輝達 (NVDA) 2010 Q2 法說會逐字稿

Good afternoon.

下午好。

Thank you for holding.

謝謝你的捧場。

I would now like to turn the call over to Michael Hara, Vice President Investor Relations.

我現在想把電話轉給投資者關係副總裁 Michael Hara。

Thank you, sir, you may begin.

謝謝樓主，可以開始了。

Thank you.

謝謝你。

Good afternoon, and welcome to Nvidia's conference call for the second quarter fiscal 2010.

下午好，歡迎參加 Nvidia 2010 財年第二季度的電話會議。

With me on the call today from Nvidia, Jen-Hsun Huang, Nvidia's President and Chief Executive Officer; and David White, Chief Financial Officer.

Nvidia 總裁兼首席執行官黃仁勳今天與我通話；和首席財務官大衛懷特。

After our prepared remarks, we will open up the call for a question and answer session.

在我們準備好發言後，我們將開啟問答環節。

Please limit yourself to one initial question with one follow-up.

請把自己限制在一個初始問題和一個後續問題上。

Before we begin, I would like to remind you that today's call is being webcast live on Nvidia's Investor Relations website and is also being recorded.

在開始之前，我想提醒您，今天的電話正在 Nvidia 的投資者關係網站上進行網絡直播，並且也正在錄製中。

A replay of the conference call will be available via telephone until August 14, 2009, and the webcast will be available for replay until our conference call to discuss our financial results for our third quarter fiscal 2010.

電話會議的重播將在 2009 年 8 月 14 日之前通過電話進行，網絡廣播將在我們討論 2010 財年第三季度財務業績的電話會議之前進行重播。

The content of today's conference call is Nvidia's property and cannot be reproduced or retranscribed without our prior written content.

今天電話會議的內容是 Nvidia 的財產，在沒有我們事先書面內容的情況下不得複製或重新轉錄。

During the course of this call we may make forward-looking statements based on current expectations, these forward-looking statements are subject to a number of significant risks and uncertainties and our actual results may differ materially.

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，這些前瞻性陳述受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our Form 10-Q for the fiscal period ended April 26, 2009, and our reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布中的披露、我們截至 2009 年 4 月 26 日的財政期間的 10-Q 表格，以及我們提交的 8-K 表格報告證券交易委員會。

All of our statements are made as of today, August 6, 2009, based on information available to us today and except as required by law, we assume no obligation to update any such statements.

我們所有的聲明都是在今天（2009 年 8 月 6 日）根據我們今天可獲得的信息作出的，除法律要求外，我們不承擔更新任何此類聲明的義務。

Unless otherwise noted, all references to research market 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研究市場和市場份額數字的所有引用均來自 Mercury Research 或 John Petty Research。

During this call, we will discuss non-GAAP financial measures.

在本次電話會議中，我們將討論非 GAAP 財務指標。

You can kind a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release, which is posted on our website.

您可以在我們發佈在我們網站上的財務報告中將這些非公認會計原則財務指標與公認會計原則財務指標進行核對。

With that, I'll turn the call over to Jen-Hsun.

有了這個，我會把電話轉給仁勳。

Thanks, Mike.

謝謝，邁克。

Good afternoon, everyone.

大家下午好。

Thank you for joining us.

感謝您加入我們。

We are pleased to report revenue of $777 million, representing sequential growth of 17% from Q1.

我們很高興地報告收入為 7.77 億美元，較第一季度環比增長 17%。

We reported a GAAP net loss of $0.19 which included an additional net charge of approximately $119 million to cover costs related to the dye packaging material set issue, which we previously disclosed in July 2008.

我們報告了 0.19 美元的 GAAP 淨虧損，其中包括大約 1.19 億美元的額外淨費用，用於支付我們之前在 2008 年 7 月披露的與染料包裝材料套裝問題相關的成本。

Although the number of systems impacted by this remains consistent with our initial estimates, the cost of remediation and repair has been higher than we originally anticipated.

儘管受此影響的系統數量與我們最初的估計一致，但修復和維修的成本高於我們最初的預期。

Non-GAAP gross margin, which excludes the additional charge and stock-based compensation, was 36.3%, an improvement of 560 basis points over last quarter.

不包括額外費用和基於股票的薪酬的非美國通用會計準則毛利率為 36.3%，比上一季度提高了 560 個基點。

On a non-GAAP basis, net income was $0.07 per share.

按非公認會計原則計算，每股淨收入為 0.07 美元。

We reduced inventory by another $48 million, which now stands at 51 days on a non-GAAP basis.

我們又減少了 4800 萬美元的庫存，按非公認會計原則計算，現在為 51 天。

We made good progress managing down operating expenses for efficiency projects.

我們在降低效率項目的運營費用方面取得了良好進展。

I also want to acknowledge the sacrifices Nvidia employees are making so our Company can continue to invest in the important initiatives we are passionate about.

我還想感謝英偉達員工做出的犧牲，以便我們的公司可以繼續投資於我們熱衷的重要舉措。

Strategically, we're focused on two major game-changing ideas.

從戰略上講，我們專注於兩個改變遊戲規則的主要想法。

First, computing is evolving from central processing on to CPU to co-processing on the CPU and GPU.

首先，計算正在從中央處理向 CPU 發展到 CPU 和 GPU 上的協同處理。

To enable this new computing paradigm, we invented the CUDA parallel computing architecture that is now shipping in over 100 million GeForce, Ion, Quadro and Tesla GPUs representing a significant installed base for application developers.

為了啟用這種新的計算範式，我們發明了 CUDA 並行計算架構，該架構現已在超過 1 億個 GeForce、Ion、Quadro 和 Tesla GPU 中出貨，代表了應用程序開發人員的重要安裝基礎。

After three years of evangelizing, GPU computing has surely reached the tipping point.

經過三年的宣傳，GPU 計算無疑已經達到了臨界點。

CUDA has been adopted in a wide range of applications, in consumer applications nearly every major consumer video application has been or will be accelerated by CUDA.

CUDA 已在廣泛的應用程序中得到採用，在消費類應用程序中，幾乎所有主要的消費類視頻應用程序都已經或將由 CUDA 加速。

We estimate there are over 1200 research papers based on CUDA..

我們估計有超過 1200 篇基於 CUDA 的研究論文。

We've highlighted 500 of them on CUDAzone.com.

我們在 CUDAzone.com 上突出顯示了其中的 500 個。

CUDA now accelerates Amber, an important molecular dynamic simulation program used by more than 60,000 researchers in academia and pharmaceutical companies worldwide to accelerate new drug discovery.

CUDA 現在加速 Amber，這是一個重要的分子動力學模擬程序，全球超過 60,000 名學術界和製藥公司的研究人員使用它來加速新藥的發現。

CUDA sped up Amber 50 times.

CUDA 將 Amber 加速了 50 倍。

For the financial market Numerics and Compatible announced CUDA as support for their new counterparty risk application, an achievement 18 times speed up.

對於金融市場 Numerics and Compatible 宣布 CUDA 作為其新的交易對手風險應用程序的支持，這一成就提高了 18 倍。

Numerics is used by approximately 375 financial institutions.

大約 375 家金融機構使用數字。

There are broad ranging uses for CUDA including astrophysics, computational biology, and chemistry, fluid dynamic stimulation, electromagnetic interference, CT image reconstruction, seismic analysis, rate tracing, and more.

CUDA 有廣泛的用途，包括天體物理學、計算生物學和化學、流體動力學刺激、電磁干擾、CT 圖像重建、地震分析、速率追踪等。

Another indicator of CUDA adoption is the ramp of our new Tesla GPU for computing business.

CUDA 採用的另一個指標是我們用於計算業務的新 Tesla GPU 的坡度。

There are now more than 700 GPU clusters installed around the world, with new Fortune 500 customers ranging from Schlumberger and Chevron in the energy sector to BNP Paribas in banking.

現在，全球安裝了 700 多個 GPU 集群，新的財富 500 強客戶包括能源領域的斯倫貝謝和雪佛龍，以及銀行業的法國巴黎銀行。

Starting this fall with the launch of Microsoft's Windows 7 and Apple's new Leopard GPU computing will go mid screed.

從今年秋天開始，隨著微軟 Windows 7 和蘋果新 Leopard GPU 計算的推出，它們將進入中期階段。

In these new operating systems, the GPU will not only be the graphics processor, but also a general purpose parallel processor accessible to any application.

在這些新的操作系統中，GPU 不僅是圖形處理器，而且是任何應用程序都可以訪問的通用並行處理器。

Our second major initiative is mobile and embedded computing.

我們的第二個主要計劃是移動和嵌入式計算。

It is increasingly clear that the combination of rich applications on the Internet and ultra low power computing technology will trigger the next computing revolution.

越來越清楚的是，互聯網上豐富的應用與超低功耗計算技術的結合將引發下一次計算革命。

Rich applications on the Internet can be connected to tiny, yet powerful computers to enable amazing new experiences.

Internet 上的豐富應用程序可以連接到小巧但功能強大的計算機，以實現令人驚嘆的新體驗。

Apple's iPhone, the poster child of such an experience, has revolutionized the phone as we know it.

蘋果的 iPhone 是這種體驗的典型代表，它徹底改變了我們所知道的手機。

The Amazon Kindle has revolutionized how we enjoy books.

亞馬遜 Kindle 徹底改變了我們閱讀書籍的方式。

These are surely the first of many devices to be created that will require small form factor, energy efficient, yet powerful processors.

這些肯定是許多需要小尺寸、高能效但功能強大的處理器的設備中的第一個。

Some call this cloud computing.

有人稱之為雲計算。

Some call it web 2.0, but all agree it will revolutionize nearly every industry.

有人稱其為 web 2.0，但所有人都同意它將徹底改變幾乎所有行業。

We created Tegra to enable the next generation of these connected devices.

我們創建 Tegra 是為了支持這些連接設備的下一代。

One that will deliver the full, high-definition Internet connected experience.

一種將提供完整的高清互聯網連接體驗的設備。

Tegra is the industry's first ultra low power HG processor.

Tegra 是業界首款超低功耗 HG 處理器。

Tegra has been chosen from many mixed generation smartphones, smartbooks, smartpads, media players, TVs and cars.

Tegra 已從許多混合代智能手機、智能本、智能平板電腦、媒體播放器、電視和汽車中選擇。

Let me now comment on each of our four businesses.

