輝達 (NVDA) 2021 Q4 法說會逐字稿

Good afternoon. My name is Mariama, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's financial results conference Call. (Operator Instructions) I will now turn the call over to Simona Jankowski, NVIDIA's Vice President of Investor Relations and Strategic Finance, to begin the conference.

下午好。我的名字是 Mariama，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 的財務業績電話會議。 （操作員說明）我現在將電話轉給 NVIDIA 投資者關係和戰略財務副總裁 Simona Jankowski 開始會議。

Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the fourth quarter of fiscal 2021. With me on the call today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer.

謝謝你。大家下午好，歡迎參加 NVIDIA 2021 財年第四季度電話會議。今天與我一起參加電話會議的是 NVIDIA 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'd 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 first quarter of fiscal 2022.

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。在電話會議討論我們 2022 財年第一季度的財務業績之前，該網絡廣播將可供重播。

The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent. 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.

今天通話的內容是 NVIDIA 的財產。未經我們事先書面同意，不得複製或轉錄。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。

All our statements are made as of today, February 24, 2021, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures and GAAP financial measures in our CFO commentary, which is posted on our website.

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，即 2021 年 2 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。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 財務指標和 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. Q4 was another record quarter, with revenue exceeding $5 billion and year-on-year growth accelerating to 61%. Full year revenue was also a record at $16.7 billion, up 53%.

謝謝，西蒙娜。第四季度是另一個創紀錄的季度，收入超過 50 億美元，同比增長加速至 61%。全年收入也達到創紀錄的 167 億美元，增長 53%。

Our Gaming business have reached record revenue of $2.5 billion in Q4, up 10% sequentially and up 67% from a year earlier. Full year Gaming revenue was a record at $7.8 billion, up 41%. Demand is incredible for our new GeForce RTX 30 series products based on the NVIDIA Ampere GPU architecture. In early December, we launched the GeForce RTX 3060 Ti, which joined the previously launched RTX 3090, 3080 and 3070.

我們的遊戲業務在第四季度達到創紀錄的 25 億美元收入，環比增長 10%，同比增長 67%。全年遊戲收入達到創紀錄的 78 億美元，增長 41%。對我們基於 NVIDIA Ampere GPU 架構的全新 GeForce RTX 30 系列產品的需求令人難以置信。 12月初，我們推出了GeForce RTX 3060 Ti，加入了之前推出的RTX 3090、3080和3070。

The entire 30 series lineup has been hard to keep in stock, and we exited Q4 with channel inventories even lower than when we started. Although we are increasing supply, channel inventories will likely remain low throughout Q1. GeForce RTX 30 Series graphics cards were a holiday sensation, due not just to their amazing performance, but also to their rich features, including our second-generation RTX ray tracing technology and DLSS, AI-powered performance accelerator, which massively boosts frame rates in graphically demanding titles.

整個 30 系列產品陣容一直難以保持庫存，我們在第四季度退出時渠道庫存甚至比開始時還要低。儘管我們正在增加供應，但整個第一季度渠道庫存可能會保持在低位。 GeForce RTX 30 系列顯卡在假期中引起轟動，不僅因為其驚人的性能，還因為其豐富的功能，包括我們的第二代 RTX 光線追踪技術和 DLSS（人工智能驅動的性能加速器），可大幅提升幀速率圖形要求高的標題。

Three dozen games now all support RTX, including the top battle royal game, Fortnite; the top role-playing game, Cyberpunk 2077; the top massively multiplayer online game, World of Warcraft; and the best-selling game of all time, Minecraft.

三打遊戲現在都支持RTX，包括頂級皇家遊戲Fortnite；頂級角色扮演遊戲《賽博朋克 2077》；頂級大型多人在線遊戲《魔獸世界》；以及有史以來最暢銷的遊戲《我的世界》。

RTX has clearly set the new standard in gaming.

RTX 明確設定了遊戲的新標準。

Building on this momentum, at CES in January, we introduced a wave of Ampere architecture gaming products, including our biggest ever laptop launch, powered by GeForce RTX 3060, 3070 and 3080 laptop GPUs and with our third-generation Max-Q technology. These new thin and lightweight gaming laptops increased performance and energy efficiency by up to 2x from the prior generation.

基於這一勢頭，我們在 1 月份的 CES 上推出了一波安培架構遊戲產品，包括我們有史以來最大的筆記本電腦發布，由 GeForce RTX 3060、3070 和 3080 筆記本電腦 GPU 和我們的第三代 Max-Q 技術提供支持。這些新的輕薄遊戲筆記本電腦將性能和能效提高了 2 倍，是上一代產品的兩倍。

RTX 3060 laptops starts $999 and are faster than the previous generation laptops, which sold for $2,500. The incredible performance, design and price points of these new laptops will delight the growing universe of gamers and creators as well as students and professionals. The gaming laptop market has grown sevenfold in the past 7 years, and momentum is building. With top OEMs bringing to market a record 70-plus laptop models based on the GeForce RTX 30 Series, GeForce laptops, as a whole, are the fastest-growing and one of the largest gaming platforms.

RTX 3060 筆記本電腦的起價為 999 美元，比上一代筆記本電腦的售價更快，後者的售價為 2,500 美元。這些新筆記本電腦令人難以置信的性能、設計和價格點將使不斷增長的遊戲玩家和創作者以及學生和專業人士感到高興。遊戲筆記本電腦市場在過去 7 年中增長了 7 倍，而且勢頭正在增強。隨著頂級 OEM 向市場推出創紀錄的 70 多款基於 GeForce RTX 30 系列的筆記本電腦型號，GeForce 筆記本電腦作為一個整體，是增長最快和最大的遊戲平台之一。

Also at CES, we announced the GeForce RTX 3060 GPU priced at $329, extending the 30 Series desktop lineup further into the mainstream. We expect strong demand when it launches this Friday as 60 class GPUs have traditionally been our most popular products.

同樣在 CES 上，我們宣布推出售價 329 美元的 GeForce RTX 3060 GPU，將 30 系列桌面產品陣容進一步擴展為主流。我們預計本週五推出時需求強勁，因為 60 級 GPU 一直是我們最受歡迎的產品。

Starting with the 3060, we're taking an important step to maximize the supply of GeForce GPUs for gamers. Users are constantly discovering new applications for our powerful programmable GPUs and cryptocurrency mining is one of them. With rising ethereum prices, there are indications that miners are behind GPUs. We would like GeForce GPUs to end up with gamers, so we have created a new special software drivers that will detect the ethereum mining algorithm, cutting in half the mining efficiency of the GeForce RTX 3060.

從 3060 開始，我們邁出了重要的一步，最大限度地為遊戲玩家提供 GeForce GPU。用戶不斷發現我們強大的可編程 GPU 的新應用程序，加密貨幣挖掘就是其中之一。隨著以太坊價格的上漲，有跡象表明礦工落後於 GPU。我們希望 GeForce GPU 最終能夠為遊戲玩家所用，因此我們創建了一個新的特殊軟件驅動程序，它將檢測以太坊挖礦算法，將 GeForce RTX 3060 的挖礦效率降低一半。

We suspect the significant increase in the ethereum network hash rate observed over the past few months was driven by a combination of previously installed mining capacity that was reactivated as well as new sales of GPUs and ASICs. Since our GPUs are sold to graphics card manufacturers and then onto distribution, we don't have the ability to accurately track or quantify their end use. And all estimates suggest that cryptomining contributed $100 million to $300 million to our Q4 revenue, a relatively small portion of our Gaming revenue in Q4.

我們懷疑過去幾個月觀察到的以太坊網絡哈希率的顯著增長是由先前安裝的重新激活的採礦能力以及 GPU 和 ASIC 的新銷售共同推動的。由於我們的 GPU 出售給顯卡製造商，然後再進行分銷，因此我們無法準確跟踪或量化其最終用途。所有估計都表明，加密採礦為我們的第四季度收入貢獻了 1 億至 3 億美元，在我們第四季度的遊戲收入中佔比相對較小。

Cryptocurrencies have recently started to be accepted by companies and financial institutions and show increased signs of staying power. Through the desk -- to address industrial ethereum mining demand, last week, we announced a new line of NVIDIA CMPs or cryptomining processors. Shipments will start in March. CMPs lack display outputs and have other optimizations that improve cryptomining power efficiency. CMP products will let us gain some visibility into the contribution of cryptomining to our overall revenue.

加密貨幣最近開始被公司和金融機構接受，並顯示出更強的持久力。通過辦公桌——為了滿足工業以太坊採礦需求，上週，我們宣布了新的 NVIDIA CMP 或加密採礦處理器系列。發貨將於 3 月開始。 CMP 缺乏顯示輸出，並具有其他優化來提高加密挖掘功率效率。 CMP 產品將使我們對加密貨幣挖礦對我們整體收入的貢獻有一定的了解。

For Q1, we estimate that CMP will contribute approximately $50 million. We plan to sell these products to industrial miners. We will quantify their contribution each quarter for transparency.

對於第一季度，我們估計 CMP 將貢獻約 5000 萬美元。我們計劃將這些產品出售給工業礦工。我們將在每個季度量化他們的貢獻以提高透明度。

Over the past year, it has become clear that we've entered a new era in which gaming is an integral part of global culture. The number of concurrent users on Steam has more than doubled since 2018 and continues to hit new records. In 2020 alone, more than 100 billion hours of gaming content was seen on YouTube and 0.5 billion people watched eSports. Increasingly, we aren't just gaming, we're also watching sports, attending concerts, creating content and connecting with our friends in virtual environments.

