輝達 (NVDA) 2008 Q1 法說會逐字稿

Good afternoon, and thank you for holding.

下午好，感謝您的支持。

I would now like to turn the call over to Mr.

我現在想把電話轉給先生。

Michael Hara NVIDIA's Vice President of Investor Relations.

Michael Hara NVIDIA 投資者關係副總裁。

Thank you.

謝謝你。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Good afternoon and welcome to NVIDIA's conference call for the first fiscal quarter ended April 29, 2007.

下午好，歡迎參加 NVIDIA 於 2007 年 4 月 29 日結束的第一財季電話會議。

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

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

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

在我們開始今天的電話會議之前，我想先處理一些一般行政事項。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

During this call we will discuss some non-GAAP measures about net income, net income per sure 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的衡量標準，這些指標是關於淨收入、確定的淨收入和毛利率以及我們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.

您可以在我們發佈在我們網站 www.NVIDIA.com 的投資者關係頁面上的財務新聞稿中找到這些措施與 GAAP 的完全對賬。

Unless otherwise noted, all references to research numbers throughout the call come from Mercury Research.

除非另有說明，否則在整個電話會議中對研究編號的所有引用均來自 Mercury Research。

This call is being recorded.

正在錄製此通話。

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

如果您有任何異議，您可以在此時斷開連接。

Please be aware that if you decide to ask a question, you may 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，您可能會被包括在我們的實時傳輸中，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 on the Investor Relations page of the website at www.NVIDIA.com.

此外，股東可以收聽今天電話會議的網絡直播，並在 www.NVIDIA.com 網站的投資者關係頁面上查看我們的財務報告。

A webcast will be available for a replay until the Company's conference call to discuss its financial results for the second quarter of fiscal 2008.

在公司召開電話會議討論其 2008 財年第二季度的財務業績之前，將提供網絡廣播進行重播。

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 outlook, our second quarter, our products and technologies, our strategies, growth and gross drivers, marketshare, the uses for GPUs, the impact of new applications pertain to future events and are subject to a number of significant risks and uncertainties.

前瞻性陳述，包括關於我們的展望、我們的第二季度、我們的產品和技術、我們的戰略、增長和總驅動因素、市場份額、GPU 的用途、新應用程序對未來事件的影響的陳述，並受制於重大風險和不確定性的數量。

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

公司的實際結果可能與任何前瞻性聲明中討論的結果大相徑庭。

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 for the fiscal year ended January 28, 2007, and the reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響公司未來財務業績和業務的因素的完整討論，請參閱公司截至 2007 年 1 月 28 日的財政年度的 10-K 表格，以及提交給證券交易的表格 8-K 報告委員會。

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，截至本協議日期作出，除法律要求外，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 May 10, 2007.

網絡廣播的內容包含截至 2007 年 5 月 10 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.

根據 FD 法規的要求，我們將直接在電話會議中提供公共指導，並且無法在離線對話或本季度提供更多信息。

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

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

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

在我們的發言結束時，您將有時間提問。

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

為了讓更多人提問，請限制自己一個人。

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。

I will 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 report revenue of $844.3 million for the first quarter.

今天，我們很高興地報告第一季度的收入為 8.443 億美元。

Compared to last year revenue grew 24%, non-GAAP gross margin improved 290 basis points to a Company record of 45.4%.

與去年相比，收入增長 24%，非美國通用會計準則毛利率提高 290 個基點，達到公司創紀錄的 45.4%。

And non-GAAP net income increased 48% over last year.

非 GAAP 淨收入比去年增長了 48%。

GAAP gross margin also reached a Company record of 45%, and GAAP net income increased 44% from a year ago.

GAAP 毛利率也達到了公司創紀錄的 45%，GAAP 淨收入同比增長 44%。

Our first quarter results reflect the growing importance of GPUs in our computing experience.

我們第一季度的業績反映了 GPU 在我們的計算體驗中日益重要的地位。

Our Quadro GPU is at the center of the rapid adoption of digital techniques in nearly every industry, from design to styling to stimulation.

我們的 Quadro GPU 處於幾乎每個行業（從設計到造型再到刺激）快速採用數字技術的中心。

Our GeForce GPU benefits from the increasing importance of graphics processing in the fastest-growing applications like Second Life, Google Earth, Blu-ray, and HD DVD, and massive online games like the -- incredibly popular War of the Worlds game.

我們的 GeForce GPU 受益於圖形處理在第二人生、谷歌地球、藍光和 HD DVD 等增長最快的應用程序以及大型在線遊戲（如非常受歡迎的世界大戰遊戲）中日益重要的重要性。

The creation and enjoyment of rich digital content creates growth engines in GPUs.

豐富數字內容的創造和享受創造了 GPU 的增長引擎。

Each of our productlines benefit from this trend, and turned in a strong year-over-year performance.

我們的每個產品線都受益於這一趨勢，並取得了強勁的同比業績。

Desktop GPU grew at 13%.

桌面 GPU 增長了 13%。

Notebook GPU grew 71%.

筆記本 GPU 增長 71%。

MCP grew 25%.

MCP 增長了 25%。

Professional solutions grew 39%, and mobile devices grew 49%.

專業解決方案增長 39%，移動設備增長 49%。

Let me highlight some of our recent business achievements.

讓我強調一下我們最近的一些業務成就。

We captured the number one position desktop graphics and increased our lead in five categories, total stand-alone GPU, the performance segment, modern DirectX 9 and [beyond] GPUs, and stand-alone notebook GPU.

我們獲得了桌面圖形第一的位置，並在五個類別中提高了領先優勢，即總獨立 GPU、性能部分、現代 DirectX 9 和 [beyond] GPU，以及獨立筆記本 GPU。

Our GeForce GPU remains the unambiguous leader for the performance segment, maintaining a segment share of over 64% for 30 consecutive months since the GeForce 6 became the segment leader.

自 GeForce 6 成為細分市場領導者以來，我們的 GeForce GPU 仍然是性能細分市場的明確領導者，連續 30 個月保持超過 64% 的細分市場份額。

In April we launched the industry's first top to bottom family of DirectX 10 GPUs.

4 月，我們推出了業界首個從上到下的 DirectX 10 GPU 系列。

Adding GeForce 8600, 8500, and 8300 to our already successful GeForce 8800.

將 GeForce 8600、8500 和 8300 添加到我們已經成功的 GeForce 8800 中。

We delivered PureVideo HD, the industry's first full HD Blu-ray and HD processing solution for desktop and notebook computers from Acer, Alienware, Dell, HP, Sony and Toshiba.

我們為宏碁、Alienware、戴爾、惠普、索尼和東芝的台式機和筆記本電腦提供了業界首款全高清藍光和高清處理解決方案 PureVideo HD。

We expanded the reach of SLI with the launch of the new nForce 650i SLI for Intel processors.

通過推出適用於英特爾處理器的新 nForce 650i SLI，我們擴大了 SLI 的範圍。

With a much lower price point we have significantly increased our addressable core logic market.

以更低的價格點，我們顯著增加了我們的可尋址核心邏輯市場。

We recently shipped the new GeForce 7050 motherboard GPU.

我們最近發布了新的 GeForce 7050 主板 GPU。

Directly attached to the motherboard GeForce 7050 brings in NVIDIA's valuable brand of GPUs to the lowest cost segments.

直接連接到主板的 GeForce 7050 將 NVIDIA 寶貴的 GPU 品牌帶入了最低成本的細分市場。

We launched the Quadro FX 4600 and FX 5600.

我們推出了 Quadro FX 4600 和 FX 5600。

Our first professional solutions based on the workstation enhanced versions of the G80 unified architecture, this new family of professional GPUs will enable capabilities not possible before, and that we believe will drive a new cycle of growth.

我們的第一個專業解決方案基於 G80 統一架構的工作站增強版本，這個新的專業 GPU 系列將實現以前無法實現的功能，我們相信這將推動新的增長周期。

We extended our Quadro Plex family with its latest member, the Quadro Plex Model IV, which when coupled with a workstation or server enables previously unseen levels of visual computing density.

我們通過其最新成員 Quadro Plex Model IV 擴展了我們的 Quadro Plex 系列，當與工作站或服務器結合使用時，可以實現前所未有的視覺計算密度水平。

And lastly, our Gelato 2.1 film-quality render is now available.

最後，我們的 Gelato 2.1 電影質量渲染現已推出。

With 100,000 downloads so far, we're delighted that have digital artists in a broad range in industries are incorporating Gelato into their creative and design pipeline.

到目前為止，下載量已達 100,000 次，我們很高興各行各業的數字藝術家將 Gelato 納入他們的創意和設計流程。

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

讓我把電話轉給 Marv，以更詳細地討論我們的財務業績。

I will return in a moment to address our growth drivers for Q2 and beyond.

我稍後會回來討論我們第二季度及以後的增長動力。

Today we're reporting both GAAP and non-GAAP P&Ls for Q1 of fiscal year '08.

今天，我們報告了 08 財年第一季度的 GAAP 和非 GAAP 損益。

The only difference between the GAAP and non-GAAP is equity-based compensation and its tax effect.

GAAP 和非 GAAP 之間的唯一區別是基於股權的薪酬及其稅收影響。

Revenues for the first quarter, as Jen-Hsun mentioned, was $844.3 million, up 24% year-over-year, and down 4% from Q4.

正如仁勳所說，第一季度的收入為 8.443 億美元，同比增長 24%，比第四季度下降 4%。

We entered the quarter expecting a decrease in both MCP and memory revenue, and both of those happened.

我們進入本季度時預計 MCP 和內存收入都會下降，而這兩種情況都發生了。

However, the MCP decrease was more than we expected because of the weakness of AMD processors in the channel.

然而，由於 AMD 處理器在渠道中的弱勢，MCP 的下降幅度超出了我們的預期。

Offsetting that we had better than expected sales of both desktop GPUs and professional solutions.

抵消了我們在桌面 GPU 和專業解決方案方面的銷售好於預期。

Desktop GPUs grew by 8% quarter to quarter, led by the new GeForce 8X products that we introduced during the quarter.

