輝達 (NVDA) 2010 Q3 法說會逐字稿

Good afternoon.

下午好。

Thank you for holding.

謝謝你的捧場。

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

我現在想將電話轉給投資者關係高級副總裁 Michael Hara。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Thank you.

謝謝你。

Good afternoon and welcome to NVIDIA's conference call for the third quarter of fiscal 2010.

下午好，歡迎參加 NVIDIA 2010 財年第三季度電話會議。

With me on the call today from NVIDIA are Jen-Hsun Huang, President and Chief Executive Officer, and David White, Chief Financial Officer.

今天與我通話的還有總裁兼首席執行官黃仁勳和首席財務官大衛懷特。

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

在我們準備好發言後，我們將打開電話問答環節。

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，今天的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播，並且正在錄製中。

A replay of the conference call will be available via telephone until November 12, 2009, and the webcast will be available for replay until our conference call to discuss our financial results for our fourth quarter fiscal 2010.

電話會議的重播將在 2009 年 11 月 12 日之前通過電話進行，網絡廣播將在我們召開電話會議討論我們 2010 財年第四季度的財務業績之前進行重播。

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

今天電話會議的內容是 NVIDIA 的財產，未經我們事先書面同意，不得複製或轉錄。

During the course of this 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, and our actual results may differ materially.

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 results and businesses, please refer to the disclosure in today's earnings release on our Form 10-Q for the fiscal period ended July 26, 2009, and the reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響我們未來業績和業務的因素的討論，請參閱我們在截至 2009 年 7 月 26 日的財政期間的 10-Q 表格今天的收益發布中的披露，以及向 8-K 表格提交的報告。證券交易委員會。

All of our statements are made of -- as of today, November 5, 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基於今天（2009 年 11 月 5 日）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 Jon Peddie Research.

除非另有說明，否則在整個電話會議中對研究市場和市場份額數字的所有引用均來自 Mercury Research 或 Jon Peddie 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 find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release, which is posted on our website.

您可以在我們網站上發布的財務發布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。

We are making a few changes to our format, moving forward.

我們正在對我們的格式進行一些更改，繼續前進。

As you may have noted, we posted David's financial overview on our website prior to today's call.

您可能已經註意到，在今天的電話會議之前，我們在我們的網站上發布了大衛的財務概覽。

In addition, I will be providing the corporate overview and Jen-Hsun will be available for the question-and-answer portion.

此外，我將提供公司概況，Jen-Hsun 將參與問答部分。

With that, let's begin.

有了這個，讓我們開始吧。

We continued to make good progress in the third quarter.

我們在第三季度繼續取得良好進展。

GP demand continued to steadily increase, driven by a healthy marketing environment and new applications that require GPUs.

在健康的營銷環境和需要 GPU 的新應用程序的推動下，GP 需求持續穩步增長。

Our unprecedented investments in parallel computing are creating change and opportunity, and they are the foundation of our growth in the coming year.

我們對並行計算的空前投資正在創造變化和機遇，它們是我們來年增長的基礎。

We believe we're in the midst of a giant leap in computer graphics.

我們相信我們正處於計算機圖形學的巨大飛躍之中。

The GPU continues to advance the most parallel of applications, 3-D graphics.

GPU 繼續推進最並行的應用程序，即 3-D 圖形。

And it is now poised to revolutionize a wide range of industries by making parallel computing mainstream.

現在，它已準備好通過使並行計算成為主流來徹底改變廣泛的行業。

Consumers' needs have changed, and the GPU is key to meeting them.

消費者的需求發生了變化，GPU 是滿足他們的關鍵。

The Internet is today's killer app, and social media, video, and digital photography have seen massive growth.

互聯網是當今的殺手級應用，社交媒體、視頻和數碼攝影已經出現了巨大的增長。

These are highly parallel tasks that are much better suited to a GPU than a CPU.

這些是高度並行的任務，比 CPU 更適合 GPU。

From handhelds to data centers, today's most important computing problems are parallel.

從手持設備到數據中心，當今最重要的計算問題是並行的。

For handheld devices, parallel computing on GPUs delivers rich media and enables an uncompromised Internet experience.

對於手持設備，GPU 上的並行計算提供了豐富的媒體並實現了不折不扣的互聯網體驗。

The first Tegra devices, the Microsoft Zune HD and the Samsung M1, started shipping in Q3.

首批 Tegra 設備 Microsoft Zune HD 和三星 M1 於第三季度開始出貨。

PC gamers are aggressive adopters of new technology.

PC 遊戲玩家是新技術的積極採用者。

Just as SLI permanently changed the meaning of high-definition gaming, PhysX and 3-D stereo are bringing an even more profound change, making games surprising and magical again.

正如 SLI 永久改變了高清遊戲的意義一樣，PhysX 和 3-D 立體聲正在帶來更深刻的變化，讓遊戲再次令人驚嘆和神奇。

Because of the extraordinary impact PhysX has on game-playing experience, it has the potential to be a defining feature of gaming PCs, just as SLI is today.

由於 PhysX 對遊戲體驗的非凡影響，它有可能成為遊戲 PC 的一個決定性功能，就像今天的 SLI 一樣。

Parallel computing also provides 3-D stereo for movies and photos, and remarkable speed-ups for photo and video editing.

並行計算還為電影和照片提供 3-D 立體效果，並為照片和視頻編輯提供顯著的加速。

In the future, even PCs that already have a graphics controller integrated with the CPU will require a GPU for computing.

未來，即使是已經將圖形控制器與 CPU 集成的 PC 也需要 GPU 進行計算。

Professional users will greatly benefit from the combination of computational graphics and parallel computing.

專業用戶將從計算圖形和並行計算的結合中受益匪淺。

Even for pure graphics applications, parallel computing is being used to make images more realistic by simulating the real world from PhysX to photons.

即使對於純圖形應用程序，並行計算也被用於通過模擬從 PhysX 到光子的真實世界來使圖像更加逼真。

Movie production houses that worked on Terminator Salvation and Star Trek ran color grading and image processing 20 times faster using parallel computing on NVIDIA GPUs.

參與《終結者拯救》和《星際迷航》的電影製作公司使用 NVIDIA GPU 上的並行計算將顏色分級和圖像處理速度提高了 20 倍。

Our leadership position in innovative software, parallel programming languages, development environments, libraries for PhysX, ray tracing, scene management, and many other aspects of a visual computing solution will not only solidify our market share, it will expand the size of the business.

我們在創新軟件、並行編程語言、開發環境、PhysX 庫、光線追踪、場景管理和視覺計算解決方案的許多其他方面的領先地位不僅會鞏固我們的市場份額，還會擴大業務規模。

Data centers are constrained by space, power, and cooling.

數據中心受到空間、電力和冷卻的限制。

So the improvements from parallel computing in performance per watt and performance per cubic foot are game changing.

因此，並行計算在每瓦性能和每立方英尺性能方面的改進正在改變遊戲規則。

Tesla development clusters are at 33 of the top 500 supercomputing sites.

特斯拉開發集群位於 500 強超級計算站點中的 33 個。

Oak Ridge National Labs announced in September that it plans to build the world's most powerful supercomputer with our GPUs.

橡樹嶺國家實驗室在 9 月宣布，它計劃使用我們的 GPU 構建世界上最強大的超級計算機。

But GPUs in the data center represent more than just evolution.

但數據中心的 GPU 不僅僅代表進化。

They are a discontinuity that opens up new applications and grows the entire market.

它們是一種不連續性，它開闢了新的應用程序並發展了整個市場。

For example, we've recently announced RealityServer, a powerful combination of GPUs and software that streams interactive, photorealistic 3-D applications to any Web-connected PC, laptop, netbook, or smart phone from the data center.

例如，我們最近發布了 RealityServer，這是一種強大的 GPU 和軟件組合，可將交互式、逼真的 3-D 應用程序從數據中心傳輸到任何連接 Web 的 PC、筆記本電腦、上網本或智能手機。

A rendering that used to take hours and require highly skilled technical specialists can now be developed interactively by designers and artists.

過去需要數小時並需要高技能技術專家的渲染現在可以由設計師和藝術家以交互方式開發。

RealityServer is an example of the future of 3-D web applications.

RealityServer 是 3-D Web 應用程序未來的一個例子。

Momentum behind parallel computing is unlike anything in the industry.

並行計算背後的動力不同於業內任何事物。

We held our first GPU technology conference last month, and even after closing registration early, we were oversubscribed by 50%.

上個月我們舉行了第一次 GPU 技術會議，即使在提前結束註冊後，我們也被超額認購了 50%。

1,500 people from over 40 countries listened, learned, and shared during 200 hours of sessions.

來自 40 多個國家/地區的 1,500 人在 200 小時的課程中聆聽、學習和分享。

At one point, more than 35,000 people were watching online.

一度有超過 35,000 人在線觀看。

Also at GTC, we announced our revolutionary Fermi compute architecture.

同樣在 GTC，我們宣布了我們革命性的費米計算架構。

Fermi-based products will become the foundation of our most powerful processors ever, targeted for both graphics and computation.

基於 Fermi 的產品將成為我們有史以來最強大的處理器的基礎，面向圖形和計算。

We continue to invest deeply in programmability, and Fermi now provides the capability to write applications in C++.

我們繼續在可編程性方面進行深入投資，Fermi 現在提供了用 C++ 編寫應用程序的能力。

We've created a development environment, code-named Nexus, which integrates into Microsoft Visual Studio and is the world's first unified programming environment for a color computing architecture with a CPU and GPU in a co-processing configuration.

我們創建了一個開發環境，代號為 Nexus，它集成到 Microsoft Visual Studio 中，是世界上第一個用於顏色計算架構的統一編程環境，其中 CPU 和 GPU 在協同處理配置中。

NVIDIA's growth strategy is simple and singular.

英偉達的增長戰略簡單而單一。

Be the absolute best in the world in visual and parallel computing, to use GPUs to transform computing experiences.

在視覺和並行計算方面成為世界上絕對最好的，使用 GPU 來改變計算體驗。

The GPU will be incorporated into all kinds of computing platforms beyond PCs.

