輝達 (NVDA) 2012 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是羅斯，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 financial results conference call.

在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。

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 period.

演講者發言後，將進入問答環節。

(Operator Instructions).

（操作員說明）。

It's now my pleasure to introduce the President and Chief Executive Officer of NVIDIA, Mr.

現在我很高興向大家介紹 NVIDIA 總裁兼首席執行官，先生。

Jen-Hsun Huang.

黃仁勳。

Go ahead, sir.

去吧，先生。

Thank you.

謝謝你。

Good afternoon and welcome to NVIDIA's conference call for the second quarter of fiscal 2012.

下午好，歡迎參加 NVIDIA 2012 財年第二季度電話會議。

In addition to Karen Burns, our interim CFO, with me on the call is our new Vice President of Investor Relations, Rob Csongor.

除了我們的臨時首席財務官凱倫·伯恩斯（Karen Burns）和我一起參加電話會議的還有我們新的投資者關係副總裁羅布·森戈爾（Rob Csongor）。

Rob is a long-time veteran of NVIDIA and one of our original employees.

Rob 是 NVIDIA 的資深員工，也是我們的原始員工之一。

He joined our Company in 1995 and has since ran product marketing, launching our first product, NV1, was GM of our Embedded Business and in 2003 I asked him to start our Notebook GPU business.

他於 1995 年加入我們公司，此後負責產品營銷，推出了我們的第一款產品 NV1，擔任我們嵌入式業務的總經理，2003 年我請他開始我們的筆記本 GPU 業務。

Our Notebook GPU business is now approaching $1 billion a year and has just had a record quarter.

我們的筆記本 GPU 業務現在每年接近 10 億美元，並且剛剛創下了一個創紀錄的季度。

Over the last five years he was our VP of Corporate Marketing, responsible for many of the Company's marketing initiatives.

在過去的五年裡，他是我們的企業營銷副總裁，負責公司的許多營銷計劃。

I'm very excited to welcome Rob to his new role, where he will bring his knowledge of NVIDIA to serve the investor community and communicating the Company's growth strategies.

我非常高興地歡迎 Rob 擔任新職務，他將利用他對 NVIDIA 的了解為投資者社區服務並傳達公司的發展戰略。

Please join me in welcoming Rob to his new job.

請和我一起歡迎 Rob 接受他的新工作。

With that, I would like to turn the call over to Rob to begin our summary of second quarter of fiscal 2012.

有了這個，我想把電話轉給 Rob，開始我們對 2012 財年第二季度的總結。

Thank you, Jen-Hsun.

謝謝你，仁勳。

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

在我們準備好發言後，我們將打開問答環節的電話。

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'd 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，並且也正在錄製中。

A replay of the conference call will be available via telephone until August 18, 2011, and the webcast will be available for replay until our conference call to discuss our financial results for our third quarter of fiscal 2012.

電話會議的重播將在 2011 年 8 月 18 日之前通過電話進行，網絡廣播將在我們討論 2012 財年第三季度財務業績的電話會議之前進行重播。

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

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

During the course of this call, we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前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 10K for the fiscal period ended January 30, 2011 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 2011 年 1 月 30 日的財政期間的 10K 表格以及我們可能不時在表格 8 中提交的報告-K，提交給美國證券交易委員會。

All our statements are made as of today, August 11, 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 8 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。

Our GPU business was strong in Q2, driven by a record quarter for notebook products.

在筆記本產品創紀錄的季度推動下，我們的 GPU 業務在第二季度表現強勁。

Despite typical seasonal weakness in the PC market, we recorded record notebook GPU revenue increasing our notebook GPU market share by 9% to 50.6% according to Mercury Research.

根據 Mercury Research 的數據，儘管 PC 市場出現典型的季節性疲軟，但我們的筆記本 GPU 收入創下歷史新高，使我們的筆記本 GPU 市場份額增加了 9% 至 50.6%。

We launched the GeForce GTX 560M into the heart of the notebook gaming markets delivering DirectX 11, 1080p gaming and Optimus technology to notebooks for the first time ever.

我們將 GeForce GTX 560M 推出到筆記本電腦遊戲市場的核心，首次為筆記本電腦提供 DirectX 11、1080p 遊戲和 Optimus 技術。

Optimus technology optimizes your notebook performance by intelligently delivering power when you need it and conserving it when you don't, completely automatically.

Optimus 技術通過在您需要時智能地提供電源並在您不需要時完全自動地節省電源，從而優化您的筆記本電腦性能。

In addition, we launched the world's fastest Notebook GPU, the GeForce GTX 580M.

此外，我們還推出了世界上最快的筆記本 GPU——GeForce GTX 580M。

The GeForce GTX 580M, along with NVIDIA's Optimus technology delivers 5 hours of browsing battery life and a hundred frames per second performance in Call of Duty Black Ops.

GeForce GTX 580M 與 NVIDIA 的 Optimus 技術一起提供 5 小時的瀏覽電池續航時間和每秒 100 幀的《使命召喚黑色行動》性能。

While our desktop GPU business decreased within typical seasonality, overall desktop GPU attach rate of consumer PCs remains strong at 55%.

雖然我們的桌面 GPU 業務在典型的季節性範圍內有所下降，但消費類 PC 的整體桌面 GPU 連接率仍然保持在 55% 的強勁水平。

We added two new desktop products targeted at the sweet spot of the gamer market.

我們針對遊戲玩家市場的最佳位置添加了兩款新的桌面產品。

First, the GeForce GTX 560 into the extremely popular $199 segment of the desktop gamer market, and secondly, launching new 3D Vision wired glasses, delivering the best 3D PC experience at a new affordable price of $99.

首先，GeForce GTX 560 進入極受歡迎的 199 美元桌面遊戲市場，其次，推出新的 3D Vision 有線眼鏡，以 99 美元的新價格提供最佳 3D PC 體驗。

The Sandy Bridge transition continues to drive growth for our discrete GPU business.

Sandy Bridge 過渡繼續推動我們的離散 GPU 業務增長。

According to Mercury Research, integrated CPU eroded integrated graphics chip set market share while discrete GPU attach rates remained constant overall.

根據 Mercury Research 的數據，集成 CPU 侵蝕了集成圖形芯片組的市場份額，而獨立 GPU 的附加率總體上保持不變。

GPU attach rates actually increased in notebook from 33% to 36%.

筆記本電腦的 GPU 連接率實際上從 33% 增加到 36%。

Notebook discrete GPU shipments were up 6.7%.

筆記本獨立 GPU 出貨量增長 6.7%。

Industry press is confirming what we had expected, that while Sandy Bridge graphics still won't come anywhere near the performance of a discrete GPU, according to Tom's Hardware, the combination of a Sandy Bridge CPU with NVIDIA discrete GPU, delivers the best price performance solution for the PC market.

行業媒體正在證實我們的預期，儘管 Sandy Bridge 顯卡的性能仍無法與獨立 GPU 相媲美，但根據 Tom's Hardware 的說法，Sandy Bridge CPU 與 NVIDIA 獨立 GPU 的組合提供了最佳的性價比PC市場的解決方案。

Our enterprise workstation GPU business grew 4% as the adoption of the Fermi generation continues to ramp.

隨著 Fermi 一代的採用率不斷提高，我們的企業工作站 GPU 業務增長了 4%。

During the quarter, we also launched an extremely important product into the compute market, the Tesla M2090 GPU, the world's fastest parallel processor for high performance computing.

在本季度，我們還向計算市場推出了一款極為重要的產品——Tesla M2090 GPU，它是世界上用於高性能計算的最快並行處理器。

In the latest version of Amber 11, one of the most widely used applications for stimulating behaviors of biomolecules, 4 Tesla M2090 GPUs, coupled with 4 CPUs, delivered the fastest results ever reported, according to Ross Walker, Assistant Research Professor at the San Diego Computer Center and Principal Contributor to the Amber code.

根據聖地亞哥助理研究教授羅斯沃克的說法，在最新版本的 Amber 11 中，4 個 Tesla M2090 GPU 與 4 個 CPU 結合是最廣泛使用的刺激生物分子行為的應用程序之一，提供了有史以來最快的結果。計算機中心和 Amber 代碼的主要貢獻者。

Our Consumer Products business, which includes Tegra processors and embedded products increased 37% to $167.7 million, with much of the increased revenues coming from embedded products.

我們的消費產品業務（包括 Tegra 處理器和嵌入式產品）增長了 37%，達到 1.677 億美元，其中大部分增加的收入來自嵌入式產品。

We delivered another strong quarter for Tegra with new Tegra 2-based Android products hitting the market.

隨著基於 Tegra 2 的新 Android 產品進入市場，我們為 Tegra 帶來了又一個強勁的季度。

Among them are the Motorola Photon 4G and Droid X2, the world's thinnest, lightest tablet, the Samsung Galaxy Tab 10.1, the Toshiba Thrive, Lenovo IdeaPad, K1 and ThinkPad, Dell Street 10 Pro in China.

其中包括摩托羅拉Photon 4G和Droid X2，世界上最薄、最輕的平板電腦，三星Galaxy Tab 10.1，東芝Thrive，聯想IdeaPad，K1和ThinkPad，中國戴爾Street 10 Pro。

In addition to new products, Tegra 2 continues to have legs, with new products launching into new regions and with new partners.

除了新產品之外，Tegra 2 繼續擁有立足之地，新產品推出到新地區並與新合作夥伴一起推出。

Consumers can now buy Tegra super phones on all major carriers in the US, including T-Mobile, AT&T, Verizon and Sprint.

消費者現在可以在美國所有主要運營商上購買 Tegra 超級手機，包括 T-Mobile、AT&T、Verizon 和 Sprint。

In addition, we announced with Alibaba and [Tien Hu], the first smartphone designed by a China OEM, and the first phone offered by Alibaba.

