輝達 (NVDA) 2007 Q2 法說會逐字稿

I will now turn the call over to Mr. Michael Hara, NVIDIA's Vice President of Investor Relations.

我現在將把電話轉給 NVIDIA 投資者關係副總裁 Michael Hara 先生。

Thank you, sir.

謝謝你，先生。

You may begin your conference.

你可以開始你的會議了。

Thank you.

謝謝你。

Good afternoon and welcome to NVIDIA's conference call for the first fiscal quarter ended July 30, 2006 -- pardon me -- the second.

下午好，歡迎參加 NVIDIA 於 2006 年 7 月 30 日結束的第一財季電話會議——請原諒我——第二財季。

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

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

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 ask a question, it will be included in both our live transmission as well as 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使用的錄音中。

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，股東還可以在 NVIDIA 投資者關係網站上收聽今天電話會議的網絡直播並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 third fiscal quarter 2007.

在公司召開電話會議討論其 2007 年第三財季財務業績之前，該網絡廣播將可供重播。

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 third quarter 2007 outlook, the option review by our audit committee and possible adjustments to our preliminary results for the second quarter of fiscal 2007, our outlook for the third quarter of fiscal 2007, the audit committee review, any expenses that may be recorded as a result of the audit committee's review, the release of our complete financial results for the second quarter of fiscal 2007, growth, growth drivers, market share, Windows Vista, design wins, strategic focus, customers and partners, new and forthcoming products, 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 年第三季度展望的陳述、我們審計委員會的期權審查以及我們對 2007 財年第二季度初步結果的可能調整、我們對 2007 財年第三季度的展望、審計委員會審查、審計委員會審查可能記錄的任何費用、我們發布的 2007 財年第二季度完整財務業績、增長、增長動力、市場份額、Windows Vista、設計勝出、戰略重點、客戶和合作夥伴、新的和即將推出的產品、產品和技術，與未來事件有關，並受到許多重大風險和不確定性的影響。

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

公司的實際結果可能與任何前瞻性陳述中討論的結果大不相同。

For a complete discussion of factors that could cause affect the Company's financial future financial results and business, please refer to the Company's Form 10-K and annual report for the fiscal year ended January 29, 2006, 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，請參閱公司的 10-K 表格和截至 2006 年 1 月 29 日的財政年度的年度報告、10-Q 表格的季度報告，以及向美國證券交易委員會提交的 8-K 表格報告。

All forward-looking statements are made as of the date hereof based on information available to us today, and, except as required by law, the Company assumes no obligation to update any such statements.

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，除法律要求外，本公司不承擔更新任何此類陳述的義務。

The content of the Webcast contains time-sensitive information that is accurate only as of August 10, 2006.

網絡廣播的內容包含截至 2006 年 8 月 10 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 will be able 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，並將能夠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 questions.

在我們的發言結束時，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 allow one follow-up question.

在我們回復後，我們將允許一個後續問題。

I'm sure everyone has seen our press release earlier today announcing that the audit committee of the Board of Directors is conducting a voluntary review of the Company's stock option practices covering the time from the Company's Initial Public Offering in 1999 to the fiscal current year.

我相信每個人都已經看到我們今天早些時候發布的新聞稿，宣布董事會審計委員會正在對公司從 1999 年首次公開募股到本財政年度的股票期權實踐進行自願審查。

As a result of the ongoing review, we had to limit the scope of our financial information that we released today.

由於正在進行的審查，我們不得不限制我們今天發布的財務信息的範圍。

In addition, on this call we will not be able to provide any specifics about our gross margin or operating expenses for the second quarter or year-to-date, as we cannot determine those amounts in accordance with GAAP until the review is complete.

此外，在本次電話會議上，我們將無法提供有關第二季度或年初至今的毛利率或運營費用的任何細節，因為在審查完成之前，我們無法根據 GAAP 確定這些金額。

In today's call we will provide some information and guidance about general trends for these metrics, but cannot provide any greater detail than what we state on the call.

在今天的電話會議中，我們將提供有關這些指標的總體趨勢的一些信息和指導，但不能提供比我們在電話會議上陳述的更詳細的信息。

We will, of course, make every effort to provide you with more detailed information soon.

當然，我們將盡一切努力盡快為您提供更詳細的信息。

NVIDIA does not expect to be in a position to announce additional financial results for the second quarter until the audit committee has completed its review.

在審計委員會完成審查之前，NVIDIA 預計無法公佈第二季度的額外財務業績。

At this time the Company does not expect to be in a position to file its Form 10-Q for the second fiscal quarter by the September 8, 2006 filing deadline, with a permitted extension to September 13, 2006.

目前，公司預計無法在 2006 年 9 月 8 日提交截止日期之前提交其第二財季的 10-Q 表格，並允許延期至 2006 年 9 月 13 日。

The Company is focused on resolving these issues as quickly as possible, and plans to file its Form 10-Q and any required financial statements following the completion of the review.

公司專注於盡快解決這些問題，併計劃在完成審查後提交其 10-Q 表格和任何所需的財務報表。

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

我現在將把電話交給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Today we're pleased to report record revenue of 687.5 million for our second quarter.

今天，我們很高興地報告第二季度的創紀錄收入為 6.875 億美元。

Year-over-year, second-quarter revenue grew 20%.

第二季度收入同比增長 20%。

Our growth was driven by strong performance from numerous product groups, desktop GPU, notebook GPU, MCP, professional solutions, and handheld GPU, resulting in record revenue for the second quarter, which is a seasonally-slow quarter.

我們的增長受到眾多產品組、台式機 GPU、筆記本 GPU、MCP、專業解決方案和手持式 GPU 的強勁表現的推動，導致第二季度創紀錄的收入，這是一個季節性低迷的季度。

Let me review the highlights and achievements of each of our business units during the quarter.

讓我回顧一下我們每個業務部門在本季度的亮點和成就。

Our desktop GPU business delivered a strong Q2.

我們的桌面 GPU 業務第二季度表現強勁。

We maintained a leading share of over 50%.

我們保持50%以上的領先份額。

Our year-on-year revenue grew 13% and our market share grew 5%.

我們的收入同比增長 13%，市場份額增長 5%。

Demand for our GeForce 7600 and 7900 series GPUs with SLI continues to be strong.

對我們配備 SLI 的 GeForce 7600 和 7900 系列 GPU 的需求持續強勁。

NVIDIA is dedicated to delivering the highest performance and best gaming experience to PC gamers.

NVIDIA 致力於為 PC 遊戲玩家提供最高性能和最佳遊戲體驗。

With the launch of our revolutionary graphics card, the GeForce 7950 GX2, we once again raised the bar on PC gaming.

隨著我們革命性的顯卡 GeForce 7950 GX2 的推出，我們再次提升了 PC 遊戲的標準。

With 7950 GX2, gamers can now enjoy the latest games at an incredible resolution of 2560x1600.

借助 7950 GX2，遊戲玩家現在可以以令人難以置信的 2560x1600 分辨率暢玩最新遊戲。

That is the resolution of cinematic film, 13 times the resolution of television, and brings the 16x9 panoramic experience of cinema to gaming.

那是電影的分辨率，是電視分辨率的 13 倍，將 16x9 的電影全景體驗帶入遊戲。

We call this next-level experience extreme high-definition gaming.

我們將這種下一級體驗稱為極致高清遊戲。

It is really something to witness.

這真的是值得見證的事情。

The 7950 GX2 is the fastest graphics card available today.

7950 GX2 是當今最快的顯卡。

It was launched by over 20 leading enthusiast OEMs, including Dell's flagship XPS 700.

它由 20 多家領先的發燒友 OEM 推出，包括戴爾的旗艦 XPS 700。

We continued to expand the SLI platform by delivering SLI-enabled GPUs, from Quad SLI 7950 GX2, and down into the mainstream of our product line.

我們通過提供支持 SLI 的 GPU 繼續擴展 SLI 平台，從 Quad SLI 7950 GX2 到我們產品線的主流。

We have shipped over 20 million SLI GPUs to date.

迄今為止，我們已經出貨了超過 2000 萬個 SLI GPU。

The popularity of NVIDIA's SLI has been further validated by the recent publication release by Guru3D of a comprehensive review of multi-GPU platforms.

Guru3D 最近發布的對多 GPU 平台的全面審查進一步證實了 NVIDIA SLI 的受歡迎程度。

This review was performed by some of the most respected hardware review sites over several weeks of testing.

這項審查是由一些最受尊敬的硬件審查網站在數週的測試中完成的。

NVIDIA's SLI platform was found to be the clear winner in performance, game compatibility and software stability.

NVIDIA 的 SLI 平台在性能、遊戲兼容性和軟件穩定性方面明顯勝出。

In the performance segment, where price/performance ratio is critical, we continued to gain momentum.

在性價比至關重要的性能領域，我們繼續保持增長勢頭。

We fully transitioned from our highly-popular GeForce 6600 to the GeForce 7600, which delivers almost 100% performance improvement at the same price point.