GPU將被整合到PC以外的各種計算平台中。

By focusing our R&D efforts to advanced visual and parallel computing, we are creating breakthrough solutions to address some of the most important challenges in computing today.

通過將我們的研發工作集中在先進的視覺和並行計算上，我們正在創造突破性的解決方案來應對當今計算領域的一些最重要的挑戰。

Let me now hand the call over to David.

現在讓我把電話交給大衛。

Thanks, Mike.

謝謝，邁克。

Q3 was a strong quarter, driven by an improving PC market and better mix.

在個人電腦市場改善和更好的組合的推動下，第三季度表現強勁。

Revenue was $903.2 million, above our guidance and up 16% sequentially, making the third consecutive quarter of topline strong growth.

收入為 9.032 億美元，高於我們的預期，環比增長 16%，連續第三個季度實現營收強勁增長。

Gross margin was 43.4%, 41% on a non-GAAP basis, significantly higher than guidance.

毛利率為 43.4%，按非公認會計原則計算為 41%，顯著高於指引。

GAAP operating expense was just under $284 million, marginally above guidance, and GAAP net income was $107.6 million, or $0.19 per diluted share.

GAAP 運營費用略低於 2.84 億美元，略高於指引，GAAP 淨收入為 1.076 億美元，或攤薄後每股收益 0.19 美元。

Non-GAAP income was also $0.19 per diluted share.

非 GAAP 收入也是每股攤薄收益 0.19 美元。

Our core GPU business was particularly strong, up almost 25% sequentially.

我們的核心 GPU 業務表現尤為強勁，環比增長近 25%。

Within that, our desktop and notebook GPU segments were up 19% and over 41%, respectively, quarter over quarter.

其中，我們的台式機和筆記本 GPU 細分市場分別環比增長 19% 和 41% 以上。

While demand was strong, we were supply constrained throughout the quarter, particularly in our 40 nm products.

雖然需求強勁，但我們在整個季度都受到供應限制，特別是在我們的 40 納米產品中。

40 nm products for desktop and notebook constituted 19% of our total GPU revenue in the quarter.

用於台式機和筆記本電腦的 40 nm 產品占我們本季度 GPU 總收入的 19%。

Our professional business saw another quarter of growth, up 11% sequentially.

我們的專業業務又實現了一個季度的增長，環比增長 11%。

While revenues in this business are still well below their levels of a year ago, quotation activity continues to gain momentum and is encouraging.

儘管該業務的收入仍遠低於一年前的水平，但報價活動繼續獲得動力並令人鼓舞。

Gross margin improved sequentially as a result of several factors -- significantly higher-than-anticipated unit sales of GPUs; improved 55 nm yields, as well as other cost reductions; and more favorable product mix across businesses, and particularly better mix within the GPU business itself.

由於多個因素，毛利率環比提高——GPU 的單位銷售額顯著高於預期；提高 55 nm 產量，並降低其他成本；以及更有利的跨業務產品組合，尤其是在 GPU 業務本身內更好的組合。

Inventories at the end of the quarter were essentially flat compared with the prior quarter.

與上一季度相比，本季度末的庫存基本持平。

Inventory days on hand improved to 47, calculated on a non-GAAP basis, a four-day improvement over the second quarter.

按非公認會計原則計算，現有庫存天數增加到 47 天，比第二季度增加了 4 天。

Inventory in the channel remains very low at around a month.

該渠道的庫存在一個月左右仍然非常低。

With demand outstripping supply, we don't see OEMs at the channel building inventory.

由於需求超過供應，我們沒有看到原始設備製造商在渠道建設庫存中。

Our outlook for the fourth quarter of fiscal 2010 is as follows.

我們對 2010 財年第四季度的展望如下。

Revenue is expected to be up slightly, approximately 2% from the third quarter.

預計收入將小幅增長，較第三季度增長約 2%。

While revenue from 40 nm products is expected to grow significantly quarter over quarter, we expect 40 nm products to be supply constrained throughout the quarter.

雖然 40 納米產品的收入預計將環比顯著增長，但我們預計 40 納米產品在整個季度都會受到供應限制。

GAAP gross margin is expected to be 40% to 42%, essentially flat with Q3, excluding the insurance reimbursement.

GAAP 毛利率預計為 40% 至 42%，與第三季度基本持平，不包括保險報銷。

GAAP operating expenses are expected to be in the range of $305 million.

GAAP 運營費用預計在 3.05 億美元範圍內。

This is up from the third quarter, due primarily to our fourth quarter comprising 14 weeks versus the usual 13 weeks, as well as costs relating to a record number of product bring-ups.

這比第三季度有所上升，主要是由於我們的第四季度包括 14 周而不是通常的 13 週，以及與創紀錄數量的產品推出相關的成本。

This concludes our formal remarks, so at this time we would like to open the call up for questions.

我們的正式發言到此結束，所以此時我們想打開電話提問。

Operator?

操作員？

(Operator Instructions).

（操作員說明）。

Doug Freedman, Broadpoint AmTech.

道格弗里德曼，Broadpoint AmTech。

First off, congratulations on a very strong quarter.

首先，祝賀一個非常強勁的季度。

I guess I would start with -- we've seen several quarters now where you have significantly exceeded your guidance.

我想我會開始 - 我們現在已經看到幾個季度你大大超出了你的指導。

Can you talk a little bit about the business processes that you have in place to forecast your business and whether you are finding yourself sort of short of product going forward as a result of not really getting accurate forecasts from your customers in your channel?

您能否談談您為預測業務而製定的業務流程，以及由於沒有真正從您的渠道中的客戶那裡獲得準確的預測，您是否發現自己有點缺乏產品？

So Doug, our process starts really at the very baseline of our field sales force, and we gather forecasts from the field, both the OEMs and, to the extent we can, through the channels.

所以道格，我們的流程實際上是從我們的現場銷售團隊的基線開始的，我們從現場收集預測，包括原始設備製造商以及盡可能通過渠道。

We also at the same time try and correlate that with what market forecasters expect to be growth rates in the various end markets we participate in.

同時，我們還嘗試將其與市場預測者預期我們參與的各個終端市場的增長率聯繫起來。

And from that, we set revenue plans and from that, we set wafer start plans ultimately.

從那開始，我們制定了收入計劃，從那開始，我們最終制定了晶圓啟動計劃。

I think the challenge for probably everyone in the industry right now is that demand has been more robust than what anyone has been able to particularly foresee, and given that you've got a 12- to 13-week lead time from the date you decide you want more volume to the date that you can ship that volume, we are being surprised by robust demand within that lead time, and so, it's a good thing in some respects.

我認為，目前業內每個人可能面臨的挑戰是需求比任何人都能夠特別預見的更為強勁，並且考慮到從您決定之日起您有 12 到 13 週的交貨時間您希望在可以發貨的日期之前獲得更多的數量，我們對在該交貨時間內的強勁需求感到驚訝，因此，在某些方面這是一件好事。

I think the downside for us has been that, as a result, we have been supply constrained.

我認為對我們來說不利的一面是，因此，我們一直受到供應限制。

But we do look at a number of different inputs as it relates in terms of compiling our forecasts and trying to challenge our crystal ball, so to speak.

但我們確實在編制我們的預測和試圖挑戰我們的水晶球方面考慮了許多不同的輸入，可以這麼說。

All right.

好的。

If we could sort of move in and sort of focus in on one segment of the business, the chipsets.

如果我們可以進入並專注於業務的一個部分，即芯片組。

It appears during the quarter you guys have made a little bit of a change in tone towards the outlook for your chipset business.

在本季度，你們似乎對芯片組業務的前景做出了一些改變。

Can you talk about that and can you talk a little bit about what's going on over with the AMD chipsets, the downturn there you attribute to their supply constraints?

你能談談這個嗎？你能談談 AMD 芯片組的情況嗎？你將那裡的低迷歸因於它們的供應限制？

Is there any thought that you might be also possibly experiencing some share loss in that piece of business?

有沒有想過你也可能在那項業務中經歷一些份額損失？

This is Jen-Hsun.

這是仁勳。

Our primary AMD chipset today is a chipset called the MCP61.

我們今天的主要 AMD 芯片組是稱為 MCP61 的芯片組。

The MCP61 is the only single-chip solution in the marketplace today and it is -- it enables the lowest cost solution for an AMD platform.

MCP61 是當今市場上唯一的單芯片解決方案，它為 AMD 平台提供了成本最低的解決方案。

There is really, at this point, nothing that I know how to do, nor do I believe anybody else can build a chipset that is as low cost at a system level as MCP61.

在這一點上，我真的不知道該怎麼做，我也不相信其他人可以製造出與 MCP61 一樣低成本的系統級芯片組。

You know that the AMD market is primarily mainstream desktop.

你知道AMD市場主要是主流台式機。

And then you also know that, for a variety of reasons, AMD CPUs lost share last quarter.

然後你也知道，由於各種原因，AMD CPU 在上個季度失去了份額。

And so when AMD CPU loses share, they lose share primarily in the mainstream market, and so that's basically what we experienced.

因此，當 AMD CPU 失去份額時，它們主要失去主流市場的份額，這基本上就是我們所經歷的。

I don't think we lost any share within the AMD CPU market.

我不認為我們在 AMD CPU 市場中失去了任何份額。

I think the AMD CPU lost share in the mainstream desktop PC market.

我認為 AMD CPU 在主流台式電腦市場失去了份額。

If the AMD CPU recovers in share, relative to Intel, we will grow the MCP61 business again.

如果 AMD CPU 份額回升，相對於 Intel，我們將再次發展 MCP61 業務。

So my expectation is that for the foreseeable future, certainly well beyond several quarters, the MCP61 is going to be a wonderful chipset for AMD processors.

所以我的期望是，在可預見的未來，肯定會遠遠超過幾個季度，MCP61 將成為 AMD 處理器的出色芯片組。

The second question is longer term about our chipset.

第二個問題是關於我們的芯片組的長期問題。

You know that we have a dispute with Intel, and it is now impossible for us to build next-generation chipsets with all the allegations that they are making in the market and with the dispute hanging over it.

你知道我們與英特爾發生了爭執，現在我們不可能製造下一代芯片組，因為他們在市場上提出的所有指控以及爭議懸而未決。

We have one major generation of the current architecture post MCP79.

