輝達 (NVDA) 2011 Q2 法說會逐字稿

Good afternoon.

下午好。

Thank you for holding.

謝謝你的捧場。

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

我現在想將電話轉給投資者關係副總裁 Michael Hara。

Thank you, sir, you may begin.

謝謝樓主，可以開始了。

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

下午好，歡迎參加 NVIDIA 2011 財年第二季度電話會議。

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

NVIDIA 總裁兼首席執行官黃仁勳今天與我通話；和首席財務官大衛懷特。

After our prepared remarks, we will open up the call 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 question.

請將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 the telephone until August 19, 2010, and the webcast will be available for replay until our conference call to discuss our financial results for our third quarter of fiscal 2011.

電話會議的重播將在 2010 年 8 月 19 日之前通過電話進行，網絡廣播將在我們討論 2011 財年第三季度財務業績的電話會議之前進行重播。

The content of today's conference call is NVIDIA's property and cannot be reproduced or 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-Q for the fiscal period ended May 2, 2010, and the reports we may file from time to time on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布、我們截至 2010 年 5 月 2 日的財政期間的 10-Q 表格以及我們可能不時提交的報告向美國證券交易委員會提交的 8-K 表格。

All of our statements are made as of today, August 12, based on information available to us 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（8 月 12 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。

With that, let's begin.

有了這個，讓我們開始吧。

Rapidly changing market conditions made Q2 a challenging quarter.

快速變化的市場條件使第二季度成為一個充滿挑戰的季度。

We experienced softness in consumer PC demand in Europe and China, our largest GeForce regions.

我們在最大的 GeForce 地區歐洲和中國經歷了消費 PC 需求疲軟。

Weak consumer market and the weak euro shifted demand away from the premium experienced PC segment that G4 serves.

疲軟的消費市場和疲軟的歐元將需求從 G4 服務的高端 PC 細分市場轉移。

At the end of Q1 we began selling our new Fermi-based GeForce GTX 480 and 470 GPUs into strong demand and saw healthy in-channel sellout for GeForce products across our lineup.

在第一季度末，我們開始銷售基於 Fermi 的新型 GeForce GTX 480 和 470 GPU，以滿足強勁的需求，並且看到我們產品線中 GeForce 產品的渠道內銷售情況良好。

We entered Q2 with high expectations.

我們帶著很高的期望進入了第二季度。

As the quarter progressed, rising memory costs and the weakness of the euro increased in-the-market prices of graphics [at in-carts].

隨著本季度的進展，內存成本上升和歐元疲軟增加了顯卡的市場價格 [in-carts]。

In addition, the growing economic concerns in Europe and China began to create pressure on discretionary spending.

此外，歐洲和中國日益增長的經濟擔憂開始對可自由支配的支出造成壓力。

Because discrete GPU attach rates in Europe and China are among the highest in the world and our share in both these regions is also very high, these factors hit our consumer business particularly hard.

由於歐洲和中國的獨立 GPU 連接率在世界上名列前茅，而且我們在這兩個地區的份額也非常高，這些因素對我們的消費者業務造成的打擊尤其嚴重。

Today we also announced an additional charge to cover costs resulting from a weak die packaging materials set in certain GPU and MCP products shipped before July 2008.

今天，我們還宣布了一項額外費用，以支付 2008 年 7 月之前發貨的某些 GPU 和 MCP 產品中設置的較弱芯片封裝材料導致的成本。

This is the same issue we disclosed previously.

這與我們之前披露的問題相同。

We provided more detail in the CFO commentary which we released prior to the call.

我們在電話會議前發布的首席財務官評論中提供了更多細節。

Although the end markets remain uncertain, we have exciting new products that can drive revenue and share growth.

儘管終端市場仍然不確定，但我們有令人興奮的新產品可以推動收入和份額增長。

We are continuing to regain our GeForce consumer GPU leadership position across the entire product stack.

我們將繼續在整個產品堆棧中重新奪回 GeForce 消費級 GPU 的領導地位。

The GTX 40 has claimed the top spot in the enthusiast segment.

GTX 40 在發燒友細分市場中名列前茅。

Our focus is now on the gamer's sweet spot, the $199 performance segment.

我們現在的重點是遊戲玩家的最佳選擇，即 199 美元的性能部分。

In July we launched the GTX 460.

7 月，我們推出了 GTX 460。

GTX 460 uses our second-generation Fermi architecture and delivers the perfect balance of price, performance and power specifically for the $199 segment.

GTX 460 使用我們的第二代 Fermi 架構，並為 199 美元的細分市場提供價格、性能和功率的完美平衡。

The industry reviews underscore the 460's unrivaled competitive position.

行業評論強調了 460 無與倫比的競爭地位。

HardOCP (technical difficulty) it performs admirably, it's dead quiet, it tips power, it runs cool and it over-quads like a monster without voltage modification, end quote.

HardOCP（技術難度）它的表現令人欽佩，它非常安靜，它提示電源，它運行很酷，它像怪物一樣在沒有電壓修改的情況下過度四邊形，結束報價。

GameStar Hardware explained, quote, NVIDIA is back.

GameStar 硬件解釋說，英偉達回來了。

The GTX 460 is fast, really fast, and at the same time enjoyably quiet and has much lower power consumption, end quote.

GTX 460 速度非常快，非常快，同時非常安靜，而且功耗更低，結束報價。

HardOCP also wrote in the following report, quote, if our earlier articles have not proved it yet, this one surely puts the final nail in the coffin.

HardOCP 在下面的報導中也寫道，引述，如果我們之前的文章還沒有證明這一點，那麼這篇肯定是敲響了棺材的最後一顆釘子。

GTX 460 1-gig SLI real-world gaming performance is superior to even AMD's fastest high-end single GPU video card in a Crossfire-X configuration, end quote.

GTX 460 1-gig SLI 真實遊戲性能甚至優於 AMD 在 Crossfire-X 配置中最快的高端單 GPU 顯卡，結束報價。

AnandTech put it simply, quote, NVIDIA's GeForce GTX 460 -- the $200 King, end quote.

AnandTech 簡單地說，引用 NVIDIA 的 GeForce GTX 460——200 美元的王者，結束報價。

GTX 460 is a showcase of the revolutionary Fermi architecture designed from the ground up for DX11.

GTX 460 展示了為 DX11 重新設計的革命性 Fermi 架構。

We are now ramping the rest of the Fermi GPUs from top to bottom and including notebooks and workstations.

我們現在正在從上到下升級其餘的 Fermi GPU，包括筆記本電腦和工作站。

At SIGGRAPH, we launched the era of computational visualization for designers, engineers, researchers and animators with the introduction of our Fermi-class Quadro GPUs and new NVIDIA 3D Vision Pro solution.

在 SIGGRAPH，我們推出了 Fermi 級 Quadro GPU 和新的 NVIDIA 3D Vision Pro 解決方案，為設計師、工程師、研究人員和動畫師開啟了計算可視化時代。

Computational visualization combined with the parallel computing power of the Fermi architecture with visualization to enable a breakthrough capability for designers.

計算可視化與 Fermi 架構的並行計算能力與可視化相結合，為設計人員提供了突破性的能力。

Powered by our new Fermi-class Quadro, artists can create photorealistic imageries for print ads, commercials and movies in minutes rather than hours.

在我們新的 Fermi 級 Quadro 的支持下，藝術家可以在幾分鐘而不是幾小時內為平面廣告、商業廣告和電影創建逼真的圖像。

Car designers can simultaneously optimize the design for beauty as well as for aerodynamics.

汽車設計師可以同時針對美觀和空氣動力學優化設計。

The new family of Quadro GPUs deliver performance that is up to five times faster for graphics and up to eight times faster performance for computational simulation than our previous Quadro generation.

與上一代 Quadro 相比，新的 Quadro GPU 系列提供的圖形性能最高可提升 5 倍，計算模擬性能最高可提升 8 倍。

Premium class Quadro is the biggest discontinuity we've introduced since Quadro FX introduced geometry processing over 10 years ago and workstation partners Dell, HP and Lenovo are all racing to engage new markets as well as upgrading a large installed base of Quadro workstations.

自 10 多年前 Quadro FX 推出幾何處理以來，Premium Class Quadro 是我們引入的最大不連續性，工作站合作夥伴戴爾、惠普和聯想都在競相開拓新市場併升級大量已安裝的 Quadro 工作站。

Tesla achieved another record quarter and continues to make further inroads into our targeted verticals.

特斯拉實現了另一個創紀錄的季度，並繼續在我們的目標垂直領域進一步進軍。

Last week DARPA announced that NVIDIA has been awarded a $25 million research grant (technical difficulty) to address what the agency calls, quote, a crisis in computing.

上週 DARPA 宣布，NVIDIA 已獲得 2500 萬美元的研究資助（技術難度），以解決該機構所稱的計算危機。

Today's conventional computers are starting to hit practical limits since they can only do so much computation, given a certain amount of energy.

今天的傳統計算機開始達到實際極限，因為在給定一定能量的情況下，它們只能進行這麼多的計算。

For DARPA to recognize that NVIDIA should take the lead to discover the computing architecture of the future is a recognition of the impact of GPU computing and NVIDIA's contribution to computing.