在我們在本季度推出的新 GeForce 8X 產品的帶動下，桌面 GPU 季度環比增長 8%。

In fact, GeForce 8X products totaled more than $180 million in the quarter.

事實上，GeForce 8X 產品在本季度的總銷售額超過 1.8 億美元。

In professional solutions we grew by 11% quarter to quarter, and achieved a record revenue of more than $140 million.

在專業解決方案方面，我們季度環比增長 11%，並實現了超過 1.4 億美元的創紀錄收入。

MCP declined by 31% from the fourth quarter.

MCP 較第四季度下降 31%。

PortalPlayer products accounted for $11 million in the quarter, and all other product areas were relatively flat.

本季度 PortalPlayer 產品佔 1100 萬美元，其他所有產品領域相對持平。

I would like to mention here that we now view our Company in four business segments.

我想在這裡提一下，我們現在從四個業務部門看待我們的公司。

These segment are GPUs, which includes desktop, notebook and memory products.

這些部分是 GPU，包括台式機、筆記本電腦和內存產品。

PSB, which is the professional solutions business, which previously had only workstations, but now includes Gelato film renderer and GPU computing products.

PSB是專業解決方案業務，以前只有工作站，現在包括Gelato電影渲染器和GPU計算產品。

MCPs which is the same as it has been.

與以前相同的 MCP。

And finally, CPB, which is consumer products business, which includes mobile, and that includes the formal PortalPlayer business, Xbox, Sony and embedded products.

最後是 CPB，它是消費產品業務，包括移動設備，包括正式的 PortalPlayer 業務、Xbox、索尼和嵌入式產品。

Those four segments we will report in our Qs and Ks.

我們將在 Qs 和 Ks 中報告這四個部分。

We will continue to give information on some of the product areas within a segment.

我們將繼續提供有關細分市場中某些產品領域的信息。

For gross margin we recorded GAAP gross margin of 45%, and non-GAAP gross margin of 45.4%.

對於毛利率，我們記錄了 45% 的 GAAP 毛利率和 45.4% 的非 GAAP 毛利率。

For the first time we crossed over the 45% mark.

我們第一次突破了 45% 的大關。

Obviously, we are pleased with this operational execution.

顯然，我們對這種操作執行感到滿意。

During the quarter our gross margin benefited from the increase in workstation revenue, but margins for the new GeForce 8 products were also excellent.

在本季度，我們的毛利率受益於工作站收入的增長，但新 GeForce 8 產品的利潤率也非常出色。

I'm proud to highlight the fact that we have improved gross margin for 11 consecutive quarters.

我很自豪地強調我們連續 11 個季度提高了毛利率。

And during this time non-GAAP gross margin has increased by 1470 basis points.

在此期間，非美國通用會計準則毛利率增加了 1470 個基點。

Non-GAAP operating expenses in the quarter were $204 million, which is relatively flat with Q4.

本季度非 GAAP 運營費用為 2.04 億美元，與第四季度持平。

We incurred a full quarter PortalPlayer expenses, instead for the one month that was incurred in Q4.

我們發生了整整一個季度的 PortalPlayer 費用，而不是第四季度發生的一個月。

This added about $10 million.

這增加了大約 1000 萬美元。

But we did a good job of holding the line in other operating expenses.

但我們在控制其他運營費用方面做得很好。

Headcount for the quarter was relatively flat with Q4.

本季度的員工人數與第四季度相對持平。

Depreciation in the quarter was $32 million, and capital expenditures were $38 million.

本季度折舊為 3200 萬美元，資本支出為 3800 萬美元。

The tax rate for the quarter was 14% as we had anticipated.

正如我們預期的那樣，本季度的稅率為 14%。

This resulted in a diluted earnings per share of $0.33 for GAAP and $0.42 for non-GAAP.

這導致 GAAP 每股攤薄收益為 0.33 美元，非 GAAP 每股攤薄收益為 0.42 美元。

On the balance sheet we exited the quarter was more than $1.3 billion in cash, even though we repurchased $125 million in stock during the quarter at an average price of $31.58.

儘管我們在本季度以 31.58 美元的平均價格回購了 1.25 億美元的股票，但在我們退出本季度的資產負債表上，現金超過 13 億美元。

The operating cash flow for the quarter was over $300 million.

本季度的經營現金流量超過 3 億美元。

Accounts receivable declined by $47 million to $472 million, and remained very current with DSO at 50.8 days.

應收賬款減少了 4700 萬美元至 4.72 億美元，並且在 50.8 天時與 DSO 保持一致。

Inventory declined by $22 million to $333 million, and days sales in inventory remained constant at 65 days.

庫存減少了 2200 萬美元至 3.33 億美元，庫存天數保持在 65 天不變。

There was an increase in GeForce 8X products and a decrease in the older products.

GeForce 8X 產品增加，老產品減少。

Even current liabilities showed a small decline quarter to quarter.

即使是流動負債也出現了季度環比的小幅下降。

Now for the outlook.

現在來看前景。

Q2 is usually the slowest quarter of the year for the PC industry.

第二季度通常是 PC 行業一年中最慢的季度。

Even so, we believe revenue in Q2 will be flat to slightly up.

即便如此，我們認為第二季度的收入將持平至小幅增長。

We will have growth in notebook GPUs, and we believe MCP revenue will recover from the first quarter.

我們將在筆記本 GPU 方面有所增長，我們相信 MCP 收入將從第一季度開始恢復。

These two factors should cover any seasonal weakness in the PC business.

這兩個因素應涵蓋個人電腦業務的任何季節性疲軟。

For gross margin we will work very hard to have flat to slightly increasing gross margins.

對於毛利率，我們將非常努力地使毛利率持平或略微增加。

Operating expenses should grow approximately 3% quarter to quarter, and the tax rate should hold at 14%.

營業費用應按季度增長約 3%，稅率應保持在 14%。

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

有了這個，我會把它轉回給仁勳。

During the first quarter we enhanced our leadership position in our core GPU and MCP productlines.

在第一季度，我們增強了我們在核心 GPU 和 MCP 產品線中的領導地位。

Although Q2 is typically the weakest seasonal quarter for the industry, we are expecting our strong growth in notebook GPUs and MCPs plus share gains in desktop GPU to offset seasonality.

儘管第二季度通常是該行業季節性最弱的季度，但我們預計筆記本 GPU 和 MCP 的強勁增長以及台式機 GPU 的份額增長將抵消季節性影響。

The GeForce desktop and notebook GPU productlines both achieved record revenue in the first quarter.

GeForce 台式機和筆記本 GPU 產品線在第一季度均實現了創紀錄的收入。

The continued ramp of the GeForce 8 family extends our long history of leadership in innovation, execution and time to market.

GeForce 8 系列的持續增長延續了我們在創新、執行和上市時間方面的長期領導地位。

Because of the technical discontinuities created by Windows Vista, and HDDVD and Blu-ray, our customers want to deploy new platforms that meet the needs of these technically demanding requirements.

由於 Windows Vista 以及 HDDVD 和 Blu-ray 造成的技術不連續性，我們的客戶希望部署新平台來滿足這些技術要求苛刻的要求。

With our top to bottom GeForce 8 family now shipping, we believe we are well positioned to increase our overall share of desktop GPUs.

隨著我們自上而下的 GeForce 8 系列現已上市，我們相信我們已經做好了增加桌面 GPU 整體份額的準備。

Coinciding with yesterday's official launch of Santa Rosa, we rolled out our GeForce 8 family of notebook GPUs.

在昨天正式發布 Santa Rosa 的同時，我們推出了 GeForce 8 系列筆記本 GPU。

The new GeForce 8 M Series notebook GPUs are the world's first to support DirectX 10m and fully accelerate decoding of 10 ADP full HD movies.

全新的 GeForce 8 M 系列筆記本 GPU 是全球首款支持 DirectX 10m 並全面加速 10 部 ADP 全高清電影解碼的 GPU。

Playing HD videos on a notebook is a technically challenging -- is a technical challenge solved by NVIDIA's PureVideo HD technology.

在筆記本電腦上播放高清視頻是一項技術挑戰——這是由 NVIDIA 的 PureVideo HD 技術解決的技術挑戰。

PureVideo HD performs 100% of the HD video decoding, freeing the CPU for other tasks and significantly reducing battery consumption, heat and noise.

PureVideo HD 執行 100% 的高清視頻解碼，釋放 CPU 用於其他任務，並顯著降低電池消耗、熱量和噪音。

We expect our notebook business to take a step function up as our numerous Santa Rosa designs continue to become a greater part of the overall notebook mix throughout the year.

隨著我們眾多的 Santa Rosa 設計繼續成為全年整體筆記本電腦組合的重要組成部分，我們預計我們的筆記本電腦業務將更上一層樓。

Although our motherboard GPU business was affected by the significant drop in AMD CPU sales in Q1, we do expect AMD to regain share in Q2.

儘管我們的主板 GPU 業務受到第一季度 AMD CPU 銷量大幅下降的影響，但我們確實預計 AMD 將在第二季度重新獲得份額。

Going forward we intend and expect to continue our leadership position in the AMD processor market.

展望未來，我們打算並期望繼續保持我們在 AMD 處理器市場的領先地位。

In the performance segment we will leverage the significant position of SLI.

在性能部分，我們將利用 SLI 的重要地位。

In the mainstream segment the GeForce brand of motherboard GPUs and our single chip architecture gives us a competitive advantage.

在主流領域，GeForce 品牌的主板 GPU 和我們的單芯片架構為我們提供了競爭優勢。

HP values this advantage and recently announced their choice of our new GeForce 6000 motherboard GPU to power their high-volume consumer lines of PCs.

惠普非常重視這一優勢，最近宣布選擇我們的新型 GeForce 6000 主板 GPU 來為其大容量消費類 PC 產品線提供動力。

Our nForce 6 family of discrete core logic for Intel processors continues to ramp.

我們用於英特爾處理器的 nForce 6 系列離散核心邏輯繼續增長。

The nForce 680i and 650i are the highest performance motherboards for the Core 2 processors.

nForce 680i 和 650i 是適用於 Core 2 處理器的最高性能主板。

They are also the only SLI motherboards for Intel processors.