在 MCP79 之後，我們擁有當前架構的主要一代。

It is a really exciting new MCP next-generation, and we're expecting it to be very successful.

這是一個非常令人興奮的新一代 MCP，我們期待它會非常成功。

The customer feedback has been quite wonderful.

客戶的反饋非常好。

And while MCP79's GPU capability already far exceeds that of Arrandale, MCP89 will take it that much further.

雖然 MCP79 的 GPU 能力已經遠遠超過 Arrandale，但 MCP89 將更進一步。

So MCP89 is our next major generation of this architecture, and so we have -- we are expecting our chipset business overall to do quite nicely through next year and beyond.

因此，MCP89 是我們這種架構的下一代主要產品，所以我們有——我們預計我們的芯片組業務在明年及以後的整體表現會非常好。

The only thing that I have said, and I want it to be very clear, is that we have no intentions at this point of building a DMI-based chipset, but otherwise we have ongoing investments as well as chipset developments in the current architecture.

我說過的唯一一件事，我希望它非常清楚，是我們目前無意構建基於 DMI 的芯片組，但除此之外，我們正在進行投資以及當前架構中的芯片組開發。

Great.

偉大的。

Thank you for that clarity.

謝謝你的清晰。

I will jump back in the queue for the follow-ups that I do have.

我會跳回隊列中，等待我的後續行動。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西莫爾。

Congrats, as well.

恭喜，也一樣。

Very strong quarter, especially on the margin side.

非常強勁的季度，尤其是在邊際方面。

I guess from an end-demand perspective, first and foremost, beyond the limitations on the supply side, are you seeing any sort of abnormal seasonality or inventory-related impact on demand as we look into the fourth quarter?

我想從最終需求的角度來看，首先，除了供應方面的限制之外，當我們展望第四季度時，您是否看到任何異常的季節性或與庫存相關的需求影響？

Demand is really strong.

需求真的很旺盛。

We came into this quarter with very, very strong demand again.

我們再次帶著非常非常強勁的需求進入本季度。

Last quarter, we were supply constrained from the very first day of the quarter, and it got more and more challenging as demand continued to grow.

上個季度，我們從該季度的第一天開始就受到供應限制，隨著需求的持續增長，供應變得越來越具有挑戰性。

I think that Mercury Research showed that we lost market share.

我認為 Mercury Research 表明我們失去了市場份額。

I think we did lose market share.

我認為我們確實失去了市場份額。

We came out of the quarter not being able to fulfill several million units of demand on us, not to mention the terms business that would've been on top of that.

本季度我們無法滿足數百萬單位的需求，更不用說最重要的條款業務了。

And so, the demand on our GPUs at the moment is very, very, very, very high.

因此，目前對我們 GPU 的需求非常、非常、非常、非常高。

Is it because of Windows 7?

是因為Windows 7嗎？

It could be.

它可能是。

You know, it's -- I hope that it is.

你知道，它是——我希望它是。

And I hope that it's because people's PCs are getting rather old and they could use a refresh.

我希望這是因為人們的電腦越來越老了，他們可以使用更新。

I hope that it's because -- because the adoption of GPUs is higher than before.

我希望這是因為——因為 GPU 的採用率比以前更高。

And so, we are seeing very, very strong demand at the moment.

因此，我們目前看到非常非常強勁的需求。

I expect us to be supply constrained, and the projections that we are giving you guys are supply-constrained forecasts.

我預計我們會受到供應限制，我們給你們的預測是供應受限的預測。

And so, I'm expecting us to be supply constrained and we are going to fight really hard to make up as much as we can, but the demand is pretty strong out there right now.

因此，我預計我們將受到供應限制，我們將竭盡全力盡可能地彌補，但目前需求非常強勁。

I guess as a follow-up, also looking at your MCP business, it was helpful to hear how you think it's going to play out, but if we try to get a little more granular on that, the fact that you are not planning to do any of the DMI side of things, you're at $250 million in revenues now.

我想作為後續行動，也看看你的 MCP 業務，聽聽你認為它會如何發展很有幫助，但如果我們試著更詳細一點，你不打算這樣做的事實做任何 DMI 方面的事情，你現在的收入是 2.5 億美元。

When do you think it starts to impact your overall chipset business that you are making the choice, or Intel is forcing the choice, that you won't be supporting that new architecture?

您認為何時開始影響您的整體芯片組業務是您做出的選擇，還是英特爾正在強迫您做出不支持新架構的選擇？

When would we start to see that on the revenue side of the equation?

我們什麼時候開始在等式的收入方面看到這一點？

My sense is that we'll see our -- and I'm just giving you my my crystal ball.

我的感覺是我們會看到我們的——我只是把我的水晶球給你。

Who knows.

誰知道。

But based on our analysis, my sense is that our chipset business at a peak probably around Q3, Q4 next year, and then no ramp-down from there.

但根據我們的分析，我的感覺是我們的芯片組業務可能在明年第三季度、第四季度左右達到頂峰，然後不會從那裡開始下滑。

And it just depends on available CPUs that we can connect to, customer demand for Ion.

它僅取決於我們可以連接的可用 CPU，以及客戶對 Ion 的需求。

So on and so forth.

等等等等。

Our competitiveness relative to Arrandale, Arrandale CPUs.

我們相對於 Arrandale、Arrandale CPU 的競爭力。

Arrandale has integrated graphics, but MCP79 already has better GPU technology.

Arrandale 擁有集成顯卡，但 MCP79 已經擁有更好的 GPU 技術。

And MCP89 takes that even further, and because Windows 7 requires direct compute, and open CL and direct compute are becoming increasingly important, what we call GPU computing, I think that the disparity between our MCP and Intel's integrated graphics is growing, not shrinking.

而 MCP89 更進一步，因為 Windows 7 需要直接計算，而開放 CL 和直接計算變得越來越重要，也就是我們所說的 GPU 計算，我認為我們的 MCP 和英特爾的集成顯卡之間的差距是在擴大，而不是在縮小。

And it's growing by leaps and bounds at the moment.

目前它正在突飛猛進地發展。

And so, so I think those are all play factors, but without much estimation, I think that our chipset business is likely to continue to grow for the foreseeable future, or has the opportunity to grow, certainly.

因此，我認為這些都是影響因素，但沒有太多估計，我認為我們的芯片組業務在可預見的未來可能會繼續增長，或者肯定有增長的機會。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

First of all in the gross margins, could you maybe give us some quantification about how much of that improvement was driven by improved mix with the transition to 55 nm and 40 nm and how much was driven, sorry, by better product costs based on that or better mix based on more workstations or just higher-end GPUs?

首先是毛利率，您能否給我們一些量化的說明，這些改進中有多少是由向 55 nm 和 40 nm 過渡的改進組合推動的，以及多少是由基於此的更好的產品成本推動的還是基於更多工作站或只是更高端的 GPU 更好地組合？

We haven't broken that stuff out, but I think that this quarter it's pretty clear that everything grew.

我們還沒有打破這些東西，但我認為本季度很明顯一切都在增長。

We have -- if you were following us in previous quarters, you knew that 65 nm was an element of our gross margin drag that we had to work through.

我們有 - 如果您在前幾個季度關注我們，您知道 65 nm 是我們必須解決的毛利率拖累的一個因素。

As of last quarter, we had worked that mostly out of our system.

截至上個季度，我們大部分時間都在我們的系統之外工作。

And so, we are freshly -- we are all 55 nm and all 40 nm.

所以，我們是新鮮的——我們都是 55 nm 和所有 40 nm。

Gross margins on 55 nm and 40 nm products are similar.

55 nm 和 40 nm 產品的毛利率相似。

There is more -- 55 is fine.

還有更多——55就可以了。

It's a perfectly fine gross margin, and so will 40 be.

這是一個非常好的毛利率，40也是如此。

And so, I think in terms of our main business, core mainstream business, it would be not having any 65's or having very little 65's that plays the biggest factor.

因此，我認為就我們的主營業務、核心主流業務而言，沒有任何 65 或很少有 65 是最大的因素。

The second thing is PSG overall growing is very high leverage for us.

第二件事是巴黎圣日耳曼的整體增長對我們來說是非常高的槓桿。

You know that our position in the workstation business is very high.

您知道我們在工作站業務中的地位非常高。

And it's high not because we have a fast chip [only].

而且它很高並不是因為我們[只有]有一個快速的芯片。

It's high because the workstation business is really a solutions business.

它很高，因為工作站業務實際上是一個解決方案業務。

And we offer tools and compilers and what we call application acceleration engines, like ray tracing engines and scene graphs and shader compilers, and they are integrated into design tools and CAD applications all over the world, not just the ones that are available on the open market, but the ones that are indigenous to the OEMs themselves.

我們提供工具和編譯器以及我們所謂的應用程序加速引擎，如光線追踪引擎、場景圖和著色器編譯器，它們被集成到世界各地的設計工具和 CAD 應用程序中，而不僅僅是開放的市場，但那些是原始設備製造商本身所固有的。

And so, Quadro FX and all of the software that we've developed over the years, of which we make enormous investments, it has assured us a position that is very, very high in that marketplace.

因此，Quadro FX 和我們多年來開發的所有軟件，我們對其進行了大量投資，它確保了我們在該市場中的地位非常非常高。

We just add a ton of value.

我們只是增加了很多價值。

It's not just a graphics chip.

它不僅僅是一個圖形芯片。

And so, when that market recovers, and it looks like it's recovering slowly every quarter, the margin leverage is very high.

因此，當該市場復甦時，並且看起來每個季度都在緩慢復甦，保證金槓桿率非常高。

And lastly, the consumer electronics market also generates royalty payments and such, and its gross margins are high, too.

最後，消費電子市場也會產生特許權使用費等，其毛利率也很高。

And so, I would attribute our -- most of that to be the gross margin drivers.

因此，我將我們的大部分歸因於毛利率驅動因素。

Thanks.

謝謝。

That's very helpful.

這很有幫助。

I guess, as a follow-up, could you talk about the Tegra business?

我想，作為後續，你能談談 Tegra 業務嗎？

Maybe update us on your expectations for the revenue for Tegra next calendar year.

