輝達 (NVDA) 2007 Q3 法說會逐字稿

Good afternoon.

下午好。

And thank you for holding.

並感謝您的支持。

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

我現在想將電話轉給 NVIDIA 投資者關係副總裁 Michael Hara。

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 third fiscal quarter ended October 29, 2006.

下午好，歡迎參加 NVIDIA 於 2006 年 10 月 29 日結束的第三財季電話會議。

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 通話的是 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。

During this call we will discuss some non-GAAP measures about net income, net income per share and gross margin and other line items from our Consolidated Statements of Income when talking about our results.

在本次電話會議中，我們將在討論我們的業績時，討論一些非公認會計原則衡量的淨收入、每股淨收入和毛利率以及合併損益表中的其他項目。

You can find a full reconciliation of these measures to GAAP in our financial release, which is posted on the Investor Relations page of our website at www.NVIDIA.com.

您可以在我們的財務新聞稿中找到這些措施與 GAAP 的完整對照，該新聞稿發佈在我們網站 www.NVIDIA.com 的投資者關係頁面上。

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 beware 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 Investors Relations website.

股東還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 its fourth quarter fiscal 2007.

在公司召開電話會議討論其 2007 財年第四季度財務業績之前，該網絡廣播將一直播放。

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 fourth quarter 2007 outlook, a review of the stock option practices by our audit committee, the restatement, the use of non-GAAP measures, the benefit and impact of the acquisition of PortalPlayer, new and forthcoming products, our products and technologies, growth drivers, market share, Windows Vista, PlayStation3, design wins, strategic focus, and customers and partners 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 年第四季度展望的陳述、我們的審計委員會對股票期權實踐的審查、重述、非公認會計原則措施的使用、收購 PortalPlayer 的好處和影響、新的和即將推出的產品、我們的產品和技術、增長動力、市場份額、Windows Vista、PlayStation3、設計勝利、戰略重點以及客戶和合作夥伴與未來事件有關，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 affect the Company's future financial results and business, please refer to the Company's Form 10-K, an annual report for the fiscal year ended January 29, 2006, quarterly reports on Form 10-Q, and 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、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報告向美國證券交易委員會提交的 8-K 表格。

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

所有前瞻性陳述都是根據我們今天可獲得的信息做出的。

And except as required by law, the Company assumes no obligation to update any such statement.

除法律要求外，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 November 9, 2006.

網絡廣播的內容包含截至 2006 年 11 月 9 日準確的時間敏感信息。

Consistent with the requirements under Regulation FD, we will be providing public guidance directly in the conference call and will be unable to provide significantly more information in off-line conversations or during the quarter, therefore questions around our financial expectations should be asked during this call.

根據 FD 條例的要求，我們將在電話會議中直接提供公共指導，並且無法在離線對話中或在本季度提供更多信息，因此應在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 allow one follow-up question.

在我們回復後，我們將允許提出一個後續問題。

As previously announced in June 2006 the audit committee of the Board of Directors of NVIDIA began a review of the Company's stock option practices based on results of an interim review voluntarily undertaken by management.

正如之前在 2006 年 6 月宣布的那樣，NVIDIA 董事會審計委員會根據管理層自願進行的中期審查結果開始審查公司的股票期權實踐。

The audit committee's review covered the time from the Company's initial public offering in 1999 to the current fiscal year, and as previously disclosed, found instances of use of incorrect measurement base for certain option grants.

審計委員會的審查涵蓋了從公司 1999 年首次公開募股到本財政年度的時間，如先前披露的，發現某些期權授予使用錯誤計量基礎的情況。

The audit committee is being assisted by independent legal counsel and outside accounting experts.

審計委員會得到獨立法律顧問和外部會計專家的協助。

At this time the audit committee has completed its (indiscernible) review of the option grants, is now working with the Company's management to finalize the financial impact of using incorrect measurement dates.

此時，審計委員會已完成對期權授予的（音頻音頻不清晰）審查，目前正與公司管理層合作，以最終確定使用錯誤計量日期的財務影響。

NVIDIA video will publish the balance sheet as of the end of the third quarter, and the Statement of Income for the nine months ended October 29, 2006, as well as restated statements of income for the comparable periods of fiscal 2006 as soon as practical upon completion of the audit committee's review.

NVIDIA video 將盡快公佈截至第三季度末的資產負債表、截至 2006 年 10 月 29 日止九個月的損益表以及重述的 2006 財年可比期間的損益表完成審計委員會的審查。

The Company's current and former independent registered public accounting firm have not completed their review of the findings of the audit committee.

本公司現任及前任獨立註冊會計師事務所尚未完成對審計委員會調查結果的審查。

Our financial results for the second and third quarters of fiscal year 2007 are not audited, and may change as a result of the ongoing audit committee review.

我們 2007 財年第二和第三季度的財務業績未經審計，可能會因審計委員會的持續審查而發生變化。

The stock option practices under review and related matters can also lead to the potential claims and proceedings relating to such matters, including litigation or action by the Securities and Exchange Commission and/or other regulatory agencies.

正在審查的股票期權實踐和相關事項也可能導致與此類事項相關的潛在索賠和訴訟，包括證券交易委員會和/或其他監管機構的訴訟或行動。

I'll now hand the call over to Jen-Hsun.

我現在將把電話交給仁勳。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Today we are pleased to report record revenue of $820.6 million for our third quarter.

今天，我們很高興地報告我們第三季度的創紀錄收入為 8.206 億美元。

This is our third consecutive record quarter.

這是我們連續第三個創紀錄的季度。

Year-over-year third quarter revenue grew nearly 41%.

第三季度收入同比增長近 41%。

Our growth was driven by strong performance and share gains from numerous product groups -- desktop GPU, notebook GPU and MCP, resulting in record revenue for the quarter that is well above normal seasonal patterns.

我們的增長是由眾多產品組（台式機 GPU、筆記本 GPU 和 MCP）的強勁表現和份額收益推動的，導致本季度創紀錄的收入遠高於正常的季節性模式。

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

讓我回顧一下本季度我們每個業務部門的亮點和成就。

Our desktop GPU business continued to deliver strong results in Q3.

我們的桌面 GPU 業務在第三季度繼續取得強勁的業績。

In addition to the seasonal strength of the PC market, we increased our desktop GPU share by 5 points to 56%.

除了 PC 市場的季節性強勁，我們將桌面 GPU 份額提高了 5 個百分點，達到 56%。

GeForce achieved 89% share of the performance segment.

GeForce 獲得了 89% 的性能細分市場份額。

Our desktop GPU revenue grew 13% year-over-year.

我們的桌面 GPU 收入同比增長 13%。

With over 265 media awards worldwide in Q3, demand for our GeForce 7 Series GPU remained very strong, even as we launch our next generation GPU.

第三季度在全球範圍內獲得了超過 265 個媒體獎項，即使我們推出了下一代 GPU，對我們的 GeForce 7 系列 GPU 的需求仍然非常強勁。

Yesterday we announced GeForce 8800 to the world.

昨天我們向全世界宣布了 GeForce 8800。

Held in secrecy for four years and code-named G80, this is the most ambitious undertaking in our history.

這是我們歷史上最雄心勃勃的事業，秘密舉行了四年，代號為G80。

G80 is the product of hundreds of the world's best engineers, over 1,000 man years of effort, and over $400 million to develop.

G80 是數百名世界上最優秀的工程師、1000 多人年的努力和超過 4 億美元的開發成果。

G80 is a revolutionary architecture and a completely ground up design.

G80 是一種革命性的架構，是一種完全顛覆性的設計。

This is only the third fundamentally new architecture in our 13 year history.

這只是我們 13 年曆史中第三個全新的架構。

The last fundamentally new architecture was GeForce 256, the now famous GeForce introduced in 1999.

最後一個全新的架構是 GeForce 256，現在著名的 GeForce 於 1999 年推出。

G80 is based on a unified shader architecture.

G80 基於統一的著色器架構。

Instead of a separate vertex and pixel shading processors, G80 has 128 stream processors operating at 1.35 GHz that can process either either vertex or pixel shaded programs.

G80 沒有單獨的頂點和像素著色處理器，而是有 128 個運行在 1.35 GHz 的流處理器，可以處理頂點或像素著色程序。

With a unified architecture, G80 can adapt its vast computational resources to the changing vertex or pixel shading workload from team to team.

借助統一架構，G80 可以調整其龐大的計算資源，以適應團隊之間不斷變化的頂點或像素著色工作負載。

G80 is the world's first DX10 GPU.

G80 是全球首款 DX10 GPU。

DX10 is a major new API for Microsoft Windows Vista, and includes many new important features.

DX10 是 Microsoft Windows Vista 的主要新 API，包括許多新的重要功能。

One of the most exciting DX10 and G80 features is the geometry shader.

DX10 和 G80 最令人興奮的功能之一是幾何著色器。

By programming the unified shader processes of G80, designers can programmatically create, destroy and manipulate geometric mesh.

通過對 G80 的統一著色器流程進行編程，設計人員可以通過編程方式創建、銷毀和操作幾何網格。

Game designers can do amazing things like procedural geometry to programmatically generate landscapes, particle systems to create realistic looking smoke and clouds, displacement maps to create incredibly high geometric modality, fast environment mapping, and even motion [board].

遊戲設計師可以做一些令人驚奇的事情，比如程序幾何以編程方式生成景觀，粒子系統創建逼真的煙霧和雲，置換貼圖創建令人難以置信的高幾何模態，快速環境映射，甚至運動 [board]。

Yesterday we also announced CUDA, a new mode of operation on GPUs where the massive computational power of the GPU can be utilized for competition intensive applications.

昨天我們還宣布了 CUDA，這是一種在 GPU 上運行的新模式，GPU 的海量計算能力可用於競爭密集型應用程序。

We envision CUDA enabling PCs to solve problems traditionally solved on supercomputers and custom ASICs.

我們設想 CUDA 使 PC 能夠解決傳統上在超級計算機和定制 ASIC 上解決的問題。

This breakthrough architecture is complemented by another first, the NVIDIA C-compiler for GPUs.

這一突破性架構得到了另一個首創，即用於 GPU 的 NVIDIA C 編譯器的補充。

We envision CUDA will open a whole new field called GPU computing, providing for engineers and scientists and digital content creators tools they need to solve computation intense problems.