它們也是英特爾處理器唯一的 SLI 主板。

In this quarter we will sample our first GeForce motherboard GPU for the Intel market, which we expect to open up a significant growth opportunity for us.

在本季度，我們將為英特爾市場推出首款 GeForce 主板 GPU 樣品，我們預計這將為我們帶來巨大的增長機會。

Overall, we are cautiously optimistic about Q2, and expect our MCP business to grow despite industry seasonal declines.

總體而言，我們對第二季度持謹慎樂觀態度，並預計儘管行業季節性下滑，我們的 MCP 業務仍將增長。

GPU computing continues to gather momentum.

GPU 計算繼續積聚勢頭。

In February we launched the public data of CUDA SDK, and quickly served thousands of downloads.

2月我們推出了CUDA SDK的公共數據，並迅速服務了數千次下載。

Researchers, scientists and engineers are using CUDA and G80-based GPUs to accelerate a wide range of problems from seismic analysis to medical image reconstruction, and seeing dramatic improvements ranging from 10 to 100 times acceleration over the fastest CPU alone.

研究人員、科學家和工程師正在使用基於 CUDA 和 G80 的 GPU 來加速從地震分析到醫學圖像重建的各種問題，並且看到僅與最快的 CPU 相比，加速的速度提高了 10 到 100 倍。

We're also taking CUDA and GPU computing into the classroom.

我們還將 CUDA 和 GPU 計算帶入課堂。

Universities around the world have recognized that traditional microprocessor scaling has hit a wall.

世界各地的大學已經認識到傳統的微處理器擴展已經碰壁了。

Without a fundamental change in today's processor architectures, computing performance can no longer scale with Moore's Law.

如果當今的處理器架構沒有發生根本性的變化，計算性能就無法再按照摩爾定律擴展。

Kernal computing is generally believed to be the path to performance scaling.

內核計算通常被認為是性能擴展的途徑。

We are excited to announce that the Computer Science Department at the University of Illinois is pioneering a new class dedicated to GPU computing to prepare students for the parallel computing revolution.

我們很高興地宣布，伊利諾伊大學計算機科學係正在開創一門專注於 GPU 計算的新課程，以幫助學生為並行計算革命做好準備。

Students will learn parallel computing on G80 and CUDA.

學生將在 G80 和 CUDA 上學習並行計算。

Mostly leading computer science universities are already doing research on GPU computing, and discovering very exciting results.

大多數領先的計算機科學大學已經在研究 GPU 計算，並發現了非常令人興奮的結果。

We anticipate many more leading universities around the world to offer parallel computing courses based on GPUs.

我們預計全球將有更多一流大學提供基於 GPU 的並行計算課程。

At 3GSM we unveiled NVIDIA's first application processor, the GoForce 6100.

在 3GSM 上，我們推出了 NVIDIA 的第一款應用處理器 GoForce 6100。

The 6100 is a full computer on a chip, and enables 480p resolution video playback, and the longest battery life when playing digital music and video compared to current application processor technologies.

6100 是一款完整的片上計算機，能夠播放 480p 分辨率的視頻，與當前的應用處理器技術相比，播放數字音樂和視頻時的電池壽命最長。

The 6100 is designed for next generation personal media players and multimedia smart phones.

6100 專為下一代個人媒體播放器和多媒體智能手機而設計。

Designs based on the 6100 are expected to ship later this year.

基於 6100 的設計預計將在今年晚些時候發貨。

Also at 3GSM we demonstrated the world's first implementation of the Chronos Open Code multimedia API for mobile devices.

同樣在 3GSM 上，我們展示了世界上第一個用於移動設備的 Chronos Open Code 多媒體 API 實現。

Open Code is an open industry standard that combines a set of APIs for handling multimedia tasks, like 3D graphics, video, music and imaging.

開放代碼是一個開放的行業標準，它結合了一組用於處理多媒體任務的 API，例如 3D 圖形、視頻、音樂和成像。

Application developers can now expect a comprehensive set of multimedia services from any mobile device that supports Open Code.

應用程序開發人員現在可以從任何支持開放代碼的移動設備中獲得一整套多媒體服務。

Standards accelerate the innovation of everyone in the ecosystem.

標準加速了生態系統中每個人的創新。

The availability of a stable robust and open standard will allow application developers to create exciting applications, while accelerating the rate of innovation of application processor technologies that supports Open Code.

穩定、健壯和開放標準的可用性將允許應用程序開發人員創建令人興奮的應用程序，同時加快支持開放代碼的應用程序處理器技術的創新速度。

Let me stop here, and we would be happy to take your questions now.

讓我停在這裡，我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Michael McConnell.

邁克爾·麥康奈爾。

I wanted to know with API coming out with the new productline here shortly, and there has been a lot of concern about the pricing on the new productline, can you address that?

我想知道 API 很快就會在這裡推出新產品線，並且對新產品線的定價有很多擔憂，你能解決這個問題嗎？

And just your confidence looking through the remainder of the year that the Company can maintain share, even maybe continue to take share in the discrete segment?

您是否有信心在今年餘下的時間裡保持公司的份額，甚至可能繼續在離散領域佔據份額？

First of all, we take competition seriously all the time.

首先，我們始終認真對待競爭。

And this is an industry that has seen a lot of competition over the years, and I'm not expecting any changes from that.

這是一個多年來競爭激烈的行業，我預計不會有任何變化。

We have competed with AMD, or I guess ATI now with AMD, for quite some time.

我們已經與 AMD 競爭，或者我猜 ATI 現在與 AMD 競爭了相當長的一段時間。

We know -- we have a pretty good understanding of what R600 is.

我們知道——我們非常了解 R600 是什麼。

And at the moment we have three products in the enthusiast segment, the GeForce 8800 Ultra, GTX and GTS.

目前，我們在發燒友領域擁有三款產品，GeForce 8800 Ultra、GTX 和 GTS。

GTS is the most affordable version of our enthusiast product.

GTS 是我們發燒友產品中最實惠的版本。

And that is likely the product that the R600 will be positioned against.

這很可能是 R600 所針對的產品。

We have sold, as you know, several hundred thousand of those already, and our momentum is very, very high.

如你所知，我們已經賣出了幾十萬台，而且我們的勢頭非常非常高。

And my expectation is that it will continue to be high.

我的期望是它將繼續保持高位。

But more importantly, in addition to our position in the enthusiast market, we're ramping really hard the rest of the performance segment, which starts with GeForce 8600.

但更重要的是，除了我們在發燒友市場的地位之外，我們還在努力提升其他性能領域，從 GeForce 8600 開始。

And below that is 8500, and below that is 8300.

低於8500，低於8300。

My expectation is that we're planning far ahead with respect to our time to market.

我的期望是，我們在上市時間方面計劃得非常早。

And most importantly the architecture advantage that we have on GeForce 8 over what we know about the R600.

最重要的是，我們在 GeForce 8 上擁有的架構優勢超過了我們對 R600 的了解。

So we are cautious obviously with respect to competition.

因此，我們顯然對競爭持謹慎態度。

This is a Company that knows how to compete.

這是一家知道如何競爭的公司。

But our expectations are we will the quite successful.

但我們的期望是我們會相當成功。

In the discrete segment, how much is price an effective weapon, particularly in the midrange and high end historically?

在離散領域，價格是一種有效的武器，尤其是歷史上的中高端？

We have price competitive products in many segments, as I was trying to explain.

正如我試圖解釋的那樣，我們在許多領域都有價格競爭力的產品。

In the enthusiast segment we have three products and they have one.

在發燒友部分，我們有三種產品，而他們只有一種。

And our lowest end of the enthusiast segment is a better product than their highest end.

我們最低端的發燒友是比最高端更好的產品。

And the price I believe you will discover it to be very competitive.

而且價格相信你會發現它很有競爭力。

But price for the enthusiast is just one factor.

但發燒友的價格只是一個因素。

I mean the most important factor is you want to buy a great product.

我的意思是最重要的因素是你想買一個偉大的產品。

Otherwise why would you be an enthusiast?

不然怎麼會是發燒友？

As we look at the MCP with respect to the AMD platform, some of these design wins have started.

當我們查看與 AMD 平台相關的 MCP 時，其中一些設計勝利已經開始。

Are you expecting to maintain your MCP share on AMD's platforms as we kind of move through the back to school season?

隨著我們在返校季的到來，您是否希望保持您在 AMD 平台上的 MCP 份額？

We have won a lot of design wins since their combination, and our expectation is that we are going to continue winning our fair share of design wins.

自從他們合併以來，我們贏得了很多設計勝利，我們的期望是我們將繼續贏得我們公平份額的設計勝利。

I don't know where our marketshare will be, but my sense is that we will continue to be very successful on that platform.

我不知道我們的市場份額會在哪裡，但我的感覺是我們將繼續在該平台上取得成功。

And the reason for that is because we have to offer products to the marketplace that is very uniquely ours, and bring a very, very specific perspective on products.

這樣做的原因是因為我們必須向市場提供非常獨特的產品，並為產品帶來非常非常具體的視角。

And SLI you can't get on a non-NVIDIA core logic.

而 SLI 則無法使用非 NVIDIA 核心邏輯。

And so if you enjoy SLI, if you want a motherboard that works best with GeForce, and considering the marketshare of GeForce, my sense is that we will continue to be very successful there.

因此，如果您喜歡 SLI，如果您想要一款最適合 GeForce 的主板，並且考慮到 GeForce 的市場份額，我的感覺是我們將繼續在這方面取得成功。

With respect to the motherboard GPU segment our single chip architecture, the value of the GeForce brand, and the fact that our high-definition video technology is far superior with PureVideo HD, my sense is that all those things in combination is going to give us an advantage.

關於主板 GPU 部分，我們的單芯片架構、GeForce 品牌的價值，以及我們的高清視頻技術遠勝於 PureVideo HD 的事實，我的感覺是所有這些結合起來會給我們帶來一個優勢。

But there's a lot of execution to do between now and then.

但是從現在到那時，有很多執行工作要做。

The bottom line is at the end of the day is you have to execute well.

歸根結底，您必須執行良好。

Glen Yeung.

