signal65\uac00 \ub3c5\ub9bd \ud14c\uc2a4\ud2b8\ud55c \uacb0\uacfc, AMD EPYC 9755 \ub300\ube44 \ub799\ub2f9 \uc131\ub2a5\uc774 \uc57d 2\ubc30. \uc804\ub825 \ubd80\uc871\ubd84\uc744 \uc808\ubc18\uc73c\ub85c \uc904\uc77c \uc218 \uc788\ub294 \uc218\uc900\uc774\ub77c\uace0 \uc8fc\uc7a5\ud568<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub370\uc774\ud130\uc13c\ud130 \uc810\uc720\uc728<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub370\uc774\ud130\uc13c\ud130 \ub85c\uc5f4\ud2f0 2\ubc30 \uc131\uc7a5<\/li>\n\n\n\n<li>\uc0c1\uc704 \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec\uc758 \uc11c\ubc84\uc5d0\uc11c Arm \ube44\uc911: 2024\ub144 15% \u2192 2025\ub144 50% \ucd08\uacfc \u2192 2026\ub144 \ub9d0 60% \ucd08\uacfc \uc804\ub9dd<\/li>\n\n\n\n<li>\uadfc\uac70: Google Axion, AWS Graviton, Microsoft Cobalt, NVIDIA \ud50c\ub7ab\ud3fc\uc758 \ub7a8\ud504<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uc5e3\uc9c0\uc640 \ud53c\uc9c0\uceec AI<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Arm \uae30\ubc18 PC\uac00 \uc804 \uc138\uacc4 \ucd9c\ud558\uc758 20%\uc5d0 \ub3c4\ub2ec. Google\uc758 AI \ub178\ud2b8\ubd81 &#8216;Googlebook&#8217;\uacfc NVIDIA RTX Spark \uc2dc\uc2a4\ud15c\uc774 \ud655\uc7a5 \uc694\uc778<\/li>\n\n\n\n<li>\uc2a4\ub9c8\ud2b8\ud3f0: CSS for Mobile 2 \ubc1c\ud45c. \uc5d0\uc774\uc804\ud2b8\ud615 AI \uc6cc\ud06c\ub85c\ub4dc \uc131\ub2a5\uc774 \ucd5c\ub300 70% \uac1c\uc120(SME2). \uccab AI \ub124\uc774\ud2f0\ube0c Mali GPU\ub294 \uac19\uc740 \uc804\ub825\uc5d0\uc11c \ud504\ub808\uc784\ub808\uc774\ud2b8 \ucd5c\ub300 4\ubc30<\/li>\n\n\n\n<li>\ud53c\uc9c0\uceec AI \ub85c\uc5f4\ud2f0 +50% (\uc6b4\uc804\uc790 \ubcf4\uc870, \ucc28\ub7c9 \uc778\ud3ec\ud14c\uc778\uba3c\ud2b8). Arm Total Design for Physical AI\uc5d0 80\uac1c \uc774\uc0c1 \uae30\uc5c5 \ucc38\uc5ec<\/li>\n\n\n\n<li>\ud30c\ud2b8\ub108 \ubcf4\uace0 \uae30\uc900 \ub2e8\uc77c \ubd84\uae30 Arm \uae30\ubc18 \uce69 \ucd9c\ud558\uac00 \ucc98\uc74c\uc73c\ub85c 100\uc5b5 \uac1c \ucd08\uacfc (YoY +15\uc5b5 \uac1c)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80 (CFO Jason Child)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub77c\uc774\uc120\uc2a4 $7.73\uc5b5 (+50%)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc2e0\uaddc ATA 3\uac74 \uccb4\uacb0. \ud65c\uc131 ATA \uad6c\ub3c5\uc774 60\uac74\uc744 \ub118\uc74c. \uc8fc\uc694 \uace0\uac1d \ud55c \uacf3\uc774 \ucc98\uc74c\uc73c\ub85c ATA\ub97c \ub9fa\uc5c8\uc74c<\/li>\n\n\n\n<li>CSS \ub77c\uc774\uc120\uc2a4 4\uac74 \ucd94\uac00 (\ub370\uc774\ud130\uc13c\ud130 \uce69 2\uac74, \uc2a4\ub9c8\ud2b8\ud3f0 2\uac74)<\/li>\n\n\n\n<li>SoftBank \uae30\uc220 \ub77c\uc774\uc120\uc2a4\u00b7\uc124\uacc4 \uc11c\ube44\uc2a4 \uacc4\uc57d\uc774 $2.09\uc5b5 (+17%). \uc62c\ud574 \ub0a8\uc740 \uae30\uac04 \ubd84\uae30 \ub7f0\ub808\uc774\ud2b8\ub3c4 \uc774 \uc218\uc900($2.09\uc5b5)\uc744 \uc720\uc9c0\ud560 \uac83\uc73c\ub85c \ubd04<\/li>\n\n\n\n<li>ACV(\uc5f0\ud658\uc0b0 \uacc4\uc57d\uac00\uce58) +12%. \ub77c\uc774\uc120\uc2a4\ub294 \ubd84\uae30 \ud3b8\ucc28\uac00 \ucee4\uc11c ACV\uac00 \uae30\uc800 \ucd94\uc138\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c\ub77c\uace0 \ud568<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub85c\uc5f4\ud2f0 $6.70\uc5b5 (+8%)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc601\uc5ed<\/th><th>\ub85c\uc5f4\ud2f0 YoY<\/th><th>\ube44\uace0<\/th><\/tr><\/thead><tbody><tr><td>\ud074\ub77c\uc6b0\ub4dc\/\ub370\uc774\ud130\uc13c\ud130<\/td><td>\uc57d 2\ubc30<\/td><td>AI \uc778\ud504\ub77c\uc640 \ubc94\uc6a9 \ud074\ub77c\uc6b0\ub4dc \ubaa8\ub450\uc5d0\uc11c Arm CPU \ub7a8\ud504<\/td><\/tr><tr><td>\ud53c\uc9c0\uceec AI<\/td><td>+50%<\/td><td>\uc790\ub3d9\ucc28, \ub85c\ubd07<\/td><\/tr><tr><td>\uc5e3\uc9c0 AI(\uc2a4\ub9c8\ud2b8\ud3f0 \ub4f1)<\/td><td>\uac70\uc758 \ubcc0\ub3d9 \uc5c6\uc74c<\/td><td>\uba54\ubaa8\ub9ac \uac00\uaca9 \uc0c1\uc2b9\uc73c\ub85c \uc911\uc800\uac00\ud3f0 \ucd9c\ud558 \ubd80\ub2f4. v9, CSS \ub3c4\uc785\uc5d0 \ub530\ub978 \ub85c\uc5f4\ud2f0\uc728 \uc0c1\uc2b9\uc774 \uc0c1\uc1c4<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uc190\uc775<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc601\uc5c5\ube44\uc6a9 $7.74\uc5b5 (+19%): \uc5d4\uc9c0\ub2c8\uc5b4\ub9c1 \uc778\ub825, \ucc28\uc138\ub300 \ud50c\ub7ab\ud3fc, CSS, Arm AGI CPU \uc81c\ud488\uad70\uc5d0 \ud22c\uc790<\/li>\n\n\n\n<li>\uc601\uc5c5\uc774\uc775\ub960 44.2%\ub294 \ub9e4\ucd9c \uc99d\uac00\uac00 \ube44\uc6a9 \uc99d\uac00\ubcf4\ub2e4 \ube68\ub790\uae30 \ub54c\ubb38<\/li>\n\n\n\n<li>\ucd5c\uadfc 12\uac1c\uc6d4 FCF $11\uc5b5<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FY27 3\ubd84\uae30(2026\ub144 12\uc6d4 \ubd84\uae30) \uac00\uc774\ub358\uc2a4<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\uac00\uc774\ub358\uc2a4<\/th><\/tr><\/thead><tbody><tr><td>\ub9e4\ucd9c<\/td><td>$15.4\uc5b5 \u00b1$0.5\uc5b5 (YoY \uc57d +24%)<\/td><\/tr><tr><td>\ub77c\uc774\uc120\uc2a4<\/td><td>YoY 50% \uc870\uae08 \ub118\uac8c \uc131\uc7a5<\/td><\/tr><tr><td>\ub85c\uc5f4\ud2f0<\/td><td>QoQ 