輝達 (NVDA) 2011 Q3 法說會逐字稿

Good afternoon and thank you for holding.

下午好，感謝您的支持。

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.

謝謝你。

Sir, you may begin.

先生，您可以開始了。

Thanks, Will.

謝謝，威爾。

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

下午好，歡迎參加 NVIDIA 2011 財年第三季度電話會議。

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

今天與我通話的還有總裁兼首席執行官黃仁勳和首席財務官大衛懷特。

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

在我們準備好發言之後，我們將打開電話進行問答環節。

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 and is also being recorded.

在開始之前，我想提醒您，今天的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播，並且正在錄製中。

A replay of the conference call will be available via telephone until November 18, 2010, and the webcast will be available for replay until our conference call, when we discuss our financial results for the fourth quarter of fiscal 2011.

電話會議的重播將在 2010 年 11 月 18 日之前通過電話進行，網絡廣播將在我們討論 2011 財年第四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-Q for the fiscal period ended August 1, 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中的披露、我們截至 2010 年 8 月 1 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 our statements are made as of today, November 11, 2010, 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（2010 年 11 月 11 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。

We have restored our speed of execution.

我們恢復了執行速度。

Since March, we've built seven new GPUs, all of which with the production with First Silicon.

自 3 月以來，我們已經構建了七款新的 GPU，所有這些都與 First Silicon 一起生產。

The Fermi architecture is now in every segment of our desktop, notebook, and workstation product lines.

Fermi 架構現在出現在我們台式機、筆記本電腦和工作站產品線的每個部分。

We are seeing solid gains in our core GeForce and Quadro businesses, and we are recapturing our share.

我們看到我們的核心 GeForce 和 Quadro 業務取得了可觀的收益，我們正在重新奪回我們的份額。

In the GeForce business, we have extended our DX11 technology leadership and the results show.

在 GeForce 業務中，我們擴展了我們在 DX11 技術上的領先地位，結果顯示。

Our desktop stand-alone GPU share grew from 55% in Q2 to 59% in Q3.

我們的桌面獨立 GPU 份額從第二季度的 55% 增長到第三季度的 59%。

For budget-conscious gamers, we introduced the GeForce GTS 450, which is designed to deliver the most advanced GPU and gaming experience to the important $99 add-in card segment.

對於精打細算的遊戲玩家，我們推出了 GeForce GTS 450，它旨在為重要的 99 美元附加卡市場提供最先進的 GPU 和遊戲體驗。

According to the latest data from Steam, a broad serving of hardware used by PC gamers today, 56% of gamers play at resolutions between 1600 by 1050 and 1280 by 1024, resolutions at which the GTS 450 excels.

根據今天 PC 遊戲玩家使用的廣泛硬件服務 Steam 的最新數據，56% 的遊戲玩家在 1600 x 1050 和 1280 x 1024 之間的分辨率下玩遊戲，這是 GTS 450 擅長的分辨率。

The GTS 450 follows one of our most successful GPUs, the GTS 250.

GTS 450 採用了我們最成功的 GPU 之一，即 GTS 250。

In October, we launched the GeForce GT 430.

10 月，我們推出了 GeForce GT 430。

It is designed to deliver unparalleled experience in photo and video editing, Blu-ray 3D, and the next generation of GPU accelerated web browsers and web content.

它旨在在照片和視頻編輯、藍光 3D 以及下一代 GPU 加速的網絡瀏覽器和網絡內容方面提供無與倫比的體驗。

The GT 430 is targeted at the $79 add-in card segment and is the perfect first upgrade from integrated graphics.

GT 430 面向 79 美元的附加卡市場，是集成顯卡的完美首次升級。

And this week, we launched the GeForce GTX 580, the world's fastest DX11 GPU.

本週，我們推出了全球最快的 DX11 GPU GeForce GTX 580。

The GTX 580 is based on the second generation of Fermi architecture, engineered from the transitional level up in just seven short months, and it raises the bar of the fastest and now quietest GPU of its class.

GTX 580 基於第二代 Fermi 架構，在短短 7 個月內完成了過渡級設計，提高了同類 GPU 中速度最快、現在最安靜的標準。

The combination of the innovative vapor chamber and thermal solution and new architectural enhancements increase power efficiency and performance over previous generations.

創新的均熱板和散熱解決方案與新的架構改進相結合，比前幾代產品提高了功率效率和性能。

The GTX 580 delivers up to 35% more performance [per watt], and raw performance is up to 30% greater than that GTX 480 it replaces.

GTX 580 提供高達 35% 的性能 [每瓦]，原始性能比它所取代的 GTX 480 高出高達 30%。

For DX11 games, the GTX 580 is up to 160% faster than the closest competitive product.

對於 DX11 遊戲，GTX 580 比最接近的競爭產品快 160%。

For previous DX9 and 10 games, the GTX 580 is faster by up to 62%.

對於之前的 DX9 和 10 遊戲，GTX 580 的速度提高了高達 62%。

In notebooks, we launched during the quarter a complete family of GeForce 400 MGPUs, with Optimus technology.

在筆記本電腦方面，我們在本季度推出了採用 Optimus 技術的完整 GeForce 400 MGPU 系列。

Lenovo and Dell have already shipped and more OEMs will follow.

聯想和戴爾已經出貨，更多的 OEM 將跟進。

With our new Fermi notebook GPUs, we have significantly increased our design win share.

借助我們新的 Fermi 筆記本 GPU，我們顯著提高了我們的設計勝率。

Starting in Q4 with the Sandy Bridge ramp, we expect to take our notebook share to our all-time highs.

從第四季度的 Sandy Bridge 坡道開始，我們預計筆記本電腦的份額將達到歷史最高水平。

In our Quadro Professional business, the update of the Fermi architecture continues to be strong.

在我們的 Quadro Professional 業務中，Fermi 架構的更新持續強勁。

In October, we launched the Quadro 2000 midrange GPU and the Quadro 600 entry-level GPU.

10 月，我們推出了 Quadro 2000 中端 GPU 和 Quadro 600 入門級 GPU。

These new professional graphic solutions with the computational and visualization benefits are the breakthrough Fermi architecture within the reach of all engineers, designers, and animators.

這些具有計算和可視化優勢的全新專業圖形解決方案是所有工程師、設計師和動畫師都可以使用的突破性 Fermi 架構。

The Quadro 2000 delivers 1.5 times the geometry performance of its predecessor, for dramatically higher performance across leading CAD and DDCC applications such as SolidWorks and Autodesk 3dS Max.

Quadro 2000 的幾何性能是其前代產品的 1.5 倍，可在 SolidWorks 和 Autodesk 3dS Max 等領先的 CAD 和 DDCC 應用程序中顯著提高性能。

The Quadro 600 is an economical half-height solution that features the industry's best performance per watt, for applications such as Autodesk AutoCAD 2011.

Quadro 600 是一種經濟的半高解決方案，具有業界最佳的每瓦性能，適用於 Autodesk AutoCAD 2011 等應用程序。

As OEMs and software ISVs complete their qualifications on these latest Quadro's, we believe we are attracting historical peak revenue, even in less robust economic conditions.

隨著 OEM 和軟件 ISV 完成對這些最新 Quadro 的資格認證，我們相信我們正在吸引歷史最高收入，即使在不太強勁的經濟條件下也是如此。

The adoption of our Tesla supercomputer GPU continues to grow.

我們的 Tesla 超級計算機 GPU 的採用率持續增長。

Last month, the new Tianhe-1A supercomputer was revealed at HPC 2010 China.

上個月，新的天河一號超級計算機在 HPC 2010 China 上亮相。

It's capable of over 2.5 petaflops, making it the fastest computer in the world.

它的運算能力超過 2.5 petaflops，使其成為世界上最快的計算機。

The system is located at the National Supercomputing Center in the city of Tianjin.

該系統位於天津市國家超級計算中心。

Tianhe-1A is powered by 7000 Tesla M2050 GPUs.

天河一號由 7000 個 Tesla M2050 GPU 驅動。

Had this system been built with CPU's alone, it would have required more than 50,000 CPUs, twice as much floorspace, and three times the electrical power to deliver the same performance.

如果該系統僅使用 CPU 構建，則需要超過 50,000 個 CPU、兩倍的佔地面積和三倍的電力才能提供相同的性能。

The difference in power consumption is enough to provide electricity for over 5,000 homes.

耗電量的差異足以為 5000 多戶家庭提供電力。

We're thrilled to see supercomputing entering its third era.

我們很高興看到超級計算進入第三個時代。

Created in the 1960s to enable military research, supercomputers were embraced by scientists to simulate models of the world.

超級計算機創建於 1960 年代，旨在實現軍事研究，科學家們採用超級計算機來模擬世界模型。

The creation of our Tesla parallel processing GPU has come at a time when companies in a wide range of industries are in desperate need of faster supercomputers to accelerate product development.

我們的 Tesla 並行處理 GPU 誕生之際，各行各業的公司都迫切需要更快的超級計算機來加速產品開發。

Tom Dunning, who directs the NTSA and the Institute for Advanced Computing Applications and Technology at the University of Illinois in Urbana-Champaign, put it succinctly when he stated, quote, "What we are really seeing in the efforts in China, as well as the ones we have in the US, is that GPUs are what the future will look like.

主管 NTSA 和伊利諾伊大學厄巴納-香檳分校高級計算應用與技術研究所的 Tom Dunning 簡潔地說：“我們在中國的努力以及我們在美國擁有的是 GPU 是未來的樣子。

What we are seeing is the beginning of something that's going to be happening all over the world." -- end quote.

我們所看到的是世界各地將要發生的事情的開始。”——結束語。

Supercomputing is no longer a niche; it's a huge growth business.

超級計算不再是利基市場；這是一個巨大的增長業務。

Another highlight of the quarter was our second GPU Technology Conference held in mid-September.

本季度的另一個亮點是我們在 9 月中旬舉行的第二次 GPU 技術會議。

It was a huge success that underscores the momentum building around parallel computing.

這是一個巨大的成功，突顯了圍繞並行計算的勢頭。

Leaders from national laboratories worldwide, as well as Fortune 500 companies, startups, and the universities, presented more than 280 sessions to more than 2,000 attendees from over 40 countries.

來自世界各地的國家實驗室以及財富 500 強公司、初創公司和大學的領導者為來自 40 多個國家/地區的 2,000 多名與會者舉辦了 280 多場會議。

Compared with last year, we had five times the number of top submissions and twice the number of sessions.

與去年相比，我們的 Top 提交數量是去年的 5 倍，會話數量是 2 倍。

The [Excess Scale] Report stated, quote, "Absolutely one of the best and most important conferences in the technology and advanced computing sector." -- end quote.

[Excess Scale] 報告指出，“絕對是技術和先進計算領域最好和最重要的會議之一。” ——結束報價。

Heading into Q3, our focus was to restore our speed and excellence in execution, and to drive our media growth opportunities to ramp Fermi-based GeForce and Quadro GPUs and regain GPU leadership and share.

