輝達 (NVDA) 2011 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Phillip and I will be your conference operator today.

我的名字是菲利普，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the NVIDIA earnings conference call.

在這個時候，我想歡迎大家參加 NVIDIA 收益電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已靜音，以防止任何背景噪音。

After the speakers' remarks there will be a question-and-answer session.

演講者發言後將進行問答環節。

(Operator Instructions)Thank you.

（操作員說明）謝謝。

Mr.

先生。

Hara, you may begin your conference.

Hara，你可以開始你的會議了。

Thank you, Phillip.

謝謝你，菲利普。

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

下午好，歡迎參加 NVIDIA 2011 財年第四季度電話會議。

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

今天與我通話的有來自 NVIDIA 的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 to a question-and-answer session.

在我們準備好發言後，我們將打開電話問答環節。

Please limit yourself to one initial question with one follow-up 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 February 23, 2011 and the webcast will be available for replay until our conference call to discuss our financial results for our first-quarter fiscal 2012.

電話會議的重播將在 2011 年 2 月 23 日之前通過電話進行，網絡直播將在我們討論我們 2012 財年第一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 it 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 October 31, 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 10 月 31 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, February 16, 2011, 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（2011 年 2 月 16 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。

I would also like to remind everyone about our upcoming financial analyst day March 8 taking place at our headquarters in Santa Clara.

我還想提醒大家關於即將於 3 月 8 日在我們位於聖克拉拉的總部舉行的金融分析師日。

If you are interested attending you can register on our investor relations website.

如果您有興趣參加，可以在我們的投資者關係網站上註冊。

With that let's begin.

讓我們開始吧。

Last month, NVIDIA and TSMC shipped our one billionth GeForce GPU.

上個月，NVIDIA 和台積電交付了我們的第 10 億個 GeForce GPU。

This milestone was less than 12 years in the making and over that period of time, the complexity of the GPU has increased more than 1,000 times.

這一里程碑的形成不到 12 年，在此期間，GPU 的複雜性增加了 1000 多倍。

Having advanced from being a fixed-function graphics accelerator to one of the most powerful programmable computing devices in the world, the GPU is enabling enormous progress in computers ranging from smartphones and tablets to PCs to game and game consoles to workstations and super computers and in that time, the GPU has become the defining technology for every platform that uses it.

從固定功能的圖形加速器發展到世界上最強大的可編程計算設備之一，GPU 正在推動計算機的巨大進步，從智能手機和平板電腦到個人電腦，再到遊戲和遊戲控制台，再到工作站和超級計算機，以及那時，GPU 已成為每個使用它的平台的定義技術。

Our new $1.5 billion cross-licensing agreement with Intel underscores the growing importance of the GPU to the future of personal computing, as well as to the expanding markets for mobile and cloud computing.

我們與英特爾簽訂的價值 15 億美元的新交叉許可協議強調了 GPU 對個人計算的未來以及不斷擴大的移動和雲計算市場的重要性日益增加。

Heading into the year, we have one of the best line ups of GPUs in the Company's history.

進入這一年，我們擁有公司歷史上最好的 GPU 陣容之一。

The GTX 580 remains in the top spot as the fastest DX11 GPU for enthusiast gamers.

GTX 580 仍然是發燒友最快的 DX11 GPU 的頭把交椅。

We extended our DX11 technology leadership with the launch OGTX 570 and the GTX 560 Ti, heralded by reviewers as category leaders for the $349 and $249 core game and price segments.

我們通過推出 OGTX 570 和 GTX 560 Ti 擴展了我們的 DX11 技術領先地位，被評論家譽為 349 美元和 249 美元核心遊戲和價格段的類別領導者。

Our GTX product stack is the gamers choice and the results show.

我們的 GTX 產品堆棧是遊戲玩家的選擇，結果顯示。

For the second consecutive quarter our desktop standalone GPU share grew, increasing from 59% in Q3 to 61% in Q4, with higher share gains in the performance and enthusiast segments.

我們的桌面獨立 GPU 份額連續第二個季度增長，從第三季度的 59% 增長到第四季度的 61%，性能和發燒友領域的份額增長更高。

And aside from our expectation to continue to gain share, there are several big events this year that can be catalysts for growth.

除了我們期望繼續獲得份額之外，今年還有幾件大事可以成為增長的催化劑。

First, Intel Sandy Bridge is the best gamer GPU in a long time and with the SLI motherboards from Intel, ASUS, Gigabyte and others, along with the new GTX 560 Ti, it offers gamers a perfect opportunity to upgrade their PC.

首先，英特爾 Sandy Bridge 是長期以來最好的遊戲玩家 GPU，搭配英特爾、華碩、技嘉等公司的 SLI 主板，以及新的 GTX 560 Ti，它為遊戲玩家提供了升級 PC 的絕佳機會。

Second, great games drive GeForce GTX sales, and this year we expect to see a number of highly-anticipated games, such as Crysis 2, Battlefield 3, Duke Nukem Forever, Portal 3 and Diablo III.

其次，出色的遊戲推動了 GeForce GTX 的銷售，今年我們預計會看到一些備受期待的遊戲，例如孤島危機 2、戰地 3、永遠的毀滅公爵、傳送門 3 和暗黑破壞神 III。

And third, 3D vision is all about enjoying games at a whole new level, driven by a great new 3D vision licensed product, such as Acer's new 27-inch 3D vision panel and Dell's XPS seven inch 3D Vision notebook, we expect the 3D vision to grow 200% this year.

第三，3D 視覺就是在一個全新的水平上享受遊戲，由一個偉大的新 3D 視覺授權產品驅動，比如宏碁的新 27 英寸 3D 視覺面板和戴爾的 XPS 7 英寸 3D 視覺筆記本，我們期待 3D 視覺今年增長200%。

NVIDIA's 3D Vision content ecosystem is the largest in the industry, with support for over 500 video games, Blu-ray movies, and our new 3D web portal, 3Dvisionlive.com ,which offers a wealth of streaming video and photographs.

NVIDIA 的 3D Vision 內容生態系統是業內最大的，支持 500 多種視頻遊戲、藍光電影，以及我們新的 3D 門戶網站 3Dvisionlive.com，它提供了豐富的流視頻和照片。

In notebooks we announced a number of -- a record number of design wins for the Intel Sandy Bridge platform, more than 200 new notebook models will feature our new GeForce 500M series GPUs .

在筆記本電腦方面，我們宣布了英特爾 Sandy Bridge 平台的設計獲獎數量創歷史新高，超過 200 款新筆記本電腦型號將配備我們新的 GeForce 500M 系列 GPU。

Adding GeForce is one of the best ways for OEMs to differentiate PCs with premium capabilities versus the basic platforms based on Intel's graphics.

添加 GeForce 是 OEM 區分具有高級功能的 PC 與基於英特爾顯卡的基本平台的最佳方法之一。

Unlike basic graphics integrated in the Sandy Bridge CPUs, GeForce GPUs provide advanced features and increased compatibility for the latest PC games, including those based on DX11.

與 Sandy Bridge CPU 中集成的基本圖形不同，GeForce GPU 為最新的 PC 遊戲（包括基於 DX11 的遊戲）提供高級功能和更高的兼容性。

Tesla achieved over $100 million in revenue in fiscal 2011.

特斯拉在 2011 財年實現了超過 1 億美元的收入。

It's becoming conventional wisdom in technical computing that parallel processing delivers the highest performance, as well as most energy efficient and cost effective.

並行處理可提供最高性能、最節能和最具成本效益，這已成為技術計算領域的傳統智慧。

The world's greenest petaflop supercomputers are built with Tesla GPUs.

世界上最環保的 petaflop 超級計算機採用 Tesla GPU 構建。

The green 500 list of the world's most energy-efficient supercomputers revealed that Subomi 2.0 from the Tokyo Institute of Technology was ranked number two and was the only petaflop system in the top ten.

全球最節能超級計算機綠色 500 強榜單顯示，東京工業大學的 Subomi 2.0 排名第二，是前十名中唯一的 petaflop 系統。

Three other Tesla-based systems made the top ten, along with systems in 11th, 12th and 13th spot.

其他三個基於特斯拉的系統進入前十名，其中系統排在第 11 位、第 12 位和第 13 位。

During the quarter, HP, Dell, and IBM all entered production with our Tesla powered servers.

在本季度，惠普、戴爾和 IBM 都使用我們的 Tesla 驅動服務器投入生產。

With the sales and market of the world's largest enterprise sales force engaged we look forward to accelerating the adoption of Tesla.

隨著世界上最大的企業銷售團隊的銷售和市場參與，我們期待加速特斯拉的採用。

Technical computing servers enterprised in the cloud represent a multi-billion dollar growth opportunity for Tesla.

在雲中企業化的技術計算服務器代表了特斯拉數十億美元的增長機會。

CES was the coming-out party for our Tegra 2 customers.

CES 是我們 Tegra 2 客戶的亮相派對。

Motorola, LG, Acer, ASUS and Toshiba all announced their flagship smartphones and tablets to tremendous industry claim at CES.

摩托羅拉、LG、宏碁、華碩和東芝都在 CES 上宣布了他們的旗艦智能手機和平板電腦，在業界聲名鵲起。

The Motorola Zoom with Android 3.0 won overall best-of-show and the Atrix won best-of-show in the smartphone category, and LG began shipments of Optimus in [Creta] in January.

搭載 Android 3.0 的摩托羅拉 Zoom 贏得了智能手機類別的整體最佳表現，Atrix 贏得了智能手機類別的最佳表現，LG 於 1 月份開始在 [Creta] 出貨 Optimus。

At CES, we also unveiled our long-term processor initiative, code named project Denver, to developed custom CPU cores based on the ARM architecture.

