輝達 (NVDA) 2011 Q1 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 conference over to Michael Hara, Senior Vice President, Investor Relations.

我現在想將會議轉交給投資者關係高級副總裁 Michael Hara。

Thank you.

謝謝你。

Sir, you may begin.

先生，您可以開始了。

Thank you, Operator.

謝謝你，接線員。

Good afternoon and welcome to NVIDIA's conference call for the first quarter of fiscal 2011.

下午好，歡迎參加 NVIDIA 2011 財年第一季度電話會議。

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 up the call to a question-and-answer session.

在我們準備好發言之後，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.

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。

It is also being recorded.

它也在被記錄。

A replay of the conference call will be available via telephone until May 20, 2010.

電話會議的重播將通過電話提供，直到 2010 年 5 月 20 日。

The webcast will be available for replay until our conference call to discuss our financial results for our second quarter of fiscal 2011.

在我們召開電話會議討論我們 2011 財年第二季度的財務業績之前，該網絡廣播將一直播放。

The content of today's conference call is NVIDIA's property.

今天電話會議的內容是 NVIDIA 的財產。

It cannot be reproduced or transcribed without our prior written consent.

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 financial results and business, please refer to the disclosure in today's earnings release, our Form 10-K for the fiscal period ended January 31, 2010, and the reports we may file from time to time on Form 8-K filed with the SEC.

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 2010 年 1 月 31 日的財政期間的 10-K 表格以及我們可能不時提交的報告提交給 SEC 的 8-K 表格。

All of our statements are made as of today, May 13, 2010, based on information available to us today, as of 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（2010 年 5 月 13 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 market research and market share numbers throughout the call come from Mercury Research or John Petty Research.

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

One final note -- our annual shareholder meeting is next week on May 19.

最後一點——我們的年度股東大會將於下週 5 月 19 日舉行。

For the first time, shareholders will be able to vote and ask questions online during the meeting.

股東將首次能夠在會議期間在線投票和提問。

Please see our website for more information.

請參閱我們的網站了解更多信息。

With that, let's begin.

有了這個，讓我們開始吧。

We are back in the high end of the Enthusiast segment.

我們又回到了發燒友細分市場的高端。

In April, we shipped our GeForce GTX 480 and 470 GPUs, the first products based on our next generation [QGPU] architecture code name Fermi.

4 月，我們發布了 GeForce GTX 480 和 470 GPU，這是基於我們下一代 [QGPU] 架構代號 Fermi 的第一款產品。

The GeForce GTX 40 and 470 GPUs were designed from the ground up to excel at tessellation, the defining feature of DirectX 11.

GeForce GTX 40 和 470 GPU 的設計初衷就是在曲面細分方面表現出色，這是 DirectX 11 的定義特性。

Geometric fidelity is one of the most important new looks for the next generation graphics.

幾何保真度是下一代圖形最重要的新外觀之一。

So instead of just being compatible with DX 11, we created a DX11 tessellation monster.

因此，我們不僅與 DX 11 兼容，還創建了一個 DX11 曲面細分怪物。

GTX 480 is eight times faster than the competition.

GTX 480 比競爭對手快八倍。

Reception for the new GeForce 400 series amongst gamers and press has been phenomenal.

遊戲玩家和媒體對全新 GeForce 400 系列的反響非常好。

Just last week, the GTX 480 was validated as the fastest GPU in the world with KIngpIn and Shamino, two world-class over-clockers used the 480 to break world records on the future Mark 3D Mark Advantage Hall of Fame.

就在上週，GTX 480 被 KingpIn 和 Shamin 驗證為世界上最快的 GPU，兩位世界級的超頻玩家使用 480 打破了未來 Mark 3D Mark Advantage 名人堂的世界紀錄。

GTX 480 is DX11 done right.

GTX 480 是正確的 DX11。

Bjorn3D stated, quote -- "The GTX 400 lineup eats tessellation and ray-tracing for breakfast, and has the advantage in every benchmarking game using those technologies.

Bjorn3D 表示，引用——“GTX 400 陣容早餐吃鑲嵌和光線追踪，並且在使用這些技術的每個基準測試遊戲中都具有優勢。

So, for us, it's not a hard call." -- end quote.

所以，對我們來說，這不是一個艱難的決定。”——結束語。

Futurelooks.com wrote, quote -- "There is no question that the NVIDIA GTX 480 is the king of tessellation.

Futurelooks.com 寫道：“毫無疑問，NVIDIA GTX 480 是曲面細分之王。

The GTX 400 series GPUs also provides a significant higher computational capability, which will allow gamers -- game developers to increase the level of physics realism via our PhysX API.

GTX 400 系列 GPU 還提供顯著更高的計算能力，這將允許遊戲玩家——遊戲開發人員通過我們的 PhysX API 提高物理真實感水平。

With our leadership position with the DX11, combined with the incredible experience that PhysX and 3D Vision provide, we expect to take back share in the Enthusiast segment."

憑藉我們在 DX11 上的領先地位，再加上 PhysX 和 3D Vision 提供的令人難以置信的體驗，我們希望在發燒友領域奪回市場份額。”

In the first quarter, we shipped a few hundred thousand units, as yields has exceeded our expectations.

第一季度，我們出貨了幾十萬台，因為產量超出了我們的預期。

The 480 and 470 are widely available worldwide and continue to sell out on a weekly basis.

480 和 470 在全球範圍內廣泛使用，並且每週都會繼續售罄。

More importantly, being back in the Enthusiast segment is a positive driver of revenue and profitability growth.

更重要的是，回到發燒友領域是收入和盈利能力增長的積極推動力。

We began shipments of the new GeForce 320M integrated chipset to Apple for the latest 13 inch MacBook Pro.

我們開始為最新的 13 英寸 MacBook Pro 向 Apple 提供新的 GeForce 320M 集成芯片組。

The 320M delivers up to an 80% performance increase over the previous GeForce 9200M integrated chipset.

與之前的 GeForce 9200M 集成芯片組相比，320M 的性能提升高達 80%。

In addition, the new 15-inch and 17-inch MacBook Pro both come standard with the new GeForce GT330M, the fastest graphics ever in a Mac notebook.

此外，新款 15 英寸和 17 英寸 MacBook Pro 均標配新的 GeForce GT330M，這是 Mac 筆記本電腦中速度最快的顯卡。

In addition, the 15 and 17-inch notebooks come with switchable graphics.

此外，15 英寸和 17 英寸筆記本電腦配備可切換顯卡。

It's another powerful example of how switchable graphics is quickly becoming a standard requirement in notebooks.

這是可切換圖形如何迅速成為筆記本電腦標準要求的另一個有力示例。

We now have approximately 70 Optimus design wins of which 11 are in production today, and 50 are expected to be available in the market and ready for this year's back-to-school cycle.

我們現在擁有大約 70 個 Optimus 設計方案，其中 11 個已投入生產，預計 50 個將投放市場並為今年的返校週期做好準備。

We continue to believe that Optimus has the potential to expand the market for discreet GPUs by increasing the GPU attach rate in notebooks.

我們仍然相信 Optimus 有潛力通過提高筆記本電腦的 GPU 連接率來擴大獨立 GPU 的市場。

Our Quadro business continues to recover and, in fact, is ahead of where we anticipate it would be at this time.

我們的 Quadro 業務繼續復甦，事實上，目前已經超出了我們的預期。

The recession delayed upgrade in 2009, and with the significant enhancements made in both hardware and software within that timeframe, we believe it will drive a more aggressive upgrade cycle.

經濟衰退推遲了 2009 年的升級，隨著在此期間硬件和軟件的顯著改進，我們相信它將推動更積極的升級週期。

For example, Adobe's CS4 penetration was well behind CS3 due to the recession, creating meaningful pent-up demand for CS5.

例如，由於經濟衰退，Adobe 的 CS4 滲透率遠遠落後於 CS3，從而對 CS5 產生了有意義的被壓抑的需求。

We are anticipating that the combination of a healthy upgrade cycle and the addition of new markets will take our Quadro business to a higher level of growth.

我們預計，健康的升級週期和新市場的加入將使我們的 Quadro 業務達到更高的增長水平。

During the first quarter, we announced that a range of NVIDIA Quadro professional graphics solutions are certified for Adobe, for Adobe Creative Suite 5 software, which provides real-time video editing and effects processing with Adobe Premier Pro-CS5.

在第一季度，我們宣布一系列 NVIDIA Quadro 專業圖形解決方案已通過 Adobe 認證，適用於 Adobe Creative Suite 5 軟件，該軟件使用 Adobe Premier Pro-CS5 提供實時視頻編輯和效果處理。

This version of Adobe Premier Pro leverages the parallel processing architecture of NVIDIA GPUs via the new Adobe Mercury playback engine, to allow users to create compelling, multi-layer projects and preview them in real-time.

此版本的 Adobe Premier Pro 通過新的 Adobe Mercury 播放引擎利用 NVIDIA GPU 的並行處理架構，允許用戶創建引人注目的多層項目並實時預覽它們。

Tesla achieved record revenue, and Q1 should be the first of many record quarters to come.

