輝達 (NVDA) 2023 Q2 法說會逐字稿

Good afternoon. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's second quarter earnings call. (Operator Instructions)

下午好。我的名字是 Regina，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 NVIDIA 的第二季度財報電話會議。 （操作員說明）

Operator, it's 6:00. Can we get started? Regina, can you hear me -- conference call for the second quarter of fiscal 2023. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer.

接線員，現在是 6:00。我們可以開始了嗎？ Regina，你能聽到我的聲音嗎？ 2023 財年第二季度的電話會議。今天與我一起來自 NVIDIA 的是總裁兼首席執行官 Jensen Huang；和 Colette Kress，執行副總裁兼首席財務官。

I would like to remind you that our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the third quarter of fiscal 2023. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent.

我想提醒您，我們的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播。網絡直播將在電話會議召開之前進行重播，以討論我們 2023 財年第三季度的財務業績。今天電話會議的內容是 NVIDIA 的財產。未經我們事先書面同意，不得複製或轉錄。

During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent forms 10-K and 10-Q and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, August 24, 2022 based on the information currently available to us. Except as required by law, we assume no obligation to update any such statements.

在本次電話會議期間，我們可能會根據當前預期做出前瞻性陳述。這些受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布中的披露、我們最近的 10-K 和 10-Q 表格以及我們可能在 8-K 表格中與證券交易委員會。我們所有的聲明都是基於我們目前可獲得的信息，截至今天，2022 年 8 月 24 日。除法律要求外，我們不承擔更新任何此類聲明的義務。

During this call, we will discuss non-GAAP financial measures. You can find the reconciliation of these non-GAAP financial measures to GAAP financial measures in our CFO commentary, which is posted on our website.

在本次電話會議中，我們將討論非 GAAP 財務指標。您可以在我們網站上發布的 CFO 評論中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

With that, let me turn the call over to Colette.

有了這個，讓我把電話轉給科萊特。

Thanks, Simona. This was a challenging quarter. Total revenue of $6.7 billion was down 19% sequentially and up 3% year-on-year, below the $8.1 billion outlook we provided on our last earnings call. As we had indicated in our pre-announcement press release on August 8, we experienced a shortfall to our expectations driven primarily by weaker Gaming revenue. Today, we will share with you more details on our Q2 results and Q3 outlook.

謝謝，西蒙娜。這是一個充滿挑戰的季度。總收入為 67 億美元，環比下降 19%，同比增長 3%，低於我們在上次財報電話會議上提供的 81 億美元前景。正如我們在 8 月 8 日的公告前新聞稿中所指出的那樣，我們的預期低於我們的預期，主要是由於遊戲收入疲軟。今天，我們將與您分享有關我們第二季度業績和第三季度展望的更多細節。

Starting with Gaming. Revenue of $2.04 billion was down 44% sequentially and down 33% year-on-year, reflecting challenging market conditions. As discussed in May, we expected a sequential decline in Gaming revenue due to softness in Europe related to the war in Ukraine and COVID lockdowns in China. The decline in Gaming GPU revenue was sharper than anticipated driven by both lower units and lower ASPs.

從遊戲開始。收入為 20.4 億美元，環比下降 44%，同比下降 33%，反映出充滿挑戰的市場環境。正如 5 月所討論的，我們預計遊戲收入將連續下降，原因是與烏克蘭戰爭和中國 COVID 封鎖相關的歐洲疲軟。由於單位減少和平均售價下降，遊戲 GPU 收入的下降幅度比預期的要大。

Macroeconomic headwinds across the world drove a sudden slowdown in consumer demand. We implemented programs with our Gaming channel partners to adjust pricing in the channel and to price-position current high-end desktop GPUs as we prepare for a new architecture launch.

全球宏觀經濟逆風導致消費需求突然放緩。我們與我們的遊戲渠道合作夥伴實施了計劃，以調整渠道中的定價，並在我們準備推出新架構時為當前的高端桌面 GPU 定價。

As noted last quarter, we had expected cryptocurrency money to make a diminishing contribution to Gaming demand. We are unable to accurately quantify the extent to which reduced crypto money contributed to the decline in Gaming demand. While Gaming navigates significant short-term macroeconomic challenges, we believe the long-term fundamentals in Gaming remain strong.

如上個季度所述，我們曾預計加密貨幣對遊戲需求的貢獻會越來越小。我們無法準確量化加密貨幣減少對遊戲需求下降的影響程度。雖然博彩業克服了重大的短期宏觀經濟挑戰，但我們認為博彩業的長期基本面依然強勁。

NVIDIA RTX has redefined computer graphics and is now supported by almost 300 games and applications. NVIDIA's GeForce GPUs are the most coveted brand by gamers, representing 15 of the top 15 most popular GPUs on Steam. Gaming has emerged from the pandemic an even more popular form of entertainment and social connectivity.

NVIDIA RTX 重新定義了計算機圖形，現在受到近 300 款遊戲和應用程序的支持。 NVIDIA 的 GeForce GPU 是遊戲玩家最夢寐以求的品牌，它代表了 Steam 上最受歡迎的 15 個 GPU 中的 15 個。遊戲已從大流行中出現，成為一種更受歡迎的娛樂和社交聯繫形式。

Estimated GeForce sell-through is up over 70% since before the pandemic, and peak concurrent users on Steam are also up more than 70% over the same time period. GeForce now registered members now exceed 20 million. This quarter, we added 80 more titles, including the hugely popular Genshin Impact, bringing our total to over 1,350.

自大流行之前以來，估計 GeForce 的銷售量增長了 70% 以上，同期 Steam 上的峰值並髮用戶也增長了 70% 以上。 GeForce 現在註冊會員現在已經超過 2000 萬。本季度，我們又增加了 80 款遊戲，包括廣受歡迎的 Genshin Impact，使我們的總數超過 1,350 款。

Moving to Professional Visualization. Revenue of $496 million was down 20% sequentially and down 4% from a year ago. A sequential increase in mobile revenue was more than offset by lower desktop revenue, particularly at the high end. As macroeconomic headwinds intensified, enterprise demand slowed and OEMs worked to reduce inventory. We expect these trends to persist in Q3.

轉向專業可視化。收入為 4.96 億美元，環比下降 20%，比一年前下降 4%。移動收入的連續增長被桌面收入的下降所抵消，尤其是在高端。隨著宏觀經濟逆風加劇，企業需求放緩，原始設備製造商努力減少庫存。我們預計這些趨勢將在第三季度持續存在。

While ProViz is undergoing a near-term adjustment after doubling last year, we believe we have expanded the market opportunity over the last couple of years with AI and Omniverse workloads. We believe hybrid work is here to stay, and with it, the need for collaborative 3D design enabled by professional graphic workstations, both at home and in the office as well as in the cloud.

雖然 ProViz 在去年翻了一番之後正在進行近期調整，但我們相信我們在過去幾年中通過 AI 和 Omniverse 工作負載擴大了市場機會。我們相信，混合工作將繼續存在，隨之而來的是對由專業圖形工作站支持的協作 3D 設計的需求，無論是在家中、辦公室還是雲端。

In June, we announced a partnership with Siemens to enable the industrial levers and AI-powered digital twins, connecting Siemens' Xcelerator platform to NVIDIA Omniverse. This connection opens Siemens to the vast ecosystem of NVIDIA Omniverse and NVIDIA to Siemens' ecosystem of the world's largest industries. Earlier this month at SIGGRAPH, the Premier Computer Graphics Conference, we announced advancements to several foundational technologies of the metaverse, defined as the 3D version of the Internet.

6 月，我們宣布與西門子建立合作夥伴關係，以啟用工業槓桿和人工智能驅動的數字雙胞胎，將西門子的 Xcelerator 平台連接到 NVIDIA Omniverse。這種聯繫使西門子與 NVIDIA Omniverse 的龐大生態系統和 NVIDIA 與西門子的世界上最大行業的生態系統建立了聯繫。本月早些時候，在頂級計算機圖形學會議 SIGGRAPH 上，我們宣布了虛擬世界的幾項基礎技術的進步，定義為互聯網的 3D 版本。

First, NVIDIA Omniverse Avatar Cloud Engine will enable businesses to create and deploy assistants and avatars, transforming interactions across a range of industries. We also unveiled 11 new Omniverse connectors, bringing the total number of connectors to the Omniverse USD ecosystem to 112. And finally, we released SDKs for the new field of neural graphics, which intertwines AI and graphics to help automate the creation of virtual worlds.

首先，NVIDIA Omniverse Avatar Cloud Engine 將使企業能夠創建和部署助手和化身，從而改變各行各業的交互方式。我們還發布了 11 個新的 Omniverse 連接器，使 Omniverse USD 生態系統的連接器總數達到 112 個。最後，我們發布了用於神經圖形新領域的 SDK，它將 AI 和圖形結合在一起，以幫助自動創建虛擬世界。

Moving to Automotive. Revenue of $220 million increased 59% sequentially and 45% from the year ago quarter. Strong growth was driven by auto AI solutions, which include AI cockpit and self-driving revenue, with particular strength in self-driving as new energy vehicle design wins ramp into volume. We believe Q2 was an inflection point for our Automotive revenue as NVIDIA Orin has great momentum.

