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.

午安.我的名字是瑪麗亞瑪，今天我將擔任您的會議主持人。現在，我歡迎大家參加 NVIDIA 的財務業績電話會議。 （操作員指示）現在，我將把電話轉給 NVIDIA 投資者關係和策略財務副總裁 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。大家下午好，歡迎參加 NVIDIA 2021 財年第四季電話會議。以及執行副總裁兼財務長 Colette Kress。

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 投資者關係網站上進行網路直播。網路直播將可供重播，直至電話會議討論 2022 財年第一季的財務業績。

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.

今天電話會議的內容屬於 NVIDIA 的財產。未經我們事先書面同意，不得複製或轉錄。在本次電話會議中，我們可能會根據目前預期做出前瞻性陳述。這些都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會有重大差異。有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天的收益報告中的披露內容、我們最新的 10-K 和 10-Q 表格以及我們可能向美國證券交易委員會提交的 8-K 表格報告。

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.

我們的所有聲明均根據我們目前掌握的資訊截至今天（2021 年 2 月 24 日）做出。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，我們將討論非公認會計準則財務指標。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 財務指標的對帳表。

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

說完這些，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。 Q4 又是一個創紀錄的季度，營收超過 50 億美元，年成長加速至 61%。全年營收也創下 167 億美元的紀錄，成長 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實現了創紀錄的 25 億美元收入，季增 10%，年增 67%。全年博彩收入創下 78 億美元的紀錄，成長 41%。我們基於 NVIDIA Ampere GPU 架構的全新 GeForce RTX 30 系列產品的需求非常強勁。 12 月初，我們推出了 GeForce RTX 3060 Ti，與先前推出的 RTX 3090、3080 和 3070 一起推出。

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 系列產品線都很難維持庫存，我們在第四季結束時通路庫存甚至比開始時還低。儘管我們正在增加供應，但整個第一季通路庫存可能仍將保持在低點。 GeForce RTX 30 系列顯示卡在節日期間引起了轟動，這不僅是因為它們出色的性能，還因為它們具有豐富的功能，包括我們的第二代 RTX 光線追蹤技術和 DLSS、AI 驅動的性能加速器，可大幅提高對圖形要求嚴格的遊戲的幀速率。

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.

目前已有 30 餘款遊戲全部支援 RTX，包括頂級大逃殺遊戲《要塞英雄》；頂級角色扮演遊戲，賽博朋克 2077；頂級大型多人線上遊戲魔獸世界；以及有史以來最暢銷的遊戲《我的世界》（Minecraft）。

RTX has clearly set the new standard in gaming.

RTX 顯然為遊戲領域樹立了新的標準。

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，我們在今年 1 月的 CES 上推出了一系列安培架構遊戲產品，其中包括我們有史以來最大的筆記型電腦產品，搭載 GeForce RTX 3060、3070 和 3080 筆記型電腦 GPU 以及我們的第三代 Max-Q 技術。這些新型輕薄遊戲筆記型電腦的效能和能源效率比上一代產品提高了 2 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 筆記型電腦的起價為 999 美元，比售價 2,500 美元的上一代筆記型電腦更快。這些新型筆記型電腦令人難以置信的性能、設計和價格將讓越來越多的遊戲玩家、創作者、學生和專業人士感到滿意。在過去 7 年裡，遊戲筆記型電腦市場成長了 7 倍，而且發展勢頭正在增強。隨著頂級 OEM 廠商向市場推出創紀錄的 70 多款基於 GeForce RTX 30 系列的筆記型電腦型號，GeForce 筆記型電腦整體上已成為成長最快、規模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.

此外，在 CES 上，我們發布了售價 329 美元的 GeForce RTX 3060 GPU，將 30 系列桌上型電腦產品線進一步推向主流。我們預計本週五推出時需求旺盛，因為 60 級 GPU 歷來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程式 GPU 的新應用，加密貨幣挖礦就是其中之一。隨著以太坊價格的上漲，有跡象顯示礦工正在落後於 GPU。我們希望 GeForce GPU 最終能夠面向遊戲玩家，因此我們創建了一個新的特殊軟體驅動程序，可以檢測以太坊挖礦演算法，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路哈希率的顯著增加是由於重新激活先前安裝的採礦容量以及新 GPU 和 ASIC 的銷售共同推動的。由於我們的 GPU 銷售給顯示卡製造商然後再進行分銷，因此我們無法準確追蹤或量化其最終用途。所有估計都表明，加密挖礦為我們第四季度的收入貢獻了 1 億至 3 億美元，這僅占我們第四季度遊戲收入的一小部分。

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所接受，並顯示出越來越強的持久力跡象。透過辦公桌——為了滿足工業以太坊挖礦需求，上週，我們宣布了新系列的 NVIDIA CMP 或加密挖礦處理器。出貨將於三月開始。 CMP 缺少顯示輸出，但具有其他可提高加密挖掘電源效率的最佳化。 CMP 產品將讓我們更清楚地了解加密挖掘對我們整體收入的貢獻。