進入第三季度，我們的重點是恢復我們的速度和卓越的執行力，並推動我們的媒體增長機會，以提升基於 Fermi 的 GeForce 和 Quadro GPU 並重新獲得 GPU 的領導地位和份額。

With our basic GPU business now back in growth mode, we can further accelerate our growth with Tesla and Tegra in the coming quarters, and position NVIDIA at the center of the exciting revolution happening with cloud and mobile computing.

隨著我們的基本 GPU 業務現在恢復增長模式，我們可以在未來幾個季度進一步加快我們與 Tesla 和 Tegra 的增長，並將 NVIDIA 置於雲計算和移動計算發生的激動人心的革命的中心。

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

有了這個，讓我把電話交給大衛。

Thanks, Mike.

謝謝，邁克。

Revenue for the third quarter was $844 million, up 4% sequentially.

第三季度收入為 8.44 億美元，環比增長 4%。

Gross margin was 46.5%, at the low end of our range, primarily as a result of product mix being slightly less favorable than we had expected at the beginning of the quarter.

毛利率為 46.5%，處於我們範圍的低端，主要是由於產品組合略低於我們在本季度初的預期。

OpEx was down to $288 million, principally as a result of our significant improvement in execution of our new product introductions.

運營支出下降至 2.88 億美元，主要是由於我們在執行新產品方面的顯著改進。

And most importantly, we've taken the last seven GPUs from [ASUR and One] Silicon directly into production.

最重要的是，我們已將 [ASUR and One] Silicon 的最後七款 GPU 直接投入生產。

Avoiding the need for re-spend significantly helps to keep our OpEx flat, while dramatically improving our time to market.

避免重新支出的需要顯著有助於保持我們的運營支出平穩，同時顯著縮短我們的上市時間。

Combined, these generated a GAAP net income of $84.9 million or $0.15 per diluted share.

這些加起來產生了 8490 萬美元或稀釋後每股 0.15 美元的 GAAP 淨收入。

Our focus on inventory reduction continued and tight management enabled us to work it down 13% during the quarter to $378 million.

我們繼續專注於減少庫存，嚴格的管理使我們在本季度減少了 13% 至 3.78 億美元。

We achieved this while simultaneously reducing channel inventory slightly.

我們實現了這一目標，同時略微減少了渠道庫存。

Revenue per GPU grew slightly and was up nearly 6%.

每個 GPU 的收入略有增長，增長了近 6%。

Total revenue for our professional business was down slightly as a result of the computing segment being down.

由於計算部門的下滑，我們專業業務的總收入略有下降。

Revenue for the computing segment varies from quarter to quarter because it can currently be influenced by a small number of large orders.

計算部門的收入因季度而異，因為它目前可能受到少量大訂單的影響。

As we successfully grow into more vertical segments, this revenue stream should smooth out.

隨著我們成功進入更多垂直領域，這一收入流應該會變得平滑。

Our customer business was -- consumer business was up slightly, driven by a strong showing in our embedded business.

我們的客戶業務是——在我們嵌入式業務的強勁表現的推動下，消費者業務略有增長。

Tegra revenue should begin to ramp in Q4, as our customers begin building their pre-launch inventory.

隨著我們的客戶開始建立他們的發布前庫存，Tegra 的收入應該會在第四季度開始增加。

Our outlook for the fourth quarter of fiscal 2011 is as follows -- revenue is expected to be up 3% to 5% from the third quarter; GAAP gross margin is expected to be flat; GAAP operating expenses are expected to be approximately $300 million; GAAP tax rate is expected to be 18% to 20%.

我們對 2011 財年第四季度的展望如下——收入預計將比第三季度增長 3% 至 5%； GAAP毛利率預計持平； GAAP 運營費用預計約為 3 億美元； GAAP 稅率預計為 18% 至 20%。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We'll now take questions.

我們現在來提問。

(Operator Instructions).

（操作員說明）。

Mike McConnell, Pacific Crest Securities.

邁克·麥康奈爾，Pacific Crest 證券。

Looking at Q4, could you talk about the drivers and the segment drivers behind the guidance for revenue growth of 3% to 5%, please?

看看第四季度，您能否談談收入增長 3% 至 5% 指導背後的驅動因素和細分驅動因素？

Well, first of all, I think we should all be -- continue to be, I guess, conservative in how we look at the marketplace.

嗯，首先，我認為我們都應該——我想，在我們看待市場的方式上繼續保持保守。

As you know, it's still a little choppy out there.

如你所知，它仍然有點波濤洶湧。

But there's several things that are working in our favor.

但是有幾件事對我們有利。

The first is our Fermi GPU is going into the Sandy Bridge announcement.

首先是我們的 Fermi GPU 將進入 Sandy Bridge 公告。

A lot of people have misunderstood the way the GPU market works and the contribution that a GPU has that makes to premium experience notebooks.

很多人誤解了 GPU 市場的運作方式以及 GPU 對高端體驗筆記本電腦的貢獻。

And so whereas Sandy Bridge is a far better CPU and a better GPU than previous generation, the discreet GPUs that are connected to it have made enormous strides as well.

因此，儘管 Sandy Bridge 是比上一代更好的 CPU 和 GPU，但與之連接的隱蔽 GPU 也取得了巨大的進步。

And so our expectation with Sandy Bridge is that our market share is going to go up substantially; the adoption is going to be as good as before; and in fact, the adoption of discreet GPUs and notebooks has been growing over the last several quarters, and our expectation is that, going forward, that trend will continue.

因此，我們對 Sandy Bridge 的期望是我們的市場份額將大幅上升；收養會和以前一樣好；事實上，在過去幾個季度中，獨立 GPU 和筆記本電腦的採用率一直在增長，我們預計，未來這一趨勢將繼續下去。

And because Sandy Bridge is going to be such a great processor and a great -- such a great notebook, our expectation is that the Sandy Bridge transition is going to be real exciting.

而且由於 Sandy Bridge 將成為如此出色的處理器和出色的筆記本電腦，因此我們期望 Sandy Bridge 的過渡將是真正令人興奮的。

So that's number one.

所以這是第一名。

Number two, we're going to start building into our phone and tablet design wins.

第二，我們將開始構建我們的手機和平板電腦設計勝利。

And although they're a little bit behind, the work that Google and Andy Rubin's team is doing at Google is just really amazing.

儘管他們落後了一點，但 Google 和 Andy Rubin 的團隊在 Google 所做的工作確實令人驚嘆。

I mean, this is clearly a world-class engineering team.

我的意思是，這顯然是一個世界級的工程團隊。

And they're building a magical product.

他們正在製造一種神奇的產品。

So I'm looking forward to the next generation of Android phones and tablets that are coming out.

所以我很期待下一代安卓手機和平板電腦的問世。

And I think it's going to really, really surprise people and delight consumers everywhere.

而且我認為這將真的，真的讓人們大吃一驚，讓世界各地的消費者感到高興。

And so although it's a little bit behind, I think it's going to be completely fabulous.

因此，雖然它有點落後，但我認為這將是非常棒的。

Now it's going to take something absolutely great to compete against the iPad and the iPhone, as we all know.

眾所周知，現在要與 iPad 和 iPhone 競爭絕對是一件很棒的事情。

Because both of those devices are quite amazing devices.

因為這兩種設備都是非常了不起的設備。

And so it's going to take something that is truly remarkable to compete against it.

因此，它需要一些真正非凡的東西來與之競爭。

And I think Andy and his team, and all of our engineers here working with them, and all of our partners around the world working on it, are going to absolutely deliver.

而且我認為安迪和他的團隊，以及我們在這裡與他們一起工作的所有工程師，以及我們在世界各地從事這項工作的所有合作夥伴，都將絕對交付。

And so that's the second thing.

這是第二件事。

And Tesla is going to continue to gain momentum.

特斯拉將繼續獲得動力。

The number of projects we're working on around the world is growing.

我們在全球範圍內開展的項目數量正在增長。

And so we're going to continue to see success there.

所以我們將繼續在那裡看到成功。

There's quite a bit of announcements coming next week at the Supercomputing Conference in New Orleans, so I won't leak any of that, but we're going to have a pretty exciting show next week.

下週在新奧爾良舉行的超級計算大會上會有很多公告，所以我不會洩露任何消息，但我們下週會有一場非常激動人心的演出。

And looking at next year on Tegra, what quarter -- or what's the timeframe we should think about where you'll start to see your Tegra revenue cross over and actually become larger than your chipset revenue?

看看明年的 Tegra，哪個季度——或者我們應該考慮什麼時間框架，你會開始看到你的 Tegra 收入跨越並實際上變得大於你的芯片組收入？

How should we think about that?

我們應該怎麼想？

Q1.

Q1。

Q1.

Q1。

Okay.

好的。

Thank you.

謝謝你。

Ambrish Srivastava, BMO.

Ambrish Srivastava，BMO。

Just a question on the mix, Jen-Hsun.

只是一個關於混合的問題，Jen-Hsun。

The thinking was that as Fermi becomes a larger portion of the mix -- I'm just trying to understand the margin guidance.

當時的想法是，隨著費米在組合中的佔比越來越大——我只是想了解保證金指導。

Shouldn't that be trending up?

不應該是大勢所趨嗎？

Or is it because the PSP or the professional business is going to be down Q over Q?

還是因為PSP或專業業務將Q超過Q？

And then I had a follow-up as well.

然後我也進行了跟進。

There were some mix -- mixing going on this quarter in terms of high-end versus low-end, professional versus consumer.

有一些混合 - 本季度在高端與低端，專業與消費者方面混合。

But we were coming out of a rather complicated Q2, as you recall.

但正如你所記得的，我們正經歷一個相當複雜的第二季度。

So I'm delighted with the way things worked out in Q3.

所以我對第三季度的結果感到高興。

And we're just going to have to improve it from here on out.

我們只需要從現在開始改進它。

So I wouldn't read too much into that.

所以我不會讀太多。

The important thing to realize is that we're going to recapture a lot of the high-end business that we had seated because we were late to market with Fermi.

需要意識到的重要一點是，我們將重新奪回我們之前坐擁的許多高端業務，因為我們與 Fermi 一起上市較晚。

And we're going to capture that back and we'll continue to capture that back.

我們將把它奪回來，我們將繼續把它奪回來。

Okay, that's fair (multiple speakers) --

好的，這很公平（多位發言者）--

And as we ramp more and more -- more of our mix goes to Quadro and Tesla, both of which are very high margins, that's going to continue to lift our margins.

隨著我們越來越多——我們的產品組合越來越多地流向 Quadro 和特斯拉，這兩者的利潤率都非常高，這將繼續提高我們的利潤率。

And of course, the Tegra business has a much longer design win cycle and the amount of contribution of software to the Tegra business is just incredible.

