• Q4 revenue $32.2–33.4B vs. est. $32.0B
• Guides Q4 op margin 49–51% (vs. 50.6% prior), gross margin 59–61% (vs. 59.5%)
• Raises FY25 revenue growth to mid-30% y/y in USD terms (implies $117–122B)
• Increases lower-end FY25 Capex to $40–42B (prev. $38–42B)
• Expects gross margin dilution from overseas fabs 1–2% (prev. 2–3%)
• CFO: “AI-related demand remains very strong,” driving continued investment in next-gen computing