特斯拉實現了創紀錄的收入，第一季度應該是未來許多創紀錄季度中的第一個。

Fermi has unlocked new demand for Tesla.

費米釋放了對特斯拉的新需求。

We are experiencing heightened activity in a number of areas such as supercomputing, energy, and finance.

我們在超級計算、能源和金融等多個領域的活動正在增加。

The most significant leading indicator of Tesla's long-term success is the adoption of Tesla as a standard OEM SKU.

特斯拉長期成功的最重要領先指標是採用特斯拉作為標準 OEM SKU。

The number of OEMs including Supermicro, Apro, Tyan, Cray and Bull have already announced OEM servers with more to Tier 1's to follow.

包括 Supermicro、Apro、Tyan、Cray 和 Bull 在內的眾多 OEM 廠商已經發布了 OEM 服務器，接下來還會有更多的 Tier 1。

Finally, we achieved a major milestone this quarter.

最後，我們在本季度實現了一個重要的里程碑。

We completed and qualified our first commercially available smartphone.

我們完成並驗證了我們的第一款商用智能手機。

Today, Microsoft is shipping the industry's first phone based on Tegra.

今天，微軟正在交付業界第一款基於 Tegra 的手機。

We are now the first PC technology company in history to cross the chasm from computing to mobile computing.

我們現在是歷史上第一家跨越從計算到移動計算的鴻溝的 PC 技術公司。

Continue to watch this space -- we have multiple Next Gen Tegra design wins in smartphones and tablets coming, which will be announced later this year.

繼續關注這一領域——我們將在智能手機和平板電腦中獲得多項 Next Gen Tegra 設計勝利，這將在今年晚些時候公佈。

Our core profit drivers, high-end GPUs and professional solutions are performing well.

我們的核心利潤驅動因素、高端 GPU 和專業解決方案表現良好。

And, with evidence from a number of key early indicators for our growth businesses discussed today, we'll continue to be optimistic about our prospects in 2010 and beyond.

而且，根據今天討論的我們成長業務的一些關鍵早期指標的證據，我們將繼續對 2010 年及以後的前景保持樂觀。

With that, let me turn the call over to David.

有了這個，讓我把電話轉給大衛。

Thanks, Mike.

謝謝，邁克。

Q1 was another good quarter, driven by the ongoing recovery of enterprise spending; the shipment of Fermi-based products for desktop GPU and high-performance computing; new product ramps at Apple; and a very strong notebook market.

在企業支出持續復甦的推動下，第一季度又是一個好季度；用於桌面 GPU 和高性能計算的基於 Fermi 的產品出貨； Apple 推出新產品；以及非常強勁的筆記本市場。

Revenue was $1.0 billion, up 2% sequentially.

收入為 10 億美元，環比增長 2%。

Our GAAP gross margin was 45.6%.

我們的 GAAP 毛利率為 45.6%。

GAAP operating expenses were $309 million, and GAAP net income was $137.6 million or $0.23 per diluted share.

GAAP 運營費用為 3.09 億美元，GAAP 淨收入為 1.376 億美元或每股攤薄收益 0.23 美元。

The core GPU business was flat quarter-to-quarter.

核心 GPU 業務季度環比持平。

Supply constraints are finally easing; in particular, yields of our high-end Fermi-based GPUs were much higher than expected, leading to good availability of our new GeForce GTX 480 and 470 GPUs, and Tesla high-performance computing products.

供應限制終於緩解；特別是，我們基於 Fermi 的高端 GPU 的產量遠高於預期，從而使我們的新 GeForce GTX 480 和 470 GPU 以及 Tesla 高性能計算產品具有良好的可用性。

Quadro grew strongly once again and is now approaching pre-recession levels.

Quadro 再次強勁增長，現在正接近衰退前的水平。

Tesla had a record quarter, which, together with our Quadro business, contributed to higher overall gross margin in the quarter.

特斯拉有一個創紀錄的季度，與我們的 Quadro 業務一起，促成了該季度更高的整體毛利率。

Cash, cash equivalents and marketable securities at the end of the quarter were $1.76 billion, up $36.7 million from the fourth quarter.

本季度末現金、現金等價物和有價證券為 17.6 億美元，比第四季度增加 3670 萬美元。

Our outlook for the second quarter of fiscal 2011 -- revenue is expected to be down seasonally, 3% to 5%; GAAP gross margin is expected to increase to 46% to 47%; GAAP operating expenses are expected to be flat; our tax rate of 12% to 14%, assuming a renewal of the US R&D tax credit, and otherwise a tax rate of 14% to 16%.

我們對 2011 財年第二季度的展望——收入預計將季節性下降 3% 至 5%； GAAP毛利率預計將增至46%至47%； GAAP 運營費用預計將持平；我們的稅率為 12% 至 14%，假設更新美國研發稅收抵免，否則稅率為 14% 至 16%。

That concludes our prepared remarks and we will now take questions.

我們準備好的發言到此結束，我們現在將回答問題。

Operator?

操作員？

(Operator Instructions) Tim Luke, Barclays Capital.

（操作員說明）巴克萊資本的 Tim Luke。

If I may, could you guys elaborate on your comments associated with the increased availability of capacity, particularly on the high-end nodes?

如果可以的話，你們能否詳細說明與容量可用性增加相關的評論，尤其是在高端節點上？

And also, your comment with respect to yields and how you believe that may begin to impact your margin profile going forward?

此外，您對收益率的評論以及您認為這可能如何開始影響您未來的利潤率狀況？

Thank you so much, David.

非常感謝你，大衛。

Yes, Tim.

是的，蒂姆。

You know our -- you'll recall that when, back in the fourth quarter and earlier times of last fiscal year, when we were ramping other products on the 40 nanometer node, we had many challenges with yields and our ability to supply to market with adequate product.

你知道我們的——你會記得，早在上一財年第四季度和更早的時候，當我們在 40 納米節點上增加其他產品時，我們在產量和向市場供應的能力方面遇到了許多挑戰有足夠的產品。

And we really hit kind of a turning point somewhere around the December/January timeframe, where we began seeing predictable improvements.

我們真的在 12 月/ 1 月的某個時間範圍內達到了某種轉折點，我們開始看到可預測的改進。

And those improvements continue throughout the first quarter.

這些改進在整個第一季度都在持續。

And this being the first quarter that we launched Fermi, those wafer starts were done sometime ago, at a time when margins weren't as good as what they actually wound up being.

這是我們推出 Fermi 的第一季度，這些晶圓的啟動是在一段時間前完成的，當時利潤率不如實際結束時的水平。

And so, our margin progression wound up being exceeding our expectations.

因此，我們的利潤增長最終超出了我們的預期。

And as a result of exceeding expectations, we wound up having more die available to sell.

由於超出預期，我們最終有更多的模具可供出售。

Now, given that Fermi only launched in the last three, four weeks of the quarter, there's only so much capacity you've got in line when you exceed expectations like that.

現在，鑑於 Fermi 僅在本季度的最後三、四個星期推出，當你超出這樣的預期時，你的容量只有這麼多。

And we shipped everything we could get through the backend and that contributed to certainly the quarter and our margins.

我們運送了我們可以通過後端獲得的所有東西，這肯定有助於本季度和我們的利潤。

And going forward, we expect Fermi to continue to be an important element of our product mix.

展望未來，我們預計 Fermi 將繼續成為我們產品組合的重要組成部分。

And as a result of that, you see our guidance of gross margin going up quarter-over-quarter as a result.

因此，您會看到我們的毛利率指引因此環比上升。

Just -- if I may, just this one follow-up, David.

只是——如果可以的話，就這一個後續行動，大衛。

Your gross margin obviously going up with the revenues slightly down.

你的毛利率明顯上升，收入略有下降。

The key catalyst for that is the Fermi ramp, is it?

關鍵的催化劑是費米斜坡，是嗎？

Or are there other elements that you might be able to elaborate on, just on the strength of the gross margin in the coming quarter?

或者，僅憑下一季度的毛利率，您是否可以詳細說明其他要素？

Well, Fermi is a substantial piece of that.

好吧，費米是其中的重要組成部分。

I mean, our Tesla business is still continuing to grow and so it will become a bigger piece of the mix as well.

我的意思是，我們的特斯拉業務仍在繼續增長，因此它也將成為更大的一部分。

But largely, it's Fermi, and Fermi and Tesla as well as Fermi and graphics.

但主要是費米，費米和特斯拉以及費米和圖形。

Thank you.

謝謝你。

Patrick Wang, Wedbush Morgan.

帕特里克·王，韋德布什·摩根。

Terrific.

了不起。

Thank you.

謝謝你。

I was just hoping you guys could comment when we look at your revenue guidance here, it was down 3% to 5%.

我只是希望你們在我們在這裡查看您的收入指導時發表評論，它下降了 3% 到 5%。

I know that you think that's actually in line with seasonality here, but what are some of the moving parts behind that?

我知道您認為這實際上與這裡的季節性一致，但其背後的一些變化因素是什麼？

Because, I mean, clearly, we're starting to see -- Tegra is starting to ramp a bit here.

