輝達 (NVDA) 2021 Q2 法說會逐字稿

Good afternoon. My name is David, 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)

午安.我叫大衛，今天我將擔任您的會議主持人。現在，我歡迎大家參加NVIDIA的財務績效電話會議。 （操作員指示）

Simona Jankowski, you may begin your conference.

Simona Jankowski，您可以開始您的會議了。

Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the second 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. 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 third quarter of fiscal 2021. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent.

謝謝。大家下午好，歡迎參加 NVIDIA 2021 財年第二季電話會議。今天與我一起參加電話會議的有 NVIDIA 總裁兼執行長黃仁勳；以及執行副總裁兼財務長 Colette Kress。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路直播。網路直播將可供重播，直至電話會議討論我們的 2021 財年第三季財務業績。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。

During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent forms 10-K and 10-Q and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, August 19, 2020, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements.

在本次電話會議中，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。我們所有的聲明都是根據我們目前掌握的資訊截至 2020 年 8 月 19 日做出的。除法律要求外，我們不承擔更新任何此類聲明的義務。

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

在本次電話會議中，我們將討論非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. Q2 was another extraordinary quarter. The world continued to battle the COVID-19 pandemic, and most of our employees continued to work from home. But through the team's agility and dedication, we successfully combined Mellanox into NVIDIA while also delivering a very strong quarter. revenue was $3.87 billion, up 50% year-on-year, up 26% sequentially and well ahead of our outlook.

謝謝，西蒙娜。第二季又是一個非凡的季度。全球仍在與 COVID-19 疫情作鬥爭，我們的大多數員工仍在家中工作。但透過團隊的敏捷和奉獻精神，我們成功地將 Mellanox 合併到 NVIDIA，同時也實現了非常強勁的季度業績。營收為 38.7 億美元，年增 50%，季增 26%，遠超我們的預期。

Starting with gaming. Revenue was $1.65 billion, was up 26% year-on-year and up 24% sequentially, significantly ahead of our expectations. The upside is broad-based across geographic regions, products and channels. Gaming's growth amid the pandemic highlights the emergence of a leading form of entertainment worldwide. For example, the number of daily gamers on Steam, a leading PC game online distributor is up 25% from pre-pandemic levels. And NPD reported that U.S. consumer spending on video games grew 30% in the second calendar quarter to a record $11 billion.

從遊戲開始。營收為 16.5 億美元，年增 26%，季增 24%，大大超出我們的預期。其優勢廣泛存在於各個地理區域、產品和通路。疫情期間遊戲產業的成長凸顯了全球領先娛樂形式的興起。例如，領先的 PC 遊戲線上發行商 Steam 的每日遊戲玩家數量較疫情前增加了 25%。 NPD 報告稱，美國消費者在電玩遊戲上的支出在第二季度增長了 30%，達到創紀錄的 110 億美元。

NVIDIA's PCs and laptops are ideal for the millions of people who are now working, learning and gaming at home. At the outset of the pandemic, many retail outlets were closed, and demand shifted to online channels. As the quarter progressed and the stores reopened, retail demand picked up, iCafes largely reopened and online sales continued to thrive. Gaming laptop demand is very strong as students and professionals turn to GeForce-based systems to improve how they work, learn and game from home. We ramped over 100 new models with our OEM partners, focused on both premium and mainstream price points.

NVIDIA 的個人電腦和筆記型電腦是目前數百萬在家工作、學習和玩遊戲的人的理想選擇。疫情爆發之初，許多零售店關閉，需求轉向線上通路。隨著本季的進展和商店的重新開業，零售需求回升，網咖大多重新開業，網路銷售繼續蓬勃發展。隨著學生和專業人士轉向基於 GeForce 的系統來改善他們在家工作、學習和遊戲的方式，遊戲筆記型電腦的需求非常強勁。我們與 OEM 合作夥伴共同推出了 100 多種新車型，重點關注高端和主流價位。

In the premium laptop segment, we delivered unparalleled performance with the GeForce RTX 2080 and the 2070 SUPER GPUs InfiniBand form factors. We also brought ray tracing to gaming laptops for the first time at price points as low as $999 with the GeForce RTX 2060. In the mainstream segment, we brought the GeForce GTX to laptop price points as low as $699.

在高階筆記型電腦領域，我們透過 GeForce RTX 2080 和 2070 SUPER GPU InfiniBand 外形尺寸提供了無與倫比的效能。我們還首次將光線追蹤功能引入遊戲筆記型電腦，價格低至 999 美元，即 GeForce RTX 2060。在主流市場，我們將 GeForce GTX 引入筆記型電腦，價格低至 699 美元。

Momentum continues for our Turing architecture, which enables stunning new visual effects in games and is driving powerful upgrade cycle among gamers. Its RTX technology adds ray tracing and AI to programmable shading and has quickly redefined the new standard for computer graphics. DLSS used the AI capabilities of Turing to boost frame rates by almost 2x while generating crisp image quality. RTX support in blockbuster games continues to grow, including megahit Death Stranding, the high anticipated Cyberpunk 2077 and the upcoming release of Watch Dogs. These games join Minecraft and other major titles that support NVIDIA RTX ray tracing and DLSS.

我們的圖靈架構持續保持強勁勢頭，它為遊戲帶來了令人驚嘆的全新視覺效果，並推動了遊戲玩家的強大升級週期。其RTX技術為可程式著色添加了光線追蹤和AI，並迅速重新定義了電腦圖形的新標準。 DLSS 利用 Turing 的 AI 功能將幀速率提高了近 2 倍，同時產生了清晰的影像品質。大片遊戲對 RTX 的支援持續成長，包括超級熱門遊戲《死亡擱淺》、備受期待的《Cyber​​punk 2077》和即將發行的《看門狗》。這些遊戲加入了 Minecraft 和其他支援 NVIDIA RTX 光線追蹤和 DLSS 的主要遊戲。

We're in the midst of a 21-day countdown campaign, promoting a GeForce special event on September 1, with each day highlighting a year in the history of GeForce. We don't want to spoil the surprise, but we encourage you to tune in. We are very pleased with the traction of our GeForce NOW cloud gaming service, now in its second quarter of commercially availability. GFN offers the richest content to any game streaming service through partnerships with leading digital game stores, including Valve Steam, Epic Games and Ubisoft Uplay. GeForce NOW enables users with underpowered PC, Macs or Android devices to access powerful GPUs to play their libraries of PC games in the cloud, expanding the universe of gamers that we can reach with GeForce.

我們正在進行為期 21 天的倒數計時活動，宣傳 9 月 1 日的 GeForce 特別活動，每一天都代表 GeForce 歷史上的一年。我們不想破壞驚喜，但我們鼓勵您繼續收看。我們對 GeForce NOW 雲端遊戲服務的吸引力感到非常滿意，該服務目前已進入商業化的第二季。 GFN 透過與領先的數位遊戲商店（包括 Valve Steam、Epic Games 和 Ubisoft Uplay）合作，為任何遊戲串流服務提供最豐富的內容。 GeForce NOW 讓使用效能不足的 PC、Mac 或 Android 裝置的使用者能夠存取強大的 GPU，從而在雲端玩他們的 PC 遊戲庫，擴大我們可以透過 GeForce 接觸到的遊戲玩家範圍。

Just yesterday, we announced that GFN is now supported on Chromebooks, further expanding our reach in to tens of millions of users. In addition to NVIDIA's own service, GFN is available or coming soon to a number of telecom partners around the world, including SoftBank and KDDI DION in Japan, Rostelecom and Beeline in Russia, LG U+ in South Korea and Taiwan Mobile.

就在昨天，我們宣布 Chromebook 現已支援 GFN，進一步擴大了我們數千萬用戶的覆蓋範圍。除了NVIDIA自己的服務外，GFN也已在全球多家電信合作夥伴中推出或即將推出，包括日本的SoftBank和KDDI DION、俄羅斯的Rostelecom和Beeline、韓國的LG U+以及台灣大哥大。

Moving to Pro Viz. In Q2 was $203 million in revenue, down 30% year-on-year and down 34% sequentially, with declines in both mobile and desktop workstations. Sales were hurt by lower enterprise demand amid the closure of many offices around the world. Industries negatively impact during the quarter include automotive, architectural, engineering and construction, manufacturing, media and entertainment and oil and gas. Initiatives by enterprises to enable remote workers drove demand for virtual and cloud-based graphic solutions. Accordingly, our Q2 vGPU bookings accelerated, increasing 60% year-on-year.

轉向 Pro Viz。第二季營收為 2.03 億美元，年減 30%，季減 34%，行動工作站和桌上型工作站的營收均下滑。由於全球許多辦公室關閉，企業需求下降，導致銷售額受到打擊。本季受到負面影響的行業包括汽車、建築、工程和施工、製造、媒體和娛樂以及石油和天然氣。企業為遠端工作者提供支援的舉措推動了對虛擬和基於雲端的圖形解決方案的需求。因此，我們第二季的 vGPU 預訂量加速成長，年增 60%。

Despite near-term challenges, we are winning new business in areas such as health care, including Siemens, Philips and General Electric, and the public sector. We continue to expand our market opportunity with over 50 leading design and creative applications that are NVIDIA RTX-enabled, including the latest release from Foundry, Chaos Group and Maxon. These applications provide faster ray tracing and accelerated performance, improving creators design workflows. The pandemic will have a lasting impact on how we work. Our revenue mix going forward will likely reflect this evolution in enterprise workforce trends with a greater focus on technologies, such as NVIDIA laptops and virtual workstations, that enable remote work and virtual collaboration.