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。我們將每季量化他們的貢獻，以確保透明度。

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，我們顯然已經進入了一個新時代，遊戲已成為全球文化不可分割的一部分。 Steam 上同時在線用戶數自 2018 年以來增長了一倍多，並不斷創下新紀錄。光是 2020 年，YouTube 上的遊戲內容觀看時間就超過 1,000 億小時，有 5 億人觀看了電競。我們現在不僅玩遊戲，還在虛擬環境中觀看體育比賽、參加音樂會、創作內容以及與朋友聯繫。

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 等新體驗感到非常興奮。現在可用的內容明顯增多，其中包括堪稱第一個 VR 殺手級應用程式的《Beat Saber》。目前 Steam 上的 VR 用戶已接近 200 萬。透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成長軌跡。 GeForce RTX 30 系列 GPU 已開啟強大的升級週期，我們估計只有大約 15% 的 GeForce 遊戲玩家擁有 RTX 級 GPU，這是體驗現代遊戲精美的光線追蹤圖形所必需的。

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，遊戲玩家的數量正在迅速擴大。 GeForce 的覆蓋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階的 GPU，遊戲收入繼續受益於有利的組合轉變。我們期待 GeForce 又一個輝煌的一年。

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.

本月初，我們慶祝了 GeForce NOW 雲端遊戲平台成立一週年，目前該平台會員數已超過 600 萬。 GeForce NOW 提供來自 300 多家發行商的 800 台 PC，比任何其他雲端遊戲服務都要多，其中包括 80 款最受歡迎的免費遊戲。從支援我們的 Windows PC、Mac 和 Android 裝置開始，我們近幾個月來又增加了對 Chromebook、iPhone 和 iPad 的支援。 GFN 已在全球範圍內發展，我們的服務覆蓋超過 65 個國家，我們的 GeForce NOW 聯盟合作夥伴也定期增加更多國家。

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.

轉向 Pro Viz。第四季營收為 3.07 億美元，季增 30%，年減 10%，超出我們的預期。全年營收為11億美元，下降13%。強勁的環比成長主要得益於台式工作站的復甦，因為一些客戶返回辦公室且企業恢復了因疫情而推遲的購買。

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.

由於企業繼續支持遠距勞動力計劃，筆記型電腦 GPU 環比增長至創紀錄水平。展望未來，企業的重新開業將使桌上型工作站受益，但長期的勞動力趨勢可能會將我們的產品組合轉向筆記型電腦 GPU 和雲端產品。

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.

醫療保健是本季表現突出的垂直行業，獲得了通用電氣、西門子和牛津奈米孔技術公司大量訂單，公共部門和汽車行業也表現強勁。我們的即時 3D 協作和模擬平台 Omniverse 現已進入公開測試階段。超過 500 名創作者和專業人士透過我們的早期訪問計劃測試了 Omniverse。 Omniverse 是我們最重要且最令人興奮的平台之一。我們對其初步獲得認可感到高興，並期待在未來幾個月分享有關其長期成長機會的更多細節。

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.

轉向汽車產業。第四季營收為 1.45 億美元，季增 16%，年減 11%。全年營收5.36億美元，下降23%，季增主要得益於全球汽車產量持續復甦和人工智慧座艙收入的成長。與去年同期相比的下降反映了傳統資訊娛樂業務的預期下滑。 NVIDIA 已成為業界領先的自動駕駛和人工智慧汽車端到端全規格技術供應商。 Orin 是自動駕駛平台所基於的 SoC，它以業界領先的能源效率提供無與倫比的每秒 254 兆次運算的性能，有助於徹底改變運輸業。

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推動了一系列強勁且快速成長的機會。我們擁有強勁的發展勢頭，越來越多的電動車原始設備製造商包括蔚來、上汽、理想汽車和小鵬汽車，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，共同擴大規模。

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.

我們的軟體定義平台是唯一涵蓋從訓練深度神經網路和運行物理上精確的模擬的資料中心到全端車載解決方案的解決方案，從 ADAS 擴展到 5 級完全自動駕駛功能。自動駕駛汽車公司正在利用這項技術。 Zoox 最近推出了由 NVIDIA 支援的 5 級雙向機器人計程車。 Einride 採用 NVIDIA DRIVE Orin 推出了其下一代無駕駛室自動駕駛卡車。今年早些時候，梅賽德斯宣布推出搭載 NVIDIA AI 駕駛艙技術的 56 吋寬 MBUX Hyperscreen。這場勝利鞏固了我們梅賽德斯第一代 MBUX 系統的良好勢頭，該系統目前已安裝在 180 萬輛汽車上。

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.

我們正處於一個重大機會的初期。我們為自動駕駛 AI 駕駛艙解決方案建造了價值數十億美元的設計勝利管道，這將在未來幾年推動收入的實質成長。我們在去年六月宣布與梅賽德斯建立轉型合作夥伴關係，證明了我們不斷發展的商業模式的強大力量，因為我們正在擴大潛在市場並增加軟體收入。我們已做好充分準備去抓住未來的重大機會。

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.