因為，我的意思是，很明顯，我們開始看到——Tegra 在這裡開始有點傾斜。

I just wanted to get some of your thoughts just in terms of the workstation, GeForce and maybe even some color on chipsets.

我只是想了解您對工作站、GeForce 甚至芯片組顏色的一些想法。

Well, our chipset business is doing well.

嗯，我們的芯片組業務做得很好。

As Mike mentioned in his comments, we launched the 320M this last quarter.

正如邁克在他的評論中提到的，我們在上個季度推出了 320M。

That product we expect to be shipping for quite a period of time.

我們預計該產品將在相當長的一段時間內發貨。

So that business is actually doing very well right now.

因此，該業務實際上現在做得很好。

As it relates to the other elements in the seasonality referred to, we experience seasonality just like our competitors do in the industry.

由於它與所提到的季節性因素中的其他元素有關，我們會像行業中的競爭對手一樣經歷季節性因素。

And we think our 3% to 5% down is consistent with what we typically experience.

我們認為我們的 3% 到 5% 的下降與我們通常經歷的一致。

Now, notwithstanding that, we're expecting Fermi to be very strong this quarter as we continue to ramp that product, and actually have an opportunity to ship Fermi throughout the quarter, which we didn't obviously have the opportunity to do so last quarter.

現在，儘管如此，我們預計 Fermi 本季度將非常強大，因為我們將繼續推出該產品，並且實際上有機會在整個季度交付 Fermi，而我們上個季度顯然沒有機會這樣做.

So that mitigates it to some extent, but we, overall, we feel our guidance is relatively consistent and the mix change will be a favorable to our earnings profile.

所以這在一定程度上緩解了它，但總的來說，我們認為我們的指導相對一致，組合變化將有利於我們的盈利狀況。

Okay, great.

好，太棒了。

And then, I guess, just as my follow-up here, I just wanted to get your thoughts in terms of how you think market share is going to trend, given the supply dynamics?

然後，我想，正如我在這裡的後續行動一樣，我只是想了解你對市場份額的趨勢的看法，考慮到供應動態？

Can you just give an update on -- what's your sense of the demand out there, as in, of course, your competitive positioning?

您能否提供最新信息 - 您對那裡的需求有何看法，當然，您的競爭定位？

Well, we haven't been in the high-end segment because of Fermi being delayed for over two quarters now.

好吧，由於費米現在被推遲了兩個多季度，我們還沒有進入高端市場。

And so my expectation is that we're going to gain share.

所以我的期望是我們將獲得份額。

We gained share last quarter because of our increasing share in notebooks.

由於我們在筆記本電腦中的份額增加，我們在上個季度獲得了份額。

Some of that could have been attributed to Optimus and looking forward, we expect Optimus to continue to gain adoption.

其中一些可能歸功於 Optimus，展望未來，我們預計 Optimus 將繼續獲得採用。

So we're optimistic about Optimus.

所以我們對擎天柱持樂觀態度。

So between the desktop -- returning into the high-end and continuing to do well in the notebook segments, my sense is that our share should be rather healthy.

所以在台式機——回歸高端並繼續在筆記本領域表現良好之間，我的感覺是我們的份額應該是相當健康的。

Okay.

好的。

And I just -- I guess, just a part of the demand, you're still seeing kind of seasonal demand here, anything out of the ordinary?

我只是 - 我想，只是需求的一部分，你仍然看到這裡的季節性需求，有什麼不尋常的嗎？

Well, for the core parts of the market, we're expecting seasonality.

好吧，對於市場的核心部分，我們預計會有季節性。

However, we're growing into, with Fermi, into the high-end segments that we've not been in for a couple of quarters.

然而，我們正在與費米一起成長為我們已經有幾個季度沒有涉足的高端細分市場。

So there's quite a bit of pent-up demand that we're seeing out there.

因此，我們看到了相當多的被壓抑的需求。

So we're ramping as hard as we can and as fast as we can, and trying to keep up with the demands for our customers.

因此，我們正在盡我們所能，以最快的速度發展，並努力滿足客戶的需求。

So we're looking forward to getting back into the high-end.

因此，我們期待重返高端市場。

But the rest of the business that's -- that we would characterize as Main Street business, should experience seasonality.

但其他業務——我們將其描述為大街業務，應該經歷季節性。

Okay, great.

好，太棒了。

Thanks so much.

非常感謝。

Michael McConnell, Pacific Crest Securities.

邁克爾·麥康奈爾，Pacific Crest 證券。

Jen-Hsun, last conference call you had talked about Fermi and that it would be hitting full stride in Q2 and that would offset seasonality.

Jen-Hsun，上次電話會議你談到了費米，它將在第二季度全面發展，這將抵消季節性。

You guys have guided now seasonal.

你們現在已經指導季節性。

Has there been any change, regionally speaking, with demand?

從區域上講，需求是否有任何變化？

Any impact, maybe Europe, or any impact with memory pricing that has led to guys to back off a little bit and to guide seasonal for Q2?

任何影響，可能是歐洲，或者內存定價的任何影響導致人們稍微退縮並指導第二季度的季節性？

Well, we don't know any more or any less about what's happening out in the larger market than anybody else.

好吧，我們對更大市場上發生的事情的了解並不多或少。

And there's obviously in the overall larger market, there is some concern about seasonality.

顯然，在整個較大的市場中，存在一些對季節性的擔憂。

But we are ramping Fermi as we had talked about before.

但正如我們之前談到的那樣，我們正在加速費米。

And the success of Fermi is certainly as we expected.

而費米的成功，肯定如我們所料。

So we're going to see how it plays out here.

所以我們要看看它是如何在這裡發揮作用的。

I mean, these are a couple of the -- I mean, you're -- with respect to Q2, those are the two dynamics that you're looking at -- seasonality on the one hand; on the other hand, we're ramping new products for -- into a new segment that we've been out of for a couple of quarters.

我的意思是，這些是一些——我的意思是，你是——關於第二季度，這是你正在關注的兩個動態——一方面是季節性；另一方面是季節性因素。另一方面，我們正在將新產品推向一個我們已經退出幾個季度的新細分市場。

And so we'll see how it turns out.

所以我們會看看結果如何。

And then just looking at the Mercury data for the last couple of quarters, I think your units the last two quarters combined are up about 77% in the notebook discreet space.

然後只看過去幾個季度的 Mercury 數據，我認為你的單位過去兩個季度加起來在筆記本電腦謹慎空間中增長了約 77%。

Should we be kind of anticipating a pause here as we move into the summer?

當我們進入夏天時，我們是否應該在這裡暫停一下？

And could you talk about what's been driving that very strong growth that you've been seeing in the notebook discreet market?

你能談談是什麼推動了你在筆記本電腦市場看到的非常強勁的增長嗎？

The biggest factor in the growth of discreet graphics is China.

離散圖形增長的最大因素是中國。

The China market is the fastest-growing notebook PC market.

中國市場是增長最快的筆記本電腦市場。

It also happens to be the market where we have the highest adoption of discreet GPUs.

它也恰好是我們採用離散 GPU 最高的市場。

We believe the reason for that is because the Chinese market is much more sensitive to reviews of products.

我們認為這是因為中國市場對產品評論更為敏感。

And they're much more -- the consumers are -- scrutinize their purchasing decisions much more than elsewhere around the world.

與世界其他地方相比，他們更——消費者——更仔細地審查他們的購買決定。

And they tend to be much more value-conscious.

他們往往更注重價值。

I mean, they will go out and buy what is the best performance per dollar versus what brand OEMs that it comes from.

我的意思是，他們會出去購買每美元性能最好的產品，而不是來自哪個品牌的 OEM。

And so the GeForce adoption, the inclusion of GeForce, is a huge factor for the Chinese market.

因此，GeForce 的採用，包括 GeForce，對中國市場來說是一個巨大的因素。

And so we're seeing very good adoption in China.

所以我們在中國看到了很好的採用。

The GeForce brand is also really popular in China.

GeForce品牌在中國也很受歡迎。

And the reason for that is because the Chinese consumers spend a lot of time online and video games is a big part of how they enjoy their computers.

原因是中國消費者在網上花費大量時間，而視頻遊戲是他們享受電腦的重要組成部分。

Video games and enjoying movies and multimedia is a big part of how people use PCs.

視頻遊戲以及欣賞電影和多媒體是人們使用 PC 的重要組成部分。

So that's probably the biggest factor for the growth of the discreet GPUs.

所以這可能是謹慎 GPU 增長的最大因素。

Now looking into the summer, we're expecting Optimus to be very successful.

現在展望夏天，我們預計擎天柱會非常成功。

We've shipped, at this point, only a handful of Optimus notebooks and I think there's 70 or so projects in the pipeline.

在這一點上，我們只交付了少數 Optimus 筆記本，我認為有 70 個左右的項目正在籌備中。

And we're expecting the vast majority of them to go into production for back-to-school.

我們預計其中絕大多數將投入生產以供返校。

And so Optimus has turned out to have been a very big success for us, because the value proposition is just so clear.