此外，我們還與阿里巴巴和 [天虎] 共同發布了第一款由中國 OEM 設計的智能手機，也是阿里巴巴提供的第一款手機。

In May, at Computex 2011 in Taipei, our Tegra 2 processor was selected for more than 400 products and awarded the prestigious Computex Best Choice Award for smart hand-held devices innovation from the Taipei Computer Association.

5 月，在台北 Computex 2011 上，我們的 Tegra 2 處理器被 400 多種產品選中，並獲得了台北計算機協會頒發的著名的 Computex 最佳智能手持設備創新獎。

Our next generation Kal-El processor had a very strong quarter of design wins, with new products launching in time for the holiday season.

我們的下一代 Kal-El 處理器在設計中贏得了非常強勁的季度，新產品在假日季節及時推出。

In addition, our acquisition of Icera let's us expand beyond the super phone and tablet segments and address mainstream smartphones.

此外，我們對 Icera 的收購讓我們超越了超級手機和平板電腦領域，並針對主流智能手機。

With these moves, we believe we are well positioned to continue our strong momentum with Tegra.

通過這些舉措，我們相信我們有能力繼續與 Tegra 保持強勁勢頭。

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

有了這個，讓我把電話交給凱倫。

Thanks, Rob.

謝謝，羅伯。

Revenue for the second quarter was $1.02 billion, up 5.7% sequentially.

第二季度收入為 10.2 億美元，環比增長 5.7%。

GAAP gross margins of 51.7% was a record for the fourth consecutive quarter.

GAAP 毛利率為 51.7%，連續第四個季度創紀錄。

Gross margin exceeded our expectations we had at the beginning of the quarter, primarily as a result of a more favorable product mix and our GPU and TSB businesses.

毛利率超出了我們在本季度初的預期，這主要是由於更有利的產品組合以及我們的 GPU 和 TSB 業務。

GAAP OpEx was $351.3 million, in line with our estimates as it includes $17.3 million of costs related to Icera, including costs of its ongoing operations and those related to its acquisition.

GAAP 運營支出為 3.513 億美元，符合我們的估計，因為其中包括與 Icera 相關的 1730 萬美元成本，包括其持續運營成本和與其收購相關的成本。

Combined, these results generated a GAAP net income of $151.6 million, or $0.25 per diluted share.

綜合起來，這些結果產生了 1.516 億美元的 GAAP 淨收入，即每股攤薄收益 0.25 美元。

The dilutive effect of the Icera acquisition, including its results of operations and all acquisition-related costs was $0.02 per diluted share.

收購 Icera 的攤薄效應，包括其經營業績和所有與收購相關的成本，為每股攤薄後 0.02 美元。

Consequently, net of the Icera acquisition, we achieved the high end of our outlook range for the quarter.

因此，扣除對 Icera 的收購後，我們實現了本季度展望範圍的高端。

Revenue by business segment was as follows.

按業務分部劃分的收入如下。

Our GPU business was relatively flat compared to the previous quarter, despite the continued quarter-over-quarter declines in our MCP revenue as we end of life these products.

我們的 GPU 業務與上一季度相比相對持平，儘管我們的 MCP 收入隨著這些產品的生命週期結束而持續環比下降。

Desktop was seasonally down, while notebook grew strongly as we continued to gain share through the Sandy Bridge transition.

台式機季節性下降，而筆記本電腦則強勁增長，因為我們通過 Sandy Bridge 過渡繼續獲得份額。

We also benefited from the first full quarter of licensing revenue from Intel.

我們還受益於英特爾第一季度的許可收入。

Our professional business was up 4.2% from the prior quarter.

我們的專業業務比上一季度增長 4.2%。

Our Quadro professional graphics business increased sequentially, as we saw a pick up in enterprise IT spending and as we continued our transition to Fermi generation products.

我們的 Quadro 專業圖形業務連續增長，因為我們看到企業 IT 支出有所回升，並且我們繼續向 Fermi 代產品過渡。

Our consumer business was at 36.8% over the prior quarter.

我們的消費者業務比上一季度增長了 36.8%。

Much of the increase was driven by game console royalties which were seasonally up over the prior quarter and customer refreshes and embedded entertainment products.

大部分增長是由遊戲機版稅（較上一季度季節性增加）以及客戶更新和嵌入式娛樂產品推動的。

Tegra revenue was steady as product ramps of our first quarter reached consumers.

隨著我們第一季度的產品增加到達消費者手中，Tegra 的收入保持穩定。

Icera's revenue contribution was not significant.

Icera 的收入貢獻並不顯著。

Turning to the balance sheet, cash, cash equivalents and marketable securities at the end of the quarter were $2.47 billion, down $252 million over the prior quarter, due primarily to the purchase of Icera for approximately $352.2 million.

轉向資產負債表，本季度末現金、現金等價物和有價證券為 24.7 億美元，比上一季度減少 2.52 億美元，主要是由於以約 3.522 億美元收購了 Icera。

This was partially offset by our cash flow from operations of $82 million.

這被我們 8200 萬美元的運營現金流部分抵消。

Accounts receivable at the end of the quarter was $419.9 million, up $76.7 million sequentially.

本季度末應收賬款為 4.199 億美元，比上一季度增加 7670 萬美元。

Although our DSO increased five days from 33 to 38, our demand was relatively linear for a fiscal second quarter and remained under our corporate average.

儘管我們的 DSO 從 33 天增加到 38 天，增加了 5 天，但我們的需求在第二財季相對線性，仍低於公司平均水平。

Our inventories at the end of the quarter were $361.9 million, down 5% from $381 million in the prior quarter, as we actively manage production builds throughout the quarter.

由於我們在整個季度積極管理生產建設，本季度末的庫存為 3.619 億美元，比上一季度的 3.81 億美元下降 5%。

Our outlook for the third quarter of fiscal 2012 is as follows.

我們對 2012 財年第三季度的展望如下。

We see strength in our business coming into the third quarter and expect revenue growth of 4% to 6%.

我們看到我們的業務進入第三季度，預計收入增長 4% 至 6%。

This is despite the ongoing decline from our discontinued MCP business.

儘管我們已停產的 MCP 業務持續下滑。

We expect gross margin in the third quarter to stabilize at the record levels achieved in Q2, both on a GAAP and non-GAAP basis.

我們預計第三季度的毛利率將穩定在第二季度達到的創紀錄水平，無論是在 GAAP 還是非 GAAP 基礎上。

Of course we will work hard to continue to improve our gross margin.

當然，我們會努力繼續提高我們的毛利率。

Our operating expenses, we expect GAAP OpEx to be between $361 million and $366 million with non-GAAP OpEx between $319 million and $321 million.

我們的運營費用，我們預計 GAAP 運營支出在 3.61 億美元到 3.66 億美元之間，非 GAAP 運營支出在 3.19 億美元到 3.21 億美元之間。

The increase is primarily related to engineering costs for new product take out, verification and qualification and to account for a full quarter of Icera's ongoing cost from operations as well as critical hires in key growth areas.

這一增長主要與新產品採購、驗證和資格認證的工程成本有關，並佔 Icera 運營持續成本的整整四分之一，以及關鍵增長領域的關鍵招聘成本。

While we will continue to control expenses very tightly, we believe continued strategic investment in our business is critical to our Company's future growth.

雖然我們將繼續非常嚴格地控制開支，但我們相信對我們業務的持續戰略投資對我們公司的未來增長至關重要。

In particular, within the mobile space, we will invest in supporting the next generation windows on Tegra, ramping our baseband processor business and executing on design wins.

特別是在移動領域，我們將投資支持 Tegra 的下一代窗口，擴大我們的基帶處理器業務並執行設計勝利。

We believe the tax rate will track near 16% for the rest of the year, resulting in an annual effective tax rate of about 15%.

我們認為，今年剩餘時間的稅率將接近 16%，從而導致年有效稅率約為 15%。

This outlook includes Icera.

這一前景包括 Icera。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We will now take questions.

我們現在將回答問題。

(Operator Instructions).

（操作員說明）。

Ladies and gentlemen your first question comes from the line of Shawn Webster of Macquarie.

女士們先生們，你們的第一個問題來自麥格理的 Shawn Webster。

Go ahead, sir.

去吧，先生。

Great.

偉大的。

Thank you very much.

非常感謝。

On the guidance for up 4% to 6% I was wondering if you could add some color in what you're seeing in terms of order trends, where you're seeing strength from a geographic perspective, and maybe by segment, which of the end markets do you expect to be the strongest and the weakest for you going into Q3?

關於上漲 4% 到 6% 的指導，我想知道您是否可以在訂單趨勢方面添加一些顏色，從地理角度來看，您從哪些方面看到實力，也許是按細分市場，哪一個您認為進入第三季度的終端市場對您來說是最強的還是最弱的？

Well, going to the first part of the quarter looks pretty good.

好吧，進入本季度的第一部分看起來不錯。

Bookings were strong.

預訂很強勁。

We don't see anything unusual across the world, and to your question on segments, nothing unusual.

我們在世界範圍內沒有看到任何不尋常的事情，對於您關於細分市場的問題，也沒有什麼不尋常的。

I mean, frankly, nothing unusual.

我的意思是，坦率地說，沒有什麼不尋常的。

Well, as far as your outlook goes, do you expect for example, your notebook or desktop GPU to be the strongest or Tesla or workstation?

好吧，就您的前景而言，您是否期望您的筆記本電腦或台式機 GPU 成為最強的，或者特斯拉或工作站？

We're expecting growth in enterprise.

我們期待企業的增長。

We're expecting growth, which is our Quadro and our Tesla business.