也許更新我們您對下一個日曆年 Tegra 收入的預期。

And then, give us a sense for the split of applications you expect -- handsets versus the rest of the consumer electronics base.

然後，讓我們了解您所期望的應用程序的劃分——手機與其他消費電子產品基礎。

Thank you.

謝謝你。

We have over 50 projects that we're working on at the moment to get shipping, and that consists of portable media players, smart phones, what some people call tablets, what some people call pads.

目前，我們有 50 多個項目正在開發中，其中包括便攜式媒體播放器、智能手機、有些人稱之為平板電腦、有些人稱之為平板電腦的產品。

Internet television and automobile.

互聯網電視和汽車。

The automobile projects will ramp up starting 2012, in a couple of years.

從 2012 年開始，汽車項目將在幾年內逐步增加。

The other projects will ramp up.

其他項目將逐步增加。

We already shipped Zune and Samsung.

我們已經發貨了 Zune 和三星。

The portable media players tend to go through shorter certification cycles, as you know.

如您所知，便攜式媒體播放器的認證週期往往較短。

And then, the others, you're going to start seeing projects ramping out into the marketplace, starting in Q1.

然後，其他人，您將開始看到從第一季度開始進入市場的項目。

And so, that's a very important part of our business, and we invested for quite a long time in this area we call mobile computing.

因此，這是我們業務中非常重要的一部分，我們在這個我們稱之為移動計算的領域投入了相當長的時間。

And we were just certain that some day the vast majority of us are going to demand computing everywhere.

我們只是確定有一天我們中的絕大多數人會在任何地方都需要計算。

We're going to demand Internet access everywhere and the full Web experience whenever we can.

我們將要求在任何地方都能訪問 Internet，並儘可能地要求獲得完整的 Web 體驗。

And so, this is an investment that I think is really, really starting to come home to roost.

所以，這是一項我認為真的，真的開始回歸家園的投資。

We are experiencing our -- we're experiencing as an industry the second personal computing revolution, and I think everybody would agree that this is -- this second personal computing revolution will likely be more important and larger than the first one.

我們正在經歷我們的——我們作為一個行業正在經歷第二次個人計算革命，我想每個人都會同意這是——第二次個人計算革命可能比第一次更重要和更大。

And so, how would I see the near-term revenues?

那麼，我如何看待近期收入？

It's doubling every quarter off of a small base, and it's going to be a real -- it's going to be a significant part of our business in the near term.

它每季度從一個小基數翻倍，這將是一個真實的 - 在短期內它將成為我們業務的重要組成部分。

And as soon as it becomes a sizable part of our business near term over the next quarter or two, we'll break it out and report it separately, but at the moment, it's just growing nicely.

一旦它在下一季度或兩個季度內成為我們近期業務的重要組成部分，我們就會將其分解並單獨報告，但目前，它正在良好地增長。

Uche Orji, UBS.

Uche Orji，瑞銀。

Thank you very much.

非常感謝。

David, let me just ask you about the impact of the extra week in Q4 on the revenue line.

大衛，讓我問你關於第四季度額外一周對收入線的影響。

I can see the impact on the expense line, but is that -- should we assume that it's a linear progression such that it has an impact on the revenue line, just to make sure I can put the guidance in context?

我可以看到對費用線的影響，但是我們是否應該假設它是一個線性進展，從而對收入線產生影響，只是為了確保我可以將指導放在上下文中？

I think the 14th week wasn't as much of an impact on revenue as much as supply constraints was an impact on it.

我認為第 14 週對收入的影響不如供應限制對收入的影響那麼大。

So, the extra week didn't actually buy us really anything.

所以，額外的一周實際上並沒有給我們帶來任何東西。

From a revenue standpoint.

從收入的角度來看。

Okay, just wanted to clarify that.

好吧，只是想澄清一下。

Jen-Hsun, on professional solutions, just knowing how important this is for your margins, you said it looks like it is recovering.

Jen-Hsun，關於專業解決方案，您只知道這對您的利潤有多麼重要，您說它看起來正在恢復。

When you say that, what are the metrics that lead you to conclude that?

當您這麼說時，導致您得出結論的指標是什麼？

So is it book to bill?

那麼它是要計費的嗎？

Is it inquiries from customers?

是客戶的詢問嗎？

And if you can also shed some light as to what end markets we are seeing some recovery on the professional solutions, just so we can get a sense as to the sustainability of the growth we saw this last quarter.

如果您還可以了解我們看到哪些終端市場在專業解決方案方面有所復甦，那麼我們就可以了解我們上個季度看到的增長的可持續性。

Two good questions.

兩個好問題。

Two parts.

兩部分。

For our OEM business, most of that business is pulled from hubs.

對於我們的 OEM 業務，大部分業務來自集線器。

So we just have to monitor the hub pulls.

所以我們只需要監控集線器的拉動。

And so, whenever they deplete the hubs, we fill the hubs.

因此，每當它們耗盡集線器時，我們就會填充集線器。

So monitoring the hub pulls is a good indicator of the business rate, and the hub pulls are surely up.

所以監控集線器拉動是業務率的一個很好的指標，集線器拉動肯定會上升。

And the second thing is -- what we call differentiated solutions, and they're things like digital video pipeline that we announced at NAB recently, which allows you to stream live video, high-definition live video, right into a compositor for graphics like you see on TV.

第二件事是——我們稱之為差異化解決方案，它們就像我們最近在 NAB 上宣布的數字視頻管道，它允許您將實時視頻、高清實時視頻流式傳輸到圖形合成器中，例如你在電視上看到的。

We composite the 3-D graphics, and then we stream that right out into broadcast.

我們合成 3-D 圖形，然後將其直接傳輸到廣播中。

That used to require many racks of computers, and now we literally do it on -- using one Quadro Plex format.

這過去需要許多機架的計算機，而現在我們確實可以做到——使用一種 Quadro Plex 格式。

One little tiny box.

一個小小的盒子。

So for a [DDP] and then SVS, which is our scalable visual solutions, you know how cheap -- how inexpensive flat-panel displays have become.

因此，對於 [DDP] 和 SVS，這是我們的可擴展視覺解決方案，你知道平板顯示器變得多麼便宜——多麼便宜。

And so, many companies are starting to put multiple flat-panel displays into a power-wall configuration because of its resolution and productivity capability, and also most likely -- mostly because it's just become so inexpensive.

因此，許多公司開始將多個平板顯示器放入電源牆配置中，因為它具有分辨率和生產力能力，而且很可能——主要是因為它變得如此便宜。

We created scalable visual solution that allows you to span a single application virtually across many, many computers and displays, or put many applications up on that power wall.

我們創建了可擴展的可視化解決方案，讓您可以跨多台計算機和顯示器虛擬跨越單個應用程序，或者將許多應用程序放在電源牆上。

And so, the thing that we see there is just that the traction of the interest there and the design pipeline that is building there.

因此，我們在那裡看到的只是那裡的興趣和正在建設的設計管道。

And then, starting at the end of this coming quarter, and the next quarter, we are going into a new product cycle, and that new product cycle is based on Fermi.

然後，從下個季度末開始，下個季度，我們將進入一個新的產品週期，這個新產品週期是基於 Fermi 的。

We're going to bring to the market, for the first time in history, the ability to do ray tracing interactively in every single workstation.

我們將在歷史上第一次向市場推出在每個工作站中交互式進行光線追踪的能力。

The customers are really ecstatic about that capability, and I can't wait to revolutionize graphics again.

客戶對這種能力非常滿意，我迫不及待地想再次革新圖形。

And so that's -- short term, it's the pull and the design pipeline, which we track very carefully, and then shortly after that, the ramping of Fermi GPUs.

所以這就是 - 短期內，它是拉動和設計管道，我們非常仔細地跟踪，然後不久之後，費米 GPU 的斜升。

That's great.

那太棒了。

Thank you very much.

非常感謝。

Can I just ask one last question, David?

我可以問最後一個問題嗎，大衛？

Let me just ask you about -- so if I look at the chipset business, moving the mix from more to Intel versus AMD, did that have any type on ASPs?

讓我問你——所以如果我看一下芯片組業務，將混合從更多轉向英特爾而不是 AMD，這對 ASP 有什麼影響嗎？

And by extension, did that have an impact on margins?

進而，這對利潤率有影響嗎？

And that's my last question.

這是我的最後一個問題。

Well, yes, the MCP61, which Jen-Hsun talked about earlier, is a low-end product for us and it does have lower ASPs than the Ion does, obviously, and the Ion does have higher margins, so that did help uplift margins, yes.

嗯，是的，Jen-Hsun 之前談到的 MCP61 對我們來說是一款低端產品，它的 ASP 確實比 Ion 低，顯然，Ion 確實有更高的利潤率，所以這確實有助於提高利潤率， 是的。

I think -- just let me clarify.

我想——讓我澄清一下。

MCP61 has lower ASP, but higher gross margins.

MCP61 的平均售價較低，但毛利率較高。

MCP79 (multiple speakers) gross profit dollars, right.

MCP79（多揚聲器）毛利潤美元，對。

That's what he meant, but I just wanted to clarify.

這就是他的意思，但我只是想澄清一下。

That's great.

那太棒了。

Thank you very much.

非常感謝。

Congrats on the good numbers, Jen-Hsun.

恭喜你的好數字，仁勳。

Thank you.

謝謝你。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Thanks.

謝謝。

I wanted to ask a question about the supply constraints that you are seeing today across three different vectors.

我想問一個關於你今天在三個不同向量中看到的供應限制的問題。

One, does it give you -- seem to give you better visibility now that you are getting some backlog building up?

第一，它是否給了你 - 似乎給你更好的可見性，因為你正在積壓一些積壓？

Two, is there a point at which it's going to cap your ability to grow your sales, and then, three, do you think there's any impact to market share because of those constraints?

第二，是否會限制您增加銷售額的能力，然後，第三，您認為這些限制對市場份額有什麼影響嗎？

All good questions.

所有的好問題。

One, I'm about to give visibility all the way through next year, it seems, and so, yes, when we are this constrained, customers have to work with us really carefully to make sure that their needs are well understood by us.