在 CES 上，我們還公佈了我們的長期處理器計劃，代號為 Project Denver，以開發基於 ARM 架構的定制 CPU 內核。

This initiative is focused on an [embidious] CPU running the ARM instruction set, which is fully integrated on the same chip as NVIDIA GPU.

該計劃的重點是運行 ARM 指令集的 [embidious] CPU，它與 NVIDIA GPU 完全集成在同一芯片上。

It will target personal servers and supercomputers.

它將針對個人服務器和超級計算機。

In addition to Audi, which we have enjoyed a deep partnership since 2004, we announced two new partnerships at CES with BMW North America and Tesla Motors that will put in video processors and navigation in vehicle information systems across all next generation BMW cars worldwide, and the Tesla Roadster model S respectively.And this week at the Mobile World Congress, Samsung joined our marquis list of customers announcing their Galaxy Tab 10.1 and their plans for a next-generation Tegra 2 superphone.

除了自 2004 年以來我們一直享有深入合作夥伴關係的奧迪之外，我們還在 CES 上宣布了與寶馬北美和特斯拉汽車公司的兩項新合作夥伴關係，將在全球所有下一代寶馬汽車的車輛信息系統中安裝視頻處理器和導航，以及分別是特斯拉 Roadster 型號 S。本週在世界移動通信大會上，三星加入了我們的客戶侯爵名單，宣布了他們的 Galaxy Tab 10.1 和他們對下一代 Tegra 2 超級手機的計劃。

LG also officially announced the new Optimus Pad, which is the G-Slate for T-Mobile.

LG 還正式宣布了新的 Optimus Pad，即 T-Mobile 的 G-Slate。

Our highlight at MWC was a demonstration of Kal-El, the world's first mobile quad-core processor.

我們在 MWC 上的亮點是世界上第一款移動四核處理器 Kal-El 的演示。

Kal-El, our next generation SOC, which features a new 12-core integrated GPU, provides five times the performance of Tegra 2.

Kal-El 是我們的下一代 SOC，具有全新的 12 核集成 GPU，性能是 Tegra 2 的五倍。

We are beginning to sample Kal to strategic partners and based on our competition announcement this week we believe we're at least a year ahead of them.

我們開始向戰略合作夥伴試用 Kal，根據我們本週的競爭公告，我們相信我們至少領先他們一年。

We are targeting to deliver Kal in tablets and smartphones later this year.

我們的目標是在今年晚些時候在平板電腦和智能手機中提供 Kal。

Our strategy with Tegra is to utilize our deep expertise in IP and computing to create processors for the mobile computing revolution.

我們與 Tegra 的戰略是利用我們在 IP 和計算方面的深厚專業知識為移動計算革命創建處理器。

We designed Tegra to be the most advanced processor for mobile applications and to target the tablet segment, which is expected to be approximately 208 million units by 2014, and the smartphone segment, which is growing at a compounded 19% annual growth rate to approximately 600 million units in five years as estimated by the Gartner Group.

我們將 Tegra 設計為最先進的移動應用處理器，並瞄準平板電腦市場，預計到 2014 年將達到約 2.08 億台，智能手機市場以 19% 的複合年增長率增長至約 600 台。據 Gartner Group 估計，五年內達到 100 萬台。

And now with Microsoft's announcement, Tegra be a direct -- Tegra can directly access the Windows PC market.

而現在隨著微軟的宣布，Tegra 成為了直接——Tegra 可以直接進入 Windows PC 市場。

Heading into Q1, our primary focus is to continue to wrap both our GeForce on Sandy Bridge and Tegra 2 customers into production.

進入第一季度，我們的主要重點是繼續將我們的 GeForce on Sandy Bridge 和 Tegra 2 客戶投入生產。

More importantly, our results are beginning to tell the bigger story about NVIDIA's transformation.

更重要的是，我們的結果開始講述有關 NVIDIA 轉型的更大故事。

Even as we are extending our leadership in visual computing, our investments in Tegra, Tesla, and Project Denver put us at the center of the two most disruptive revolutions happening with mobile and cloud computing.

儘管我們正在擴大我們在視覺計算領域的領先地位，但我們對 Tegra、Tesla 和 Project Denver 的投資使我們處於移動和雲計算發生的兩次最具顛覆性革命的中心。

We have never been more optimistic about our growth opportunities.

我們對我們的增長機會從未如此樂觀。

With that, let me turn the call over to

有了這個，讓我把電話轉給

Thanks, Mike.

謝謝，邁克。

Revenue for the fourth quarter was $886.4 million, up 5% sequentially.

第四季度收入為 8.864 億美元，環比增長 5%。

Gross margin of 48.1% was a record for the second consecutive quarter.

毛利率為 48.1%，連續第二個季度創歷史新高。

It was at the high end of our range, primarily as a result of richer GPU product mix and we had -- than we had expected at the beginning of the quarter.

它處於我們範圍的高端，主要是由於我們擁有更豐富的 GPU 產品組合 - 超出了我們在本季度初的預期。

GAAP OpEx was $247 million.

GAAP 運營支出為 2.47 億美元。

This includes the Intel settlement of $57 million.

這包括英特爾 5700 萬美元的和解協議。

Without it our R&D and SG&A costs would have been a combined $304 million, in line with our estimates.

如果沒有它，我們的研發和 SG&A 成本將達到 3.04 億美元，符合我們的估計。

Combined these results generated a GAAP net income of $171.4 million, or $0.29 per diluted share.

綜合這些結果，GAAP 淨收入為 1.714 億美元，或每股攤薄收益 0.29 美元。

Revenue by business segment was as follows.

按業務分部劃分的收入如下。

Our GPU business was up 5.5%.

我們的 GPU 業務增長了 5.5%。

Our MCP revenue was down significantly as we entered into the final stage -- phase of that business, but this was more than offset by strong growth in desktop and notebook discrete.

當我們進入該業務的最後階段時，我們的 MCP 收入顯著下降，但這被台式機和筆記本電腦離散的強勁增長所抵消。

Our professional business was down slightly.

我們的專業業務略有下降。

Quadra was down, but this was almost completely offset by strong growth in Tesla, and our consumer business was up despite a seasonally down console business thanks to a strong Tegra customer ramps.

Quadra 下降了，但這幾乎完全被特斯拉的強勁增長所抵消，儘管由於 Tegra 客戶的強勁增長，控制台業務出現季節性下滑，但我們的消費者業務仍在增長。

Turning to the balance sheet, our focus on inventory reduction continued to make progress, as we were able to reduce it by another 8.5% to $345.5 million.

轉向資產負債表，我們對減少庫存的關注繼續取得進展，因為我們能夠將庫存再減少 8.5% 至 3.455 億美元。

Channel inventory was at or below expectations.

渠道庫存達到或低於預期。

These results, together with receipt of our first payment from Intel, allowed us to report cash balances of approximately $2.5 billion.

這些結果，加上我們從英特爾收到的第一筆款項，使我們能夠報告大約 25 億美元的現金餘額。

Our outlook for the first quarter of fiscal 2012 is as follows; revenue is expected to be up 6% to 8% from the fourth quarter, GAAP gross margin is expected to be 48.5% to 49.5%, GAAP operating expenses are expected to be approximately $327 million, GAAP tax rate is expected to be between 16% and 18%.

我們對 2012 財年第一季度的展望如下：收入預計將比第四季度增長 6% 至 8%，GAAP 毛利率預計為 48.5% 至 49.5%，GAAP 運營費用預計約為 3.27 億美元，GAAP 稅率預計在 16% 之間和 18%。

That includes our prepared remarks and with that we'll now take questions.

這包括我們準備好的評論，我們現在將回答問題。

(Operator Instructions)Your first question is from the line of Uche Orji.

（操作員說明）您的第一個問題來自 Uche Orji。

Thank you very much.

非常感謝。

Maybe let me just start off by asking you what's going on with desktop GPU ASPs.

也許讓我先問你桌面 GPU ASP 發生了什麼。

They were up significantly from the way we were looking at it.

從我們看待它的方式來看，它們顯著上升。

Is this a combination of seasonality or (inaudible) and is this (inaudible)?That's my first question.

這是季節性的組合還是（聽不清），這是（聽不清）嗎？這是我的第一個問題。

Well, it's fairly mixed.

嗯，它相當混合。

We launched three new products at the top of our product line up, as Mike talked about in his comments, and those are all higher ASPs for the Company so they drove not only ASPs for us but they also drove margin for us.

正如 Mike 在他的評論中所說，我們在產品線的頂部推出了三款新產品，這些都是公司更高的 ASP，因此它們不僅為我們推動了 ASP，還為我們提高了利潤率。

Okay, all right.

好吧，好吧。

One other question I wanted to ask you, at Mobile World Congress it seemed like everyone is racing -- and this is for Mike -- and it's a race to launch quad-core.

我想問你的另一個問題是，在世界移動通信大會上，似乎每個人都在比賽——這是為邁克準備的——這是一場推出四核的比賽。

And first of all, congratulations on the success you've had with Tegra 2.

首先，祝賀您在 Tegra 2 上取得的成功。

But the question I have on quad-core is first of all, do you -- is there enough application now to take advantage of the level of power that you're bringing in as of the end of this year?

但我對四核的問題首先是，你現在有足夠的應用程序來利用你在今年年底引入的功率水平嗎？

And then secondly, do you need 28-nanometer to make this profitably?

其次，您是否需要 28 納米才能實現盈利？

Can you talk about the economics of that, that's my second question.

你能談談這方面的經濟學嗎，這是我的第二個問題。

Thanks.

謝謝。

Hi, Uche, I'll let Jen-Hsun answer that question, how's that?

嗨，Uche，我會讓仁勳回答這個問題，怎麼樣？

Sure.

當然。

Hi, Uche.