事實證明，擎天柱對我們來說取得了巨大的成功，因為價值主張是如此明確。

You get the benefit of the longest possible battery life when you're using light computing, and whenever you use it -- whenever you would like performance for your PC, Optimus instantaneously turns on the GPU and gives you amazing performance.

當您使用輕型計算時，您將獲得最長的電池續航時間，無論何時使用它——無論何時您需要 PC 的性能，Optimus 都會立即開啟 GPU 並為您提供驚人的性能。

And so having that uncompromising benefit in the PC and the notebook for the very first time has been -- has really resonated with the marketplace.

因此，第一次在 PC 和筆記本電腦中獲得不妥協的好處已經——真正引起了市場的共鳴。

So I'm hoping that our notebook business continues to do well and we'll see how it turns out.

所以我希望我們的筆記本業務繼續表現良好，我們會看看結果如何。

Okay, thank you.

好的謝謝你。

Raj Seth, Cowen and Company.

Raj Seth, Cowen and Company。

Thanks for taking the question.

感謝您提出問題。

Jen-Hsun, can you talk a little bit about the handset opportunity for Tegra?

Jen-Hsun，你能談談 Tegra 的手機機會嗎？

David mentioned the Microsoft milestone.

大衛提到了微軟的里程碑。

I guess I'm curious within your design win base, how many designs are in the pipeline when you're winning sockets?

我想我很好奇你的設計獲勝基礎，當你贏得插座時，有多少設計正在籌備中？

Why are you're winning when you're losing?

為什麼你輸了就贏了？

Maybe as importantly, why you're losing?

也許同樣重要的是，你為什麼會輸？

Is it mostly Snapdragon you're seeing out there?

您在那裡看到的主要是Snapdragon嗎？

Thanks.

謝謝。

We're pretty excited about Tegra, as you can imagine.

正如您可以想像的那樣，我們對 Tegra 感到非常興奮。

Our first generation strategy we wanted to focus on one operating system.

我們希望專注於一個操作系統的第一代戰略。

It was our new player in this marketplace.

它是我們在這個市場上的新參與者。

And we focused all of our energy around the Microsoft Zune and Microsoft Winmobile.

我們將所有精力都集中在 Microsoft Zune 和 Microsoft Winmobile 上。

And I'm delighted with what we're able to build.

我對我們能夠建造的東西感到高興。

It demonstrates that NVIDIA has created an architecture that's extremely low power while being very high-performance, and that we know how to build phone processors.

它表明 NVIDIA 已經創建了一種功耗極低但性能非常高的架構，並且我們知道如何構建手機處理器。

It's a big deal.

這是一件大事。

It took us a long time to figure it out.

我們花了很長時間才弄清楚。

And it's been a long-term investment.

這是一項長期投資。

And so that the Microsoft 10 and the Zune HD are the results of that first generation.

因此，Microsoft 10 和 Zune HD 就是第一代的成果。

On the second generation, we were able to expand to focus a lot of our energy around Android.

在第二代，我們能夠進行擴展，將大量精力集中在 Android 上。

And although it made sense for the first generation Androids to use available phone processors -- the follow-on generations of Android are really going to go after performance.

儘管第一代 Android 使用可用的手機處理器是有意義的，但後續幾代 Android 確實會追求性能。

And iPhones are out there; the iPhone 4G is coming.

iPhone 就在那裡； iPhone 4G 來了。

The iPad is obviously a revolutionary product.

iPad 顯然是一款革命性的產品。

The bar is pretty high for all of the mobile players.

對於所有移動播放器來說，門檻都很高。

So they need a processor that can keep up with the A4.

所以他們需要一個能跟得上 A4 的處理器。

If not, be much better than what the A4 can do, because they have to take on the leader in this space.

如果沒有，那就比 A4 做得更好，因為他們必須在這個領域與領導者抗衡。

So I think the second-generation Tegra is going to do incredibly well because Android is doing incredibly well.

所以我認為第二代 Tegra 會做得非常好，因為 Android 做得非常好。

So we're going to come to market with the second-generation Tegra with the third-generation Android.

因此，我們將推出帶有第三代 Android 的第二代 Tegra。

And so that's our (multiple speakers) focus now, which is the -- and I think it comes together at the end of the year.

所以這就是我們（多位發言人）現在的重點，這是 - 我認為它會在今年年底出現。

We've talked about smartphones; we've talked about tablets.

我們已經討論過智能手機；我們已經討論過平板電腦。

We have a very large number of designs in pipe in flight, and so we're looking forward to starting in third quarter or fourth quarter, many design wins to show up in production.

我們有大量的設計在進行中，因此我們期待在第三季度或第四季度開始，許多設計勝利將出現在生產中。

So, just to be clear, in the third and fourth quarter, back-end of this year, we begin to see NVIDIA-powered Android handsets on the market?

那麼，需要明確的是，在今年年底的第三季度和第四季度，我們開始在市場上看到搭載 NVIDIA 的 Android 手機？

Or that's when they'll be a slew of design sockets available for you?

或者到那時它們將成為您可用的大量設計插座？

No, we've been already working on those design sockets.

不，我們已經在研究那些設計插座了。

Great.

偉大的。

And is it mostly QUALCOMM that you're competing against?

與您競爭的主要是高通公司嗎？

Thanks.

謝謝。

There's really only -- prior to Tegra, there are only two application processor companies out in the mobile space, right?

實際上只有——在 Tegra 之前，移動領域只有兩家應用處理器公司，對吧？

Basically, it's QUALCOMM and TI.

基本上是高通和TI。

And they both make wonderful application processors.

他們都製作了出色的應用處理器。

Our differentiation and our contribution to this space is where multimedia, high resolution, snappy graphics is really necessary.

我們的差異化和我們對這個領域的貢獻是多媒體、高分辨率、活潑的圖形真正需要的地方。

And the first generation smartphones had pretty low-resolution displays.

第一代智能手機的顯示屏分辨率非常低。

And so snappy graphics and high-performance multimedia and high resolution just wasn't as much of an issue.

因此，活潑的圖形、高性能多媒體和高分辨率並不是什麼大問題。

But as you know, with iPad and next-generation smartphones, resolution is a huge issue.

但如您所知，對於 iPad 和下一代智能手機，分辨率是一個大問題。

And you need to have very snappy graphics with a 10 by 7 display, if not even bigger than that, even higher resolution than that.

而且你需要非常漂亮的圖形和 10 x 7 的顯示屏，即使不是更大，甚至更高的分辨率。

You're just not going to do that with a application processor that's not designed for that.

您只是不會使用不是為此而設計的應用程序處理器來做到這一點。

And so that's our contribution and that our differentiation, and that's what people are seeing out in the market.

這就是我們的貢獻和我們的差異化，這就是人們在市場上看到的。

Great.

偉大的。

Thank you.

謝謝你。

Ambrish Srivastava, BMO Capital Markets.

Ambrish Srivastava，BMO 資本市場。

Just to make sure that I understand your guidance in the context of capacity and yield, should we assume that there are no constraints any more and all the yield issues have been resolved?

只是為了確保我理解您在產能和產量方面的指導，我們是否應該假設不再有任何限制並且所有產量問題都已解決？

One thing -- I think the comment that David was making is that the yield has improved a lot.

一件事——我認為大衛的評論是產量提高了很多。

And TSMC has done a fabulous job improving the yields of 40 nanometer since August of last year, when we first ramped it until now.

自去年 8 月以來，台積電在提高 40 納米的良率方面做得非常出色，當時我們第一次將其提高到現在。

The yield and the number of wafers that they're able to produce compounded has really helped a lot.

他們能夠生產複合晶圓的產量和數量確實有很大幫助。

And so I think that with respect to manufacturability of 40 nanometers, I think we are surely out of the woods.

所以我認為關於 40 納米的可製造性，我認為我們肯定已經走出困境。

I think we can now officially say that.

我想我們現在可以正式這麼說。

We are clearly out of the woods.

我們顯然已經走出困境。

And I think that's all David was trying to say -- that that 40 nanometers at TSMC is now a world-class node and the manufacturability of it is very, very good.

我認為這就是大衛想說的——台積電的 40 納米現在是世界級的節點，它的可製造性非常非常好。

And so we're delighted with the execution from TSMC.

因此，我們對台積電的執行感到高興。

They've just done a fabulous job.

他們剛剛完成了出色的工作。

With respect to overall capacity, with respect to supply, the challenge is that more and more customers are getting into 40 nanometers as well.

就整體產能而言，就供應而言，挑戰在於越來越多的客戶也開始涉足 40 納米。

And so we certainly aren't swimming in 40 nanometer supply.

所以我們當然不會在 40 納米供應中游泳。

I mean, we are constrained here and there.

我的意思是，我們在這里和那裡都受到限制。

I wish we had more Fermi's.

我希望我們有更多的費米。

I wish we had more GPUs of all kinds.

我希望我們有更多的各種 GPU。

So there's still not enough 40 nanometer supply for the entire world.

因此，全世界仍然沒有足夠的 40 納米供應。

So I expect that 40 nanometer supply will remain constrained for some time.

