輝達 (NVDA) 2008 Q4 法說會逐字稿

(technical difficulty) fourth fiscal quarter ended January 27, 2008.

（技術難度）截至 2008 年 1 月 27 日的第四財季。

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

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

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

在我們開始今天的電話會議之前，我想先處理一些一般管理事項。

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 market and market share numbers throughout the call come from Mercury Research or John Peddie Research.

除非另有說明，否則在整個電話會議中對研究市場和市場份額數字的所有引用均來自 Mercury Research 或 John Peddie Research。

This call is being recorded.

正在錄製此通話。

If you have any objection, 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.

此外，股東可以通過我們網站的投資者關係頁面收聽今天電話會議的網絡直播。

The webcast will be available for replay until the Company's conference call to discuss its financial results for its first fiscal quarter 2009.

在公司召開電話會議討論其 2009 年第一財季的財務業績之前，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 the statements as to the importance of and the uses for the GPU; our outlook; the impact, performance and availability of and demand for our products and technologies; our growth and strategies; and the future of computing 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；我們的展望；我們的產品和技術的影響、性能、可用性和需求；我們的增長和戰略；計算的未來與未來事件有關，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 October 28, 2007, and the Reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響公司未來財務業績和業務的因素的完整討論，請參閱公司截至 2007 年 10 月 28 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。

And 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 February 13, 2008.

網絡廣播的內容包含截至 2008 年 2 月 13 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 offline 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。

We are pleased to report another record quarter, and fiscal 2008 was another record year.

我們很高興地報告又一個創紀錄的季度，而 2008 財年又是創紀錄的一年。

We had many achievements this past year.

在過去的一年裡，我們取得了很多成就。

Q4 revenue grew 37% year over year to a record $1.2 billion.

第四季度收入同比增長 37%，達到創紀錄的 12 億美元。

Annual revenue increased 34% year over year to a record $4.1 billion.

年收入同比增長 34%，達到創紀錄的 41 億美元。

Annual net income increased 78% year over year to a record $797.6 million.

年淨收入同比增長 78%，達到創紀錄的 7.976 億美元。

Annual gross margin reached a new high of 45.6%, an increase of 320 basis points from a year ago.

全年毛利率達到45.6%的新高，比上年提高320個基點。

We launched a record number of industry-defining products and initiatives this year.

今年，我們推出了創紀錄數量的行業定義產品和計劃。

GeForce 8800 family, including the highly acclaimed 8800GT -- we've sold over 2 million 8800GTs in just four months of production, and demand continues to exceed our forecasts.

GeForce 8800 系列，包括廣受讚譽的 8800GT——我們在短短四個月的生產中售出了超過 200 萬台 8800GT，並且需求繼續超過我們的預測。

GeForce 7000, the first motherboard GeForce for Intel systems -- together with the CPU, the GeForce 7000 enables the first two-chip Intel processor PC.

GeForce 7000，第一款用於 Intel 系統的主板 GeForce——與 CPU 一起，GeForce 7000 使第一款兩芯片 Intel 處理器 PC 成為可能。

CUDA, the industry's first parallel programming environment that puts the massively parallel processing capability of the GPU in the hands of all programmers -- CUDA is available on every one of the 50 million GeForce 8000 series GPUs that we have shipped.

CUDA 是業界第一個將 GPU 的大規模並行處理能力交到所有程序員手中的並行編程環境——我們交付的 5000 萬塊 GeForce 8000 系列 GPU 中的每一塊都提供了 CUDA。

We expect to ship several hundred million CUDA GPUs over the next several years.

我們預計未來幾年將出貨數億個 CUDA GPU。

CUDA has quickly become one of the most pervasive and accessible parallel programming environments ever.

CUDA 已迅速成為有史以來最普遍和可訪問的並行編程環境之一。

There is increasing recognition that the traditional CPU-alone architecture or homogeneous architecture is not optimal for every application.

人們越來越認識到，傳統的單獨 CPU 架構或同構架構並非對每個應用程序都是最佳的。

With CUDA, we have launched a new computing movement towards heterogeneous computing, where a traditional CPU is combined with a massively parallel processing GPU to achieve a giant step-up in performance.

借助 CUDA，我們發起了一場面向異構計算的新計算運動，傳統 CPU 與大規模並行處理 GPU 相結合，實現了性能的巨大提升。

Visual computing is one of the most well-known parallel computing applications.

視覺計算是最著名的並行計算應用之一。

There are many others.

還有很多其他的。

Applications such as physics processing, computer vision, video/image processing are just a few examples that are dramatically enhanced by CUDA and heterogeneous computing.

物理處理、計算機視覺、視頻/圖像處理等應用只是 CUDA 和異構計算顯著增強的幾個示例。

Engineers and researchers in software companies, computer companies and in universities around the world are recognizing the importance of heterogeneous computing.

世界各地軟件公司、計算機公司和大學的工程師和研究人員正在認識到異構計算的重要性。

This is a major movement in computing.

這是計算領域的一次重大變革。

Tesla, our new family of server workstation-class GPUs, with supporting system and software technologies for high-performance computing -- the first Tesla 1U rack contains four GPUs, each with 128 processors, delivering a whopping 1.1 teraflops of sustained supercomputing performance in a real-world application.

Tesla 是我們全新的服務器工作站級 GPU 系列，具有支持高性能計算的系統和軟件技術——第一個 Tesla 1U 機架包含四個 GPU，每個 GPU 有 128 個處理器，可在短時間內提供高達 1.1 teraflops 的持續超級計算性能實際應用。

Hybrid SLI -- like a hybrid card, Hybrid SLI allows a small GPU and a large GPU to work together.

Hybrid SLI——與混合卡一樣，Hybrid SLI 允許小型 GPU 和大型 GPU 一起工作。

The small GPU runs like visual computing workloads while conserving power.

小型 GPU 像視覺計算工作負載一樣運行，同時節省電力。

When heavy workload is required, both GPUs combine their capabilities to deliver the most delightful experience.

當需要繁重的工作負載時，兩個 GPU 可以結合它們的功能來提供最令人愉悅的體驗。

With Hybrid SLI, we can deliver the ultimate visual computing experience while enabling environmentally friendly, power-efficient design.

借助 Hybrid SLI，我們可以提供終極的視覺計算體驗，同時實現環保、節能的設計。

Lastly, PureVideo HD -- the first video decode and postprocessing technology for Blu-ray and high-definition DVD.

最後，PureVideo HD——第一個用於藍光和高清 DVD 的視頻解碼和後處理技術。

Year over year, annual revenue of each core product line turned in strong results.

與去年同期相比，各核心產品線的年收入都取得了強勁的成績。

Desktop GPU revenue grew 38%.

桌面 GPU 收入增長 38%。

Notebook GPU revenue grew 114%.

筆記本 GPU 收入增長 114%。

Workstation grew 27%.

工作站增長了 27%。

MCP revenue grew 7%.

MCP 收入增長 7%。

NVIDIA held the number one segment share in desktop GPU, notebook GPU, all of DX9 and DX10 GPUs and workstation solutions.

NVIDIA 在台式機 GPU、筆記本 GPU、所有 DX9 和 DX10 GPU 以及工作站解決方案的細分市場份額中排名第一。

NVIDIA was named the most respected public company by the members of the Fabless Semiconductor Association for the second consecutive year.

NVIDIA 連續第二年被 Fabless Semiconductor Association 的成員評為最受尊敬的上市公司。

NVIDIA was named Company of the Year by Forbes magazine.

NVIDIA 被福布斯雜誌評為年度公司。

We acquired mental images, the industry's leading photorealistic rendering technology provider.

我們收購了業界領先的逼真渲染技術提供商mental images。

Mental images' mental ray is the most pervasive ray tracer in the industry.

Mental images 的 mental ray 是業內最普遍的光線追踪器。

Lastly, just this week, we announced the completion of the acquisition of AGEIA, the industry leader in gaming physics technology.

最後，就在本週，我們宣布完成對遊戲物理技術行業領導者 AGEIA 的收購。

We are pleased with our achievement this year.

我們對今年的成就感到高興。

Particularly, we are very pleased with our strategic position heading into fiscal 2009.

特別是，我們對進入 2009 財年的戰略地位感到非常滿意。

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

讓我把電話轉給 Marv 討論我們的財務業績。

I will return in a moment to address our growth opportunities for the coming year.

我稍後會回來討論我們來年的增長機會。

Today, we will be looking at both GAAP and non-GAAP results for the fourth quarter of fiscal year '08 and for the full year of fiscal year 2008.

今天，我們將關注 08 財年第四季度和 2008 財年全年的 GAAP 和非 GAAP 業績。

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

GAAP 和非 GAAP 之間的區別主要在於基於股票的薪酬及其稅收影響。

In Q4, there was also an in-process R&D write-off from the mental images acquisition.

在第四季度，心理圖像採集也進行了一項正在進行的研發核銷。

As Jen-Hsun stated, revenue for the fourth quarter was $1.2 billion, which is an 8% increase quarter to quarter.

正如仁勳所說，第四季度的收入為 12 億美元，環比增長 8%。

The growth quarter to quarter came from desktop GPUs, which grew 19%, and workstation, which grew 9%.