當然，Tegra 業務的設計獲勝週期要長得多，軟件對 Tegra 業務的貢獻量令人難以置信。

You're building an entire computer on a chip.

您正在芯片上構建整個計算機。

And if the computers are as sophisticated as what it's going to take to compete against an iPad or an iPhone, the amount of software that you put into your product line is going to have to increase dramatically.

如果計算機的複雜程度達到了與 iPad 或 iPhone 競爭所需的水平，那麼您投入產品線的軟件數量將不得不大幅增加。

And so the margins were like that.

所以利潤率就是這樣。

So as we continue to increase the mix of these three products, the Tesla product, the Tegra product, one goes into the cloud and one goes into mobile devices and the Quadro product, our margins will continue to increase.

因此，隨著我們繼續增加這三種產品的組合，特斯拉產品、Tegra 產品、一種進入雲端、一種進入移動設備和 Quadro 產品，我們的利潤率將繼續增加。

So my sense is that that's the direction that we're headed and there's nothing that tells me otherwise at this point.

所以我的感覺是，這就是我們前進的方向，在這一點上沒有什麼可以告訴我的。

Okay.

好的。

So my follow-up, just to stick with margins -- there's a lot of concern about pricing.

所以我的後續行動，只是為了堅持利潤——對定價有很多擔憂。

And now that you have caught up, and potentially incrementally currently better than the existing competitive solution, is there a place where [they'll] be looking at that will drive down GPU -- core GPU margins down, and then Tesla being just the nature of the beast, being very lumpy, how should we just think about that?

既然你已經趕上了，並且目前可能比現有的競爭解決方案更好，那麼 [他們] 是否會看到一個地方會壓低 GPU - 核心 GPU 利潤率下降，然後特斯拉只是野獸的本性，非常笨拙，我們應該怎麼想？

Because according to my math, and I could be way off, Tesla is down roughly 30% Q over Q.

因為根據我的數學，我可能還差得很遠，特斯拉的 Q 比 Q 下降了大約 30%。

Well, the Tesla product is lumpy because, frankly, until now, we've been really the only sales force out there.

好吧，特斯拉的產品很笨拙，因為坦率地說，直到現在，我們一直是那裡唯一的銷售人員。

And NVIDIA doesn't have a very large enterprise sales force.

而且 NVIDIA 沒有非常龐大的企業銷售隊伍。

But now that starting this last quarter, towards the end of the quarter, Dell, and HP, and IBM all have their systems that they've designed with the Tesla GPU in it, we are now engaging, or if you will, their sales force is engaging into the GPU computing ecosystem.

但是現在從上個季度開始，到本季度末，戴爾、惠普和 IBM 都擁有他們設計的帶有 Tesla GPU 的系統，我們現在正在參與，或者如果你願意的話，他們的銷售force 正在進入 GPU 計算生態系統。

And so with thousands and thousands of sales and marketing people from the three largest enterprise computing companies in the world selling Tesla now, I think we're in a much better position to gain much smoother traction.

因此，現在全球三大企業計算公司的成千上萬的銷售和營銷人員都在銷售特斯拉，我認為我們處於更好的位置，可以獲得更順暢的牽引力。

And so the way I think about Tesla up to this point is that we've been doing mostly evangelism, mostly lighthouse design win targeting; and with the momentum that we're seeing, even with that, we're now able to deploy the resources of the OEMs to go after it.

所以到目前為止，我對特斯拉的看法是，我們一直在做主要的宣傳工作，主要是燈塔設計贏得目標；並且憑藉我們所看到的勢頭，即使如此，我們現在也能夠部署 OEM 的資源來追求它。

And so I hope that and I believe that with a larger sales force supporting and engaging customers, like all of the big pharmas around the world, all of the supercomputing centers around the world, that all want to advance research; oil and gas companies around the world and finance companies all around the world -- now having a much broader coverage, I think, where you're going to see a smoother ramp and, hopefully, a much more aggressive ramp.

因此，我希望並且我相信，隨著更大的銷售團隊支持和吸引客戶，就像世界上所有的大型製藥公司、世界各地的所有超級計算中心一樣，他們都希望推進研究；世界各地的石油和天然氣公司以及世界各地的金融公司——我認為現在覆蓋範圍更廣，你會看到一個更平穩的斜坡，並且希望，一個更激進的斜坡。

So that's one.

所以這是一個。

I think the -- with respect to our core or consumer GPU business, you mentioned catch-up.

我認為 - 關於我們的核心或消費者 GPU 業務，你提到了追趕。

Frankly, we caught up with Fermi.

坦率地說，我們趕上了費米。

We were late with Fermi, but we caught up with Fermi.

我們遲到了費米，但我們趕上了費米。

We simply pulled further ahead.

我們只是進一步領先。

You know we (multiple speakers) --

你知道我們（多位發言者）——

(multiple speakers) So Jen-Hsun, I did say incrementally better.

（多位發言者）所以仁勳，我確實說得越來越好。

So, I did give you that credit.

所以，我確實給了你這個功勞。

(laughter)

（笑聲）

(laughter) No, I wasn't trying to mince words, but you know how prideful we are about the work that we do.

（笑聲）不，我並沒有刻意掩飾，但你知道我們對我們所做的工作感到多麼自豪。

And so I think with GTX 580, whereas we typically launch a new generation each year, because we fell behind with GTX 480, the team has really hustled and brought the next one out very shortly after, based on our second-generation Fermi architecture.

所以我認為對於 GTX 580，雖然我們通常每年都會推出新一代產品，因為我們在 GTX 480 方面落後了，但團隊真的很忙，並在不久之後推出了基於我們第二代 Fermi 架構的下一款產品。

And as a result, we improved our performance per watt by almost 40%.

因此，我們的每瓦性能提高了近 40%。

I mean, that's a huge leap -- using the same exact process.

我的意思是，這是一個巨大的飛躍——使用完全相同的過程。

So as a result, 580 is faster, it's lower power, it's quieter -- I mean, it's just a wonderful product.

因此，580 速度更快、功耗更低、更安靜——我的意思是，它只是一款出色的產品。

And so I think in that segment, winning wins.

所以我認為在那個部分，贏就是贏。

And so, this is not a market particularly in the -- from $99 above, this is not -- those aren't markets where lower prices wins the day.

因此，這不是一個市場，特別是在 - 從 99 美元以上，這不是 - 那些不是低價贏得勝利的市場。

If somebody is willing to spend $199 for a gaming card, they're going to spend $199 to buy the best gaming card.

如果有人願意花 199 美元購買遊戲卡，他們將花費 199 美元購買最好的遊戲卡。

Where GeForce has a real advantage is across the board on traditional games; but GTX, all of our GTX family has such an amazing DX11 performance compared to the competition.

GeForce 真正的優勢在於傳統遊戲的全面性。但是 GTX，我們所有的 GTX 系列都具有與競爭對手相比如此驚人的 DX11 性能。

And Tessellation is the essence of DX11 in the modern generation of games.

而Tessellation是DX11在現代遊戲中的精髓。

And so I think we have, at this point, unambiguously the best architecture.

所以我認為，在這一點上，我們無疑擁有最好的架構。

And we also now unambiguously have the best implementation.

而且我們現在也毫不含糊地擁有了最好的實現。

So we just have to market our advantage and I think that gamers will respond.

所以我們只需要推銷我們的優勢，我認為遊戲玩家會做出回應。

Okay.

好的。

Thanks.

謝謝。

Good luck, guys.

祝大家好運。

Tim Luke, Barclays Capital.

巴克萊資本的蒂姆·盧克。

Jen-Hsun, as you observe the market and you look at the new product traction that you have, and as Tegra gets to begin to ramp, from here -- are you anticipating that you would see sequential improvements over the next few quarters, given that it seems like the computing and graphics market was somewhat soft and maybe now stabilizing to improving?

Jen-Hsun，當您觀察市場並查看您擁有的新產品牽引力時，以及隨著 Tegra 開始從這裡開始爬坡 - 您是否預計您會在接下來的幾個季度看到連續改進，因為似乎計算和圖形市場有些疲軟，現在可能正在穩定改善？

So, that's my question.

所以，這是我的問題。

Thank you.

謝謝你。

Yes, I appreciate that.

是的，我很感激。

If you look at what we've been trying to do over the last several years, we've been trying to extend our leadership in GPUs and continue to build that base on a GPU business, the core GPU business, which is PCs and workstations.

如果你看看過去幾年我們一直在努力做的事情，我們一直在努力擴大我們在 GPU 領域的領先地位，並繼續在 GPU 業務、核心 GPU 業務（即 PC 和工作站）的基礎上建立這一基礎.

But in the process, build two new initiatives that we believe was going to be really important growth initiatives.

但在此過程中，建立兩個我們認為將成為非常重要的增長計劃的新計劃。

One of them was GPU for high-performance computing or another way to say it is GPU in the cloud.

其中之一是用於高性能計算的 GPU，或者說它是雲中的 GPU。

Putting GPU in servers available to -- as a computational resource for mobile devices or computers was a really important initiative for us.

將 GPU 放入可用於移動設備或計算機的計算資源的服務器中對我們來說是一項非常重要的舉措。

And that turned into what we call Tesla.

這變成了我們所說的特斯拉。

The second initiative was mobile computing, which is what we call Tegra.

第二個舉措是移動計算，也就是我們所說的 Tegra。

These two products and these two directions of computing we believe was going to be the future of computing.

我們相信這兩種產品和這兩個計算方向將成為計算的未來。

And along the way, a recession came along and we didn't execute well on Fermi and we tripped ourselves up a little bit.

一路走來，經濟衰退來了，我們在費米方面表現不佳，我們有點絆倒了自己。

But we gained our footing again.

但我們又站穩了腳跟。

Q2 was -- we got it out of our system.

第二季度是——我們把它從我們的系統中取出來了。

And since then, we've executed on seven Fermi's -- seven Fermi generation GPUs, all of them went to production with First Silicon.

從那時起，我們已經在七塊 Fermi 上執行過——七塊 Fermi 代 GPU，它們都與 First Silicon 一起投入生產。

Every single one of them went from tape-out to production release at record times compared to before.

與以前相比，他們中的每一個人都以創紀錄的時間從流片到生產發布。

The velocity of the Company has really, really amped up.

公司的速度真的，真的加快了。

And so I think our core business of the GeForce and the Quadro business are really, really in great footing now.

因此，我認為我們的 GeForce 核心業務和 Quadro 業務現在真的非常非常好。

And just as we've gained that footing, Tesla and Tegra are both ramping into production and helping us get into these two really important growth markets.

就在我們站穩腳跟的同時，特斯拉和 Tegra 都在投入生產並幫助我們進入這兩個非常重要的增長市場。

So I could see the traction now and we know what we're working on with respect to customer projects.