因此，我預計 40 納米的供應將在一段時間內保持受限。

Sorry, Jen-Hsun, so the guidance implies that there is some supply constraints that has not allowed you to meet demand?

抱歉，Jen-Hsun，所以指導暗示存在一些供應限制，無法滿足需求？

Or there is a balance between supply and demand, and what you're seeing is just normal seasonality and that's why the guidance?

或者供需之間存在平衡，而您所看到的只是正常的季節性，這就是指導的原因？

We're seeing seasonality.

我們看到了季節性。

We're pretty clear that Q2's guidance is seasonality.

我們很清楚第二季度的指導是季節性的。

It's seasonality offset by the ramp of Fermi.

它的季節性被費米的斜坡所抵消。

And so we're not going to know how it all balances out until the end of the next quarter or the end of this quarter.

所以我們要到下個季度末或本季度末才能知道這一切是如何平衡的。

But those are the two vectors, if you will -- seasonality in the mainstream market and the ramp of Fermi into GeForce, into Tesla, and into Quadro.

但如果你願意的話，這就是兩個向量——主流市場的季節性以及費米進入 GeForce、特斯拉和 Quadro 的坡道。

Okay, thanks for the patience and I also have one real quick follow-up.

好的，感謝您的耐心，我也有一個真正的快速跟進。

Last earnings call, you had alluded to the channel inventory and how it had come back up by a week to about five weeks.

上一次財報電話會議，你提到了渠道庫存以及它是如何在一周到大約五週內恢復的。

Where are we now on the channel inventory?

我們現在在渠道庫存中處於什麼位置？

Thanks.

謝謝。

The channel inventory at the moment looks healthy.

目前的渠道庫存看起來很健康。

But you have to look at it across all the geographies and you have to look at it across the segments.

但是你必須在所有地區查看它，你必須在各個細分市場查看它。

The biggest lever for Q2 for us is growing into the performance segment that we've not been in for over two quarters.

對我們來說，第二季度的最大槓桿是進入我們兩個多季度以來沒有進入的績效領域。

And so ramping into the performance segment is just the number one most important thing that we need to do right now.

因此，進入性能領域只是我們現在需要做的第一件最重要的事情。

And obviously, since we've not been in it for a couple of quarters, the channel inventory for performance segment GPUs is very lean.

顯然，由於我們已經有幾個季度沒有參與其中了，因此性能細分 GPU 的渠道庫存非常少。

So we're going to be ramping into pent-up demand here for quite some time.

因此，我們將在相當長的一段時間內增加被壓抑的需求。

But there's no blended number that you'd like to share with us?

但是沒有您想與我們分享的混合數字？

I don't have anything to share with you right now.

我現在沒有什麼要和你分享的。

Okay.

好的。

Thank you.

謝謝你。

Kevin Cassidy, Thomas Weisel.

凱文·卡西迪，托馬斯·韋塞爾。

Thanks for taking my questions.

感謝您提出我的問題。

I wonder if you can give a little more detail on the inventory?

我想知道您是否可以提供更多關於庫存的詳細信息？

Is it new product, product that didn't get packaged?

是新產品，未包裝的產品嗎？

Or if you can just give a little more details on that?

或者，如果您可以提供更多詳細信息？

Yes, Kevin, I think in the prior comments and in the CFO commentary, we explained it really is associated primarily with GTX 470 and 480.

是的，凱文，我認為在之前的評論和首席財務官的評論中，我們解釋說它確實主要與 GTX 470 和 480 相關。

We ramped that product.

我們增加了那個產品。

We were favorably surprised with nicer yields than what we anticipated.

我們對比我們預期的更好的收益率感到驚訝。

And given the fact that that ramp was all occurring at the end of the quarter, there was just a limited amount of capacity we had at the back-end to get everything out that we would have liked to have gotten out.

考慮到這一增長都是在本季度末發生的，我們在後端只有有限的容量可以將我們希望得到的所有東西都拿出來。

So hence, when the quarter ended, we had some inventory of Fermi die that was waiting to be packaged.

因此，當季度結束時，我們有一些等待包裝的費米芯片庫存。

Okay.

好的。

And are you comfortable with this level?

你對這個級別感到滿意嗎？

Or do you expect it will come down next quarter or -- for a new product ramp, do you typically increase the inventories?

或者你預計下個季度會下降，或者——對於新產品的增加，你通常會增加庫存嗎？

Well, as Jen-Hsun was saying, right now, channel inventory is very dry for product from us, particularly in that high-end of the segment.

好吧，正如仁勳所說，現在，我們的產品渠道庫存非常乾燥，特別是在該細分市場的高端。

Our inventory generally would normally be the same way on a new product ramp.

我們的庫存通常在新產品坡道上是相同的方式。

But I think it will stabilize pretty much over the quarter for us.

但我認為這對我們來說將在本季度基本穩定下來。

And at the end -- we'll see what the inventory is at the end of the second quarter.

最後——我們將看到第二季度末的庫存情況。

Okay.

好的。

Thank you very much.

非常感謝。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

Nice work on the gross margins, guys.

伙計們，在毛利率方面做得很好。

Just to close on the inventory, should we assume that channel inventory did increase globally?

只是為了關閉庫存，我們是否應該假設全球渠道庫存確實增加了？

And did you, David, in terms of the outlook for inventory, did you just say that you expect it to be flat or up or slightly down or --?

大衛，就庫存前景而言，您是否只是說您預計它會持平或上升或略微下降或--？

No, I don't think I gave an indication other than the fact that we thought that our inventory issues with Fermi in the quarter would naturally work their way out as we fulfilled demand in the channel and with other customers.

不，我認為我沒有給出任何跡象，除了我們認為我們在本季度與 Fermi 的庫存問題自然會解決，因為我們滿足了渠道和其他客戶的需求。

Okay.

好的。

And then (multiple speakers) --

然後（多位發言者）——

Shawn, the easiest way to think about the inventory situation is that we ramped -- we're ramping into Fermi and we have a whole lot of ramping to do yet.

肖恩，考慮庫存情況的最簡單方法是我們增加了——我們正在增加費米，我們還有很多事情要做。

The back-end cycle time, the amount of testing that we had to do for Fermi GPUs are longer than mainstream products because they're just much, much larger GPUs.

後端週期時間，我們必須為 Fermi GPU 進行的測試量比主流產品要長，因為它們只是大得多的 GPU。

The Fermi GPU, as you know, is some 3 billion transistors and so there's a lot of testing to do.

如您所知，Fermi GPU 大約有 30 億個晶體管，因此需要進行大量測試。

And it takes longer to sort it; it takes longer to assemble it; it takes longer to test it.

而且排序需要更長的時間；組裝它需要更長的時間；測試它需要更長的時間。

And then we do final system-level testing on the GPUs before we ship them.

然後我們在發貨之前對 GPU 進行最終的系統級測試。

And so that entire back-end cycle time is many weeks.

所以整個後端循環時間是很多周。

And so all of the dies that came out as we're ramping -- and you could imagine the curve on the ramp that we're ramping up right now -- a lot of the die that came out of the fab we couldn't get through the back-end before the end of the quarter.

所以所有的芯片都是在我們加速時出來的——你可以想像我們現在正在加速的斜坡上的曲線——很多從晶圓廠出來的芯片我們都做不到在季度結束前打通後端。

So that's all part of inventory.

所以這都是庫存的一部分。

Now, of course, we're ramping into a fresh new market and a fresh new product.

現在，當然，我們正在進入一個全新的市場和全新的產品。

There's a lot of pent-up demand.

有很多被壓抑的需求。

And so we just need to keep the pressure on and just keep cranking through it.

所以我們只需要保持壓力並繼續努力。

And how much, as a percentage of your GPU revenues, was 40 nanometer this last quarter?

上個季度，40 納米佔 GPU 收入的百分比是多少？

Quite a bit, probably -- quite a bit.

相當多，可能——相當多。

It grew quite nicely.

它長得很好。

And when you look at Fermi coming into the mix along with our other 40 nanometer products, it grew pretty sizably this quarter.

當你看到 Fermi 與我們的其他 40 納米產品一起進入市場時，本季度它的增長相當可觀。

And when you saw the yield outside, was that across your whole range of 40 nanometer?

當你看到外面的產量時，那是在你的整個 40 納米範圍內嗎？

Or was it primarily Fermi-driven?

還是主要是費米驅動的？

It was across the whole 40 nanometer range.

它跨越了整個 40 納米範圍。

Okay.

好的。

And then maybe one last one for me.

然後也許是我的最後一個。

Can you share with us trends and pricing for your core GPU business, either units or pricing sequentially?

您能否與我們分享您的核心 GPU 業務的趨勢和定價，無論是單位還是順序定價？

Well, our pricing should -- our ASP trend should be going up because we're turning back to the high-end part of the market for the first time in six months-plus.

好吧，我們的定價應該——我們的 ASP 趨勢應該上升，因為我們在六個月以上的時間裡第一次回到市場的高端部分。

And so I would expect our ASP to be trending up at the moment.

所以我預計我們的 ASP 目前會呈上升趨勢。

Okay, thank you very much.