轉向汽車。收入為 2.2 億美元，環比增長 59%，同比增長 45%。汽車人工智能解決方案推動了強勁增長，其中包括人工智能駕駛艙和自動駕駛收入，隨著新能源汽車設計贏得量產，自動駕駛尤其強勢。我們認為第二季度是我們汽車收入的轉折點，因為 NVIDIA Orin 勢頭強勁。

During the quarter, we announced rollout plans of new vehicles from OEM partners, NIO, Li Auto, JIDU and Human Horizons as well as Pony.ai's line of self-driving trucks and robotaxis, all built on NVIDIA DRIVE. Looking forward, we expect our $11 billion Automotive design win pipeline to translate to continued growth.

在本季度，我們宣布了 OEM 合作夥伴 NIO、理想汽車、極度和華人運通的新車推出計劃，以及 Pony.ai 的自動駕駛卡車和機器人出租車系列，均基於 NVIDIA DRIVE。展望未來，我們預計我們 110 億美元的汽車設計贏得渠道將轉化為持續增長。

Moving to Data Center. Revenue of $3.81 billion grew 1% sequentially and 61% year-on-year. Although a record, this was somewhat short of our expectations as we were impacted by supply chain disruptions. Revenue from hyperscale customers nearly doubled year-on-year. Sequentially, sales to North America hyperscale and cloud computing customers increased but were more than offset by lower sales to China hyperscale customers affected by domestic economic conditions.

遷移到數據中心。收入為 38.1 億美元，環比增長 1%，同比增長 61%。雖然是創紀錄的，但由於我們受到供應鏈中斷的影響，這有點低於我們的預期。來自超大規模客戶的收入同比幾乎翻了一番。隨後，對北美超大規模和雲計算客戶的銷售額增加，但被國內經濟狀況影響的對中國超大規模客戶的銷售額下降所抵消。

Vertical industries grew both sequentially and year-on-year. Key workloads driving growth include natural language processing, recommender systems, autonomous vehicle fleet data processing and training and cloud graphics.

垂直行業環比和同比均增長。推動增長的關鍵工作負載包括自然語言處理、推薦系統、自動駕駛車隊數據處理和培訓以及雲圖形。

Let me share a couple of customer examples. Pinterest transitioned to 100x larger recommender models by moving its inference from CPUs to NVIDIA GPUs. Its ability to deploy a higher-quality model at high throughput and low latency resulted in a 16% increase in engagement, a critical metric for the company, which has over 400 million users and 300 billion images. And Tesla recently upgraded its supercomputer to use over 7,000 A100 GPUs for autopilot training.

讓我分享幾個客戶示例。 Pinterest 通過將其推理從 CPU 轉移到 NVIDIA GPU 來過渡到 100 倍大的推薦模型。它以高吞吐量和低延遲部署更高質量模型的能力導致參與度增加了 16%，這是該公司的一個關鍵指標，該公司擁有超過 4 億用戶和 3000 億張圖像。特斯拉最近升級了其超級計算機，使用超過 7,000 個 A100 GPU 進行自動駕駛訓練。

From a product perspective, networking led growth this quarter with strong demand from our high-speed Ethernet adapters and design win momentum toward next-generation adapters, including the ConnectX-6 and ConnectX-7. We also see growing interest from cloud service providers for our new Spectrum-4 400-gigabit per second Ethernet networking platform.

從產品的角度來看，網絡引領了本季度的增長，我們的高速以太網適配器和設計贏得了對包括 ConnectX-6 和 ConnectX-7 在內的下一代適配器的強勁需求。我們還看到雲服務提供商對我們新的 Spectrum-4 每秒 400 Gb 以太網網絡平台越來越感興趣。

Additionally, we are ramping into the upcoming launches of our next-generation platforms. The Hopper architecture flagship H100 data center GPU is in production. Grace is our first CPU. Top computer makers, including Dell, HPE, Inspur, Lenovo and Supermicro are adopting the new NVIDIA Grace CPU Superchip and Grace Hopper Superchip to build the next generation of supers.

此外，我們正在加速即將推出的下一代平台。 Hopper 架構旗艦 H100 數據中心 GPU 正在生產中。 Grace 是我們的第一個 CPU。包括戴爾、HPE、浪潮、聯想和 Supermicro 在內的頂級計算機製造商正在採用新的 NVIDIA Grace CPU Superchip 和 Grace Hopper Superchip 來構建下一代超級計算機。

72% of the systems on the latest top 500 list of the world's fastest supercomputers are powered by NVIDIA, including 31 of 39 new systems. NVIDIA's own Selene supercomputer ranks at #8 in the top 500 and is the world's fastest enterprise supercomputer. Moreover, 22 of the top 30 systems on the Green500 list of the most energy-efficient supercomputers are powered by NVIDIA.

在最新的世界上最快的超級計算機 500 強名單中，72% 的系統由 NVIDIA 提供支持，其中包括 39 個新系統中的 31 個。 NVIDIA 自有的 Selene 超級計算機在 500 強中排名第 8，是世界上最快的企業級超級計算機。此外，在 Green500 最節能超級計算機列表中的前 30 位系統中，有 22 個系統由 NVIDIA 提供支持。

Significant advances in software technologies are key to our platform performance. In the past 2 years, our A100-based platform has delivered 6x more performance as measured by the MLPerf industry benchmark, largely through new software technologies and optimizations. Last month, we announced an update to the NeMo Megatron framework that can speed up the training of large language models by up to 30%. Improving a multi-hundred million-dollar AI infrastructure by 30% translates to significant value for customers.

軟件技術的重大進步是我們平台性能的關鍵。根據 MLPerf 行業基準衡量，在過去 2 年中，我們基於 A100 的平台的性能提高了 6 倍，主要是通過新的軟件技術和優化。上個月，我們宣布了 NeMo Megatron 框架的更新，它可以將大型語言模型的訓練速度提高 30%。將價值數億美元的 AI 基礎設施改進 30% 可為客戶帶來巨大價值。

LLMs are one of the most important neural networks today, ranging in size, from tens of billions, to over 1 trillion parameters. Learning from text, they can be used for real-time content generation, tech summarization, customer service chat box and question-answering for conversational AI interfaces.

LLM 是當今最重要的神經網絡之一，其規模從數百億到超過 1 萬億個參數不等。從文本中學習，它們可用於實時內容生成、技術總結、客戶服務聊天框和對話式 AI 界面的問答。

Currently, these capabilities are available to early access customers to run on NVIDIA GTX SUPER products and NVIDIA DGX Foundry as well as in Microsoft Azure cloud, with other product platforms available soon. We are working with the industry leaders in large language models, a very active and exciting space of AI.

目前，這些功能可供搶先體驗的客戶在 NVIDIA GTX SUPER 產品和 NVIDIA DGX Foundry 以及 Microsoft Azure 雲中運行，其他產品平台也即將推出。我們正在與大型語言模型的行業領導者合作，這是一個非常活躍和令人興奮的人工智能領域。

Moving to the rest of the P&L. GAAP gross margin was 43.5%, and non-GAAP gross margin was 45.9%. Gross margin includes $1.22 billion in charges for inventory and related reserves based on revised expectations of future demand and $122 million for warranty reserves. These charges incurred in the quarter reflect purchase commitments that we made during a time of severe component shortages and our current expectation of ongoing macro uncertainty. We believe our long-term gross margin profile is intact.

轉到損益表的其餘部分。 GAAP毛利率為43.5%，非GAAP毛利率為45.9%。毛利率包括 12.2 億美元的庫存費用和基於對未來需求的修正預期的相關準備金，以及 1.22 億美元的保修準備金。本季度產生的這些費用反映了我們在組件嚴重短缺期間做出的採購承諾以及我們目前對持續宏觀不確定性的預期。我們相信我們的長期毛利率狀況完好無損。

GAAP operating expenses were up 36% from a year ago and down 32% sequentially as Q1 included a $1.35 billion acquisition termination charge related to the Arm transaction. Non-GAAP operating expenses were up 38% from a year ago and up 9% sequentially. These increases were driven primarily by employee growth costs as well as increases in salaries to support our employees during this high inflationary environment and engineering development of new products coming to market.

GAAP 運營費用較上年同期增長 36%，環比下降 32%，因為第一季度包括與 Arm 交易相關的 13.5 億美元收購終止費用。非美國通用會計準則運營費用同比增長 38%，環比增長 9%。這些增長主要是由於員工增長成本以及在這種高通脹環境下支持我們員工的工資增長以及新產品的工程開發進入市場。

We have slowed operating expense growth, balancing investments for long-term revenue growth, while managing near-term profitability. Our full year non-GAAP OpEx is expected to grow over 30%.

我們已經放慢了運營費用的增長，平衡了長期收入增長的投資，同時管理了近期的盈利能力。我們全年非 GAAP 運營支出預計將增長 30% 以上。

During the first half of fiscal 2023, we returned $5.5 billion to shareholders in the form of share repurchases and cash dividends. We plan to continue share repurchases. We have nearly $12 billion remaining under our authorization through December of 2023.

在 2023 財年上半年，我們以股票回購和現金分紅的形式向股東返還了 55 億美元。我們計劃繼續進行股票回購。到 2023 年 12 月，我們的授權剩餘近 120 億美元。

Let me turn to the outlook for the third quarter of fiscal '23. We expect Gaming and ProViz revenue to decline sequentially as OEMs and channel partners reduce inventory levels to align with current levels of demand and prepare for our new product generation. We expect that decline to be partially offset by sequential growth in Data Center and Automotive.