所以我現在可以看到牽引力，我們知道我們在客戶項目方面正在做什麼。

And we have a good feeling for when they go to production.

我們對他們何時投入生產有很好的感覺。

So at this point, we really feel like we're back to growing.

所以在這一點上，我們真的覺得我們正在恢復增長。

And more importantly than just back to growing, we're growing into the right markets, which is the future of computing.

更重要的是，不僅僅是恢復增長，我們正在進入正確的市場，這就是計算的未來。

So, as a follow-on, obviously you only have a certain amount of visibility, but given that seasonality has been a bit off some of the markets recently and inventory seems to be being cleared, would it be the case that you wouldn't necessarily see the usual sequential decline in April, given that you've got the new products coming on?

所以，作為後續，顯然你只有一定的知名度，但鑑於最近一些市場的季節性有點偏離，而且庫存似乎正在清理，你會不會是這樣？鑑於您已經推出了新產品，您一定會看到 4 月份通常的連續下降嗎？

And maybe just as a clarification in the consumer area, could you just share with us what Tegra might be as a run rate for the January quarter?

也許只是作為消費領域的澄清，您能否與我們分享一下 Tegra 在 1 月季度的運行率可能是多少？

I know you've shared some numbers in the past and any clarification there would be helpful.

我知道您過去曾分享過一些數字，任何澄清都會有所幫助。

The January quarter is -- let me say what I just said earlier, which is -- we know at this point that the projects that we're working on, particularly in the tablets, has taken longer than we expected.

一月份的季度——讓我說一下我剛才所說的——我們現在知道我們正在進行的項目，尤其是平板電腦項目，花費的時間比我們預期的要長。

And it's taken longer than we expected by a few months.

它比我們預期的要長幾個月。

But the important thing is that you can't just build a tablet.

但重要的是，您不能只製造平板電腦。

You can't just put an operating system on a tablet and hope that -- on a piece of glass and hope that you're going to compete against the iPad.

你不能只是把操作系統放在平板電腦上，然後寄希望於——在一塊玻璃上，然後希望你能與 iPad 競爭。

The iPad is a wonderful product.

iPad 是一款很棒的產品。

And if you're going to give that wonderful product a run for its money, you better build something absolutely exquisite.

而且，如果您要讓這款出色的產品物有所值，那麼您最好製造一些絕對精美的產品。

And so whether it's the quality of the work of the craftsmanship that our teams are working on, or the capabilities of these devices, they have to be absolutely groundbreaking or why would anybody come to buy them?

因此，無論是我們團隊正在研究的工藝質量，還是這些設備的功能，它們都必須絕對具有開創性，否則為什麼會有人來購買它們？

So I think that the extra time that was necessary to build these devices, and build the operating system and all the applications and the system software necessary to do it -- and obviously, we're not going to talk about what they are right now, but they're going to be absolutely magical.

因此，我認為構建這些設備、構建操作系統以及所有應用程序和系統軟件所需的額外時間——顯然，我們現在不打算談論它們是什麼，但它們絕對是神奇的。

And so I think that that's the important thing to realize.

所以我認為這是要意識到的重要事情。

And I think that although we're a little bit late, the market potential is so huge, and this is the future of computing.

而且我認為雖然我們有點晚了，但市場潛力如此巨大，這就是計算的未來。

This is the second device into the future of computing.

這是進入計算未來的第二個設備。

And so I think we're pretty well-positioned.

所以我認為我們的定位非常好。

And that's why I see a pretty good ramp through Q1, through the next year.

這就是為什麼我看到明年第一季度的增長非常好。

Thanks, guys.

多謝你們。

Yes, thanks a lot, Tim.

是的，非常感謝，蒂姆。

Patrick Wang, Wedbush Morgan.

帕特里克·王，韋德布什·摩根。

Jen-Hsun, earlier you had said that you expect the crossover between Tegra and chipset to be potentially the first quarter.

Jen-Hsun，您之前曾說過，您預計 Tegra 和芯片組之間的交叉可能是第一季度。

I'm just curious if you could maybe talk about what's going on -- what you're seeing in that chipset market.

我只是想知道您是否可以談論正在發生的事情-您在該芯片組市場中看到的情況。

And I guess there was an expectation that that was going to come down in the first half of next year, but it seems like Apple has revived that a bit.

我猜有人預計明年上半年會下降，但蘋果似乎已經恢復了一點。

If you could just talk about that a bit.

如果你能談談這個。

Thanks.

謝謝。

Yes.

是的。

It will come down but it won't come down nearly at the levels that most people thought.

它會下降，但不會下降到大多數人認為的水平。

And it is the case that the new Mac Air's are pretty amazing.

正是這種情況，新的 Mac Air 非常了不起。

And we're really proud to have been selected to be inside them.

我們真的很自豪能夠被選中進入他們的內部。

And if you haven't had a chance to try them, they're really magical computers.

如果你還沒有機會嘗試它們，它們真的是神奇的計算機。

And so I (multiple speakers) --

所以我（多位發言者）——

I've got one.

我有一個。

Yes, so, that's great, thank you.

是的，那太好了，謝謝。

I appreciate it.

我很感激。

(laughter) Thank you.

（笑聲）謝謝。

I try to help out, you know.

我試著幫忙，你知道的。

(laughter) If you could spread the word, tell your friends -- we're going to postpone that delay -- that transition.

（笑聲）如果你能傳播這個消息，告訴你的朋友——我們將推遲那個延遲——那個過渡。

So I think -- we built with Apple a really important new GPU with integrated chipset and it's a great chip.

所以我認為——我們與 Apple 一起構建了一個非常重要的帶有集成芯片組的新 GPU，它是一個很棒的芯片。

And I'm delighted to see them use it and use it in so many different systems.

我很高興看到他們使用它並在許多不同的系統中使用它。

But our tablet business and our phone business is going to ramp and it's going to ramp hard.

但是我們的平板電腦業務和我們的手機業務將會增長，而且會很難增長。

And there are customers lined up all over the world with a lot of different phones and systems.

世界各地的客戶排隊等候使用許多不同的電話和系統。

And the amount of activity in our Tegra business is just simply too great right now.

現在，我們 Tegra 業務的活動量實在是太大了。

So we've got to -- we've just got to hunker down and get these products to market; make sure that we build something really amazing.

所以我們必須——我們必須埋頭苦幹，把這些產品推向市場；確保我們創造出真正令人驚嘆的東西。

And all the engineers that are working on it are working 24/7.

所有正在研究它的工程師都在 24/7 工作。

So we just have to build some of the best things we've ever built.

所以我們只需要建造一些我們曾經建造過的最好的東西。

So I think Q1 is going to -- Q1 is when all of -- come beginning of the year is when all of you will see what we've been so busy working on.

所以我認為第一季度將——第一季度是所有人——在年初到來的時候，你們所有人都會看到我們一直在忙於做什麼。

And I think you'll be more than surprised and delighted.

而且我認為您會感到驚訝和高興。

Got you.

得到你。

And I'll throw my vote of confidence behind that.

我將對此投下我的信任票。

I'm loving this MacBook; I really think it's terrific.

我喜歡這台 MacBook；我真的覺得太棒了。

For my follow-up, I was hoping you can talk about -- you guys had talked about gross margins a bit here -- maybe some of the moving pieces here between Q3 and Q4.

對於我的後續行動，我希望你們能談談——你們在這裡談到了毛利率——也許是第三季度和第四季度之間的一些變動因素。

And then, just based on the kind of mix you're talking about for next year with a lot of Tegra, I know it's a pretty good margin product there, if we should think about margins being in excess of 45%, 46% just across the year?

然後，僅基於您所談論的明年與大量 Tegra 的組合，我知道這是一個非常好的利潤率產品，如果我們應該考慮利潤率超過 45%，46% 只是全年？

I think it's a foregone conclusion at this point.

我認為在這一點上已成定局。

Certainly, inside the Company that as we continue to increase the investment into Tesla, Quadro, and Tegra, all of which are nowhere near our current corporate average, that as we continue to drive the growth of those three businesses, the margins will go well above 46%.

當然，在公司內部，隨著我們繼續增加對特斯拉、Quadro 和 Tegra 的投資，所有這些都遠不及我們目前的公司平均水平，隨著我們繼續推動這三個業務的增長，利潤率將會很好46% 以上。

So wherever it is currently today, it's completely illogical for us to be near it next year.

因此，無論它現在在哪裡，明年我們靠近它是完全不合邏輯的。

Got it.

知道了。

Thanks so much.

非常感謝。

Shawn Webster, Macquarie.

肖恩韋伯斯特，麥格理。

On the GPU business in terms of the detail underlying, can you give us a sense of what your GPU units and pricing did sequentially for Q3?

關於 GPU 業務的底層細節，您能否讓我們了解您的 GPU 單元和定價在第三季度按順序執行的情況？

Shawn, from a unit standpoint, units were up sequentially quarter-over-quarter, particularly as we launched new products, Fermi products into the mainstream segment.

肖恩，從單位的角度來看，單位環比增長，特別是當我們推出新產品時，費米產品進入主流市場。

They were up pretty strongly.

他們的漲勢相當強勁。

Desktop overall was up about 6 points.

桌面整體上漲約 6 點。

From an ASP standpoint, that mix change also brought our ASPs down a little bit, as a result of having a richer mix in the mainstream segment of the market.

從 ASP 的角度來看，這種組合變化也使我們的 ASP 略有下降，因為在市場的主流部分擁有更豐富的組合。

So as a result, margins were a little bit less than what we anticipated beginning of the quarter, but the good side of it was that desktop was stronger than what we anticipated.

因此，利潤率略低於我們本季度初的預期，但好的一面是台式機比我們預期的要強。

Right.

正確的。

And then how big is the chipset business?

那麼芯片組業務有多大？

Did that grow sequentially in revenues for you?

您的收入是否按順序增長？

It did grow sequentially.

它確實按順序增長。

Okay.

好的。

And then when you look at -- you mentioned that your notebook share gains going into the Sandy Bridge generation could reach or exceed your prior peaks.

然後，當您查看時-您提到進入 Sandy Bridge 一代的筆記本電腦份額收益可能會達到或超過您之前的峰值。

Your market share this year has been somewhere in the 45% to 50% range on notebook GPUs.

您今年的市場份額在筆記本 GPU 的 45% 到 50% 範圍內。

And if I remember correctly, you had been in the low 70's percent share.

如果我沒記錯的話，你的份額只有 70%。

Is that the magnitude of share gains you expect next year in notebook?

這是您預計明年筆記本電腦的份額增長幅度嗎？

I would say that our prior peak was probably in the low 60s.

我會說我們之前的高峰可能是在 60 年代的低點。

And this year, our market share was actually lower than what you gave me credit for just now.

而今年，我們的市場份額實際上低於你剛才給我的評價。

So I appreciate the graciousness, but (laughter) --

所以我很感激你的好意，但是（笑聲）——

Thank you for the correction.

