輝達 (NVDA) 2009 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon, thank you for holding.

女士們，先生們，下午好，謝謝你們的陪伴。

As a reminder, today's conference is being recorded May 8, 2008.

提醒一下，今天的會議記錄在 2008 年 5 月 8 日。

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

我現在想把會議交給先生。

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 first fiscal quarter ended April 27th, 2008.

下午好，歡迎參加 NVIDIA 於 2008 年 4 月 27 日結束的第一財季電話會議。

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 line has 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 today's 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.

在今天的電話會議中，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 GAAP financial measures in our financial release, which was posted on the Investor Relations page of the Web site 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 www.NVIDIA.com 網站的投資者關係頁面上。

Unless otherwise noted, all references to market research and market share numbers throughout the call come from Mercury Research or John [Petty] Research.

除非另有說明，否則在整個電話會議中對市場研究和市場份額數據的所有引用均來自 Mercury Research 或 John [Petty] 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.

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 Company's conference call to discuss its financial results for its second-quarter fiscal 2009.

在公司召開電話會議討論其 2009 財年第二季度的財務業績之前，該網絡廣播將可供重播。

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

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties, including statements as to the importance of and uses of the GPU in CUDA, our financial outlook and projection, the impact, performance and availability of and demand for our products and technologies; the impact of [PPL]; our growth and strategies and the future of computing.

這些前瞻性陳述受到許多重大風險和不確定性的影響，包括關於 GPU 在 CUDA 中的重要性和使用、我們的財務前景和預測、我們的產品的影響、性能和可用性以及需求的陳述，以及技術； [PPL] 的影響；我們的增長和戰略以及計算的未來。

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

公司的實際結果可能與任何前瞻性陳述中討論的結果大不相同。

For a complete discussion of factors that could affect the Company's future financial results and business, please refer to the Company's Form 10-K for the period ended January 27, 2008, 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 2008 年 1 月 27 日期間的 10-K 表格以及提交給證券交易委員會的 8-K 表格報告.

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，自本協議之日起作出；並且，除法律要求外，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 May 8, 2008.

網絡廣播的內容包含截至 2008 年 5 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 on the conference 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，我們將直接在會議上提供公共指導，並且無法在離線對話中或在本季度提供更多信息。

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 turn the call over to Jen-Hsun.

我現在將把電話轉給仁勳。

Good afternoon and thank you for joining us.

下午好，感謝您加入我們。

Today we reported revenue of $1.15 billion for our first quarter.

今天，我們報告第一季度的收入為 11.5 億美元。

Compared to last year, our revenue grew 37% and GAAP net income increased 34%.

與去年相比，我們的收入增長了 37%，GAAP 淨收入增長了 34%。

Year over year, our GPU revenue grew 55% and CPU revenue grew 31%.

與去年同期相比，我們的 GPU 收入增長了 55%，CPU 收入增長了 31%。

PSB revenue grew 44%.

PSB 收入增長 44%。

Our overall GPU units grew 42% while ASPs grew 10% year over year, a trend reflecting the growing importance of the GPU.

我們的整體 GPU 單元增長了 42%，而 ASP 同比增長了 10%，這一趨勢反映了 GPU 日益重要的地位。

We gained share in virtually every graphics category year over year -- in desktop GPU, notebook GPU and notebook integrated graphics.

我們在幾乎所有圖形類別中的份額逐年增加——台式機 GPU、筆記本 GPU 和筆記本集成顯卡。

For the performance segment, which is a reflection of technology leadership, we estimated our segment share is 90%.

對於反映技術領先地位的性能細分市場，我們估計我們的細分市場份額為 90%。

Overall, our graphics market share grew from 30% to 33% year over year.

總體而言，我們的圖形市場份額同比從 30% 增長到 33%。

However, if we accounted for double attached, which happens when a PC has both integrated graphics and GPU, our market share is approximately 42%.

但是，如果我們考慮雙重連接，即 PC 同時具有集成顯卡和 GPU 時，我們的市場份額約為 42%。

Double attach happens because integrated graphics chipsets are often the same price as discrete chip sets.

之所以會出現雙重連接，是因為集成圖形芯片組的價格通常與獨立芯片組相同。

The market buys an integrated graphics motherboard but then turns it off when the GPU is added.

市場購買集成顯卡主板，但在添加 GPU 時將其關閉。

Our first quarter reflects the growing importance of GPU as our computing experience becomes increasingly visually rich.

隨著我們的計算體驗在視覺上變得越來越豐富，我們的第一季度反映了 GPU 的重要性日益增加。

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 talk about how we will continue to lead the visual computing revolution and shape the computer industry.

我稍後會回來談談我們將如何繼續引領視覺計算革命並塑造計算機行業。

Today, we will be discussing both GAAP and non-GAAP results for the first quarter of fiscal year 2009.

今天，我們將討論 2009 財年第一季度的 GAAP 和非 GAAP 結果。

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

GAAP 和非 GAAP 之間的區別在於基於股票的薪酬及其稅收影響。

As Jen-Hsun stated, revenue for the first quarter was $1.15 billion, which is up 37% year to year and down 4% quarter to quarter.

正如仁勳所說，第一季度的收入為 11.5 億美元，同比增長 37%，環比下降 4%。

Our revenue was in line with our expectations.

我們的收入符合我們的預期。

For the first quarter, GPU revenue, which includes desktop, notebook and memory, grew 45% year to year but declined by 8% from the fourth quarter.

第一季度，包括台式機、筆記本電腦和內存在內的 GPU 收入同比增長 45%，但比第四季度下降 8%。

The components of GPU had significant growth year to year.

GPU的組件逐年顯著增長。

Desktop GPUs grew 44% year to year, notebook grew 99%, and memory declined 36%.

台式機 GPU 同比增長 44%，筆記本電腦增長 99%，內存下降 36%。

Quarter to quarter, both desktop and notebook declined by about 8%, and memory was down 22%.

每季度，台式機和筆記本電腦均下降約 8%，內存下降 22%。

MCP grew 31% year to year and declined 4% quarter to quarter.

MCP 同比增長 31%，環比下降 4%。

The star for the first quarter was the Professional Solutions business, which includes workstation products.

第一季度的明星是專業解決方案業務，其中包括工作站產品。

It grew 44% year to year and 21% quarter to quarter.

同比增長 44%，環比增長 21%。

The Consumer business declined by 24% quarter to quarter and 37% year to year.

消費者業務季度環比下降 24%，同比下降 37%。

All in all, most of the revenue was in line with our expectations at the beginning of the quarter.

總而言之，大部分收入符合我們在季度初的預期。

ASPs held relatively flat quarter to quarter.

平均售價每季度保持相對平穩。

Gross margin was disappointing.

毛利率令人失望。

We didn't manage our product transitions as well as we would have liked, and this resulted in a decline in gross margin to 44.6%.

我們沒有像我們希望的那樣管理我們的產品過渡，這導致毛利率下降至 44.6%。

We can do better.

我們可以做得更好。

The issues in gross margin were focused primarily in product transition issues in the GPU business.

毛利率問題主要集中在 GPU 業務的產品過渡問題上。

Therefore, margin for the GPU business segment declined by almost 2 full percentage points quarter to quarter.

因此，GPU 業務部門的利潤率環比下降了近 2 個百分點。

Again, it was not an ASP issue, as ASPs held relatively flat.

同樣，這不是 ASP 問題，因為 ASP 相對持平。

We had hoped and expected to make progress in improving yields for the new products.

我們曾希望並期望在提高新產品的產量方面取得進展。

This did not happen.

這沒有發生。

Margin and the professional solutions business remained very good.

利潤率和專業解決方案業務仍然非常好。

Margin and MCP were down because of the movement to the integrated chipsets, but that was expected.

由於轉向集成芯片組，Margin 和 MCP 下降，但這是意料之中的。

GAAP operating expenses were $312 million, which is up 8.6% quarter to quarter and in line with our expectations.

GAAP 運營費用為 3.12 億美元，環比增長 8.6%，符合我們的預期。

Most of increase was in R&D as we absorbed several acquisitions that we made recently.

大部分增長來自研發，因為我們吸收了我們最近進行的幾項收購。

Headcount grew by 373 during the quarter, and our ending headcount was 5358.

本季度員工人數增加了 373 人，最終員工人數為 5358 人。

Year to year, the headcount is up by 1284.

年復一年，員工人數增加了 1284 人。

Depreciation in the quarter was $41.4 million, up by around $4.5 million from the previous quarter.

本季度折舊為 4140 萬美元，比上一季度增加約 450 萬美元。

Capital expenditures were $202.2 million, which included a purchase of property in Santa Clara for approximately $150 million.

資本支出為 2.022 億美元，其中包括以約 1.5 億美元在聖克拉拉購買房產。

Cash flow from operations was $143 million for the quarter.

本季度運營現金流為 1.43 億美元。

Stock-based compensation was $42 million for the quarter, up from $34 million in Q4, as we had stock options issued for the new hires and the semi-annual grants, and the volatility portion of the binomial calculation has increased, based on what is happening in the stock market.

本季度基於股票的薪酬為 4200 萬美元，高於第四季度的 3400 萬美元，因為我們為新員工和半年度贈款發行了股票期權，並且二項式計算的波動性部分有所增加，基於發生在股市。

Other income dropped by $7 million quarter to quarter.

其他收入季度環比下降 700 萬美元。

This was a combination of several factors.

這是幾個因素的結合。

The impact of the continuing weakness of the dollar on our foreign currency-denominated liabilities resulted in foreign exchange losses of approximately $4 million in the quarter.

美元持續疲軟對我們以外幣計價的負債的影響導致本季度外匯損失約 400 萬美元。

Also, the lower cash balance and the lower interest rates drove down the interest income.

此外，較低的現金餘額和較低的利率壓低了利息收入。

As we expected, the tax rate was 17% for the quarter.

正如我們預期的那樣，本季度的稅率為 17%。

The lack of a renewal of the R&D tax credit will cause our tax rate to remain at this level until the renewal is passed.

沒有更新研發稅收抵免將導致我們的稅率保持在這個水平，直到更新通過。

When it is passed, we would expect the tax rate to drop to the 13% to 14% level.

當它通過時，我們預計稅率將降至 13% 至 14% 的水平。

The end result was that GAAP EPS was $0.30 per share and non-GAAP was $0.36 per share.

最終結果是 GAAP 每股收益為 0.30 美元，非 GAAP 每股收益為 0.36 美元。

On the balance sheet, ending cash was $1.62 billion.

在資產負債表上，期末現金為 16.2 億美元。

We completed three acquisitions for cash during the quarter as well as paying the $150 million for the property and $124 million for stock repurchases.

我們在本季度完成了三項現金收購，並支付了 1.5 億美元的財產和 1.24 億美元的股票回購。

None of our marketable securities required any valuation adjustments.

我們的有價證券均無需任何估值調整。

Our accounts receivable ended at $652 million, down $15 million from the prior quarter, and DSO was 51 days, up from 50 days in the fourth quarter.

我們的應收賬款為 6.52 億美元，比上一季度減少了 1500 萬美元，DSO 為 51 天，高於第四季度的 50 天。

There are no issues of delinquent receivables.

不存在拖欠應收賬款的問題。

Inventories were $420 million, up $62 million from Q4, as we built inventory of new products, both announced and unannounced.

庫存為 4.2 億美元，比第四季度增加了 6200 萬美元，因為我們建立了已宣布和未宣布的新產品庫存。

The older inventory declined as we had expected.

正如我們預期的那樣，較舊的庫存下降了。

The result is that days sales in inventory ended the quarter at 60 days, which is more than the last two quarters' DSI of less than 50 days.