季度增長來自桌面 GPU，增長 19%，工作站增長 9%。

Notebook and MCP were up slightly, at 1% and 2%.

筆記本電腦和 MCP 小幅上漲，分別為 1% 和 2%。

The strength in desktop came from new products such as the GeForce 8800 family.

台式機的優勢來自 GeForce 8800 系列等新產品。

Comparing Q4 of fiscal year '08 with Q4 of fiscal year '07, revenue was up 37%, led by notebook and desktop.

將 08 財年第四季度與 07 財年第四季度進行比較，收入增長了 37%，其中筆記本電腦和台式機居首。

Notebook was up 124% year to year, and desktop was up 69%.

筆記本電腦同比增長 124%，台式機增長 69%。

Workstation grew by 31%.

工作站增長了 31%。

The consumer business declined 22% for the year.

消費者業務全年下降 22%。

The strength that we saw in desktop GPUs for Q2 and Q3 has continued through Q4 and showed signs of continuing in Q1, demonstrating the growing importance of the GPU in the PC system.

我們在 Q2 和 Q3 的桌面 GPU 中看到的優勢一直持續到 Q4，並在 Q1 顯示出繼續的跡象，這表明 GPU 在 PC 系統中的重要性日益增加。

For the year, we had revenue of $4.1 billion, which is up 34%.

這一年，我們的收入為 41 億美元，增長了 34%。

Gross margin for the quarter was 45.7% GAAP and 45.9% non-GAAP.

本季度的毛利率為 45.7% GAAP 和 45.9% 非 GAAP。

This is the first time in 13 quarters that we haven't had a non-GAAP gross margin increase quarter to quarter.

這是 13 個季度以來我們第一次沒有出現非公認會計準則毛利率季度增長。

During the quarter, we experienced some cost issues with regard to the 8800GT, which we hope to resolve in the next two quarters.

在本季度，我們遇到了一些關於 8800GT 的成本問題，我們希望在接下來的兩個季度中解決這些問題。

For the year, GAAP gross margin was 45.6%, which is up 320 basis points.

全年，GAAP 毛利率為 45.6%，上升 320 個基點。

Operating expenses for the quarter were $287 million GAAP and $251 million non-GAAP.

本季度的運營費用為 2.87 億美元 GAAP 和 2.51 億美元非 GAAP。

The GAAP number includes a $4 million write-off of in-process R&D associated with the mental images acquisition.

GAAP 數字包括與心理圖像採集相關的 400 萬美元的正在進行的研發沖銷。

It also includes approximately $32 million of stock-based compensation.

它還包括大約 3200 萬美元的股票補償。

The non-GAAP operating expenses were up $13 million quarter to quarter or 5.5%, and this includes an additional $3 million of operating expenses associated with mental images.

非 GAAP 運營費用環比增長 1300 萬美元或 5.5%，其中包括與心理圖像相關的額外 300 萬美元運營費用。

The revenue for mental images in the quarter was less than $1 million.

本季度心理圖像的收入不到 100 萬美元。

We continued to aggressively hire during the quarter and ended the year with a headcount of 4985, which is up 376 from the prior quarter and up 902 over the prior year.

我們在本季度繼續積極招聘，年底員工人數為 4985 人，比上一季度增加 376 人，比去年增加 902 人。

Approximately two-thirds of the headcount additions for the quarter and the year were in the R&D sector.

本季度和本年度新增員工中約有三分之二來自研發部門。

So for the year, revenue was up 34%, non-GAAP operating expenses were up 25% and headcount was up 22%.

因此，這一年，收入增長了 34%，非公認會計準則運營費用增長了 25%，員工人數增長了 22%。

The tax rate for the year was 11.5%, which is slightly lower than we anticipated, as the mix of international sales was slightly higher than we had forecast.

今年的稅率為 11.5%，略低於我們的預期，因為國際銷售的組合略高於我們的預期。

This resulted in a GAAP tax rate for the quarter of 8.2%.

這導致該季度的 GAAP 稅率為 8.2%。

For the quarter, the GAAP earnings per share were 42%, and the non-GAAP were $0.49.

本季度，GAAP 每股收益為 42%，非 GAAP 為 0.49 美元。

For the year, GAAP earnings were $1.31, and the non-GAAP was $1.56.

全年，GAAP 收益為 1.31 美元，非 GAAP 收益為 1.56 美元。

On the balance sheet, cash and marketable securities was $1.8 billion, down $43 million from Q3 and up $692 million year to year.

在資產負債表上，現金和有價證券為 18 億美元，比第三季度減少 4300 萬美元，同比增加 6.92 億美元。

In the quarter, we repurchased $178 million of stock, purchased mental images for cash, and also purchased some EDA equipment and services.

本季度，我們回購了 1.78 億美元的股票，以現金購買了 mental images，還購買了一些 EDA 設備和服務。

The operating cash flow in the quarter was a little over $250 million.

本季度的經營現金流略高於 2.5 億美元。

Accounts receivable grew by $114 million, reflecting both the shipment profile in the quarter and the increase in revenue.

應收賬款增加了 1.14 億美元，反映了本季度的出貨情況和收入的增長。

The accounts receivable is very current, and there are no issues with regard to payment.

應收賬款是最新的，在付款方面沒有問題。

DSO in the quarter was 50 days.

本季度的 DSO 為 50 天。

We built $52 million in inventory during the quarter, all of which was in new products.

我們在本季度建立了 5200 萬美元的庫存，所有這些都是新產品。

Inventory continued to be lean at 50 days, up only slightly from Q3.

庫存繼續保持 50 天的稀少，僅比第三季度略有上升。

Depreciation was $37 million in the quarter, and capital expenditures were $70 million.

本季度折舊為 3700 萬美元，資本支出為 7000 萬美元。

For the year, capital expenditures was $188 million.

本年度，資本支出為 1.88 億美元。

On the outlook, we expect revenue in Q1 to be better than seasonal.

展望未來，我們預計第一季度的收入將好於季節性。

We expect continued strength in desktop GPUs, seasonal weakness in some others, and the result is we believe revenue will be slightly down.

我們預計桌面 GPU 將繼續走強，而其他一些 GPU 則出現季節性疲軟，結果是我們認為收入將略有下降。

For gross margins, we will certainly try to get back on track of increasing gross margins and would expect margins to be flat to slightly up.

對於毛利率，我們肯定會努力回到毛利率上升的軌道上，並預計毛利率將持平或略有上升。

We expect operating expenses to increase quarter to quarter because of the normal Q1 issues of less vacation in Q1 than Q4, higher FICA expense in Q1 than Q4.

我們預計運營費用將逐季增加，因為第一季度的正常問題是第一季度的假期少於第四季度，第一季度的 FICA 費用高於第四季度。

In addition, we expect to have approximately $7 million of incremental expenses in Q1 that will come from acquisitions we've recently made.

此外，我們預計第一季度將有大約 700 萬美元的增量開支來自我們最近進行的收購。

The result is that we expect operating expenses to increase 8% to 10%.

結果是我們預計運營費用將增加 8% 至 10%。

Since the R&D tax credit has not yet been renewed, we expect there will be an increase in the tax rate until that happens.

由於研發稅收抵免尚未更新，我們預計在此之前稅率將會提高。

If the R&D tax credit is renewed, we would expect a tax rate of 13% to 14% for the year.

如果更新研發稅收抵免，我們預計今年的稅率為 13% 至 14%。

Until that happens, our expected tax rate will be approximately 17%.

在此之前，我們的預期稅率將約為 17%。

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

有了這個，我會把它交給仁勳。

Thanks, Mark.

謝謝，馬克。

We are entering the era of digital computing.

我們正在進入數字計算時代。

Applications with bridge graphics are growing with astounding numbers.

具有橋樑圖形的應用程序正在以驚人的數量增長。

Video games is now a $43 billion industry and larger than movie box office receipts and music.

視頻遊戲現在是一個價值 430 億美元的產業，比電影票房收入和音樂還要大。

World of Warcraft, commonly known as WoW, is a massively multiplayer 3D online role-playing game with over 10 million active users.

魔獸世界，俗稱WoW，是一款擁有超過1000萬活躍用戶的大型多人3D在線角色扮演遊戲。

According to comScore, a leader in measuring the visual world, 217 million video game players immerse themselves in online 3D worlds, and that number is expected to grow 17% annually.

根據衡量視覺世界的領導者 comScore 的數據，有 2.17 億視頻遊戲玩家沉浸在在線 3D 世界中，預計這一數字將以每年 17% 的速度增長。

Google Earth combines the power of search with rich imagery and 3D terrain and is transforming the way we navigate.

Google 地球將搜索功能與豐富的圖像和 3D 地形相結合，正在改變我們的導航方式。

There have been over 350 million unique downloads of Google Earth to date.

迄今為止，Google 地球的獨立下載量已超過 3.5 億次。

Modern operating systems, Windows Vista and Apple OSX Leopard delivers amazing 3D user interfaces.

現代操作系統、Windows Vista 和 Apple OSX Leopard 提供了令人驚嘆的 3D 用戶界面。

Combined, the two operating systems have shipped over 100 million copies to date.