格倫·楊。

I'm surprised that you guys' operating expense is up for the next quarter.

我很驚訝你們下個季度的運營費用會增加。

Could you just give us a sense as to what comprises that increase, and maybe give us a thought for the fiscal year how you think OpEx will tend?

您能否讓我們了解一下這種增長是由什麼構成的，或者給我們一個關於您認為 OpEx 將如何發展的財政年度的想法？

We hired a lot of people, and as you move through the year, the expense goes up.

我們僱傭了很多人，隨著一年的時間推移，費用會增加。

So we expect to continue to hire people.

因此，我們希望繼續僱用人員。

I think we will hire a lot more in Q2 than we did in Q1, and that is anticipated in that expense level.

我認為我們將在第二季度僱傭比第一季度更多的人，這在這個費用水平上是可以預料的。

3% is -- I would call that a nominal quarterly increase.

3% 是——我稱之為名義上的季度增長。

I don't expect that sort of trendline to change as we go through the year.

我預計這種趨勢線不會隨著我們這一年的發展而改變。

Meaning that I'm not thinking about expenses going up more than 3% or so quarter to quarter.

這意味著我不認為每季度的費用增長超過 3% 左右。

We're going to have to take a look at it when we get beyond that, but I would expect operating expenses to trend up over the year, but at a very nominal rate.

當我們超越這一點時，我們將不得不看看它，但我預計運營費用將在一年中呈上升趨勢，但速度非常名義上。

And then --.

接著 - 。

Let me just add something.

讓我補充一點。

I think the -- I absolutely agree with Marvin.

我認為——我完全同意馬文的觀點。

What we're trying to do here is invest in some really important growth opportunities.

我們在這裡嘗試做的是投資一些非常重要的增長機會。

You know that we are now the only branded GPU supplier for the Intel processor market.

您知道我們現在是英特爾處理器市場上唯一的品牌 GPU 供應商。

And that is an extraordinary opportunity.

這是一個非凡的機會。

We ought to attach that as hard as we can.

我們應該盡可能地附上它。

We have some exciting products that we're trying to bring to market as quickly as we can.

我們有一些令人興奮的產品，我們正試圖盡快將其推向市場。

Hopefully this quarter we will start to sample one.

希望本季度我們將開始抽樣。

The second area of growth for us is GPU computing.

我們的第二個增長領域是 GPU 計算。

I have been talking about that for some time.

我已經談論了一段時間。

And if you comb the Web you're going to discover some really exciting findings about what people are doing with that technology.

如果您梳理網絡，您會發現一些關於人們使用該技術所做的真正令人興奮的發現。

Using GPUs for computing is a very important growth direction for our Company.

使用 GPU 進行計算是我們公司非常重要的增長方向。

The third is application processors.

第三是應用處理器。

We are investing very aggressively in application processors.

我們非常積極地投資於應用處理器。

We believe the future of mobile devices will become increasingly computer-like, and these computing devices require computer companies -- computer technology companies who are terrific at building these things to come and address it.

我們相信移動設備的未來將越來越像計算機，而這些計算設備需要計算機公司——擅長構建這些東西的計算機技術公司來解決這個問題。

And I find this opportunity very, very exciting for us, and we are investing very aggressively on that.

我發現這個機會對我們來說非常非常令人興奮，我們正在為此進行非常積極的投資。

So these three areas of investment are very important to us and leads to the expense increasing that Marv talked about.

所以這三個投資領域對我們來說非常重要，並導致 Marv 談到的費用增加。

That makes sense.

那講得通。

Maybe just as a follow-up to that, you obviously had good cash growth over the course of the last two quarters.

也許只是作為後續行動，您在過去兩個季度中顯然擁有良好的現金增長。

And even with this incremental expenditure, it looks like you're probably on a trajectory to keep growing cash.

即使有了這些增加的支出，看起來你可能正處於保持現金增長的軌道上。

I wonder if you have any thoughts about how that may be used, whether that is an increase by (inaudible)?

我想知道您是否對如何使用它有任何想法，這是否會增加（聽不清）？

We expect to continue to generate significant cash.

我們預計將繼續產生大量現金。

I don't know that it will be $300 million a quarter, but we would expect to generate significant cash through the remainder of this year.

我不知道每季度會是 3 億美元，但我們預計將在今年剩餘時間內產生大量現金。

And we're going to have to decide do we want to do nothing or do we want to do something like we have been doing, which is quarterly stock buyback, or do something different.

我們將不得不決定我們是什麼都不做，還是想做我們一直在做的事情，即季度股票回購，還是做一些不同的事情。

At this stage the Board has not decided that.

在現階段，董事會尚未做出決定。

So we will be looking into it.

因此，我們將對其進行調查。

And we will be letting everyone know what we decide to do about that.

我們將讓每個人都知道我們決定對此做些什麼。

We did purchased $125 million worth of stock in the fourth quarter.

我們確實在第四季度購買了價值 1.25 億美元的股票。

We don't have very much left in the authorization.

我們的授權所剩無幾。

Remember there was a $700 million stock purchase authorization from the Board.

請記住，董事會有 7 億美元的股票購買授權。

There's not very much left in that.

剩下的不多了。

So we're going to have to be addressing that very issue.

所以我們將不得不解決這個問題。

Nick Aberle.

尼克·阿伯勒。

The question was with respect to discrete desktop GPU, we have seen ATI/AMD have numerous delays in their products over the last couple of years.

問題是關於獨立桌面 GPU，我們已經看到 ATI/AMD 在過去幾年的產品中有很多延遲。

The products are becoming a lot harder to design.

產品變得越來越難設計。

Do you think that their scope for an actual product cycle, design cycle for these products to actually lengthen here over the next couple of years?

你認為他們實際產品週期的範圍，這些產品的設計週期在接下來的幾年裡實際上會延長嗎？

It is a fact that the GPU is one of the most complex devices built anywhere in the world.

事實上，GPU 是世界上最複雜的設備之一。

That it is probably the most complex device.

這可能是最複雜的設備。

Hundreds of people work on it for many years.

數百人為此工作多年。

And the investment of building a new generation of GPU architectures is many hundreds of millions of dollars.

而構建新一代 GPU 架構的投資則高達數億美元。

And so it is not an undertaking for the faint of heart.

因此，對於膽小的人來說，這不是一項任務。

And it is not an undertaking for anyone who is not absolutely passionate and world-class at doing this thing.

對於在做這件事方面不是絕對熱情和世界一流的人來說，這不是一項事業。

We have the benefit of a really, really great team, or multiple teams, and a Company system that is created around building extraordinary GPUs.

我們受益於一個非常非常棒的團隊或多個團隊，以及圍繞構建非凡 GPU 而創建的公司係統。

We're really, really proud of our execution.

我們為我們的執行感到非常非常自豪。

And it is a system that has served us well.

這是一個為我們提供良好服務的系統。

And frankly it is a system that the industry recognized to be absolutely superior.

坦率地說，這是一個業界公認的絕對優越的系統。

Having said that, we do know that each generation of GPUs is getting harder and harder to do.

話雖如此，我們確實知道每一代 GPU 都變得越來越難。

But we have absolutely no intentions of slowing down the rate of innovation, and we have absolutely no intentions of extending the lifecycle of -- the product lifecycle of our products.

但我們絕對無意放慢創新速度，也絕對無意延長我們產品的產品生命週期。

Secondly, you referred to new Intel-based MCP product sampling in this quarter.

其次，您提到了本季度基於英特爾的新 MCP 產品樣片。

Are you referring to single-die IGP?

你指的是單芯片IGP嗎？

And can you talk at all about what your expectations are for ramping that product at OEMs starting in Q2 or Q3?

您能否談談您對從第二季度或第三季度開始在原始設備製造商處推廣該產品的期望？

It is the single chip GeForce [for the] motherboard for the Intel processor.

它是用於英特爾處理器的單芯片 GeForce [for the] 主板。

And it is the first time in our Company's history we have taken the GeForce architecture to a motherboard GPU product for Intel processors, and we're very excited about that.

這是我們公司歷史上第一次將 GeForce 架構用於英特爾處理器的主板 GPU 產品，我們對此感到非常興奮。

We already have design wins from OEMs.

我們已經從原始設備製造商那裡獲得了設計勝利。

And we are working our but off to meet their schedule requirements.

我們正在努力滿足他們的日程安排要求。

I'm excited about the prospects of it.

我對它的前景感到興奮。

And we will talk about our business forecast for it as we get closer.

隨著我們越來越近，我們將討論我們對它的業務預測。

Chris Caso.

克里斯·卡索。

I wonder if you could talk a little bit about the MCP business?

我想知道您能否談談 MCP 業務？

And you talked about your expectations for that rebounding into the next quarter.

你談到了你對下一季度反彈的期望。

Can you just give a little more color there, and gives you confident in that?

你能在那兒多加一點顏色，讓你對此充滿信心嗎？

What are you seeing in terms of order rates and (inaudible) in the market?

您對市場上的訂單率和（聽不清）有何看法？

What we experienced with the MCP business was exactly what AMD experienced in the channel.

我們在 MCP 業務中所經歷的正是 AMD 在渠道中所經歷的。

And over the last quarter, and I think a lot of that has been discussed and much of it documented.

在上個季度，我認為已經討論了很多內容，其中大部分內容已記錄在案。

And so obviously where there is an Athlon CPU there would be an nForce chipset that goes with it.

所以很明顯，只要有 Athlon CPU，就會有一個 nForce 芯片組與之配套。

And our marketshare is relatively high, so we would experience quite a bit of the same thing that they did.

而且我們的市場份額相對較高，所以我們會經歷和他們一樣的事情。

We are seeing the sell-through of AMD processors picking up significantly in the channel.

我們看到 AMD 處理器的銷售量在渠道中顯著上升。

And I'm sure many of you see that as well.

我相信你們中的許多人也看到了這一點。

And it is just -- it reflects the fact that they have replenished the channel with Athlon processors.

它只是——它反映了他們已經用 Athlon 處理器補充頻道的事實。

It is now price positioned in the right place, and it is a great product.

它現在的價格定位在正確的位置，而且它是一款很棒的產品。

There is no reason why it wouldn't sell.