結果是庫存天數在本季度結束時為 60 天，超過了過去兩個季度不到 50 天的 DSI。

These inventory levels are in line with our DSI targets.

這些庫存水平符合我們的 DSI 目標。

Net property, plant and equipment increased by $162 million, which included $150 million for the property purchased that I mentioned earlier.

淨物業、廠房和設備增加了 1.62 億美元，其中包括我之前提到的購買物業的 1.5 億美元。

Both accounts payable and accrued liabilities decreased for the quarter, and the total decrease was $91 million.

本季度應付賬款和應計負債均減少，減少總額為 9100 萬美元。

On the outlook, Q2's revenue was historically the most difficult to forecast.

在展望方面，第二季度的收入歷來是最難預測的。

In the past, we have been surprised both favorably, as in last year, and unfavorably, as in five years ago.

過去，我們既感到驚訝，就像去年一樣，也感到驚訝，就像五年前一樣。

Having said that, we have no reason to believe that Q2 will be anything other than seasonal.

話雖如此，我們沒有理由相信第二季度會是季節性的。

Seasonal to us means a decline of 5%, plus or minus.

對我們來說，季節性意味著下降 5%，正負。

As I stated previously, we were disappointed in our gross margin for Q1, and we intend to correct some of the issues.

正如我之前所說，我們對第一季度的毛利率感到失望，我們打算糾正一些問題。

Therefore, I would expect that gross margin will increase and while the exact magnitude may be difficult to predict, something in the 100-basis point range is not unreasonable.

因此，我預計毛利率會增加，雖然確切的幅度可能難以預測，但在 100 個基點範圍內並非不合理。

Operating expenses stepped up in Q1 as a consequence of the acquisitions, new hires and other reasons.

由於收購、新員工和其他原因，第一季度的運營費用有所增加。

As I've said before, we intend to moderate any increases going forward.

正如我之前所說，我們打算在未來緩和任何增長。

Therefore, operating expenses for Q2 should be flat to very slightly up.

因此，第二季度的運營費用應該持平到非常小幅上升。

We will still be hiring, but the rate will moderate, and other expenses will decrease.

我們仍將招聘，但速度將放緩，其他費用將減少。

The result should be flat to slightly up.

結果應該是平坦到略微上升。

Other income should recover in Q2 unless the dollar continues to weaken.

除非美元繼續走弱，否則其他收入應在第二季度恢復。

If it is stable, other income will be up in Q2.

如果穩定，其他收入將在第二季度上升。

The tax rate should stay at 17% until the R&D tax credit is renewed.

在更新研發稅收抵免之前，稅率應保持在 17%。

I don't expect that to happen in Q2.

我預計第二季度不會發生這種情況。

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

有了這個，我會把它交給仁勳。

Thanks, Marv.

謝謝，馬夫。

The transition from G80 to G92 was challenging and dragged our margins.

從 G80 到 G92 的過渡充滿挑戰，拖累了我們的利潤。

Every few generations, because of how our new products are aligned with process nodes, a new GPU is both faster and cheaper.

每隔幾代，由於我們的新產品如何與工藝節點保持一致，新的 GPU 會更快更便宜。

As a result, it is difficult to move the stack down to layer the new GPU on top of the stack.

因此，很難將堆棧向下移動以將新 GPU 分層到堆棧頂部。

This was the case in the G80 to G92 transition.

在 G80 到 G92 的過渡中就是這種情況。

G92 was both lower cost and higher performance than G80.

G92 比 G80 成本更低，性能更高。

So therefore, repositioning G80 while ramping G92 aggressively forced us to sell our G80s at lower margins.

因此，重新定位 G80 並大幅提升 G92 的速度，迫使我們以較低的利潤率出售 G80。

Going forward, although we still have some G80 inventory to work through, we believe we are in an excellent competitive position.

展望未來，雖然我們仍有一些 G80 庫存需要處理，但我們相信我們處於出色的競爭地位。

We are also launching new and exciting products in Q2, and the move across the board to 55-nanometer is expected to help margins.

我們還在第二季度推出了令人興奮的新產品，預計全面轉向 55 納米將有助於提高利潤率。

At our analyst day in April, I outlined NVIDIA's basic strategies -- one, focus on visual computing and be the unambiguous world leader; two, continue to create GPU, software or system architecture innovations that deliver the wonderful user experiences that we are famous for; and three, make the GPU evermore programmable and more useful for general-purpose computing.

在四月份的分析師日，我概述了 NVIDIA 的基本戰略——一、專注於視覺計算並成為明確的世界領導者；第二，繼續創造 GPU、軟件或系統架構創新，以提供我們著名的出色用戶體驗；第三，使 GPU 更加可編程，對通用計算更有用。

Our strategy is driving growth in several ways.

我們的戰略以多種方式推動增長。

Our innovations are growing TAM and driving share in the visual computing-centric markets like gaming PCs and workstations.

我們的創新正在增加 TAM 並推動以視覺計算為中心的市場（如游戲 PC 和工作站）的份額。

We are also seeing increasing ASPs as more of the total system spend is shifting to the GPU.

隨著更多的系統總支出轉移到 GPU，我們還看到 ASP 不斷增加。

We're seeing this trend all over the world.

我們在全世界都看到了這種趨勢。

We call this the optimized PC designed movement, where OEMs are rebalancing the system spend to optimize performance for applications that are increasingly visual.

我們將其稱為優化的 PC 設計運動，OEM 正在重新平衡系統支出，以優化日益視覺化的應用程序的性能。

As GPUs become more programmable and general-purpose, and are now used to enhance photo and video processing, we are starting to see growth from broad adoption of GPUs in mainstream consumer PCs.

隨著 GPU 變得更加可編程和通用，並且現在被用於增強照片和視頻處理，我們開始看到 GPU 在主流消費類 PC 中的廣泛採用帶來了增長。

Consumers now use their PCs to create and enjoy their home movies and photos, they use their PCs to watch high-definition movies, gather with friends and hangout in an online virtual world or enjoy some crazy videos on YouTube.

消費者現在使用他們的個人電腦來製作和欣賞他們的家庭電影和照片，他們使用個人電腦觀看高清電影，與朋友聚會並在在線虛擬世界中閒逛，或者在 YouTube 上欣賞一些瘋狂的視頻。

As the homebase of your iPod, many are using the PC to convert movies into a format that can be played on their iPod's.

作為 iPod 的基地，許多人使用 PC 將電影轉換為可以在他們的 iPod 上播放的格式。

This is called transcoding.

這稱為轉碼。

We call this new generation of consumer PCs lifestyle PCs.

我們將這種新一代消費類 PC 稱為生活方式類 PC。

This segment of the PC market is one of the fastest-growing, as we can see by the success of Apple and Adobe.

PC 市場的這一細分市場是增長最快的細分市場之一，我們可以從 Apple 和 Adobe 的成功中看出這一點。

This new PC segment is a growth segment for GPUs.

這個新的 PC 細分市場是 GPU 的增長細分市場。

The GPU's ability to manipulate images, video and graphics dramatically enhances the computing experience and as we've recently demonstrated at our analyst day, the GPU can speed up transcoding, one of the most processor-intensive applications, by nearly 20 times.

GPU 處理圖像、視頻和圖形的能力顯著增強了計算體驗，正如我們最近在分析師日展示的那樣，GPU 可以將轉碼（處理器最密集的應用程序之一）速度提高近 20 倍。

The marketplace is clearly bifurcating into generic PCs, and those that are built for specific needs of the users.

市場顯然分為通用 PC 和為滿足用戶特定需求而構建的 PC。

PC manufacturers worldwide are no longer designing PCs based simply on the speeds and feeds, but with a total user experience in mind.

全球 PC 製造商不再僅僅根據速度和饋送來設計 PC，而是考慮到整體用戶體驗。

As for large segments in the marketplace is like CAD workstations, gaming PCs, video editing, video photo editing workstations for creative professionals, media centers and now lifestyle PCs, the visual experience is front and center and cannot be compromised.

至於市場上的大型細分市場，如 CAD 工作站、遊戲 PC、視頻編輯、創意專業人士的視頻照片編輯工作站、媒體中心和現在的生活方式 PC，視覺體驗是最重要的，不能妥協。

Globally, we see the movement towards usage-optimized PC design taking hold and increasing momentum.

在全球範圍內，我們看到面向使用優化的 PC 設計的趨勢正在佔據並增長勢頭。

Here are some quotes from the press around the world.

以下是世界各地媒體的一些引述。

Here in the United States, Popular Science -- but in some cases the GPU makes a big difference.

在美國，科普——但在某些情況下，GPU 會產生很大的不同。

3D video games are a given, but intensive graphics are creeping into many other applications.

3D 視頻遊戲是給定的，但密集的圖形正在蔓延到許多其他應用程序中。

Computer Resellers News in India -- Are graphics chips the better CPUs?

印度的計算機經銷商新聞——圖形芯片是更好的 CPU 嗎？

More and more experts support this thesis.

越來越多的專家支持這個論點。

Many system builders supposedly recognize the trend already and would assemble PCs with better GPUs because the CPU is losing its importance, while the meaning of the GPU is increasing continuously.

許多系統製造商應該已經意識到這一趨勢，並會為 PC 組裝更好的 GPU，因為 CPU 正在失去其重要性，而 GPU 的意義正在不斷增加。

[Dlasti Dinta], Poland -- when creating optimal PC set, it's totally pointless to equip your computer with expensive CPU and add integrated or slow graphics solutions.

[Dlasti Dinta]，波蘭——在創建最佳 PC 集時，為您的計算機配備昂貴的 CPU 並添加集成或慢速圖形解決方案完全沒有意義。

You should do the other way around.

你應該反過來做。

Install expensive dual-core CPU and support it with more expensive GPU.

安裝昂貴的雙核 CPU 並用更昂貴的 GPU 支持它。

(inaudible) -- my daughters should be happy about me speaking French -- France -- it is true that since the PC has existed, only the processors seem to be important, to the point of often giving its name to the computer.

（聽不清）——我的女兒們應該對我說法語感到高興——法國——的確，既然 PC 已經存在，那麼似乎只有處理器很重要，以至於經常給計算機命名。

But we're now in the era of the visual PC.

但我們現在處於視覺 PC 時代。

All applications, starting with Windows Vista in the [aero] interface exploit an intensive way the graphics capabilities of the machines, no longer using the CPU, but the GPU.

所有應用程序，從 [aero] 界面中的 Windows Vista 開始，都以密集的方式利用機器的圖形功能，不再使用 CPU，而是使用 GPU。

The growth of GPUs reflect these market dynamics and the new conventional wisdom.

GPU 的增長反映了這些市場動態和新的傳統智慧。

As I mentioned earlier, our desktop and notebook GPU units grew 42% year over year, and our GPU ASPs increased 10% from a year ago.

正如我之前提到的，我們的台式機和筆記本 GPU 單元同比增長 42%，我們的 GPU ASP 同比增長 10%。

In addition to visual computing driving our GPU growth, we have a new growth driver with the invention of CUDA.

除了視覺計算推動我們的 GPU 增長之外，隨著 CUDA 的發明，我們還有一個新的增長動力。

It is important to understand that CUDA is not in just any GPU.

重要的是要了解 CUDA 不只是在任何 GPU 中。

CUDA is a C programmable general-purpose computing mode, available only in our GPUs, from GeForce 8 and beyond.

CUDA 是一種 C 可編程通用計算模式，僅在我們的 GPU 中可用，從 GeForce 8 及更高版本開始。

In the CUDA mode our GPUs transform and reconfigure Shader processors into a many-core parallel computing processor.

在 CUDA 模式下，我們的 GPU 將 Shader 處理器轉換並重新配置為多核並行計算處理器。

For example, the GeForce 9800 GT has 128 processor [cores].