DARPA 認識到英偉達應該率先發現未來的計算架構，是對 GPU 計算的影響和英偉達對計算的貢獻的認可。

Under a four-year contract the team plans to build a new class of exascale supercomputers that are 1000 times more powerful than today's supercomputers, using similar amounts of energy.

根據一份為期四年的合同，該團隊計劃建造一類新的百億億級超級計算機，其功能是當今超級計算機的 1000 倍，使用的能源量相近。

Our team includes Cray, Oak Ridge National Laboratory and several top universities.

我們的團隊包括克雷、橡樹嶺國家實驗室和幾所頂尖大學。

The enthusiasm for our upcoming GPU Technology Conference in September is another example of the momentum we are seeing behind GPU computing.

對即將在 9 月舉行的 GPU 技術大會的熱情是我們在 GPU 計算背後看到的勢頭的另一個例子。

Last year we exceeded attendees' expectations.

去年，我們超出了與會者的預期。

This year we have four times the number of papers submitted, three times the sponsorship levels and are expecting twice the number of registered attendees.

今年，我們提交的論文數量增加了四倍，贊助水平增加了三倍，預計註冊參會人數將增加一倍。

Industry speakers will discuss the use of CUDA in fields ranging from cloud computing, computer vision, energy exploration, life sciences, medical imaging to finance.

行業演講者將討論 CUDA 在雲計算、計算機視覺、能源探索、生命科學、醫學成像和金融等領域的使用。

It is very clear now that parallel computing has reached the tipping point and is accelerating discovery in a broad range of important industries.

現在很明顯，並行計算已經達到了臨界點，並且正在加速在廣泛的重要行業中的發現。

Finally, in one of our most important initiatives, we need to execute and help our Tegra customers ship their next-generation smartphones, tablets, netbooks and cards.

最後，在我們最重要的舉措之一中，我們需要執行並幫助我們的 Tegra 客戶交付他們的下一代智能手機、平板電腦、上網本和卡片。

These devices will be the industry's first to offer Tegra's dual-core CPUs and HD resolution graphics and video.

這些設備將是業界首款提供 Tegra 雙核 CPU 和高清分辨率圖形和視頻的設備。

We will begin the production shipments for some of our customers' key projects this quarter.

我們將在本季度開始為客戶的一些關鍵項目進行生產出貨。

We are in the home stretch.

我們正處於最後階段。

Regaining GPU leadership and share, wrapping Fermi-based Quadro, continued adoption of Tesla and shipping Tegra customers -- these are the immediate growth opportunities we are focused on.

重新獲得 GPU 的領導地位和份額，包裝基於 Fermi 的 Quadro，繼續採用 Tesla 並運送 Tegra 客戶——這些都是我們關注的直接增長機會。

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

有了這個，讓我把電話轉給大衛。

Revenue was $811.2 million, down 19% sequentially.

收入為 8.112 億美元，環比下降 19%。

GAAP gross margin was 16.6%.

GAAP 毛利率為 16.6%。

GAAP OpEx was $309.5 million, and GAAP net loss was $141 million or $0.25 per share.

GAAP OpEx 為 3.095 億美元，GAAP 淨虧損為 1.41 億美元或每股 0.25 美元。

Reflected in these results is the net charge of $193.9 million related to the weak die/packaging material set.

反映在這些結果中的是 1.939 億美元的淨費用與薄弱的芯片/封裝材料組相關。

Non-GAAP net income, which excludes the net charge, was $20.1 million or $0.03 per diluted share.

不包括淨費用的非 GAAP 淨收入為 2010 萬美元或每股攤薄收益 0.03 美元。

GAAP gross margin of 16.6% for the second quarter was unfavorably impacted by two significant events.

第二季度 16.6% 的 GAAP 毛利率受到兩個重大事件的不利影響。

First, GAAP gross profit was impacted by the aforementioned charge.

首先，GAAP 毛利潤受到上述費用的影響。

Second, the market shift in our consumer GPU business resulted in excess inventory of certain primarily older generation products.

其次，我們消費 GPU 業務的市場轉變導致某些主要是老一代產品的庫存過剩。

As a consequence, our second-quarter results include charges for a large inventory write-down.

因此，我們的第二季度業績包括大量庫存減記的費用。

Excluding each of these items, gross margin would have exceeded our outlook.

排除這些項目，毛利率將超過我們的預期。

The inventories at the end of the quarter were $434.2 million, up 11.9% over the prior quarter.

本季度末的庫存為 4.342 億美元，比上一季度增長 11.9%。

Notwithstanding the inventory write-down, inventory was up as a result of lower actual revenue than was planned early in the first quarter, when we made wafer start commitments.

儘管存貨減記，但由於實際收入低於第一季度初的計劃，當我們做出晶圓啟動承諾時，庫存增加了。

Our manufacturing cycle time is approximately four months.

我們的製造週期大約是四個月。

We made appropriate adjustments to our build plans over the course of the second quarter, but we don't expect these corrections to have a meaningful impact on our inventory levels until the fourth quarter.

我們在第二季度對我們的建設計劃進行了適當的調整，但我們預計這些調整在第四季度之前不會對我們的庫存水平產生有意義的影響。

Net of the inventory write-down we took in the second quarter, we believe the inventory mix in our current pipeline is aligned with current market demand.

扣除我們在第二季度進行的庫存減記，我們認為我們當前管道中的庫存組合與當前市場需求一致。

Revenue for the GPU business was down 29.5% due to reasons discussed earlier.

由於前面討論的原因，GPU 業務的收入下降了 29.5%。

We do not expect the market conditions to change dramatically, but we expect our competitive position to improve and regain some segment share.

我們預計市場狀況不會發生巨大變化，但我們預計我們的競爭地位將得到改善並重新獲得部分細分市場份額。

We launched our new GTX 460 into the $199 performance segment, and it has received outstanding industry reviews and continues to sell well and gain share.

我們將新的 GTX 460 推出了 199 美元的性能細分市場，它獲得了出色的行業評價，並繼續暢銷並獲得份額。

Revenue for our Quadro professional solutions and Tesla computing solutions represented 26.5% of total revenue and was up 13.4% over the prior quarter.

我們的 Quadro 專業解決方案和 Tesla 計算解決方案的收入佔總收入的 26.5%，比上一季度增長 13.4%。

Tesla achieved another record quarter.

特斯拉實現了另一個創紀錄的季度。

Revenue for the consumer products business was up 46.5% over the first quarter.

消費品業務的收入比第一季度增長了 46.5%。

Substantially all the increase was attributable to Tegra.

基本上所有的增長都歸功於 Tegra。

Cash and cash equivalents and marketable securities at the end of the quarter were up $1.77 billion, up modestly from the first quarter.

本季度末現金及現金等價物和有價證券增加了 17.7 億美元，較第一季度略有增加。

Our outlook for the third quarter of fiscal 2011 -- revenue is expected to be up 3% to 5%.

我們對 2011 財年第三季度的展望——收入預計將增長 3% 至 5%。

GAAP gross margin is expected to increase to 46.5% to 47.5%.

GAAP 毛利率預計將增至 46.5% 至 47.5%。

GAAP operating expenses are expected to be approximately $300 million.

GAAP 運營費用預計約為 3 億美元。

Our tax rate is up 17% to 19%.

我們的稅率提高了 17% 到 19%。

That concludes our prepared remarks, and at this point we will now take questions.

我們準備好的發言到此結束，在這一點上，我們現在將提問。

(Operator instructions) Raji Gill, Needham & Co.

（操作員說明）Raji Gill, Needham & Co.

Two questions, one on the revenue guidance of up to 3% to 5%.

兩個問題，一個是關於高達 3% 到 5% 的收入指導。

Maybe you could provide a little bit more color where you see that guidance, given the weakness in the PC supply chain.

考慮到個人電腦供應鏈的弱點，也許您可以在看到該指南的地方提供更多顏色。

Also on the margins, significantly -- the guidance is significantly higher.

同樣在邊緣，顯著 - 指導明顯更高。

What gives you confidence that you will be able to get the margins back up to the level?

是什麼讓您有信心將利潤率恢復到原來的水平？

Would you not expect price competition to come back into the market?

您不會期望價格競爭重新進入市場嗎？

Maybe just some more details on the gross margin guidance would be helpful.

也許關於毛利率指導的更多細節會有所幫助。

So we are assuming the consumer PC market to remain uncertain, and all of the growth that we talked about in Mike's previous comments are the ones that we are focused on.

所以我們假設消費個人電腦市場仍然不確定，我們在邁克之前的評論中談到的所有增長都是我們關注的。

The GeForce GTX 460 goes into a segment of the marketplace that's really about gamers and gamers come out to buy new graphics cards when there are new great games.

GeForce GTX 460 進入了真正與遊戲玩家有關的市場細分市場，當有新的出色遊戲出現時，遊戲玩家就會出來購買新顯卡。

This last month we saw the launch of StarCraft II, which is arguably one of the most important video games in the entire PC industry, with some 12 million plus around the world.

上個月，我們看到了星際爭霸 II 的發布，它可以說是整個 PC 行業中最重要的視頻遊戲之一，在全球擁有超過 1200 萬。

And StarCraft II, for all the people that are on the phone that knows about it obviously hasn't been refreshed since 1998.

