輝達 (NVDA) 2006 Q4 法說會逐字稿

Good afternoon and thank you for holding, I would now like to turn the call over to Mr. Michael Hara, NVIDIA's Vice President of Investor Relations.

下午好，感謝您的接聽電話，我現在想將電話轉給 NVIDIA 投資者關係副總裁 Michael Hara 先生。

Thank you.

謝謝你。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Good afternoon and welcome to NVIDIA's conference call for the fourth fiscal quarter ended January 29, 2006.

下午好，歡迎參加 NVIDIA 於 2006 年 1 月 29 日結束的第四財季電話會議。

On the call today from NVIDIA are Jen-Hsun Huang, NVIDIA's President and Chief Executive Officer, and Marv Burkett, NVIDIA's Chief Financial Officer.

NVIDIA 總裁兼首席執行官黃仁勳和 NVIDIA 首席財務官 Marv Burkett 今天與 NVIDIA 通話。

Before we begin today's call I would like to take care of some general administrative items.

在我們開始今天的電話會議之前，我想先處理一些一般行政事項。

Your lines have been placed on a listen only mode until the question-and-answer segment of today's call.

在今天通話的問答部分之前，您的線路一直處於只聽模式。

This call is being recorded.

正在錄製此通話。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

Please be aware that if you decide to ask a question it will be included in both our live transmission, as well as any future use of the recording.

請注意，如果您決定提出問題，它將包含在我們的實時傳輸以及將來對錄音的任何使用中。

Also, shareholders can listen to a live webcast of today's call and view our financial release at the NVIDIA Investor Relations website.

此外，股東可以收聽今天電話會議的網絡直播，並在 NVIDIA 投資者關係網站上查看我們的財務報告。

The webcast will be available for replay until the company's conference call to discuss its financial results for the first quarter fiscal 2007.

在公司召開電話會議討論 2007 財年第一季度的財務業績之前，該網絡廣播將一直播放。

This conference call is the property of NVIDIA.

本次電話會議是 NVIDIA 的財產。

Any redistribution, retransmission, or rebroadcast of this call or any portion of it without the expressed written consent of NVIDIA is strictly prohibited, and may result in civil and criminal penalties.

未經 NVIDIA 明確書面同意，嚴禁重新分發、轉播或轉播本次通話或其任何部分，並可能導致民事和刑事處罰。

During the course of this conference call we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

Forward-looking statements, including statements as to our first quarter 2007 outlook, growth, growth drivers, investments, partnerships, acquisition of ULi, competitive position, GS3 platform, customer demand, and products and technologies pertain to future events and are subject to a number of significant risks and uncertainties.

前瞻性陳述，包括關於我們 2007 年第一季度展望、增長、增長動力、投資、合作夥伴關係、收購 ULi、競爭地位、GS3 平台、客戶需求以及與未來事件相關的產品和技術的陳述，並受制於重大風險和不確定性的數量。

The Company's actual results may differ materially from results discussed in any forward-looking statement.

公司的實際結果可能與任何前瞻性聲明中討論的結果大不相同。

For a complete discussion of factors that could affect the Company's future financial results and business, please refer to the Company's Form 10-K annual report for the fiscal year ended January 30th, 2005, quarterly reports on Form 10-Q, and the reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響公司未來財務業績和業務的因素的完整討論，請參閱公司截至 2005 年 1 月 30 日的財政年度的 10-K 表格年度報告、10-Q 表格季度報告以及向證券交易委員會提交的 8-K 表格。

All forward-looking statements are made as of the date hereof based on information available to us today.

所有前瞻性陳述均基於我們今天可獲得的信息在本協議發布之日作出。

The Company's assumes no obligation to update any such statements.

本公司不承擔更新任何此類聲明的義務。

The content of the webcast contains time sensitive information that is accurate only as of February 16, 2006.

網絡廣播的內容包含截至 2006 年 2 月 16 日準確的時間敏感信息。

Consistent with requirements under Regulation FD, we will be providing public guidance directly in the conference call, and we will be unable to provide significantly more information in off-line conversations or during the quarter.

根據 FD 條例的要求，我們將直接在電話會議中提供公共指導，並且我們將無法在離線對話中或在本季度提供更多信息。

Therefore, questions around our financial expectations should be asked during this call.

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

At the end of our remarks there will be time for your questions.

在我們的發言結束時，您將有時間提問。

In order to allow more people to ask questions, please limit yourself to one question.

為了讓更多的人提問，請把自己限制在一個問題上。

After our response we will out one follow-up question.

在我們回復後，我們將提出一個後續問題。

Before I hand the call over Jen-Hsun, I would like to take this opportunity to remind the financial community about our Analyst Day which is scheduled for March 23, 2006.

在我把電話交給仁勳之前，我想藉此機會提醒金融界有關我們定於 2006 年 3 月 23 日舉行的分析師日。

If you're interested in attending the Analyst Day please visit the Investor Relations portion of our website, www.nvidia.com to register.

如果您有興趣參加分析師日，請訪問我們網站 www.nvidia.com 的投資者關係部分進行註冊。

I will now hand the call over to Jen-Hsun.

我現在將把電話交給仁勳。

Good afternoon, and welcome to NVIDIA's fourth quarter conference call.

下午好，歡迎參加 NVIDIA 第四季度電話會議。

Today we are pleased to report record revenue of 633.6 million, and net income of $0.53 per share for our fourth quarter.

今天，我們很高興地報告第四季度的創紀錄收入為 6.336 億美元，每股淨收入為 0.53 美元。

Year-over-year fourth quarter revenue grew at 12%, and net income grew 104%.

第四季度收入同比增長 12%，淨收入增長 104%。

For the fiscal year we achieved record revenue of 2.38 billion, an increased our net income 202% year-over-year.

在本財年，我們實現了創紀錄的 23.8 億收入，淨收入同比增長 202%。

We also recorded our seventh consecutive year of profitability since going public in 1999.

自 1999 年上市以來，我們還連續第七年實現盈利。

As we entered this year we had launched the GeForce 6 Series, nForce4 MCP, and SLLI with terrific market reception.

進入今年，我們推出了 GeForce 6 系列、nForce4 MCP 和 SLLI，市場反響非常好。

Our objective during the year was to strengthen our technology leadership position of our GPU and MCP businesses, extend the reach of SLI with a broad range of compatible products, applications and games for enthusiasts, drive gross margin to historical levels, and build new products and market initiatives that will be the platform of our continued growth.

我們在這一年的目標是加強我們在 GPU 和 MCP 業務中的技術領先地位，通過為發燒友提供廣泛的兼容產品、應用程序和遊戲來擴大 SLI 的覆蓋範圍，將毛利率提高到歷史水平，並開發新產品和市場舉措將成為我們持續增長的平台。

Let me share with you some of highlights and achievements for the year.

讓我與大家分享這一年的一些亮點和成就。

Our core business grew 26% year-over-year, and more than offset the $146 million decline from Xbox revenue from the prior year.

我們的核心業務同比增長 26%，抵消了 Xbox 收入同比下降 1.46 億美元的影響。

The desktop and notebook segments of our GPU business grew more than 18% year-over-year, outgrowing the PC industry average.

我們 GPU 業務的台式機和筆記本電腦部分同比增長超過 18%，超過了 PC 行業的平均水平。

We entered the year with clear momentum, led by our top to bottom GeForce 6 family and SLI.

在我們自上而下的 GeForce 6 系列和 SLI 的帶領下，我們以明顯的勢頭進入了這一年。

With the launch of the new GeForce 7800 GTX and 7300 GS in the second half, we strengthened our position and continued to capture desktop (indiscernible) GPU share.

隨著下半年新 GeForce 7800 GTX 和 7300 GS 的推出，我們鞏固了我們的地位並繼續佔領桌面（音頻聽不清）GPU 份額。

And the first half of fiscal 2006 was also important phase for our notebook GPU.

而2006財年上半年也是我們筆記本GPU的重要階段。

With the GeForce 7 family delivering the best performance and performance per watt advantage, our notebook design win success for spring 2006 was the best in the Company's history.

憑藉 GeForce 7 系列提供最佳性能和每瓦性能優勢，我們的筆記本電腦設計在 2006 年春季贏得的成功是公司歷史上最好的。

We're now beginning to recognize the revenue growth from that design win cycle.

我們現在開始認識到該設計獲勝週期帶來的收入增長。

Our MPC revenue more than doubled from last year, and has surpassed the $100 million per quarter mark.

我們的 MPC 收入比去年增加了一倍多，並且已經超過了每季度 1 億美元的大關。

The business is still accelerating.

業務仍在加速發展。

Our strategy is to create the number one brand of core logic for high-performance computing, then leverage our leadership position to cover every single market segment served by the [unique] processors.

我們的戰略是創建高性能計算核心邏輯的第一品牌，然後利用我們的領導地位來覆蓋 [獨特] 處理器服務的每個細分市場。

In the most recent Maximum PC Magazine nForce was named the best core logic logic for both AMD, as well as Intel platforms.

在最近的 Maximum PC Magazine 中，nForce 被評為 AMD 和 Intel 平台的最佳核心邏輯邏輯。

The growth our Quadro Professional Solutions business is a reflection of the digital revolution sweeping nearly every industry, from industrial designed to industrial styling, to film, high-definition broadcast, medical image and many more -- medical imaging and many more.

我們的 Quadro 專業解決方案業務的增長反映了席捲幾乎所有行業的數字革命，從工業設計到工業造型，再到電影、高清廣播、醫學影像等等——醫學影像等等。

For fiscal 2006 our professional business grew 40% year-over-year.

2006 財年，我們的專業業務同比增長 40%。

The Quadro brand has become the benchmark of performance and compatibility for the professional industry.

Quadro 品牌已成為專業行業性能和兼容性的標杆。

Our handheld GPUs are setting the bar for multimedia experiences that is possible on a handheld device.