移至資料中心。營收為 19 億美元，超出了我們的預期，與上一季持平，比去年同期（不包括 Mellanox）成長 97%。資料中心計算營收年增45%。全年資料中心營收成長 125%，達到創紀錄的 67 億美元，其中資料中心計算收入的成長近 70%。

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.

從連續角度來看，資料中心計算超出預期的兩位數成長超過了預期的 Mellanox 收入下降，其中包括第三季向單一 OEM 進行的一筆大額非經常性網路銷售。運算成長由垂直產業主導，其中 OEM 合作夥伴繼續將 A100 的伺服器數量增加到 100 台，而我們自己的 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.

垂直產業佔運算和網路領域資料中心收入的 50% 以上，尤其在超級運算、金融服務、高等教育和消費者網路垂直領域表現突出。此外，超大規模客戶持續部署 A100，推動資料中心運算的連續成長和異常強勁的年成長。 A100 已被全球所有主要雲端客戶採用，並且正在被超大規模客戶部署用於內部工作負載。不過，我們仍處於採用的早期階段，預計今年將繼續成長。

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.

與上一代產品相比，A100 的坡道更加平穩，可視性也更好。其通用的AI訓練和推理能力、對更廣泛應用程式的支援和出色的性能正在推動高客戶利用率，這是A100價值的明顯體現。

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。我們看到我們的客戶群繼續保持強勁的吸引力和強勁的發展勢頭。其營收比 Mellanox 2019 年第四季的營收成長了 30% 以上，當時我們還是一家獨立的公司。本季的年成長主要由超大規模和大型消費網路客戶推動，這些客戶較去年增長了 60% 以上，其中一些客戶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.

與我們的預期一致，Mellanox 受到第三季對中國 OEM 的非經常性銷售的影響，業績出現環比下滑。我們預計第一季將恢復連續成長，這得益於我們高速網路產品的強勁需求，包括 CSP 和所有主要伺服器 OEM 即將推出的 ConnectX 適配器的增加。

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.

我們也看到 HDR InfiniBand 產品在高效能運算領域表現出強勁勢頭。例如，在過去幾個月 EuroHPC 授予的 7 台超級電腦中，我們贏得了其中 6 台。從下個季度開始，我們將繼續作為資料中心市場平台的一部分提供有關網路的詳細信息，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，我們對資料中心的機會感到無比興奮。加速運算不僅能帶來超長的效能提升，也是一種節能且經濟的運算方法。幾乎每個行業都在採用技術，而且企業越來越迫切地希望適應這個員工和客戶更加分散的新世界。

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.

隨著各行各業踏上這一征程，它們也越來越關注應對氣候變遷。為此，A100 執行 AI 運算的功耗僅為 CPU 的二十分之一。它為我們的 Selene 超級電腦提供動力，該電腦在 Green500 全球最高效超級電腦榜單中名列第一。

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 驅動的機器最近佔據了 Green500 榜單前 30 名中的 25 個席位。加速運算不僅可以滿足運算需求的指數成長，還可以幫助改變功耗曲線。借助加速計算，NVIDIA 正在開闢計算行業前進的道路。

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.

在我轉到損益表和展望之前，讓我先向您介紹我們擬議的收購 Arm 的最新情況。今年 9 月，我們宣布計畫從軟銀集團收購 Arm，此舉將打造人工智慧時代的頂尖運算公司。

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，我們表示需要大約 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。對於這種規模的交易，進行徹底的審查是很常見的。這一進程正如預期推進。我們正在與相關部門進行建設性對話，並相信監管機構將看到整個技術生態系統受益。

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，這種結合將會刺激競爭。 Arm 和 NVIDIA 將攜手為資料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 在行動和嵌入式領域的產品服務。我們的意圖是增加對 Arm 現有路線圖的投資。透過增加資源來刺激新市場的成長，我們熱愛並打算維護 Arm 的開放授權模式，這項承諾既由長期具有法律約束力的合約保證，也符合我們自身的利益，確保這項投資為我們帶來利潤。

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開端，人工智慧將推動醫療保健、科學研究和環境等各行業的發展。透過此交易，我們的願景是提升 Arm 的潛力，使其能夠在新時代蓬勃發展，並發展到有前景的新市場。

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 GAAP 毛利率為 63.1%，非 GAAP 毛利率為 65.5%。由於從 Mellanox 收購的開發技術的攤銷，GAAP 毛利率同比下降，但被產品組合部分抵消。連續成長是由於遊戲 GPU 的利潤率提高以及 IP 相關成本降低，但被資料中心產品組合的利潤率降低部分抵消。

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.

非公認會計準則毛利率年增 10 個基點，與上一季持平，符合我們的預期。第四季 GAAP EPS 為 2.31 美元，年增 51%。非公認會計準則每股收益為 3.10 美元，較去年同期成長 64%。第四季經營活動現金流達到創紀錄的 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.

