輝達 (NVDA) 2008 Q3 法說會逐字稿

Good afternoon.

下午好。

Thank you for holding.

謝謝你的捧場。

I would now like to turn the call to Mr.

我現在想把電話轉給先生。

Michael Hara, Vice President, Investor Relations.

Michael Hara，投資者關係副總裁。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Good afternoon and welcome to NVIDIA's conference call for the third fiscal quarter ended October 28, 2007.

下午好，歡迎參加 NVIDIA 於 2007 年 10 月 28 日結束的第三財季電話會議。

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

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

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

在我們開始今天的電話會議之前，我想先處理一些一般管理事項。

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, when talking about our results.

在本次電話會議中，我們將在談論我們的業績時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。

You can find a reconciliation of these non-GAAP financial measures to the 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 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, 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 fourth quarter fiscal 2008.

在公司召開電話會議討論其 2008 財年第四季度財務業績之前，該網絡廣播將一直播放。

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

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

Forward-looking statements, including statements as to the importance of and uses for GPUs; our outlook, the impact, features, performance and availability of our products and technologies; our strategies; our growth and growth drivers pertain to future events and are subject to a number of significant risks and uncertainties.

前瞻性陳述，包括關於 GPU 的重要性和用途的陳述；我們的前景、我們的產品和技術的影響、特點、性能和可用性；我們的策略；我們的增長和增長動力與未來事件有關，並受到許多重大風險和不確定性的影響。

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

公司的實際結果可能與任何前瞻性陳述中討論的結果大不相同。

For a complete discussion of factors that could affect the Company's future financial results and business, please refer to the Company's Form 10-Q for the period ended July 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 7 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, 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 November 8, 2007.

網絡廣播的內容包含截至 2007 年 11 月 8 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 will now hand the call over to Jen-Hsun.

我現在將把電話交給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Today, we're pleased to report record revenue, record net income and record gross margin.

今天，我們很高興地報告創紀錄的收入、創紀錄的淨收入和創紀錄的毛利率。

This is also our first billion-dollar quarter.

這也是我們第一個十億美元的季度。

For our third quarter, revenue grew approximately 19% sequentially from Q2 and 36% from last year to a record $1.12 billion.

第三季度，收入環比增長約 19%，比去年同期增長 36%，達到創紀錄的 11.2 億美元。

GAAP net income increased more than 121% year over year, and GAAP gross margin improved by 550 basis points from a year ago to a record 46.2%.

GAAP 淨收入同比增長超過 121%，GAAP 毛利率同比增長 550 個基點，達到創紀錄的 46.2%。

Let me review some of our recent achievements.

讓我回顧一下我們最近取得的一些成就。

As the first GPU Company to reach the billion-dollar quarter level, NVIDIA continues to be one of the fastest-growing semiconductor companies in the world.

作為第一家達到十億美元季度水平的 GPU 公司，NVIDIA 繼續成為全球增長最快的半導體公司之一。

Our GeForce desktop and notebook GPU product lines each achieved record revenue.

我們的 GeForce 台式機和筆記本 GPU 產品線均實現了創紀錄的收入。

The desktop GPU product line grew 33% year over year, and the notebook GPU product line grew 120% from last year.

桌面GPU產品線同比增長33%，筆記本GPU產品線同比增長120%。

Our stand-alone notebook GPU share grew to 72%, up from 52% a year ago.

我們的獨立筆記本 GPU 份額從一年前的 52% 增長到 72%。

In September, we shipped our first-ever single-chip motherboard GPU for Intel processor-based desktop PCs, the NVIDIA GeForce 7000 GPU family.

9 月，我們為基於英特爾處理器的台式 PC 推出了首款單芯片主板 GPU，即 NVIDIA GeForce 7000 GPU 系列。

The GeForce 7000 family delivers the performance of an entry-level discrete GPU and leading graphics compatibilities when compared against traditional integrated graphics solutions.

與傳統集成顯卡解決方案相比，GeForce 7000 系列提供入門級獨立 GPU 的性能和領先的顯卡兼容性。

We estimate the Intel segment represents approximately 40 million units of new addressable market opportunity next year and expect it to be a strong growth driver for our GeForce motherboard GPU business.

我們估計英特爾部門明年將代表大約 4000 萬個新的潛在市場機會，並預計它將成為我們 GeForce 主板 GPU 業務的強勁增長動力。

It October, we launched a new GeForce 8800 GT GPU, the first in our family of 65-nanometer desktop GPUs.

10 月，我們推出了新的 GeForce 8800 GT GPU，這是我們 65 納米桌面 GPU 系列中的第一款。

The 8800 GT combines best of gaming performance and best in HD playback at the $199 price point.

8800 GT 以 199 美元的價格結合了最佳的遊戲性能和最佳的高清播放。

Reviewers are calling the 8800 GT the next GeForce4 Ti 4200.

評論家將 8800 GT 稱為下一個 GeForce4 Ti 4200。

The Ti 4200 was called the perfect GPU of its time, because it was simultaneously modern, high-performance and well-priced.

Ti 4200 被稱為當時完美的 GPU，因為它同時具有現代性、高性能和價格合理的特點。

The Ti 4200 was one of the most successful products in our history.

Ti 4200 是我們歷史上最成功的產品之一。

The widely recognized tech website AnandTech wrote, "It's really not often that we have the pleasure to review such a product so impressively positioned.

廣受認可的科技網站 AnandTech 寫道：“我們真的很少有幸評論這樣一款定位如此令人印象深刻的產品。

The 8800 GT is a terrific part, and it's hitting the street at a terrific price.

8800 GT 是一個了不起的部分，它以極好的價格上街。

The performance advantage and price utterly destroys our perception of the GPU landscape."

性能優勢和價格徹底破壞了我們對 GPU 格局的看法。”

Our Quadro Professional Solutions business achieved record revenue and grew 37% year over year.

我們的 Quadro 專業解決方案業務實現了創紀錄的收入，同比增長 37%。

During the quarter, we launched seven new Quadro solutions and, most notably, the Quadro FX 370 and 570, which deliver ISV-certified hardware at sub-$200 price points.

在本季度，我們推出了七款全新的 Quadro 解決方案，其中最引人注目的是 Quadro FX 370 和 570，它們以低於 200 美元的價格提供經 ISV 認證的硬件。

The computer-aided design industry is undergoing a massive transition from 2D illustration to worldwide collaborative [3D] design and could represent tens of millions of new CAD seats over the coming years.

計算機輔助設計行業正在經歷從 2D 插圖到全球協作 [3D] 設計的巨大轉變，未來幾年可能會出現數千萬新的 CAD 座位。

We believe the FX 370 and 570 are ideal solutions for the entry-level designer, and will continue to accelerate our growth in the Professional Solutions segment.

我們相信 FX 370 和 570 是入門級設計師的理想解決方案，並將繼續加速我們在專業解決方案領域的增長。

Finally, we begin shipments of the Tesla C870 GPU computing processor and D870 deskside supercomputer products this quarter.

最後，我們在本季度開始出貨 Tesla C870 GPU 計算處理器和 D870 桌面超級計算機產品。

The adoption of Tesla and the CUDA C-language programming environment and tool suite continues to accelerate.

Tesla 和 CUDA C 語言編程環境和工具套件的採用繼續加速。

We believe we now have more than 3,600 developers in 14 industry categories working with CUDA on exciting applications ranging from automotive vision systems, biological simulations, computational fluid dynamics, seismic processing and imaging, speech synthesis, computational finance, quantum molecular dynamics, protein folding to computer vision.

我們相信，我們現在有 14 個行業類別的 3,600 多名開發人員與 CUDA 合作開發令人興奮的應用，包括汽車視覺系統、生物模擬、計算流體動力學、地震處理和成像、語音合成、計算金融、量子分子動力學、蛋白質折疊到計算機視覺。

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 discuss our businesses and growth drivers for Q4 and beyond.

我稍後會回來討論我們第四季度及以後的業務和增長動力。

Thanks, Jen-Hsun.

謝謝，仁勳。

Today, we will be looking at both GAAP and non-GAAP results for our Q3 and nine months ended October 28, 2007.

今天，我們將查看截至 2007 年 10 月 28 日的第三季度和九個月的 GAAP 和非 GAAP 結果。

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

GAAP 和非 GAAP 之間的唯一區別是基於股票的薪酬及其稅收影響。

As Jen-Hsun stated earlier, revenue for the third quarter was $1.12 billion, which is up 19% quarter to quarter and up 36% year to year.

正如仁勳早些時候所說，第三季度的收入為 11.2 億美元，環比增長 19%，同比增長 36%。

Obviously, it was a very strong quarter, and our concerns at the beginning of the quarter as to the sustainability of the strength we saw in Q2 never manifested.

顯然，這是一個非常強勁的季度，我們在本季度初對我們在第二季度看到的實力的可持續性的擔憂從未表現出來。

Also at the beginning of the quarter, there were concerns relative to production limitations.

同樣在本季度初，人們對生產限制感到擔憂。

Through the efforts of our partners and our operations staff, we were able to overcome most of those limitations.

通過我們的合作夥伴和運營人員的努力，我們能夠克服大部分限制。

In a few cases, our revenue was limited by production, but relative to our concerns at the beginning of the quarter, these were minor.