我們的手持式 GPU 為手持設備上的多媒體體驗樹立了標杆。

The confluence of broadband, high-density, flash storage and high-resolution displays is making it possible for us to deliver a spectacular multimedia experience on handheld devices.

寬帶、高密度、閃存和高分辨率顯示器的融合使我們能夠在手持設備上提供壯觀的多媒體體驗。

Our GoForce handheld GPUs are now shipping in the new Motorola 3G RAZR V3x and the new Sony Ericsson Walkman phones.

我們的 GoForce 手持式 GPU 現已在新的摩托羅拉 3G RAZR V3x 和新的索尼愛立信 Walkman 手機中發貨。

The RAZR V3x won the best 3G handset 2006 award this week at the 3GSM conference.

RAZR V3x 在本週的 3GSM 會議上獲得了 2006 年最佳 3G 手機獎。

SLI has defined the enthusiast category, and is now a must have feature for gamers.

SLI 定義了發燒友類別，現在是遊戲玩家必備的功能。

SLI even has its own fan club with over 6,000 members around the world, who share their experiences building and using SLI systems.

SLI 甚至擁有自己的粉絲俱樂部，在全球擁有超過 6,000 名成員，他們分享他們構建和使用 SLI 系統的經驗。

More than 3 million SLI motherboards and 9 million SLI GPUs have shipped to date.

迄今為止，已出貨超過 300 萬塊 SLI 主板和 900 萬塊 SLI GPU。

Design work of the RSX has been completed, and we have for some time the production silicon.

RSX 的設計工作已經完成，我們已經有一段時間的生產矽片了。

The PlayStation 3 demonstration at CES 2006 were a preview of the awesome power of the platform and what consumers can expect this year.

在 CES 2006 上的 PlayStation 3 演示是對平台強大功能以及消費者今年可以期待的預覽。

We announced our intent to acquire ULi Electronics, originally (indiscernible) Laboratories, one of the PC industry's most highly regarded core logic developers.

我們宣布有意收購 ULi Electronics，最初是（音頻不清晰）Laboratories，它是 PC 行業最受推崇的核心邏輯開發商之一。

The acquisition represents our ongoing investment in our platform strategies -- platform solution strategy, and is expected to strengthen our sales marketing and customer engineering presence in Taiwan and China.

此次收購代表了我們對平台戰略——平台解決方案戰略的持續投資，預計將加強我們在台灣和中國大陸的銷售營銷和客戶工程業務。

Lastly, gross margins surpassed 40%, increasing 1,260 basis points from our low point only nine quarters ago.

最後，毛利率超過 40%，比僅九個季度前的低點增加了 1,260 個基點。

We made many fundamental investments and changes in our business, and by doing so have built a new financial model for the graphics industry to follow.

我們對我們的業務進行了許多基本的投資和改變，並通過這樣做為圖形行業建立了一個新的財務模型。

We have now reset our gross margin target to the mid-40s.

我們現在已將毛利率目標重置為 40 年代中期。

Let me also highlights some of our fourth quarter fiscal 2006 results.

讓我也強調一下我們 2006 財年第四季度的一些業績。

Desktop GPU segment share increased to 51%, according to Mercury Research fourth quarter 2005 PC graphics report.

根據 Mercury Research 2005 年第四季度 PC 圖形報告，桌面 GPU 市場份額增加到 51%。

We started production of nForce 4 SLI SE and nForce 4 Ultra for the Intel platforms.

我們開始為英特爾平台生產 nForce 4 SLI SE 和 nForce 4 Ultra。

This is our first discrete chipset targeted at mainstream Intel-based motherboards.

這是我們第一款針對主流英特爾主板的獨立芯片組。

NForce's quarterly revenue increased 83% year-over-year, and has achieved record revenue for six consecutive quarters.

NForce 的季度收入同比增長 83%，連續六個季度實現創紀錄的收入。

Dell and NVIDIA showcased the first-ever Quad SLI PC, the Dimension XPS Renegade at the Consumer Electronics Show 2006, and earned the best the CES 2006 award for gaming.

戴爾和 NVIDIA 在 2006 年消費電子展上展示了首款 Quad SLI PC，Dimension XPS Renegade，並獲得了 2006 年 CES 最佳遊戲獎。

The Quadro workstation product line increased its revenue 42% from the fourth quarter of fiscal 2005, and again achieved record revenues.

Quadro 工作站產品線的收入比 2005 財年第四季度增加了 42%，並再次實現了創紀錄的收入。

NVIDIA introduced three new notebook GPUs, the GeForce Go 7800, the GeForce Go 7600, and the GeForce Go 7400 with leading Tier 1 and system builders worldwide.

NVIDIA 與全球領先的一級和系統製造商一起推出了三款新的筆記本 GPU，即 GeForce Go 7800、GeForce Go 7600 和 GeForce Go 7400。

NVIDIA announced that Quadro Professional Graphics will offer Adobe users direct GPU acceleration capabilities that dramatically increase application performance, and video editing workflow for Adobe Product Studio.

NVIDIA 宣布 Quadro Professional Graphics 將為 Adobe 用戶提供直接 GPU 加速功能，可顯著提高應用程序性能，以及 Adobe Product Studio 的視頻編輯工作流程。

As a member of the Adobe OpenHD Alliance, NVIDIA is working with Adobe in the industry to develop tools and technology that enhance the productivity of HD video creation.

作為 Adobe OpenHD 聯盟的成員，NVIDIA 正與業內的 Adobe 合作開發可提高高清視頻創作效率的工具和技術。

And finally this week at the 3GS [SAN] conference in Spain, we unveiled a GoForce 5500 handheld GPU, the industry's first handheld GPU to enable DVD quality video, full H.264 processing for fluid digital television, high fidelity surround sound, rapid multishot photography, and console-class 3D graphics.

最後，在本週在西班牙舉行的 3GS [SAN] 會議上，我們推出了 GoForce 5500 手持 GPU，這是業界首款支持 DVD 質量視頻、用於流體數字電視的全 H.264 處理、高保真環繞聲、快速多鏡頭的手持 GPU攝影和控制台級 3D 圖形。

Phones based on the GoForce 5500 handheld GPU are expected to be available from key handset set manufactures before the 2006 holiday season.

基於 GoForce 5500 手持式 GPU 的手機預計將在 2006 年假日季節之前從主要手機製造商處獲得。

Let me turn the call over to Marv to discuss our financial results in more detail.

讓我把電話轉給 Marv，以更詳細地討論我們的財務業績。

I will return to discuss our progress and outlook.

我會回來討論我們的進展和展望。

I would like to start with some comments about the P&L for the fourth quarter and then move onto the balance sheet.

我想先對第四季度的損益表發表一些評論，然後再談資產負債表。

Finally, I will give an outlook for Q1.

最後，我將給出 Q1 的展望。

On the P&L revenue for the quarter was 633.6 million, which is up 8.6%, or $50 million from the third quarter, and up 12% from the prior year.

該季度的損益表收入為 6.336 億美元，比第三季度增長 8.6%，即 5000 萬美元，比去年同期增長 12%。

The largest increase was in the MCT where sales grew 27% quarter over quarter.

增幅最大的是 MCT，銷售額環比增長 27%。

We also had increases in workstation and handheld products.

我們還增加了工作站和手持產品。

Year-over-year MCPs sales were up 83%, which more than offset the lost Xbox revenue.

MCP 銷售額同比增長 83%，這足以抵消 Xbox 收入的損失。

Gross margins continued to increase, and in the quarter reached for 40.2%, which is the highest since Q3 of fiscal year 2000.

毛利率持續增長，本季度達到 40.2%，為 2000 財年第三季度以來的最高水平。

Again, there was no single factor that led to this improvement.

同樣，沒有單一因素導致這種改進。

There was a broad range of process improvements, and we improved margins in several product areas.

我們對流程進行了廣泛的改進，我們提高了幾個產品領域的利潤率。

Year-over-year gross margins improved by 600 basis points.

毛利率同比提高 600 個基點。

Operating expenses were 142.6 million, relatively flat with Q3 when you consider that Q3 included a settlement cost charge of 14.2 million.

營業費用為 1.426 億，與第三季度相對持平，考慮到第三季度包括 1420 萬的結算成本費用。

We got the benefit of the vacations and holidays that are usually taken in the fourth quarter, but we continued to hire.

我們得到了通常在第四季度放假的好處，但我們繼續招聘。

We added 143 employees in the fourth quarter, and our year ending headcount was 2,737.

我們在第四季度增加了 143 名員工，年終員工人數為 2,737 人。

Depreciation and amortization was 23.8 million, as compared to 24.5 in Q3, and was 98 million for the year.

折舊和攤銷為 2380 萬，而第三季度為 24.5，全年為 9800 萬。

Capital expenditures were 23.4 million in the quarter and $80 million for the year.

本季度資本支出為 2340 萬美元，全年為 8000 萬美元。

The tax rate was 16% for the quarter and for the year.

本季度和本年度的稅率為 16%。

We repatriated approximately 420 million of foreign earnings under the American Jobs Creation Act, but the increased tax expense associated with this was offset by the taxes we had previously see provided on these foreign earnings.

根據《美國就業創造法案》，我們匯回了大約 4.2 億的外國收入，但與此相關的增加的稅收費用被我們之前看到的對這些外國收入提供的稅收所抵消。

Also in the quarter we repurchased $50 million of stock at an average cost of $36.89.

同樣在本季度，我們以 36.89 美元的平均成本回購了 5000 萬美元的股票。

The net result was earnings of 98 million or $0.53 per share in the quarter and 303 million or $1.65 for the year

最終結果是本季度收益 9800 萬美元或每股 0.53 美元，全年收益 3.03 億美元或 1.65 美元

On the balance sheet, cash jumped up to 950 million, as we had operating cash flow in the quarter of 236 million.