例如，GeForce 9800 GT 有 128 個處理器 [核心]。

CUDA enables a new parallel computing model that the industry calls heterogeneous multi-core computing, where the vastly different architectures of the CPU and GPU are used in a collaborative way to achieve huge speed-ups in computing.

CUDA 實現了一種新的並行計算模型，業界稱之為異構多核計算，其中 CPU 和 GPU 的截然不同的架構以協作的方式使用，以實現計算的巨大加速。

CUDA has raised the attention of programmers and researchers all over the world.

CUDA 引起了全世界程序員和研究人員的關注。

Since its launch, over 60,000 downloads of the compiler, over 10,000 per month, have been downloaded by software developers, scientists, students, game developers and researchers around the world that have started programming with CUDA.

自推出以來，該編譯器的下載量已超過 60,000 次，每月超過 10,000 次，已被世界各地開始使用 CUDA 編程的軟件開發人員、科學家、學生、遊戲開發人員和研究人員下載。

We recently released beta version of CUDA 2.0 and for the Mac.

我們最近發布了 CUDA 2.0 和 Mac 測試版。

We're constantly seeing reports of astounding application speed-ups.

我們經常看到令人震驚的應用程序加速的報告。

We're routinely seeing 20 to 200 times speed-up over multi-core CPU alone.

我們經常看到單單多核 CPU 的速度提高了 20 到 200 倍。

Chevron has shown excellent performance using GPUs for computing in oil and gas expiration.

雪佛龍在使用 GPU 計算石油和天然氣到期時表現出出色的性能。

Jack Collins, from the National Cancer Institute, recently reported excellent results on AutoDock, a key application in cancer drug discovery.

美國國家癌症研究所的傑克柯林斯最近報告了 AutoDock 的出色結果，這是癌症藥物發現的關鍵應用。

Gauda and Nascentric announced EDA tools using GPU for computing optical proximity correction, or OPC, and [spice] modeling for design.

Gauda 和 Nascentric 宣布了使用 GPU 計算光學鄰近校正或 OPC 的 EDA 工具，以及用於設計的 [spice] 建模。

CEA, the French Atomic Energy Authority, and Bull, released news of a design win in supercomputing using NVIDIA GPUs.

CEA、法國原子能局和 Bull 發布了使用 NVIDIA GPU 的超級計算設計獲勝的消息。

Last week we announced our sponsorship of Stanford University's new Pervasive Parallelism Lab, PPL.

上週，我們宣布贊助斯坦福大學新的普遍並行實驗室 PPL。

The PPL will develop new techniques, tools and training materials to allow software engineers to harness the parallelism of the heterogeneous multi-core computing.

PPL 將開發新技術、工具和培訓材料，使軟件工程師能夠利用異構多核計算的並行性。

Stanford now joins the growing list of prestigious research programs including the Universal Parallel Computing Research Center, UPCRC, both at Berkeley and the University of Illinois, Urbana-Champaign, each designed to accelerate developments in mainstream parallel computing.

斯坦福大學現在加入了越來越多的著名研究項目，包括位於伯克利和伊利諾伊大學厄巴納-香檳分校的通用並行計算研究中心 UPCRC，每個項目都旨在加速主流並行計算的發展。

We see computer scientists all over the world jumping into heterogeneous multi-core computing research.

我們看到世界各地的計算機科學家都投身於異構多核計算研究。

As the world-leading supplier of GPUs, we are in truly exciting times.

作為全球領先的 GPU 供應商，我們正處於真正激動人心的時代。

The new sensibility of OEMs, optimizing PCs for visually rich applications, is driving GPU adoption and spend.

OEM 的新感受，即針對視覺豐富的應用程序優化 PC，正在推動 GPU 的採用和支出。

And with CUDA, we have transformed our GPU into a general-purpose parallel processor at precisely the time when the CPU performance improvement is slowing and the industry is moving full force to parallel computing.

而藉助 CUDA，我們正好在 CPU 性能提昇放緩且行業正全力轉向並行計算的時候，將我們的 GPU 轉變為通用並行處理器。

We believe the GPU will be the most important processor of this new era and will be a major driving force of visual computing and parallel computing revolution.

我們相信GPU將是這個新時代最重要的處理器，將成為視覺計算和並行計算革命的主要驅動力。

We're happy to take your questions now.

我們很高興現在回答您的問題。

(OPERATOR INSTRUCTIONS) Quinn Bolton, Needham & Company.

（操作員說明）Quinn Bolton, Needham & Company。

Just wondering, on the gross margin, it sounds like it's just some transitional issues.

只是想知道，在毛利率上，這聽起來只是一些過渡性問題。

But you had mentioned some new products that you built up in inventory and as you look forward into the July and future quarters.

但是你提到了一些你在庫存中積累的新產品，你期待著七月和未來的幾個季度。

Can you talk about, as you roll out these new products, is the architecture similar, different?

你能談談，當你推出這些新產品時，架構是相似的還是不同的？

What can we be expecting about gross margin with some of these new products that you're building up in inventory?

我們對您在庫存中積累的一些新產品的毛利率有什麼期望？

We are not ready to announce the new products yet, but the gross margins of the new products are better than the gross margins of existing products.

我們還沒有準備好公佈新產品，但新產品的毛利率要好於現有產品的毛利率。

So think about it as [smaller] transitions that as you introduced on your products, they tend to carry the higher than corporate gross margins?

因此，將其視為您在產品上引入的 [較小] 過渡，它們的毛利率往往高於公司毛利率？

Yes.

是的。

Then as you look into the second quarter, can you just talk about linearity of orders that you've seen over the past month or two that gives you the sense that Q2 looks seasonal at this point?

然後，當您查看第二季度時，您能否談談您在過去一兩個月中看到的訂單的線性度，這讓您感覺第二季度此時看起來是季節性的？

Well, I guess I'm trying to figure out -- we haven't seen Q2 yet.

好吧，我想我正在試圖弄清楚——我們還沒有看到第二季度。

We're still going through Q2.

我們仍在經歷第二季度。

And Q2 has -- is a seasonal quarter for the industry, on the one hand.

一方面，第二季度是該行業的季節性季度。

On the other hand, this is also the quarter that we sometimes, out of the last several years, we have many times announced new products during Q2 as we go into the back-to-school season.

另一方面，這也是我們有時的季度，在過去幾年中，隨著我們進入返校季，我們在第二季度多次發布新產品。

So you know the back-to-school season starts, I guess, around late May and June and ramps pretty hard into July, and our fiscal quarter ends at the end of July, and so includes July.

所以你知道返校季開始，我猜，大約在 5 月下旬和 6 月左右，並且非常艱難地進入 7 月，我們的財政季度在 7 月底結束，所以包括 7 月。

So that tends to balance each other, so it's kind of hard to exactly tell how Q2 will turn out because it just happens to be a seasonal quarter.

所以這往往會相互平衡，所以很難準確判斷第二季度的結果，因為它恰好是一個季節性季度。

But we have the benefit of new products, and we have the benefit of back to school, typically.

但是我們有新產品的好處，我們有返校的好處，通常。

So we'll report on Q2 when we're done with it.

因此，我們將在完成後報告第二季度。

Lastly, any comments on how you feel inventory in the channel is, especially on some of the older products ahead of these product transitions you just mentioned?

最後，您對渠道中的庫存有什麼看法，尤其是您剛才提到的這些產品轉換之前的一些舊產品？

Do you feel pretty comfortable with where inventory is?

你覺得庫存在哪裡很舒服嗎？

The products that we're going to announce in Q2 -- there are no products.

我們將在第二季度發布的產品——沒有產品。

We're done with our product transitions in Q1, and so the products in Q2 will layer into the existing product line.

我們在第一季度完成了產品過渡，因此第二季度的產品將分層到現有產品線中。

Arnab Chanda, Deutsche Bank Securities.

Arnab Chanda，德意志銀行證券公司。

When do you expect significant revenues from your Tesla product and the application processor product?

您預計什麼時候可以從您的 Tesla 產品和應用處理器產品中獲得可觀的收入？

I would think significant, I guess, later this year.

我想，今年晚些時候，我認為意義重大。

But those design wins tend to be a lot longer.

但這些設計的勝利往往要長得多。

Our Tesla, because they go into servers and supercomputers and scientific computing applications or deskside workstations, so they tend to have a longer design cycle.

我們的特斯拉，因為他們進入服務器和超級計算機以及科學計算應用程序或桌面工作站，所以他們往往有更長的設計週期。

We're seeing a lot of enthusiasm out there, but it just takes a little longer.

我們看到了很多熱情，但這需要更長的時間。

Then, as you know, application processors definitely take longer.

然後，如您所知，應用程序處理器肯定需要更長的時間。

Their design cycles are consistent designing the device itself, and so we're really enthusiastic about both of them, and they have been wonderful investments for us and I think you're going to pay off wonderfully.

他們的設計週期始終如一地設計設備本身，因此我們對他們倆都非常熱情，他們對我們來說是一筆不錯的投資，我認為您將獲得豐厚的回報。

So we'll just have to wait until the end of the year.

所以我們只能等到年底。

One other question about the CUDA platform.

關於 CUDA 平台的另一個問題。

Could you help us understand what portion of the computing market, if you include both PC as well as high-performance computing, is open to the heterogeneous computing model that you are sort of recommending, and what -- maybe it's difficult to give an exact number, but how should we think about how big that market can be?

您能否幫助我們了解計算市場的哪一部分（如果您同時包括 PC 和高性能計算）對您推薦的異構計算模型持開放態度，以及什麼——也許很難給出準確的數字，但我們應該如何考慮這個市場有多大？

I happen to think that within the next five to ten years, no longer than ten years, and probably around five years, that heterogeneous multi-core computing will be the way of computing for all computers, whether it's video processing or image processing or whether it's in the area of games, obviously, for graphics.

我碰巧認為，在未來五到十年內，不超過十年，可能在五年左右，異構多核計算將成為所有計算機的計算方式，無論是視頻處理還是圖像處理，還是顯然，它屬於遊戲領域，用於圖形。

But more importantly, in the future, for simulation, physics simulation, artificial intelligence simulation, you've been hearing about how the expense of creating content continues to go up.

但更重要的是，在未來，對於模擬、物理模擬、人工智能模擬，您已經聽說創建內容的費用如何繼續上漲。

The reason for that is because these worlds are more and more expansive and it's hard for artists to create the entire world.

因為這些世界越來越廣闊，藝術家很難創造出整個世界。

So, just like movies, movies uses simulators for cloth simulation.

因此，就像電影一樣，電影使用模擬器進行布料模擬。

Otherwise, they would have to animate all of the clothes that the actors wear, or hair simulation or, in large crowds, they use crowd simulators, which is basically a form of artificial intelligence.

否則，他們將不得不為演員穿的所有衣服或頭髮模擬製作動畫，或者在大量人群中，他們使用人群模擬器，這基本上是一種人工智能形式。

So we're going to see more and more simulations as a way of creating content in online games, in virtual worlds, in video games and, of course, in the area of mainstream users.

因此，我們將看到越來越多的模擬作為在線遊戲、虛擬世界、視頻遊戲，當然還有主流用戶領域中創建內容的一種方式。

You know that video games [isn't] really a mainstream application anymore, but in the area of photos and videos, you're going to see a lot of computational techniques starting later this year from some very important applications.

你知道視頻遊戲 [不再] 真正成為主流應用程序，但在照片和視頻領域，你將在今年晚些時候從一些非常重要的應用程序中看到大量計算技術。

So I ought not to preannounce some of their exciting products, but consumer applications, lifestyle applications are going to start showing, using GPUs in some really, really exciting ways.