一，我似乎要在明年一直提供可見性，所以，是的，當我們受到這種限制時，客戶必須非常仔細地與我們合作，以確保我們很好地理解他們的需求。

And we are short of those needs.

而我們缺乏這些需求。

We came out of last quarter several million units short.

我們在上個季度出現了幾百萬台的短缺。

That's a lot of PCs.

這是很多PC。

And we came into this quarter several million units short, and my expectation is we don't make it up.

我們在本季度出現了數百萬台的短缺，我的預期是我們不會彌補。

So, the answer to your number-two question is it surely constrains our growth.

所以，你的第二個問題的答案是它肯定會限制我們的成長。

I think that we should have made -- there's probably an opportunity for us to have done some work somewhere between $50 million to $100 million more last quarter, and certainly this quarter.

我認為我們應該做 - 我們可能有機會在上個季度完成一些 5000 萬到 1 億美元之間的工作，當然本季度也是如此。

So it's certainly constraining our growth.

所以它肯定會限制我們的成長。

Is it contributing to -- would it contribute to share loss?

它是否會導致 - 它會導致份額損失？

Sure.

當然。

And we demonstrated that this quarter.

我們在本季度證明了這一點。

We lost, according to Mercury Research, I think it was sure two or three points of market share, and it was completely attributed to lack of supply.

根據 Mercury Research 的說法，我們輸掉了，我認為肯定是兩三個點的市場份額，這完全歸因於供應不足。

Okay, that's helpful.

好的，這很有幫助。

Thanks.

謝謝。

And then, just as a follow-up, when I think about your business over the next four quarters, even over the next eight quarters, it sounds like we'll have a chipset business which peaks in the second half, then goes down; Tegra, which is growing; workstation, which can recover; PCs, which are generally recovering.

然後，作為後續行動，當我考慮您在接下來的四個季度，甚至是接下來的八個季度的業務時，聽起來我們的芯片組業務將在下半年達到頂峰，然後下降； Tegra，正在成長；工作站，可以恢復； PC，通常正在恢復。

But I wonder if you can specifically point to revenue growth that's attributable to GPU compute specifically?

但我想知道您是否可以特別指出歸因於 GPU 計算的收入增長？

So let me see if I can break that down a bit.

所以讓我看看我能不能把它分解一下。

I expect GeForce to grow next year.

我預計 GeForce 明年會增長。

Not only because the market will be healthier next year, there is real evidence that GPU adoption is increasing.

不僅因為明年市場會更加健康，還有真實的證據表明 GPU 的採用率正在增加。

There is -- and the enthusiasm behind Fermi, our next-generation GPU architecture, is just out of this world.

我們的下一代 GPU 架構 Fermi 背後的熱情已經超越了這個世界。

It's just way over the top.

它只是在頂部。

And the reason for that is because this is the first brand-new architecture we have created in four years, and it's -- instead of an incremental change to DX11, this is a fundamentally new architecture and the performance is fabulous.

原因是這是我們四年來創建的第一個全新架構，它不是對 DX11 的增量更改，而是一個全新的架構，性能非常好。

And so, we're expecting to be very successful with Fermi and all of its derivatives.

因此，我們預計費米及其所有衍生產品會非常成功。

And so, that's one.

所以，這是一個。

The second thing is Quadro, my expectation, will do much, much better next year than this year.

第二件事是 Quadro，我的期望是明年會比今年做得更好。

By several hundred million dollars.

數億美元。

And number three, Tesla is going -- Tesla, which is our GPU computing product for supercomputing and for high-performance computing and cloud computing, I believe that's going to be a growth market, and there is every evidence that with all of the adoption out in the marketplace, and the OEMs finally realizing that this is the architecture of the future, they are all ramping up to build heterogeneous computing, or GPU computing-based servers.

第三，特斯拉正在發展——特斯拉，這是我們用於超級計算、高性能計算和雲計算的 GPU 計算產品，我相信這將是一個增長的市場，並且有充分的證據表明，隨著所有的採用在市場上，原始設備製造商最終意識到這是未來的架構，他們都在加緊構建異構計算或基於 GPU 計算的服務器。

So I expect Tesla to grow.

所以我預計特斯拉會增長。

And then, I expect Tegra to grow a lot next year, and so -- not to mention our core logic.

然後，我預計 Tegra 明年會增長很多，所以——更不用說我們的核心邏輯了。

There is a very good bet that it's going to grow next year, and obviously, it will be our last generation.

很有可能它明年會增長，很明顯，這將是我們的最後一代。

We'll make modifications and adjustments to it, and so it's hard to say whether it will ship for two years or 2.5 years or three years, but surely it will be more than 1.5 years.

我們會對其進行修改和調整，所以很難說它會出貨兩年還是2.5年或三年，但肯定會超過1.5年。

Jen-Hsun, I just need you to clarify one thing, if you might.

仁勳，如果可以的話，我只需要你澄清一件事。

When you say performance of Fermi is great, are you saying that relative to your previous architecture or also relative to the current competition?

當你說 Fermi 的性能很棒時，你是說相對於你以前的架構還是相對於當前的競爭？

Both.

兩個都。

Hans Mosesmann, Raymond James & Associates.

漢斯摩西曼，雷蒙德詹姆斯 & Associates。

A couple of questions.

幾個問題。

Regarding 40 nm, when does the situation get better?

關於 40 納米，情況何時會好轉？

How are the yields coming along?

收益率如何？

What's your allocation from your foundry?

你從你的鑄造廠分配了什麼？

Is it something that would allow you to get out of this perhaps earlier than your competition?

是不是可以讓你比你的競爭對手更早地擺脫困境？

Hi, Hans.

嗨，漢斯。

The yields are improving.

產量正在提高。

I would say that, without exception, yields are better today than it was at the beginning of last quarter.

我想說的是，毫無例外，今天的收益率比上個季度初的要好。

TSMC and Morris and his entire management team are just intensely focused on this.

台積電和莫里斯以及他的整個管理團隊都非常關注這一點。

And they're making progress every single day.

他們每天都在進步。

Yield enhancement and working (technical difficulty) TSMC is NVIDIA's number one strategic objective now.

提高良率和工作（技術難度） 台積電現在是 NVIDIA 的第一戰略目標。

It is all we do.

這就是我們所做的一切。

It floods my entire e-mail.

它淹沒了我的整個電子郵件。

That's all I talk about.

這就是我所說的。

That's all I think about.

我就是這麼想的。

That's all we meet about.

這就是我們見面的全部內容。

And so, it is of vital interest to both of us that we get 40 nm yields up to the levels that are at -- that is absolutely world class.

因此，我們雙方都非常感興趣的是，我們將 40 納米的產量提高到目前的水平——這絕對是世界級的。

And I have no question whatsoever that it will.

我毫無疑問會這樣做。

Based on the work that, and the effort that, the TSMC team is putting into it, I have every confidence, complete confidence, that we will get there, and soon.

基於台積電團隊正在投入的工作和努力，我完全有信心，完全有信心，我們很快就會到達那裡。

Relative to the allocation, obviously I don't know what other people are allocated.

相對於分配，顯然不知道別人分配了什麼。

All I know is this.

我所知道的就是這個。

We are not allocated enough.

我們分配的不夠。

Okay, and then a follow-up.

好的，然後是後續。

Thanks, Jen-Hsun.

謝謝，仁勳。

A follow-up on your commentary that you are going to make modifications to your core logic, or your MCP89, I suppose.

我想您將對您的核心邏輯或您的 MCP89 進行修改，這是對您的評論的跟進。

Does that mean you are going to come out with an MCP99, and what would that product look like if it's not DMI-based?

這是否意味著您將推出 MCP99，如果它不是基於 DMI 的產品會是什麼樣子？

Well, you know, Hans, one of the things you can count on with NVIDIA is that we're always really clever, and we have to be clever because we are not -- we don't target the mainstream market.

嗯，你知道，Hans，你可以依靠 NVIDIA 的一件事是，我們總是非常聰明，我們必須聰明，因為我們不是——我們不瞄準主流市場。

The baseline market is Intel-integrated graphics.

基準市場是英特爾集成顯卡。

And it's kind of like the house brand.

它有點像自家品牌。

When you go to Safeway, that's kind of like Safeway select.

當你去 Safeway 時，這有點像 Safeway select。

It's the house brand.

是自家品牌。

Our brand is the differentiated brand.

我們的品牌是差異化品牌。

And when you put GeForce with an Intel processor, you get the differentiator [product], and that's our business.

當您將 GeForce 與英特爾處理器搭配使用時，您將獲得與眾不同的 [產品]，這就是我們的業務。

It's differentiation, and we're going to keep working hard to look for ways to architecturally enhance the PC experience and the PC platforms so that our OEMs and ultimately the end users would have the benefit of a differentiated platform over the generic baseline Intel-integrated graphics.

這是差異化，我們將繼續努力尋找在架構上增強 PC 體驗和 PC 平台的方法，以便我們的 OEM 和最終的最終用戶能夠受益於差異化平台，而不是通用基線英特爾集成圖形。

So that's our strategy, and we've not run out of ideas by a long shot.

所以這就是我們的戰略，而且我們的想法還遠沒有枯竭。

Daniel Berenbaum, Auriga USA.

Daniel Berenbaum，美國禦夫座。

Just quickly on the -- and I apologize.

很快就 - 我道歉。

I'm in an airport.

我在機場。

I missed some of this, but did you say that there was any sellthrough of previously reserved inventory in the quarter and did that help gross margin at all?

我錯過了其中的一些，但是您是否說本季度之前保留的庫存有任何銷售，這對毛利率有幫助嗎？

And if so, do you plan on selling through?

如果是這樣，你打算通過銷售嗎？

Is there more previously written down inventory which there is a chance of selling through next quarter?

是否有更多以前減記的庫存有可能在下個季度出售？

And then, if the January quarter wasn't going to be a 14-week quarter, what would revenue guidance have been?

然後，如果 1 月季度不是一個為期 14 週的季度，那麼收入指導會是什麼？

Thanks.

謝謝。

So the answer to your first two questions is no and no.

所以你的前兩個問題的答案是不和不。

We shipped everything we had.