讓我談談 23 財年第三季度的前景。我們預計隨著 OEM 和渠道合作夥伴降低庫存水平以適應當前的需求水平並為我們的新一代產品做準備，遊戲和 ProViz 收入將依次下降。我們預計這一下降將被數據中心和汽車的連續增長部分抵消。

Revenue is expected to be $5.9 billion, plus or minus 2%. GAAP and non-GAAP gross margins are expected to be 62.4% and 65%, respectively, plus or minus 50 basis points. GAAP operating expenses are expected to be approximately $2.59 billion. Non-GAAP operating expenses are expected to be approximately $1.82 billion.

收入預計為 59 億美元，正負 2%。 GAAP 和非 GAAP 毛利率預計分別為 62.4% 和 65%，上下浮動 50 個基點。 GAAP 運營費用預計約為 25.9 億美元。非公認會計原則的運營費用預計約為 18.2 億美元。

GAAP and non-GAAP other income and expenses are expected to be an expense of approximately $10 million, excluding gains and losses on nonaffiliated investments. GAAP and non-GAAP tax rates are expected to be 9.5%, plus or minus 1%, excluding any discrete items. Capital expenditures are expected to be approximately $550 million to $600 million. Further financial details are included in the CFO commentary and other information available on our IR website.

GAAP 和非 GAAP 其他收入和支出預計約為 1000 萬美元，不包括非關聯投資的損益。 GAAP 和非 GAAP 稅率預計為 9.5%，正負 1%，不包括任何離散項目。資本支出預計約為 5.5 億至 6 億美元。更多財務細節包含在 CFO 評論和我們投資者關係網站上提供的其他信息中。

In closing, let me highlight upcoming events for the financial community. We will be attending the Jefferies conference in Chicago on August 30 and the Goldman Sachs conference in San Francisco on September 12. And we will be holding a financial analyst Q&A with management, following Jensen's GTC keynote, on September 20. Our earnings call to discuss the results of our third quarter of fiscal 2023 is scheduled for Wednesday, November 16.

最後，讓我強調一下金融界即將發生的事件。我們將參加 8 月 30 日在芝加哥舉行的 Jefferies 會議和 9 月 12 日在舊金山舉行的高盛會議。在 Jensen 的 GTC 主題演講之後，我們將在 9 月 20 日與管理層舉行金融分析師問答。我們的財報電話會議將討論我們 2023 財年第三季度的業績定於 11 月 16 日星期三公佈。

We will now open the call for questions. Operator, can you assist? Would you please poll for questions?

我們現在將打開問題的電話。接線員，你能幫忙嗎？請您投票詢問問題嗎？

(Operator Instructions) Your first question comes from the line of C.J. Muse with Evercore ISI.

（操作員說明）您的第一個問題來自與 Evercore ISI 的 C.J. Muse。

I think the question we all have is what is normalized revenues for Gaming for you guys. Obviously, this is a challenge for you as well. But curious how you're thinking about it today. Is the fiscal '20 recovery post the first half '19 correction an appropriate framework? Or was that inflated by crypto as well?

我認為我們所有人都面臨的問題是，你們遊戲的標準化收入是多少。顯然，這對你來說也是一個挑戰。但是很好奇你今天是怎麼想的。 19 年上半年修正後的 20 財年復蘇是一個合適的框架嗎？或者這也被加密貨幣誇大了？

And I guess, as part of that, how do we think about the cascading in of the new product cycle? And is there potential for future reserves needed to be taken if Gaming does not meet your new updated outlook?

我想，作為其中的一部分，我們如何看待新產品週期的級聯？如果遊戲不符合您新的更新展望，是否有可能需要採取未來儲備？

Well, let me start first there and see if I can assist in terms of how to think about after we get through our completion just now of Q2 and what we have provided here for guidance for Q3. Across those 2 quarters, the Q2 of '23, the Q3 of '23, we have likely undershipped Gaming to our end demand significantly. We expect that sell-through or essentially our end demand for those combined 2 quarters of Q2 and Q3 to be approximately $5 billion.

好吧，讓我先從那裡開始，看看我是否可以在我們剛剛完成第二季度之後如何思考以及我們在此處為第三季度提供的指導方面提供幫助。在這兩個季度中，即 23 年的第二季度和 23 年的第三季度，我們可能已經大大低於我們的最終需求。我們預計第二季度和第三季度兩個季度的銷售額或基本上我們的最終需求約為 50 億美元。

Now on top of this, keep in mind that we do have Gaming growth drivers to consider for the future. These can include our new Gaming product introductions that are around the corner as well as new segments of the market that we plan to reach with our Gaming technology, to just name a couple. I'll turn it over to Jensen to talk a little bit more about that.

現在除此之外，請記住，我們確實有未來需要考慮的遊戲增長動力。這些可以包括我們即將推出的新遊戲產品以及我們計劃通過我們的遊戲技術進入的新市場領域，僅舉幾例。我將把它交給 Jensen 多談一點。

Now regarding any further types of write-downs on this perspective, we did a thorough assessment with this quarter, not only just looking at what we needed for this quarter, but what we needed for the long term. Keep in mind, our inventory provisions and write-downs that we took into account had to reflect some of the purchasing that we did a supply back more than a year ago, when we were still in extreme supply shortages in almost all of our products.

現在，關於從這個角度看任何進一步類型的減記，我們對本季度進行了徹底的評估，不僅著眼於我們本季度的需求，而且關注我們長期的需求。請記住，我們考慮的庫存準備金和減記必須反映我們一年多前進行的一些採購，當時我們幾乎所有產品仍處於極度供應短缺狀態。

And so this was an opportunity for us to resize given the macroeconomic conditions, what we needed in terms of supply. So our expectations were higher, and we took this opportunity to write them down to what our current expectations are.

因此，鑑於宏觀經濟條件以及我們在供應方面的需求，這對我們來說是一個調整規模的機會。所以我們的期望更高，我們藉此機會將它們寫下來，以符合我們目前的期望。

I'll turn it over to Jensen to see if he wants to add more.

我會把它交給 Jensen 看他是否想添加更多。

Yes. Thanks, Colette. C.J., our sell-through is off the highs in the beginning of the year, but it's still very solid. In fact, sell-through is -- has increased 70% since pre-COVID, pre-pandemic. And so it's very clear that gaming is -- the fundamentals of gaming are strong, and this medium is really doing well. Not to mention, the gaming platforms are being used -- our Gaming PCs are being used for influencers, people sharing content, creating content, vloggers, VTubers, there's all kinds of new ways of engaging and spending time with video games.

是的。謝謝，科萊特。 C.J.，我們的銷售量已脫離年初的高點，但仍然非常穩固。事實上，自新冠肺炎疫情爆發前以來，銷售額增長了 70%。所以很明顯，遊戲是——遊戲的基礎很強大，而且這種媒介確實做得很好。更不用說，遊戲平台正在被使用——我們的遊戲 PC 被用於有影響力的人、分享內容的人、創建內容的人、視頻博客、VTuber，有各種新的方式來參與和花時間玩視頻遊戲。

And our strategy is to reduce the sell-in, reduce the sell-in this quarter or next quarter, to let channel inventory correct. Obviously, we're off the highs, and the macro condition turned sharply worse. And so our first strategy is to reduce sell-in in the next couple of quarters to correct channel inventory. We've also instituted programs to price-position our current products to prepare for next-generation products.

而我們的策略是減少銷售，本季度或下一季度減少銷售，讓渠道庫存正確。顯然，我們已經脫離了高點，宏觀狀況急劇惡化。因此，我們的第一個策略是在接下來的幾個季度減少銷售以糾正渠道庫存。我們還制定了計劃，對我們當前的產品進行價格定位，為下一代產品做準備。

Ampere is the most popular GPU we've ever created. It is in the top 15 most popular gaming GPUs on Steam. And it remains the best GPUs in the world, and it will be very successful for some time. However, we do have exciting new next-generation coming and it's going to be layered on top of that.

Ampere 是我們創造的最流行的 GPU。它是 Steam 上最受歡迎的 15 種遊戲 GPU 之一。它仍然是世界上最好的 GPU，並且在一段時間內會非常成功。但是，我們確實有令人興奮的新下一代即將到來，並且它將在此之上分層。

And so we've taken 2 -- we've done 2 things. We've reduced sell-in to let channel inventory correct, and we've implemented programs with our partners to price-position the products in the channel in preparation for our next generation. All of this, we anticipate, were working towards a path to being in a good shape going into next year, okay? So that's what our game plan is.

所以我們做了兩件事——我們做了兩件事。我們已經減少了銷售以使渠道庫存正確，並且我們已經與我們的合作夥伴實施了計劃，以在渠道中對產品進行定價，為我們的下一代做準備。我們預計，所有這一切都在朝著明年保持良好狀態的方向努力，好嗎？這就是我們的遊戲計劃。

Your next question will come from the line of Vivek Arya with Bank of America Securities.

您的下一個問題將來自美國銀行證券公司的 Vivek Arya。

Actually, I just wanted to clarify, Jensen, so should we assume that a Gaming sell-in will kind of stay at these levels into your Q1 or Q2, or depending on new product launch, it might recover? So I just wanted to make sure our baseline assumption is set there.

