輝達 (NVDA) 2008 Q2 法說會逐字稿

(technical difficulty) Chief Financial Officer.

（技術難度）首席財務官。

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管理事項。

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 financial measures about net income, diluted net income per share and gross margin in talking about our results.

在本次電話會議中，我們將討論一些關於淨收入、攤薄後每股淨收入和毛利率的非公認會計準則財務指標，以討論我們的業績。

You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures 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非公認會計原則財務指標與公認會計原則財務指標的對賬，該新聞稿發佈在我們網站 www.nvidia.com 的投資者關係頁面上。

Unless otherwise noted, all reference 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, 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 via the Investor Relations page of our website at www.nvidia.com.

此外，股東可以通過我們網站 www.nvidia.com 的投資者關係頁面收聽今天電話會議的現場網絡直播。

The webcast will be available for replay until the Company's conference call to discuss its financial results for its third quarter fiscal 2008.

在公司召開電話會議討論其 2008 財年第三季度財務業績之前，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 outlook, seasonality, the impact, features, performance and availability of our products and technologies, our strategies, growth and growth drivers, market share and the importance of and uses for GPUs -- pertain to future events and are subject to a number of significant risks and uncertainties.

前瞻性陳述——包括關於我們的前景、季節性、我們的產品和技術的影響、特性、性能和可用性、我們的戰略、增長和增長驅動因素、市場份額以及 GPU 的重要性和用途的陳述——與未來事件，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-Q for the period ended April 29, 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 4 月 29 日期間的 10-Q 表和提交給證券交易委員會的 8-K 表報告。

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

所有前瞻性陳述均基於我們今天可獲得的信息，於本協議發布之日作出。

Except as required by law, the Company assumes no obligation to update any such statements.

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 August 9, 2007.

網絡廣播的內容包含截至 2007 年 8 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.

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

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

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

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

在我們的發言結束時，您將有時間提問。

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

為了讓更多的人提問，請把自己限制在一個問題上。

After our response, we will allow one follow-up question.

在我們回復後，我們將允許一個後續問題。

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

我現在將電話交給仁勳。

(technical difficulty) revenue, record net income and record gross margin.

（技術難度）收入，創紀錄的淨利潤和創紀錄的毛利率。

For our second quarter, revenue grew 36% from last year to a record $935 million, and non-GAAP net income increased 77% year over year.

我們第二季度的收入比去年增長了 36%，達到創紀錄的 9.35 億美元，非 GAAP 淨收入同比增長 77%。

Non-GAAP gross margin improved to a record 45.6%, an increase of 290 basis points from a year ago.

非美國通用會計準則毛利率提高到創紀錄的 45.6%，比一年前增加了 290 個基點。

GAAP net income nearly doubled year over year, and GAAP gross margin improved by 280 basis points from a year ago to a record 45.3%.

GAAP 淨收入同比幾乎翻了一番，GAAP 毛利率比一年前提高了 280 個基點，達到創紀錄的 45.3%。

We achieved a record quarter despite Q2 being historically the seasonally slowest quarter of the year.

儘管第二季度歷史上是一年中季節性最慢的季度，但我們實現了創紀錄的季度。

Let me highlight some of our achievements for Q2.

讓我強調一下我們在第二季度取得的一些成就。

The GeForce desktop and notebook product lines each achieved record revenue.

GeForce 台式機和筆記本產品線均實現了創紀錄的收入。

The desktop GPU product line grew 37% year over year, and the notebook GPU product line grew 129% from last year.

桌面GPU產品線同比增長37%，筆記本GPU產品線同比增長129%。

We continued to capture leading share in five categories.

我們繼續在五個類別中佔據領先地位。

Total standalone GPU share grew to 66% from 48% a year ago.

獨立 GPU 的總份額從一年前的 48% 增長到 66%。

Total standalone desktop GPU share grew to 65% from 51% a year ago.

獨立桌面 GPU 的總份額從一年前的 51% 增長到 65%。

Total standalone notebook GPU share grew to 68% from 37% a year ago.

獨立筆記本 GPU 的總份額從一年前的 37% 增長到 68%。

Our DirectX 9 generation share was 64% and DirectX 10 generation share was 75%.

我們的 DirectX 9 代份額為 64%，DirectX 10 代份額為 75%。

During the quarter, we launched a new family of GeForce 8M series GPUs in support of the production ramp of nearly every notebook PC OEM in the world including Acer, Apple, ASUS, Dell, HP, Lenovo, Samsung, Sony and Toshiba.

在本季度，我們推出了新的 GeForce 8M 系列 GPU 家族，以支持全球幾乎所有筆記本電腦 OEM 廠商的生產，包括宏碁、蘋果、華碩、戴爾、惠普、聯想、三星、索尼和東芝。

The global notebook PC segment continues to grow significantly faster than the overall PC market.

全球筆記本電腦市場的增長速度繼續明顯快於整個個人電腦市場。

We believe Q3 growth will continue its strong momentum.

我們認為第三季度的增長將繼續保持強勁勢頭。

In June, we launched Tesla, our entry into the high-performance computing industry.

6 月，我們推出了特斯拉，我們進入了高性能計算行業。

HPC Wire, the most recognized and accessed news and information site covering the entire ecosystem of high-performance computing, named Tesla as one of the most significant launches in the HPC industry in the first half of 2007.

HPC Wire 是涵蓋整個高性能計算生態系統的最受認可和訪問的新聞和信息網站，將 Tesla 評為 2007 年上半年 HPC 行業最重要的發布之一。

The Tesla family consists of the C870 GPU computing processor, the D870 desk-sized supercomputer and the S870 1U computing server.

Tesla家族由C870 GPU計算處理器、D870台式超級計算機和S870 1U計算服務器組成。

nForce 65i SLI powers the new maximum PC Dream Machine 2007.

nForce 65i SLI 為新的最大 PC Dream Machine 2007 提供動力。

This is the third consecutive year nForce has been selected as its motherboard of choice by the number-one magazine for home computing enthusiasts.

這是 nForce 連續第三年被家庭計算愛好者排名第一的雜誌選為首選主板。

Maximum PC chose nForce 65i SLI because of its performance, its overclock ability with quad-core CPUs and SLI support.

Maximum PC 選擇 nForce 65i SLI 是因為它的性能、四核 CPU 的超頻能力和 SLI 支持。

We introduced an entirely new line of notebook workstation GPUs based on G8x architecture, the NVIDIA Quadro FX 1600M, 570M and 360M.

我們推出了基於 G8x 架構的全新筆記本工作站 GPU 系列，即 NVIDIA Quadro FX 1600M、570M 和 360M。

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

現在讓我將電話轉給 Marv，以更詳細地討論我們的財務業績。

I will return in a moment to discuss our business and growth drivers for Q3 and beyond.

我稍後會回來討論我們第三季度及以後的業務和增長動力。

Thanks, Jen-Hsun.

謝謝，仁勳。

Before I get started, I would like to apologize for the irritating coughing you may hear in the background.

在開始之前，我想為您在後台聽到的令人討厭的咳嗽聲道歉。

That's me.