現在讓我評論一下我們的四項業務。

GeForce and Ion, Quadro, Tesla, and Tegra.

GeForce 和 Ion、Quadro、Tesla 和 Tegra。

GeForce and on overall grew a combined 11% quarter to quarter.

GeForce 和總體上季度環比增長了 11%。

GeForce offers unique capabilities that will define the next generation digital computing experiences, like CUDA which makes video and imaging applications like CyberLink, Motion DSP and Nero many times better.

GeForce 提供了定義下一代數字計算體驗的獨特功能，例如 CUDA，它使 CyberLink、Motion DSP 和 Nero 等視頻和成像應用程序性能好很多倍。

We estimate there are hundreds of millions of users of these applications to create, enhance and enjoy movies, from sharing videos to Facebook, to transferring TV shows onto their mobile devices to be enjoyed later.

我們估計有數億用戶使用這些應用程序來創建、增強和欣賞電影，從將視頻分享到 Facebook，到將電視節目轉移到他們的移動設備上供以後欣賞。

With CUDA, video is the new killer consumer application for the GPU.

借助 CUDA，視頻成為 GPU 的新殺手級消費應用。

Second, PhysX is a CUDA software engine that does physical world simulation and brings a new level of dynamics to games.

其次，PhysX 是一個 CUDA 軟件引擎，它可以進行物理世界模擬，並為遊戲帶來新的動態水平。

Just today Ido's highly anticipated Batman Arcum Asylum announced support for PhysX.

就在今天，Ido 備受期待的蝙蝠俠 Arcum Asylum 宣布支持 PhysX。

Then there's 3D vision stereo.

然後是3D立體視覺。

It's quickly becoming the next big thing for games to movies to photography, there is a groundswell of activity that will burst into the scenes in the near future.

它正迅速成為遊戲、電影和攝影的下一件大事，在不久的將來會有大量活動湧現。

We have announced 26 Ion designs to date.

迄今為止，我們已經公佈了 26 種 Ion 設計。

We currently have nine Ion designs shipping with 17 more in Q3 and Q4.

我們目前有 9 種 Ion 設計發貨，第三季度和第四季度還有 17 種。

Ion is about bringing great visual experience to even the smallest, lowest power and most affordable PC.

Ion 旨在為最小、最低功耗和最實惠的 PC 帶來出色的視覺體驗。

The market wants a great experience on all PCs, irrespective of size or price.

市場希望在所有 PC 上都能獲得出色的體驗，無論大小或價格如何。

We have an exciting Ion road map and we look forward to announcing it when ready.

我們有一個令人興奮的 Ion 路線圖，我們期待在準備好後宣布它。

The GPU computing revolution has reached a tipping point.

GPU計算革命已經到了一個臨界點。

With the new operating systems the GPU will be a general purpose parallel processor for any application.

有了新的操作系統，GPU 將成為任何應用程序的通用並行處理器。

In Windows 7, GPU computing interface is called direct compute.

在 Windows 7 中，GPU 計算接口稱為直接計算。

And OpenCL for OS 10 Snow Leopard.

以及適用於 OS 10 Snow Leopard 的 OpenCL。

And although the upcoming CPUs and chipsets may include integrated graphics, these graphics controllers lack the general purpose parallel processing capabilities needed by the new operating systems.

儘管即將推出的 CPU 和芯片組可能包括集成顯卡，但這些顯卡控制器缺乏新操作系統所需的通用並行處理能力。

Recently, John Petty, a leading industry analyst, forecast the global graphics market to grow nearly 22% in 2010 based in part to the rise of the GPU as a coprocessor.

最近，領先的行業分析師 John Petty 預測，2010 年全球圖形市場將增長近 22%，部分原因是 GPU 作為協處理器的興起。

The report states the continued expansion and development of heterogeneous computing and GPU compute will stimulate growth in 2010, enabled by Apple's and Microsoft's new operating system, new programming capabilities using OpenCL, Direct Compute, and Nvidia's CUDA architecture will remove barriers to the exploitation of the GPU as a serious, economical and powerful coprocessor in all levels of PCs.

報告指出，異構計算和 GPU 計算的持續擴展和發展將在 2010 年刺激增長，這得益於蘋果和微軟的新操作系統、使用 OpenCL 的新編程能力、Direct Compute 和 Nvidia 的 CUDA 架構，將消除利用GPU 在所有級別的 PC 中作為一個嚴肅、經濟和強大的協處理器。

Quadro is our professional visualization solution and the standard for professional designers and creators.

Quadro 是我們的專業可視化解決方案，也是專業設計師和創作者的標準。

Revenue, which has declined nearly 40% due to the broader economy effecting the automotive and other industries, was essentially flat from Q1 and appears to have reached bottom.

由於更廣泛的經濟影響汽車和其他行業，收入下降了近 40%，與第一季度基本持平，似乎已經觸底。

Irrespective of current demand, we continue to innovate amazing new capabilities.

無論當前的需求如何，我們都會繼續創新驚人的新功能。

This week, we announced [AXE] or application acceleration engines.

本週，我們宣布了 [AXE] 或應用程序加速引擎。

Our suite of GPU accelerated software engines that are vital to software companies all over the world including Autodesk, (inaudible) and RTT to name a few.

我們的 GPU 加速軟件引擎套件對世界各地的軟件公司至關重要，包括 Autodesk、（聽不清）和 RTT 等等。

AXE includes PhysX for accurate PhysX simulation used in CAD to stimulate contact of physical objects.

AX 包括用於在 CAD 中用於刺激物理對象接觸的精確 PhysX 模擬的 PhysX。

A multi GPU rendering engine and tools for managing large data sets.

用於管理大型數據集的多 GPU 渲染引擎和工具。

One of the most exciting AXE engines is optics, the world's first interactive ray tracing engine used to generate photorealistic images.

最令人興奮的 AX 引擎之一是 optics，它是世界上第一個用於生成逼真圖像的交互式光線追踪引擎。

For the first time, designers can study and interact with a photo realistic rendering of their design.

設計師第一次可以研究並與其設計的照片逼真渲染進行交互。

Optics is a must-see to believe new visualization capability.

光學是必須要相信新的可視化功能。

We are currently engaged with 40 beta sites that are actively using our Optics rate tracing module.

我們目前正在與 40 個測試站點合作，這些站點正在積極使用我們的光學速率跟踪模塊。

When deployed, each Optics application will be powered by rendering servers with CUDA GPUs.

部署後，每個光學應用程序都將由具有 CUDA GPU 的渲染服務器提供支持。

This week, we also announced Quadroplex SVS, a plug and play solution for scalable visualization.

本週，我們還發布了 Quadroplex SVS，這是一種可擴展可視化的即插即用解決方案。

Quadro SVS will revolutionize the way professionals interact with 3D models and analyze large volumes of data in fields such as energy exploration, architectural design, medical research and consumer packaged goods.

Quadro SVS 將徹底改變專業人士與 3D 模型交互並分析能源勘探、建築設計、醫學研究和消費品包裝等領域的大量數據的方式。

Any application can be distributed seamlessly to run on over four GPUs and displayed across eight displays to create an astounding 32 million pixels of resolution.

任何應用程序都可以無縫分佈以在超過 4 個 GPU 上運行並在 8 個顯示器上顯示，從而創造出驚人的 3200 萬像素分辨率。

We estimate the total addressable market for Quadro SVS is approximately $100 million per year, growing at 10 to 20% per year.

我們估計 Quadro SVS 的總潛在市場約為每年 1 億美元，每年增長 10% 至 20%。

Tesla is the industry's first GPU for high performance computing.

Tesla 是業界首款用於高性能計算的 GPU。

The Tesla solution consists of compilers, tools, libraries, as well as the largest team of parallel computing experts to assist in software development.

Tesla 解決方案由編譯器、工具、庫以及最大的並行計算專家團隊組成，以協助軟件開發。

Tesla is available as a module, a deskside personal supercomputer, or server for high performance computing clusters.

Tesla 可作為模塊、桌面個人超級計算機或用於高性能計算集群的服務器提供。

Tesla achieved its first significant quarter of revenue with approximately $10 million in sales.

特斯拉實現了其第一個重要季度的收入，銷售額約為 1000 萬美元。

Virtually every major OEM, including Cray, Dell, HP, IBM, Lenovo, Silicon Graphics oh excuse me, SGI, Sun and Supermicro now offers Tesla-based solutions.

幾乎所有主要的 OEM，包括 Cray、戴爾、惠普、IBM、聯想、Silicon Graphics 哦，對不起，SGI、Sun 和 Supermicro 現在都提供基於特斯拉的解決方案。

Tesla computing servers are installed in over 700 sites around the world.

Tesla 計算服務器安裝在全球 700 多個站點。

This quarter we supplied our largest single cluster to date, with over 4000 GPUs.

本季度，我們提供了迄今為止最大的單一集群，擁有超過 4000 個 GPU。

To put this into context, this cluster would be the 12th fastest supercomputer on the top 500 list.

綜上所述，該集群將是 500 強名單中第 12 快的超級計算機。

We have over 50 HPC specialized VARs currently selling Tesla today.

目前，我們有 50 多個 HPC 專業 VAR 銷售 Tesla。

We estimate there are approximately 1000 VARs actively involved in the HPC market, which we have yet to engage.

我們估計大約有 1000 家 VAR 積極參與 HPC 市場，但我們尚未參與。

We estimate Tesla to address a $5 billion market opportunity for us over the next three years.

我們估計特斯拉將在未來三年內為我們創造 50 億美元的市場機會。

Tegra is our mobile and embedded processor.

Tegra 是我們的移動和嵌入式處理器。

We're very excited that our first Tegra project has entered production.

我們很高興我們的第一個 Tegra 項目已經投入生產。

As reported in the press, Tegra is the processor at the heart of Microsoft's new Zune HD.

正如媒體報導的那樣，Tegra 是微軟新 Zune HD 的核心處理器。

There are many more innovative devices in the works.

還有更多創新設備正在開發中。

There are 50 active Tegra designs and many more in evaluation.

有 50 種有效的 Tegra 設計，還有更多正在評估中。

Currently ranging from smartphones and media players, 35 smartbooks and mobile Internet devices, and a group -- and a growing number of embedded designs for IPTVs in cars.

目前包括智能手機和媒體播放器、35 款智能本和移動互聯網設備，以及越來越多的車載 IPTV 嵌入式設計。

We estimate that Tegra will address the $4.5 billion market by 2010 and position us at the epicenter of the next personal computing revolution.