你好，烏切。

Hi, Jen.

嗨，珍。

Let's see, quad-core.

讓我們看看，四核。

It is the case that several of our competitors announced quad-core products that will be sampled next year and potentially go into production the year after.

就是這樣，我們的一些競爭對手宣布了四核產品，這些產品將於明年進行樣品測試，並可能在後年投入生產。

At Mobile World Congress, we demonstrated Kal-El and there were quite a few systems on hand for demonstrating all aspects of Kal-El, whether it was extreme high-definition video, has the ability to support very high-definition displays.

在世界移動通信大會上，我們展示了 Kal-El，手頭上有很多系統可以展示 Kal-El 的各個方面，無論是超高清視頻，還是支持超高清顯示器的能力。

The overall horsepower and computational capability of Kal-El is about five times the performance of Tegra 2 and has some really exciting new technologies for extremely low-powered operations, even though we have four CPUs inside our Kal-El processor.

Kal-El 的整體馬力和計算能力大約是 Tegra 2 性能的五倍，並且具有一些非常令人興奮的新技術，用於極低功耗的操作，即使我們的 Kal-El 處理器中有四個 CPU。

These are all of the breakthroughs that we demonstrated at Mobile World Congress.

這些都是我們在世界移動大會上展示的所有突破。

Whereas some of the competitors seem panicked to announce something on their PowerPoint slides, we tend to announce a product when we're actually sampling to customers.

儘管一些競爭對手似乎驚慌失措地在他們的 PowerPoint 幻燈片上宣布某些內容，但我們傾向於在我們實際向客戶提供樣品時宣布產品。

And in the case of Kal-El, we're now sampling to our strategic partners and our intention is to go to production this year.

就 Kal-El 而言，我們現在正在向我們的戰略合作夥伴提供樣品，我們打算在今年投入生產。

With respect to the importance of quad-core, obviously, quad-core is incredibly important, otherwise it wouldn't be on all of the suppliers roadmaps.

關於四核的重要性，顯然，四核非常重要，否則它不會出現在所有供應商的路線圖上。

We were the first in the world to announce and ship dual-core.

我們是世界上第一個宣布和發布雙核的公司。

During that time a lot of people asked us about that and now it's quad-core.

在那段時間，很多人問我們這個問題，現在它是四核的。

If you think about the tablet for mobile device applications, you'll realize that very quickly you're multi-tasking.

如果您考慮一下用於移動設備應用程序的平板電腦，您會很快意識到您正在執行多項任務。

You're multi-tasking whether you're streaming music or while you're reading a book or you're playing a game and you're being connected to other players in a multi-player environment, or you're doing physics processing while you're playing a game.

無論您是在播放音樂，還是在閱讀書籍或玩遊戲時，您都在處理多項任務，並且您正在與多人環境中的其他玩家連接，或者您正在進行物理處理在你玩遊戲的時候。

One of the most delightful parts of the games that people like these days, whether it's Angry Bird or others, is just the realistic physics that it does and the way that the bricks and the buildings fall apart are physically real.

如今人們喜歡的遊戲中最令人愉快的部分之一，無論是憤怒的小鳥還是其他遊戲，就是它所具有的逼真的物理效果以及磚塊和建築物分崩離析的方式在物理上是真實的。

And you're going to see more and more of that type of capability over time.

隨著時間的推移，你會看到越來越多的這種能力。

And so whether its multi-tasking, whether its image processing for very high-quality camera effects, browsing, multi-tasking, those type of applications are all very, very intensive uses -- users of multi-CPU cores.

因此，無論是多任務處理，還是用於高質量相機效果的圖像處理、瀏覽、多任務處理，這些類型的應用程序都是非常非常密集的用途——多 CPU 內核的用戶。

And the last thing is it's actually logical and completely intuitive if you think about it, but four CPU cores working less hard consumes less energy than one CPU core or two CPU cores working their butt off and that's the reason why, if you look at the PC industry, what people have said about the PC hitting the brick wall and hitting the power wall, remember when CPUs were cranking at extreme-high frequencies, those are just bad ideas.

最後一件事是，如果您考慮一下，它實際上是合乎邏輯且完全直觀的，但是四個 CPU 內核工作較不努力消耗的能量比一個 CPU 內核或兩個 CPU 內核同時工作消耗的能量要少，這就是為什麼，如果您查看PC 行業，人們所說的 PC 撞磚牆和撞電源牆，記得當 CPU 以極高的頻率運轉時，那些只是壞主意。

Brute-forcing CPU design and over-clocking it and causing it to run extremely fast is just not a very good idea.

強制 CPU 設計並對其進行超頻並使其運行得非常快並不是一個好主意。

It makes a lot more sense to run at the national frequency of the semiconductor process and utilize all kinds of parallelism ideas.

以半導體工藝的國家頻率運行並利用各種並行思想更有意義。

In the case of CPUs, we have four cores in the case, in the GPU, we have 12 cores.

對於 CPU，我們有四個核心，在 GPU 中，我們有 12 個核心。

Using parallel is the most efficient and also the highest performance approach to computing that we know.

使用並行是我們所知道的最有效且性能最高的計算方法。

Fantastic.

極好的。

In a sense of economics, will it be indicated by 28-nanometers?

在經濟學意義上，會不會以28納米來表示？

Well, 28-nanometer's not available yet, so it's not an option this year.

嗯，28 納米還沒有，所以今年不是一個選擇。

On the other hand, 40-nanometers is actually more economical than 28-nanometer this year and we'll likely expect it to be so until about first half, maybe even the mid point of next year.

另一方面，今年 40 納米實際上比 28 納米更經濟，我們可能會預計到上半年左右，甚至可能是明年年中。

So the 40-nanometers absolutely is the right approach because it's most mature and we can go into very, very high production, very, very quickly because the yields are so great.

所以 40 納米絕對是正確的方法，因為它最成熟，我們可以非常非常快速地投入生產，因為產量非常高。

And your next question is from the line of Ambrish Srivastava.

您的下一個問題來自 Ambrish Srivastava。

Hi, this is Emily calling in for Ambriesh.

嗨，我是艾米麗來找安布里什。

Thank you for taking my call.

謝謝你接聽我的電話。

For the Tegra business, can you comment on the mix of that between smartphones and tablets today, where you see that as we exit the year?

對於 Tegra 業務，您能否評論一下今天智能手機和平板電腦之間的組合，當我們退出這一年時，您會在哪裡看到這種情況？

Well, it's hard to tell because it depends on how many smartphones and tablets our partners sell and so it's really, really hard to tell.

嗯，這很難說，因為這取決於我們的合作夥伴銷售了多少智能手機和平板電腦，所以真的很難說。

One of the things that we all have to recognize is the market for tablets is much, much larger than we all expected, and every single time an analyst comes out with another projection for the size of the tablet market it gets bigger, and I think there's a couple of reasons for that.

我們都必須認識到的一件事是平板電腦市場比我們所有人預期的要大得多，而且每次分析師對平板電腦市場的規模提出另一個預測時，它都會變得更大，我認為有幾個原因。

They're just wonderfully delightful to use.

它們使用起來非常愉快。

They're easy to carry around and you see more and more people now carrying around tablets instead of -- surely instead of -- I've never seen anybody carry a netbook around, but you've see more and more people carry tablets around than tablet -- than notebooks.

它們很容易隨身攜帶，您會看到現在越來越多的人隨身攜帶平板電腦，而不是——當然不是——我從未見過有人隨身攜帶上網本，但你看到越來越多的人隨身攜帶平板電腦比平板電腦——比筆記本電腦。

And also, even if you have a PC, you don't mind buying a tablet to supplement it.

而且，即使您有 PC，也不介意購買平板電腦來補充它。

If you already have a PC, it's not likely you buy another PC, but you surely would buy a tablet to supplement it.

如果您已經擁有一台 PC，則不太可能購買另一台 PC，但您肯定會購買平板電腦來補充它。

So I think it's an easy purchase.

所以我認為這很容易購買。

It's easy to use, and it's delightful to use and so I think people are surprised by the size of the tablet market.

它易於使用，令人愉悅，因此我認為人們對平板電腦市場的規模感到驚訝。

My sense is that we're going to continue to be surprised by the size of the tablet market, certainly as more and more capabilities come out.

我的感覺是，隨著越來越多的功能出現，我們將繼續對平板電腦市場的規模感到驚訝。

One of the things that we're really excited about is that these tablets are now completely flash accelerated and so you can go to any website, you could any application off the web that you expect to.

我們真正感到興奮的一件事是，這些平板電腦現在完全實現了閃存加速，因此您可以訪問任何網站，也可以訪問任何您期望的網絡應用程序。

So those kind of new usage capabilities and the freedom to explore capabilities is something that we're quite excited about.

因此，這些新的使用功能和探索功能的自由是我們非常興奮的事情。

And so it's just -- it's hard for us to tell right now.

所以它只是 - 我們現在很難說。

The thing that I can tell you is that our design wins are all Tier 1s.

我可以告訴你的是，我們的設計勝出都是第 1 層。

This is -- these are the marquee names of the mobile industry and the computing industry, and I have a great deal of faith in their ability to create exciting products and taking them to market.

這是 - 這些是移動行業和計算行業的標誌性名稱，我對他們創造令人興奮的產品並將其推向市場的能力充滿信心。

So we'll just have to wait and see how it turns out.

所以我們只需要等待，看看結果如何。

All right.

好的。

And then within the GPU segment, can you comment on your expectation for ASPs on desktops and notebooks as the Sandy Bridge systems are rolled out?

然後在 GPU 領域，隨著 Sandy Bridge 系統的推出，您能否評論一下您對台式機和筆記本電腦上的 ASP 的期望？

Our ASPs, it depends on two factors.

