輝達 (NVDA) 2013 Q3 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Andrica，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 third-quarter earnings conference call.

在這個時候，我想歡迎大家參加英偉達第三季度財報電話會議。

All lines have been placed on mute to prevent any back ground 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.

講者致辭後，將進行問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Mr. Rob Csongor, Vice President of Investor Relations.

我現在想將電話轉給您的主持人，投資者關係副總裁 Rob Csongor 先生。

Sir, you may begin your conference.

先生，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon, and welcome to NVIDIA's conference call on third quarter of fiscal 2013 results.

下午好，歡迎參加 NVIDIA 關於 2013 財年第三季度業績的電話會議。

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

NVIDIA 總裁兼首席執行官黃仁勳今天與我通話；和臨時首席財務官 Karen Burns。

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

在我們準備好發言之後，我們將打開電話問答環節。

Please limit yourself to one initial question with one follow-up.

請把自己限制在一個初始問題和一個後續問題上。

Before we begin, I'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 November 16, 2012, and the webcast will be available for replay until our conference call to discuss our financial results for our fourth quarter of fiscal 2013.

電話會議的重播將在 2012 年 11 月 16 日之前通過電話進行，網絡直播將在我們討論 2013 財年第四季度財務業績的電話會議之前進行重播。

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

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

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

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially.

這些前瞻性陳述受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release; our Form 10-Q for the fiscal quarter ended July 29, 2012; 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 2012 年 7 月 29 日的財政季度的 10-Q 表；以及我們可能不時以表格 8-K 提交給證券交易委員會的報告。

All our statements are made as of today, November 8, 2012, 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（2012 年 11 月 8 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據的所有引用均來自 Mercury Research 或 John Petty 研究。

During this call, we will discuss non-GAAP financial measures.

在本次電話會議中，我們將討論非 GAAP 財務指標。

You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release, which is posted on our website.

您可以在我們網站上發布的財務發布中找到這些非公認會計原則財務指標與公認會計原則財務指標的對賬。

With that, let's begin.

有了這個，讓我們開始吧。

We are pleased to report that NVIDIA achieved record revenue and record gross margin in the third quarter, driven by strong demand for our energy efficient Kepler GPUs and Tegra 3, the world's only 4-plus-1 mobile quad core processor.

我們很高興地報告，由於對我們的節能 Kepler GPU 和全球唯一的 4+1 移動四核處理器 Tegra 3 的強勁需求，NVIDIA 在第三季度實現了創紀錄的收入和毛利率。

Our strategies to reinvent our Company are driving growth.

我們重塑公司的戰略正在推動增長。

They are -- first, create the most energy efficient processors; second, invent mobile and cloud computing technologies that will grow us beyond the PC; and third, create solutions for special-purpose PC markets, where we can make a significant contribution such as gaming, design, media and entertainment, and GPU-accelerated computing.

它們是——首先，創造最節能的處理器；第二，發明移動和雲計算技術，讓我們超越個人電腦；第三，為專用 PC 市場創建解決方案，我們可以在這些市場做出重大貢獻，例如游戲、設計、媒體和娛樂以及 GPU 加速計算。

This quarter, we not only grew our PC business, we also significantly increased our business beyond the PC in tablets, quad-core phones, data centers, and automobiles.

本季度，我們不僅增長了個人電腦業務，還大幅增加了平板電腦、四核手機、數據中心和汽車等個人電腦以外的業務。

NVIDIA processors rolled out in Q3 in a range of new devices and settings, from Google's Nexus 7 tablet and Microsoft's Surface, to Oak Ridge National Laboratory's new supercomputer and Tesla's latest electric sedan, which was just named car of the year by Automobile Magazine.

NVIDIA 處理器在第三季度推出了一系列新設備和設置，從谷歌的 Nexus 7 平板電腦和微軟的 Surface，到橡樹嶺國家實驗室的新超級計算機和特斯拉最新的電動轎車，後者剛剛被《汽車雜誌》評為年度汽車。

Three years ago, non-PC revenues were 7% of total revenues.