實際上，Jensen，我只是想澄清一下，所以我們是否應該假設遊戲銷售會在您的第一季度或第二季度保持在這些水平，或者根據新產品的推出，它可能會恢復？所以我只是想確保我們的基線假設設置在那裡。

And then my question is actually similar, on the Data Center. Sales are pretty strong right now, but there is a concern that Data Center CapEx could be the next shoe to drop in this rolling correction in semiconductors. I'm curious, what's your sense of utilization of your Data Center shipments? And what is the risk that there could be a correction in the Data Center given some of the macro caution expressed by some of the hyperscaler and enterprise customers?

然後我的問題實際上是類似的，關於數據中心。目前銷售非常強勁，但有人擔心數據中心資本支出可能會成為半導體滾動修正的下一隻鞋。我很好奇，您對數據中心出貨量的利用率有什麼看法？考慮到一些超大規模企業和企業客戶表達的一些宏觀謹慎，數據中心可能出現修正的風險是什麼？

Yes. Thanks, Vivek. The sell-through, the sell-through as I mentioned earlier, of GeForce is solid. The end-market gaming demand is solid. It's off the highs, which was really high recently in the beginning of the year. And so we have -- and because we were building for such a vibrant market, we found ourselves with excess inventory. And so our strategy is to sell well below -- well -- sell-in well below the current sell-through levels in the marketplace to give the channel an opportunity to correct. We'll do that for a couple of quarters or so.

是的。謝謝，維維克。 GeForce 的銷售量，正如我之前提到的，銷售量是穩定的。終端市場遊戲需求穩健。它脫離了高點，最近在今年年初真的很高。所以我們有 - 因為我們正在為這樣一個充滿活力的市場而建設，我們發現自己庫存過剩。因此，我們的策略是在遠低於市場當前銷售水平的情況下進行銷售，以使渠道有機會進行糾正。我們將這樣做幾個季度左右。

We believe that by the end of the year, we'll be in a good shape going into next year. And so I hope that answers your question, but the important thing is our sell-in rate is far below what is happening in the market for sell-throughs. The sell-through is solid, has increased 70% since pre-COVID. And so the gaming market is really quite vibrant.

我們相信，到今年年底，我們將進入明年的良好狀態。所以我希望這能回答你的問題，但重要的是我們的賣出率遠低於市場上發生的賣出率。銷售情況穩定，自新冠疫情前以來增長了 70%。所以遊戲市場真的很活躍。

On the second question, on data center end markets, we hear fairly broadly that GPU supply is in shortage in the cloud. We hear quite broadly that demand for GPU rentals far exceeds current supply. And it's fairly sensible to us, partly because the number of use cases for GPUs in the cloud has grown quite a bit. If you look at one particular segment in just managing -- collecting data and managing the data of the AV fleet and using that data to train AI models, using that data to reconstruct HD maps, the usage of GPUs in the cloud for just that one application has grown a lot.

關於第二個問題，在數據中心終端市場，我們廣泛聽到雲中 GPU 供應短缺的情況。我們廣泛聽到對 GPU 租賃的需求遠遠超過目前的供應。這對我們來說是相當明智的，部分原因是雲中 GPU 的用例數量已經增長了很多。如果您僅在管理中查看一個特定部分——收集數據並管理 AV 車隊的數據，並使用該數據訓練 AI 模型，使用該數據重建高清地圖，雲中 GPU 的使用僅用於該部分應用增長了很多。

And furthermore, there's -- the deep learning-based recommender systems has demonstrated such significant effectiveness, and it helps Internet service providers to enhance engagement, enhance click-through rate. And so that -- so this particular form of recommender systems is going to really drive a fair amount of data processing and machine learning in the cloud.

此外，基於深度學習的推薦系統已經證明瞭如此顯著的有效性，它可以幫助互聯網服務提供商提高參與度，提高點擊率。所以——所以這種特殊形式的推薦系統將真正推動雲中大量的數據處理和機器學習。

And then, of course, over the last several years, a very important model has emerged, called Transformers. You and I have spoken about this model several times in the past. And it's been found that this Transformer model, this large language -- this language model, which when scaled up in size, exhibits really spectacular and effective capabilities for -- to be used to learn skills with either few shots or almost no shot, meaning it could learn skills, it could perform skills that it has never learned because the knowledge was somehow encoded from the large amount of data that it had learned from.

然後，當然，在過去幾年中，出現了一個非常重要的模型，稱為變形金剛。你和我過去曾多次談論過這個模型。並且已經發現，這種 Transformer 模型，這種大型語言——這種語言模型，當它按比例放大時，表現出非常壯觀和有效的能力——被用來學習幾乎沒有鏡頭或幾乎沒有鏡頭的技能，這意味著它可以學習技能，它可以執行它從未學過的技能，因為知識是以某種方式從它學到的大量數據中編碼的。

And so this large language model area of innovation is used and of course, conversational, chat, Q&A, summarization, text generation, image generation. But very importantly, it's being used in life sciences for understanding chemistry. We've done some very important work in this area ourselves, called MegaMolBART, understanding proteins, understanding DNA, to learn the language of these large -- very, very large spatially as well as temporally or sequentially types of data.

因此，我們使用了這種創新的大型語言模型領域，當然還有會話、聊天、問答、摘要、文本生成、圖像生成。但非常重要的是，它被用於生命科學以理解化學。我們自己在這個領域做了一些非常重要的工作，叫做 MegaMolBART，理解蛋白質，理解 DNA，學習這些大的語言——非常非常大的空間以及時間或順序類型的數據。

And so the impact of this area is really quite worth staying close to. It's called large language models. I think Stanford did a paper that called it foundation models, that could be used for training all kinds of other types of AIs.

因此，這一領域的影響確實非常值得密切關注。它被稱為大型語言模型。我認為斯坦福大學發表了一篇論文，稱其為基礎模型，可用於訓練各種其他類型的 AI。

And so we're seeing a great deal of demand for GPUs in the cloud. We were challenged this quarter with a fair amount of supply chain challenges because as you know, we don't just sell the GPU chip, but these systems are really complex, with a large number of chips in the system components that we offer, like HGX.

因此，我們看到雲中對 GPU 的大量需求。本季度我們面臨著相當多的供應鏈挑戰，因為如您所知，我們不僅銷售 GPU 芯片，而且這些系統非常複雜，我們提供的系統組件中有大量芯片，例如HGX。

And so kidding -- all of the components have to come together for us to be able to deliver the final component. And then furthermore, these data centers sit idle until the last piece comes together. And the last piece includes very complicated switches and very complicated NICs and networkings and cables.

開個玩笑——所有組件都必須放在一起，我們才能交付最終組件。此外，這些數據中心一直閒置，直到最後一塊完成。最後一部分包括非常複雜的交換機和非常複雜的 NIC 以及網絡和電纜。

And so these -- building these high-performance computing data centers at very large scale for the world's clouds is not particularly easy. And so the supply chain challenges have been somewhat disruptive. But the demand is there. And on top of that, we're ramping into Hopper, which is really a fantastic generation.

所以這些——為世界的雲建立這些非常大規模的高性能計算數據中心並不是特別容易。因此，供應鏈挑戰具有一定的破壞性。但是需求是存在的。最重要的是，我們正在進入 Hopper，這真是一個了不起的一代。

Your next question will come from the line of Matt Ramsay with Cowen.

您的下一個問題將來自 Matt Ramsay 和 Cowen 的對話。

I wanted to follow up on the Data Center question that Vivek just asked from a couple of angles. I guess, Colette, the first angle being, in the release, you guys talked about pulling, I don't know, high-$200 millions of revenue into the July quarter from October, but also with supply chain challenges, maybe some deliveries that were meant for July got pushed back into October. So if you could talk a little bit more about those dynamics and just clarify for us that the October sequentially up Data Center guidance is actually clean of any pull-ins.

我想跟進 Vivek 剛剛從幾個角度提出的數據中心問題。我想，Colette，第一個角度是，在發布中，你們談到了從 10 月到 7 月季度的 2 億美元高收入，但也面臨供應鏈挑戰，也許是一些交付原定於 7 月被推遲到 10 月。因此，如果您能多談談這些動態，並為我們澄清一下，10 月份按順序向上的數據中心指南實際上沒有任何牽扯。

And Jensen, the second part, the moving pieces, networking stronger in Data Center, U.S. hyperscale stronger, China hyperscale weaker. If you could kind of walk us through the trends that you're seeing into the October and January quarters and in those sort of those breakouts and when -- clarify for us when you think H100 will really start to drive revenue.

而 Jensen，第二部分，移動部分，數據中心的網絡更強，美國超大規模更強，中國超大規模更弱。如果您可以帶我們了解一下您在 10 月和 1 月季度看到的趨勢，以及那些突破和何時——請向我們澄清您認為 H100 何時真正開始推動收入。

Great. Thanks for the question. And it's kind of a little bit of an add-on to some of the statements that Jensen was discussing regarding our supply chain and what we're seeing today. Our supply chain during the quarter really was quite difficult, was quite challenging to work through.

偉大的。謝謝你的問題。這有點像 Jensen 正在討論的關於我們的供應鍊和我們今天所看到的一些陳述的補充。我們本季度的供應鏈確實非常困難，工作起來非常具有挑戰性。

Our platforms, including HDX, networking chips, cables, switches, were very important to the customers. It's not just about us selling the GPUs. So even though customers order those components themselves, they're looking from us for what we may refer to as kits, kits that go with those GPUs for them to stand up their data centers.