在資產負債表上，現金躍升至 9.5 億，因為我們在該季度的經營現金流為 2.36 億。

In addition to the earnings and depreciation, we reduced accounts receivable by 34 million, and reduced inventory by 30 million.

除盈利和折舊外，我們減少應收賬款3400萬，減少庫存3000萬。

The accounts receivable was reduced by a combination of good collections and more linearity of our shipments during the quarter.

應收賬款由於收款良好和本季度發貨的線性度增加而減少。

DSO in the quarter was 45.7 days, down from 54.9 in the previous quarter.

本季度的 DSO 為 45.7 天，低於上一季度的 54.9 天。

The inventory reduction was the result of significant reductions in older products, offset by an increase in new yet to be announced products.

庫存減少是由於舊產品顯著減少，但尚未公佈的新產品增加所抵消。

Days sales and inventory for the quarter was 61 days, down from 73 last quarter.

本季度的銷售和庫存天數為 61 天，低於上一季度的 73 天。

Accounts Payable was flat quarter to quarter.

應付賬款季度與季度持平。

On the outlook, the first quarter for the PC industry is usually slightly down from the fourth quarter.

展望未來，PC 行業的第一季度通常比第四季度略有下降。

For us we believe this seasonal weakness will be more than offset by growth in MCP products and in our notebook GPU business.

對我們而言，我們認為這種季節性疲軟將被 MCP 產品和筆記本 GPU 業務的增長所抵消。

Also we had previously anticipated that Q1 would show a reduction in the non-recurring engineering associated with Sony.

此外，我們之前曾預計第一季度與索尼相關的非經常性工程將有所減少。

However, because of follow on contracts, we do not anticipate any reduction.

然而，由於合同的後續，我們預計不會有任何減少。

We expect to complete the acquisition of ULi in the near future, and this may add as much as 10 million in revenue for the quarter.

我們預計將在不久的將來完成對 ULi 的收購，這可能會為本季度增加多達 1000 萬的收入。

When you put all of this together, we expect revenue will increase 3 to 6% in the quarter.

當你把所有這些放在一起時，我們預計本季度的收入將增長 3% 到 6%。

We continue to work on improving gross margins, and this work is far from complete.

我們繼續致力於提高毛利率，而這項工作還遠未完成。

We believe we can continue to improve margins in the first quarter, and the magnitude of that improvement could be as much as 50 to 100 basis points.

我們相信我們可以在第一季度繼續提高利潤率，這種提高幅度可能高達 50 到 100 個基點。

We do not anticipate any Sony royalties in the first quarter.

我們預計第一季度不會有任何索尼版稅。

After many quarters of over estimating operating expenses, I truly believe operating expenses will increase in the first quarter.

在高估了多個季度的運營費用之後，我真的相信第一季度的運營費用會增加。

We will add the operating cost of the ULi acquisition, along with the revenue, and we will not get the benefit of the vacations and holidays that were taken in the fourth quarter.

我們將加上收購 ULi 的運營成本以及收入，我們不會從第四季度的假期和假期中受益。

This, together with the headcount additions we have made, should cause operating expenses to increase by 5 to 10% from the fourth quarter.

加上我們增加的員工人數，應該會導致運營費用比第四季度增加 5% 到 10%。

The first quarter will also be the first time we include stock option expenses in our results.

第一季度也將是我們首次將股票期權費用納入業績。

We anticipate that the expense will be approximately $20 million in the quarter.

我們預計本季度的費用將約為 2000 萬美元。

The tax rate will be affected by the option expensing, but the anticipated tax rate without option expensing would be 16%, plus or minus a percent.

稅率將受到期權費用的影響，但沒有期權費用的預期稅率將為 16%，正負一個百分點。

When you include option expensing, the tax rate could be lower.

當您包括期權費用時，稅率可能會更低。

With that I will turn it back over to Jen-Hsun.

有了這個，我會把它交給仁勳。

Fiscal 2006 was a milestone year for NVIDIA.

2006 財年對於 NVIDIA 來說是具有里程碑意義的一年。

Because of the growth initiatives that we set in motion last year, we're well-positioned to have another strong year.

由於我們去年啟動的增長計劃，我們已做好準備迎接又一個強勁的一年。

Let me outline our key growth drivers.

讓我概述一下我們的主要增長動力。

Growth in desktop GPU will be driven by share gains, Microsoft Windows Vista, and the introduction HD and Blu-ray DVD.

桌面 GPU 的增長將受到份額增長、Microsoft Windows Vista 以及 HD 和藍光 DVD 的推出的推動。

We will continue to rollout our 90 nanometer GeForce MX Family over the next few months, and expect to extend our technology and performance leadership from an already strong position.

在接下來的幾個月裡，我們將繼續推出我們的 90 納米 GeForce MX 系列，並期望在已經很強大的基礎上擴大我們的技術和性能領先地位。

Windows Vista represents the most significant OS transition in the history of the PC, and delivering a new experience built on top of modern GPUs, translucent glass, light compositing and animations.

Windows Vista 代表了 PC 歷史上最重要的操作系統轉換，並提供了建立在現代 GPU、半透明玻璃、燈光合成和動畫之上的全新體驗。

This experience will be available only to users on machines that have sufficient GPU processing power.

此體驗僅適用於具有足夠 GPU 處理能力的計算機上的用戶。

According to a recent report by Jon Peddie, 50% of the computers in use can't run Vista Glsss.

根據 Jon Peddie 最近的一份報告，50% 的正在使用的計算機無法運行 Vista Glsss。

We expect this to increase GPU adoption.

我們預計這將增加 GPU 的採用率。

2006 will also be the year of high-definition video.

2006年也將是高清視頻之年。

Sony PlayStation 3 will drive Blu-ray and HD video into the world.

索尼 PlayStation 3 將把藍光和高清視頻推向世界。

We expect Blu-ray and HD to drive increased demand for the video costs and capabilities of our next generation GPUs.

我們預計藍光和高清將推動對我們下一代 GPU 的視頻成本和功能的需求增加。

Growth in notebook GPU.

筆記本 GPU 的增長。

The GeForce 7 delivers the best performance and performance per watt advantage.

GeForce 7 提供最佳性能和每瓦性能優勢。

Our design win success for the spring 2006 Napa Refresh was the best in our Company's history.

我們的設計贏得了 2006 年春季 Napa Refresh 的成功，這是我們公司歷史上最好的。

By at the end of the year our notebook segment share is expected to more than double.

到今年年底，我們的筆記本電腦市場份額預計將增加一倍以上。

Growth in our professional solutions business will be driven by the demand for HD content creation, HD video editing and broadcast.

我們專業解決方案業務的增長將受到對高清內容創作、高清視頻編輯和廣播的需求的推動。

Growth in MCP will be driven by continued share gains in AMD Server, workstation, desktop and notebook.

MCP 的增長將受到 AMD 服務器、工作站、台式機和筆記本電腦市場份額持續增長的推動。

In addition with our first ever mainstream Intel nForce 4 MCP we have expanded our addressable market.

除了我們的首款主流 Intel nForce 4 MCP 之外，我們還擴大了我們的潛在市場。

Growth driven by Sony PlayStation 3, as I mentioned previously, we have had production silicon for some time.

正如我之前提到的，由索尼 PlayStation 3 推動的增長，我們已經生產了一段時間的芯片。

Growth in 3G multimedia.

3G 多媒體的增長。

Our GoForce handheld GPU business continues to make great progress.

我們的 GoForce 手持 GPU 業務繼續取得巨大進展。

Our strategy is to build a new class of ultra low power GPUs for multimedia rich devices like 3G cell phones, smart phones, and portable media players.

我們的戰略是為多媒體豐富的設備（如 3G 手機、智能手機和便攜式媒體播放器）構建新型超低功耗 GPU。

This week with the announcement of our GoForce 5500, we're enabling DVD resolution digital TV on cell phones for the first time.

本週隨著我們 GoForce 5500 的發布，我們首次在手機上啟用 DVD 分辨率數字電視。

According to industry researcher, Yankee Group, the market for mobile video is expected to reach $2 billion by 2008. [Mark Elmenrez] of ITD recently said, high-quality multimedia services are a key revenue driver for the world's carriers and content providers.

據行業研究機構 Yankee Group 稱，到 2008 年，移動視頻市場預計將達到 20 億美元。ITD 的 [Mark Elmenrez] 最近表示，高質量的多媒體服務是全球運營商和內容提供商的主要收入來源。

And we believe we will see significant uptake of these services in 2006.

我們相信，我們將在 2006 年看到這些服務的大量使用。

Companies like NVIDIA whose products deliver compelling and tangible improvements to the overall end-user experience of these new services are well placed to take advantage of this surge in demand.

像 NVIDIA 這樣的公司，其產品為這些新服務的整體最終用戶體驗提供了引人注目且切實的改進，可以很好地利用這一需求激增的優勢。

Not only is the 5500 the most advanced handheld GPU ever built, it is our first that will scale to mainstream segments.

5500 不僅是有史以來最先進的手持式 GPU，而且還是我們首款可擴展到主流細分市場的 GPU。

With the 5500 architecture, we will serve both the 3G as well as the 2.5 G markets.

憑藉 5500 架構，我們將同時服務於 3G 和 2.5 G 市場。

With more growth drivers than ever this year, it is setting up to be another year of strong growth.

今年的增長動力比以往任何時候都多，這將是又一個強勁增長的一年。

At this point we would be happy to take your questions.

在這一點上，我們很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Mark Edelstone with Morgan Stanley.

摩根士丹利的馬克·埃德爾斯通。

Another great quarter.

另一個很棒的季度。

I had just three very brief questions, if I could.

如果可以的話，我只有三個非常簡短的問題。

One, Marv, in the other income in the quarter it was down more than I would have thought.

一，Marv，在本季度的另一項收入中，它的下降幅度超出了我的想像。

Is there some charge that took place there?

那裡發生了一些指控嗎？

And then when you guys expect PlayStation 3 royalties to begin?