我們期待增長，這是我們的 Quadro 和特斯拉業務。

We're expecting growth in our GeForce business, and we're expecting business to be steady as she goes on the Tegra business.

我們預計 GeForce 業務將增長，並且隨著她從事 Tegra 業務，我們預計業務將保持穩定。

We're ramping new tablets and new phones introducing new tablets and new phones this coming quarter.

我們將在下個季度推出新平板電腦和新手機，推出新平板電腦和新手機。

In Q2, we introduced 6 new phones and 5 new tablets.

在第二季度，我們推出了 6 款新手機和 5 款新平板電腦。

Next quarter we'll introduce more and we're looking forward to those devices being successful as well.

下個季度我們將推出更多產品，我們期待這些設備也能取得成功。

Okay, thank you, and if I might a last one.

好的，謝謝，如果我可以最後一個。

What did graphics chip pricing in units do sequentially?

圖形芯片的單位定價順序是什麼？

Thank you.

謝謝你。

No significant change.

沒有顯著變化。

Thanks.

謝謝。

Your next question comes from the line of Hans Mosesmann of Raymond James.

您的下一個問題來自 Raymond James 的 Hans Mosesmann。

Thanks, Jen-Hsun, as you look at your road map with Kal-El and next year's new products and the introduction of a new Google Android Operating System, what does the competitive environment look like?

謝謝 Jen-Hsun，當您查看 Kal-El 的路線圖和明年的新產品以及新的 Google Android 操作系統的推出時，競爭環境是什麼樣的？

What are your customers saying and how does that all play out based on what you think your position is as you look into next year?

您的客戶在說什麼？根據您對明年的看法，這一切如何發揮作用？

Hi, Hans.

嗨，漢斯。

We are now I think the only processor to be in production with shipping devices in Froyo, Gingerbread, as well as Honeycomb, and we just recently introduced and went to production with Honeycomb 3.2.

我認為我們現在是唯一一個在 Froyo、Gingerbread 和 Honeycomb 中使用運輸設備投入生產的處理器，我們最近才推出 Honeycomb 3.2 並投入生產。

If you look at our position now, relative to a year ago at this time, we had no operating systems shipping at the time and in this business, having a stable operating system and having a full software stack translates to velocity.

如果你現在看一下我們的位置，相對於一年前的這個時候，我們當時沒有操作系統，在這個業務中，擁有穩定的操作系統和完整的軟件堆棧可以轉化為速度。

So we've made really, really large investments in the Google Operating System as you know, and we have a great working relationship with those guys.

因此，如您所知，我們在 Google 操作系統上進行了非常非常大的投資，我們與這些人有著良好的工作關係。

As soon as our next generation processor, Kal-El, is ready for production, we can run like the wind, like we do in the PC industry, now that we have a full software stack ready to go.

一旦我們的下一代處理器 Kal-El 準備好投入生產，我們就可以像在 PC 行業一樣隨風而行，因為我們已經準備好了完整的軟件堆棧。

And if I can, just a quick follow-up.

如果可以的話，只需快速跟進。

28-nanometer, how does it look relative to 40-nanometer.

28納米，相對於40納米看起來如何。

That was a tough industry transition, can you give comments there, thanks.

那是一個艱難的行業轉型，你能在那裡發表意見嗎，謝謝。

We are far better prepared for 28 than we were for 40, because we took it so much more seriously.

我們對 28 歲的準備比 40 歲的準備要好得多，因為我們對待它的態度要認真得多。

We were successful in so many different nodes for so long that we all collectively as an industry forgot how hard it is.

長期以來，我們在許多不同的節點上都取得了成功，以至於我們作為一個行業集體都忘記了這有多難。

One of the things that we did this time around was to set up an entire organization that is dedicated to advanced nodes, and we have had many test chips run on 28-nanometer.

這一次我們做的一件事是建立一個專門研究高級節點的整個組織，我們已經有許多在 28 納米上運行的測試芯片。

We have working silicon and momentarily about to go to production with 28-nanometer, and it's looking really good.

我們有工作矽片，並且即將投入生產 28 納米，它看起來非常好。

It's looking much, much better than our experience with 40-nanometer and just -- it's just a comprehensive across-the-board engagement between TSMC and ourselves and making sure that we're ready for production ramp when the time comes so I feel really good about 28.

它看起來比我們在 40 納米方面的經驗要好得多，而且只是 - 這只是台積電和我們之間的全面全面合作，並確保我們準備好在時機成熟時進行量產，所以我覺得真的28左右就好。

Great.

偉大的。

Thank you very much.

非常感謝。

Yes, thanks a lot, Hans.

是的，非常感謝，漢斯。

Next in queue is Raji Gill of Needham & Company.

接下來是Needham & Company 的Raji Gill。

Thanks, a question on the Tegra part of the business.

謝謝，關於業務的 Tegra 部分的問題。

You said it held steady, but really it didn't contribute to any of the sequential growth in the CPV business.

你說它保持穩定，但實際上它對 CPV 業務的連續增長沒有任何貢獻。

Just wondering why that is, especially with all of the new phones and tablets that have come out in the second quarter relative to the first quarter, why wouldn't you see maybe a bigger jump in the second quarter, and also how that relates to the on the consumer side in October, should we see a seasonally down quarter on the Sony royalty business and will that be offset by Tegra in the CP business in the October quarter?

只是想知道為什麼會這樣，尤其是相對於第一季度，第二季度推出的所有新手機和平板電腦，你為什麼看不到第二季度可能會有更大的增長，以及這與在 10 月份的消費者方面，我們是否應該看到索尼版稅業務出現季節性下降的季度，這是否會被 Tegra 在 10 季度的 CP 業務中抵消？

Well, our phone business ramped up towards the second half of Q2 and so these devices are just now going to production.

嗯，我們的手機業務在第二季度下半年開始增長，所以這些設備現在才開始生產。

The Photon 4G was just announced, and the reviews have been fabulous, and I'm delighted to see Motorola build such a great phone.

Photon 4G 剛剛發布，好評如潮，我很高興看到摩托羅拉製造出如此出色的手機。

The Samsung Galaxy R just went to production, and so those 2 phones are really wonderful phones.

三星 Galaxy R 剛剛投產，所以這兩款手機真的很棒。

The Motorola phones in China just went to production.

摩托羅拉在中國的手機剛剛投產。

Q2 probably, those devices didn't contribute very much to Q2's business.

Q2 可能，這些設備對 Q2 的業務貢獻不大。

Now as we look forward to Q3, all of these phones that are ramping up, we now have something like 53 SKUs around the world and we cover some 16 of the world's Top 20 carriers.

現在我們期待第三季度，所有這些手機都在增加，我們現在在全球擁有大約 53 個 SKU，我們覆蓋了全球 20 大運營商中的大約 16 個。

These devices are now just going into production.

這些設備現在剛剛投入生產。

We look forward to seeing how they do.

我們期待看到他們的表現。

Our results will reflect that.

我們的結果將反映這一點。

I think that the indicator that probably makes the most sense for me to watch and for all of us to keep an eye on is just the number of phones that go to production each quarter and the number of countries and carriers that we increasingly expose ourselves to, and I think the numbers will follow.

我認為，對我來說和我們所有人最需要關注的指標可能只是每個季度投入生產的手機數量以及我們越來越多地接觸到的國家和運營商的數量，我認為數字會隨之而來。

And in the guidance you said you talked about including Icera.

在您所說的指導中，您談到了包括 Icera。

Is that meaningful in terms of a revenue prospectus?

就收入招股說明書而言，這有意義嗎？

Not very much yet.

還不是很多。

The Icera modem technology was just recently approved by a very large carrier for product acceptance this year and they were approved for LTE multi-mode.

Icera 調製解調器技術最近剛剛被一家非常大的運營商批准用於今年的產品驗收，並且它們被批准用於 LTE 多模。

Some companies have LTE modems and some companies have 3G modems.

有些公司有 LTE 調製解調器，有些公司有 3G 調製解調器。

Very few companies have LTE 3G/4G multi-mode modems.

很少有公司擁有 LTE 3G/4G 多模調製解調器。

They passed 100% of the LTE testing.

他們通過了 100% 的 LTE 測試。

In fact, the Icera modem is used in a large number of the 3G PP industry standards by its testing and it is the reference by which many modems are tested.

事實上，Icera 調製解調器通過其測試被大量用於 3G PP 行業標準，是許多調製解調器測試的參考。

I think that business will surely be very important to us in the LTE segment.

我認為在 LTE 領域，這項業務肯定對我們非常重要。

And then a little longer term, our intention is to integrate the modem into our Tegra application processors so that we can address this segment that is very fast growing and also very large, the mainstream segment of the smartphone market.

從長遠來看，我們打算將調製解調器集成到我們的 Tegra 應用處理器中，這樣我們就可以解決這個增長非常迅速且規模很大的細分市場，即智能手機市場的主流細分市場。

And just last question on the going back to the Sony royalty.

最後一個問題是關於回到索尼皇室的問題。

Can you maybe just remind us where the seasonally strong quarters are, and the second quarter as you mentioned, does it trail-off in the third quarter and bounce back up again in the fourth quarter?

您能否提醒我們季節性強勁的季度在哪裡，以及您提到的第二季度，它是否會在第三季度下降並在第四季度再次反彈？

It will be sequentially up again quarter-over-quarter, Sony royalties.

索尼特許權使用費將再次環比增長。

Not by a lot, but typically the ramp for the game console is a ramp that just grows through Q3 as you go into Christmas/back to school, but Q3 is 1 of the strongest quarters.

不是很多，但通常遊戲機的坡道是隨著您進入聖誕節/回到學校而在第三季度增長的坡道，但第三季度是最強勁的季度之一。

Thank you.