儘管面臨短期挑戰，但我們在醫療保健等領域（包括西門子、飛利浦和通用電氣）以及公共部門贏得了新業務。我們繼續擴大市場機會，推出 50 多種支援 NVIDIA RTX 的領先設計和創意應用程序，其中包括 Foundry、Chaos Group 和 Maxon 的最新版本。這些應用程式提供更快的光線追蹤和加速的效能，改善創作者的設計工作流程。這場疫情將對我們的工作方式產生持久影響。我們未來的收入結構可能會反映企業勞動力趨勢的這種演變，更加重視支援遠距工作和虛擬協作的技術，例如 NVIDIA 筆記型電腦和虛擬工作站。

Moving to automotive. Automotive revenue was $111 million, down 47% year-on-year and down 28% sequentially. This was slightly better than our outlook of a 40% sequential decline as the impact of the pandemic was less pronounced than expected, with auto production volumes starting to recover after bottoming in April. Some of the decline is also due to the roll-off of legacy infotainment revenue, which remained a headwind in future quarters.

轉向汽車產業。汽車業務收入為 1.11 億美元，年減 47%，季減 28%。這略好於我們預期的連續下降 40%，因為疫情的影響沒有預期那麼明顯，汽車產量在 4 月觸底後開始回升。部分下降也歸因於傳統資訊娛樂收入的下滑，這在未來幾季仍然是一個阻力。

In June, we announced a landmark partnership with Mercedes-Benz which, starting in 2024, will launch software-defined intelligent vehicles across an entire fleet in using end-to-end NVIDIA technology. Mercedes will utilize NVIDIA's full technology stack, including the DRIVE AGX computer, DRIVE AV autonomous driving software and NVIDIA's AI infrastructure, spanning from the core to the cloud. Centralizing and unifying computing in the car will make it easier to integrate and upgrade advanced software features as they are developed. With over-the-air updates, vehicles can receive the latest autonomous driving and intelligent cockpit features, increasing value and extending majority of ownership with each software upgrade. This is a transformative announcement for the automotive industry, making the turning point of traditional vehicles becoming high-performance, updatable data centers on wheels. It's also a transformative announcement for NVIDIA's to evolving business model as the software content of our platforms grows, positioning us to build a recurring revenue stream.

今年 6 月，我們宣布與梅賽德斯-奔馳建立具有里程碑意義的合作夥伴關係，從 2024 年開始，梅賽德斯-奔馳將使用端到端 NVIDIA 技術在整個車隊中推出軟體定義的智慧汽車。梅賽德斯將利用 NVIDIA 的完整技術堆棧，包括 DRIVE AGX 電腦、DRIVE AV 自動駕駛軟體和 NVIDIA 的 AI 基礎設施，從核心到雲端。汽車的集中化和統一化計算將使先進軟體功能的整合和升級變得更加容易。透過無線更新，車輛可以接收最新的自動駕駛和智慧駕駛艙功能，每次軟體升級都會增加價值並延長大部分所有權。這對汽車產業來說是一個變革性的宣告，使得傳統汽車成為車輪上高性能、可更新的資料中心的轉捩點。隨著我們平台的軟體內容不斷增長，這對 NVIDIA 不斷發展的商業模式來說也是一個變革性的聲明，使我們能夠建立經常性的收入來源。

Moving to data center. Data center is diverse, consist of cloud service providers, public cloud providers, supercomputing centers, enterprises, telecom and industrial edge. Q2 revenue was a record $1.75 billion, up 167% year-on-year and up 54% sequentially. In Q2, we incorporated a full quarter of contribution from the Mellanox acquisition, which closed on April 27, the first day of our quarter. Non-ops contributed approximately 14% of company revenue and just over 30% of data center revenue. Both compute and networking within data center set a record with accelerating year-on-year growth.

移至資料中心。資料中心多種多樣，包括雲端服務供應商、公有雲供應商、超級運算中心、企業、電信和工業邊緣。第二季營收創歷史新高，達 17.5 億美元，年增 167%，季增 54%。在第二季度，我們納入了 Mellanox 收購帶來的整個季度的貢獻，該收購於 4 月 27 日（本季的第一天）完成。非營運業務貢獻了公司約 14% 的收入和資料中心收入的 30% 多一點。資料中心內的運算和網路均創下紀錄，且較去年同期成長加速。

The biggest news in data center this quarter was the launch of our Ampere architecture. We are very proud of the team's execution in launching and ramping this technological marvel, especially amid the pandemic. The A100 is the largest chip ever made with 54 billion transistors. It runs our full software stack for accelerating the most compute-intensive workloads. Our software leases include CUDA 11, the new versions of over 50 CUDA-X libraries and a new application frameworks for major AI workloads, such as Jarvis for conversational AI and Merlin for deep recommender systems. The A100 delivers NVIDIA's greatest generational leap ever, boosting AI performance by 20x over its predecessor. It is also our first universal accelerator, unifying AI training and inference and powering workloads, such as data analytics, scientific computing, genomics, edge video analytics, 5G services and graphics.

本季資料中心最大的新聞是我們的 Ampere 架構的推出。我們為團隊在推出和推廣這項技術奇蹟方面所表現出的執行力感到非常自豪，尤其是在疫情期間。 A100 是迄今為止最大的晶片，擁有 540 億個電晶體。它運行我們的完整軟體堆棧，以加速計算最密集的工作負載。我們的軟體租賃包括 CUDA 11、超過 50 個 CUDA-X 庫的新版本以及用於主要 AI 工作負載的新應用程式框架，例如用於對話式 AI 的 Jarvis 和用於深度推薦系統的 Merlin。 A100 實現了 NVIDIA 迄今為止最大的飛躍，其 AI 性能比上一代產品提高了 20 倍。它也是我們的第一個通用加速器，統一了人工智慧訓練和推理，並為數據分析、科學計算、基因組學、邊緣視訊分析、5G 服務和圖形等工作負載提供支援。

The first Ampere GPU, A100, has been widely adopted by all major server vendors and cloud service providers. Google Cloud Platform was the first cloud customer to bring it to market, making it the fastest GPU to come to the cloud in our history. And just this morning, Microsoft Azure announced the availability of massively scalable AI clusters, which are based on the A100, and interconnected with 200 gigabyte per second Mellanox InfiniBand networking. A100 is also getting incorporated into offerings from AWS, Alibaba Cloud, Baidu Cloud and Tencent Cloud. And we announced that the A100 is going to market with more than 50 servers from leading vendors around the world, including Cisco, Dell, Hewlett Packard Enterprise and Lenovo. Adoption of the A100 into leading server makers offerings is faster than any prior launch, with 30 systems expected this summer and over 20 more by the end of the year.

首款 Ampere GPU A100 已被各大伺服器廠商及雲端服務供應商廣泛採用。 Google Cloud Platform 是第一個將其推向市場的雲端客戶，這使其成為我們歷史上最快進入雲端的 GPU。就在今天早上，Microsoft Azure 宣布推出基於 A100 的大規模可擴展 AI 集群，並與每秒 200 GB 的 Mellanox InfiniBand 網路互連。 A100 也被納入 AWS、阿里雲、百度雲和騰訊雲的產品。我們宣布 A100 將與來自思科、戴爾、惠普企業和聯想等全球領先供應商的 50 多台伺服器一起上市。 A100 被領先的伺服器製造商採用的速度比以往任何一次發布都要快，預計今年夏天將有 30 個系統推出，到年底將有 20 多個系統推出。

The A100 is already winning industry recognition. In the latest A100 training benchmark, MLPerf 0.7, NVIDIA set 16 records, sweeping all categories for commercially available solutions in both per chip and outscale performance based on the A100. MLPerf offers the industry's first and only objective AI benchmark. Since the benchmark was introduced 2 years ago, NVIDIA has consistently delivered leading results and record performance for both training and inference. NVIDIA also topped the chart in the latest top 500 list of the fastest supercomputers. The ranking, released in June, showed that 8 of the world's top 10 supercomputers use NVIDIA GPUs, NVIDIA networking or both. They include the most powerful systems in the U.S. and Europe. NVIDIA, now combined with Mellanox, powers 2/3 of the top 500 systems on the list compared with just less than a half for the 2 companies in total 2 years ago.

A100已經贏得了業界的認可。在最新的 A100 訓練基準 MLPerf 0.7 中，NVIDIA 創下了 16 項記錄，橫掃了基於 A100 的商用解決方案的單晶片效能和超大規模效能的所有類別。 MLPerf 提供了業界第一個也是唯一客觀的 AI 基準。自兩年前推出該基準測試以來，NVIDIA 一直在訓練和推理方面持續提供領先的結果並創下紀錄的表現。 NVIDIA 也在最新公佈的 500 強最快超級電腦名單中名列榜首。該排名於 6 月發布，顯示全球排名前 10 的超級電腦中有 8 台使用 NVIDIA GPU、NVIDIA 網路或兩者兼而有之。其中包括美國和歐洲最強大的系統。目前，NVIDIA 與 Mellanox 合併後，為榜單上前 500 個系統（其中 2/3）提供支持，而兩年前這兩家公司總共只為不到一半的系統提供支援。

In energy efficiencies, systems using NVIDIA GPUs are pulling away from the pack. On average, they are nearly 2.8x more powerful and efficient than systems without NVIDIA GPUs, measured by gigaflops per watt. The incredible performance and efficiency of the A100 GPU is best amplified by NVIDIA's own new Selene supercomputer, which debuted as #7 on the top 500 list and is the only top 100 systems to cross the 20 gigaflops per watt barrier. Our engineers were able to assemble Selene in less than 4 weeks using NVIDIA's open modular DGX SuperPOD reference architecture instead of the typical build time of months or even years. This is the system that we will use to win the MLPerf benchmarks, and it is a reference design. It's available for our customers to quickly build a world-class supercomputer.