我們估計，到 2010 年，Tegra 將佔據 45 億美元的市場，並將我們置於下一次個人計算革命的中心。

Let me now hand over to David to discuss our financial details.

現在讓我請大衛討論我們的財務細節。

Thanks, Jen-Hsun.

謝謝，仁勳。

As Jen-Hsun indicated in his opening comments, revenue for the second quarter of fiscal 2010 was $776.5 million, up 17% from 664 million in the prior quarter, and also higher than our estimate of up 5% sequentially.

正如仁勳在開幕詞中指出的那樣，2010 財年第二季度的收入為 7.765 億美元，比上一季度的 6.64 億美元增長 17%，也高於我們預期的環比增長 5%。

Our second quarter is historically been a seasonally weak quarter for the industry, so we're pleased with our quarter over quarter growth.

我們的第二季度歷來是該行業季節性疲軟的季度，因此我們對季度環比增長感到滿意。

We reported a GAAP net loss of $105.3 million, or $0.19 per share.

我們報告了 GAAP 淨虧損 1.053 億美元，即每股 0.19 美元。

This included an additional net charge of $119 million to cover costs related to a weak dye packaging material set that was previously identified and used in certain versions of our previous generation chips.

這包括額外的 1.19 億美元淨費用，用於支付與之前在我們上一代芯片的某些版本中識別和使用的弱染料包裝材料組相關的成本。

This compares to a GAAP net loss of $0.37 per share in the prior quarter, which included a one-time charge of $140 million associated with a cash tender offer for the purchase of certain employee stock options.

相比之下，上一季度的 GAAP 淨虧損為每股 0.37 美元，其中包括與購買某些員工股票期權的現金要約相關的一次性費用 1.4 億美元。

Excluding this $119 million net charge, as well as stock-based related compensation, we reported non-GAAP net income for the quarter of $37.7 million, or $0.07 per share.

不計這 1.19 億美元的淨費用以及與股票相關的薪酬，我們報告該季度的非公認會計原則淨收入為 3770 萬美元，即每股 0.07 美元。

This compares with a $0.09 non-GAAP net loss per share in the prior quarter.

相比之下，上一季度的非公認會計原則每股淨虧損為 0.09 美元。

Let me now turn to our individual businesses.

現在讓我談談我們的個體企業。

Our GPU business, which includes desktop, notebook and memory represented 48% of our total revenue.

我們的 GPU 業務（包括台式機、筆記本電腦和內存）占我們總收入的 48%。

In absolute dollars, it was up 5% quarter over quarter.

以絕對美元計算，環比增長 5%。

The desktop segment of our GPU business was also up approximately 5% quarter over quarter, with continued strength across almost all GeForce product lines, particularly in the higher end performance and enthusiast segments.

我們 GPU 業務的桌面部分也環比增長了約 5%，幾乎所有 GeForce 產品線都保持強勁勢頭，尤其是在高端性能和發燒友部分。

The proportion of our desktop revenue sold into the channel was consistent with last quarter, with channel inventories remaining at approximately one month's supply on hand.

我們向渠道銷售的台式機收入的比例與上一季度一致，渠道庫存保持在手頭大約一個月的供應量。

The notebook segment of our GPU business was down approximately 5% quarter to quarter.

我們 GPU 業務的筆記本電腦部分季度環比下降約 5%。

We lost some share in Q2, as the commercial Montevino refresh platform ramped, we expect to regain share as we ramp into the fall platform with our new 40-nanometer jet PBUs that are in full volume shipments.

我們在第二季度失去了一些份額，隨著商業 Montevino 更新平台的增加，我們預計隨著我們新的 40 納米噴氣式 PBU 進入秋季平台而重新獲得份額，這些 PBU 已滿負荷出貨。

Our MCP business, which represented 31% of our total revenue during the quarter, was up approximately 27% quarter over quarter.

我們的 MCP 業務佔本季度總收入的 31%，環比增長約 27%。

Consistent with our first quarter, demand was primarily driven by our chipset products designed for the main stream A&D integrated desktop segment, which was up 55%.

與我們的第一季度一致，需求主要是由我們為主流 A&D 集成桌面細分市場設計的芯片組產品推動的，增長了 55%。

It was also driven by chipset products designed for the Intel-based notebook segment, including Ion, which was up 33%.

它還受到為基於英特爾的筆記本電腦市場設計的芯片組產品的推動，包括 Ion，增長了 33%。

Revenue for our professional business, which includes workstation graphics and computing represented 15% of total revenue and was up 10% quarter over quarter.

我們專業業務的收入（包括工作站圖形和計算）佔總收入的 15%，環比增長 10%。

Substantially all of this increase was attributable to Tesla.

基本上所有這些增長都歸功於特斯拉。

As for Quadro, corporate demand, which comprises a substantial percent of this business appears to have bottomed at the levels we are currently at, with signs we may be in the early stages of an economic recovery.

至於 Quadro，佔該業務相當大比例的企業需求似乎已經在我們目前的水平上觸底，有跡象表明我們可能處於經濟復甦的早期階段。

Our consumer products business, which includes Tegra, as well as embedded entertainment, represented 6% of our total revenue.

我們的消費產品業務（包括 Tegra 以及嵌入式娛樂）占我們總收入的 6%。

It was up in absolute dollar terms almost threefold quarter over quarter.

以絕對美元計算，它比上一季度增長了近三倍。

Tegra and game consoles both saw significant increases.

Tegra 和遊戲機均出現顯著增長。

Looking at the business as a whole, GAAP gross margin for the second quarter was 20.2%.

從整體業務來看，第二季度的 GAAP 毛利率為 20.2%。

Excluding the net charges associated with the weak material dye set, as well as stock-based compensation, non-GAAP gross margin was 36.3%.

不包括與弱材料染料組相關的淨費用以及基於股票的補償，非公認會計準則毛利率為 36.3%。

On a non-GAAP gross margin exceeded our estimates as a result of several factors.

由於幾個因素，非公認會計原則的毛利率超過了我們的估計。

First, we experienced better 55-nanometer yields during the quarter and our mix of 55-nanometer revenue also improved.

首先，我們在本季度經歷了更好的 55 納米產量，我們的 55 納米收入組合也有所改善。

Secondly, our consumer business, which carries higher margins because it includes royalties from game consoles, was up as demand resumed following the consumption of excess consumer channel inventories in the first quarter.

其次，由於第一季度消費渠道過剩庫存消耗後需求恢復，我們的消費業務由於包括遊戲機特許權使用費而具有更高的利潤率。

And finally, margin in our MCP business was also up as a result of more favorable product mix.

最後，由於更有利的產品組合，我們的 MCP 業務的利潤率也有所上升。

GAAP operating expenses for the second quarter were $267 million.

第二季度的 GAAP 運營費用為 2.67 億美元。

That's down $25 million from the previous quarter, when you exclude the one-time charge for the stock option tender offer.

當您排除股票期權要約收購的一次性費用時，這比上一季度減少了 2500 萬美元。

This quarter over quarter reduction was primarily related to lower stock compensation expense resulting from the stock option tender offer we completed in Q1.

本季度環比減少主要與我們在第一季度完成的股票期權要約收購導致的股票補償費用降低有關。

The full quarter effect of wage reductions implemented in Q1, and lower legal expenses related to ongoing litigation.

第一季度實施的減薪影響整個季度，以及與正在進行的訴訟相關的法律費用降低。

As well as numerous other cost reduction initiatives we have undertaken to improve the efficiencies of our operations.

以及我們為提高運營效率而採取的許多其他降低成本的舉措。

Nvidia's worldwide employment at the end of the second quarter stood at 5506, essentially flat from the first quarter.

英偉達在第二季度末的全球就業人數為 5506，與第一季度基本持平。

Turning to the balance sheet, accounts receivable at the end of the quarter were $352 million, which equated for a DSO of approximately 41 days, an improvement of 1 day from the prior quarter.

轉向資產負債表，本季度末的應收賬款為 3.52 億美元，相當於 DSO 約為 41 天，比上一季度改善了 1 天。

Inventories at the end of the quarter were $279 million, down $48 million, or 15% quarter over quarter.

本季度末的庫存為 2.79 億美元，環比減少 4800 萬美元，或 15%。

Inventory days at quarter end were 51.

季度末的庫存天數為 51。

This compares with 64 days at the end of the first quarter and 144 days at the end of the fourth quarter.

相比之下，第一季度末為 64 天，第四季度末為 144 天。

Depreciation and amortization expense for the second quarter amounted to approximately $49 million, down significantly -- down slightly from $51 million in the first quarter.

第二季度的折舊和攤銷費用約為 4900 萬美元，比第一季度的 5100 萬美元略有下降。

Capital expenditures were $18 million, which as a result of cost reduction efforts were down slightly from the $21 million we spent in the prior quarter.

資本支出為 1800 萬美元，這與我們在上一季度花費的 2100 萬美元相比略有下降。

Accounts payable at the end of the quarter were $276 million, up approximately 50 million from the prior quarter, driven largely by our higher volumes.

本季度末的應付賬款為 2.76 億美元，比上一季度增加了約 5000 萬美元，主要是由於我們的交易量增加。

In our free cash flow for the second quarter was a positive $117 million.

我們第二季度的自由現金流為正 1.17 億美元。

Cash and cash equivalents, marketable securities at the end of the quarter were approximately $1.47 billion, up approximately $128 million from the first quarter, with the principal contributors being cash earnings and lower inventories.

本季度末現金及現金等價物、有價證券約為 14.7 億美元，比第一季度增加約 1.28 億美元，主要貢獻者是現金收益和較低的庫存。

In closing, let me briefly comment on our outlook for the third quarter of fiscal 2010.

最後，讓我簡要評論一下我們對 2010 財年第三季度的展望。

We expect revenue to be up 5 to 7% from the second quarter.

我們預計收入將比第二季度增長 5% 至 7%。

As for gross margin, we expect GAAP gross margin to increase in the range of 36 to 38%.

至於毛利率，我們預計 GAAP 毛利率將在 36% 至 38% 的範圍內增長。

The primary factors for this improvement are lower overall costs, 40-nanometer volumes, and from higher gross margin products like Tesla and Tegra as they continue to ramp.

這種改進的主要因素是較低的總體成本、40 納米的產量，以及特斯拉和 Tegra 等毛利率較高的產品，因為它們繼續增長。

We expect GAAP operating expenses to be in the range of $280 million.