我們的 ASP，這取決於兩個因素。

On the one hand, most of the notebook ASPs are going to be lower than a GTX 580 and 570 or 560 we just recently rolled out.

一方面，大多數筆記本 ASP 將低於我們最近推出的 GTX 580 和 570 或 560。

On the other hand, the GTX 570 and 560 are still ramping and so it's hard to say exactly how it's going to play out.

另一方面，GTX 570 和 560 仍在增長，所以很難確切地說它會如何發揮作用。

We're just going to have to report on the progress as we go.

我們只需要在進行過程中報告進展情況。

We're excited about the gamers market.

我們對遊戲玩家市場感到興奮。

The gamers market is -- has three catalysts this year.

遊戲玩家市場是——今年有三個催化劑。

One, there's some really, really big titles for PC gaming coming out.

一，有一些非常非常大的PC遊戲遊戲即將問世。

Crysis 2 is just really, really exciting so I think the enthusiasts come out when there's a great new breakthrough games like Crysis 2.

《孤島危機 2》真的非常非常令人興奮，所以我認為當出現像《孤島危機 2》這樣偉大的新突破性遊戲時，發燒友們就會湧現出來。

The second thing is, its been a long time since the PC gamers had a basic platform upgrade opportunity.

第二件事是，PC遊戲玩家已經很久沒有基本的平台升級機會了。

Sandy Bridge is the best CPU that's been built for PC gamers in a long, long time, and so we have SLI motherboards with Intel, we have SLI motherboards [ASUS tag], with Gigabyte, with many others so that gamers can upgrade their PCs with affordable, very low-power and very high-performance systems.

Sandy Bridge 是長期以來為 PC 遊戲玩家打造的最佳 CPU，因此我們有英特爾的 SLI 主板，我們有 SLI 主板 [華碩標籤]，技嘉，還有許多其他的，以便遊戲玩家可以升級他們的 PC具有負擔得起的、非常低功耗和非常高性能的系統。

And so we're -- when Sandy Bridge starts to ramp and the SLI motherboards start to ship here in the future, we're going to have to see how many people come up for the upgrade.

所以我們——當 Sandy Bridge 開始升級並且 SLI 主板將來開始在這裡發貨時，我們將不得不看看有多少人來進行升級。

And then lastly is 3D vision.

最後是 3D 視覺。

When you can enjoy everything in 3D, it's just much more exciting and 3D vision basically doubles the resolution -- one for each eye, doubles the resolution that is needed to enjoy the game, and so that tends to drive higher ASPs.

當您可以享受 3D 的一切時，它會更加令人興奮，並且 3D 視覺基本上使分辨率加倍——每隻眼睛一個，使享受遊戲所需的分辨率加倍，因此往往會推動更高的 ASP。

And so we're just going to have to wait and see before we can tell for sure.

因此，在我們確定之前，我們將不得不拭目以待。

Your next question is from the line of Harlan Sur.

您的下一個問題來自 Harlan Sur。

Hi, thank you for taking my question and nice job on the quarterly execution.

嗨，感謝您提出我的問題，並在季度執行方面做得很好。

Within your guidance for the first quarter, can you just give us a sense directionally about the quarter-on-quarter revenue trends for your three different segments?

在您對第一季度的指導中，您能否就您的三個不同部門的季度收入趨勢給我們一個方向感？

Well, Harlan, this is David.

嗯，哈倫，這是大衛。

Hi, David.

嗨，大衛。

On the desktop side, typically we see some seasonality in there in the first quarter.

在桌面端，我們通常會在第一季度看到一些季節性因素。

That will probably be modest for the business.

這對企業來說可能是適度的。

Our notebook business is going to grow very nicely in Q1, primarily as a result of the Sandy Bridge platforms that we'll be shipping in the quarter, and we expect, obviously, Tesla and Tegra to continue growing and helping drive our revenue growth going into the new fiscal year.

我們的筆記本電腦業務將在第一季度增長得非常好，這主要是由於我們將在本季度發貨的 Sandy Bridge 平台，我們顯然預計特斯拉和 Tegra 將繼續增長並幫助推動我們的收入增長進入新的財政年度。

And then I think you said on your earnings release that you expect Quadro to grow again in the first quarter, as well?

然後我認為您在收益發布中說過您預計 Quadro 將在第一季度再次增長？

Yes, that's correct.

對，那是正確的。

Okay, great and then one more question, if I may.

好的，如果可以的話，還有一個問題。

On Tegra, obviously the team has a rapid ramp ahead of them and I think the concern with anything associated with the mobile and retail spaces, how do you monitor sell-through to the end markets and to consumers and then to triangulate that with the orders that you're getting from your handset and your tablet customers.

在 Tegra 上，顯然團隊在他們面前有一個快速的增長，我認為與移動和零售空間相關的任何事情的關注，你如何監控終端市場和消費者的銷售情況，然後與訂單進行三角測量您從手機和平板電腦客戶那裡獲得的信息。

So maybe you can take us through how the team plans to keep a close eye on sell into your customers versus sell-through to the end markets?

因此，也許您可以帶我們了解團隊計劃如何密切關注向您的客戶銷售與向終端市場銷售的情況？

Thank you.

謝謝你。

Well, I think the way I would look at that is, in our larger businesses like Quadro and GeForce, we put a lot of energy into monitoring sell-outs and sell-throughs and the reason is because we're such a large position in the marketplace.

嗯，我認為我會這樣看待，在我們像 Quadro 和 GeForce 這樣的大型企業中，我們投入了大量精力來監控銷售和銷售情況，原因是因為我們在市場。

Tegra is a brand new product for us and we have almost zero exposure in the mobile industry, and this is really our first major push into it.

Tegra 對我們來說是一個全新的產品，我們在移動行業的曝光率幾乎為零，這確實是我們第一次大力推動它。

And the devices that we're in are not fringe or exotic devices.

我們所使用的設備不是邊緣設備或外來設備。

They aren't transformer-type devices or new 3D displays where people aren't sure yet whether those adoptions are going to be high or not.

它們不是變壓器型設備或新的 3D 顯示器，人們還不確定這些採用率是否會很高。

These are straight down the middle, high-end, and where the demand is the greatest superphone devices right now.

這些都是中端、高端以及目前需求最大的超級電話設備。

And as you see from the devices they're beautiful and they're the primary platforms for the marquee customers that we're working with.

正如您從設備中看到的那樣，它們很漂亮，它們是我們正在與之合作的大型客戶的主要平台。

It is core to their business, these aren't fringe products.

這是他們業務的核心，這些不是邊緣產品。

And so I think that from that perspective, I have a relative amount of confidence then that our partners are going to do a great job marketing them and the enthusiasm in the marketplace is already really, really high and the reviews have been great, so my sense is we're going to do quite well.

所以我認為，從這個角度來看，我有一定的信心，我們的合作夥伴會在營銷方面做得很好，市場上的熱情已經非常非常高，評論也很好，所以我的感覺我們會做得很好。

As we get to be a much larger player in the mobile space, we're going to have to develop those things tha -- those kind of systems that we use for the PC industry where we monitor sell-throughs and sell-outs, and so we're going to have to continue to do a better job with that.

隨著我們在移動領域成為更大的參與者，我們將不得不開發那些我們用於 PC 行業的系統，用於監控銷售和銷售情況，以及所以我們將不得不繼續在這方面做得更好。

But at the moment, I think that we're going into I guess what people would consider blue ocean.

但目前，我認為我們正在進入我猜人們會認為的藍海。

Your next question is from the line of Doug Freedman.

您的下一個問題來自 Doug Freedman。

Great, thanks for taking my question.

太好了，感謝您提出我的問題。

Last quarter you mentioned that you thought Tegra that could be above your chip set business.

上個季度您提到您認為 Tegra 可能會超越您的芯片組業務。

Would you care to comment on if that occurred or not?

您是否願意評論是否發生了這種情況？

It did not occur this quarter, it will occur next quarter.

這個季度沒有發生，下個季度會發生。

Okay.

好的。

Would it be possible for you to rank your product segments by gross margin so we can get a sense of where the gross margin benefits are really coming from?

您是否可以按毛利率對產品細分進行排名，以便我們了解毛利率收益的真正來源？

So, Doug, our -- as we've talked about previously, our professional business, which includes both Quadro and Tesla, are our highest margin businesses for the Company and below that would be Tegra and our desktop notebook business below that.

所以，Doug，我們的——正如我們之前談到的，我們的專業業務，包括 Quadro 和特斯拉，是我們公司利潤率最高的業務，低於此值的將是 Tegra，我們的台式筆記本電腦業務低於此值。

Tegra, and then, I'm sorry the desktop business?

Tegra，然後，對不起桌面業務？

Our desktop and notebook business, which typ -- which are below our Company average.

我們的台式機和筆記本電腦業務，典型值低於我們公司的平均水平。

Would desktop be above notebook?

桌面會高於筆記本嗎？

Yes.

是的。

Okay.

好的。

And then when we look at some of the OpEx numbers, it looks like this quarter you're planning on OpEx growth, it looks a little bit above the revenue guidance, especially if we were to strip out the $22 million royalty payment.

然後，當我們查看一些運營支出數據時，看起來本季度您正在計劃運營支出增長，它看起來略高於收入指導，特別是如果我們要剔除 2200 萬美元的特許權使用費。

Can you comment on what we should think about for OpEx, both in Q1 and throughout the balance of the year given the need to support all of the Tegra programs?

鑑於需要支持所有 Tegra 計劃，您能否評論一下我們在第一季度和全年剩餘時間裡對 OpEx 的看法？

Well, we're -- as I -- as we included in the CFO commentary, a lot of what's driving -- they're really -- the two largest components that driving operating expense really are the fact that our stock price has gone up and that's driving stock-based compensation, and the other piece is hiring and engineering support materials and so forth for all of the products that we're launching.