現在，讓我來談談 2022 財年第一季的展望。預計 GAAP 和非 GAAP 毛利率分別為 63.8% 和 66%，上下浮動 50 個基點。預計 GAAP 和非 GAAP 營業費用分別約為 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.

我們預計全年非 GAAP 營運支出將成長 20% 左右。預計 GAAP 和非 GAAP 其他收入和支出均約為 5,000 萬美元。預計 GAAP 和非 GAAP 稅率均為 10%，上下浮動 1%，不包括單一項目。

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.

預計資本支出約 3 億至 3.25 億美元。進一步的財務細節包含在我們 IR 網站上的 CFO 評論和其他資訊中。

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即將發生的一件大事。我們將於 3 月 1 日以虛擬方式參加雷蒙詹姆斯機構投資者會議； 3 月 3 日的摩根士丹利科技、媒體和電信會議；以及 3 月 3 日的 Arete 虛擬半導體會議。

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

我們的收益電話會議將於 5 月 26 日星期三召開，討論第一季和全年情況。

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

我們現在開始回答問題。接線員，請您調查問題。

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

（操作員指示）您的第一個問題來自 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?

Jensen，我想問您一個關於企業方面的更高層次的問題。現在您已經進入 A100 的幾個季度了，我很好奇您是否可以談談在這裡是否看到了任何驚喜。有哪些具體的優勢領域值得一提？

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。這是我們的第一款通用運算 GPU。它在高效能運算方面非常出色。它在數據分析方面非常出色。這是非常棒的訓練。對於我們最高的 GPU 而言，這也是第一次出現令人難以置信的印記。它比上一代快 20 倍。我們引入了一些非常非常令人興奮的新計算格式，如 TF32、TensorFloat-32 用於訓練。透過多執行個體 GPU，將我們的 GPU（1 GPU）轉變為一堆較小的 GPU、自主 GPU，以提高效能並減少延遲。

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.

所以這種能力確實非常令人興奮。隨著超大規模企業繼續加速採用人工智慧，我們看到了它們的實力。我們之前已經談過幾次的一些新應用，例如對話式人工智慧向深度學習的過渡，從語音識別到自然語言理解，一直到語音合成，現在都是基於人工智慧——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.

另一個發展速度極快的領域是深度學習推薦模型。您在互聯網上所做的一切事情幾乎都基於推薦。目前有數百種不同的推薦器，無論是購物、推薦音樂、推薦新聞、推薦搜索，或是所有推薦廣告。所有這些不同類型的應用程式都在推動這一點。

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——工業資料中心的發展規模超過了超大規模。我們看到科學計算領域的工業應用，其中基於模擬的方法現在與人工智慧方法融合，用於天氣模擬、基因組學、分子動態模擬、量子化學，甚至模擬量子計算，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 正在部署用於大數據分析，RAPIDS 是 NVIDIA 創建的用於資料分析的開源平台。 Spark 3.0 真正由 NVIDIA 引領，現已支援 GPU 加速。因此，現在您可以在雲端擁有大數據，同時在所有 CSP 平台上的雲端中進行大數據分析。

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.

您可以—我們看到金融服務領域有很多令人興奮的事情。金融服務和消費者網路服務都發展得很好。因此 A100 的採用才剛開始。我的意思是，隨著人工智慧在雲端運算和產業中的應用，我們將看到未來幾年的持續成長。

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.

只是想澄清一下，然後問一下 Jensen。關於澄清，科萊特，我希望你能對第一季的情況提供更多細節。您是否仍預計資料中心將在第一季實現連續成長？我知道您說過大部分成長將來自遊戲，但資料中心的任何顏色都是有用的。

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，人工智慧推動每個行業的智慧型手機時代。您能幫助我們量化這代表什麼嗎？我要說的是，目前配備加速器的伺服器佔比有多少個數字？隨著時間的推移，該比例會如何變化？這是看待你們的技術和人工智慧的採用的公平方式嗎？

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，維韋克。您問的問題是關於我們進入第一季時的指導。我們曾經表示，是的，第四季和第一季之間的很大一部分成長來自於遊戲業務。但我們也確實預期資料中心將會成長。我們的大部分連續成長來自於遊戲業務。但請記住，我們也預期我們所有的市場平台都可能達到環比成長。

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慧的第三階段。人工智慧的第一階段是我們發明了運算平台、新晶片、新系統、新系統軟體、新中間件、新的工作方式、開發軟體的新方式，業界和世界現在開始稱之為 ML ops。軟體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.

事實上，我聽過一個很棒的術語“軟體 2.0”，它非常有意義。它是一台正在編寫軟體的電腦。開發軟體的方式完全不同。計算的方式不同。那是我們的第一階段，始於大約 8、9 年前的旅程。

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法處理雲。我們看到它徹底改變了新的服務，無論是語音導向服務、搜尋導向服務還是推薦服務，您的購物方式、您使用網路的方式都與此完全不同。這其實是第二階段。這兩個階段仍在持續發展中。而且您仍然會看到與此相關的成長。

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.