然後你們什麼時候開始期待 PlayStation 3 版稅？

Yes, there was a slight charge there.

是的，那裡有輕微的費用。

As we repatriated the cash from the foreign subsidiary under the Jobs Creation Act, we had to liquidate some investments.

當我們根據《創造就業法》從外國子公司匯回現金時，我們不得不清算一些投資。

And based on the fact that interest rates have gone up, when you liquidated those investments you incurred a slight loss.

基於利率上升的事實，當您清算這些投資時，您會遭受輕微損失。

But in the whole scheme of things it was small.

但在整個計劃中，它很小。

Great.

偉大的。

And PlayStation 3 royalties, when would you expect that to first hit the P&L?

還有 PlayStation 3 的版稅，你預計什麼時候會首先達到損益表？

We haven't -- we're being rather cautious about what we say about PlayStation 3 simply because PlayStation Street is not our product.

我們沒有——我們對我們所說的 PlayStation 3 持相當謹慎的態度，僅僅是因為 PlayStation Street 不是我們的產品。

It is Sony's product.

這是索尼的產品。

And the only thing that I can help you with is that we are completed with our RSX design work, and we have production silicon in hand.

我唯一可以幫助您的是我們完成了 RSX 設計工作，並且我們手頭有生產矽片。

At this point it is up to Sony and their aggressive march towards the marketplace.

在這一點上，這取決於索尼及其對市場的積極進軍。

Fair enough.

很公平。

Just a last question, can you give us a general sense as to where the notebook business is in terms of GPUs on a percent of revenue basis here in the fourth quarter?

最後一個問題，您能否大致了解一下第四季度筆記本電腦業務在 GPU 方面佔收入的百分比？

It is north of 5% slightly.

略高於 5%。

Thanks a lot guys.

非常感謝你們。

Nice job.

不錯的工作。

Simona Jankowski with Goldman Sachs.

高盛的西蒙娜·揚科夫斯基。

First question just quickly is, can you comment on what percent of your desktop GPUs are based on the Series 7, and similarly for your notebook GPU's?

很快第一個問題是，您能否評論一下您的台式機 GPU 有多少百分比基於 Series 7，同樣適用於您的筆記本 GPU？

Small in the fourth quarter.

第四節小。

You're referring to the fourth quarter, I take it?

你指的是第四季度，我知道嗎？

Yes, both for the desktop and for the notebooks.

是的，適用於台式機和筆記本電腦。

It is small but growing very, very rapidly.

它很小，但增長非常非常迅速。

In the desktop it is probably -- I don't know -- 20%.

在桌面上它可能是——我不知道——20%。

In notebook it is higher than that.

在筆記本中它比這更高。

And then the second one is on the Sony revenue.

然後第二個是關於索尼的收入。

Did you say how much it was in the quarter?

你說這個季度多少錢？

I may have missed it.

我可能錯過了。

And also, if you're going to beginning license revenues this current quarter?

此外，如果您要在本季度開始獲得許可收入？

The answer to the second one, were we going to be getting license revenue, yes, absolutely.

第二個問題的答案是，我們是否會獲得許可收入，是的，絕對如此。

The license revenue is a fixed amount for most of -- through this year.

到今年為止，大部分時間的許可收入都是固定的。

So we will get that.

所以我們會得到它。

The amount of revenue for Sony in the fourth quarter was on the order of $20 million, which includes license as well as NRE.

索尼第四季度的收入約為 2000 萬美元，其中包括許可和 NRE。

Michael McConnell with Pacific Crest Securities.

邁克爾·麥康奈爾（Pacific Crest Securities）。

Looking at the MCP business, could you give us an idea about what you expect that business to grow in fiscal '07 year-over-year?

看看 MCP 業務，您能否給我們一個關於您期望該業務在 07 財年同比增長的想法？

And what is the drive behind the exceptional growth you're seeing in that business?

您在該業務中看到的異常增長背後的驅動力是什麼？

As you know, the way I think about our MCP business is this, we're really the only Company in the world that serves every single segments of the AMD market.

如您所知，我對我們的 MCP 業務的看法是，我們確實是世界上唯一一家服務於 AMD 市場各個細分市場的公司。

We're the only Company that provides SLI for the AMD platform.

我們是唯一一家為 AMD 平台提供 SLI 的公司。

We are the only Company that -- we're clearly the Company that is recognized with the best technology for the AMD platform.

我們是唯一一家——我們顯然是公認的擁有 AMD 平台最佳技術的公司。

And this year -- I guess this quarter was our first quarter where we entered into the integrated graphics marketplace again.

今年——我想這個季度是我們再次進入集成顯卡市場的第一季度。

And we had invested a great deal of time to create an architecture that is both high-performance but extremely low cost, because as you know integrated graphics is rather price competitive.

而且我們投入了大量時間來創建一種高性能但成本極低的架構，因為正如您所知，集成顯卡在價格上具有相當的競爭力。

And so this is the first time where we have now been able to address every single segment from notebook to desktop to workstation to servers.

因此，這是我們第一次能夠解決從筆記本電腦到台式機到工作站再到服務器的每一個細分市場。

And the number of AMD CPUs that are going to be shipped in the marketplace is pretty significant next year.

明年將在市場上銷售的 AMD CPU 數量相當可觀。

I think the integrated marketplace alone was predicted to be about 25 million units next year.

我認為僅集成市場一項預計明年將達到約 2500 萬台。

My expectation is that we should capture a majority of that.

我的期望是我們應該抓住其中的大部分。

And so how big can our core logic business be?

那麼我們的核心邏輯業務能有多大呢？

Pretty sizable.

相當可觀。

My expectation is that it will continue to be the fastest growing business by absolute amounts -- absolute dollars.

我的期望是，按絕對金額計算，它將繼續成為增長最快的業務——絕對金額。

And can we double it this year?

今年我們能翻倍嗎？

Probably.

大概。

I think the long-term of it of course is that we're going to continue to bring new ideas to that marketplace.

我認為從長遠來看，我們將繼續為該市場帶來新的想法。

But we are also going to invest more into the Intel mainstream marketplace as we recently rolled out our first mainstream product by Intel.

但我們也將在英特爾主流市場投入更多資金，因為我們最近推出了英特爾的第一款主流產品。

So anyways, I think the net net of it all is that this is going to be very important growth product for us.

所以無論如何，我認為這一切的最終結果是這對我們來說將是非常重要的增長產品。

From a strategic perspective it is really important, because more and more of the capabilities of a PC really involve the core logic.

從戰略的角度來看，它確實很重要，因為越來越多的 PC 功能真正涉及到核心邏輯。

And so products like SLI -- capabilities like SLI really aren't possible unless you simultaneously design the core logic, the GPU, the software, as well as of all the marketing that goes behind bringing this type of capability into the marketplace.

所以像 SLI 這樣的產品——除非你同時設計核心邏輯、GPU、軟件，以及將這種能力推向市場的所有營銷，否則像 SLI 這樣的功能真的是不可能的。

It seems like SLI and others that were in the process of developing are going to require a lot of core logic expertise.

看起來 SLI 和其他正在開發的產品將需要大量的核心邏輯專業知識。

Maybe on the gross margin side and the effect of this growth that MCP has, with your targets of 45% by the end of fiscal '07, how should we think of MCP in relation to the target?

也許在毛利率方面和 MCP 的這種增長的影響，到 07 財年末您的目標是 45%，我們應該如何看待與目標相關的 MCP？

Some people are concerned that this will weigh against the gross margin line.

有些人擔心這會影響毛利率。

So if you could talk about that a little bit that would be great.

所以，如果你能談談那一點，那就太好了。

I think all businesses need to do several things simultaneously.

我認為所有企業都需要同時做幾件事。

You need to grow your top line.

你需要增加你的收入。

You need to grow your bottom line.

你需要增加你的底線。

And you need to grow you're strategic influence on the marketplace.

你需要增加你在市場上的戰略影響力。

And we have multiple business drivers in our Company, and not every single one of them can simultaneously solve all three.

而且我們公司有多個業務驅動因素，並不是每一個都可以同時解決所有三個問題。

And in the case of core logic, it is going to contribute to the top line.

在核心邏輯的情況下，它將為收入做出貢獻。

Its gross margins are slightly behind our corporate average, but it is not so poor that it drags it significantly.

它的毛利率略低於我們的企業平均水平，但並沒有那麼差，以至於顯著拖累了它。

And then lastly the strategic impact of a strong core logic I think is very important.

最後，我認為強大的核心邏輯的戰略影響非常重要。

I think overall we're still comfortable with -- we still believe that we are going to hit mid 40s target, and the whole Company is working towards getting there.

我認為總的來說我們仍然感到滿意——我們仍然相信我們將達到 40 年代中期的目標，整個公司都在努力實現這一目標。

Sidney Ho with Merrill Lynch.

Sidney Ho 與美林證券。

Just to follow-up with the MCP question.

只是為了跟進 MCP 問題。

You said the margins -- first of all, for Q4 do you say it is up 27% quarter over quarter in terms of revenue?

您說的是利潤率——首先，您是否說第四季度的收入環比增長了 27%？

Yes.

是的。

Okay.

好的。

How much of that revenue is coming from the SLI chipsets, if you could give that?

如果可以的話，有多少收入來自 SLI 芯片組？

The quick answer is we don't know.

快速的回答是我們不知道。

Let me ask another question related to that.

讓我問另一個與此相關的問題。

In terms of -- well, you had pretty good growth last quarter.

就 - 好吧，你上個季度的增長相當不錯。

Margins are okay, but if you look at Q3 your offering margin for that business is around 5%.

利潤率還可以，但如果您查看第三季度，您對該業務的發行利潤率約為 5%。

I assume that number has gone up this quarter because of higher revenue.

我認為由於收入增加，這個數字本季度有所上升。

What revenue run rate do you think that business needs to do to generate say like 15% margin?