這就是我。

I'm fighting a little case of bronchitis.

我正在與一個小支氣管炎作鬥爭。

So I apologize for that.

所以我為此道歉。

Today, we're reporting both GAAP and non-GAAP P&Ls for Q2 fiscal year 2008 and for the first six months of fiscal year 2008.

今天，我們報告了 2008 財年第二季度和 2008 財年前六個月的 GAAP 和非 GAAP 損益。

The only difference between 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。

As mentioned, revenue for the second quarter was $935.3 million, which is up $91 million or 11% from the first quarter and up $248 million or 36% over the prior year.

如前所述，第二季度的收入為 9.353 億美元，比第一季度增長 9100 萬美元或 11%，比去年同期增長 2.48 億美元或 36%。

Obviously, a strong revenue growth exceeded our guidance.

顯然，強勁的收入增長超出了我們的預期。

The strength was primarily in the GPU business.

優勢主要在於 GPU 業務。

While MCP grew $12 million or 8% quarter to quarter, we had expected this in our guidance.

雖然 MCP 季度環比增長 1200 萬美元或 8%，但我們在我們的指導中已經預料到了這一點。

The strength in the GPU business included both desktop and notebook.

GPU業務的優勢包括台式機和筆記本電腦。

In total, the GPU business grew 20% quarter to quarter.

總體而言，GPU 業務季度環比增長 20%。

Within the GPU business, notebook grew 50% quarter to quarter, as the Santa Rosa launch was well accepted.

在 GPU 業務中，筆記本電腦季度環比增長 50%，因為 Santa Rosa 的發布廣受好評。

Much of the growth in desktop was in mainstream products.

台式機的大部分增長來自主流產品。

Year to year, GPU revenue is up 55% and MCP is up 16%.

GPU 收入同比增長 55%，MCP 增長 16%。

For the quarter, GAAP gross margin was 45.3%, which is up 30 basis points quarter to quarter.

本季度，GAAP 毛利率為 45.3%，環比增長 30 個基點。

Non-GAAP gross margin was 45.6%, up 20 basis points quarter to quarter.

非美國通用會計準則毛利率為 45.6%，環比增長 20 個基點。

With the very high growth we experienced in mainstream GPUs, we expected margin pressure, but we were able to overcome that with continued execution of the transition to GeForce 8X products and good operational execution.

由於我們在主流 GPU 中經歷了非常高的增長，我們預計利潤壓力，但我們能夠通過繼續執行向 GeForce 8X 產品的過渡和良好的運營執行來克服這一壓力。

Non-GAAP operating expenses in the quarter were $212.5 million, and within our guidance.

本季度非 GAAP 運營費用為 2.125 億美元，在我們的指導範圍內。

The GAAP operating expenses were relatively flat quarter to quarter, as the total equity-based compensation dropped by approximately $8 million from the first quarter.

GAAP 運營費用季度與季度相對持平，因為基於股權的薪酬總額比第一季度下降了約 800 萬美元。

We had expected this rolloff due to several contributing factors, one of which is the transition from Black-Scholes to a binomial valuation model that we made several years ago.

我們預計這種下降是由於幾個促成因素，其中之一是從 Black-Scholes 過渡到我們幾年前製定的二項式估值模型。

During the quarter, we continue to hire and added 299 new employees.

在本季度，我們繼續僱用並增加了 299 名新員工。

Two-thirds of the additions were in the R&D area.

三分之二的新增項目位於研發領域。

The tax rate stayed constant at 14%, and this resulted in GAAP earnings of $172.7 million or $0.43 per diluted share.

稅率保持在 14% 不變，這導致 GAAP 收益為 1.727 億美元或每股攤薄收益 0.43 美元。

Non-GAAP earnings were $198.1 million or $0.51 per diluted share.

非美國通用會計準則收益為 1.981 億美元或每股攤薄收益 0.51 美元。

On the balance sheet, we ended the quarter with $1.57 billion in cash, even though we repurchased almost $125 million in stock.

在資產負債表上，我們以 15.7 億美元的現金結束了本季度，儘管我們回購了近 1.25 億美元的股票。

The operating cash flow was over $300 million for the second quarter in a row.

經營現金流連續第二季度超過 3 億美元。

Accounts receivable were $508 million, which generated days sales outstanding of 50 days.

應收賬款為 5.08 億美元，產生了 50 天的未結銷售天數。

The fact that the quarter was more evenly loaded than expected helped with the reduction in days sales outstanding.

該季度的負載比預期的更均勻，這一事實有助於減少未償銷售天數。

Inventory was down $56 million to $276 million, and resulted in days sales in inventory of 49 days.

庫存減少了 5600 萬美元至 2.76 億美元，導致庫存天數為 49 天。

In my opinion, this inventory level is too low.

在我看來，這個庫存水平太低了。

Capital expenditures in the quarter were $30 million and depreciation was $32 million.

本季度的資本支出為 3000 萬美元，折舊為 3200 萬美元。

Both for the quarter and year to date, capital expenditures and depreciation almost offset each other.

本季度和年初至今，資本支出和折舊幾乎相互抵消。

There was not much else of significance on the balance sheet.

資產負債表上沒有其他重要意義。

I will also like to point out that today, we announced a 3-for-2 stock split in the form of a stock dividend.

我還要指出，今天，我們以股票股息的形式宣布了 3 比 2 的股票分割。

On the outlook, for the quarter, we're starting from a higher base, given our Q2 performance.

展望本季度，鑑於我們第二季度的表現，我們從較高的基數開始。

Still, we expect revenue growth in most areas, particularly notebook and workstations.

儘管如此，我們預計大多數領域的收入都會增長，尤其是筆記本電腦和工作站。

The result is we believe revenue will grow 5% to 7%.

結果是我們相信收入將增長 5% 至 7%。

We believe there may be some product limitations, as manufacturing capacity is somewhat limited and our inventories are low.

我們認為可能存在一些產品限制，因為製造能力有些有限並且我們的庫存很低。

For gross margins, we will work hard to continue to improve gross margins, and with the continued transition to GeForce 8X products and the expected increase in workstation revenue, we believe some improvement is possible.

毛利率方面，我們將努力繼續提高毛利率，隨著向 GeForce 8X 產品的持續過渡以及工作站收入的預期增長，我們認為有一些改善是可能的。

For operating expenses, with our continued hiring and salary increases, we expect OpEx to also grow in the 5% to 7% range.

對於運營費用，隨著我們繼續招聘和加薪，我們預計 OpEx 也將增長 5% 至 7%。

We believe the tax rate will hold at 14%.

我們認為稅率將保持在 14%。

With that, I will turn the call back over to Jen-Hsun.

有了這個，我會把電話轉回給仁勳。

Thanks, Marv.

謝謝，馬夫。

Although Q2 is typically the weakest seasonal quarter for the industry, we experienced growth in desktop and notebook GPU and MCP.

儘管第二季度通常是行業最疲軟的季度，但我們在台式機和筆記本電腦 GPU 和 MCP 方面經歷了增長。

We are now heading into what are directly the two strongest quarters of the year, driven by back-to-school and holiday cycles.