迄今為止，這兩個操作系統的總出貨量已超過 1 億份。

Our growth reflects the increasing importance of the GPU in these applications.

我們的增長反映了 GPU 在這些應用程序中的重要性日益增加。

We shipped a record 80 million discrete GPUs last year.

我們去年出貨了創紀錄的 8000 萬個獨立 GPU。

Including motherboard GeForces, we shipped a total of 111 million GPUs.

包括主板 GeForce，我們總共出貨了 1.11 億顆 GPU。

Our annual discrete GPU revenue grew 50% year over year.

我們每年的獨立 GPU 收入同比增長 50%。

Our Q4 discrete GPU revenue grew 80% from a year ago.

我們的第四季度獨立 GPU 收入比一年前增長了 80%。

Consumer demand for the richest visual computing experience is driving a movement to rebalance the architecture of the PC.

消費者對最豐富的視覺計算體驗的需求正在推動重新平衡 PC 架構的運動。

The CPU has become good enough for the vast majority of users.

對於絕大多數用戶來說，CPU 已經足夠好了。

Meanwhile, a higher-performance GPU will directly result in a dramatically more beautiful and fluid user experience.

同時，更高性能的 GPU 將直接帶來更加美觀和流暢的用戶體驗。

PC enthusiasts, gamers and design professionals have known this for some time.

PC 愛好者、遊戲玩家和設計專業人士已經知道這一點已有一段時間了。

They have long been the strongest proponents and consumers of the GPU.

長期以來，他們一直是 GPU 最強大的支持者和消費者。

Let me give you some recent examples from Gateway -- the Gateway P-Series FX, a very thin gaming HD video notebook, priced at $1249 and features a GeForce 8800 GPU and a lower-end 1.6 GHz CPU.

讓我舉幾個 Gateway 最近的例子——Gateway P-Series FX，一款非常薄的遊戲高清視頻筆記本電腦，售價 1249 美元，配備 GeForce 8800 GPU 和低端 1.6 GHz CPU。

Relative to a notebook with a higher-end CPU and lower-end GPU, the Gateway FX is twice the performance and yet $200 lower cost.

相對於配備高端 CPU 和低端 GPU 的筆記本電腦，Gateway FX 的性能是後者的兩倍，但成本卻降低了 200 美元。

Here is a recent quote from a CNet review of the Gateway FX7020 desktop PC.

這是 CNet 對 Gateway FX7020 台式 PC 的評論中最近引用的一段話。

"Gateway's FX7020 represents the type of PC we expect to see a lot of in 2008.

“Gateway 的 FX7020 代表了我們期望在 2008 年看到的 PC 類型。

It is a $1000 to $1500 gamer that finally has the graphics horsepower to handle the newest 3D PC games.

這是一個 1000 到 1500 美元的遊戲玩家，最終擁有處理最新 3D PC 遊戲的圖形能力。

Its AMD Phenom quad-core CPU isn't the fastest CPU around, although it is quick enough, but the real horsepower lies in its GeForce 8800GT graphics card.

它的 AMD Phenom 四核 CPU 並不是最快的 CPU，雖然它足夠快，但真正的馬力在於它的 GeForce 8800GT 顯卡。

Until now, few PCs in this price range have been able to handle the likes of Crisis, Unreal Tournament 3 and other new PC games with any kind of decent image quality.

到目前為止，在這個價格範圍內，很少有 PC 能夠處理危機、虛幻錦標賽 3 和其他具有任何體面圖像質量的新 PC 遊戲。

This PC and the forthcoming systems like it should finally deliver the promise of next-gen PC gaming to a wider audience."

這台 PC 和即將推出的類似系統應該最終將下一代 PC 遊戲的承諾傳遞給更廣泛的受眾。”

OEMs and consumers around the world are learning the same thing -- the CPU is good enough.

世界各地的原始設備製造商和消費者都在學習相同的東西——CPU 足夠好。

Investing more on the GPU will deliver a severalfold jump in application performance and experience.

在 GPU 上投入更多資金將在應用程序性能和體驗方面帶來數倍的飛躍。

We call this trend the optimized PC design approach.

我們將這種趨勢稱為優化的 PC 設計方法。

The balance of CPU and GPU processing should reflect the category of PCs, whether it is gaming PC, lifestyle PC, workstation PC, all-in-one PC or enterprise desktop PC.

CPU 和 GPU 處理的平衡應該反映 PC 的類別，無論是遊戲 PC、生活方式 PC、工作站 PC、一體機 PC 還是企業台式 PC。

We are excited about the coming years.

我們對未來幾年感到興奮。

The era of visual computing and the movement towards optimized PC design approach will make the GPU ever more central to our computing experience.

視覺計算時代和優化 PC 設計方法的發展將使 GPU 在我們的計算體驗中變得更加重要。

At the core of that experience is the GPU.

這種體驗的核心是 GPU。

This is the decade of the GPU.

這是 GPU 的十年。

We would be happy to take your questions now.

我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS) Tim Luke, Lehman Brothers.

（操作員說明）Tim Luke，雷曼兄弟。

I was wondering, as you guide for the first quarter to be slightly stronger than seasonal, if you could frame for us how you have perceived seasonal in terms of recent percentages, either up, down or -- and maybe, within that, you talked a little about the strength that you've seen in desktop, how we would perceive some of the different segments to look through the first quarter.

我想知道，當您指導第一季度略強於季節性時，您是否可以根據最近的百分比來描述您如何看待季節性，無論是上升，下降還是 - 也許在此期間，您談到了關於您在台式機中看到的實力，我們將如何看待第一季度的一些不同細分市場。

Seasonal, to me, is, for our business, is usually down nominally 5%.

對我來說，季節性對於我們的業務而言，通常名義上下降 5%。

I think that the PC in general is down 5% to 10%.

我認為個人電腦總體下降了 5% 到 10%。

But for us, it's historically been around, nominally, 5%.

但對我們來說，它在歷史上一直在名義上約為 5%。

So when I say down, I say it will be down less than that.

所以當我說下來的時候，我說它會低於那個值。

With regard to the strength in the desktop GPUs, the strength in Q4 and Q3 has been very, very good in the performance segment.

就桌面GPU的實力而言，Q4和Q3的實力在性能方面已經非常非常好。

The 8800GT, as Jen-Hsun said, is selling very, very well.

正如仁勳所說，8800GT 的銷量非常非常好。

So we would expect continued strength there, so I would say anything in the performance segment of the desktop GPUs is doing very well.

因此，我們預計那裡會繼續保持強勁勢頭，所以我想說桌面 GPU 性能領域的任何事情都做得很好。

In some of your recent updates, Marv, you had suggested that, while you'd seen strength in the performance end of the desktop area, you'd seen a little bit of volatility in the notebook arena.

在您最近的一些更新中，Marv，您曾建議，雖然您在桌面領域的性能方面看到了優勢，但您在筆記本領域看到了一些波動。

I was wondering if you had any recent updates as to how you've seen that.

我想知道你最近是否有任何關於你如何看到的更新。

Then, separately, in recent updates you had said that you had been targeting growth for the calendar year coming of at least in the 20% range, I believe.

然後，另外，在最近的更新中，您曾說過您的目標是在即將到來的日曆年中增長至少在 20% 的範圍內，我相信。

I was wondering if you could give some flavor on how you see the different building blocks of that rate of growth going forward.

我想知道您是否可以就您如何看待未來增長率的不同組成部分提供一些啟示。

Notebook in Q4 was up 1% quarter to quarter.

第四季度的筆記本電腦季度環比增長 1%。

So it certainly didn't decline.

所以它肯定沒有下降。

I think that's pretty good performance.

我認為這是相當不錯的表現。

I would expect it to come up seasonality in the first quarter.

我預計它會在第一季度出現季節性變化。

With regard to '08 in total, I don't think I have any change to what we have previously talked about.

就08年的整體而言，我認為我對我們之前談論的內容沒有任何改變。

With respect to the segments within that, do you have any feel for how we should think about modeling the different areas?

關於其中的細分，您對我們應該如何考慮對不同領域進行建模有什麼感覺嗎？

Growth in desktop GPUs, growth in MCP, growth in workstation.

桌面 GPU 的增長、MCP 的增長、工作站的增長。

Krishna Shankar, JMP Securities.

Krishna Shankar，JMP 證券公司。

As you look at your April quarter, you indicated strength in the desktop GPU market.

當您查看 4 月季度時，您表示桌面 GPU 市場表現強勁。

Do you see broad-based trends there across all segments of the desktop graphics market, or is it more in the high-end enthusiasts and performance-class market?

您是否看到桌面圖形市場所有細分市場的廣泛趨勢，還是更多的是高端發燒友和性能級市場？

No, we're seeing growth in the GPU business.

不，我們看到 GPU 業務正在增長。

Year over year, our GPU business grew 80%.

年復一年，我們的 GPU 業務增長了 80%。

And you can't grow that in just one particular segment.

而且你不能只在一個特定的細分市場中增長它。

We're seeing growth across all of the segments.

我們看到所有細分市場都在增長。

We are seeing increasing adoption of GPUs.