我們的平台，包括 HDX、網絡芯片、電纜、交換機，對客戶來說非常重要。這不僅僅是關於我們銷售 GPU。因此，即使客戶自己訂購了這些組件，他們也會從我們這裡尋找我們所說的套件，這些套件與這些 GPU 一起使用，以便他們支持他們的數據中心。

We also experienced supply disruptions internally with our logistics and our component availability. Some of our supply arrived very late in the quarter. We had very little time, from a logistics and availability, to get those things out.

我們還經歷了內部物流和組件可用性的供應中斷。我們的一些供應在本季度很晚才到貨。從物流和可用性來看，我們幾乎沒有時間把這些東西拿出來。

Customers were impacted as well by availability of key third-party other components that we weren't offering, which were slowing down some of their deployments. So what we did in our Q2 orders that couldn't be delivered in Q3, given that some of these supply constraints existed, and we had Q3 demand where we did have supply in Q2, so we worked with customers to optimize that supply and demand. And that's what we've disclosed to you.

客戶也受到我們未提供的關鍵第三方其他組件的可用性的影響，這些組件減慢了他們的一些部署。因此，鑑於存在一些供應限制，我們在 Q2 訂單中所做的事情無法在 Q3 交付，並且我們在 Q3 有需求，而我們在 Q2 確實有供應，因此我們與客戶合作以優化供需.這就是我們向您披露的內容。

Let me answer the questions about the North American and the China hyperscalers. The Chinese hyperscalers and the Chinese Internet companies really, really slowed down infrastructure investment this year, particularly starting in -- they've been rather slow in building out and really accelerate -- well, really slowed down in Q2.

讓我回答有關北美和中國超大規模企業的問題。中國超大規模企業和中國互聯網公司今年真的、真的放緩了基礎設施投資，尤其是從一開始——他們的建設速度相當緩慢，而且真的加速了——嗯，真的在第二季度放緩了。

This slowdown can't last forever. And the number of new technologies in software, the number of people who are using clouds and the number of cloud services is continuing to grow. And so I fully expect investment to return. They're a very important market for us, a very large market for us. And the fact that North American hyperscalers doubled year-over-year, our revenues at North American hyperscalers, and that was offset by declines in China, says something about the slowdown in China. And so I don't think that's going to last forever. I think it's going to return.

這種放緩不會永遠持續下去。而軟件中新技術的數量、使用雲的人數和雲服務的數量也在持續增長。因此，我完全期望投資能夠回報。它們對我們來說是一個非常重要的市場，對我們來說是一個非常大的市場。事實上，北美超大規模企業的收入同比翻了一番，我們在北美超大規模企業的收入被中國的下降所抵消，這說明了中國的放緩。所以我認為這不會永遠持續下去。我想它會回來的。

With respect to Hopper, we're in full production now. And we're racing to get Hopper to all of the CSPs who are dying to get them. And it goes with our HGXs, which is multiple Hoppers on a system tray. It's really a supercomputer in a motherboard, if you will. And it goes along with it networking gear and switch gear. And so there's the enormous amounts of resources applied from all of the CSPs around the world and ourselves to get Hopper to them. We expect to ship substantial Hoppers in Q4.

關於 Hopper，我們現在正在全面生產。我們正在競相將 Hopper 提供給所有渴望獲得它們的 CSP。它與我們的 HGX 一起使用，它是系統托盤上的多個料斗。如果你願意的話，它真的是一台主板上的超級計算機。它伴隨著網絡設備和開關設備。因此，世界各地的所有 CSP 和我們自己都應用了大量資源來讓 Hopper 與他們合作。我們預計第四季度將出貨大量 Hoppers。

Your next question will come from the line of Toshiya Hari with Goldman Sachs.

您的下一個問題將來自高盛的 Toshiya Hari。

I had a question regarding the $1.22 billion inventory charge, maybe for Colette, on this one specifically. In the CFO commentary, I think you state that the inventory charge is related to weaker demand in both Data Center and Gaming. I think the Gaming side is pretty clear based on your comments so far. Curious what's changed on the Data Center side?

我有一個關於 12.2 億美元的庫存費用的問題，也許是對 Colette 來說，特別是在這個問題上。在首席財務官的評論中，我認為您指出庫存費用與數據中心和遊戲的需求疲軟有關。根據您目前的評論，我認為遊戲方面非常清楚。好奇數據中心方面發生了什麼變化？

Is it mostly the Chinese hyperscalers that Jensen just spoke to? Or is there something else going on in terms of how you're thinking about demand in Data Center over the next couple of quarters? And related to this, curious if the delay in Sapphire Rapids at Intel is having an impact on your business in the near to medium term.

Jensen 剛剛與之交談的主要是中國的超大規模企業嗎？或者就您如何看待未來幾個季度數據中心的需求而言，是否還有其他事情發生？與此相關，很好奇英特爾 Sapphire Rapids 的延遲是否會在中短期內對您的業務產生影響。

Thanks for the question. So our inventory charges, as we commented, we're taking a thorough look of not only this last quarter as well as the quarter that we're guiding, but looking over the long term of what we need for demand and then what we had in terms of supply. Remember, we had purchased this very early on in the year as we needed to, to drive the commitment of the supply that we already have.

謝謝你的問題。因此，正如我們評論的那樣，我們的庫存費用不僅要全面審視最後一個季度以及我們正在指導的季度，還要著眼於我們對需求的長期需求以及我們擁有的東西在供應方面。請記住，我們在年初就根據需要購買了這個，以推動我們已經擁有的供應承諾。

And so what is happening here for the Data Center, we had great, high expectations. We still have very strong, solid growth projection for Data Center as well. But we're going to take this opportunity for some of the prior architecture pieces, to write down those, given what we see as just a change in terms of our expectations going forward.

因此，對於數據中心發生的事情，我們寄予了很高的期望。我們仍然對數據中心有非常強勁、穩健的增長預測。但是我們將利用這個機會寫下之前的一些架構部分，因為我們認為這只是我們對未來期望的改變。

So you are correct. There are also pieces in there for Gaming. We have written down some silicon and chips as the macroeconomic conditions and we get ready for our future product launches, taken into account, but there's also components, services and capacity and some of the other drivers that are incorporated in those write-downs.

所以你是對的。那裡也有遊戲的部分。考慮到宏觀經濟狀況，我們已經記下了一些矽和芯片，我們為未來的產品發布做好了準備，但這些減記中還包含組件、服務和容量以及其他一些驅動因素。

Okay. Our Hopper supports previous-generation CPUs. But I guess, next-generation GPUs -- CPUs, Sapphire Rapids and Genoa after that as well as Graviton. And so we certify and test across all of the CPUs because the cloud service providers demand it. And they intend to deploy NVIDIA accelerators, NVIDIA Hoppers, across a large number of CPUs.

好的。我們的 Hopper 支持上一代 CPU。但我想，下一代 GPU——CPU、Sapphire Rapids 和 Genoa 以及 Graviton。因此，我們對所有 CPU 進行認證和測試，因為雲服務提供商需要它。他們打算在大量 CPU 上部署 NVIDIA 加速器 NVIDIA Hoppers。

There is no question that the delay is disruptive and a lot of engineers have to scramble. It would have been a lot easier if next-generation CPUs were to have executed more perfectly. However, Hopper goes into an environment with CSPs where they connect our PCI Express connectors to old-generation, current-generation CPUs as well. And so nobody likes the delay. The next-generation CPUs will trigger a refresh of infrastructure and new servers. And so I'm super excited about them. However, we're going to be able to go to market plenty fine with Hopper supporting existing infrastructure.

毫無疑問，延遲是破壞性的，許多工程師不得不爭先恐後。如果下一代 CPU 能夠更完美地執行，那會容易得多。然而，Hopper 進入了一個帶有 CSP 的環境，在那裡他們將我們的 PCI Express 連接器連接到老一代、當前一代的 CPU。所以沒有人喜歡延遲。下一代 CPU 將觸發基礎設施和新服務器的更新。所以我對他們感到非常興奮。然而，有了 Hopper 支持現有的基礎設施，我們將能夠很好地進入市場。

Your next question will come from the line of Aaron Rakers with Wells Fargo.

您的下一個問題將來自富國銀行的 Aaron Rakers。

Yes. And a lot of it's kind of been talked a little bit about, but I just -- Colette, I want to think about the numbers a little bit more. I guess based on the guidance commentary, where I've come up thinking about would be as like a 30-plus percent sequential decline in Gaming and Professional Visualization and maybe kind of low- to mid-single-digit growth in Data Center and Auto. So I guess, is that the right context?

是的。很多事情都被談過了，但我只是——科萊特，我想多考慮一下這些數字。我猜根據指導評論，我想到的可能是遊戲和專業可視化連續下降 30% 以上，而數據中心和汽車行業可能會出現中低個位數的增長.所以我想，這是正確的上下文嗎？

And with that, and with Hopper coming down the pipeline, we're going to have a lot of questions around kind of the deceleration of year-over-year growth in Data Center, I believe. Do you think that Hopper, as that comes fully available, it sounds like in fiscal 4Q, that you actually see Data Center growth reaccelerate as that product cycle materializes?

有了這個，而且隨著 Hopper 的下線，我相信，我們將有很多關於數據中心同比增長減速的問題。您是否認為 Hopper 完全可用，聽起來就像在第四財季一樣，您是否真的看到數據中心的增長會隨著產品週期的實現而重新加速？

Yes. Thanks for the question. And that's a pretty good understanding of our guidance. And we do expect, yes, Gaming to decrease, not in the dollar amount that it decreased between Q1 and Q2. So that may be, of our 2 areas of the decline, our Gaming and ProViz, that may be about 3/4 of it associated with that Gaming, and then Professional Visualization would probably be about 1/4 of the 2 areas that will decline.