您認為企業需要什麼收入運行率才能產生 15% 的利潤率？

We passed it.

我們通過了。

Satya Chillara with American Technology Research.

Satya Chillara 與美國技術研究。

Can you comment on the WMP business for fiscal '07, what did you guys do for your fiscal Q4?

您能否評論一下 07 財年的理財產品業務，你們為第四財季做了什麼？

Did you want to answer the second part first, and then I will answer the 2007?

要不要先回答第二部分，然後我再回答2007？

The WMP business for Q4 was in the $25 million range.

第四季度的理財產品業務在 2500 萬美元範圍內。

My expectation is that 2007 ought to be much larger.

我的期望是 2007 年應該會更大。

I think -- we have always felt that the handheld marketplace was going to go through a bit of a revolution when broadband, when storage, when high-resolution displays emerged as a capability on handheld devices.

我認為——當寬帶、存儲、高分辨率顯示器成為手持設備的一項功能時，我們一直認為手持市場將經歷一場革命。

All of a sudden these devices have become powerful digital devices.

突然之間，這些設備變成了強大的數字設備。

And we know what it is capable of doing given the state of technology.

鑑於技術狀況，我們知道它能夠做什麼。

So we have always felt that if the technology were to come together it would create a market for GPUs.

所以我們一直認為，如果這項技術能夠融合在一起，它將為 GPU 創造一個市場。

And the GPUs when combined with the availability of multimedia content would create quite a nice market for us.

GPU 與多媒體內容的可用性相結合，將為我們創造一個相當不錯的市場。

We are seeing all kinds of excitement around our GPUs around the marketplace.

我們在市場上看到圍繞我們的 GPU 的各種興奮。

And the design win momentum is very exciting for us.

設計獲勝的勢頭對我們來說非常令人興奮。

My expectation is that we're going to continue to grow with the 3G market this year.

我的預期是，今年我們將繼續與 3G 市場一起增長。

We're going to grow because more and more cell phone vendors are incorporating GPUs, so that they can process the multimedia content.

我們將繼續增長，因為越來越多的手機供應商正在整合 GPU，以便他們可以處理多媒體內容。

We also for the first time are going to create a mainstream segment of our GPUs to go after 2.5 G. And we already have very exciting design wins behind us.

我們還將首次創建我們的 GPU 的主流部分以追求 2.5 G。我們已經獲得了非常令人興奮的設計勝利。

I think this business is going to be one of our most exciting growth businesses.

我認為這項業務將成為我們最令人興奮的增長業務之一。

As we go into the year, we will expand our offering to include smart phones and portable media players.

隨著我們進入這一年，我們將擴大我們的產品範圍，包括智能手機和便攜式媒體播放器。

And as you can imagine all of these segments are very exciting growth segments.

正如你可以想像的那樣，所有這些細分市場都是非常令人興奮的增長細分市場。

On this do you think the business -- at this point do you have good visibility or is it still going to be lumpy the entire year?

在這一點上，您認為業務 - 在這一點上您是否具有良好的知名度，還是全年仍然會變得崎嶇不平？

I don't mind -- I don't really mind its lumpiness as much as most people do.

我不介意——我並不像大多數人那樣介意它的凹凸不平。

The lumpiness comes from the fact that cell phones tend to be lumpy businesses.

塊狀來自於手機往往是塊狀的業務這一事實。

It just so happens at there is 700 million cell phone sold.

恰巧有7億部手機售出。

So that the lumpiness -- well, it is still pretty lumpy actually, even at 700 million units.

所以這個塊狀——嗯，它實際上仍然相當塊狀，即使是 7 億個單位。

It is a very seasonal business.

這是一個非常季節性的業務。

The visibility comes from these design wins.

知名度來自這些設計的勝利。

I know what designs that went in, and I know we are working with.

我知道裡面有什麼設計，我知道我們正在合作。

And so the visibility from that perspective is quite good.

因此，從這個角度來看，能見度非常好。

So the design win perspective is very good.

所以設計取勝視角非常好。

The lumpiness comes from the seasonality in the business.

塊狀來自業務的季節性。

And my expectation is that it won't go away anytime soon.

我的期望是它不會很快消失。

And it is also not an issue by the way.

順便說一句，這也不是問題。

I'm not too worried about it at all.

我一點也不擔心。

Rick Schafer from CIBC World Markets.

來自 CIBC 世界市場的 Rick Schafer。

This is actually Dan Morris calling for Rick.

這實際上是丹·莫里斯在召喚瑞克。

Thanks for taking my question.

感謝您提出我的問題。

I meant to ask you a follow-up question on the notebook.

我的意思是在筆記本上問你一個後續問題。

Maybe if you could comment on what your expectations are for notebook in 2007.

如果您可以評論一下您對 2007 年筆記本電腦的期望。

I think you are getting pretty good traction there.

我認為你在那裡得到了很好的牽引力。

And also to what you might attribute that momentum?

以及您可能將這種勢頭歸因於什麼？

One of the things that we know about the notebook business is that architectural efficiency is everything.

我們對筆記本業務的了解之一是架構效率就是一切。

This is the business where having the highest performance architecture and having the highest performance per unit energy expanded per watt -- and you have heard the CPU vendors talk endlessly about per watt for this very reason.

這是具有最高性能架構和最高性能的每單位能量每瓦特擴展的業務——您已經聽到 CPU 供應商無休止地談論每瓦特。

The notebook market, obviously the notebook itself has a constrained thermal budget and a constrained electrical budget, and so it is important that you have the most efficient architecture.

筆記本市場，顯然筆記本本身的熱預算和電氣預算都受到限制，因此擁有最高效的架構很重要。

Using brute force just simply doesn't work in the notebook market.

使用蠻力在筆記本市場根本行不通。

We know that the GeForce 7 has the highest performance and the highest performance per watt of any GPUs out there.

我們知道 GeForce 7 具有最高的性能和最高的每瓦性能 GPU。

And so inherently it is going to be a better GPU for notebooks.

因此從本質上講，它將成為筆記本電腦更好的 GPU。

And we are seeing the adoption of it as a result.

因此，我們看到了它的採用。

The second thing is this year of course you're going to have HD DVD and Blu-ray introduced later on in the year.

第二件事是今年你當然會在今年晚些時候推出 HD DVD 和藍光。

And so that is going to increase adoption of GPUs.

因此，這將增加 GPU 的採用率。

You're going to see the adoption of Vista later in the year.

您將在今年晚些時候看到 Vista 的採用。

That is going to drive adoption of GPUs.

這將推動 GPU 的採用。

So I think that this year we're going to benefit from having, number one, a far more competitive architecture.

所以我認為今年我們將受益於擁有第一，更具競爭力的架構。

Number two, our design win momentum is already very strong.

第二，我們的設計獲胜勢頭已經非常強勁。

And number three, which will benefit all the GPUs suppliers, is Vista and high-definition video desktop to drive GPU adoption.

第三，將使所有 GPU 供應商受益的是 Vista 和高清視頻桌面，以推動 GPU 的採用。

And so my sense is that our notebook business is going to do quite well this year.

所以我的感覺是，我們的筆記本電腦業務今年會做得很好。

Krishna Shankar of JMP Securities.

JMP 證券公司的 Krishna Shankar。

Congratulations on a good quarter.

祝賀一個好季度。

Marv, for your fiscal '06 as a whole, can you just give us an approximate breakdown of revenues between desktop discrete, desktop notebook and MCPs can you give us what revenue is there for the year fiscal '06?

Marv，就您的 06 財年整體而言，您能否向我們提供台式機離散、台式筆記本電腦和 MCP 之間的收入的大致細分，您能否告訴我們 06 財年的收入是多少？

Why don't we do that off-line.

我們為什麼不離線進行。

Why don't give me a call after this and I will talk to you.

這之後為什麼不給我打電話，我會和你談談。

Then in terms of the high-end graphics market can you talk a little bit about the competitive landscape there?

那麼關於高端顯卡市場，您能談談那裡的競爭格局嗎？

Do you folks see yourselves strengthening and widening your lead in high-end desktop graphics, or do you see the competitive environment getting a little more vigorous going forward there into calendar '06?

你們是否認為自己正在加強和擴大在高端桌面圖形方面的領先優勢，或者您是否認為競爭環境在 06 年日曆前變得更加活躍？

Well, let me see, GeForce 6 was -- we took the crown on GeForce 6.

好吧，讓我看看，GeForce 6 是——我們在 GeForce 6 上奪冠。

We then introduced GeForce 7 and 7800.

然後我們介紹了 GeForce 7 和 7800。

And I guess I don't have anything to announce today.

我想我今天沒有什麼要宣布的。

But I think the buzz around the industry is that we have something to announce soon, which would be pretty exciting.

但我認為這個行業的嗡嗡聲是我們很快就會宣布一些事情，這將是非常令人興奮的。

And my expectation is that the high-end marketplace is really about technology leadership.

我的期望是高端市場真的是技術領先。

It is really about the ability to produce the products.

這實際上與生產產品的能力有關。

And it is also about SLI.

它也與 SLI 有關。

And when I think that -- I don't think it is a surprise to you if I told you that the majority of the world's game enthusiasts have SLI in their system.

當我想到這一點時——如果我告訴你世界上大多數遊戲愛好者的系統中都有 SLI，我認為你不會感到驚訝。

And SLI is really only available from us.

SLI 真的只有我們可以提供。

And so the next generation GPU will also have SLI backwards compatible.

因此下一代 GPU 也將向後兼容 SLI。

And we are expecting performance to be obviously very good.

我們預計性能顯然非常好。

So I think that the marketplace has really changed since the introduction of SLI.

所以我認為自從引入 SLI 以來，市場確實發生了變化。

You really need to have high-end motherboards and high-end core logic like nForce SLI.

你真的需要像 nForce SLI 這樣的高端主板和高端核心邏輯。

You need to have high-end GPUs.