在少數情況下，我們的收入受到產量的限制，但相對於我們在本季度初的擔憂，這些都是次要的。

In our GPU business, the growth was led by notebook, which grew 41% quarter to quarter and 120% year to year.

在我們的 GPU 業務中，筆記本電腦引領增長，季度環比增長 41%，同比增長 120%。

The desktop business grew 14% over the second quarter and was up 33% over the prior year.

桌面業務比第二季度增長 14%，比去年同期增長 33%。

In the quarter, GeForce 8X products accounted for more than 80% of our desktop and notebook business.

在本季度，GeForce 8X 產品占我們台式機和筆記本電腦業務的 80% 以上。

Our MCP business grew 23% quarter to quarter, as we begin to see traction in our new Intel platform products.

我們的 MCP 業務季度環比增長 23%，因為我們開始看到我們新的英特爾平台產品的吸引力。

PSB, our workstation business, grew 20% over the second quarter and 37% over the prior year.

我們的工作站業務 PSB 比第二季度增長 20%，比去年同期增長 37%。

Even our consumer business grew 6% over Q2.

甚至我們的消費者業務也比第二季度增長了 6%。

All in all, there was strong growth in all segments.

總而言之，所有細分市場都有強勁增長。

On gross margins, we reported GAAP gross margin of 46.2%, which is up 90 basis points from Q2.

在毛利率方面，我們報告 GAAP 毛利率為 46.2%，比第二季度上升 90 個基點。

Non-GAAP gross margin was 46.4%.

非美國通用會計準則毛利率為 46.4%。

We had anticipated strong gross margin based on the growth in GeForce 8X products, the increase in professional solutions and the increase in PlayStation 3 royalties.

基於 GeForce 8X 產品的增長、專業解決方案的增加和 PlayStation 3 版稅的增加，我們預計毛利率會很高。

All of these contributed to the increase in gross margin.

所有這些都促成了毛利率的增加。

We are again pleased with our progress.

我們再次對我們的進展感到滿意。

Operating expenses were $268 million GAAP and $238 million non-GAAP.

運營費用為 2.68 億美元 GAAP 和 2.38 億美元非 GAAP。

This was slightly higher than our guidance.

這略高於我們的指導。

A major factor in this increase was the improved performance and outlook for the whole fiscal year and how that affected our variable compensation programs.

這一增長的一個主要因素是整個財政年度的業績和前景有所改善，以及這如何影響我們的可變薪酬計劃。

For the quarter, we had to accrue an additional $8 million as a catch-up based on the increased financial performance and expectations.

對於本季度，我們必鬚根據財務業績和預期的增加額外積累 800 萬美元作為追趕。

This is a one-time catch-up.

這是一次追趕。

We ended the quarter with 4,609 employees, which is up 236 from the second quarter, as we continued to aggressively hire, particularly in R&D.

我們在本季度末有 4,609 名員工，比第二季度增加了 236 名，因為我們繼續積極招聘，特別是在研發方面。

155 of the 236 new employees were in R&D.

236名新員工中有155人從事研發工作。

Depreciation for the quarter was $33 million and capital expenditures were $70.4 million.

本季度折舊為 3300 萬美元，資本支出為 7040 萬美元。

The increase in capital expenditures can be attributed to two factors.

資本支出的增加可歸因於兩個因素。

We bought additional testers of $22 million.

我們購買了 2200 萬美元的額外測試儀。

These testers are consigned to our contractors in Asia for the increased production.

這些測試儀被委託給我們在亞洲的承包商以提高產量。

We also purchased some land for $27 million in anticipation of building additional space.

我們還以 2700 萬美元購買了一些土地，以期建造更多空間。

Interest and other income was $19 million in the quarter, and the tax rate was adjusted down to 13% for the year to date.

本季度利息和其他收入為 1900 萬美元，今年迄今的稅率下調至 13%。

This resulted in a tax rate for the third quarter of 11.7%.

這導致第三季度的稅率為 11.7%。

The slight downward adjustment results from more international sales than anticipated, as well as higher R&D tax credits.

輕微下調的原因是國際銷售額高於預期，以及研發稅收抵免增加。

On the balance sheet, cash and marketable securities ended the quarter at $1.85 billion, which is an increase of $281 million from the second quarter, despite repurchasing $125 million of stock during the quarter.

在資產負債表上，本季度末現金和有價證券為 18.5 億美元，比第二季度增加了 2.81 億美元，儘管本季度回購了 1.25 億美元的股票。

Operating cash flow hit $400 million in the quarter for the first time.

本季度經營現金流首次達到 4 億美元。

Accounts receivable were $552 million, an increase of only $44 million from the second quarter, as the even profile of shipments during the quarter helped collections.

應收賬款為 5.52 億美元，僅比第二季度增加 4400 萬美元，因為該季度出貨量的平穩有助於收款。

DSO for the quarter was 45 days, down from 50 days in Q2.

本季度的 DSO 為 45 天，低於第二季度的 50 天。

Inventory grew slightly to $306 million, in spite of the strong sales and production limitations.

儘管存在強勁的銷售和生產限制，但庫存仍小幅增長至 3.06 億美元。

Most of the increase can be attributed to new products that were not introduced until after the end of the quarter.

大部分增長可歸因於直到本季度末才推出的新產品。

DSI for the quarter was 46 days.

本季度的 DSI 為 46 天。

On the outlook, we've had two consecutive excellent quarters, where revenue has exceeded our expectations.

展望未來，我們已經連續兩個季度表現出色，收入超出了我們的預期。

Even with this, we currently see strong demand for our products, and as a result we expect revenue to grow in our fourth quarter.

儘管如此，我們目前看到對我們產品的強勁需求，因此我們預計第四季度的收入將增長。

Revenue growth in the 5% to 7% range would be within our expectations.

5% 至 7% 範圍內的收入增長將在我們的預期之內。

We expect our growth to be led by the continued strength in GPUs and new products in both GPUs and MCP.

我們預計我們的增長將由 GPU 的持續實力以及 GPU 和 MCP 的新產品引領。

For gross margin, we have made excellent progress and will work very hard to maintain our gross margin.

在毛利率方面，我們取得了出色的進展，並將努力維持我們的毛利率。

New products will help, but we are currently ahead of our plan in our progress.

新產品會有所幫助，但我們目前的進度領先於我們的計劃。

Operating expenses will increase in the fourth quarter, despite the catch-up that occurred in the third quarter.

儘管在第三季度發生了追趕，但第四季度的運營費用將增加。

This increase is the result of additional hiring and increased R&D expenses associated with new products.

這一增長是額外招聘和增加與新產品相關的研發費用的結果。

A total operating expense increase in the 3% to 5% is reasonable.

總運營費用增加 3% 至 5% 是合理的。

We would expect the tax rate to stay close to our 13%.

我們預計稅率將保持在接近 13% 的水平。

But if there is any adjustment, it would have a downward bias.

但如果有任何調整，就會有向下的偏向。

In summary, we expect an excellent Q4.

總而言之，我們期待一個出色的第四季度。

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

我現在把它還給仁勳。

Thanks, Marv.

謝謝，馬夫。

We are entering the era of visual computing.

我們正在進入視覺計算時代。

Some of the most exciting applications require a GPU for the best experience.

一些最令人興奮的應用程序需要 GPU 才能獲得最佳體驗。

Industry expert PwC estimates the worldwide videogame market to be $30 billion in size and expects the market to grow to $50 billion by 2010.

行業專家普華永道估計全球視頻遊戲市場規模為 300 億美元，預計到 2010 年該市場將增長到 500 億美元。

According to comScore, 217 million video gamers immerse themselves in online virtual worlds, and expect that number to grow 17% annually.

根據 comScore 的數據，有 2.17 億視頻遊戲玩家沉浸在在線虛擬世界中，預計這一數字將每年增長 17%。

To date, there have been over 200 million unique downloads of Google Earth.

迄今為止，Google 地球的獨立下載量已超過 2 億次。

SketchUp makes it easy for millions of users around the world to convert Google Earth into a full 3D world.

SketchUp 讓全球數百萬用戶可以輕鬆地將 Google 地球轉換為完整的 3D 世界。

Microsoft has shipped 85 million units of Vista, and Apple's news Leopard looks amazing and is a step forward in UI design.

微軟已經出貨了8500萬台Vista，蘋果的新聞Leopard看起來很驚艷，在UI設計上又向前邁進了一步。

Both demand GPU to deliver the best experience.

兩者都需要 GPU 來提供最佳體驗。

Our computing experience is increasingly enhanced by the GPU.

GPU 日益增強了我們的計算體驗。

As the largest GPU company and the world's leading visual computing company, we're very well-positioned to continue to lead this revolution.

作為最大的 GPU 公司和世界領先的視覺計算公司，我們完全有能力繼續引領這場革命。

Near-term, we see multiple growth drivers.

近期，我們看到了多種增長動力。

First, GeForce discrete GPU -- GeForce discrete GPU grew to 21 million units in Q3, up 30% from a year ago.

首先，GeForce 獨立 GPU——GeForce 獨立 GPU 在第三季度增長到 2100 萬台，同比增長 30%。

The combination of our technology leadership, great content support and the ever-increasing importance of the GPU in our computing experience are contributing to drive our growth.