10%\ub300 \ucd08\ubc18 \uc99d\uac00, YoY \ud55c \uc790\ub9bf\uc218 \ucd08\ubc18<\/td><\/tr><tr><td>Non-GAAP \uc601\uc5c5\ube44\uc6a9<\/td><td>\uc57d $8.25\uc5b5<\/td><\/tr><tr><td>Non-GAAP EPS<\/td><td>$0.56 \u00b1$0.04<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub85c\uc5f4\ud2f0: \ud074\ub77c\uc6b0\ub4dc AI\uc640 \ud53c\uc9c0\uceec AI\ub294 \uac15\ud558\uc9c0\ub9cc \uc2a4\ub9c8\ud2b8\ud3f0 \uc57d\uc138\uac00 \uc774\uc5b4\uc9c0\uace0 \uc9c0\ub09c\ud574 \ube44\uad50 \uae30\uc800\ub3c4 \ub192\uc74c<\/li>\n\n\n\n<li>\ubaa8\ubc14\uc77c\uc758 \uba54\ubaa8\ub9ac \uc5ed\ud48d\uc740 \uc774\ubc88 \ubd84\uae30(3\ubd84\uae30)\uc5d0 \ub300\ubd80\ubd84 \ub9c8\ubb34\ub9ac\ub418\uace0, \uc5ed\ud48d\uc774 \uc2dc\uc791\ub41c 1~2\uc6d4 \uc2dc\uc810 \uc774\ud6c4\ubd80\ud130\ub294 \ube44\uad50 \uae30\uc800\uac00 \uc26c\uc6cc\uc9c4\ub2e4\uace0 \ud568.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Arm AGI CPU<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ucd9c\ud558\ub294 4\ubd84\uae30\ubd80\ud130 \uc2dc\uc791. 3\ubd84\uae30\uc5d0 \uc77c\ubd80 \uc788\ub354\ub77c\ub3c4 \ub9ce\uc9c0 \uc54a\uc744 \uac83<\/li>\n\n\n\n<li>\ubaa9\ud45c $20\uc5b5(FY27~FY28 \ud569\uc0b0)\uc5d0 \ub300\ud55c \ub2e4\uc74c \uc5c5\ub370\uc774\ud2b8\ub294 3\ubd84\uae30 \uc2e4\uc801 \ubc1c\ud45c \ub54c<\/li>\n\n\n\n<li>3\uc6d4 Arm Everywhere \ud589\uc0ac\uc5d0\uc11c \uc81c\uc2dc\ud55c \uc6d0\ub798 \uacbd\ub85c: $10\uc5b5(FY27~FY28) \u2192 \uadf8\ub2e4\uc74c \ud574 \uc57d $20\uc5b5 \u2192 \uadf8\ub2e4\uc74c \ud574 \uc57d $50\uc5b5. FY27~FY28\uc774 $20\uc5b5\uc744 \ub118\uc73c\uba74 \uc774\ud6c4 \ubaa9\ud45c\ub3c4 \uc0c1\ud5a5 \uc5ec\uc9c0\uac00 \uc788\uace0, \ub0b4\ub144 \uc0c1\ubc18\uae30(\ubd04)\ucbe4 \ud589\uc0ac\uc5d0\uc11c \uc5c5\ub370\uc774\ud2b8\ud560 \uc608\uc815<\/li>\n\n\n\n<li>\uc9c8\ubb38\uc790\uac00 \uc5b8\uae09\ud55c FY31 $150\uc5b5 \ubaa9\ud45c\ub294 \ud68c\uc0ac\uac00 \uc774\ubc88 \ucf5c\uc5d0\uc11c \uc0c8\ub85c \ud655\uc778\ud558\uc9c0\ub294 \uc54a\uc558\uc74c<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. \uacf5\uae09 \/ \uace0\uac1d \/ \uc81c\ud488 \ub85c\ub4dc\ub9f5<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uacf5\uae09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc6e8\uc774\ud37c, \uae30\ud310, \ud14c\uc2a4\ud130, \uba54\ubaa8\ub9ac \ub4f1 \uc5ec\ub7ec \uad6c\uc131 \uc694\uc18c\ub97c \ub530\ub85c \ud655\ubcf4\ud574\uc57c \ud568. &#8220;90\uc77c \uc804\ubcf4\ub2e4 \ud655\uc2e0\uc774 \uac00\uc7a5 \uac15\ud558\ub2e4&#8221;\uace0 \ud568<\/li>\n\n\n\n<li>TSMC\uc640 \uba54\ubaa8\ub9ac \uc5c5\uccb4(Micron, Samsung, SK hynix)\uc640\ub294 \uc624\ub798 \uad00\uacc4\ub97c \ub9fa\uc5b4\uc654\uace0 \uc7a5\uae30 \uacc4\ud68d\uc744 \uacf5\uc720\ud574 \uc654\ub2e4\uace0 \uc124\uba85\ud568<\/li>\n\n\n\n<li>\uc5c5\uacc4 \uacf5\uae09\uc740 \ube60\ub4ef\ud560 \uac83\uc774\uba70 5~10\ub144\uc744 \ubcf4\ub294 \uc0ac\uc5c5\uc774\ub77c\uace0 \uac15\uc870\ud568<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\uace0\uac1d\/\ud30c\ud2b8\ub108<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ucd5c\ub300 \uace0\uac1d\uc740 Meta\uc774\uace0 \uadf8 \uc678\uc5d0\ub3c4 \uc5ec\ub7ec \uace0\uac1d\uc774 \uc788\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li>\ub799 \uc81c\uc791 \ud30c\ud2b8\ub108: Supermicro, Lenovo, ASRock<\/li>\n\n\n\n<li>\ub370\uc774\ud130\uc13c\ud130 \ub85c\uc5f4\ud2f0\uc758 \ub300\ubd80\ubd84\uc740 Amazon, Google, Microsoft, \uadf8\ub9ac\uace0 \ube60\ub974\uac8c \ub298\uace0 \uc788\ub294 NVIDIA 4\uacf3\uc5d0\uc11c \ub098\uc634<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub85c\ub4dc\ub9f5<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2\uc138\ub300 AGI CPU: \uc2dc\uc7a5 \uc8fc\uae30\uac00 18~24\uac1c\uc6d4\uc774\ub77c 1\uc138\ub300 \ub7a8\ud504 \uc2dc\uc810\uc744 \uae30\uc900\uc73c\ub85c \uacc4\uc0b0\ud558\uba74 \ub428. \uc815\ud655\ud55c \uc77c\uc815\uc740 \ube44\uacf5\uac1c<\/li>\n\n\n\n<li>\ub124\ud2b8\uc6cc\ud0b9, IO \ub4f1 \uc5f0\uacb0\uc131 \ucabd \uae30\ub2a5 \ud655\ub300\ub3c4 &#8220;\ubaa8\ub4e0 \uac83\uc744 \uac80\ud1a0 \uc911&#8221;\uc774\ub77c\uace0 \ub2f5\ud568. \ubc1c\ud45c\ud560 \ub0b4\uc6a9\uc740 \uc5c6\uc74c<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub9c8\uc9c4<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1\uc138\ub300 AGI CPU \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960: 30%\ub300 \ud6c4\ubc18~40%\ub300 \ucd08\ubc18. \uc2dc\uc7a5 \ud45c\uc900\uc778 50% \uc774\uc0c1\uc740 2\uc138\ub300\ubd80\ud130 \uae30\ub300<\/li>\n\n\n\n<li>\uba54\ubaa8\ub9ac \ub4f1 \uc6d0\uac00 \uc0c1\uc2b9\uc740 \ub9c8\uc9c4 \uc555\ubc15 \uc694\uc778\uc774\uc9c0\ub9cc, \uac00\uaca9\uc744 \uc62c\ub9b4 \uc5ec\uc9c0(\ud0c4\ub825\uc131)\uac00 \uc788\ub2e4\uace0 \ubd04. \ucf54\uc5b4 \uc218\uac00 \ub9ce\uc740 \ud070 \uce69\uc5d0\uc11c \ud2b9\ud788 \uadf8\ub807\ub2e4\uace0 \ud568<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0 \/ \uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc774\ubc88 \ucf5c\uc5d0\uc11c \uc790\uc0ac\uc8fc \ub9e4\uc785\uc774\ub098 \ubc30\ub2f9 \uc5b8\uae09\uc740 \uc5c6\uc5c8\uc74c<\/li>\n\n\n\n<li>R&amp;D \ud22c\uc790\ub97c \ub298\ub9ac\uba74\uc11c\ub3c4 \ucd5c\uadfc 12\uac1c\uc6d4 FCF $11\uc5b5\uc744 \ucc3d\ucd9c\ud568. \uc774 \ud604\uae08\ud750\ub984\uc774 \uc7a5\uae30 \uc131\uc7a5 \ud22c\uc790 \uc5ec\ub825\uc774\ub77c\uace0 \uc124\uba85\ud568<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Gary Mobley (StoneX)<\/td><td>$20\uc5b5\uc73c\ub85c \uc790\uc2e0\uac10\uc774 \ucee4\uc9c4 \uc774\uc720, Meta \uc678 \uace0\uac1d \uacc4\uc57d<\/td><td>\uc6e8\uc774\ud37c, \uae30\ud310, \ud14c\uc2a4\ud130, \uba54\ubaa8\ub9ac \uacf5\uae09 \ud655\ubcf4\uac00 \uc9c4\uc804\ub428. <br>\uc218\uc694\ub294 3\uc6d4\ubcf4\ub2e4 \uac15\ud558\uace0 Meta\uac00 \ucd5c\ub300 \uace0\uac1d\uc774\uc9c0\ub9cc \uc5ec\ub7ec \uace0\uac1d\uc774 \uc788\uc74c. <br>\uc11c\ubc84 \ub85c\uc5f4\ud2f0 \ub450 \uc790\ub9bf\uc218 \uc131\uc7a5\uc740 \ucf54\uc5b4 \uc218 \uc99d\uac00, CSS \ub54c\ubb38\uc774\uace0 \ub370\uc774\ud130\uc13c\ud130 \ub85c\uc5f4\ud2f0\ub294 \ud5a5\ud6c4 \uba87 \ub144\uac04 \uc138 \uc790\ub9bf\uc218 \uc131\uc7a5 \uc790\uc2e0<\/td><\/tr><tr><td>Sebastien Naji (William Blair)<\/td><td>x86 \ub300\ube44 \uc5b4\ub514\uc11c \uc774\uae30\ub098. AMD\ub294 Venice\uac00 \uc640\ud2b8\ub2f9 \uc131\ub2a5 \ucd5c\uace0\ub77c\uace0 \ud568<\/td><td>\uc544\ub9c8\uc874\u00b7\uad6c\uae00\u00b7MS\ucc98\ub7fc \uc9c1\uc811 \uce69\uc744 \uc124\uacc4\ud558\ub294 \uace0\uac1d\uc740 \ub799 \ub2e8\uc704 \ud6a8\uc728\uc744 \ubd04. <br>\ubca4\uce58\ub9c8\ud06c\ub294 Venice \uc774\uc804 \uc138\ub300 \uae30\uc900\uc774\uc5c8\uc74c\uc744 \uc778\uc815\ud558\uba74\uc11c\ub3c4 \uc218\uc694\uc5d0 \uc790\uc2e0 \uc788\ub2e4\uace0 \ud568<\/td><\/tr><tr><td>Krish Sankar (TD Cowen)<\/td><td>OEM\/ODM \uc804\ub7b5, \uc7a5\uae30 \ub9e4\ucd9c \ub3d9\uc778(\ucf54\uc5b4 \uc218 vs \uac00\uaca9)<\/td><td>Supermicro, Lenovo, ASRock\uc774 \ub799 \uc81c\uc791. <br>\uc5d0\uc774\uc804\ud2b8\uac00 CPU \ucf54\uc5b4 \ud558\ub098\uc529 \uac00\uc0c1\uba38\uc2e0\uc73c\ub85c \ub3cc\uae30 \ub54c\ubb38\uc5d0 128 \u2192 256 \u2192 500\ucf54\uc5b4 \uc774\uc0c1\uc73c\ub85c \uac08 \uac83\uc774\uace0 \ucf54\uc5b4\uac00 \ub9ce\uc744\uc218\ub85d ASP\uac00 \uc62c\ub77c\uac10<\/td><\/tr><tr><td>Mehdi Hosseini (Susquehanna)<\/td><td>AGI CPU \ub9e4\ucd9c \uc2dc\uc810, \ub85c\uc5f4\ud2f0 \uc911 \ub370\uc774\ud130\uc13c\ud130 \ube44\uc911<\/td><td>\ucd9c\ud558\ub294 4\ubd84\uae30\ubd80\ud130. \ub370\uc774\ud130\uc13c\ud130 \ube44\uc911\uc740 \uc9c0\ub09c\ud574 