是的。謝謝你的問題。這很好地理解了我們的指導。我們確實預計，是的，遊戲會減少，而不是在第一季度和第二季度之間減少的美元金額。所以這可能是，我們的兩個下降領域，我們的遊戲和 ProViz，可能是與該遊戲相關的大約 3/4，然後專業可視化可能是兩個將下降的領域的大約 1/4 .

Our Data Center, yes, we do expect it to grow. It may grow about what we just saw between Q1 and Q2. We'll continue to look at it. There may be some more opportunity there. And Automotive, very similar to our thoughts at the very beginning of the quarter. We are expecting continued growth through each of the quarters of this fiscal year. We felt that Q2 was an inflection point, so we'll continue to grow into Q3 and hopefully Q4 going forward.

我們的數據中心，是的，我們確實希望它會增長。它可能會增長我們剛剛在第一季度和第二季度之間看到的情況。我們將繼續研究它。那裡可能還有更多機會。而汽車，與我們在本季度初的想法非常相似。我們預計本財年每個季度的持續增長。我們認為第二季度是一個轉折點，因此我們將繼續發展到第三季度，並希望第四季度繼續發展。

I'll turn it over to Jensen to see his thoughts in terms of Hopper, what Hopper brings to us in Q4, and the expectations.

我會把它交給 Jensen，看看他對 Hopper 的看法，Hopper 在第四季度給我們帶來了什麼，以及期望。

The first thing I would say, Aaron, is that we are selling in or we're selling far below the market demand, far -- excuse me, far below the market sell-through. And the reason for that is to allow the inventory, the channel inventory and the OEM inventories to correct. And this allows us to prepare for our next generation. And our next generation has Hopper for compute, but we also have the next generation for computer graphics that will be coming to market.

亞倫，我要說的第一件事是我們正在銷售或者我們的銷售遠遠低於市場需求，遠遠 - 對不起，遠低於市場銷售量。這樣做的原因是為了讓庫存、渠道庫存和OEM庫存更正。這使我們能夠為下一代做準備。我們的下一代擁有用於計算的 Hopper，但我們也擁有即將上市的用於計算機圖形的下一代。

Hopper is a giant new generation because it is designed to perform this new type of AI model called Transformers. It has an engine inside it called Transformer engine, with numerical formats and pipelines that allows us to do a spectacular job on Transformer-type of models, which includes large language models, but it also includes computer vision models that are now able to be processed with this new type of AI model called Transformers.

Hopper 是一個巨大的新一代，因為它旨在執行這種稱為 Transformers 的新型 AI 模型。它內部有一個稱為 Transformer 引擎的引擎，具有數字格式和管道，使我們能夠在 Transformer 類型的模型上完成出色的工作，其中包括大型語言模型，但它還包括現在能夠處理的計算機視覺模型使用這種稱為 Transformers 的新型 AI 模型。

And so I fully expect Hopper to be the next springboard for future growth. And the importance of this new model, Transformers, can't possibly be understated and can't be overstated. This is the impact of this model across robotics, computer vision, languages, biology, chemistry, drug design, is just really quite spectacular. And I'm sure that you've been hearing about this new breakthrough in AI, and Hopper was designed for this.

因此，我完全預計 Hopper 將成為未來增長的下一個跳板。而變形金剛這個新模型的重要性不能被低估也不能被誇大。這是這個模型對機器人、計算機視覺、語言、生物學、化學、藥物設計的影響，真的非常壯觀。而且我敢肯定，您已經聽說過人工智能方面的這一新突破，而 Hopper 就是為此而設計的。

Your next question will come from the line of Atif Malik with Citi.

您的下一個問題將來自花旗的 Atif Malik。

Colette, can you talk about networking versus compute? Were they both supply-constrained in the July quarter? And are they both sequentially growing in the October quarter?

Colette，你能談談網絡與計算嗎？它們在 7 月季度是否都受到供應限制？它們是否都在 10 月季度連續增長？

So within our Q2 results, we have been continuing to improve our supply for networking. We have a lot of important products that the CSP needs, many of our customers need, and we have been working to really improve that supply. And we were able to set very strong growth in terms of networking, both sequentially and year-over-year.

因此，在我們的第二季度業績中，我們一直在繼續改善我們的網絡供應。我們有很多 CSP 需要的重要產品，我們的許多客戶都需要，我們一直在努力真正改善這種供應。我們能夠在網絡方面實現非常強勁的增長，無論是環比還是同比。

And as we move into the next quarter, we're going to have to see which is going to be growth larger. We're just going to have to take a look once we finish that quarter. But our supply for compute is here. But as we have discussed, sometimes, it's important that they have many of our other components that we provide in networking at the same time that we are providing the GPUs. So sometimes, those are very important for us to deliver together. So we always have to keep that in mind. So it's not always supply-constrained, but there are certain parts of it that are.

隨著我們進入下一季度，我們將不得不看看哪個增長會更大。一旦我們完成那個季度，我們將不得不看看。但是我們的計算供應就在這裡。但正如我們所討論的，有時，重要的是他們擁有我們在網絡中提供的許多其他組件，同時我們提供 GPU。所以有時，這些對我們一起交付非常重要。因此，我們必須始終牢記這一點。所以它並不總是供應受限，但它的某些部分是。

Your next question will come from the line of Joseph Moore with Morgan Stanley.

您的下一個問題將來自摩根士丹利的約瑟夫摩爾。

I wanted to ask, why did the supply constraints hit you guys so hard this quarter. I mean you've done such a great job in the last couple of years, outgrowing really everybody in a very challenging supply chain environment. It hasn't tripped you up at all. And it seems like now it's kind of hitting you fairly hard at a time when, in other cases, it's kind of easing.

我想問，為什麼本季度供應限制對你們造成瞭如此嚴重的打擊。我的意思是，您在過去幾年做得非常出色，在極具挑戰性的供應鏈環境中超越了所有人。它根本沒有絆倒你。現在看起來它對你的打擊相當大，而在其他情況下，它有點放鬆。

So I'm just kind of curious, what is it about the timing and how long does it sort of take for -- is that a Hopper issue? Is it related to other components? As you talked about, how long does it take to clear those issues up?

所以我只是有點好奇，關於時間安排以及需要多長時間 - 這是 Hopper 的問題嗎？它與其他組件有關嗎？正如您所說，解決這些問題需要多長時間？

Let me start and see if Jensen wants to add on to it. Our execution has absolutely been phenomenal, when we think about the challenges of we're almost putting together a full data center for our customers and getting it shipped out. So we're no different. In the same way that the CSPs are challenging, we're setting up their data centers as we're such an integral part of that.

讓我開始看看 Jensen 是否想加入它。我們的執行絕對是驚人的，當我們考慮到我們幾乎為我們的客戶建立一個完整的數據中心並將其運送出去所面臨的挑戰時。所以我們也不例外。就像 CSP 具有挑戰性一樣，我們正在建立他們的數據中心，因為我們是其中不可或缺的一部分。

And so networking has been short of supply. These are the same supply issues that some of our CSPs are having. So our supply arrived a little bit late in the quarter for some of our key products that we needed to get out. And putting that together caused some disruption in our logistics and distribution. We were pleased in terms of reaching the levels of networking that we did, but we did have some challenges this quarter.

因此，網絡一直供不應求。這些與我們的一些 CSP 遇到的供應問題相同。因此，對於我們需要退出的一些關鍵產品，我們的供應在本季度有點晚了。將這些放在一起導致我們的物流和配送受到一些干擾。我們對達到我們所做的網絡水平感到高興，但本季度我們確實遇到了一些挑戰。

Your next question will come from the line of Stacy Rasgon with Bernstein.

您的下一個問題將來自 Stacy Rasgon 與 Bernstein 的對話。

I wanted to go back to that Data Center inventory charge. You listed Data Center first when you talked -- primarily related to Data Center and Gaming. Can you give us a feeling for how much of that charge was Data Center versus Gaming?

我想回到那個數據中心的庫存費用。您在講話時首先列出了數據中心——主要與數據中心和遊戲有關。你能告訴我們數據中心與遊戲之間的費用有多少嗎？

And then the follow-up on that, it did sound like, to me, that it was mostly Ampere and not Hopper change in expectations. Can you verify that or clarify it? And just talk about what's happened with your expectations for Hopper? Have they gone up or down? Or has there been any change at all relevant to that inventory charge?

然後對此的後續行動，在我看來，這聽起來確實主要是 Ampere 而不是 Hopper 的預期變化。你能證實或澄清嗎？談談你對霍珀的期望發生了什麼？他們漲了還是跌了？或者是否有任何與庫存費用相關的變化？

Yes, Stacy. Regarding our inventory charges that we had, when you think about what we have in supply, whether it be chips, components, whether it be memory, remember, a lot of these things can be used interchangeably across the 2. Additionally, the value of our inventory for Data Center is much different than the value of what we have for Gaming from an overall cost perspective. So we're creating capacity opportunities, putting together all of those systems in terms of Data Center. It is prior architectures.