我們的技術領先地位、出色的內容支持以及 GPU 在我們的計算體驗中日益重要的作用相結合，正在推動我們的增長。

We estimate the installed base of GeForce to be approximately 200 million units.

我們估計 GeForce 的安裝基數約為 2 億台。

That makes GeForce the largest game console community and a target-rich environment for game and application developers.

這使得 GeForce 成為最大的遊戲控制台社區，並為遊戲和應用程序開發人員提供了一個目標豐富的環境。

We believe the PC game market is continuing to grow.

我們相信 PC 遊戲市場將繼續增長。

Our overall enthusiast GPU segment grew 35% year over year.

我們的整體發燒友 GPU 細分市場同比增長 35%。

The GPU enthusiast GPU market grew 170%.

GPU 發燒友 GPU 市場增長了 170%。

Our strategy is to make GeForce one of the most important processors of the visual computing era through technology leadership, increasing programmability, great content experience and promoting our great brands.

我們的戰略是通過技術領先、提高可編程性、出色的內容體驗和推廣我們的偉大品牌，使 GeForce 成為視覺計算時代最重要的處理器之一。

Second, GeForce motherboard GPU -- GeForce motherboard GPUs grew to 10 million units per quarter, up 50% from a year ago.

其次，GeForce主板GPU——GeForce主板GPU每季度增長到1000萬塊，同比增長50%。

The GeForce 7000 is off to a great start.

GeForce 7000 有了一個良好的開端。

We are now the only chipset supplier to support both Intel and AMD processor platforms, and the only branded integrated GPU supplier for the Intel processor platform.

我們現在是唯一同時支持 Intel 和 AMD 處理器平台的芯片組供應商，也是 Intel 處理器平台的唯一品牌集成 GPU 供應商。

The integrated graphics opportunity represents approximately 60% of the world's PC market.

集成顯卡的機會約佔全球 PC 市場的 60%。

Our strategy is to bring the benefits of GeForce to the most sensitive price segments while creating exciting platform architectures like SLI, Hybrid SLI and ESA.

我們的策略是將 GeForce 的優勢帶到最敏感的價格段，同時創建令人興奮的平台架構，如 SLI、混合 SLI 和 ESA。

ESA, which was recently announced, stands for Enthusiast System Architecture, is a standard for system information protocol that links the system's various critical components such as fan, power supply, smart chassis, GPU cards and motherboards.

最近宣布的 ESA 代表 Enthusiast System Architecture，是系統信息協議的標準，它連接系統的各種關鍵組件，如風扇、電源、智能機箱、GPU 卡和主板。

It enables a unified architecture for applications and users to control and optimize the performance of their system.

它為應用程序和用戶提供統一的架構來控制和優化其係統的性能。

SLI, Hybrid SLI and ESA are examples of how NVIDIA creates architectures that advance the capabilities of the PC.

SLI、混合 SLI 和 ESA 是 NVIDIA 如何創建可提升 PC 功能的架構的示例。

Third, global proliferation of industrial design is driving Quadro growth.

第三，工業設計的全球擴散正在推動 Quadro 的增長。

NVIDIA's Quadro brand is the de facto standard for workstation visualization.

NVIDIA 的 Quadro 品牌是工作站可視化的事實標準。

Quadro is not just a GPU.

Quadro 不僅僅是一個 GPU。

Quadro is a professional class of GPUs that incorporate features demanded by creative professionals, as well as software that completes a solution need for each vertical market, whether auto, medical imaging, film or financial markets.

Quadro 是一個專業級別的 GPU，它融合了創意專業人士所需的功能，以及滿足每個垂直市場（無論是汽車、醫學成像、電影還是金融市場）的解決方案需求的軟件。

We are experiencing multiple simultaneous dynamics in the professional market.

我們在專業市場上正在經歷多種同時發生的動態。

Traditional 2D design and illustration is transitioning to collaborative 3D design and product lifecycle management.

傳統的 2D 設計和插圖正在過渡到協作式 3D 設計和產品生命週期管理。

Globalization is forcing multi-site design teams around the world to adopt common platforms and is sponsoring the growth of local industries in China and in India.

全球化正迫使世界各地的多站點設計團隊採用通用平台，並支持中國和印度當地產業的發展。

All these dynamics are expanding the workstation TAM.

所有這些動態都在擴展工作站 TAM。

Fourth, GPU computing with CUDA and Tesla -- CUDA is a data-parallel programming environment built on C.

第四，使用 CUDA 和 Tesla 進行 GPU 計算——CUDA 是基於 C 構建的數據並行編程環境。

CUDA runs on all the millions of G80-based and beyond GPUs, whether Quadro, GeForce or Tesla.

CUDA 可在所有數百萬個基於 G80 及更高版本的 GPU 上運行，無論是 Quadro、GeForce 還是 Tesla。

Tesla is the brand of GPU software system solutions that's targeted at the high-performance computing market.

Tesla 是面向高性能計算市場的 GPU 軟件系統解決方案品牌。

The initial adoption of Tesla will be inclusion into supercomputing clusters.

特斯拉的初步採用將被納入超級計算集群。

Next year, we should see deskside personal supercomputing workstations powered by Tesla for data parallel supercomputing and Quadro for interactive visualization.

明年，我們應該會看到由 Tesla 提供支持的桌面個人超級計算工作站，用於數據並行超級計算，Quadro 用於交互式可視化。

With CUDA on GeForce, we will quickly reach a 100 million unit per year run rate for CUDA-powered GPUs for the consumer market.

借助 GeForce 上的 CUDA，我們將為消費市場的 CUDA 驅動的 GPU 快速達到每年 1 億台的運行速度。

For consumers, CUDA on GeForce will enhance applications like video and image processing and physics processing for games.

對於消費者而言，GeForce 上的 CUDA 將增強視頻和圖像處理以及遊戲物理處理等應用。

CUDA is one of the most revolutionary and disruptive ideas from our company.

CUDA 是我們公司最具革命性和顛覆性的想法之一。

CUDA has ignited interest on GPU computing all over the world.

CUDA 點燃了全世界對 GPU 計算的興趣。

There is growing understanding that the data parallel architecture of a GPU is radically different than that of a CPU, and for a large class of compute-intensive data-parallel applications, the GPU can increase performance from 10 to several hundred times.

越來越多的人認識到，GPU 的數據並行架構與 CPU 完全不同，對於一大類計算密集型數據並行應用程序，GPU 可以將性能從 10 倍提高到數百倍。

We expect our first application processor to sample at the beginning of next year.

我們預計我們的第一個應用處理器將在明年年初提供樣品。

We believe another personal computer revolution is about to happen.

我們相信另一場個人電腦革命即將發生。

Mobile devices like phones, music players and portable navigation devices will all increasingly become multifunction, multitasking personal computers.

手機、音樂播放器和便攜式導航設備等移動設備都將越來越多地成為多功能、多任務的個人電腦。

If so, the architecture of these devices will increasingly become consumer PC-like, and be capable of delivering all the entertainment and Web experiences we enjoy on our PC today, but in a form factor that fits nicely in your hands.

如果是這樣，這些設備的架構將越來越類似於消費類 PC，並且能夠提供我們今天在 PC 上享受的所有娛樂和 Web 體驗，但外形尺寸適合您的手。

Our mobile strategy is to drive the second personal computer revolution by creating a from-the-ground-up application processor and system on a chip that enables this experience.

我們的移動戰略是通過創建一個全新的應用處理器和片上系統來推動第二次個人計算機革命，從而實現這種體驗。

[AP15], as it is called internally, is the culmination of several hundred man-years of R&D.

[AP15]，正如內部所說，是數百人年研發的結晶。

The mobile application processor is an area where we can add a tremendous amount of value and represents a several hundred million units a year growth opportunity.

移動應用處理器是一個可以增加巨大價值的領域，它代表著每年數億個單位的增長機會。

We're happy to take your questions now.

我們很高興現在回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

Congratulations, guys.

恭喜，伙計們。

The GeForce 7000 motherboard GPU -- what kind of average selling price are we talking about here, and are they consistent with the average selling prices of the AMD platform version?

GeForce 7000主板GPU——我們這裡說的平均售價是多少，和AMD平台版本的平均售價一致嗎？

The ASPs on the MCP73 or the GeForce 7000 is slightly higher on the Intel side.

MCP73 或 GeForce 7000 上的 ASP 在 Intel 方面略高。

But it should be targeted -- we're targeting that product to be in the mainstream price-sensitive segment, so that we can bring GeForce to as many people as possible.

但它應該是有針對性的——我們的目標是將該產品定位在對價格敏感的主流細分市場，以便我們可以將 GeForce 帶給盡可能多的人。

That's a rather large segment, and we think it represents about 40 million units of incremental opportunity for us next year.

這是一個相當大的部分，我們認為它代表了我們明年大約 4000 萬單位的增量機會。

Is that a $50 ASP, $100 ASP?

那是 50 美元的 ASP 還是 100 美元的 ASP？

I just want to get a general sense of the magnitude.

我只是想大致了解一下規模。

No, it's in the teens; it's designed to be on the motherboard.

不，是在十幾歲；它被設計在主板上。

It's intended to be in the teens, and we want it to be as affordable as possible, so that we can address the largest possible market segments.