而星際爭霸 II，對於所有在手機上知道它的人來說，顯然自 1998 年以來就沒有更新過。

I think that's over 12 years or something like that.

我認為那已經超過 12 年或類似的時間。

So the market has been extremely enthusiastic about it, and the sell-through has been really fabulous.

所以市場對它的熱情很高，銷售量也非常驚人。

And so I think this is a pretty good season for gaming graphics cards, and GTX 460 is really the best graphics card we've ever built for gamers in the history of our Company.

所以我認為這是遊戲顯卡的一個很好的季節，而 GTX 460 確實是我們公司歷史上為遊戲玩家打造的最好的顯卡。

So that's one.

所以這是一個。

The second one is Quadro Fermi.

第二個是Quadro Fermi。

Fermi-based architecture Quadro is just ramping into production now, and the OEMs are really enthusiastic about it.

基於 Fermi 的架構 Quadro 現在剛剛投入生產，OEM 對此非常感興趣。

The end users are clamoring for it, and so I think this is an opportunity for us to upgrade the installed base of Quadro workstations around the world with a revolutionary new architecture.

最終用戶對此要求很高，因此我認為這是我們利用革命性的新架構升級全球 Quadro 工作站安裝基礎的機會。

Mike already talked about in his comments pretty substantial speedups from generation to generation.

邁克已經在他的評論中談到了一代又一代的相當大的加速。

I don't think we've ever seen the 5-X speed-up from one generation to another generation, so this is a very, very big deal.

我認為我們從未見過從一代到另一代的 5 倍加速，所以這是一件非常非常重要的事情。

And then the third thing is Tesla.

然後第三件事是特斯拉。

We had a record quarter in Tesla this last quarter.

上個季度，我們在特斯拉有一個創紀錄的季度。

We've got some exciting new products that we're going to ship into the marketplace imminently.

我們有一些令人興奮的新產品即將投放市場。

And so I think this is a marketplace that is clamoring for more processing capability, and we are not seeing any effect from the consumer marketplace because of it.

所以我認為這是一個要求更多處理能力的市場，因此我們沒有看到消費市場的任何影響。

And then the last part is Tegra.

最後一部分是 Tegra。

As you know, the most important and probably the fastest-growing computer market today is the smart phone and the tablet market.

如您所知，當今最重要且可能增長最快的計算機市場是智能手機和平板電腦市場。

And Tegra is our entry into that.

Tegra 是我們進入該領域的入口。

We are seeing customers trying to pry these chips out of our hands, and we've got to get these things shipped into production.

我們看到客戶試圖從我們手中撬出這些芯片，我們必須將這些東西運到生產中。

And they are really exciting new products.

它們確實是令人興奮的新產品。

So those are the four areas where we are confident to see growth -- GTX 460, Quadro, Fermi-based Quadro, Fermi-based Tesla and our Tegra SOC.

因此，這些是我們有信心看到增長的四個領域——GTX 460、Quadro、基於費米的 Quadro、基於費米的特斯拉和我們的 Tegra SOC。

With respect to gross margins, all of those products that I just mentioned are either at or above the corporate gross margins that David talked about.

關於毛利率，我剛才提到的所有這些產品都等於或高於大衛談到的公司毛利率。

Dave, if I could just follow -- I appreciate that -- just follow up on the consumer PC, the GTX 460 really driving a lot of this growth -- given the uncertainty in Europe and China, and given the fact that you are talking about attach rates of discrete graphics potentially coming down or came down this quarter on the exchange rate, what makes you confident that you can get the attach rates up or improved demand in those two key segments for you?

戴夫，如果我能跟進——我很感激——只要跟進消費類 PC，GTX 460 確實推動了這種增長——考慮到歐洲和中國的不確定性，以及你正在談論的事實關於本季度獨立顯卡的附加率可能下降或下降的匯率，是什麼讓您有信心提高附加率或改善這兩個關鍵領域的需求？

Well, there's really two GeForce markets.

好吧，實際上有兩個 GeForce 市場。

One GeForce market is the gamers, is the GeForce GTX market.

一個GeForce市場是遊戲玩家，一個是GeForce GTX市場。

They are not sold to OEMs.

它們不賣給原始設備製造商。

They are not really sold to system builders.

它們並沒有真正賣給系統製造商。

They are sold to end users.

它們出售給最終用戶。

Most of it is sold through e-tail or retail.

其中大部分通過電子零售或零售銷售。

The vast majority of it is sold as a retail-based add-in card.

其中絕大多數是作為基於零售的附加卡出售的。

In a way, the way you can think about GeForce GTX is that it's the game console within the PC.

在某種程度上，您對 GeForce GTX 的看法是它是 PC 中的遊戲機。

What really drives the sales of that segment of the marketplace is games.

真正推動該市場細分市場銷售的是遊戲。

There's another part of our GeForce business, the lower-end GeForce business, that is sold to OEMs.

我們 GeForce 業務的另一部分，即低端 GeForce 業務，出售給 OEM。

They way that the OEMs think about GeForce in those markets is that it's the ultimate, if you will, or the premium -- the ultimate upgrade or the premium experience PCs.

OEM 在這些市場中對 GeForce 的看法是，它是終極的（如果您願意的話）或高級——終極升級或高級體驗 PC。

Every PC is built from either AMD or Intel CPUs and various integrated graphics.

每台 PC 均由 AMD 或 Intel CPU 和各種集成顯卡構建而成。

And if you wanted to create a product line with basic and competitively priced PC on bottom and premium experience PCs on top, the best way to do that is put a high-resolution display on it and then maybe you add 3-D Blu-ray to it and you add a discrete GPU to it.

如果您想創建一個產品線，底部是基本且價格具有競爭力的 PC，頂部是高級體驗 PC，最好的方法是在其上放置高分辨率顯示器，然後添加 3-D 藍光給它，然後向它添加一個獨立的 GPU。

And that's really how the vast majority of the PC OEMs, as you look around the world, differentiate their premium PCs from the commodity or baseline PCs.

這就是絕大多數 PC OEM 廠商如何將他們的高端 PC 與普通 PC 或基準 PC 區分開來。

And so, if you look at that marketplace, that's what I think is uncertain and what -- we will continue to assume that it's uncertain until it's not.

所以，如果你看看那個市場，我認為這是不確定的，我們將繼續假設它是不確定的，直到它不是。

We saw it probably -- we saw it before everybody else did.

我們可能看到了——我們在其他人之前看到了它。

And the reason for that is because we are in the high end consumer PC segment, and as memory prices went up and as the euro got week and the various end markets got soft, the first thing that people did was shifted down price and into integrated graphics.

原因是因為我們處於高端消費 PC 領域，隨著內存價格上漲、歐元走強以及各種終端市場走軟，人們做的第一件事就是降低價格並進入集成圖形。

And then, of course, if the weakness persists, eventually the total number of units of PCs will decline, which is what people are starting to see now.

然後，當然，如果疲軟持續下去，最終個人電腦的總單位數將下降，這是人們現在開始看到的。

So I think we're taking a relatively conservative posture with respect to the PC OEM business, but the four businesses that I talked about just now, I think, are businesses that we feel pretty good about.

所以我認為我們對PC OEM業務採取了相對保守的態度，但是我剛才談到的四個業務，我認為是我們感覺很好的業務。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

A couple of questions -- can you comment on how you see PC seasonality generally, and also can you comment on the prospects of you doing a buyback?

有幾個問題——您能否評論一下您對 PC 季節性的一般看法，您能否評論一下您進行回購的前景？

The second question I'll just take very quickly.

第二個問題我會很快回答。

We talk about these topics at our board meeting, every board meeting, and so the use of cash is a topic that comes up on a regular basis.

我們在董事會會議和每次董事會會議上都會討論這些話題，因此現金的使用是一個經常出現的話題。

And so we'll have that conversation again at the next board meeting and do the appropriate thing.

因此，我們將在下次董事會會議上再次進行對話並做適當的事情。

With respect to seasonality, for the overall consumer PC market we are taking a rather conservative posture about it and we are assuming that what we saw before everybody else, this is a -- let's see.

關於季節性，對於整個消費類個人電腦市場，我們採取了相當保守的態度，我們假設我們在其他人之前看到的，這是 - 讓我們拭目以待。

We started seeing weaknesses in the end market probably starting in May, and May-June time frame, late May/early June time frame, and that has persisted since, and I think other people are starting to see it across the board now.

我們開始看到終端市場的弱點可能從 5 月開始，以及 5 月至 6 月的時間框架、5 月下旬/6 月初的時間框架，並且從那以後一直存在，我認為其他人現在開始全面看到它。

We're going to take a relatively conservative posture with respect to that segment of the market.

對於這部分市場，我們將採取相對保守的態度。

The four businesses that we see growth in we feel pretty good about, and they are not affected by the end consumer market.

我們看到增長的四項業務我們感覺很好，並且不受終端消費市場的影響。

The vast majority of that is enterprise business, and although the consumer GeForce business or the GeForce GTX business has targeted gamers, what really drives the sales of that is great games.