我們從廣受歡迎的 GeForce 6600 完全過渡到 GeForce 7600，它在相同的價位上提供了幾乎 100% 的性能提升。

In Q2, our performance segment shipments grew nearly 50%.

在第二季度，我們的性能細分市場出貨量增長了近 50%。

We expect the GeForce 7600 will break sales records set by the 6600.

我們預計 GeForce 7600 將打破 6600 創下的銷售記錄。

NVIDIA's focus on the stringent power, performance and video requirements of the notebook segment has delivered solid results in Q2.

NVIDIA 專注於筆記本電腦市場對電源、性能和視頻的嚴格要求，在第二季度取得了可觀的業績。

Our notebook GPU revenue grew over 50% year-over-year and, while the notebook segment was seasonally down Q2, our notebook GPU revenue was up 12% quarter-to-quarter.

我們的筆記本 GPU 收入同比增長超過 50%，雖然筆記本電腦市場第二季度出現季節性下滑，但我們的筆記本 GPU 收入環比增長 12%。

Year-over-year, two of our key notebook segments realized substantial increases in volume shipments -- the performance segment's up 80%, and mainstream segment's up 172%.

與去年同期相比，我們的兩個主要筆記本電腦細分市場的出貨量大幅增長——性能細分市場增長 80%，主流細分市場增長 172%。

During the quarter we launched SLI for high-end gaming notebooks, bringing the best of PC gaming experiences to notebooks.

在本季度，我們推出了面向高端遊戲筆記本電腦的 SLI，為筆記本電腦帶來了最佳的 PC 遊戲體驗。

We also introduced PureVideo HD, the industry's only complete solution for enjoying high-definition Blu-ray and HD movie experiences on PCs.

我們還推出了 PureVideo HD，它是業界唯一用於在 PC 上享受高清藍光和高清電影體驗的完整解決方案。

PureVideo HD is a complete solution that consists of the video processor in GeForce 7, complex video processing algorithms, Blu-ray disc and high-definition movie player, and content protection technologies.

PureVideo HD 是一個完整的解決方案，由 GeForce 7 中的視頻處理器、複雜的視頻處理算法、藍光光盤和高清電影播放器以及內容保護技術組成。

The GeForce 7 series with PureVideo HD powered the first HD DVD and Blu-ray notebooks from Toshiba, Sony, and Acer in Q2.

採用 PureVideo HD 的 GeForce 7 系列為東芝、索尼和宏碁在第二季度推出的第一款 HD DVD 和藍光筆記本電腦提供了動力。

Overall, there were approximately 20 new notebooks launched in Q2 based on NVIDIA's GeForce 7 series notebook GPUs.

總體而言，第二季度推出了大約 20 款基於 NVIDIA GeForce 7 系列筆記本 GPU 的新筆記本。

As a result, our share in the notebook GPU segment grew, from 24% to 37%, from the first quarter to the second quarter of calendar 2006, as reported by Mercury Research.

因此，根據 Mercury Research 的報告，從 2006 年第一季度到第二季度，我們在筆記本 GPU 領域的份額從 24% 增長到 37%。

We expect our share gains to continue as new notebooks based on GeForce 7 series GPUs continue to ramp.

隨著基於 GeForce 7 系列 GPU 的新筆記本電腦繼續增加，我們預計我們的份額將繼續增長。

Looking forward, we're excited about the upcoming launch of Microsoft's Vista operating system.

展望未來，我們對即將推出的 Microsoft Vista 操作系統感到興奮。

Microsoft Vista will bring focus on 3-D performance to the mass market.

Microsoft Vista 將為大眾市場帶來對 3-D 性能的關注。

We believe that Vista's demand on 3-D graphics performance will drive an increased adoption of discrete GPUs.

我們相信，Vista 對 3D 圖形性能的需求將推動獨立 GPU 的普及。

OEMs will start over the next two quarters to offer desktop and notebook PCs that are Vista-ready, as consumers will want to be sure their new PCs will fully support the new operating system.

OEM 將在接下來的兩個季度開始提供支持 Vista 的台式機和筆記本電腦，因為消費者希望確保他們的新 PC 能夠完全支持新的操作系統。

Our MCP business achieved record revenue for its eighth consecutive quarter and grew revenue over 80% year-over-year.

我們的 MCP 業務連續第八個季度實現創紀錄的收入，收入同比增長超過 80%。

Driven by substantial increases in server and notebook design wins, we increased share of the AMD64 segment, from 42% in calendar Q1 to 52% in calendar Q2, as reported by Mercury Research.

根據 Mercury Research 的報告，在服務器和筆記本設計勝出量大幅增加的推動下，我們將 AMD64 細分市場的份額從第一季度的 42% 提高到第二季度的 52%。

With the upcoming transition to AMD Rev F CPU, we have captured design wins with all the leading server and workstation OEMs and ODMS, which we believe will double our AMD server segment share as we exit the fiscal year.

隨著即將過渡到 AMD Rev F CPU，我們已經贏得了所有領先的服務器和工作站 OEM 和 ODMS 的設計勝利，我們相信隨著我們退出本財年，這將使我們的 AMD 服務器市場份額翻番。

It was a record quarter for notebook chipsets, with revenues growing substantially over Q1.

這是筆記本芯片組創紀錄的季度，收入比第一季度大幅增長。

We believe we are in a position to capture approximately 60% of the AMD Rev F CPU notebook segment business.

我們相信我們能夠佔領大約 60% 的 AMD Rev F CPU 筆記本電腦業務。

We are thrilled that HP has incorporated our mobile nForce and GeForce products in their best-selling 15-inch and 17-inch consumer notebooks.

我們很高興惠普將我們的移動 nForce 和 GeForce 產品集成到他們最暢銷的 15 英寸和 17 英寸消費類筆記本電腦中。

We now ship our integrated GPUs to top PC OEMs, including HP, Gateway eMachines, Lenovo, Acer, Packard Bell, Fujitsu-Siemens, and we expect that list of OEMs to continue to grow.

我們現在向頂級 PC OEM 提供集成 GPU，包括 HP、Gateway eMachines、聯想、宏碁、Packard Bell、富士通-西門子，我們預計 OEM 的名單將繼續增長。

During the quarter we introduced and shipped our new nForce 590 SLI enthusiast platform for AMD's latest AM2 CPU.

在本季度，我們推出並交付了用於 AMD 最新 AM2 CPU 的全新 nForce 590 SLI 發燒友平台。

Several weeks later, we introduced nForce 590 SLI support for Intel's new Core 2 Duo CPU. nForce SLI is offered in flagship PCs for both AMD and Intel processors from leading companies like Dell, Alienware, Falcon Northwest, Voodoo, and many others.

幾週後，我們推出了對英特爾新酷睿 2 雙核 CPU 的 nForce 590 SLI 支持。 nForce SLI 為來自戴爾、Alienware、Falcon Northwest、Voodoo 等領先公司的 AMD 和 Intel 處理器的旗艦 PC 提供。

Maximum PC selected our SLI platform for their Intel Core 2 Duo-based Dream PC.

Maximum PC 為其基於 Intel Core 2 Duo 的 Dream PC 選擇了我們的 SLI 平台。

We continue to execute our nForce commercial PC strategy and are pleased to include Lenovo's business PC group among our latest customers.

我們將繼續執行我們的 nForce 商用 PC 戰略，並很高興將聯想的商用 PC 集團納入我們的最新客戶。

We now have over 80 PC OEMs and system builders who now offer our NVIDIA Business Platform in their business PC product lines.

我們現在擁有超過 80 家 PC OEM 和系統製造商，他們現在在他們的商業 PC 產品線中提供我們的 NVIDIA 商業平台。

VeriTest, a highly-respected third-party testing service, reported that PCs built with NVIDIA's Business Platform offer excellent stability on par with those purchased by top global enterprises.

備受推崇的第三方測試服務機構 VeriTest 報告稱，採用 NVIDIA 商業平台構建的 PC 具有與全球頂級企業購買的 PC 相當的穩定性。

The NVIDIA Business Platform is the only stable image enterprise-class PC platform that supports both AMD and Intel CPUs.

NVIDIA Business Platform 是唯一同時支持 AMD 和 Intel CPU 的穩定映像企業級 PC 平台。

We believe as enterprises adopt AMD and Intel processors interchangeably, our unique position will be an important advantage for us.

我們相信，隨著企業交替採用 AMD 和 Intel 處理器，我們的獨特地位將成為我們的重要優勢。

NVIDIA's Quadro professional business achieved a record quarter.

NVIDIA 的 Quadro 專業業務實現了創紀錄的季度。

Quadro revenues was up 27% year-over-year and 17% quarter-over-quarter.

Quadro 收入同比增長 27%，環比增長 17%。

Business wasn't strong in all segments, especially in mobile workstation and high-end Quadro.