它的目標是青少年，我們希望它盡可能地負擔得起，這樣我們就可以解決盡可能大的細分市場。

Thanks a lot and congratulations.

非常感謝和祝賀。

Heidi Poon, Thomas Weisel.

海蒂·潘，托馬斯·韋塞爾。

Can you describe what you expect further for notebooks?

你能描述一下你對筆記本的進一步期望嗎？

I know the general trend of desktop to notebook transition is still there.

我知道台式機向筆記本過渡的總體趨勢仍然存在。

But most of your wins have been in discrete.

但你的大部分勝利都是離散的。

As AMD and Intel come up with their integrated graphics platform also supporting DX10, where do you think you can take your market-share gain through next year and after that?

隨著 AMD 和英特爾推出也支持 DX10 的集成顯卡平台，您認為明年及之後的市場份額增長如何？

Well, it's really hard to say what our market share will be in the future, but we've competing against integrated graphics for quite a long time.

嗯，真的很難說我們未來的市場份額會是多少，但我們已經與集成顯卡競爭了很長時間。

Our ability to succeed will depend on continuing to do the types of things that we do well, which is come up with great ideas like SLI and Hybrid SLI and bring value to the marketplace like we do with GeForce and Quadro.

我們成功的能力將取決於繼續做我們擅長的事情，即提出像 SLI 和 Hybrid SLI 這樣的好主意，並像我們對 GeForce 和 Quadro 所做的那樣為市場帶來價值。

So we're going to continue to do those things.

所以我們將繼續做這些事情。

If we do our jobs well, we should continue to grow.

如果我們做好我們的工作，我們應該繼續成長。

If we don't, then obviously the competition will do better.

如果我們不這樣做，那麼顯然競爭會做得更好。

But do you think that you might have a disadvantage because of the power consumption factor?

但是您是否認為您可能會因為功耗因素而處於劣勢？

How is their integrated graphics lower power consumption than ours?

他們的集成顯卡如何比我們的低功耗？

In fact, I think that you know, probably, that NVIDIA's G8x architecture is the most efficient performance per watt GPU in the marketplace today.

事實上，我認為您可能知道，NVIDIA 的 G8x 架構是當今市場上每瓦性能最高的 GPU。

That explains why we're able to get our enthusiast-level GPUs into a single slot with a single-slot fan, why our fan noise is substantially lower and obviously our measured power to be substantially lower.

這就解釋了為什麼我們能夠將我們的發燒級 GPU 放入帶有單插槽風扇的單插槽中，為什麼我們的風扇噪音要低得多，顯然我們的測量功率要低得多。

That's something you can do with architecture.

這是你可以用建築做的事情。

That's something you can do with innovative circuit design techniques and so on and so forth and system technologies to manage it at the system level.

這就是你可以用創新的電路設計技術等等以及系統技術來在系統級別管理它的事情。

So there's all kinds of competitive capabilities for us to innovate in power, and we believe we're absolutely world-class in that area.

因此，我們有各種競爭能力來創新權力，我們相信我們在該領域絕對是世界一流的。

Shawn Webster, JPMorgan.

肖恩韋伯斯特，摩根大通。

Can you give an update -- a lot of folks, especially investors in the PC chip-related companies, are concerned on linearity, risk of double ordering and things being too good for too long.

您能否提供最新信息——很多人，尤其是 PC 芯片相關公司的投資者，都擔心線性、雙重訂購的風險以及事情太長太久。

Can you guys share with us some of your thoughts?

你們能和我們分享一些你的想法嗎？

I think, Marv, you had some comments on linearity.

我想，Marv，你對線性有一些評論。

Maybe you could talk about order linearity as the quarter progressed, how your backlog looks and any risk that you can tell in terms of double ordering?

也許您可以談論隨著季度的進展訂單線性，您的積壓訂單的外觀以及您可以從雙重訂購方面判斷的任何風險？

Our Q3 was one of the most linear that we've ever had.

我們的第三季度是我們曾經擁有的最線性的季度之一。

The strength that we saw in orders in Q2 continued straight through Q3.

我們在第二季度的訂單中看到的強勁勢頭一直持續到第三季度。

So if you wanted to look at a backlog, we're not a backlog-focused type company, but there was no change.

因此，如果您想查看積壓工作，我們不是專注於積壓工作的公司，但沒有任何變化。

The orders and the shipments were ratable all the way through.

訂單和出貨量自始至終都是可評價的。

Obviously, you're always concerned about is there any double ordering going on.

顯然，您總是擔心是否存在重複訂購。

But we don't see any evidence of that.

但我們沒有看到任何證據。

The way I would think through that problem is, first of all, we don't know what we don't know.

我想通過這個問題的方式是，首先，我們不知道我們不知道什麼。

Obviously, nobody does.

顯然，沒有人這樣做。

The marketplace is rather robust, and I think it's rather robust for us for a variety of reasons.

市場相當穩健，我認為出於各種原因，它對我們來說相當穩健。

I think, first of all, is new products always helps, and the 8800 GT is arguably the best product that NVIDIA has built in five years.

我認為，首先，新產品總是有幫助的，而 8800 GT 可以說是 NVIDIA 五年來打造的最好的產品。

That's what everybody is telling us; that's how we feel about it.

這就是每個人都在告訴我們的；這就是我們的感受。

We have very, very big hopes for it.

我們對此抱有非常非常大的希望。

We have MCP73, which is our first product of that category and bringing GeForce to the Intel motherboard is pretty exciting stuff, and the early adoption has been wonderful.

我們擁有 MCP73，這是我們在該類別中的第一款產品，將 GeForce 引入英特爾主板是非常令人興奮的事情，而且早期採用非常棒。

Both of us products we just can't make enough of.

我們倆的產品都做得不夠。

There's good reasons for their growth.

他們的成長有充分的理由。

I think overall, the GPU dynamic is pretty clear now.

我認為總體而言，GPU 動態現在非常清晰。

PC games, online games is one of the fastest-growing application sectors.

PC遊戲、網絡遊戲是增長最快的應用領域之一。

Vista is doing well.

Vista 做得很好。

Leopard is amazing.

豹子很厲害。

There are more and more applications that, in combination with a GPU, is just a better experience.

越來越多的應用程序與 GPU 相結合，只是一種更好的體驗。

Then we have new innovations like Tesla and CUDA.

然後我們有新的創新，比如特斯拉和 CUDA。

There's a very logical reason why there's industrial growth in design.

設計行業的發展有一個非常合乎邏輯的原因。

When we globalize to China and India and other Eastern European countries and we collaborate across the network and we design 24 hours a day, it makes perfect sense that you would need compatible workstations all over the world.

當我們全球化到中國、印度和其他東歐國家，我們通過網絡進行合作，我們每天 24 小時進行設計時，您將需要在世界各地兼容的工作站是完全合理的。

Simultaneously, some of these economies are no longer just manufacturing economies, but they are moving into design economies.

同時，其中一些經濟體不再僅僅是製造業經濟體，而是正在進入設計經濟體。

So, as you know, China is moving very, very quickly up the food chain and more and more unique designs are coming out of China.

所以，如你所知，中國正以非常、非常快的速度向食物鏈上游移動，越來越多的獨特設計來自中國。

Well, they need workstations for that.

好吧，他們需要工作站。

So I think, if you combine whether it's new products that we're introducing in the market that we serve today, the importance of the GPU, new industry growth from workstations or a new disruptive technology that we've created with Tesla and CUDA, those are all important reasons why we're growing.

所以我認為，如果你結合我們今天所服務的市場中推出的新產品、GPU 的重要性、工作站的新行業增長還是我們與 Tesla 和 CUDA 創造的新顛覆性技術，這些都是我們成長的重要原因。

You guys mentioned that you had a couple areas that were still tight, from a capacity perspective.

你們提到，從容量的角度來看，你們有幾個領域仍然很緊張。

Could you share with us what areas those are?

你能和我們分享一下這些是什麼領域嗎？

Jen-Hsun just mentioned a couple of them, the CP73 and some of our GeForce 8 products were capacity limited or production limited in the quarter.

Jen-Hsun 剛剛提到了其中的幾個，CP73 和我們的一些 GeForce 8 產品在本季度產能受限或產量受限。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Simona Jankowski, Goldman Sachs.

西蒙娜·揚科夫斯基，高盛。

I just wanted to get a better sense on your Q4 guidance.

我只是想更好地了解您的第四季度指導。

How much of that is based on your expectations for further share gains versus the end market growth or other factors such as potentially ASP increases?

其中有多少是基於您對進一步份額增長與最終市場增長或其他因素（例如潛在的 ASP 增長）的預期？

We don't count on share growth.

我們不指望份額增長。

That happens after you are done counting it.

這發生在你完成計數之後。

So unless it's a design win or whatever it is that we know, we don't typically count on share growth.

因此，除非它是設計上的勝利或我們所知道的任何事情，否則我們通常不會指望份額增長。

So we look at the strategic position of our products, we look at the new products that we're introducing, and therefore we have got some confidence on its pricing power.

所以我們看我們產品的戰略地位，我們看我們正在推出的新產品，因此我們對其定價能力有一定的信心。

We count on new markets that we're entering, opening up.

我們依靠我們正在進入和開放的新市場。

So we count on a variety of things.

所以我們指望各種各樣的東西。

Of course, OEM design wins are OEM design wins.