在能源效率方面，使用 NVIDIA GPU 的系統正在脫穎而出。平均而言，它們的功能和效率比沒有 NVIDIA GPU 的系統高出近 2.8 倍（以每瓦十億次浮點計算）。 NVIDIA 自己的新款 Selene 超級電腦最大限度地展現了 A100 GPU 令人難以置信的性能和效率，該超級電腦首次亮相就位列前 500 名榜單的第 7 位，並且是唯一一個突破每瓦 20 千兆次浮點運算障礙的前 100 名系統。我們的工程師能夠使用 NVIDIA 的開放模組化 DGX SuperPOD 參考架構在不到 4 週的時間內組裝 Selene，而不是通常需要數月甚至數年的建造時間。這是我們將用來贏得 MLPerf 基準測試的系統，它是一個參考設計。它可以幫助我們的客戶快速建立世界一流的超級電腦。

We also brought GPU acceleration to data analytics, one of the largest and fastest-growing enterprise workload. We enabled an acceleration of the entire data analytics workload pipeline for the first time with NVIDIA's GPUs and software stack in the latest version of Apache Spark released in June. Spark is the world's leading data analytics platform used by more than 500,000 data scientists and 16,000 enterprises worldwide.

我們也將 GPU 加速引入資料分析，這是企業最大且成長最快的工作負載之一。我們在 6 月發布的最新版 Apache Spark 中首次利用 NVIDIA 的 GPU 和軟體堆疊實現了整個資料分析工作負載管道的加速。 Spark 是全球領先的資料分析平台，全球有超過 50 萬名資料科學家和 16,000 家企業在使用。

And we have 2 major milestones to share. We have now shipped a cumulative total of 1 billion CUDA GPUs, and the total number of developers in the NVIDIA ecosystem just reached 2 million. It took over a decade to reach the first million and less than 2 years to reach the second million. Mellanox has fantastic results across the board in its first quarter as part of NVIDIA. Mellanox revenue growth accelerated with strength across Ethernet and InfiniBand products. Our Ethernet shipments reached a new record. Major hyperscale build drove the upside in the quarter as growth in cloud computing and AI is fueling increased demand for high-performance networking. Mellanox networking was a critical part of several of our major new product introductions this quarter. These include the DGX AI system, the DGX SuperPOD clusters for our Selene supercomputer and the EGX Edge AI platform. We also launched the Mellanox ConnectX-6 Ethernet NIC, the 11th generation product of the ConnectX family, and it's designed to meet the needs of modern cloud and hyperscale data centers, where 25, 50 and 100 gigabyte per second is becoming the standard.

我們有兩個重要的里程碑要分享。目前，我們已累積出貨了 10 億塊 CUDA GPU，NVIDIA 生態系統中的開發人員總數剛好達到 200 萬人。第一個百萬用戶花了十多年的時間，第二個百萬用戶花了不到兩年的時間。作為 NVIDIA 的一部分，Mellanox 在第一季取得了全面的出色表現。 Mellanox 營收成長加速，得益於乙太網路和 InfiniBand 產品的強勁表現。我們的乙太網路出貨量創下了新高。由於雲端運算和人工智慧的成長推動了對高效能網路的需求增加，大型超大規模建設推動了本季的成長。 Mellanox 網路是我們本季推出的幾款主要新產品的重要組成部分。其中包括 DGX AI 系統、用於我們的 Selene 超級電腦的 DGX SuperPOD 叢集和 EGX Edge AI 平台。我們還推出了 Mellanox ConnectX-6 乙太網路 NIC，這是 ConnectX 系列的第 11 代產品，它旨在滿足現代雲端和超大規模資料中心的需求，其中每秒 25、50 和 100 GB 正在成為標準。

We expanded our switch networking capabilities with the addition of Cumulus Networks, a privately held network software company that we purchased in June. Cumulus augments our Mellanox acquisition in building out open modern data center. The combination of NVIDIA accelerated computing, Mellanox networking and Cumulus software enables data centers that are accelerated, disaggregated and software-defined to meet the exponential growth in AI, cloud and high-performance computing.

我們在 6 月收購了一家私人網路軟體公司 Cumulus Networks，擴展了我們的交換器網路功能。 Cumulus 增強了我們對 Mellanox 的收購，有助於建立開放式現代資料中心。 NVIDIA 加速運算、Mellanox 網路和 Cumulus 軟體的結合，使得加速、分解和軟體定義的資料中心能夠滿足 AI、雲端和高效能運算的指數級成長。

Moving to the rest of the P&L. Q2 GAAP gross margin was 58.8% and non-GAAP gross margin was 66%. GAAP gross margin declined year-on-year and sequentially due to costs associated with the Mellanox acquisition. Non-GAAP gross margins increased by almost 6 points year-on-year, reflecting a shift in product mix with higher data center sales and lower automotive sales. Q2 GAAP operating expenses were $1.62 billion, and non-GAAP operating expenses were $1.04 billion, up 67% and 38% from a year ago, respectively. Q2 GAAP EPS was $0.99, up 10% from a year earlier. Non-GAAP EPS was $2.18, up 76% from a year ago. Q2 cash flow from operations was $1.57 billion.

轉到損益表的其餘部分。第二季 GAAP 毛利率為 58.8%，非 GAAP 毛利率為 66%。由於與 Mellanox 收購相關的成本，GAAP 毛利率年比和季比均下降。非公認會計準則毛利率年增近 6 個百分點，反映了產品結構的變化，資料中心銷售額增加而汽車銷售下降。第二季 GAAP 營運費用為 16.2 億美元，非 GAAP 營運費用為 10.4 億美元，分別比去年同期成長 67% 和 38%。第二季 GAAP EPS 為 0.99 美元，年增 10%。非公認會計準則每股收益為 2.18 美元，較去年同期成長 76%。第二季經營活動現金流為 15.7 億美元。

With that, let me turn to the outlook for the third quarter of fiscal 2021. We expect revenue to be $4.4 billion, plus or minus 2%. With that, we expect gaming to be up just over 25% sequentially with data center to be up in the low to mid-single digits sequentially. We expect both pro viz and the auto to be at similar levels out in Q2. GAAP and non-GAAP gross margins are expected to be 62.5% and 65.5%, respectively, plus or minus 50 basis points. GAAP and non-GAAP operating expenses are expected to be approximately $1.54 billion and $1.09 billion, respectively. Full year GAAP and non-GAAP OpEx is tracking in line with our outlook of $5.7 billion and $4.1 billion, respectively. GAAP and non-GAAP OI&E are both expected to be expense of approximately $55 million. GAAP and non-GAAP tax rates are both expected to be 8%, plus or minus 1%, excluding discrete items. Capital expenditures are expected to be approximately $225 million to $250 million. Further financial details are included in the CFO commentary and other information available on our IR website.

說完這些，讓我來談談 2021 財年第三季的展望。我們預計營收為 44 億美元，上下浮動 2%。因此，我們預計遊戲業務將環比成長 25% 以上，而資料中心業務將較上季成長 10% 至 15%。我們預計，pro viz 和 auto 在第二季將達到相似的水平。預計 GAAP 和非 GAAP 毛利率分別為 62.5% 和 65.5%，上下浮動 50 個基點。預計 GAAP 和非 GAAP 營運費用分別約為 15.4 億美元和 10.9 億美元。全年 GAAP 和非 GAAP 營運支出分別符合我們預期的 57 億美元和 41 億美元。預計 GAAP 和非 GAAP OI&E 費用均為約 5,500 萬美元。預計 GAAP 和非 GAAP 稅率均為 8%，上下浮動 1%，不包括單一項目。預計資本支出約2.25億至2.5億美元。進一步的財務細節包含在財務長評論和我們 IR 網站上提供的其他資訊中。

In closing, let me highlight upcoming events for the financial community. We will be at the BMO Virtual Technology Summit on August 25, Citi's 2020 Global Technology Conference on September 9, Deutsche Bank's Technology Conference on September 14 and the Evercore's Virtual Memo Forum, The Future of Mobility, on September 21. We will also host a financial analyst Q&A with Jensen on October 5 as part of our next virtual GTC. Our earnings call to discuss our third quarter's results is scheduled for Wednesday, November 18.

最後，讓我重點介紹一下金融界即將發生的事件。我們將於 8 月 25 日參加 BMO 虛擬技術高峰會、9 月 9 日參加花旗銀行 2020 年全球技術大會、9 月 14 日參加德意志銀行技術大會，並於 9 月 21 日參加 Evercore 虛擬備忘錄論壇「移動出行的未來」。作為我們下一次虛擬 GTC 的一部分，我們也將於 10 月 5 日與 Jensen 一起舉辦金融分析師問答會。我們將於 11 月 18 日星期三召開收益電話會議，討論第三季的業績。

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

我們現在開始提問。接線員，請問可以投票詢問嗎？謝謝。

(Operator Instructions) Your first question comes from the line of Vivek Arya with Bank of America.