沒有理由不賣。

And so we're expecting in the pick up again.

所以我們期待再次回升。

As a follow-up on that, with respect to the notebook business you guys have talked in the past about your expectations for gaining notebook share this year.

作為對此的跟進，關於筆記本電腦業務，你們過去曾談到你對今年獲得筆記本電腦份額的期望。

Could you also talk a bit about the penetration rates of GPUs in the notebooks?

您能否也談談筆記本電腦中 GPU 的滲透率？

And specifically with the Santa Rosa platform, can you quantify what you think may happen with regard to GPU penetration into the notebook market?

特別是對於 Santa Rosa 平台，您能否量化您認為 GPU 滲透到筆記本市場可能發生的情況？

We started, I think it was about five quarters -- if we go five, six quarters back, I think our marketshare was about 20%.

我們開始時，我認為大約是五個季度 - 如果我們回到五個、六個季度，我認為我們的市場份額約為 20%。

We left last quarter or this quarter -- at this time we are about 60%, I would say.

我們在上個季度或本季度離開了——我想說，此時我們大約是 60%。

So from 20 some odd percent five, six quarters ago to about 50% now.

所以從五、六個季度前的百分之二十到現在的百分之五十左右。

And our expectation is that we ought to go out of this year either 70% or higher.

我們的預期是，今年我們應該會走出 70% 或更高。

That is compounded by the fact that the notebook business is growing faster then the desktop business.

筆記本電腦業務的增長速度快於台式機業務，這使情況更加複雜。

And so our expectations is that the notebook business ought to do well for us.

所以我們的期望是筆記本業務應該為我們做得很好。

Specifically with regard to the GPU business and notebook do you expect that to grow faster than say notebook units as a whole as a result of Vista and --?

特別是關於 GPU 業務和筆記本電腦，您是否認為由於 Vista 和筆記本電腦的整體增長速度會比筆記本電腦單元更快？

We're not really sure yet.

我們還不確定。

We're going to have to play it by ear.

我們將不得不靠耳朵演奏。

I think that there's a couple of dynamics that really help.

我認為有幾個動力真的很有幫助。

One dynamic is obviously the adoption of Vista.

一種動力顯然是採用 Vista。

Almost every single notebook that is going out now will go out with Vista.

現在幾乎每一款即將上市的筆記本都將搭載 Vista。

And with a GPU the experience is better.

使用 GPU，體驗會更好。

I think people know that.

我想人們知道這一點。

And the adoption of GPUs have been really robust for that reason.

出於這個原因，GPU 的採用非常強大。

There is a second and equally important reason, that has to do with Blu-ray and HDDVD.

第二個同樣重要的原因與藍光和 HDDVD 有關。

Boy, if you are buying a new notebook, you are going to what HD on it.

男孩，如果你要買一個新的筆記本，你要去什麼高清就可以了。

You're going to want Blu-ray Disc on it.

您將需要藍光光盤。

And the GeForce 8M family is the only GPU on the market, or in the foreseeable future, that has 100% of the video processing done on a GPU.

GeForce 8M 系列是市場上或在可預見的將來唯一可以在 GPU 上完成 100% 視頻處理的 GPU。

So that you could watch movies for the longest possible time.

這樣您就可以盡可能長時間地觀看電影。

And so I think those two dynamics are really important.

所以我認為這兩種動力非常重要。

As the drive cost of HDDVD and Blu-ray Disc comes down, you're going to continue to see increased demand for GPUs for that reason as well.

隨著 HDDVD 和藍光光盤的驅動器成本下降，您將繼續看到由於這個原因對 GPU 的需求增加。

Daniel Ernst.

丹尼爾·恩斯特。

Two questions if I might.

如果可以的話，有兩個問題。

First, on the 6100 application processor, the design wins you've got lined up, would you characterize any of those or collectively as material or high-volume?

首先，在 6100 應用處理器上，您已經排好隊的設計獲勝，您會將其中任何一個描述為材料還是大容量？

And then the second question is more kind of big picture looking at your press release where you referenced in a kind of a market of 10 billion GPUs over the next ten years.

然後第二個問題更多的是看你的新聞稿，你在未來十年中提到了一個 100 億 GPU 的市場。

Maybe talk about what that model looks like for NVIDIA and Blue Sky, what is NVIDIA's marketshare?

或許談談 NVIDIA 和 Blue Sky 的模型是什麼樣的，NVIDIA 的市場份額是多少？

What does that do to ASPs as these become more mainstream?

隨著 ASP 變得越來越主流，這對 ASP 有什麼影響？

And what does that do to your long-term gross margin target?

這對您的長期毛利率目標有何影響？

We don't talk about future customers, and I certainly wouldn't characterize them as material or not.

我們不談論未來的客戶，我當然不會將他們定性為重要或不重要。

And so when we get closer, we will talk about the business prospects of 6100.

所以等我們走近了，就聊聊6100的商業前景。

But frankly we're just really excited about the fact that this is our first application processor.

但坦率地說，我們對這是我們的第一個應用處理器這一事實感到非常興奮。

We are excited about the customers that we are engaging.

我們對我們所吸引的客戶感到興奮。

And I can't wait to buy the product that we're in.

我迫不及待地想購買我們的產品。

With respect to the future GPU business prospect, although history may not be the trend, one of the things to realize is that this is probably the only semiconductor segment that I know of anyways, and probably that you know of, over the last ten years has increased in ASPs.

關於未來 GPU 業務的前景，儘管歷史可能不是趨勢，但要意識到的一件事是，這可能是我所知道的唯一半導體領域，而且可能是你所知道的，在過去的十年裡ASP 有所增加。

We have increased ASPS of our products over the last ten years, year by year.

在過去十年中，我們逐年提高了產品的 ASPS。

And my sense is that we have a good shot at continuing to do that.

我的感覺是，我們有很好的機會繼續這樣做。

The reason for that is because more and more of the computing experience that consumers want are more determined by the GPU.

之所以如此，是因為消費者想要的計算體驗越來越多地由 GPU 決定。

Whether it is graphics or video, or in the future interesting image processing or computing type of applications that requires the capabilities of the GPU.

無論是圖形或視頻，還是未來有趣的圖像處理或計算類型的應用，都需要 GPU 的能力。

So I think the GPU is becoming increasingly important.

所以我認為GPU變得越來越重要。

And the ASPs and the size of the marketplace reflect that.

平均售價和市場規模反映了這一點。

I don't really know how big our marketshare will be.

我真的不知道我們的市場份額會有多大。

But I do know this, there are very few companies, and I can say -- or I could say there are no other companies who is investing more in GPU technology than we are, is more talented at building this product than we are, and is more focused at doing it than we are.

但我確實知道，很少有公司，我可以說——或者我可以說沒有其他公司比我們在 GPU 技術上的投資更多，在構建這個產品方面比我們更有才華，並且比我們更專注於做這件事。

Maybe if I could just drop down on that ASP (inaudible) relative to a long-term view, but I guess I meant more on a blended basis, as you are in mobile phones or in cards, you know, PMD dashboards, and where it is not the same thing as being in SLI desktop or workstations.

也許如果我可以相對於長期視圖降低 ASP（聽不清），但我想我的意思更多是在混合的基礎上，因為你在手機或卡片中，你知道，PMD 儀表板，以及在哪裡它與 SLI 桌面或工作站不同。

I am looking at more on a blended basis over the very long run.

從長遠來看，我正在綜合考慮更多。

I guess it is still hard to say.

我想這仍然很難說。

And the reason for that is because we have GPUs that are going in the servers, and we have GPUs going into power walls, and we have GPUs going into broadcast stations.

原因是因為我們有 GPU 進入服務器，我們有 GPU 進入電源牆，我們有 GPU 進入廣播站。

So GPUs are being used in just a whole lot more applications in the enterprise.

因此，GPU 正被用於企業中更多的應用程序中。

And on the other hand, the number of GPUs that are going into portable devices is obviously going to go up as well.

另一方面，用於便攜式設備的 GPU 數量顯然也會增加。

It is kind of hard to say.

這有點難說。

But I guess -- I don't even really know how important it is.

但我想——我什至不知道它有多重要。

All I know is just whatever prediction I give you is likely to be smaller than that or likely to be a lot bigger than that.

我所知道的只是我給你的任何預測都可能比那個小或可能比那個大得多。

Fair enough.

很公平。

Thanks.

謝謝。

Arnab Chanda.

阿納布昌達。

A couple of questions.

幾個問題。

First of all, you talked to -- Jen-Hsun, you talked about your notebook share, and you are like you want to get it to the 70% range.

首先，你談到了-- Jen-Hsun，你談到了你的筆記本份額，你想把它提高到70% 的範圍內。

Clearly your performance leadership in desktop is well demonstrated.

很明顯，您在桌面方面的性能領先地位得到了很好的證明。

It seems like your share there is around 60.

看起來你的份額大約是 60。

And there's a lot of share that you could theoretically capture in value in mainstream.

理論上，你可以在主流價值中獲得很多份額。

Do you think that is something you're interested to do, or is it something that where you're happy with your position, with your performance, and you're going to go with that for now?

你認為這是你有興趣做的事情，還是你對自己的位置、表現感到滿意的事情，並且你現在打算這樣做？

We never decline profitable business.

我們從不拒絕有利可圖的業務。

And so the lower end products also are obviously more cost-effective to build.

因此，低端產品顯然也更具成本效益。

But our focus is this, we just need to make sure that we focused on the customers.

但我們的重點是這個，我們只需要確保我們專注於客戶。

And if they would like us to serve them, building notebooks or whatever.

如果他們希望我們為他們服務，製作筆記本或其他任何東西。

It could be a multimedia extender to connect a PC to a TV.

它可以是一個多媒體擴展器，用於將 PC 連接到電視。

It could be a dashboard car navigation system.

它可能是儀表板汽車導航系統。

It doesn't really matter.

這並不重要。

If we could add value, and the customer needs us to help them, we're delighted to do it.

如果我們可以增加價值，而客戶需要我們幫助他們，我們很樂意這樣做。

One other question.

另一個問題。

Historically if you look at the MCP segment you have pretty good share with AMD.