謝謝你的糾正。

-- you know, we -- I didn't do that well this year.

- 你知道，我們 - 今年我做得不好。

Okay.

好的。

So as you look across the landscape, there's a lot of design win activity in the tablet space.

因此，當您縱觀整個景觀時，平板電腦領域有很多設計獲勝活動。

Do you have a sense on what your percent share in the tablet area is as we go into next year, in terms of the design win share?

就設計贏得份額而言，您是否知道明年我們在平板電腦領域的百分比份額是多少？

I would say, just a lot.

我會說，只是很多。

And I -- there's a lot of tablets that are going to get built that aren't really going to ship.

而我——有很多平板電腦將被製造出來，但並不會真正上市。

And everybody is building tablets because it's just so important; this is such an important part of the future computing market.

每個人都在製造平板電腦，因為它是如此重要；這是未來計算市場的重要組成部分。

This isn't a fad.

這不是一種時尚。

It is clear now that touch computing and tablets is a wonderful way for a lot of consumers to enjoy content.

現在很明顯，觸控計算和平板電腦是許多消費者享受內容的絕佳方式。

And by being able to connect a wireless keyboard and a mouse, the difference between a tablet and a notebook is pretty marginal.

而且通過能夠連接無線鍵盤和鼠標，平板電腦和筆記本電腦之間的差異非常小。

And so I think that going forward, you're going to see this tablet device being quite disruptive to both notebook as well as entry desktop.

所以我認為，在未來，你會看到這款平板設備對筆記本電腦和入門台式機都具有相當大的破壞性。

So I think this is an important trend.

所以我認為這是一個重要的趨勢。

And that's why a lot of companies -- every single company I know is working on a tablet.

這就是為什麼很多公司——我認識的每一家公司都在開發平板電腦。

There's car companies working on tablets.

有汽車公司在開發平板電腦。

Consumer electronics companies working on tablets.

致力於平板電腦的消費電子公司。

Computer companies working on tablets and communications companies working on tablets.

從事平板電腦的電腦公司和從事平板電腦的通訊公司。

I don't remember the last time in the history of computing where a singular device was being worked on by all of the industries.

我不記得上一次計算歷史上所有行業都在使用單一設備的情況。

The medical industry is working on tablets.

醫療行業正在開發平板電腦。

This is a revolutionary form factor and I think it's a foregone conclusion this is going to be probably the largest computing segment.

這是一個革命性的形式因素，我認為這已成定局，這可能是最大的計算領域。

Now, how much of that share depends on ultimately how delightful all of these tablets that are being built are.

現在，有多少份額最終取決於所有這些正在製造的平板電腦有多令人愉快。

And I'm just so glad, I'm so glad that we decided not to go to market with tablets earlier, but to wait and work and put all of our energy behind the next-generation operating system.

而且我很高興，我很高興我們決定不早點將平板電腦推向市場，而是等待和工作，將我們所有的精力都放在下一代操作系統上。

And the team over at Google working on it, Andy Rubin and his team are working 24/7 and they're doing amazing work.

谷歌的團隊正在研究它，Andy Rubin 和他的團隊 24/7 全天候工作，他們正在做著驚人的工作。

And I'm just really, really delighted that we decided to focus and not spare it on current generation operating systems.

我真的非常高興我們決定將重點放在當前一代的操作系統上而不是放過它。

And so I think when you see it in near-future, it will more than delight you.

所以我認為當你在不久的將來看到它時，它會讓你感到高興。

I think you'll be shocked how wonderful it is.

我想你會驚訝於它的美妙之處。

Great.

偉大的。

Thank you very much.

非常感謝。

James Schneider, Goldman Sachs.

詹姆斯施耐德，高盛。

Thanks for taking my question.

感謝您提出我的問題。

Going back to the Tegra questions before, I understand the reasons for some of the delays in product push-out and the fact that you expect a pretty strong ramp.

回到之前的 Tegra 問題，我了解一些產品推出延遲的原因，以及您預計會有相當強勁的增長這一事實。

And you've also talked about some expectations in terms of Tegra revenue over the course of the year.

您還談到了對 Tegra 全年收入的一些預期。

Can you maybe give us an update on where you think this might be on a run rate basis at this time next year, given the delays in the products?

鑑於產品的延遲，您能否向我們提供有關您認為明年這個時候這可能在運行率基礎上的最新情況？

You know, I genuinely don't know.

你知道，我真的不知道。

Is this Jim?

這是吉姆嗎？

Yes.

是的。

Jim, I genuinely don't know.

吉姆，我真的不知道。

There's only a couple of things that I do know.

我知道的只有幾件事。

I believe that mobile computing is the future of computing.

我相信移動計算是計算的未來。

I believe that the tablet form factor and touch is not a fad.

我相信平板電腦的外形和触感並不是一種時尚。

And I believe that this particular device, this particular form factor, is likely to be very, very disruptive to the traditional form factors of computing.

而且我相信這種特殊的設備，這種特殊的外形，很可能會對傳統的計算外形造成非常非常大的破壞。

And if you gave somebody a choice between a netbook and a tablet, and a wonderful tablet, why would anybody choose a netbook?

如果你讓某人在上網本和平板電腦之間進行選擇，以及一款出色的平板電腦，為什麼會有人選擇上網本？

And so I think the logic I think at this point is pretty clear and people see the trends.

所以我認為我認為在這一點上的邏輯非常清楚，人們看到了趨勢。

And how big is it going to be to us?

它對我們有多大影響？

Depends on how well we execute.

取決於我們執行的好壞。

This is a segment that I hope that we can add a lot of value to.

這是我希望我們可以增加很多價值的部分。

And computing matters here.

計算在這裡很重要。

And very, very, very low-power computing is what Tegra was designed to do.

非常、非常、非常低功耗的計算正是 Tegra 的設計初衷。

This is something that we've been working on, frankly, for five years.

坦率地說，這是我們五年來一直在努力的事情。

And of the three of the largest computing technology companies in the world that contributes to the PC industry today, we're the only one that has made the fundamental investments to be here.

在當今世界上為 PC 行業做出貢獻的三大計算技術公司中，我們是唯一一家進行了基礎投資的公司。

And now we're really well-positioned to make a contribution to the mobile space with computing technologies like ours.

現在，我們已經做好充分準備，利用像我們這樣的計算技術為移動領域做出貢獻。

So I think this is a big opportunity for us and I think it's a big market.

所以我認為這對我們來說是一個很大的機會，我認為這是一個很大的市場。

And the rest of it just is going to require a lot of focus and execution on our part.

其餘的將需要我們大量的關注和執行。

Understand, thanks.

明白了，謝謝。

And just as a follow-up on that, can you talk about whether you -- it sounds like you're expecting tablets to be a bigger contributor from Tegra than smartphones.

作為對此的跟進，您能否談談您是否 - 聽起來您希望平板電腦成為 Tegra 的貢獻者，而不是智能手機。

And then one -- is that correct?

然後一個——對嗎？

And then one for David -- OpEx has kind of moved around a little bit.

然後是大衛的一個——運營支出有點移動。

It's declined here and you talked about some reasons why.

它在這裡被拒絕了，你談到了一些原因。

Can you talk about some of the reasons for the increase going into Q4 and how we should think about the profile of OpEx next year?

您能否談談進入第四季度的增長的一些原因，以及我們應該如何看待明年的 OpEx 概況？

Thanks.

謝謝。

Our smartphone business is actually larger than our tablet business.

我們的智能手機業務實際上比我們的平板電腦業務更大。

And these smartphones -- are they a small tablet or are they a large phone?

這些智能手機——它們是小型平板電腦還是大型手機？

It sounds -- from my perspective, it's kind of hard to say.

聽起來——從我的角度來看，這很難說。

It's a five-inch tablet, a seven-inch tablet, a 10-inch tablet -- they're all, to me, tablets.

它是 5 英寸平板電腦、7 英寸平板電腦、10 英寸平板電腦——對我來說，它們都是平板電腦。

And so a phone to me conveys a dial-in keyboard and it just doesn't convey the right image to me.

所以對我來說，一部電話傳達了一個撥入式鍵盤，它只是沒有向我傳達正確的圖像。

So I talk about them interchangeably, but our smartphone business is likely to be larger.

所以我可以互換地談論它們，但我們的智能手機業務可能會更大。

But in combination, our Tegra business should be quite large.

但綜合起來，我們的 Tegra 業務應該是相當大的。

I mean, it will be one of our largest businesses over time.

我的意思是，隨著時間的推移，它將成為我們最大的業務之一。

And Jim, on the OpEx side, we've talked the last few quarters about bringing expenses down and we've guided roughly in the $300 million range the last couple of quarters.

吉姆，在運營支出方面，我們在過去幾個季度談到了降低開支，我們在過去幾個季度的指導下大致在 3 億美元的範圍內。

We had some good fortune this last quarter in the fact that while we planned for heavier NRE activity associated with some of the launches of the products we did in the third quarter, we were fortunate that First Silicon was successful.

上個季度我們有一些好運，因為雖然我們計劃在第三季度推出一些與我們所做的一些產品相關的更大規模的 NRE 活動，但我們很幸運 First Silicon 取得了成功。

So we had some benefits there.

所以我們在那裡得到了一些好處。

Now, going into the fourth quarter where the NRE activity can be lumpy, dependent upon announcements of products and so forth, but we're expecting some of the NRE to go up in the fourth quarter.

現在，進入第四季度，NRE 活動可能不穩定，取決於產品公告等，但我們預計第四季度的一些 NRE 會上升。

We also have payroll taxes coming up in the next quarter, because our fiscal year goes into the next calendar year where FICA taxes start over.

下一季度我們還將徵收工資稅，因為我們的財政年度進入了 FICA 稅開始的下一個日曆年。

We also have focal increases that we're planning and have executed on.

我們還計劃並執行了重點增加。

So, we're striving to keep our expenses roughly in that range for now and some of the lumpiness is just some of the NRE activities and so forth that we've benefited from.

因此，我們目前正在努力將我們的費用大致保持在該範圍內，而一些不規律的只是我們從中受益的一些 NRE 活動等等。

That's helpful.

這很有幫助。

Thanks very much.

非常感謝。

Arnab Chanda, ROTH Capital.

Arnab Chanda，羅斯資本。

A couple of things -- one is there's a lot of magic going on here but what exactly are we waiting for?

有幾件事——一個是這裡有很多魔法，但我們到底在等什麼？

Is it an operating system update?

是操作系統更新嗎？

Is it [true] availability to really see a ramp in Tegra?

真的可以看到 Tegra 的坡道嗎？

And then I have one question about your R&D.

然後我有一個關於你的研發的問題。

Obviously, for good reasons your revenues are not changed since the second half '06, but R&D has almost doubled.