所以我不應該預先宣布他們的一些令人興奮的產品，但消費者應用程序、生活方式應用程序將開始展示，以一些非常非常令人興奮的方式使用 GPU。

So I think heterogeneous computing is the future.

所以我認為異構計算是未來。

It is obvious that it is using the right tool to do the right job, and there's no reason why heterogeneous computing can't be available to everybody.

很明顯，它使用正確的工具來完成正確的工作，而且沒有理由不能讓所有人都使用異構計算。

We've shipped 60 million CUDA GPUs already and we're on track to ship 100, 150 million GPUs a year, and in a couple, two, three years, that's several hundred million PCs will have heterogeneous computing in it.

我們已經出貨了 6000 萬個 CUDA GPU，並且我們正按計劃每年出貨 100 到 1.5 億個 GPU，並且在兩三年內，數億台 PC 將具有異構計算。

So I think it's a foregone conclusion that heterogeneous computing is here.

所以我認為異構計算的出現已成定局。

The question now is, what are the exciting applications that are going to come?

現在的問題是，將會有哪些令人興奮的應用程序？

Now, just one more comment.

現在，只有一條評論。

In the last 20 years that I've been in the computer industry, the CPU or the computer has improved in performance a staggering 1000 times.

在我從事計算機行業的最近 20 年中，CPU 或計算機的性能提高了驚人的 1000 倍。

It's a staggering 1000 times.

這是驚人的1000倍。

And that's clearly one of the most aggressive improvements in performance of any technology or anything that humanity has ever seen.

這顯然是人類所見過的任何技術或任何事物性能上最激進的改進之一。

Yet CUDA, in the hands of all these 60,000 software engineers around the world -- and it's easy for you to find applications and reports of CUDA applications written -- people are seeing 20, 50, 100, 200, 300 times speed-up.

然而 CUDA 在全世界所有這 60,000 名軟件工程師的手中——而且您很容易找到編寫的 CUDA 應用程序的應用程序和報告——人們正在看到 20、50、100、200、300 倍的加速。

In just one year we've helped the computer improve its performance by 100 times.

在短短一年內，我們幫助計算機將其性能提高了 100 倍。

That kind of a step-up and that kind of a discontinuity in performance, computing performance, just has never happened.

那種提升和那種性能、計算性能的不連續性，從來沒有發生過。

So that's the reason why Stanford and Berkeley and UI/U-C and just about every supercomputing center on the planet and scientists all over the world and software engineers in all the major software companies that you and I both know are all looking into heterogeneous multi-core computing.

這就是為什麼斯坦福大學、伯克利分校、UI/U-C 以及地球上幾乎每個超級計算中心、世界各地的科學家和你我都知道的所有主要軟件公司的軟件工程師都在研究異構多核的原因計算。

I think this is clearly the future.

我認為這顯然是未來。

Last question, Jen-Hsun.

最後一個問題，仁勳。

Maybe a little difficult to answer in a public forum, but in the past, you haven't been too shy.

在公共論壇上回答可能有點困難，但在過去，你並沒有太害羞。

Your best friends in Santa Clara -- have any of their actions, public talk, et cetera, affected either pricing or any success or future potential of the chipset business?

您在聖克拉拉最好的朋友——他們的任何行動、公開談話等是否影響了芯片組業務的定價或任何成功或未來潛力？

I think any dialogue around GPUs is welcome for me.

我認為任何關於 GPU 的對話對我來說都是受歡迎的。

I would love to have Good Morning America cover GPUs.

我希望《早安美國》能夠覆蓋 GPU。

If any city -- Santa Clara, Toronto, Austin -- any city who would like to have a dialogue around the importance of heterogeneous computing, GPUs and what we can do as an industry to advance computing, is a welcome conversation.

如果任何城市——聖克拉拉、多倫多、奧斯汀——任何想就異構計算、GPU 的重要性以及我們作為一個行業可以做些什麼來推進計算進行對話的城市，都是受歡迎的對話。

So I think all of that conversation around GPUs and graphics is all good for us.

所以我認為所有圍繞 GPU 和圖形的討論對我們都有好處。

I welcome all of it.

我歡迎這一切。

Gary Mobley, Piper Jaffray.

加里·莫布里，派珀·杰弗瑞。

I had a couple of questions relating to balance sheet items.

我有幾個與資產負債表項目有關的問題。

Are there any troublesome production lead times still out there?

是否還有任何麻煩的生產提前期？

And your inventory turns are still above the historical norm of five to six.

而且您的庫存周轉率仍然高於五到六的歷史標準。

I'm just curious whether we might see a continued rise in the NVIDIA-held inventory.

我只是好奇我們是否會看到 NVIDIA 持有的庫存持續增加。

Our day sales in inventory are 60, and that's where I'd hope to get it, because when it's down at 50 or below, that's too little inventory.

我們的庫存日銷售額是 60，這就是我希望得到它的地方，因為當它下降到 50 或以下時，庫存太少了。

So, once you have it at 60, the real issue is -- what is in the inventory?

所以，一旦你在 60 歲時擁有它，真正的問題是 - 庫存中有什麼？

Is it old stuff that's moving slowly, or is it new stuff where you don't have enough of it?

是舊的東西發展緩慢，還是新的東西你沒有足夠的東西？

I would say at this stage that I'm very comfortable with inventory, both the profile and the amount of it.

我會說在這個階段我對庫存非常滿意，無論是概況還是數量。

Are we going to build inventory?

我們要建立庫存嗎？

Yes, I think we'll build inventory as we go into Q3 and Q4, and with the expectation that revenue usually increases significantly in Q3 and Q4.

是的，我認為我們將在進入第三季度和第四季度時建立庫存，並且預期收入通常會在第三季度和第四季度顯著增加。

So I wouldn't have any trouble at all with building inventory in Q2, providing it's the right inventory.

所以我在第二季度建立庫存完全沒有任何問題，只要它是正確的庫存。

Production lead times -- are there any issues still there?

生產提前期——還有什麼問題嗎？

We're still growing as a company, so production lead times continue to be a challenge for us.

作為一家公司，我們仍在成長，因此生產提前期對我們來說仍然是一個挑戰。

But our fab partners are working hard for us, and they are doing their best for us.

但是我們的晶圓廠合作夥伴正在為我們努力工作，他們正在為我們竭盡全力。

But you heard me say that our GPUs -- and GPU', just so you know, are the most complex -- recognize now, the most complex processors the world makes.

但是你聽到我說我們的 GPU——和 GPU'，正如你所知，是最複雜的——現在認識到，世界上製造的最複雜的處理器。

We ship 100 million a year, so we make it look easy.

我們每年出貨 1 億個，所以我們讓它看起來很容易。

But it is the largest pieces of silicon that anybody makes, period.

但它是任何人製造的最大的矽片。

So, when I said that we grew our GPU units 50% year over year -- 42% year over year, that's a very large number.

所以，當我說我們的 GPU 單元同比增長 50% - 同比增長 42% 時，這是一個非常大的數字。

I know that none of the foundries grew 42% year over year, and I know that the PC industry didn't grow 42% year over year.

我知道沒有一家代工廠年同比增長 42%，而且我知道 PC 行業沒有同比增長 42%。

So you can just imagine our wafer starts.

所以你可以想像我們的晶圓開始了。

So our fab partners are really working hard for us.

所以我們的晶圓廠合作夥伴真的在為我們努力。

I would love to grow another 50% year over year, and there's certainly every opportunity for us to do that, and our fab partners just have to all pitch in and help us get there.

我希望每年再增長 50%，我們當然有機會做到這一點，我們的晶圓廠合作夥伴只需要全力投入並幫助我們實現目標。

Lastly, could you provide some comment on the consumer business, sort of the ebbs and flows going on there with the different components of that revenue?

最後，您能否就消費者業務提供一些評論，以及該收入的不同組成部分正在發生的潮起潮落？

And might we see some stabilization in this business going forward?

我們是否會在未來看到這項業務的一些穩定？

I think stabilization and consumer businesses are, that's probably a -- what do they call it, an oxymoron?

我認為穩定和消費者業務可能是一個——他們怎麼稱呼它，一個矛盾的說法？

Jumbo shrimp?

大蝦？

That's the nature of the consumer business.

這就是消費者業務的本質。

And the thing that I do know is this, that PS3s are doing great.

我所知道的是，PS3 做得很好。

The Blu-ray HD war is over.

藍光高清戰爭已經結束。

The PS3 is benefiting from both second-generation titles, they're benefiting from first-party titles that are coming out in the near future.

PS3 受益於這兩款第二代遊戲，它們也受益於即將推出的第一方遊戲。

That's going to be pretty hot; and, they have Blu-ray.

那會很熱；而且，他們有藍光。

If you don't know this, you should go get one.

如果你不知道這個，你應該去買一個。

It's pretty affordable.

這是相當實惠的。

PS3 is the world's best Blu-ray player, period, flat out.

PS3 是世界上最好的藍光播放器。

It's just a fabulous Blu-ray player.

它只是一個很棒的藍光播放器。

So I think PS3s are going to do great.

所以我認為PS3會做得很好。

They're in the process of transitioning to a new process node, and so we're looking forward to how they ramp into the holiday season.

他們正在過渡到新的流程節點，因此我們期待他們如何進入假期。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Could you maybe, within the desktop GPU segment, comment on your expectations for Q2 in terms of pricing and whether or not you've seen any incremental pricing actions by some of your competitors there?

在桌面 GPU 領域，您能否就您對第二季度定價方面的預期發表評論，以及您是否看到那裡的一些競爭對手採取了任何增量定價行動？

It's hard to exactly predict what happens in the short-term, but I know what the general trends are.

很難準確預測短期內會發生什麼，但我知道總體趨勢是什麼。

The general trends are, the GPU is benefiting from an industry-wide recognition that visual computing is important.

總體趨勢是，GPU 正受益於業界普遍認識到視覺計算的重要性。

The GPU is doing more and more things because it's more and more programmable.

GPU 正在做越來越多的事情，因為它越來越可編程。

And with CUDA we've made the GPU a completely general-purpose parallel processor.

通過 CUDA，我們使 GPU 成為一個完全通用的並行處理器。

So these things will cause it to be adopted more, and therefore that will increase units.

所以這些東西會導致它被更多地採用，因此會增加單位。

It will increase its TAM.

它將增加其 TAM。

Places that you would have never thought a GPU would go would include a GPU.

您從未想過 GPU 會去的地方包括 GPU。

And, it would also increase its ASP because it's more and more useful.

而且，它也會增加它的 ASP，因為它越來越有用。

So we're seeing all of those mega trends.

所以我們看到了所有這些大趨勢。

So I think that, with respect to Q2, we know we're announcing new products, and so that's always helpful.

所以我認為，關於第二季度，我們知道我們正在發布新產品，所以這總是有幫助的。

But I can't control what the competition does.

但我無法控制比賽的結果。

Secondly, on the R&D spending, Marv, do you expect that you can hold that to roughly flattish levels from Q2 and then through the rest of the year?

其次，關於研發支出，Marv，您是否認為從第二季度到今年剩餘時間，您可以將其保持在大致持平的水平？

Or, do you expect that would tick up a little bit as we move into the back half?

或者，當我們進入後半區時，你是否認為這會有所上升？

Well, I think if we continue to [hire] it's going to tick up in the back half.

好吧，我認為如果我們繼續[僱用]，它會在後半部打勾。

We have a very strong focus on trying to hold it as flat as possible in Q2.

我們非常重視在第二季度盡可能保持平穩。

I think at the analyst day I said the same thing, so our focus now is holding it flat for Q2.

我認為在分析師日我也說過同樣的話，所以我們現在的重點是在第二季度保持平穩。

We'll see how successful we are.