好吧，我們 - 正如我 - 正如我們在首席財務官評論中所包含的那樣，很多推動因素 - 他們真的 - 推動運營費用的兩個最大因素確實是我們的股價已經下跌這推動了基於股票的薪酬，另一部分是我們正在推出的所有產品的招聘和工程支持材料等。

We will -- some of those investments we're making and are coming in Q1 proceed revenue that we hope to realize later on in the year as we see Tesla and Tegra and our other pieces of our business ramping.

我們將 - 我們正在進行的一些投資以及即將在第一季度實現的收入，我們希望在今年晚些時候實現，因為我們看到特斯拉和 Tegra 以及我們的其他業務正在增長。

As it relates to $327 million, which I think is what we guided for Q1 and how that's going to behave going forward, we won't have, for example, payroll tax for the full year and so forth, so that'll naturally go down and some other expenses will offset that.

因為它涉及到 3.27 億美元，我認為這是我們在第一季度的指導以及未來的表現，例如，我們不會有全年的工資稅等等，所以自然會去下降和其他一些費用將抵消這一點。

But I wouldn't expect it to be appreciably higher going through the year when you net all those things out.

但是當你把所有這些東西都剔除掉時，我不認為它會在這一年裡明顯更高。

And I think it's inappropriate to not include royalties as a part of our ongoing business.

而且我認為不將特許權使用費作為我們正在進行的業務的一部分是不合適的。

There's several businesses in our Company where royalties is the natural way for us to engage our customers and it does require innovation and engineering and invention for us to benefit from those royalties.

在我們公司的一些業務中，特許權使用費是我們吸引客戶的自然方式，並且確實需要創新、工程和發明才能使我們從這些特許權使用費中受益。

So I think the two go hand in hand and I wouldn't split it out.

所以我認為兩者是齊頭並進的，我不會把它分開。

I would expect it to be an ongoing part of our business going forward.

我希望這將成為我們未來業務的一個持續部分。

Your next question is from the line of Raj Seth.

您的下一個問題來自 Raj Seth。

Hi, thanks for taking the question.

您好，感謝您提出問題。

Jen-Hsun, a question on Tegra.

Jen-Hsun，關於 Tegra 的一個問題。

You talked before about chip IT companies having to become much more systems aware.

您之前談到芯片 IT 公司必須變得更加系統意識。

I'm curious, when you engage with key partners like HP, can you talk a little bit about how much system-level software integration you're doing, how much they're doing and does your engagement model differ from your competitors in any way?

我很好奇，當你與惠普這樣的關鍵合作夥伴接觸時，你能談談你正在做多少系統級軟件集成，他們做了多少，你的參與模式在任何方面與你的競爭對手有什麼不同嗎？方法？

Thanks.

謝謝。

Well, we're actually not engaged with HP, so you chose one that we're not actually --

好吧，我們實際上並沒有與惠普合作，所以你選擇了一個我們實際上沒有——

Oh, I'm sorry, yes, yes.

哦，對不起，是的，是的。

Forgive me, but any of your key partners?

請原諒我，但是您的任何主要合作夥伴？

The answer is, in the mobile space there's just a lot of system software to do and it is just doing -- developing multi-media and system software technology is one of the areas where we just have an enormous amount of expertise because of building sophisticated computers over the years.

答案是，在移動領域，只有很多系統軟件要做，而且它只是在做——開發多媒體和系統軟件技術是我們擁有大量專業知識的領域之一，因為我們構建了複雜的多年來的電腦。

And if you look at the PC, the amount of system software we have to do for it is every bit now the same in the mobile industry, if not more, and that's one of the reasons why we believed that mobile computing was going to be such a great opportunity for us.

如果你看看 PC，我們必須為它做的系統軟件的數量現在在移動行業中幾乎是一樣的，如果不是更多的話，這就是我們相信移動計算將成為的原因之一對我們來說是一個很好的機會。

That on the one hand, the modem will continue to be important, on the other hand, for certain classes of devices, where there is the superphones or tablets, its the computing capability is one of the most important things.

一方面，調製解調器將繼續重要，另一方面，對於某些類別的設備，如超級手機或平板電腦，其計算能力是最重要的事情之一。

And in order to deliver on a great computing experience, the ability to create all of the system software from video to graphic to multi-tasking to all of the flash accelerations and just the enormous amount of open GL and whatever it is, and computer vision and imaging software and all of that kind of software working together in a -- in just a really wonderful experience is hard to pull together and this is something that we believe we have a great deal of expertise and a great deal of capacity to do.

為了提供出色的計算體驗，創建從視頻到圖形到多任務處理到所有閃存加速的所有系統軟件的能力，以及大量的開放式 GL 和計算機視覺和成像軟件以及所有此類軟件一起工作 - 在一個非常美妙的體驗中很難融合在一起，這是我們相信我們擁有大量專業知識和大量能力的事情。

So we do quite a large amount of it and we know our architecture best.

所以我們做了大量的工作，我們最了解我們的架構。

This is an area that in terms of system software few companies in the world have a very large capacity to do.

這是一個在系統軟件方面世界上很少有公司有很大能力去做的領域。

The three companies that probably have the largest capacity in the world of systems software is probably us, Intel and AMD, because of all of the computers we've built over the years and we have more people in systems software with this expertise than [you find] anywhere else in the world.

可能在系統軟件領域擁有最大產能的三家公司可能是我們、英特爾和 AMD，因為我們多年來製造的所有計算機，我們擁有這方面專業知識的系統軟件人員比 [你找到]在世界其他任何地方。

So I think that this is something that is of great importance and it's becoming more and more important and a greater and greater bottleneck.

所以我認為這是非常重要的事情，它變得越來越重要，成為越來越大的瓶頸。

And if your read some of the early reviews of Tegra 2 phones, some of the comments that people are making are the stability and the performance of these phones right out the chute.

如果您閱讀了一些關於 Tegra 2 手機的早期評論，那麼人們所做的一些評論就是這些手機的穩定性和性能。

Most of the phones that -- smartphones that you may have bought, with the exception of Apple's products frankly, you've had to debug into existence and we think that that's not inherent to a phone.

大多數手機——你可能購買的智能手機，坦率地說，除了蘋果的產品，你必須調試才能存在，我們認為這不是手機固有的。

It's just because it's inherent to building great computers, so I think this is an area of great differentiation for us.

這只是因為它是構建出色計算機所固有的，所以我認為這對我們來說是一個很大的差異化領域。

Can I ask a follow up, if I might.

如果可以的話，我可以要求跟進。

So this is one of the differentiators, you've got a very aggressive roadmap that you showed on Tegra.

所以這是差異化因素之一，你在 Tegra 上展示了一個非常激進的路線圖。

As we move forward, what are the key differentiators other than what you just talked about, in the tablet market and handset market from your perspective and over time, given the integration trends, at least in the handset market, is the lack of baseband and connectivity a material constraint or not for you in your view?

在我們前進的過程中，從您的角度來看，隨著時間的推移，平板電腦市場和手機市場除了您剛才談到的之外，還有哪些關鍵差異化因素，至少在手機市場上，集成趨勢是缺少基帶和在您看來，連通性對您來說是一種物質約束嗎？

Thanks.

謝謝。

Computing is a very large space and although these mobile devices are starting to do more and more computing, the computing capability that we're looking at is still rather nascent.

計算是一個非常大的空間，儘管這些移動設備開始進行越來越多的計算，但我們所關注的計算能力仍處於初期階段。

The benefit that we have is -- and we described this at Mobile World Congress, the benefit that we have is the rich and deep pipeline of intellectual property that we can bring to bear as mobile devices become more and more computing capable.

我們擁有的好處是——我們在世界移動大會上對此進行了描述，我們擁有的好處是隨著移動設備變得越來越具有計算能力，我們可以帶來豐富而深入的知識產權管道。

We put -- we went from a Company that was working on basically 1.5 to 2 mobile chips to a Company that now has 5 chips on the roadmap, and we're concurrently working on projects that go all the way out to 20-nanometer and beyond.

我們提出——我們從一家主要開發 1.5 到 2 個移動芯片的公司變成了一家現在在路線圖上有 5 個芯片的公司，我們同時致力於開發一直到 20 納米和超過。

We don't have to wait for anyone to create the computing technology for us to license.

我們不必等待任何人為我們創建計算技術來獲得許可。

We have all of the technology here for us to bring to bear and execute a really aggressive roadmap and that's how we're able to year in and year out crank out leading-edge products that the rest of the industry is just putting it and talking about it on paper.

我們在這裡擁有所有的技術來承擔和執行一個非常激進的路線圖，這就是我們能夠年復一年地生產出業內其他人只是投入和談論的領先產品的方式關於它在紙上。

With respect to modems, there are quite a few modem players in the world.

關於調製解調器，世界上有相當多的調製解調器廠商。

You'd be surprised how many of them there are.

你會驚訝於其中有多少。

Qualcomm's obviously a supplier, infiniMap's a supplier, ST, Ericsson's a supplier, there are many others, and our focus is on the segments in the marketplace where computing is really important, and we believe that there's a great deal of work that we can do here before we need to consider increasing levels of integration.

高通顯然是供應商，infiniMap 是供應商，ST、愛立信是供應商，還有很多其他的，我們的重點是市場中計算非常重要的細分市場，我們相信我們可以做很多工作在此之前，我們需要考慮提高集成度。

And then lastly, both the computing side and modem side are going through very rapid innovation at the moment.

最後，計算方面和調製解調器方面目前都在經歷非常快速的創新。

On the one hand, computing is getting -- going from dual-core to quad-core and more and more GPU performance and better and better video capability and such.