其中絕大多數是企業業務，儘管消費者 GeForce 業務或 GeForce GTX 業務以遊戲玩家為目標，但真正推動其銷售的是出色的遊戲。

And it's hard to find a better game than Star Craft II, to propel the upgrade of graphics cards for gamers.

而且很難找到比星際爭霸II更好的遊戲，來推動遊戲玩家顯卡的升級。

And then the last one, smart phone growth and tablet growth -- that's the most important segment of the computer industry today and it's the segment that we are entering for the first time, starting this last quarter in a small way and then with this quarter hopefully in a much larger way.

然後是最後一個，智能手機增長和平板電腦增長——這是當今計算機行業最重要的部分，也是我們第一次進入的部分，從上一季度開始，然後是本季度希望以更大的方式。

Daniel Berenbaum, Auriga USA.

Daniel Berenbaum，美國禦夫座。

Just to clarify, you talk about gross margin would have been above expectations if not for the inventory charge.

澄清一下，如果沒有庫存費用，您所說的毛利率會超出預期。

What was the inventory charge?

庫存費用是多少？

[Hans], as any company in our business, we have inventory write-offs every single quarter.

[漢斯]，與我們業務中的任何公司一樣，我們每個季度都會進行庫存沖銷。

And so the question then becomes, what's extraordinary.

所以問題就變成了，什麼是非凡的。

And rather than be subjected to how we determine that, I think the easiest thing for us to do is just simply say that, no matter how you might calculate what the exceptional piece was, it was large.

與其受制於我們如何確定這一點，我認為我們做的最簡單的事情就是簡單地說，不管你如何計算出什麼是非凡的作品，它很大。

And excluding it, we would have exceeded our guidance.

如果不包括它，我們就會超出我們的指導。

And as far as the specific amount, that all depends on how you would want to make the calculation.

至於具體金額，這一切都取決於您希望如何進行計算。

Okay, so just on my rough calculation, if I back you out to get to above 47% gross margin, that gets me to the place where you had a $75 million inventory charge and your days of inventory would have been around 110 days.

好的，所以根據我的粗略計算，如果我讓你退出以達到 47% 以上的毛利率，那我就會到你有 7500 萬美元的庫存費用的地方，你的庫存天數應該是 110 天左右。

Is that the right order of magnitude and the right way to think about it?

這是正確的數量級和正確的思考方式嗎？

It's in the range.

它在範圍內。

Okay, and then just to follow up, you had commented that we've got these new games, Star Craft coming out.

好的，然後只是跟進，你評論說我們有這些新遊戲，星際爭霸出來了。

How do you think about the advent of programs like OnLive, which centralizes all of the compute and graphics functions and where I'm told that you don't need a strong GPU at the local desktop or you can stream HD graphics straight to the desktop without actually having a graphics card on your PC?

你如何看待像 OnLive 這樣的程序的出現，它集中了所有的計算和圖形功能，並且我被告知你不需要在本地桌面上使用強大的 GPU，或者你可以將高清圖形直接流式傳輸到桌面您的 PC 上實際上沒有顯卡？

How does that affect how you think about games going forward?

這對你對未來游戲的看法有何影響？

Well, the way to think about OnLive is, imagine it's like subscription TV, and many people have subscription TV as well as premium content.

嗯，考慮 OnLive 的方式是，想像它就像訂閱電視，許多人擁有訂閱電視和優質內容。

The way that OnLive works is fabulous, and we are wonderful partners with them.

OnLive 的工作方式非常棒，我們是他們的絕佳合作夥伴。

What you see in the servers is a bunch of GeForces.

您在服務器中看到的是一堆 GeForce。

And so we are excited about the work that they are doing, we are excited about getting video games to a larger number of people and making video games much more accessible.

所以我們對他們正在做的工作感到興奮，我們很高興能夠讓更多人玩電子遊戲，讓電子遊戲更容易上手。

So all in all, I think it's a fabulous development to have cloud-based GPU computing, if you will, emerge.

所以總而言之，如果你願意的話，我認為擁有基於雲的 GPU 計算是一個了不起的發展。

But the services still needs to reach a much broader audience.

但這些服務仍需要覆蓋更廣泛的受眾。

Latency matters, and so as OnLive builds out their servers and server farms around the world over the course of the next several years or a decade, people still need to be able to enjoy games wherever they are.

延遲很重要，因此隨著 OnLive 在未來幾年或十年的時間裡在世界各地建立他們的服務器和服務器場，人們仍然需要能夠隨時隨地享受遊戲。

And so I think that's one factor.

所以我認為這是一個因素。

The other factor is not all games will be available from OnLive.

另一個因素是並非所有遊戲都可以從 OnLive 獲得。

Star Craft II, for example, is not, and WOW will likely not be.

例如，星際爭霸 II 不是，WOW 也可能不是。

So if you want to enjoy a broad range of games, having the ability to play the game on your local PC as well as being able to serve it off the cloud is a wonderful, wonderful way to enjoy more games.

因此，如果您想享受範圍廣泛的遊戲，那麼能夠在本地 PC 上玩遊戲並能夠在雲端提供遊戲服務是享受更多遊戲的絕妙方式。

So we are a huge proponent of it, and we work closely with them to make the service as good as possible.

所以我們是它的大力支持者，我們與他們密切合作，使服務盡可能好。

And in the short-term what we see is a growth opportunity in putting GPUs into the cloud.

在短期內，我們看到的是將 GPU 放入雲中的增長機會。

Ross Seymore, Deutsche Bank Securities.

德意志銀行證券公司羅斯·西莫爾。

On the inventory charge side of things in the gross margin, is the gross margin benefiting at all in the third quarter because of written-off inventory?

在毛利率的庫存費用方面，由於註銷庫存，第三季度的毛利率是否完全受益？

No.

不。

We wrote off what we anticipated would not be sellable, right?

我們註銷了我們預期不會出售的東西，對吧？

And so it would be inconsistent to assume in one quarter that you're going to write it off, the next quarter you're going to sell it.

因此，假設您將在一個季度將其註銷，下一季度您將出售它是不一致的。

So we wrote off what we believed was in excess, so our guidance doesn't include any of that selling through.

所以我們註銷了我們認為多餘的東西，所以我們的指導不包括任何銷售。

Again, I heard the earlier question about you not really want to sizing things precisely, but could you give us an idea of what the average charge for inventory or write down would have been over the last few quarters just so we can get a ballpark estimate about what it was this time?

再一次，我聽到之前的問題，關於您並不是真的想要精確地確定大小，但是您能否告訴我們過去幾個季度的平均庫存費用或減記費用是多少，這樣我們就可以得到一個大概的估計這次是什麼情況？

No, I don't think we've disclosed that.

不，我不認為我們已經披露了這一點。

Maybe last question, then, a quick one -- any help on the graphics side versus the chipset side?

也許最後一個問題，那麼，一個快速的問題 - 圖形方面與芯片組方面的任何幫助？

Any difference in trends in the quarter there, sizing the remaining chipset business you have?

那個季度的趨勢有什麼不同，你有剩餘的芯片組業務嗎？

The vast majority -- our chipset business was okay, and I think its dynamic is a little bit different than the overall discrete consumer PC GPUs.

絕大多數——我們的芯片組業務還不錯，我認為它的動態與整體離散消費 PC GPU 有點不同。

Our chipset business is predominantly chipsets that go into Apple computers, so that's one way to see its progress.

我們的芯片組業務主要是用於 Apple 電腦的芯片組，因此這是了解其進展的一種方式。

Rick Schafer, Oppenheimer & Co.

Rick Schafer，奧本海默公司

This is [Sean Simmons] calling in for Rick.

這是 [Sean Simmons] 打電話給 Rick。

I just had a couple of questions here.

我在這裡有幾個問題。

What do you guys see the impact from the Intel and FTC settlement recently announced?

你們如何看待最近宣布的英特爾和 FTC 和解協議的影響？

Is that going to help you with your ongoing trial with Intel?

這對您與英特爾的持續試用有幫助嗎？

The two different cases are independent and not the same.

這兩種不同的情況是獨立的，並不相同。

The first case is obviously the US government finding Intel to have practiced businesses and conducted itself in an improper way.

第一個案例顯然是美國政府認定英特爾有不正當的業務和行為。

And so whatever it is that the government does to enforce and whatever remedies that they've suggested to Intel or compelled Intel to follow are all good things.

因此，無論政府採取何種措施來強制執行，以及他們向英特爾建議或迫使英特爾採取的任何補救措施，都是好事。

To the extent that Intel becomes a much better citizen in the ecosystem and conducts business in a proper way, that's good for the entire ecosystem.

在某種程度上，英特爾成為生態系統中更好的公民並以適當的方式開展業務，這對整個生態系統都有好處。

It's good for us, it's good for AMD, it's good for customers, OEMs.

這對我們有好處，對 AMD 有好處，對客戶、OEM 也有好處。

It's ultimately good for consumers.

這最終對消費者有利。

Our case with Intel is not related to that, and it's strictly related to a contract dispute related to, on the one hand, chipset license to us and, on the other hand, a cross-license to them.

我們與英特爾的案件與此無關，它與合同糾紛密切相關，一方面是對我們的芯片組許可，另一方面是對他們的交叉許可。

And so that particular dispute goes to court, goes to trial, I guess, towards the end of the year.