我們預計 GAAP 運營費用將在 2.8 億美元範圍內。

This is up from the prior quarter as a result of increased tapeout and prototype activity, as well as increased litigation expenses.

由於流片和原型活動增加以及訴訟費用增加，這比上一季度有所上升。

We estimate stock-based compensation expenses in the third quarter to be $23 million and depreciation and amortization and capital expenditures to be approximately flat when compared to second quarter.

我們估計第三季度基於股票的補償費用為 2300 萬美元，與第二季度相比，折舊和攤銷以及資本支出大致持平。

Diluted shares for the third quarter are expected to be in the range of 565 million to $570 million.

第三季度的稀釋後股票預計在 5.65 億美元至 5.7 億美元之間。

This concludes our formal remarks.

我們的正式發言到此結束。

At this time, we would like to open the call up for questions.

在這個時候，我們想打開電話提問。

Operator?

操作員？

(Operator Instructions) Our first question comes from the line of Rick Schafer with Oppenheimer and Company.

（操作員說明）我們的第一個問題來自 Rick Schafer 與 Oppenheimer and Company 的對話。

Please go ahead.

請繼續。

Yes, hey, thanks, guys.

是的，嘿，謝謝，伙計們。

Nice quarter.

漂亮的季度。

Got a couple questions.

有幾個問題。

Just one real quick, could you give us a little more like maybe incremental color on the $119 million charge, maybe your confidence level that this sort of puts the bump metal issue to rest, and if so, do you think this is going to make it easier for you guys to win notebook business, retake share going into the back half of the year?

很快，你能否給我們更多一點，比如在 1.19 億美元的費用上增加顏色，也許你對這種讓凹凸金屬問題得到解決的信心水平，如果是這樣，你認為這會讓拿下筆記本業務，下半年更容易拿回份額？

Rick, if you go back a year ago when the Company first recognized this issue and we recorded a charge in the second quarter same time a year ago, that was based upon an estimate at that time that it included a number of factors that the Company, had to estimate didn't have a lot of data on at that point.

里克，如果您在一年前公司第一次認識到這個問題並且我們在一年前的同一時間記錄了第二季度的費用，那是基於當時的估計，它包括公司的許多因素，不得不估計當時沒有很多數據。

At that point, we only had one OEM customer that we had entered into negotiations with.

那時，我們只有一個與我們進行談判的 OEM 客戶。

But here we stand a year later and we've substantially negotiated agreements with almost all of the effected OEMs.

但一年後我們站在這裡，我們已經與幾乎所有受影響的原始設備製造商就協議進行了實質性談判。

We have more specific information as it relates to what the repair costs will be.

我們有更具體的信息，因為它與維修費用有關。

Not only our customers, but other parties that are a part of the ecosystem for supplying those products.

不僅是我們的客戶，還有其他參與供應這些產品的生態系統的各方。

So today, we feel much more confident about our estimate, the range around that estimate.

所以今天，我們對我們的估計，這個估計的範圍更有信心。

It is still an estimate.

這仍然是一個估計。

I won't say it will never change, but we feel pretty good about the data we have today and our ability to estimate it at this point.

我不會說它永遠不會改變，但我們對我們今天擁有的數據以及我們在這一點上估計它的能力感到非常滿意。

As it relates to your second part of your question, if you look at the people that are focused on the bump metal issue it's really a small, very small portion of the Company.

因為它與你問題的第二部分有關，如果你看看那些專注於凸塊金屬問題的人，這真的是公司的一小部分。

The Company -- the vast majority of the Company really focusing on the future of our business with very little distraction but on (inaudible) certainly it's a distraction for some of our customers and so forth.

公司——公司的絕大多數人真正專注於我們業務的未來，幾乎沒有分心，但（聽不清）肯定會分心我們的一些客戶等等。

It really isn't impacting the Company and our ability to launch new products and for those products to be accepted in the marketplace.

它確實不會影響公司和我們推出新產品以及這些產品在市場上被接受的能力。

So it really hasn't been much of a head wind for you in the last quarter I guess?

所以我猜上個季度對你來說真的不是什麼逆風嗎？

No.

不。

With the -- okay.

與 - 好的。

Then just a follow-up, can you quantify maybe how much of the second quarter gross margin improvement was related to better mix within GPU, give us a number maybe?

然後只是跟進，您能否量化第二季度毛利率的改善有多少與 GPU 內更好的混合有關，也許給我們一個數字？

And also, as part of that, how do you guys look at your market share and discreet going forward?

而且，作為其中的一部分，你們如何看待你們的市場份額和謹慎的未來？

Are you guys sort of more focused on improving gross margin in the back half of the year there?

你們是不是更專注於提高下半年的毛利率？

Or do you expect to see sort of continued pricing pressure as you try to increase share there?

或者您是否希望在嘗試增加那裡的份額時看到持續的定價壓力？

So, on your first question as it relates to GPU margins, we -- we're -- as I indicated in my comments, we have a number of products that cut across a number of different process nodes and this quarter we were able to move more of our business into the 55-nanometer process node.

所以，關於你第一個與 GPU 利潤率有關的問題，我們——我們是——正如我在評論中指出的那樣，我們有許多產品跨越了許多不同的工藝節點，本季度我們能夠將我們的更多業務轉移到 55 納米工藝節點。

So that changed the mix.

所以這改變了組合。

And probably overall was at least, a point, you might say, in the improvement we saw quarter over quarter.

您可能會說，總體而言，我們看到的季度環比改善至少是一個點。

And as we ramp up, Rick, ramp up our other businesses like Tesla and Tegra, which are inherently higher gross margin products, our gross margin's going to continue to improve.

隨著我們的發展，Rick 擴大了我們的其他業務，如特斯拉和 Tegra，它們本質上是更高的毛利率產品，我們的毛利率將繼續提高。

But the major factor is, as you recalled several quarters ago, we had nearly 150 days worth of inventory and a lot of that inventory was at 65-nanometer and the Company has been really focused on making sure that we work through that 65-nanometer inventory and now we by and large have worked through it.

但主要因素是，正如您在幾個季度前回憶的那樣，我們有近 150 天的庫存，其中很多庫存為 65 納米，公司一直專注於確保我們完成 65 納米庫存，現在我們基本上已經解決了。

And as we -- as we're now ramping aggressively 55 and 45-nanometer products and they are all fresh products, the gross margins are going to be much better with that.

由於我們現在正在大力推廣 55 和 45 納米產品，而且它們都是新鮮產品，因此毛利率會好得多。

Related to increasing margins or increasing share, the answer is yes on both.

與增加利潤或增加份額有關，答案都是肯定的。

I mean we, we believe we can increase margins by driving efficiency in our Company and even though the velocity of this, of the GPU business is incredibly high, we believe that extraordinary excellence can improve margins and we've seen -- you've seen us do that before and on the other hand, we can increase the premium of our products in the marketplace above where it is today.

我的意思是我們，我們相信我們可以通過提高公司的效率來增加利潤，即使 GPU 業務的發展速度非常快，我們相信非凡的卓越可以提高利潤，我們已經看到 - 你已經看到我們以前這樣做過，另一方面，我們可以將我們的產品在市場上的溢價提高到高於今天的水平。

Almost every single segment, there's a premium on our product and yet we continue to capture a very significant part of the market share.

幾乎每一個細分市場，我們的產品都有溢價，但我們繼續佔據非常重要的市場份額。

And the reason for that is because our products have a much better reputation and it's had a history of delivering wonderful experiences and it's just a much more desirable brand.

這樣做的原因是因為我們的產品擁有更好的聲譽，並且它擁有提供美妙體驗的歷史，而且它只是一個更令人嚮往的品牌。

And so we focus on making sure that the GeForce brand comes with it, unique capabilities that other people don't offer beyond just your basic graphics chip.

因此，我們專注於確保 GeForce 品牌附帶它，這是其他人無法提供的獨特功能，而不僅僅是您的基本圖形芯片。

You know that GeForce has the parallel computing capability called CUDA, has PhysX processing so that games could be much more dynamic and beautiful, and also this 3D Vision investment that we're making that we've been talking about, it's going to turn into a watershed event towards the end of the year or early next.

你知道 GeForce 具有稱為 CUDA 的並行計算能力，具有 PhysX 處理，因此遊戲可以更加動態和美觀，還有我們一直在談論的這項 3D Vision 投資，它將變成年底或明年初的分水嶺事件。

You'll know that the entire film industry is moving towards stereo vision and everybody's looking for ways to bring that capability or that experience to the home.

您會知道整個電影行業正在朝著立體視覺發展，每個人都在尋找將這種能力或體驗帶入家庭的方法。

And 3D Vision is a Pioneer in that space.

3D Vision 是該領域的先驅。

And from a technology investment perspective, we're just miles and miles ahead.

從技術投資的角度來看，我們遙遙領先。

These kind of innovative ideas are going to continue to help us drive our value to the marketplace and then yet still grow our share.

這些創新的想法將繼續幫助我們將我們的價值推向市場，然後仍然增加我們的份額。

Great, thanks.

太謝謝了。

Congrats, guys.

恭喜，伙計們。

Thanks a lot, Rick.

非常感謝，瑞克。

Our next question comes from the line of Craig Berger with Friedman Billings and Ramsey.

我們的下一個問題來自 Craig Berger 與 Friedman Billings 和 Ramsey 的觀點。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Thanks for taking the question.

感謝您提出問題。

Nice job on the results.

結果很好。

Can you talk about what you're seeing out there on the kind of attach rates for discreet GPUs today in this recessionary environment and where they might be going over the next year?

你能談談你在這種經濟衰退的環境下今天看到的獨立 GPU 的附加率以及明年它們可能會走向何方嗎？

I -- we've not noticed a shift, if you will, in attach rates per se.

我 - 如果你願意的話，我們沒有註意到附加費率本身的變化。

We know we have stronger attach rates in certain segments of the market than others for good reasons.

我們知道，我們在某些市場領域的附加率高於其他市場，這是有充分理由的。

For example, you heard in the comments that channel inventory is low.

例如，您在評論中聽說渠道庫存低。

We keep our eyes on channel inventory because a vast majority of our discreet GPUs come from the channel.

我們密切關注渠道庫存，因為我們的絕大多數獨立 GPU 都來自渠道。

So although, although only 50% or maybe 40% of the world's PCs come from Tier 2 providers, system builders and channel integrators, the vast majority of the discreet GPUs come from those 40%.