我們運送了我們擁有的所有東西。

We shipped everything we had in Q2.

我們在第二季度發貨了所有的東西。

We shipped everything we had in Q3, and if our customers were willing to take chairs and furniture, I would've shipped that, too.

我們在第三季度發貨了所有東西，如果我們的客戶願意拿椅子和家具，我也會發貨。

You know, and so, we -- there was just nothing left.

你知道，所以，我們——什麼都沒有了。

And we were still short by a few million parts.

我們仍然少了幾百萬個零件。

In terms of next quarter, our guidance would be exactly the same, whether it was a 14 week or a 13 week, and that basically tells you we are completely supply constrained.

就下個季度而言，我們的指導將完全相同，無論是 14 週還是 13 週，這基本上告訴你我們完全受到供應限制。

Okay, I guess I'm a little bit confused by that.

好吧，我想我對此有點困惑。

I mean, because certainly if there is an extra week, then you produce an extra week's worth of stuff.

我的意思是，因為如果有額外的一周，那麼你就可以生產額外一周的東西。

So, if you are selling it as fast as you're producing it, is there not an extra week's worth of stuff to sell through?

所以，如果你的銷售速度和生產速度一樣快，難道沒有額外一周的東西可以賣掉嗎？

Like I said, it is all supply constrained, and if we have more time to build it, we would certainly build more, but our demand is sufficiently high and we -- you probably already also know that we can only ship wafers that are outputted from the factory several weeks in advance.

就像我說的，這都是供應受限的，如果我們有更多的時間來建造它，我們肯定會建造更多，但我們的需求足夠高，而且我們——你可能已經知道我們只能運送產出的晶圓提前幾週從工廠發貨。

And so, if you cut one of my weeks short, but the wafers came out of TSMC, we'd just rush it through the back end and ship it.

因此，如果你縮短了我的一周時間，但晶圓來自台積電，我們只需將其從後端趕走並發貨。

And so, if you cut our quarter down by three weeks, then it would surely affect our output, but if you cut it back by a week, we'll just increase our back-end capacity and ship more wafers that came out the week before that.

所以，如果你把我們的季度減少三週，那肯定會影響我們的產量，但如果你把它減少一周，我們只會增加我們的後端產能，並運送更多本週出來的晶圓在那之前。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

Thank you for taking my question.

謝謝你接受我的問題。

Can you talk a little bit about the professional business prospects because I don't think those are 40 nm parts, and I assume those are more available, and if John Chambers is right, supposedly these enterprise kind of projects should be loosening up, as your first quarter numbers show?

你能談談專業的商業前景嗎，因為我不認為那些是 40 nm 部件，而且我認為這些部件更可用，如果 John Chambers 是對的，那麼這些企業類型的項目應該會放鬆，因為你的第一季度數字顯示？

How much could you grow that professional business in Q4?

您可以在第四季度將專業業務增長多少？

And I have a quick follow-up after that.

在那之後我有一個快速的跟進。

Our PSG business is demand constrained, not supply constrained, so I agree with you there.

我們的 PSG 業務是需求受限，而不是供應受限，所以我同意你的看法。

And so, we will ship as much as the market -- we will replenish as much as the market pulls.

因此，我們將根據市場情況發貨——我們將根據市場需求進行補充。

Okay, that's good.

嗯，很好。

Jen-Hsun, you showed -- I was at the show when Fermi was previewed, and you showed very good numbers on the computing slides.

Jen-Hsun，你展示了——我在展示費米的時候在場，你在計算幻燈片上展示了非常好的數字。

Relative to your competition that is shifting products, you didn't talk anything about the graphics side.

相對於你正在改變產品的競爭對手，你沒有談論圖形方面的任何事情。

Should I assume that the graphics performance is equally superior to the competition that's shipping right now?

我是否應該假設圖形性能同樣優於目前正在發售的競爭對手？

We didn't announce anything on graphics because it wasn't graphics day.

我們沒有宣布任何有關圖形的信息，因為這不是圖形日。

When we announce GeForce and Quadro, we are going to talk about the revolutionary graphics ideas that are designed into Fermi.

當我們宣布 GeForce 和 Quadro 時，我們將討論 Fermi 設計的革命性圖形理念。

And so, we're looking forward to do that in the near future.

因此，我們期待在不久的將來這樣做。

And so, please be patient with us.

所以，請耐心等待我們。

The market is anxiously waiting, and we have enthusiasts all over the world that are waiting for us to ship it.

市場焦急等待，我們有世界各地的愛好者在等我們發貨。

Every four years or so, we revolutionize the GPU with a brand-new architecture.

每四年左右，我們就會用全新的架構徹底改變 GPU。

If you remember the G80, what became GeForce 8800, was probably one of the most successful products in the history of our Company.

如果您還記得 G80，即後來的 GeForce 8800，它可能是我們公司歷史上最成功的產品之一。

And we've been doing incremental changes to G80 since then.

從那時起，我們一直在對 G80 進行增量更改。

And now, with Fermi, it's another revolutionary architecture, and I'm expecting to take the GPU market up another notch.

現在，有了 Fermi，它又是一個革命性的架構，我期待著將 GPU 市場推向另一個高度。

Relative to the competition, the market has really spoken.

相對於競爭，市場真的說話了。

Although it's a fast chip, it's not that fast, and it's basically an RV770 with GX11.

雖然是快芯片，但沒那麼快，基本就是 RV770 加 GX11。

And I think that you could incrementally make changes for a number of years, but certainly not forever, and we are going -- we're really going to change the marketplace going forward with Fermi.

而且我認為你可以在幾年內逐步做出改變，但肯定不會永遠，而且我們正在前進——我們真的會改變與費米一起前進的市場。

And so, that's our focus and we're trying to get it -- get it shipped as soon as possible.

因此，這是我們的重點，我們正在努力實現它——盡快發貨。

The demand is really, really strong for it, and we will tell you about all the great graphics features when we launch.

對它的需求非常非常強烈，我們會在發佈時告訴您所有出色的圖形功能。

The chip is a very big one.

芯片很大。

I was wondering, can you strike it quickly?

我在想，你能快點打嗎？

Well, there are many derivatives of Fermi.

嗯，費米的衍生物有很多。

And so, each one of the processors are designed to be the right size of its market.

因此，每一款處理器的設計都適合其市場規模。

Back in the good old days, everybody used to tell me that MB10 was too big and that MB20 was too big and MB40 was too big.

過去的美好時光，每個人都曾經告訴我MB10太大，MB20太大，MB40太大。

MB30 was too big.

MB30 太大了。

It's only too big if it doesn't do anything.

如果它什麼都不做，那就太大了。

But if the performance is excellent, what consumers enjoy is something that is surprising and delightful and shocking.

但如果表現出色，消費者所享受的是令人驚喜、愉悅和震撼的東西。

It's just the next level.

這只是下一個級別。

And that's what we've built for them.

這就是我們為他們打造的。

JoAnne Feeney, FTN Equity Capital Markets.

JoAnne Feeney，FTN 股權資本市場。

Congrats on a nice quarter.

祝賀一個不錯的季度。

I wanted to try to get into the issue we've been hearing about in the market.

我想嘗試解決我們在市場上聽到的問題。

It's been noted that your higher-end discrete graphics processors -- the 270, 285, 295, that line -- has been in short supply, and I'm sort of wondering if you've made a strategic decision to de-emphasize that segment of the market, or if you're supply constrained even at 55 nm, or if you've just seem demand tail off and that's why we've seen supply flow to a trickle here?

有人注意到，你們的高端獨立圖形處理器——270、285、295，那條線——一直供不應求，我有點想知道你們是否做出了一個戰略決定來淡化這一點市場的一部分，或者如果你在 55 nm 時供應受到限制，或者你只是看起來需求減少了，這就是為什麼我們看到供應在這裡涓涓細流？

Well, the demand for GTX 275 and 285 and 295 is really high.

嗯，對 GTX 275 和 285 和 295 的需求真的很高。

We just have nothing left.

我們只是一無所有。

We have just got nothing left.

我們一無所有。

(multiple speakers) We shipped everything we could last quarter.

（多位發言者）我們在上個季度運送了所有可能的東西。

And we're not trying to keep any for a rainy day.

而且我們不會試圖保留任何以備不時之需。

And so, customers are just yanking parts out of our hands, and so, we're just trying to keep up.

因此，客戶只是從我們手中搶走零件，因此，我們只是想跟上。

Our focus is just to keep up with our demand across the board.

我們的重點只是跟上我們的全面需求。

The sacrifices that we have to make sometimes in our own channel products, particularly the high end so that we can fulfill OEM demand, is a sacrifice that we have to make, and we made plenty of that this quarter and we'll have to make some of it next quarter.

我們有時必須在我們自己的渠道產品中做出犧牲，特別是高端產品，以便我們能夠滿足 OEM 需求，這是我們必須做出的犧牲，我們本季度做出了很多，我們將不得不做出下個季度的一些。

And then, if I could follow up, circling back to the chipset question.

然後，如果我可以跟進，回到芯片組問題。

I just wanted to make sure I understood correctly.

我只是想確保我理解正確。

So your view on chipsets for next year is that you have a competitive advantage in your MCP79 and 89 that delivers graphics, that's better than what Intel will even deliver on its Arrandale platform.

因此，您對明年芯片組的看法是，您在提供圖形的 MCP79 和 89 方面具有競爭優勢，這甚至比英特爾在其 Arrandale 平台上提供的要好。

And so, are you thinking that PC bakers may want to have an NVIDIA chipset even alongside Arrandale, or are you thinking that attach rates for discrete graphics will be rising on notebooks and that's how you plan to sort of replace those chipset revenues?

因此，您是否認為 PC 烘焙師可能希望與 Arrandale 一起擁有 NVIDIA 芯片組，或者您是否認為筆記本電腦上的獨立顯卡的附加率將會上升，而這就是您計劃如何取代這些芯片組收入的方式？

I was just talking about chipsets, and it's not -- MCP79 and MCP89 do not connect to Arrandales.