我們看到 GPU 的採用率越來越高。

We're seeing simultaneously a bias towards slightly higher-end GPU.

我們同時看到了對稍微高端的 GPU 的偏見。

And all of that is consistent with our belief and what I'm sure you believe and most consumers experience today, that more and more of the applications they enjoy are graphically rich.

所有這一切都與我們的信念以及我相信您相信和大多數消費者今天所體驗的一致，即他們喜歡的越來越多的應用程序具有豐富的圖形。

So I think that people understand increasingly that rebalancing the system so that more GPU horsepower could be dedicated to the experience will result in a much higher performance.

所以我認為人們越來越明白，重新平衡系統以便將更多的 GPU 馬力用於體驗將帶來更高的性能。

So PC OEMs, consumers, gamers have always known this.

所以 PC OEM、消費者、遊戲玩家一直都知道這一點。

Workstation professionals have always known this.

工作站專業人員一直都知道這一點。

Design professionals have known this.

設計專業人士都知道這一點。

And one PC OEM after another are building computers where the CPU is just good enough, and a lot more resources are dedicated towards the GPU, and the products are selling incredibly well because, frankly, they benchmark well, they use well.

一個接一個的 PC OEM 正在製造 CPU 剛剛好，更多資源專用於 GPU 的計算機，而且這些產品賣得非常好，因為坦率地說，它們的基準測試很好，它們使用得很好。

It's just a much more delightful experience overall.

總體而言，這只是一次更愉快的體驗。

Just a follow-up -- in terms of the competitive landscape, do you see -- how would you describe the competitive landscape in MCPs, especially in the notebook market, and also the dual-chip X2 configuration that AMD has come out with recently?

只是一個後續——就競爭格局而言，你看到了嗎——你如何描述 MCP 的競爭格局，尤其是在筆記本市場，以及 AMD 最近推出的雙芯片 X2 配置?

Can you talk about the media products that would be coming out to compete with that?

你能談談將要與之競爭的媒體產品嗎？

Let's see, you asked -- I think there were four questions altogether.

讓我們看看，你問了——我認為總共有四個問題。

So competition in MCP space -- the way we see it is this.

因此，MCP 領域的競爭——我們看待它的方式是這樣的。

We have the only GeForce motherboard solution for both Intel and AMD platforms.

我們擁有唯一適用於 Intel 和 AMD 平台的 GeForce 主板解決方案。

We're bringing Hybrid SLI to those platforms.

我們將 Hybrid SLI 引入這些平台。

And for anybody who enjoys -- who don't want to sacrifice a rich graphics experience and all the compatibility with all the applications around the world, even though they have purchased an entry-level PC, a GeForce on the motherboard is really the best way to go.

對於任何喜歡的人——即使他們購買了入門級 PC，也不想犧牲豐富的圖形體驗和與全球所有應用程序的所有兼容性，主板上的 GeForce 確實是最好的要走的路。

We continue to see success there.

我們繼續在那裡看到成功。

My expectation, our expectation this year is that we're going to grow the MCP business pretty substantially.

我的期望，我們今年的期望是我們將大幅增長 MCP 業務。

A lot of that has to do with the fact that this is the first year where we have GeForce motherboard GPUs for the Intel systems.

這在很大程度上與今年是我們為英特爾系統配備 GeForce 主板 GPU 的第一年有關。

So we're expecting that to do quite well.

所以我們期待它做得很好。

With respect to the notebook area, my sense is that wherever we don't differentiate substantially, we won't win the business.

關於筆記本領域，我的感覺是，只要我們不進行實質性差異化，我們就不會贏得業務。

If the customers don't care about graphics performance, if it's an enterprise notebook or the competition has a GPU solution just as good as ours, certainly we won't expect to win the business.

如果客戶不關心圖形性能，如果是企業筆記本，或者競爭對手的 GPU 解決方案與我們的一樣好，那麼我們當然不會期望贏得業務。

But other than that, I think we're going to do quite well.

但除此之外，我認為我們會做得很好。

Overall, I think we're going to have a great year for MCP.

總的來說，我認為 MCP 將度過美好的一年。

With respect to X2, you would only put two GPUs -- well, let me come at it another way.

對於 X2，您只需要放置兩個 GPU——好吧，讓我換一種方式。

If you're going to put two GPUs in a [net-in] card and you deliver the absolute highest performance in the world, the enthusiast that uses that particular PC will certainly tolerate the fact that it's a much larger solution.

如果您要將兩個 GPU 放入 [net-in] 卡並提供世界上絕對最高的性能，那麼使用特定 PC 的發燒友肯定會容忍它是一個更大的解決方案這一事實。

But if it's not the highest-performance solution in the world, as in the case of the X2, then it's just really problematic.

但是，如果它不是世界上性能最高的解決方案，就像 X2 那樣，那麼它就真的有問題了。

There's no market, really, for a product that's larger, louder and not as high performance.

實際上，對於更大、更大聲且性能不高的產品來說，沒有市場。

So I think that the GeForce 8800GTX is still absolutely the best DX10 and highest graphics performance GPU in the world and works great in SLI, and we're going to shortly announce or shortly ship three-way SLI.

所以我認為 GeForce 8800GTX 仍然絕對是世界上最好的 DX10 和最高圖形性能的 GPU，並且在 SLI 中表現出色，我們將很快宣布或很快發布三路 SLI。

So multiple GPUs on a net-in card is only tolerated if it's unambiguously the highest performance.

因此，只有在明確的最高性能時，才允許在網卡上使用多個 GPU。

Anything short of that, it's just too clumsy to be successful.

任何不足之處，都太笨拙而無法成功。

Gurinder Kalra, Bear Stearns.

Gurinder Kalra，貝爾斯登。

My first question is on the cost issues you experienced with desktop GPUs in the current quarter.

我的第一個問題是關於您在本季度使用桌面 GPU 時遇到的成本問題。

Can you discuss them in more detail and how you expect them to get resolved?

您能否更詳細地討論它們以及您希望它們如何得到解決？

The 8800GT was ramped probably faster than any high-end GPU in our history.

8800GT 的升級速度可能比我們歷史上任何高端 GPU 都快。

As I mentioned in my comments earlier, in just four months of production, we shipped over 2 million 8800GTs.

正如我之前在評論中提到的，在僅僅四個月的生產中，我們就出貨了超過 200 萬台 8800GT。

And this is a high-end GPU.

這是一個高端GPU。

The die size and the number of transistors of the 8800GT is far more than any microprocessor you currently have, Core 2 Duo and otherwise.

8800GT 的芯片尺寸和晶體管數量遠遠超過您目前擁有的任何微處理器，Core 2 Duo 和其他。

So this is a very complex processor.

所以這是一個非常複雜的處理器。

And yet we ramp it incredibly hard.

然而，我們卻以難以置信的速度提升它。

We had some manufacturing challenges in the beginning, and we caught it, we fixed it, and now we're going to see far better yields going forward.

一開始我們遇到了一些製造挑戰，我們抓住了它，我們修復了它，現在我們將看到未來更好的產量。

But it affected our costs in Q4.

但這影響了我們第四季度的成本。

From my standpoint, our focus was delivering the product to the customer.

從我的角度來看，我們的重點是將產品交付給客戶。

Demand outstripped supply, so rather than focus on bringing the costs down, we focused on getting the product out.

供不應求，因此我們沒有專注於降低成本，而是專注於推出產品。

Secondly, on the AGEIA acquisition -- hope I'm saying that name correctly -- where do you think it enhances revenue opportunities?

其次，關於 AGEIA 的收購——希望我說的這個名字是正確的——你認為它在哪裡增加了收入機會？

Does it mean that you're open to more end markets?

這是否意味著您對更多終端市場持開放態度？

Well, physics processing and bringing dynamics to gaming is an area of a lot of excitement.

好吧，物理處理和為遊戲帶來動態是一個令人興奮的領域。

Many games already have physics in it, but rudimentary physics.

許多遊戲中已經包含物理，但只是基本的物理。

And people want to put a lot more physics, a lot more dynamics into games.

人們希望在遊戲中加入更多的物理、更多的動態。

It just brings the whole game to life.

它只是讓整個遊戲栩栩如生。

Now it looks beautiful, and it behaves realistically.

現在它看起來很漂亮，而且表現得很逼真。

Whether it's water or cloth or motion or particle systems or whatever it happens to be, physics processing in the AGEIA engine happens to be extremely computationally intensive.

無論是水、布料、運動或粒子系統，還是其他任何事物，AGEIA 引擎中的物理處理恰好是計算密集型的。

It requires just a lot of processors to deliver the type of real-time performance that the games need.

它只需要大量處理器即可提供遊戲所需的實時性能。

Our strategy is to take the AGEIA physics engine, which has been integrated into tools and games all over the world, and we're going to import the AGEIA physics engine on to CUDA.

我們的策略是採用 AGEIA 物理引擎，它已經集成到世界各地的工具和遊戲中，我們將把 AGEIA 物理引擎導入 CUDA。

You've heard in my comments that CUDA has now shifted to 50 million processors, GeForce 8 series processors, and over the next several years we will ship a few hundred million more.