您需要擁有高端 GPU。

And you need to be able to combine the two so that you can deliver the type of performance that enthusiasts demand.

您需要能夠將兩者結合起來，以便提供發燒友所需的性能類型。

Hans Mosesmann with Moors & Cabot.

Hans Mosesmann 與 Moors & Cabot。

If you could go back to performance per watt subject, what kind of advantages do you expect have, or can you quantify your advantages in the performance per watt arena, at least the notebook in calendar 2006?

如果您可以回到每瓦性能主題，您期望有什麼樣的優勢，或者您能否量化您在每瓦性能領域的優勢，至少是 2006 年的筆記本電腦？

Our per watt is something along the lines of 60% better than the competition on the high-end.

我們的每瓦功率比高端競爭對手高出 60%。

On our high-end GPUs it is an extraordinary difference.

在我們的高端 GPU 上，這是一個非凡的差異。

The performance that we can deliver and the power envelope that we can stay within is a dramatic difference, not a small difference.

我們可以提供的性能和我們可以保持的功率範圍是一個巨大的差異，而不是一個小差異。

It is a dramatic difference compared to the competition.

與競爭對手相比，這是一個巨大的差異。

In a lot of ways your performance is partly related to the design, but it is partly related to your die size, and as you know, our die size is substantially smaller than the competition's die size.

在很多方面，您的性能部分與設計有關，但部分與您的芯片尺寸有關，而且如您所知，我們的芯片尺寸遠小於競爭對手的芯片尺寸。

And so having architectural efficiency, having lower leakage, having better performance per watt really compounds quickly on the notebook platform.

因此，具有架構效率、具有更低洩漏、具有更好的每瓦性能確實在筆記本平台上迅速復合。

And so my expectation is that our next generation high-end that -- I guess we just recently announced it -- should have an overwhelming advantage in the notebook market.

所以我的期望是我們的下一代高端產品——我猜我們最近剛剛宣布它——應該在筆記本電腦市場擁有壓倒性的優勢。

And my sense is that the design wins will reflect that very quickly.

我的感覺是，設計獲勝將很快反映這一點。

Shawn Webster with JP Morgan.

摩根大通的肖恩韋伯斯特。

Could you comment on the GPU unit and pricing, what they did sequentially in Q4, and maybe some expectations for Q1?

您能否評論一下 GPU 單元和定價，他們在第四季度的連續表現，以及對第一季度的一些期望？

Units were relatively flat to slightly down, and ASP was relatively flat to slightly up.

單位相對持平至微跌，平均售價相對持平至微升。

That is in desktop GPUs.

那是在桌面 GPU 中。

Desktop -- do you have a all in GPU unit and ASP change?

桌面——你有一個全在 GPU 單元和 ASP 變化？

No, we break it down between the various components, which is the notebook, the desktop, and the workstation.

不，我們將其分解為各種組件，即筆記本電腦、台式機和工作站。

Obviously, the ASPs of those are so different that it doesn't make sense to merge them together.

顯然，它們的 ASP 是如此不同，以至於將它們合併在一起是沒有意義的。

The GPU segment itself was it up 1 or 2%, or what was the end number for that in Q4?

GPU 細分市場本身是上漲 1% 還是 2%，或者第四季度的最終數字是多少？

Almost dead flat.

幾乎死了。

Dead flat.

死平。

Okay.

好的。

Can you talk about your gross margin trends by segment -- I guess segment meeting GPU, MCP, your handheld business -- what they did sequentially?

您能否按細分市場談談您的毛利率趨勢——我猜細分市場會遇到 GPU、MCP、您的手持設備業務——它們依次做了什麼？

Yes, I think the most dramatic increase in gross margin was in the MCP area.

是的，我認為毛利率增幅最大的是 MCP 領域。

Gross margins were up very nicely there.

那裡的毛利率上升得非常好。

The GPU business was relatively flat, but it still had very good gross margins, higher than the corporate average.

GPU業務相對平穩，但毛利率仍然非常好，高於企業平均水平。

And in the handheld business the gross margins are much lower.

而在手持設備業務中，毛利率要低得多。

But the improvement quarter to quarter was in the MCP business.

但逐季改善的是 MCP 業務。

And then as far as your linearity, I think you said things were pretty linear in the quarter.

然後就你的線性而言，我認為你說這個季度的事情是相當線性的。

Did you see any growth in orders or any kind of changes in the month of January?

您是否看到 1 月份的訂單有任何增長或任何變化？

Yes, the month in January had Chinese New Year's at the very end.

是的，一月份的最後一天是農曆新年。

So it basically -- the customer basically disappears the last week of our quarter.

所以它基本上 - 客戶基本上在我們季度的最後一周消失了。

But we anticipated that.

但我們預料到了這一點。

We always knew that that was there, so it was not unexpected.

我們一直都知道那是存在的，所以這並不意外。

It was actually a short Q4.

這實際上是一個短暫的第四季度。

Yes, it was basically a 12 week Q4.

是的，這基本上是一個為期 12 週的第四季度。

Brian Alger with Pacific Growth Equities.

Brian Alger 與 Pacific Growth Equities。

Pretty impressive stuff.

相當令人印象深刻的東西。

Two questions.

兩個問題。

A near-term one for Marvin, a longer-term maybe for you, Jen-Hsun.

對馬文來說是短期的，對你來說可能是長期的，仁勳。

On the near-term, Marv, can you maybe talk to the specific levers that you think you're going to be able to pull on to generate that 50 to 100 basis point gross margin improvement in the next quarter?

在短期內，Marv，您能否談談您認為能夠在下一季度實現 50 到 100 個基點的毛利率改善的具體槓桿？

And longer-term, Jen-Hsun, can you maybe talk to the implications for the game console cycle coming around at the same time as an operating system upgrade, which I think is the first time we have seen this?

從長遠來看，Jen-Hsun，您能否談談與操作系統升級同時出現的遊戲機週期的影響，我認為這是我們第一次看到這種情況？

I will take the gross margin.

我將收取毛利率。

I can't emphasize this enough that gross margin improvement doesn't come from any one thing.

我不能強調這一點，毛利率的提高並不是來自任何一件事。

It comes from a lot of different programs and projects that we have in place.

它來自我們現有的許多不同的計劃和項目。

We continue to do, and we continue to get better at them.

我們繼續做，我們繼續在他們身上做得更好。

We will benefit we think in Q1 by the new products that we're introducing that had very good gross margins.

我們將在第一季度從我們推出的具有非常好的毛利率的新產品中受益。

Yes, we think we'll get some benefit off of that.

是的，我們認為我們會從中獲得一些好處。

But we also think we'll get some benefit by the continued hard work in all of the other areas.

但我們也認為，通過在所有其他領域的持續努力，我們將獲得一些好處。

The improvement in gross margins that we saw in Q4 for MCP is another example of that.

我們在第四季度看到的 MCP 毛利率的提高就是另一個例子。

So it is not in any one area.

所以它不在任何一個領域。

Let me see if I can interpret your question.

讓我看看能不能解釋你的問題。

You are a good questioner, and it certainly makes you think.

你是一個很好的提問者，它肯定會讓你思考。

I think -- at some level the game market is, between the PC and the game console, is becoming increasingly uncorrelated, if you will.

我認為——在某種程度上，PC 和遊戲機之間的遊戲市場變得越來越不相關，如果你願意的話。

And the reason for that is because, as you know very well, that the genre of games that are being played on each platform are increasingly different.

其原因是，眾所周知，每個平台上播放的遊戲類型越來越不同。

The genre for PCs are increasingly oriented to massive, online players and role-playing games and related to team play, related to first person shooters, if you will.

PC 的類型越來越多地面向大型在線玩家和角色扮演遊戲，並且與團隊遊戲相關，如果你願意的話，與第一人稱射擊遊戲相關。

The game console is much more popular with the sports genres and the racing genres.

遊戲機在運動類型和賽車類型中更受歡迎。

It is a reflection of the ease-of-use, if you will of those genres on the various platforms.

如果您願意的話，它反映了各種平台上的這些類型的易用性。

The thing that we are seeing with the PC industry, and one of the things that we are very excited about, is the number of teenagers who are simply spending more time in front of your personal computer, in front of -- as they are surfing the Web on myspace.com or watching videos on UTube or whatnot.

我們在 PC 行業看到的一件事，也是我們非常興奮的一件事，就是越來越多的青少年在你的個人電腦前花費更多的時間，在他們衝浪的時候myspace.com 上的 Web 或在 UTube 上觀看視頻或諸如此類。

They're just spending a lot more time in front of their PCs and playing large virtual world games on PCs.

他們只是在 PC 前花費更多時間並在 PC 上玩大型虛擬世界遊戲。

And so I think that -- the PC is just becoming a completely alternative game platform, and a serious game platform at that.

所以我認為——PC 正在成為一個完全替代的遊戲平台，並且是一個嚴肅的遊戲平台。

I think we're just not seeing nearly the correlation that we used to back in the good old days, some four, five years ago where the PC was [near deployments] competitive to the game console.

我認為我們幾乎看不到我們曾經在過去的美好時光中的相關性，大約四五年前，PC [接近部署] 與遊戲機競爭。

We just don't see it that way.

我們只是不這麼看。

We see them completely different platforms for different uses at different cycles.

我們看到它們在不同的周期中用於不同用途的完全不同的平台。

Vista?

遠景？

Vista.

遠景。

And on the second topic of Vista, it is just a really nice operating system.

而關於Vista的第二個話題，它只是一個非常好的操作系統。

And I think it is going to be a really terrific operating system.

我認為這將是一個非常棒的操作系統。

The user interface is totally different.

用戶界面完全不同。

And it is built as you know completely on GPUs.

如您所知，它完全建立在 GPU 上。

I have not seeing a larger volume GPU application driver than Vista before.