在過去的一年裡，很明顯我們已經進入了一個新時代，在這個時代，遊戲已經成為全球文化不可或缺的一部分。自 2018 年以來，Steam 上的並髮用戶數量增加了一倍多，並繼續創下新紀錄。僅在 2020 年，YouTube 上的遊戲內容就超過了 1000 億小時，有 5 億人觀看了電子競技。我們越來越不只是玩遊戲，我們還在觀看體育賽事、參加音樂會、創建內容並在虛擬環境中與朋友聯繫。

Additionally, we are excited about the new experiences like VR. Significantly more content is now available, including arguably the first VR killer app, Beat Saber. And there's now almost 2 million VR users on Steam. And with these powerful structural shifts, we expect our Gaming business to remain on a robust growth trajectory. The GeForce RTX 30 Series GPUs have kicked off a powerful upgrade cycle, and we estimate only around 15% of GeForce gamers own an RTX class GPU, which is needed to experience the beautiful ray trace graphics of modern games.

此外，我們對 VR 等新體驗感到興奮。現在可用的內容明顯更多，包括可以說是第一個 VR 殺手級應用 Beat Saber。現在 Steam 上有近 200 萬 VR 用戶。通過這些強大的結構性轉變，我們預計我們的遊戲業務將保持強勁的增長軌跡。 GeForce RTX 30 系列 GPU 開啟了強大的升級週期，我們估計只有大約 15% 的 GeForce 遊戲玩家擁有 RTX 級 GPU，這是體驗現代遊戲美麗的光線追踪圖形所必需的。

Moreover, the universe of gamers is rapidly expanding. And the reach of GeForce has extended beyond gamers to some 45 million creators. In addition, Gaming revenue continues to benefit from a favorable mix shift as gamers and creators keep moving to higher-end GPUs. We expect another great year for GeForce.

此外，遊戲玩家的世界正在迅速擴大。 GeForce 的影響範圍已從遊戲玩家擴展到約 4500 萬創作者。此外，隨著遊戲玩家和創作者不斷轉向更高端的 GPU，遊戲收入繼續受益於有利的組合轉變。我們期待 GeForce 又是偉大的一年。

Earlier this month, we celebrated the 1-year anniversary of the GeForce NOW cloud gaming platform, which is has now over 6 million members strong. GeForce NOW offers 800 PCs from over 300 publishers, more than any other cloud gaming service, including 80 of the most played free-to-play games. Starting with support for our Windows PCs, Macs and Android devices, we added support in recent months to Chromebooks, iPhones and iPads. GFN has grown globally with more than 65 countries on our service and more added regularly by our GeForce NOW alliance partners.

本月早些時候，我們慶祝了 GeForce NOW 雲遊戲平台成立一周年，該平台現在擁有超過 600 萬會員。 GeForce NOW 提供來自 300 多家發行商的 800 台 PC，比任何其他雲遊戲服務都多，包括 80 款最受歡迎的免費遊戲。從對我們的 Windows PC、Mac 和 Android 設備的支持開始，我們在最近幾個月增加了對 Chromebook、iPhone 和 iPad 的支持。 GFN 在全球範圍內發展壯大，我們的服務覆蓋超過 65 個國家/地區，並且我們的 GeForce NOW 聯盟合作夥伴定期添加更多服務。

Moving to Pro Viz. Q4 revenue was $307 million, up 30% sequentially and down 10% year-on-year and ahead of our expectations. Full year revenue was $1.1 billion, was down 13%. Strong sequential growth was driven primarily by a recovery in desktop workstations as some customers returned to the office and enterprises resumed purchases that have been deferred by the pandemic.

移至 Pro Viz。第四季度收入為 3.07 億美元，環比增長 30%，同比下降 10%，超出了我們的預期。全年收入為 11 億美元，下降 13%。強勁的連續增長主要是由桌面工作站的複蘇推動的，因為一些客戶返回辦公室，企業恢復了因大流行而推遲的購買。

Notebook GPUs grew sequentially to a record as enterprises continue to support remote workforce initiatives. Looking ahead, the reopening of businesses will benefit desktop workstations, but longer-term workforce trends will likely shift our mix to notebook GPUs and cloud offerings.

隨著企業繼續支持遠程勞動力計劃，筆記本 GPU 連續增長至創紀錄水平。展望未來，企業的重新開放將使台式工作站受益，但長期的勞動力趨勢可能會將我們的組合轉變為筆記本 GPU 和雲產品。

Health care was a standout vertical in the quarter, with significant orders from GE, Siemens and Oxford Nanopore Technologies, public sector and automotive also showed strength. Omniverse, our real-time 3D collaboration and simulation platform is now in open beta. Over 500 creators and professionals have tested Omniverse through our early access program. Omniverse is one of our most important and exciting platforms. We are delighted by its initial acceptance and look forward to sharing more details on its long-term growth opportunity in the coming months.

醫療保健在本季度是一個突出的垂直領域，通用電氣、西門子和牛津納米孔技術公司的大量訂單、公共部門和汽車業也表現出實力。我們的實時 3D 協作和模擬平台 Omniverse 現在處於公開測試階段。超過 500 位創作者和專業人士通過我們的搶先體驗計劃測試了 Omniverse。 Omniverse 是我們最重要和最令人興奮的平台之一。我們對其最初的接受感到高興，並期待在未來幾個月分享有關其長期增長機會的更多細節。

Moving to automotive. Q4 revenue was $145 million, up 16% sequentially and down 11% year-on-year. Full year revenue of $536 million declined 23%, sequential growth was driven by continued recovery in the global automotive production volumes and growth in AI cockpit revenue. The year-on-year decline reflects the expected ramp down of legacy infotainment. NVIDIA has emerged as the industry's leading end-to-end full-spec technology provider for self-driving and AI-enabled vehicles. Orin, the SoC that drive -- self-driving platform was built on, delivers an unrivaled 254 trillion of operations per second of performance on industry-leading power efficiency, helping to revolutionize the transportation industry.

轉向汽車。第四季度收入為 1.45 億美元，環比增長 16%，同比下降 11%。全年收入為 5.36 億美元，下降 23%，環比增長受全球汽車產量持續復甦和人工智能駕駛艙收入增長的推動。同比下降反映了傳統信息娛樂系統的預期下降。 NVIDIA 已成為業界領先的自動駕駛和人工智能車輛端到端全規格技術提供商。 Orin 是建立在自動駕駛平台之上的驅動 SoC，以行業領先的能效提供無與倫比的每秒 254 萬億次操作的性能，有助於徹底改變交通運輸行業。

Our technology leadership has driven a robust, rapidly growing set of opportunities. We have great momentum with an expanding list of electric vehicle OEMs, including Nio, SAIC, Li Auto and Xpeng, which are all using the NVIDIA DRIVE platform to power their next-generation of vehicles. We look forward to growing with them as they continue to scale.

我們的技術領先地位帶來了一系列強大、快速增長的機會。我們勢頭強勁，包括蔚來、上汽、理想汽車和小鵬在內的電動汽車原始設備製造商名單不斷擴大，它們都在使用 NVIDIA DRIVE 平台為其下一代汽車提供動力。我們期待與他們一起成長，因為他們繼續擴大規模。

Our software-defined platform is the only solution that spans from the data center for training deep neural nets and running physically accurate simulations to a full stack in car solutions, scaling from ADAS to Level 5 fully autonomous functionality. Autonomous vehicle companies are harnessing this technology. Zoox recently unveiled its Level 5 bidirectional robotaxi powered by NVIDIA. Einride launched its next-generation cab-less autonomous truck using NVIDIA DRIVE Orin. And earlier this year, Mercedes announced a 56-inch wide MBUX Hyperscreen powered by NVIDIA AI cockpit technology. This win builds on our momentum with Mercedes first generation MBUX system, which is now in 1.8 million cars.

我們的軟件定義平台是唯一的解決方案，涵蓋從用於訓練深度神經網絡和運行物理精確模擬的數據中心到完整的汽車解決方案堆棧，從 ADAS 擴展到 5 級完全自主功能。自動駕駛汽車公司正在利用這項技術。 Zoox 最近推出了由 NVIDIA 提供支持的 Level 5 雙向機器人出租車。 Einride 推出了使用 NVIDIA DRIVE Orin 的下一代無駕駛室自動卡車。今年早些時候，梅賽德斯宣布推出由 NVIDIA AI 駕駛艙技術驅動的 56 英寸寬 MBUX Hyperscreen。這一勝利建立在我們與梅賽德斯第一代 MBUX 系統的勢頭之上，該系統現在已在 180 萬輛汽車中使用。

We are in the early innings of a significant opportunity. We have built a multibillion-dollar design win pipeline for our self-driving AI cockpit solutions, which will drive a material inflection in revenue over the next few years. Our transformational partnership with Mercedes announced last June demonstrates the power of our evolving business model as we expand our addressable market and layer in software revenue. We are exceptionally well positioned to capitalize on the significant opportunity that lies ahead.

我們正處於重大機遇的早期階段。我們已經為我們的自動駕駛 AI 駕駛艙解決方案建立了價值數十億美元的設計贏得管道，這將在未來幾年推動收入的實質性轉折。我們與梅賽德斯去年 6 月宣布的轉型合作夥伴關係展示了我們不斷發展的商業模式的力量，因為我們擴大了我們的目標市場和軟件收入層。我們非常有能力利用未來的重大機遇。

Moving to Data Center. Revenue was $1.9 billion, which exceeded our expectations, was comparable to last quarter and up 97% from the year-ago period, which did not include Mellanox. Data Center compute revenue was up 45% year-on-year. Full year Data Center revenue rose 125% to a record $6.7 billion, including almost 70% growth from Data Center compute.

遷移到數據中心。收入為 19 億美元，超出了我們的預期，與上一季度相當，同比增長 97%，其中不包括 Mellanox。數據中心計算收入同比增長 45%。全年數據中心收入增長 125%，達到創紀錄的 67 億美元，其中包括來自數據中心計算的近 70% 的增長。

From a sequential perspective, the Data Center compute's stronger-than-expected double digit growth more than offset the anticipated decline in Mellanox revenue, which included a large nonrecurring network sale to a single OEM in Q3. Compute growth was led by vertical industries, where OEM partners continued ramping up to 100 -- A100-based servers, and our own DGX system sales were strong.