當然，OEM 設計勝出就是 OEM 設計勝出。

But otherwise, we try not to be too bullish on market-share wins.

但除此之外，我們盡量不要過於看好市場份額的勝利。

We also don't anticipate any changes in ASPs in the various market segments.

我們也預計各個細分市場的平均售價不會發生任何變化。

That's not [in the] growth.

那不是[在]增長中。

So it sounds like a lot of it is just the end market continues to be very robust.

所以聽起來很多只是終端市場繼續非常強勁。

Yes.

是的。

And we're entering new markets.

我們正在進入新市場。

We're creating new products for existing markets as well.

我們也在為現有市場創造新產品。

When we start to ship Tesla, that's a product that's the first of its kind.

當我們開始運送特斯拉時，它是同類產品中的第一款。

It adds so much value, and the people that buy it initially are people who are desperate to have more computing resources.

它增加瞭如此多的價值，最初購買它的人是渴望擁有更多計算資源的人。

Products like the 8800 GT -- it's in the existing market that we serve, but it's very disruptive because of its price performance is just so terrific, and it really promotes very, very quick adoption.

像 8800 GT 這樣的產品——它在我們服務的現有市場中，但它非常具有顛覆性，因為它的性價比非常好，而且它確實促進了非常、非常快速的採用。

Oftentimes, it even encourages pretty broad-based upgrades.

通常，它甚至鼓勵基礎廣泛的升級。

You know that there's a whole bunch of games coming out this Christmas with DX10, and the games look really terrific.

你知道今年聖誕節有一大堆遊戲與 DX10 一起推出，這些遊戲看起來真的很棒。

So there's just a lot of reasons why the GPU is doing well.

因此，GPU 表現良好的原因有很多。

I appreciate that color.

我很欣賞那種顏色。

Just one other question that's somewhat related.

只是另一個有點相關的問題。

Gentlemen, you mentioned that you think the motherboard GPU is an incremental 40 million unit opportunity.

先生們，您提到您認為主板 GPU 是一個增量 4000 萬單位的機會。

These products seem to be competing very effectively against the lower end of the discrete GPU market and seem to have a significantly lower price point.

這些產品似乎在與低端獨立 GPU 市場進行非常有效的競爭，而且價格似乎要低得多。

So do you view this as an incremental opportunity, or do you view this to some extent as a substitution of some of the existing stack of the product?

那麼你認為這是一個增量機會，還是在某種程度上認為這是對現有產品堆棧的一些替代？

Well, the GeForce 7000 really isn't high-performance enough to be a replacement for even our entry-level GPU.

好吧，GeForce 7000 的高性能確實不足以替代我們的入門級 GPU。

So that's not -- and you know our discrete GPU -- as, I think, one of the data points that Marv just mentioned, our discrete GPU will be vastly converted to DX10 very, very shortly.

所以這不是——而且你知道我們的離散 GPU——因為我認為，Marv 剛剛提到的數據點之一，我們的離散 GPU 將很快大量轉換為 DX10。

So this is really targeting the segment that's underneath it, the 60% of the marketplace that we don't really serve today.

因此，這實際上是針對其下方的細分市場，即我們今天並未真正服務的市場的 60%。

Gurinder Kalra, Bear Stearns.

Gurinder Kalra，貝爾斯登。

My first question is on the GeForce 8800 GT.

我的第一個問題是關於 GeForce 8800 GT。

It's a great product, but do you think there's any chance it might be cannibalizing some of the very high-priced products?

這是一個很棒的產品，但你認為它有可能蠶食一些非常高價的產品嗎？

Given that it's priced from $200, $249 but on 65-nanometer, how does it affect your gross margins going forward?

鑑於它的價格從 200 美元、249 美元到 65 納米，它對您未來的毛利率有何影響？

Well, we are always trying to be thoughtful about how our products can cannibalize our own products.

好吧，我們一直在努力思考我們的產品如何蠶食我們自己的產品。

But I think we understand this market pretty well, and if it's possible to cannibalize our products, well, I'd rather do it myself than wait around for somebody else to come and do it.

但我認為我們非常了解這個市場，如果有可能蠶食我們的產品，那麼我寧願自己做也不願等別人來做。

So I'm not too worried about that.

所以我對此並不太擔心。

That's really just the nature of our business, and we have to stay aggressive.

這真的只是我們業務的本質，我們必須保持積極進取。

We want to stay aggressive, and we want to bring as much as we can to the market.

我們希望保持積極進取，我們希望盡可能多地進入市場。

So I'm not inclined, really, to slow down because it somehow protects my own business.

所以我真的不傾向於放慢速度，因為它以某種方式保護了我自己的業務。

My own business will have to figure out a way to deal with my own business.

我自己的生意必須想辦法處理我自己的生意。

So that's our strategy there, nice and simple.

這就是我們在那裡的策略，既簡單又好。

But I think our high-end products will continue to be best of its kind, best of its class, and I think the market will be fine there.

但我認為我們的高端產品將繼續成為同類產品中的佼佼者，我認為那裡的市場會很好。

As far as margins go, the margins on the 8800 GT are excellent, well above corporate margins.

就利潤率而言，8800 GT 的利潤率非常好，遠高於企業利潤率。

Just a follow-up question on the general-purpose GPU/Tesla.

只是關於通用 GPU/Tesla 的後續問題。

Can you discuss some of the traction or the design wins you're seeing in the financial services industry and the headway you've made there?

你能談談你在金融服務行業看到的一些牽引力或設計上的勝利，以及你在那裡取得的進展嗎？

There are a lot of development going on using GPU computing for computational finance.

使用 GPU 計算進行計算金融有很多發展。

As you guys know, your industry has some of the brightest mathematicians in the world, and the amount of computation you guys need is completely unbounded.

正如你們所知，你們的行業擁有世界上最聰明的數學家，你們需要的計算量是完全無限的。

You just don't seem to be able to get a large enough server or enough of them.

您似乎無法獲得足夠大的服務器或足夠的服務器。

We've demonstrated that GPU can be used to accelerate computational finance by 10 times, 20 times and, in several applications, 50 to 100 times.

我們已經證明，GPU 可用於將計算金融加速 10 倍、20 倍，在一些應用程序中可加速 50 到 100 倍。

That's a very, very large step up in performance improvement, so there is quite a bit of development in that area.

這是性能改進的一個非常非常大的進步，因此在該領域有相當多的發展。

It's happening all over the world.

它正在世界各地發生。

It's happening in London.

它發生在倫敦。

It's happening in New York.

它正在紐約發生。

This is an area that I think is going to be pretty interesting for GPU computing.

我認為這是一個對 GPU 計算來說非常有趣的領域。

Michael McConnell, Pacific Crest Securities.

邁克爾·麥康奈爾，Pacific Crest 證券。

On the G92 or the 8800 GT, when are you expecting crossover on that relative to the 8800 GTS?

在 G92 或 8800 GT 上，相對於 8800 GTS，您預計什麼時候會出現交叉？

Crossover?

交叉？

Let me --

讓我來 -

In terms of when it will be the majority of shipments in the midrange category or performance mainstream.

就何時它將成為中端類別或性能主流的大部分出貨量而言。

Let me explain it this way.

讓我這樣解釋。

I think this will do it.

我認為這會做到。

We will ship more 8800 GTs this quarter than we shipped last quarter of 8800 GTS.

我們本季度的 8800 GTS 出貨量將比上一季度 8800 GTS 的出貨量多。

So this will be (multiple speakers).

所以這將是（多個發言者）。

Would you say this is your probably most aggressive ramp in history, maybe, of a product?

你會說這可能是你歷史上最激進的產品嗎？

This is one of our most aggressive ramps, and the reason for that is because it's such a great product.

這是我們最具侵略性的坡道之一，其原因是因為它是如此出色的產品。

We have a really rich backlog of orders for 8800 GT.

我們有大量 8800 GT 的訂單積壓。

The market now knows what the competition has, and our customers know what the competition has, and they are voting with their orders.

市場現在知道競爭對手有什麼，我們的客戶知道競爭對手有什麼，他們正在用他們的訂單投票。

We are going to be very, very aggressive with 8800 GT.

我們將非常非常積極地使用 8800 GT。

It's just such a great product.

這真是一個很棒的產品。

Five years ago, we had the 4200 Ti, Ti 4200.

五年前，我們有 4200 Ti，Ti 4200。

The market called it the perfect GPU.

市場稱其為完美的 GPU。

The reason for that was because it was a brand-new architecture, it was extremely high-performance and it was very affordable; it was $199.

因為它是一個全新的架構，它的性能非常高，而且非常實惠；那是 199 美元。

It lit that segment on fire, and we couldn't build enough of that 4200 for a very long time.

它點燃了那個部分，我們在很長一段時間內都無法建造足夠的 4200。

So we think we've got another 4200 on our hands, and certainly the market has effectively called it that.

所以我們認為我們手上還有另外 4200 點，當然市場已經有效地這樣稱呼它。

It's tough to predict market share.

很難預測市場份額。

You guys have obviously dominated this segment in the high end.

你們顯然在高端領域佔據了主導地位。

Can you talk about just the basis for having such an aggressive ramp?

你能談談擁有如此激進的坡道的基礎嗎？

Do you really feel like you can take more market share, or is this just you are ramping it in accordance to the demand out there, which is quite strong?