因此，儘管世界上只有 50% 或可能 40% 的 PC 來自 2 級供應商、系統製造商和渠道集成商，但絕大多數獨立 GPU 都來自這 40%。

And the reason for that is because the system builders and the system integrators rely on Nvidia's brand and the additional capabilities that our chip provides, our processor provides to offset the Tier 1 brands that they compete against, whereas the Tier 1s tend to focus on the benefits of their own brand and utilize lower cost components and related to, in this particular case, integrated graphics.

原因是系統製造商和系統集成商依賴 Nvidia 的品牌和我們的芯片提供的額外功能，我們的處理器提供以抵消他們競爭的一級品牌，而一級廠商往往專注於他們自己品牌的優勢，並利用成本更低的組件，在這種特殊情況下，與集成顯卡相關。

And so our, our attach has historically been higher in system builders than the OEMs -- but that really hasn't shifted or changed from our perspective.

因此，我們在系統製造商中的依附度歷來高於原始設備製造商——但從我們的角度來看，這並沒有改變或改變。

Now, going forward, I think that all of the road signs are starting to become more clear.

現在，展望未來，我認為所有的路標都開始變得更加清晰。

We've been evangelizing this idea called GPU computing for sometime.

一段時間以來，我們一直在宣傳這種稱為 GPU 計算的想法。

And it's a very logical and common sensical idea that you ought to use the right tool, or the right processor for the right job.

您應該使用正確的工具或正確的處理器來完成正確的工作，這是一個非常合乎邏輯和普遍的合理想法。

And, programs, modern applications today have a lot of instruction parallel parts of the software program, but there's an enormous amount of data parallel parts to the program.

而且，程序，今天的現代應用程序有很多軟件程序的指令並行部分，但程序有大量的數據並行部分。

In the data parallel processor part of it, which could have been 3D graphics, which we offloaded immediately and historically onto the GPU, but increasingly, it's related to video and images and search and those types of applications in which case we created a parallel processor, a general purpose architecture called CUDA so that applications can offload that.

在它的數據並行處理器部分，這可能是 3D 圖形，我們立即將其卸載到 GPU 上，但越來越多地與視頻、圖像和搜索以及那些類型的應用程序相關，在這種情況下，我們創建了一個並行處理器，一種稱為 CUDA 的通用架構，以便應用程序可以卸載它。

You're now starting to see more and more people talk about GPU computing.

您現在開始看到越來越多的人談論 GPU 計算。

In fact, I think that there's almost no one that I know of in the computer industry who would tell you now that GPU computing, or in general, called heterogeneous computing is not the future of architecture from industry analysts to Microsoft to Apple computer, to almost anyone developing the future of computer architecture will openly admit that heterogeneous computing is finally here and it's the right approach going forward.

事實上，我認為我所知道的計算機行業中幾乎沒有人會告訴你，GPU 計算，或者一般來說，稱為異構計算不是架構的未來，從行業分析師到微軟，再到蘋果電腦，再到幾乎任何開發計算機體系結構未來的人都會公開承認異構計算終於到來了，這是前進的正確方法。

As a follow-up, can you guys talk about where you're at with 40-nanometer, what portion of your output it might be over the next six -- over the next couple of quarters and what the gross margin impacts there are as you pay more for wafers, and potentially get more dye per wafer?

作為後續行動，你們能否談談你們在 40 納米方面的情況，在接下來的六個季度中，你們的產量可能佔多少 - 在接下來的幾個季度中，以及毛利率的影響是什麼？您為晶圓支付更多費用，並且每個晶圓可能獲得更多染料？

Thank you.

謝謝你。

I think the general buzz around the industry is that we are by far the largest producers of 40 nanometer today and I think that that's probably consistent.

我認為業界普遍認為我們是迄今為止最大的 40 納米生產商，我認為這可能是一致的。

We've shipped more and earlier than just about anybody.

我們比任何人都運送得更多和更早。

And we haven't spoken a lot about our 40-nanometer products because we have, we have fabulous products that we're currently shipping.

而且我們沒有過多談論我們的 40 納米產品，因為我們有，我們有我們目前正在發貨的極好的產品。

So we tend not to preannounce products until the customers are really shipping themselves.

因此，在客戶真正自己發貨之前，我們往往不會預先宣布產品。

And so we're ramping our 40-nanometer product now.

所以我們現在正在增加我們的 40 納米產品。

By Q4, it will represent a very large portion of our revenue.

到第四季度，它將占我們收入的很大一部分。

It certainly won't represent the vast majority of it.

它當然不會代表其中的絕大多數。

Early next year I think it will continue to grow and my expectation is by about Q3 timeframe, it will represent the vast majority of our products.

明年年初，我認為它將繼續增長，我的預期是到第三季度左右，它將代表我們絕大多數的產品。

Q3 timeframe in next year.

明年第三季度的時間表。

What's the gross margin impact on 40-nanometer versus 55?

40 納米與 55 納米的毛利率影響是什麼？

Gross margins are higher on 40-nanometer products because they are fresher products and they -- the dye sizes are lower or smaller and so they tend to be, they tend to be more cost effective for us.

40 納米產品的毛利率更高，因為它們是更新鮮的產品，而且它們——染料尺寸更小或更小，因此它們往往對我們來說更具成本效益。

Thank you.

謝謝你。

Thanks a lot.

非常感謝。

Our next question comes from the line of Tim Luke with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Tim Luke。

Please proceed.

請繼續。

Thank you so much.

太感謝了。

David, as you look forward and obviously you've seen a significant progression in the gross margin in the July quarter and you're guiding for it to be up again in October, how do you see this moving into the, to the fourth quarter and next year?

大衛，正如您所期待的那樣，顯然您已經看到 7 月季度的毛利率有了顯著增長，並且您正在指導它在 10 月再次上升，您如何看待這種情況進入第四季度明年呢？

Should we think about you having the potential as you move to more 40-nanometer to be able to continue this upward trajectory by several hundred basis points over the next few quarters, or how should we think about that?

我們是否應該考慮在您向 40 納米以上邁進時您有潛力在接下來的幾個季度中將這一上升軌跡延續數百個基點，或者我們應該如何考慮這一點？

And at the same time, could you give us some feel for how we should plan and think about your OpEx going forward as you sort of -- can you hold this 280 level or should we think about it beginning to grow now as the revenue begins to come back?

同時，您能否給我們一些關於我們應該如何計劃和考慮您的 OpEx 前進的感覺 - 您能保持這個 280 的水平，還是我們應該考慮它現在隨著收入的開始而開始增長回來？

Thank you.

謝謝你。

On the gross margin outlook, there's probably three or so significant pieces of our strategy going forward to increase that.

在毛利率前景方面，我們的戰略中可能有三個左右重要的部分來增加這一點。

Certainly as you mention the 40-nanometer ramp will be an important element of that, as Jen-Hsun just commented on a second ago.

當然，正如您提到的 40 納米坡道將是其中的一個重要元素，正如 Jen-Hsun 一秒鐘前剛剛評論的那樣。

The second will be the ramp of Tegra and Tesla, which are two relatively new platforms for the Company.

第二個將是 Tegra 和 Tesla 的坡道，這對公司來說是兩個相對較新的平台。

As they become a larger piece of our mix, their margins today, and we expect to continue, to be above what our corporate average is.

隨著它們成為我們組合中更大的一部分，它們今天的利潤率，我們預計將繼續，高於我們公司的平均水平。

So they will tend to lift the overall margins for the Company.

因此，他們將傾向於提高公司的整體利潤率。

Quadro, at the same time, carries higher margins than the aggregate for the Company.

與此同時，Quadro 的利潤率高於公司的總體利潤率。

And so as the economic climate of our economy and so forth rebounds, and as those two products, Tesla and Tegra ramp, our overall mix is going to be very favorably impacted in our favor.

因此，隨著我們經濟等經濟環境的反彈，以及特斯拉和 Tegra 這兩種產品的增長，我們的整體組合將受到非常有利的影響，對我們有利。

So, we should see our margins continue to improve, over the foreseeable next four quarters or so.

因此，在可預見的未來四個季度左右，我們應該看到我們的利潤率繼續提高。

Will there necessarily be hiccups in the way?

途中一定會有打嗝嗎？

No one can guarantee that there won't be but clearly those are the important elements in our strategy and as they get executed on, we think our margins will continue to make progress.

沒有人可以保證不會有，但很明顯，這些是我們戰略中的重要元素，隨著它們的執行，我們認為我們的利潤率將繼續取得進展。

On the operating expense side, we've indicated previously that our objectives were to get our total operating expense down, in the $265 million-ish range.

在運營費用方面，我們之前曾表示，我們的目標是將我們的總運營費用降低到 2.65 億美元左右。

Today we ended roughly at that level, but in our guidance, we obviously said it was going to go back up.

今天我們大致在那個水平結束，但在我們的指導中，我們顯然說它會回升。

So when you look at some of the reasons for that going back up, they are dictated by some of the litigation expenses that are going on, which clearly won't go on forever.

因此，當您查看導致這種情況再次出現的一些原因時，它們是由正在進行的一些訴訟費用決定的，這些費用顯然不會永遠持續下去。

It's dictated by, you might say a convergence of a number of new products, offering, all happening at the same time, which obviously increases some of our expenses in the current quarter.

這取決於，你可能會說許多新產品的融合，提供，所有這些都在同一時間發生，這顯然增加了我們本季度的一些開支。

So I think the, I think we'll continue to see expenses come down from the 280 level, but it will probably just be a little bit slower than what we initially anticipated it will be.

所以我認為，我認為我們將繼續看到費用從 280 的水平下降，但它可能會比我們最初預期的要慢一點。

If I may, just two quick follow-ups.

如果可以的話，只需兩個快速跟進。

Looked like consumer was up a lot.

看起來消費者漲了很多。

Could you give us a feel for what piece of that is going to be Tegra and how should we think about that for the coming fourth quarter?

您能否讓我們了解一下 Tegra 將是其中的哪一部分？我們應該如何看待即將到來的第四季度？

Then it looked like workstation was fairly flattish.

然後看起來工作站相當平坦。

Is it beginning to show some improvement in, in the -- in workstation, should we begin to anticipate that for the second calendar half of the year and maybe Jen-Hsun, with the introduction of Windows 7, how have you seen that or not impacting the market?