我只是在談論芯片組，不是——MCP79 和MCP89 不連接到Arrandales。

So when Intel switches to Arrandale, do you have a substitute or do you just not think that chipset business or the switch to Arrandale is going to occur quickly enough to materially affect your chipset business over the next calendar year?

因此，當英特爾切換到 Arrandale 時，您是否有替代品，或者您是否認為芯片組業務或切換到 Arrandale 的速度會足夠快，從而在下一個日曆年對您的芯片組業務產生重大影響？

It will not switch over quickly enough.

它不會足夠快地切換。

(multiple speakers) The market demand for Core 2 Duos are still really, really strong.

（多位發言者）Core 2 Duos 的市場需求仍然非常非常強勁。

Because Core 2 Duo, as you know, is the best CPU that's probably been designed by anybody on the planet in the last 10 years.

因為如您所知，Core 2 Duo 是過去 10 年中地球上任何人設計的最好的 CPU。

The Core 2 Duo is not just fast, but it's fast and low power.

Core 2 Duo 不僅速度快，而且速度快且功耗低。

It's just exquisitely engineered.

它只是精心設計。

Core 2 Duo is (multiple speakers) where it is today.

Core 2 Duo 是（多揚聲器）今天的樣子。

Right?

正確的？

And so, Core 2 Duo is what we connect to.

因此，Core 2 Duo 就是我們連接的對象。

Core 2 Duo, Celerons, Pentium Ds, Adams, so on, so forth.

Core 2 Duo、Celeron、Pentium Ds、Adams 等等。

That's where MCP79 and 99 -- 89 are targeted.

這就是 MCP79 和 99 - 89 的目標。

Okay.

好的。

I think I understand better now.

我想我現在理解得更好了。

So you're thinking that Intel may not transition as quickly over the next calendar year as they have in the past when they've introduced new chips?

所以你認為英特爾在下一個日曆年可能不會像過去推出新芯片那樣快速過渡？

They don't ever transition as fast as you characterize it.

他們永遠不會像你描述的那樣快速過渡。

They are transitioning and they are transitioning as fast as they can.

他們正在轉型，他們正在盡可能快地轉型。

And some people might want to go to Arrandale, and some people might want to stay with Core 2 Duo with an MCP79, and some people might stay with Core 2 Duo and an MCP89, and then some people might want [atom] plus 79.

有些人可能想去 Arrandale，有些人可能想留在 Core 2 Duo 和 MCP79，有些人可能留在 Core 2 Duo 和 MCP89，然後有些人可能想要 [atom] plus 79。

The market is a big and differentiated place.

市場是一個大而有差異的地方。

Everybody doesn't want to build exactly the same thing.

每個人都不想構建完全相同的東西。

And the benefit of MCP79 and 89 is it allows customers to build different types of devices.

而 MCP79 和 89 的好處是它允許客戶構建不同類型的設備。

The HP Mini note that has the Ion chip in it -- talk about the recognition that HP is getting.

帶有 Ion 芯片的 HP Mini 筆記——談論 HP 獲得的認可。

I think it's the only box from HP that I see reviewed.

我認為這是我看到的唯一一個惠普的盒子。

I don't remember a Lenovo notebook ever getting reviewed with the exception of the Ion netbook that they recently shipped.

除了最近發貨的 Ion 上網本外，我不記得有任何联想筆記本受到過審查。

I think that the market is dying for differentiated type products, and so -- many OEMs will choose to choose different strategies.

我認為市場正在為差異化類型的產品而死，因此 - 許多原始設備製造商將選擇選擇不同的策略。

I don't think everybody wants to build exactly the same thing.

我不認為每個人都想構建完全相同的東西。

Tim Luke, Barclays Capital.

巴克萊資本的蒂姆·盧克。

David, I was just wondering if you could give some color with respect to your revenue guidance, what you guided up 2%.

大衛，我只是想知道你是否可以就你的收入指導給出一些顏色，你指導了 2%。

Of the businesses, which ones do you think would be up in the January quarter?

在這些企業中，您認為哪些企業會在 1 月季度增長？

We don't typically break it out separately, one business versus another.

我們通常不會將其分開，一項業務與另一項業務。

But certainly, our GPU business would be up higher if we had more supply available to us than what we've guided.

但可以肯定的是，如果我們的可用供應量超過我們所指導的供應量，我們的 GPU 業務將會增長。

As I think we indicated in our commentary and so forth, our PSB business -- we're seeing some positive traction there.

正如我認為我們在評論等中指出的那樣，我們的 PSB 業務——我們在那裡看到了一些積極的牽引力。

We would expect it to be up.

我們希望它會上升。

So, I think our business across most of our platforms will all be up.

所以，我認為我們在大多數平台上的業務都會發展起來。

It's just that they're going to be modest as a result of supply constraints.

只是由於供應限制，它們將變得溫和。

Just to get back to this issue on the guidance and the capacity constraints, which you've had somewhat longer now to address and you have the extra week, should we construe, then, that your guidance, given the description of, I think Jen-Hsun said very, very strong demand, is conservative, as it was last quarter?

回到關於指導和容量限制的問題，你現在需要更長的時間來解決這個問題，你有額外的一周時間，那麼我們是否應該解釋，你的指導，給出的描述，我認為 Jen -Hsun 說需求非常非常強勁，是保守的，就像上個季度一樣？

Or how should we think about that?

或者我們應該怎麼想？

And beyond that, do you have any sense of how we should think about normal seasonality at the beginning of the next year?

除此之外，您是否知道我們應該如何看待明年年初的正常季節性？

So, if you look at historical quarters and so forth, we have much more turns business generally to generate than what we have in the last few quarters.

因此，如果您查看歷史季度等，我們通常會比過去幾個季度產生更多的營業額。

And as we have ramped our products and so forth, we've been -- we had sufficient inventories in the past, you might say, to respond to some of the ramp that we see in the second quarter and the third quarter.

由於我們已經增加了我們的產品等等，我們一直 - 你可能會說，我們過去有足夠的庫存來應對我們在第二季度和第三季度看到的一些增長。

But now we're to a point where we are really supply constrained.

但現在我們已經到了真正供應受限的地步。

I mean, my revenue is going to be determined not so much by our turns business we generate this quarter.

我的意思是，我的收入將不太取決於我們本季度產生的輪流業務。

It's not going to be determined so much by the opening backlog we've got.

它不會由我們得到的開放積壓決定太多。

It's really determined by the amount of supply we've got available to us, and we think we have a clearer picture at least of what that is today and our ability to build against that (multiple speakers)

這實際上取決於我們可以獲得的供應量，我們認為我們至少對今天的情況和我們的能力有更清晰的了解（多位發言人）

Do you have a framework for how should we think about seasonality for the beginning of next year?

你有一個框架來說明我們應該如何考慮明年年初的季節性嗎？

Yes, next year is going to be an interesting first quarter because, in fact, we'll need more wafers than ever in Q1.

是的，明年將是一個有趣的第一季度，因為事實上，我們在第一季度將需要比以往更多的晶圓。

And the reason for that is because -- and I mean more 40 nm wafers than ever in Q1 because we are ramping -- we're obviously fully ramping Fermi for three different product lines, GeForce, Quadro, and Tesla.

這樣做的原因是——我的意思是第一季度比以往任何時候都多的 40 納米晶圓，因為我們正在加速——顯然，我們正在為三個不同的產品線——GeForce、Quadro 和特斯拉——全面加速 Fermi。

We will be fully ramping MCP89.

我們將全面提升 MCP89。

We will be fully ramping Tegra.

我們將全面提升 Tegra。

Not to mention the 40 nm products that we currently have that are fully ramped up.

更不用說我們目前擁有的已全面升級的 40 nm 產品。

And so, I'm expecting Q1 to be a pretty exciting quarter for us because we just have so many new products.

因此，我預計第一季度對我們來說將是一個非常令人興奮的季度，因為我們只有這麼多新產品。

So Jen-Hsun, do you feel it's going to be a growth quarter or you think there will be the normal seasonality?

所以仁勳，你覺得這將是一個增長季度還是你認為會有正常的季節性？

I think we have a shot at having a growth quarter, but again it's going to be completely supply determined.

我認為我們有機會實現一個增長季度，但這又將完全取決於供應。

Just on the expense side where you guided it to 305, David, I think in prior updates you've been saying that you thought that the January period would be more like 270.

就在您將其引導至 305 的費用方面，大衛，我認為在之前的更新中您一直在說您認為 1 月期間會更像 270。

You have the extra week, but what are the other elements that have changed the expense guidance?

你有額外的一周，但改變費用指導的其他因素是什麼？

And also, it looks like you're guiding the gross margin somewhat lower despite higher revenues.

而且，儘管收入較高，但您似乎在引導毛利率有所降低。

Could you talk about what are the elements of the mix that are suggesting that it will be lower?

您能否談談表明它會更低的混合元素是什麼？

Let me go to your operating expense question first.

讓我先談談您的運營費用問題。

If you look at our operating expenses and the guidance we gave in the quarter, it's really -- the 14th week is a fairly sizable element of the increase from Q3 to Q4.

如果您查看我們的運營費用和我們在本季度提供的指導，這確實是 - 第 14 周是從第三季度到第四季度增長的一個相當大的因素。

But there are a couple of other pieces that kind of enter into it as well, that was listed in the commentary, and one of them is the fact that we are in the midst of launching and bringing up a record number of new products right now.

但是還有一些其他的東西也進入了它，在評論中列出了，其中之一是我們現在正在推出和推出創紀錄數量的新產品.

And those new products each derive -- each require engineering wafers.

這些新產品都衍生出來——每個都需要工程晶圓。

They incur expenses for tape outs.

他們產生了磁帶輸出的費用。

They incur expenses for marketing materials and launches and so forth, and so all of those things combined have our bring-up expenses running at roughly 2X the rate that they were just a couple of quarters ago.

他們產生營銷材料和發布等費用，因此所有這些因素加在一起，我們的啟動費用大約是幾個季度前的 2 倍。

That will not be permanent.

這不會是永久性的。

We would expect that to go down sometime in the second quarter because we'll still be bringing up some of these products in the first quarter.

我們預計這將在第二季度的某個時候下降，因為我們仍將在第一季度推出其中一些產品。

But we do -- would expect it to come down.