從連續的角度來看，數據中心計算強於預期的兩位數增長抵消了 Mellanox 收入的預期下降，其中包括第三季度向單一 OEM 進行的大量非經常性網絡銷售。計算增長由垂直行業引領，其中 OEM 合作夥伴繼續增加至 100 台基於 A100 的服務器，我們自己的 DGX 系統銷售強勁。

Vertical industries were well over 50% of Data Center revenue across compute and networking, with particular strength in supercomputing, financial services, higher education and consumer Internet verticals. Additionally, hyperscale customers continue to deploy the A100, driving both sequential growth and exceptionally strong year-on-year growth in Data Center compute. The A100 has been adopted by all major cloud customers globally and is being deployed by hyperscale customers for internal workloads. Still, we are in the early stages of adoption and expect continued growth this year.

垂直行業佔數據中心計算和網絡收入的 50% 以上，在超級計算、金融服務、高等教育和消費者互聯網垂直行業尤為突出。此外，超大規模客戶繼續部署 A100，推動數據中心計算的連續增長和異常強勁的同比增長。 A100 已被全球所有主要雲客戶採用，並被超大規模客戶部署用於內部工作負載。儘管如此，我們仍處於採用的早期階段，預計今年將繼續增長。

The ramp of the A100 has been smoother and accomplished by better visibility than prior generation. Its universal AI training and inference capabilities as well as support for a wider set of applications and outstanding performance are driving high customer utilization, a clear sign of the A100's value.

與上一代相比，A100 的坡道更加順暢，並且能見度更高。其通用的 AI 訓練和推理能力以及對更廣泛的應用程序集的支持和出色的性能正在推動高客戶利用率，這是 A100 價值的明顯標誌。

Turning to Mellanox. We are seeing continued strong traction and robust momentum across our customer sets. Its revenue was up over 30% from Mellanox's Q4 revenue in calendar 2019, when we were still a stand-alone company. Year-on-year growth in the quarter was led by hyperscale and large consumer Internet customers which grew over 60% from last year, with several contributing record revenues.

轉向 Mellanox。我們在客戶群中看到持續強勁的牽引力和強勁的勢頭。它的收入比 Mellanox 在 2019 年第四季度的收入增長了 30% 以上，當時我們仍然是一家獨立的公司。本季度的同比增長由超大規模和大型消費互聯網客戶引領，這些客戶比去年增長了 60% 以上，其中一些貢獻了創紀錄的收入。

Consistent with our outlook, Mellanox had a sequential decline, impacted by a nonrecurring sales to a China OEM in Q3. We expect a return to sequential growth in Q1, driven by strong demand for our high-speed networking products, including the ramp of ConnectX adapters with CSPs and all major server OEMs in their upcoming refresh.

與我們的展望一致，Mellanox 連續下滑，受第三季度對中國 OEM 的非經常性銷售的影響。我們預計第一季度將恢復連續增長，這得益於對我們的高速網絡產品的強勁需求，包括帶有 CSP 的 ConnectX 適配器和所有主要服務器 OEM 即將推出的更新。

We also see strong momentum in high-performance computing with HDR InfiniBand products. For example, we won 6 of the 7 supercomputers awarded over the past few months by EuroHPC. Starting next quarter, we will continue to provide color on networking as part of the Data Center market platform, but we will no longer break out Mellanox revenues separately.

我們還看到 HDR InfiniBand 產品在高性能計算方面的強勁勢頭。例如，在過去幾個月中，我們贏得了 EuroHPC 授予的 7 台超級計算機中的 6 台。從下個季度開始，我們將繼續提供網絡色彩作為數據中心市場平台的一部分，但我們將不再單獨列出 Mellanox 的收入。

Looking forward, we are incredibly excited about the opportunities in Data Center. Accelerated computing is not only delivering super more -- long gains in performance but is also an energy-efficient and cost-effective method of computing. And virtually every industry is adopting technology with greater urgency of companies to adopt to the new world of more distributed workers and customers.

展望未來，我們對數據中心的機遇感到無比興奮。加速計算不僅提供了超多的性能——長期的性能提升，而且還是一種節能且具有成本效益的計算方法。幾乎每個行業都在採用技術，公司迫切需要採用更加分散的工人和客戶的新世界。

As industries embark on this journey, they are also increasingly focused on combating climate change. To that end, the A100 performed AI computations with 1/20th the power consumption of CPUs. It powers our Selene supercomputer, which is #1 on the Green500 list of the world's most efficient supercomputers.

隨著行業踏上這一旅程，他們也越來越關注應對氣候變化。為此，A100 以 CPU 1/20 的功耗執行 AI 計算。它為我們的 Selene 超級計算機提供動力，該超級計算機在 Green500 世界上最高效的超級計算機列表中排名第一。

Indeed, NVIDIA's powered machines recently captured 25 of the top 30 spots on the Green500 list. Accelerated computing is not only serving the exponential growth in demand for compute, they can also help bend the power consumption curve. With accelerated computing, NVIDIA is pioneering a path forward the computing industry.

事實上，NVIDIA 的動力機器最近佔據了 Green500 榜單前 30 名中的 25 個。加速計算不僅服務於計算需求的指數增長，還有助於彎曲功耗曲線。借助加速計算，NVIDIA 正在引領計算行業的發展之路。

Before I move to the P&L and outlook, let me give you an update on our proposed acquisition of Arm. In September, we announced plans to acquire Arm from SoftBank Group in a transaction that will create the premier computing company for the age of AI.

在我轉向損益表和展望之前，讓我向您介紹一下我們提議收購 Arm 的最新情況。 9 月，我們宣布了從軟銀集團收購 Arm 的計劃，該交易將創建人工智能時代的一流計算公司。

At that time, we said it would take approximately 18 months to secure regulatory approvals in the U.S., the U.K., the EU, China and other jurisdictions. Thorough reviews are typical with the deal of this size. This process is moving forward as expected. We are in constructive dialogue with the relevant authorities and are confident that regulators will see the benefits to the entire tech ecosystem.

當時，我們表示大約需要 18 個月才能獲得美國、英國、歐盟、中國和其他司法管轄區的監管批准。這種規模的交易通常會經過徹底的審查。這一進程正按預期向前推進。我們正在與相關當局進行建設性對話，並相信監管機構將看到整個科技生態系統的好處。

As we have said, this combination will spur competition. Together, Arm and NVIDIA will provide greater choice to the data center ecosystem, a compelling alternative CPU architecture for the market and further enhance Arm's offering in mobile and embedded. Our intention is to increase investment in arm's existing road map. Adding resources to stimulate growth in new markets, we love and intend to maintain Arm's open licensing model, a commitment guaranteed both by long-term legally binding contracts as well as our own interest in ensuring this investment is a profitable one for us.

正如我們所說，這種組合將刺激競爭。 Arm 和 NVIDIA 將共同為數據中心生態系統提供更多選擇，為市場提供引人注目的替代 CPU 架構，並進一步增強 Arm 在移動和嵌入式領域的產品。我們的目的是增加對 arm 現有路線圖的投資。增加資源以刺激新市場的增長，我們喜歡並打算維持 Arm 的開放許可模式，這是一項由具有法律約束力的長期合同保證的承諾，以及我們自己確保這項投資對我們有利的利益。

We are on the cusp of a new age of which AI fuels industries ranging from health care to scientific research to the environment. With this transaction, our vision is to boost Arm's potential so it can thrive in this new era and grow into promising new markets.

我們正處於一個新時代的風口浪尖，人工智能推動了從醫療保健到科學研究再到環境的各個行業。通過此次交易，我們的願景是提升 Arm 的潛力，使其能夠在這個新時代蓬勃發展，並成長為充滿希望的新市場。

Moving to the rest of the P&L. Q4 GAAP gross margins were 63.1% and non-GAAP gross margins were 65.5%. GAAP gross margins declined year-on-year due to amortization of developed technology acquired from Mellanox, partially offset by product mix. The sequential increase was due to higher margins for Gaming GPUs and lower IP-related costs, partially offset by lower margin mix in our Data Center portfolio.

轉到損益表的其餘部分。第四季度 GAAP 毛利率為 63.1%，非 GAAP 毛利率為 65.5%。由於從 Mellanox 收購的已開發技術的攤銷，GAAP 毛利率同比下降，部分被產品組合抵消。環比增長是由於遊戲 GPU 的利潤率較高和 IP 相關成本較低，部分被我們的數據中心產品組合中較低的利潤率組合所抵消。

Non-GAAP gross margins increased by 10 basis points year-on-year and was flat sequentially, in line with our expectations. Q4 GAAP EPS was $2.31, up 51% from a year earlier. Non-GAAP EPS was $3.10, up 64% from a year ago. Q4 cash from operations was a record $2.07 billion.

非美國通用會計準則毛利率同比增長 10 個基點，環比持平，符合我們的預期。第四季度 GAAP 每股收益為 2.31 美元，同比增長 51%。非公認會計原則每股收益為 3.10 美元，比一年前增長 64%。第四季度運營現金達到創紀錄的 20.7 億美元。

With that, let me turn to the outlook for the first quarter of fiscal 2022. Revenue is expected to be $5.3 billion, plus or minus 2%, with most of the sequential growth driven by Gaming. GAAP and non-GAAP gross margins are expected to be 63.8% and 66%, respectively, plus or minus 50 basis points. The GAAP and non-GAAP operating expenses are expected to be approximately $1.67 billion and $1.2 billion, respectively.