並非所有細分市場的業務都表現強勁，尤其是在移動工作站和高端 Quadro。

We launched an entire spectrum of new products in Q2.

我們在第二季度推出了一系列新產品。

Our new products address professional segments, from business desktop, to HD video content creation and broadcast, to the most demanding CAD and visual simulation applications.

我們的新產品面向專業領域，從商務桌面到高清視頻內容創建和廣播，再到要求最苛刻的 CAD 和視覺模擬應用程序。

The new Quadro line offers industry-leading performance and quality for each segment, culminating with the flagship 1 GB Quadro FX 5500, the most powerful workstation GPU in the world.

新的 Quadro 系列為每個細分市場提供行業領先的性能和質量，最強大的旗艦 1 GB Quadro FX 5500 是世界上最強大的工作站 GPU。

This new Quadro lineup is complemented by a range of solutions like Gelato, Genlock, and [FDI], that are becoming standards for advanced visualization and broadcast.

這一全新的 Quadro 產品陣容輔以 Gelato、Genlock 和 [FDI] 等一系列解決方案，這些解決方案正在成為高級可視化和廣播的標準。

Two weeks ago, we launched the NVIDIA Quadro Plex, an entire new category of professional graphics solution.

兩週前，我們推出了全新類別的專業圖形解決方案 NVIDIA Quadro Plex。

Quadro Plex is the world's first PCI Express-based standalone external graphics subsystem, and can be connected to any workstation or server with a 16-lane PCI Express slot.

Quadro Plex 是世界上第一個基於 PCI Express 的獨立外部圖形子系統，可以連接到具有 16 通道 PCI Express 插槽的任何工作站或服務器。

An SLI-ready workstation can support two external GPU Quadro Plexes to support an 8-GPU graphics supercomputer solution.

支持 SLI 的工作站可以支持兩個外部 GPU Quadro Plex，以支持 8-GPU 圖形超級計算機解決方案。

When integrated in a typical rack-based server, Quadro Plex offers 20 -- 25 times more graphics compute density than traditional datacenter solutions.

當集成到典型的基於機架的服務器中時，Quadro Plex 提供的圖形計算密度是傳統數據中心解決方案的 20 到 25 倍。

Quadro Plex is a whole new class of visual computing solution.

Quadro Plex 是一種全新的視覺計算解決方案。

It enables thousands of engineers and designers to experience advanced personal visualization solutions previously only accessible in large visualization centers.

它使成千上萬的工程師和設計師能夠體驗到以前只能在大型可視化中心訪問的高級個人可視化解決方案。

Applications of Quadro Plex include HD broadcast video, industrial design, visual simulation, oil and gas exploration, and medical imaging.

Quadro Plex 的應用包括高清廣播視頻、工業設計、視覺模擬、油氣勘探和醫學成像。

Our handheld GPU business achieved record shipments of GPUs in Q2.

我們的手持 GPU 業務在第二季度實現了創紀錄的 GPU 出貨量。

The success was largely due to three factors.

成功主要歸功於三個因素。

We are leading the rollout of mobile digital TV with DVBH.

我們正在引領帶 DVBH 的移動數字電視的推出。

These included the Samsung P910 handsets used in Italy for the production rollout for the World Cup, and (indiscernible) in Europe, as well as the HTC Foreseer used in the first North American deployment; two, we significantly grew our number of designs at Motorola with several new phones starting to ship now; and three, we broadened our customer base to include phones developed in Japan, China, Taiwan and Korea.

其中包括在意大利用於世界杯生產部署的三星 P910 手機，在歐洲（聽不清），以及在首次北美部署中使用的 HTC Foreseer；第二，我們在摩托羅拉的設計數量顯著增加，幾款新手機現在開始出貨；第三，我們擴大了客戶群，包括在日本、中國、台灣和韓國開發的手機。

We are starting to see the benefits from several key design wins at Motorola in their highly successful RAZR and SLVR lines, with the SLVR L6I and L7I, as well as the RAZR V3XX and the Moto RAZR Max.

我們開始看到摩托羅拉在其非常成功的 RAZR 和 SLVR 產品線（包括 SLVR L6I 和 L7I，以及 RAZR V3XX 和 Moto RAZR Max）中獲得的幾項關鍵設計所帶來的好處。

We launched our MobileMedia Platform for handheld devices running Windows Mobile 5.0 at Computex in June.

我們於 6 月在 Computex 上推出了適用於運行 Windows Mobile 5.0 的手持設備的 MobileMedia 平台。

The MobileMedia Platform is a complete development kit containing both software and hardware components that enables handheld manufacturers to rapidly design and release digital media-rich devices with Windows Mobile 5.0.

MobileMedia 平台是一個完整的開發工具包，包含軟件和硬件組件，使手持設備製造商能夠快速設計和發布帶有 Windows Mobile 5.0 的數字媒體豐富的設備。

Our MobileMedia Platform continues to gain acceptance, with additional design wins added to the Samsung, HTC and [Raincom] devices announced at our launch.

我們的 MobileMedia 平台繼續獲得認可，在我們發佈時宣布的三星、HTC 和 [Raincom] 設備增加了額外的設計勝利。

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。

When I return I would like to address our opportunities as they relate to the AMD announcement in July.

當我回來時，我想談談我們的機會，因為它們與 7 月份的 AMD 公告有關。

Thanks, Jen-Hsun.

謝謝，仁勳。

I'd like to start by saying that since we cannot release GAAP financial statements for Q2, my comments will be limited.

我想首先說，由於我們無法發布第二季度的 GAAP 財務報表，我的評論將受到限制。

I will be able to comment on revenue and some balance sheet items, but I will not be able to comment on margins, expenses, or earnings.

我將能夠評論收入和一些資產負債表項目，但我將無法評論利潤率、費用或收益。

Revenue for the second quarter was 687.5 million, which is up 1% from the first quarter and up 20% from the prior year.

第二季度收入為 6.875 億美元，比第一季度增長 1%，比去年同期增長 20%。

The revenue is in line or slightly above our guidance of flat.

收入符合或略高於我們持平的指導。

The composition of the revenue was particularly positive.

收入的構成尤其積極。

Memory sales declined by around 21 million quarter-to-quarter, and this was more than offset by growth in workstation and MCP.

內存銷售額環比下降約 2100 萬，這被工作站和 MCP 的增長所抵消。

Professional products increased by 17% quarter-to-quarter and MCP also increased by 17%.

專業產品環比增長 17%，MCP 也增長 17%。

Notebook also increased by 12% quarter-to-quarter.

筆記本電腦也按季增長 12%。

Desktop GPUs declined by only 5% quarter-to-quarter, as growth in the high-end GPUs offset some of the normal seasonal decline in mainstream.

桌面 GPU 的季度環比僅下降 5%，因為高端 GPU 的增長抵消了主流 GPU 的一些正常季節性下降。

The result was that the unit volume decrease in desktop GPUs, which you expect in Q2, was somewhat offset by a significant ASP increase.

結果是桌面 GPU 的單位體積減少（您在第二季度的預期）在一定程度上被 ASP 的顯著增加所抵消。

So we had revenue growth in high-margin products and revenue declines in lower-margin products.

因此，我們的高利潤率產品收入增長，而低利潤率產品的收入下降。

Year-to-year, our core product revenue, which excludes Xbox, PS3 and memory, grew by 34%, with notebook and MCP both growing more than 50%.

我們的核心產品收入（不包括 Xbox、PS3 和內存）同比增長 34%，其中筆記本電腦和 MCP 均增長超過 50%。

During the quarter we repurchased $125 million of stock, which equated to 5.4 million shares.

在本季度，我們回購了 1.25 億美元的股票，相當於 540 萬股。

This caused cash to decline by approximately 100 million, as we also had an increase in accounts receivable.

這導致現金減少了大約 1 億，因為我們的應收賬款也增加了。

The accounts receivable increase in Q2 is normal, as the quarter tends to be weighted towards the back of the quarter.

第二季度的應收賬款增加是正常的，因為該季度往往偏重於季度末。

The accounts receivables are still in good shape with very little delinquency.

應收賬款狀況良好，拖欠率極低。

We had unit growth and inventory of new products and unit declines in older products, as we had anticipated.

正如我們預期的那樣，我們有新產品的單位增長和庫存以及舊產品的單位下降。

This may have resulted in a slight inventory increase.

這可能導致庫存略有增加。

Depreciation in the quarter was 24.2 million and capital expenditures were 20.1 million.

本季度折舊為 2420 萬，資本支出為 2010 萬。

During the quarter we added 252 employees and exited the quarter with 3427 employees worldwide.

在本季度，我們增加了 252 名員工，並在本季度結束時在全球擁有 3427 名員工。

Of the 252 additions, only 78 were in the U.S., as we continued our aggressive hiring internationally.

在新增的 252 人中，只有 78 人在美國，因為我們繼續在國際上積極招聘。

We believe spending for the quarter reflected a small quarter-to-quarter increase.