它是否開始在工作站中顯示出一些改進，我們是否應該開始預計下半年以及仁勳，隨著 Windows 7 的推出，您是否看到了這一點影響市場？

So let me -- I'll just take a couple pieces.

所以讓我——我只拿幾塊。

I think they are in general related to, related to gross margin and such.

我認為它們通常與毛利率等有關。

Our Quadro business appears to have, has normalized or stabilized and certainly the feeling we're getting from our enterprise customers reflects what other people are seeing out in the marketplace that the general economy appears to have, have stabilized some and that the automobile industry, which is a very large consumer of workstations appears to be in better health.

我們的 Quadro 業務似乎已經正常化或穩定了，當然，我們從企業客戶那裡得到的感覺反映了其他人在市場上看到的總體經濟似乎已經穩定了一些，以及汽車行業，這是一個非常大的工作站消費者似乎更健康。

There are other growth markets now for the workstation market.

工作站市場現在還有其他增長市場。

Medical imaging is a very large part of it.

醫學成像是其中很大一部分。

Medical is -- and medical research benefits a great deal from a lot of recent attention.

醫學是——醫學研究從最近的大量關注中受益匪淺。

We also, we also aren't just waiting for the overall economy to come back, as I've discussed earlier.

正如我之前所討論的，我們也不僅僅是在等待整體經濟復甦。

We're creating new products that allow people to do new things that weren't impossible before.

我們正在創造新產品，讓人們能夠做以前不可能的新事情。

This Optics rate tracing engine, realtime rate tracing engine that runs on CUDA GPUs is really a ground breaking idea, ground breaking capability.

這個 Optics 速率跟踪引擎，在 CUDA GPU 上運行的實時速率跟踪引擎確實是一個突破性的想法，突破性的能力。

We have 40 ground sites going there.

我們有 40 個地面站點。

When they deploy, they deploy in relatively large configurations because it's the type of models or the visualization task is quite significant.

當他們部署時，他們部署在相對較大的配置中，因為這是模型的類型或可視化任務非常重要。

And those could -- those 40 beta sites are just as many as we can support.

那些可能——這 40 個測試站點是我們可以支持的盡可能多的站點。

The number of companies out there who would like to accelerate their time to market through better visualization of their designs is, well, you could imagine how many that would be.

有多少公司希望通過更好地可視化他們的設計來加快上市時間，嗯，你可以想像會有多少。

It could literally be every single Company in the world would like to do that.

這可能是世界上每一家公司都願意這樣做的。

So this is something that is of great importance and we're dragging that pretty hard.

所以這是非常重要的事情，我們正在努力拖延。

We also, we also know that high resolution displays and projectors are becoming more affordable than ever.

我們也知道，高分辨率顯示器和投影儀比以往任何時候都更實惠。

The Sony 4K projectors, digital projectors are very affordable and people need scalable resolution, scalable visualization solutions to be able to address that and so we created a product called Quadro SVS.

索尼 4K 投影儀、數字投影儀非常實惠，人們需要可擴展的分辨率、可擴展的可視化解決方案來解決這個問題，因此我們創建了一款名為 Quadro SVS 的產品。

The Quadro SVS virtualizes both the application, as well as the display so you could literally run one application across up to 4 GPUs completely visualized and invisibly.

Quadro SVS 虛擬化了應用程序和顯示器，因此您可以在多達 4 個 GPU 上運行一個應用程序，完全可視化和不可見。

And then you could take the output of that and literally drive it up to 32 million pixels without the application ever knowing anything about it, so this virtualization technology both at the GPU level, as well as the display level is a ground breaking idea and it's something that we're really excited about.

然後你可以把它的輸出驅動到 3200 萬像素，而應用程序對此一無所知，所以這種在 GPU 級別和顯示級別上的虛擬化技術是一個開創性的想法，它是我們非常興奮的事情。

So we're going to try to -- we believe that innovation drives growth and we can drive growth irrespective of the economy, but the economy certainly has stabilized.

因此，我們將嘗試——我們相信創新推動增長，無論經濟如何，我們都可以推動增長，但經濟肯定已經穩定下來。

So that's certainly a very important part of our growth factors.

所以這當然是我們增長因素中非常重要的一部分。

Now, in terms of, in terms of Tesla, the computing market is a multibillion dollars market.

現在，就特斯拉而言，計算市場是一個數十億美元的市場。

The reason why Tesla has been adopted by literally every single computer company in the world is because they see the same opportunity we see.

特斯拉被世界上幾乎每一家計算機公司採用的原因是因為他們看到了我們看到的同樣的機會。

People are evaluating and developing software now for Tesla for broad deployment all over the globe and people are looking for ways to improve their computational horsepower per dollar to reduce costs or more importantly, to reduce power.

人們現在正在為特斯拉評估和開發軟件，以便在全球範圍內廣泛部署，人們正在尋找提高每美元計算能力以降低成本或更重要的是降低功耗的方法。

Tesla servers consumes nearly 20 times less power than a conventional CPU server.

Tesla 服務器的功耗比傳統 CPU 服務器低近 20 倍。

And the reason for that is because of the amount of performance that you get out of it.

其原因是您從中獲得的性能數量。

When I said earlier doing the right job with the right tool, it's an efficiency statement.

當我之前說過用正確的工具做正確的工作時，這是一個效率聲明。

If you do that, it will reduce power, you will reduce costs and you will get things done faster.

如果你這樣做，它會降低功率，你會降低成本，你會更快地完成工作。

So I think Tesla is going to be a very important growth driver for us, as well for next year.

所以我認為特斯拉將成為我們非常重要的增長動力，明年也是如此。

Okay.

好的。

And Windows 7, Windows 7, my expectation is that the adoption of GPUs will go up and the adoption of GPUs will go up because very simply that if, if the operating system allows applications to take advantage of the parallel processor in your PC, they will take advantage of it.

而 Windows 7，Windows 7，我的預期是 GPU 的採用率將會上升，GPU 的採用率將會上升，因為很簡單，如果操作系統允許應用程序利用 PC 中的並行處理器，它們將利用它。

And when they take advantage of it, the GPU is the right answer.

當他們利用它時，GPU 就是正確的答案。

Thank you, guys.

感謝你們。

Okay.

好的。

Thanks a lot.

非常感謝。

Our next question comes from the line of JoAnne Feeney with FTN Equity Capital Markets.

我們的下一個問題來自 FTN Equity Capital Markets 的 JoAnne Feeney。

Please go ahead.

請繼續。

Hi, good afternoon, folks.

大家好，下午好。

Questions following up on the last one actually.

問題實際上是在最後一個問題上跟進。

So, so in terms of the value of the GPU for Windows 7 and others that will take advantage of that, what are you guys thinking, what are you assuming about the future of attach rates or of the chipset business once Intel starts to deploy their (inaudible) which combines the CPU and the GPU?

所以，就 Windows 7 的 GPU 和其他將利用它的價值而言，你們在想什麼，一旦英特爾開始部署他們的芯片組業務，你們對附加率或芯片組業務的未來有何假設？ （聽不清）哪個結合了 CPU 和 GPU？

Yes, in fact, Joann, thanks for the question.

是的，事實上，喬安，謝謝你的提問。

It's probably the greatest opportunity I've seen in the GPU business in the last 10 years.

這可能是過去 10 年我在 GPU 業務中看到的最大機會。

And the reason for that is because, and we've said this in -- as a high level theme for sometime.

這樣做的原因是因為，我們已經說過——作為一個高級主題有一段時間了。

It just had to play out.

它只需要發揮作用。

The challenge of integrating graphics into a chipset or into a CPU that has very long design cycles is that by definition, you'll have to integrate many of your old technology into a single chip.

將圖形集成到芯片組或設計週期很長的 CPU 中的挑戰在於，根據定義，您必須將許多舊技術集成到單個芯片中。

And this GPU computing idea that we've been evangelizing for three years, some companies really, really didn't believe it.

而這個我們已經宣傳了三年的 GPU 計算理念，一些公司真的，真的不相信。

They really believed in central processing.

他們真的相信中央處理。

And as a result of that, they underinvested in the graphics technology that goes into these Capellas and to future CPUs with integrated graphics.

因此，他們對用於 Capellas 的圖形技術以及未來帶有集成圖形的 CPU 的投資不足。

And so Windows 7 has a direct compute.

因此，Windows 7 具有直接計算功能。

OS 10 has OpenCL.

OS 10 具有 OpenCL。

Linux and others has CUDA.

Linux 和其他人有 CUDA。

And people are developing parallel computing applications all over the world.

人們正在世界各地開發並行計算應用程序。

You see it.

你看。

We see it.

我們看到了。

And every OEM sees it.

每個 OEM 都能看到它。

So the only way to really accelerate or even do a reasonable job at those applications is to add a GPU next to it.

因此，在這些應用程序上真正加速甚至做合理工作的唯一方法是在它旁邊添加一個 GPU。

So it doesn't really matter where the display comes from.

因此，顯示器的來源並不重要。

The display just drives the monitor.

顯示器只是驅動顯示器。

The basic 2D graphics or the basic 3D graphics just drives the monitor.

基本 2D 圖形或基本 3D 圖形只是驅動顯示器。

The parallel processing, the programmable shading and all of those other things will come from another processor and we just call that processor the GPU.

並行處理、可編程著色和所有其他事情將來自另一個處理器，我們稱該處理器為 GPU。

So I think, I think the adoption is in fact going to be quite high when the GPUs integrate basic graphics that are not good enough for the modern operating systems.

所以我認為，當 GPU 集成了對於現代操作系統來說還不夠好的基本圖形時，採用率實際上會很高。

Okay.

好的。

So what would we have to assume, or what are you guys assuming the attach rate would have to rise to in order to offset the potential loss of the basic chipset business?

那麼我們必須假設什麼，或者你們假設連接率必須提高到什麼水平才能抵消基本芯片組業務的潛在損失？

What kind of attach rates do you envision arising over the next year or so?

您預計在接下來的一年左右會出現什麼樣的附加費率？

Well, we don't actually expect much loss in our chipset business next year.

好吧，我們實際上預計明年我們的芯片組業務不會有太大損失。

We have quite a few exciting projects that we're still working on and, people are pushing us really hard to get more chipsets done.

我們有很多令人興奮的項目仍在進行中，人們正在努力推動我們完成更多的芯片組。

So we're not expecting the decline of it, but we are expecting adoption to increase for GPUs next year.