（操作員指示）您的第一個問題來自美國銀行的 Vivek Arya。

Congratulations on the strong growth and execution. Jensen, I'm wondering how much of the strength that you're seeing in gaming and data center is maybe more temporary because COVID or some customer pull-ins in the data center or so forth? And how much of it is more structural and more secular that can continue even once we get into, hopefully, sooner rather than later, into a more normalized period for the industry?

恭喜您取得強勁的成長和執行力。詹森，我想知道您在遊戲和資料中心看到的強勁表現有多少可能是暫時的，因為 COVID 或資料中心的一些客戶吸引等等？即使我們盡快進入行業更正常化的時期，其中有多少是更具結構性和更長期性的，並且能夠繼續下去？

Yes. Vivek, thank you. So first of all, we didn't see pull-ins, and we're in the beginning of our brand-new product cycle with Ampere. And so the vast majority of the data center growth came from that. The gaming industry, they -- with all that's happening around the world, and it's really unfortunate, but it's made gaming the largest entertainment medium in the world. More than ever, people are spending time digitally, spending on time -- spending their time in video games. The thing that people haven't realized about video games is that it's not just the game itself anymore. The variety of different ways that you can play, whether you can hang out with your friends in Fortnite, go to a concert in Fortnite, building virtual worlds in Minecraft, you're spending time with your friends, you're using it to create -- to realize your imaginations.

是的。維韋克，謝謝你。首先，我們沒有看到拉動，我們正處於與 Ampere 合作的全新產品週期的開始。因此，資料中心的絕大部分成長都來自於此。遊戲產業——隨著世界各地發生的一切，這真的很不幸，但它使遊戲成為世界上最大的娛樂媒介。人們花在數位化的時間、花在電子遊戲上的時間比以往任何時候都多。人們還沒有意識到電子遊戲已經不再只是遊戲本身了。您可以透過多種不同的方式進行遊戲，無論您是和朋友在 Fortnite 中閒逛，還是在 Fortnite 中去聽音樂會，還是在 Minecraft 中構建虛擬世界，您都可以和朋友一起度過時光，您可以用它來創造——實現您的想像。

People are using it for broadcast, for sharing ideas and techniques with other people, and so -- and then of course, it's just an incredibly fun way to spend time even by consumption of the video -- of a video game. And so there's just so much that you could do with video games now. And I think that this way of enjoying entertainment digitally has been accelerated as a result of the pandemic, but I don't think it's going to return. Video game adoption has been going up over time and pretty steadily. PC is now the single largest entertainment platform -- is the largest gaming platform. And GeForce is now the largest gaming platform in the world. And as I mentioned, it's not just about gaming. There's just so many different ways that you could enjoy games.

人們用它來廣播，與其他人分享想法和技術，當然，即使透過觀看影片或玩電子遊戲，它也是一種非常有趣的消磨時間的方式。現在，你可以用電子遊戲做很多事情。我認為，這種數位娛樂方式因疫情而加速發展，但我認為它不會再回來了。電子遊戲的普及率一直在穩定上升。 PC 現在是最大的娛樂平台——也是最大的遊戲平台。 GeForce 現在是世界上最大的遊戲平台。正如我所提到的，這不僅僅與遊戲有關。您可以透過多種不同的方式享受遊戲的樂趣。

With data center, the thing that -- the structural change that's happening in data center are a couple of different dynamics that are happening at the same time. The first dynamic, of course, is the movement to the cloud. The way that a cloud data center is built and the way that an enterprise data center or a cluster is built is fundamentally different. And it's really, really beneficial to have the ability to accelerate applications that cloud service providers would like to offer, which is basically everything. And we know that one of the most important applications of today is artificial intelligence. It's a type of software that really wants acceleration, and NVIDIA's GPU acceleration is the perfect medium, perfect platform for it.

對於資料中心來說，資料中心正在發生的結構變化是同時發生的幾種不同的動態。當然，第一個動力就是遷移到雲端的。雲端資料中心的建構方式與企業資料中心或叢集的建構方式有著根本的不同。能夠加速雲端服務提供者想要提供的應用程式確實非常有益，這基本上就是一切。我們知道當今最重要的應用之一就是人工智慧。這是一個真正需要加速的軟體，而 NVIDIA 的 GPU 加速是它的完美媒介、完美的平台。

And then the last reason about the data center is the architectural change from hosting applications to hosting services that's driving this new type of architecture called disaggregation versus hyper converged. And the original name of hyperscalers is a large data center of a whole bunch of hyperconverged computers. But the computers of today are really disaggregated. A single application service could be running on multiple servers at the same time, which generates a ton of east-west traffic, and a lot of it is artificial intelligence neuro network models.

資料中心的最後一個原因是從託管應用程式到託管服務的架構變化，這推動了這種稱為分解與超融合的新型架構。而Hyperscalers的原名，就是由一大堆超融合電腦組成的大型資料中心。但如今的計算機確實已經分解了。單一應用服務可以同時在多台伺服器上運行，從而產生大量的東西向流量，其中許多是人工智慧神經網路模型。

And so because of this type of architecture, 2 components, 2 types of technologies are really important to the future of cloud. One of them, as I mentioned, was -- is acceleration, and our GPU is ideal for it. And then the other one is high-speed networking. And the reason for that is because the server is now disaggregated, the application is fractionalized and broken up into a bunch of small pieces that are running across the data center. And whenever an application needs to send parts of the answer to another server for the microservice to run, that transmission is called east-west traffic, and the most important thing you could possibly do for yourself is to buy really high-speed, low-latency networking. And that's what Mellanox is fantastic at.

因此，由於這種類型的架構，兩個元件、兩種類型的技術對於雲端的未來非常重要。正如我所提到的，其中之一就是加速，我們的 GPU 非常適合加速。另一個是高速網路。原因在於伺服器現在已經分解，應用程式被細分並分解成一堆在資料中心運行的小塊。每當應用程式需要將部分答案發送到另一台伺服器以便微服務運行時，這種傳輸稱為東西向流量，而您能為自己做的最重要的事情就是購買真正高速、低延遲的網路。這正是 Mellanox 的強項。

And so we find ourselves really in this perfect condition where the future is going to be more virtual, more digital, and that's one -- that's the reason why GeForce is so successful. And then we find ourselves in a world where the future is going to be more autonomous and more AI-driven, and that's the benefit of our GPUs.

因此，我們發現自己確實處於這種完美的狀態，未來將更加虛擬、更加數位化，這就是 GeForce 如此成功的原因之一。然後我們發現，未來的世界將更加自主、更加人工智慧驅動，這就是我們的 GPU 的優勢。

And then lastly, cloud microservice transactions really benefit high-speed networking, and that's where Mellanox comes in. And so I think that this is -- the dynamics that I'm describing are permanent, and it's just been accelerated to the present because of everything that's happening to us. But this is the future, and it's not -- there's no going back, and we just found everything accelerated.

最後，雲端微服務事務確實有利於高速網絡，這就是 Mellanox 的用武之地。所以我認為這是 - 我所描述的動態是永久的，並且由於我們身上發生的一切，它才加速到現在。但這就是未來，它不是——沒有回頭路，我們發現一切都在加速。

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

您的下一個問題來自瑞銀的 Timothy Arcuri。

Jensen, I guess I had a question on both architecture and also manufacturing. And I think on the manufacturing side, you've been radical now for some time. And when you've been asked in the past about moving to more of a tiled or chiplet approach, you sort of made light of that. But the CPU guys are clearly taking that approach. So I guess the question is, why do you think you won't have to make a similar move? And then on the side of architecture, the theme of Hot Chips this week was really how compute demand is far outstripping computing power? And then we see this talk about you and ARM. So I guess can you talk about whether GPU is the future and maybe the broader opportunity to integrate CPU and GPU?

詹森，我想我對建築和製造業都有疑問。我認為在製造方面，你們已經激進了一段時間了。當您過去被問及是否要轉向更多平鋪或小晶片方法時，您對此輕描淡寫。但 CPU 人員顯然採取了這種方法。所以我想問題是，為什麼你認為你不必採取類似的舉動？然後從架構方面來看，本週熱門晶片的主題實際上是運算需求如何遠遠超過運算能力？然後我們看到了有關您和 ARM 的討論。所以我想您能否談談 GPU 是否代表未來，以及整合 CPU 和 GPU 是否代表更廣泛的機會？

Yes. We push architecture really hard. And the way we push architecture is we start from the system, but we believe that the future computer company is a data center-scale company. The computing unit is no longer a microprocessor or even a server or even a cluster. The computing unit is an entire data center now. And as I was explaining to Vivek just now that a microservice that we're enjoying hundreds of billions of transactions a day, those are broken up into a whole bunch of microservices that are running across the entire data center.

是的。我們非常努力地推動建築業的發展。我們推動架構的方式是從系統開始，但我們相信未來的電腦公司是一個資料中心規模的公司。計算單元不再是一個微處理器，甚至不再是一個伺服器，甚至是一個叢集。計算單元現在是一個完整的資料中心。正如我剛才向 Vivek 解釋的那樣，我們每天享受的數千億筆交易的微服務被分解成一大堆在整個資料中心運行的微服務。

And so the data center is running -- the entire data center is running an application. I mean that's pretty remarkable thing, and that's happened in the last several years. We were ahead of this trend, and we recognized that as a computing company, we have to be a data center-scale company, and we architect from that starting. If you look at our architecture, we were the first in the world to create the concept of an NVLink with 8 processors being fully synchronized across a computing node, and we created the DGX.