有了這個，讓我轉向 2022 財年第一季度的展望。收入預計為 53 億美元，正負 2%，其中大部分連續增長由遊戲推動。 GAAP 和非 GAAP 毛利率預計分別為 63.8% 和 66%，上下浮動 50 個基點。 GAAP 和非 GAAP 運營費用預計分別約為 16.7 億美元和 12 億美元。

For the full year, we expect to grow non-GAAP OpEx in the mid-20% range. GAAP and non-GAAP other income and expenses are both expected to be an expense of approximately $50 million. GAAP and non-GAAP tax rates are both expected to be 10%, plus or minus 1%, excluding discrete items.

全年，我們預計非 GAAP 運營支出將增長 20% 左右。 GAAP 和非 GAAP 其他收入和支出預計均約為 5000 萬美元。 GAAP 和非 GAAP 稅率預計均為 10%，正負 1%，不包括離散項目。

Capital expenditures are expected to be approximately $300 million to $325 million. Further financial details are included in the CFO commentary and other information on our IR website.

資本支出預計約為 3 億至 3.25 億美元。更多財務細節包含在我們投資者關係網站上的首席財務官評論和其他信息中。

In closing, let me highlight a pending event for the financial community. We will be virtually attending the Raymond James Institutional Investors Conference on March 1; the Morgan Stanley Technology, Media and Telecom Conference on March 3; and the Arete Virtual Semis Conference on March 3. In addition, we will be hosting a Virtual Investor Day on Monday, April 12, following the livestream of Jensen's opening keynote at our GPU Technology Conference.

最後，讓我強調一下金融界的未決事件。我們將虛擬參加 3 月 1 日的 Raymond James 機構投資者會議； 3 月 3 日摩根士丹利技術、媒體和電信會議；以及 3 月 3 日的 Arete Virtual Semis 會議。此外，在 Jensen 在我們的 GPU 技術會議上的開幕主題演講直播之後，我們將在 4 月 12 日星期一舉辦虛擬投資者日。

Our earnings call to discuss our first quarter and full -- our first quarter is scheduled for Wednesday, May 26.

我們的財報電話會議將討論我們的第一季度和整個季度——我們的第一季度定於 5 月 26 日星期三舉行。

We will now open the call for questions. Operator, would you please poll for questions.

我們現在將打開問題的電話。接線員，請您投票提問。

(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 guess, Jensen, a higher-level question for you on the enterprise side. You're now a couple of quarters into the ramp of A100, and curious if you could speak to whether you've seen any surprises here. Any areas of specific strength worth calling out, and any changes to how you're thinking about the size of this opportunity?

我想，Jensen，在企業方面為您提供了一個更高級別的問題。您現在距離 A100 坡道還有幾個季度，想知道您是否可以談談您是否在這裡看到了任何驚喜。任何值得一提的特定優勢領域，以及您對這個機會的規模的看法是否有任何變化？

Yes. Thanks a lot, C.J. So as you know, A100 is a very different type of GPU. This is our first universal computing GPU. It's great at high-performance computing. It's great at data analytics. It's great training. And also for our highest GPU, it's also the first time that is incredible for imprint. It's some 20x faster than previous generation. We introduced this, some really, really exciting new computational format like TF32, TensorFloat-32 for training. And with a multi-instance GPU, turning our GPU, 1 GPU into a whole bunch of smaller GPUs, autonomous GPUs to improve performance and reducing latency.

是的。非常感謝，C.J. 所以如您所知，A100 是一種非常不同類型的 GPU。這是我們的第一個通用計算 GPU。它非常適合高性能計算。它非常擅長數據分析。這是很棒的訓練。而且對於我們最高的 GPU，這也是第一次令人難以置信的印記。它比上一代快 20 倍。我們介紹了一些非常非常令人興奮的新計算格式，例如用於訓練的 TF32、TensorFloat-32。借助多實例 GPU，將我們的 GPU、1 個 GPU 變成一大堆更小的 GPU、自主 GPU，以提高性能並減少延遲。

And so the capability is really quite exciting. We're seeing strength in hyperscalers as they continue to accelerate their adoption of AI. Some of the new applications we've spoken about a couple of times before, the transition to deep learning for conversational AI, speech recognition to natural language understanding, all the way to speech synthesis is now based on AI -- based on deep learning.

所以這種能力真的很令人興奮。隨著超大規模企業繼續加速採用人工智能，我們看到了他們的實力。我們之前已經談過幾次的一些新應用程序，從對話 AI 向深度學習的過渡，從語音識別到自然語言理解的過渡，一直到語音合成，現在都基於 AI——基於深度學習。

The other area that's growing incredibly fast is the deep learning recommender models. Just about everything that you do on the Internet is based on recommenders. There are hundreds of different recommenders out there, whether you're shopping or recommending music or recommending news or recommending search and so all the recommending ads. And so all of these different types of applications are driving that.

另一個快速增長的領域是深度學習推薦模型。幾乎你在互聯網上所做的一切都是基於推薦人的。那裡有數百個不同的推薦器，無論您是購物、推薦音樂、推薦新聞還是推薦搜索等等所有推薦廣告。因此，所有這些不同類型的應用程序都在推動這一點。

For the first time, we saw our industrial application -- industrial data center growing to be larger than hyperscale. And we're seeing industrial applications across scientific computing, where simulation-based approaches are now being fused with AI approaches for weather simulation, genomics, molecular dynamic simulation, quantum chemistry, even simulating quantum computing, which is one of the really exciting areas.

我們第一次看到我們的工業應用——工業數據中心增長到比超大規模更大。我們正在看到跨科學計算的工業應用，基於模擬的方法現在正在與用於天氣模擬、基因組學、分子動力學模擬、量子化學甚至模擬量子計算的人工智能方法融合在一起，這是真正令人興奮的領域之一。

We're seeing AI being deployed for big data analytics, RAPIDS, which is NVIDIA's created open source platform for data analytics. Spark 3.0, which NVIDIA really led and is now GPU-accelerated. So now you could have big data in the cloud while doing big data analytics in the cloud on all of the CSP platforms.

我們看到 AI 被部署用於大數據分析 RAPIDS，這是 NVIDIA 創建的用於數據分析的開源平台。 Spark 3.0，由 NVIDIA 真正領導，現在是 GPU 加速的。因此，現在您可以在雲中擁有大數據，同時在所有 CSP 平台上的雲中進行大數據分析。

You could -- we're seeing a lot of excitement around financial services. Financial services and consumer Internet services are all really growing nicely. And so A100 adoption is just starting. I mean we're going to see several couple of years of continued growth yet ahead of us, well, as AI gets adopted in clouds and industries.

你可以——我們看到圍繞金融服務的很多興奮。金融服務和消費者互聯網服務的發展都非常好。因此，A100 的採用才剛剛開始。我的意思是，隨著人工智能在雲和行業中得到採用，我們將看到幾年的持續增長。

Your next question comes from the line of Vivek Arya with BofA Securities.

您的下一個問題來自美國銀行證券公司的 Vivek Arya。

Just a clarification and then a question for Jensen. On the clarification, Colette, I was hoping if you could give a little more color around Q1. Do you still expect the Data Center to grow sequentially in Q1? I know you said that most of the growth coming -- will come from Gaming, but any color on the Data Center would be useful.

只是一個澄清，然後是 Jensen 的一個問題。關於澄清，科萊特，我希望你能在第一季度多給點顏色。您是否仍然期望數據中心在第一季度繼續增長？我知道你說過大部分增長將來自遊戲，但數據中心的任何顏色都會有用。

And then Jensen, the question for you is, in your press release, you used the phrase, AI driving the smartphone moment for every industry. Could you help us quantify what that means? And where I'm going with that is, is there a number in terms of what percentage of servers are shipping today with your accelerators? And where can that ratio go over time? Is that a fair way of looking at the adoption of your technology and AI?

然後 Jensen，你的問題是，在你的新聞稿中，你使用了這個短語，AI 推動了每個行業的智能手機時刻。你能幫我們量化這意味著什麼嗎？我要說的是，今天有多少百分比的服務器帶有您的加速器？隨著時間的推移，這個比例會在哪裡？這是看待你的技術和人工智能採用的公平方式嗎？

So thank you, Vivek. Your question regarding the guidance as we lead into Q1. We had indicated that, yes, a good percentage of our growth between Q4 and Q1 rolls down from Gaming. But we also do expect Data Center to grow. Most of our sequential growth coming from Gaming. But keep in mind, we also expect all of our market platforms will likely be able to grow quarter-over-quarter.

所以謝謝你，維維克。您對我們進入 Q1 時的指導提出的問題。我們曾表示，是的，我們在第四季度和第一季度之間的增長中有很大一部分來自遊戲。但我們也確實希望數據中心能夠增長。我們的大部分連續增長來自遊戲。但請記住，我們還預計我們所有的市場平台都可能會出現環比增長。

Because we're entering in the third phase of AI. The first phase of AI was when we invented the computing platforms, the new chips, the new systems, the new system software, the new middleware, the new way of working, the new way of developing software, which the industry, the world is now starting to call ML ops. The way that software is developed and the way that it's deployed is completely different than the past.

因為我們正在進入人工智能的第三階段。人工智能的第一階段是當我們發明計算平台、新芯片、新系統、新系統軟件、新中間件、新工作方式、新軟件開發方式時現在開始調用 ML ops。軟件的開發方式和部署方式與過去完全不同。

Something -- in fact, I heard a great term, Software 2.0, and it makes a lot of sense. It's a computer that is writing software. The way that you develop software is completely different. The way you compute is different. And that was our first phase, and that started in the journey that was some 8, 9 years ago now.

有些東西——事實上，我聽說過一個很棒的術語，軟件 2.0，它很有意義。這是一台正在編寫軟件的計算機。您開發軟件的方式完全不同。您計算的方式不同。那是我們的第一階段，從大約 8、9 年前的旅程開始。

The second phase was the adoption of using this in an industrial way for clouds. And we saw it revolutionize new services, whether it's speech-oriented services or search-oriented services or recommender services, the way you shop, the way you use the Internet is completely different to that. And so that's really the second phase. And those 2 phases are still continuing to grow. And you're still seeing the growth associated with that.

