$英飞朗(INFN)$ 好久没有关注老本行了，今天上涨18.5%， 有点意外。

快速听了cc, 感觉没什么，可能市场的预期比较低， 公司达到目标。平淡，但是否市场情绪就是要这个？（但明天可能要跌。。。，不一定猜对）

（0） Industry's first 400 gig ZR+ software-defined pluggable. the development of our next-generation 800-gig pluggables is progressing well。。。

（1） RPO number and backlog number 还好， 但没给2023预期。

Our backlog is healthy, setting us up well for the fourth quarter and for the full year 2023. From a supply perspective, the environment was tougher than our expectations from 90 days ago, but our team effectively navigated the challenges in the quarter, Supply costs, including expedite fees and freight remained elevated and adversely impacted gross margins incrementally by over 100 basis points relative to our projections coming into the quarter.

（2）分析大佬Dave Kang，Alex Henderson， Simon Leopold没问出什么。市场还好， ICP， CSP还在增加CapEx。

a. 400 basis point hit to gross margins in 3Q fall out, Conceptually what we said, we are increasing our R&D because we've got this vertically integrated US based again.

b. 8 to 12 vendors that are still ramping up their fab capacities in older geometries and analog technologies

c. When you think of the CSPs in prepared remarks from the largest CSPs, most of them have said, look, they're going to continue to spend CapEx primarily focused on fiber, on the implementation of fiber and 5G. 5G tends to be a very radio heavy first implementation. And so that means the intensity of the spend we're seeing is really on that fiber implementation if you've seen Corning announced too, they're a very conservative company.

d. Europe is down 9% quarter-over-quarter.