您在我的評論中聽說 CUDA 現在已經轉移到 5000 萬個處理器、GeForce 8 系列處理器，並且在接下來的幾年中，我們將再出貨幾億個。

The ability to port the physics engine on top of CUDA and accelerate the physics is going to add a ton more value to gamers around the world.

將物理引擎移植到 CUDA 之上並加速物理的能力將為世界各地的遊戲玩家帶來更多價值。

Our expectation is that this is going to encourage people to buy even better GPUs.

我們的期望是，這將鼓勵人們購買更好的 GPU。

It might and probably will encourage people to buy a second GPU for their SLI slots, and for the highest-end gamers, it will encourage them to buy three GPUs, potentially two for graphics and one for physics, or one for graphics and two for physics, or any combination of -- any dynamic combination thereof.

它可能並且可能會鼓勵人們為他們的 SLI 插槽購買第二個 GPU，對於最高端的遊戲玩家，它將鼓勵他們購買三個 GPU，可能兩個用於圖形，一個用於物理，或者一個用於圖形，兩個用於物理，或任何組合——它們的任何動態組合。

So I'm very enthusiastic about the work that we're doing here, and the game developers are really excited about it.

所以我對我們在這裡所做的工作充滿熱情，遊戲開發者也對此感到非常興奮。

Finally, they are able to get a physics engine accelerated into a very large population of gamers.

最後，他們能夠將物理引擎加速到大量遊戲玩家中。

So I think this combination between us and AGEIA really kick-started the physics industry.

所以我認為我們和 AGEIA 之間的這種結合真正啟動了物理行業。

Brian Piccioni, BMO Capital Markets.

BMO資本市場的Brian Piccioni。

Just following on with the question with respect to the AGEIA acquisition, would you have a timeline where we would expect to start seeing the impact in the actual product offering?

緊接著關於收購 AGEIA 的問題，您是否有一個時間表，我們希望開始看到對實際產品提供的影響？

We're working towards the physics engine to CUDA port as we speak.

正如我們所說，我們正在努力將物理引擎移植到 CUDA 端口。

We're going to throw a lot of resources at it.

我們將為此投入大量資源。

I wouldn't be surprised if it helps our GPU sales even in advance of that, and the reason for that is in the end it's just going to be a software download.

如果它在此之前幫助我們的 GPU 銷售，我不會感到驚訝，而這樣做的原因最終只是軟件下載。

Every single GPU that is CUDA-enabled will be able to run the physics engine when it comes.

每個支持 CUDA 的 GPU 都可以在物理引擎出現時運行。

So we are primarily talking a software rather than physical changes to the internal organizations of the GPU, then?

所以我們主要談論的是軟件而不是GPU內部組織的物理變化，那麼呢？

That's right, because what makes it possible is CUDA.

沒錯，因為使之成為可能的是 CUDA。

Every one of our GeForce 8 DX10 GPUs run CUDA.

我們的每一款 GeForce 8 DX10 GPU 都運行 CUDA。

CUDA is a parallel programming model that is programmable through C.

CUDA 是一種並行編程模型，可通過 C 進行編程。

So we're going to port physics.

所以我們要移植物理。

The enabler of our engine is physics.

我們引擎的推動者是物理學。

We want to port the physics, the physics engine, on to CUDA and access all the parallel processing capabilities, and in the case of the 8800, 128 processors in our chip.

我們希望將物理、物理引擎移植到 CUDA 上並訪問所有並行處理能力，對於 8800，我們的芯片中有 128 個處理器。

So instead of running it on only two cores, now we can run it on 128 cores.

因此，現在我們可以在 128 個內核上運行它，而不是僅在兩個內核上運行它。

So our expectation is that the parallel processing capability will really dramatically enhance the performance.

所以我們的期望是並行處理能力將真正顯著提高性能。

I guess that you wouldn't agree with your competitors' comments that physics is dead, then?

我猜你不會同意你的競爭對手關於物理學已死的評論，那麼？

Why would physics be dead?

為什麼物理學會死？

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

Marv, can you split out these various business segments in Q4 of your -- your typical breakout in your 10-Qs?

Marv，您能否在您的第四季度（您的 10-Q 中的典型突破）中拆分這些不同的業務部門？

The other thing I wondered is, can you talk a little bit about the economics of AGEIA?

我想知道的另一件事是，你能談談 AGEIA 的經濟學嗎？

It sounded like the first quarter will be dilutive, but when could it be accretive?

聽起來第一季度會稀釋，但什麼時候可以增加呢？

Lastly, on the situation on 8800, to improve your cost, does it mean that you can still run on 90-nanometer process, just tune it a bit or do something to get your costs down, or do you need to -- are we talking about a potential [dice rank] down to 65 or 55 nanometer to get the required traditional margins that you get on these high-end discrete chips?

最後，關於 8800 的情況，為了提高您的成本，這是否意味著您仍然可以在 90 納米工藝上運行，只是稍微調整一下或做一些事情來降低您的成本，或者您是否需要 - 我們是談論降低到 65 或 55 納米的潛在 [骰子等級] 以獲得您在這些高端分立芯片上獲得的所需傳統利潤？

Let me start through the business segment breakout that we would show in the Qs.

讓我從我們將在 Qs 中展示的業務部門突破開始。

The GPU business, which includes desktop, notebook and memory, was up 11% quarter to quarter.

包括台式機、筆記本電腦和內存在內的 GPU 業務季度環比增長 11%。

The PSB area, which is workstation and some other products, was up 10% quarter to quarter.

PSB 領域，即工作站和其他一些產品，環比增長 10%。

MCP, which is our platform products group, was up 2% quarter to quarter.

我們的平台產品組 MCP 環比增長 2%。

Then that leaves you with the consumer business, which was down roughly 18% quarter to quarter.

然後剩下的是消費者業務，該業務季度環比下降了大約 18%。

So that's the segment breakout that I think that you were looking for?

所以這就是我認為你正在尋找的細分市場？

Yes, yes.

是的是的。

With regard to the 8800 on the cost thing, it doesn't require us to do anything differently in terms of process technology or redesign of a chip.

至於8800的成本問題，它不需要我們在工藝技術或芯片重新設計方面做任何不同的事情。

It's just a focus on improving the yields and doing the product engineering, which we haven't been able to focus on because of demand outstripping supply.

它只是專注於提高產量和進行產品工程，由於需求超過供應，我們無法專注於這些。

So it's just hard work, and we'll do it.

所以這只是艱苦的工作，我們會做到的。

It does not require a process change or anything else.

它不需要改變流程或其他任何東西。

With regard to AGEIA, obviously it will be dilutive because of lack of revenue in the first quarter and probably being able to classify it as accretive is going to be associated with how many more GPUs we sell because of it.

關於 AGEIA，由於第一季度缺乏收入，顯然它會被稀釋，並且可能能夠將其歸類為增值將與我們因此銷售的 GPU 數量有關。

So I'm not worried about it from that standpoint.

所以從這個角度來看，我並不擔心。

Mental images, obviously, in Q4 was dilutive and probably will be dilutive in Q1.

顯然，第四季度的心理形像是稀釋性的，並且可能會在第一季度被稀釋。

We will see about that.

我們將看到這一點。

So AGEIA -- it's not such a big -- not that you need to have a lot of revenue to cover it in terms of incremental hardware you sell.

所以 AGEIA——它不是那麼大——並不是說你需要有很多收入來支付你銷售的增量硬件。

No.

不。

Doug Freedman, American Technology Partners.

Doug Freedman，美國技術合作夥伴。

You spend a lot of time talking about the GPU computing opportunity.

你花了很多時間談論 GPU 計算的機會。

Can you spend a little time talking about how a general-purpose computing engine might be required to grow that market and what your view is for your needs going forward of a general-purpose computing engine?

您能否花點時間談談如何需要通用計算引擎來發展該市場，以及您對通用計算引擎的需求有何看法？

Let me make sure I understand your question.

讓我確保我理解你的問題。

Your question is, when you say general-purpose computing engine, do you mean the general-purpose application for GPU computing?

您的問題是，當您說通用計算引擎時，您是指用於 GPU 計算的通用應用程序嗎？

I'm referring to whether it's a MIPS processor, a general-purpose computing processor as opposed to a strictly parallel machine.

我指的是它是否是 MIPS 處理器、通用計算處理器，而不是嚴格的並行機器。

GPU computing already has a processor.

GPU 計算已經有了處理器。

We believe in heterogeneous computing, and basically the CPU that's already in your system -- it's good enough, it's fabulous.

我們相信異構計算，基本上是您系統中已經存在的 CPU——它已經足夠好，非常棒。

Billions and billions of dollars of R&D has gone into making that CPU as good as it can be.

數十億美元的研發已經投入到使 CPU 盡可能好。

And for single-threaded applications, I think that the performance of the CPU is -- it's a miracle of mankind.

而對於單線程應用，我認為CPU的性能是——這是人類的奇蹟。

It's fabulous.

太棒了。

But they will never scale very well from here on out, and for the type of parallel applications that we believe are really interesting to solve.