一方面，計算正在從雙核到四核，GPU 性能越來越高，視頻功能越來越好等等。

And on the other hand, modems are going from 2.5G to 3G to 4G and so all of these are moving parts.

另一方面，調製解調器正在從 2.5G 到 3G 再到 4G，因此所有這些都是移動部件。

Integration is the enemy of innovation and so it's hard to move as fast when you have to integrate everything into one chip.

集成是創新的敵人，因此當您必須將所有東西都集成到一個芯片中時，很難快速行動。

Your next question is from the line of Vejay Riakesh.

您的下一個問題來自 Vejay Riakesh。

Yes, hi.

是的，你好。

I was just wondering, when you look at your Tegra, obviously it's ramping in a lot of markets (inaudible).

我只是想知道，當您查看您的 Tegra 時，顯然它在很多市場上都在增長（聽不清）。

What is the break out in Q4 and how do you see that in Q1 and Q2, if you can give us some more color on that?

第四季度的突破是什麼？你如何看待第一季度和第二季度的突破，如果你能給我們更多的顏色？

In Q1 -- in Q4 we just barely started shipping the early production ramp to the first partners.

在第一季度——在第四季度，我們剛剛開始向第一批合作夥伴交付早期的生產斜坡。

In Q1 we will be in quite significant production across many of the OEMs, so it's going to be quite a big step up.

在第一季度，我們將在許多 OEM 中進行相當大的生產，因此這將是一個很大的進步。

Right.

正確的。

And just to take a step back, you had guided Tegra, what is your guidance (inaudible) for Tegra for the year and have you -- are you seeing any change on the upside or downside as you've gone through the last couple of quarters and the year?

只是退後一步，您已經指導了 Tegra，您對 Tegra 的指導（聽不清）是什麼？在過去的幾年中，您是否看到了上行或下行的任何變化季度和年份？

We have not guided Tegra for the year.

我們今年沒有指導 Tegra。

Probably the new piece of information about Tegra that it is Kal-El going into production this year.

可能是有關 Tegra 的新信息，即 Kal-El 今年將投入生產。

I don't think anybody expected us to announce that.

我認為沒有人希望我們宣布這一點。

I don't think anybody expected us to have a roadmap that was this aggressive and was a surprise to all of our competitors and was even a surprise to many of our customers.

我認為沒有人期望我們有一個如此激進的路線圖，這讓我們所有的競爭對手都感到驚訝，甚至讓我們的許多客戶感到驚訝。

And so all of our partners are in retooling mode right now on roadmaps so they can catch up to us on Kal-El.

因此，我們所有的合作夥伴現在都在路線圖上處於重組模式，這樣他們就可以在 Kal-El 上趕上我們。

So I'm excited about the second half of the year as the tablet market continues to develop and as we go into Kal-El.

因此，隨著平板電腦市場的持續發展以及我們進入 Kal-El，我對下半年感到興奮。

So those are -- that's the new piece of information that I think very few people realize and consider.

所以這些是 - 這是我認為很少有人意識到和考慮的新信息。

Your next question is from the line of Tim Luke.

你的下一個問題來自蒂姆·盧克。

Thank you so much.

太感謝了。

I was wondering, as you look at the revenue momentum, having had a strong uptick into April as you start the Tegra ramp, do you feel that that rate of growth may be sustainable through into the July period, or is it to some extent that you had a big near-term lift associated with the initial supply into the channel?

我想知道，當您看到收入勢頭時，在您開始 Tegra 斜坡時，在 4 月份出現強勁增長，您是否認為這種增長率可能會持續到 7 月份，或者在某種程度上是你有與進入渠道的初始供應相關的近期大幅提升嗎？

And I was wondering, gentlemen, if you could have any framework associated with the expectation of the timeline for you to talk about Tegra 3?

我想知道，先生們，你們是否可以有任何與時間線預期相關的框架讓你們談論 Tegra 3？

Thank you so much.

太感謝了。

First of all, we've barely shipped anything, so Tegra 2 has just barely gone into production.

首先，我們幾乎沒有發貨，所以 Tegra 2 剛剛投入生產。

In terms of thinking about these things, the growth and the growth opportunities, really the only thing you can really keep in mind is the size of the opportunity and the partners that you have to address those opportunities.

在考慮這些事情、增長和增長機會方面，你真正能真正記住的唯一一件事是機會的大小以及你必須解決這些機會的合作夥伴。

The size of the tablet opportunity's obviously larger than anybody expected and I think people are getting a firmer grip on why it is that the tablet is such a wonderful computing device.

平板電腦機會的規模顯然比任何人預期的都要大，我認為人們正在更加堅定地理解為什麼平板電腦是一款如此出色的計算設備。

Secondly, I think the partners that we are going to market with are undoubtedly the best in the world.

其次，我認為我們將與之進行市場營銷的合作夥伴無疑是世界上最好的。

If we had to choose the best Android partners in the world to go to market with, I think we couldn't have chosen a [better list].

如果我們必須選擇世界上最好的 Android 合作夥伴進行市場推廣，我認為我們無法選擇 [更好的列表]。

So I think we're going to be able to address a very large market and address it with partners who could give us global reach.

因此，我認為我們將能夠解決一個非常大的市場，並與可以為我們提供全球影響力的合作夥伴一起解決這個問題。

With respect to future Tegra, I'm not sure if there was an exact question but we haven't --

關於未來的 Tegra，我不確定是否有確切的問題，但我們還沒有——

Tegra 3.

特格拉 3。

I haven't used the word Tegra 3 yet, but we demonstrated recently a processor called Kal-El.

我還沒有使用 Tegra 3 這個詞，但我們最近展示了一款名為 Kal-El 的處理器。

It's an internal code name for the next-generation processor.

它是下一代處理器的內部代號。

We haven't figured out -- we haven't decided yet what the market name is going to be.

我們還沒有弄清楚——我們還沒有決定市場名稱將是什麼。

It is intended to be in production in Q3.

它打算在第三季度投入生產。

Thank you, and just David on OpEx, if I may.

謝謝你，如果可以的話，請告訴我運營支出方面的 David。

Having seen the guidance move up around the $25 million or -- in the April quarter, do you think that the rate of growth in OpEx through the next several quarters to support the customers is likely to be in a similar range, or do you think that the magnitude of sequential increases could be somewhat lower?

看到指導值上升到 2500 萬美元左右，或者 - 在 4 月季度，您是否認為未來幾個季度支持客戶的運營支出增長率可能處於類似範圍內，或者您認為連續增長的幅度可能會低一些？

Thank you so much.

太感謝了。

Tim, I think the magnitude quarter over quarter after Q1 should be much lower.

蒂姆，我認為第一季度之後的季度環比幅度應該要低得多。

You've got two step functions that impacted Q1.

您有兩個影響 Q1 的階梯函數。

One was the restart of payroll taxes, which is pretty binary, and then second one is just the recent run up in our stock has caused our stock-based compensation to go up [handily], as well.

一個是工資稅的重啟，這是相當二元的，第二個是最近我們股票的上漲導致我們的股票薪酬也[輕鬆地]上漲。

And so we'll have to wait and see what happens to the stock price, but certainly the FICA won't be going and getting reset again.

因此，我們將不得不等待，看看股價會發生什麼變化，但 FICA 肯定不會再次重置。

And I think in terms of our controllable expenses, in terms of engineering, materials and rents and all those things, people costs and so forth, I wouldn't expect it to be rising as much as it did from Q4 to Q1.

而且我認為就我們的可控費用而言，在工程、材料和租金以及所有這些東西、人員成本等方面，我認為它不會像從第四季度到第一季度那樣上漲。

Your next question is from the line of Patrick Wang.

您的下一個問題來自 Patrick Wang。

Thanks for taking my question.

感謝您提出我的問題。

David, you're going to get a nice lift in gross margins over the course of this year due to your royalty payments.

大衛，由於您支付了特許權使用費，您今年的毛利率將大幅提高。

I was hoping you could talk about gross margins over time and perhaps how to think about that as your royalty steps up in the July quarter and beyond?

我希望你能談談隨著時間的推移的毛利率，也許隨著你的版稅在 7 月季度及以後的季度增加，如何考慮這一點？

Well, the royalty or license fee from Intel will contribute 2.5 to 3 points of gross margin starting in the second quarter.

那麼，從第二季度開始，英特爾的特許權使用費或許可費將貢獻 2.5 到 3 個百分點的毛利率。

If you hold that out and you just look at our core business, gross margins there should also be increasing through the year, as well, particularly as Tesla and Tegra products ramp and I think even as our desktop business -- our high-end GTX 560, 570 and 580 products continue to gain momentum out in the marketplace.

如果你堅持這一點，並且只看我們的核心業務，那麼全年的毛利率也應該會增加，特別是隨著特斯拉和 Tegra 產品的增加，我認為即使是我們的桌面業務——我們的高端 GTX 560、570 和 580 產品繼續在市場上獲得動力。

So certainly we see a path for our margins being well into the low 50s some time during the year.

因此，我們當然會看到我們的利潤率在一年中的某個時候會進入 50 年代的低點。

Okay.

好的。

If I just do a little bit of math there, it should almost be conceivable that you could exit the year at somewhere in the mid 50s, is that just unrealistic?

如果我只是在那裡做一點數學，幾乎可以想像你可以在 50 年代中期的某個地方退出這一年，這不現實嗎？

We'll just have to wait and see.

我們只需要拭目以待。

We've got a lot -- second half of the year has got a lot of unknowns at this point, particularly in some of our new businesses, so we certainly like to think that we'll have a very nice back end of the year and it'll contribute to margin uplift.

我們有很多——今年下半年在這一點上有很多未知數，特別是在我們的一些新業務中，所以我們當然希望我們今年年底會有一個非常好的後端這將有助於提高利潤率。

We'll just have to wait.