第二階段是採用工業方式將其用於雲。我們看到它徹底改變了新服務，無論是面向語音的服務、面向搜索的服務還是推薦服務，您的購物方式、使用互聯網的方式都與此完全不同。所以這真的是第二階段。這兩個階段仍在繼續增長。而且你仍然看到與此相關的增長。

The third phase is the industrialization of AI. And some of the great examples, when I say kind of a smartphone moment, I meant that it's a device with AI. It's autonomous. And it's connected to a cloud service, and it's continuously learning.

第三階段是人工智能的產業化。還有一些很好的例子，當我說智能手機的時候，我的意思是它是一個帶有人工智能的設備。它是自主的。它連接到雲服務，並且不斷學習。

So some of the exciting examples that I saw that I've seen and we're working with companies all over the world. We have some 7,000 AI start-ups and working with. And almost all of them are developing something like this. And large industrial companies, whether it's John Deere or Walmart, they're all developing applications kind of lengthy.

因此，我看到了一些令人興奮的例子，我們正在與世界各地的公司合作。我們有大約 7,000 家 AI 初創公司並與之合作。幾乎所有人都在開發類似的東西。大型工業公司，無論是約翰迪爾還是沃爾瑪，他們都在開發應用程序的時間很長。

And basically, it's an autonomous system, autonomous machine, in our case, it's called Jetson. It's a robotics machine. That robotics machine is a car and it's called DRIVE. And it's running an autonomous -- an AI application on top, and AI is still on top, and this could be -- they could be moving device -- moving things around. It can be picking and placing. It could be just watching a warehouse and monitoring traffic and keeping traffic flow going it could be connected to a car.

基本上，它是一個自治系統，自治機器，在我們的例子中，它被稱為 Jetson。這是一台機器人機器。那台機器人機器是一輛汽車，它被稱為 DRIVE。它正在運行一個自主的——一個人工智能應用程序，人工智能仍然在上面，這可能是——他們可能是移動設備——移動東西。它可以是拾取和放置。它可能只是監視倉庫並監控交通並保持交通流量，它可以連接到汽車。

And whenever the -- whenever the fleet of cars needs to be retrained because of a new circumstance that was discovered, the cloud service would do the relearning and then we'd deploy into all of the autonomous devices.

每當 - 每當由於發現新情況而需要對車隊進行重新培訓時，雲服務都會進行重新學習，然後我們將部署到所有自動設備中。

And so in the future, we're seeing that these industries, whether you're in retail or logistics or transportation or farming, ag tech to lawn mowers, consumer lawn mowers, they're not going to just be products that you buy and use from that point forward, but it will likely be a connected device with an AI service that runs on top of it. And so these industries are so excited about it because it gives them an opportunity to change the way that they interact with their customers.

所以在未來，我們看到這些行業，無論你是零售業、物流業、運輸業還是農業、農業技術到割草機、消費型割草機，它們將不僅僅是你購買的產品和從那時起開始使用，但它很可能是一個連接設備，上面運行著人工智能服務。因此，這些行業對此非常興奮，因為它讓他們有機會改變他們與客戶互動的方式。

Rather than selling something once, they sell something and provide service that's on top of it, and they can stay engaged with the customers. The customers could get a product that's improving all of the time. Just like your smartphone, and that's kind of like -- that's the reason why I've been calling it a smartphone moment for all these industries.

他們不是一次性賣東西，而是賣東西並提供最重要的服務，他們可以與客戶保持互動。客戶可以獲得一直在改進的產品。就像你的智能手機，有點像——這就是為什麼我一直把它稱為所有這些行業的智能手機時刻。

And we saw what happened to the smartphone revolution. And then we saw what happened to the smart microphone, the smart speaker revolution. You're going to see smart lawn mowers, smart tractors, smart air conditioners, smart elevators, smart building, smart warehouses, but robotic retail storage, entire store -- and the entire retail store is like a robot. And they will all have autonomous capability. They'll all be driven by AI. So what's new for the industry, therefore, is that all of the enterprises in the world used to have computers for IT to facilitate, to host their employees and their supply chain. But in the future, all of these industries, whether you're in medical imaging or in lawn mowers, you're going to have data centers that are hosting your products just like the CSPs.

我們看到了智能手機革命發生了什麼。然後我們看到了智能麥克風發生了什麼，智能揚聲器革命。你會看到智能割草機、智能拖拉機、智能空調、智能電梯、智能建築、智能倉庫，但機器人零售存儲、整個商店——整個零售商店就像一個機器人。它們都將具有自主能力。它們都將由人工智能驅動。因此，該行業的新情況是，世界上所有的企業都曾經擁有計算機來為 IT 提供便利，託管他們的員工和供應鏈。但在未來，所有這些行業，無論是醫學成像還是割草機，都將擁有像 CSP 一樣託管產品的數據中心。

And so that's a brand-new industry. And we have a platform that we call EGX, which is the 5G Edge AI systems. And we have the autonomous systems we call AGX, which is what goes into Jetson and DRIVE. And between those 2 systems and the software stack that we have on top of it, we're in a great position to help these industries one at a time transform their business model from an object-oriented business model, a thing-based business model to a connected device business plan.

所以這是一個全新的行業。我們有一個稱為 EGX 的平台，即 5G Edge AI 系統。我們擁有我們稱之為 AGX 的自治系統，這就是 Jetson 和 DRIVE 的組成部分。在這兩個系統和我們在其之上的軟件堆棧之間，我們處於一個很好的位置，可以一次一個地幫助這些行業將他們的商業模式從面向對象的商業模式轉變為基於事物的商業模式連接設備業務計劃。

Your next question comes from the line of Stacy Rasgon with Bernstein Research.

您的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

First, I don't want to be pedantic, I suppose. But I guess, on the Q1 guide, you're saying the Gaming is the majority of the growth. Was that an absolute statement? Or was that a percentage statement? Can you give us some idea of how you sort of rank the sequential percentage growth of, say, Gaming versus Data Center versus other, especially since it sounds like you've got $50 million in crypto-specific stuff that will go into the other.

首先，我想我不想學究氣。但我想，在第一季度的指南中，你是說遊戲是增長的主要部分。那是絕對的說法嗎？或者那是一個百分比聲明？您能否給我們一些想法，您如何對遊戲與數據中心與其他的連續百分比增長進行排序，特別是因為聽起來您有 5000 萬美元的加密貨幣特定的東西將進入另一個。

And then I guess, just briefly, could you give us some indication of where your supply situation and lead times are on your Ampere parts within Data Center? I think you said last quarter, they were many months on 6 months plus. Are they still looking like that? And is that sort of the limiting factor at this point in terms of what you can actually ship on the compute side of the data center?

然後我想，簡單地說，您能否告訴我們您的供應情況和交貨時間在數據中心內的安培零件上的位置？我想你在上個季度說過，他們是 6 個月以上的好幾個月。他們還是那樣嗎？就您可以在數據中心的計算端實際交付的內容而言，這是否是目前的限制因素？

Colette will take one, and I'll take the other.

科萊特要一個，我要另一個。

Sure. Let me start off, Stacy, in terms of our guidance for Q1. As you know, we're still in the early innings of our Ampere architecture, our Ampere architecture, as it relates to Gaming as well as what it relates to Data Center. As we articulated in our call, we have been really seeing continued uplift of folks' adoption of A100, and it's going quite smoothly than what we had seen in prior overall versions.

當然。讓我開始，Stacy，就我們對第一季度的指導而言。如您所知，我們仍處於 Ampere 架構、Ampere 架構的早期階段，因為它與遊戲以及與數據中心相關。正如我們在電話會議中所闡述的那樣，我們確實看到人們對 A100 的採用持續提升，而且與我們在之前的整體版本中看到的相比，它的進展相當順利。

So when we think about our guidance for Q1, there's many different types of conclusions that will happen at the end of the quarter in terms of what we said. But all of our platforms can grow. But the majority of the growth from Q4 to Q1 will likely be Gaming.

因此，當我們考慮我們對第一季度的指導時，就我們所說的而言，在本季度末將出現許多不同類型的結論。但是我們所有的平台都可以增長。但從第四季度到第一季度的大部分增長可能是遊戲。

You asked a question about lead time. Our company -- at the company level, we're supply-constrained. Our demand is greater than our supply. And however, for Data Center, so long as the customers work closely with us, and we do a good job planning between our companies, there should be a supply -- there shouldn't be a supply issue for Data Centers. We just have to do a good job planning. And we have direct relationships with each one of the world's CSPs, and we have direct relationships with all the OEMs. And we could do excellent planning between us. We shouldn't have a supply -- we shouldn't be supply-constrained there. But at the company level, we're supply-constrained, demand is greater than supply. And we have enough supply. We usually have enough supply to achieve better than the outlook. And we had that situation in Q4. We expect that situation in Q1. And we have enough supply to grow through the year.

你問了一個關於交貨時間的問題。我們公司——在公司層面，我們供應有限。我們的需求大於我們的供應。但是，對於數據中心，只要客戶與我們密切合作，並且我們在公司之間做好規劃，就應該有供應——數據中心不應該存在供應問題。我們只需要做好規劃。我們與世界上每一個 CSP 都有直接關係，我們與所有 OEM 都有直接關係。我們可以在我們之間進行出色的規劃。我們不應該有供應——我們不應該在那裡受到供應限制。但在公司層面，我們供應受限，需求大於供應。而且我們有足夠的供應。我們通常有足夠的供應來實現比前景更好的目標。我們在第四季度遇到了這種情況。我們預計第一季度會出現這種情況。而且我們有足夠的供應來全年增長。

But supply is constrained and demand is really, really great. And so we just have to do a really good job planning. And meanwhile, one of the things that really came through for us is we have the world's best operations team.