所以我們預計它不會下降，但我們預計明年 GPU 的採用率將會增加。

Okay.

好的。

Can you comment at all, probably not, but can you address at all the issue of the legal dispute over the way you can in the future connect your chipset to the system with Intel arguing that you don't have this particular license that you need?

您能否發表評論，可能不會，但您能否解決有關您將來如何將芯片組連接到系統的法律糾紛問題，英特爾認為您沒有所需的特定許可證?

Well, you didn't say in your question about chipsets, you didn't ask specifically about the future and neither did I comment about that.

好吧，您沒有在關於芯片組的問題中說，您沒有具體詢問未來，我也沒有對此發表評論。

And so it's not related.

所以它不相關。

It's just not related.

只是沒有關係。

No, I--?

不，我——？

We're not -- let me just finish.

我們不是——讓我說完。

We're not necessarily building chipsets for future Intel, Intel buses.

我們不一定要為未來的英特爾、英特爾總線構建芯片組。

We've not commented anything on that.

我們沒有對此發表任何評論。

And so you're just going to have to wait to see what we come up with.

所以你只需要等著看我們想出什麼。

I think that JoAnne, you've known us for quite a long time now and the one thing that you can probably say about our Company is we're pretty darn clever.

我認為 JoAnne，你已經認識我們很長時間了，關於我們公司，你可能會說的一件事是我們非常聰明。

There is a lot of ways to skin the cat and we're going to show you more ways to skin the cat than you can shake at.

給貓剝皮的方法有很多，我們將向您展示比您無法動搖的更多剝皮方法。

And so, so you just have to wait.

所以，所以你只需要等待。

Unfortunately, this -- I can't give you the punch line and you'll just have to wait for the big surprise.

不幸的是，這個——我不能告訴你妙語，你只能等待大驚喜。

Okay?

好的？

Okay, okay.

好吧好吧。

We'll wait.

我們會等的。

All right.

好的。

Thank you.

謝謝你。

You're welcome.

別客氣。

Our next question comes from the line of Patrick Wang with Wedbush Morgan.

我們的下一個問題來自 Patrick Wang 與 Wedbush Morgan 的對話。

Please go ahead.

請繼續。

Yes, thanks for the question, and great job on the quarter.

是的，謝謝你的問題，本季度做得很好。

First, just on MCP for chipset, I know you guys, you guys had some good, some positive trends for AMD, chipsets there.

首先，關於芯片組的 MCP，我知道你們，你們對 AMD 芯片組有一些好的、積極的趨勢。

And then Ion.

然後是離子。

I was just hoping you could talk in a little bit more detail about how we should think about those kind of going forward to next quarter or two?

我只是希望你能更詳細地談談我們應該如何考慮下一個或兩個季度的發展？

Well, we have, we have Ion projects that are still coming to market and ramping into production.

嗯，我們有，我們有 Ion 項目仍在進入市場並投入生產。

So my sense is that Ion will still be a growth business for us.

所以我的感覺是，Ion 仍將是我們的增長業務。

And so we're just going to have to wait and see how the end market adoptions are.

因此，我們將不得不拭目以待，看看最終市場的採用情況如何。

We have quite a few projects that we're still ramping.

我們有很多項目仍在進行中。

The chipset business, the definition of a chipset is just the companion processor or companion chip to the CPU.

芯片組業務，芯片組的定義只是CPU的配套處理器或配套芯片。

And we have a lot of companion chips to the CPU that enhances the overall experience.

我們有很多與 CPU 配套的芯片，可以增強整體體驗。

Our focus is really very simple.

我們的重點真的很簡單。

To enhance the computing experience over the baseline capabilities that Intel or AMD provides.

增強英特爾或 AMD 提供的基準功能的計算體驗。

And so if I generalize the statement like that, the smart people will come up with all kinds of great ideas and we have some really exciting things that we're doing for next year.

因此，如果我這樣概括這個陳述，聰明的人會想出各種各樣的好主意，我們明年會做一些非常令人興奮的事情。

Okay.

好的。

Got you.

得到你。

But if we think about it, you guys have clearly seen strong orders just on some of the AMD shipments into Asia, is that something we should expect to kind of continue, or is Ion going to be able to more than offset that type of a decline?

但如果我們仔細想想，你們已經清楚地看到了一些 AMD 向亞洲出貨的強勁訂單，這是我們應該期望繼續下去的事情，還是 Ion 能夠抵消這種類型的衰退？

Yes, it's actually kind of interesting.

是的，這實際上很有趣。

In a way, we only do well on AMD chipsets when AMD's low end CPUs or main stream CPUs do well.

在某種程度上，只有當 AMD 的低端 CPU 或主流 CPU 表現出色時，我們才會在 AMD 芯片組上表現出色。

Right.

正確的。

So I, our -- part of that question, part of the answer to that question depends on how well AMD does.

所以我，我們的 - 該問題的一部分，該問題的部分答案取決於 AMD 的表現。

So we're rooting for them and we would like them to do well.

所以我們支持他們，我們希望他們做得很好。

On the other hand, we have, we have ion processors that are companions to Intel CPUs.

另一方面，我們擁有與英特爾 CPU 配套的離子處理器。

And so we're rooting for them, too.

所以我們也支持他們。

And so, we're just rooting for everybody.

所以，我們只是支持每個人。

Got you.

得到你。

That's helpful.

這很有幫助。

Two quick ones.

兩個快的。

There's been a lot of concern about desktop pricing intensifying in the back half of the year here.

在今年下半年，人們對台式機價格的上漲有很多擔憂。

Just curious how you're thinking about that, what's your sense in terms of how that's going to track and potentially the impact to margins?

只是好奇你是怎麼想的，你對這將如何跟踪以及對利潤率的潛在影響有什麼看法？

Well, we're always going to compete for the business out there and we follow two basic, maybe three basic rules.

好吧，我們總是要為那裡的業務競爭，我們遵循兩個基本規則，也許是三個基本規則。

One is that -- we always look for ways to innovate.

一是——我們一直在尋找創新的方法。

The competition has a basic graphics chip and they will sell it at the lowest possible price to gain share.

比賽有一個基本的圖形芯片，他們會以盡可能低的價格出售以獲得份額。

We will tend to take a slightly different strategy all the time.

我們總是傾向於採取稍微不同的策略。

We're always looking to innovate and create new value that we can bring to the users and in exchange hope that they would reward us with a higher premium.

我們一直在尋求創新並創造新的價值，我們可以為用戶帶來新的價值，並希望他們能以更高的溢價回報我們。

The GeForce brand across the board has a higher premium almost at every single segment and we hope that they will recognize the benefits of the work that we've done with 3D stereo and CUDA and PhysX so that they will continue to reward us for the value that we bring.

GeForce 品牌幾乎在每個細分市場都有更高的溢價，我們希望他們能夠認識到我們在 3D 立體、CUDA 和 PhysX 方面所做工作的好處，以便他們繼續獎勵我們的價值我們帶來的。

On the other hand, we'll fight hard for business and, we've had to be competitive out there and we're realistic about market conditions and we're realistic about the competition and so we'll continue to fight for our business and then the last lever is to continue to drive costs down in our Company and do the things that are in the control of our Company to improve on margins.

另一方面，我們會為業務而奮鬥，我們必須在市場上保持競爭力，我們對市場條件很現實，我們對競爭很現實，所以我們將繼續為我們的業務而戰然後最後一個槓桿是繼續降低我們公司的成本，並做我們公司可以控制的事情來提高利潤率。

I see.

我懂了。

Thank you.

謝謝你。

Patrick, we have guys waiting.

帕特里克，我們有人在等著。

Can we--?

我們可以嗎 - ？

Okay.

好的。

Great.

偉大的。

Thank you very much.

非常感謝。

Thanks.

謝謝。

Our next question comes from the line of Suji De Silva with Kaufman Brothers.

我們的下一個問題來自考夫曼兄弟的 Suji De Silva。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Nice job on the quarter.

本季度幹得不錯。

Hi.

你好。

On the professional segment, are you getting the sense that the orders were the ones that were embargoed for a while and now coming back?

在專業領域，您是否感覺到這些訂單是被禁運了一段時間但現在又回來的訂單？

Is there any sense there from talking to the sales folks?

與銷售人員交談有什麼意義嗎？

What -- Suji, what does embargoed mean?

什麼——Suji，禁運是什麼意思？

It just means they put them off basically because of the economic downturn and they were delayed now.

這只是意味著他們基本上因為經濟衰退而推遲了它們，現在它們被推遲了。

Is that the sense of where these orders are coming from?

這就是這些訂單來自哪裡的感覺嗎？

It must be.

肯定是。

It's got to be.

它必須是。

My sense is that the requirement for design tools to create products to solve problems and search to discover these signs I think that those -- the demand didn't perish.

我的感覺是，需要設計工具來創建產品來解決問題並蒐索以發現這些跡象，我認為那些 - 需求並沒有消失。

I'm certain we didn't lose any market share, and so, so it must be, because demand was held up.

我敢肯定我們沒有失去任何市場份額，所以，一定是這樣，因為需求受到抑制。

Spending was held up because of cost containment reasons.

由於成本控制的原因，支出被擱置。

We're starting to feel the benefits and some of the early signs of the stimulus program kicking in.

我們開始感受到刺激計劃啟動的好處和一些早期跡象。

And so I think, I think whether it's an industry or in science, in the academia, we're starting to feel much, much more positive energy relating to upgrades and new machines.

所以我認為，我認為無論是在行業還是在科學領域，在學術界，我們都開始感受到與升級和新機器相關的更多積極能量。

But we're also, Suji, like I said earlier, we're going to innovate our way out of it either way.

但我們也是，Suji，就像我之前說的，我們將創新我們的方式來擺脫它。

And if the market comes back, we'll just get the double whammy, and I can't wait until Quadro goes back to our historical levels of 200 million, $250 million a quarter.

如果市場回來，我們只會受到雙重打擊，我等不及 Quadro 回到我們的歷史水平，即每季度 2 億美元，即 2.5 億美元。

And if we add to that all of the new capabilities that we're creating, as well as Tesla, I think our enterprise business could be really, really significant and so, but we're just going to focus on innovation and when the purchasing power comes back, they are going to have a lot of new things to buy.

如果我們添加我們正在創造的所有新功能，以及特斯拉，我認為我們的企業業務可能非常非常重要，但我們只會專注於創新和採購時權力回來了，他們將有很多新東西要買。

One other quick question, the Montevino share that you lost and try to recapture, can you kind of remind us the dynamics of that share shift and why you think that won't necessarily recur going forward?