我們認為本季度的支出反映了季度環比的小幅增長。

The outlook for the third-quarter revenue is as follows.

第三季度收入展望如下。

We expect increases in both desktop and notebook GPUs.

我們預計台式機和筆記本 GPU 的數量都會增加。

The notebook increase is a continuation of our Napa design wins, and the desktop increase is a reflection of the normal Q3 PC growth and the strength of our competitive offerings.

筆記本電腦的增長是我們在 Napa 設計中獲勝的延續，而台式機的增長則反映了第三季度 PC 的正常增長和我們競爭產品的實力。

We also expect good growth in MCP -- again, from normal market improvement -- as well as from our new products.

我們還預計 MCP 的良好增長——同樣來自正常的市場改善——以及我們的新產品。

We expect workstation and handheld to be relatively flat.

我們預計工作站和手持設備會相對平坦。

When you put it all together, we expect quarter-to-quarter revenue growth of 8 to 10%.

綜合來看，我們預計季度收入增長 8% 到 10%。

We also expect to continue our emphasis on gross margin improvements and very slight increases in operating expenses.

我們還預計將繼續強調毛利率的提高和運營費用的小幅增長。

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

有了這個，我會把它交還給仁勳。

Thanks, Marv.

謝謝，馬夫。

On July 24th, AMD announced that they are acquiring ATI.

7月24日，AMD宣布收購ATI。

Once the acquisition is completed, NVIDIA will become the only GPU and platform technology company that supports both Intel and AMD processors.

收購完成後，NVIDIA 將成為唯一同時支持 Intel 和 AMD 處理器的 GPU 和平台技術公司。

Our company focus is to be the innovation partner for leaders of the computer and consumer electronics industry, to build high-brand, high-image, market-defining products.

我們公司的重點是成為計算機和消費電子行業領導者的創新合作夥伴，打造高品牌、高形象、市場定義的產品。

GeForce is the number one GPU brand, nForce is the number one core logic Rand, Quadro is the number one professional and workstation brand, and SLI is the number one multi-GPU brand.

GeForce 是排名第一的 GPU 品牌，nForce 是排名第一的核心邏輯 Rand，Quadro 是排名第一的專業和工作站品牌，而 SLI 是排名第一的多 GPU 品牌。

Each and every one of these brands is sought out by end users of both Intel and AMD processors.

英特爾和 AMD 處理器的最終用戶都在尋找這些品牌中的每一個。

AMD's pending acquisition of ATI only enhances our strategy.

AMD 即將收購 ATI 只會增強我們的戰略。

The GPU is becoming increasingly important in all digital platforms.

GPU 在所有數字平台中變得越來越重要。

Our strategy is to extend the utility of GPUs to all types of multimedia processing and establish the GPU as the DSP of the digital media era.

我們的策略是將 GPU 的實用性擴展到所有類型的多媒體處理，並將 GPU 打造成數字媒體時代的 DSP。

And as we want to expand the reach of GPU into all computing devices -- from PCs to servers, to phones to automobiles -- and in each of these markets we will support Intel or AMD CPUs, or (indiscernible) or PowerPC, [or cell], our strategic focus is the GPU.

由於我們希望將 GPU 的範圍擴展到所有計算設備——從 PC 到服務器，從手機到汽車——在每個市場中，我們將支持 Intel 或 AMD CPU，或（音頻不清晰）或 PowerPC，[或cell]，我們的戰略重點是 GPU。

We will continue to partner closely with both processor companies and we will absolutely continue to provide MCPs for AMD as well as Intel processors.

我們將繼續與兩家處理器公司密切合作，我們絕對會繼續為 AMD 和 Intel 處理器提供 MCP。

We will continue to invest around the AMD processors and continue to work with them to bring our brands to our mutual customers.

我們將繼續圍繞 AMD 處理器進行投資，並繼續與他們合作，將我們的品牌帶給我們共同的客戶。

We also see increased opportunities in serving [the] Intel Core Logic segment, particularly since it is unlikely that AMD will do so.

我們還看到為 [the] Intel Core Logic 部門提供服務的機會增加，特別是因為 AMD 不太可能這樣做。

We have many exciting growth drivers ahead of us this year.

今年我們有許多令人興奮的增長動力。

With the leadership position of our GPU, MCP, workstation and handheld GPU, we are positioned to continue to take share.

憑藉我們的 GPU、MCP、工作站和手持式 GPU 的領先地位，我們有能力繼續佔據份額。

We expect the great 3-D processing demand of Vista's new UI will increase the adoption of discrete GPUs in notebook and desktop PCs.

我們預計 Vista 的新 UI 對 3-D 處理的巨大需求將增加筆記本電腦和台式電腦對離散 GPU 的採用。

The ramp of Blu-ray and HD DVD will play into a significant advantage we have with PureVideo HD.

Blu-ray 和 HD DVD 的發展將發揮我們在 PureVideo HD 上的顯著優勢。

The highly-anticipated launch of PlayStation3 later this year -- and with the pending acquisition of ATI, the new PC industry dynamics puts us in a unique position.

備受期待的 PlayStation3 在今年晚些時候推出——以及即將收購的 ATI，新的 PC 行業動態使我們處於獨特的位置。

At the core of our growth is the continuing shift in focus of the industry to build products that are multimedia-centric and consumer experience-centric, rather than the traditional focus on mix and megabytes.

我們增長的核心是行業焦點的持續轉變，以構建以多媒體為中心和以消費者體驗為中心的產品，而不是傳統的專注於混合和兆字節。

As the GPU is essentially the experiential processor of digital platforms, we see tremendous growth opportunities as we extend the reach of our GPUs into all digital devices.

由於 GPU 本質上是數字平台的體驗處理器，我們看到了巨大的增長機會，因為我們將 GPU 的範圍擴展到所有數字設備。

We'd be happy to take your questions now.

我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Thanks for taking my call today.

感謝您今天接聽我的電話。

I have three questions, basically.

我有三個問題，基本上。

The first one is, if you look back at how revenues formed over the course of the quarter, can you talk about what linearity looked like?

第一個是，如果你回顧一下本季度的收入是如何形成的，你能談談線性度是什麼樣的嗎？

When did you actually see the bottom of the business, and when did things start to get better?

你什麼時候真正看到了業務的底部，什麼時候開始好轉？

Q2 is not typically a linear quarter.

Q2 通常不是線性季度。

It's seasonally slow in a variety of geographies, as you know.

如您所知，它在各個地區都是季節性緩慢的。

And it's -- it typically tends to be a very slow May, and it picks up very strongly in July as people gear up for back to school.

而且它 - 它通常往往是一個非常緩慢的五月，隨著人們為返校做準備，七月它的回升非常強勁。

And it's pretty much the same year-over-year from that seasonal pattern.

從這種季節性模式來看，它與去年同期幾乎相同。

Some parts of our market tend to see a little bit less of that.

我們市場的某些部分往往看到的少一點。

For example, the professional market tends to have a bit more linearity than that, because enterprises tend to buy on a continuous basis.

例如，專業市場往往比這更具有線性，因為企業傾向於持續購買。

But it's pretty seasonal from that perspective.

但從這個角度來看，這是相當季節性的。

I've been visiting with a bunch of board makers and box makers over the last few days, and a lot of them are telling me that the attach rates for discrete GPUs are going up pretty substantially in the third quarter.

在過去的幾天裡，我一直在拜訪許多電路板製造商和盒子製造商，他們中的很多人告訴我，離散 GPU 的附加率在第三季度大幅上升。

I wonder if that's something that you're seeing consistently in your business.

我想知道這是否是您在業務中一直看到的。

And this may seem a bit odd, but I'm wondering if the delay of the 865 G chipset from Intel, which seems to be having issues with graphics quality, is helping attach rates at all for you in the October quarter.

這可能看起來有點奇怪，但我想知道英特爾 865 G 芯片組的延遲是否會在 10 月季度為您提供幫助，因為它似乎存在圖形質量問題。

Our belief is that as people gear up for Vista, and because the user interface of Vista is so -- it's completely built around 3-D graphics, every part of the Vista experience requires the GPU to render each and every one of the pixels.

我們的信念是，隨著人們為 Vista 做好準備，而且由於 Vista 的用戶界面如此——它完全圍繞 3-D 圖形構建，Vista 體驗的每一部分都需要 GPU 來渲染每一個像素。

From the transparencies, the special effects and the way that it's composited, the whole experience around Vista is really made possible by the GPUs.

從透明度、特殊效果和合成方式來看，圍繞 Vista 的整個體驗確實是由 GPU 實現的。

So our belief is that as Vista ramp starts and -- Vista-ready PC ramp starts towards the second half of the year, the number of GPUs that will be included in PCs will increase.

所以我們的信念是，隨著 Vista 的開始以及 - Vista-ready PC 的開始在下半年開始，PC 中包含的 GPU 數量將會增加。

So that's our -- that's our general belief.