第三階段是人工智慧的產業化。有一些很好的例子，當我說智慧型手機時刻時，我的意思是它是一種具有人工智慧的設備。它是自主的。它與雲端服務相連，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.

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。我們擁有大約 7,000 家 AI 新創公司並正在與其合作。幾乎所有公司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，都在開發冗長的應用程式。

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，它是一個自主系統、自主機器，在我們的例子中，它被稱為 Jetson。這是一個機器人機器。該機器人是一輛汽車，被稱為 DRIVE。它運行著一個自主的——頂部有一個人工智慧應用程序，人工智慧仍然處於頂部，這可能是——它們可能是行動裝置——移動物體。可以拾取和放置。它可能只是監視倉庫和監控交通並保持交通暢通，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.

無論何時，當發現新情況而需要對車隊進行重新訓練時，雲端服務都會進行重新學習，然後我們會將其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.

因此在未來，我們看到這些行業，無論您從事零售、物流、運輸還是農業，從農業技術到割草機，再到消費性割草機，它們將不僅僅是你從那時起購買和使用的產品，而很可能成為一種聯網設備，並在其上運行人工智慧服務。這些行業對此感到非常興奮，因為這為他們提供了改變與客戶互動方式的機會。

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.

他們不是只銷售一次產品，而是在銷售的同時提供相應的服務，這樣他們就能與客戶保持聯繫。客戶可以獲得不斷改進的產品。就像你的智慧型手機一樣，這有點像——這就是為什麼我一直稱其為所有這些行業的智慧型手機時刻。

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.

我們看到了智慧型手機革命的進展。然後我們看到了智慧麥克風和智慧揚聲器革命的發生。你會看到智慧割草機、智慧拖拉機、智慧空調、智慧電梯、智慧建築、智慧倉庫，還有機器人零售儲存、整個商店——整個零售店就像一個機器人。而且它們都將具備自主能力。它們都將由人工智慧驅動。因此，對於這個行業來說，新鮮事是，世界上所有的企業都曾經擁有計算機，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，無論是醫學影像行業還是割草機行業，都將擁有像 CSP 一樣託管您的產品的資料中心。

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.

這是一個全新的行業。我們有一個名為 EGX 的平台，即 5G Edge AI 系統。我們擁有稱為 AGX 的自主系統，它是 Jetson 和 DRIVE 的基礎。透過這兩個系統和我們在其之上的軟體堆疊，我們能夠很好地幫助這些行業逐一轉變其業務模式，從面向對象的業務模式、基於事物的業務模式轉變為互聯設備業務模式。

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

您的下一個問題來自伯恩斯坦研究公司的 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，我想我並不想顯得迂腐。但我想，在第一季的指南中，你會說遊戲是成長的主要部分。這是絕對的說法嗎？或者那是一個百分比表？您能否向我們介紹一下您如何對遊戲、資料中心和其他領域的連續百分比成長進行排名，尤其是因為聽起來您在加密專用領域投入了 5000 萬美元，這些資金將投入到其他領域。

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，簡單說一下，您能否向我們介紹一下資料中心內 Ampere 零件的供應情況和交貨時間？我記得您說過上個季度，他們的營業額有好幾個月超過 6 個月了。他們還是那樣嗎？就您在資料中心計算端實際能夠運送的內容而言，這是否是目前的限制因素？

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

科萊特會拿一個，我會拿另一個。

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。史黛西，首先讓我介紹一下我們對第一季的預期。如您所知，我們仍處於 Ampere 架構的早期階段，我們的 Ampere 架構與遊戲以及資料中心相關。正如我們在電話會議中所表達的那樣，我們確實看到人們對 A100 的採用持續提升，而且進展比我們在之前的整體版本中看到的要順利得多。

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，當我們考慮第一季的指引時，就我們所說的內容而言，季度末將會得出許多不同類型的結論。但我們所有的平台都可以發展。但第四季至第一季之間的大部分成長可能將來自遊戲。

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.

您問了一個關於交貨時間的問題。我們公司－在公司層面，我們的供應受到限制。我們的需求大於供給。然而，對於資料中心來說，只要客戶與我們密切合作，並且我們各公司之間做好規劃，就應該有供應——資料中心不應該有供應問題。我們只要做好規劃就可以了。我們與世界上每一個 CSP 都有直接關係，並且與所有 OEM 都有直接關係。我們之間可以做出優秀的規劃。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，我們的供給受到限制，需求大於供給。而且我們有足夠的供應。我們通常有足夠的供應來實現比預期更好的目標。我們在第四季就遇到過這種情況。我們預計第一季會出現這種情況。而且我們有足夠的供應來滿足全年的成長需求。

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.