從歷史上看，如果您查看 MCP 細分市場，您與 AMD 的份額相當可觀。

Intel historically just to take 70% of its own business and leave 30% for five people to fight over.

英特爾歷來只是拿下自己業務的 70%，把 30% 留給五個人爭奪。

Do you think that -- what do you think is a realistic share for non-Intel the way the business is going?

您是否認為——您認為對於非英特爾的業務發展方式而言，現實的份額是多少？

Because I'm assuming you make some strategic evaluations whether you want to going to the segment or not.

因為我假設您是否要進入該細分市場進行一些戰略評估。

And is different from the past, so how good can that business be do you think relative to what you already have with AMD?

並且與過去不同，那麼相對於您已經擁有的 AMD，您認為該業務有多好？

I would say comparing us to a historical chipset supplier is probably not the most prudent way of anticipating our success in the future.

我想說將我們與歷史上的芯片組供應商進行比較可能不是預測我們未來成功的最謹慎的方式。

No one would have predicted our success and the value that we brought to the AMD platform.

沒有人會預料到我們的成功以及我們為 AMD 平台帶來的價值。

Not one person.

沒有一個人。

100% of the people that I have talked to -- told that we are going into the chipset business tells me that we're going into a commodity business.

與我交談過的 100% 的人告訴我，我們將進入芯片組業務，告訴我我們將進入商品業務。

For that matter 100% of the people I talked to about PC graphics told me that GPU was going to be a commodity business.

就此而言，100% 與我談論過 PC 圖形的人都告訴我 GPU 將成為一種商品業務。

And a lot has changed.

而且發生了很多變化。

I think the bottom line is you need to be able to add value.

我認為底線是你需要能夠增加價值。

You need to have imagination.

你需要有想像力。

You need to have the creativity to add value, and bring experiences and products that are really surprising to people.

你需要有創造力來增加價值，並為人們帶來真正令人驚訝的體驗和產品。

Look, one of the most successful companies on the planet today is building PCs.

看，當今地球上最成功的公司之一正在製造個人電腦。

And I think Apple does a pretty fabulous job building products, and they surprise us everyday.

而且我認為 Apple 在構建產品方面做得非常出色，而且他們每天都給我們帶來驚喜。

Jen-Hsun, just a last question, or maybe for Marv, historically you have confound your critics and skeptics where you have gotten your gross margins to.

Jen-Hsun，只是最後一個問題，或者可能是 Marv，從歷史上看，你在毛利率達到的地方讓批評者和懷疑者感到困惑。

Now that we're past 45%, what do you think -- would you like to re-establish another perhaps goal for yourselves, or tell us on Wall Street what you think you can get?

現在我們已經超過了 45%，你怎麼看——你想為自己重新建立另一個可能的目標，還是在華爾街告訴我們你認為你能得到什麼？

Higher.

更高。

We're going through that.

我們正在經歷那個。

The question is what -- within which time frame?

問題是什麼——在哪個時間範圍內？

And I can envision a business a couple of years out that generates in the 50% gross margin.

我可以設想幾年後產生 50% 毛利率的業務。

Is that going to happen this year?

今年會發生這種情況嗎？

Probably not.

可能不是。

Who knows?

誰知道？

Maybe, maybe not.

也許，也許不是。

But I can certainly envision a 50% gross margin business several years in the future.

但我當然可以設想未來幾年毛利率為 50% 的業務。

Just last question with that.

只是最後一個問題。

You talked about our operating expenses growing 3% for the rest of the year.

你談到我們的運營費用在今年剩下的時間裡增長了 3%。

Is there a theoretical constant that you imply, if you get X% in X number of dollars in gross profit how much you put in OpEx versus give to the shareholders?

你是否有一個理論上的常數，如果你在 X 美元的毛利潤中獲得 X%，你投入 OpEx 與給予股東的比例是多少？

Right now our business model has OpEx at around 23 to 24%.

目前，我們的商業模式的運營支出約為 23% 到 24%。

If we can get our gross margins even higher, I will certainly share that between higher R&D and higher operating income.

如果我們能夠獲得更高的毛利率，我肯定會在更高的研發和更高的營業收入之間分享這一點。

In the past we have generated most -- we have held the operating expenses in the 23, 24% range, and virtually 100% has flowed to increasing the operating income.

過去我們產生的最多——我們將運營費用保持在 23%、24% 的範圍內，幾乎 100% 都用於增加運營收入。

We have lots of ideas, lots of things that we want to do.

我們有很多想法，很多我們想做的事情。

I don't think 100% of it should go into R&D, but probably 100% of it shouldn't going to operating income.

我認為不應該 100% 用於研發，但可能 100% 不應該用於營業收入。

We need to share it as we go forward.

我們需要在前進的過程中分享它。

Just as an operating model and an operating principle, I guess, over the course of a year we tend to operate to a principle that we should pass more of it to the operating income line than to OpEx line.

我想，就像一種運營模式和運營原則一樣，在一年的時間裡，我們傾向於遵循一個原則，即我們應該將更多的資金轉移到運營收入線而不是運營支出線。

That comes from growth in the topline and that comes from growth of our gross margins.

這來自收入的增長，也來自我們毛利率的增長。

And I think we have stayed true to that operating model.

我認為我們一直忠於這種運營模式。

My expectation is that we will stay true to that operating margin this year.

我的期望是，我們今年將保持這一營業利潤率。

Don't forget that it takes extraordinary people to work on improving your gross margins.

不要忘記，提高您的毛利率需要非凡的人才。

We do have to increase staffing and increase our operational capability in order to derive greater gross margins.

為了獲得更高的毛利率，我們確實必須增加人員配備並提高我們的運營能力。

And we know where we need to invest.

我們知道我們需要在哪裡投資。

And the areas that we invest in typically does improve in gross margins, as you have seen over the last 11 quarters.

正如您在過去 11 個季度中看到的那樣，我們投資的領域通常會提高毛利率。

And we have many ideas that we're pursuing even now.

即使是現在，我們也有很多我們正在追求的想法。

It does seem like you have done some extraordinary things with the quality of people, so congratulations.

看來您確實以人的素質做了一些非凡的事情，所以恭喜。

Thank you.

謝謝你。

Thank you very much.

非常感謝。

I appreciate that.

我很感激。

Tayyib Shah.

塔伊布·沙阿。

Congratulations on the quarter.

祝賀本季度。

Can you update us on what the split in the MPC revenues between Intel and AMD?

您能否向我們介紹英特爾和 AMD 在 MPC 收入方面的最新情況？

And where would you expect Intel's share of your MCP revenues exiting calendar '07?

您預計英特爾在 07 年日曆後在您的 MCP 收入中所佔的份額在哪裡？

We have never broken that out before.

我們以前從未打破過它。

But I think it is fair to say that Intel revenue contribution is increasing quarter over quarter, and we expect it to increase again.

但我認為可以公平地說，英特爾的收入貢獻環比增長，我們預計它會再次增長。

It is significant.

這很重要。

Over time I guess we probably expect to have higher share on the AMD platform relative to Intel.

隨著時間的推移，我想我們可能希望在 AMD 平台上擁有比英特爾更高的份額。

But the Intel TAM is four times bigger.

但英特爾 TAM 大了四倍。

So hard to say exactly what the balance will be, but my expectation is that Intel platform will represent a sizable opportunity for us.

很難確切地說平衡會是什麼，但我的期望是英特爾平台將為我們帶來巨大的機會。

Then the new 8000 series product that came out, based on value design that you have are you seeing some share gain in the desktop discrete side in the July quarter, or is there something you would expect to happen in later quarters?

那麼新的 8000 系列產品問世了，基於您的價值設計，您是否在 7 月季度看到台式機離散方面的一些份額增長，或者您預計在以後的幾個季度會發生什麼？

I'm not sure I understand the question.

我不確定我是否理解這個問題。

The new 8000 series product that came out, are you seeing some marketshare gain in the discrete desktop side because of them?

新推出的 8000 系列產品，您是否看到獨立桌面端的市場份額因它們而有所增加？

I see.

我懂了。

I hope that we increase our marketshare on discrete desktop.

我希望我們能增加我們在離散台式機上的市場份額。

I hope that we will.

我希望我們會。

And we're going to do everything that we can to increase our share in discrete desktop.

我們將盡我們所能來增加我們在獨立台式機中的份額。

We expect to increase our share in discrete notebook, and discrete notebook is obviously growing faster than discrete desktop.

我們希望增加我們在分立式筆記本中的份額，而分立式筆記本的增長速度顯然快於分立台式機。

But nonetheless our intention is to increase share.

但儘管如此，我們的意圖是增加份額。

Gurinder Kalra.

古林德·卡拉。

(technical difficulty) MCP as notebooks as drivers.

（技術難度） MCP 像筆記本一樣驅動。

You didn't mention desktop, but I would gather with your entire (inaudible) family being entrenched by the time you go into the July quarter that also should be a driver of revenues?

你沒有提到台式機，但我會和你的整個（聽不清）家庭一起在你進入 7 月季度時根深蒂固，這也應該是收入的推動力？

Yes, what makes us cautious about that is the normal seasonal weakness in the PC industry in Q2.

是的，讓我們對此持謹慎態度的是第二季度 PC 行業的正常季節性疲軟。

I think our product positioning in desktop GPUs is excellent going into the second quarter.

我認為我們在桌面 GPU 中的產品定位在第二季度非常出色。

So the really issue I think is what happens from a market standpoint more than anything else.

所以我認為真正的問題是從市場的角度來看會發生什麼，而不是其他任何事情。

If the market is fairly robust then what you're outlining is a very plausible scenario.

如果市場相當強勁，那麼您所概述的是一個非常合理的情況。

I just have a follow-on question.

我只是有一個後續問題。

Now in terms of the Sony DS3 can you tell us how that ramp is progressing, and if there are any other design wins or product cycles you might be working on with Sony?

現在就索尼 DS3 而言，你能告訴我們這個斜坡是如何進行的嗎？如果還有其他設計勝利或產品週期，你可能會與索尼合作嗎？

We would rather not comment on Sony's progress.