在返校和假期週期的推動下，我們現在正進入一年中最強勁的兩個季度。

As we head into the seasonally strong second half, we will enjoy several dynamics that continue to enhance the importance of the GPU.

隨著我們進入季節性強勁的下半年，我們將享受一些繼續增強 GPU 重要性的動態。

First, exciting DX 10 games are launching shortly.

首先，令人興奮的 DX 10 遊戲即將推出。

Crysis from EA is particularly exciting, and will help drive GPU upgrades.

EA 的《孤島危機》特別令人興奮，將有助於推動 GPU 升級。

Second, HD and Blu-ray disk drives continue to come down in price, and title availability is now plenty.

其次，高清和藍光磁盤驅動器的價格繼續下降，並且現在可用的標題很多。

Third, discrete GPU technology has advanced substantially relative to integrated graphics, creating a large technology gap between our discrete GPUs and high-volume integrated graphics chips at a time when the graphics demand from modern operating systems like Vista and OS 10 continue to increase.

第三，獨立 GPU 技術相對於集成顯卡有了很大的進步，在 Vista 和 OS 10 等現代操作系統的圖形需求持續增長的情況下，我們的獨立 GPU 和大容量集成顯卡芯片之間產生了巨大的技術差距。

As a result, we expect to see the overall GPU segment to grow.

因此，我們預計整個 GPU 細分市場將會增長。

Lastly, we have a strong position in both desktop as well as notebook, and believe we can continue to grow share.

最後，我們在台式機和筆記本電腦上都處於強勢地位，相信我們可以繼續擴大份額。

At our analyst day in June, we announced several brand-new growth areas and exciting new strategies.

在 6 月的分析師日，我們宣布了幾個全新的增長領域和令人興奮的新戰略。

I would like to take this opportunity to discuss them again.

我想藉此機會再次討論它們。

First is the highly anticipated launch of our first motherboard GPU for Intel processors.

首先是備受期待的英特爾處理器主板 GPU 的推出。

Directly attached to the motherboard, our new products will bring the NVIDIA brand of GPUs to a new price point for Intel processor customers.

我們的新產品直接連接到主板上，將為英特爾處理器客戶帶來 NVIDIA 品牌的 GPU 到一個新的價位。

This is a first for NVIDIA and an exciting new growth opportunity.

這是 NVIDIA 的第一次，也是一個令人興奮的新增長機會。

Second, we announced an exciting new technology called Hybrid SLI.

其次，我們宣布了一項令人興奮的新技術，稱為 Hybrid SLI。

Future motherboard GPUs and discrete GPUs will collaborate to enhance capabilities, performance as well as reducing power.

未來的主板 GPU 和獨立 GPU 將協作以增強功能、性能以及降低功耗。

We call it Hybrid because this technology combines a powerful as well as an energy-efficient engine, and SLI because this is our multi-GPU technology.

我們稱其為 Hybrid 是因為該技術結合了強大且節能的引擎，而 SLI 則是因為這是我們的多 GPU 技術。

When GeForce add-in cards are connected to GeForce motherboards, Hybrid SLI kicks in, combining their processing power to deliver an additive experience.

當 GeForce 附加卡連接到 GeForce 主板時，Hybrid SLI 就會發揮作用，結合它們的處理能力來提供附加體驗。

The technology is application-aware.

該技術是應用感知的。

Depending on the processing demands of each application, the discrete GPU may be completely shut down to save power.

根據每個應用程序的處理需求，獨立 GPU 可能會完全關閉以節省電力。

For the most powerful systems, where the combined power of dual GeForce 8800 GTX SLI can reach 400 watts, both GPUs can be powered down when the user is just doing e-mail, surfing the Web or watching a Blu-ray movie, keeping the system completely quiet and consuming the least possible energy.

對於最強大的系統，雙 GeForce 8800 GTX SLI 的組合功率可以達到 400 瓦，當用戶只是在處理電子郵件、上網或觀看藍光電影時，兩個 GPU 都可以關閉，保持系統完全安靜並消耗盡可能少的能量。

But when a game or other demanding GPU application is launched, the dual 8800 GTXs are powered up to deliver an immersive experience.

但當遊戲或其他要求苛刻的 GPU 應用程序啟動時，雙 8800 GTX 會啟動以提供身臨其境的體驗。

For performance systems, Hybrid SLI will give users the benefit of energy efficiency, as well as uncompromising performance.

對於性能係統，混合 SLI 將為用戶帶來能源效率的好處，以及毫不妥協的性能。

For mainstream systems, Hybrid SLI will enhance the performance and features by combining the benefits of the motherboard and the add-in card GPU.

對於主流系統，Hybrid SLI 將通過結合主板和插卡 GPU 的優勢來提升性能和功能。

Hybrid SLI will be available starting with our GeForce 8 series motherboard GPUs this fall.

Hybrid SLI 將於今年秋季從我們的 GeForce 8 系列主板 GPU 開始提供。

Third, we announced Tesla, a new line of high-performance computing processors based on our revolutionary G8x GPU architecture.

第三，我們發布了基於我們革命性的 G8x GPU 架構的高性能計算處理器新系列 Tesla。

Tesla leverages the massive computational resources inherent in our GPUs, which can be over 100 times greater than the fastest microprocessor alone.

Tesla 利用我們 GPU 中固有的海量計算資源，這比單單是最快的微處理器都要大 100 倍以上。

This breakthrough innovation centers around technologies that will enable programmers to access this massive computational resource.

這項突破性的創新圍繞著使程序員能夠訪問這種龐大的計算資源的技術。

The Tesla architecture and supporting C language compiler and development environment is called CUDA.

Tesla 架構和支持的 C 語言編譯器和開發環境稱為 CUDA。

The adoption of Tesla and CUDA has far exceeded expectations.

Tesla 和 CUDA 的採用遠遠超出預期。

We have known for some time that the world has a supercomputing crisis.

一段時間以來，我們已經知道世界存在超級計算危機。

The enthusiasm around Tesla is a reflection of this vacuum.

圍繞特斯拉的熱情反映了這種真空。

Thousands of programmers worldwide are already creating parallel GPU programs using CUDA and Tesla.

全球數以千計的程序員已經在使用 CUDA 和 Tesla 創建並行 GPU 程序。

The Tesla family includes a GPU computing board, a Quadro Plex style desk-sized system and the world's first 1U GPU computing server.

Tesla 系列包括一個 GPU 計算板、一個 Quadro Plex 式桌面系統和世界上第一台 1U GPU 計算服務器。

I believe Tesla and CUDA will represent one of the most significant technology discontinuities in the supercomputing industry since Cray introduced vector processing.

我相信特斯拉和 CUDA 將代表自 Cray 引入矢量處理以來超級計算行業中最重要的技術中斷之一。

We anticipate Tesla will enable fundamental new discoveries in a broad range of industries.

我們預計特斯拉將在廣泛的行業中實現基本的新發現。

Customers in the field of computational chemistry, neurological science, medicine and seismic processing have seen computation times reduced by as much as 5,000% using Tesla.