但是供應受到限制，需求非常非常大。所以我們只需要做好計劃。同時，我們真正經歷的一件事是我們擁有世界上最好的運營團隊。

Our company is really -- really has an amazing operations team. We build the most complex products in the world, the most complex chips, the most complex packages, the most complex systems. And during Q4, they improved our cycle time. And during Q1, I'm expecting them to improve our cycle time again. And we really are based to have such an amazing operations team. And so during these times, it really comes in handy. But overall, at the company level, where we expect demand to be greater than supply, we have enough supply to do better than the outlook. And we have enough supply to grow each quarter throughout the year.

我們公司真的——真的有一個了不起的運營團隊。我們製造世界上最複雜的產品、最複雜的芯片、最複雜的封裝、最複雜的系統。在第四季度，他們改善了我們的周期時間。在第一季度，我期待他們再次改善我們的周期時間。擁有如此出色的運營團隊，我們真的很有基礎。所以在這些時候，它真的派上用場了。但總體而言，在公司層面，我們預計需求大於供應，我們有足夠的供應來做得好於前景。而且我們有足夠的供應來全年每個季度增長。

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

您的下一個問題來自瑞銀集團的蒂莫西·阿庫裡（Timothy Arcuri）。

I had a question on crypto. I guess Jensen, I know that the CMP stuff and the software driver stuff that you're doing for the 3060, that's going to help a lot. But I think that there's like 4 or 5 of the big currencies that are going to move or at least they're moving or on a path to move from proof of work to proof of stake, which is going to be a lot less computing-intensive.

我有一個關於加密的問題。我猜是 Jensen，我知道你為 3060 做的 CMP 材料和軟件驅動程序，這會很有幫助。但我認為大約有 4 或 5 種大型貨幣將會移動，或者至少它們正在移動，或者正在從工作量證明轉向股權證明的道路上，這將大大減少計算量——密集的。

So I guess the question that I get a lot is how do you assess the degree to which that drives GPUs back into the secondary market? Is there any way that you can get kind of a handle on that?

所以我想我得到的很多問題是，您如何評估將 GPU 推回二級市場的程度？有沒有什麼辦法可以讓你解決這個問題？

Yes. If you look at the recent hashrate, first of all, the transition is going to take some time. It can't happen overnight. And so people have to build trust in the new versions. And so it'll take a little bit of time. But I hope it does. I mean I hope that people use their proof of stake over time. And a little bit of these questions don't have to be answered. However, I don't have that much optimism either that it will be all proof of stake.

是的。如果您查看最近的哈希率，首先，過渡將需要一些時間。它不可能在一夜之間發生。所以人們必須建立對新版本的信任。所以這需要一點時間。但我希望確實如此。我的意思是我希望人們隨著時間的推移使用他們的權益證明。這些問題中的一些問題不必回答。但是，我也不那麼樂觀地認為這將是所有的股權證明。

I think that proof of work is a very legitimate way of securing the currency. And in the beginning, while any currency is building its reputation, it's going to take something like a proof of work to do so. And so I think proof of work is going to be around for a bit.

我認為工作量證明是保護貨幣的一種非常合法的方式。在一開始，當任何貨幣都在建立自己的聲譽時，它需要像工作證明這樣的東西來做到這一點。所以我認為工作量證明會出現一段時間。

We developed CMP for this very reason, just so that there are different versions. We have different versions of our products for gaming, for professional visualization, for high-performance computing, for deep learning. It stands to reason we have the ability to do a different version for CMP. And we can sell it directly. The way that we go to market would be to go direct into the industrial miners. To -- and it's a great benefit to them so that they don't have to chase around spot markets. It's a great benefit to the gamers. And because they want a game, and the gaming demand is just incredible, it's off the chart.

我們正是出於這個原因開發了 CMP，只是為了有不同的版本。我們有不同版本的產品用於遊戲、專業可視化、高性能計算和深度學習。按理說我們有能力為 CMP 做一個不同的版本。我們可以直接出售。我們進入市場的方式是直接進入工業礦工。對——這對他們來說是一個很大的好處，這樣他們就不必在現貨市場上追逐。這對遊戲玩家來說是一個很大的好處。而且因為他們想要一款遊戲，而遊戲需求令人難以置信，所以它超出了圖表。

And so I think this is going to be really beneficial to everybody. The recent hashrate growth was really a result of several dynamics. The first dynamic is the installed base. Most people thought that the -- once again mining, the GPUs come back into the aftermarket. A small part does that. Some people do that. But the vast majority don't keep them. And the reason for that is because, obviously, they believe in ethereum. And so they're industrial miners, that's what they do. And so they keep it around for when the profitability returns and they could kick start their mining gear.

所以我認為這將對每個人都非常有益。最近的哈希率增長實際上是多種動態的結果。第一個動態是安裝基礎。大多數人認為——再次挖礦，GPU 會重新進入售後市場。一小部分可以做到這一點。有些人會這樣做。但絕大多數人不保留它們。原因很明顯，他們相信以太坊。所以他們是工業礦工，他們就是這麼做的。因此，當盈利能力恢復並且他們可以啟動他們的採礦設備時，他們會保留它。

We saw -- that's what we saw in the latter part of last year. We saw the hashrate starting to grow. Most of that was a result of the installed miners reactivating their equipment. It wasn't until earlier this year that we started to see demand in our own GPUs. And when that starts to happen, there are several different dynamics. There's the primary source these days come from powerful ASICs. And then there's some that comes from our GPU and other GPUs in the marketplace.

我們看到了——這就是我們在去年下半年看到的。我們看到哈希率開始增長。其中大部分是由於安裝的礦工重新激活了他們的設備。直到今年早些時候，我們才開始看到我們自己的 GPU 的需求。當這種情況開始發生時，會有幾種不同的動態。如今，主要來源來自強大的 ASIC。還有一些來自我們的 GPU 和市場上的其他 GPU。

And so I think that this is going to be a part of our business. It will grow extremely large, no matter what happens. And the reason for that is because when it starts to grow large, more ASICs comes in the market, which kind of mutes it. And when the market becomes smaller, it's harder for ASICs to sustain the R&D. And so the spot miners -- industrial miners come back, and then will create CMPs. And so we expect it to be kind of a -- to be a small part of our business as we go forward.

所以我認為這將成為我們業務的一部分。無論發生什麼，它都會變得非常大。原因是當它開始變大時，市場上會出現更多的 ASIC，這會使其靜音。而當市場變小時，ASIC 就更難維持研發。所以現貨礦工——工業礦工回來了，然後將創建 CMP。因此，我們希望它在我們前進的過程中成為我們業務的一小部分。

Now one of the important things is to realize that in the near term, the -- because we're in the beginning parts of our Ampere ramp, only 2 quarters into it, into a multiyear cycle, this is also the first time that we've completely changed computer graphics. RTX using ray tracing is completely different than rasterization. And so this is a fundamental change in the way we do computer graphics, and the results have been spectacular.

現在重要的事情之一是要意識到，在短期內，因為我們處於安培斜坡的開始部分，只有兩個季度，進入一個多年周期，這也是我們第一次已經完全改變了計算機圖形。使用光線追踪的 RTX 與光柵化完全不同。因此，這是我們處理計算機圖形的方式發生了根本性的變化，其結果是驚人的。

There is some 200 million installed base in desktop, some 50 million in laptop. And the vast majority of them, we've only upgraded, approximately, I think it's something like 15% of the installed base that's been upgraded to RTX. And so there's a giant installed base, and the installed base is growing, that we need to update to the next generation of computer graphics.

台式機安裝基數約為 2 億，筆記本電腦安裝基數約為 5000 萬。其中絕大多數，我們只升級了大約，我認為大約有 15% 的已安裝基礎升級到 RTX。所以有一個巨大的安裝基礎，並且安裝基礎正在增長，我們需要更新到下一代計算機圖形。

Your next question comes from the line of John Pitzer with Crédit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

I want to go back to Data Center. You've been very kind over the last couple of quarters to call out Mellanox, both when it was a positive driver and when it was a headwind. I'm kind of curious when you look into the fiscal first quarter, is there anything of distinction to mention around Mellanox versus core Data Center? And I guess as a follow-on, the key metric that a lot of investors are looking at is when does the core Data Center business year-over-year growth start to reaccelerate.

我想回到數據中心。在過去的幾個季度裡，你一直非常友好地呼籲 Mellanox，無論是當它是一個積極的驅動器時，還是當它是逆風時。當您查看第一財季時，我有點好奇，Mellanox 與核心數據中心有什麼區別嗎？我想作為後續，許多投資者正在關注的關鍵指標是核心數據中心業務的同比增長何時開始重新加速。

And some of that is just simple math. You're just comping very hard compares from last year. But Jensen, how would you think about Data Center year-over-year growth in the context of a reopening trade or of any sort of new applications out there? I mean what happened -- what helped us last time around was the move to natural language AI, is there another big sort of AI application we should be thinking about as we think about Data Center growth reaccelerating?

其中一些只是簡單的數學運算。你只是在比較去年的情況。但是 Jensen，您如何看待在重新開放交易或任何類型的新應用程序的背景下數據中心的同比增長？我的意思是發生了什麼——上次幫助我們的是向自然語言 AI 的轉變，當我們考慮數據中心的增長重新加速時，是否應該考慮另一種大型的 AI 應用程序？

Yes. We're expecting -- Mellanox was down this last quarter. And our compute business grew double digit and offset -- more than offset the decline in Mellanox.

是的。我們期待——Mellanox 在上個季度下跌。我們的計算業務增長了兩位數並抵消了 - 超過了 Mellanox 的下降。

We expect Q1 to be a growth quarter with Mellanox, and we expect this coming year to be quite an exciting year of growth for Mellanox. The business is growing in Ethernet. It's growing for CSPs. It's growing in InfiniBand for high-performance computing and the switches have grown -- switch business grew 50% year-over-year. And so we're seeing really terrific growth there.