因此資料中心正在運作——整個資料中心正在運行一個應用程式。我的意思是這是一件非常了不起的事情，而且這發生在過去幾年。我們走在這一趨勢的前面，我們意識到，作為一家計算公司，我們必須成為一家資料中心規模的公司，我們從這一點開始進行架構。如果你看一下我們的架構，你會發現我們是世界上第一個創建 NVLink 概念的公司，其中 8 個處理器在計算節點上完全同步，並且我們創建了 DGX。

We recognize the importance of high-speed networking and low-latency networking, and that's why we bought Mellanox. And the amount of software that we invented along the way to make it possible for low-latency communications, whether it's GPUDirect or recently the invention of GPUDirect Storage, all of that technology was inspired by the idea that you have to think about the data center all-in-one holistic way.

我們認識到高速網路和低延遲網路的重要性，這就是我們收購 Mellanox 的原因。我們在這個過程中發明了大量軟體，使低延遲通訊成為可能，無論是 GPUDirect 還是最近發明的 GPUDirect Storage，所有這些技術都受到這樣一種理念的啟發：你必須以一體化的整體方式考慮資料中心。

And then in the last -- in this current generation with Ampere, we invented the world's first multi-instance GPU. We invented the world's first multi-instance GPU, which means that our Ampere GPU could simultaneously be 1 GPU or, with NVlink, 8 GPUs combined, working together, so you could think of them as being tiled. So those 8 GPUs are working harmoniously together. Or each one of the GPUs could fractionalize itself, if you don't need that much GPU working on your workload, fractionalize into a multi-GPU instance, we call the MIG, a little tiny instance. And each one of those tiny instances are more powerful and more performant than our entire Volta GPU lap time. And so whether you like to fractionalize the GPU, which happens oftentimes; create a larger GPU using NVLink; or create an even larger GPU, the size of DGX POD, connected together with high-speed, low-latency networking with Mellanox, we could architect it any way you'd like.

然後在最後一代——在這一代 Ampere 中，我們發明了世界上第一個多實例 GPU。我們發明了世界上第一個多執行個體 GPU，這意味著我們的 Ampere GPU 可以同時作為 1 個 GPU，或者透過 NVlink 組合成 8 個 GPU 一起工作，因此您可以將它們視為平舖的。所以這 8 個 GPU 可以和諧地協同工作。或者每個 GPU 都可以進行細分，如果您不需要那麼多 GPU 來處理您的工作負載，則可以細分為一個多 GPU 實例，我們稱之為 MIG，一個小型實例。每一個微小實例都比我們的整個 Volta GPU 單圈時間更強大、效能更高。所以，無論您是否喜歡對 GPU 進行細分（這種情況經常發生）；使用 NVLink 創建更大的 GPU；或者創建一個更大的 GPU，即 DGX POD 的大小，並通過 Mellanox 高速、低延遲網絡連接在一起，我們可以按照您喜歡的任何方式構建它。

You made a comment about -- you asked a question about ARM. We've been a long-term partner of ARM, and we use ARM in a whole bunch of applications. And whether it's autonomous driving or a robotics application, the Nintendo Switch, console business that we're in. And then recently, we brought CUDA to ARM and to bring accelerated computing to ARM. And so we worked with the ARM team very closely. They're really great guys. And one of the specials about the ARM architecture that you know very well is that it's incredibly energy-efficient. And because it's energy-efficient, it has the headroom to scale into very high-performance levels over time. And so anyways, we love working with the ARM guys.

您發表了評論——您提出了有關 ARM 的問題。我們一直是 ARM 的長期合作夥伴，並且在大量應用程式中使用 ARM。無論是自動駕駛還是機器人應用，任天堂 Switch，我們都涉足遊戲機業務。最近，我們將 CUDA 引入 ARM，並為 ARM 帶來加速運算。因此我們與 ARM 團隊進行了密切的合作。他們真的是很棒的傢伙。大家所熟知的 ARM 架構的一個特點就是它極為節能。而且由於它節能，隨著時間的推移，它具有擴展到非常高性能水平的空間。無論如何，我們很高興與 ARM 公司的員工合作。

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。

Congratulations on the quarter. Just building on some prior questions. The first one, I was just curious if you could help us appreciate kind of the installed base of the gaming GPU business relative to where we're at the Turing upgrade cycle. What do we see still on prior generations, be it Pascal or before? And then secondly, I was wondering, Colette, could you just give me a kind of updated commentary or views on visibility in the data center business? How has that changed over the last 3 months? What does that look like as you look through the back half of the calendar year?

恭喜本季。只是基於一些先前的問題。第一個問題，我只是好奇您是否可以幫助我們了解遊戲 GPU 業務的安裝基礎，相對於我們處於圖靈升級週期的情況。我們在前幾代產品（無論是 Pascal 還是更早的產品）還能看到什麼？其次，我想知道，科萊特，您能否給我一些關於資料中心業務可見度的最新評論或觀點？過去 3 個月裡情況有何變化？回顧下半年的情況，您覺得情況如何？

Yes. Thanks a lot, Aaron. We are -- we're still in the ramping of the RTX generation. Turing, Turing the current generation that we're in, is the world's first ray tracing GPU. And it fuses -- the RTX technology fuses 3 fundamental technologies: the programmable shader that we introduced a long time ago that revolutionized computer graphics; and we added 2 new technologies. One technology is a ray tracing acceleration core that makes the tracing of rays and looking for intersections between the ray and the scene -- objects in the scene super, super fast. And that -- it's a complicated problem. It's a super-complicated problem. We want it to be running concurrently to shading so that the ray traversal and the shading of the pixels could be done independently and concurrently.

是的。非常感謝，Aaron。我們 - 我們仍處於 RTX 世代的升級階段。 Turing，也就是我們現在所處的這一代，是世界上第一款光線追蹤 GPU。它融合了 —— RTX 技術融合了三項基本技術：我們很久以前推出的、徹底改變了電腦圖形學的可編程著色器；並且我們增加了2項新技術。其中一項技術是光線追蹤加速核心，它可以非常非常快速地追蹤光線並尋找光線與場景（場景中的物體）之間的交點。這是一個複雜的問題。這是一個極為複雜的問題。我們希望它與著色同時運行，以便光線遍歷和像素著色可以獨立且同時完成。

The second thing is we invented this technology to bring AI, artificial intelligence, using this new type of algorithm called deep learning to computer graphics. And one example of its capability is the algorithm we introduced called DLSS, Deep Learning Super Sampling, which allows us to essentially synthesize by learning from previous examples, essentially learning from previous examples of images and remembering it, remembering what beautiful images look like so that when you take a low-resolution image, and you run it through the deep neural network, it synthesizes a high-resolution image that's really, really beautiful. And people have commented that it's even more beautiful than native rendered images at the native resolution. And the benefit is not only is it beautiful, it's also super fast. We essentially nearly doubled the performance of RTX as a result of doing that. So you can have the benefit of ray tracing as well as very high resolution and very high speed. And so that's called RTX.

第二件事是我們發明了這項技術，將人工智慧（AI）應用於電腦圖形學，使用這種稱為深度學習的新型演算法。其功能的一個例子是我們引入的稱為 DLSS（深度學習超級採樣）的演算法，它使我們能夠通過學習以前的示例進行合成，從本質上學習以前的圖像示例並記住它，記住美麗的圖像是什麼樣子的，這樣當你拍攝低分辨率圖像並通過深度神經網絡運行它時，它會合成一個非常非常漂亮的高分辨率圖像。人們評論說它甚至比原始解析度的原始渲染圖像更加漂亮。其優點是不僅美觀，而且速度超快。透過這樣做，我們實際上將 RTX 的性能提高了近一倍。因此，您可以享受光線追蹤的優勢以及非常高的解析度和非常高的速度。這就是所謂的 RTX。

And Turing is probably not even close, not even 1/3 of the total installed base of all of our GeForce GPUS, which is, as you know, the single-largest installed base of gaming platforms in the world. And so we support this large installed base, and we're in the process of bringing them to the future with RTX. And now with the new console generation coming, every single game developer on the planet is going to be doing ray tracing, and they're going to be creating much, much richer content. And because of multi-platform, cross-platform play and because of the size of the gaming platform, PC gaming platform, it's really important that these game developers bring the latest generation content to PCs, which is great for us.

而 Turing 可能還遠遠不夠，甚至還不到我們所有 GeForce GPU 總安裝基數的 1/3，而如你所知，GeForce GPU 是世界上最大的遊戲平台安裝基數。因此，我們支持這個龐大的安裝基礎，並且我們正在透過 RTX 將它們帶入未來。現在，隨著新一代遊戲機的到來，地球上的每個遊戲開發商都將進行光線追踪，並且他們將創造出更豐富的內容。由於多平台、跨平台遊戲以及遊戲平台、PC 遊戲平台的規模，這些遊戲開發商將最新一代內容引入 PC 非常重要，這對我們來說非常棒。

And then on the data center visibility?

那麼資料中心的可視性如何？

Yes. Let me see if I can answer this one for you. Yes, we have been talking about our visibility of data center. And as you've seen in our Q2 results, you can see that our overall adoption of the NVIDIA computing portfolio has accelerated quite nicely. But keep in mind, we're still really early in the product cycle. A100 is ramping. It's ramping very strong into our existing installed bases but also into new markets. Right now, A100 probably represents less than 1/4 of our data center revenues. So we still have a lot to grow.