計算化學、神經科學、醫學和地震處理領域的客戶已經看到使用特斯拉的計算時間減少了多達 5,000%。

Tesla is yet another example of the power of the GPU and its increasing impact on the computer and consumer electronics industry.

特斯拉是 GPU 的強大功能及其對計算機和消費電子行業影響越來越大的另一個例子。

NVIDIA now has three major brands, GeForce for enjoyment, Quadro for creation and now Tesla for discovery.

NVIDIA 現在擁有三大品牌，GeForce 代表享受，Quadro 代表創造，現在 Tesla 代表發現。

The diversity of our brands reflect the versatility and the importance of the GPU.

我們品牌的多樣性反映了 GPU 的多功能性和重要性。

Let us now take your questions.

現在讓我們回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Arnab Chanda.

阿納布昌達。

First of all, obviously, the performance in the graphics business has been superlative.

首先，很明顯，圖形業務的表現是最出色的。

Do you think any of this is other than, obviously, share gain?

您是否認為這顯然不是分享收益？

Are you seeing a Vista effect here?

您在這裡看到 Vista 效果了嗎？

If so, what do you think?

如果是這樣，你怎麼看？

Is this the beginning of it, or how long do you think that continues?

這是它的開始，還是你認為它會持續多久？

I have a follow-up, please.

我有後續，請。

Well, this can't be all share gain.

好吧，這不可能都是分享收益。

It's very clear that the size of the GPU market is larger than several quarters ago.

很明顯，GPU 市場的規模比幾個季度前要大。

We can only attribute that to a variety of things which we think are -- either falls into the category of Vista -- we know that Vista is becoming better and better, and consumer PC adoption is certainly very high with Vista.

我們只能將其歸因於我們認為的各種因素——要么屬於 Vista 的範疇——我們知道 Vista 正在變得越來越好，而且消費者 PC 的採用率肯定很高。

We know that the experience of Vista is significantly better with the GPU in your system.

我們知道，在您的系統中使用 GPU 後，Vista 的體驗會明顯更好。

We also believe that DX 10 applications and the new generation of video games are rather taxing, and it's because of the technology gap between the GPU and integrated graphics, the separation has become so large that it makes it clear that a GPU is better.

我們也認為 DX 10 應用程序和新一代視頻遊戲比較費力，而且由於 GPU 和集成顯卡之間的技術差距，差距已經變得如此之大，以至於表明 GPU 更好。

Then the third reason is Blu-ray and high-definition video.

那麼第三個原因是藍光和高清視頻。

I think all of these things are really playing together and helping the GPU market substantially.

我認為所有這些東西都在真正發揮作用，並極大地幫助了 GPU 市場。

I think most people think -- or we think maybe we understand what's going on in the PC business and what kind of growth rate that would create.

我認為大多數人認為——或者我們認為也許我們了解個人電腦業務正在發生的事情以及會產生什麼樣的增長率。

However, you have obviously done much better growth rates than that in the last three years, much above 20%.

但是，您的增長率顯然比過去三年要好得多，遠高於 20%。

Could you help us maybe understand -- I knew you don't want to give guidance.

您能否幫助我們理解——我知道您不想提供指導。

But for next year, what type of growth in non-PC segments, whether it's Tesla, whether it's your cellphone business, perhaps consumer or other things you haven't really talked about -- how much can the add to your core business, your PC business growth?

但是對於明年，非個人電腦領域的增長類型，無論是特斯拉，無論是你的手機業務，也許是消費者或其他你還沒有真正談論過的事情——這能為你的核心業務增加多少，你的PC業務增長？

The growth of our GPU business, whether it's discrete GPUs or motherboard GPUs, is a function of the growth rate of the PC.

我們 GPU 業務的增長，無論是獨立 GPU 還是主板 GPU，都是 PC 增長率的函數。

It's related to the share gains that we have, but it's also related to how much of the PC marketplace appreciates a GPU.

這與我們獲得的份額有關，但也與 PC 市場對 GPU 的欣賞程度有關。

NVIDIA's market share is about 30% in the overall GPU market, so there's still 60% of the PCs that can benefit from better GPUs.

NVIDIA 在整個 GPU 市場中的市場份額約為 30%，因此仍有 60% 的 PC 可以從更好的 GPU 中受益。

I think that, over time, as more and more of the computing experience is related to computer graphics and what you see on your display, and as the size of displays become larger and as the content that we see become richer, it's just evident that more and more people appreciate the GPU.

我認為，隨著時間的推移，隨著越來越多的計算體驗與計算機圖形和你在顯示器上看到的內容有關，隨著顯示器尺寸變得越來越大，隨著我們看到的內容變得越來越豐富，很明顯越來越多的人欣賞 GPU。

So that's one factor.

所以這是一個因素。

With respect to going forward, how we think about the market, we think about the new markets that we enter as we grow.

關於未來，我們如何看待市場，我們會考慮隨著我們的成長而進入的新市場。

In the second half of this year, I just mentioned that we're going to bring our GeForce brand for the first time to motherboards for Intel processors.

今年下半年，我剛剛提到我們將首次將我們的 GeForce 品牌帶到英特爾處理器的主板上。

Hard to say exactly how big that marketplace is, but I think the overall market for core logic is somewhere between $6 billion to $8 billion, of which we have a relatively small part of that.

很難說這個市場到底有多大，但我認為核心邏輯的整體市場在 60 億到 80 億美元之間，其中我們只佔相對較小的一部分。

So that's a growth opportunity for us.

所以這對我們來說是一個增長機會。

We also look at the TAM of the application processors that we're building.

我們還查看了我們正在構建的應用處理器的 TAM。

We are entering into a marketplace that is in the process of transitioning from being a cellphone, a telephone, to being a mobile computer.

我們正在進入一個正在從手機、電話轉變為移動計算機的市場。

We are targeting this discontinuity and building, effectively, a modern multimedia computer on a single chip.

我們正瞄準這種不連續性，並有效地在單芯片上構建現代多媒體計算機。

We call it an application processor.

我們稱之為應用處理器。

I think this is going to be a phenomenal opportunity for us, and one that we can add a lot of value to the industry, bringing computing expertise to the cellphone marketplace.

我認為這對我們來說將是一個非凡的機會，我們可以為行業增加很多價值，將計算專業知識帶入手機市場。

That marketplace -- hard to say exactly how big that's going to be, but it's many billion dollars large, as you know.

那個市場——很難確切地說它會有多大，但正如你所知，它有數十億美元。

Then, of course, Tesla -- Tesla is probably the hardest of all to guess, and the reason for that is because it's the product that is the most disruptive, in terms of what it can do to the marketplace.

然後，當然，特斯拉——特斯拉可能是最難猜測的，其原因是因為它是最具顛覆性的產品，就其對市場的影響而言。

It accelerates and certainly reduces the processing time for supercomputing applications, high-performance applications, whether it's in a server configuration or a desktop configuration.

無論是在服務器配置還是桌面配置中，它都可以加速並且肯定會減少超級計算應用程序、高性能應用程序的處理時間。

So from workstations to servers, I think we have a real significant play there.

因此，從工作站到服務器，我認為我們在那裡發揮了真正重要的作用。

So it's hard to guess exactly what it is, but I can't imagine it being too small.