好的，非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Good afternoon and thanks for taking my question.

下午好，感謝您提出我的問題。

I was wondering if we could start off on the OpEx side for a second.

我想知道我們是否可以先從運營支出方面開始。

David, I think OpEx ticked up just a little bit in the quarter.

大衛，我認為本季度的運營支出略有上升。

Are there any events like legal spending or any litigation that would cause OpEx to be up materially in the next couple quarters?

是否有任何事件，如法律支出或任何訴訟會導致運營支出在接下來的幾個季度大幅上升？

Or are you trying to keep that as flat as possible?

或者你是否試圖保持盡可能平坦？

Okay.

好的。

Well, our objective is to be flat.

好吧，我們的目標是平坦。

That's what we've consistently stated and so forth.

這就是我們一貫所說的等等。

When you look at our expenses, there's some expenses we can control and there's some expenses we can't control.

當您查看我們的費用時，有些費用我們可以控制，有些費用我們無法控制。

And as you look at our operating expenses in the second quarter and the fact they are, like you said, modestly up, it really was a result of two things that were really not largely in our control -- one of which has to do with employee exercising stock options, where we have to pay payroll taxes on those as they exercise them.

當您查看我們第二季度的運營費用時，正如您所說的那樣，它們小幅上升，這確實是兩件事情的結果，這在很大程度上不是我們所能控制的——其中一件與行使股票期權的員工，我們必須在他們行使股票期權時為其支付工資稅。

The second have to do with legal expenses, which you just mentioned.

第二個與您剛才提到的法律費用有關。

As you know, we have a case going on between ourselves and Intel right now.

如您所知，我們現在和英特爾之間正在處理一個案件。

That's certainly in full swing of depositions and so forth, which is driving -- and discovery, which is driving a significant amount of legal expenses.

這肯定是在全面展開證詞等等，這正在推動 - 以及發現，這正在推動大量的法律費用。

But also, you have to add on top of the fact that the FTC has an investigation going on as well.

但是，除此之外，您還必須補充一個事實，即 FTC 也在進行調查。

And that investigation is entirely outside of our control; but yet we get -- we have to support with depositions and discovery and so forth.

這種調查完全不在我們的控制範圍內；但是我們得到了——我們必須支持證詞和發現等等。

And so those are the two things that are really driving our expenses.

這就是真正推動我們支出的兩件事。

And considering that we're roughly at the peak of this, we don't see it tailing off this next quarter, which is why we guided flat.

考慮到我們大致處於高峰期，我們認為下個季度不會出現下滑，這就是我們持平的原因。

Hey, perfect.

嘿，完美。

And then as a follow-up, could you address why accounts receivable jumped so meaningfully in the quarter?

然後作為後續行動，您能否解釋一下為什麼本季度的應收賬款增長如此有意義？

Well, we launched two products at the very end of the quarter, Fermi being one of them, right?

好吧，我們在本季度末推出了兩款產品，Fermi 就是其中之一，對吧？

And when you launch those products at the end of the quarter, you end up with receivables that you collect on the next quarter.

當您在本季度末推出這些產品時，您最終會收到下個季度的應收賬款。

So it's primarily all related to launch activities.

所以這主要與發布活動有關。

So it was all the fact that the new products were so back-end loaded in the quarter?

那麼，新產品在本季度的後端負載如此之大，這一切都是事實嗎？

We launched them at the end of the quarter and, hence, they are back-end loaded at the end of the quarter, yes.

我們在本季度末推出了它們，因此，它們在本季度末被後端加載，是的。

Perfect.

完美的。

Thanks so much.

非常感謝。

Doug Freedman, Broadpoint AmTech.

道格弗里德曼，Broadpoint AmTech。

Great.

偉大的。

Thanks for taking my question, guys.

謝謝你提出我的問題，伙計們。

David, can you talk a little bit about where we are in the MCP ramp-down and how you guys are going to manage that ramp-down?

大衛，你能談談我們在 MCP 下降中的位置以及你們將如何管理這種下降嗎？

Is there any cost savings that will occur as those revenues go away?

隨著這些收入的消失，是否會節省任何成本？

Well, certainly there's cost savings.

嗯，當然可以節省成本。

What we've tended to do is we tended to redeploy resources into other areas of our business where we have other needs; you know, in such areas as computing and mobile and so forth.

我們傾向於將資源重新部署到我們有其他需求的其他業務領域；你知道，在計算和移動等領域。

As it relates to the vector of MCP in terms of how it's doing and so forth, we've combined that business with GPU organizationally and also financially.

由於它與 MCP 的向量有關，就其運作方式等而言，我們已經在組織上和財務上將該業務與 GPU 結合起來。

We've indicated that, over time, we expect the MCP business to go down and we expect the discreet business to go up.

我們已經表明，隨著時間的推移，我們預計 MCP 業務會下降，我們預計謹慎業務會上升。

And that is progressing according to plan.

這正在按計劃進行。

But MCP is not, as I said earlier, MCP is not ramping down.

但 MCP 並不是，正如我之前所說，MCP 並沒有逐漸下降。

We launched our 320M product and it's doing quite well.

我們推出了我們的 320M 產品，它的表現相當不錯。

We expect it to continue to do well.

我們預計它將繼續表現良好。

Okay.

好的。

If I was to move on and look at another segment of your business, the 3D Vision products seem to be broadly accepted in the market.

如果我要繼續看看您的業務的另一個部分，3D Vision 產品似乎在市場上被廣泛接受。

Can you give us an update on how that's going?

你能告訴我們最新情況嗎？

What impact that could have to revenues and margins?

這會對收入和利潤產生什麼影響？

Margins are about corporate average right now.

利潤率目前約為公司平均水平。

3D Vision just had a record quarter.

3D Vision 剛剛創下了一個創紀錄的季度。

3D Vision will likely have another record quarter, followed by another record quarter, is my guess.

我猜 3D Vision 可能會再創紀錄，然後是另一個創紀錄的季度。

This is a -- at this point, it's pretty clear to everybody just as the future of TV is 3D, the future of PCs is 3D.

這是——在這一點上，每個人都很清楚電視的未來是 3D，PC 的未來是 3D。

And so if you would like to have a gaming PC or a multimedia PC, and it has 3D blue ray, certainly, it should come with 3D Vision or some 3D glasses that you can enjoy it with.

因此，如果您想擁有一台遊戲 PC 或多媒體 PC，並且它具有 3D 藍光，那麼它當然應該配備 3D Vision 或一些您可以享受它的 3D 眼鏡。

So I think that this is going to become part of a [standard] offering of consumer PCs in the future.

所以我認為這將成為未來消費 PC 的 [標準] 產品的一部分。

And so this is a great growth opportunity for us and one that we're really proud of.

因此，這對我們來說是一個巨大的增長機會，也是我們真正引以為豪的一個機會。

Yes, Doug, I would just make one comment to add to Jen-Hsun's, and that is, you've got to sell a lot of glasses to change the needle here in video.

是的，Doug，我只想給 Jen-Hsun 做一個評論，那就是，你必須賣掉很多眼鏡才能在視頻中換針。

I think the more important thing is the impact that 3D has on our graphics business and the fact that the pull that it creates for our graphics products.

我認為更重要的是 3D 對我們的圖形業務的影響以及它為我們的圖形產品創造的吸引力。

I think it will have more impact there than it will necessarily the glasses, per se.

我認為它對那裡的影響會比眼鏡本身產生的影響更大。

Great.

偉大的。

Thanks for that help.

謝謝你的幫助。

Arnab Chanda, Roth Capital.

Arnab Chanda，羅斯資本。

I have a couple of questions.

我有一些問題。

First of all, if you could talk a little bit about gross margins.

首先，如果你能談談毛利率。

It seems like as your mix improves, your gross margins continue to go higher.

似乎隨著您的組合改善，您的毛利率繼續走高。

In fact, they might be close or at an all-time high.

事實上，它們可能接近或處於歷史最高水平。

Is that continuing to occur as the mix improves?

隨著組合的改善，這種情況是否會繼續發生？

Or are we getting close to kind of -- sort of peak here?

還是我們正在接近某種 - 某種高峰？

And then I have one follow-up question.

然後我有一個後續問題。

Hey, Arnab.

嘿，阿納布。

We don't -- we haven't guided to where we think, ultimately, we think margins ought to be.

我們沒有——我們沒有引導到我們認為的地方，最終，我們認為利潤應該在哪裡。

But ultimately, NVIDIA's gross margins ought to be in the mid-50s to high 50s.

但最終，NVIDIA 的毛利率應該在 50 年代中期到 50 年代的高位。

That's really where we ought to go.

那真的是我們應該去的地方。

And the reason for that is because an increasing amount of our business is highly differentiated business, where software, middleware, and other peripherals are such a large part of it.

原因是我們越來越多的業務是高度差異化的業務，其中軟件、中間件和其他外圍設備佔了很大一部分。

And as we continue to grow our Quadro business; as we continue to grow our Tesla business; as we continue to grow our Tegra business, where software is just such a large part of it, my expectation is that the gross margins will continue to reflect that.