我們會看到我們有多成功。

I would think it will tick up slightly, as I said before.

正如我之前所說，我認為它會略微上升。

I think we'll moderate the growth throughout the rest of the year.

我認為我們將在今年剩下的時間裡緩和增長。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Hi, this is Peter Karazeris for Glen Yeung.

嗨，我是 Glen Yeung 的 Peter Karazeris。

In the guidance for gross margin being up 100 basis points next quarter, can you get me some sense of how much of that is your thinking on the improvement from manufacturing, and how much of it would be coming from product mix?

在下個季度毛利率上升 100 個基點的指引中，您能否讓我了解一下您對製造業改善的看法有多少，其中有多少來自產品組合？

Well, 100 basis points should be -- no.

嗯，100 個基點應該是——不。

We can do a lot better in terms of the manufacturing side, so I think that we don't need significant uplift in other areas in order to achieve the 100 basis point increase.

我們在製造業方面可以做得更好，所以我認為我們不需要在其他領域大幅提升以實現 100 個基點的增長。

What we do need is really superb execution internally.

我們真正需要的是內部出色的執行力。

We're going to have to work very hard for that to happen.

我們將不得不非常努力地實現這一目標。

So the 100 is really driven by -- it's correct for me to say it's driven primarily by the improvement in manufacturing?

所以 100 真的是由 - 我說它主要是由製造業的改進驅動的對嗎？

Any mix would be upside to that?

任何混合都會有好處嗎？

Is that correct?

那是對的嗎？

Yes, probably.

很可能是。

We'll see.

走著瞧。

And SG&A -- should I assume that more closely tracks revenue?

SG&A——我應該假設更密切地跟踪收入嗎？

You've kind of given us some detail around R&D spend, but should I be thinking that SG&A, then, next quarter could be down a bit with the revenue, and then it comes up in the second half of the year?

您已經向我們提供了一些有關研發支出的詳細信息，但我是否應該認為下個季度的 SG&A 可能會隨著收入而下降，然後在下半年出現？

Our OpEx is not closely tied to revenue.

我們的運營支出與收入沒有密切聯繫。

It's closely tied to the number of people we have and the projects we have going on.

這與我們擁有的人數和正在進行的項目密切相關。

So if revenue goes up or declines, our SG&A doesn't track right along with it.

因此，如果收入上升或下降，我們的 SG&A 就不會跟上。

We don't give everybody a salary reduction.

我們不會給每個人減薪。

No, I think they're independent movements.

不，我認為它們是獨立的運動。

Tayyib Shah, Longbow Research.

Tayyib Shah，長弓研究中心。

Jen-Hsun, you are going to revenues in line with historical seasonality for PC space.

Jen-Hsun，您將根據 PC 空間的歷史季節性來獲得收入。

With the 9000 series ramping, it puts you in a strong competitive position in the desktop space.

隨著 9000 系列的快速發展，它使您在桌面領域處於強有力的競爭地位。

Do you expect to gain some share in the back-to-school season?

您是否希望在返校季獲得一些份額？

And if so, shouldn't you be guiding above historical seasonality?

如果是這樣，您不應該在歷史季節性之上進行指導嗎？

Did I mention Q2?

我提到Q2了嗎？

(multiple speakers) I think we've got to treat Q2 with respect.

（多位發言者）我認為我們必須尊重第二季度。

I think you're right that we have a very strong, a very good competitive position.

我認為你是對的，我們擁有非常強大、非常好的競爭地位。

We have fabulous products, top to bottom.

我們有很棒的產品，從上到下。

And we're also announcing several new initiatives that you guys heard about at analyst day.

我們還宣布了你們在分析師日聽到的幾項新舉措。

One of the things is, the modern benchmark is out.

其中一件事是，現代基準已經過時了。

We have been using -- the benchmark that the industry has been using has been around since 2006.

我們一直在使用——該行業自 2006 年以來一直在使用的基準。

And in graphics years, that's -- wow, that's a long time.

在圖形年，那是 - 哇，那是很長一段時間。

So the new benchmark is out.

所以新的基準已經出來了。

It's called 3D Mark vantage, and it's a modern benchmark.

它被稱為 3D Mark vantage，它是一個現代基準。

Because our GPUs, our modern GPUs are designed for modern applications, you would think that our position on the 3G Mark vantage should be extraordinary, and it is.

因為我們的 GPU，我們的現代 GPU 是為現代應用程序而設計的，所以您會認為我們在 3G Mark 優勢上的地位應該是非凡的，而且確實如此。

So that's one thing, and that's in the process of rolling out.

所以這是一回事，而且正在推出過程中。

The market doesn't really know it yet, and I think you could see some early websites, go see some -- you might just be able to Google it and find some reviews, and you'll see that the reviews are really fabulous, with GeForce 8 and GeForce 9.

市場還不知道，我想你可以看到一些早期的網站，去看看——你可以用谷歌搜索它並找到一些評論，你會發現評論真的很棒，使用 GeForce 8 和 GeForce 9。

So that's one.

所以這是一個。

The second thing is we're going to announce this quarter probably the highest-volume parallel computing application or software in the world, and that's physics processing.

第二件事是我們將在本季度宣布可能是世界上容量最大的並行計算應用程序或軟件，那就是物理處理。

It's used in almost every modern game, and it's one of the most computationally intensive things that you can do in a game and it now runs on CUDA, on GeForce GPUs.

它幾乎用於所有現代遊戲，它是您可以在遊戲中執行的計算最密集的事情之一，它現在可以在 CUDA 和 GeForce GPU 上運行。

Then we're going to add on top of that -- hopefully, we'll go into production later on in the quarter -- our transcoding.

然後我們將在此基礎上添加 - 希望我們將在本季度晚些時候投入生產 - 我們的轉碼。

It is probably the killer app today with the number of iPods that are being sold and iPhones that are being sold.

它可能是今天銷售的 iPod 和銷售的 iPhone 數量的殺手級應用程序。

People are downloading a lot of videos onto their portable media players, and the transcoding of videos take forever.

人們正在將大量視頻下載到他們的便攜式媒體播放器上，而視頻的轉碼需要很長時間。

You have to start it up at night and give up your PC and go to bed and hope that it's done before you wake up.

您必須在晚上啟動它並放棄您的 PC 並上床睡覺，並希望它在您醒來之前完成。

So we're going to accelerate the transcoding of movies to what is called super real-time.

因此，我們將加速電影轉碼到所謂的超實時。

It's much, much faster than it takes for you to watch it.

它比您觀看它所需的速度要快得多。

So I think transcoding is just going to -- people are going to be nuts over the work that we're doing in this area.

所以我認為轉碼只是——人們會對我們在這個領域所做的工作感到瘋狂。

So not only do we have a fabulous position with our GPU lineup, but we're adding three major things to it this quarter.

因此，我們不僅在我們的 GPU 產品線中擁有絕佳的地位，而且本季度我們還將為其添加三項主要內容。

And I think that that can't but help.

我認為這不能不幫助。

But having said all that, I think we ought to show Q2 its due respect.

但說了這麼多，我認為我們應該對第二季度表示應有的尊重。

And then the share shift in the notebook space -- is that going to play out in the July quarter and then return the Company to a normal seasonal trend in October quarter?

然後是筆記本電腦領域的份額轉移——這是否會在 7 月季度上演，然後在 10 月季度讓公司恢復正常的季節性趨勢？

Or, are we likely to see a drag from notebook share shift in the October quarter as well?

或者，我們是否也可能會在 10 月季度看到筆記本電腦份額變化的拖累？

It will certainly play out in Q2.

它肯定會在第二季度上演。

You'll see that share shift start to take place in Q2.

你會看到份額轉移在第二季度開始發生。

There will be a little bit of drag in Q3.

第三季度會有一點阻力。

But the major portion of it is in Q2.

但它的主要部分是在第二季度。

I think it's all important to keep it all in perspective.

我認為保持所有觀點都很重要。

I think, first of all, the notebook GPU business is a lot smaller than the desktop GPU business and the market share that we lost is mostly in the entry-level segment.

我認為，首先，筆記本GPU業務比台式機GPU業務要小很多，我們失去的市場份額主要是在入門級領域。

And so it's a small percentage of a small percentage.

所以它只是一小部分的一小部分。

So I'd just put it in perspective.

所以我只是把它放在透視圖中。

I think, in the final analysis, we like to have all the business in the world, but sometimes the profitability doesn't suggest that it would be the most prudent thing to do.

我認為，歸根結底，我們希望擁有世界上所有的業務，但有時盈利能力並不表明這將是最謹慎的做法。

So we're going to keep fighting for our share.

因此，我們將繼續為我們的份額而戰。

But I'd urge you to keep that in perspective.

但我會敦促你正確看待這一點。

Mike McConnell, Pacific Crest Securities.

邁克·麥康奈爾，Pacific Crest 證券。

Marv, if we look at the -- I'm just a little surprised at the commentary on the margin guidance, just with respect to the entire benefit being from manufacturing.

Marv，如果我們看一下 - 我對利潤率指導的評論感到有點驚訝，只是關於製造業的全部利益。

I guess, if I look at your Q1, you did have some favorable mix in the sense that workstation being up 21%; that's a 70% gross margin business.

我想，如果我看看你的第一季度，你確實有一些有利的組合，即工作站增長了 21%；這是一個毛利率為 70% 的業務。

And then your memory was down 20%, yet you were kind of light on margins, as you've kind of alluded to.

然後你的記憶力下降了 20%，但正如你所暗示的那樣，你的邊緣有點輕。

So as we kind of move into July, is there going to be another element that's going to be really helping the margin?

因此，當我們進入 7 月時，是否會有另一個真正有助於利潤率的因素？

Because I can't imagine that we're going to have the same favorable mix on those two product segments carrying into July.

因為我無法想像我們將在這兩個產品領域擁有相同的有利組合，並持續到 7 月。

Then, as we kind of -- is it just a matter of getting -- you've kind of gotten through the excess inventory and the GeForce 8X family, and now you're going to have new products as well ramping.

然後，就像我們一樣——這只是一個獲得的問題——你已經通過了過剩的庫存和 GeForce 8X 系列，現在你將擁有新產品以及爬坡。

So the GPU margins should also improve, on top of that manufacturing improvements?

那麼除了製造改進之外，GPU 的利潤率也應該提高嗎？

Any color there would be helpful.

那裡的任何顏色都會有幫助。

Yes.

是的。

Jen-Hsun outlined this.

仁勳概述了這一點。

The G80 to G92 transition has been difficult for us and has certainly impacted the GPU margins.

G80 到 G92 的過渡對我們來說一直很困難，而且肯定影響了 GPU 的利潤率。

As I mentioned, the overall GPU margins were down 2 percentage points quarter to quarter.

正如我所提到的，整體 GPU 利潤率每季度下降 2 個百分點。

Now, that's a combination of both of those factors.

現在，這是這兩個因素的結合。

But what I was referring to is that you're going to get the benefit of one of those because you don't have to repeat them.

但我所指的是，您將獲得其中之一的好處，因為您不必重複它們。

The other one of the manufacturing improvements that we have to do is going to drive the other portion of it.

我們必須做的另一項製造改進是推動它的另一部分。

So yes, I anticipate that we won't get the lift that we got from the PSB business unit in Q1, and we won't get perhaps the lift in some other areas.

所以是的，我預計我們不會在第一季度從 PSB 業務部門獲得提升，而且我們可能不會在其他一些領域獲得提升。

But even taking that into consideration, we still believe that 100 basis points is reasonable.

但即使考慮到這一點，我們仍然認為 100 個基點是合理的。

I think, just to help amplify that, and Marv and I both talked about it.

我想，只是為了幫助放大這一點，Marv 和我都談到了它。

But let me just add a fine point to our review.