我們設想 CUDA 將開闢一個名為 GPU 計算的全新領域，為工程師、科學家和數字內容創建者提供解決計算密集型問題所需的工具。

The performance of GeForce 8800 is simply awesome.

GeForce 8800 的性能簡直太棒了。

A single 8800 GTX is twice the performance of our 7950 GTX, our previous flagship GPU.

單個 8800 GTX 的性能是我們之前的旗艦 GPU 7950 GTX 的兩倍。

In fact, 8800 GTX is faster than 2 7950 GTX and SLI.

事實上，8800 GTX 比 2 7950 GTX 和 SLI 更快。

GeForce 8800 GTX is also a breakthrough in power efficiency.

GeForce 8800 GTX 在電源效率上也是一個突破。

Although 8800 GTX has twice the performance and tons more features, the power is just a bit higher than 7950 GTX.

儘管 8800 GTX 具有兩倍的性能和更多功能，但功率僅比 7950 GTX 高一點。

Its own architectural efficiency and low-power design has really paid off.

其自身的架構效率和低功耗設計確實得到了回報。

The GeForce 8 architecture is twice the performance per watt of GeForce 7.

GeForce 8 架構的每瓦性能是 GeForce 7 的兩倍。

The most exciting news about GeForce 8800 is that it is available in stores now, and will soon be shipping from nearly every PC supplier around the world.

關於 GeForce 8800 最令人興奮的消息是它現在可以在商店買到，並且很快就會從全球幾乎所有的 PC 供應商處發貨。

Our notebook GPU business achieved a major milestone in Q3.

我們的筆記本 GPU 業務在第三季度取得了一個重要的里程碑。

We achieved record revenue for the third second quarter, and grew shares at 52%, and became the number one notebook GPU supplier for the first time in our history.

我們在第三季度實現了創紀錄的收入，股價增長了 52%，並在我們的歷史上首次成為第一大筆記本 GPU 供應商。

Our notebook GPU revenue grew 47% -- 46% quarter over quarter and over 100% year-over-year.

我們的筆記本 GPU 收入增長了 47%——環比增長 46%，同比增長超過 100%。

We expect our share gain to continue through the year, and then accelerate as we ship design wins based on Intel's Santa Rosa platform.

我們預計我們的份額增長將持續到今年，然後隨著我們交付基於英特爾 Santa Rosa 平台的設計勝利而加速。

The nForce MCP productline achieved record revenue for its eighth consecutive quarter.

nForce MCP 產品線連續第八個季度實現創紀錄的收入。

The MCP business doubled in revenue from the same quarter of last year, and grew 33% sequentially from Q2.

MCP 業務的收入較去年同期翻了一番，較第二季度環比增長 33%。

Market research now ranks NVIDIA the second-largest PC core logic supplier with 17% of the total volumes and 61% of all AMD core logic.

市場研究現在將 NVIDIA 列為第二大 PC 核心邏輯供應商，佔總量的 17% 和所有 AMD 核心邏輯的 61%。

Our AMD share grew 9 points and our overall share grew 5 points.

我們的 AMD 份額增長了 9 個百分點，我們的整體份額增長了 5 個百分點。

Our MCP growth was driven in part by the increased adoption of our nForce notebook solution by large PC manufacturers, including HP, Acer, Fujitsu Siemens and Gateway.

我們的 MCP 增長部分是由於大型 PC 製造商（包括 HP、Acer、Fujitsu Siemens 和 Gateway）越來越多地採用我們的 nForce 筆記本電腦解決方案。

OEMs have embraced our unique strategy of offering single chip MCPs designed specifically to reduce space and power consumption.

OEM 採用了我們提供專為減少空間和功耗而設計的單芯片 MCP 的獨特策略。

This week we were also pleased to have announced Dell shipping nForce products in their new AMD-based OptiPlex 740 commercial PC.

本週，我們還很高興地宣布戴爾在其基於 AMD 的新型 OptiPlex 740 商用 PC 中推出了 nForce 產品。

These new Dell OptiPlex products are specifically offered to large corporations who demand the highest quality platforms deployed with stable software drivers designed to lower support costs.

這些新的戴爾 OptiPlex 產品專門提供給需要部署最高質量平台的大型公司，這些平台配備了旨在降低支持成本的穩定軟件驅動程序。

One of the major reasons Dell selected nForce was the high level of quality of our NVIDIA stable image software drivers that we developed as part of our NVIDIA business platform.

戴爾選擇 nForce 的主要原因之一是我們作為 NVIDIA 業務平台的一部分開發的 NVIDIA 穩定圖像軟件驅動程序的高質量。

NVIDIA business platform, or NBP, is the platform level commercial PC solution we introduced last year for smaller PC manufacturers, and have been adopted by over 100 companies in North America, Europe and Asia.

NVIDIA 商業平台 (NBP) 是我們去年為小型 PC 製造商推出的平台級商用 PC 解決方案，已被北美、歐洲和亞洲的 100 多家公司採用。

This week we are extending our nForce products for Intel CPUs with the announcement of what many customers claim to be the best performance platform for Intel's Core 2 Duo, and new Core 2 Quad CPUs.

本週，我們將擴展我們用於英特爾 CPU 的 nForce 產品，並宣布許多客戶聲稱它是英特爾酷睿 2 雙核和新酷睿 2 四核 CPU 的最佳性能平台。

Our new NVIDIA nForce 686i SLI MCP delivered top performance in Intel CPUs and are designed specifically for enthusiasts with features such as SLI, dual net gigabit ethernet and [media shielded RAID].

我們新的 NVIDIA nForce 686i SLI MCP 在 Intel CPU 中提供了頂級性能，專為具有 SLI、雙網千兆以太網和 [媒體屏蔽 RAID] 等功能的發燒友而設計。

A particularly exciting feature of nForce 680 SLI is its ability to allow the most enthusiastic of PC customers to over clock their CPUs, which offer the users the benefit of tapping into additional CPU performance.

nForce 680 SLI 的一個特別令人興奮的特性是它能夠讓最熱情的 PC 客戶超頻他們的 CPU，這為用戶提供了利用額外 CPU 性能的好處。

These new nForce 680i SLI products are immediately available from e-tailers and retailers.

這些新的 nForce 680i SLI 產品可立即從電子零售商和零售商處購買。

NVIDIA's Quadro professional business had another sequential strong quarter with shipments up nearly 25% year-over-year.

NVIDIA 的 Quadro 專業業務又連續一個季度表現強勁，出貨量同比增長近 25%。

Our professional business continues to be strong in all segments, particularly with new notebook workstation design wins with HP, and shipments for high-end workstation solutions and system products.

我們的專業業務在所有領域繼續保持強勁，特別是與惠普贏得新的筆記本工作站設計，以及高端工作站解決方案和系統產品的出貨量。

In August at [Segraf] we launched NVIDIA Quadro Plex, an entirely new category of professional digital computing solutions.

8 月，我們在 [Segraf] 推出了 NVIDIA Quadro Plex，這是一種全新的專業數字計算解決方案類別。

Any SLI ready server or workstation can now support two external Quadro Plexes to build an 8 GPU graphic supercomputer solution.

任何支持 SLI 的服務器或工作站現在都可以支持兩個外部 Quadro Plex 來構建 8 GPU 圖形超級計算機解決方案。

And when clustered, able to offer up to 25 times more graphics compute density than traditional data center solutions.

在集群化時，能夠提供比傳統數據中心解決方案高出 25 倍的圖形計算密度。

We began volume shipments of Quadro Plex in September.

我們於 9 月開始批量發貨 Quadro Plex。

Acceptance is strong in key markets like simulation, medical, styling design and oil and gas.

在模擬、醫療、造型設計和石油和天然氣等關鍵市場的接受度很高。

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。

We also unveiled a new version of our Gelato 2.1 final frame film quality rendering software, which includes next generation features such as texture baking, enhanced retracing performance, and improved value functionality for 3D rendering.

我們還推出了新版本的 Gelato 2.1 最終幀電影質量渲染軟件，其中包括紋理烘焙、增強的回溯性能和改進的 3D 渲染價值功能等下一代功能。

To date we have surpassed 70,000 downloads of Gelato.

迄今為止，Gelato 的下載量已超過 70,000 次。

We anticipate putting this technology in the hands of many users will usher in a wave of new, high-quality rendered content.

我們預計將這項技術交到許多用戶手中將迎來一波新的、高質量的渲染內容。

Our handheld GPU business achieved another record -- another strong quarter.

我們的手持 GPU 業務再創紀錄——又一個強勁的季度。

We saw continued demand for DVBH services, even after the initial demand generated by the World Cup.

我們看到了對 DVBH 服務的持續需求，即使是在世界杯產生的最初需求之後。

Our flagship DVBH design wins, the Samsung P910 and P920 handsets have been adopted for further trials in Sweden and in South Africa.

我們的旗艦 DVBH 設計獲勝，三星 P910 和 P920 手機已在瑞典和南非進行進一步試驗。

The launch of the first North American rollout of DVBH services have been publicly confirmed by Crown Castle, who will launch the Modeo mobile TV services in New York City before the end of the calendar year.

首個北美推出的 DVBH 服務已得到 Crown Castle 的公開確認，他們將在日曆年年底前在紐約市推出 Modeo 移動電視服務。

The HTC manufactured Modeo phone is powered by the NVIDIA GoForce 5500 GPU.

HTC 製造的 Modeo 手機採用 NVIDIA GoForce 5500 GPU。

During the quarter we began shipping our first North American market phone, the iconic Motorola RAZR V3XX.

在本季度，我們開始發售我們的第一款北美市場手機，標誌性的摩托羅拉 RAZR V3XX。

Our handheld GPU will also power the upcoming Motorola RAZR MAXX, targeted at the international market.

我們的手持式 GPU 還將為即將面向國際市場的摩托羅拉 RAZR MAXX 提供動力。

As you can see, NVIDIA has become far more than a PC graphics chip company.

如您所見，NVIDIA 已經遠遠超過了一家 PC 圖形芯片公司。

We are passionately focused on being the world's premier provider of visual computing solutions, whether it is on PCs or consuls, the most powerful image generators to miniaturized mobile devices.

我們熱情地專注於成為全球領先的視覺計算解決方案供應商，無論是在 PC 上還是在 consuls 上，都是小型化移動設備的最強大的圖像生成器。

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

讓我把電話轉給馬丁，以更詳細地討論我們的財務業績。

I will return in a moment to highlight our growth opportunities.