因此，我猜，這一特定的爭議將在今年年底上法庭、受審。

So we're looking forward to that.

所以我們很期待。

Okay, great.

好，太棒了。

And then, I guess looking at your just core GPU business, you've been talking a lot about the consumer side and then the gamer side.

然後，我想看看你的核心 GPU 業務，你一直在談論消費者方面，然後是遊戲玩家方面。

Is there any way we can figure out how much of a percentage of your sales comes from, I guess, the gamer side and how much you have for the PC OEM side?

我們有什麼辦法可以計算出您的銷售額中有多少來自遊戲玩家方面，以及您有多少來自 PC OEM 方面？

I would say that it fluctuates from time to time.

我會說它不時波動。

Obviously, Fermi was late and GTX 470 and GTX 480 was about six months late, later than we liked.

顯然，費米遲到了，而 GTX 470 和 GTX 480 遲到了大約六個月，比我們想要的晚。

And so we lost share in the Q1 time frame.

所以我們在第一季度的時間範圍內失去了份額。

We started gaining share back in Q2 and we're going to gain a lot more share back this quarter with our GeForce GTX business, which is targeted at gamers.

我們在第二季度開始重新獲得份額，本季度我們將通過面向遊戲玩家的 GeForce GTX 業務獲得更多份額。

And so it's hard to say based on the last several quarters what the percentage is.

因此，根據過去幾個季度，很難說這個百分比是多少。

What we do know is that we're likely grow into that marketplace and to continue to take share for the remainder of the year, as far as we can see right now.

我們所知道的是，據我們目前所見，我們很可能會進入該市場並在今年剩餘時間內繼續佔據份額。

Krishna Shankar, ThinkEquity.

Krishna Shankar，ThinkEquity。

Going forward, what do you think is the attach rate of discrete GPUs now in notebooks and desktops, and how do you see that trending over the next 12 months or so, especially with the coming Sandy Bridge and Fusion platforms targeted at low- to mid-range PCs from both Intel and AMD?

展望未來，您認為現在筆記本和台式機中離散 GPU 的附加率是多少，您如何看待未來 12 個月左右的趨勢，尤其是針對中低端市場的即將推出的 Sandy Bridge 和 Fusion 平台- 來自英特爾和 AMD 的 PC？

The attach rate of discrete GPUs this last quarter I believe actually went up.

我相信上個季度的離散 GPU 的附加率實際上上升了。

The number of discrete GPUs in the marketplace was about the same.

市場上獨立 GPU 的數量大致相同。

And so, for the last several quarters, I don't believe -- I was shown some Mercury numbers which unfortunately doesn't account for our fiscal quarter versus AMD's calendar quarter.

因此，在過去的幾個季度中，我不相信——我看到了一些 Mercury 數據，不幸的是，這些數據並不能說明我們的財政季度與 AMD 的日曆季度。

But anyways, the basic math here is still relatively the same, that the GPU discrete marketplace is -- the number of discrete GPUs totally shipped is about the same from the last several quarters, and our expectation remains the same in the next several quarters.

但無論如何，這裡的基本數學仍然相對相同，即 GPU 離散市場 - 完全出貨的離散 GPU 數量與過去幾個季度大致相同，我們的預期在接下來的幾個季度保持不變。

Notebooks is way up.

筆記本電腦正在上升。

Discrete GPUs for channel desktops was down.

用於通道桌面的離散 GPU 已關閉。

We believe that a lot of that has to do with the fact that DRAM prices had gone up, the euro had weakened and so people had to skew down.

我們認為，這在很大程度上與 DRAM 價格上漲、歐元走弱、因此人們不得不向下傾斜的事實有關。

And so, looking forward, my expectation is that OEMs are going to continue to want to segment their PCs.

因此，展望未來，我的期望是 OEM 將繼續希望對他們的 PC 進行細分。

And for the mainstream segment, where the basic performance is what comes with integrated graphics, they will continue to use integrated graphics.

而對於基本性能是集成顯卡的主流細分市場，他們將繼續使用集成顯卡。

And for the premium segments, for the premium experience PCs, they will want to have a discrete GPU to both differentiate that platform as well as deliver a better experience.

而對於高端細分市場，對於高端體驗 PC，他們將希望擁有一個獨立的 GPU 來區分該平台並提供更好的體驗。

My expectation is that that desire by the OEMs to differentiate, to segment, to offer a premium experience is not likely to go away.

我的期望是，原始設備製造商對差異化、細分、提供優質體驗的渴望不會消失。

SandyBridge is going to increase integrated graphics performance just as every generation that have increased integrated graphics performance.

SandyBridge 將提高集成顯卡性能，就像每一代都提高了集成顯卡性能一樣。

So by the time that SandyBridge ships there's going to be some pretty fabulous discrete GPUs that ranges from the basic levels that we offer today to the high end.

因此，當 SandyBridge 出貨時，將會有一些非常棒的離散 GPU，從我們今天提供的基本級別到高端。

So we will see how it turns out, but my expectation is that the OEMs will continue to want to segment and differentiate their platforms.

所以我們將看到結果如何，但我的期望是 OEM 將繼續希望對其平台進行細分和差異化。

My follow-up question is on Tegra.

我的後續問題是關於 Tegra。

Can you give us some sense for the higher-volume production here in the October quarter?

你能給我們一些關於 10 月季度大批量生產的看法嗎？

Is this more smart phones, Web tablets?

這是更多的智能手機、網絡平板電腦嗎？

Can you give us some color as to the kinds of OEMs you are engaged with?

你能給我們一些關於你參與的 OEM 類型的顏色嗎？

Yes, just like you said.

是的，就像你說的那樣。

So both smart phones and Web tablets?

那麼智能手機和網絡平板電腦呢？

We hope so.

我們希望如此。

They won't be of equal proportion right off the bat, but we will see which devices ship first.

它們不會立即具有同等比例，但我們將看到哪些設備首先發貨。

But whatever devices ship, they are going to be pretty amazing.

但無論推出什麼設備，它們都會非常驚人。

Alex Gauna, JMP Securities.

亞歷克斯·高納，JMP 證券。

I believe you mentioned your confidence that you can take share back in the back half of the year, but you admittedly said that your products are skewed towards the high end.

我相信你提到你有信心在今年下半年拿回份額，但你承認你的產品偏向高端。

I wouldn't argue that the 460 is going to be a category killer.

我不會爭辯說 460 將成為一個類別殺手。

Can you really take share broadly with your product lineup the way it is, or should we expect that we're going to see the Fermi get into some of the more mainstream SKUs?

你真的可以像現在這樣廣泛地分享你的產品陣容嗎，還是我們應該期待我們會看到 Fermi 進入一些更主流的 SKU？

We are ramping Fermi from top to bottom on desktop, on notebook, on workstations.

我們在台式機、筆記本電腦和工作站上從上到下提升 Fermi。

With respect to market share, we probably lost a couple, 2 million-3 million units, if you will, in market share.

就市場份額而言，如果您願意的話，我們可能損失了 200 萬至 300 萬台的市場份額。

And that's a lot, that's a lot when you think about it that way.

這很多，當您以這種方式考慮時，這就是很多。

The vast majority, as you mentioned, of all of that is low-end discrete.

正如你所提到的，絕大多數都是低端離散的。

But the price of those GPUs are low teens, anywhere from $10 to call it $12-$14.

但這些 GPU 的價格很低，從 10 美元到 12 美元到 14 美元不等。

And the gross profit dollars on those devices are not extremely high.

這些設備的毛利潤並不是很高。

And so we know how to go win that business back.

所以我們知道如何去贏回那筆生意。

During the first quarter or so, because we were so constrained in supply and the market was so robust, we were reluctant to be too aggressive in capturing business that we wouldn't later be able to fill.

在第一季度左右，由於我們的供應非常有限而且市場非常強勁，我們不願意過於激進地捕捉我們以後無法填補的業務。

As it turns out, as the markets softened in the May time frame and the June time frame, that turned out to have been a bad decision.

事實證明，隨著 5 月時間框架和 6 月時間框架的市場走軟，這是一個錯誤的決定。

And so we are in pretty good posture now, and we know how to go take share back in the low end.

所以我們現在的狀態很好，我們知道如何在低端拿回份額。

So we'll take some share back in the low end, but more importantly the profitable segments and the high ASP segments -- we just have a great product line.

因此，我們將在低端拿回一些份額，但更重要的是盈利部分和高 ASP 部分——我們只有一個偉大的產品線。

So that's our basic approach, is to offer the best products in the segments that are targeted to gamers.

這就是我們的基本方法，即在針對遊戲玩家的細分市場中提供最好的產品。

And for the segments that are targeted at OEMs for their premium upgrades and premium experience PCs, we have very price competitive products that we can go take share back with.

對於針對 OEM 進行高級升級和高級體驗 PC 的細分市場，我們有非常具有價格競爭力的產品，我們可以拿回份額。

In that OEM category, does that start by Q4, or does that wait more until Sandy Bridge in 2011?

在那個 OEM 類別中，是從第四季度開始，還是要等到 2011 年的 Sandy Bridge？

It starts right away.

它馬上開始。

I think part of our business is still --

我認為我們的部分業務仍然是——

Thanks very much.