我們預計第一季度將是 Mellanox 的增長季度，我們預計來年對於 Mellanox 來說將是一個令人興奮的增長年。以太網業務正在增長。對於 CSP，它正在增長。它在 InfiniBand 中用於高性能計算，交換機也在增長——交換機業務同比增長 50%。所以我們在那裡看到了非常棒的增長。

One of the new initiatives, and we're going to see success towards the second half because the number of adoptions and number of engagements, is our new BlueField DPUs. It's used for virtualization for hyperscalers. It's also used for security. As you know quite well, the future of computing is cloud and it's multi-tenant cloud. And there's no VPN front door to the cloud. You've got millions of people who are using every aspect of your computing. So you need to have distributed firewalls, and you can have it just in one place.

新舉措之一，我們將在下半年看到成功，因為採用的數量和參與的數量是我們新的 BlueField DPU。它用於超大規模的虛擬化。它也用於安全性。如您所知，計算的未來是雲，它是多租戶雲。而且云沒有 VPN 前門。您有數以百萬計的人在使用您計算的各個方面。所以你需要有分佈式防火牆，你可以把它放在一個地方。

The intense focus of security across all of the data centers around the world is really creating a great condition for BlueField, which is really perfect for them. And so I expect our Mellanox networking business to grow very nicely this year. And we expect Q1 to be a great growth quarter for compute as well as Mellanox. A killer -- the great driving application for AI are settled. Last year, you're absolutely right that it was natural language understanding and the transformer model and the core of birth in other versions like that really made it possible for us to enable all kinds of new applications.

全球所有數據中心對安全性的高度關注確實為 BlueField 創造了良好的條件，這對他們來說非常完美。因此，我預計我們的 Mellanox 網絡業務今年將增長得非常好。我們預計第一季度將是計算和 Mellanox 的一個巨大增長季度。殺手鐧——AI的偉大駕駛應用已經解決。去年，你說得對，自然語言理解和其他版本中的轉換器模型和誕生的核心確實使我們能夠啟用各種新的應用程序。

So you're going to see a natural language understanding do text completion and it's going to be integrated. I think it was just announced today that it was going to be integrated into Microsoft Word. We've been working with them on that for some time. And so there's some really exciting applications like that. But the new one that came -- that emerged recently are deep learning-based conversational AI, where the ASR, the speech recognition as well as the speech synthesis are now based on deep learning. It wasn't before.

所以你會看到一個自然語言理解做文本完成，它會被集成。我認為今天剛剛宣布它將被集成到 Microsoft Word 中。我們已經與他們合作了一段時間。所以有一些像這樣的非常令人興奮的應用程序。但是最近出現的新的人工智能是基於深度學習的對話式人工智能，其中 ASR、語音識別以及語音合成現在都基於深度學習。以前不是這樣的。

They were based on models that ran on CPUs. But now with the deepening models, the accuracy is much, much higher, and it has the ability to also mimic your voice and be a lot more natural. And so the ability to -- but these models are much more complex and much larger.

它們基於在 CPU 上運行的模型。但是現在隨著模型的深入，準確度要高得多，而且它還能夠模仿你的聲音，變得更加自然。所以有能力——但這些模型要復雜得多，規模要大得多。

The other big, huge driver is recommenders. This is something really worthwhile to take a look at. It's called deep learning recommender models. And recommenders have historically -- whether it's their shopping or personalizing websites or personalizing your store, recommending your basket, recommending your music, historically, it's been used a traditional machine learning algorithm. But because of the accuracy and the -- just the extraordinary economic impact that comes from an incremental 1% inaccuracy, for most of the world's large Internet businesses, people are moving very rapidly to deep learning-based model.

另一個巨大的驅動力是推薦人。這確實值得一看。它被稱為深度學習推薦模型。從歷史上看，無論是他們的購物或個性化網站，還是個性化您的商店，推薦您的購物籃，推薦您的音樂，從歷史上看，它一直被用於傳統的機器學習算法。但由於準確性和 1% 的誤差增量所帶來的非凡的經濟影響，對於世界上大多數大型互聯網企業來說，人們正在非常迅速地轉向基於深度學習的模型。

And these models are gigantic. They're utterly gigantic. And this is an area that is really driving high-performance computers. So we -- I expect us to feel a lot of momentum. And the last one is the one that you I spoke about which has to do with industrial, 5G and edge IoT-type of applications for all of the different industries, whether it's retailer, logistics or transportation, agriculture or warehouses to factories.

這些模型是巨大的。他們完全是巨大的。這是一個真正推動高性能計算機的領域。所以我們——我希望我們能感受到很大的動力。最後一個是你我談到的那個，它與工業、5G 和邊緣物聯網類型的應用有關，適用於所有不同的行業，無論是零售商、物流或運輸、農業或倉庫到工廠。

And so we're going to see AI and robotics in a very large number of applications and industries. And we're just seeing so much excitement there.

因此，我們將在大量應用和行業中看到人工智能和機器人技術。我們只是在那裡看到瞭如此多的興奮。

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

您的下一個問題來自富國銀行的 Aaron Rakers。

I wanted to go back again on the Data Center business. You just mentioned, Jensen, the BlueField-2 product poised to kind of ramp and materialize in the back half of the calendar year. How do you see that? Is it an attach rate? I think there's some discussions in the past about all servers could potentially, over time, incorporate this layer of acceleration. How quickly should we think about that ramp?

我想再次回到數據中心業務。您剛才提到，Jensen，BlueField-2 產品準備在日曆年下半年推出並實現。你怎麼看？是附加費率嗎？我認為過去有一些關於所有服務器的討論可能會隨著時間的推移而包含這一層加速。我們應該多快考慮這個斜坡？

And then the second question is can you just, at a high level, talk about how CPU -- how a CPU strategy -- you're thinking about that in the context of the broader data center market?

然後第二個問題是，您能否在更廣泛的數據中心市場的背景下，從高層次上談談 CPU（CPU 策略如何）？

Sure. If I could just work backwards, I believe that every single data center node will be outfitted with a DPU someday. And that someday is probably, call it, 5 years from now. And the fundamental driver of it is going to be security. Every single application in the data center and every single node in the data center has to be individually secured. Zero-trust Computing, 0 -- or confidential computing and zero-trust computing, these initiatives are going to cause every data center to have every single application and every single node be secured.

當然。如果我可以向後工作，我相信有一天每個數據中心節點都會配備一個 DPU。那一天可能是，稱之為，從現在開始的 5 年。它的基本驅動力將是安全性。數據中心中的每個應用程序和數據中心中的每個節點都必須單獨保護。零信任計算，0 - 或機密計算和零信任計算，這些舉措將使每個數據中心的每個應用程序和每個節點都得到保護。

Which means every one of those computers have to have a control play that is isolated from the application plan. And all the applications cannot share the same resources because that application could be network, that application could be an intruder. No application could have access to the control. And yet today, the software-defined data centers, the software-defined networking, software-defined storage, all of the security agents are running in the same processors as the application, and that hasn't changed.

這意味著這些計算機中的每一台都必須有一個與應用程序計劃隔離的控制遊戲。並且所有應用程序不能共享相同的資源，因為該應用程序可能是網絡，該應用程序可能是入侵者。沒有應用程序可以訪問該控件。然而今天，軟件定義的數據中心、軟件定義的網絡、軟件定義的存儲，所有的安全代理都在與應用程序相同的處理器中運行，並且沒有改變。

You see the cloud -- the CSPs in the world moving in this direction. Every single data center will have to move in this direction. So every node will be a DPU process for the software, for the infrastructure. You're essentially going to see the data center infrastructure be offloaded from the application plan, and it will be something like a BlueField. So I think this is our next multibillion-dollar opportunity, CPUs.

您會看到雲——世界上的 CSP 正朝著這個方向發展。每個數據中心都必須朝這個方向發展。因此，每個節點都將成為軟件、基礎設施的 DPU 進程。從本質上講，您將看到數據中心基礎設施從應用程序計劃中卸載，它將類似於 BlueField。所以我認為這是我們下一個數十億美元的機會，CPU。

We support every CPU in the world, and we're the only accelerated computing platform that accelerates every CPU. Ironically, the only thing we don't accelerate for AI is Arm, but we want to change that. Arm has such an exciting future because the nature of their business model and the nature of their architecture is perfect for the future of hyperscalers and data centers.

我們支持世界上的每一個 CPU，並且我們是唯一可以加速每一個 CPU 的加速計算平台。具有諷刺意味的是，我們唯一沒有為 AI 加速的是 Arm，但我們想改變它。 Arm 擁有如此令人興奮的未來，因為其商業模式的性質和架構的性質非常適合超大規模和數據中心的未來。

You want the most energy efficiency in every single data center because every data center is power-constrained. We are going to be power constrained in every aspect of computing going forward. And so we would love to build around the Arm processor and invest in building a great ecosystem around it, so that all the world's peripherals and all the world's applications to work on any one of the CPUs that we know today.

您希望每個數據中心都具有最高的能源效率，因為每個數據中心都受到功率限制。我們將在未來計算的各個方面受到功率限制。因此，我們願意圍繞 Arm 處理器進行構建，並圍繞它投資構建一個偉大的生態系統，以便世界上所有的外圍設備和世界上的所有應用程序都可以在我們今天所知道的任何一個 CPU 上工作。

And we're going to start with high-performance computing and start with AI and all the areas that we have a lot of expertise in, build out our platform. So you're starting to see one industry leader after another embrace Arm. And I think that's terrific. But now we've got to energize it with all of the ecosystem support. It can't just be vertical applications, but we want to create a broad general Arm ecosystem.