20% \uc548\ud30e\uc774\uc5c8\uace0 3\ubd84\uc758 1\uc5d0 \uace7 \uac00\uae4c\uc6cc\uc9c0\uaca0\uc9c0\ub9cc \uc62c\ud574 \uc548\uc5d0 \ub3c4\ub2ec\ud560\uc9c0\ub294 \ubaa8\ub974\uaca0\ub2e4\uace0 \ud568<\/td><\/tr><tr><td>Simon Leopold (Raymond James)<\/td><td>\ub370\uc774\ud130\uc13c\ud130 \uace0\uac1d \uc9d1\uc911\ub3c4<\/td><td>Amazon, Google, Microsoft\uac00 \uac00\uc7a5 \ud06c\uace0 NVIDIA\uac00 \ube60\ub974\uac8c \uc99d\uac00. <br>\uc774 4\uacf3\uc774 \ub370\uc774\ud130\uc13c\ud130 \ub85c\uc5f4\ud2f0 \ub300\ubd80\ubd84<\/td><\/tr><tr><td>Harlan Sur (JPMorgan)<\/td><td>2\uc138\ub300 AGI CPU \uc77c\uc815, \ub124\ud2b8\uc6cc\ud0b9\u00b7IO \ud655\uc7a5<\/td><td>18~24\uac1c\uc6d4 \uc8fc\uae30. <br>\uc5f0\uacb0\uc131 \ud655\uc7a5\uc740 \uac80\ud1a0 \uc911\uc774\ub098 \uc774\ubc88 \ucf5c\uc5d0\uc11c \ubc1c\ud45c\ud560 \uac74 \uc5c6\uc74c<\/td><\/tr><tr><td>Lee Simpson (Morgan Stanley)<\/td><td>\ub77c\uc774\uc120\uc2a4 $7.7\uc5b5\uc774 \uc0c8 \uae30\uc900\uc120\uc778\uc9c0, \ucf54\uc5b4\ub2f9 \ub2e8\uac00 \uc0c1\uc2b9<\/td><td>\ub77c\uc774\uc120\uc2a4\ub294 ATA\uc640 CSS\uac00 \ub300\ubd80\ubd84\uc774\uace0 \uc544\ud0a4\ud14d\ucc98 \ub77c\uc774\uc120\uc2a4\ub294 \ub9e4\uc6b0 \ub4dc\ubb3e. <br>\ud30c\uc774\ud504\ub77c\uc778\uc774 \uc5f0\ucd08 \uc608\uc0c1\ubcf4\ub2e4 \uac15\ud558\ub2e4\uace0 \ud568. \ub9e4 \ubd84\uae30 \uc774 \uc218\uc900\uc774\ub77c\uace0 \ub2e8\uc815\ud558\uc9c0\ub294 \uc54a\uc74c. <br>\uac00\uaca9\uc740 \uba54\ubaa8\ub9ac \uac00\uaca9 \uc0c1\uc2b9 \ub54c\ubb38\uc5d0 \uc62c\ub9ac\ub294 \ub370 \uc2e0\uc911\ud558\uc9c0\ub9cc \ud070 \uce69\uc5d0\ub294 \uc5ec\uc9c0 \uc788\uc74c<\/td><\/tr><tr><td>Vivek Arya (BofA)<\/td><td>\uc2a4\ub9c8\ud2b8\ud3f0 \ud310\ub9e4\uac00 \ub0b4\ub144 \ub610 \uac10\uc18c\ud558\uba74 \ub85c\uc5f4\ud2f0\ub294, Arm\uc774 \uacf5\uae09 \ud655\ubcf4\ud560 \uaddc\ubaa8\uac00 \ub418\ub294\uc9c0<\/td><td>IDC\ub294 \ub0b4\ub144 \uc2a4\ub9c8\ud2b8\ud3f0\uc774 -1%\ub85c \uc0ac\uc2e4\uc0c1 \uc815\uccb4. <br>v9 \ube44\uc911\uc774 50% \ucd08\uacfc\ud558\uace0 CSS\uac00 \ub298\uc5b4 \uc2dc\uc7a5\ubcf4\ub2e4 \ud6e8\uc52c \ube60\ub978 \uc131\uc7a5, \ub0b4\ub144\uc740 \ub450 \uc790\ub9bf\uc218 \uc774\uc0c1 \uc804\ub9dd. <br>\uacf5\uae09\uc740 \uccab \uc81c\ud488\uc774\ub77c \ubd88\ub9ac\ud558\uc9c0\ub9cc TSMC, \uba54\ubaa8\ub9ac \uc5c5\uccb4\uc640 \uc624\ub79c \uad00\uacc4\uac00 \uc788\uc74c<\/td><\/tr><tr><td>Joe Quatrochi (Wells Fargo)<\/td><td>\uacf5\uae09 \ud655\ub300 \ube44\uc6a9, AGI \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960<\/td><td>\uba54\ubaa8\ub9ac\uac00 \uac00\uc7a5 \ud070 \uc6d0\uac00 \uc694\uc778. <br>\uac00\uaca9 \ud0c4\ub825\uc131\uc774 \uc788\uc5b4 \ub9c8\uc9c4 \uac71\uc815\uc740 \ud06c\uc9c0 \uc54a\ub2e4\uace0 \ud568. <br>1\uc138\ub300\ub294 30%\ub300 \ud6c4\ubc18~40%\ub300 \ucd08\ubc18, 50% \uc774\uc0c1\uc740 \ub2e4\uc74c \ubc84\uc804<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \ud575\uc2ec \uc774\uc288: \ub77c\uc774\uc120\uc2a4 +50%, \uc790\uccb4 \uce69(Arm AGI CPU) \ub9e4\ucd9c \ubaa9\ud45c $20\uc5b5\uc73c\ub85c \uc0c1\ud5a5 \ud56d\ubaa9 \uae08\uc561 YoY \ucd1d\ub9e4\ucd9c $14.4\uc5b5 +27% \ub77c\uc774\uc120\uc2a4 \ubc0f \uae30\ud0c0 $7.73\uc5b5 +50% \ub85c\uc5f4\ud2f0 $6.70\uc5b5 +8% Non-GAAP \uc601\uc5c5\ube44\uc6a9 $7.74\uc5b5 +19% Non-GAAP \uc601\uc5c5\uc774\uc775 $6.38\uc5b5 +37% Non-GAAP EPS $0.52 +33% 2. CEO \ubc1c\ud45c (Rene Haas) \ub450 \uac1c\uc758 \uc131\uc7a5 \uc5d4\uc9c4 Arm AGI CPU \ub370\uc774\ud130\uc13c\ud130 \uc810\uc720\uc728 \uc5e3\uc9c0\uc640 \ud53c\uc9c0\uceec [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,116],"class_list":["post-410","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-arm"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/author\/arphile\/"},"uagb_comment_info":1,"uagb_excerpt":"1. \ud575\uc2ec \uc774\uc288: \ub77c\uc774\uc120\uc2a4 +50%, \uc790\uccb4 \uce69(Arm AGI CPU) \ub9e4\ucd9c \ubaa9\ud45c $20\uc5b5\uc73c\ub85c \uc0c1\ud5a5 \ud56d\ubaa9 \uae08\uc561 YoY \ucd1d\ub9e4\ucd9c $14.4\uc5b5 +27% \ub77c\uc774\uc120\uc2a4 \ubc0f \uae30\ud0c0 $7.73\uc5b5 +50% \ub85c\uc5f4\ud2f0 $6.70\uc5b5 +8% Non-GAAP \uc601\uc5c5\ube44\uc6a9 $7.74\uc5b5 +19% Non-GAAP \uc601\uc5c5\uc774\uc775 $6.38\uc5b5 +37% Non-GAAP EPS $0.52 +33% 2. CEO \ubc1c\ud45c (Rene Haas) \ub450 \uac1c\uc758 \uc131\uc7a5 \uc5d4\uc9c4 Arm AGI CPU \ub370\uc774\ud130\uc13c\ud130 \uc810\uc720\uc728 \uc5e3\uc9c0\uc640 \ud53c\uc9c0\uceec&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/posts\/410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/comments?post=410"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/posts\/410\/revisions"}],"predecessor-version":[{"id":411,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/posts\/410\/revisions\/411"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/media?parent=410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/categories?post=410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/wp-json\/wp\/v2\/tags?post=410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}