我稍後會回來強調我們的增長機會。

Today we are reporting GAAP and non-GAAP P&Ls for both Q2 and Q3, as we do not believe the restatement that is in progress will have a material impact on our current fiscal 2007 P&Ls.

今天，我們報告了第二季度和第三季度的 GAAP 和非 GAAP 損益，因為我們認為正在進行的重述不會對我們當前的 2007 財年損益產生重大影響。

We will not be able to report a balance sheet until the restatement is completed, although we will comment on select balance sheet items that we do not believe will be impacted by the restatement.

在重述完成之前，我們將無法報告資產負債表，儘管我們將對我們認為不會受到重述影響的選定資產負債表項目發表評論。

I'm going to focus most my comment on Q3 results, but we have included both GAAP and non-GAAP P&L for Q2 as well.

我將把大部分評論集中在第三季度的結果上，但我們也將第二季度的 GAAP 和非 GAAP 損益包括在內。

GAAP results for the three months ended October 29, 2006 show revenue of $820.6 million and net income of $106.5 million, or $0.27 per diluted share.

截至 2006 年 10 月 29 日的三個月的 GAAP 結果顯示收入為 8.206 億美元，淨收入為 1.065 億美元，或每股攤薄收益 0.27 美元。

This compares to revenue of $687.5 million in Q2 and net income of $86.8 million, or $0.22 per diluted share.

相比之下，第二季度的收入為 6.875 億美元，淨收入為 8680 萬美元，即每股攤薄收益 0.22 美元。

The non-GAAP statement for Q3 removes non-recurring expenses of $42.6 million net of tax, which is comprised primarily of stock compensation expense, plus a onetime charge associated with a confidential patent licensing arrangement.

第三季度的非 GAAP 報表取消了 4260 萬美元的非經常性費用，稅後淨額主要包括股票補償費用，以及與機密專利許可安排相關的一次性費用。

This results in a non-GAAP P&L net income of $149 million, or $0.39 per diluted share.

這導致非公認會計原則損益淨收入為 1.49 億美元，或每股攤薄收益 0.39 美元。

Revenue for the third quarter, as I said, was $820.6 million.

正如我所說，第三季度的收入為 8.206 億美元。

The quarter to quarter growth in revenue of approximately $130 million, or 19%, was composed of several business units which grew significantly.

本季度收入增長約 1.3 億美元，即 19%，由幾個顯著增長的業務部門組成。

Year-to-year growth for Q3 was 41%.

第三季度同比增長 41%。

Desktop GPU grew $49 million quarter to quarter, with most of that growth in the mainstream and performance segments.

桌面 GPU 季度環比增長 4900 萬美元，其中大部分增長來自主流和性能領域。

ASPs held flat in all segments.

所有細分市場的平均售價均持平。

We had initial shipments of GeForce 8800, but it was not a big impact to revenue.

我們有 GeForce 8800 的初始出貨量，但這對收入影響不大。

Growth in GeForce 7 Series products accounted for almost all of the $49 million.

GeForce 7 系列產品的增長幾乎佔了 4900 萬美元的全部。

As Jen-Hsun noted, notebook grew 46% quarter to quarter, and is now more than [$88] million in revenue per quarter.

正如 Jen-Hsun 所指出的，筆記本電腦每季度增長 46%，現在每季度的收入超過 [88] 百萬美元。

All of this growth is in GeForce 7 Series products.

所有這些增長都體現在 GeForce 7 系列產品中。

MCP continued its string of record quarters, and also grew by $48 million quarter to quarter, and is up by more than 100% year-to-year.

MCP 延續了一系列創紀錄的季度，季度環比增長 4800 萬美元，同比增長超過 100%。

Both professional solutions and handheld GPUs where slightly down in the quarter.

專業解決方案和手持 GPU 在本季度均略有下降。

Memory grew by $20 million quarter to quarter, and was slightly more than $50 million.

內存每季度增長 2000 萬美元，略高於 5000 萬美元。

Consumer electronics was relatively flat quarter to quarter, but we recognized our first royalties for PlayStation 3, even though it was at a very low level.

消費電子產品季度與季度相對持平，但我們確認了 PlayStation 3 的第一筆特許權使用費，儘管它處於非常低的水平。

On the gross margin side, GAAP gross margin was 40.7% in the quarter, including the onetime charge associated with licensing certain patents and the stock compensation expenses.

在毛利率方面，本季度 GAAP 毛利率為 40.7%，包括與某些專利許可相關的一次性費用和股票補償費用。

On a non-GAAP basis gross margin was 42.9%.

按非公認會計原則計算，毛利率為 42.9%。

The gross margin percentage was negatively impacted by the higher growth in the lower margin businesses, such as memory, mainstream, desktop GPUs and MCP.

毛利率百分比受到低利潤率業務（例如內存、主流、桌面 GPU 和 MCP）較高增長的負面影響。

Each of the individual business unit continues to make progress in improving gross margins, but the overall margins were affected by the mix.

每個單獨的業務部門在提高毛利率方面繼續取得進展，但整體利潤率受到組合的影響。

The revenue increase in memory alone would account for almost a full percentage point reduction in gross margin.

僅內存方面的收入增長就將導致毛利率下降近一個百分點。

So despite what might appear to be relatively flat margins, we believe we are continuing to make progress in improving gross margins.

因此，儘管利潤率看似相對持平，但我們相信我們在提高毛利率方面正在繼續取得進展。

I will only be able to comment on selected items on the balance sheet until the restatement is completed.

在重述完成之前，我只能對資產負債表上的選定項目發表評論。

We do not believe these items will be affected by the restatement.

我們認為這些項目不會受到重述的影響。

Cash at the end of the quarter was $1.174 billion, up more than $300 million quarter to quarter.

本季度末的現金為 11.74 億美元，比上一季度增加了 3 億多美元。

Obviously this is led by profits, but we also decreased both receivables and inventory.

顯然這是由利潤主導的，但我們也減少了應收賬款和庫存。

Accounts receivable were down by $20 million, and inventory was down by $5 million.

應收賬款減少了 2000 萬美元，庫存減少了 500 萬美元。

Receivables now stand at $439 million.

應收賬款現在為 4.39 億美元。

And DSO for the quarter is at 49 days, which is down from 60 days in the prior quarter.

本季度的 DSO 為 49 天，低於上一季度的 60 天。

Inventory was at $373 million and days sales in inventory were at 70 compared to 87 in the prior quarter.

庫存為 3.73 億美元，庫存天數為 70 天，而上一季度為 87 天。

There was no stock repurchases during the quarter.

本季度無股票回購。

Headcount at the end of the quarter stood at 3,627, which is up 200 from Q2.

本季度末的員工人數為 3,627 人，比第二季度增加了 200 人。

Of the 200 approximately 150 were added internationally.

在這 200 個中，大約有 150 個是在國際上添加的。

Year-to-year headcount is up by 1,033, of which 735 were international hires.

員工人數同比增加 1,033 人，其中 735 人為國際僱員。

I would like to give you an update on the restatement.

我想向您介紹重述的最新情況。

We're making good progress and are receiving excellent cooperation from both PWC and KPMG.

我們正在取得良好的進展，並得到了普華永道和畢馬威的良好合作。

I wish I could give you a precise date for our restated and delinquent SEC filings, but we can't be precise at this time.

我希望我能給你一個我們重述和拖欠 SEC 文件的準確日期，但我們目前不能準確。

We have an internal plan to complete the work before the end of the month, however, neither PWC nor KPMG has completed their work, and there are unresolved items.

我們內部有計劃在月底前完成工作，但是普華永道和畢馬威都沒有完成工作，還有未解決的項目。

We're committed to refiling as soon as possible.

我們致力於盡快重新申請。

Now for the outlook.

現在來看前景。

On the revenue side, because of our strong competitive lineup and new products, including the GeForce 8800, we expect revenue growth in the fourth fiscal quarter.

在收入方面，由於我們強大的競爭陣容和包括 GeForce 8800 在內的新產品，我們預計第四財季的收入將增長。

The magnitude may be difficult to forecast, but we feel comfortable with 5% growth over Q3, even if memory declines.

幅度可能難以預測，但我們對第三季度 5% 的增長感到滿意，即使內存下降。

We expect growth in desktop GPUs, continued growth in MCP, and resumed growth in professional solutions.

我們預計桌面 GPU 的增長、MCP 的持續增長以及專業解決方案的恢復增長。

We expect handheld to be relatively flat and consumer electronics to be up slightly, but with increased gross margins.

我們預計手持設備將相對持平，消費電子產品將小幅上漲，但毛利率有所提高。

For gross margins we expect continued improvement.

對於毛利率，我們預計會繼續改善。

While we may not achieve our internal goal of 45% by year end, we're comfortable with a gross margin increase of 100 basis points or more in Q4 from Q3.

雖然到年底我們可能無法實現 45% 的內部目標，但我們對第四季度的毛利率比第三季度增長 100 個基點或更多感到滿意。

New products, including GeForce 8800 and the new MCP products, will help gross margin, and the incremental royalties from Sony will also be a benefit.

包括 GeForce 8800 和新的 MCP 產品在內的新產品將有助於毛利率，而來自索尼的增量版稅也將是一個好處。

Even though 44% gross margins might be admirable, we do not believe we're done.

儘管 44% 的毛利率可能令人欽佩，但我們不相信我們已經完成了。

There are further improvements to be made and we're pursuing them.

有進一步的改進，我們正在追求它們。

We believe that a gross margin of 45% in the near future is certainly not impossible.

我們相信，在不久的將來，45%的毛利率肯定不是不可能的。

Operating expenses will increase in Q4 on the order of 3% to 5% as we continue to hire.

隨著我們繼續招聘，第四季度的運營費用將增加 3% 至 5%。

We believe the tax rate will hold at 17% for GAAP and 16% for non-GAAP.

我們認為 GAAP 的稅率為 17%，非 GAAP 的稅率為 16%。

We have not included any the PortalPlayer revenue or expenses in this outlook.

我們沒有將任何 PortalPlayer 收入或費用納入本展望。

Depending on when the acquisition closes, there could be both revenue and expenses in our fourth quarter results.

根據收購完成的時間，我們的第四季度業績可能會同時出現收入和支出。

Now I will turn it back over to Jen-Hsun.

現在我會把它還給仁勳。

On Monday of this week we announced the signing of a definitive agreement to acquire PortalPlayer, the pioneer of application processors for portable media players.