我們將從高性能計算開始，從人工智能和我們擁有豐富專業知識的所有領域開始，構建我們的平台。因此，您開始看到一個接一個的行業領導者擁抱 Arm。我認為這太棒了。但是現在我們必須通過所有生態系統的支持來為它注入活力。它不能只是垂直應用，而是我們希望創建一個廣泛的通用 Arm 生態系統。

Your next question comes from the line of Mark Lipacis with Jefferies.

您的下一個問題來自 Jefferies 的 Mark Lipacis。

A question for Jensen, I think. Jensen, if you look at the past computing eras, typically, it's one ecosystem that captures 80% of the value of that computing era. And mainframe says IBM and many computers was stacked, PCs, Wintel, cell phones, Nokia and Apple. So if you don't get the ecosystem right, then you're splitting 20% of the market with a handful of players. So in this next era of computing, parallel processing or AI, I think you've articulated the most compelling architectural vision of the Data Center, of the future with Data Center scale computing devices with CPUs, GPUs, DPUs, integrated in the same box, serving all workloads, I imagine, virtualized environment.

我想是給 Jensen 的一個問題。 Jensen，如果你看看過去的計算時代，通常情況下，它是一個生態系統，它佔據了那個計算時代 80% 的價值。並且大型機說IBM和很多電腦堆疊在一起，PCs、Wintel、手機、諾基亞和蘋果。因此，如果您沒有正確建立生態系統，那麼您將與少數玩家瓜分 20% 的市場。因此，在計算、並行處理或人工智能的下一個時代，我認為你已經闡明了數據中心最引人注目的架構願景，未來數據中心規模的計算設備與 CPU、GPU、DPU 集成在同一個盒子中，服務於所有工作負載，我想，虛擬化環境。

Can you help us understand where is the market in embracing that vision? And where is NVIDIA in building out that ecosystem for that Data Center scale computing vision? And then maybe as part of that, to what extent is CUDA the kernel for that ecosystem?

您能否幫助我們了解擁抱這一願景的市場在哪裡？ NVIDIA 在為數據中心規模的計算願景構建生態系統方面在哪裡？然後也許作為其中的一部分，CUDA 在多大程度上是該生態系統的內核？

Yes. We're -- I think we've done a great job building out the platforms for several ecosystems around the world. And the domains that we do incredibly well at are the domains that I have to do with accelerated computing. We pioneered this approach. And we brought it to high-performance computing at first. And we accelerated -- sent to the computing and democratized supercomputing for all researchers, anybody who wants to have a supercomputer now can. And computing it will simply not be the obstacle to somebody's discovery.

是的。我們——我認為我們在為全球多個生態系統構建平台方面做得非常出色。我們非常擅長的領域是我與加速計算相關的領域。我們開創了這種方法。我們首先將它帶到了高性能計算領域。我們加快了速度——發送給所有研究人員的計算和民主化超級計算，現在任何想要擁有超級計算機的人都可以。計算它根本不會成為某人發現的障礙。

We did the same for artificial intelligence. We did the same for virtualization. We brought -- we expanded the reach of gaming tremendously. Our GeForce today is the largest gaming platform. It's the largest -- single largest body of computers that are used for gaming. And in each case, we expanded the market tremendously. But we would like to do the same for Data Center scale computing as it applies to virtualizing these applications. These applications are also in the process. They've historically required dedicated systems, but they're moving into a virtualized data center environment. And we are best at doing that. They run on our platform today. We have the ability to virtualize it and put it into the Data Center and make it remotely available.

我們對人工智能做了同樣的事情。我們對虛擬化做了同樣的事情。我們帶來了——我們極大地擴展了遊戲的範圍。我們今天的 GeForce 是最大的遊戲平台。它是用於遊戲的最大——單個最大的計算機體。在每種情況下，我們都極大地擴展了市場。但我們希望對數據中心規模計算做同樣的事情，因為它適用於虛擬化這些應用程序。這些申請也在進行中。他們過去一直需要專用系統，但他們正在轉向虛擬化數據中心環境。我們最擅長這樣做。他們今天在我們的平台上運行。我們有能力將其虛擬化並將其放入數據中心並使其遠程可用。

And so these applications, these domains are some of the most important domains in the world. And so we're in the process of doing that. By doing so, and making our architecture available to CSPs and OEMs, we could create this accelerated computing platform available to everybody. And so that's -- you're seeing our journey doing that.

所以這些應用程序，這些領域是世界上一些最重要的領域。所以我們正在這樣做。通過這樣做，並使我們的架構可供 CSP 和 OEM 使用，我們可以創建可供所有人使用的加速計算平台。所以這就是 - 你正在看到我們的旅程這樣做。

First, creating and architecting this platform and then putting it literally into every single data center in the world. But we would also like to -- the next step of our journey is the Phase III of AI, and it has to do with turning every endpoint into a data center. Whether it's a 5G tower, a warehouse, a retail store, a self-driving car, a self-driving truck. These are going to be -- they're all going to be essentially autonomous data centers. And they're going to run AI, but they're going to run a lot more. They're going to do security in real time.

首先，創建和構建這個平台，然後將其真正應用到世界上的每一個數據中心。但我們也想——我們旅程的下一步是人工智能的第三階段，它與將每個端點變成數據中心有關。無論是 5G 塔、倉庫、零售店、自動駕駛汽車、自動駕駛卡車。這些將是——它們都將是本質上自主的數據中心。他們將運行人工智能，但他們將運行更多。他們將實時進行安保。

Networking is going to be incredible, it's going to run software to 5G and GP accelerated 5G we call AERIAL. And so these platforms are going to become data centers. They'll be secure. The software is protected and you can't tamper with it. If you temper with it, it, of course, won't run. And so the capability of these clouds will move all the way out to the edge. And we're in the best position to be able to do that.

網絡將令人難以置信，它將運行軟件到 5G 和 GP 加速 5G，我們稱之為 AERIAL。因此，這些平台將成為數據中心。他們會很安全。該軟件受到保護，您無法篡改它。如果你對它發脾氣，它當然不會跑。因此，這些雲的能力將一直延伸到邊緣。我們處於能夠做到這一點的最佳位置。

So I do think in this new world of post-Moore's Law, post-Dennard scaling, in this new world where AI and software, the right software in this new world where data centers are going to be literally everywhere and they're unprotected. There's no giant building with a whole bunch of people to secure it. And in this new world, where software is going to enable this autonomous future, I think we are perfectly positioned for it.

所以我確實認為在這個後摩爾定律、後丹納德縮放的新世界中，在這個人工智能和軟件的新世界中，在這個數據中心將無處不在且不受保護的新世界中正確的軟件。沒有一大群人來保護它的巨型建築。在這個新的世界裡，軟件將實現這個自主的未來，我認為我們已經為它做好了充分的準備。

This is all the time we have for Q&A today. I will now turn the call back to CEO, Jensen Huang.

這就是我們今天的問答時間。我現在將電話轉回首席執行官 Jensen Huang。

Thanks for joining us today. Q4 capped a truly breakout year for NVIDIA. The 2 biggest engines of our business, Gaming and Data Center, posted powerful growth. Gaming has become the world's largest media and entertainment industry and will grow to be much larger. And again gamers will create, will play, they'll learn, they'll connect. The medium of gaming can host any type of game and eventually evolve into countless metaverses, some for play, some for work. Gaining a simultaneously a great technology and a great business driver for our company.

感謝您今天加入我們。第四季度是 NVIDIA 真正突破的一年。我們業務的兩大引擎遊戲和數據中心實現了強勁增長。遊戲已經成為世界上最大的媒體和娛樂產業，並且將變得更大。再次，遊戲玩家將創造，將玩，他們會學習，他們會聯繫。遊戲媒介可以承載任何類型的遊戲，並最終演變成無數的元宇宙，有些是為了玩，有些是為了工作。為我們公司同時獲得偉大的技術和偉大的業務驅動力。

This year, we also closed our Mellanox acquisition and successfully united the amazing talent of our companies. Combined, we possess deep expertise in all aspects of computing and networking to drive the architecture of modern data centers. Cloud computing and hyperscalers have transformed the data center into the new unit of computing. Chips and servers are just elements of the data center scale computers now. With our expertise in AI computing, full-stack accelerated computing, our deep network to computing expertise and cloud-to-edge platforms, NVIDIA is helping to drive a great computer industry transformation. And our planned acquisition of Arm, the world's most popular and energy-efficient CPU company, will help position NVIDIA to lead in the age of AI.

今年，我們還完成了對 Mellanox 的收購，並成功地聯合了我們公司的優秀人才。結合起來，我們在計算和網絡的各個方面擁有深厚的專業知識，以推動現代數據中心的架構。雲計算和超大規模計算已將數據中心轉變為新的計算單元。芯片和服務器現在只是數據中心規模計算機的組成部分。憑藉我們在人工智能計算、全棧加速計算方面的專業知識、我們在計算專業知識和雲到邊緣平台方面的深度網絡，NVIDIA 正在幫助推動計算機行業的偉大轉型。我們計劃收購全球最受歡迎和最節能的 CPU 公司 Arm，將有助於 NVIDIA 在 AI 時代處於領先地位。

This year was extraordinary. The pandemic will pass, but the world has been changed forever. Technology adoption is accelerating across every industry. Companies and products need to be more remote and autonomous. This will drive data centers, AI and robotics. This underlies the accelerated adoption of NVIDIA's technology, the urgency to digitize, automate and accelerate innovation has never been higher. We are ready. We look forward to updating you on our progress next quarter. Thanks a lot.

今年非同尋常。大流行會過去，但世界已經永遠改變了。每個行業的技術採用都在加速。公司和產品需要更加遠程和自主。這將推動數據中心、人工智能和機器人技術。這是加速採用 NVIDIA 技術的基礎，數字化、自動化和加速創新的緊迫性從未像現在這樣高。我們準備好了。我們期待在下個季度向您通報我們的進展情況。非常感謝。

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。