我們不願評論索尼的進展。

Those are -- you should really ask Sony about how they're ramping.

那些——你真的應該問索尼他們是如何發展的。

But I understand that they had a really terrifically successful European launch.

但我知道他們在歐洲的發布非常成功。

And aside from that, we don't comment on future products.

除此之外，我們不對未來的產品發表評論。

Simona Jankowski.

西蒙娜·揚科夫斯基。

Jen-Hsun, I just wanted to follow up first on your comment on the competitive environment, just a little bit bigger picture.

Jen-Hsun，我只是想先跟進你對競爭環境的評論，只是稍微大一點。

Do you think that with the R600 we're going to go back to the old days of leapfrogging each other, or do you think that you have pulled ahead enough now in terms of your roadmap that you can maintain your share gains and pricing power longer-term?

您是否認為使用 R600，我們將回到相互跨越式的過去，或者您是否認為您現在在路線圖方面已經足夠領先，您可以更長時間地保持您的份額收益和定價能力-學期？

It is really a fallacy that there is a leapfrogging.

有跨越式的說法真的是謬論。

Leapfrogging only comes from the mouths of the losing team.

跨越式只出自敗方之口。

I have just never internalized a notion of leapfrogging.

我只是從未內化過跨越式的概念。

We have been -- in the course of the last I guess ten years, that is a lot of months and a lot of quarters.

我們一直 - 在過去的十年中，我猜是很多個月和很多季度。

I remember -- and by all of our own fault, executed quite badly on one particular cycle, the GeForce FX.

我記得——由於我們自己的錯，在一個特定的周期，GeForce FX 上執行得非常糟糕。

And of course the memory of the analysts tend to be shorter than corporate memory.

當然，分析師的記憶往往比企業記憶短。

But because you guys don't watch our industry day in and day out like we do.

但是因為你們不像我們那樣日復一日地關注我們的行業。

But in the ten years that was the cycle we lost.

但在這十年裡，我們失去了這個週期。

And that is -- from that one cycle people interpret that there is a leapfrogging going on.

那就是——人們從那個週期中解釋說正在發生跨越式發展。

I don't think there's anything fundamental about technology that requires you to be -- to fall behind every six months.

我不認為技術的任何基本要素要求您每六個月落後一次。

It is not like the way the sun comes up or the moon comes up.

它不像太陽升起或月亮升起的方式。

It doesn't do that.

它不這樣做。

Great companies and people who are good at what they do should be able to retain their leadership position for a long, long time to come.

偉大的公司和擅長他們所做的事情的人應該能夠在很長很長一段時間內保持他們的領導地位。

And so that is my expectation with my team.

這就是我對團隊的期望。

And that is what they have done over the years.

這就是他們多年來所做的。

And they have done it for you for 30 straight months.

他們已經為你做了 30 個月。

And my expectation is that they're going to do it for you for quite a long time to come.

我的期望是他們會在很長一段時間內為你做這件事。

Just specifically with your share gain close to 60% now on the desktop side, that is something you guys view as very defensible, and if anything, you think you can expand on that?

只是特別是你現在在桌面端的份額增長接近 60%，你們認為這是非常有道理的，如果有的話，你認為你可以擴展嗎？

The marketshare is a reflection on the value of the product that you build.

市場份額反映了您構建的產品的價值。

And I think that -- my expectation is that we're going to continue to be very creative and imaginative, and bring products to the marketplace that the market will really, really love.

而且我認為 - 我的期望是我們將繼續非常有創造力和想像力，並將產品推向市場，市場會非常非常喜歡。

That is our job to do.

這是我們要做的工作。

And if we don't do that, then they're going to lose our marketshare.

如果我們不這樣做，那麼他們將失去我們的市場份額。

It is really that simple.

真的就是這麼簡單。

Thank you for that.

謝謝你。

Then just another quick question on the market overall.

然後只是關於整個市場的另一個快速問題。

You see that in the first quarter the desktop graphic market on the (inaudible) side was actually quite a bit better than normal seasonality.

您會看到，在第一季度，（聽不清）方面的桌面圖形市場實際上比正常的季節性要好得多。

I was just wondering why you think that is?

我只是想知道為什麼你會這麼認為？

Do you think there's maybe a slowing down of the spend?

您認為支出可能會放緩嗎？

Is integrated encroaching on the discrete side?

集成是否侵犯了離散方面？

Is there a Vista effect?

有Vista效果嗎？

Was it just an aberration?

只是變態嗎？

Do you have any perspective at all?

你有什麼看法嗎？

And maybe how that reflects on the year?

也許這對這一年有什麼影響？

It is possible that every idea that you came up with are the right ones.

你提出的每一個想法都有可能是正確的。

When you were asking the questions those were some of the ideas that came to my mind as well.

當你問這些問題時，這些也是我想到的一些想法。

Vista makes a different.

Vista 與眾不同。

DX10 makes a difference.

DX10 與眾不同。

The fact that it is a brand-new generation of GPUs, and markets love it when it is something really, really fresh and very, very different than before.

事實上，它是新一代的 GPU，當它真的非常新鮮並且與以前非常非常不同時，市場就會喜歡它。

High-Definition video, and Blu-Ray DVD, and the introduction of our PureVideo HD that makes a difference.

高清視頻和藍光 DVD，以及我們帶來與眾不同的 PureVideo HD。

And I know the enthusiasm around that in the video enthusiast market is quite high.

我知道視頻愛好者市場對此的熱情很高。

So it could be a combination of all of those things.

所以它可能是所有這些東西的組合。

It could be a combination of the fact that supply chains are in fact getting longer.

這可能是供應鏈實際上越來越長的事實的結合。

That manufacturing done in Asia is being put on an oceangoing ship and shipped over to the various countries in time for back to school.

在亞洲完成的製造被放在一艘遠洋船上，並及時運往各個國家，以便返校。

And so some of that stuff plays a role as well.

所以其中一些東西也發揮了作用。

It is hard to say exactly.

很難準確地說。

But we saw what you saw, which was the GPU market seems to be pretty brisk right now.

但我們看到了你所看到的，即 GPU 市場現在似乎相當活躍。

Just a last question, just on your new segmentation.

只是最後一個問題，只是關於您的新細分。

Should we read into that in any way that maybe the general purpose -- the GPU computing side of your business might be more meaningful in terms of revenues earlier on than we're all expecting?

我們是否應該以任何可能的通用目的來解讀這一點——您業務的 GPU 計算方面在收入方面可能比我們都預期的更早？

Is that one of the reasons why you are resegmenting the business now?

這是您現在重新劃分業務的原因之一嗎？

We hope so.

我們希望如此。

We do hope so.

我們確實希望如此。

And I think that the enthusiasm in the marketplace is giving us a lot of encouragement that we're going down the right path.

而且我認為市場上的熱情給了我們很大的鼓勵，我們正走在正確的道路上。

This is an investment that has taken us some five years to get here.

這是一項投資，我們花了大約五年時間才到達這裡。

And we have been talking about parallel computing now for some time.

一段時間以來，我們一直在談論並行計算。

We have invented a great deal of technology now to get us in a situation that we're enjoying some of the fruits of our labor.

我們現在已經發明了大量的技術，讓我們處於一種享受我們勞動成果的境地。

So I'm excited about the response from the marketplace, and I hope it turns into growth for our Company.

因此，我對市場的反應感到興奮，我希望它能夠為我們公司帶來增長。

And I expect it to.

我希望它會。

I just want to make one more comment about integrated graphics.

我只想對集成顯卡多做一點評論。

You are increasingly hearing me characterizing integrated graphics as just a GPU business, because it is a GPU business to us.

您越來越多地聽到我將集成顯卡描述為只是一項 GPU 業務，因為它對我們來說是一項 GPU 業務。

What we're putting -- what we put on the motherboard is one chip.

我們放置的——我們放置在主板上的是一個芯片。

It is a single chip that sits on the motherboard, and it is just a GPU.

它是位於主板上的單個芯片，它只是一個 GPU。

This GPU for us is as profitable, and certainly from an ASP perspective, higher than our low end GPU.

對我們來說，這款 GPU 與我們的低端 GPU 一樣有利可圖，當然從 ASP 的角度來看，它也更高。

We are certainly very, very enthusiastic to bring GPU technology right to the motherboard.

我們當然非常非常熱衷於將 GPU 技術引入主板。

And over time I hope, and I think you'll see this, that we are the only branded GPU company in the world that can serve both markets.

隨著時間的推移，我希望並且我想你會看到，我們是世界上唯一一家可以同時服務於這兩個市場的品牌 GPU 公司。

And we will serve both markets, AMD and Intel, very enthusiastic and hopefully that turns into growth for us.

我們將為 AMD 和英特爾這兩個市場提供服務，非常熱情，並希望這會為我們帶來增長。

Shawn Webster.

肖恩韋伯斯特。

A very good job on the gross margin.

毛利率非常好。

Marv, now that you have thrown out that 50% number, I'm sure it is a considered number.

Marv，既然你已經扔掉了 50% 的數字，我相信這是一個經過深思熟慮的數字。

Can you help us understand what levers NVIDIA can pull on to help us get from here at 45 to the 50%?

您能否幫助我們了解 NVIDIA 可以利用哪些槓桿來幫助我們從 45% 提高到 50%？

Now this is things that we have gone through before.

現在這是我們以前經歷過的事情。

Mix is a huge factor in this.

混合是其中的一個重要因素。

The better that we do in what we call the Professional Services Business unit, which includes not only workstations but now also includes compute and other things, I think a key factor is how big that business gets, how quickly.

我們在所謂的專業服務業務部門做得越好，它不僅包括工作站，現在還包括計算和其他東西，我認為一個關鍵因素是業務有多大，多快。

The quicker it gets to a very significant business the better the margins are going to do, because that is a high margin business.

它越快進入一項非常重要的業務，利潤率就會越好，因為這是一項高利潤率的業務。

But setting that aside, we still see ways to improve the margins in the rest of the business.

但撇開這一點不談，我們仍然看到了提高其他業務利潤率的方法。

As Jen-Hsun just mentioned, the single chip GPU on the motherboard is a very nice margin business -- very good, higher than a lot of our other businesses right now.