本周星期一，我們宣布簽署最終協議，收購便攜式媒體播放器應用處理器的先驅 PortalPlayer。

Their products power many of the world's most recognized digital music players.

他們的產品為世界上許多最知名的數字音樂播放器提供動力。

Their processors also power the upcoming Vista SideShow secondary display for notebooks.

他們的處理器還為即將推出的用於筆記本電腦的 Vista SideShow 輔助顯示器提供動力。

With this acquisition we're combining the two essential technologies for next generation mobile devices, PortalPlayer's application processor and NVIDIA's handheld GPU.

通過此次收購，我們將結合下一代移動設備的兩項基本技術：PortalPlayer 的應用處理器和 NVIDIA 的手持式 GPU。

IDC predicts that the combined market for application processors and GPUs will grow to approximately $4.1 billion by 2010.

IDC 預測，到 2010 年，應用處理器和 GPU 的合併市場將增長到大約 41 億美元。

Semiconductors that enable connectivity and multimedia features in handsets are expected to show the greatest growth over the next several years.

在手機中實現連接和多媒體功能的半導體預計將在未來幾年出現最大的增長。

We're very excited about our growth opportunities for the year ahead.

我們對未來一年的增長機會感到非常興奮。

The reviews of our new products are fabulous.

我們新產品的評論很棒。

Let me give you a flavor.

讓我給你一個味道。

According to PC Perspective, and I quote, "In my seven years of covering the world of PC hardware, no other graphics architecture shift has been as dramatic as the one we are seeing here today with NVIDIA's GeForce 8800 GTX."

根據 PC Perspective 的報導，我引用了一句話：“在我報導 PC 硬件世界的七年中，沒有其他圖形架構的轉變能像我們今天在這裡看到的 NVIDIA 的 GeForce 8800 GTX 那樣引人注目。”

I am quoting Kyle Bennett at HardOCP. "The eVGA nForce 680i motherboard is easily one of the best enthusiast motherboards I have ever used.

我在 HardOCP 引用 Kyle Bennett 的話。 “eVGA nForce 680i 主板無疑是我用過的最好的發燒級主板之一。

The 680i NVIDIA reference motherboard will make it into my next system build no question asked."

680i NVIDIA 參考主板將毫無疑問地融入我的下一個系統構建。”

We expect a rapid production ramp of the new GeForce 8800 and NVIDIA nForce 680 SLI product families to drive Q4 growth.

我們預計新 GeForce 8800 和 NVIDIA nForce 680 SLI 產品系列的快速生產將推動第四季度的增長。

In Q4 we will also witness the launch of the most anticipated next generation video game console, the PlayStation 3.

在第四季度，我們還將見證最受期待的下一代視頻遊戲機 PlayStation 3 的發布。

We expect our notebook GPU share increase to continue as we fully ramp our map of design wins.

我們預計我們的筆記本 GPU 份額將繼續增加，因為我們全面提升了我們的設計勝利圖。

Our share increase should continue through the spring Santa Rosa cycle as we achieve an even higher level of success than Napa.

隨著我們取得比納帕更高水平的成功，我們的份額增長應該會持續到春季的聖羅莎週期。

We expect our Santa Rosa design wins to ramp in Q1.

我們預計我們的 Santa Rosa 設計將在第一季度取得成功。

Q1 will also benefit from the continuing ramp of the 2.5 G North American phone design wins in our handheld GPU business.

第一季度還將受益於我們手持 GPU 業務中 2.5 G 北美手機設計的持續增長。

And with the recent acquisition of -- recent combination of AMD and ATI, we are in a unique position to offer branded integrated graphics for the Intel processor market.

隨著最近收購 AMD 和 ATI 的最新組合，我們在為英特爾處理器市場提供品牌集成顯卡方面處於獨特的地位。

Market demand for our product has been very high.

市場對我們產品的需求非常高。

We will respond to market demand and offer our first Intel integrated solution early next year.

我們將響應市場需求，並在明年初提供我們的第一個英特爾集成解決方案。

We expect this will significantly increase our addressable market for MCPs,

我們預計這將顯著增加我們的 MCP 潛在市場，

Finally, we're about to experience the biggest combination of discontinuity to simultaneously impact our ecosystem in over 10 years.

最後，我們即將經歷 10 多年來最大的不連續性組合，同時影響我們的生態系統。

Next generation Microsoft DX10-based games, Vista, and high-definition DVD, each of these discontinuities by themselves significantly increase the amount of graphics processing power necessary to deliver a compelling end-user experience.

下一代基於 Microsoft DX10 的遊戲、Vista 和高清 DVD，這些不連續性中的每一個本身都顯著增加了提供引人注目的最終用戶體驗所需的圖形處理能力。

As the adoption of each of these grow throughout the year and beyond, so will the new need for next generation GPUs, like the nForce -- like the GeForce 8 family.

隨著這些技術的採用在全年及以後不斷增長，對下一代 GPU 的新需求也將如此，比如 nForce——比如 GeForce 8 系列。

It is very evident that 3D graphics and GPU is becoming a evermore essential part of our computing experience.

很明顯，3D 圖形和 GPU 正在成為我們計算體驗中越來越重要的一部分。

Some of most exciting and popular applications are enabled by 3D, including Google Earth, Microsoft's new Virtual Earth 3D, Apple's iTune7 uses 3D to elegantly render album covers.

一些最令人興奮和流行的應用程序都是通過 3D 實現的，包括 Google Earth、Microsoft 的新 Virtual Earth 3D、Apple 的 iTune7 使用 3D 來優雅地渲染專輯封面。

With Vista providing a 3D foundation for all future applications, we expect developers will find many more innovative ways to use 3D.

隨著 Vista 為所有未來的應用程序提供 3D 基礎，我們希望開發人員能夠找到更多使用 3D 的創新方法。

This is truly a great time to be the single most focused GPU company in the world.

這確實是成為世界上最專注的 GPU 公司的好時機。

Thank you and we would be happy to take your questions now.

謝謝您，我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Shawn Webster, JP Morgan.

肖恩韋伯斯特，摩根大通。

Can you comment at all first off on any guidance you can give us on PortalPlayer, what you expect in terms of revenues, maybe a runrate, and OpEx?

您能否首先評論一下您可以為我們提供的有關 PortalPlayer 的任何指導，您對收入、運行率和運營支出的期望？

And then I have a follow-up please.

然後我有一個後續請。

I guess the answer is no.

我想答案是否定的。

First of all, the deal is not done yet.

首先，交易尚未完成。

We have just signed a definitive and -- so it is probably too early to do that.

我們剛剛簽署了一份明確的文件，所以現在這樣做可能還為時過早。

Yes, I think so.

是的，我想是這樣。

It requires shareholder vote and we will see.

這需要股東投票，我們將拭目以待。

We are very excited about acquiring them, but it does requires shareholder vote.

我們對收購它們感到非常興奮，但這確實需要股東投票。

Okay.

好的。

Maybe turning into the PC end demand environment, you guys are obviously gaining share.

也許轉入PC端需求環境，你們顯然正在獲得份額。

Is there any color you can give us on how you see PC end demand going in as we move through Q4 actually and maybe into calendar Q1?

當我們實際進入第四季度並可能進入日曆第一季度時，您是否可以告訴我們您如何看待 PC 終端需求？

There is a whole lot of different dynamics that are going on.

有很多不同的動態正在發生。

There is obviously Q4 is seasonally a large quarter.

顯然Q4是季節性的一個大季度。

There are some concerns about this about this, but we are seeing that.

對此有一些擔憂，但我們看到了這一點。

Most of the PC OEMs that we work with and most of the channel are relatively comfortable with the transition at this point.

與我們合作的大多數 PC OEM 和大部分渠道都對此時的過渡感到相對滿意。

Our biggest focus right now is just ramping GeForce 8800 and nForce 680.

我們目前最大的重點只是提升 GeForce 8800 和 nForce 680。

And the market demand for both products are incredibly high.

這兩種產品的市場需求都非常高。

We're going to focus on ramping those products, and that should be the focus of our growth drivers in the Q4 timeframe.

我們將專注於增加這些產品，這應該是我們在第四季度時間框架內增長驅動力的重點。

Mark Edelstone, Morgan Stanley.

馬克·埃德爾斯通，摩根士丹利。

First off, congratulations on another outstanding quarter guys.

首先，祝賀另一個優秀的季軍。

Jen-Hsun, you talked a little bit about Quadro Plex and that certainly is a whole new strategy for the Company.

Jen-Hsun，您談到了 Quadro Plex，這當然是公司的全新戰略。

Can you talk a little bit about the opportunities you see there, just maybe size of market and how we should think about that from a business model perspective as you go forward?

你能談談你在那裡看到的機會，也許是市場規模，以及我們應該如何從商業模式的角度來思考這個問題？

Yes.

是的。

First of all, Quadro Plex leverages of our SLI presence and our workstation presence and the vast amount of software that we developed over the years for workstation applications and SLI applications.

首先，Quadro Plex 利用了我們的 SLI 存在和我們的工作站存在以及我們多年來為工作站應用程序和 SLI 應用程序開發的大量軟件。

Quadro Plex is an external stand-alone image generator that allows our customers to scale their rendering density by just enormous factors.

Quadro Plex 是一個外部獨立的圖像生成器，它允許我們的客戶通過巨大的因素來擴展他們的渲染密度。

The application, of course, is targeted within all of the same customer bases that historical image generators have gone into, in addition to desk side workstations that would have wanted image generator type capability, but does simply could afford it.

當然，該應用程序針對的是歷史圖像生成器所涉足的所有相同客戶群，此外還包括需要圖像生成器類型功能但確實負擔得起的桌面工作站。

There has been several billion dollars worth of image generators that have been installed into the world over the last, I guess, decade and a half.

在過去的十五年裡，世界上已經安裝了價值數十億美元的圖像生成器。

All of those image generators still require quite a bit of maintenance.

所有這些圖像生成器仍然需要相當多的維護。

They're pretty outdated.

它們已經很過時了。

They consume a great deal of power.

它們消耗大量電力。

And I think that replacing those over time is just going to be a really huge opportunity for us.

我認為隨著時間的推移更換這些對我們來說將是一個非常巨大的機會。

Not to mention creating a whole new class of desk sized imaging workstations that weren't possible before.