是的。讓我看看是否能為您解答這個問題。是的，我們一直在談論資料中心的可見性。正如您在我們的第二季業績中所看到的，您可以看到我們對 NVIDIA 運算產品組合的整體採用速度已經相當快。但請記住，我們還處於產品週期的早期階段。 A100 正在加速發展。它不僅在我們現有的安裝基礎上強勁成長，而且也在向新市場擴張。目前，A100 可能還不到我們資料中心收入的 1/4。所以我們還有很多需要成長的地方。

We have good visibility looking into Q3 with our hyperscales. We have a little bit more of a mixed outlook in terms of our vertical industries, given a lot of the uncertainty in the market and in terms of the overall economy. On-premises are challenged because of the overall COVID. But remember, industries are quickly and continuing to adopt and move to the overall cloud. But overall, we do expect a very strong Q3.

我們對第三季的超大規模有很好的預見性。鑑於市場和整體經濟存在許多不確定性，我們對垂直產業的前景持混合看法。由於整體 COVID 疫情的影響，現場辦公面臨挑戰。但請記住，各行各業正在快速且持續地採用和轉向整體雲端運算。但總體而言，我們確實預計第三季將會非常強勁。

Your next question comes from the line of C.J. Muse with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 C.J. Muse。

I guess 2 questions. If I look at your outstanding inventory purchase obligations, grew, I think, 17% sequentially. Is that as you prepare for the September 1 launch? And can you kind of comment on gaming visibility into the back half of the year? And then the second question, Jensen, I know you're very focused on platforms and driving recurring revenues. Would love to hear if there's any particular platforms over the last 3 months where you've made real headway or get you excited, whether Jarvis, Merlin, Spark or whatever.

我猜有兩個問題。如果我看一下您未償還的庫存購買義務，我認為它環比增長了 17%。這是在為 9 月 1 日的發布做準備嗎？您能否評論一下今年下半年的遊戲可見度？然後是第二個問題，詹森，我知道你非常關注平台和推動經常性收入。我很想知道在過去 3 個月中，您是否在某個特定平台上取得了真正的進展或讓您感到興奮，無論是 Jarvis、Merlin、Spark 還是其他什麼。

Yes. Thanks so much, C.J. We're expecting a really strong second half for gaming. I think this may very well be one of the best gaming seasons ever. And the reason for that is because PC gaming has become such a large format. The combination of amazing games like Fortnite and Minecraft and because of the way people game now, their gaming and their e-sporting, even F1 is an e-sport now. They're hanging out with friends. They're using it to create other content. They're using game captures, create art. They're sharing it with the community. It's a broadcast medium. The number of different ways you could game has just really, really exploded. And it works on PCs because all the things that I described require cameras or keyboards or streaming systems or -- and -- but it requires an open system that is multitasking. And so the PC has just become such a large platform for gaming.

是的。非常感謝，C.J. 我們期待下半年遊戲市場表現強勁。我認為這很可能是有史以來最好的遊戲賽季之一。原因在於 PC 遊戲已經成為一種大型遊戲。 Fortnite 和 Minecraft 等精彩遊戲的結合，以及人們現在的遊戲方式、他們的遊戲和電子競技，甚至 F1 現在也是一項電子競技。他們正在和朋友出去玩。他們正在使用它來創建其他內容。他們利用遊戲捕捉來創作藝術。他們正在與社區分享它。它是一種廣播媒體。遊戲方式的數量真的大幅增加了。它可以在 PC 上運行，因為我所描述的所有東西都需要攝影機、鍵盤或串流媒體系統，但它需要一個可以執行多任務的開放系統。因此，PC 已經成為一個巨大的遊戲平台。

And the second thing is that RTX, it's a home run. We really raised the bar with computer graphics, and the games are so beautiful, and it's really, really the next level. It's not been this amazing since we introduced programmable shaders about 15 years ago. And so for the last 15 years, we've been making programmable shaders better and better and better, and it has been getting better. But there's never been a giant leap like this, and RTX brought both artificial intelligence as well as ray tracing to PC gaming.

第二件事是 RTX，它是一支全壘打。我們確實提高了電腦圖形的標準，遊戲非常精美，這確實是一個新的水平。自從我們大約 15 年前推出可程式著色器以來，情況就沒這麼令人驚奇了。在過去的 15 年裡，我們一直在努力使可程式著色器變得越來越好，而且它也變得越來越好。但從未有過如此巨大的飛躍，RTX 將人工智慧和光線追蹤帶入了 PC 遊戲。

And then the third factor is the console launch. There's -- people are really -- the game developers are really gearing up for a big leap. And because of the gaming -- because how vibrant the gaming market is right now and how many people around the world is depending on gaming at home. I think it's going to be the most amazing season ever. We're already seeing amazing numbers from our console partner, Nintendo. Switch has -- about to sell more than Super Nintendo, more than all the Famicom, which was one of the best gaming consoles of all time. I mean they're underway to make Switch the most successful gaming platform of all time. And so I'm super excited for them. And so I think it's going to be quite a huge second half of the year.

第三個因素是控制台的啟動。人們真的——遊戲開發者真的在為一次大的飛躍做準備。因為遊戲——因為現在遊戲市場非常活躍，而且全世界有這麼多人依賴在家玩遊戲。我認為這將是有史以來最精彩的一個賽季。我們已經從我們的遊戲機合作夥伴任天堂那裡看到了驚人的數據。 Switch 的銷量即將超過超級任天堂，超過所有 Famicom，後者是有史以來最好的遊戲機之一。我的意思是他們正在努力讓 Switch 成為有史以來最成功的遊戲平台。所以我為他們感到非常興奮。所以我認為今年下半年將會是相當重要的一年。

Your next question comes from the line of Toshiya Hari of Goldman Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

Colette, I felt like I didn't -- I missed C.J.'s second question. Can we jump on and answer it?

科萊特，我覺得我沒有——我錯過了 C.J. 的第二個問題。我們可以立即回答這個問題嗎？

I think the question was regarding our inventory purchases on that piece. Is that the part that you're referring to?

我認為問題在於我們對該部分的庫存採購。這就是您所指的部分嗎？

Yes. That's the one. Yes.

是的。就是這個。是的。

Yes. Keep in mind, C.J., that when you think about the complexity of the products that we are building, we have extremely long lead times, both in terms of what we produce for the data center, our full systems that we need to do as well as what you are seeing now between the sequential growth between Q2 and Q3 for overall gaming. So all of that is in preparation for the second half. Nothing unusual about it other than, yes, we've got to hit those revenue numbers that are in our Q3 guidance.

是的。請記住，C.J.，當您考慮到我們正在製造的產品的複雜性時，我們的交貨時間非常長，無論是就我們為資料中心生產的產品而言，還是就我們需要做的完整系統而言，以及您現在看到的第二季度和第三季度之間整體遊戲的連續增長而言。所以所有這些都是為了下半場做準備。這沒什麼不尋常的，除了，是的，我們必須達到第三季指引中的收入數字。

Your next question comes from the line of Toshiya Hari with Goldman and Sachs.

您的下一個問題來自高盛的 Toshiya Hari。

I had one for Jensen and another one for Colette. Jensen, just following up on the data center business. As you probably know, quite a few of your peers have been talking about potential digestion of capacity on the part of your hyperscale customers over the next, call it, 6 to 12 months. Curious, is that something that you think about, worry about in your data center business? Or do you have enough idiosyncratic growth drivers like the A100 ramp? And I guess the breadth that you've built within your data center business across compute and networking, are those enough for you to buck the trend within data center over the next 6 to 12 months?

我為 Jensen 準備了一個，為 Colette 準備了一個。詹森，我只是想跟進一下資料中心業務。您可能知道，許多同行都在談論未來 6 到 12 個月內超大規模客戶的潛在容量消化。好奇的是，這是您在資料中心業務中考慮或擔心的事情嗎？或者您擁有足夠多像 A100 坡道這樣的特殊成長動力？我想，你們在資料中心業務中在運算和網路領域建立的廣度是否足以讓你們在未來 6 到 12 個月內逆轉資料中心的趨勢？

And then the second one for Colette, just on gross margins. You're guiding October quarter gross margins down 50 basis points sequentially. Based on the color that you provided for the individual segments, it looks like mix remains pretty positive. So just curious what's driving the marginal decline in gross margins in the October quarter?

接下來是有關 Colette 的第二個問題，僅涉及毛利率。您預計 10 月當季毛利率將季減 50 個基點。根據您為各個部分提供的顏色，看起來混合仍然非常積極。所以我很好奇是什麼原因導致 10 月季度毛利率出現小幅下降？

Yes. Thank you. So thanks for the question. The -- our data center trend is really tied to a few factors. One is the proliferation of using deep learning and artificial intelligence and all the services that are in -- by the cloud service providers. And I think it's fair to say that over the last several years, the number of breakthroughs in artificial intelligence has been really terrific. And we're seeing anywhere from 10x, 10x more computational requirement each year to more than that. And so in the last 3 years, we've seen somewhere between 1,000 to 3,000x increase in the size of models, the computational requirement necessary to create these AI models and to deploy these AI models.

是的。謝謝。感謝您的提問。我們的資料中心趨勢實際上與幾個因素有關。一是深度學習和人工智慧的使用以及雲端服務提供者提供的所有服務的激增。我認為可以公平地說，過去幾年來，人工智慧領域取得了許多令人矚目的突破。我們看到每年的運算需求都以 10 倍、10 倍甚至更高的速度成長。因此，在過去 3 年裡，我們看到模型的大小、創建和部署這些 AI 模型所需的計算要求增加了 1,000 到 3,000 倍。

And so the #1 trend that we're probably indexed to is the breakthroughs of AI and the usefulness of AI and how people are using it. And one of the -- and I remember C.J.'s question now, and I'll answer this along with that. One of the things that we look for and you should look for is how -- what kind of breakthroughs are based on deep learning and based on AI that these services all demand.