但是，讓我在我們的評論中補充一點。

Typically, when you introduce a new product, it's either more expensive, but it's much higher performance.

通常，當您推出新產品時，它要么更貴，但性能要高得多。

Or another way of saying it, it's much higher performance, but it typically is higher cost.

或者換一種說法，它的性能要高得多，但通常成本更高。

Or, you introduce a product that goes into the mid range or the entry segment and it's slower performance but it's definitely lower cost.

或者，您推出了一款進入中檔或入門級的產品，它的性能較慢，但成本絕對較低。

So those are the typical product transitions, typical as in out of every nine product transitions, out of every 10 transitions, nine will be that way.

所以這些是典型的產品轉換，典型的每九個產品轉換中，每 10 個轉換中，九個將是這樣的。

But every so often, the moon and the stars and everything align, and you get a situation like the G80 to G92, where G92 is both faster and cheaper.

但是每隔一段時間，月亮和星星以及一切都對齊，你會遇到像 G80 到 G92 這樣的情況，其中 G92 更快更便宜。

And it's a combination of both process improvement and also kind of the mid-life kicker syndrome in the sense that, G80 was the first implementation of our -- of that CUDA architecture.

從某種意義上說，G80 是我們的 CUDA 架構的第一個實現，它既是流程改進，也是一種中年踢球綜合症的結合。

So G92 has the benefit of learning from big brother, and we've fixed a lot of the architectural things that we left on the table.

所以 G92 有向大哥學習的好處，我們已經修復了很多我們留在桌面上的架構問題。

So G92 has that added kicker.

所以G92增加了踢球者。

So when you're presented with a situation where something is cheaper and higher performance, it's really tough to manage through the transition.

因此，當您遇到更便宜且性能更高的情況時，很難在過渡期間進行管理。

How much of what occurred with the G92 -- was this more of a function -- we had, obviously, some manufacturing constraints in late fiscal 2008.

G92 發生了多少事情——這更多的是一種功能——顯然，我們在 2008 財年末受到了一些製造限制。

Were the forecasts just overly optimistic, or was there maybe an air pocket of soft demand as we went through April?

是預測過於樂觀，還是在我們度過四月時可能存在需求疲軟的空氣袋？

Any comments there, please?

請問那裡有什麼意見嗎？

We were in allocation on G80 and -- holy cow -- until the day we had a bunch of inventory to sell at a lower margin.

我們一直在分配 G80 和 - 聖牛 - 直到有一天我們有一堆庫存可以以較低的利潤率出售。

So part of it is, the cycle times aggravate that.

所以部分原因是，週期時間加劇了這一點。

Part of it is seasonality, and a large part of it is G92.

一部分是季節性，還有很大一部分是G92。

G92 was a such a good product, and you probably remember the reviews.

G92 是一款非常好的產品，您可能還記得評論。

G92, when it came out -- the reviews were, this is the perfect product because it was affordable and it was so high performance.

G92，當它問世時——評論是，這是完美的產品，因為它價格實惠，而且性能如此之高。

So it's tough for G80 to compete against that, and especially when the manufacturing was running full steam, right when G92 came out.

所以G80很難與之抗衡，尤其是在製造全速運轉的時候，就在G92問世的時候。

It's just hard to manage those kind of transitions.

很難管理這種過渡。

With respect to these low-end notebooks that are coming into the market, if you talk to the channel, they're somewhat concerned about potentially desktop cannibalization accelerating this year.

對於這些即將上市的低端筆記本，如果你和渠道商談，他們有點擔心今年可能會加速對台式機的蠶食。

Intel has talked about the actually their crossover occurring this year as opposed to next year.

英特爾已經談到了今年發生的實際交叉，而不是明年。

What does that mean for the GPU industry?

這對 GPU 行業意味著什麼？

And is that even a threat at all, or do you feel comfortable with what you're doing with hybrid, the hybrid graphics technology, that over time your attach rate, the GPU attach rate in notebooks will continue to increase and this really isn't that much of a threat as some of the channel is making it out to be with their own business?

這甚至是一種威脅嗎，或者您對使用混合圖形技術所做的事情感到滿意嗎不是因為某些頻道正在與他們自己的業務有關嗎？

First of all, the crossover, be sure to understand what it actually says.

首先，分頻器，一定要明白它到底在說什麼。

As far as all the data shows, and certainly we did sell 40% plus more GPUs this year than last.

就所有數據顯示而言，我們今年的 GPU 銷量確實比去年增加了 40% 以上。

So they are going somewhere.

所以他們要去某個地方。

What the data shows is that desktop PC growth is small, but notebook PC growth is fast.

數據顯示，台式PC增長較小，但筆記本PC增長較快。

Notebook PC growth is mostly an extremely low-cost notebook growth.

筆記本電腦的增長大多是極低成本的筆記本增長。

So what it basically tells me, and my family is probably similar as other families, where people buy one or two desktop PCs but everybody has their own laptop.

所以它基本上告訴了我，我的家庭可能和其他家庭相似，人們購買一兩台台式電腦，但每個人都有自己的筆記本電腦。

So I think that increasingly more and more families are that way.

所以我認為越來越多的家庭是這樣的。

So we're seeing that basic trend, that for every desktop PC, or you might see one plus notebooks.

因此，我們看到了這種基本趨勢，即每台台式電腦，或者您可能會看到一加筆記本電腦。

Those notebooks will tend to be for personal use.

這些筆記本往往是供個人使用的。

But I think the megatrend, though, that we are seeing -- so that's one trend that you are recognizing, in that the notebooks -- there are just more and more notebooks sold.

但我認為，我們所看到的大趨勢——這是你正在認識到的一個趨勢，即筆記本電腦——售出的筆記本電腦越來越多。

But the second thing that you're noticing is that in the markets that we serve, there is increasingly increased ASP and increased adoption of GPUs.

但您注意到的第二件事是，在我們服務的市場中，ASP 越來越高，GPU 的採用率越來越高。

We are not in the vast majority of the world's PCs yet.

我們還沒有進入世界上絕大多數 PC。

We still have a pretty large TAM to grow into.

我們還有一個相當大的 TAM 需要成長。

So within that TAM, I expect that the ASPs of GPUs will continue to grow as the usefulness of GPUs continue to grow and that, as people recognize that their PCs are more visual than ever, they will use more GPUs.

因此，在 TAM 中，我預計 GPU 的 ASP 將隨著 GPU 的實用性不斷增長而繼續增長，並且隨著人們認識到他們的 PC 比以往任何時候都更具視覺效果，他們將使用更多的 GPU。

So I think the growth opportunity is still pretty healthy out there.

所以我認為增長機會仍然相當健康。

(OPERATOR INSTRUCTIONS) Shawn Webster, JP Morgan.

（操作員說明）Shawn Webster，JP Morgan。

A couple on inventory.

一對夫婦的庫存。

Did you guys write down inventory in Q1?

你們在第一季度記下了庫存嗎？

Well, Shawn, we always write down inventory.

好吧，肖恩，我們總是記下庫存。

Beyond normal?

超出正常範圍？

No.

不。

It was normal.

這很正常。

On the channel inventories, can you describe how the inventories at your OEM and channel partners are looking right now?

關於渠道庫存，您能否描述一下您的 OEM 和渠道合作夥伴目前的庫存情況？

Is it normal, a little higher than normal?

正常嗎，比正常高一點？

And maybe give some color on trends there.

也許給那裡的趨勢一些顏色。

It's higher than normal, but I think that during this time of the year, it tends to be higher than normal, and it's sort of the opposite of saying -- corollary of [saying] seasonality.

它高於正常水平，但我認為在一年中的這個時候，它往往會高於正常水平，這與說的相反——[說]季節性的必然結果。

But don't forget that this is also the time right before back to school season.

但不要忘記，這也是開學季前的時間。

So if you recall last year about this time, it was, inventory grew the channel, and then shortly after that back to school ramps up, and then it also went into June and July and back to school.

所以如果你回想一下去年的這個時候，庫存增加了渠道，然後不久之後返校就開始了，然後它也進入了六月和七月，然後又回到了學校。

Before you know it, it's fall.

不知不覺，秋天就來了。

Right.

正確的。

So, higher than last quarter, but not higher than what you would normally expect this time of year?

那麼，高於上一季度，但不高於您每年這個時候的通常預期？

I don't think so.

我不這麼認為。

And then, as far as the guidance for Q2, the down 5% -- if I'm reading my notes correctly, it looks like you've guided over the last three years sort of flattish to slightly up for Q2.

然後，就第二季度的指導而言，下降了 5%——如果我沒有正確閱讀我的筆記，看起來你在過去三年中指導的第二季度有點平淡到略微上升。

Is the visibility you have now less than normal?

您現在的能見度是否低於正常水平？

Are you trying to [branch] predict what's going on in notebook?

您是否正在嘗試 [分支] 預測筆記本中發生的事情？

What is making this year a little bit different from the last several years?

是什麼讓今年與過去幾年有些不同？

First of all, in notebooks, the share loss we've talked about in notebooks doesn't represent 5% of our top line.

首先，在筆記本電腦中，我們在筆記本電腦中談到的份額損失並不代表我們收入的 5%。

So, as I've already explained, you know, I don't think there's -- I feel like I'm the only person that's maybe watching CNBC, but there's no harm in a little caution in this Q2.

所以，正如我已經解釋過的，你知道，我認為沒有——我覺得我可能是唯一一個可能在看 CNBC 的人，但在第二季度稍微謹慎一點也沒有壞處。

We are as nervous as the stock market.

我們和股市一樣緊張。

I feel like maybe I just ran into another planet.

我覺得也許我只是跑到了另一個星球。

But you know, we have a great product position.

但是你知道，我們有一個很好的產品定位。

We have a great product position, and we have really exciting products coming out, and there's two major trends that are happening that's going to drive GPU growth.

我們有一個很好的產品定位，我們有非常令人興奮的產品問世，有兩個主要趨勢正在發生，這將推動 GPU 的增長。

One of them is visual computing, and the other one is parallel computing.

其中一種是視覺計算，另一種是並行計算。

They're not related.

他們沒有關係。

They're completely different things that are happening, and we find ourselves at the epicenter of both.

它們是正在發生的完全不同的事情，我們發現自己處於兩者的中心。

So I'm excited about our growth prospects.

所以我對我們的增長前景感到興奮。

But Q2 is Q2 and we ought to just -- if we come out at the other end of it and surprised ourselves, so be it.

但是第二季度就是第二季度，我們應該只是——如果我們在它的另一端出來並讓自己感到驚訝，那就這樣吧。

But a little conservatism going into it is not a terrible thing.

但是有點保守主義並不是一件可怕的事情。

Heidi Poon, Thomas Weisel Partners.

Heidi Poon，Thomas Weisel 合夥人。

I'm wondering if you could give us an update about the motherboard GPU business in terms of where you see pricing going to in the second half.

我想知道您是否可以向我們提供有關主板 GPU 業務的最新信息，以了解下半年的定價情況。

Also, you announced, I see, a platform on the analyst day, so could you give us an update on the design activities?

另外，你在分析師日宣布了一個平台，你能給我們介紹一下設計活動的最新情況嗎？

Let's see -- Marv, you already mentioned about MCP business, where we grew MCP business over 30% year over year.

讓我們看看——Marv，你已經提到了 MCP 業務，我們的 MCP 業務同比增長超過 30%。

(multiple speakers) down 4% quarter to quarter.

（多位發言者）季度環比下降 4%。

I don't know of any major reasons why the MCP business would change in terms of what's characteristic, and let me tell you why.