你真的覺得你可以佔據更多的市場份額，或者這只是你根據那裡的需求來增加它，這是相當強大的？

There's always competition in our space.

我們的空間總是存在競爭。

The GPU industry is one of the most vibrant industries, and the reason for that has to do with the fact that Moore's Law is still GPU's friend, or GPU is still Moore's Law's friend.

GPU 行業是最具活力的行業之一，其原因在於摩爾定律仍然是 GPU 的朋友，或者 GPU 仍然是摩爾定律的朋友。

This is one of the few technology segments left where more transistors and new algorithms and new technology could enable better experiences.

這是剩下的少數技術領域之一，更多的晶體管、新算法和新技術可以帶來更好的體驗。

Almost all of the other semiconductor sectors are seeing smaller die sizes every year and lower ASPs every year, but not the case with GPU.

幾乎所有其他半導體行業每年都看到更小的芯片尺寸和更低的 ASP，但 GPU 並非如此。

So I expect this to be an area of quite a bit of vibrance for a decade to come.

因此，我預計這將成為未來十年充滿活力的領域。

In terms of how quickly we ramp, that's just the way we do things.

就我們的爬坡速度而言，這就是我們做事的方式。

We need to bring out new architectures and we need to bring it out as broadly as we can.

我們需要推出新的架構，我們需要盡可能廣泛地推出它。

Because as soon as we launch one unit of 8800 GT, everybody in the world is going to want it.

因為只要我們推出一台 8800 GT，世界上的每個人都會想要它。

So you might as well assume that you are building for everybody in the world, and so that's the approach that we've taken.

所以你不妨假設你正在為世界上的每個人建造，這就是我們採取的方法。

We want to stay aggressive as a company; that's just our nature.

作為一家公司，我們希望保持積極進取；這只是我們的本性。

Then a final question, just on the GeForce 7 series chipsets for Intel's platforms.

然後是最後一個問題，僅針對英特爾平台的 GeForce 7 系列芯片組。

Can you talk about the early traction you're seeing, both at OEMs and then maybe separately in the channel and just how that is progressing and the outlook, if you have one, for next year?

您能否談談您在原始設備製造商以及渠道中單獨看到的早期牽引力，以及進展情況以及明年的前景（如果有的話）？

We're expecting to be very successful with OEMs as well as the channel, and so it's designed to -- NVIDIA's brand and the quality of our technology and the rich support that we offer in drivers -- as the industry gets more complex, with DX10's and OpenGL's and high-definition videos and all of these different applications, our software capability becomes an increasing advantage.

我們希望在 OEM 和渠道方面取得非常成功，因此它旨在—— NVIDIA 的品牌和我們的技術質量以及我們在驅動程序中提供的豐富支持——隨著行業變得越來越複雜， DX10 和 OpenGL 以及高清視頻和所有這些不同的應用程序，我們的軟件能力成為一個越來越大的優勢。

Just because it's integrated on the motherboard doesn't mean the software isn't complex, and that's an area that we are extremely good that.

僅僅因為它集成在主板上並不意味著軟件不復雜，這是我們非常擅長的領域。

So my sense is that we will be very successful in both OEMs and the channel, and you'll see it soon.

所以我的感覺是，我們將在 OEM 和渠道方面都非常成功，你很快就會看到。

Marv, have you guys thrown out just a target for next year within that business, or just quantified what the opportunity could be for next year?

Marv，你們是否只是在該業務中拋出了明年的目標，或者只是量化了明年的機會？

I don't know if you have or not.

不知道你有沒有。

No, we have not.

不，我們沒有。

You don't care to, or --?

你不在乎，或者——？

I believe it's a significant growth driver next year.

我相信這是明年的重要增長動力。

But no, we haven't quantified it.

但是不，我們還沒有量化它。

Tayyib Shah, Longbow Research.

Tayyib Shah，長弓研究中心。

Congratulations on the quarter.

祝賀本季度。

The notebook market has been doing very well lately, but maybe partly at the expense of desktop segment, where you have higher exposure.

筆記本電腦市場最近表現非常好，但可能部分是以桌面市場為代價的，因為桌面市場的曝光率更高。

Can you help us understand how desktop replacement by notebooks is likely to affect your business going forward, now that you already have 70% plus share in notebooks?

既然您已經在筆記本電腦中佔有 70% 以上的份額，您能否幫助我們了解筆記本電腦替代台式機可能會如何影響您的業務？

The notebook market is certainly doing very well, and I'd expect that one of the areas where the notebook market is just starting to see growth, but it will see a lot more growth in the coming years, is the gaming notebook segment and the mobile workstation segment.

筆記本電腦市場當然表現非常好，我預計筆記本電腦市場剛剛開始增長的領域之一是遊戲筆記本電腦市場和未來幾年將出現更多增長。移動工作站部分。

These two segments are growing very quickly, and I expect that we'll be able to add a lot of value to those two platforms in the future.

這兩個細分市場正在快速增長，我希望我們將來能夠為這兩個平台增加很多價值。

We're not too hung up about where people buy our GPUs.

我們不太關心人們在哪裡購買我們的 GPU。

We are delighted by the proliferation of platforms.

我們對平台的激增感到高興。

Whereas people typically tend to have one or two desktop PCs in their house, they may have four and, in my case, eight laptops at home.

儘管人們通常傾向於在家中擁有一到兩台台式電腦，但他們家中可能有四台，就我而言，是八台筆記本電腦。

So it's a little bit like a cellphone, I guess.

所以它有點像手機，我猜。

You just buy a whole bunch of them over time.

隨著時間的推移，您只需購買一大堆。

So I think that the notebook market is not completely a replacement market, frankly.

所以坦率地說，我認為筆記本市場並不完全是一個替代市場。

I think that a lot of it is an additive market, and certainly it has exceeded most people's expectations.

我認為其中很大一部分是添加劑市場，而且肯定超出了大多數人的預期。

Another question along the same lines.

另一個類似的問題。

As your footprint within the notebook market has grown, have you been finding this market more competitive than your discreet GPU business, given that in this business Intel can bundle their chipsets with their CPUs, if they want to?

隨著您在筆記本電腦市場的足跡不斷擴大，您是否發現這個市場比您謹慎的 GPU 業務更具競爭力，因為英特爾可以在此業務中將其芯片組與 CPU 捆綁在一起，如果他們願意的話？

Intel is definitely a very competitive company, and we've been competing against bundling for, I guess, quite some time, both, I guess, whether it's price bundling or other bundling.

英特爾絕對是一家非常有競爭力的公司，我想我們一直在與捆綁競爭有一段時間了，我想無論是價格捆綁還是其他捆綁。

The bottom line is we just have to add value.

底線是我們只需要增加價值。

We just have to add value.

我們只需要增加價值。

NVIDIA is not a commodity player, and we serve the marketplaces where visual computing is really important.

NVIDIA 不是商品玩家，我們服務於視覺計算非常重要的市場。

If 3D matters to you, and if your work matters to you and you do 3D work, whether it's in design or film or medical imaging, then we could add a lot of value to you.

如果 3D 對您很重要，如果您的工作對您很重要並且您從事 3D 工作，無論是在設計、電影還是醫學成像方面，那麼我們可以為您增加很多價值。

If your business really depends on having a great GPU and visual computing capability, I think NVIDIA is really your partner.

如果你的業務真的依賴於強大的 GPU 和視覺計算能力，我認為 NVIDIA 真的是你的合作夥伴。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

This is Peter Karazeris for Glen Yeung.

我是 Glen Yeung 的 Peter Karazeris。

A question just on ASPs.

一個關於 ASP 的問題。

I was wondering if, on a mix basis, your ASPs were able to improve in desktops and notebooks from second to third quarter.

我想知道，在混合的基礎上，您的 ASP 是否能夠從第二季度到第三季度在台式機和筆記本電腦上有所提高。

No, they were relatively flat.

不，它們相對平坦。

Despite mix.

儘管混合。

Then I noticed -- so margins were up, and you talked about, I think, royalties from Sony as being one of the drivers.

然後我注意到——所以利潤率上升了，我認為你談到了索尼的版稅是驅動因素之一。

But consumer revenue was up about 6%.

但消費者收入增長了約 6%。

I was wondering if you could give us any color around consumer revenue, and then also if you could just help us understand the total impact that royalties had on gross margin improvement.

我想知道你是否可以給我們關於消費者收入的任何顏色，然後你是否可以幫助我們了解版稅對毛利率提高的總體影響。

Well, any increase in royalties is 100% gross margin.

好吧，任何特許權使用費的增加都是 100% 的毛利率。

So I would say that our royalty income from PS3 increased significantly from Q2 to Q3; it more than doubled.

所以我想說我們從 PS3 獲得的版稅收入從第二季度到第三季度顯著增加；它增加了一倍多。

So that had an impact on our gross margins.

所以這對我們的毛利率產生了影響。

Was it the driving factor?

這是驅動因素嗎？

Probably not, but it was one of the factors that improved gross margins.

可能不會，但這是提高毛利率的因素之一。

The fact that that increase would probably account for most of the increase in the consumer business is probably true.

這一增長可能佔消費者業務增長的大部分，這一事實可能是正確的。

Uche Orji, UBS Investment Bank.