但供應有限，而需求卻非常巨大。因此我們必須做好充分的規劃。同時，我們真正取得的成就之一是我們擁有世界上最好的營運團隊。

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.

我們的公司確實擁有一支出色的營運團隊。我們製造世界上最複雜的產品、最複雜的晶片、最複雜的封裝、最複雜的系統。在第四季度，他們縮短了我們的週期時間。在第一季度，我預計他們能夠再次縮短我們的週期時間。我們確實有如此出色的營運團隊。所以在這些時候，它確實很有用。但總體而言，在公司層面，我們預期需求大於供應，我們有足夠的供應來做得比預期更好。而且我們有足夠的供應量來滿足全年每季的成長。

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

您的下一個問題來自瑞銀的提摩西·阿庫裡。

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。我想，Jensen，我知道你為 3060 做的 CMP 東西和軟體驅動程式東西會很有幫助。但我認為，大約有 4 到 5 種主要貨幣將會發生轉變，或者至少它們正在或正在走上從工作量證明向權益證明轉變的路徑，這將大大降低計算強度。

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?

所以我想我經常被問到的問題是，您如何評估推動 GPU 重返二級市場的程度？有沒有辦法解決這個問題？

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。如果你看一下最近的哈希率，首先，轉變需要一些時間。這不可能一夕之間發生。因此人們必須對新版本建立信任。所以這需要一點時間。但我希望如此。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。而這些問題有一部分是不需要回答的。然而，我對這一切都將實現權益證明 (PoS) 也不太樂觀。

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確保貨幣安全的非常合法的方式。並且在開始的時候，任何貨幣在建立其聲譽時，都需要類似工作量證明的東西來實現。因此我認為工作量證明還會存在一段時間。

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.

我們開發CMP就是為了這個目的，就是為了有不同的版本。我們的產品有多種版本，適用於遊戲、專業視覺化、高效能運算和深度學習。照理說，我們有能力為 CMP 製作不同的版本。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。這對他們來說是一個很大的好處，這樣他們就不必追逐現貨市場了​​。這對遊戲玩家來說是一個很大的福利。因為他們想要一款遊戲，而遊戲需求是令人難以置信的，所以它超出了預期。

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.

所以我認為這對每個人來說都是有益的。最近的哈希率增長實際上是多種動態因素共同作用的結果。第一個動態是安裝基礎。大多數人認為－再一次，挖礦，GPU 會回到售後市場。一小部分人確實這麼做了。有些人就是這麼做的。但絕大多數人都沒有保留它們。而原因顯然是他們相信以太坊。所以他們是工業礦工，這就是他們的工作。因此，他們會保留它，等到獲利能力恢復時，他們就可以啟動他們的採礦設備。

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——這就是我們在去年下半年看到的。我們看到哈希率開始成長。其中大部分是由於已安裝的礦工重新啟動了他們的設備。直到今年早些時候，我們才開始看到對我們自己的 GPU 的需求。當這種情況開始發生時，就會出現幾種不同的動態。目前的主要來源是強大的 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。原因在於，當它開始成長時，更多的 ASIC 會進入市場，這會使它變得沉默。當市場變小時，ASIC 就更難維持研發。因此現貨礦工——工業礦工回歸，然後將創建 CMP。因此，我們希望它能成為我們未來業務的一小部分。

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，因為我們正處於 Ampere 成長的開始階段，只進入了兩個季度，進入了一個多年的周期，這也是我們第一次徹底改變電腦圖形學。 RTX 使用光線追蹤與光柵化完全不同。這是我們進行電腦圖形處理方式的根本性改變，而且其成果非常顯著。

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.

桌上型電腦的安裝基數約為 2 億，筆記型電腦的安裝基數約為 5,000 萬。其中絕大多數，我們只進行了升級，我認為大約有 15％ 的安裝基數升級到了 RTX。因此，我們有一個巨大的安裝基數，而這個安裝基數還在不斷增長，我們需要更新到下一代電腦圖形。

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約翰·皮澤爾。

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.

我想回到資料中心。在過去的幾個季度中，您一直非常友善地呼籲 Mellanox，無論是在它是積極的推動力時，還是在它是逆風時。我很好奇，當您回顧第一財季時，Mellanox 與核心資料中心之間有什麼區別嗎？我想，作為後續問題，許多投資人關注的關鍵指標是核心資料中心業務的年成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。與去年相比，您只是進行了非常激烈的比較。但是 Jensen，在重新開放貿易或任何類型的新應用的背景下，您如何看待資料中心的同比增長？我的意思是發生了什麼事——上次幫助我們的是向自然語言人工智慧的轉變，當我們考慮資料中心成長重新加速時，我們是否應該考慮另一種大型人工智慧應用？

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。我們預計 - Mellanox 上個季度業績出現下滑。我們的計算業務實現了兩位數成長，大大抵消了 Mellanox 的下滑。

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.