正如Jen-Hsun 剛剛提到的，主板上的單芯片GPU 是一個非常好的利潤業務——非常好，高於我們目前的許多其他業務。

And we see ways to improve the overall margins in the desktop and notebook GPU business.

我們看到了提高台式機和筆記本 GPU 業務整體利潤率的方法。

I will point out again, which I've told you before, that the margins on the G-8X family are very good, even better than the G-7X family.

我要再次指出，我之前已經告訴過你，G-8X 系列的利潤率非常好，甚至比 G-7X 系列還要好。

So we still see ways to improve the margins of those businesses.

因此，我們仍然看到提高這些業務利潤率的方法。

Remember that we have been improving our gross margins.

請記住，我們一直在提高毛利率。

And it is not because we're raising prices.

這不是因為我們在提高價格。

We're still in a very competitive market, and the competition is always there for us, and we're expecting them to be there.

我們仍然處於一個競爭非常激烈的市場，競爭一直存在，我們期待他們在那裡。

There's a lot of smart operational improvement things that we have been doing over the years, and you guys have seen the benefits of those over the last 11 quarters.

多年來，我們一直在做很多明智的運營改進工作，你們已經看到了過去 11 個季度的好處。

And I am hoping that you will continue to see them, because we still have many ideas of ways to improve our Company.

我希望您能繼續看到它們，因為我們仍然有很多改進公司的方法的想法。

Then in terms of turning shorter term, in terms when you look in Q2 can you characterize your visibility and backlog going in Q2 versus how it was coming in Q1, and maybe what you normally expect to see coming into Q2?

然後就短期而言，就第二季度的情況而言，您能否描述第二季度的可見度和積壓與第一季度的情況，以及您通常期望在第二季度看到的情況？

It is inherit in this business that you don't have a lot of visibility in any quarter.

在這個行業中，你在任何一個季度都沒有太多的知名度，這是繼承的。

And I don't think Q2 is any different than Q1 from that standpoint.

從這個角度來看，我認為第二季度與第一季度沒有任何不同。

The most important thing is just to make sure that we understand the strategic position of our products.

最重要的是確保我們了解我們產品的戰略地位。

That is the single most important area of judgment.

這是唯一最重要的判斷領域。

And we study that carefully.

我們仔細研究了這一點。

The other part of it of course is all of the OEM design wins that we have in notebooks and on desktop and workstations and what not.

當然，另一部分是我們在筆記本電腦、台式機和工作站上獲得的所有 OEM 設計勝利，等等。

Those type of design wins we have a lot more visibility in.

這些類型的設計贏得了我們更多的知名度。

I guess the final question, can you give us an update to the extent you can on your 65 nm transition?

我猜是最後一個問題，您能否向我們提供有關 65 nm 過渡的最新情況？

All of our new designs are going to 65 and 55, and so we have already ramped 65.

我們所有的新設計都將達到 65 和 55，因此我們已經增加了 65。

I guess I'm not sure I understand the question.

我想我不確定我是否理解這個問題。

Are you --?

你是 - ？

I guess when are we going to start seeing significant volume shipments on the 55 front?

我想我們什麼時候開始看到 55 前線的大量出貨？

And since you brought it up the 65, I guess?

既然你提到了65，我猜？

We will be in 65 certainly very significantly this year.

今年我們肯定會非常顯著地達到 65 歲。

So what that would imply is soon.

所以這意味著很快。

Great.

偉大的。

Thanks a lot.

非常感謝。

Good job guys.

幹得好伙計們。

Devan Moodley.

德萬·穆德利。

Just want to follow on the comments made about integrated graphics and GFX or GF8X.

只想關注有關集成顯卡和 GFX 或 GF8X 的評論。

How soon do you think you're going to get the G8x family into that motherboard single chip solution?

您認為您將在多長時間內將 G8x 系列納入該主板單芯片解決方案？

And what is your general strategy for the integrated laptop market, which is the one that is really growing?

您對集成筆記本電腦市場的總體戰略是什麼，這是真正增長的市場？

Well because our marketshare of integrated graphics for the Intel market is, well I guess exactly 0% right now, any segment of that market is a growth opportunity for us.

好吧，因為我們在英特爾市場的集成顯卡市場份額是，我猜現在正好是 0%，這個市場的任何部分對我們來說都是一個增長機會。

I guess I would expect that NVIDIA will have DX10 and high-definition video in a motherboard GPU earlier than any other company in the world.

我想我預計 NVIDIA 將比世界上任何其他公司更早地在主板 GPU 中擁有 DX10 和高清視頻。

That will be my expectation.

這將是我的期望。

So that ought to be, I hope, this year.

所以我希望今年應該是這樣。

I want to go back to GPU computing.

我想回到 GPU 計算。

You have been talking about it a lot.

你一直在談論它。

You have put out some TAM numbers talking about the current market being about 10 million, thinking your new markets will go to 30.

您已經發布了一些 TAM 數據，說當前市場約為 1000 萬，認為您的新市場將達到 30 個。

Can you give us some context, that incremental gap between 10 and 30, how much of that is GPU computing?

你能給我們一些背景信息，10 到 30 之間的增量差距，其中有多少是 GPU 計算？

How do we think about how we get there from here in terms of time?

我們如何看待我們如何從時間上到達那裡？

And is that business better than corporate average margins right now?

該業務現在是否優於企業平均利潤率？

I'm assuming it is.

我假設它是。

I have to be honest, I'm not really sure how big that market is going to be.

老實說，我不確定這個市場會有多大。

My feeling is that it is going to be a lot bigger than we expect.

我的感覺是它會比我們預期的要大得多。

It is a little bit the same feeling that we had when we first started our GPU product business, and it exceeded everybody's expectations.

和我們剛開始GPU產品業務時的感覺有點像，超出了大家的預期。

The reason for that is just our imaginations for how you could use a GPU has grown over the years.

其原因只是多年來我們對如何使用 GPU 的想像不斷增長。

And it has started from workstations and then it went into PCs, but now it is everywhere.

它從工作站開始，然後進入個人電腦，但現在它無處不在。

Now it is where ever there's a computing device and you have a large display.

現在它是有計算設備的地方，你有一個大顯示器。

Now game consoles, now handheld devices, and with devices like iPhones coming out, the visual experience is becoming increasingly important.

現在是遊戲機，現在是手持設備，隨著 iPhone 等設備的問世，視覺體驗變得越來越重要。

And devices like Apple TV has GPUs inside.

像 Apple TV 這樣的設備內部有 GPU。

All of a sudden -- car navigation systems -- everywhere you have a large format display you're increasingly going to find GPUs behind them.

突然間——汽車導航系統——無論你在哪裡擁有大尺寸顯示器，你都會越來越多地發現它們背後的 GPU。

I think GPU computing is the same way.

我認為GPU計算也是如此。

We do know this, the number of serious problems to be solved in the world is really significant.

我們知道這一點，世界上要解決的嚴重問題的數量確實非常多。

And the country has had, if you will, a super computing crisis.

如果你願意的話，這個國家已經經歷了一場超級計算危機。

Nobody has really invested in super computers for quite some time.

很長一段時間以來，沒有人真正投資於超級計算機。

Yet we know that many of the fields, whether it is biology or genomics or finance have gone to computational techniques.

然而我們知道，許多領域，無論是生物學、基因組學還是金融學，都涉及到計算技術。

And you know that in your own firm, computational finance is a very important part of how you guys derive your competitive advantage.

而且您知道，在您自己的公司中，計算金融是你們如何獲得競爭優勢的一個非常重要的部分。

Computational genomics, computational chemistry, computational entertainment, there are just some many different ways of using extraordinary amounts of computational horsepower.

計算基因組學、計算化學、計算娛樂，有許多不同的方法可以使用大量的計算能力。

And so I'm not exactly sure how big it is going to be, but my instincts are this is going to be a really, really significant market.

所以我不確定它會有多大，但我的直覺是這將是一個非常非常重要的市場。

Well we see GPU computing revenue before the end of the year?

那麼我們在年底之前看到 GPU 計算收入嗎？

I really hope so.

我真的希望如此。

We have reached the end of the allotted time for questions and answers this afternoon.

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。

Over the past ten years we have delivered a cumulative 500 million GPUs, over 100 million of which shipped in the last year alone.

在過去十年中，我們累計交付了 5 億個 GPU，其中僅去年一年就交付了超過 1 億個。

But this is just the beginning.

但這僅僅是開始。

Over the coming years GPUs will be pervasive in handsets, automobiles, game consoles, media centers and a wide range of devices not yet conceived.

在接下來的幾年中，GPU 將在手機、汽車、遊戲機、媒體中心和各種尚未構思的設備中普及。

With the investments we have made we see a clear path to shipping several hundred million GPUs per year.

通過我們所做的投資，我們看到了一條每年運送數億 GPU 的明確途徑。

We have a focused and clear strategy to continue to expand the GPU's ability to enable and enhance a broad range of applications, and to extend the reach of GPUs to an ever growing range of prices.

我們有一個重點明確的戰略來繼續擴展 GPU 的能力，以支持和增強廣泛的應用程序，並將 GPU 的範圍擴展到不斷增長的價格範圍。

The multiplicative effect from increasing the number of GPU applications on the number of devices with GPUs creates significant opportunities for us.

增加 GPU 應用程序的數量對配備 GPU 的設備數量的乘法效應為我們創造了重要的機會。

Over the next ten years we estimate over 10 billion GPUs will be needed to power PCs, mobile devices, and all these not yet invented digital devices.

在接下來的十年中，我們估計將需要超過 100 億個 GPU 來為 PC、移動設備以及所有這些尚未發明的數字設備提供動力。

As the only stand-alone GPU company in the world, we have a great responsibility and an amazing opportunity.

作為全球唯一一家獨立的 GPU 公司，我們肩負著重大的責任和難得的機遇。

We look at the years ahead as the era of the GPU.

我們將未來幾年視為 GPU 的時代。

Thank you for joining us today.

感謝您今天加入我們。

And we look forward to reporting on our progress for Q2.

我們期待著報告我們第二季度的進展。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。