但是從現在開始，它們永遠不會很好地擴展，對於我們認為真正有趣的並行應用程序類型。

So the problem space that we focus on are all the type of applications that require a lot of parallel processing capability.

所以我們關注的問題空間是所有需要大量並行處理能力的應用程序類型。

So we believe that the world needs a heterogeneous computing model where the single-threaded flexible CPU is combined with or collaborates with a massively parallel processor; in this particular case, we call it GPU.

所以我們認為，世界需要一種異構計算模型，單線程柔性CPU與大規模並行處理器相結合或協同；在這種特殊情況下，我們稱之為 GPU。

When we introduced CUDA, which allowed the GPU to be programmed with C, and compiled to with a C compiler, we really, really opened up that computing paradigm.

當我們引入 CUDA 時，它允許 GPU 用 C 編程，並用 C 編譯器編譯，我們真的，真的打開了那個計算範式。

And it's just because developers don't really want to program their problems in Open Geo and Direct3D, and C is a much more natural approach for them.

這只是因為開發人員真的不想在 Open Geo 和 Direct3D 中編寫他們的問題，而 C 對他們來說是一種更自然的方法。

So heterogeneous computing includes the CPU and the GPU.

所以異構計算包括CPU和GPU。

In terms of answering maybe a related question about what is the consumer or mainstream application for GPU computing, physics is a really good example of the first one.

在回答有關 GPU 計算的消費者或主流應用程序的相關問題時，物理學是第一個非常好的例子。

Physics processing is already in so many games, as you know, and it's going to be in almost every single game in the future.

如您所知，物理處理已經存在於許多遊戲中，並且將來幾乎會出現在每一個遊戲中。

All of a sudden, with physics on CUDA, we're able to bring accelerated physics processing now to every PC in the world.

突然之間，有了 CUDA 上的物理，我們現在能夠為世界上的每台 PC 帶來加速的物理處理。

So I think CUDA and GPU computing or heterogeneous computing, however you want to think through it, is -- this year will officially be a consumer-oriented mainstream processing model.

所以我認為 CUDA 和 GPU 計算或異構計算，不管你想怎麼想，都是——今年將正式成為面向消費者的主流處理模型。

Could you help us understand a little bit of what expectations you guys have for the DX10 chipset marketplace, how soon and how quickly you think the chipset market is going to move to a DX10-based solution, what percentage by the end of the year, if that's possible?

您能否幫助我們了解一下你們對 DX10 芯片組市場的期望，您認為芯片組市場將在多長時間內以多快的速度轉向基於 DX10 的解決方案，到今年年底的百分比是多少，如果可能的話？

I believe, in order to get Vista certification by the second half of the year, you require DX10.

我相信，要想在下半年獲得Vista認證，你需要DX10。

So it becomes a requirement for Vista starting the second half of the year.

所以從下半年開始就成為Vista的需求。

So I think the answer is we ought to get there as fast as possible, and we're trying to get there as fast as possible.

所以我認為答案是我們應該盡快到達那裡，我們正在努力盡快到達那裡。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

A couple of questions.

幾個問題。

Jen-Hsun, in terms of the X2 type or class of products that are out there, will NVIDIA introduce a product like that?

Jen-Hsun，就現有的 X2 類型或類別的產品而言，NVIDIA 會推出這樣的產品嗎？

And will that establish or become over time the standard at the very, very high end of the market?

隨著時間的推移，這會建立或成為非常非常高端市場的標準嗎？

We would do an X2-like product only if it delivers performance that is simply not possible anywhere with a single GPU.

只有當它提供的性能在任何地方都無法通過單個 GPU 實現時，我們才會做類似 X2 的產品。

But there's no question that a single GPU is a better approach.

但毫無疑問，單個 GPU 是更好的方法。

It's better use of bandwidth, as the processors collaborate much, much better.

它可以更好地利用帶寬，因為處理器之間的協作要好得多。

And the overall performance is just unbeatable.

而且整體性能是無與倫比的。

So if we can't deliver the performance with a single GPU, we will do it with double GPUs.

因此，如果我們無法使用單 GPU 提供性能，我們將使用雙 GPU 來實現。

But either way, it has to be the absolutely highest performance.

但無論哪種方式，它都必須是絕對最高的性能。

So you know my preference, and you know we have a lot of evidence and certainly know for sure that a single GPU is the best approach, but if a double GPU can deliver the highest performance on the planet, it will be [excessive].

所以你知道我的偏好，而且你知道我們有很多證據，並且肯定知道單 GPU 是最好的方法，但是如果雙 GPU 可以提供地球上最高的性能，那將是[過度]。

If it's not, then you're going to have problems.

如果不是，那麼您將遇到問題。

Just to go further there, what you're saying is that in the near term it's unlikely that you're going to see something like that from NVIDIA, that you'll stick with single solutions in the near term?

更進一步，你的意思是在短期內你不太可能從 NVIDIA 看到類似的東西，你會在短期內堅持使用單一的解決方案？

We can't talk about future products.

我們不能談論未來的產品。

All right.

好的。

Well, I understand your preference (multiple speakers)

好吧，我了解您的偏好（多位發言者）

I'm still selling my current products.

我仍在銷售我現有的產品。

Fair enough.

很公平。

Hey, Marv, real quick, just share count or an expectation for number of shares in the April quarter?

嘿，Marv，真的很快，只是股票數量還是對 4 月季度的股票數量的預期？

And that's it for me.

對我來說就是這樣。

It was around 600 million, I think, as you've seen at the end of the fiscal year.

我認為，正如您在本財年末看到的那樣，大約是 6 億美元。

I don't expect a significant change going out of Q1.

我預計第一季度不會有重大變化。

It might be up a little bit, but basically not much change.

可能會漲一點，但基本不會有太大變化。

That telegraphs the fact that we intend to buy more stock back in Q1.

這表明我們打算在第一季度回購更多股票。

Fair enough.

很公平。

Congratulations.

恭喜。

Heidi Poon, Thomas Weisel Partners.

Heidi Poon，Thomas Weisel 合夥人。

Responding to the earlier question about your growth target for the year, I think you mentioned that it's still around 20%.

在回答之前關於您今年的增長目標的問題時，我想您提到它仍然在 20% 左右。

So that's seriously above the industry growth rate.

所以這嚴重高於行業增長率。

Could you discuss -- of course, the MCP growth is in there.

您能否討論一下——當然，MCP 的增長就在那裡。

But are we also talking about maybe some serious share gains or holding off AMD in the notebook area?

但我們是否也在談論可能會在筆記本電腦領域獲得一些嚴重的份額增長或推遲 AMD 的發展？

First of all, and we're maybe just unsuccessful in communicating this, but I think the entire GPU market is growing.

首先，我們可能只是未能成功傳達這一點，但我認為整個 GPU 市場正在增長。

We're gaining a little bit of share, but it's not significant.

我們正在獲得一點點份額，但這並不重要。

They are single digits, low teens.

他們是個位數，低青少年。

The whole GPU market is growing, and the whole GPU market is growing because the computing experience is more visual than ever.

整個 GPU 市場在增長，整個 GPU 市場也在增長，因為計算體驗比以往任何時候都更加直觀。

The reason why it's more visual than ever is because more applications than ever before require rich graphics or take advantage of rich graphics.

它比以往更直觀的原因是因為比以往更多的應用程序需要豐富的圖形或利用豐富的圖形。

So we are just selling more GPUs.

所以我們只是在銷售更多的 GPU。

And the GPUs we're selling are slightly more powerful all the time.

而且我們銷售的 GPU 一直都在稍微強大一些。

And so that's really where the growth is coming from.

這就是增長的真正來源。

I think GPUs is our growth engine, and we really believe that this is going to be a big year for GPUs again.

我認為 GPU 是我們的增長引擎，我們真的相信這將再次成為 GPU 的重要一年。

Is that expectation across the different platforms like desktops, laptops, workstations, incremental gains [and tefler] for this year?

對於今年的台式機、筆記本電腦、工作站、增量收益 [和 tefler] 等不同平台，是否有這種期望？

Absolutely.

絕對地。

We're expecting growth everywhere.

我們期待各地的增長。

Secondly, could you comment on, for the growth in Q1 and Q2, maybe the pricing environment and also what you're seeing in terms of any demand differentials in international versus U.S.-based demand?

其次，對於第一季度和第二季度的增長，您能否評論一下定價環境以及您所看到的國際需求與美國需求的任何需求差異？

I don't know the we're seeing dramatically different demand in all the different regions.

我不知道我們在所有不同地區看到了截然不同的需求。

If you look at our growth Q4 to Q4, it's 80%.

如果你看看我們第四季度到第四季度的增長，它是 80%。

So I'm not suggesting that Q4 to Q4 will be 80% again.

所以我並不是說第四季度到第四季度將再次達到 80%。

I hope it will be, but I'm not suggesting that, but the point being that there's some evidence that the consumption and demand for GPUs is increasing, and our expectation is that the growth of GPUs will overcome the seasonalities, whatever seasonalities that there is in Q1 and Q2.

我希望是這樣，但我並不是在暗示，但重點是有證據表明 GPU 的消費和需求正在增加，我們的預期是 GPU 的增長將克服季節性，無論季節性如何在第一季度和第二季度。

And the pricing environment?