這就是我們的 - 這是我們的普遍信念。

I really don't know very much about the issues with the 865 G.

我真的不太了解 865 G 的問題。

Chris Caso, Friedman Billings Ramsey.

克里斯·卡索，弗里德曼·比林斯·拉姆齊。

You made some comments with regard to a substantial increase in ASP and declining units on the graphics side.

您就圖形方面的 ASP 大幅增加和單位下降發表了一些評論。

Could you give us a little more color on magnitude of that, what you guys consider as substantial?

你能給我們更多的顏色嗎？你們認為什麼是實質性的？

The ASP and desktop GPUs was up 16% quarter-to-quarter.

ASP 和桌面 GPU 季度環比增長 16%。

Now, obviously, that's mix-related, because the unit volume decline was primarily in the mainstream, and we did very, very well on the high-end GPUs.

現在，顯然，這與混合相關，因為單位體積下降主要是在主流中，我們在高端 GPU 上做得非常非常好。

And I guess -- is that tied into the inventory increase that you guys saw?

我猜 - 這與你們看到的庫存增加有關嗎？

Is that part of a changing mix?

那是變化組合的一部分嗎？

And if you can give us some indication of what you guys expect for inventory going forward.

如果你能告訴我們你們對未來庫存的期望。

The inventory increases in the quarter were all in the new products, the new products that we're announcing or are about to announce.

本季度的庫存增加都在新產品，我們正在發布或即將發布的新產品中。

The inventory of the older products declined.

舊產品庫存下降。

I'm referring in this case to unit volume of those inventories declined.

在這種情況下，我指的是這些庫存下降的單位數量。

Going forward, we'll continue to emphasize having enough inventory.

展望未來，我們將繼續強調擁有足夠的庫存。

But I think that from a dollar volume standpoint, we probably have enough.

但我認為從美元數量的角度來看，我們可能已經足夠了。

So we will try to make sure that we don't grow inventory very much in the rest of the year.

因此，我們將努力確保在今年餘下的時間裡我們不會大幅增加庫存。

Just as a final question, kind of speaking strategically with the AMD acquisition, what can you guys tell us about any kind of discussion or programs that you guys have running with Intel right now?

最後一個問題，就收購 AMD 的戰略而言，你們能告訴我們關於你們現在與英特爾進行的任何類型的討論或計劃嗎？

Just maybe you can kind of give us some sense of what you think that relationship might be going forward.

只是也許你可以給我們一些你認為這種關係可能會發展的感覺。

We have developments and collaborations going with both companies, and we will continue to invest around the AMD processors.

我們與兩家公司都有發展和合作，我們將繼續圍繞 AMD 處理器進行投資。

Now, with the new industry organization, obviously, it's unlikely that AMD will be designed in Core Logic for Intel.

現在，有了新的行業組織，顯然 AMD 不太可能在 Core Logic 中為 Intel 設計。

And so we see that as a pretty significant opportunity for us to participate in that.

因此，我們認為這是我們參與其中的一個非常重要的機會。

But we have so many collaborations going on with both companies, there's not really anything that we can talk about here.

但是我們與兩家公司都有很多合作，我們在這裡沒有什麼可以談論的。

Michael McConnell, Pacific Crest Securities.

邁克爾·麥康奈爾，Pacific Crest 證券。

If we look at the wireless business, can you talk a little bit more about what exactly is happening at Motorola, why you've been able to take some share; and if we look at the rest of the year, how that revenue line should start to shape up?

如果我們看看無線業務，您能否多談談摩托羅拉到底發生了什麼，為什麼您能夠分得一杯羹？如果我們看看今年剩下的時間，那條收入線應該如何開始形成？

Our strategy -- there are basically two -- that's not true.

我們的策略——基本上有兩個——這是不正確的。

I guess there's two or four GPU companies, depending on how you count them, in the handheld space.

我猜在手持設備領域有兩到四家 GPU 公司，這取決於你如何計算它們。

There are a couple of GPU companies in Korea who also build discrete GPUs for handsets.

韓國有幾家 GPU 公司也為手機製造獨立 GPU。

Our strategy is different than all the other GPU suppliers, because we focus on the high-end, the multimedia-rich segments of the marketplace.

我們的戰略與所有其他 GPU 供應商不同，因為我們專注於高端、多媒體豐富的市場細分市場。

Historically we focused on 3G.

從歷史上看，我們專注於 3G。

We've expanded that focus to include smart phones, and that's why we developed the multimedia -- what we call the MobileMedia kit for Windows Mobil 5.0, Windows 5.0.

我們已經將重點擴展到智能手機，這就是我們開發多媒體的原因——我們稱之為用於 Windows Mobil 5.0、Windows 5.0 的 MobileMedia 工具包。

And we've expanded our scope to that.

我們已經擴大了範圍。

We've also expanded our scope to personal media players.

我們還將範圍擴展到個人媒體播放器。

But our focus is very narrowly the multimedia-rich and the high-end portable devices, because we happen to believe that that's an area where we could add a lot of value.

但我們的重點非常狹隘地集中在多媒體豐富的高端便攜式設備上，因為我們碰巧相信這是一個我們可以增加很多價值的領域。

We also happen to believe that that's an area that is going to grow very fast, as the majority of the world's handheld devices are going to become intelligent and they're going to become our most personable -- our personnel of computing devices.

我們也碰巧相信這是一個發展非常迅速的領域，因為世界上大多數手持設備都將變得智能，它們將成為我們最有個性的人——我們的計算設備人員。

And multimedia is going to play a huge role in that.

多媒體將在其中發揮巨大作用。

So we have historically focused on the high-end.

因此，我們歷來專注於高端。

And now, those multimedia features -- whether it's digital video camcorder functionality, or digital photography, or 3-D graphics for better user interfaces -- those devices and those capabilities are becoming very, very popular.

而現在，那些多媒體功能——無論是數字視頻攝像機功能，還是數字攝影，或用於更好用戶界面的 3-D 圖形——這些設備和這些功能正變得非常非常流行。

And so we think that we're in a really terrific position to expand reach into the marketplace, including at Motorola, because of that.

因此，我們認為我們正處於一個非常好的位置，可以擴展市場，包括在摩托羅拉，正因為如此。

If we look at operating expenses -- I know directionally, you can only talk about directionally -- should we be looking at, after a pretty big spike here in the April quarter, the rest of the year to kind of just bump along, maybe flattish?

如果我們看一下運營費用——我知道方向性，你只能談論方向性——我們應該看一下，在 4 月季度出現相當大的飆升之後，今年餘下的時間可能會繼續前進，也許平淡？

Or are we expecting maybe it to work higher or lower?

還是我們期望它可能會工作得更高或更低？

I indicated last quarter that with seeing the spike in Q1, and that we expected to, the growth for the rest of the year would be moderate.

我在上個季度指出，隨著第一季度的飆升，我們預計，今年剩餘時間的增長將是溫和的。

I think that's what you should plan on.

我認為這是你應該計劃的。

It's been -- I think it's moderate growth from the Q1 step function.

這是 - 我認為這是第一季度階梯函數的適度增長。

Hans Mosesmann, Moors & Cabot.

漢斯摩西曼，摩爾和卡博特。

Jen-Hsun, can you give us commentary regarding any sales to Sony, or in terms of the royalty ramp in October and (indiscernible) quarters?

Jen-Hsun，您能否就對索尼的任何銷售，或 10 月和（音頻音頻不清晰）季度的版稅增長給我們發表評論？

We have two types of activities with Sony.

我們與索尼有兩種類型的活動。

One of them is related to engineering, so it's expanding their manufacturing capacity, as well as reducing feature sizes into -- by porting into new geometries.

其中之一與工程有關，因此它正在擴大他們的製造能力，並通過移植到新的幾何形狀中來減小特徵尺寸。

So there's a very large amount of activity associated with that each and every quarter.

因此，每個季度都有大量與此相關的活動。

And I expect that activity to continue, certainly throughout this year and probably throughout next year.

我預計這種活動會繼續下去，肯定會在今年全年，甚至可能會在明年繼續。

The royalty component of Sony we expect to happen this quarter.

我們預計本季度將發生索尼的版稅部分。

We don't know exactly how much yet, but Sony is in volume production, as you know.

我們還不知道確切的數量，但正如你所知，索尼正在批量生產。

And they're gearing up for their highly anticipated launch towards the later part of this year.

他們正在為今年下半年備受期待的發布做準備。

So we are expecting revenue contribution this quarter; we just don't know how much yet.

因此，我們預計本季度的收入貢獻；我們只是還不知道有多少。

As a follow-up, the 8 to 10% sequential growth is incorporating no contribution or some contribution from Sony?

作為後續，8%到10%的環比增長是索尼沒有貢獻還是部分貢獻？

Small. (multiple speakers) when we say small, we're referring to royalties, not the fact that Sony would be small.