所以很難猜出它到底是什麼，但我無法想像它太小了。

So that kind of the way that we think about our growth is partly related to share, partly related to the inherent growth of the PC marketplace, but mostly it's related to new markets.

因此，我們對增長的這種看法部分與份額有關，部分與 PC 市場的內在增長有關，但主要與新市場有關。

Just one last question.

最後一個問題。

Maybe Marv is getting a little bored there.

也許Marv在那裡有點無聊。

Do you think that 20% last-three-year growth rate should be able to be a sustainable growth rate longer-term, or how do you feel about that?

您認為過去三年 20% 的增長率是否應該能夠成為長期可持續的增長率，或者您對此有何看法？

You want me to give you a long-range forecast.

你想讓我給你一個長期的預測。

I'm not going to do that.

我不會那樣做的。

We have some significant growth opportunities.

我們有一些重要的增長機會。

We've executed very well.

我們執行得非常好。

I hope and believe that we will continue to execute very well.

我希望並相信我們會繼續很好地執行。

So the real issue then is how quickly do some of these markets develop, and what is our success rate.

因此，真正的問題是其中一些市場的發展速度有多快，以及我們的成功率是多少。

But beyond that, I won't comment.

但除此之外，我不會發表評論。

Thank you very much.

非常感謝。

Very impressive job.

非常令人印象深刻的工作。

Doug Freedman.

道格·弗里德曼。

At the analyst day, you spoke about new products in the notebook arena.

在分析師日，您談到了筆記本領域的新產品。

I know that G80 is really just ramping in production now.

我知道 G80 現在真的只是在增加產量。

But given what we've seen in the marketplace, can you talk about what your timing is for the next-generation GPU out of NVIDIA?

但鑑於我們在市場上看到的情況，您能否談談您的 NVIDIA 下一代 GPU 的時機？

We don't announce products until they are actually on the shelf.

在產品實際上架之前，我們不會公佈產品。

But I think the NVIDIA rhythm is sustainable, and it's a rhythm that we're committed to.

但我認為 NVIDIA 的節奏是可持續的，這是我們致力於的節奏。

So the rhythm that you've seen from us over the past several years is something that we are still very committed to.

因此，您在過去幾年中從我們那裡看到的節奏是我們仍然非常致力於的事情。

Can you talk a little bit more about the front-end or back-end constraints that you're seeing?

你能多談談你看到的前端或後端約束嗎？

You mentioned that there may be some supply constraints in the October quarter.

您提到 10 月季度可能存在一些供應限制。

Can you talk a little bit about whether they are front or back-end, or give us some clarity on what's happening there?

你能談談它們是前端還是後端，或者讓我們清楚地了解那裡發生了什麼？

All of the above.

上述所有的。

Obviously, certainly in the fab areas, some of the fabs that we use are at capacity now.

顯然，當然在晶圓廠領域，我們使用的一些晶圓廠現在已經滿負荷運轉。

We would like more wafers, let's put it that way, in some of the fabs that we use.

我們想要更多的晶圓，讓我們這樣說吧，在我們使用的一些晶圓廠中。

So there is limitation there.

所以那裡有限制。

There has been some constraints in both assembly and test as well.

在組裝和測試中也存在一些限制。

I think we can manage our way around most of the constraints in the back end more easily than we can around the constraints in the front end, but there are constraints on both sides.

我認為我們可以更容易地繞過後端的大多數約束，而不是繞過前端的約束，但雙方都有約束。

I noticed in the July quarter, the tax rate came in at less than we were modeling here.

我注意到在 7 月季度，稅率低於我們在這裡建模的水平。

Is there an update for the tax rate going forward?

未來的稅率是否有更新？

Is there something that happened there?

那裡發生了什麼事嗎？

The tax rate was 14% in Q2, consistent with Q1.

第二季度的稅率為 14%，與第一季度一致。

We're anticipating a 14% tax rate in Q3.

我們預計第三季度的稅率為 14%。

So tax rate is flat, 14%.

所以稅率是固定的，14%。

I must have something here.

我這裡一定有東西。

If I missed it, I apologize.

如果我錯過了，我很抱歉。

But the quarter-to-quarter growth in both professional and consumer?

但是專業和消費者的季度環比增長呢？

Consumer was relatively flat quarter to quarter.

消費者季度與季度相對持平。

Professional was down about 10%.

專業下跌約 10%。

Before somebody jumps on that one, we didn't have to push it.

在有人跳上那個之前，我們不必推動它。

Revenue was good.

收入不錯。

Clearly.

清楚地。

Congratulations on the excellent execution.

祝賀出色的執行。

David Wu.

吳大衛。

Marv, I'm going to take advantage of your vocal chord.

Marv，我要利用你的聲帶。

Can you talk a little bit about the strength of your Q2 results?

你能談談你第二季度結果的強度嗎？

Because the AMD unit volumes snapped back very sharply, and I thought it would show up in much higher chipset volume.

因為 AMD 單元的體積迅速回升，我認為它會出現在更高的芯片組體積中。

Instead, it showed up in your mainstream desktop volume.

相反，它出現在您的主流桌面卷中。

Can you explain the difference between the 31% drop-off in your first fiscal quarter and a more moderate rebound in the second quarter on the chipset business?

您能否解釋一下您的第一財季下降 31% 與第二季度芯片組業務較為溫和的反彈之間的區別？

Same answer that we had in the professional workstation business.

與我們在專業工作站業務中的答案相同。

We didn't have to push it.

我們不必推動它。

Revenue was good, and we had to satisfy the GPU customers first.

收入很好，我們必須首先滿足 GPU 客戶的需求。

So it was not -- we didn't have to push it at all.

所以它不是——我們根本不需要推動它。

Second question is, given how strong -- your guidance for Q3 appears to be below normal seasonality.

第二個問題是，考慮到強度有多強——您對第三季度的指導似乎低於正常的季節性。

I know there are issues with Taiwan foundries and some back-end guys.

我知道台灣代工廠和一些後端人員存在問題。

But if you didn't have the constraint on production, would you be having less than seasonal increase in Q3?

但如果你沒有對生產的限制，你會不會在第三季度的增長低於季節性？

Who knows?

誰知道？

If we had plenty of inventory and we had no manufacturing constraints, I don't believe there's any reason we shouldn't grow at industry rates in the quarter.

如果我們有大量庫存並且我們沒有製造限制，我認為我們沒有任何理由不應該在本季度以行業速度增長。

But who knows?

但誰知道呢？

We depleted inventories quite dramatically in Q2, so we're left with less of a reserve in inventory than we would like, reserve meaning inventories to be shipped.

我們在第二季度大幅消耗了庫存，因此我們的庫存儲備比我們想要的要少，儲備意味著要運送的庫存。

So that.

以便。

combined with the manufacturing constraints.

結合製造限制。

just leaves us with some caution.

只是讓我們謹慎一些。

Nicholas Aberle.

尼古拉斯·阿伯勒。

Nice quarter.

漂亮的季度。

The question had to do with just PC markets.

