踏雪追光，算力不眠——通信ETF及半导体设备ETF大涨点评

| | | | GAAP (1) | | Non-GAAP(2) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (in millions, except per share amounts) | FQ1-26 | | FQ4-25 | FQ1-25 | FQ1-26 FQ4-25 | | FQ1-25 | | Revenue | 5 19 | 13.643 | 11,315 60 | 8.709 32 | 13,643 38 | 11,315 $ | 8,709 | | Gross marqin | | 7.646 | 5.054 | 3,348 | 7.753 | 5.169 | 3.441 | | Percent of revenue | | 56.0% | 44.7% | 38.4% | 56.8% | 45.7% | 395% | | Operating expenses | | 1.510 | 1.400 | 1.174 | 1.334 | 1.214 | 1.047 | | Operating income | | 6.136 ...