小的。 （多位發言者）當我們說小時，我們指的是版稅，而不是索尼很小的事實。

Right.

正確的。

Okay, thank you.

好的謝謝你。

I wanted to emphasize that there was no royalty in Q2.

我想強調第二季度沒有版稅。

Robert Dennison, UBS.

瑞銀的羅伯特·丹尼森。

I'm pretty sure I heard on the call, Marv, you say that revenues were up in higher-margin products and revenues were down in lower-margin products.

我很確定我在電話會議上聽到了，Marv，你說高利潤產品的收入增加了，而低利潤產品的收入下降了。

Does that give us any sort of directionality in what we should be looking at for gross margin this quarter?

這是否會給我們本季度應該關注的毛利率帶來任何方向性？

You know -- yes;

你知道——是的；

I did say that we had revenue growth in higher-margin products and revenue decline in lower-margin products.

我確實說過，我們在利潤率較高的產品中收入增長，而在利潤率較低的產品中收入下降。

You'll have to draw your own conclusions.

你必須自己得出結論。

Thanks.

謝謝。

Sorry -- did I miss anything on handheld revenue growth rates?

抱歉——我錯過了有關手持設備收入增長率的任何信息嗎？

Did I miss a number there?

我錯過了那裡的號碼嗎？

Handheld revenue was up 12% quarter-to-quarter.

手持設備收入環比增長 12%。

Arnab Chanda, Lehman Brothers.

Arnab Chanda，雷曼兄弟。

Jen-Hsun, if you could explain a little bit about the -- your MCP business.

Jen-Hsun，請您稍微解釋一下您的 MCP 業務。

How much opportunity would you get at Intel?

你會在英特爾獲得多少機會？

Are you assuming that if this merger goes through, some of the internal demand at AMD would be fulfilled internally?

您是否假設如果此次合併通過，AMD 的一些內部需求將在內部得到滿足？

Do you think -- is that how you're planning to address the business, and do you think that business continues to grow at sort of the type of rates you've seen, or maybe at PC growth rates?

您是否認為這就是您計劃解決業務的方式，您是否認為業務會繼續以您所看到的那種速度增長，或者可能以 PC 增長率？

And I have a follow-up, please.

我有一個跟進，拜託。

Our strategy with MCP is to focus on the segments where either the GPU, the leadership of our GPU position, or GPU technology, could play a large role in those segments.

我們與 MCP 的戰略是專注於 GPU、我們 GPU 的領導地位或 GPU 技術可以在這些細分市場中發揮重要作用的細分市場。

And so you could imagine that GeForce and SLI are two such incredibly important brands in the end market that it's unreasonable to expect an end user to have to pick which microprocessor GeForce and SLI supports.

因此，您可以想像，GeForce 和 SLI 是終端市場中兩個非常重要的品牌，期望終端用戶必須選擇 GeForce 和 SLI 支持的微處理器是不合理的。

And so these gamers, they want to buy the latest in GeForce and they want to have SLI capability in their system.

因此，這些遊戲玩家想要購買最新的 GeForce，並希望在他們的系統中擁有 SLI 功能。

We want to give them the flexibility of whichever processor they would like to choose.

我們希望為他們提供他們想要選擇的任何處理器的靈活性。

And so those segments we'll continue to serve, and my expectation is that we'll continue to be very successful in those segments.

因此，我們將繼續服務於這些細分市場，我的期望是我們將繼續在這些細分市場取得非常成功。

In the segments where integrated graphics, or graphics technology, is important, the segments that we will see the most success is where branded graphics and the leadership of our technology plays a large role.

在集成圖形或圖形技術很重要的領域中，我們將看到最成功的領域是品牌圖形和我們技術的領導地位發揮重要作用的領域。

And I'm hoping that the coming year, as Vista and nearly all of the office automation applications that we know of today, starts to make the migration to use 3-D graphics, that 3-D graphics will be important in a much, much larger part of the overall market.

我希望來年，隨著 Vista 和我們今天所知道的幾乎所有辦公自動化應用程序開始遷移到使用 3-D 圖形，3-D 圖形將在很多方面變得重要，佔整個市場的大部分。

I think that creates a lot of opportunity for us.

我認為這為我們創造了很多機會。

And so our focus is going to continue to be that -- where our brands are important, where graphics technology is important.

所以我們的重點將繼續是——我們的品牌很重要，圖形技術很重要。

And if we stay focused on that, I think we'll do a fine job for you guys.

如果我們繼續專注於此，我想我們會為你們做得很好。

Thanks.

謝謝。

One sort of qualitative question.

一種定性問題。

You talked before about both operational improvements as well as royalties from Sony that could drive your margins higher, gross margins higher.

您之前談到了運營改進以及索尼的特許權使用費，這可能會推動您的利潤率更高，毛利率更高。

It seems like you had benefit on mix in the second quarter, if I understood you correctly.

如果我理解正確的話，您似乎在第二季度的混合中受益。

Do you think that going forward, over the next sort of 12 months or so, those aspects that you're talking about, the operations and the royalty structure, could continue to drive those margins higher to your sort of old targets, 45% or so?

您是否認為在接下來的 12 個月左右，您所談論的那些方面，運營和版稅結構，可能會繼續將這些利潤率推高到您的舊目標，45% 或所以？

Or can you maybe give us a qualitative understanding of that?

或者你能給我們一個定性的理解嗎？

Thanks.

謝謝。

We haven't changed our expectation that our gross margins should be 45%, and in fact higher in the future.

我們沒有改變我們的預期，即我們的毛利率應該是 45%，實際上未來會更高。

We ought to raise our expectations as soon as we get to 45%.

一旦達到 45%，我們就應該提高我們的期望。

There are broad and numerous operational improvement activities throughout the Company, and our operation, frankly, is world-class.

整個公司開展了廣泛而眾多的運營改進活動，坦率地說，我們的運營是世界一流的。

And it's -- the reason why it's in the graphics industry -- it requires an extraordinary level of operational excellence -- is because the technology is, obviously, extremely complex.

這就是它在圖形行業中的原因——它需要非凡的卓越運營水平——因為這項技術顯然非常複雜。

These are some of the most complex semiconductor devices built anywhere, and the velocity of the business is very, very high.

這些是在任何地方製造的一些最複雜的半導體設備，而且業務的發展速度非常非常快。

And so when you have very complex devices with very high-velocity businesses, you have to be on -- you have to be on your toes, and you have to have extraordinary operational capabilities in order to reduce waste.

因此，當您擁有非常複雜的設備和非常高速的業務時，您必須保持警惕 - 您必須保持警覺，並且您必須擁有非凡的運營能力以減少浪費。

So that's been an area where we've put a lot of energy over the last several years, and I'm going to continue to put energy around that.

所以這是我們在過去幾年中投入大量精力的領域，我將繼續為此投入精力。

Naser Iqbal, Salman Partners.

薩爾曼合夥人納賽爾·伊克巴爾。

Congratulations on the quarter and the forward guidance -- great numbers.

祝賀本季度和前瞻性指導——大量數據。

I only just have one question, and -- Jen-Hsun, I guess, with all the announcements that have been that happening in the semiconductor space, and based on the comments (technical difficulty), and I know you're limited as to how much you can actually say.

我只有一個問題，而且 - Jen-Hsun，我猜，在半導體領域發生的所有公告中，根據評論（技術難度），我知道你僅限於你實際上可以說多少。

But what kind of comfort can we take in the announcement of what's happening with the stock options?

但是，對於股票期權正在發生的事情的公告，我們能得到什麼樣的安慰呢？

Can you share any other colors or comments?

你能分享任何其他顏色或評論嗎？

The audit committee's reviews are still ongoing, and we ought to give them every benefit to complete their analysis.

審計委員會的審查仍在進行中，我們應該給予他們一切好處以完成他們的分析。

So at this point I don't think there's really that much that we ought to say beyond everything that we've already said.

所以在這一點上，我認為除了我們已經說過的一切之外，我們真的不應該說那麼多。

I appreciate that.

我很感激。

Congratulations on the quarter.

祝賀本季度。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

This is Han Lee for David Wu.

這是大衛吳的韓李。

Congratulations on the quarter.

祝賀本季度。

Jen-Hsun, you mentioned in your speech that you want to be the GPU (inaudible) for the digital media.

Jen-Hsun，您在演講中提到您想成為數字媒體的 GPU（聽不清）。

So, do you have any plans again to business such as, say, TV tuners for the PC, or say, pretty high-growth, high-definition TV area?

那麼，您是否有任何計劃再次開展業務，例如 PC 電視調諧器，或者說，相當高增長的高清電視領域？

That's a good question.

這是個好問題。

I think the -- our focus tends to be where the computing and digital technology intersects consumer applications.

我認為 - 我們的重點往往是計算和數字技術與消費者應用程序相交的地方。

That tends to be our focus.