Uche Orji，瑞銀投資銀行。

Could I just get a sense of where the Professional Services business will go next quarter?

我能否了解下個季度專業服務業務的發展方向？

I see your guidance and you are [holding] (technical difficulty).

我看到你的指導，你正在[持有]（技術難度）。

But that division is pretty critical for driving overall gross margins.

但該部門對於推動整體毛利率非常關鍵。

So if you can give us some color as to what we should expect within that division, that would be very helpful.

因此，如果您能給我們一些關於我們應該在該部門中期待什麼的顏色，那將非常有幫助。

The second question is about your handset strategy.

第二個問題是關於你的手機策略。

I understand your push on the apps processor direction, but do you see the lack a baseband solution as something that could become a problem for the execution of that strategy?

我理解您對應用處理器方向的推動，但您是否認為缺少基帶解決方案可能會成為執行該策略的問題？

So if you can give me some color, that would be helpful.

所以如果你能給我一些顏色，那會很有幫助。

I guess, on the first one, we really haven't, and we don't give too much granular guidance at the business unit level.

我想，在第一個方面，我們真的沒有，我們也沒有在業務部門級別提供太多細粒度的指導。

All I can tell you is that the Professional Solutions Group is doing well, and they're strategically very well-positioned.

我只能告訴你，專業解決方案集團做得很好，而且他們在戰略上處於非常有利的位置。

They add a lot of value to the marketplace.

他們為市場增加了很多價值。

Our business, what some people call the workstations business, what we call the Professional Solutions business, is really a combination of GPU technology and a lot of software system component technology and expertise.

我們的業務，有些人稱之為工作站業務，我們稱之為專業解決方案業務，實際上是 GPU 技術與大量軟件系統組件技術和專業知識的結合。

We have one of the -- if not, in my expectation, to be the largest developer technology organization in the world.

我們有一個——如果不是，在我的期望中，成為世界上最大的開發者技術組織之一。

We help inspire and we help solve some of the most challenging visual computing problems in the world through that organization.

我們通過該組織幫助啟發並幫助解決世界上一些最具挑戰性的視覺計算問題。

So I expect it to do well.

所以我希望它做得很好。

We haven't really given much guidance.

我們並沒有真正給予太多指導。

With respect our application processor business, we're going to focus on segments of the handheld marketplace where computing is particularly important.

關於我們的應用處理器業務，我們將專注於計算尤為重要的手持市場領域。

If you take a look at all the handhelds in the world, really with the exception of the iPhone, every other phone in the world wants to be a computer but has a long way to go.

如果你看看世界上所有的手持設備，真的除了 iPhone，世界上所有其他手機都想成為一台電腦，但還有很長的路要走。

This is where we could add a lot of value.

這是我們可以增加很多價值的地方。

NVIDIA is fundamentally a computer technology company.

英偉達本質上是一家計算機技術公司。

We are one of the world's largest computer technology companies, and there are very few consumer-oriented computing platforms where we can't, from the ground up, design an entire computer for you.

我們是世界上最大的計算機技術公司之一，很少有面向消費者的計算平台我們不能從頭開始為您設計整台計算機。

So this is an area that we could add a lot of value.

所以這是一個我們可以增加很多價值的領域。

We're seeing a lot of interest in the work that we're doing.

我們看到人們對我們正在做的工作很感興趣。

When I said several years ago that this is going to be the second personal computer revolution, and that the phone is going to become a computer first and a phone second, at the time it sounded kind of odd.

幾年前我說這將是第二次個人電腦革命，手機將首先成為電腦，然後是手機，當時聽起來有點奇怪。

But I think it makes a lot of sense now.

但我現在覺得這很有意義。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Daniel Ernst, Hudson Square Research.

哈德遜廣場研究部的丹尼爾·恩斯特。

First, on the mainstream growth or maybe also the low end of the discrete, obviously, in the domestic markets so much enthusiasm around digital video and high-resolution photography with things YouTube and digital SLRs and the uptake of premium Vista -- I assume that has been a lot of the growth there.

首先，在主流增長或離散的低端，顯然，在國內市場對數字視頻和高分辨率攝影以及 YouTube 和數字單反相機的熱情以及高端 Vista 的採用——我假設那裡已經有了很大的增長。

But can you talk about that same market overseas, where so much more of the overall PC market growth is, especially in developing countries like India and China, where I assume the market is more price-sensitive?

但是你能談談海外的同一個市場嗎，那裡的整體 PC 市場增長更多，尤其是在印度和中國等發展中國家，我認為那裡的市場對價格更加敏感？

Then secondly, on the mobile phone business, you gave us a little bit of mapping for the app processor.

其次，在手機業務上，您給我們做了一點應用處理器的映射。

But can you give us a little bit of color about the current mobile phone business and how that is tracking relative to expectations?

但是，您能否就當前的手機業務以及相對於預期的跟踪情況向我們透露一些信息？

I would say that the developing markets are being driven right now by online games, which is really a craze in China and India, and the online game market is really doing fabulously out there.

我想說的是，發展中市場現在正受到網絡遊戲的推動，這在中國和印度真的很熱，而且網絡遊戲市場在那裡的表現真的很棒。

Games are free, and you pay for the service and you pay as you go.

遊戲是免費的，您需要為服務付費，並且隨用隨付。

So really a good way great way for them to meet their friends and meet people on the Web.

因此，對於他們來說，這是一個在網絡上結識朋友和認識人們的好方法。

So that's a real growth driver.

所以這是一個真正的增長動力。

Another one, of course, is their purchasing power in the foreign countries are becoming quite good, and as a result they can buy up on their configurations.

另一個當然是他們在國外的購買力越來越好，因此他們可以購買他們的配置。

One of the best ways to improve your experience to buy up on the configuration is to add a GPU.

改善購買配置的體驗的最佳方法之一是添加 GPU。

So I think those factors are quite important gross drivers for us internationally, irrespective of Vista.

所以我認為這些因素在國際上對我們來說都是非常重要的總驅動力，無論 Vista 是什麼。

Internationally, Vista is doing well everywhere.

在國際上，Vista 在任何地方都做得很好。

I don't think it's not doing well in China; I frankly think that it's doing very well in China and it will do very well in India as well.

我不認為它在中國做得不好。坦率地說，我認為它在中國做得很好，在印度也會做得很好。

Any consumer will enjoy Vista.

任何消費者都會喜歡 Vista。

With respect to the application processors, the handheld business, we haven't shipped much application processors.

關於應用處理器，手持業務，我們還沒有出貨太多的應用處理器。

We haven't shipped any of our AP15 yet.

我們還沒有發貨任何 AP15。

So all of our current handheld business is from the existing handheld GPU business, which met expectations.

所以我們現在所有的掌上業務都是來自現有的掌上GPU業務，符合預期。

It's not intended to grow, and it's likely to continue to decline.

它不打算增長，它可能會繼續下降。

This quarter I think it did climb.

本季度我認為它確實攀升了。

But we're not expecting that business to grow because we're not out trying to get any more design wins.

但我們並不期望該業務增長，因為我們並沒有試圖獲得更多的設計勝利。

We're really focusing now on building our application processor and business where we're going to drive the market.

我們現在真正專注於構建我們將推動市場的應用處理器和業務。

Do you see a bit of an air pocket, then, between the current gen, the mobile GPU you have now and integrated app processor?

那麼，在當前一代、您現在擁有的移動 GPU 和集成應用處理器之間，您是否看到了一點氣穴？

No, not really, mainly because it's not a significant portion of our business right now.

不，不是真的，主要是因為它現在不是我們業務的重要部分。

Sidney Ho, Merrill Lynch.

何西德尼，美林證券。

Thanks for taking my question.

感謝您提出我的問題。

It's a question on gross margin.

這是毛利率的問題。

You are at 46.2% this quarter, and I'm not going to ask for specific guidance.

本季度你的比例為 46.2%，我不會要求具體指導。

But if you look forward, say, for the next 12 months, what are some of the biggest [lever section] improved margins, both at the gross and operating margin levels?

但是，如果您展望未來 12 個月，那麼在毛利率和營業利潤率水平上，最大的 [槓桿部分] 利潤率提高有哪些？

Is it more like a product mix between chipsets, GPU, Tesla, or between product families like, say, a G92?

它更像是芯片組、GPU、Tesla 之間的產品組合，還是 G92 等產品系列之間的產品組合？

Or was there something else?

還是有別的東西？

We've not increased our gross margins by raising prices once, and the reason for that is because it's hard to grow while you are raising prices.

我們沒有通過一次提價來增加毛利率，原因是你提價時很難增長。

So we remain very competitive in the marketplace.

因此，我們在市場上仍然非常具有競爭力。

Where we have improved all of our gross margins is internal operational improvements.

我們提高所有毛利率的地方是內部運營改進。

I'll tell you that I have a lot of work left to do.

我會告訴你，我還有很多工作要做。

So there are quite a bit of internal -- just the things that we can do inside, all within the walls of our company.

所以有相當多的內部——只是我們可以在內部做的事情，都在我們公司的圍牆內。

We have many, many ideas on improving our gross margins through better operations, better execution.

我們有很多很多關於通過更好的運營、更好的執行來提高我們的毛利率的想法。

The mix will affect gross margins, depending on where the growth comes from.