另一個快速的問題，您失去並試圖重新奪回的蒙特維諾份額，您能否提醒我們這種份額轉變的動態以及為什麼您認為這種情況不一定會再次發生？

Thanks.

謝謝。

Well, the notebook business is very competitive and it's a combination of a lot of things.

嗯，筆記本業務競爭非常激烈，它是很多東西的組合。

I forget exactly what the reason was when we, when we lost some share.

當我們失去一些份額時，我完全忘記了原因是什麼。

Sometimes we don't have the appetite to go for the prices that are needed to win.

有時我們沒有興趣去爭取獲勝所需的價格。

Sometimes the competition just has a better offering or sometimes the competition has already designed in and so it's just easier to transition to the new platform.

有時比賽只是提供更好的產品，有時比賽已經設計好了，所以過渡到新平台更容易。

So there's a variety of different reasons that -- there's only one way to win and about 10,000 ways to lose.

因此，有多種不同的原因——只有一種獲勝方式和大約 10,000 種失敗方式。

So looking forward, we know what, we know what sockets we've already won and the ramp of 40-nanometers will play a big role and hopefully we come back.

所以展望未來，我們知道什麼，我們知道我們已經贏得了哪些插座，40 納米的斜坡將發揮重要作用，希望我們能回來。

We're looking forward to that.

我們對此充滿期待。

I think going forward, we'll just have to invent new ideas and new capabilities that really delight our customers in breaking ground and we will win more customers as a result of that.

我認為，展望未來，我們只需要發明新的想法和新的能力，真正讓我們的客戶在破土動工時感到高興，我們將因此贏得更多的客戶。

Thank you, guys.

感謝你們。

Thanks.

謝謝。

Our next question comes from the line of David Wu with Global Crown.

我們的下一個問題來自 Global Crown 的 David Wu。

Please go ahead.

請繼續。

Yes, good afternoon.

是的，下午好。

Can you talk a little bit about your guidance in terms of revenues.

你能談談你在收入方面的指導嗎？

I know you had some pretty good seasonal demand, better than seasonal demand in Q2, but Q3 happens to be your -- if I recall, seasonally best quarter of the year and with 40-nanometer-based products coming on stream, why would the sequential growth be such, be such low levels admittedly from a higher base for FY -- the third quarter of this fiscal year?

我知道你們有一些非常好的季節性需求，比第二季度的季節性需求要好，但第三季度恰好是你們的——如果我記得的話，這是一年中季節性最好的季度，並且基於 40 納米的產品即將投產，為什麼連續增長是這樣的，從本財年第三季度的較高基數來看，是這樣低的水平嗎？

And I have a quick question follow-on, too.

我也有一個快速的問題跟進。

Well, I think, David, we have -- we're not -- we're not particularly -- we don't have any particular greater insight into the economy than you do, but I think that the notion of seasonality really needs to be challenged or reset with the new economy.

好吧，我認為，大衛，我們有 - 我們不是 - 我們不是特別 - 我們對經濟沒有任何比你更深入的洞察力，但我認為季節性的概念確實需要受到新經濟的挑戰或重置。

Thinking about the previous season and these seasons, just makes no sense.

想想上一季和這幾季，沒有任何意義。

It's a new world out there now and so we're just looking at business every single day and we guide to what we think is the most prudent and the best of our ability and it is what it is.

現在這是一個新世界，所以我們每天都在關注業務，我們指導我們認為最謹慎和最好的方法，它就是這樣。

Compared to what some other companies have guided, it appears to be quite good and so we're just going to have to play it out and see how it turns out.

與其他一些公司的指導相比，它似乎相當不錯，所以我們只需要發揮它，看看結果如何。

Okay.

好的。

This week has been a (Sigrab) week and I understand that our friends at Intel has been talking about Larrabee.

本周是（Sigrab）一周，我知道我們在英特爾的朋友一直在談論 Larrabee。

Are there any things that they have revealed to the world I guess this week that is a major -- meaningful surprise or departure from what your understanding was prior to the Sigrab this week?

我猜這週他們向世界透露了哪些重要的事情——有意義的驚喜或與你在本週 Sigrab 之前的理解有所不同？

This is the third Sigrab that they have talked about Larrabee and we paid attention to the last two.

這是他們談論 Larrabee 的第三個 Sigrab，我們關注了最後兩個。

I have to admit that I didn't pay much attention this time.

不得不承認，這次我並沒有太在意。

Not because I don't care; we were just really busy.

不是因為我不在乎；我們真的很忙。

So if you hear anything, let me know.

因此，如果您聽到任何消息，請告訴我。

I've not heard anything through the grapevines.

我沒有通過小道消息聽到任何消息。

The important thing is that they now recognize that parallel computing is too important not to invest in.

重要的是，他們現在認識到並行計算太重要了，不能不投資。

And it's also clear that parallel computing is very hard, otherwise it wouldn't have taken so long to build it.

而且很明顯，並行計算非常困難，否則構建它不會花費這麼長時間。

And to efficiently autoparallelize applications and make it easy for programmers to achieve the level of parallelism that is inherently possible in the silicon is really, really hard work and it's something that we've spent the last 15 years of our Company and for many of us, or many of the industry, many of the experts in our Company some 30 years of their careers working on this problem.

高效地自動並行化應用程序並讓程序員輕鬆實現芯片中固有的並行性水平是非常非常艱鉅的工作，這是我們公司過去 15 年和我們中的許多人所做的事情，或許多業內人士，我們公司的許多專家在他們的職業生涯中大約 30 年致力於解決這個問題。

And so it's not something that just because somebody wants to throw a bunch of CPUs together is going to make it happen.

因此，這並不是僅僅因為有人想將一堆 CPU 放在一起就能實現它。

So I think one, they recognize the importance of it.

所以我認為一個，他們認識到它的重要性。

Two, it apparently is very hard.

二，這顯然是非常困難的。

And then, three, I can't wait to see Larrabee like anybody else.

然後，三，我迫不及待地想像其他人一樣看到拉拉比。

After all this talk, I'm just dying to see it.

在所有這些談話之後，我只是渴望看到它。

And so, when I see it, I'll, I'll be -- you'll be the first to know.

所以，當我看到它時，我會，我會——你會是第一個知道的。

Okay.

好的。

Just one quick, sneak one quick one in.

快一點，偷偷快一點。

What is the tax rate we should be using for this, the rest of this fiscal year or next year?

我們應該為此、本財年剩餘時間或明年使用的稅率是多少？

On a pro forma basis?

在備考的基礎上？

Probably this year somewhere in the 4 or 5% range.

今年可能在 4% 或 5% 的範圍內。

Next year, it's anyone's guess, depending upon what happens with the tax legislation.

明年，任何人都可以猜測，這取決於稅收立法會發生什麼。

But I still think it would still be in the 10% type of range.

但我仍然認為它仍然在 10% 的範圍內。

Okay.

好的。

Thank you.

謝謝你。

Thanks, David.

謝謝，大衛。

Thanks, David.

謝謝，大衛。

Our next question comes from the line of Shawn Webster with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Shawn Webster。

Please go ahead.

請繼續。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

Can you talk a little bit about the, I guess the overall demand environment.

能不能稍微談一下，我猜是整體需求環境。

You laid some context that the economy is still a little bit uncertain.

你提出了一些背景，即經濟仍然有點不確定。

That colored your outlook for Q3, but based on your order trends, what segments do you think will be the strongest and the weakest and can you give us some flavor on what units and pricing for your GPU business did during the quarter?

這影響了您對第三季度的展望，但根據您的訂單趨勢，您認為哪些細分市場最強和最弱，您能否告訴我們本季度 GPU 業務的單位和定價情況？

I'll let David take the second part and I'll just take the first part real quick because that one is easy.

我會讓大衛完成第二部分，我會盡快完成第一部分，因為那很容易。

We're seeing strength right now pretty much across the board.

我們現在幾乎全面看到了實力。

David?

大衛？

Shawn, can you repeat the second piece of it?

肖恩，你能重複第二段嗎？

It has to do with ASPs and units.

它與 ASP 和單位有關。

Yes, units and pricing.

是的，單位和定價。

So they are both obviously up, quarter over quarter, and if you look from an outcome standpoint, we're anticipating them being up again as well.

所以他們顯然都在上漲，一個季度一個季度，如果你從結果的角度來看，我們預計他們也會再次上漲。

From an ASP standpoint, it's kind of -- our ASPs are kind of a -- greatly influenced by the mix of the product that we're selling and so we tend to, we tend to have product shifts that tend to maintain ASP in each of the three main stream performance enthusiast categories we try and support.

從 ASP 的角度來看，它有點——我們的 ASP 有點——很大程度上受到我們銷售的產品組合的影響，所以我們傾向於進行產品轉換，以保持每個產品的 ASP在我們嘗試和支持的三個主流性能愛好者類別中。

So I don't know if there's necessarily a strong indicator directionally one way or the other as it relates to ASPs in the GPU segment.

所以我不知道是否一定有一個強有力的指標以一種或另一種方式指向，因為它與 GPU 細分市場中的 ASP 有關。

Okay, but the ASPs were up, you said?

好的，但是你說 ASP 上升了？

When you look at it from a mix standpoint, mix factors into that, so when you look at it by those three segments, yes, they are up in two of those segments and modestly down in the third.

當你從混合的角度來看它時，將因素混合到其中，所以當你從這三個部分來看它時，是的，它們在其中兩個部分中上升，在第三個部分中適度下降。

Okay, and then my last one, did you have any benefit from the sale of the inventory you wrote down in prior quarters?

好的，然後是我的最後一個問題，您從銷售您在前幾個季度記下的庫存中獲得了什麼好處？

No, no, immaterial.

不，不，無關緊要。

Okay.

好的。

Thank you very much.

非常感謝。

There are no more questions at this time.

目前沒有更多問題。

I will now turn the call over to Jen-Hsun.

我現在將把電話轉給仁勳。

Please go ahead.

請繼續。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to reporting our results for Q3.

我們期待報告第三季度的業績。

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

女士們先生們，今天的電話會議到此結束。

We thank you all for your participation.

我們感謝大家的參與。

We ask that you please disconnect your lines.

我們要求您斷開您的線路。

Have a great day, everyone.

祝大家有個美好的一天。