顯然，出於充分的理由，自 06 年下半年以來，您的收入沒有變化，但研發幾乎翻了一番。

You're seeing now real fruition in those products you developed.

您現在看到您開發的那些產品取得了真正的成果。

Can we assume from here on you're going to get R&D growth slowly versus sales?

我們可以假設從這裡開始你的研發增長會比銷售增長慢嗎？

Or when can we see that happening?

或者我們什麼時候可以看到這種情況發生？

Thanks.

謝謝。

To call the next-generation devices and operating system update would really be an understatement, I think.

我認為，調用下一代設備和操作系統更新確實是輕描淡寫。

And it would do injustice to the amount of engineering that has gone into building the next generation of tablets.

而且它會對構建下一代平板電腦的工程量造成不公正的影響。

I mean, Arnab, as I mentioned earlier, the iPad is not your normal device waiting around to -- for somebody to beat it.

我的意思是，Arnab，正如我之前提到的，iPad 不是你的普通設備，等待有人來擊敗它。

I mean, this is an extraordinary device.

我的意思是，這是一個非凡的設備。

And if you want to build something that is desirable, and even more desirable to some other customers, you've got to build something great.

而且，如果您想構建一些令人滿意的東西，甚至對其他一些客戶來說更理想，那麼您必須構建一些很棒的東西。

You're not just going to put a phone operating system on a larger display and ship it; you're just not.

你不只是要把手機操作系統放在更大的顯示器上然後發貨。你不是。

And so the amount of engineering that has gone into building the next-generation device is not an operating system upgrade by any -- you won't recognize it, let me just put it that way.

因此，構建下一代設備的工程量絕不是操作系統升級——你不會認出它，讓我這麼說吧。

And what the team is shooting for is nothing short of a great experience.

團隊所追求的就是一次很棒的體驗。

And so I have every confidence in the team.

所以我對球隊充滿信心。

Andy and his guys are doing amazing work and we're putting all of our best on it.

安迪和他的手下正在做著令人驚嘆的工作，我們正在全力以赴。

And, of course, many partners around the world are putting their best on it.

當然，世界各地的許多合作夥伴都在全力以赴。

We're going to make sure we build something absolutely, absolutely magical.

我們將確保我們構建一些絕對、絕對神奇的東西。

So that's job one.

所以這是工作之一。

With respect to R&D, you're right that as -- although the PC industry hasn't grown substantially in the high end over the last several years, we continue to invest so that we could build two major initiatives -- one was Tesla, so that we could put GPUs into servers in the cloud.

關於研發，你說得對，儘管過去幾年 PC 行業在高端領域並沒有顯著增長，但我們繼續投資，以便我們可以建立兩個主要計劃——一個是特斯拉，這樣我們就可以將 GPU 放入雲中的服務器中。

And one was Tegra, so we could put our GPU and technology into mobile devices.

其中之一是 Tegra，因此我們可以將我們的 GPU 和技術應用到移動設備中。

I think it is clear, surely, I think, to us and I hope to you, that if we hadn't made the investment to put NVIDIA in the middle of cloud computing and mobile computing, and that today we are basically selling PC chips, it would be one of the greatest irresponsible acts of investment that I can imagine.

我認為很清楚，當然，我認為，對我們來說，我希望對你來說，如果我們沒有投資將 NVIDIA 置於雲計算和移動計算的中間，那麼今天我們基本上是在銷售 PC 芯片，這將是我能想像到的最不負責任的投資行為之一。

Here is an incredibly talented organization that knows how to build these things, and for us to be at the epicenter of the next computer revolution is an opportunity too great not to have gone after.

這是一個非常有才華的組織，知道如何構建這些東西，對我們來說，成為下一次計算機革命的中心是一個非常好的機會，我們不能不去追求。

And so we decided to invest heavily to be here.

所以我們決定投入巨資來到這裡。

And I think that over the next year, and we're starting to see it now, the investment was surely worth it.

而且我認為，在接下來的一年裡，我們現在開始看到，這項投資肯定是值得的。

And that we've made the right investments to be at the growth -- the next growth part of the world, next growth part of the industry going forward.

而且我們已經做出了正確的投資來實現增長——世界的下一個增長部分，行業未來的下一個增長部分。

And so I'm excited about the investment that we've made, frankly.

坦率地說，我對我們所做的投資感到興奮。

And I think we've made really important contributions to the computer industry that you'll see in the very short-near future.

而且我認為我們為計算機行業做出了非常重要的貢獻，您將在不久的將來看到這些貢獻。

Thanks, Jen-Hsun.

謝謝，仁勳。

Yes.

是的。

Thanks a lot, Arnab.

非常感謝，阿納布。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Thank you for taking my question.

謝謝你接受我的問題。

You talked about channel inventories being lower.

您談到渠道庫存較低。

This is the second consecutive quarter, so nice job on that front.

這是連續第二個季度，在這方面做得很好。

Can you guys help quantify where those levels are relative to historical of about -- I think it's about seven to eight weeks?

你們可以幫助量化這些水平相對於歷史水平的位置 - 我認為大約是七到八週？

So, you know there's -- there is not a great deal of science that we can go through the entire channel of inventory and so forth, but our targets have been to keep channel inventory somewhere in the four to six-week range.

所以，你知道 - 沒有大量的科學可以讓我們通過整個庫存渠道等等，但我們的目標是將渠道庫存保持在四到六週的範圍內。

And today it's well within that range and we anticipate keeping it in that area.

今天它完全在這個範圍內，我們預計將它保持在那個區域內。

Okay, great.

好，太棒了。

Thanks.

謝謝。

And you guys are on the cusp of ramping Tegra here into smartphones and into tablet customers this quarter.

你們正處於將 Tegra 推向智能手機和平板電腦客戶的風口浪尖。

Jen-Hsun, can you just remind us what's next on the road map for Next-Gen Tegra?

Jen-Hsun，你能提醒我們下一代 Tegra 路線圖的下一步是什麼嗎？

When is the team going to introduce this to the market?

團隊何時將其引入市場？

I know competitively, we've seen some three core architectures being rolled out by your competitors.

我知道競爭性，我們已經看到您的競爭對手推出了一些三個核心架構。

Just curious, what's next for NVIDIA?

只是好奇，NVIDIA 的下一步是什麼？

Well, if you look at the competition, they -- about a year -- Tegra 2 was ready for production in Q1 of this year.

好吧，如果你看看競爭，他們——大約一年——Tegra 2 已準備好在今年第一季度投入生產。

And obviously, we had to -- in order to build a great device, you need a lot of software to go with it, including operating systems and applications.

顯然，我們必須——為了打造一款出色的設備，你需要很多軟件來搭配它，包括操作系統和應用程序。

And that's taken us pretty much the entire year to go do.

這幾乎花了我們整整一年的時間。

Meanwhile we've -- as the competition is finally catching up to where we were last year -- beginning of the year, we're about to enter into our next generation.

與此同時，隨著比賽終於趕上我們去年的水平，我們已經 - 今年年初，我們即將進入我們的下一代。

And so I think today is probably too early to talk about -- I'm anxious to sell you some Tegra 2's, so I'm anxious to get everybody excited about Tegra 2's.

所以我認為今天談論可能還為時過早——我急於向你推銷一些 Tegra 2，所以我急於讓每個人都對 Tegra 2 感到興奮。

And I think they will be very excited about it.

我認為他們會對此感到非常興奮。

And then shortly after that, we'll introduce Tegra 3.

然後不久之後，我們將介紹 Tegra 3。

But having a rhythmic road map once a year is what the Company is focused on and we'll surely deliver that.

但每年制定一次有節奏的路線圖是公司關注的重點，我們一定會實現這一目標。

Okay.

好的。

Thank you very much.

非常感謝。

Glen Yeung, Citi.

花旗銀行的 Glen Yeung。

Hey, Jen-Hsun, just going back to the discreet business, can you just clarify -- you know, AMD at their Analyst Day sort of implied that attach rates in 2011 would not really change from 2010.

嘿，Jen-Hsun，回到謹慎的業務，你能澄清一下 - 你知道，AMD 在他們的分析師日暗示，2011 年的附加費率與 2010 年相比不會真正改變。

What's your perspective on that sort of on an overall basis for the discreet market?

對於謹慎的市場，您對這種總體情況有何看法？

I don't think attach will change.

我不認為 attach 會改變。

There's no indication at all that the attach rate is changing.

根本沒有跡象表明附加率正在發生變化。

You know, integrated graphics has improved over the course of the last 10 years, last 15 years -- it's been 15 years, I think -- I think about 11 years, okay.

你知道，集成顯卡在過去 10 年，過去 15 年——我想已經 15 年——我想大約 11 年，好吧。

1999.

1999 年。

Oh, is that right?

哦，對嗎？

Okay, yes.

好的，是的。

So, yes, right.

所以，是的，沒錯。

So it's been 11, almost 12 years that integrated graphics has been around.

因此，集成顯卡已經存在 11 年，差不多 12 年了。

And every single year, it's gotten many times better than the previous year.

每一年，它都比前一年好很多倍。

And you almost don't have to try for it to be better every year.

而且您幾乎不必每年都努力讓它變得更好。

And so I don't expect -- so this year it's better than last year.

所以我不期望 - 所以今年比去年好。

And Sandy Bridge is a great processor; I'm excited about it.

Sandy Bridge 是一款出色的處理器；我很興奮。

I think it's the best processor that Intel has made in several years and it's by far the best processor on the planet.

我認為這是英特爾幾年來製造的最好的處理器，也是迄今為止地球上最好的處理器。

And so I expect that the refresh cycle associated with Sandy Bridge to be quite exciting, both on the desktop side and on the notebook side.

因此，我預計與 Sandy Bridge 相關的更新周期會非常令人興奮，無論是在台式機端還是筆記本端。

I surely am.

我肯定是。

I'm going to be one of the first in line to go get myself a Sandy Bridge.

我將成為第一個去給自己買一座桑迪橋的人。

So I'm excited about that processor refresh.

所以我對處理器的更新感到興奮。

But it doesn't change the dynamic -- nothing that we've seen so far has made integrated graphics anything close to what a discreet graphics could (multiple speakers) --

但它並沒有改變動態——到目前為止，我們所看到的任何東西都沒有使集成顯卡接近於謹慎的顯卡（多揚聲器）——

Do you think it might change the dynamic between high-end and low-end attach, i.e., maybe skew the attach rate more towards higher-end GPUs as part of the mix?

您是否認為它可能會改變高端和低端附加之間的動態，即作為混合的一部分，可能會使附加率更偏向高端 GPU？

Well, if what you mean by that is that the discreet GPU has to be even better in order to be better than integrated graphics, then the answer is yes.

好吧，如果您的意思是謹慎的 GPU 必須更好才能比集成顯卡更好，那麼答案是肯定的。

And we know that -- we know now that we've done a really quite a fine job choosing the performance levels of our next generation GPUs, so that it's still substantially better than the Sandy Bridge.