謝謝你。

You have a question from the line of Kevin Cassidy of Stifel Nicolaus.

您有一個來自 Stifel Nicolaus 的 Kevin Cassidy 的問題。

Thanks for taking my question and congratulations.

感謝您提出我的問題和祝賀。

Thank you.

謝謝你。

Tesla adoption in high performance computing and data centers, would this be tied at all, is the adoption tied to world GDPs or if there's a slowing economy, do your customers get more hesitant or does it accelerate it?

特斯拉在高性能計算和數據中心的採用，這是否與世界 GDP 相關，或者如果經濟放緩，您的客戶會更加猶豫還是加速？

That's a good question.

這是個好問題。

We're trying to figure it out ourselves, to be honest because it's still a relatively business as you know.

老實說，我們正試圖自己弄清楚，因為它仍然是您所知道的相對業務。

It's on its way to be a couple hundred million dollar business and more and more OEMs are adopting it, and are bringing to market just this last quarter, we introduced the M2090 module that goes into data center configurations from HP and Dell, so we're ramping that business up, but it's still very much at the moment an application driven business.

它正在成為價值數億美元的業務，越來越多的 OEM 正在採用它，並且就在上個季度將其推向市場，我們推出了用於惠普和戴爾數據中心配置的 M2090 模塊，所以我們重新提升該業務，但目前它仍然是一個應用程序驅動的業務。

The more applications we have ported, the greater the opportunity we will see.

我們移植的應用程序越多，我們看到的機會就越大。

I don't know that in the near term right now that it's tied to GDP or anything like that.

我不知道在短期內它與 GDP 或類似的東西有關。

I just think it's just way too small of a business to be affected by the global economy.

我只是認為，受全球經濟影響的企業太小了。

People who are early adopters have very severe computation needs and those severe needs exist whether the economy is doing well or not.

早期採用者俱有非常嚴格的計算需求，並且無論經濟狀況是否良好，這些需求都存在。

Probably more than anything right now, the lumpiness of the business comes from occasionally very large deals because they go into large data centers.

可能目前最重要的是，業務的波動性來自偶爾非常大的交易，因為它們進入了大型數據中心。

Those design wins and installations don't happen on a regular basis yet.

這些設計勝利和安裝還沒有定期發生。

Every now and then you'll see some lumpiness.

時不時你會看到一些腫塊。

This is a business that's still being developed.

這是一項仍在發展中的業務。

Okay, so it's more of a technical issue you'd say right now?

好的，所以你現在要說的更像是一個技術問題？

I would say right now as an application limited business.

我現在要說的是應用程序有限的業務。

The more applications we have the more applications we announce, the greater the market opportunity is.

我們擁有的應用程序越多，我們宣布的應用程序就越多，市場機會就越大。

That's 1 and then number 2, it's dependent on large data center design wins.

那是 1，然後是 2，它取決於大型數據中心設計的勝利。

Okay, and if I could just ask another about any competitive, any changes to the competitive landscape in this segment?

好的，如果我可以問另一個關於任何競爭的問題，這個細分市場的競爭格局有什麼變化嗎？

Well, we really are just about the only high performance computing, GPU computing processor Company today and the reason for that is because it's not just about having a chip.

好吧，我們真的只是當今唯一的高性能計算、GPU 計算處理器公司，其原因是因為它不僅僅是擁有芯片。

It's really about having an entire software stack and developers who can help and work with software companies to optimize their software and having configurations that are designed to be server and enterprise caliber and enterprise ready.

這實際上是關於擁有一個完整的軟件堆棧和開發人員，他們可以幫助並與軟件公司合作以優化他們的軟件，並擁有旨在為服務器和企業級和企業級做好準備的配置。

And having OEMs that bring these products to market.

並擁有將這些產品推向市場的原始設備製造商。

Its ecosystem is not trivial to build up and we have a very large lead on that and so we'll just have to keep getting those applications ported.

它的生態系統的建立並非易事，我們在這方面有很大的領先優勢，因此我們只需要繼續移植這些應用程序。

Great.

偉大的。

Thank you.

謝謝你。

Yes.

是的。

Thanks a lot.

非常感謝。

Next in queue is CJ Muse of Barclays Capital.

接下來是巴克萊資本的 CJ Muse。

Yes, good afternoon.

是的，下午好。

Thank you for taking my question.

謝謝你接受我的問題。

First question, was hoping you could I guess elaborate a bit on the Tegra ramp and what you expect in the second half, whether we're on track for the $400 million-plus.

第一個問題，我希望你能詳細說明一下 Tegra 斜坡以及你對下半年的期望，我們是否有望實現 4 億多美元。

And then I guess in terms of mix, what kind of mix you see between handsets and tablets as you think about what the revenue stream would look like over the next 3, 4, 5 quarters?

然後我想就組合而言，當您考慮未來 3、4、5 個季度的收入流時，您會看到手機和平板電腦之間的哪種組合？

I guess it's probably just on the mix question first, it's about 2/3 phones and 1/3 tablets, just because there's just so many phones and we now have 53 SKUs of phones that are shipping.

我想這可能只是混合問題，大約是 2/3 手機和 1/3 平板電腦，只是因為手機太多了，我們現在有 53 個 SKU 的手機正在發貨。

There will be more phones shipping next quarter and then there will be more phones shipping the quarter after that, new phones.

下個季度將會有更多的手機出貨，之後的一個季度將會有更多的手機出貨，新手機。

Those are really the only indicators that I know, because we're pretty new to this business, CJ, and we ramped it up pretty hard.

這些確實是我所知道的唯一指標，因為我們對這項業務非常陌生，CJ，我們非常努力地提高了它。

We have a whole lot of new design wins on Tegra II, and we have a whole lot of new design wins on Kal-El.

我們在 Tegra II 上獲得了很多新的設計勝利，我們在 Kal-El 上獲得了很多新的設計勝利。

The only thing that I can watch is how many design wins do we have and are they high quality design wins from high quality customers and OEMs.

我唯一能看到的是我們有多少設計勝利，以及他們是否從高質量的客戶和原始設備製造商那裡獲得了高質量的設計勝利。

When the phones and the devices come out, are they well positioned?

當手機和設備問世時，它們的位置是否合適？

Are they really well designed and are they well positioned as a product?

它們的設計真的很好嗎？它們作為產品的定位是否正確？

Then after that, we really don't know how to judge at the moment how well these devices will do.

然後在那之後，我們現在真的不知道如何判斷這些設備的性能如何。

In terms of, if the business is on track, I would say that the business is doing better than on track in the sense that our design win momentum is better than ever and Kal-El is going to be the world's first quad core processor.

就業務而言，如果業務走上正軌，我會說業務做得比正軌更好，因為我們的設計獲胜勢頭比以往任何時候都更好，Kal-El 將成為世界上第一個四核處理器。

It's so much higher performance than Tegra II, and it's so much lower power.

它的性能比 Tegra II 高得多，而功耗卻低得多。

Very few people have internalized that Kal-El is lower power in every use case compared to Tegra II, and so this is really a great breakthrough based on the technology we call variable SMP, variable symmetric multi-processing that makes it possible for us to achieve much higher performance where performance is needed and much lower power in almost everything that you do.

很少有人認為 Kal-El 在每個用例中的功耗都比 Tegra II 低，所以這確實是一個巨大的突破，基於我們稱之為可變 SMP 的技術，可變對稱多處理使我們能夠在需要性能的地方實現更高的性能，並在幾乎所有您所做的事情中實現更低的功耗。

That's very helpful.

這很有幫助。

I guess as my follow-up, I guess curious.

我想作為我的後續行動，我想很好奇。

If I look at the mid point of the revenue guidance, about $50 million sequentially and you talked about the Sony royalties being up again in October.

如果我看一下收入指導的中點，環比約為 5000 萬美元，你談到索尼的版稅在 10 月份再次上漲。

It sounds like design-win wise the Tegra ramp is coming.

聽起來 Tegra 斜坡即將到來，這是明智的設計贏家。

Is it fair to say at least 50% of the revenue uptick is coming from the consumer products division?

是否可以說至少 50% 的收入增長來自消費品部門？

No.

不。

What you didn't pick up in Karen's comments was that underneath it is a chip set business that's declining.

你在凱倫的評論中沒有註意到的是，在它的下面是一個正在衰退的芯片組業務。

So, our growth is actually more than a $50 million quarter to quarter in the core businesses.

因此，我們的核心業務季度增長實際上超過了 5000 萬美元。

Sure, but I guess, all right well I guess we add the decline in chip sets.

當然，但我想，好吧，我想我們加上芯片組的下降。

Is it fair to say 50% is coming from the consumer side or no?

說 50% 來自消費者方面是否公平？

I don't think so.

我不這麼認為。

I think the numbers, our other businesses are so large in total dollar amounts, GeForce is growing, Quadro is growing, Tesla is growing and Tegra, we'll see how it goes.

我認為這些數字，我們其他業務的總金額如此之大，GeForce 正在增長，Quadro 正在增長，特斯拉正在增長和 Tegra，我們將看看它會如何發展。

Excellent.

出色的。

Thank you.

謝謝你。

Thanks a lot.

非常感謝。

You have a question from Harlan Sur of JPMorgan.

您有一個來自摩根大通的 Harlan Sur 的問題。

Hi.

你好。

Thank you for taking my question.

謝謝你接受我的問題。

Along the lines of the last caller, so Jen-Hsun, you talked about enterprise for Q3.

按照最後一位來電者的思路，所以 Jen-Hsun，您談到了第三季度的企業。

You talked about your GPU business.

您談到了您的 GPU 業務。

Embedded within your assumptions for the third quarter, are you guys expecting consumer to be up, down, or flat sequentially in Q3?