這個問題只與個人電腦市場有關。

Obviously, Q2 probably better than seasonal -- looks like the back half is going to be at least seasonal.

顯然，第二季度可能比季節性要好——看起來後半部分至少是季節性的。

How do you guys go about monitoring inventory out at the OEMs and in the channel, just for fear of double ordering or perhaps overheating here exiting 2007?

你們如何監控原始設備製造商和渠道中的庫存，只是擔心重複訂購或可能在 2007 年結束時過熱？

Over the years, we have developed more rigorous channel monitoring capabilities.

多年來，我們開發了更嚴格的渠道監控能力。

We monitor sell-in, we monitor sell-out at each juncture in the channel, and we monitor our customers' inventory the best we can.

我們監控銷售情況，監控渠道每個節點的銷售情況，並儘我們所能監控客戶的庫存。

So based on what we're seeing right now, inventory looks pretty lean in the marketplace.

因此，根據我們現在所看到的情況，市場上的庫存看起來非常稀少。

We expect it to remain lean in the marketplace for some time, and so we'll just monitor as we go.

我們預計它會在市場上保持一段時間，因此我們將隨時進行監控。

With respect to the Intel IGP product, should we be thinking of that as just beginning to ramp in Q3 and then more of a sequential contribution in Q4?

關於英特爾 IGP 產品，我們是否應該將其視為剛剛在第三季度開始增長，然後在第四季度產生更多的連續貢獻？

I think that's a fair estimate.

我認為這是一個公平的估計。

Just because of the constraints at foundry, are you guys going about qualifying any new foundry partners?

僅僅因為代工廠的限制，你們是否打算對任何新的代工廠合作夥伴進行資格認證？

No, we have no plans.

不，我們沒有計劃。

We have very close working relationships with our foundries, and they are the best foundries in the world.

我們與我們的鑄造廠有著非常密切的合作關係，他們是世界上最好的鑄造廠。

We do as rigorous of a job planning with them as just about anybody on the planet, and they have come through for us time and time again.

我們與他們一起制定了與地球上幾乎任何人一樣嚴格的工作計劃，他們一次又一次地為我們完成了工作。

My estimation is that they will come through for us again, and everything is going to work out just fine.

我的估計是他們會再次為我們通過，一切都會好起來的。

What would the target phase of inventory be where you'd feel comfortable?

您覺得合適的庫存目標階段是什麼？

Well, I have always had a target of around 70 days.

嗯，我一直有一個大約 70 天的目標。

So I think that we have been around 70 days, for the most part, and have been a little bit above it in some cases.

所以我認為我們已經有大約 70 天了，在大多數情況下，並且在某些情況下略高於它。

But to be down at 49 days means we have pretty lean inventory.

但下降到 49 天意味著我們的庫存非常少。

Daniel Ernst.

丹尼爾·恩斯特。

Jen-Hsun, you mentioned that the graphics capability is becoming more and more appreciated by a wider audience, and I think that's a theme that a lot of us share.

Jen-Hsun，您提到圖形功能越來越受到廣大觀眾的喜愛，我認為這是我們很多人都認同的主題。

But can you maybe talk about what progress you have made there, either statistically or anecdotally?

但是你能談談你在統計上或軼事方面取得的進展嗎？

Say in the last six months, what percentage of NVIDIA GPU buyers, either embedded or aftermarket, would be gamers versus non-gamers, and where was that six months, you know, a year ago, and where does it go a year from now?

假設在過去六個月中，無論是嵌入式還是售後市場，NVIDIA GPU 購買者的百分比是遊戲玩家還是非遊戲玩家，那六個月，你知道，一年前在哪裡，一年後又會去哪裡?

Then I've got a follow-up question.

然後我有一個後續問題。

The question you asked is a good one.

你問的問題很好。

It's hard to quantify, but let me give you some directional evidence.

這很難量化，但讓我給你一些方向性的證據。

If you were to go back five years, the only thing that really take advantage of the GPU was videogames for consumer applications.

如果你回到五年前，唯一真正利用 GPU 的東西就是用於消費應用的視頻遊戲。

Today, you have Google Earth, you have photo editing tools that take advantage of GPUs, you have video editing tools that take advantage of GPUs.

今天，您擁有 Google 地球，擁有利用 GPU 的照片編輯工具，擁有利用 GPU 的視頻編輯工具。

You have the operating system that takes advantage of the GPU and all of the animation and all the special effects, and all those beautiful things that you see on your display are all rendered by the GPU.

你的操作系統利用了 GPU，所有的動畫和所有的特效，你在顯示器上看到的所有美麗的東西都是由 GPU 渲染的。

You have video processing that's done by the GPU now, because high-definition video is so taxing.

您現在擁有由 GPU 完成的視頻處理，因為高清視頻非常費力。

To think about running it on the CPU is just not something that you would even dream about.

考慮在 CPU 上運行它是您做夢也想不到的事情。

So there are so many things now that requires a GPU.

所以現在有很多東西需要GPU。

There's Second Life that requires a GPU.

有需要 GPU 的第二人生。

That's a social networking application.

那是一個社交網絡應用程序。

So the number of applications out there that reaches different areas is just really, really growing quickly.

因此，到達不同領域的應用程序數量真的非常非常快速增長。

So I think that -- and it's at a time when the GPU is getting harder and harder to build.

所以我認為——而且是在 GPU 變得越來越難構建的時候。

You notice that the number of second-tier chipset companies in the world who are building DX 10 or even DX 9-level GPUs have really fallen off a cliff.

您會注意到，世界上正在構建 DX 10 甚至 DX 9 級別 GPU 的二線芯片組公司的數量確實已跌落懸崖。

When we say that it costs us $400 million to build a new generation of GPU, we actually mean that.

當我們說構建新一代 GPU 需要花費 4 億美元時，我們實際上是這個意思。

NVIDIA's R&D -- and most of the Company today is in R&D -- is running close to $1 billion a year run rate now.

英偉達的研發——以及今天公司的大部分人都在研發——現在每年的運行速度接近 10 億美元。

So I think it's safe to say that the GPU is very, very hard to build.

所以我認為可以肯定地說 GPU 非常非常難以構建。

It's one of the most complex processors ever, anywhere in the computing industries, and that explains its processing capabilities.

它是計算行業中有史以來最複雜的處理器之一，這也解釋了它的處理能力。

The number of applications that take advantage of it over time is increasing.

隨著時間的推移，利用它的應用程序數量正在增加。

So I hope that anecdotal gives you a bit of a directional, both in number of applications and the fact that chipsets, second-tier chipset companies are finding it very, very hard to keep up with the technology creates ever more opportunities for us.

所以我希望軼事能給你一點方向，無論是在應用程序的數量上，還是芯片組、二線芯片組公司都發現很難跟上技術的步伐，這為我們創造了更多的機會。

Yes, agreed.

是的，同意了。

It was a good anecdotal directional.

這是一個很好的軼事指導。

We will have to drill down later on it.

稍後我們將不得不深入研究它。

But my follow-up question would be on pricing.

但我的後續問題是關於定價的。

Can you talk about recent pricing trends, and then given commentary on yours and the industry's supply constraints, is there any pricing leverage you have here in the back half?