我以前沒有見過比 Vista 更大容量的 GPU 應用程序驅動程序。

This is going to be very exciting.

這將是非常令人興奮的。

I'm anxious to see how it turns out.

我很想看看結果如何。

Do you think the Vista transition has greater implications on the notebook market?

您認為 Vista 的過渡對筆記本市場有更大的影響嗎？

I think it will have implications on both.

我認為這對雙方都有影響。

I think -- it is just -- it is so different.

我認為 - 它只是 - 它是如此不同。

It just, as you know, it just looks different, it feels different, It uses differently.

如您所知，它只是看起來不同，感覺不同，用途不同。

It makes advances in so many different areas that we wanted to make advance.

它在我們想要推進的許多不同領域取得了進展。

And I just think that it is going to change PCs all the way through.

我只是認為它會徹底改變個人電腦。

Thanks.

謝謝。

Good job.

好工作。

Devan Moodley with Scotia Capital.

斯科舍資本的德文·穆德利。

The first question for Marv.

Marv的第一個問題。

That cash balance is pretty big relative to where it has been.

相對於它的位置，現金餘額相當大。

Where do you think you guys -- what are your plans for that?

你們覺得你們在哪裡——你們對此有什麼計劃？

Not to give it away.

不要放棄它。

It is big but we have had $1 billion in cash before.

它很大，但我們之前有過 10 億美元的現金。

What are our plans?

我們的計劃是什麼？

We continue to make acquisitions.

我們繼續進行收購。

We're acquiring ULi for cash.

我們以現金收購 ULi。

We will continue to do that.

我們將繼續這樣做。

We will continue to acquire, hopefully, for cash.

我們將繼續以現金收購。

We do still have a stock buyback program in place.

我們仍然有一個股票回購計劃。

So we will continue to do that.

所以我們將繼續這樣做。

Those are two uses.

這是兩種用途。

We have been doing that and we still are building cash, so that is good news.

我們一直在這樣做，我們仍在積累現金，所以這是個好消息。

I would tell you beyond those two things that we expect to continue, we don't have any huge plans for what we're going to do with that cash.

我會告訴你，除了我們希望繼續做的這兩件事之外，我們對如何使用這筆現金沒有任何宏大的計劃。

Just a bigger picture question, going back to Vista, maybe if I could put some numbers out there.

只是一個更大的問題，回到 Vista，也許我可以把一些數字放在那裡。

In Q4 I think the discrete integrated split for the whole market.

在第四季度，我認為整個市場的離散集成拆分。

According to Mercury it was about one-third, two-thirds.

根據水星的說法，它大約是三分之一，三分之二。

Where do you think that is in Q4 '06?

您認為 06 年第四季度的情況是什麼？

And what you think that goes based on what you have seen Vista -- what you have seen of Vista just so far?

您認為這是基於您對 Vista 的了解——到目前為止您對 Vista 的了解？

I guess we probably see the world as more 45, 55 by the time that you're done including all of the double attached.

我想我們可能會在你完成包括所有雙重附加的時候看到世界更多的 45、55。

Sometimes people will make a motherboard out of integrated graphics, but put a graphics adapter on it.

有時人們會用集成顯卡製作主板，但在上面放一個顯卡適配器。

And in fact, we see a lot of that.

事實上，我們看到了很多。

My sense is that that is going to continue.

我的感覺是，這將繼續下去。

I'm not really a market analyst, so I really can't tell you how it is going to shake out.

我不是真正的市場分析師，所以我真的無法告訴你它將如何擺脫。

But I can tell you that Vista uses a lot more graphics horsepower than our previous operating system did.

但我可以告訴你，Vista 比我們以前的操作系統使用了更多的圖形處理能力。

And it requires a lot more of the programmable shading that is provided by GPUs.

它需要 GPU 提供的更多可編程著色。

And the experience is just better when the GPU performance is better.

當 GPU 性能更好時，體驗會更好。

I think that my sense is that it is going to bias it towards GPUs off of norm, and we will see what happens.

我認為我的感覺是它將偏向於 GPU 偏離標準，我們將看看會發生什麼。

My sense is that a 10% swing on a very, very large market makes a very large difference, as you know.

正如你所知，我的感覺是，在一個非常非常大的市場上 10% 的波動會產生非常大的影響。

Just one quick follow-up.

只需快速跟進。

Do you think it is a bubble or do you think it is a fundamental change that will last?

你認為這是一個泡沫還是你認為這是一個會持續下去的根本變化？

The definition of a bubble is I guess something that lasts a quarter.

我猜泡沫的定義是持續四分之一。

I don't think it will last a quarter.

我不認為它會持續一個季度。

But it is really about the fact that the infrastructure itself, the [oweb] itself can actually enhance user experience going forward.

但事實上，基礎設施本身，[oweb] 本身實際上可以增強未來的用戶體驗。

It is possible for people to build applications on top of the operating system that takes advantage of the GPU.

人們可以在利用 GPU 的操作系統之上構建應用程序。

It is actually not possible today.

今天實際上是不可能的。

And so are they going to be add-ons to Vista?

那麼它們會成為 Vista 的附加組件嗎？

My guess is well I don't know for sure, but if I would be a guessing person I would say absolutely.

我的猜測很好，我不確定，但如果我是一個猜測的人，我會說絕對。

The follow on add-on packs and aftermarket GPU add-ons and graphics add-ons are going to -- are just going to be abundant because the infrastructure enables it to.

附加組件包和售後市場 GPU 附加組件和圖形附加組件的後續產品將會非常豐富，因為基礎設施能夠做到這一點。

The confabulators of Vista are going to come as you know.

如您所知，Vista 的 confabulators 將會出現。

And so the gidgets of Vista are going to come.

因此，Vista 的小玩意兒就要來了。

And you're going to see more and more of those kinds of things.

你會看到越來越多的這類事情。

There will be video gidgets, stock ticker price gidgets.

會有視頻小工具，股票行情小工具。

There will be weather gidgets.

會有天氣小工具。

There will be CNN gidgets.

會有CNN小工具。

There will be all kinds of little gidgets that comes out.

會有各種各樣的小玩意兒出來。

And all of it is just going to attach to your GPU, which is good.

所有這些都將附加到您的 GPU 上，這很好。

That is my assessment.

這是我的評價。

Robert Dennison with UBS.

瑞銀的羅伯特·丹尼森。

Great quarter.

很棒的季度。

I wonder if I can verify --this time last year you guys suggested that Sony would (technical difficulty).

我想知道我是否可以驗證——去年這個時候你們建議索尼會（技術難度）。

You're breaking up quite a bit.

你分手了很多。

Sorry.

對不起。

Better?

更好的？

Yes.

是的。

Can you repeat your question again?

你能再重複一遍你的問題嗎？

Sure.

當然。

Last year at this time you guys said that Sony would be about 50 to 100 million plus annually in licensing and royalties.

去年這個時候，你們說索尼每年的許可和版稅大約是 50 到 1 億多。

Should we still look at that number?

我們還應該看那個數字嗎？

And would with NREs coming into the picture as well in the first quarter, should that number -- that range be adjusted at all?

並且隨著 NREs 在第一季度的出現，這個數字——這個範圍是否應該被調整？

My quick reaction to that is, no.

我對此的快速反應是，不。

Setting aside the royalties, if you just look at the license fee and NRE this year, forgetting -- and I'm talking about the profitability of the NRE, not the overall revenue off the NRE -- from a profit standpoint that is in the 70, $75 million for this year with no royalty.

撇開特許權使用費不談，如果你只看今年的許可費和 NRE，就忘了——我說的是 NRE 的盈利能力，而不是 NRE 的總收入——從利潤的角度來看70，今年 7500 萬美元，沒有版稅。

So depending on where you want to put the royalties under what magnitude, the $100 million is certainly not out of the question.

因此，取決於你想把版稅放在多大的範圍內，1 億美元肯定不是不可能的。

Mercury Research when they did their recent report indicated that there was what they thought was a significant buildup of chipsets, particularly in the AMD segment.

Mercury Research 在他們最近的報告中指出，他們認為芯片組的大量積累，尤其是在 AMD 領域。

Can you comment on what you guys are seeing in the channel in the way of chipset inventories, MCPs there?

你能評論一下你們在頻道中看到的關於芯片組庫存、MCP 的情況嗎？

It looks like they're saying 30% or so over shipment of chipsets relative to GPUs that shipped in the (technical difficulty) quarter.

看起來他們說的芯片組出貨量相對於（技術難度）季度出貨的 GPU 高出 30% 左右。

We have heard some anecdotal reports that AMD's CPU is experiencing shortages.

我們聽到一些傳聞稱 AMD 的 CPU 出現短缺。

Relative to run rates there is nothing really abnormal about what is going on.

相對於運行速度，發生的事情並沒有什麼異常。

But if there some inventory buildup in the channel, what we believe is happening is that the CPU shortage is causing that.

但是，如果渠道中有一些庫存增加，我們認為正在發生的是 CPU 短缺導致了這種情況。

But there won't be a CPU shortage forever.

但不會永遠存在 CPU 短缺。

Those segments -- those motherboards that are being built are really purely for the motherboard segment.

那些細分市場——那些正在建造的主板實際上純粹是為了主板細分市場。

And I think the ecosystem for AMD processors is quite healthy.

而且我認為 AMD 處理器的生態系統非常健康。

We feel pretty good about it.

我們對此感覺很好。

Mark Edelstone with Morgan Stanley.

摩根士丹利的馬克·埃德爾斯通。

Just on that point, our channel checks as we went through the quarter suggested that things were actually probably more constrained on SLI and some of your high-end desktop GPUs.

就在這一點上，我們在本季度進行的渠道檢查表明，SLI 和一些高端桌面 GPU 實際上可能受到更多限制。

So can you give us a sense as to what you are seeing in that regard?

那麼，您能否讓我們了解一下您在這方面所看到的情況？

And then is that what caused the GPU business to be relatively flat quarter to quarter in your opinion?