我們預計第一季將是 Mellanox 實現成長的季度，我們預計明年將是 Mellanox 實現令人興奮的成長的一年。乙太網路業務正在成長。對於 CSP 來說，它正在不斷成長。它在用於高效能運算的 InfiniBand 中不斷發展，交換器也不斷發展——交換器業務同比增長了 50％。因此我們看到那裡出現了非常驚人的增長。

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.

這是一項新舉措，我們將在下半年取得成功，因為採用的數量和參與的數量是我們新的 BlueField DPU。它用於超大規模器的虛擬化。它也用於安全。如您所知，運算的未來是雲，而且是多租戶雲。並且沒有通往雲端的 VPN 前門。有數百萬人正在使用您計算的各個方面。所以你需要有分散式防火牆，而且你可以在一個地方擁有它。

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.

全球所有資料中心對安全性的高度重視確實為 BlueField 創造了良好的條件，這對他們來說真的很完美。因此我預計我們的 Mellanox 網路業務今年將會非常好地成長。我們預計第一季對於計算和 Mellanox 來說都將是一個快速成長的季度。殺手鐧－AI大駕駛應用落定。去年，您完全正確，自然語言理解和變換器模型以及其他版本的核心的誕生確實使我們能夠實現各種新的應用程式。

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.

因此，您將會看到自然語言理解能夠完成文本，並且將被整合。我認為今天剛剛宣布它將整合到 Microsoft Word 中。我們已經與他們合作了一段時間了。所以有一些非常令人興奮的應用程式。但最近出現的新技術是基於深度學習的對話式人工智慧，其中 ASR、語音辨識以及語音合成現在都基於深度學習。之前並不是這樣。

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。但是現在有了深化模型，準確度要高得多，而且還能夠模仿你的聲音，而且更加自然。因此，這些模型具有這樣的能力——但是這些模型更加複雜，規模更大。

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.

另一個巨大的驅動因素是推薦者。這確實是一件值得一看的事。它被稱為深度學習推薦模型。從歷史上看，推薦系統——無論是購物還是個人化網站或個人化您的商店，推薦您的購物籃，推薦您的音樂，從歷史上看，它一直使用傳統的機器學習演算法。但由於準確性，以及 1% 的誤差都會帶來巨大的經濟影響，對於世界上大多數大型網路企業來說，人們正在迅速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.

這些模型非常巨大。它們實在是巨大無比。這是一個真正推動高效能電腦發展的領域。所以我們——我預計我們會感受到很大的動力。最後一個就是我剛才談到的，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、農業還是倉庫到工廠。

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.

我們將會在大量應用和產業中看到人工智慧和機器人技術。我們看到那裡有這麼多令人興奮的事。

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?

我想再次回歸資料中心業務。 Jensen，您剛才提到，BlueField-2 產品將在今年下半年逐步量產。您怎麼看這個問題？這是附加率嗎？我認為過去有一些討論關於所有伺服器都可能隨著時間的推移納入這一加速層。我們應該多快考慮這個坡道？

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，您能否從高層次談談您如何在更廣泛的資料中心市場背景下考慮 CPU—CPU 策略？

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。如果我可以反向思考，我相信有一天每個資料中心節點都會配備一個 DPU。這個某一天可能就是，五年後。而其根本驅動力就是安全。資料中心中的每個應用程式和資料中心中的每個節點都必須單獨保護。零信任運算，0－或機密運算和零信任運算，這些措施將使每個資料中心的每個應用程式和每個節點都得到安全保障。

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.

這意味著每一台電腦都必須具有與應用程式隔離的控制系統。並且所有應用程式不能共享相同的資源，因為該應用程式可能是網絡，該應用程式可能是入侵者。沒有應用程式可以存取該控制項。然而今天，軟體定義的資料中心、軟體定義的網路、軟體定義的存儲，所有的安全代理程式都與應用程式在同一處理器中運行，這一點並沒有改變。

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.

你會看到雲——世界上的 CSP 都在朝著這個方向發展。每個資料中心都必須朝這個方向發展。因此，每個節點將是軟體和基礎設施的 DPU 進程。從本質上講，你將看到資料中心基礎設施從應用程式計劃中卸載，它將類似於 BlueField。所以我認為這是我們下一個價值數十億美元的機會——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.

我們支援世界上所有的 CPU，而且我們是唯一一個能夠加速所有 CPU 的加速運算平台。諷刺的是，我們唯一沒有為 AI 加速的是 Arm，但我們希望改變這種狀況。 Arm 擁有如此令人興奮的未來，因為其商業模式和架構的性質非常適合超大規模和資料中心的未來。

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.

您希望每個資料中心都具有最高的能源效率，因為每個資料中心都受到電力限制。我們未來在計算的各個方面都將受到功率限制。因此，我們願意圍繞 Arm 處理器進行構建，並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所有的應用程式都可以在我們今天所知的任何一種 CPU 上運行。

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.

我們將從高效能運算、人工智慧和我們擁有豐富專業知識的所有領域開始，建構我們的平台。因此，你開始看到一個又一個的行業領導者擁抱 Arm。我認為這太棒了。但現在我們必須利用整個生態系統的支持來為其註入活力。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.