我不知道為什麼MCP業務會在特性方面發生變化的任何主要原因，讓我告訴你為什麼。

I think the DX10 -- in order for you to be Vista premium certified, by Microsoft, you have to have DX10 capability, I think it's by August or something like that, either July or August.

我認為 DX10——為了讓你獲得微軟的 Vista 高級認證，你必須擁有 DX10 功能，我認為它是在八月或類似的時間，七月或八月。

So DX10 -- and the second thing is that the new benchmark is out.

所以DX10——第二件事是新的基準已經出來了。

It is the benchmark that the entire PC industry, the entire supply chain uses to determine the worthiness of a product.

它是整個 PC 行業、整個供應鏈用來確定產品價值的基準。

So you need to have DX10 to have any meaningful capability on that benchmark.

因此，您需要 DX10 才能在該基准上擁有任何有意義的功能。

So, you have to put DX10 onto every GPU.

因此，您必須將 DX10 安裝到每個 GPU 上。

My sense is that our leadership in DX10 is going to be pretty substantial, and so we expect to bring that onto the motherboard in the near future, and so we're excited about that.

我的感覺是，我們在 DX10 中的領導地位將非常重要，因此我們希望在不久的將來將其帶到主板上，因此我們對此感到很興奮。

So I think, I don't anticipate anything, except that graphics will be harder and harder to do.

所以我認為，我沒有預料到任何事情，除了圖形將越來越難做。

Our separation relative to the rest of the industry in terms of graphics leadership, as you have been tracking and others have been tracking, is diverging, or our lead is increasing.

我們在圖形領先地位方面相對於行業其他公司的分離，正如您一直在跟踪和其他人一直在跟踪的那樣，正在分化，或者我們的領先地位正在增加。

The rate of our lead increase is increasing, I think.

我認為，我們的鉛增長速度正在增加。

So I'm enthusiastic about the work that we're doing there.

所以我對我們在那裡所做的工作充滿熱情。

The [VF] platform -- we're still in the design, and so it's a little bit too early to make any significant announcements.

[VF] 平台——我們仍處於設計階段，因此現在發布任何重大公告都為時過早。

We're not planning to have production until spring of next year.

我們不打算在明年春天之前進行生產。

I think it highlights that the [VF] processor is very good and it's -- it runs Vista Premium.

我認為它強調了 [VF] 處理器非常好，而且它運行 Vista Premium。

It tells you that if you want a Vista premium platform in a processor at less than $20, certainly, and soon, in another year or so, less than $10 with a sufficient GPU, we'll give you a great experience on Vista Premium.

它告訴您，如果您希望在處理器中以低於 20 美元的價格購買 Vista 高級平台，當然很快，再過一年左右，價格低於 10 美元並配備足夠的 GPU，我們將為您提供 Vista Premium 的絕佳體驗。

So that tells you something about the future of computing.

所以這告訴你一些關於計算未來的事情。

It's just the business shift, the first signs of it, that visual computing and computing can be done quite nicely in even very cost-effective solutions.

這只是業務轉變的最初跡象，視覺計算和計算甚至可以在非常具有成本效益的解決方案中很好地完成。

Lastly, just a little bit more on mobile.

最後，在手機上稍微多一點。

When you talk about having more substantial revenue in mobile by the end of the year, is that mostly related to the portable navigation (inaudible) platform or [win] that you discussed at the analyst day?

當您談到到今年年底在移動領域獲得更多可觀收入時，這主要與您在分析師日討論的便攜式導航（聽不清）平台或[獲勝]有關嗎？

Or are there more things to explain?

還是有更多的事情要解釋？

We have some interesting announcements that we'd like to make, and give me an opportunity to make those announcements properly.

我們想要發布一些有趣的公告，並給我一個機會來適當地發布這些公告。

So just watch this spot.

所以只看這個地方。

I think mobile computing -- and you've seen the demonstrations of APX 2500.

我認為是移動計算——您已經看到了 APX 2500 的演示。

Everybody I've shown it to, everybody who has seen it just amazed at what capability you can put into a chip; a full computer that can fit on a chip that is smaller than the size of a dime.

我向每個人展示過它，每個看過它的人都對你可以在芯片中添加的功能感到驚訝；一台完整的計算機，可以安裝在小於一角硬幣大小的芯片上。

The entire computer, including the CPU and the GPU and the video encoder and decoder and high-definition video and the whole computer can fit on the surface on -- smaller than a dime and draw milliwatts.

整台計算機，包括 CPU 和 GPU 以及視頻編碼器和解碼器以及高清視頻和整台計算機，都可以裝在表面上——比一角硬幣還小，耗電量為毫瓦。

So imagine what you could build with something like that, and give us an opportunity to announce it properly and get you excited about it.

所以想像一下你可以用這樣的東西構建什麼，並給我們一個適當地宣布它並讓你興奮的機會。

Uche Orji, UBS Investment Bank.

Uche Orji，瑞銀投資銀行。

A question for you, Marv.

給你一個問題，馬夫。

If I look at PSB, how much of the revenue this quarter was already Tesla that was recognized for the quarter?

如果我看一下 PSB，本季度的收入中有多少已經是本季度認可的特斯拉？

First of all, the PSB revenue does not include Tesla.

首先，PSB收入不包括特斯拉。

If I look at PSB, one would think that, given all issues that's associated with financial services and [advertising], that that may affect that revenue, but obviously that hasn't.

如果我看一下 PSB，人們會認為，考慮到與金融服務和 [廣告] 相關的所有問題，這可能會影響收入，但顯然沒有。

Can you just talk me through a little bit more what is just driving the resilience of this business?

你能多談談是什麼推動了這項業務的彈性嗎？

Obviously, this has been a great business for you, both top line and margins.

顯然，這對您來說是一項偉大的業務，無論是收入還是利潤。

Also, on the competitive front, are you seeing anything, given that [AMD] talks about reviving or driving their [5GL] brand?

此外，在競爭方面，鑑於 [AMD] 談論復興或推動其 [5GL] 品牌，您是否看到了什麼？

I don't think it's that significant, but if you can just say anything on the competitive front, Jen-Hsun, that would be helpful.

我不認為這很重要，但如果你能在競爭方面說點什麼，Jen-Hsun，那會很有幫助。

At the highest level, the most important thing to recognize is that in every single industry they are going digital.

在最高層面上，最重要的是要認識到，在每個行業中，他們都在走向數字化。

So, where people used to use drafting boards and paper and pencil, they are going digital.

因此，在人們過去使用繪圖板、紙和鉛筆的地方，他們正在走向數字化。

Whether you are making comic books or designing buildings in China or designing the next airplane or car or whatever it is, everything is going digital.

無論您是在中國製作漫畫書還是設計建築，還是設計下一架飛機或汽車或其他任何東西，一切都在數字化。

So I think that that's a perfectly conventional wisdom and observation.

所以我認為這是一個完全傳統的智慧和觀察。

As more and more -- but the pipeline can go digital because technology affords it to.

隨著越來越多——但管道可以數字化，因為技術可以做到這一點。

We have to make technology good enough so that you can do more things in digital.

我們必須使技術足夠好，以便您可以在數字領域做更多的事情。

Let me give you one example.

讓我舉一個例子。

We have to create amazing technologies in order to replace clay modeling of cars because it has to be so realistic that you no longer have to build the entire model.

我們必須創造驚人的技術來取代汽車的粘土模型，因為它必須非常逼真，以至於您不再需要構建整個模型。

That saves millions of dollars.

這節省了數百萬美元。

It cuts an enormous amount of time off the design cycle for these car designers, but it requires an enormous amount of technology.

它為這些汽車設計師縮短了設計週期的大量時間，但它需要大量的技術。

So those kind of -- whenever we reach those plateaus, with technologies like Quadro Plex or some of the work that we're doing with (inaudible) [graph] or -- a lot of it has to do with software and multi GPU scaling and just -- they are all systems -- system or a architecture or a software solution.

所以那些——每當我們達到這些高原時，使用像 Quadro Plex 這樣的技術或我們正在做的一些工作（聽不清）[圖表]，或者——其中很多都與軟件和多 GPU 縮放有關只是——它們都是系統——系統或架構或軟件解決方案。

When we can reach these new plateaus, all of a sudden we convert an entire pipeline, work pipeline, that an industry has, into digital.

當我們能夠達到這些新的高原時，突然之間，我們將一個行業擁有的整個管道、工作管道轉換為數字化。

That increases the TAM of workstations.

這增加了工作站的 TAM。

I think we're still very well into the early days of it, and the reason for that is because what all of these companies want to do, they want to visualize, they want to design, they want to simulate.

我認為我們仍然處於它的早期階段，原因是因為所有這些公司想要做的，他們想要可視化，他們想要設計，他們想要模擬。

To simulate the dropping of a cup or a toaster or a cell phone and simulate the electromagnetic emissions of a cell phone, simulate a car crashing, and doing all that from the comforts of an engineer's desk and not have to share a supercomputer with people -- the styling, showrooms.

模擬杯子、烤麵包機或手機的跌落，模擬手機的電磁輻射，模擬車禍，在工程師的辦公桌上舒適地完成所有這些工作，而不必與人共用一台超級計算機—— - 造型，陳列室。

We're starting to see Quadros showing up in showrooms so that you can pick your own color and choose your car.

我們開始看到 Quadros 出現在陳列室中，這樣您就可以選擇自己的顏色並選擇您的汽車。

This is a new application.

這是一個新的應用程序。

I have no idea how many showrooms there are all over the world, but every car company wants to do this now, put digital displays into showrooms.

我不知道全世界有多少陳列室，但現在每個汽車公司都想這樣做，把數字顯示器放到陳列室裡。

And [there are power walls] that are enormous, enormous amounts of technology.

並且[有權力牆]是巨大的，大量的技術。

And I've just talked about the car industry; and then further, they want to do inventory management.

我剛剛談到了汽車行業；然後更進一步，他們想做庫存管理。

They want to do training so that the mechanic can have interactive displays of the manuals, instead of out-of-date prints.

他們希望進行培訓，以便機械師可以交互式地展示手冊，而不是過時的印刷品。

There's so many different ways that visual computing can still transform the industrial workflow.

視覺計算仍有許多不同的方式可以改變工業工作流程。

So we are really just seeing the beginning of it.

所以我們真的只是看到它的開始。

And then, once you are done transforming the workflow, then you have to duplicate it; don't forget outsourcing.

然後，一旦你完成了工作流程的轉換，你就必須複製它；不要忘記外包。

Whenever you -- you have a German company, an auto company has a manufacturing plant in Asia and then they put one in India -- guess what?

每當你——你有一家德國公司，一家汽車公司在亞洲有一家製造廠，然後他們在印度建廠——你猜怎麼著？

They've got to install the same workflow in those two countries.

他們必須在這兩個國家安裝相同的工作流程。

You could make the data virtual, but you can't make the computer virtual, yet.

你可以讓數據虛擬化，但你還不能讓計算機虛擬化。

So there's still that globalization factor.

所以仍然存在全球化因素。

So there's quite a bit of growth yet, I think, in PSB, and I'm enthusiastic about our position within it.

因此，我認為 PSB 仍有相當多的增長，我對我們在其中的地位充滿熱情。

With respect to (inaudible) [GL], our workstation business is not called the GPU business, as you probably noticed.

關於（聽不清）[GL]，我們的工作站業務不稱為 GPU 業務，您可能已經註意到了。

You called it PSB.

你稱它為 PSB。

It's a solutions business.

這是一個解決方案業務。

And a solutions business entails a lot more than building a chip.

解決方案業務不僅僅需要製造芯片。

It's about understanding the processor, having extraordinarily deep understanding of the software and the workflow and the pipeline, having experts all over our company and all over the world, for our company, who are assisting these designers, work through their design pipeline, design problems.