三年前，非 PC 收入佔總收入的 7%。

This quarter they grew to a record 30%.

本季度他們增長到創紀錄的 30%。

Our notebook GPU business recorded a second-consecutive record quarter.

我們的筆記本 GPU 業務連續第二個季度創紀錄。

In the premium segment, we increased market share with Kepler as part of the Ivy Bridge design cycle.

在高端市場，我們與開普勒一起增加了市場份額，作為 Ivy Bridge 設計週期的一部分。

Consumers are also now starting to realize that a great tablet is better than a cheap PC.

消費者現在也開始意識到，出色的平板電腦比廉價的 PC 更好。

Because of Tegra, Android, and Windows RT, the entry-level PC market is now a new opportunity for us.

由於 Tegra、Android 和 Windows RT，入門級 PC 市場現在對我們來說是一個新的機會。

Our desktop GPU business increased again this quarter.

本季度我們的桌面 GPU 業務再次增長。

With improved supply now available, we delivered Kepler into the volume PC gaming market.

隨著現在供應的改善，我們將 Kepler 交付給了大容量 PC 遊戲市場。

With a majority of gamers using graphics cards that are below the recommended specifications of the wave of new games coming out, Kepler is a great upgrade for the millions of PC gamers around the world looking to play Assassin's Creed 3, Far Cry 3, or Call of Duty Black Ops 2 this Christmas holiday.

由於大多數遊戲玩家使用的顯卡低於新遊戲浪潮的推薦規格，Kepler 對於全球數百萬希望玩刺客信條 3、孤島驚魂 3 或呼叫的 PC 遊戲玩家來說是一個很好的升級值班黑色行動 2 這個聖誕假期。

Our Professional Solutions Business was up, driven by a record quarter for Tesla.

在特斯拉創紀錄的季度的推動下，我們的專業解決方案業務有所增長。

In Q3, we shipped more than 18,000 NVIDIA Tesla K20 GPU accelerators to Oak Ridge National Laboratories for their new Titan supercomputer.

在第三季度，我們向橡樹嶺國家實驗室運送了超過 18,000 台 NVIDIA Tesla K20 GPU 加速器，用於他們的新 Titan 超級計算機。

With 50 million CUDA cores working together, these new Kepler-based GPUs deliver 90% of Titan's 20 petaflops of peak processing performance, making Titan the fastest open-science supercomputer in the world.

這些基於 Kepler 的新型 GPU 擁有 5000 萬個 CUDA 內核，可提供 Titan 20 petaflops 峰值處理性能的 90%，使 Titan 成為世界上最快的開放科學超級計算機。

While the Quadro business was roughly flat quarter to quarter, it was down from last year, consistent with softness in the global workstation market.

儘管 Quadro 業務季度與季度大致持平，但與去年相比有所下降，這與全球工作站市場的疲軟情況一致。

Our strategies to grow better than the market include new Kepler Quadro products to refresh Romley-based workstations in the latter part of the year, as well as new capabilities like Maximus, enabling both modeling and simulation in one workstation.

我們比市場增長得更好的戰略包括在今年下半年更新基於 Romley 的工作站的新 Kepler Quadro 產品，以及像 Maximus 這樣的新功能，在一個工作站中實現建模和仿真。

In addition, this quarter we also announced the industry's first cloud-based GPU that delivers workstation graphics capabilities to any screen.

此外，本季度我們還發布了業界首款基於雲的 GPU，可將工作站圖形功能提供到任何屏幕。

Built on the Kepler architecture, the cloud-based NVIDIA VGX K2 GPU will allow engineers and design professionals to work anywhere, on virtually any device, and still have access to the computing and graphics performance of a GPU-powered workstation.