您能否談談最近的定價趨勢，然後對您和行業的供應限制發表評論，您在後半部分是否有任何定價槓桿？

The ASP of GPUs is probably -- well, let me say this.

GPU 的 ASP 可能是——好吧，讓我這麼說吧。

The GPU is probably one of the only semiconductor devices in the industries that has kept a relatively flat to slightly up ASPs over the last several years.

GPU 可能是該行業中僅有的在過去幾年中 ASP 保持相對持平或略有上升的半導體設備之一。

My sense is that it reflects the importance of the GPU, the increasing number of applications that take advantage of the GPU.

我的感覺是它反映了 GPU 的重要性，越來越多的應用程序利用了 GPU。

With respect to pricing, we're expecting to work through our tightness of supply.

在定價方面，我們預計會解決供應緊張的問題。

We are not lines down, we are not gapped out, we are not in a bad situation like that.

我們沒有落後，我們沒有空缺，我們也沒有像那樣糟糕。

We are just tight, and we know that the entire industry is tight, from PCBs to DRAMs to others.

我們只是緊張，我們知道整個行業都很緊張，從 PCB 到 DRAM 再到其他。

So my sense is that we're going to be just fine.

所以我的感覺是我們會好起來的。

In this environment, it is not our style and it is not our practice to raise prices.

在這種環境下，提價不是我們的風格，也不是我們的做法。

We don't do that to our customers, and we're just going to work through it.

我們不會對我們的客戶這樣做，我們只是要解決它。

Tayyib Shah.

塔伊布·沙阿。

Congratulations on the quarter.

祝賀本季度。

You talked about how mainstream desktop GPU is driving the market-share gains, which is understandable, given the timing of your product refresh versus your competitors'.

您談到了主流桌面 GPU 如何推動市場份額的增長，考慮到您的產品更新時間與競爭對手相比，這是可以理解的。

Can you talk about the impact you are seeing from AMD's product launch in the OEM channel, especially in the enterprise segment?

您能否談談您看到 AMD 產品在 OEM 渠道推出的影響，尤其是在企業領域？

Is that where you see them concentrating their effort?

那是你看到他們集中精力的地方嗎？

How does that affect your ability to grow your desktop market share in the near term?

這對您在短期內增加台式機市場份額的能力有何影響？

Our mainstream DX 10 GPUs entered the market a solid quarter or two quarters ahead, and the momentum is clearly very strong.

我們的主流 DX 10 GPU 提前一個季度或兩個季度進入市場，勢頭顯然非常強勁。

The market-share data reflects that.

市場份額數據反映了這一點。

We don't win everything in the marketplace, and we still see a lot of competition from our competitors.

我們不會在市場上贏得一切，我們仍然看到來自競爭對手的大量競爭。

We have to fight hard for every socket and every design win that we have.

我們必須為我們擁有的每一個插槽和每一個設計勝利而努力奮鬥。

So my sense is that we're going to continue to see a lot of competition, and I don't think anything is going to change, despite the environment.

所以我的感覺是，我們將繼續看到很多競爭，儘管環境如此，我認為任何事情都不會改變。

So we're prepared for the competition, and we will deal with it the best we can.

所以我們已經為比賽做好了準備，我們會盡我們所能去應對。

My hope is that we're in a position, because of the superiority of our products and our market position, that we will be able to capture even more share.

我的希望是，由於我們產品的優勢和我們的市場地位，我們能夠獲得更多的份額。

But we'll see how that turns out.

但我們會看到結果如何。

The follow-up question is for Marv.

後續問題是針對 Marv 的。

You gave us some idea of what you're leaving on the table because of the capacity constraints.

由於容量限制，您讓我們了解了您在桌面上留下的內容。

Can you talk about the chances that eventually you may end up getting all the supply that you want or the chance that you cannot?

你能談談最終你可能最終得到你想要的所有供應的機會，還是你不能得到的機會？

What you cannot ship in the third quarter, you still capture that in the early 4Q to hit that holiday season window?

你不能在第三季度出貨的東西，你仍然在第四季度早期捕捉到那個假期窗口嗎？

Well, I think we're going to work very hard to eliminate any supply constraints in Q3.

好吧，我認為我們將非常努力地消除第三季度的任何供應限制。

So we'll have to see how it goes, but we think we can work our way through it.

所以我們必須看看它是如何進行的，但我們認為我們可以通過它來解決問題。

We'll just have to see.

我們只需要看看。

The question of something left on the table in Q3 relative to Q4 -- who knows?

Q3 相對於 Q4 的問題——誰知道呢？

We'll have to see what it is and what the problem is and what the competition is.

我們必須看看它是什麼，問題是什麼，競爭是什麼。

It's just -- there's too many unknowns.

只是——有太多的未知數。

Just as a comment, we are not gapped out; it's just tight.

就像評論一樣，我們沒有空缺；它只是緊。

We know it's tight, because we know our foundries are near capacity.

我們知道情況很緊張，因為我們知道我們的代工廠已接近產能。

So we have to be much more focused, we have to be much more precise in our forecasting and planning with our partners.

因此，我們必須更加專注，我們必須更加精確地與合作夥伴進行預測和規劃。

But all of that is happening, and so we're optimistic that we're going to be able to serve all of our customers' needs, and we're just communicating that the industry is tight.

但所有這一切都在發生，因此我們樂觀地認為我們將能夠滿足所有客戶的需求，我們只是在傳達行業緊張的信息。

But we're telling you that -- we're telling you something you already know.

但是我們告訴你——我們告訴你一些你已經知道的事情。

Gurinder Kalra.

古林德·卡拉。

This is probably a question for Marv.

這可能是 Marv 的一個問題。

How much of the margin potential, the margin appreciation you might have expected with the [G8E] line is already in the numbers, and how much more could it impact your margins going forward?

您可能對 [G8E] 線的預期利潤率有多少潛力，利潤率升值已經在數字中，它會對您未來的利潤率產生多大影響？

Well, it's a combination of factors.

嗯，這是多種因素的結合。

A substantial portion of our current GPU revenue is in the G8x family.

我們當前 GPU 收入的很大一部分來自 G8x 系列。

But we continue to make progress in reducing costs even within that family.

但我們在降低成本方面繼續取得進展，即使在該家庭內部也是如此。

So there's still a ways to go.

所以還有一段路要走。

We can still do better.

我們仍然可以做得更好。

Are we more than 50% into G8x family?

我們有超過 50% 的人加入 G8x 家族嗎？

Yes.

是的。

Are we 100%?

我們是 100% 的嗎？

No.

不。

So we've got a ways to go, but we also, even if it were 100%, we can make further cost reductions.

所以我們還有很長的路要走，但即使是 100%，我們也可以進一步降低成本。

Just to add some flavor to that, everything Marv said is dead on.

只是為了增加一些味道，Marv所說的一切都是死的。

Where we have the opportunity to improve gross margins going forward remains in the same well where we found the last nearly, what is it, 18% of gross margin improvement.

我們有機會在未來提高毛利率的地方仍然在我們發現最後一個幾乎是什麼地方，毛利率提高了 18%。

That's operational excellence.