而且我們知道——我們現在知道我們在選擇下一代 GPU 的性能水平方面做得非常好，因此它仍然比 Sandy Bridge 好得多。

And so my sense is that no dynamic has changed.

所以我的感覺是動態沒有改變。

So that's one area I would agree with AMD.

所以這是我同意 AMD 的一個領域。

Okay.

好的。

The one and only.

唯一的。

That was just a joke.

那隻是個玩笑。

That was a joke.

那隻是個玩笑。

One other question for you is -- particularly, you guys are in a pretty unique position, inasmuch as you're very well-positioned in tablets.

另一個問題是——特別是，你們處於一個非常獨特的位置，因為你們在平板電腦方面處於非常有利的位置。

What's your thought on the potential of cannibalization of tablets into the PC market?

您如何看待平板電腦蠶食 PC 市場的潛力？

And then sort of as an adjunct to that, what's your expectation for PC growth in 2011?

然後作為補充，您對 2011 年 PC 增長的預期是什麼？

Well, I think the segment of the market that we serve is stable and hasn't really grown much over the years with respect to consumer PCs.

好吧，我認為我們所服務的市場部分是穩定的，並且多年來在消費類 PC 方面並沒有真正增長。

I mean, we're going to have to discover another great reason for people to grow the high-end PC marketplace.

我的意思是，我們將不得不為人們找到另一個發展高端 PC 市場的重要理由。

But our discreet GPU GeForce market has been relatively stable for some time and -- but the growth has all come from low-end notebooks and netbooks and devices like that.

但我們謹慎的 GPU GeForce 市場已經相對穩定一段時間了，而且增長都來自低端筆記本電腦和上網本以及類似的設備。

And I think that that market is absolutely going to get cannibalized by the netbook -- by the tablet.

而且我認為這個市場絕對會被上網本——被平板電腦蠶食。

And the reason for that is because the tablet is just much more delightful to use, on the one hand, and if computing is a secondary device anyways, or it's for casual computing, why not use the tablet?

這樣做的原因是因為平板電腦使用起來更令人愉快，一方面，如果計算無論如何都是輔助設備，或者它是用於休閒計算，為什麼不使用平板電腦呢？

You know, the applications are all served up wonderfully, and the experience is wonderful and responses are beautiful.

你知道，應用程序都很棒，體驗很棒，反應也很漂亮。

It's an exquisite device.

這是一個精緻的設備。

And if you want to use it as an entry device, you can always attach a keyboard to it, a wireless keyboard to it, or a wireless mouse.

如果你想把它用作輸入設備，你可以隨時給它連接一個鍵盤，一個無線鍵盤，或者一個無線鼠標。

And so those things are really easy to solve.

所以這些事情真的很容易解決。

And before you know it, how people look at a tablet, that maybe it is a tablet or a transformable netbook, it's kind of hard to say.

在你知道之前，人們如何看待平板電腦，也許它是平板電腦或可變形上網本，這很難說。

So I think it's completely disruptive.

所以我認為這完全是顛覆性的。

So your outlook for PCs in 2011?

那麼您對 2011 年 PC 的展望？

Well, I don't know where 2011 is going to be, but I'm pretty sure that 2015, the PC industry is going to look very different.

嗯，我不知道 2011 年會在哪裡，但我很確定 2015 年，PC 行業看起來會非常不同。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Craig Berger, FBR Capital Management.

Craig Berger，FBR 資本管理公司。

Thanks for taking my question.

感謝您提出我的問題。

I guess, just on the chipset, can you give us an idea of how big that business is still?

我想，就芯片組而言，你能告訴我們這個業務還有多大嗎？

Is it kind of in the 15% of revenues range?

它在收入的 15% 範圍內嗎？

And how does that tail off over the year?

以及如何在一年中結束？

And just as a clarification, are you guys still working on any new product in that sector?

澄清一下，你們還在開發該領域的任何新產品嗎？

Are you sticking with your plan to completely retrench?

您是否堅持完全裁員的計劃？

Well, let me take the second question first, because I think I know the answer to that one really well.

好吧，讓我先回答第二個問題，因為我想我很清楚那個問題的答案。

The answer is no.

答案是不。

We're not building any more chipsets.

我們不再製造任何芯片組。

We're building SoCs now.

我們現在正在構建 SoC。

And we're building Tegra SoCs.

我們正在構建 Tegra SoC。

And so we're going to take integration to a new level, and that's our focus.

因此，我們將把整合提升到一個新的水平，這就是我們的重點。

And the second thing is, with respect to the chipset business, it's not grown largely this year because we haven't really been expanding the sales of it.

第二件事是，就芯片組業務而言，今年它並沒有大幅增長，因為我們並沒有真正擴大它的銷售量。

And with respect to the tail-off, most people expected a tail-off, I guess, come Q1 next year.

關於尾聲，我猜大多數人預計會在明年第一季度出現尾聲。

But I think the tail-off is going to take a little longer than that for a couple of reasons.

但我認為，出於幾個原因，退出將需要更長的時間。

On the AMD side, our AMD chipset remains quite well-positioned.

在 AMD 方面，我們的 AMD 芯片組仍然處於有利地位。

My sense is that our chipset there will continue to ship throughout next year.

我的感覺是，我們的芯片組將在明年全年繼續發貨。

And then the second thing is the MCP89, the latest and the last generation of Intel chipsets that we built, was just a really wonderful piece of engineering.

第二件事是 MCP89，這是我們製造的最新和上一代英特爾芯片組，是一項非常出色的工程。

And the work that we did with Apple was really great and they're going to continue to use that for some time.

我們與 Apple 合作的工作非常棒，他們將繼續使用它一段時間。

So I think that the tail-off is just going to take a little longer than people expected, but I don't know exactly how long.

所以我認為尾聲只是比人們預期的要長一點，但我不知道確切的時間。

Is it still about 15% of revenues?

它仍然是收入的 15% 左右嗎？

No.

不。

We don't break it out.

我們不打破它。

Thanks for the detail.

感謝您的詳細信息。

Dan Morris, Oppenheimer.

丹·莫里斯，奧本海默。

Calling in for Schafer today.

今天打電話給謝弗。

Just going back to your notebook share comments, could you talk a little bit more about what's driving that?

回到你的筆記本分享評論，你能多談談是什麼推動了這一點嗎？

I mean, is it simply the refresh of the Fermi-based product stack?

我的意思是，這僅僅是基於 Fermi 的產品堆棧的更新嗎？

Or is it also the separation from the [bum metal] issues?

或者這也是與[燃燒金屬]問題的分離？

Well, the answer is actually quite simple.

嗯，答案其實很簡單。

Our Sandy Bridge GPU is just the best in the world.

我們的 Sandy Bridge GPU 是世界上最好的。

And it has Fermi in there.

它裡面有費米。

And we -- this is our second generation Fermi, and so you saw one evidence of it, with GTX 580.

我們——這是我們的第二代費米，所以你看到了一個證據，就是 GTX 580。

The engineering team just did a wonderful job and their execution is just fabulous.

工程團隊做得非常出色，他們的執行非常出色。

So that's one.

所以這是一個。

And the second thing is Optimus technology, it's just too important.

第二件事是擎天柱技術，它太重要了。

You probably heard about Optimus, but it's this automatic hybrid GPU computing solution.

您可能聽說過 Optimus，但它是一種自動混合 GPU 計算解決方案。

And it's automatic, it's seamless, it's just delightful.

它是自動的，無縫的，令人愉快的。

And no switching buttons, no rebooting; the computer never stalls.

並且沒有切換按鈕，沒有重啟；電腦永遠不會死機。

It just -- our GPU turns on automatically whenever you need it.

它只是 - 我們的 GPU 會在您需要時自動開啟。

And whenever you don't need it, it goes to sleep completely; consumes no power.

當你不需要它時，它會完全進入睡眠狀態；不消耗電力。

And so I just think that Optimus is one of the best things we've ever done and it's such great technology, it disappeared.

所以我只是認為擎天柱是我們做過的最好的事情之一，它是如此偉大的技術，它消失了。

And I think everybody now -- every notebook company in the world wants to build computers and put a premium experience -- you know, there's the baseline computers where integrated graphics is fine, but you also want to offer premium experience notebooks.

而且我認為現在每個人——世界上每家筆記本電腦公司都想製造電腦並提供優質體驗——你知道，集成顯卡很好的基線電腦，但你也想提供優質體驗筆記本電腦。

And this is where they put our GeForce in it.

這就是他們將我們的 GeForce 放入其中的地方。

But they still would like to have excellent battery life.

但他們仍然希望擁有出色的電池壽命。

And so with a discreet GPU, our next-generation Fermi-based GPU and also with Optimus, they get the benefit of great experience and very, very long battery life.

因此，使用隱蔽的 GPU、我們基於 Fermi 的下一代 GPU 以及 Optimus，他們將獲得出色的體驗和非常非常長的電池壽命。

So it's sure a non-compromise solution.

所以它肯定是一個不妥協的解決方案。

And so those are really the two reasons that we've captured so much more share.

因此，這確實是我們獲得如此多份額的兩個原因。

Okay, great.

好，太棒了。

And historically, you've been obviously well-positioned in the high-end and the performance segments, you're really dominating in that space.

從歷史上看，您顯然在高端和性能領域處於有利地位，您確實在該領域佔據主導地位。

You highlighted, in Mike's prepared remarks, the 450 and the 430.

您在邁克準備好的評論中強調了 450 和 430。

Are you -- is it fair to say that you guys are paying more attention and investing more now in the value in mainstream market, and maybe to provide what I guess -- I'd call maybe a macro bumper for these times when OEMs and consumers de-spec?

你 - 可以公平地說，你們現在對主流市場的價值給予更多的關注和投資，也許是為了提供我的猜測 - 我認為這些時代可能是一個宏觀保險槓，當 OEM 和消費者去規範？

We've always offered entry-level GPUs.

我們一直提供入門級 GPU。

The very first entry-level GPU that we offered was called Vanta.

我們提供的第一個入門級 GPU 稱為 Vanta。

And it had a whopping -- whopping 7 million transistors.

它有一個驚人的——高達 700 萬個晶體管。

And it took all of our might to build.

我們用盡了所有的力量來建造。

So anyways, we built a whole -- we built entry-level GPUs for every architecture, every season.

所以無論如何，我們構建了一個整體——我們為每個架構、每個季節構建了入門級 GPU。

And we haven't lost focus of our high-end.

我們並沒有失去對高端產品的關注。

You know, Fermi, you could argue that we were too ambitious to focus on the high-end.

你知道，費米，你可能會說我們過於雄心勃勃，無法專注於高端產品。

We wanted to bring a level of geometry performance to the world that it had never seen.