我認為這是一個針對 Jensen 的問題。詹森，如果你回顧過去的計算時代，通常你會發現一個生態系統佔據了該計算時代 80% 的價值。大型主機指的是 IBM，而許多電腦、個人電腦、Wintel、手機、諾基亞和蘋果等都屬於此類。因此，如果你沒有建立正確的生態系統，那麼你將與少數參與者瓜分 20％ 的市場。因此，在下一個運算、平行處理或人工智慧時代，我認為您已經闡明了資料中心最引人注目的架構願景，即未來資料中心規模的運算設備將具有 CPU、GPU、DPU，它們整合在同一個盒子裡，為所有工作負載提供服務，我想，這就是虛擬化環境。

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市場對此願景的接受程度如何？那麼 NVIDIA 在建構資料中心規模運算願景的生態系統方面處於什麼位置？那麼也許作為其中的一部分，CUDA 在多大程度上是這個生態系統的核心？

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。我認為我們在為世界各地的多個生態系統建立平台方面做得非常出色。我們表現非常出色的領域正是我所研究的加速運算領域。我們率先採用了這種方法。我們首先將它帶入高效能運算。我們加速了計算進程，並讓所有研究人員都能使用超級運算，現在任何想要擁有超級電腦的人都可以擁有。而且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.

我們對人工智慧也做了同樣的事情。我們對虛擬化也做了同樣的事情。我們大大擴展了遊戲的覆蓋範圍。我們的GeForce今天是最大的遊戲平台。它是用於遊戲的最大的單一電腦系統。在每種情況下，我們都大大擴展了市場。但我們希望對資料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式。這些申請也正在處理中。他們過去一直需要專用系統，但他們正在轉向虛擬化資料中心環境。我們最擅長做這件事。它們今天在我們的平台上運行。我們有能力將其虛擬化並放入資料中心並使其可遠端使用。

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.

因此，這些應用程式、這些領域是世界上最重要的領域之一。我們目前正在進行這項工作。透過這樣做，並向 CSP 和 OEM 提供我們的架構，我們可以創建可供每個人使用的加速運算平台。這就是—您所看到的我們的旅程就是這樣的。

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，創建和建構這個平台，然後將其放入世界上的每個資料中心。但我們也希望——我們旅程的下一步是人工智慧的第三階段，這與將每個端點變成資料中心有關。無論是 5G 塔、倉庫、零售店、自動駕駛汽車或自動駕駛卡車。這些將會是──它們基本上都將成為自主的資料中心。他們將運行人工智慧，但還將運行更多。他們將即時執行安全保障任務。

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.

網路將是不可思議的，它將運行軟體到5G和我們稱之為AERIAL的GP加速5G。因此這些平台將成為數據中心。他們會很安全。軟體受到保護，您無法篡改它。如果你對它耍手段，它當然跑不掉。因此，這些雲的能力將延伸到邊緣。我們處於最有利的位置，能夠做到這一點。

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、後登納德縮放定律的新世界裡，在這個人工智慧和軟體的新世界裡，合適的軟體在這個新世界中將無所不在，而且它們不受保護。並沒有巨型建築需要一大群人去保護。在這個新世界裡，軟體將實現自動化的未來，我認為我們已經做好了完美的準備。

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

今天我們的問答時間就到此為止。現在我將把電話轉回給執行長黃仁勳 (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。第四季對於 NVIDIA 來說是一個真正突破的一年。我們業務的兩大引擎——遊戲和數據中心——實現了強勁成長。遊戲已成為世界上最大的媒體和娛樂產業，規模也將進一步擴大。玩家將會再次創造、玩遊戲、學習、溝通。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，一些用於娛樂，一些用於工作。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，我們也完成了對 Mellanox 的收購，並成功地聯合了兩家公司的優秀人才。綜合起來，我們在運算和網路的各個方面都擁有深厚的專業知識，可以推動現代資料中心的架構。雲端運算和超大規模已將資料中心轉變為新的運算單元。晶片和伺服器現在只是資料中心規模計算機的元素。憑藉我們在 AI 運算、全端加速運算、深度網路運算專業知識以及雲端到邊緣平台方面的專業知識，NVIDIA 正在幫助推動電腦產業的偉大轉型。我們計劃收購全球最受歡迎、最節能的 CPU 公司 Arm，這將有助於 NVIDIA 在人工智慧時代佔據領先地位。

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.

今年是不平凡的一年。疫情終將過去，但世界已永遠改變。各行各業的技術採用都在加速。公司和產品需要更加遠端和自主。這將推動資料中心、人工智慧和機器人技術的發展。這為加速採用 NVIDIA 技術奠定了基礎，數位化、自動化和加速創新的緊迫性從未如此高漲。我們準備好了。我們期待下個季度向您通報我們的進展。多謝。

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

今天的電話會議到此結束。您現在可以斷開連線。