更不用說創建以前不可能的全新類型的桌面大小的成像工作站了。

It is hard exactly for us to scope out how big the opportunities are, but it is quite significant.

我們很難確切地確定機會有多大，但它非常重要。

It is certainly several times larger than the workstation business it is today.

它肯定比今天的工作站業務大幾倍。

And in combination with the GPU computing technology that we recently -- that we announced yesterday called CUDA, we think that these desk side image generators, or super computers by your desk, are going to be really interesting applications for us to grow into.

結合我們最近發布的 GPU 計算技術——我們昨天宣布的稱為 CUDA，我們認為這些桌面圖像生成器或桌面上的超級計算機將成為我們成長的真正有趣的應用程序。

The business model with Quadro Plex is based off of system sales.

Quadro Plex 的商業模式基於系統銷售。

The configuration is proprietary.

該配置是專有的。

It is based off of SLI, and it goes with quite a large suite of software to enable scalability.

它基於 SLI，並配備了相當大的軟件套件以實現可擴展性。

We will sell systems through our OEMs.

我們將通過我們的 OEM 銷售系統。

They're branded Quadro Plexes.

它們的品牌是 Quadro Plex。

We would also sell it through VARs, and it is also sell directly on our website to professionals who work directly with us.

我們還將通過 VAR 銷售它，並且它也直接在我們的網站上出售給直接與我們合作的專業人士。

I guess it would seem like that business would have potential to be pretty chunky over time.

我想隨著時間的推移，這項業務似乎有可能變得相當龐大。

Would that be your expectation?

這會是你的期望嗎？

And if so, would you have visibility as the backlog begins to build for that business over time?

如果是這樣，隨著時間的推移，隨著該業務的積壓工作開始增加，您是否能看到？

Our expectation is that it is going to be a very large business.

我們的期望是它將成為一個非常大的業務。

I don't know exactly how large it is going to be yet.

我還不知道它到底會有多大。

But I agree with you.

但我同意你的看法。

It is going to be very chunky business.

這將是一項非常龐大的業務。

It should be a very significant business.

這應該是一項非常重要的業務。

The number of installation of image generators in the world, just thinking through that, large workstation companies use to -- multibillion dollar workstation companies use to serve that market.

世界上圖像生成器的安裝數量，想想看，大型工作站公司用來——數十億美元的工作站公司用來服務於那個市場。

And so we're going to replace those aging image generators.

所以我們要更換那些老化的圖像生成器。

We're going to create new categories of desk sized super workstations.

我們將創建新類別的桌面大小的超級工作站。

And then in combination with GPU computing, I think it is a whole new computing model that we are excited about.

然後結合 GPU 計算，我認為這是一種全新的計算模型，我們對此感到興奮。

It is hard for us to guess exactly what it is right now, but I think it is going to be very large though.

我們現在很難準確猜測它是什麼，但我認為它會非常大。

Then just one last question on memory.

然後是關於記憶的最後一個問題。

As you were ramping up the G80 family here over the next couple of quarters, should we see memory going up, or do you think it can hold here at current levels?

當你在接下來的幾個季度裡在這裡增加 G80 家族時，我們應該看到內存在增加，還是你認為它可以保持在目前的水平？

I guess my feeling is that we hope it is down in Q4.

我想我的感覺是我們希望它在第四季度下降。

That is our current expectation.

這是我們目前的期望。

We had to ramp up for the 8800 launch, but we don't anticipate that that goes up.

我們不得不為 8800 的發布加緊努力，但我們預計這種情況不會上升。

Great.

偉大的。

Thanks a lot.

非常感謝。

Nice job guys.

幹得好伙計們。

Daniel Ernst.

丹尼爾·恩斯特。

I am not looking for guidance on the PortalPlayer revenues, but just thinking about the opportunity there, how quickly could you realistically integrate your video graphics processing capabilities with their on-base SoCs?

我不是在尋找有關 PortalPlayer 收入的指導，而只是在考慮那裡的機會，你能多快將你的視頻圖形處理能力與他們的基礎 SoC 真正集成？

And then what are you thinking is the best opportunity there?

然後你認為那裡最好的機會是什麼？

Is it still where they have been focused on the stand-alone media players, or do you think it is the mobile phones?

他們仍然專注於獨立媒體播放器，還是您認為是手機？

Secondly on that, how serious do you think OEMs are about adopting the SideShow technology?

其次，您認為 OEM 對採用 SideShow 技術有多認真？

What I'm going to do is I am going to answer the question probably from a more strategic perspective.

我要做的是，我可能會從更具戰略性的角度來回答這個問題。

And the reason for that is because the deal is just not done.

這樣做的原因是因為交易還沒有完成。

And any speculation about our businesses -- about their business and our combination of the business is just a little bit premature.

任何關於我們業務的猜測——關於他們的業務和我們的業務組合都還為時過早。

But I think if you look at it strategically we feel that future mobile devices will become more and more intelligent, would incorporate operating systems, will be multitasking, will support all kinds of rich media.

但我認為如果你從戰略上看，我們覺得未來的移動設備會變得越來越智能，會集成操作系統，會多任務處理，會支持各種富媒體。

And over the course of certainly by within the next ten years, these mobile devices are going to become amazing little portable computers that allows you to do everything that you can imagine a digital device to be able to do today, whether it is music or movies or television or Web viewing, or 3D games, or whatever happens to be.

當然，在接下來的十年內，這些移動設備將成為令人驚嘆的小型便攜式計算機，讓您可以做任何您能想像到的數字設備今天可以做的事情，無論是音樂還是電影或電視或網絡觀看，或 3D 遊戲，或任何碰巧。

And certainly well within the next ten years this dynamic will happen, and these portable devices will become your most personal computer.

當然，在未來十年內，這種動態將會發生，這些便攜式設備將成為您最個人的電腦。

And we expect this is going to be when it all -- when these various dynamics come together, particularly as the rich operating system becomes available for these mobile devices, it is really going to become the second PC revolution.

我們預計這將是一切的時候——當這些不同的動力結合在一起時，特別是當這些移動設備可以使用豐富的操作系統時，它真的會成為第二次 PC 革命。

We are excited from that perspective.

從這個角度來看，我們很興奮。

The two really critical ingredients to enable this new era to happen is application processors in combination with GPUs.

實現這個新時代的兩個真正關鍵因素是應用處理器與 GPU 的結合。

The baseband processor is innovating quite nicely.

基帶處理器的創新非常好。

And I think that the technology is maturing, and the capability is certainly available on every single phone already, obviously.

而且我認為這項技術正在成熟，顯然每部手機都可以使用該功能。

So where we need to innovate is application processors and GPUs, and that is reason why we are so excited about the PortalPlayer opportunity.

因此，我們需要創新的是應用處理器和 GPU，這就是我們對 PortalPlayer 機會如此興奮的原因。

How excited are people about SideShow?

人們對 SideShow 有多興奮？

I believe they have a numerous number of design wins, and they are real OEMs, and they really, really, really going to ship (indiscernible).

我相信他們贏得了無數的設計勝利，他們是真正的 OEM，他們真的、真的、真的要出貨（聽不清）。

And the way I think about it is the utility to the end-user.

我認為它是最終用戶的實用程序。

How many of us frequently carry our notebooks around, and just want to quickly glance at the calendar or the time or send a very quick message or see a quick message?

我們中有多少人經常隨身攜帶筆記本，只想快速瀏覽日曆或時間，或者發送非常快速的消息或查看快速消息？

I think that all of us would like to do that.

我認為我們所有人都願意這樣做。

And so without having to bootup and log in to your personal computer.

因此，無需啟動並登錄到您的個人計算機。

And so I think this is a capability that is a real differentiator for the notebook.

因此，我認為這是筆記本電腦真正與眾不同的一項功能。

And if a cell phone has two displays, and some of them have three displays, why shouldn't a notebook have a couple of two, three displays?

如果一部手機有兩個顯示屏，有些手機有三個顯示屏，那為什麼筆記本電腦不應該有兩個、三個顯示屏呢？

Great.

偉大的。

That is helpful color.

那是有用的顏色。

Just a follow-up to your new platform launch and your comments on CPU-based computing.

只是對您的新平台發布和您對基於 CPU 的計算的評論的跟進。

Earlier this year at NAB, Sony and IBM showed off a prototype Cell-based media server for the broadcasting industry, as video is recently going digital and not tape-based.

今年早些時候在 NAB 上，索尼和 IBM 展示了用於廣播行業的基於單元的媒體服務器原型，因為視頻最近正在數字化，而不是基於磁帶的。

Is that an area that since you would be computing with that platform on, or would you have GPU-based media servers?

既然您將在該平台上進行計算，那是一個領域，還是您將擁有基於 GPU 的媒體服務器？

It is too early to tell whether we're going to compete or not.

現在說我們是否要參加比賽還為時過早。

But I think is interesting is that there's a whole new area of computing that is just not well served today.

但我認為有趣的是，今天有一個全新的計算領域沒有得到很好的服務。

Some people think that supercomputers ought to serve it.

有些人認為超級計算機應該為它服務。

We all know that over the course of the last ten years there has been a drought of supercomputer technology.

我們都知道，在過去十年中，超級計算機技術一直處於枯竭狀態。

And the reason for that, of course, is it has been really the workstation and the PC era.

其原因當然是工作站和 PC 時代真的到來了。

Now the world knows that there is a -- we have a supercomputer crisis, if you will, that there are so many problems that are very, very data intensive, very computer intensive, but the innovation and the investment around supercomputers has really lagged over the years.

現在全世界都知道——我們有一場超級計算機危機，如果你願意的話，有很多問題非常非常數據密集，非常計算機密集，但是圍繞超級計算機的創新和投資確實落後了這些年。

We think that we can transform the PC into a supercomputer.

我們認為我們可以將 PC 轉變為超級計算機。

This is a wonderful opportunity for all the entire PC ecosystem.

這對整個 PC 生態系統來說都是一個絕佳的機會。

And by adding a GPU with a technology like CUDA, we can turn the PC, with the addition of GPU computing, into a desk side supercomputer.

而通過添加一個像CUDA這樣的技術的GPU，我們可以把PC，加上GPU計算，變成一台桌面超級計算機。

You could do this obviously in a server configuration as well with a bunch of blades.

顯然，您也可以在服務器配置中使用一堆刀片來執行此操作。

And the applications for these are wherever all these supercomputers are required and where people are using FPGAs potentially, or even designing custom ASICs to do the intensive number crunching.