我們想為這個世界帶來前所未有的幾何性能水平。

And we took enormous architectural risk to change our architecture completely, so that the geometry processing capability of our GPU reached a level that really the world had never seen, and the world has not since seen.

而且我們冒著巨大的架構風險，徹底改變了我們的架構，讓我們GPU的幾何處理能力達到了真正世界從未見過的水平，也是世界從未見過的水平。

And I don't expect that you'll see it from our competition all next year.

而且我不指望你會在明年的比賽中看到它。

And so Fermi is clearly a revolutionary architecture.

所以費米顯然是一個革命性的建築。

And it kind of broke our pick, if you will.

如果你願意的話，它有點破壞了我們的選擇。

But we gathered ourselves again and the engineering team since then has gone into lightspeed.

但我們再次聚集在一起，工程團隊從那時起就進入了光速。

And we executed on seven new GPUs, all working the first time, and the velocity of the Company is as fast as ever.

我們在七個新的 GPU 上執行，所有這些都是第一次工作，公司的速度和以往一樣快。

And so I'm really proud of the team for having the willingness to take a chance and innovate like that.

因此，我為團隊願意冒險並進行創新感到非常自豪。

And after the stumble, they picked themselves up and back to rare form again.

在跌倒之後，他們重新振作起來，再次回到罕見的狀態。

Okay, great.

好，太棒了。

Just maybe to follow-up on that, with this more of a -- I don't know if I'd call it more balanced architectural approach, is there any implications for margins?

只是可能會對此進行跟進，更多的是-我不知道我是否會稱其為更平衡的架構方法，對利潤有任何影響嗎？

Well, Fermi is -- the geometry processing part of Fermi is hard to do, but oftentimes what's hard to do doesn't always have to be big to do.

嗯，費米是——費米的幾何處理部分很難做到，但通常很難做到的事情並不總是很大。

Things that are breakthroughs don't have to be physically large; they're just complicated.

突破性的東西不一定要很大；他們只是複雜。

And so Fermi generates great margins for us.

所以費米為我們創造了巨大的利潤。

And if not for Fermi, we wouldn't have the benefit of Tesla and we wouldn't have the benefit of the leadership that we now enjoy in Quadro.

如果沒有費米，我們就不會享受到特斯拉的好處，也不會享受現在在 Quadro 中所享有的領導地位。

And so you have to attribute the margins that Tesla and Quadro generates to the architectural advantages of our GeForce GPU.

因此，您必須將 Tesla 和 Quadro 產生的利潤歸功於我們 GeForce GPU 的架構優勢。

So you can't really separate the two of them.

所以你不能真正分開他們兩個。

Thank you.

謝謝你。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西莫爾。

Just to try to get a little color on that crossover between the chipset side and the Tegra side, I guess starting on the good news side with the Tegra side of things, can you remind us just in a rough range what sort of ASP we'd be looking at, so we can all do our math on the unit side and figure out generally a revenue trajectory?

只是為了嘗試在芯片組端和 Tegra 端之間的交叉點上獲得一點色彩，我想從 Tegra 端的好消息開始，你能在粗略的範圍內提醒我們什麼樣的 ASP 嗎？ d 正在看，所以我們都可以在單位方面進行數學計算並大致確定收入軌跡？

We've not talked about the ASPs of our Tegra processor, have we?

我們還沒有討論過 Tegra 處理器的 ASP，對嗎？

We have?

我們有？

What did we tell them?

我們告訴他們什麼？

Generally in the range of $15 to $30.

一般在 15 到 30 美元之間。

And the difference -- yes, so the difference is, is on a lower end, it's for smartphones where the volumes are much higher for design win, and for the higher range is for tablets, where each project tends not to generate the level of volumes that a smartphone generates.

不同之處——是的，所以不同之處在於，在較低端，智能手機的設計獲勝量要高得多，而更高的範圍是平板電腦，每個項目往往不會產生智能手機產生的音量。

So, based on those ASPs, the units that you would have to have to get above the dollars you're talking about -- that math still all works out to get above the chipset side you're talking about?

因此，基於這些 ASP，您必須獲得高於您所談論的美元的單位 - 數學仍然全部適用於您正在談論的芯片組方面？

Oh, yes.

哦是的。

(multiple speakers)

（多位發言者）

Wow.

哇。

(laughter)

（笑聲）

Yes, the thing you also have to realize is that the margins -- you know, there's a margin difference between the two as well, right?

是的，您還必須意識到邊距——您知道，兩者之間也存在邊距差異，對吧？

So neutrality from a net income standpoint comes at a lower level of revenue dollars with Tegra than it did with MPC.

因此，從淨收入的角度來看，Tegra 的收入水平低於 MPC 的收入水平。

Got you.

得到你。

And then just a question on the non-Tesla part of your professional segment.

然後只是關於您專業領域的非特斯拉部分的問題。

You said Quadro was up in the quarter.

您說 Quadro 在本季度上漲。

How are you seeing that business in a general sense?

您如何看待一般意義上的業務？

There's been some choppiness from some of the big enterprise-level OEMs that I'm sure you're aware of.

我敢肯定您知道，一些大型企業級 OEM 出現了一些波動。

How is that business going for you?

你的生意怎麼樣？

Any acceleration, slow down, or is it company-specific market share gains kind of mask that off?

任何加速、放緩，還是公司特定的市場份額增長掩蓋了這一點？

Tegra is about to reach their all-time high -- about to.

Tegra 即將達到他們的歷史最高水平——即將達到。

They're not quite there yet.

他們還沒有到。

And so Quadro -- I'm sorry, Quadro is about to reach their all-time high.

所以 Quadro - 對不起，Quadro 即將達到他們的歷史最高水平。

So my expectation is that the Quadro business is going to continue to grow.

所以我的期望是 Quadro 業務將繼續增長。

And the reason isn't so much just because of we're serving the workstation market; I mean, we're creating new technologies that grows our market.

原因不僅僅是因為我們服務於工作站市場；我的意思是，我們正在創造新技術來擴大我們的市場。

And so, for example, at GTT, we demonstrated the world's first interactive ray tracer.

因此，例如，在 GTT，我們展示了世界上第一個交互式光線追踪器。

And this allows people to do industrial design and styling and walk-throughs and -- in a way that they couldn't conceive of in the past.

這讓人們可以進行工業設計、造型和演練，而且——以一種他們過去無法想像的方式。

And this a cloud computing initiative and so this puts Quadro in the cloud.

這是一項云計算計劃，因此將 Quadro 置於雲中。

So our expectation is not only will you have -- will we continue to benefit from workstation but that continue to adopt Quadro.

因此，我們的期望不僅是您將擁有——我們將繼續從工作站中受益，而是繼續採用 Quadro。

And now the people that are going into a new refresh cycle, their workstations are getting pretty old.

現在，那些進入新的更新周期的人，他們的工作站已經很老了。

Many of the workstations are now three or four years old and it's time to upgrade them.

許多工作站現在已經使用了三四年，是時候升級它們了。

And the performance difference between what Quadro brings and what's in the field is not 2x or 4x; I mean, it's 10x the performance.

Quadro 帶來的性能與現場產品之間的性能差異不是 2 倍或 4 倍；我的意思是，這是性能的 10 倍。

And so there's an upgrade cycle that's always going on.

因此，升級週期一直在進行。

And then, secondarily, we're going to create new markets and new opportunities for ourselves by putting Quadro into the cloud.

其次，我們將通過將 Quadro 放入雲中，為自己創造新市場和新機會。

So that's what the [I-rating] initiative is about and that's what we call the reality server, which is a software stack that allows for distributed multi-computer, multi-GPU rendering, serving up to multiple users.

這就是 [I-rating] 計劃的意義所在，這就是我們所說的現實服務器，它是一個軟件堆棧，允許分佈式多計算機、多 GPU 渲染，為多個用戶提供服務。

So that particular technology is in the process of being implemented and rolled out to the world.

因此，該特定技術正在實施並向全世界推廣。

Okay.

好的。

So (multiple speakers) --

所以（多位發言者）——

Great.

偉大的。

Thank you.

謝謝你。

-- we're just trying to create new markets as well.

——我們也在努力創造新的市場。

Our last question comes from the line of Raji Gill with Needham & Company.

我們的最後一個問題來自Needham & Company 的Raji Gill。

Please proceed with your question.

請繼續您的問題。

Yes, thanks and congrats on kind of turning the corner.

是的，感謝和祝賀你的好轉。

A follow-up question on the discreet GPU business.

關於謹慎 GPU 業務的後續問題。

We talked a little bit before, but even if you were to assume, say, Intel's integrated graphics would cannibalize some of the low-end discreet GPU market, would it really have a financial impact on your GPU business?

我們之前談過一點，但即使你假設英特爾的集成顯卡會蠶食一些低端謹慎的 GPU 市場，它真的會對你的 GPU 業務產生財務影響嗎？

Maybe just talk a little bit about that, just assuming that that were to happen?

也許只是談論一點，假設那會發生？

I guess we could theorize about that, but it's not.

我想我們可以對此進行推理，但事實並非如此。

You know, there's all kinds of stuff to theorize about, but it's just not happening.

你知道，有各種各樣的東西可以理論化，但它只是沒有發生。

I mean, we know what design wins we have for Sandy Bridge.

我的意思是，我們知道我們為 Sandy Bridge 贏得了什麼設計。

And Sandy Bridge is practically in production and we're in production with all these notebooks.

Sandy Bridge 實際上已經投入生產，我們正在生產所有這些筆記本電腦。

I guess we can fantasize about it but it's just -- it's not.

我想我們可以幻想它，但它只是 - 它不是。

It's not happening.

它沒有發生。

We can fantasize about a whole bunch of other stuff but that one is just not happening.

我們可以幻想一大堆其他的東西，但那隻是沒有發生。

I don't need to fantasize about that because reality is right in front of me.

我不需要幻想，因為現實就在我面前。

And just -- David, on the share buyback, you had put an authorization earlier in the year.

只是 - 大衛，關於股票回購，你在今年早些時候已經授權。

Just wondering, any thoughts on that?

只是想知道，對此有什麼想法嗎？

You know, we are always looking at our liquidity needs as a company, reevaluating that; but at present, we don't really have any plans for a repurchase.

你知道，作為一家公司，我們一直在關注我們的流動性需求，重新評估它；但目前，我們真的沒有任何回購計劃。

Thank you.

謝謝你。

Okay.

好的。

And there are no further questions at this time.

目前沒有進一步的問題。

I'll now turn the call over to Jen-Hsun.

我現在將把電話轉給仁勳。

Please go ahead.

請繼續。

Thanks, everyone.

感謝大家。

We'll look forward to talking to you about our Q4 results.

我們期待與您討論我們的第四季度業績。

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

女士們，先生們，今天的電話會議結束了。

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

我們感謝您的參與，並要求您斷開線路。

Have a great day, everyone.

祝大家有個美好的一天。