非常感謝。

Yes.

是的。

Craig Berger, Friedman Billings and Ramsey.

克雷格·伯傑、弗里德曼·比林斯和拉姆齊。

Can you help us understand how big your chipset business is at this point and how that should trail off over the next, say, year or two?

您能否幫助我們了解您的芯片組業務在這一點上有多大，以及在接下來的一兩年內應該如何下降？

Let's see.

讓我們來看看。

It's less than $200 million a quarter and we will remain at that rate for probably through Q1 or maybe even Q2 of next year.

每季度不到 2 億美元，我們可能會在明年第一季度甚至第二季度保持這個速度。

And then it will start trailing off not completely to zero because we will continue to have AMD integrated graphics solutions in the marketplace, and our expectation is that we're going to continue to sell those for probably through the end of next year.

然後它會開始逐漸下降，而不是完全為零，因為我們將繼續在市場上擁有 AMD 集成顯卡解決方案，我們的預期是我們可能會繼續銷售這些解決方案，直到明年年底。

So that's my expectation of it.

所以這是我對它的期望。

It will start declining call it Q2-ish and then decline towards -- to something a lot less than that by the end of the year.

它將開始下降，稱之為第二季度，然後下降到 - 到年底時會比這個水平低得多。

As a follow-up, the workstation business has ramped pretty meaningfully.

作為後續行動，工作站業務的增長非常有意義。

Is this a sort of run rate sustainable level of business here?

這是一種運行率可持續的業務水平嗎？

Is there some catch-up that's benefiting the numbers right now?

現在是否有一些讓這些數字受益的赶超措施？

And then just one last follow-up after that.

然後只是在那之後的最後一次跟進。

Our workstation business has been growing consistently quarter to quarter, but it hasn't reached the record levels that it was at a couple years ago.

我們的工作站業務每季度都在持續增長，但還沒有達到幾年前的創紀錄水平。

And so my expectation is that the workstation business is going to continue to grow.

所以我的期望是工作站業務將繼續增長。

It's going to continue to grow for two reasons.

它將繼續增長有兩個原因。

One, more and more people are upgrading to Windows 7, and that upgrade process will affect workstations as well.

第一，越來越多的人正在升級到 Windows 7，升級過程也會影響工作站。

The second reason is during this time, this last couple of years, we have invested in expanding the reach of our workstation solutions.

第二個原因是在過去的幾年裡，我們已經投資擴大了我們的工作站解決方案的覆蓋範圍。

Whereas it was predominantly used for manufacturing in the past, our workstations are now used for broadcast workstations, for 3-D television streaming, for post-production, for video editing, medical imaging -- gosh, the computational simulations of fluid dynamics.

雖然它過去主要用於製造，但我們的工作站現在用於廣播工作站、3D 電視流媒體、後期製作、視頻編輯、醫學成像——天哪，流體動力學的計算模擬。

There's all kinds of things that our workstations are now being used for.

我們的工作站現在用於各種用途。

And so, on the one hand, I think that the upgrade cycle is -- we are benefiting from the upgrade cycle.

因此，一方面，我認為升級週期是——我們正在從升級週期中受益。

And then, secondarily, we have invested in expanding the reach of our workstations solution.

其次，我們投資擴大了我們的工作站解決方案的範圍。

So we're just exposed to a much larger market.

所以我們只是接觸到一個更大的市場。

And so my expectation is that our workstation business will surely recover to its record highs and go well beyond that.

所以我的期望是，我們的工作站業務肯定會恢復到創紀錄的高位，並遠遠超過這個水平。

The last question is, you guys referenced macro weakness in May and June.

最後一個問題是，你們提到了 5 月和 6 月的宏觀疲軟。

Your largest competitor did not have similar commentary, and I'm wondering if there's other dynamics at play or what might drive a difference between you guys.

你們最大的競爭對手沒有類似的評論，我想知道是否還有其他動力在起作用，或者是什麼可能導致你們之間產生差異。

I think that -- well, first of all, I don't completely know.

我認為——嗯，首先，我不完全知道。

We're going to see all of this stuff sort out as we see their Q3s.

當我們看到他們的第三季度時，我們將看到所有這些東西都得到解決。

You have to remember that our business is skewed off by a month, and being skewed off by a month in this last quarter is a pretty big deal, as it turns out, because the market softened in the second month of our quarter, which was practically the end of theirs.

您必須記住，我們的業務被傾斜了一個月，而在最後一個季度被傾斜了一個月是一件大事，事實證明，因為市場在我們季度的第二個月疲軟，這是幾乎是他們的終結。

And so I think we are going to find out how it really sorted out probably by Q3 time frame.

所以我認為我們可能會在第三季度的時間框架內找出它是如何真正解決的。

But we saw market weaknesses, not just for ourselves in the end markets, we saw them for other people.

但我們看到了市場的弱點，不僅是我們自己在終端市場，我們也看到了其他人的弱點。

And we were, frankly, surprised by their guidances.

坦率地說，我們對他們的指導感到驚訝。

But so be it; we'll find out when everything sorts out.

但就這樣吧；我們會發現什麼時候一切都解決了。

Do you think the weakness is driven by demand, or is it supply chain adjustments?

您認為疲軟是由需求驅動，還是供應鏈調整？

It's end market weakness.

這是終端市場的疲軟。

I think at this point, I think most of us believe that Europe in Q2 was soft, that the euro was weak.

我認為在這一點上，我認為我們大多數人都認為第二季度的歐洲疲軟，歐元疲軟。

And that naturally would cause some skew downward.

這自然會導致一些向下傾斜。

And China, reducing their stimulus to the economy have slowed down the market a bit.

中國減少了對經濟的刺激，使市場放緩了一點。

Now, of course, our business is -- we have a much larger exposure in Europe and China because our brand is so useful and so powerful to help the local OEMs enhance their brand, and also because consumers are much more, much more -- find video games and content much more appealing out in the other markets.

現在，當然，我們的業務是——我們在歐洲和中國有更大的曝光率，因為我們的品牌非常有用和強大，可以幫助當地 OEM 提升他們的品牌，也因為消費者越來越多——發現視頻遊戲和內容在其他市場更具吸引力。

I think that those are just incredibly important markets to us.

我認為這些對我們來說是非常重要的市場。

And so, our exposure is probably larger than theirs.

因此，我們的曝光率可能比他們的要大。

Overall, I think that we're just going to have to wait and see how their Q3s shake out for us to really know.

總體而言，我認為我們只需要等待，看看他們的第三季度如何動搖我們才能真正了解。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

Jen-Hsun, can you discuss whether or not in your past experience in periods where the economy seems to be decelerating, whether gamers are resilient to that, or do they have to follow the economic condition?

Jen-Hsun，您能否談談在您過去的經歷中，經濟似乎正在減速的時期，遊戲玩家是否能夠適應這種情況，或者他們是否必須跟隨經濟狀況？

Well, I think that there is some impact, surely, to the economy, but there's nothing like great games.

嗯，我認為這肯定會對經濟產生一些影響，但沒有什麼能比得上偉大的遊戲了。

And to that extent that -- it's kind of hard to think about Star Craft II as a game.

從這個意義上說——很難將星際爭霸 II 視為一款遊戲。

I really think of Star Craft II as an event.

我真的認為星際爭霸 II 是一個事件。

This is a once-a-decade refresh to one of the most important video games of all time.

這是對有史以來最重要的視頻遊戲之一的十年一次的更新。

Star Craft, as you know, is a cultural phenomenon in many countries.

如您所知，星際爭霸在許多國家都是一種文化現象。

They watch Star Craft competition on TV.

他們在電視上觀看星際爭霸比賽。

There's a Star Craft channel.

有一個星際爭霸頻道。

There's Star Craft teams.

有星際爭霸隊。

So in many countries, Star Craft is just a very, very big deal.

所以在許多國家，星際爭霸只是一件非常非常重要的事情。

And so this is very welcome upgrade, and the game is absolutely beautiful, and GTX 460 is perfect for it.

所以這是非常受歡迎的升級，遊戲非常漂亮，GTX 460 非常適合它。

So my sense is that for the 12 million Star Craft players out there, there's some serious upgrading to do.

所以我的感覺是，對於那裡的 1200 萬星際爭霸玩家來說，需要進行一些認真的升級。

And my sense is that that should far overcome any softness in the marketplace.

我的感覺是，這應該遠遠克服市場上的任何疲軟。

You also sound quite confident that Tegra will grow in the quarter.

您聽起來也很有信心 Tegra 將在本季度增長。

And I wonder if that prompts you to adjust your Tegra run rate forecast.

我想知道這是否會提示您調整您的 Tegra 運行率預測。

I'm not sure I understand the question.

我不確定我是否理解這個問題。

Glen, I think we've given guidance on that in the past, and I think at this point it would be early to call whether we are going to exceed that or not.

格倫，我認為我們過去已經對此提供了指導，我認為現在判斷我們是否會超過這一點還為時過早。

So I think we hold to that.

所以我認為我們堅持這一點。

We still feel very bullish about the product, obviously.

顯然，我們仍然非常看好該產品。

Arnab Chanda, ROTH Capital Partners.

Arnab Chanda，羅斯資本合夥人。

I have two questions.