在您對第三季度的假設中，你們預計消費者在第三季度會依次上升、下降還是持平？

We're expecting it to be up.

我們預計它會上升。

Up, okay, great.

頂，好的，太好了。

TSB will be up as well.

電信標準化局也會起來。

TSB is more significantly up.

TSB 的上漲幅度更大。

The enterprise business?

企業業務？

That's right.

這是正確的。

Okay, great, and then my follow-up questions--

好的，很好，然後是我的後續問題——

From our chip business all of our businesses next quarter are expected to be up.

從我們的芯片業務來看，我們下個季度的所有業務都有望增長。

Okay, and then in your prepared comments, I think within consumer you had mentioned Tegra as being sort of a steady contributor in Q3.

好的，然後在你準備好的評論中，我認為在消費者中你提到 Tegra 在第三季度是一個穩定的貢獻者。

Should we take that to mean flat growth quarter-over-quarter or how should we interpret your comments there?

我們是否應該認為這意味著季度環比增長持平，或者我們應該如何解釋您的評論？

You should interpret it as flat and we're hopeful for more.

您應該將其解釋為平坦，我們希望更多。

Got it, and 1 last question.

明白了，還有最後一個問題。

On the new baseband business, the Icera team was sampling its 450 baseband processor and this is I believe it's a 3G chip with voice capability.

在新的基帶業務上，Icera 團隊正在對其 450 基帶處理器進行採樣，我相信這是一款具有語音功能的 3G 芯片。

Can you just give us an update on the progress, does the team have design wins and when do you think you're going to start taking this to production?

你能告訴我們最新進展嗎，團隊是否有設計勝利，你認為你什麼時候開始把它投入生產？

Thank you.

謝謝你。

We have design wins in smartphones from, well we have design wins in smartphones with a modem.

我們在智能手機中獲得了設計勝利，我們在帶有調製解調器的智能手機中獲得了設計勝利。

Our expectation is that we would have our first smartphone with Icera modem in it about the Q1 time frame of next year.

我們的期望是，我們將在明年第一季度推出第一款配備 Icera 調製解調器的智能手機。

We are nearly 100% passing on voice and all the major carriers and infrastructures and we are 100% passed on LTE.

我們幾乎 100% 通過語音以及所有主要運營商和基礎設施，我們 100% 通過 LTE。

Thanks.

謝謝。

Yes.

是的。

Thanks a lot.

非常感謝。

Next in queue is Ambrish Srivastava from BMO.

接下來是 BMO 的 Ambrish Srivastava。

Thank you.

謝謝你。

Jen-Hsun, good job on the graphics side, especially with the share gains and also on the attach rate, but just wanted to get your perspective on how should we think about it going forward, share gains and the attach rate given that Sandy Bridge ramp is probably going to slowdown, and then I had a follow-up for Karen as well.

Jen-Hsun，在圖形方面做得很好，尤其是在份額收益和附加率方面，但只是想了解您對我們應該如何看待它的看法，考慮到 Sandy Bridge，份額收益和附加率坡道可能會放緩，然後我也對凱倫進行了跟進。

Well if you look at the GPU business overall, over the course of the last 5 years, it grew from about 100 million consumer GPUs to 150 million this last year, we're on 150 million run rate.

如果你看一下整個 GPU 業務，在過去的 5 年裡，它從大約 1 億個消費 GPU 增長到去年的 1.5 億個，我們的運行速度是 1.5 億個。

My expectation is that the overall GPU business if you include the 2 pieces that we have a very large position on, that we by and large drive in the industry, and the enterprise GPU business of Quadro and Tesla.

我的預期是整個 GPU 業務，如果你包括我們在行業中佔有很大份額的兩個部分，我們在行業中的主要驅動力，以及 Quadro 和 Tesla 的企業 GPU 業務。

If you combine those 2 with the consumer GPU business, the overall GPU business to us should grow faster than that, and so my sense is that the GPU business is going to continue to grow.

如果將這兩者與消費級 GPU 業務結合起來，我們的整體 GPU 業務應該會增長得更快，所以我的感覺是 GPU 業務將繼續增長。

Now how big is it going to be in the coming years is kind of hard to say.

現在很難說未來幾年它會有多大。

It's grown 100-150 over the last 5 years and there was integrated graphics all the way along.

它在過去 5 年中增長了 100 到 150 倍，並且一直在集成顯卡。

There was competition from Intel and A&D all the way along.

一路上都面臨著來自英特爾和 A&D 的競爭。

I think that is probably a good indicator.

我認為這可能是一個很好的指標。

On top of that, we've added Quadro and Tesla as both vehicles for us in the overall GPU business.

最重要的是，我們在整個 GPU 業務中添加了 Quadro 和 Tesla 作為我們的兩種車輛。

Our expectation next quarter is to grow share and we'll come back and report it next quarter on how well we do.

我們下個季度的預期是增加份額，我們將在下個季度回來報告我們的表現。

Okay, and before I turn to Karen, I'm assuming you're refusing to answer the $400 million to $600 million target, so we should assume that's off the table?

好的，在我轉向凱倫之前，我假設你拒絕回答 4 億到 6 億美元的目標，所以我們應該假設這不在討論範圍內嗎？

Well how, we don't guide that far out, so come Q4, I'm going to confirm or deny it.

那麼如何，我們不會指導那麼遠，所以到第四季度，我將確認或否認它。

Okay, fair enough.

好吧，夠公平的。

And we're only literally 2 quarters into the shipment of Tegra, and there's 2 quarters left in the year, 2 big seasons left, so we're looking forward to them.

而且我們的 Tegra 出貨量只有 2 個季度，今年還剩下 2 個季度，還有 2 個大季節，所以我們很期待。

Okay.

好的。

Karen, on OpEx how should we think about, I want to make sure I understood including Icera, how should we think about OpEx versus revenue growth for the following 3 quarters?

凱倫，關於運營支出，我們應該如何考慮，我想確保我理解包括 Icera，我們應該如何考慮接下來三個季度的運營支出與收入增長？

Following which quarters?

在哪個季度之後？

The following quarters post the1 that you're guiding to.

以下季度發布您正在指導的內容。

So, we don't guide beyond the next quarter.

因此，我們不會在下一季度之後進行指導。

I understand but how should we think about it?

我明白，但我們應該怎麼想呢？

Icera is slightly dilutive but you also said you would be also investing for new products and then you have the Project Denver investment also ahead of you, So if you lay that against your long term target that you had laid out at the Analyst day, how should we think of the target versus that you laid out.

Icera 略有稀釋，但您還說您還將投資新產品，然後您還擁有丹佛項目投資，因此，如果您將其與您在分析師日制定的長期目標背道而馳，如何我們應該考慮目標與您制定的目標。

I'm not sure I understand the question myself.

我不確定我自己是否理解這個問題。

We guided for next quarter and we typically guide 1 quarter out.

我們指導下一個季度，我們通常指導 1 個季度。

Okay, so that's nothing beyond that?

好吧，除此之外就沒有什麼了？

Nothing regular happening beyond that.

除此之外，沒有什麼經常發生的事情。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

You have a question from Chris Caso of Susquehanna.

你有一個來自 Susquehanna 的 Chris Caso 的問題。

Hi, thank you.

嗨，謝謝你。

Just a question on the consumer products business, and I guess if we take out the Tegra business, it appears that's up fairly significantly on a year-over-year basis.

只是關於消費品業務的一個問題，我想如果我們去掉 Tegra 業務，它似乎同比增長相當顯著。

Could you give us some color on what we may be missing there or what we may have to be factoring in.

您能否就我們可能缺少的內容或我們可能必須考慮的內容給我們一些顏色。

Then if you could remind us in the consumer business again excluding Tegra, what the normal seasonality is for that business, I think it's normally seasonally down in the January quarter.

然後，如果您可以再次提醒我們在不包括 Tegra 的消費者業務中，該業務的正常季節性是什麼，我認為它通常在 1 月季度季節性下降。

Should we model in on a sharper seasonal decline given that it's at higher levels now?

鑑於現在處於較高水平，我們是否應該模擬更劇烈的季節性下降？

Embedded entertainment is expected to do well next quarter and we've had embedded entertainment businesses for quite a long time.

嵌入式娛樂預計將在下個季度表現良好，我們從事嵌入式娛樂業務已經有很長一段時間了。

These are consider them slot machines or entertainment machines like that, and our embedded business is likely to continue to grow over time and the reason simply,

這些被認為是老虎機或類似的娛樂機，我們的嵌入式業務可能會隨著時間的推移而繼續增長，原因很簡單，

The reason being that you see displays all over the world in arcades and in malls and these large displays need to have great graphics processors.

原因是您可以在世界各地的商場和商場中看到顯示器，而這些大型顯示器需要具有出色的圖形處理器。

We have a full platform that is with a great operating system on top of it that embedded customers could use.

我們有一個完整的平台，上面有一個嵌入式客戶可以使用的優秀操作系統。

The embedded business will also grow into auto.

嵌入式業務也將成長為汽車。

We've already announced that starting next year.

我們已經宣布從明年開始。

Audi would be 100% NVIDIA and there will be many cars, other car companies to follow beyond that and so I think our embedded business is going to continue to grow.

奧迪將是 100% 英偉達，並且將會有很多汽車，其他汽車公司將效仿，因此我認為我們的嵌入式業務將繼續增長。

We're expecting next quarter specifically to your question, next quarter we're expecting embedded entertainment to grow as well.

我們期待下個季度專門針對您的問題，下個季度我們預計嵌入式娛樂也會增長。

And then just moving on with respect to the notebook business, and obviously, listening to others there's been fairly cautious commentary about the notebook market in general in the second half of the year.