這些應用程序出現在需要所有這些超級計算機的地方，以及人們可能使用 FPGA 的地方，甚至設計定制的 ASIC 來進行密集的數字運算。

I think this is going to be opening up a whole new era of new style of computing, and we call that GPU computing.

我認為這將開啟一個全新計算風格的全新時代，我們稱之為 GPU 計算。

Great.

偉大的。

It sounds exciting.

聽起來很令人興奮。

Thank you.

謝謝你。

Doug Freedman, AmTech Research.

道格·弗里德曼，美國科技研究部。

A quick one for you.

給你一個快速的。

Can you give us a little bit more color on the chipset business and what you're doing there to improve the gross margins?

您能否就芯片組業務以及您為提高毛利率所做的工作向我們提供更多信息？

And where do you think you can take those gross margins over the longer term?

從長遠來看，您認為這些毛利率可以在哪裡獲得？

If you could just describe the landscape of the chipset market that I think is changing quite a bit recently.

如果你能描述一下我認為最近發生了很大變化的芯片組市場的格局。

I think gross margins could be achieved -- could be improved in a lot of variety of ways.

我認為可以實現毛利率——可以通過多種方式提高。

The number one best way is architectural.

第一個最好的方法是建築。

And I probably prefer to keep them as trade secrets, but architectural efficiency, doing more with less or doing more through extreme high integrations, or whatever the technology is -- approaches, very important, so architectural.

我可能更喜歡將它們作為商業機密，但架構效率，以更少的資源做更多的事情或通過極高的集成做更多的事情，或者任何技術——方法，非常重要，所以架構。

The second thing is operational.

第二件事是可操作的。

We have to make sure that the products are built just in time to benefit from the lowest weight of cost.

我們必須確保產品及時製造，以從最低的成本中受益。

We have to make sure that the yields are as high as we can make it.

我們必須確保產量盡可能高。

The scraps are low as we can make it, and the quality as high as we can.

廢料盡可能低，質量盡可能高。

People have always known that through perfect quality is your best way to improve profitability.

人們一直都知道，通過完美的品質是提高盈利能力的最佳途徑。

And the rest of it, the market dictates.

其餘的，由市場決定。

We don't set the price; the competition and the customers set the price.

我們不定價；競爭和客戶定價。

And so we on our side have to make sure we develop products that the market really highly desires.

因此，我們必須確保我們開發出市場真正高度渴望的產品。

And that is one of the manages of nForce.

這就是 nForce 的管理人員之一。

Our brand, our nForce brand is really becoming, if not already, the number one brand of core logic.

我們的品牌，我們的 nForce 品牌正在成為（如果不是已經）核心邏輯的第一品牌。

If you're somebody who cares about the performance and stability and the availability of the best technology on a motherboard, nForce is really your choice.

如果您關心性能和穩定性以及主板上最佳技術的可用性，nForce 確實是您的選擇。

And I think we have demonstrated that on both the Intel as well as the AMD platforms.

我認為我們已經在英特爾和 AMD 平台上證明了這一點。

Between the combination of great architecture, efficient architecture, operational excellence, and building brands that the market highly desires those are basically our approach.

在偉大的架構、高效的架構、卓越的運營和打造市場高度渴望的品牌之間，這些基本上是我們的方法。

And we hammer on all three every day.

我們每天都在敲打這三個。

What do you see as the price trend in that marketplace?

您認為該市場的價格趨勢如何？

And then if you could give us an idea of when we can -- when you believe you'll see revenue from the Intel integrated solution?

然後，您能否告訴我們什麼時候可以——您認為您何時會從英特爾集成解決方案中獲得收益？

The pricing trend in core logic -- I don't know if there's a particular trend -- it depends on what products and what segments we launch at any given point in time.

核心邏輯中的定價趨勢——我不知道是否有特定的趨勢——這取決於我們在任何給定時間點推出的產品和細分市場。

This quarter we are launching our nForce 680i and the 680a, and both of them are targeted at the enthusiast market.

本季度我們將推出我們的 nForce 680i 和 680a，它們都針對發燒友市場。

They tend to have higher ASPs and so -- because we're ramping those products there's probably a good likelihood that we trend upward.

他們往往有更高的 ASP 等等——因為我們正在增加這些產品，所以我們很有可能呈上升趨勢。

It has a lot to do with what we introduce more than what is happening in the marketplace.

這與我們推出的產品有很大關係，而不是市場上正在發生的事情。

With respect to the Intel chipset, my expectation is that we -- I guess the market's expectation, which is customers would like us to be in the marketplace by spring of next year, and we are working as hard as we can to do that.

關於英特爾芯片組，我的期望是我們——我猜是市場的期望，即客戶希望我們在明年春天進入市場，我們正在盡最大努力做到這一點。

Tayyib Shah, Longbow Research.

Tayyib Shah，長弓研究中心。

Congratulations on the quarter.

祝賀本季度。

In the past you guys have kind of restricted yourself to the high end of the Intel platform and CP market.

過去你們有點把自己限制在英特爾平台和 CP 市場的高端。

Now you're talking about significantly expanding your footprint there.

現在你正在談論在那裡顯著擴大你的足跡。

Can you maybe talk about do you see yourself going after the mainstream Intel and CP segment in a major way in 2007?

您能否談談您是否認為自己在 2007 年主要追隨英特爾和 CP 的主流市場？

And if so, how much of that changed approach was because of the AMD ATI merger?

如果是這樣，這種改變方法有多少是因為 AMD ATI 合併？

The answer to your question is yes.

你的問題的答案是肯定的。

We're going to go after the mainstream part of the market with our GeForce and nForce branded integrated graphics.

我們將使用我們的 GeForce 和 nForce 品牌集成顯卡來追求市場的主流部分。

That market is obviously very, very large.

這個市場顯然非常非常大。

And the opportunity to us is now quite significant, and the reason for that is directly related to ATI being sold to AMD.

現在對我們來說機會非常重要，其原因與 ATI 被出售給 AMD 直接相關。

Now there is really a void of a branded, integrated graphics supplier in the Intel market, and that is an opportunity that we have stayed away from because there were other players that were serving that market before.

現在英特爾市場確實缺乏品牌集成顯卡供應商，這是一個我們一直遠離的機會，因為之前有其他參與者為該市場服務。

But now with DX10 and high-definition and Blu-ray video and Vista, the bar for graphics capability has gone up so high in just one year's time we believe that that raised bar, as well as the fact that there is now a vacuum because ATI has left that market, it is just a wonderful opportunity for us.

但是現在有了 DX10 和高清藍光視頻和 Vista，圖形功能的標准在短短一年內就上升到如此之高，我們相信這個標準已經提高，以及現在存在真空的事實，因為ATI 已經離開了那個市場，這對我們來說只是一個絕妙的機會。

This is just the perfect time for us to enter it.

這正是我們進入它的最佳時機。

Then can you talk about the supply situation for graphics memory?

那您能談談顯存的供應情況嗎？

How do you see that shaping up over the next quarter?

您如何看待下一季度的情況？

And if Marv can put this in the context of gross margins, have you had to absorb some of our memory cost increase in the last quarter?

如果 Marv 可以將其放在毛利率的背景下，您是否必須吸收我們在上個季度增加的一些內存成本？

What was that last portion?

最後一部分是什麼？

I didn't hear that.

我沒聽到。

Have you had to absorb some of the memory cost increase in the fiscal third quarter?

您是否必須吸收第三財季的部分內存成本增長？

I guess the first thing is the comment about the memory shortage.

我想第一件事是關於內存短缺的評論。

There is a memory shortage, or memory tightness.

內存不足或內存緊張。

But the memory tightness is by and large alleviated at this point.

但是在這一點上，內存緊縮基本上得到了緩解。

But during the tightness we worked really closely with all of our add-in card partners and OEMs.

但在緊張時期，我們與所有的附加卡合作夥伴和 OEM 密切合作。

And because we're such a close partner of all the memory suppliers, we have been helpful at helping them secure the memories that they needed in a price that was fair to the marketplace.

由於我們是所有內存供應商的密切合作夥伴，我們一直在幫助他們以對市場公平的價格獲得所需的內存。

We were frankly very, very helpful to the graphics ecosystem to help them secure memories during Q3.

坦率地說，我們對圖形生態系統非常非常有幫助，以幫助他們在第三季度保護內存。

But I think the shortage is by and large stabilized at this point.

但我認為，這一點上的短缺大體上已經穩定下來。

On the comment with regard to gross margins, obviously our gross margins were impacted by the increase in memory last quarter.

關於毛利率的評論，顯然我們的毛利率受到了上個季度內存增長的影響。

If you look at it very, very simplistically, a $20 million increase in memory business which we had Q2 to Q3, if you had gotten 40% margin on that, that is $8 million.

如果你非常非常簡單地看待它，我們在第二季度到第三季度的內存業務增加了 2000 萬美元，如果你獲得了 40% 的利潤率，那就是 800 萬美元。

That is a full percentage point in gross margin.

這是毛利率的一個完整百分點。

Now that is not quite what happened, we do get some margin off of memory.

現在情況並非如此，我們確實從內存中獲得了一些餘量。

To answer your other portion of the question, no, we don't lose money on memory, but it is just not a high margin business.

要回答您問題的另一部分，不，我們不會在內存方面虧錢，但這並不是一項高利潤的業務。

Pranay Laharia, Deutsche Bank.

Pranay Laharia，德意志銀行。

A question on die size.

關於芯片尺寸的問題。

So your G80 die size looks to be a lot larger than your G70 and it appears likely that in this new generation you'll lose the die size advantage that you guys had over your competition last time around.

因此，您的 G80 芯片尺寸看起來比您的 G70 大很多，而且在新一代產品中，您可能會失去上次在競爭對手中擁有的芯片尺寸優勢。

Can you talk about what gross margin impact these two factors will have?

你能談談這兩個因素會對毛利率產生什麼影響嗎？

First of all, I guess I all answer the second question first.

首先，我想我都先回答第二個問題。

This time around the competition hasn't even shown their products yet.

這次比賽甚至還沒有展示他們的產品。

I guess at this point their die size would be infinitely large, and so I would say that we have -- we still have a competitive advantage relative to that.

我猜此時他們的芯片尺寸將無限大，所以我會說我們有 - 我們仍然擁有相對於它的競爭優勢。

The die size is larger, but the ASP is also higher, and so you have to balance those two things.