是的，斯泰西。關於我們的庫存費用，當您考慮我們的供應時，無論是芯片、組件還是內存，請記住，其中很多東西可以在 2 中互換使用。此外，價值從整體成本的角度來看，我們的數據中心庫存與我們為遊戲所擁有的價值大不相同。因此，我們正在創造容量機會，將所有這些系統放在數據中心方面。它是先前的架構。

Absolutely, this is not a question regarding anything of our future products coming to market. Nothing on the inventory provision has to do with that. So we took this as looking at the macroeconomic conditions, as we've discussed. Our expectations, our plans, were higher. They're still quite solid, that we see in demand both for Gaming as well as solid for Data Center. And that will continue. But we did have to just take a rightsizing of that inventory.

當然，這不是關於我們未來產品上市的任何問題。庫存條款與此無關。因此，正如我們所討論的，我們將此視為宏觀經濟狀況。我們的期望，我們的計劃，更高。它們仍然相當穩固，我們看到遊戲和數據中心的需求都非常穩固。這將繼續下去。但我們確實不得不對該庫存進行適當的調整。

Hopper was designed for Transformers. The new Transformers was going to be important. Nobody could have predicted the profound importance of large language models. Large language models, excitement, innovation, ideas, companies, start-ups, industries, all exceeding everyone's expectations. I don't think anybody could have predicted the impact of Transformers as it scaled up to these giant sizes.

Hopper 是為變形金剛設計的。新的變形金剛將很重要。沒有人能預料到大型語言模型的深遠重要性。大型語言模型、興奮、創新、想法、公司、初創企業、行業，都超出了所有人的預期。我認為沒有人能夠預測變形金剛的影響，因為它擴大到這些巨大的尺寸。

There's a fair amount of literature now written about language models that were smallish in the old days, in the beginning, several years ago, 3 years ago. And the ones that are in the hundreds of billions and moving towards probably several trillion parameters, the effectiveness of the AI is really quite spectacular.

現在有相當多的關於語言模型的文獻在過去、幾年前、三年前開始時很小。而那些數以千億計，並朝著可能達到數万億參數的方向發展，人工智能的有效性確實非常驚人。

And to have AI that was never trained on a particular skill and yet within one shot or one shot of trying or even no shots, are able to perform that skill, is beyond anybody's expectations, I would think. And so I think the -- if the success of Hopper is -- reflects the amount of work and pent-up demand for large training systems that Hopper is going to go into, that's an indicator, I think, Hopper is going to be a spectacular success.

我認為，讓從未接受過特定技能訓練的人工智能在一次或一次嘗試甚至沒有嘗試的情況下能夠執行該技能，這超出了任何人的預期。所以我認為——如果 Hopper 的成功是——反映了 Hopper 將要進入的大型培訓系統的工作量和被壓抑的需求，我認為這是一個指標，Hopper 將成為壯觀的成功。

Your next question will come from the line of Srini Pajjuri with SMBC Nikko.

您的下一個問題將來自於 SMBC Nikko 的 Srini Pajjuri。

I have a question on gross margins, Colette. The 65% non-GAAP number you're guiding to, does that include or assume any additional write-offs on the inventory front?

我有一個關於毛利率的問題，科萊特。您指導的 65% 非 GAAP 數字是否包括或假設在庫存方面有任何額外的沖銷？

And then just to expand on that, your mix is probably a tailwind to gross margins given that Gaming is down significantly and that Data Center is up a little bit. And I'm just wondering, are there any other offsets because I would have thought gross margins could actually be better than your longer-term model because of the mix tailwinds.

然後只是為了擴展這一點，你的組合可能是毛利率的順風，因為遊戲大幅下降並且數據中心略有上升。我只是想知道，是否有任何其他抵消，因為我認為由於混合順風，毛利率實際上可能比您的長期模型更好。

Yes. Thanks for the question. So our gross margins outside of the inventory charges in Q2 as well as going into Q3 is really about our sales mix that we have and probably also to understand that our sales mix in the next quarter for GPUs is not in the high end. And so that has impacted our gross margin as we move into Q3.

是的。謝謝你的問題。因此，我們在第二季度以及進入第三季度的庫存費用之外的毛利率實際上與我們現有的銷售組合有關，並且可能還了解我們下一季度 GPU 的銷售組合併不處於高端。因此，隨著我們進入第三季度，這影響了我們的毛利率。

You are correct. We do expect that Data Center will assist in our gross margins, but we also have growth plans in Auto. Auto is below our company average, and so that will tend to offset some of those upper-bound things that we will see in terms of Data Center.

你是對的。我們確實預計數據中心將有助於提高我們的毛利率，但我們也有汽車業務的增長計劃。汽車低於我們公司的平均水平，因此這往往會抵消我們將在數據中心方面看到的一些上限。

From time to time, there's always a small amount of scraps that we will have in our gross margin estimates. So nothing material is planned, but there is small scraps that may occur from quarter-to-quarter that are included in our gross margins.

有時，我們的毛利率估計中總會有少量的廢品。因此，沒有計劃任何材料，但每個季度可能會出現一些小廢料，這些廢料包含在我們的毛利率中。

Your next question will come from the line of Timothy Arcuri with UBS.

您的下一個問題將來自瑞銀的蒂莫西·阿庫裡 (Timothy Arcuri)。

Colette, I had a clarification and then a question. So my clarification is whether October gross margins are benefiting at all from the sale of previously written down inventory.

科萊特，我有一個澄清，然後是一個問題。所以我要澄清的是，10 月份的毛利率是否完全受益於之前減記的庫存的銷售。

And then my question is whether you can give us the enterprise cloud split in Data Center because it sounds like the mix shifted more toward enterprise in July. And I think investors might want to see that as risky in the face of enterprise clearly slowing. So I'm wondering if you can give us that.

然後我的問題是，您是否可以將數據中心中的企業雲拆分給我們，因為這聽起來像是在 7 月份更多地轉向了企業。而且我認為，面對企業明顯放緩，投資者可能希望將其視為風險。所以我想知道你是否可以給我們。

Okay. No. No, there is nothing in our Q3 regarding those inventory provisions that we took in terms of earning that back, in terms of our Q3. Regarding our split between our hyperscalers and data centers and what we refer to as our vertical industries, they always tend to be about the same, 50% for one, 50% for the others. They're still in about that range.

好的。不。不，我們的第三季度沒有關於我們在第三季度獲得回報的庫存準備金。關於我們在超大規模和數據中心之間的劃分以及我們所說的垂直行業，它們總是大致相同，一個為 50%，另一個為 50%。他們仍然在這個範圍內。

We had discussed that our China hyperscalers did not drive growth in terms of sequentially here. And so that did influence in terms of the hyperscalers, but still we are approximately in that 50%, 50%.

我們曾討論過，我們的中國超大規模企業並沒有按順序推動增長。所以這確實對超大規模計算產生了影響，但我們仍然大約在 50%、50% 之內。

Your next question will come from the line of Harlan Sur with JPMorgan.

您的下一個問題將來自摩根大通的 Harlan Sur。

On the weakness in ProViz, this is an enterprise-focused business, right? Granted, it's a somewhat narrow vertical market, but it does sort of play into the market concerns that consumer is weak now, enterprise is the next shoe to drop. So is the decline in ProViz attributed to enterprise spending weakness? Or is there some other dynamic? And why or why not is this not a leading indicator for your enterprise and vertical industry segments within your Data Center business?

關於 ProViz 的弱點，這是一個以企業為中心的業務，對吧？誠然，這是一個有點狹窄的垂直市場，但它確實在某種程度上影響了市場的擔憂，即消費者現在疲軟，企業是下一個要掉的鞋。那麼 ProViz 的下降是否歸因於企業支出疲軟？還是有其他一些動態？為什麼或為什麼這不是數據中心業務中企業和垂直行業細分的領先指標？

So our Pro Visualization business, just in such a short time, they were in short supply and really trying to feed so much of the industry's desire to both refresh and attracted to the new RTX workstations that were there. We were fueling both mobile as well as desktop for that market and growing quite nicely. Remember, all of last year doubled the size of ProViz in 1 year.

因此，我們的專業可視化業務，就在這麼短的時間內，它們供不應求，並且真的試圖滿足業界對更新和吸引那裡的新 RTX 工作站的渴望。我們為該市場推動了移動和台式機的發展，並且發展得非常好。請記住，去年全年 ProViz 的規模在 1 年內翻了一番。

So right now, the OEMs are concentrating on their levels of inventory. We want to make sure that they can get through that inventory. But it -- keep in mind, very similar to our discussion on Gaming, there is still solid demand. There is still solid demand. We just have to correct some of the inventory, but we still see both the opportunities that we've created for the market for these to be long-standing. Okay? And your second question, remind me again.

所以現在，原始設備製造商正專注於他們的庫存水平。我們希望確保他們能夠通過該庫存。但它——請記住，與我們關於遊戲的討論非常相似，仍然有穩定的需求。需求依然強勁。我們只需要糾正一些庫存，但我們仍然看到我們為市場創造的長期機會。好的？你的第二個問題，再次提醒我。

Whether the broader enterprise market is going to be -- the verticals are going to be affected by that. I would say, first of all, we don't know. Second of all, unlike our Workstation business, our ProViz business, there's no installed base. Most of the ProViz sales tend to be upgrades or replacements from something that has our installed base of 3 or 4 or 5 years, that people -- whatever upgrade cycle they happen to have.