我有兩個問題。

One is, Jen-Hsun, I know you don't want to give specific guidance, but could you talk a little bit about by the time the chipset business either becomes really small or maybe even goes away, do you think Tegra and Tesla would be big enough to offset that?

一個是，仁勳，我知道你不想給出具體的指導，但是你能不能談談芯片組業務變得非常小或者甚至消失的時候，你認為 Tegra 和特斯拉會大到足以抵消它嗎？

And I have a follow-up, please.

我有一個跟進，拜託。

My sense is that the chipset business will be about half to a quarter its size in Q4 of next year.

我的感覺是芯片組業務將在明年第四季度達到其規模的一半到四分之一。

And so, if you roughly said, it was about a quarter of the size, would Tegra and Tesla be able to make up for the difference?

那麼，如果粗略地說，大約是四分之一的大小，Tegra 和 Tesla 能彌補這個差距嗎？

Both in revenues in surely much, much more in terms of gross profit dollars, my sense is yes.

我的感覺是肯定的，無論是在收入方面，還是在毛利潤方面都更多。

Okay, great.

好，太棒了。

And then one other question about your Quadro and Tesla business -- do you think that -- is Quadro -- are you at a point where you have basically kind of completed the penetration in the market and it's really more about Tesla for that entire product line?

然後是關於你的 Quadro 和特斯拉業務的另一個問題 - 你認為是 Quadro - 你是否處於基本上完成市場滲透的階段，而整個產品實際上更多的是關於特斯拉線？

Or do you think there's multiple opportunities left in terms of growth in that business?

還是您認為該業務的增長還有很多機會？

Quadro has wonderful growth opportunities ahead of it.

Quadro 擁有絕佳的增長機會。

First of all, where -- people buy workstations and upgrade their workstations on the rhythm of the companies themselves.

首先，人們在哪裡購買工作站並根據公司自己的節奏升級他們的工作站。

The automobile industry that uses CATIA or the airplane industry or the tennis shoes industry -- they all upgrade on different cycles, and they use different packages.

使用 CATIA 的汽車行業或飛機行業或網球鞋行業——它們都在不同的周期升級，使用不同的包。

And more and more industries are using digital approaches to prototype or style or simulate, just like we do.

和我們一樣，越來越多的行業正在使用數字方法來製作原型、設計樣式或模擬。

In your industry you use computational finance.

在您的行業中，您使用計算金融。

In my industry we use EDA simulations and EMI simulations.

在我的行業中，我們使用 EDA 模擬和 EMI 模擬。

We use all kinds of simulations to predict the outcome of our product.

我們使用各種模擬來預測我們產品的結果。

And whether it's in design or manufacturing or advertising or in broadcast or in medicine, more and more people are using digital approaches to predict the outcome of the products.

無論是在設計、製造、廣告、廣播還是醫學領域，越來越多的人正在使用數字方法來預測產品的結果。

And so I think that the market is surely expanding.

所以我認為市場肯定在擴大。

The other factor that's really exciting for us and what's so great about Fermi Quadro is that it's such a great discontinuity relative to anything that we've shipped before.

另一個讓我們真正興奮的因素以及 Fermi Quadro 的偉大之處在於，與我們之前發布的任何產品相比，它的不連續性是如此之大。

I don't know that we've ever shipped a product that is five times faster in the type of applications that it's used in, from generation to generation.

我不知道我們是否曾經交付過一種產品，其所使用的應用程序類型的速度是一代又一代的五倍。

So we are looking forward to upgrading the installed base in addition to the natural growth and the natural upgrade of the workstation market.

因此，除了工作站市場的自然增長和自然升級外，我們還期待安裝基礎的升級。

So I'm really excited about Quadro, and we're looking forward to seeing how it does in the marketplace.

所以我對 Quadro 感到非常興奮，我們期待看到它在市場上的表現。

The OEMs are really excited about it as well.

原始設備製造商也對此感到非常興奮。

We have HP and Dell and Lenovo all geared up, Fujitsu Siemens all geared up to -- these are our workstation partners -- geared up to take Quadro Fermi to the market.

我們有惠普、戴爾和聯想都準備好了，富士通西門子都準備好了——這些是我們的工作站合作夥伴——準備將 Quadro Fermi 推向市場。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

I guess just to start off on the notebook GPU business for a second, can you give us a sense, if I just isolate that -- you mentioned that the market itself for notebooks is up in the quarter.

我想只是從筆記本 GPU 業務開始，如果我只是隔離一下，你能給我們一個感覺 - 你提到筆記本市場本身在本季度有所上升。

Was your business also up for notebooks in the quarter?

本季度您的筆記本電腦業務是否也有所增長？

And then, do you expect the notebook business in Q3 to be better or worse than your guidance for the corporate in Q3?

然後，您預計第三季度的筆記本電腦業務會比您對第三季度公司的指導更好還是更差？

What was the last part of the question?

問題的最後一部分是什麼？

James, are you talking about the Q3 guidance?

詹姆斯，你是在談論第三季度的指導嗎？

Yes, your Q3 guidance -- do you expect notebooks to be up in Q3 or essentially better than your corporate guidance for Q3?

是的，你的第三季度指導——你認為筆記本在第三季度會上升還是比你的第三季度公司指導要好？

So if you look at Q2, notebooks and desktop were both down.

因此，如果您查看第二季度，筆記本電腦和台式機都下降了。

Obviously, we missed our original guidance by a fairly large amount, and both of those were key contributors to that.

顯然，我們在很大程度上錯過了我們最初的指導，而這兩者都是關鍵的貢獻者。

If you look at our guidance into Q3, we are expecting both of them to be up -- obviously not by a lot, given that we are only guiding 3% to 5%.

如果您查看我們對第三季度的指導，我們預計它們都會上升——顯然不會上升很多，因為我們只指導 3% 到 5%。

And then it looks like you're OpEx ticked down a little bit in Q2.

然後看起來你的 OpEx 在第二季度略有下降。

Can you give us a sense of what expenses you may have cut back on in Q2 and then how we would expect -- what marketers you look for as business recovers, how you bring back spending incrementally and what are the things you bring back first versus later?

您能否告訴我們您可能在第二季度削減了哪些費用以及我們的預期 - 隨著業務的複蘇，您尋找哪些營銷人員，您如何逐步恢復支出以及您首先帶回的東西是什麼？之後？

Well, if you look at the expenses that we've worked on reducing and so forth, they cover a broad range of things.

好吧，如果你看看我們努力減少的費用等等，它們涵蓋的範圍很廣。

They cover things in terms of how we take out products, how we kit prototype for engineering test vehicles.

它們涵蓋了我們如何取出產品，我們如何為工程測試車輛配備原型。

It covers the minutiae things, like travel and the things that are not very exciting.

它涵蓋了細枝末節的事情，例如旅行和不太令人興奮的事情。

But we've been fairly diligent across the entire business trying to figure out how do we reduce waste, how do we economize in terms of our expenses without, naturally, impacting our development plans and so forth.

但是我們在整個業務中都相當勤奮，試圖弄清楚我們如何減少浪費，我們如何在不影響我們的發展計劃的情況下節省開支，等等。

And going forward, right now certainly in the environment we are in today, we don't see our attention on expenses abating anytime soon.

展望未來，當然，在我們今天所處的環境中，我們不會很快看到我們對費用的關注會減少。

We do have continued efforts in reducing cost, but we also have cost pressures going in the other direction.

我們確實在繼續努力降低成本，但我們也面臨著相反的成本壓力。

And so our guidance is a recognition of the fact that we think, for the time being at least, that the cost reductions that we will implement in the third quarter would offset some of the upward cost increases going in the other direction.

因此，我們的指導是承認我們認為，至少在目前，我們將在第三季度實施的成本降低將抵消一些向上的成本增長。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

Within the cost of goods sold for that $181 million, how much of that was due to be product recall charge?

在這 1.81 億美元的商品銷售成本中，有多少是產品召回費用？

You mean that versus the litigation?

你的意思是與訴訟相比？

Is that what you mean?

你是這個意思嗎？

Is there litigation within the cost of goods sold as well?

銷售商品的成本是否也存在訴訟？

Yes.

是的。

Yes.

是的。

How much were those two combined?

這兩個加起來多少錢？

We don't really break that out, but let me be a little bit clearer.

我們並沒有真正打破這一點，但讓我更清楚一點。

When we talk about litigation, there's the cost of the litigation itself, but then there's also the cost of the remedies.

當我們談論訴訟時，有訴訟本身的成本，但也有補救措施的成本。

Right?

正確的？

And so the remedies have to do with repair costs and so forth.

因此，補救措施與維修成本等有關。

And so there's a piece of it associated with cost of goods that's naturally as a result of the settlement itself.

因此，其中有一部分與商品成本有關，這自然是結算本身的結果。

And we don't break that out.

我們不會打破它。

Oh, okay.

哦好的。

And for your inventories going into Q3, do you expect them to be flat, down or up?

對於進入第三季度的庫存，您預計它們會持平、下降還是上升？

Probably a modest change, only at this point.

可能只是在這一點上進行了適度的更改。

A modest change up?

一個適度的改變？

When I say modest, it will be either modestly up or modestly down; it's within a -- I would basically say it's basically flat.