這種組合將影響毛利率，具體取決於增長的來源。

But having said that, our total focus is improving the gross margins on each of the business segments.

但話雖如此，我們的總重點是提高每個業務部門的毛利率。

Jen-Hsun is right; there's lots of things that we can do better.

仁勳是對的；有很多事情我們可以做得更好。

So I still see room for gross margin improvement in each of the businesses.

因此，我仍然看到每項業務的毛利率都有提高的空間。

For the Professional Services Group, can you tell us how did average selling price do for the quarter?

對於專業服務集團，您能否告訴我們該季度的平均售價如何？

Also if you can tell us how much was a contribution from Tesla during the quarter, which I don't expect much, that would be great.

此外，如果您能告訴我們特斯拉在本季度的貢獻有多少，我預計不會太多，那就太好了。

Tesla was very little.

特斯拉很小。

It's just beginning to ship, so it's very little.

它才剛剛開始發貨，所以很少。

We're expecting it to be small, relative to the overall size of the Company, in its first year.

相對於公司的整體規模，我們預計在第一年它會很小。

The most important thing about Tesla is targeting it at the type of applications where they could really use the help right away, whether it's oil and gas or imaging, medical imaging, or computational finance.

特斯拉最重要的一點是將其定位於他們真正可以立即使用幫助的應用類型，無論是石油和天然氣或成像、醫學成像還是計算金融。

There are all kinds of applications out there that really benefit from it.

有各種各樣的應用程序真正從中受益。

Meanwhile, we're driving CUDA, which is the programming environment, into all of our GPUs, so that we can bring GPU computing to the masses.

同時，我們正在將編程環境 CUDA 驅動到我們所有的 GPU 中，以便我們可以將 GPU 計算帶給大眾。

So both of those efforts are ongoing, and I frankly think that the progress is extremely high and better than we had expected, by far, by a lot.

因此，這兩項努力都在進行中，坦率地說，我認為進展非常快，比我們預期的要好很多。

As far as the ASPs go, ASPs are in the hundreds of dollars.

就 ASP 而言，ASP 為數百美元。

It gets to be a complex mix of parts, of products, there.

那裡是零件和產品的複雜組合。

So let me just say it's hundreds of dollars.

所以讓我說它是數百美元。

So was it up from last quarter (inaudible)?

那麼它比上一季度有所上升嗎（聽不清）？

No, relatively flat.

不，相對平坦。

Nicholas Aberle, Caris & Co.

Nicholas Aberle, Caris & Co.

Nice quarter, guys.

不錯的季度，伙計們。

The question had to do with ASPs.

這個問題與 ASP 有關。

I know we talked about ASPs here in the most recent quarter.

我知道我們在最近一個季度談到了 ASP。

You guys have done a great job over the last couple of years in improving those.

在過去的幾年裡，你們在改進這些方面做得很好。

What is the expectation over time for ASPs?

隨著時間的推移，對 ASP 的期望是什麼？

Do we have a substantial move higher from current levels, based on Tesla?

基於特斯拉，我們是否從當前水平大幅上漲？

My general -- the way we think about ASPs here, the way I think about ASPs is we have to make the GPU more valuable.

我的將軍——我們在這裡對 ASP 的看法，我對 ASP 的看法是，我們必須讓 GPU 更有價值。

The more programmable we make it and the more applications take advantage of it, the more people will spend in buying GPUs, because it will enhance their computing experience.

我們讓它的可編程性越高，利用它的應用程序就越多，人們購買 GPU 的費用就會越多，因為它會增強他們的計算體驗。

Now, that trend has been moving very aggressively over the last couple of years with all of the applications that I've already talked about and the growth of the gaming market and amazing applications like Google Earth and Microsoft's Virtual Earth 3D.

現在，隨著我已經談到的所有應用程序以及遊戲市場的增長以及 Google Earth 和 Microsoft 的 Virtual Earth 3D 等令人驚嘆的應用程序，這種趨勢在過去幾年中一直非常積極地發展。

These type of applications is just continuing to make the GPU more important.

這些類型的應用程序只是繼續使 GPU 變得更加重要。

So that's our focus.

所以這是我們的重點。

My expectation is absolutely the GPU ASP will continue to increase, and the reason for that is because I expect to make it more valuable, and people will see the value and, hopefully, choose to buy a better GPU.

我的期望絕對是 GPU ASP 會繼續增加，原因是因為我希望它變得更有價值，人們會看到它的價值，並希望選擇購買更好的 GPU。

Looking back over the last couple of years, you guys have refreshed Halo product, the enthusiast desktop product, about twice a year, it looks like every fall and spring.

回顧過去的幾年，你們每年都會更新Halo產品，發燒級桌面產品，大約每年兩次，看起來像每年秋天和春天。

You guys just did 8800 Ultra back in the spring.

你們剛剛在春天做了 8800 Ultra。

Should we be expecting other enthusiast refresh here before the end of the year?

我們是否應該期待其他愛好者在今年年底之前在這裡更新？

Well, we are at the end of the year.

嗯，我們在年底。

We decided that the refresh that we do this time was 8800 GT.

我們決定這次我們做的更新是 8800 GT。

This is just a barn-burner refresh, and so we're really, really proud of the 8800 GT, and we're going to put our focus here.

這只是穀倉燃燒器的更新，所以我們真的非常為 8800 GT 感到自豪，我們將把重點放在這裡。

From 8800 GT, you could obviously do SLI, and soon you will be able to do three-way SLI.

從 8800 GT 開始，你顯然可以做 SLI，很快你就可以做三路 SLI。

So you are going to be able to put a lot of GPU horsepower into your system, starting with the very affordable 8800 GT.

因此，從價格實惠的 8800 GT 開始，您將能夠將大量 GPU 馬力投入您的系統。

So this is our focus for now.

所以這是我們現在的重點。

Intel, back in September, bought a small company called Havok, does acceleration, physics acceleration software.

英特爾早在 9 月份就收購了一家名為 Havok 的小公司，該公司做加速、物理加速軟件。

I just was wondering if you guys are in the market for that IP.

我只是想知道你們是否在這個 IP 的市場上。

I know you guys have worked with them in the past, and how that may maybe has an effect on the longer-term landscape.

我知道你們過去曾與他們合作過，這可能會對長期前景產生怎樣的影響。

No current plans.

目前沒有計劃。

But no commentary regarding how their purchase of Havok affects maybe their IP positioning relative to yours in physics acceleration?

但是沒有評論他們對 Havok 的購買如何影響他們在物理加速方面相對於你的 IP 定位？

I didn't know that was the question you asked.

我不知道這是你問的問題。

You asked me about my plans; I have no plans.

你問我我的計劃；我沒有計劃。

I don't know why they bought Havok.

我不知道他們為什麼要買 Havok。

Physics processing has a long ways to go, and there are so many companies out there.

物理處理還有很長的路要走，那裡有很多公司。

There's quite a few middleware companies out there that are creating technology in this area.

有相當多的中間件公司正在這個領域創造技術。

Many gamers, many game developers incorporate their own physics engine.

許多遊戲玩家，許多遊戲開發者都加入了他們自己的物理引擎。

So my sense is that there's a lot of invention still left to do in this area.

所以我的感覺是，在這個領域還有很多發明要做。

I'm not sure why they bought that company, to tell you the truth.

說實話，我不確定他們為什麼要收購那家公司。

It might give them some advantages with respect to Havok, but obviously creates negative synergies everywhere else.

在 Havok 方面，它可能會給他們一些優勢，但顯然會在其他地方產生負面的協同作用。

But I don't know why they did, so you're asking, really, the wrong person.

但我不知道他們為什麼這樣做，所以你問的人，真的，是錯的人。

Strategically, I don't know that it has any real bearing on work that we are doing.

從戰略上講，我不知道它對我們正在做的工作有什麼真正的影響。

Good luck in Q4, guys.

伙計們，祝第四季度好運。

There are no more questions at this time.

目前沒有更多問題。

I would now like to turn the call back over to Jen-Hsun.

我現在想把電話轉回給仁勳。

Please go ahead.

請繼續。

Thank you.

謝謝你。

NVIDIA's strategy is to be the world leader in visual computing by leading the GPU evolution while creating innovative technologies that enable and inspire amazing applications.

NVIDIA 的戰略是通過引領 GPU 演進，同時創造支持和激發驚人應用程序的創新技術，成為視覺計算領域的全球領導者。

The GPU is increasingly central to our computing experience, and although hundreds of millions of users already enjoy 3D applications and UIs like Vista and Leopard, this is just the tip of the iceberg of the potential of the GPU.

GPU 越來越成為我們計算體驗的核心，儘管數以億計的用戶已經享受了 Vista 和 Leopard 等 3D 應用程序和 UI，但這只是 GPU 潛力的冰山一角。

We intend to drive our growth by continuing to extend the GPU to more applications, more platforms and to more people.

我們打算通過繼續將 GPU 擴展到更多應用程序、更多平台和更多人來推動我們的增長。

Thank you for joining us today.

感謝您今天加入我們。

We look forward to reporting on our results for Q4.

我們期待報告第四季度的業績。

Ladies and gentlemen, that does conclude the conference call for today.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

I'd ask that you please disconnect your lines.

我想請你斷開你的線路。