定價環境呢？

What is the pricing environment?

定價環境如何？

Pricing is good.

定價是好的。

We're seeing more money spent on GPUs, so it has an appreciation in the average selling price for all of the GPU business.

我們看到花在 GPU 上的錢越來越多，因此所有 GPU 業務的平均售價都在升值。

Shawn Webster, JPMorgan Securities.

肖恩韋伯斯特，摩根大通證券。

Good quarter.

好季度。

Just to follow up on the pricing question, can you tell us what your sequential change in pricing was for your GPU business?

只是為了跟進定價問題，您能否告訴我們您的 GPU 業務的定價順序變化是什麼？

Up nicely.

好起來。

Up nicely?

好起來嗎？

Yes.

是的。

That's because we shipped a lot of the 8800GTs, as Jen-Hsun said.

正如 Jen-Hsun 所說，那是因為我們運送了很多 8800GT。

So you would expect that.

所以你會期待的。

And so in the various segments, the pricing was good.

因此，在各個細分市場中，定價都很好。

We would have had an ASP appreciation because of the higher volume of 8800GTs.

由於 8800GT 的銷量更高，我們的 ASP 會升值。

And then, Marv, on the OpEx growth in Q1, can you give us a sense of how you expect your OpEx to grow after Q1?

然後，Marv，關於第一季度的 OpEx 增長，您能否告訴我們您期望您的 OpEx 在第一季度之後如何增長？

Internally, Jen-Hsun and I are working hard to keep it flat.

在內部，仁勳和我正在努力保持平穩。

We will see how successful we are.

我們將看到我們有多成功。

Like very small incremental changes?

像非常小的增量變化？

We will see how successful we are.

我們將看到我們有多成功。

And then finally, can you talk about the supply environment?

最後，您能談談供應環境嗎？

And do you have any of your products where they are seeing leadtimes extended?

您是否有任何產品的交貨期延長？

Supply is certainly an area of great concern of mine.

供應當然是我非常關心的一個領域。

We're becoming -- we are the world's largest fabless semiconductor company.

我們正在成為——我們是世界上最大的無晶圓半導體公司。

The products that we build are very complex, and the die sizes of our high-end GPUs is significantly bigger than CPUs.

我們製造的產品非常複雜，我們高端 GPU 的裸片尺寸比 CPU 大得多。

We now sell, as you heard earlier, over 100 million units a year, and it is still growing.

正如您之前聽到的那樣，我們現在每年銷售超過 1 億台，而且還在增長。

So these processors consume a lot of wafers, and we're already the world's largest.

所以這些處理器消耗了大量的晶圓，我們已經是世界上最大的了。

So it's important that we work very, very closely with our foundry partners.

因此，我們與代工合作夥伴密切合作非常重要。

TSMC has done a wonderful job for us, and UMC has done a wonderful job for us, and my expectation is that we're going to take a fabless model to new heights.

台積電為我們做了出色的工作，聯電也為我們做了出色的工作，我的期望是我們將把無晶圓廠模型推向新的高度。

But when you are as large as we are and running as fast as we are, you can never take supply too seriously.

但是，當你們和我們一樣大，跑得和我們一樣快時，你永遠不會太認真地對待供應。

So we obviously take it very seriously.

所以我們顯然非常重視它。

Are you seeing your leadtimes stretch out or pull in for your graphics or chipsets?

您是否看到顯卡或芯片組的交貨時間延長或縮短？

What's the leadtime environment like?

交貨期環境如何？

Leadtime hasn't really changed.

交貨期並沒有真正改變。

Michael McConnell, Pacific Crest Securities.

邁克爾·麥康奈爾，Pacific Crest 證券。

Looking at the guidance model for better than seasonal for Q1, is this really unique, do you think, to NVIDIA with respect to you had a lot of pent-up demand, obviously, for the 8800GT, supply now is starting to improve, so with that dynamic, that leads to, like you said, some growth in the desktop GPU business?

看看 Q1 比季節性更好的指導模型，這真的很獨特嗎，你認為 NVIDIA 對你有很多被壓抑的需求，顯然，對於 8800GT，現在供應開始改善，所以有了這種動態，就像你說的那樣，這會導致桌面 GPU 業務有所增長嗎？

Is that it, or is there something more here?

是這樣，還是這裡有更多的東西？

Let me take that question.

讓我來回答這個問題。

I think the GPU is just growing.

我認為 GPU 正在增長。

I think the GPU market is growing.

我認為 GPU 市場正在增長。

Frankly, it ought to help anybody who builds a GPU.

坦率地說，它應該可以幫助任何構建 GPU 的人。

So I consider -- the way I see it is visual computing is just becoming ever more important, and so if other suppliers of GPUs are seeing ever-increasing demand, I'm not surprised by that.

所以我認為——我認為視覺計算的方式正變得越來越重要，所以如果其他 GPU 供應商看到不斷增長的需求，我對此並不感到驚訝。

It's not to do with -- I don't think we're capturing that much share.

這與 - 我認為我們沒有獲得那麼多份額無關。

If we look at just the competitive landscape for the fiscal year, can you just talk about what you think from a unit share perspective or a revenue share perspective, probably more importantly, with each of the three main business lines, or even the four, if you talk about maybe desktop GPU, notebook GPU, MCP and then workstations, relative to this last fiscal year?

如果我們只看本財年的競爭格局，你能不能從單位份額的角度或收入份額的角度談談你的想法，可能更重要的是，對於三個主要業務線中的每一個，甚至是四個，如果您談論相對於上一財年的台式機 GPU、筆記本 GPU、MCP 和工作站？

I don't know that we're that prepared to answer that question.

我不知道我們是否準備好回答這個問題。

Not for the full year.

不是全年。

I don't think we break it out quite clearly that way.

我不認為我們以這種方式將其分解得很清楚。

Any timeframe, though, that you're comfortable with at this point to discuss, if at all?

但是，如果有的話，您現在可以討論任何時間範圍嗎？

Yes, last quarter.

是的，上個季度。

I'm really trying to say this so that we all hear it.

我真的想這樣說，以便我們都能聽到。

I believe we're growing the market.

我相信我們正在擴大市場。

The share gains are nice, and we're going to continue to fight for our share and fight for more than that.

份額收益很好，我們將繼續為我們的份額而戰，並爭取更多。

But I honestly believe the market is growing.

但老實說，我相信市場正在增長。

You can't look at the size of the GPU market by combining the -- by looking at last year's GPU market of all the suppliers and then try to think that this year the opportunity is shifting a few dollars from here and there, because I don't think that makes any sense.

你不能通過綜合來看 GPU 市場的規模——通過查看去年所有供應商的 GPU 市場，然後嘗試認為今年的機會正在從各處轉移幾美元，因為我不要認為這有任何意義。

If that was the case and you added S3 and Cirrus Logic's revenues together and Trident's together of when we started, NVIDIA would be a $300 million company.

如果是這種情況，並且您將 S3 和 Cirrus Logic 的收入和 Trident 的收入加在一起，我們開始時，NVIDIA 將是一家價值 3 億美元的公司。

So obviously, the GPU market in visual computing is becoming more and more important.

所以很明顯，視覺計算中的GPU市場變得越來越重要。

What we're seeing here is and what we believe and what we had hoped all along is that the GPU is -- the overall market for GPUs is growing.

我們在這裡看到的是，我們相信以及我們一直希望的是 GPU 是——GPU 的整體市場正在增長。

So you have to look at -- I frankly think that you have to look at, in order to see the opportunities, you have to look at the entire electronic spend of the PC industry.

所以你必須看看——坦率地說，我認為你必須看看，為了看到機會，你必須看看 PC 行業的整個電子支出。

There is a vast movement to re-architect the PC, to shift the resources around to deliver the best possible experience and the best possible experience for each market category or each PC category that is being built.

重新構建 PC 架構、轉移資源以便為每個市場類別或正在構建的每個 PC 類別提供最佳體驗和最佳體驗是一場巨大的運動。

A gamer's PC would have a different allocation of electronic spend.

遊戲玩家的 PC 會有不同的電子支出分配。

An all-in-one consumer, multimedia-oriented PC will have a different, another allocation.

面向多媒體的一體式消費型 PC 將具有不同的另一種分配方式。

So you have to look at all of the electronics dollars in order to decide how fast to estimate the growth opportunity.

因此，您必須查看所有電子產品的資金，才能決定以多快的速度估算增長機會。

But I think share is just simply not that interesting anymore, and certainly, it doesn't explain our growth.

但我認為分享不再那麼有趣了，當然，它並不能解釋我們的成長。

And then just final one for me, on the gross margin, obviously the Company has done a great job through the years of continuing to expand the gross margins.

然後對我來說只是最後一個，在毛利率方面，顯然公司在多年來繼續擴大毛利率方面做得很好。

Taiwan Semiconductor has talked ad nauseam over the second half of last year about trying to renegotiate pricing with some of their larger fabless customers.

去年下半年，台積電一直在談論試圖與一些較大的無晶圓廠客戶重新協商定價。

I understand the rationale behind what happened with the 8800GT from a cost standpoint.