我們只需要等待。

Your next question is from the line of Kevin Cassidy.

您的下一個問題來自 Kevin Cassidy。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Jen, you had mentioned staying with a 40-nanometer.

仁，你曾提到停留在 40 納米。

I wonder, could you tell me more about what went into that decision process?

我想知道，你能告訴我更多關於這個決策過程的內容嗎？

Was it time-to-market or is it even your customers requests?

是上市時間還是您的客戶要求？

Just wanted to understand that a little more.

只是想多了解一點。

Well first of all, 28-nanometer is not available this year, not until the very end of the year, and I think with us going -- for us to go -- for us to ship production out in Q3 we have to start wafers in early Q2, right, and so 28-nanometers just is not an option.

首先，今年 28 納米不可用，直到年底才可用，我認為隨著我們的發展——我們繼續前進——為了我們在第三季度出貨，我們必須開始生產晶圓在 Q2 初期，對，所以 28 納米不是一個選擇。

Secondarily, 40-nanometers is now in the third year of its production and the yields are fabulous, and so that's a wonderful reason to do it.

其次，40納米現在已經進入第三年了，產量非常好，所以這是一個很好的理由。

And so I think on the one hand, 28-nanometer isn't available, and on the other hand 40-nanometers is yielding fabulously, so I think it's just naturally the right answer.

所以我認為，一方面，28 納米不可用，另一方面 40 納米的產量驚人，所以我認為這自然是正確的答案。

But going forward, the way to think about it is the general rhythm that you'll see in the industry for companies that comes up with new processors every year, you should expect to see two processors in the same node or so.

但展望未來，考慮它的方式是您將在行業中看到每年推出新處理器的公司的一般節奏，您應該期望在同一個節點左右看到兩個處理器。

You've notice other companies that have used different ways of explaining the rhythm, and some use one process node change, one is an architecture change and the next one is a process node change, so basically, it's every other year for a new process node and I think that rhythm is not a bad rhythm.

您已經註意到其他公司使用不同的方式來解釋節奏，有些使用一個流程節點更改，一個是架構更改，下一個是流程節點更改，所以基本上，每隔一年一個新流程節點，我認為節奏不是壞節奏。

That's basically how quickly the industry is changing process.

這基本上就是行業變化過程的速度。

So it stands to reason that Tegra 2 and Tegra next, or Kal-El, would use the same process and the following ones will (inaudible).

因此，Tegra 2 和 Tegra next 或 Kal-El 將使用相同的流程，而後續的流程將（聽不清）是理所當然的。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

Yes, thanks a lot.

是的，非常感謝。

Your next question is from the line of Shawn Webster.

您的下一個問題來自 Shawn Webster。

Hi, great, thank you.

你好，太好了，謝謝。

A couple questions.

幾個問題。

On Tegra, is there a breakeven run rate that you need for you to be breaking even on an operating margin basis now?

在 Tegra，您現在是否需要一個盈虧平衡運行率才能在營業利潤率的基礎上實現盈虧平衡？

The answer is it's hard to predict and the reason for that is this.

答案是很難預測，原因就在於此。

More and more of our Company is involved in the Tegra roadmap, so as quickly as Tegra is growing, more of our Company's overall R&D is driving into the Tegra roadmap, and it's because it's great for mobile devices, smartphones, tablets, and because of Microsoft's announcement with Windows Next running on ARM, all of a sudden Tegra has the ability to address front and center dead-on the core notebook PC market.

我們公司越來越多的人參與了 Tegra 路線圖，所以隨著 Tegra 的發展，我們公司更多的整體研發正在推動 Tegra 路線圖，這是因為它非常適合移動設備、智能手機、平板電腦，並且因為微軟宣佈在 ARM 上運行 Windows Next，Tegra 突然有能力解決核心筆記本電腦市場的前沿和中心問題。

And I think that the opportunity to take future-generation Tegra processors directly into the notebook market is really exciting to me.

而且我認為將下一代 Tegra 處理器直接帶入筆記本電腦市場的機會對我來說真的很令人興奮。

And it's also a way for the PC industry to really be revolutionized, if you will, with industrial designs that are exquisite in battery life and usage models that are very, very different than today's notebook.

如果您願意的話，這也是 PC 行業真正徹底變革的一種方式，其工業設計在電池壽命和使用模式方面與當今的筆記本電腦截然不同。

I think it's pretty clear at this point that in the future, Windows notebooks will make today's notebooks look a little bit like refrigerators and I think that we have the ability to completely revolutionize how people see notebook computers again, and I'm excited about that.

我認為現在很清楚，在未來，Windows 筆記本電腦將使今天的筆記本電腦看起來有點像冰箱，我認為我們有能力再次徹底改變人們對筆記本電腦的看法，我對此感到很興奮.

And so how much of our engineering should really go into Tegra and related Denver plus Tesla, the answer is a lot, and so the breakeven point could eventually become all of NVIDIA.

所以我們有多少工程應該真正投入到 Tegra 和相關的丹佛加特斯拉，答案是很多，所以盈虧平衡點最終可能成為 NVIDIA 的全部。

Okay.

好的。

And switching gears, I love the superman analogy for Kal-El, by the way, but on your core GPU and chip set business, what is the size of the chip set business for you today, just to get a sense of the trajectory where we're sitting now and as we evolve for the next couple quarters?

換檔，順便說一下，我喜歡 Kal-El 的超人類比，但在你的核心 GPU 和芯片組業務上，你今天的芯片組業務規模有多大，只是為了了解一下發展軌跡我們現在坐著，隨著我們在接下來的幾個季度中發展？

And then also, can you share with us what your GPU units did sequentially for Q4?

然後，您能否與我們分享您的 GPU 單元在第四季度按順序做了什麼？

So on the MCP business, Shawn, I think we've talked previously about that business roughly running its course for the most part through the first half of this fiscal year, fiscal 2012, and then in the second half of the year it should be a pretty minor piece of our business.

所以關於 MCP 業務，Shawn，我想我們之前已經討論過該業務在本財年上半年（2012 財年）的大部分時間里大致運行，然後在下半年應該是我們業務的一小部分。

We've not really broken it out beyond that other than to say, at least at this point, we know that Tegra will exceed it in Q1.

我們並沒有真正打破它，只是說，至少在這一點上，我們知道 Tegra 將在第一季度超過它。

And as far as units are concerned, our units were up in the fourth quarter, primarily on main -- the strength of our mainstream business.

就單位而言，我們的單位在第四季度有所增長，主要是我們的主流業務的實力。

But more importantly, the revenue per unit, the ASPs someone asked earlier was driven primarily by our mix changes and we're happy to see that, it drives a lot of earnings potential for the Company and opportunity for the Company and we don't right now see that changing materially going forward.

但更重要的是，單位收入和之前有人問過的 ASP 主要是由我們的組合變化驅動的，我們很高興看到，它為公司帶來了很多盈利潛力和機會，而我們沒有現在看到這種變化正在發生重大變化。

Your next question is from the line of James Schneider.

您的下一個問題來自 James Schneider。

Good afternoon, thanks for taking my question.

下午好，感謝您提出我的問題。

Related to Tegra 2, in Q1 could you share with us what you think your ASPs are today in that product and where do you think that they'll be as we exit the year?

與 Tegra 2 相關，在第一季度，您能否與我們分享您認為您的 ASP 在該產品中今天的情況以及您認為在我們退出這一年時它們會在哪裡？

Do you think they'll be down or maybe up given the mix of Kal-El?

考慮到 Kal-El 的組合，你認為他們會下降還是上升？

Let me just give you some directional input.

讓我給你一些方向性的輸入。

Our ASPs for tablets, because the package is larger and the bin tends to be a little higher, our tablet margins -- or ASPs are higher than that of smartphones.

我們的平板電腦的 ASP，因為包裝更大，垃圾箱往往更高一點，我們的平板電腦利潤率 - 或 ASP 高於智能手機。

Smartphones are also designed into -- depending on which tier of the customers we engage with, extremely high volume engagements or moderate volume engagements, those ASPs tend to be lower than the tablets.

智能手機也被設計成——根據我們接觸的客戶的哪一層，極高的參與量或中等量的參與，這些 ASP 往往低於平板電腦。

And Kal-El, as the world's first quad-core, is -- we command a premium when the product comes out.

Kal-El，作為世界上第一個四核，當產品出來時，我們要求溢價。

So those are kind of the directional levels that we haven't broken them out much for (inaudible).

因此，這些是我們沒有過多分解的方向級別（聽不清）。

Okay.

好的。

And maybe as a follow up, could you address your notebook GPU share as we head through this year?

也許作為後續行動，您能否在我們今年結束時解決您的筆記本 GPU 份額？

Clearly, you're gaining share on the Sandy Bridge platforms, do you think it steps up in Q1 and Q2 and then plateaus as we head throughout the back half of the year, or do you think that's more of a gradual continual ramp throughout the year?

很明顯，你在 Sandy Bridge 平台上獲得了份額，你認為它在第一季度和第二季度會上升，然後在我們整個下半年進入平穩期，還是你認為這更像是一個逐漸持續的斜坡年？

Most of us depends on how quickly Intel is going to transition Sandy Bridge relative to -- Huron River, I think, was the last platform.

我們中的大多數人取決於英特爾相對於 Sandy Bridge 過渡的速度——我認為 Huron River 是最後一個平台。

If Intel gets aggressive with Sandy River of course our share on Sandy River is much, much higher than that of Huron River.

如果英特爾對 Sandy River 採取積極態度，那麼我們在 Sandy River 上的份額當然會比 Huron River 高得多。

As you'll recall, our market -- we lost market share on Huron River and with the first firming generation, but the GTX5 -- the GTX -- or the five family, the second generation firming has been a huge success for us.