那麼，在您看來，是什麼導致 GPU 業務季度與季度相對持平？

We were relatively constrained on high-end GPUs this quarter.

本季度我們在高端 GPU 上相對受限。

And the reason for that of course is that we are moderating the build of last generation GPUs in favor of next generation GPUs.

這樣做的原因當然是我們正在調整上一代 GPU 的構建以支持下一代 GPU。

So my hope is that that constraint is going to (technical difficulty) hopefully shortly.

所以我希望這個限制很快就會（技術難度）。

So that is really just -- managing our transition cautiously is really what was going on there.

所以這真的只是 - 謹慎管理我們的過渡確實是那裡正在發生的事情。

Can you just quantify what memory was in the quarter?

你能量化一下這個季度的內存嗎？

Slightly short of 40 million, high 30s.

略少4000萬，高30多歲。

Arnab Chanda with Lehman Brothers.

Arnab Chanda 與雷曼兄弟。

Just a qualitative question for either Jen-Hsun or Marv.

對於 Jen-Hsun 或 Marv 來說，這只是一個定性問題。

Could you talk a little bit about if you look at all the different segments that you have, you talked about how the chipset business could grow very strongly, as well of the WMP business.

如果你看看你擁有的所有不同的細分市場，你能談談嗎，你談到了芯片組業務如何能夠非常強勁地增長，以及 WMP 業務。

Overall, a question on revenues and margins.

總的來說，這是一個關於收入和利潤率的問題。

Do you think that that tends to accelerate your revenue growth rate into the high teens or even higher for the overall Company, including some of the effects of Vista and things like that?

您是否認為這會使您的收入增長率加速到十幾歲甚至更高的整個公司，包括 Vista 的一些影響以及類似的事情？

And also secondly, what type of influence would that have on your gross margin direction?

其次，這會對您的毛利率方向產生什麼影響？

Thank you.

謝謝你。

I guess the two growth drivers that you mentioned are -- tend to be lower gross margin -- lower relative to our corporate standard and lower relative to our other higher gross margin businesses certainly.

我猜你提到的兩個增長驅動因素是——往往是較低的毛利率——相對於我們的企業標準而言較低，並且相對於我們其他較高毛利率的業務而言肯定較低。

However, we also have very high gross margin growth coming.

然而，我們也有非常高的毛利率增長。

The PlayStation 3 growth is very high gross margin growth.

PlayStation 3 的增長是非常高的毛利率增長。

Our Quadro professional services -- excuse me -- professional solution business is very high gross margin growth.

我們的 Quadro 專業服務——對不起——專業解決方案業務的毛利率增長非常高。

Our GPU business continues to be high gross margin growth.

我們的 GPU 業務繼續保持高毛利率增長。

And I expect our GPU to grow this year.

我預計今年我們的 GPU 會增長。

We ought to be capturing share, and we're going to go capture share.

我們應該捕獲份額，我們將去捕獲份額。

And so there it is -- we have plenty of high gross margin growth opportunities, and we have plenty of high topline growth opportunities.

就是這樣——我們有很多高毛利率增長機會，我們有很多高收入增長機會。

Naser Iqbal with Salman Partners.

納賽爾·伊克巴爾與薩爾曼合夥人。

Congratulations on a very excellent quarter.

祝賀一個非常出色的季度。

Just a first quick clarification, when you mentioned that the NREs and royalties were roughly 20 million, was the similar amount for Q3 roughly about 10 million?

首先快速澄清一下，當您提到 NRE 和特許權使用費大約為 2000 萬時，第三季度的類似金額是否大約為 1000 萬？

That's correct.

這是正確的。

Then just going forward, in terms of your competitors coming out with their next generation product, and you know [gen's] timeframe when typically it is in the March/June timeframe.

然後繼續前進，就你的競爭對手推出他們的下一代產品而言，你知道 [gen's] 的時間範圍，通常是在 3 月/6 月的時間範圍內。

Has that changed your launch schedule?

這是否改變了您的發佈時間表？

And particularly at the $200 price point, when are we going to see a Series 7 GPU on the desktop side?

尤其是在 200 美元的價格點上，我們什麼時候才能在桌面端看到 Series 7 GPU？

I guess our schedules are really dictated by I guess our schedules.

我猜我們的日程安排真的是由我猜我們的日程安排決定的。

We try to introduce new products to the marketplace as often as we can, and try to keep the competitive pressure on.

我們盡可能多地向市場推出新產品，並努力保持競爭壓力。

And try to keep raising the bar and passing more value on to our customers.

並嘗試不斷提高標準並將更多價值傳遞給我們的客戶。

So those are things that we just generally try to do.

所以這些是我們通常會嘗試做的事情。

Our competition has a new GPU, but we know what it is and we're not intimidated by it.

我們的競爭對手有一個新的 GPU，但我們知道它是什麼，我們並沒有被它嚇倒。

We have some pretty exciting stuff that we're rolling out.

我們正在推出一些非常令人興奮的東西。

I don't know how many seasons now that we've had the performance leadership position.

我不知道我們已經擔任了多少個賽季的績效領導職位。

It has been quite a few as you can probably remember now.

您現在可能還記得它已經很多了。

And our expectation is that we will have a performance leadership position this season.

而我們的期望是，我們將在本賽季佔據表現領先地位。

We're going to get it rolled out as quickly as we can.

我們將盡快推出它。

And my expectation is that it is going to be a pretty successful and pretty exciting new product line.

我的期望是它將成為一個非常成功且非常令人興奮的新產品線。

In terms of the segment that you're talking about, we are driving new architecture, GeForce 7, from top to bottom.

就您所說的細分而言，我們正在從上到下推動新架構 GeForce 7。

And we have announced our top to bottom lineup for mobile.

我們已經宣布了我們從上到下的移動產品陣容。

The adoption of it is very exciting.

採用它是非常令人興奮的。

And we know that we have a performance advantage.

我們知道我們有性能優勢。

We know we have a performance per watt advantage.

我們知道我們具有每瓦性能優勢。

We also know that we have an SLI advantage.

我們也知道我們有 SLI 的優勢。

And so we're going to be aggressive to roll those things out from like top to bottom as fast as we can.

因此，我們將積極進取，盡可能快地從上到下推出這些東西。

If I could just ask one top picture view.

如果我能問一張頂視圖。

Just for the gaming market, are you seeing any kind of an advantage or any kind of a benefit from dual-core shift?

就遊戲市場而言，您是否看到雙核轉移帶來的任何優勢或任何好處？

It doesn't appear to be any, but do you think that could change going forward?

它似乎沒有，但你認為這可能會改變嗎？

The gamers are -- the priority is kind of like this.

遊戲玩家是——優先級是這樣的。

Number one, the performance has to be very good -- the absolute performance.

第一，性能必須非常好——絕對性能。

Whether it is one core or two, the absolute performance has to be good.

不管是一核還是二核，絕對性能都要好。

As you know, CPU performance is a combination of the performance of the core, the frequency of it, the architecture of the overall system, the architecture of the core logic.

如你所知，CPU性能是核心的性能、它的頻率、整個系統的架構、核心邏輯的架構的綜合。

It is a combination of a lot of different things.

它是許多不同事物的組合。

And so the performance is important.

所以性能很重要。

The second thing is price is important.

第二件事是價格很重要。

Most gamers are younger, and disposable income is a little bit more challenged.

大多數遊戲玩家更年輕，可支配收入面臨更多挑戰。

And so pricing is important.

所以定價很重要。

The third thing of course is the brand is really important.

第三件事當然是品牌非常重要。

The gamers know and trust certain brands.

遊戲玩家了解並信任某些品牌。

One of the things that we really value is the importance of our brand GeForce and the importance of the SLI brands.

我們真正重視的一件事是我們品牌 GeForce 的重要性和 SLI 品牌的重要性。

SLI, particularly in the gamer marketplace, means that there is a variety of GPUs you can buy, both new as well as old.

SLI，尤其是在遊戲玩家市場，意味著您可以購買各種 GPU，包括新的和舊的。

You can buy old GPUs from your friends.

您可以從朋友那裡購買舊 GPU。

The variety of GPUs, or MCPs core logics with SLI capability, a variety of power supplies that has been certified, memories that have been certified, chassis have been certified.

具有 SLI 功能的各種 GPU 或 MCP 核心邏輯、各種已認證的電源、已認證的存儲器、已認證的機箱。

And you can piece them together, because most gamers love to build their own PC.

您可以將它們拼湊起來，因為大多數遊戲玩家都喜歡構建自己的 PC。

It also suggests that compatibility between all these configurations and applications are what the gamers would expect.

它還表明所有這些配置和應用程序之間的兼容性是遊戲玩家所期望的。

It will deliver wonderful scaling capability as well as compatibility.

它將提供出色的擴展能力和兼容性。

All of these in combination is what the gamer is looking for.

所有這些結合起來就是遊戲玩家正在尋找的東西。

Is dual-core -- if it satisfies all of those things -- is having two cores better than one?

雙核——如果它滿足所有這些條件——是不是有兩個核心比一個更好？

I guess so.

大概吧。

There is no harm done anyways.

反正也沒有什麼壞處。

Right?

正確的？

Great.

偉大的。

Thanks, and congratulations again.

謝謝，再次祝賀。

Ladies and gentlemen, we have reached the end of the allotted time for questions and answers this afternoon.

女士們，先生們，我們今天下午的問答時間已經結束。

I would now like to turn the call back over to Jen-Hsun Huang for closing remarks.

我現在想把電話轉回給黃仁勳做結束語。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to reporting our progress next quarter.

我們期待在下個季度報告我們的進展。

Ladies and gentlemen, we do appreciate your joining us today.

女士們，先生們，我們非常感謝您今天加入我們。

This does conclude our conference call, and you may now disconnect.

這確實結束了我們的電話會議，您現在可以斷開連接。