然後就筆記本業務繼續前進，顯然，聽其他人對下半年筆記本市場的總體評價相當謹慎。

What's your expectation with respect to share gains?

您對股票收益的期望是什麼？

We also have the Mercury numbers which had you gaining some share.

我們也有水星數字，它讓你獲得了一些份額。

Your expectations in the second half assume additional share gains of kind of additional similar magnitude, can you give us some color there?

你對下半年的預期假設額外的類似幅度的額外股票收益，你能給我們一些顏色嗎？

We don't know what's going to happen in the second half completely until it's done.

在完成之前，我們完全不知道下半場會發生什麼。

For now our expectation is we will gain share in the second half.

目前我們的預期是我們將在下半年獲得份額。

How much we don't know yet and what was the other question?

我們還不知道多少，另一個問題是什麼？

The notebook market.

筆記本市場。

We're seeing all of the same commentary that you see in notebooks and my sense is what's happening is that the netbook part of the market and the entry level part of the notebook market is probably under a lot of pressure from tablets.

我們看到的所有評論都與您在筆記本電腦中看到的相同，而我的感覺是，上網本市場和筆記本市場的入門級市場可能面臨來自平板電腦的巨大壓力。

In that part of the market, our contributing strategy is to build tablets processors for tablets.

在這部分市場，我們的貢獻策略是為平板電腦製造平板電腦處理器。

The segment of the market that seems to be still relatively robust is the high end part of the notebook market.

似乎仍然相對強勁的市場部分是筆記本電腦市場的高端部分。

As you know, a tablet is wonderful but it's no comparison to a high end notebook and if you're a high end notebook customer, you probably have greater computing needs and greater digital content creation needs than a netbook customer.

如您所知，平板電腦很棒，但它無法與高端筆記本電腦相比，如果您是高端筆記本電腦客戶，您可能比上網本客戶有更大的計算需求和更大的數字內容創建需求。

I think that tablets are not really a solution for that, but much better a solution for media consumption than media creation.

我認為平板電腦並不是真正的解決方案，但比媒體創作更好的媒體消費解決方案。

That segment of the marketplace we see as relatively strong.

我們認為市場的那個部分相對強大。

In terms of GPU attach rate, the GPU attach rate around the world is higher than the United States by far.

在GPU附加率方面，全球GPU附加率遠遠高於美國。

For example, in China, the attach rate is about 80% and in Europe the attach rate of GPUs in consumer PCs is about 60% some-odd, 60% to 70%.

例如，在中國，附加率約為 80%，而在歐洲，消費類 PC 中 GPU 的附加率約為 60%，在 60% 到 70% 之間。

Here in the United States the attach rate is only in the 20s and I don't know exactly why.

在美國，附加率只有 20 多歲，我不知道具體原因。

Maybe it's because people have a greater sense of value outside the United States or maybe people use their PCs for more digital content.

可能是因為人們在美國以外的地方有更大的價值感，或者人們使用 PC 來獲取更多的數字內容。

Nonetheless the attach rate is much higher outside the United States.

儘管如此，在美國以外的附加率要高得多。

As you know, the growth rate of PCs outside of the United States is higher than the United States.

如您所知，美國以外地區的個人電腦增長率高於美國。

I think that our GPU position for consumers and high-end notebook segments are doing quite well.

我認為我們在消費者和高端筆記本領域的 GPU 定位做得很好。

Next in queue is Craig Berger of FBR.

接下來是 FBR 的 Craig Berger。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

I guess the first question SKU talk about inventory in the channel or at your customers.

我猜 SKU 的第一個問題是關於渠道或客戶的庫存。

Did it go up in the second quarter, did it go down, or any other color you can provide around channel inventories?

它在第二季度上漲了嗎？它是否下跌了，或者您可以在渠道庫存周圍提供任何其他顏色？

Channel inventory is slightly down and we're comfortable with the levels.

渠道庫存略有下降，我們對這些水平感到滿意。

Okay.

好的。

As a follow-up, it was sort of asked a little bit more but this baseband business Icera is obviously going to invest a lot to be active in the baseband business.

作為後續，它被問得更多一些，但這個基帶業務 Icera 顯然會投入大量資金來活躍於基帶業務。

How do we think about R&D as a percentage of sales as we move out in time.

隨著時間的推移，我們如何看待研發佔銷售額的百分比。

Not explicit guidance, but, how are you guys thinking about the investment profile of NVIDIA as we move forward, because I get this question a lot from investors and any color you can provide would be helpful.

沒有明確的指導，但是，隨著我們的前進，你們如何看待 NVIDIA 的投資概況，因為我從投資者那裡得到了很多這個問題，你們可以提供的任何顏色都會有幫助。

We try very hard to invest what we can afford, and as a result, to focus our investments on things that either have extraordinary growth opportunities or something that we're really good at.

我們非常努力地投資我們能負擔得起的東西，因此，我們將投資重點放在具有非凡增長機會或我們真正擅長的事物上。

In the case of GPUs, it's something that we're very good at, and it has grown from 100 million to 150 million units over the last 5 years.

就 GPU 而言，這是我們非常擅長的事情，在過去 5 年中，它的數量從 1 億增長到了 1.5 億。

Because it's a growth business we'll continue to invest in that.

因為這是一項增長業務，我們將繼續投資。

Now ideally, our SOC business, the Tegra business in combination with Icera will start in the near future to grow faster than the R&D that we've invested in.

現在理想情況下，我們的 SOC 業務，即 Tegra 業務與 Icera 的組合將在不久的將來開始增長，其增長速度將超過我們投資的研發。

That's what we're looking forward to.

這就是我們所期待的。

Hopefully, we will get to a point where we're investing R&D proportional to the growth that we're experiencing.

希望我們能夠達到與我們正在經歷的增長成比例地投資研發的地步。

Last question.

最後一個問題。

Can you just help us understand how big are the non-Intel royalties as part of your consumer business?

您能否幫助我們了解作為您的消費者業務一部分的非英特爾版稅有多大？

It's really hard to break out anymore because we increasingly have unified the engineering development in our Company.

真的很難再突破了，因為我們公司的工程開發越來越統一。

We have 1 huge software organization and we have a very large VSOI design organization.

我們有 1 個龐大的軟件組織，我們有一個非常大的 VSOI 設計組織。

It's hard to figure out exactly which part of it is for Tegra, and which part of it is for GeForce.

很難弄清楚它的哪一部分是給 Tegra 的，哪一部分是給 GeForce 的。

Thank you.

謝謝你。

Next up is Glen Yeung from Citi.

接下來是花旗的 Glen Yeung。

Hi.

你好。

Hi, Jen-Hsun.

你好，仁勳。

Just a question, if you think about all of the years you've been in the business and lacking at what we're seeing in the economy now, first of all how would you characterize your current visibility into particularly PC business.

只是一個問題，如果您考慮一下您從事該業務的所有這些年並且缺乏我們現在在經濟中看到的情況，首先您將如何描述您當前對特別是 PC 業務的可見性。

Then secondly, if you think ahead, looking at what we're seeing in the economy, do you have incremental concern at this point or do you still feel relatively comfortable?

其次，如果你提前考慮，看看我們在經濟中看到的情況，你現在是否有更多的擔憂，或者你是否仍然感到相對舒服？

Well, the only thing, the only gauge that we have is bookings rate and bookings rate is probably about as linear as I've ever remembered it for Q2 and bookings rate continues to be solid going into Q3 and so that's really about as much indicators as we have about the quality of the quarter.

好吧，我們唯一擁有的唯一衡量標準是預訂率，而預訂率可能與我記憶中的第二季度一樣線性，並且進入第三季度的預訂率繼續保持穩定，所以這實際上與指標一樣多正如我們對本季度的質量一樣。

Okay, and then 1 other question is and I recognize that it may be hard for you to tell but can you differentiate between what is share gain on your part versus what is the overall market?

好的，然後另一個問題是，我承認您可能很難說，但是您能否區分什麼是您的份額收益與什麼是整體市場？

Obviously we see some softness in the PC market but we don't necessarily put in your numbers.

顯然，我們看到 PC 市場有些疲軟，但我們不一定會提供您的數據。

Is there a way to slice it to figure out which is which?

有沒有辦法將其切片以找出哪個是哪個？

Talking about the PC market?

談論PC市場？

He's asking how do we slice it when we see some softness in the PC market.

他在問，當我們看到個人電腦市場出現疲軟時，我們該如何分割它。

(inaudible - microphone inaccessible).

（聽不見 - 麥克風無法訪問）。

How can we reconcile the attach rate in software and computer.

我們如何協調軟件和計算機中的附加率。

That's how we consolidated everything to provide guidance.

這就是我們整合一切以提供指導的方式。

So, our addressable market.

所以，我們的目標市場。

You can answer it.

你可以回答。

You're here too.

你也來了。

Well, I'm having a hard time understanding your question to say something smart.

好吧，我很難理解你的問題要說些聰明的話。

All I want to know is how much do you think your results are share gain versus the overall market conditions.

我想知道的是，您認為您的結果與整體市場狀況相比有多少份額收益。

Oh, we gained share in notebooks, but our desktop business was about flat share.

哦，我們在筆記本上獲得了份額，但我們的台式機業務是平的份額。

Our workstation business is about flat share, but then on the other hand, our market share in workstations is very high.

我們的工作站業務份額持平，但另一方面，我們在工作站的市場份額非常高。

Our share in Tesla is flat, but then, of course, our market share there is practically 100%.

我們在特斯拉的份額持平，但當然，我們的市場份額幾乎是 100%。

So, the answer I guess to your question is, we gained share in notebooks and we were flat share everywhere else.

所以，我猜你的問題的答案是，我們在筆記本中獲得了份額，而在其他地方我們的份額持平。

Next quarter we're expecting small gain shares and the rest of it would be coming from the market.