芯片尺寸更大，但 ASP 也更高，因此您必須平衡這兩個方面。

You know GeForce 7900 is now well into the $299 segment.

您知道 GeForce 7900 現在已經進入了 299 美元的細分市場。

And I have seen some prices down that are even below that.

我看到一些價格甚至低於這個價格。

But that is not where GeForce 8800 is positioned right now.

但這並不是 GeForce 8800 現在的定位。

The GeForce 8800 is positioned at the enthusiast segment and the very high-performance segment where either the gamer or the enthusiast demands to have the absolute best, and has a real need to run games at extreme high resolutions and the most modern games.

GeForce 8800 定位於發燒友細分市場和超高性能細分市場，無論是遊戲玩家還是發燒友都要求擁有絕對的最佳性能，並且真正需要以極高分辨率運行遊戲和最現代的遊戲。

We have repositioned the 7900 starting last quarter into the lower part of the performance segment, and it is now solidly there, and it is doing fabulously.

我們從上個季度開始將 7900 重新定位到了性能部分的較低部分，現在它已經穩固在那裡，而且表現非常出色。

The two products are simply positioned at different price points in different parts of the marketplace.

這兩種產品只是在市場的不同部分以不同的價格定位。

Let me just sort of follow-up on that.

讓我對此進行一些跟進。

Do you think when your G80 line ramps up across the stack on a full stack for full stack comparison, will you be the same die size as you were with G70 or will you be higher?

您認為當您的 G80 生產線在全堆棧上跨堆棧進行全堆棧比較時，您的裸片尺寸會與使用 G70 時相同還是會更大？

Thinking logically that ought to dictate your gross margins for the next one year.

從邏輯上思考，這應該決定你未來一年的毛利率。

That is a good question.

這是個好問題。

G80 is just the first of the G8X family.

G80 只是 G8X 系列中的第一款。

And there are many other G8X families, probably nine others.

還有許多其他 G8X 系列，可能還有 9 個。

We're going to -- all the numbers in between.

我們將要 - 介於兩者之間的所有數字。

So the GPU is designed to be scalable in architecture.

因此，GPU 在架構上被設計為可擴展的。

And our engineers are very, very rapidly and very hard at work in building all kinds of products derived from the G8X family.

我們的工程師非常、非常迅速、非常努力地構建 G8X 系列衍生的各種產品。

Caller: Just one last question.

來電者：最後一個問題。

For the Santa Rosa platform, do you compete with G70 or with G80 derivatives?

對於 Santa Rosa 平台，你是與 G70 競爭還是與 G80 衍生產品競爭？

And where do you think your product -- where do you think your market share goes in notebook discrete graphics with Santa Rosa?

你認為你的產品在哪裡——你認為你在 Santa Rosa 的筆記本獨立顯卡中的市場份額在哪裡？

Santa Rosa notebooks are DX10 notebooks.

Santa Rosa 筆記本是 DX10 筆記本。

They are Vista, DX10, Blu-ray disk, high-definition video notebooks.

它們是Vista、DX10、藍光光盤、高清視頻筆記本。

And we are the only supplier of DX10 GPUs today, and the only one sampling notebook GPUs.

而且我們是當今唯一的 DX10 GPU 供應商，也是唯一一家提供筆記本 GPU 樣品的供應商。

And my expectation is that we -- our success on the Santa Rosa transition should be quite a bit higher than our success, even with Napa.

我的期望是我們——我們在聖羅莎過渡的成功應該比我們的成功高很多，即使是在納帕。

Rick Schafer, CIBC World Markets.

Rick Schafer，CIBC 世界市場。

Congratulations.

恭喜。

This is actually Dan Morris calling for Rick.

這實際上是丹·莫里斯在召喚瑞克。

The first question.

第一個問題。

Your guidance for the consumer division sits slightly up.

您對消費者部門的指導略有上升。

I might have expected that to be a little bit higher.

我可能預計會更高一點。

It is something going on with maybe the NREs and the levels that you're getting there, if you could give an update there?

如果您可以在那裡提供更新，那麼可能是 NRE 和您到達那裡的級別正在發生的事情？

Yes.

是的。

The NREs are rolling off.

NRE 正在滾落。

And until we have other programs that replace them, we don't anticipate that -- we're anticipating that they roll off, so you will see a decline in NRE, offset by the increase in royalties.

在我們有其他計劃取代它們之前，我們預計不會出現這種情況——我們預計它們會下降，所以你會看到 NRE 的下降被版稅的增加所抵消。

How is the NRE recognized and about how much was left?

NRE 是如何得到認可的，還剩下多少？

A small amount is left, and it is recognized on a percentage of completion basis.

剩余少量，按完工百分比確認。

Good.

好的。

If I can just add to that.

如果我可以補充一下。

They are ongoing projects on a NRE basis.

它們是在 NRE 基礎上進行的項目。

It is just that it is recognized on a completion basis, and some of the projects that we're currently working on right now are further away from completion, but we're working on those projects.

只是它是在完成的基礎上得到認可的，我們現在正在做的一些項目離完成還很遠，但我們正在做這些項目。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

This is [Peter Karazaris] for Glen Yeung.

這是 Glen Yeung 的 [Peter Karazaris]。

You put up a good quarter.

你提出了一個很好的季度。

I'm just curious actually for your inventory it looks like it is down a bit quarter on quarter.

實際上，我只是對您的庫存感到好奇，它看起來每季度都有點下降。

You have the new product launch and you have been seeing some substantial share gain.

您推出了新產品，並且已經看到了一些可觀的份額增長。

What is your ability to I guess service potential upside for next quarter if you had to?

如果必須的話，我猜測下個季度的服務潛力有多大？

And I have something to follow that.

我有一些事情要遵循。

All first of all, I think we actually as passionate as you guys are in reducing our inventories, and still be able to run our business.

首先，我認為我們實際上和你們一樣熱衷於減少庫存，並且仍然能夠經營我們的業務。

I know what you are saying is true too.

我知道你說的也是真的。

Having inventory allows you to address unexpected demand.

擁有庫存可以讓您解決意外需求。

But what we're trying to do operationally is to put ourselves in a position where we can continue to address unexpected demand but work down our inventory.

但我們在運營上試圖做的是讓自己處於一個可以繼續解決意外需求但減少庫存的位置。

That is an intense focus in our Company, and our expectation and our goal is to reduce our inventory even further, and yet still be able to address unexpected demands.

這是我們公司的一個重點，我們的期望和目標是進一步減少庫存，但仍然能夠滿足意外需求。

Let me ask just a little differently.

讓我問一些不同的問題。

I guess maybe our -- let me just say just one more thing.

我想也許我們的——讓我再說一件事。

It is reduced not by accident.

它的減少並非偶然。

And it didn't reduce unexpectedly.

而且並沒有意外減少。

We hope that it in fact goes down even further in the future.

我們希望它實際上在未來進一步下降。

That is our hope.

那是我們的希望。

That is our goal.

這就是我們的目標。

Let me ask a slightly different way.

讓我問一個稍微不同的方式。

It looks like this quarter one of places you had upside was in mainstream.

看起來本季度你有優勢的地方之一是主流。

You had new products out there.

你有新產品。

Can you give me a sense of the mix of your inventory and how it has changed?

你能告訴我你的庫存組合以及它是如何變化的嗎？

The mix of our inventory it is waited heavily to the new product.

我們的庫存組合它正在等待新產品。

And so are we going to be in perfect mix?

那麼我們會完美結合嗎？

Probably not, never happen.

可能不會，永遠不會發生。

But we think we are in good shape from an inventory standpoint to support upside.

但我們認為，從庫存的角度來看，我們處於良好的狀態以支持上行。

Michael McConnell, Pacific Crest.

邁克爾·麥康奈爾，Pacific Crest。

Jen-Hsun, if we looked maybe a little bit longer out to next year and looked at the growth drivers kind of from a product segment, what do you -- it sounds like notebooks are only going to be getting better next year with Santa Rosa.

Jen-Hsun，如果我們把目光放遠一點，看看明年的增長動力，看看產品領域的增長動力，你怎麼看？ .

Should we be looking at notebook chipsets as being on a year-over-year basis probably the two major product drivers next year, or can we lump wireless in there as well?

我們是否應該將筆記本芯片組視為可能是明年的兩個主要產品驅動因素，或者我們是否也可以將無線技術也納入其中？

Let's see, what did should grow next year.

讓我們看看，明年應該增長什麼。

I think GPUs will grow next year because Vista, high def, DX10, they are just amazing, amazing things happening in our PC industry.

我認為 GPU 明年會增長，因為 Vista、高清、DX10，它們是我們 PC 行業正在發生的令人驚奇的事情。

I haven't felt this excited about all the new technologies coming since Windows 95.

自 Windows 95 以來，我從未對所有新技術感到如此興奮。

And Windows 95 was big, big, as you recall.

正如你所記得的那樣，Windows 95 很大很大。

I think that is going to happen next year.

我認為這將在明年發生。

Our handheld business should continue to grow substantially.

我們的手持設備業務應該會繼續大幅增長。

In fact it should accelerate its growth next year because of our entry into 2.5 G. I think our chipset business is going to grow.

事實上，由於我們進入 2.5G，它明年應該會加速增長。我認為我們的芯片組業務將會增長。

And the reason for that is partly because of the dynamics I have explained already about Vista and DX10.

其原因部分是因為我已經解釋過關於 Vista 和 DX10 的動態。

Vista, DX10 and high def have just raised the bar so that second-tier core logic suppliers are going to have a much, much harder time competing in the future.

Vista、DX10 和高清剛剛提高了標準，因此二線核心邏輯供應商在未來的競爭將更加艱難。

And they either would have had to invest already hundreds of millions of dollars to get here with DX10 or they are just not going to be able to compete next year.

他們要么必須投資數億美元才能獲得 DX10，要么明年將無法參加比賽。

I think our core logic business would do very well.

我認為我們的核心邏輯業務會做得很好。

I also think that our serviceable market is going to grow dramatically with the branded Intel core logic business.

我還認為，我們的服務市場將隨著英特爾核心邏輯業務的品牌化而顯著增長。

I think that is going to be big for us.

我認為這對我們來說會很重要。

I can't help but believe that Sony is going to incredibly well next year.

我不禁相信索尼明年的表現會非常好。

The early reviews are already really very exciting and so --.