這往往是我們關注的焦點。

And two very important words in there is computing technologies, and the other one, obviously, is consumer, which conveys multimedia and experiential elements to the technology.

其中兩個非常重要的詞是計算技術，另一個顯然是消費者，它向技術傳達了多媒體和體驗元素。

The digital television is not really a computing device today.

今天的數字電視並不是真正的計算設備。

It's not much more of a computer then a DVD player is.

與其說是一台計算機，不如說是一台 DVD 播放器。

It's not much more of a computer than a set-top box is.

它並不比機頂盒更像一台計算機。

And so those -- although it uses some embedded microprocessors and uses memory and such, the behavior and the nature of those devices tend to not follow those of computing devices.

所以那些 - 儘管它使用一些嵌入式微處理器並使用內存等，但這些設備的行為和性質往往不遵循計算設備的行為和性質。

And as a result of that, historically we've stayed away from it, because they don't tend to be sustainable businesses.

因此，從歷史上看，我們一直遠離它，因為它們往往不是可持續發展的企業。

People have told me that flat-panel displays were exciting businesses and we ought to get into that because we know a lot about image quality.

人們告訴我，平板顯示器是令人興奮的行業，我們應該涉足這一領域，因為我們對圖像質量了解很多。

That's true.

確實如此。

But, as you know, the flat-panel transceiver business has not scaled the way that GPUs have scaled.

但是，如您所知，平板收發器業務並沒有像 GPU 那樣擴展。

So we tend to follow the marketplaces where the experience continues to improve, the applications continue to improve, and the reach and the usefulness of the devices continue to improve; which, certainly, personal computers is one of them, handheld devices is becoming one of them, game consoles is one of them, and I foresee many other types of digital devices in the future that will have these characteristics.

因此，我們傾向於關注體驗不斷改進、應用程序不斷改進、設備的覆蓋面和實用性不斷提高的市場；當然，個人電腦就是其中之一，手持設備正在成為其中之一，遊戲機就是其中之一，而且我預見未來許多其他類型的數字設備將具有這些特徵。

That's where our focus will be.

這就是我們的重點。

Thank you.

謝謝你。

Also I have some questions about your inventory levels.

另外，我對您的庫存水平有一些疑問。

You said that inventory will again increase this quarter slightly.

您說本季度庫存將再次小幅增加。

So I'm wondering which kind of products is the inventory increasing.

所以我想知道哪種產品的庫存在增加。

Is it -- if it's in the higher-end graphics, or is the increase mostly in the newer MCP area?

是——如果它是在更高端的圖形中，還是主要是在較新的 MCP 領域？

I think what you're referring to is that I said that the inventory probably increased in Q2.

我想你指的是我說第二季度庫存可能增加了。

I don't anticipate that inventory will increase in Q3.

我預計第三季度庫存不會增加。

Okay. (multiple speakers) expect the ASP trend to go on in Q3?

好的。 （多位發言者）預計 ASP 趨勢將在 Q3 繼續嗎？

Beg your pardon?

請問你說什麼？

In Q2 your ASPs increased by 15% quarter-over-quarter.

在第二季度，您的 ASP 環比增長了 15%。

So, what's your expectation for Q3?

那麼，您對 Q3 的期望是什麼？

I think it really is dependent upon mix, because a major portion of that increase quarter-to-quarter was the mix, the fact that we did very well in the high-end and the mainstream had a unit volume decline.

我認為這確實取決於混合，因為季度增長的主要部分是混合，事實上我們在高端市場做得很好，而主流市場的單位銷量下降。

If we do very, very well in mainstream, you could even see ASP decline in Q3.

如果我們在主流市場做得非常非常好，你甚至可以看到第三季度的 ASP 下降。

It really depends on mix more than any individual product's ASP.

它確實比任何單個產品的 ASP 都更依賴於混合。

One of the comments that I will make is that we made a prediction a long time ago that SLI will increase the TAM of high-end GPUs.

我要說的其中一個評論是，我們很久以前就預測，SLI 將增加高端 GPU 的 TAM。

And, I think, for all intents and purposes, whenever you have SLI in your system, and it has the opportunity to accept two high-end graphics cards, that's a perfect example of the doubling of TAM.

而且，我認為，無論出於何種意圖和目的，只要您的系統中有 SLI，並且它有機會接受兩個高端顯卡，這就是 TAM 翻倍的完美示例。

And so I think that the adoption of SLI and the popularity of SLI, and the increasing popularity of SLI, is quite a boon for high-end GPU markets.

所以我認為 SLI 的採用和 SLI 的普及，以及 SLI 的日益普及，對高端 GPU 市場來說是一個福音。

Nicholas Aberle, Caris & Co.

Nicholas Aberle, Caris & Co.

First question is for Marv.

第一個問題是給 Marv 的。

I'm trying to figure out what the Q2 gross margin was.

我試圖弄清楚第二季度的毛利率是多少。

You did imply that Q3 gross margin was going to be up from whatever that level was in Q2, correct?

您確實暗示第三季度的毛利率將從第二季度的水平上升，對嗎？

No, I didn't.

不，我沒有。

I didn't imply anything.

我沒有暗示什麼。

I just said that we would continue to work very hard to improve gross margins.

我剛才說我們會繼續努力提高毛利率。

Okay.

好的。

You said that OpEx would actually be slightly higher in Q3 then.

您說第三季度的運營支出實際上會略高。

That was the --

那是——

That's correct.

這是正確的。

Going into Q3, in terms of gross margin, I would expect that mix would revert somewhat.

進入第三季度，就毛利率而言，我預計這種組合會有所恢復。

Could a potential boost be the PS3 royalties and get that margin up again in Q3?

PS3 版稅是否會成為潛在的推動力，並在第三季度再次提高利潤率？

That's certainly one of the factors.

這當然是因素之一。

Any royalties we get is 100% margin, so that helps.

我們獲得的任何版稅都是 100% 的利潤，所以這很有幫助。

So, it really depends on the magnitude of the royalties.

所以，這真的取決於特許權使用費的大小。

It depends on a lot of factors, but certainly that helps.

這取決於很多因素，但肯定會有所幫助。

Secondly, Jen-Hsun, I was wondering if you could just comment on the thought process of down the road, the convergence of CPU and GPU, and perhaps the integration of the two sometime in the future, what your take is on that and how NVIDIA plays into that scenario.

其次，Jen-Hsun，我想知道您是否可以評論一下未來的思考過程，CPU 和 GPU 的融合，以及未來某個時候兩者的融合，您對此有何看法以及如何NVIDIA 在這種情況下發揮了作用。

GPU is a very complex device.

GPU 是一個非常複雜的設備。

If you pop the lid of some chips, you'll discover that GPU is substantially larger than a lot of CPUs.

如果你打開一些芯片的蓋子，你會發現 GPU 比許多 CPU 大得多。

So I guess one could argue that long-term, Moore's Law would enable some device to integrate some other device.

所以我想有人可能會爭辯說，從長遠來看，摩爾定律將使某些設備能夠集成其他設備。

But frankly, that's not the way -- markets don't care about Moore's Law.

但坦率地說，事實並非如此——市場並不關心摩爾定律。

Markets don't care about most laws.

市場並不關心大多數法律。

They just care about what they need.

他們只關心他們需要什麼。

And the reason why the GPU has been separated from the CPU historically is because the two work off of completely different rhythms.

而GPU在歷史上與CPU分離的原因是因為兩者的工作節奏完全不同。

And because of the different segmentations and the velocity of innovation, and all of those things, the GPU continues to be a standalone device for the segments in the marketplace that we serve.

由於不同的細分市場和創新速度以及所有這些因素，GPU 仍然是我們服務的市場細分市場的獨立設備。

And so our job isn't really to worry about which is going to integrate which; our job is to make the GPU valuable.

所以我們的工作並不是真正擔心哪個會整合哪個；我們的工作是讓 GPU 變得有價值。

And that has been the historical focus of our company, to invest in helping people see how to program our GPUs, to invest in pushing the industry forward, and enabling the next level of games, or for industrial styling, or different applications of GPUs.

這一直是我們公司的歷史重點，投資於幫助人們了解如何對我們的 GPU 進行編程，投資於推動行業向前發展，並實現更高水平的遊戲、工業造型或 GPU 的不同應用。

Focusing our energy around that has been a much more productive exercise for us.

將我們的精力集中在這方面對我們來說是一項更有成效的練習。

Now, in some segments, we could imagine GPUs integrating with CPUs, or CPUs integrating with GPUs.

現在，在某些領域，我們可以想像 GPU 與 CPU 集成，或者 CPU 與 GPU 集成。

But we'll approach those segments as it makes sense.

但我們會在有意義的情況下處理這些細分市場。

Because oftentimes it's not necessarily one CPU.

因為通常它不一定是一個 CPU。

It could be x86.

它可能是 x86。

It could be PowerPC.