但我們確實 - 預計它會下降。

Then the other piece, as I think we also indicated, you know is our legal expenses have gone up as well during some of this time period.

然後另一部分，正如我認為我們也指出的那樣，您知道我們的法律費用在這段時間內也有所增加。

So, those are the primary elements of the bridge, but I do believe it will come down in Q1 and I do believe it will come down again in Q2 as we get some of these bring-ups behind us.

所以，這些是橋樑的主要元素，但我確實相信它會在第一季度下降，我相信它會在第二季度再次下降，因為我們得到了一些這些建議。

Going back to your question as it relates to gross margins, our non-GAAP gross margins -- well, our non-GAAP gross margins for the third quarter were 41%.

回到與毛利率有關的問題，我們的非公認會計原則毛利率——嗯，我們第三季度的非公認會計原則毛利率為 41%。

And we basically guided 40% to 42%, so I would say we guided flat.

我們基本上指導了 40% 到 42%，所以我會說我們指導持平。

I wouldn't say we guided down.

我不會說我們向下引導。

The extra (multiple speakers)

額外的（多個揚聲器）

Oh, I'm sorry.

哦，對不起。

I thought it was the GAAP gross margin that you were guiding at 40% to 42% -- from the 43% level.

我認為您將 GAAP 毛利率從 43% 的水平引導到 40% 到 42%。

We are guiding flat with the GAAP gross margins, and the non-GAAP gross margins would be pretty much the same if you pull out the insurance reimbursement we got.

我們的指導方針與 GAAP 毛利率持平，如果您取消我們獲得的保險報銷，非 GAAP 毛利率將幾乎相同。

So if you pull out the insurance (multiple speakers)

所以如果你拿出保險（多個揚聲器）

How big was that?

那有多大？

It was $25 million.

這是2500萬美元。

So if you pull the insurance reimbursement out, whether you look at it on a GAAP or non-GAAP basis, it's roughly flat quarter to quarter.

因此，如果您取消保險報銷，無論您是根據 GAAP 還是非 GAAP 來看待它，每個季度都大致持平。

Just last thing (multiple speakers)

最後一件事（多位發言者）

(Multiple speakers).

（多個揚聲器）。

Tim, we need to move on to another question.

蒂姆，我們需要繼續討論另一個問題。

Craig Berger, Friedman Billings Ramsey & Co..

克雷格·伯傑，弗里德曼·比林斯·拉姆齊公司。

Please go ahead.

請繼續。

This is [Robert Pickover] in for Craig.

這是 Craig 的 [Robert Pickover]。

Thanks for taking my question.

感謝您提出我的問題。

I guess understanding that demand is strong and the environment with component shortages out there, do you see any risks that the PC supply chain potentially overheated in 3Q due to a Windows 7 build ahead possibly spurring any kind of double ordering?

我想了解需求強勁和組件短缺的環境，您是否認為 PC 供應鏈在第三季度可能因 Windows 7 提前構建而過熱可能會刺激任何形式的雙重訂購？

We are really not that close to meeting anybody's demand.

我們真的沒有那麼接近滿足任何人的需求。

So I'm not really too worried about them ordering more, and so I don't -- I just don't think it's an issue at the moment.

所以我並不太擔心他們會訂購更多，所以我不會——我只是認為目前這不是問題。

Everybody is being allocated.

每個人都被分配。

I don't have a single customer who's not being allocated.

我沒有一個沒有被分配的客戶。

And so, that's the first thing.

所以，這是第一件事。

The second thing is that our growth is also coming from our professional solutions business, which I expected to grow, continue to grow.

第二件事是我們的增長也來自我們的專業解決方案業務，我預計它會增長，繼續增長。

Our growth and therefore topline and margins will come from Tegra, which consumes very little wafers but generates a lot of earnings.

我們的增長以及收入和利潤率將來自 Tegra，它消耗的晶圓很少，但會產生大量收益。

And so, those two things, between Tegra, our mobile computing business, and our Tesla server and cloud computing business, and our professionals business, I think we have a shot at growing through it all, despite the supply constraints.

因此，在 Tegra、我們的移動計算業務、我們的特斯拉服務器和雲計算業務以及我們的專業業務之間，這兩件事我認為我們有機會通過這一切實現增長，儘管供應有限。

That's helpful.

這很有幫助。

Can you guys talk about what you are seeing in terms of pricing within your desktop and notebook GPU products?

你們能談談您在台式機和筆記本 GPU 產品的定價方面看到的情況嗎？

In the quarter?

在季度？

I think, as you can imagine, the conversation is really on supply.

我認為，正如你可以想像的那樣，談話真的是在供應。

And most of our conversations with our customers are all very emotional and all related to supply.

我們與客戶的大部分對話都非常情緒化，而且都與供應有關。

We wish we could give them more.

我們希望我們能給他們更多。

They wish we could get them more.

他們希望我們能得到更多。

And this is a conversation we have with 100% of our customers.

這是我們與 100% 的客戶進行的對話。

There's not a single customer that we have not at some level let down during the quarter and there's not one customer we will not let down in Q4.

我們在本季度沒有一個客戶在某種程度上沒有讓我們失望，在第四季度也沒有一個客戶我們不會讓我們失望。

And we all feel terrible about it.

我們都對此感到很糟糕。

We are beating ourselves up over it, and you can tell from my tone that this is something that I am obviously not very happy about.

我們正在為此自責，你可以從我的語氣中看出這是我顯然不太高興的事情。

But we're doing everything we can.

但我們正在盡我們所能。

And I know that all of our suppliers are doing everything they can.

我知道我們所有的供應商都在盡其所能。

Does that imply that you are able to raise prices in this environment?

這是否意味著您能夠在這種環境下提高價格？

We don't raise prices.

我們不提高價格。

There is no such thing.

哪有這回事。

Raising prices because demand is high is just bad mojo, man.

因為需求量大而提價是不好的，伙計。

You don't want to go there.

你不想去那裡。

Raj Seth, Cowen and Company.

Raj Seth, Cowen and Company。

This is Simrin Varar, in for Raj Seth.

這是 Simrin Varar，代表 Raj Seth。

Thank you for taking my question.

謝謝你接受我的問題。

I had a couple of quick questions.

我有幾個簡單的問題。

The first is on the chipset business.

首先是芯片組業務。

Based on what you've said in the call, it seems like you expect that the business could grow in 2010.

根據您在電話會議中所說的話，您似乎預計該業務會在 2010 年增長。

I know that there are a lot of moving parts here, but assuming that you don't get access doing those new [busts], how do you think about revenues over the next few years?

我知道這裡有很多活動的部分，但是假設您無法訪問這些新的 [蕭條]，您如何看待未來幾年的收入？

Are they expected to gradually roll off or do you expect a cliff in revenues based on transition from one processor family to the other?

他們是否預計會逐漸減少，或者您是否預計收入會因從一個處理器系列過渡到另一個處理器系列而出現懸崖？

And the other question is on Tegra.

另一個問題是關於 Tegra。

Previously you've indicated that Tegra could possibly do close to $100 million per quarter exiting 2010.

之前您曾表示，Tegra 在 2010 年之後每季度的收入可能接近 1 億美元。

Based on the wins that you have right now, I just wanted to get an idea of what your visibility is on that sort of further revenue number.

根據您現在獲得的勝利，我只是想了解您在這種進一步的收入數字上的可見度。

Thank you.

謝謝你。

Why don't we skip the first part of the question, if you will.

如果您願意，我們為什麼不跳過問題的第一部分。

We answered that previously at length.

我們之前詳細回答了這個問題。

But I'll let Jen-Hsun answer the Tegra part.

但我會讓 Jen-Hsun 回答 Tegra 部分。

So the Tegra part, the Tegra question -- we have all these different projects in the pipeline and all of these projects are rather engineering intensive.

所以 Tegra 部分，Tegra 問題——我們有所有這些不同的項目正在籌備中，所有這些項目都相當工程密集。

One of the things about the embedded business is that it takes longer to get into.

嵌入式業務的一件事是需要更長的時間才能進入。

It takes longer to ramp.

斜坡需要更長的時間。

We've been working on these projects now for -- some for almost a year.

我們現在已經在這些項目上工作了——有些已經將近一年了。

And these embedded projects just take a lot of custom engineering.

而這些嵌入式項目只需要大量的定制工程。

And the benefit of the embedded business, of course, and the integrated business is that once you get designed in, then you ship for a lot longer.

當然，嵌入式業務和集成業務的好處是，一旦您設計好，您的出貨時間就會更長。

And, it's just a very, very different business than the PC industry, which has very rapid turns and very rapid cycles.

而且，這只是一個與 PC 行業非常、非常不同的行業，PC 行業具有非常快速的轉變和非常快速的周期。

And so, it has some benefits and it has some disbenefits, and I think that long term, long term being a year, this is going to be just a spectacular business.

因此，它有一些好處，也有一些壞處，而且我認為從長遠來看，從一年的時間來看，這將是一項了不起的業務。

I think that Tegra is one of -- we are one of two or three companies that is at the epicenter and the strike zone of mobile computing.

我認為 Tegra 是其中之一——我們是處於移動計算中心和打擊區的兩三家公司之一。

And I think that I don't know how many companies wouldn't want to be in our position with the Tegra processor right now.

而且我認為我不知道有多少公司現在不想在 Tegra 處理器上處於我們的位置。

But it is just right down the middle of where the most important areas of innovation and where the most exciting areas of computing is happening right now.

但它恰好位於最重要的創新領域和最激動人心的計算領域正在發生的地方。

So I can't be more pleased.

所以我再高興不過了。

We just have to be patient.

我們只需要耐心等待。

Thank you.

謝謝你。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call over to Michael.

我現在將把電話轉給邁克爾。

Please go ahead.

請繼續。

Thanks, everyone.

感謝大家。

We look forward to talking to you next quarter.

我們期待在下個季度與您交談。

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

女士們先生們，這確實包括今天的電話會議。

We thank you very much for your participation and we ask that you please disconnect your lines.

我們非常感謝您的參與，我們要求您斷開您的線路。

Have a lovely evening, everyone.

祝大家有個愉快的夜晚。