從成本的角度來看，我理解 8800GT 發生的事情背後的基本原理。

Is there any type of pricing negotiations that also came into this with respect to the gross margin in Q4, or is it just purely demand exceeding supply and then, as we start to see more balance, the gross margin should start to come back?

是否有任何類型的定價談判也涉及到第四季度的毛利率，或者僅僅是純粹的需求超過供應，然後，隨著我們開始看到更多的平衡，毛利率應該開始回升？

The gross margin impact of 8800GT or the increased cost of 8800GT was completely my fault.

8800GT的毛利率影響或8800GT的成本增加完全是我的錯。

It has nothing to do with Taiwan Semiconductor Manufacturing Corporation.

與台積電無關。

We will have to accept all of that responsibility ourselves, unfortunately.

不幸的是，我們將不得不自己承擔所有這些責任。

Now, the good news, of course, is that because it was completely our fault, we can completely fix it.

現在，當然，好消息是因為這完全是我們的錯，我們可以完全修復它。

I think that that one -- let blame where blame needs to go here.

我認為那個——讓責備應該歸咎於這裡。

Okay, so this is not anything in terms of pricing negotiations, and this is something that you think we can start to look -- we can continue to expand gross margins as we work through the fiscal year?

好的，所以這與定價談判無關，這是您認為我們可以開始考慮的事情——我們可以在整個財政年度繼續擴大毛利率嗎？

You're fairly confident on that?

你對此相當有信心？

We would love to blame other people.

我們很樂意責怪其他人。

Sometimes you've just got to look at yourself.

有時你只需要看看你自己。

Tayyib Shah, Longbow Research.

Tayyib Shah，長弓研究中心。

Jen-Hsun, can you please describe the competitive landscape in the notebook space, you versus AMD and then also discrete graphics versus integrated, as you head into the next refresh cycle?

Jen-Hsun，您能否描述一下筆記本電腦領域的競爭格局，您與 AMD，以及獨立顯卡與集成顯卡，在您進入下一個更新周期時？

In the notebook segment, AMD has wonderful offerings.

在筆記本電腦領域，AMD 有出色的產品。

Don't forget that AMD still has a terrific GPU design organization.

不要忘記 AMD 仍然擁有出色的 GPU 設計組織。

So between NVIDIA and HEI, or AMD now, it is unambiguously the two best GPU design teams the world has ever seen.

所以在 NVIDIA 和 HEI，或者現在的 AMD 之間，毫無疑問是世界上見過的兩個最好的 GPU 設計團隊。

So I give them a lot of respect.

所以我非常尊重他們。

In the AMD notebook segment, the lower-end segment, it is hard for us to differentiate relative to AMD.

在 AMD 筆記本這個低端市場，我們很難與 AMD 區分開來。

As I said earlier, if we can't differentiate, we don't typically win the business.

正如我之前所說，如果我們不能區分，我們通常不會贏得業務。

So I'm not surprised, and we're not expecting to win any of those.

所以我並不感到驚訝，我們也不指望贏得其中任何一個。

We are going to fight hard for them, but in the final analysis, I think AMD has good offerings there.

我們將為他們而努力，但歸根結底，我認為 AMD 在那裡提供了很好的產品。

In the upper half of the market, we have quite a bit of differentiation.

在市場的上半部分，我們有相當多的差異化。

Our advantage is that we invest more in GPU development then any company in the world today, and potentially all other competitors combined.

我們的優勢在於，我們在 GPU 開發上的投資比當今世界上任何一家公司都多，而且可能是所有其他競爭對手的總和。

So our R&D investment, our commitment to GPUs, our velocity of innovation -- that is our advantage on the upper half of the market, whether it's notebooks or otherwise.

所以我們的研發投資、我們對 GPU 的承諾、我們的創新速度——這是我們在上半市場的優勢，無論是筆記本電腦還是其他產品。

So our velocity, our commitment and our level of innovation and level of investment is a structural advantage.

因此，我們的速度、我們的承諾、我們的創新水平和投資水平是一個結構性優勢。

So we have to sustain that.

所以我們必須堅持下去。

Marv, just curious how you were able to build some inventory during the quarter.

Marv，只是好奇你是如何在本季度建立一些庫存的。

Does that reflect slightly better supply from the foundry, or was this related to demand trends?

這是否反映出代工廠的供應略有改善，還是與需求趨勢有關？

No, it's new products in the pipeline.

不，這是正在開發中的新產品。

If you looked at the inventory build, where it actually happened, it's all new products which are just in the pipeline.

如果您查看庫存構建，它實際上發生在哪裡，所有新產品都在籌備中。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Jen-Hsun, can you just be clear as to what you think the PC market is actually doing in this environment?

Jen-Hsun，您能否明確說明您認為 PC 市場在這種環境下的實際表現？

I understand that GPUs are growing and you may or may not be taking share within that, but just your overall sense of the PC market?

我知道 GPU 正在增長，您可能會或可能不會參與其中，但只是您對 PC 市場的整體感覺？

We monitor sell-through, and we are fine.

我們監控銷售情況，我們很好。

What we see is fine.

我們看到的很好。

We monitor our own sell-through; I guess I don't monitor other people's sell-through.

我們監控自己的銷售情況；我想我不會監控其他人的銷售情況。

But sell-throughs look fine.

但銷售情況看起來不錯。

We watch it every single week around the world.

我們每週都會在世界各地觀看。

It looks good.

這看起來不錯的樣子。

I don't really know what else to say.

我真的不知道還能說什麼。

Fair enough.

很公平。

Any differentiation with what you see between an OEM basis or a white-box basis?

您看到的 OEM 基礎或白盒基礎之間有什麼區別嗎？

Not really, not really.

不是真的，不是真的。

I think that it's possible that the SKUs that we're in are selling well.

我認為我們所在的 SKU 可能賣得很好。

It's possible that people are just preferring platforms that we're designed into.

人們可能只是更喜歡我們設計的平台。

But I don't really know.

但我真的不知道。

I think that overall, overall I believe that the movement -- that two things are happening that are very, very big deals, I believe, that we're experiencing, and we're experiencing them all over the world.

我認為總的來說，總的來說，我相信這場運動——我相信，正在發生的兩件事是非常非常大的交易，我們正在經歷，我們正在全世界經歷它們。

The first thing is the importance of visual computing and therefore the GPU at the core of that.

首先是視覺計算的重要性，因此 GPU 是其核心。

The second thing is the rearchitecture of the reallocation of resources within the PC, that for different types of PCs you ought to spend and invest your resources in different components.

第二件事是 PC 內資源重新分配的重新架構，對於不同類型的 PC，您應該將資源花費和投資於不同的組件。

So the balance between the CPU and the GPU is changing.

因此 CPU 和 GPU 之間的平衡正在發生變化。

I think those two factors combined are really, really important.

我認為這兩個因素結合起來非常非常重要。

I don't believe that to be a one-quarter thing.

我不相信這是四分之一的事情。

I think it's logical that it should be a permanent thing, it should be a forever thing.

我認為它應該是一件永久的事情是合乎邏輯的，它應該是一件永遠的事情。

I think it happens to cars, it happens to just about any other mature industry, that as the industry matures, you see all of these -- it bifurcates into niches, and the niches become large.

我認為它發生在汽車上，它發生在幾乎任何其他成熟的行業，隨著行業的成熟，你會看到所有這些——它分為利基市場，利基市場變得很大。

In order to make a niche product specific, you can't use a basic platform.

為了使利基產品具體化，您不能使用基本平台。

You have to optimize it for the needs of that niche.

您必須針對該利基市場的需求對其進行優化。

I hear you, and I guess I'm thinking if we can add the product strength of the 8800GT, then one could conclude that even if we were seeing some slowing in PC units at the moment, those trends may outweigh that.

我聽到了，我想我在想如果我們可以增加 8800GT 的產品實力，那麼人們可以得出結論，即使我們目前看到 PC 單位的放緩，這些趨勢可能會超過這一點。

Fair assessment?

公平評價？

Yes, I do.

是的，我願意。

I think that's fair.

我認為這是公平的。

And then just a quick question, Marv, for you.

然後是一個簡短的問題，Marv，給你。

You had mentioned you have had some cost issues with the 8800 and you are working through it.

您曾提到您在使用 8800 時遇到了一些成本問題，並且您正在解決它。

In your inventories that you had exiting the fourth quarter, are some of those, the high-cost or lower-margin parts, still in that inventory, and do you expect to work them through in the course of the first quarter?

在您退出第四季度的庫存中，其中一些高成本或低利潤的零件是否仍在該庫存中，您是否希望在第一季度完成這些工作？

No.

不。

If we had a cost issue, it means the parts are not there.

如果我們有成本問題，這意味著零件不存在。

It means that they were written off.

這意味著他們被註銷了。

So no, they are not in that inventory.

所以不，它們不在那個庫存中。

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 all for joining us today, and we look forward to reporting our progress in Q1.

感謝大家今天加入我們，我們期待在第一季度報告我們的進展。

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 do thank you for your participation and ask that you please disconnect your lines.

我們非常感謝您的參與，並要求您斷開您的線路。