隨著我們繼續發展我們的 Quadro 業務；隨著我們繼續發展我們的特斯拉業務；隨著我們繼續發展我們的 Tegra 業務，其中軟件只是其中很大一部分，我的期望是毛利率將繼續反映這一點。

For each one of the businesses that I just described, the gross margins are better than where we are as a corporate standard.

對於我剛剛描述的每一項業務，毛利率都比我們作為企業標準的水平要好。

And two-thirds of our Company's revenues come from businesses that I've just described and -- or profits come from business that I've just described, even though it doesn't represent nearly that much of the total revenues.

我們公司三分之二的收入來自我剛剛描述的業務，或者利潤來自我剛剛描述的業務，儘管它幾乎不佔總收入的那麼多。

And so my sense is that, over time, as those businesses grow, our margins ought to drift towards it.

所以我的感覺是，隨著時間的推移，隨著這些業務的增長，我們的利潤應該會向它傾斜。

And mixed with mainstream GeForce business, which will continue to be competitive, I think that an overall average just north of 50% is logical for our Company.

再加上將繼續具有競爭力的主流 GeForce 業務，我認為我們公司的總體平均水平略高於 50% 是合乎邏輯的。

And so we've just got to get there.

所以我們必須到達那裡。

You know that, Arnab, we've been transforming our Company step-by-step over the last three or four, five years, and moving away from just offering a fast chip to offering solutions and software that differentiates us and adds a lot more value to our customers.

你知道，Arnab，在過去的三、四年、五年裡，我們一直在逐步改變我們的公司，從僅僅提供快速芯片轉向提供使我們與眾不同並增加更多功能的解決方案和軟件為我們的客戶創造價值。

3D Vision, for example, that was just discussed, is a great example of that.

例如，剛剛討論過的 3D Vision 就是一個很好的例子。

It only works with GeForce and so it brings a lot more value to GeForce.

它僅適用於 GeForce，因此它為 GeForce 帶來了更多價值。

CUDA is another area of innovation and it only works with GeForce.

CUDA 是另一個創新領域，它只適用於 GeForce。

And so, over time, between those kinds of things and many, many examples that relate to Quadro and Tesla and Tegra, those value-added ideas that we bring to the marketplace will be valued, we'd hope.

因此，隨著時間的推移，在這些事物以及與 Quadro、Tesla 和 Tegra 相關的許多示例之間，我們希望為市場帶來的那些增值創意將受到重視。

So, I'm sorry, I'm not sure if I heard you correctly.

所以，很抱歉，我不確定我是否聽錯了。

Did you say mid to high 50s, not 40s?

你說的是 50 多歲，而不是 40 多歲？

I'm kind of having a little bit of a shock here.

我在這裡有點震驚。

So I want to make sure (multiple speakers) --

所以我想確保（多位發言者）——

That's where we should be.

那是我們應該在的地方。

And maybe another way of saying that is where we are right now should not be our peak and we don't expect it to be our peak.

也許另一種說法是，我們現在所處的位置不應該是我們的巔峰，我們也不希望它成為我們的巔峰。

And if the mix of our business continues to grow, as you were referring to earlier, then that should naturally take us above 50%.

如果我們的業務組合繼續增長，正如您之前提到的，那麼這自然會使我們超過 50%。

Right?

正確的？

Tesla is above 50%.

特斯拉超過 50%。

Quadro is above 50%.

Quadro 超過 50%。

And so if those businesses continue to grow, we should certainly expect our gross margins to grow.

因此，如果這些業務繼續增長，我們當然應該期望我們的毛利率增長。

Okay.

好的。

Well, just one follow-up question then.

那麼，只有一個後續問題。

It seems like, given you have all these new products ramping, shouldn't that offset seasonality?

看起來，鑑於所有這些新產品都在增加，難道不應該抵消季節性嗎？

I mean, you're still guiding seasonally when -- or is there something going on in the end market that makes you a little cautious?

我的意思是，你仍然在季節性指導 - 或者終端市場發生了什麼讓你有點謹慎的事情？

If you could give us a little qualitative view on that, that would be great.

如果您能給我們一些定性的看法，那就太好了。

Thank you.

謝謝你。

Well, you know Q2 is Q2 and everybody has the same feelings about the overall market at the moment as we do, I guess.

嗯，你知道第二季度就是第二季度，我猜現在每個人對整個市場的感受都和我們一樣。

There's some amount of cautiousness and there's some amount of enthusiasm.

有一些謹慎，也有一些熱情。

And so I think that for the mainstream part of our business to be seasonal and for us to drive growth through new products, I think that's sensible.

所以我認為，我們業務的主流部分是季節性的，我們通過新產品來推動增長，我認為這是明智的。

And we're comfortable with the guidance.

我們對指導感到滿意。

And if it turns out different at the end of the quarter, then we can all rejoice.

如果在本季度末結果有所不同，那麼我們都可以歡欣鼓舞。

Thanks, Jen-Hsun.

謝謝，仁勳。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

A couple of quarters ago, or even last quarter, you talked about the idea that you were under-shipping demand.

幾個季度前，甚至上個季度，您談到了您的需求不足的想法。

And now you're guiding for normal seasonal in the July quarter.

現在，您正在指導 7 月季度的正常季節性。

So that business that you were under-shipping, is that something that was sort of temporal, right?

因此，您欠缺的業務是暫時的，對嗎？

It was sort of associated with the timeframe that we're at?

這與我們所處的時間範圍有關嗎？

Or is that lost business to competition?

還是因為競爭而失去了業務？

Or how should we think about that?

或者我們應該怎麼想？

Well, the market overall was pretty supply-constrained on 40 nanometer so I don't know that we lost anything to the competition.

嗯，整個市場在 40 納米方面的供應非常有限，所以我不知道我們在競爭中失去了什麼。

But I think some demand is perishable.

但我認為有些需求是易腐爛的。

I mean, if you went to a PC store and you couldn't buy a PC, you bought probably something else; or maybe you waited.

我的意思是，如果你去電腦商店買不到電腦，你可能買了別的東西；或者，也許你等了。

But 40 nanometers was surely supply-constrained.

但 40 納米肯定是供應受限的。

And we're still supply-constrained in certain segments of that, of the 40 nanometer product line.

在 40 納米產品線的某些部分，我們仍然受到供應限制。

But at the moment, we see the marketplace as being relatively balanced.

但目前，我們認為市場相對平衡。

And looking into Q2, parts of the market is going to be seasonal and parts of our business is going to be high-growth.

展望第二季度，部分市場將是季節性的，我們的部分業務將實現高增長。

And so we're just going to have to see how it turns out at the end of the quarter.

因此，我們只需要看看本季度末的結果如何。

Okay.

好的。

As we think about the evolution of Fermi across the larger price [stacked] at NVIDIA over the course of the next few quarters, how should we think about that?

當我們思考在接下來的幾個季度中，英偉達在更高的價格 [堆疊] 上 Fermi 的演變時，我們應該如何看待這個問題？

What's the pattern we should expect to see?

我們應該期望看到的模式是什麼？

When does Fermi permeate the entire price tag?

費米何時滲透到整個價格標籤中？

We are sampling Fermi's from entry-level notebook all the way to supercomputer Fermi's.

我們正在採樣從入門級筆記本到超級計算機 Fermi 的 Fermi。

So there are many versions that we're already sampling.

因此，我們已經在採樣許多版本。

So we'll go into production with it as soon as our customers go into production.

因此，我們將在客戶投入生產後立即投入生產。

And will gross margins be affected as that spread -- how does the pattern of that coincide with the pattern of these sampling devices?

毛利率是否會隨著這種擴散而受到影響——這種模式與這些採樣設備的模式如何一致？

Well, we're guiding gross margins up next quarter.

好吧，我們正在引導下個季度的毛利率上升。

Okay.

好的。

All right, fair enough.

好吧，夠公平的。

Great.

偉大的。

Thanks.

謝謝。

Craig Berger, Friedman Billings & Ramsey and Company.

克雷格·伯傑、弗里德曼·比林斯和拉姆齊公司。

Let's see here.

讓我們看看這裡。

I guess one question I have is, as we look into the back half of the year, should we still be looking for normal seasonality despite the, I guess, the better than Q1?

我想我的一個問題是，當我們展望今年下半年時，我們是否應該繼續尋找正常的季節性，儘管我想，比第一季度更好？

Meaning, said differently, is Q2 kind of aligned with consumption shipments here?

換句話說，Q2 與這裡的消費出貨量一致嗎？

Thanks.

謝謝。

The back half of the year, a better look at the back half of the year, I see that we will have more Fermi's in production.

下半年，更好地看看下半年，我看到我們會有更多的費米在生產。

I see that Tesla, our GPU for servers, is going to ramp up substantially because of OEMs going into production.

我看到我們的服務器 GPU 特斯拉將因為 OEM 投入生產而大幅增加。

This is the first Tesla that has been designed standard into OEM servers -- into many, many OEM servers.