你會記得，我們的市場——我們在休倫河上失去了市場份額，第一代緊緻，但 GTX5——GTX——或五家族，第二代緊緻對我們來說是巨大的成功。

From desktop to notebook we have the best stack of GPUs in the world today, and so the more aggressively Intel transitions from Sandy River to Huron River the more quickly we'll gain share.

從台式機到筆記本，我們擁有當今世界上最好的 GPU 堆棧，因此英特爾越積極地從 Sandy River 過渡到 Huron River，我們獲得份額的速度就越快。

So partly it depends on that.

所以部分取決於這一點。

Your next question is from the line of Arnab Chanda.

您的下一個問題來自 Arnab Chanda。

Arnab, your line is open.

Arnab，您的線路已開通。

Excuse me, Arnab, your line is open.

對不起，Arnab，你的電話是開放的。

Take the next call, Operator.

接下一個電話，接線員。

Your next question is from the line of Glen Yeung.

你的下一個問題來自 Glen Yeung。

Thanks.

謝謝。

I think somebody quoted a Gartner number for tablets in 2014.

我想有人在 2014 年引用了 Gartner 的平板電腦數據。

When you think about a number that big, what do you think is a realistic target for NVIDIA's market share in that business?

當您考慮這麼大的數字時，您認為 NVIDIA 在該業務中的市場份額的現實目標是什麼？

Well, who knows, 2014 is a long time from now.

好吧，誰知道呢，2014 年離現在還很遠。

I think the -- there's a couple things that we believe in.

我認為 - 我們相信有幾件事。

We believe that computers are going to become thinner and thinner and easier and easier to use and touch is going to become an increasing important part of computing.

我們相信計算機會變得越來越薄，越來越容易使用，觸控將成為計算中越來越重要的部分。

And so it stands to reason that tablets or notebooks that can become tablets or tablets that can become notebooks that these are going to become, if you will, part of computing.

因此，如果你願意的話，平板電腦或筆記本電腦可以成為平板電腦或平板電腦可以成為筆記本電腦，這些都將成為計算的一部分，這是理所當然的。

It will become the PC, and we consider it a tablet today but if you look at some of the way people are thinking about it, I think about it as just personal computers.

它將成為個人電腦，我們今天認為它是平板電腦，但如果你看看人們對它的看法，我認為它只是個人電腦。

This is the new personal computer, and there are just different form factors.

這是新的個人電腦，只是外形尺寸不同。

They're smaller versions of tablets, we call them smartphones or superphones.

它們是較小版本的平板電腦，我們稱它們為智能手機或超級手機。

They're larger versions of tablets, we call them notebooks.

它們是更大版本的平板電腦，我們稱它們為筆記本電腦。

They're even super-large versions of tablets, if you will, all in one PC.

如果您願意的話，它們甚至是超大版本的平板電腦，都在一台 PC 中。

And so I think that you're going to find the industrial design of personal computers has become disruptive, if you will, as a result of mobile computing components being used and mobile computing processor being used.

所以我認為你會發現個人電腦的工業設計已經成為顛覆性的，如果你願意的話，因為使用了移動計算組件和移動計算處理器。

And so I think that the space of personal computers, tablets and smartphones are going to become a little bit fuzzy over time.

所以我認為個人電腦、平板電腦和智能手機的空間會隨著時間的推移變得有點模糊。

Even the OEMs that provide them will become fuzzy over time and it stands to reason that at this point, I think we all believe it's a very large market.

即使是提供它們的原始設備製造商也會隨著時間的推移而變得模糊，在這一點上，我認為我們都認為這是一個非常大的市場。

Now to be successful within that large market, it's important that you have a very little power design.

現在要在這個龐大的市場中取得成功，重要的是您的電源設計非常少。

It's important that you have the ARM processor.

擁有 ARM 處理器很重要。

The ARM ISA has now become the de facto standard of this segment of the market and its become very disruptive.

ARM ISA 現在已成為這一市場領域的事實上的標準，並且變得非常具有破壞性。

It's the only ISA now that can support all of the major operating systems -- operating systems necessary for the mobile computing space from IOS to QNX to Android to now next-generation Windows so it's clear you need to have ARM.

它是現在唯一可以支持所有主要操作系統的 ISA——從 IOS 到 QNX 到 Android 到現在的下一代 Windows 的移動計算空間所必需的操作系統，因此很明顯你需要 ARM。

And then after that, you need to have expertise in building computers, whether -- an SOC is basically a computer on a chip and when you are a provider of a computer on a chip and there are this many operating systems to support, you better have deep, deep expertise and not to mention capacity of systems software expertise building sophisticated computers like this.

然後，您需要具備構建計算機的專業知識，無論是 SOC 基本上是片上計算機，當您是片上計算機的供應商並且有這麼多操作系統需要支持時，您最好擁有深厚的專業知識，更不用說構建這樣複雜的計算機的系統軟件專業知識的能力了。

And so I think that at the very high level, it's really exactly how we think about our strategy.

所以我認為在非常高的水平上，這正是我們對戰略的看法。

This is a very large market, it is disruptive, it's disrupting the computer industry as we see it and know it right now, and this is an area where we believe we can play, add a great deal -- make a great contribution and drive our growth.

這是一個非常大的市場，它具有顛覆性，它正在顛覆我們現在所看到和知道的計算機行業，這是我們相信我們可以發揮作用的領域，增加很多——做出巨大的貢獻和推動我們的成長。

And so aside from that it's kind of hard to predict exactly whether Gartner's going to be right or not.

因此，除此之外，很難準確預測 Gartner 是否正確。

My guess is, based on where the analyst predictions have been going lately, it seems like every month they've been raising their estimates and so we don't know where it stops.

我的猜測是，根據分析師最近的預測，他們似乎每個月都在提高他們的估計，所以我們不知道它在哪裡停止。

And your final question is from the line of Craig Berger.

最後一個問題來自 Craig Berger。

Hi, nice job and thanks for taking my question.

嗨，幹得好，感謝您提出我的問題。

Thanks a lot, Craig.

非常感謝，克雷格。

On the GPU business, A, is there an impact in the April quarter from the Intel Sandy Bridge delay or meaning is there -- is production being held up?

在 GPU 業務上，A，英特爾 Sandy Bridge 延遲是否會對 4 月季度產生影響，或者是否意味著——生產是否受到阻礙？

And then, B, where is your notebook market share now, where do you expect it to go and then as part of that, do you think Sandy Bridge is going to take any overall GPU share?

然後，B，你的筆記本電腦市場份額現在在哪裡，你預計它會去哪裡，然後作為其中的一部分，你認為 Sandy Bridge 會佔據任何整體 GPU 份額嗎？

Thanks.

謝謝。

Number one, we have not experienced a disruption so far and people are still running as hard as they can.

第一，到目前為止，我們還沒有經歷過中斷，人們仍在盡最大努力奔跑。

They paused but I think Intel is doing quite a good job on helping everyone recover.

他們停了下來，但我認為英特爾在幫助每個人康復方面做得很好。

With respect to share, I think our share is about 40% today.

關於份額，我認為我們今天的份額約為 40%。

My guess is that, when it's all said and done our share should be more than 60%.

我的猜測是，說到底，我們的份額應該超過 60%。

And then with respect to a attach rate, the PC industry still has basically two tiers; the basic PC and the premium PC.

然後在附加率上，PC行業基本上還是有兩個層次的；基本 PC 和高級 PC。

If every PC uses basic Intel integrated graphics then everything would be the same and everything would become a VCR.

如果每台 PC 都使用基本的 Intel 集成顯卡，那麼一切都會是一樣的，一切都會變成 VCR。

But obviously, no consumer would like that because they still believe that there's an opportunity to buy a better PC and one that has higher performance or higher resolution or just more interactivity or the fact that our GPU's far, far, far more compatible with games and all of the multi-media applications, so it depends on how you want -- what you use it for.

但很明顯，沒有消費者願意這樣做，因為他們仍然相信有機會購買更好的 PC 和具有更高性能或更高分辨率或更具交互性的 PC，或者我們的 GPU 與遊戲和所有多媒體應用程序，所以這取決於你想要什麼——你用它做什麼。

If you're a person looking for a basic PC, then integrated graphics makes sense for you.

如果您是一個正在尋找基本 PC 的人，那麼集成顯卡對您來說很有意義。

If you're looking for a premium PC and buy something a little bit better with the money you have, adding a GPU to it is really a fabulous thing.

如果您正在尋找一台高級 PC 並用您所擁有的錢購買稍微好一點的東西，那麼在其中添加 GPU 確實是一件了不起的事情。

So that basic dynamic hasn't really changed with the introduction of Sandy Bridge so I'm not expecting much GPU attach differences.

因此，隨著 Sandy Bridge 的引入，基本動態並沒有真正改變，所以我預計 GPU 附加差異不會很大。

Thanks, one quick follow up.

謝謝，快速跟進。

You said you did about $100 million of Tesla this year.

你說你今年做了大約 1 億美元的特斯拉。

Do you care to throw out a number we should dial into our models for 2011?

你願意扔掉一個我們應該撥入我們 2011 年模型的號碼嗎？

It's hard to say but we should grow very nicely this year.

很難說，但我們今年應該會成長得很好。

We'll give you more guidance as we get closer to it.

隨著我們越來越接近它，我們將為您提供更多指導。

And no further questions at this time.

目前沒有進一步的問題。

Do you have any closing remarks?

你有什麼結束語嗎？

Thank you, everyone.

謝謝大家。

We look forward to talking about our Q1 results.

我們期待談論我們的第一季度業績。

And that does conclude today's conference call.

這確實結束了今天的電話會議。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。