下個季度，我們預計小幅收益股票將來自市場。

Okay, thanks.

好的謝謝。

Yes.

是的。

Thank you.

謝謝你。

And you have a question from Uche Orjii of UBS.

你有一個來自 UBS 的 Uche Orjii 的問題。

Thank you very much.

非常感謝。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Let me ask you, let me start with Karen.

讓我問你，讓我從凱倫開始。

Karen?

凱倫？

On gross margins, so if I strip out the Intel payment and I get gross margins to be down on the product side almost 300 basis points, and the royalties probably calculate about $45 million.

在毛利率方面，如果我剔除英特爾的付款，我的產品方面的毛利率下降了近 300 個基點，特許權使用費可能計算出大約 4500 萬美元。

I'm not sure whether that number is correct, but even if I put that in then product gross margins goes down even further.

我不確定這個數字是否正確，但即使我把它放進去，產品毛利率也會進一步下降。

So, in the quarter you've had improvements in Quadro, I'm trying to understand why product gross margins went down and how I should think about the outlook for product gross margins into the next quarter.

因此，在本季度您對 Quadro 進行了改進，我試圖了解產品毛利率下降的原因以及我應該如何看待下一季度的產品毛利率前景。

The quarter-over-quarter product margins, excluding Intel royalties was basically flat.

不計英特爾專利費的季度產品利潤率基本持平。

We held up very strong ASPs, strong same costs, so I'm not really sure what you're looking at other than of course Icera.

我們保持了非常強勁的平均售價，同樣的成本，所以我不太確定你在看什麼，當然除了 Icera。

When you come into an acquisition, you have an accounting where you're going to have to basically step up your inventory to fair market value.

當你進行收購時，你有一個會計，你將不得不基本上將你的庫存提高到公平的市場價值。

You aren't going to get a lot of lift from what we sold for Icera.

您不會從我們為 Icera 出售的產品中獲得很多提升。

So there was a little bit of drag there, but NVIDIA core is stable.

所以那裡有一點阻力，但 NVIDIA 核心是穩定的。

So, including if you strip out the impact of royalty increase, product gross margins will be flat?

那麼，如果剔除版稅增加的影響，產品毛利率會持平嗎？

Yes.

是的。

Okay.

好的。

I'll take that offline with you.

我會和你一起離線。

Separate question.

單獨的問題。

If I look at the Tegra business, if I look at the Quadro business, we finally started to see some growth there, I mean, outside (inaudible) quarters.

如果我看看 Tegra 業務，如果我看看 Quadro 業務，我們終於開始看到那裡的一些增長，我的意思是，在（聽不清）季度之外。

How sustainable do you think the improvement we're seeing now is?

您認為我們現在看到的改善的可持續性如何？

How much of it is driven by the movement to Fermi and how much of it is just a lag reaction from enterprise in terms of spending and should we expect this to continue for a few more quarters?

其中有多少是由向費米的轉變所推動的，有多少只是企業在支出方面的滯後反應，我們是否應該期望這種情況會持續幾個季度？

I'm not asking to guide specifically.

我不是要求專門指導。

I'm just trying to understand when you have conversations with your customers what are they telling you about Quadro?

我只是想了解當您與客戶交談時，他們會告訴您關於 Quadro 的哪些內容？

Well Quadro has grown from several different areas.

Well Quadro 從幾個不同的領域發展而來。

1, you mentioned Fermi.

1，你提到了費米。

The Fermi GPU is just so much better than the last generation, and can do so much more and so that's 1.

Fermi GPU 比上一代好很多，而且可以做的更多，所以這就是 1。

The other is that people are using workstations for more and more applications.

另一個是人們將工作站用於越來越多的應用程序。

Digital video editing is a very large market and growing, and there's just so much more digital video content being created all over the world and the third is global expansion.

數字視頻編輯是一個非常大的市場，而且還在不斷增長，世界各地正在創造更多的數字視頻內容，第三是全球擴張。

Whereas the developing countries used to be a manufacturing-oriented culture and economy, it's increasingly a design oriented economy.

發展中國家過去是一個以製造為導向的文化和經濟，而現在它正日益成為一個以設計為導向的經濟。

In order for movies and advertisement and products to be designed in China, they need workstations to do that.

為了在中國設計電影、廣告和產品，他們需要工作站來做到這一點。

That's a really fabulous growth opportunity for us, and so we're seeing usage of workstations in more industries than ever.

這對我們來說是一個非常棒的增長機會，因此我們看到工作站在比以往更多的行業中使用。

We're seeing that our GPUs can do more things.

我們看到我們的 GPU 可以做更多的事情。

At Cigraf, as this week we demonstrated a workstation that has the ability to not only visualize but also simulate and visualize in realtime the technology we call Maximus, Quadro Maximus.

在 Cigraf，本週我們展示了一個工作站，它不僅能夠可視化，而且能夠實時模擬和可視化我們稱之為 Maximus 的技術，Quadro Maximus。

All of these vectors are growth opportunities for workstations.

所有這些向量都是工作站的增長機會。

Frankly I wouldn't be surprised to see our workstation business continue to grow for many years to come and just as the world continues to become more and more of a design environment, design economy, you're going to see other countries develop capabilities and the tools such as workstations.

坦率地說，看到我們的工作站業務在未來許多年繼續增長，我不會感到驚訝，正如世界繼續變得越來越成為一個設計環境、設計經濟，你將看到其他國家發展能力和工作站等工具。

That's great.

那太棒了。

And in terms of what we should expect from Icera.

就我們對 Icera 的期望而言。

I apologize if somebody asked this earlier.

如果有人早些時候問過這個問題，我很抱歉。

I dialed in a little late, but in terms of what we should expect from Icera going forward.

我撥入的時間有點晚，但就我們對 Icera 未來的期望而言。

Obviously you said the contribution last quarter wasn't material.

顯然你說上個季度的貢獻並不重要。

At the moment, we had top line growth going from down growth but what in terms of the road map should we be looking for.

目前，我們的收入增長是從下降增長開始的，但就路線圖而言，我們應該尋找什麼。

Will the contribution next quarter be material within the guidance you gave?

下個季度的貢獻在你給出的指導範圍內是否重要？

We're not expecting much contribution from Icera next quarter either.

我們也不期望 Icera 下個季度做出太大貢獻。

The real growth of Icera is going to come from 2 things.

Icera 的真正增長將來自兩件事。

As we launch our LTE multi-mode modems, their multi-mode modem is fabulous and its been fully tested and approved and we're looking forward to shipping them in tablets early next year, so that's 1 growth.

當我們推出我們的 LTE 多模調製解調器時，他們的多模調製解調器非常棒，並且已經過全面測試和批准，我們期待明年初在平板電腦中發貨，所以這是 1 增長。

Just discrete high end, high speed modems where they have a really good expertise and something they've quite famous for a long time.

只是離散的高端、高速調製解調器，它們具有非常好的專業知識，並且它們長期以來一直很有名。

The second area requires us to build a unified chip and we're in the process of doing that and that allows us to address on the low end part of the smartphone market with an integrated application processor in baseband.

第二個領域要求我們構建一個統一的芯片，我們正在這樣做，這使我們能夠通過基帶中的集成應用處理器來解決智能手機市場的低端部分。

That part of the marketplace is going to become quite large over the next several years.

這部分市場將在未來幾年變得相當大。

Analysts estimate that the mainstream smartphone market is going to grow to about a billion units by 2015 from a couple 100 million units today.

分析師估計，到 2015 年，主流智能手機市場將從目前的 1 億部增長到約 10 億部。

That part of the marketplace is really not well served today by anybody and we had to go and build a highly integrated version of application processor and modem to address that.

這部分市場今天真的沒有人能很好地服務，我們不得不去構建一個高度集成的應用處理器和調製解調器版本來解決這個問題。

Those are 2 growth opportunities to us with respect to Icera.

就 Icera 而言，這對我們來說是兩個增長機會。

Okay, thank you very much.

好的，非常感謝。

Yes.

是的。

Thanks.

謝謝。

Next in queue is Daniel Berenbaum from MKM Partners.

接下來是來自 MKM Partners 的 Daniel Berenbaum。

Hi, guys.

嗨，大家好。

If we can come back to your comment that you're not seeing anything unusual, can you help me calibrate against normal seasonality?

如果我們可以回复您的評論，即您沒有看到任何異常情況，您能幫我根據正常的季節性進行校準嗎？

Maybe my math is just off but I have that your October quarter is usually the strongest seasonal quarter.

也許我的數學剛剛結束，但我認為你的 10 月季度通常是最強的季度季度。

But it seems like we're and I have an up 10% sequential number for normal seasonality and you're guiding off revenues but it seems like we're a bit light of what normal seasonality would be so can you just help me close that disconnect.

但看起來我們和我的正常季節性連續數字增加了 10%，你正在引導收入，但似乎我們對正常的季節性有點了解，所以你能幫我解決這個問題嗎斷開。

If we're not seeing anything unusual, then why is the quarter not seasonally as strong as you might expect it to be?

如果我們沒有看到任何異常情況，那麼為什麼該季度的季節性不如您預期的那麼強勁？

Tegra isn't growing enough to offset the decline in chip sets.

Tegra 的增長不足以抵消芯片組的下降。

So, that's it?

就是這樣了？

So, basically, can I not assume then that Tegra is growing enough to offset the chip set business?

所以，基本上，我不能假設 Tegra 的增長足以抵消芯片組業務嗎？

Is it all just due to chip set business declining and if chip set business didn't decline you'd be up in the 10% range?

僅僅是因為芯片組業務下滑，如果芯片組業務沒有下滑，你的漲幅會在 10% 範圍內嗎？

We surely would be a lot more.