這就是卓越運營。

I still, and Marv and I both have plenty of ideas on ways that we can improve the operational efficiency of our company and eliminate waste and improving quality along the way for our customers.

我仍然，Marv 和我都對如何提高公司的運營效率、消除浪費和為客戶提高質量有很多想法。

There are just so many things that we can still do, and that's where we're going to focus.

我們仍然可以做很多事情，這就是我們要關注的地方。

I think G7x was a wonderful architecture for us, and G8x is an even better architecture for us.

我認為 G7x 對我們來說是一個很棒的架構，而 G8x 對我們來說是一個更好的架構。

But nonetheless, I think the well for gross margin improvements is right over operational efficiency.

但儘管如此，我認為提高毛利率的好處在於運營效率。

With a question related to that, where do you think margins are for your Tesla product, as compared to your corporate average, or what do you get in your professional solutions business?

有一個與此相關的問題，與您的公司平均水平相比，您認為您的特斯拉產品的利潤率在哪裡，或者您在專業解決方案業務中獲得了什麼？

Much higher.

高得多。

Any way to quantify that much?

有什麼辦法可以量化這麼多？

I think in the end, it's going to reflect the speed-up by which we deliver for applications.

我認為最終，它將反映我們為應用程序交付的速度。

That still remains to be seen.

這還有待觀察。

We're working on that now.

我們現在正在努力。

It ranges anywhere from a lot to a ton.

它的範圍從很多到一噸。

So we're trying to figure all of that stuff out.

所以我們正試圖弄清楚所有這些東西。

It's also a brand-new product, and it's in a brand-new market.

它也是一個全新的產品，它處於一個全新的市場。

This is something that the world has never seen before, so it's hard to precisely set the right price.

這是世界前所未見的，因此很難準確設定合適的價格。

But we're working with our partners and all of the customers around the world now to make sure that we do something that enables rapid adoption and allows us to substantially increase our level of investment for it.

但我們現在正在與我們的合作夥伴和世界各地的所有客戶合作，以確保我們做的事情能夠快速採用並讓我們能夠大幅提高我們的投資水平。

Simona Jankowski.

西蒙娜·揚科夫斯基。

A question for Marv first.

先問 Marv 的問題。

What was your pricing change in the GPU business in the quarter, sequentially?

您在本季度 GPU 業務的定價變化是什麼？

Relatively flat.

比較平。

Then, just to follow up on that, maybe for you or Jen-Hsun, just on pricing more generally.

然後，只是跟進這件事，也許對你或 Jen-Hsun 來說，只是更普遍的定價。

We had noticed in the retail channel some price cuts in the very high-end and also some of the lower-end segments.

我們注意到零售渠道中的一些非常高端和一些低端部分的降價。

Just curious if those kind of pricing actions were done by people in the channel or in retail, kind of regardless of what you guys did as far as pricing goes.

只是好奇這些定價行為是由渠道還是零售業的人完成的，不管你們在定價方面做了什麼。

If you could just kind of give us a little bit more color on that, especially given it comes on the heels of six to eight months of pretty stable pricing.

如果你能給我們更多的色彩，特別是考慮到它是在六到八個月的相當穩定的定價之後出現的。

The 8800 demand is really, really solid, and it continues to be very good going into the second half of the year.

8800 的需求非常非常穩定，並且在下半年繼續保持良好狀態。

We haven't done any substantial pricing actions that I know of, but we have a lot of partners in the world, and they have their own strategies.

據我所知，我們沒有採取任何實質性的定價行動，但我們在世界上有很多合作夥伴，他們有自己的策略。

We don't mandate our strategies on them, and so maybe what you're seeing is something that is reflected from that.

我們沒有強制要求我們對它們制定策略，所以也許你所看到的就是從中反映出來的東西。

Then, just a last one, I guess, for Marv as well.

然後，我想，Marv 也是最後一個。

Given that a lot of the strength in the business is coming from the GPU side, is that in any way affecting the timing of when you think you will reach the 47% gross margin target?

鑑於該業務的大部分優勢來自 GPU 方面，這是否會影響您認為何時達到 47% 毛利率目標的時間？

No, I don't think so.

不，我不這麼認為。

I want to emphasize again that -- don't put too much into the fact that the MCP and the workstation group didn't grow as much as you might have thought.

我想再次強調一點——不要過多地考慮 MCP 和工作站組沒有像您想像的那樣增長。

We just didn't have to push it, and so I still think that in a mix that's inherent in the business that we can achieve that gross margin.

我們只是不必推動它，所以我仍然認為，在業務固有的組合中，我們可以實現該毛利率。

We'll see.

走著瞧。

So you have some of that flexibility, I guess, to the upside in the workstation business in the next couple of quarters?

所以我猜你有一些靈活性，在接下來的幾個季度中工作站業務的上行空間？

I would think so.

我會這麼認為。

[Mark Curlin], please go ahead.

[Mark Curlin]，請繼續。

Mr.

先生。

Curlin, your line is open.

Curlin，你的線路是開放的。

Your line is muted, sir.

先生，您的線路已靜音。

Please unmute your line.

請取消靜音。

His line seems to have muted itself on its own.

他的台詞似乎已經自行靜音了。

Sir, we have no further questions at this time.

先生，我們目前沒有其他問題。

I'll turn the call back to you.

我會把電話轉給你。

NVIDIA delivered an outstanding quarter, with record revenue, record gross margin and record net income.

NVIDIA 實現了一個出色的季度，實現了創紀錄的收入、創紀錄的毛利率和創紀錄的淨收入。

These results reflect the growing importance of the GPU, as well as great execution across the Company.

這些結果反映了 GPU 日益增長的重要性，以及整個公司的出色執行。

Our ongoing strategy to extend the reach of the GPU is paying off.

我們不斷擴大 GPU 覆蓋範圍的戰略正在取得成效。

There's a fast-growing universe of applications that rely on the processing capability of the GPU, from 3D design and styling tools, video and photo editing software, 3D maps and videogames, to the user interfaces of the Mac and Vista.

從 3D 設計和造型工具、視頻和照片編輯軟件、3D 地圖和視頻遊戲，到 Mac 和 Vista 的用戶界面，依賴 GPU 處理能力的應用程序正在快速增長。

The GPU can surely enhance the computing experience for everyone, from artists, engineers, scientists to gamers and everyday PC users.

GPU 無疑可以增強每個人的計算體驗，從藝術家、工程師、科學家到遊戲玩家和日常 PC 用戶。

As the leading and only dedicated GPU company in the world, our opportunity has never been more exciting, as the number of applications and digital devices that benefit from the GPU continues to grow.

作為全球領先且唯一專注於 GPU 的公司，我們的機會從未如此令人興奮，因為受益於 GPU 的應用程序和數字設備的數量不斷增長。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to reporting on our results for Q3.

我們期待報告第三季度的業績。

Ladies and gentlemen, that does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation, and ask that you now disconnect your lines.

我們感謝您的參與，並要求您現在斷開線路。

Have yourself a good day.

祝自己有個美好的一天。