因此，我們可能關注的首要趨勢是人工智慧的突破、人工智慧的實用性以及人們如何使用它。其中一個——我現在記得 C.J. 的問題，我會同時回答這個問題。我們所尋找的、你們也應該尋找的事情之一是，這些服務都需要什麼樣的突破，這些突破是基於深度學習和人工智慧的。

And there are 3 big ones, just gigantic one. Of course, one of them is natural language understanding, the ability to take a very complicated text and use deep learning to create essentially a dimension reduction, it's called deep embedding, dimension reduction on that body of text so that you could use that vector as a way to teach a recommender system, which is the second major breakthrough, the recommender system, how to predict and make a recommendation to somebody. Recommendation on ads and videos, and there are trillions of videos on the web. You need ways to recommend them, both the news and just the amount of information that is going to -- that is in true dynamic form require these recommenders to be instantaneous.

而且有 3 個大的，只有一個是巨大的。當然，其中之一就是自然語言理解，即能夠處理非常複雜的文本，並使用深度學習來創建本質上的降維，這被稱為深度嵌入，對文本主體進行降維，以便您可以使用該向量作為教授推薦系統的方式，這是第二個重大突破，即推薦系統如何預測並向某人提出推薦。廣告和影片的推薦，網路上有數萬億個影片。您需要一些方法來推薦它們，無論是新聞還是即將出現的資訊量——真正的動態形式都要求這些推薦器能夠即時做出反應。

And so the first one is natural language understanding. The second one is the recommender system, gigantic breakthroughs in the last several years. And the third is conversational AI. I mean we're going to have conversational engines that are just super clever, and they can predict what you're about to ask. They're going to predict the right answer for you, make recommendations to you based on the 3 pillars that I just described.

第一個是自然語言理解。第二個是推薦系統，這是過去幾年取得的巨大突破。第三個是對話式人工智慧。我的意思是我們將擁有非常聰明的對話引擎，它們可以預測你要問的問題。他們會為您預測正確答案，並根據我剛才描述的三大支柱向您提出建議。

And I haven't even started talking about robotics, the breakthroughs that are happening there with all the factories that need to automate and breakthroughs that we're seeing in self-driving cars, the models there are really improving fast. And so the answer to you, Toshiya, and C.J. are kind of similar, that on the first one, we're indexed to AI. The second, we're indexed to breakthroughs of AI. So that it can continue to consume more and more capability and more technology.

我甚至還沒有開始談論機器人技術，所有需要自動化的工廠都在取得突破，我們在自動駕駛汽車方面也看到了突破，那裡的模型確實在快速改進。因此，Toshiya，以及 C.J. 對您的答案是類似的，在第一個問題上，我們都與 AI 建立了索引。第二，我們關注人工智慧的突破。這樣它就可以繼續消耗越來越多的能力和技術。

And then the third thing that we're indexed to is the movement of workloads to the cloud. It is now possible to do rendering in the cloud, remote graphics workstations in the cloud. And NVIDIA virtual workstations is in every single cloud. You could do big data analytics in the cloud. And these applications, I've just given you a few applications where you can do scientific computing in the cloud. These applications all have fundamentally different computing architectures.

然後，我們要關注的第三件事是將工作負載轉移到雲端。現在可以在雲端進行渲染，在雲端建立遠端圖形工作站。並且 NVIDIA 虛擬工作站存在於每個雲端。您可以在雲端進行大數據分析。而這些應用程序，我剛剛給了你們一些可以在雲端進行科學計算的應用程式。這些應用程式都具有根本不同的運算架構。

NVIDIA is the only accelerated architecture that allows you to do microservices for conversational AI and other types of AI applications to scale up applications like high-performance computing, training, big data analytics to virtualize applications like workstations. Our platform is universal, and these 3 facets that I just described are supremely complex, virtualized, microservices-based and scale-up-based. And so these -- bare metal scale-up. And these are complicated, and it's one of the reasons why we bought Mellanox because they're at the core and at the intersection of all of that. The storage, the networking, the security, the virtualization, they're at the intersection of all of that. And I just described 3 dynamics that are very, very powerful and are at the early stages yet. And so those are the things that we're really indexed to.

NVIDIA 是唯一允許您為對話式 AI 和其他類型的 AI 應用程式執行微服務的加速架構，以擴展高效能運算、培訓、大數據分析等應用程序，以虛擬化工作站等應用程式。我們的平台是通用的，我剛才描述的這三個面向極為複雜，虛擬化、基於微服務和基於擴展。因此這些——裸機擴展。這些都很複雜，這也是我們收購 Mellanox 的原因之一，因為它們是所有這些的核心和交匯點。儲存、網路、安全、虛擬化，它們是所有這些的交匯點。我剛才描述了三種非常強大且尚處於早期階段的動力。這些就是我們真正關注的事情。

And then lastly, when somebody adopts -- when we introduce a new platform like Ampere, we're in the beginning of a multiyear product cycle, Ampere is such a gigantic breakthrough. It's the first universal GPU we ever created. It is both able to scale up as well as scale out, scale up as in multi GPUs, scale out is fractionalization, multi-instance GPUs. And it's -- it reduced -- it saves money, tremendous amount of money for people who use it. It speeds up their application. It reduces their TCO. Their TCO value just goes through the roof. And so we're in the beginning of this multiyear cycle and the enthusiasm has been fantastic. This is the fastest ramp we've ever had. And so we're going to keep on racing through the second half.

最後，當有人採用——當我們推出像 Ampere 這樣的新平台時，我們正處於多年產品週期的開始，Ampere 是一個巨大的突破。這是我們創造的第一個通用 GPU。它可以縱向擴展，也可以橫向擴展，縱向擴展是指多 GPU，橫向擴展是指細分、多執行個體 GPU。而且它為使用它的人節省了大量的錢。它加快了他們的申請速度。它降低了他們的 TCO。他們的 TCO 值急劇上升。因此，我們正處於這個多年周期的開始階段，人們的熱情非常高漲。這是我們有史以來最快的坡道。因此，我們將繼續努力完成下半場。

Okay. And Toshiya, you asked a question regarding our guidance going forward regarding gross margin. And within our Q3 guidance, we have just a small decline in our gross margin from Q2. Most of that is really associated with mix but also a little bit in terms of the ramping of our new Ampere architecture products that we have. So keep in mind, our data center will likely be a lower percentage of total revenue, given the strong overall gaming growth that we expect between Q2 and Q3. Within that gaming growth, keep in mind, consoles are also included, which will continue to be below our company totals average gross margin, and that is expected to be up strongly quarter-over-quarter for our overall console shipments. We're going to be ramping those new architectures over time when we have the ability to expand our gross margin as Ampere GPUs mature, too.

好的。 Toshiya，您問了一個關於我們未來毛利率指引的問題。在我們的第三季指引中，我們的毛利率僅比第二季略有下降。其中大部分確實與混合有關，但也與我們擁有的新型 Ampere 架構產品的提升有關。因此請記住，鑑於我們預計第二季和第三季之間整體遊戲業務將強勁成長，我們的資料中心佔總收入的比例可能會較低。請記住，在遊戲成長中也包含了遊戲機，其毛利率將繼續低於我們公司的整體平均毛利率，預計我們的整體遊戲機出貨量將比上一季強勁成長。隨著 Ampere GPU 的成熟，當我們有能力擴大毛利率時，我們將逐步推出這些新架構。

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。

I wanted to dig into data center a little bit. This is a question for Colette. So in the quarter, ex Mellanox, data center was up, core data center, maybe 6%, 7%. The guide looks to be roughly similar to that into Q3. Can you talk to us a little bit about what's driving the trajectory? Are you more demand or more supply limited at this point? What does your supply situation look like? And what are the lead times especially on the A100 products for data center look like at this point? Like if you have more capacity available, do you think you'd have like a stronger trajectory than you have right now?

我想稍微深入了解一下資料中心。這是問科萊特的問題。因此，在本季度，除 Mellanox 外，資料中心、核心資料中心均有所成長，大概為 6%、7%。該指南看起來與第三季的指南大致相似。您能否向我們簡單介紹一下推動這發展軌跡的因素？目前，您的需求是更多了，還是供應受限了？你們的供應情況怎麼樣？目前資料中心的 A100 產品的交貨時間是怎樣的？例如，如果您擁有更多可用容量，您是否認為您的軌跡會比現在更強？

Yes. Stacy, so thanks for the question. Let me first start on our Q3 outlook and what we're seeing. And when we think about our demand and our supply, we're very comfortable with the supply that we have. Keep in mind, our products are quite complex, and a lot of our time is spent in terms of procuring every aspect of that supply over multiple quarters previously. So that's how we work. But we are very confident with the overall supply that we have across the board in data center. Keep in mind that it's not just A100. We are continuing to sell V100 or T4. And we're also bringing new versions of the A100 coming to overall market. So I hope that helps you understand our statements on where are we at in terms of the Q3 guidance. We'll see if Jensen wants to add a little bit more to that.