早期的評論已經非常令人興奮，所以——。

And then workstations.

然後是工作站。

Frankly, my psychology right now is that we are in a position to grow all of our businesses next year.

坦率地說，我現在的心理是，我們有能力在明年發展所有業務。

And we have strategies to grow all of our businesses next year.

我們制定了明年發展所有業務的戰略。

And we have reason to believe that the market dynamics will allow us to grow every single one of our businesses next year.

我們有理由相信，市場動態將使我們明年的每一項業務都能增長。

If we look at the desktop GPU business, you have obviously got a pretty significant head start here with the G80 architecture relative to the competition.

如果我們看看桌面 GPU 業務，您顯然在 G80 架構上相對於競爭對手已經有了相當大的領先優勢。

You had stated in your prepared remarks that you have 89% share in performance segment.

你在準備好的評論中說過，你在績效領域擁有 89% 的份額。

Your share relatively in the mainstream segment below that level.

您在該水平以下的主流細分市場中的份額相對較低。

So with this head start do we have an opportunity to take some share in that segment relative to the competition as well next year, given the head start?

那麼，有了這個領先優勢，我們是否有機會在明年相對於競爭對手在該細分市場中獲得一些份額，鑑於領先優勢？

That is a good point.

這是一個好點。

We are certainly still focused on increasing share.

我們當然仍然專注於增加份額。

We are also focused on increasing revenue TAM.

我們還專注於增加 TAM 的收入。

I want to continue to emphasize that we -- although we enjoyed talking about share and we enjoy gaining share, one of the focus of our Company has always been is creating a larger market for all of us to share, and SLI certainly created a larger TAM.

我想繼續強調我們——儘管我們喜歡談論份額並且我們喜歡獲得份額，但我們公司的重點之一一直是為我們所有人創造一個更大的市場來分享，而 SLI 無疑創造了一個更大的市場。譚。

The introduction of DX10 will increase the revenue TAM hopefully because DX10 is so exciting and Vista is so exciting and high-definition video is so exciting it might drive the ASP up.

DX10 的推出有望增加 TAM 的收入，因為 DX10 如此令人興奮，Vista 如此令人興奮，而高清視頻如此令人興奮，它可能會推動 ASP 上漲。

People are looking for more GPU experience, more GPU performance to get the best experience.

人們正在尋找更多的 GPU 體驗、更多的 GPU 性能以獲得最佳體驗。

That will increase the TAM.

這將增加 TAM。

We look for ways to increase the unit attached.

我們尋找增加附加單元的方法。

We look for ways to help consumers experience better content, and those things always increase TAMs.

我們尋找方法來幫助消費者體驗更好的內容，而這些東西總是會增加 TAM。

But we're still very hyper focused in increasing share.

但我們仍然非常專注於增加份額。

Thank you.

謝謝你。

That was very helpful.

這很有幫助。

Devan Moodley, Scotia Capital.

Devan Moodley，斯科舍資本。

Great quarter.

很棒的季度。

You guys almost delivered a Q3 that is kind of what the Street was expecting for next year.

你們幾乎交付了第三季度，這正是華爾街對明年的期待。

In that context, obviously things are going pretty well ahead of expectations.

在這種情況下，顯然事情進展得遠遠超出了預期。

What have you done to secure the wafer capacity you think you're going to need?

你做了什麼來確保你認為你需要的晶圓產能？

Clearly that has changed from even two quarters ago.

顯然，這與兩個季度前相比已經發生了變化。

Being one of the largest, and I think we probably are at this point from wafer consumption perspective, the largest in the world, and having such close relationships with TSMC, our single largest foundry partner, and others, I think that really plays a role in this.

作為最大的公司之一，我認為從晶圓消費的角度來看，我們目前可能是世界上最大的公司，並且與台積電、我們最大的單一代工合作夥伴和其他公司有著如此密切的關係，我認為這確實起到了作用在這。

We have a rigorous forward-looking and forward planning process.

我們有嚴格的前瞻性和前瞻性規劃流程。

Internally we have expected to be here for some time to be honest, and so it didn't happen accidentally.

老實說，在內部我們預計會在這裡待一段時間，所以這並不是偶然發生的。

We expected to be here, and so we have been planning for that.

我們預計會在這裡，所以我們一直在計劃。

And we're planning for next quarter.

我們正在計劃下個季度。

We're planning for next year.

我們計劃明年。

And our alignment with TSMC and other foundries is excellent.

我們與台積電和其他代工廠的合作非常好。

They have a perfect understanding of exactly what we need.

他們對我們需要什麼有一個完美的理解。

And there's no evidence whatsoever that they're not going to be able to support us in every way.

而且沒有任何證據表明他們無法以各種方式支持我們。

Just one follow-up.

只是一個後續。

If we look out a year from now, where would you like the percentage of your desktop GPU business to be in terms of the G80 family?

如果我們展望一年後，您希望您的桌面 GPU 業務在 G80 家族中所佔的百分比是多少？

Marv, go ahead.

馬夫，繼續。

The normal transition would put it above 50%.

正常的過渡會使其高於 50%。

Sorry, desktop and mobile?

抱歉，台式機和移動設備？

Yes.

是的。

I don't know about mobile (indiscernible).

我不了解移動設備（聽不清）。

I'm talking about desktop, that is what you asked.

我說的是桌面，這就是你問的。

Robert Dennison, UBS.

瑞銀的羅伯特·丹尼森。

Good quarter.

好季度。

I'm wondering if you can give me just a little bit more color on the patent license fee.

我想知道您是否可以在專利許可費上給我更多的色彩。

I don't need to know what it is about or what it is for, but I'm not understanding how it is an onetime item.

我不需要知道它的用途或用途，但我不明白它是如何成為一次性物品的。

It would seem to me that it would be meaningful for gross margin if you guys had to pay patent license fees.

在我看來，如果你們必須支付專利許可費，這對毛利率來說是有意義的。

I wish I can give you more information, but it is a confidential arrangement.

我希望我能給你更多的信息，但這是一個保密的安排。

It includes payments for use of those patents.

它包括為使用這些專利而支付的費用。

It is a significant number of patents.

這是相當數量的專利。

Beyond that I really don't think we can comment.

除此之外，我真的認為我們無法發表評論。

Is it something that you have used this technology for in the past, and so it didn't show up in past margins and you're putting it in this margin, or is it for the future or --?

是您過去使用過這項技術的東西，所以它沒有出現在過去的邊距中，而您將它放在這個邊距中，還是為了未來，或者——？

It is primarily for the past.

它主要是為了過去。

Jen-Hsun, I heard you say that you were getting into the Intel integrated MCP market.

Jen-Hsun，我聽說你說你正在進入英特爾集成 MCP 市場。

I also heard Marv say that MCP margins should come up.

我還聽到 Marv 說 MCP 利潤應該提高。

This is a notoriously tough margin business.

這是一個眾所周知的艱難的利潤業務。

It is Intel integrated.

它是英特爾集成的。

Can you give me a little color on how you guys expect to bring margins up in that business, particularly given the 44% range you are talking about next quarter?

你能否給我一點關於你們希望如何提高該業務的利潤率的看法，特別是考慮到你下個季度談論的 44% 的範圍？

I'm not sure yet.

我不肯定。

That is kind of the truth.

這是事實。

I don't have a product to sell yet, so I really don't have very much experience there.

我還沒有要銷售的產品，所以我真的沒有太多的經驗。

But my general experience with -- and you know that gross margin improvement has been a passion of mine and our Company for quite a few years now.

但是我的一般經驗 - 你知道毛利率的提高一直是我和我們公司多年來的熱情。

We have been increasing it quarter by quarter by quarter, and we doing all kinds of great stuff.

我們一直在一個季度一個季度地增加它，我們做著各種各樣的好東西。

What I had learned about it is there's probably on balance about three major factors.

我了解到的情況可能是三個主要因素之間的平衡。

One of them is your architecture.

其中之一是您的架構。

And so that relies on just the really innovative and the talented, the really creative engineers that we have to come up with innovative architecture.

因此，這取決於我們必須提出創新架構的真正創新和才華橫溢、真正有創造力的工程師。

The second one is operational excellence.

第二個是卓越運營。

And that one just those from the front of your company all the way to the back of your company.

而那個只是從公司前面一直到公司後面的那些。

You just have no waste whatsoever.

你只是沒有任何浪費。

And perfect deals, no waste, perfect quality, if you just hit everything at 100% and everything at 0%, you're going to be -- everything else at 0%, you will be in good shape.

完美的交易，沒有浪費，完美的質量，如果你只是把所有的東西都打到 100%，而所有的東西都打到 0%，那麼你就會——其他一切都打到 0%，你的狀態會很好。

And the last part of it is just building a great product.

最後一部分只是構建一個偉大的產品。

You need to have a great brand in this marketplace.

你需要在這個市場上擁有一個偉大的品牌。

And the market that we will serve, the market we will continue to serve is where we believe we can capture the value from the products that we sell.

我們將服務的市場，我們將繼續服務的市場是我們相信我們可以從我們銷售的產品中獲取價值的地方。

You know that we're not fanatical about revenues; we're fanatical about profits.

你知道我們對收入並不狂熱。我們對利潤很狂熱。

We don't need to go chase profitless prosperity.

我們不需要去追逐無利可圖的繁榮。

We're just not going to do it.

我們只是不打算這樣做。

We are going to target the segments of the marketplace where our work and our brand is valued.

我們將瞄准我們的工作和品牌受到重視的市場細分市場。

And we will leave the other segments to the people.

我們將把其他部分留給人們。

Great.

偉大的。

Finally, I know you guys aren't offering much in the way of color on PortalPlayer, but do you expect this to be helpful or a drag on margins going forward should the deal go through?

最後，我知道你們在 PortalPlayer 上提供的顏色並不多，但是如果交易通過，你認為這會有所幫助還是會拖累利潤？

It should be slightly dilutive in the first year.

第一年應該稍微稀釋。

And in the second year I hope it is wonderfully accretive.

在第二年，我希望它會產生驚人的增長。

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。

I want to thank all of you guys for joining us today.

我要感謝你們今天加入我們。

We look forward to reporting our progress for Q4.

我們期待報告第四季度的進展。

Thank you.

謝謝你。

This concludes the fiscal year 2007 third quarter financial results conference call.

2007財年第三季度財務業績電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。