我們肯定會更多。

We would grow a lot more.

我們會成長很多。

You would grow a lot more if the chip set business wasn't going away, okay.

如果芯片組業務沒有消失，你會增長很多，好吧。

Is there going to be anything left?

會留下什麼嗎？

Should we model anything left of the chip set business than after the October quarter?

我們是否應該對 10 月季度之後的芯片組業務進行建模？

There's not much left after the October quarter.

十月季度之後所剩無幾。

Okay, thanks and then I want to come back.

好的，謝謝，然後我想回來。

This question was asked and maybe I'll try to ask it a different way, when we look at what the OpEx model is over a long period of time, is there a way to think about where you want R&D and SG&A to be as a percentage of revenue?

有人問了這個問題，也許我會嘗試用不同的方式問它，當我們查看很長一段時間內的 OpEx 模型時，有沒有辦法考慮您希望 R&D 和 SG&A 作為一個收入的百分比？

Because it looks like OpEx has been creeping up a little bit as a percentage of revenue.

因為看起來運營支出佔收入的百分比一直在攀升。

Should we expect it to creep down over the course of the next year?

我們是否應該期望它在明年的過程中逐漸下降？

Yes.

是的。

And the reason for that is because we like our -- I was trying to say it earlier.

這樣做的原因是因為我們喜歡我們的——我之前試圖說出來。

We'd like our revenues to start contributing and the GPU business is of course growing quite nicely.

我們希望我們的收入開始有所貢獻，GPU 業務當然增長得非常好。

The SOC business is growing very fast but off a very small base.

SOC 業務增長非常快，但基數很小。

We had 0 business in Tegra practically a year ago and now it's a substantial business but even at a few 100 million dollars a year, you can't build and sustain a world-class SOC business.

幾乎一年前，我們在 Tegra 的業務為 0，現在這是一項龐大的業務，但即使每年只有幾億美元，您也無法建立和維持世界級的 SOC 業務。

At this level of play, if you want to build modern Android application processors, you've got to get that business up to $1 billion before R&D funds itself.

在這個級別的遊戲中，如果你想構建現代 Android 應用處理器，你必須在研發資金本身之前讓該業務達到 10 億美元。

So, then how long does that take?

那麼，這需要多長時間？

Well I hope we can get there on a run rate basis some time next year.

好吧，我希望我們能在明年某個時候以運行速度達到目標。

Okay.

好的。

Thank you.

謝謝你。

We'll try to get there as soon as we can.

我們會盡快到達那裡。

Thank you.

謝謝你。

Yes.

是的。

Thanks a lot.

非常感謝。

You have a question from Vivek Arya of Banc of America.

您有一個來自美國銀行的 Vivek Arya 的問題。

Thanks for taking my question.

感謝您提出我的問題。

What is your sense of sell-through on Android tablets because I think the initial response was not as good.

您對 Android 平板電腦的銷售感覺如何，因為我認為最初的反應並不好。

What is changing or can change for that segment to grow and compete to more effectively with Apple's iPad?

什麼正在改變或可以改變以使該細分市場增長並更有效地與 Apple 的 iPad 競爭？

At some level, it's weird to put an injunction on a product that's not selling.

在某種程度上，對不暢銷的產品發出禁令是很奇怪的。

And so, it must be selling really well.

所以，它一定賣得很好。

The early products, the early products had a clumsy launch and we already talked about that.

早期產品，早期產品的發布很笨拙，我們已經討論過了。

But the Android 3.1 and 3.2 are just fabulous and the Apps all followed and more and more Apps are showing up all the time.

但是 Android 3.1 和 3.2 簡直太棒了，應用程序都緊隨其後，越來越多的應用程序一直在出現。

These devices are getting better all the time.

這些設備一直在變得更好。

The Wi-Fi version came out and now they're at $399 and you've got thinner devices.

Wi-Fi 版本問世，現在售價 399 美元，而且您的設備更薄。

You have lighter devices and now you have 7-inch devices coming out.

你有更輕的設備，現在你有 7 英寸的設備問世。

You have the transformer from Asus Tech.

你有華碩科技的變壓器。

That's the power of an open platform like Android that you have all these great companies who are innovating around it and although it started out a little clumsy, it fixed itself very quickly.

這就是像 Android 這樣的開放平台的力量，所有這些偉大的公司都在圍繞它進行創新，雖然它開始時有點笨拙，但很快就修復了。

Now the Android devices are selling wonderfully.

現在安卓設備賣得很好。

I just saw the market share data and I thought it showed 30% and growing, and it looks like the Android tablets are a huge success.

我剛剛看到市場份額數據，我認為它顯示了 30% 並且還在增長，看起來 Android 平板電腦取得了巨大的成功。

And I think you were showing good progress on notebook GPUs.

而且我認為您在筆記本 GPU 上取得了不錯的進展。

What will it take to regain the Apple business back from AMD?

從 AMD 手中奪回蘋果業務需要什麼？

We have to build a great GPU that is on schedule when they want to use it.

我們必須在他們想要使用時按計劃構建一個出色的 GPU。

Their rhythm is a little bit off the rhythm of the PC industry, and their cycle is a little bit off of cycle of the rest of the industry.

他們的節奏有點偏離PC行業的節奏，他們的周期也有點偏離了其他行業的周期。

We have to make sure that we have the right GPU for them at the right time and we'll have a good shot.

我們必須確保我們在正確的時間為他們提供正確的 GPU，這樣我們就會有一個好機會。

So, as you look at your road map, do you think you are in sync with what they might need?

所以，當你查看你的路線圖時，你認為你與他們可能需要的東西同步嗎？

Well I don't have any future products to announced today.

好吧，我今天沒有要宣布的未來產品。

Got it and just 1 last question.

明白了，只有最後一個問題。

I think this was asked in many different ways but if you look at operating margins, obviously you have all these new sales growth opportunities, but there was also the pressure on OpEx.

我認為這是以許多不同的方式提出的，但是如果您查看營業利潤率，顯然您擁有所有這些新的銷售增長機會，但運營支出也面臨壓力。

If you had to predict what an operating margin might do as we talk a year from now, do you think it would be sort of at similar levels as of today, higher or lower, any sense of that?

如果您必須預測一年後我們所說的營業利潤率可能會發生什麼，您認為它會與今天的水平相似，更高或更低，有什麼意義嗎？

Both at its higher and the reason for that is because we like our top line to be growing faster than our investment.

更高的原因和原因都是因為我們希望我們的收入增長速度快於我們的投資。

This last year we had to invest in Tegra, and the Tegra investment is quite high as you can imagine.

去年我們不得不投資 Tegra，Tegra 的投資非常高，你可以想像。

We're building Android platforms and Windows 8 platforms and all of these new platforms require investment but we hope that our design wins will translate to revenues and I'm very bullish about Windows 8.

我們正在構建 Android 平台和 Windows 8 平台，所有這些新平台都需要投資，但我們希望我們的設計勝利將轉化為收入，我非常看好 Windows 8。

I think it's going to be an amazing operating system.

我認為這將是一個了不起的操作系統。

Windows 8 tablets and Windows 8 clamshells that Tegra is going into I hope will translate into real growth for our Company in the second half of next year.

我希望 Tegra 正在進入的 Windows 8 平板電腦和 Windows 8 翻蓋機將在明年下半年轉化為我們公司的真正增長。

The answer to your question is we would like our operating margin to extend.

您的問題的答案是我們希望擴大營業利潤率。

Got it and just lastly, as this new Ice Cream Sandwich release comes out from Android, do you think it puts more competitive pressure on you, because obviously, 1 of your competitors has been selected as the reference solution.

明白了，最後，隨著這個新的 Ice Cream Sandwich 版本來自 Android，您是否認為它會給您帶來更大的競爭壓力，因為很明顯，您的一個競爭對手已被選為參考解決方案。

I think when you were selected as a reference solution with Honeycomb.

我想當您被選為 Honeycomb 的參考解決方案時。

You obviously got a very strong head start.

你顯然有一個非常強大的開端。

Do you see that same kind of situation develop where your competitor might be able to get that kind of head start or is the situation going to be different with this new release?

您是否看到您的競爭對手可能會在這種情況下取得這種領先地位，或者這個新版本的情況會有所不同？

We have lots of competition already and the 2, the only 2 other players that we see these days have been in the application processor business for, well since the beginning of Android, and so I don't know that they need a head start.

我們已經有很多競爭，而且我們最近看到的僅有的 2 家其他玩家已經在應用處理器業務中，從 Android 開始，所以我不知道他們需要先發製人。

In terms of Google Ice Cream Sandwich, I don't have any comments on it.

關於谷歌冰淇淋三明治，我沒有任何評論。

If you have questions on Ice Cream Sandwich, you should ask Google but we have a great working relationship with Google.

如果您對冰淇淋三明治有任何疑問，請諮詢 Google，但我們與 Google 有著良好的合作關係。

We're working on Google Operating System tablets and phones at every phone Company and every tablet Company just about all over the world.

我們正在世界各地的每家手機公司和每家平板電腦公司開發谷歌操作系統平板電腦和手機。

So, we're looking forward to the next version and we're expecting to be very successful with it.

所以，我們期待下一個版本，並期待它會非常成功。

Okay, thank you very much.

好的，非常感謝。

Okay.

好的。

Thanks you guys.

謝謝你們。

I'll look forward to talking to you guys at the next conference call.

我期待在下一次電話會議上與你們交談。

Thank you, Mr.

謝謝你，先生。

Huang.

黃。

Ladies and gentlemen, that concludes our conference.

女士們先生們，我們的會議到此結束。

You may now disconnect.

您現在可以斷開連接。