當我說適度時，它要么適度上升，要么適度下降；它在一個 - 我基本上會說它基本上是平坦的。

Okay, got you.

好的，明白了。

And I understand there is a mix effect happening in the quarter.

我知道本季度會出現混合效應。

Can you tell us what your GPU ex-the MCP business, the pricing, did sequentially for Q2?

您能否告訴我們您的 GPU（不包括 MCP 業務、定價）在第二季度按順序做了什麼？

No, we don't disclose that.

不，我們不會透露這一點。

Okay, how about tax rate?

對了，稅率呢？

So the tax rate is coming up.

所以稅率要上來了。

Can you share with us why that's popping up?

你能和我們分享一下為什麼會出現這種情況嗎？

Yes.

是的。

So if you look at our business, our taxes are basically a function of how much income we make.

所以如果你看看我們的業務，我們的稅收基本上是我們收入多少的函數。

And as our income goes down, some of the jurisdictions where we operate and pay taxes in -- that income doesn't necessarily go down.

隨著我們的收入下降，我們經營和納稅的一些司法管轄區——收入不一定會下降。

So the taxes there, you might almost view as a fixed cost to the Company.

因此，那裡的稅收，您幾乎可以將其視為公司的固定成本。

So as our total overall income goes down, those taxes stay flat, and hence are rate goes up -- and vice versa.

因此，隨著我們的總收入下降，這些稅收保持不變，因此稅率上升——反之亦然。

When our income goes up, the rate goes down.

當我們的收入增加時，利率就會下降。

Kevin Cassidy, Thomas Weisel Partners.

凱文·卡西迪，托馬斯·韋塞爾合夥人。

Just two quick questions -- on enterprise, last night, we heard from Cisco saying that they're seeing a slowdown and enterprise.

只是兩個簡單的問題——關於企業，昨晚，我們從思科那裡聽到說他們看到了放緩和企業。

Can you describe what's different?

你能描述一下有什麼不同嗎？

Maybe it's the product refreshes causing more demand for your products.

也許是產品更新導致對您的產品的更多需求。

Or, maybe if you could describe what's happening geographically?

或者，也許你可以描述地理上正在發生的事情？

Well, our enterprise business is a little different than an enterprise desktop or a router, per se.

好吧，我們的企業業務本身與企業台式機或路由器略有不同。

If you look at our workstation business, the workstations are used to create the essential products of those companies.

如果您查看我們的工作站業務，您會發現工作站用於創建這些公司的基本產品。

And to that extent that those companies believe that their workstations are no longer high-performance enough or capable enough to handle the level of complexity or the amount of simulation they would like to do in simulation, they will naturally upgrade.

如果這些公司認為他們的工作站不再具有足夠的高性能或足夠的能力來處理他們希望在模擬中進行的複雜程度或模擬量，他們自然會升級。

Frankly, most of these workstations these days -- by buying the workstations, you are reducing the cost of development of most of your projects because you are just able to do more in the digital world where virtual prototyping is just much more cost effective than real prototyping.

坦率地說，現在這些工作站中的大多數——通過購買工作站，您可以降低大多數項目的開發成本，因為您可以在虛擬原型比真實原型更具成本效益的數字世界中做更多事情原型設計。

And so it's not a clear comparison to us, and right now we are not seeing changes in the nature of the business and the various markets.

所以這對我們來說不是一個明確的比較，現在我們沒有看到業務性質和各個市場的變化。

We are frankly too busy right now ramping Quadro based on our Fermi architecture, and so the enthusiasm is quite high right now.

坦率地說，我們現在正忙於基於我們的 Fermi 架構加速 Quadro，所以現在的熱情很高。

And maybe if there -- do you see any new competition or any changes in the landscape there?

如果有的話——你是否看到任何新的競爭或那裡的格局有任何變化？

Well, the workstation market is not about a graphics chip and is not about a graphics card, and this is something that the vast majority of our competition just no longer understands.

好吧，工作站市場不是關於圖形芯片，也不是關於顯卡，這是我們絕大多數競爭對手不再理解的東西。

People aren't buying our Quadro solution a chip at a time.

人們不會一次購買我們的 Quadro 解決方案一個芯片。

They're trying to solve a problem, and it could be that they are trying to ray-trace a car so that they could see a photorealistic image of it while they are trading off various designs.

他們正在嘗試解決一個問題，可能是他們正在嘗試對汽車進行光線追踪，以便在權衡各種設計時可以看到其逼真的圖像。

It could be that the data set is just absolutely enormous and they need to have the scalability and the scalable solutions that we provide.

可能是數據集絕對是巨大的，他們需要具有我們提供的可擴展性和可擴展的解決方案。

It could be that somebody's workstations needs to be virtualized and have a Windows NT on one or a Windows or Linux on the other, and both of them has to be accelerated.

可能是某個人的工作站需要虛擬化，其中一台裝有 Windows NT，另一台裝有 Windows 或 Linux，兩者都必須加速。

And the fact that we have the best software stack for both Linux as well as Windows in the world makes a huge difference.

我們擁有世界上最好的 Linux 和 Windows 軟件堆棧這一事實產生了巨大的影響。

And so the list of reasons why people choose Quadro is quite deep.

因此，人們選擇 Quadro 的原因不勝枚舉。

This is an area where we have a great deal of passion for and one in which we do an extremely good job.

這是我們對這一領域充滿熱情並且做得非常出色的領域。

And so the bar is pretty high, and we are not seeing any significant competitive changes out there that we notice right now.

所以標準相當高，我們現在沒有看到任何重大的競爭變化。

Patrick Wang, Wedbush Morgan.

帕特里克·王，韋德布什·摩根。

Jen-Hsun, can you talk about your -- I guess just a high-level view of the competitive landscape in graphics -- I guess what is your best sense in terms of the pricing trends?

Jen-Hsun，你能談談你的 - 我想只是對圖形競爭格局的高級看法 - 我想你對定價趨勢的最佳感覺是什麼？

And I guess what kind of pricing you're baking into your gross margin guidance?

我猜你在毛利率指導中採用了什麼樣的定價？

What kind of pricing -- well, we have more high-end exposure today than we've had in a couple of quarters, and so that's a positive thing.

什麼樣的定價——嗯，我們今天擁有比幾個季度更多的高端曝光率，所以這是一件積極的事情。

On the mainstream product, if we want to go gain share back, we'll sell several million more lower ASP products, and so that will have a negative trend on ASPs.

在主流產品上，如果我們想奪回份額，我們將多賣幾百萬低ASP的產品，這樣ASP就會有負面趨勢。

And so we'll see how they all add up.

因此，我們將看到它們是如何加起來的。

But we are relatively comfortable with the gross margin guidance that David gave earlier.

但我們對大衛早些時候給出的毛利率指導相對滿意。

Yes; the guidance contemplates that.

是的;該指南考慮了這一點。

I see, got you, that's helpful.

我明白了，明白了，這很有幫助。

And then just for my follow-up, I guess in your prepared comments you stated that channel inventory levels had come down.

然後只是為了我的後續行動，我猜在你準備好的評論中你說渠道庫存水平已經下降。

Can you help us understand how much the product mix of that inventory and how that compares to, I guess, levels that are comfortable or maybe historical for you guys?

你能幫助我們了解該庫存的產品組合有多少，以及與你們覺得舒適或可能是歷史水平的水平相比如何？

So we get inventory reports out of the channel on a fairly regular basis.

因此，我們會定期從渠道中獲取庫存報告。

So I can't tell you, other than from an aggregate standpoint, that generally the trend has been down for the last three months.

所以我不能告訴你，除了從總體的角度來看，過去三個月的趨勢總體上是下降的。

We expect it to go down again in the third quarter.

我們預計它會在第三季度再次下跌。

But, even though it is trending down, it's relatively at levels that would be consistent with historical averages in the industry over time, which have been traditionally somewhere around in the seven-eight-week type of level.

但是，即使它呈下降趨勢，但隨著時間的推移，它相對處於與該行業歷史平均水平一致的水平，傳統上該水平一直在七八週左右的水平。

We've certainly had periods when it's been a lot lower than that, we've had periods when it's been well above that.

我們當然有過遠低於此的時期，也有過遠高於此的時期。

But today, it's relatively close to the historical averages.

但今天，它相對接近歷史平均水平。

Patrick, if you think about channel inventory, because most of that inventory is traveling by sea for the lowest possible cost freight, some three to four weeks of that seven to eight is material that is sitting in the ocean going across.

帕特里克，如果您考慮渠道庫存，因為大部分庫存都是通過海運以盡可能低的成本運輸，所以這七到八周中的大約三到四個星期是坐在海洋中的材料。

Right?

正確的？

And so, what is really available in the channel is about three to four weeks or so.

因此，頻道中真正可用的內容大約是三到四個星期左右。

And so I think, if we are sitting at these levels, we all feel pretty good about it.

所以我認為，如果我們處於這些水平，我們都會對此感覺良好。

There are no further questions at this time.

目前沒有其他問題。

I will now turn the call back over to you, sir.

我現在把電話轉給你，先生。

Thanks, everyone.

感謝大家。

We look forward to talking to you about our next quarter results.

我們期待與您討論我們下一季度的業績。