這是關於了解處理器，對軟件和工作流程和管道有非常深刻的理解，我們公司和世界各地的專家，對於我們公司來說，他們正在協助這些設計師，通過他們的設計管道，設計問題.

And our entire ecosystem of partners, where Quadro certification and being Quadro compatible is now the way people talk -- I want Quadro-compatible workstation, or my software is Quadro compatible, or this workflow is Quadro compatible.

還有我們整個合作夥伴生態系統，Quadro 認證和 Quadro 兼容現在是人們談論的方式——我想要 Quadro 兼容的工作站，或者我的軟件與 Quadro 兼容，或者這個工作流程與 Quadro 兼容。

So, these kind of investments took us ten years to get here.

所以，這些投資花了我們十年的時間才來到這裡。

And it's just not about a graphics chip, it's not about an adding card, it's not about how big your frame buffer is.

而且這與圖形芯片無關，與添加卡無關，與幀緩衝區的大小無關。

All of that is -- it just shows that people don't understand how these designers think.

所有這一切——它只是表明人們不了解這些設計師的想法。

That's helpful, Jen-Hsun.

這很有幫助，仁勳。

It's amazing this business can continue to defy and still shoot for strong organic growth.

令人驚訝的是，這項業務可以繼續挑戰並仍然實現強勁的有機增長。

Just ability to allocate capacity to keep driving this business, do you think that's any constraint in the future that, from a capacity standpoint, that could become an issue, especially if you had to balance these against your G92 series that's ramping as well?

只是分配產能以繼續推動這項業務的能力，你認為這是否是未來的任何限制，從產能的角度來看，這可能成為一個問題，特別是如果你必須平衡這些與你的 G92 系列也正在增長？

So are there any capacity constraint issues to think about for the near-term?

那麼近期是否有任何產能限制問題需要考慮？

I'm not sure I understood the question.

我不確定我是否理解了這個問題。

(multiple speakers) PSB business?

（多位發言者） PSB 業務？

Is that what you're asking?

你問的是這個嗎？

I'm asking, because the strength of the underlying growth in this business, are there -- because I remember a couple of quarters ago where you had to make some decisions in terms of allocating resources capacity to PSB, and that bounced back.

我在問，因為這項業務的潛在增長力量存在——因為我記得幾個季度前，你必須在向 PSB 分配資源容量方面做出一些決定，然後又反彈了。

If I look forward in the future, do you think that there is enough foundry capacity to keep driving the underlying growth in this business, along with your other businesses also, especially on the (inaudible) [G92] that's ramping?

如果我展望未來，您是否認為有足夠的代工產能來繼續推動該業務以及您的其他業務的潛在增長，尤其是在（聽不清）[G92] 正在加速發展的業務上？

I see.

我懂了。

The PSB business is not a -- when I heard capacity, I was surprised by that because, in terms of total units, it's not insignificant; it's very large.

PSB 業務不是——當我聽到容量時，我對此感到驚訝，因為就總單位而言，它並非微不足道。它非常大。

We ship more Quadro solutions in one year than all of the other workstation companies in the history of workstations ever shipped.

我們在一年內出貨的 Quadro 解決方案比工作站歷史上出貨的所有其他工作站公司都多。

So it is a large number.

所以這是一個很大的數字。

However, in the totality of all of our units shipped, it would never get in the way.

但是，在我們所有發貨的設備中，它永遠不會妨礙您。

The only thing that, when you said capacity, that comes to mind for me, was intellectual capacity.

當你說能力時，我唯一想到的就是智力。

This is an intellectual capacity business.

這是一項智力業務。

And I would love to have 100% more people who understand this business and have the skill sets of the people that are in that business, instantaneously, tomorrow.

我希望有 100% 更多的人了解這項業務，並擁有該業務人員的技能，即刻，明天。

So if you find those people, let me know right away.

所以如果你找到了那些人，馬上告訴我。

Tim Luke, Lehman Brothers.

蒂姆·盧克，雷曼兄弟。

Just in the April quarter, you obviously had very robust sequential strength in workstations, and I was wondering if you could give any color on how -- what had driven that sequential uptick.

就在 4 月季度，您顯然在工作站中具有非常強大的連續強度，我想知道您是否可以就如何推動連續上升的原因提供任何顏色。

And then, as you go into the July quarter, do you have any color on how you would expect some of the different segments to look?

然後，當您進入 7 月季度時，您對某些不同細分市場的外觀有何看法？

Or do you think it's going to be fairly even in terms of the 5% seasonal decline between the core units?

或者您認為就核心單位之間 5% 的季節性下降而言，這將是公平的嗎？

Lastly, from Marv, I was wondering if you could just remind us how you've perceived normal seasonality for the back half of the year and what you think, how you think that may shape within the current macro context?

最後，來自 Marv，我想知道您是否可以提醒我們您如何看待下半年的正常季節性以及您的想法，您認為在當前宏觀背景下可能會如何形成？

Well, I don't think there was any one particular segment of the workstation business that drove with the growth quarter to quarter.

好吧，我不認為工作站業務的任何一個特定部分都隨著季度的增長而增長。

I think it was across the board.

我認為這是全面的。

They did well in all kinds of areas in Q1.

他們在第一季度的各個領域都做得很好。

So, Jen-Hsun, do you have any comment about that?

那麼，仁勳，您對此有何評論？

Yes.

是的。

The only thing that I would say about our workstation and our professional solutions business is it has exceeded everybody's expectations, and it's still growing.

關於我們的工作站和我們的專業解決方案業務，我唯一要說的是它已經超出了所有人的預期，而且還在增長。

I think that we're not following any market research in terms of the size of the market.

我認為我們沒有在市場規模方面進行任何市場研究。

We are beyond market research.

我們超越了市場研究。

I think that there's -- when you're the market leader and you've grown the market as large as it's ever been, and yet you still see headroom for growth, you just never know how big it's going to be.

我認為有 - 當你是市場領導者並且你已經將市場發展得像以往一樣大，但你仍然看到增長空間，你永遠不知道它會有多大。

Our customers don't know how big it's going to be.

我們的客戶不知道它會有多大。

Many of our salespeople don't know how big it's going to be, and you just have to go back to first principles, I think, to figure out how big it's going to be.

我們的許多銷售人員不知道它會有多大，我認為你只需要回到首要原則，就可以弄清楚它會有多大。

So I think it's not really that easy to predict what PSB will do this year or next quarter.

所以我認為預測PSB今年或下個季度會做什麼並不是那麼容易。

But we just have to look at the underlying foundations of what makes the PSB business grow and what that business is all about, and you'll see the significant opportunities ahead of it.

但我們只需要看看使 PSB 業務增長的根本基礎以及該業務的全部內容，您就會看到它前面的重大機遇。

And you have a segment color for July; it sounds like you are saying notebooks will be slightly towards the lower end of any guidance in desktop.

你有一個七月的段顏色；聽起來您是在說筆記本電腦將略微接近台式機指南的低端。

Any color on notebooks or workstations for July?

七月份的筆記本電腦或工作站有什麼顏色嗎？

Well, I think that notebook, as it makes the transition to Montevina, will probably decline more than corporate.

好吧，我認為筆記本電腦，隨著它向蒙特維納的過渡，可能會比企業下降更多。

So we outlined a 5%.

因此，我們概述了 5%。

It's probably going to decline more than that.

它可能會下降更多。

(multiple speakers) just to make sure that that's not because of share, there's just a transition thing.

（多位發言者）只是為了確保這不是因為分享，這只是一個過渡的事情。

Everybody's notebook business is, in this transition, going to be slightly down.

在這個轉變中，每個人的筆記本電腦業務都會略有下降。

But in terms of stabilized share, you don't want to communicate that it's going to be off by so much.

但就穩定份額而言，你不想傳達它會偏離這麼多。

No, it's a transition quarter.

不，這是一個過渡季度。

So I think that's the color for notebook.

所以我認為這是筆記本的顏色。

I think the big swing factor that you have no idea on or great difficulty in projecting, is what happens in desktop.

我認為你不知道或很難投影的大搖擺因素是桌面上發生的事情。

We have some new product in there which could be, could surprise us, both in strength, and we'll see as we go through the quarter.

我們有一些新產品，無論是在強度上，都可能讓我們感到驚訝，我們將在本季度看到。

I don't think that in our projections we're expecting huge growth in anything, but also not huge declines.

我認為在我們的預測中，我們預計不會出現任何巨大增長，但也不會出現大幅下降。

I guess it's more what we'd call seasonal.

我想這更像是我們所說的季節性。

What about second-half seasonality?

下半年的季節性如何？

Well, the normal seasonality that we see after, I'll call it the 5% decline in Q2, is 10% plus growth in Q3.

好吧，我們之後看到的正常季節性，我稱之為第二季度 5% 的下降，第三季度是 10% 以上的增長。

That's what normally happens.

這就是通常發生的事情。

We've had many years of 20% quarter to quarter.

我們已經有很多年每季度 20% 的情況。

So it's 10% plus.

所以是10%以上。

And then, you go into Q4, and it's slightly up from Q3, single digits.

然後，你進入第四季度，它比第三季度略有上升，個位數。

(multiple speakers) you feel you wouldn't get that this time?

（多位發言者）你覺得這次你不會明白嗎？

There's no way to know.

沒有辦法知道。

You know, you tell me what's going to happen to the consumer worldwide.

你知道，你告訴我全世界的消費者會發生什麼。

Fine, but as of now, you are planning for that kind of fairly broad but normal seasonal range, or how should we think about framing expectations?

很好，但是到目前為止，您正在計劃這種相當廣泛但正常的季節性範圍，或者我們應該如何考慮制定預期？

We have no reason to have any different plans this year.

今年我們沒有理由有任何不同的計劃。

And margins, gross margin for the continuation of the year?

而毛利率、毛利率能否延續一年？

How should we think about framing expectations for that, after this weakness in the first quarter?

在第一季度的疲軟之後，我們應該如何考慮為此制定預期？

You think you'll see steady improvement through the calendar year?

您認為您會在整個日曆年中看到穩步改善嗎？

We'll talk to you in mid-August about Q3 margins.

我們將在 8 月中旬與您討論第三季度的利潤率。

Lastly if I may, so you're saying channel inventory is slightly higher, and your inventory is -- you would look to build some further inventory for the sequential improvement in the calendar third quarter?

最後，如果我可以的話，所以您是說渠道庫存略高，而您的庫存是-您希望為日曆第三季度的連續改善建立一些進一步的庫存？

That's correct?

那是正確的嗎？

Correct.

正確的。

Lastly if I may, the ASPs in general -- they seem to be solid this quarter.

最後，如果可以的話，總體而言，平均售價——本季度它們似乎很穩定。

How do you generally see the framework for ASPs through the calendar year, i.e., through this second quarter with the lower revenue?

您通常如何看待整個日曆年（即收入較低的第二季度）的 ASP 框架？

And, how should we think about it?

而且，我們應該怎麼想呢？

Should we think about it being stable from here?

我們應該考慮從這裡開始穩定嗎？

ASPs have been stable to slightly up for years now.

多年來，平均售價一直穩定到小幅上漲。

So if you look back over what Jen-Hsun has talked about, 10% growth in ASP year to year -- I don't know why it would change.

所以，如果你回顧一下 Jen-Hsun 所說的，ASP 每年增長 10%——我不知道為什麼會改變。

At this point, it's now my pleasure to turn the conference back over to Mr.

在這一點上，現在我很高興將會議轉回給先生。

Mike Hara.

邁克·哈拉。

Please go ahead.

請繼續。

Thank you all for joining us today and we look forward to reporting on our progress for Q2.

感謝大家今天加入我們，我們期待著報告我們第二季度的進展。

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。