更廣泛的企業市場是否會 - 垂直行業將受到影響。我想說，首先，我們不知道。其次，與我們的工作站業務、ProViz 業務不同，沒有安裝基礎。 ProViz 的大部分銷售往往是我們安裝了 3 年或 4 年或 5 年的產品的升級或替換，無論他們碰巧有什麼升級週期。

And so in the case of ProViz, the companies that are buying ProViz, our ProViz systems, likely already have systems that they've been using. And so if they were to tighten up ProViz, for whatever reason, the people could continue to use what they have.

因此，就 ProViz 而言，購買 ProViz 的公司，我們的 ProViz 系統，可能已經擁有他們一直在使用的系統。因此，如果他們要收緊 ProViz，無論出於何種原因，人們都可以繼續使用他們所擁有的。

In the case of our AI business, there's no real installed base. These are all brand-new things that people are growing into. And the productivity benefits or the cost savings benefits of using autonomous systems is fairly profound. And it's not so much that the demand isn't out there. Everybody would like to be more productive. Everybody would like to save more money. Everybody would like to move faster. It's just that AI's understanding and AI's use is still spreading.

就我們的人工智能業務而言，沒有真正的安裝基礎。這些都是人們正在成長的全新事物。使用自治系統的生產力收益或成本節約收益是相當深遠的。並不是說需求不存在。每個人都希望更有效率。每個人都想節省更多的錢。每個人都想更快地移動。只是AI的理解和AI的使用還在普及。

And so we're delighted by the rate of growth and the rate of adoption of enterprise. My sense is that our AI business and our Viz business have very different characteristics for that reason. But what Colette said earlier is, about our ProViz businesses last quarter, is absolutely true, which is OEMs realizing that the end market is slowing and taking the opportunity to correct their inventory.

因此，我們對企業的增長率和採用率感到高興。我的感覺是，我們的 AI 業務和 Viz 業務因此具有非常不同的特徵。但 Colette 早些時候所說的是，關於我們上個季度的 ProViz 業務，這是絕對正確的，即 OEM 意識到終端市場正在放緩，並藉此機會糾正他們的庫存。

Your final question will come from the line of Ross Seymore with Deutsche Bank.

您的最後一個問題將來自德意志銀行的羅斯·西莫爾（Ross Seymore）。

I just had a longer-term question about once your Gaming business normalizes, with the absence of crypto in a general sense and with the merge coming, et cetera, how do you view the pricing environment? I know you guys really weren't raising prices like we saw in the MSRP premiums in the aftermarket. But generally, your mix was quite rich over the last year or 2.

我只是有一個長期的問題，關於一旦你的遊戲業務正常化，一般意義上沒有加密貨幣並且隨著合併的到來等等，你如何看待定價環境？我知道你們真的沒有像我們在售後市場的建議零售價溢價中看到的那樣提高價格。但總的來說，在過去的一兩年裡，你的組合非常豐富。

You're going to have Lovelace coming in that will obviously help the mix sequentially versus the last couple of quarters. But how do you think about it normalizing? If that $2.5 billion per quarter sell-through rate comes, is the ASP mix across your stack about the same, or does it go down because of the absence of that crypto-tightening dynamic?

你將會有 Lovelace 的加入，這顯然會幫助混合順序與最後幾個季度相比。但是你如何看待它的正常化？如果每季度 25 億美元的銷售率出現，你的堆棧中的 ASP 組合是否大致相同，還是因為缺乏加密貨幣緊縮動態而下降？

I would say that without crypto dynamic, the mix would go down. However, the overall trend long-term, the ASP is drifting up. And the way to think about that is a game console, when -- my first game console was $99. Lately, game consoles are selling for about $599. And the reason for that is because it's more useful than ever. You use your game console for your greatest form of entertainment, and you use it for a very, very long time.

我會說，如果沒有加密動態，組合就會下降。不過，整體趨勢長期來看，ASP是飄升的。考慮這一點的方式是遊戲機，當時我的第一台遊戲機是 99 美元。最近，遊戲機的售價約為 599 美元。這樣做的原因是因為它比以往任何時候都更有用。您將游戲機用於最大的娛樂形式，並且使用了非常非常長的時間。

And GeForce essentially is a game console inside your PC. And we've always believed that the ASP of GeForce should drift towards the average selling price of a game console. And so it should be something along the lines of $500 or so roughly at this time.

GeForce 本質上是您 PC 中的遊戲機。而且我們一直認為 GeForce 的 ASP 應該向遊戲機的平均售價漂移。因此，此時它應該大約在 500 美元左右。

We also have GeForce in the cloud. And because GeForce in the cloud is hosting many gamers simultaneously, it tends to want to be a much more powerful GeForce. And so our cloud-gaming GeForce tends to be -- our cloud-gaming graphics tends to be a much higher-end.

我們在雲端也有 GeForce。而且由於雲中的 GeForce 同時託管許多遊戲玩家，它往往希望成為更強大的 GeForce。因此，我們的雲遊戲 GeForce 往往是——我們的雲遊戲圖形往往是高端得多。

And so -- and then, of course, there's the design aspect of it. Most designers and most creators are able to use GeForce these days. And they use their PC to create content. And much of that content goes into video games and/or they're using video games to create their artistic content. And so the GeForce is not just for gaming for them, the GeForce is essentially their creative workstation as well. And so there are several dynamics that are causing the ASP of GeForce to go up, and we've been seeing this trend for several years now.

所以——當然，還有它的設計方面。如今，大多數設計師和創作者都能夠使用 GeForce。他們使用 PC 來創建內容。並且大部分內容都進入了視頻遊戲和/或他們正在使用視頻遊戲來創建他們的藝術內容。因此，GeForce 不僅適用於他們的遊戲，GeForce 本質上也是他們的創意工作站。因此，有幾個動態導致 GeForce 的 ASP 上升，而且我們已經看到這種趨勢好幾年了。

Thank you. I will now turn the call back over to Jensen for closing remarks.

謝謝你。我現在將把電話轉回給 Jensen 做結束語。

Thanks, everyone. We're navigating our supply chain transitions in a challenging macro environment. In Gaming, our partners and ecosystem are responding to a sudden slowdown in consumer demand and correcting channel inventory. Still, the fundamentals of gaming are strong. We'll get through this over the next few months and go into next year with our new architecture. I look forward to telling you more about it at GTC next month.

感謝大家。我們在充滿挑戰的宏觀環境中導航我們的供應鏈轉型。在遊戲領域，我們的合作夥伴和生態系統正在應對消費者需求的突然放緩並糾正渠道庫存。儘管如此，遊戲的基本面還是很強的。我們將在接下來的幾個月內完成這一任務，並以我們的新架構進入明年。我期待著在下個月的 GTC 上告訴你更多關於它的信息。

In Data Center, AI, where computers are helping us write software that was impossible before, is driving a computing revolution and transforming every industry. NVIDIA's leadership in full-stack data center scale accelerated computing has made us the ideal partner for companies racing to leverage the power of AI. Even with the current macroeconomic headwinds, demand for our Data Center products have never been stronger.

在數據中心，計算機正在幫助我們編寫以前不可能的軟件，人工智能正在推動計算革命並改變每個行業。 NVIDIA 在全棧數據中心規模加速計算方面的領先地位使我們成為企業競相利用 AI 力量的理想合作夥伴。即使在當前宏觀經濟逆風的情況下，對我們數據中心產品的需求也從未如此強烈。

The next wave of computing is coming. With AI and 3D graphics advances, developers will extend the Internet with virtual world overlays that connect to the physical world. This next evolution of the Internet is called metaverse.

下一波計算浪潮即將到來。隨著人工智能和 3D 圖形的進步，開發人員將通過連接到物理世界的虛擬世界覆蓋來擴展互聯網。互聯網的這種下一次發展被稱為元界。

We created Omniverse to connect the digital and physical world and be an open platform for creating and operating metaverse applications. The immediate applications for Omniverse span product design, manufacturing and operations. Omniverse is off to a great start.

我們創建了 Omniverse 來連接數字和物理世界，並成為一個用於創建和操作元界應用程序的開放平台。 Omniverse 的直接應用涵蓋產品設計、製造和運營。 Omniverse 有了一個良好的開端。

Our Automotive revenue is inflecting, and we expect it to be our next billion-dollar business. Autonomous driving is one of the biggest challenges AI can solve, and computing opportunity for us spans the data center to the car. Autonomous driving will transform the auto industry into a tech industry.

我們的汽車收入正在發生變化，我們預計它將成為我們下一個十億美元的業務。自動駕駛是人工智能可以解決的最大挑戰之一，我們的計算機會從數據中心到汽車。自動駕駛將把汽車行業轉變為科技行業。

Automotive is one of the first to transform into a software-defined tech industry. But all industries will be. We're building NVIDIA AI and NVIDIA Omniverse to be the engines for the world's enterprise to become software-defined, AI-powered technology companies.

汽車是最早轉型為軟件定義技術行業的行業之一。但所有行業都會。我們正在構建 NVIDIA AI 和 NVIDIA Omniverse，使其成為全球企業成為軟件定義、人工智能驅動的技術公司的引擎。

I look forward to next month's GTC conference, where we will share new advances of RTX reinventing 3D graphics in gaming, AI's continuing breakthroughs and building the metaverse, the next evolution of the Internet. So join us. We look forward to updating you on our progress next quarter. Thank you.

我期待下個月的 GTC 會議，我們將在會上分享 RTX 在遊戲中重塑 3D 圖形的新進展、AI 的持續突破和構建虛擬世界，即互聯網的下一次發展。所以加入我們吧。我們期待在下個季度向您通報我們的進展情況。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。