這是第一款按照 OEM 服務器標准設計的 Tesla —— 很多很多 OEM 服務器。

I see that the second half, our expectation is that enterprise consumption is going to continue to grow; so Quadro will continue to grow.

我看到下半年，我們的預期是企業消費會繼續增長；所以 Quadro 將繼續增長。

And I see that second half, our Tesla smartphone and -- oh, excuse me, Tegra smartphone and tablets will go into production.

我看到下半年，我們的特斯拉智能手機和 - 哦，對不起，Tegra 智能手機和平板電腦將投入生產。

Thank you for that.

謝謝你。

So my sense is that the second half, couple that with seasonality, ought to be pretty good.

所以我的感覺是下半年，加上季節性，應該相當不錯。

And so we need to make sure that we're very thoughtful about continuously to improve our yields and ramping up production.

因此，我們需要確保我們非常周到地不斷提高產量和增加產量。

Next question on Tegra.

關於 Tegra 的下一個問題。

It obviously was down seasonally quite a bit in the first quarter.

顯然，第一季度的季節性下降了很多。

When do some of those design wins kick in?

其中一些設計勝利何時開始？

Who are you really focusing on to drive second half growth?

您真正關注誰來推動下半年的增長？

Craig, can I just correct you?

克雷格，我可以糾正你嗎？

Q1 for Tegra was not down.

Tegra 的 Q1 沒有下降。

The segment that it was in was down, primarily related to other non-mobile businesses that roll up into that consumer space.

它所在的細分市場下降了，主要與進入該消費領域的其他非移動業務有關。

But Tegra was actually up quarter-over-quarter.

但 Tegra 實際上是季度環比增長。

Can you tell us how much?

你能告訴我們多少錢嗎？

We're really not -- I think we've indicated in the past that when Tegra becomes meaningful to where it's significant, we'll break it out.

我們真的不是——我想我們過去已經表明，當 Tegra 變得對它重要的地方有意義時，我們會打破它。

But at this point, it's still pretty small.

但在這一點上，它仍然很小。

I see.

我懂了。

Thanks for that clarification.

感謝您的澄清。

And then just magnitude and timing of growth, and maybe which customers you're really focusing on for the second half?

然後只是增長的幅度和時間，也許下半年你真正關注哪些客戶？

We don't announce our customers' products, so we'll talk about that when we go into production in the second half.

我們不公佈客戶的產品，所以我們將在下半年投入生產時討論這一點。

The thing that we would love to talk about is the products that have already gone into production.

我們想談的是已經投入生產的產品。

And I'm delighted to see Microsoft's [King] get into production and all the innovative new products -- the new features that they've brought to the marketplace.

我很高興看到微軟的 [King] 投入生產和所有創新的新產品——他們為市場帶來的新功能。

And it's a new perspective in the mobile phone market and so we're excited about that.

這是手機市場的一個新視角，所以我們對此感到興奮。

Last question, on the chipset side.

最後一個問題，在芯片組方面。

I know you just launched some new products.

我知道你剛剛推出了一些新產品。

Do you still expect that segment, even though you're not splitting it out, do you still expect that segment to be flattish this year?

您是否仍然期望該細分市場，即使您沒有將其拆分，您是否仍然希望該細分市場今年持平？

And kind of when do you see the inflection point in revenues maybe beginning to fall off in that segment?

你什麼時候看到收入的拐點可能開始在那個領域下降？

Thanks so much.

非常感謝。

We expect the chipset business to do very nicely the next 12 months, at least.

我們預計芯片組業務至少在接下來的 12 個月內會表現得非常好。

Okay, thank you.

好的謝謝你。

Thanks a lot, Craig.

非常感謝，克雷格。

Alex Guana, JMP Securities.

亞歷克斯·瓜納，JMP 證券。

I know you mentioned the 330 and the Netbook Pros, and the benefits they bring.

我知道您提到了 330 和 Netbook Pro，以及它們帶來的好處。

I'm also noticing in the Windows environment, a pretty nice footprint for your Quadro product.

我還注意到在 Windows 環境中，您的 Quadro 產品佔用空間非常好。

Is Quadro in the mobile space been a meaningful driver to date?

迄今為止，移動領域的 Quadro 是否是一個有意義的驅動因素？

Is that improving?

有沒有好轉？

And is either 40 nanometer or Fermi coming in that line improving the outlook for that?

40 納米或費米是否會出現在這條線上，這會改善前景嗎？

Quadro has a very, very large share of the overall workstation market, both desktop and notebook.

Quadro 在整個工作站市場（包括台式機和筆記本電腦）中佔有非常非常大的份額。

And the notebook is a new growth area for Quadro because just as we do, like to bring our work home with us, so do people who design things.

筆記本電腦是 Quadro 的一個新增長領域，因為就像我們一樣，喜歡把工作帶回家，設計事物的人也一樣。

And so whether it's video editing, which a lot of people -- a lot of video artists like to do it on their laptops, or designing tennis shoes to cars -- the ability to bring their work wherever they go is a very important capability for them.

因此，無論是視頻編輯，很多人——很多視頻藝術家都喜歡在他們的筆記本電腦上進行，或者為汽車設計網球鞋——無論他們走到哪裡，都能將他們的作品帶到任何地方都是非常重要的能力。他們。

And so we see more and more people both having their workstation on their desk at work as well as being able to take it with them in their notebook.

因此，我們看到越來越多的人在工作時將工作站放在辦公桌上，並且可以將其放在筆記本中。

And in the future, we are expecting the server to be a big part of our workstation business as well.

在未來，我們期望服務器也將成為我們工作站業務的重要組成部分。

Quadro into servers, either in the form of -- with display, or Tesla into servers as a rendering, remote rendering capability, is a new growth opportunity for us.

Quadro 進入服務器，無論是帶顯示器的形式，還是 Tesla 進入服務器作為渲染、遠程渲染能力的形式，對我們來說都是一個新的增長機會。

More and more people would like to put their work in the cloud, and be able to share that work and collaborate with people all over the world.

越來越多的人希望將他們的工作放在雲中，並能夠與世界各地的人們分享這些工作並進行協作。

And so we see those two drivers to continue to grow the Quadro market.

因此，我們看到這兩個驅動因素將繼續發展 Quadro 市場。

But the notebook is a very important segment for us, and we have a very large footprint there, and it's a market that I expect to continue to grow.

但是筆記本電腦對我們來說是一個非常重要的部分，我們在那裡的足跡非常大，我預計這個市場會繼續增長。

And if I could follow-up, you'd mentioned -- you say you don't preannounce your customers' products, but you also highlight a good roadmap for Fermi that's sampling.

如果我可以跟進，你會提到 - 你說你不會預先宣布你的客戶的產品，但你也強調了一個很好的 Fermi 路線圖，即抽樣。

Could we see products or Fermi broaden its architecture as early as E3?

我們能否在 E3 上看到產品或 Fermi 擴展其架構？

Or is more of a Computex back-to-school type of timeframe?

還是更像是 Computex 的返校時間表？

Fermi for E3 -- well, Fermi is the name of the architecture and it goes into three different product lines.

Fermi for E3——嗯，Fermi 是架構的名稱，它分為三個不同的產品線。

The first one is GeForce and that one is in large volume production now.

第一個是 GeForce，現在已經量產。

We're ramping that very hard and we've got a lot of ramping to do.

我們正在非常努力地進行爬坡，而且我們還有很多事情要做。

We've been -- because we were late with Fermi, we were out of this marketplace for some six months to maybe eight months.

我們一直——因為我們在費米方面遲到了，我們離開這個市場大約六個月到八個月。

And so there's a very large pent-up demand for high-end product out there.

因此，對高端產品的壓抑需求非常大。

And so we need to grow that segment, go back into that segment as hard as we can.

所以我們需要發展那個細分市場，盡可能地回到那個細分市場。

The second is our Tesla.

第二個是我們的特斯拉。

Fermi is used for GPUs in the server.

Fermi 用於服務器中的 GPU。

They're used for computational processors -- for supercomputers, oil and gas, seismic analysis, to financial risk calculations.

它們用於計算處理器——用於超級計算機、石油和天然氣、地震分析、金融風險計算。

And so that has also grown -- just had a record quarter and our expectation is we'll have yet another record quarter.

所以這也增長了——剛剛創紀錄的一個季度，我們的期望是我們將再創一個創紀錄的季度。

And then the third segment of Fermi is Quadro.

然後費米的第三部分是 Quadro。

Quadro is our workstation graphics solution.

Quadro 是我們的工作站圖形解決方案。

And it's used by people who create movies, make movies, as well as design cars.

它被製作電影、製作電影以及設計汽車的人使用。

So those three products will launch in the appropriate customers in the appropriate conferences.

因此，這三款產品將在適當的會議上向適當的客戶推出。

Okay, thanks.

好的謝謝。

Congratulations.

恭喜。

Nice quarter.

漂亮的季度。

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 Hara.

我現在將把電話轉給 Michael Hara。

Please go ahead.

請繼續。

Thanks, everyone, for joining us.

謝謝大家加入我們。

We look forward to talking to you about next quarter's results.

我們期待與您討論下一季度的業績。