是的。史黛西，謝謝你的提問。首先讓我談談我們對第三季的展望以及我們所看到的情況。當我們考慮我們的需求和供應時，我們對現有的供應感到非常滿意。請記住，我們的產品非常複雜，我們在之前的多個季度中花費了大量的時間來採購該供應的各個方面。這就是我們的工作方式。但我們對資料中心的整體供應非常有信心。請記住，它不僅僅是 A100。我們將繼續銷售 V100 或 T4。我們也將向市場推出 A100 的新版本。所以我希望這能幫助您理解我們對第三季指引的聲明。我們將看看 Jensen 是否想對此進行更多補充。

Well, when we're ramping, we sure love to have more and sooner. And -- but this is our plan, and we're executing to the plan. It is a very complicated product, as Colette mentioned. It is the most complicated.

好吧，當我們不斷增加產量時，我們當然希望能夠更快地獲得更多產量。而且——但這是我們計劃，我們正在執行該計劃。正如 Colette 所提到的，這是一個非常複雜的產品。這是最複雜的。

Got it. Got it. And just a quick follow-up. Within the data center guidance, how do you think about like the core data center sequential growth versus Mellanox?

知道了。知道了。這只是一次快速的跟進。在資料中心指導中，您如何看待核心資料中心與 Mellanox 的連續成長？

Yes. So in terms of moving from Q2 to Q3, we believe that most of the actual growth that we will receive in that single -- low single-digit to mid-single-digit growth will likely stem from NVIDIA compute, will be the largest driver of that.

是的。因此，就從第二季到第三季而言，我們相信，我們將獲得的實際成長大部分——低個位數到中個位數的成長可能源自於 NVIDIA 計算，這將是最大的驅動力。

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

您的下一個問題來自摩根士丹利的約瑟夫·摩爾。

I wonder if I could ask a longer-term question about the -- how you guys see the importance of process technology. There's been a lot of discussion around that in the CPU domain. But you guys haven't really felt the need to be first on 7 nanometer, and you've done very well. Just how important do you think it is to be early in the new process node? And how does that factor into the cycle of innovation at NVIDIA?

我想知道我是否可以問一個長期問題——你們如何看待工藝技術的重要性。 CPU 領域對此已經有很多討論。但你們並沒有真正感受到在 7 奈米技術領域的領先地位，而且你們已經做得很好了。您認為儘早進入新製程節點到底有多重要？這對 NVIDIA 的創新週期有何影響？

Yes. First of all, thanks, Joe. The process technology is a lot more complex than a number. I think people have simplified it down to almost a ridiculous level, right? And so process technology, we have a really awesome process engineering team, world-class. Everybody will recognize that it's absolutely world-class. And we work with the foundries, we work with TSMC really closely, to make sure that we engineer transistors that are ideal for us and we engineer metallization systems that's ideal for us. It's a complicated thing, and we do it at high part.

是的。首先，謝謝你，喬。製程技術比數字複雜得多。我認為人們已經將其簡化到幾乎荒謬的程度，對嗎？因此，在工藝技術方面，我們擁有一支非常棒的、世界級的工藝工程團隊。每個人都會承認它絕對是世界級的。我們與代工廠合作，與台積電密切合作，以確保我們設計出最適合我們的晶體管，並設計出最適合我們的金屬化系統。這是一件複雜的事情，我們在高層做這件事。

Then the second part of it is where architecture, where the process technology and the rest of the design process, the architecture of the chip, and the final analysis, what NVIDIA paid for, is architecture, not procurement of transistors. We're paid for architecture. And there's a vast difference between our architecture and the second best architecture and the rest of the architectures. The difference is incredible. We are easily twice the energy efficiency all the time, irrespective of the number of the -- in the transistor side. And so it must be more complicated than that. And so we put a lot of energy into that, and then the last thing I would say is that going forward, it's really about data center-scale computing. Going forward, you optimize at the data center scale. And the reason why I know this for a fact is because if you're a software engineer, you would be sitting at home right now, and you will write a piece of software that runs on the entire data center in the cloud. You have no idea what's underneath it, nor do you care. And so what you really want is to make sure that, that data center is as high throughput as possible. There are a lot of code in there.

然後第二部分就是架構在哪裡，製程製程在哪裡，其餘的設計流程在哪裡，晶片的架構在哪裡，最後分析一下，NVIDIA 花錢買的是架構，而不是電晶體的採購。我們因建築而獲得報酬。我們的架構與第二好的架構以及其他架構之間存在著巨大差異。差別令人難以置信。無論電晶體的數量有多少，我們的能源效率都可以輕鬆提高一倍。所以事情肯定比這更複雜。因此，我們為此投入了大量精力，最後我想說的是，展望未來，這實際上是關於資料中心規模的計算。展望未來，您將在資料中心規模上進行最佳化。我之所以知道這一點，是因為如果你是軟體工程師，你現在坐在家裡，編寫一個可以在雲端的整個資料中心運行的軟體。你不知道這下面是什麼，你也不在乎。因此，您真正想要的是確保資料中心的吞吐量盡可能高。裡面有很多程式碼。

And so what NVIDIA has decided to do over the years is to take our game to a new level. Of course, we start with building the world's best processors, and we use the world's best foundries, and we partnered them very closely to engineer the best process for us. We partner with the best packaging companies to create the world's best packaging. We're the world's first user of cobots. And whether it's -- I think we're -- I'm pretty sure we're still the highest volume by far of 2.5D and 3D packaging.

因此，NVIDIA 多年來一直致力於將我們的遊戲提升到一個新的水平。當然，我們從製造世界上最好的處理器開始，我們使用世界上最好的代工廠，並與他們密切合作，為我們設計最好的工藝。我們與最好的包裝公司合作，打造世界上最好的包裝。我們是世界上第一個使用協作機器人的使用者。不管怎樣——我認為我們是——我很確定我們仍然是迄今為止 2.5D 和 3D 封裝產量最高的。

And so we start from a great chip. We start from a great chip, but we don't end there. That's just the beginning for us. Now we take this thing all the way through systems, the system software, algorithms, networking, all the way up to the entire data center. And the difference is absolutely shocking. We built our data center, Selene, and it took us 4 weeks. We put up Selene in 4 weeks' time. It is the seventh fastest supercomputer in the world, one of the fastest AI supercomputers in the world. It's the most energy-efficient supercomputer in the world, and it broke every single record in MLPerf, and that kind of shows you something about the scale that we work and the complexity of the work that we do. This is the future. It's for -- the future is about data centers.

因此我們從一款出色的晶片開始。我們從一款出色的晶片開始，但我們不止步於此。對我們來說這只是一個開始。現在我們將這個東西貫穿整個系統、系統軟體、演算法、網絡，一直到整個資料中心。這種差異絕對令人震驚。我們花了四周建造了我們的資料中心 Selene。我們在四周內就把 Selene 建好了。它是世界上速度第七快的超級計算機，也是世界上速度最快的人工智慧超級電腦之一。它是世界上最節能的超級計算機，它打破了 MLPerf 的每項記錄，這在某種程度上展示了我們工作的規模和複雜性。這就是未來。這是為了——未來是關於資料中心的。

We have no further questions at this time. Jensen Huang, I turn the call back over to you.

目前我們沒有其他問題。黃仁勳，我把電話轉回給你。

Thank you. The accelerated computing model we pioneered has clearly passed the tipping point. Adopting of NVIDIA computing is accelerating. On this foundation and leveraging one architecture, we have transformed our company in 3 dimensions. First, NVIDIA is a full stack computing platform company, offering the world's most dynamic industries, the chips systems, software and libraries like NVIDIA AI to tackle their most pressing challenges. NVIDIA -- second, NVIDIA is a data center-scale company with capabilities to architect, build and operate the most advanced data centers. The data center is the new computing unit. With this capability, we can create modern data center architectures that are computer maker partners, and then scale out to the world's industry. Third, NVIDIA is a software-defined company today, with rich software content like GeForce NOW, NVIDIA virtual workstation in the cloud, NVIDIA AI and NVIDIA Drive that will add recurring software revenue to our business model.

謝謝。我們開創的加速計算模型顯然已經過了臨界點。 NVIDIA 運算的採用正在加速。在此基礎上，我們利用一個架構，從三個維度實現了公司的轉型。首先，NVIDIA 是一家全端運算平台公司，為全球最具活力的產業提供 NVIDIA AI 等晶片系統、軟體和函式庫，以應對他們最緊迫的挑戰。 NVIDIA－其次，NVIDIA 是一家資料中心規模的公司，有能力設計、建造和營運最先進的資料中心。資料中心是新的計算單元。憑藉這種能力，我們可以創建現代資料中心架構，作為電腦製造商的合作夥伴，然後擴展到全球產業。第三，NVIDIA 如今是一家軟體定義的公司，擁有豐富的軟體內容，如 GeForce NOW、雲端 NVIDIA 虛擬工作站、NVIDIA AI 和 NVIDIA Drive，這些將為我們的商業模式增加經常性軟體收入。

In the coming years, AI will revolutionize software. Robotics will automate machines, and the virtual and physical worlds will become increasingly integrated through VR and AR. Industry advancements will accelerate, and NVIDIA accelerated computing will play an important role.

未來幾年，人工智慧將徹底改變軟體。機器人技術將使機器自動化，虛擬世界和實體世界將透過 VR 和 AR 日益融合。產業進步將會加速，NVIDIA加速運算將發揮重要作用。

Our next GTC will be coming on October 5, again from my kitchen. Join me. I have some exciting developments to share with you. Thanks, everyone.

我們的下一次 GTC 將於 10 月 5 日舉行，同樣是在我的廚房舉行。加入我。我有一些令人興奮的進展想與大家分享。謝謝大家。

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。