它可能是 PowerPC。

It could be cell.

可能是細胞。

It could be [ARM].

它可能是 [ARM]。

It could be something else.

它可能是別的東西。

And so we believe that what we ought to do is focus on the market, and focus in advancing the utility and usefulness of GPUs, and focusing on advancing the GPU technology.

所以我們認為，我們應該做的是關注市場，專注於提升GPU的實用性和實用性，專注於推動GPU技術的進步。

And that's -- I think we've been very true to that historically.

那就是 - 我認為我們在歷史上一直非常忠實於這一點。

We're true to it right now, and I think people are seeing the wisdom of it.

我們現在是忠實的，我認為人們正在看到它的智慧。

Devan Moodley, Scotia Capital.

Devan Moodley，斯科舍資本。

Just quickly, can you give us the split for the 7000 versus the 6000 series family this quarter?

很快，您能告訴我們本季度 7000 與 6000 系列的區別嗎？

Heavily, heavily weighted towards the 7000 family.

重度，重度偏重於 7000 家庭。

Can you talk about sort of where you might expect, once NV80 launches, the split to be towards the end of the year?

你能談談你可能期望的那種，一旦 NV80 推出，分裂將在年底前進行嗎？

We haven't announced G80.

我們還沒有宣布 G80。

I don't know what G80 is, but we sell a lot of G7Xs.

我不知道 G80 是什麼，但我們賣了很多 G7X。

Just as sort of a general question in relation to the AMD ATI situation -- do you think it creates any input cost advantage for you guys down the road, with potentially maybe the fear from the pure play foundry guys that AMD might take some of that business in-house?

就像一個關於 AMD ATI 情況的一般性問題——你認為這會為你們創造任何投入成本優勢嗎內部業務？

I think that there is -- I don't know if that is specifically the reason.

我認為有——我不知道這是否是具體原因。

Our focus is to be a strategic and a meaningful partner of the partners we work with.

我們的重點是成為我們合作夥伴的戰略和有意義的合作夥伴。

And so with -- TSMC is our largest-single partner, and a terrific partner, and they've done a great job for us.

因此，台積電是我們最大的單一合作夥伴，也是一個了不起的合作夥伴，他們為我們做得很好。

Our job is to make sure that we can be as large and bring as much business as we can to this relationship.

我們的工作是確保我們能夠做大並為這種關係帶來盡可能多的業務。

And typically, when you bring a lot of business to a relationship, there's some benefits.

通常，當您為一段關係帶來大量業務時，會有一些好處。

And so my sense is that that is going to continue to be a dynamic that makes sense, and that's our focus.

所以我的感覺是，這將繼續成為一種有意義的動態，這就是我們的重點。

Last question.

最後一個問題。

Where do you guys see the PC market, in terms of growth back-half of this year, with Vista launching in Q1 '07?

隨著 Vista 於 07 年第一季度推出，就今年下半年的增長而言，你們如何看待 PC 市場？

What's your expectation for growth?

您對增長的期望是什麼？

I think everybody is thinking through that.

我想每個人都在思考這個問題。

Some of the smartest things that I've heard in talking to leaders of PC companies is that here in Silicon Valley in the high-tech industry, we're sitting here talking a lot about Vista, but the vast majority of America and the rest of the world aren't spending any time talking about Vista.

在與 PC 公司的領導者交談時，我聽到的一些最聰明的事情是，在矽谷的高科技行業，我們坐在這裡談論了很多關於 Vista，但美國和其他地區的絕大多數人全世界的人都不會花時間談論 Vista。

And there's just -- they think of the PC as the PC.

只是——他們認為個人電腦就是個人電腦。

When Vista comes out, Microsoft will be incredibly energetic to promote Vista and get that in the forethought of just about everybody on the planet.

當 Vista 出現時，微軟將非常積極地推廣 Vista，並將其納入地球上幾乎每個人的深謀遠慮之中。

And when that happens, I think the Vista demand will drive up.

當這種情況發生時，我認為 Vista 的需求將會增加。

In the meantime, my sense is that the back half is all going to be about Conroe and AM2.

與此同時，我的感覺是後半部分將全是關於 Conroe 和 AM2 的。

Conroe is a very exciting microprocessor, and it's brought a lot of enthusiasm and excitement back into the high-end segment.

Conroe 是一款非常令人興奮的微處理器，它為高端市場帶來了極大的熱情和興奮。

And I'm excited to see that.

我很高興看到這一點。

When there is energy in the high-end excitement and people are excited about Conroe and AM2, it's going to bring a lot of people back to buy high-end PCs.

當高端興奮中充滿活力並且人們對 Conroe 和 AM2 感到興奮時，它將吸引很多人重新購買高端 PC。

And most of those high-end PCs will, hopefully, have SLI and, hopefully, have GeForces in them.

大多數高端 PC 都有望配備 SLI，並有望配備 GeForce。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，高盛。

Jen-Hsun, you touched on the collaboration with Intel on the MCP side as a result of the AMD announcement.

Jen-Hsun，您談到了與英特爾在 MCP 方面的合作，這是 AMD 宣布的結果。

Can you maybe also comment if there is any opportunity or possibility for collaboration on the GPU side, whether marketing or otherwise -- maybe specifically, if you have noticed any change in the trajectory of your design wins alongside Conroe before and after the announcement, for GPUs specifically?

您能否評論一下 GPU 方面是否有任何合作機會或可能性，無論是營銷還是其他方面 - 也許具體來說，如果您注意到在宣布之前和之後您的設計與 Conroe 一起獲勝的軌跡發生了任何變化，因為特別是GPU？

Thanks for the question.

謝謝你的問題。

I would say that we're the only GPU -- standalone GPU supplier in the world today, and we are CPU-neutral.

我想說，我們是當今世界上唯一的 GPU——獨立 GPU 供應商，而且我們是 CPU 中立的。

We could be a partner for either company.

我們可以成為任何一家公司的合作夥伴。

And I think we're a much more natural partner for either company today than ever before.

而且我認為我們今天比以往任何時候都更自然地成為兩家公司的合作夥伴。

And so I think -- I think you could derive from that that we're much more a natural partner today working with Intel than AMD would be working with Intel, in collaborating to build markets and otherwise.

所以我認為 - 我認為你可以從中得出，我們今天與英特爾合作比 AMD 在合作建立市場等方面更自然地與英特爾合作。

So I do think that's a very significant advantage.

所以我確實認為這是一個非常重要的優勢。

But did you see anything specific so far, any kind of inflection as far as how many people are designing a GeForce GPU alongside with a Conroe, as opposed to perhaps going down the path of a 1900 in a Conroe?

但是到目前為止，您有沒有看到任何具體的變化，有多少人在設計 GeForce GPU 和 Conroe，而不是在 Conroe 中走 1900 年的道路？

Is that something that -- where the perception has changed, or anything you've been able to track?

那是什麼——感知發生了變化，還是你能夠追踪到的任何東西？

I guess there's probably some anecdotal stuff, but I think the high-level [bit, though], is that Conroe is all about high-end PCs.

我想可能有一些軼事，但我認為高級別的 [bit, 不過] 是 Conroe 是關於高端 PC 的。

And high-end PCs really need SLI.

高端 PC 確實需要 SLI。

And so we were in all of those design wins anyhow, and SLI only works with GeForce, so we were already in those platforms.

無論如何，我們都參與了所有這些設計勝利，而 SLI 僅適用於 GeForce，所以我們已經在這些平台上。

There's probably a lot more enthusiasm and energy in working together on Conroe platforms between Intel and our team, and I think that's a wonderful positive.

英特爾和我們的團隊在 Conroe 平台上合作的熱情和精力可能要大得多，我認為這是一個非常好的積極因素。

But that's a segment of the marketplace that we already are quite successful in.

但這是我們已經相當成功的市場部分。

Just a quick follow-up on the MCP side.

只是對 MCP 方面的快速跟進。

Given the different margin structure historically in AMD Core Logic versus Intel Core Logic, would you expect any meaningful change in your gross margins long-term as that mix shifts just a little bit more to Intel than AMD?

鑑於歷史上 AMD Core Logic 與 Intel Core Logic 的利潤率結構不同，您是否預計長期毛利率會發生有意義的變化，因為這種組合對英特爾的轉移比 AMD 稍微多一點？

No.

不。

I think that the difference in gross margins in the MCP business is more related to whether it's an integrated (indiscernible) chipset or discrete.

我認為 MCP 業務的毛利率差異與它是集成（聽不清）芯片組還是離散芯片組有關。

And whether it's AMD or Intel, discrete chipsets have good margins.

而且無論是AMD還是英特爾，分立芯片組都有不錯的利潤空間。

And integrated have lower margins.

並且綜合利潤率較低。

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 for Q3.

我們期待報告第三季度的進展。

Thank you.

謝謝你。

This concludes the conference.

會議到此結束。

You may now disconnect.

您現在可以斷開連接。