基於 Kepler 架構的基於雲的 NVIDIA VGX K2 GPU 將允許工程師和設計專業人士在任何地方、幾乎任何設備上工作，並且仍然可以訪問 GPU 驅動的工作站的計算和圖形性能。

Tegra had another record quarter, driven primarily by the emergence of Tegra 3 as the applications processor of choice for many of the world's most popular tablets.

Tegra 再創歷史新高，這主要是由於 Tegra 3 的出現成為許多世界上最受歡迎的平板電腦的首選應用處理器。

According to Strategy Analytics data, market share for Android tablets grew in Q3 to 41% from Q2's 29%.

根據 Strategy Analytics 的數據，Android 平板電腦的市場份額在第三季度從第二季度的 29% 增長到 41%。

Tegra 3 is now powering a number of Android tablets, including the highly successful $199 Google Nexus 7. It also began powering Windows PCs with the launch of Windows RT devices.

Tegra 3 現在為許多 Android 平板電腦提供動力，包括非常成功的 199 美元的 Google Nexus 7。隨著 Windows RT 設備的推出，它也開始為 Windows PC 提供動力。

These include Microsoft's revolutionary Surface, Lenovo's IdeaPad Yoga 11, and the Asus Vivo Tab.

其中包括微軟革命性的 Surface、聯想的 IdeaPad Yoga 11 和華碩 Vivo Tab。

Additionally, new Tegra 3 smartphones were released in important markets.

此外，新的 Tegra 3 智能手機在重要市場發布。

Of note, AT&T announced that they will be launching the new HTC One X plus, the first Tegra 3 LTE phone to ship in the US market.

值得注意的是，AT&T 宣布他們將推出新的 HTC One X plus，這是第一款在美國市場發售的 Tegra 3 LTE 手機。

And, ZTE announced the U950 quad-core smartphone, which delivers Tegra 3 to a new price segment for the China smartphone market.

此外，中興通訊還發布了 U950 四核智能手機，它將 Tegra 3 帶入了中國智能手機市場的新價格段。

This segment is about 30 million to 40 million units large.

該部分大約有 3000 萬至 4000 萬個單位。

NVIDIA's automotive business also delivered a record quarter and continued its steady growth, as a growing number of leading auto brands choose Tegra to drive their infotainment and navigation systems.

隨著越來越多的領先汽車品牌選擇 Tegra 來驅動其信息娛樂和導航系統，NVIDIA 的汽車業務也創下了創紀錄的季度業績並繼續保持穩定增長。

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。

We had record revenue this quarter of $1.2 billion, up 15.3% quarter over quarter and 12.9% year over year.

我們本季度的收入達到創紀錄的 12 億美元，環比增長 15.3%，同比增長 12.9%。

As in the second quarter, revenue was driven by strong demand for our Kepler GPUs in desktop and record performances by our notebook and Tegra products.

與第二季度一樣，收入是由台式機對 Kepler GPU 的強勁需求以及我們的筆記本電腦和 Tegra 產品創紀錄的性能推動的。

We also achieved record gross margin on both a GAAP and non-GAAP basis.

我們還在 GAAP 和非 GAAP 基礎上實現了創紀錄的毛利率。

Our GAAP gross margin was 52.9%, up 1.1 percentage points sequentially, and up 0.7 points year over year.

我們的 GAAP 毛利率為 52.9%，環比增長 1.1 個百分點，同比增長 0.7 個百分點。

Our non-GAAP gross margin was 53.1%, up 1.1 points sequentially, and up 0.6 points from one year earlier.

我們的非美國通用會計準則毛利率為 53.1%，環比增長 1.1 個百分點，比一年前增長 0.6 個百分點。

These record margins reflect the continued transition to Kepler GPUs from our previous Fermi generation and a mix more weighted to high-end segments.

這些創紀錄的利潤率反映了我們從上一代 Fermi 向 Kepler GPU 的持續過渡，以及更側重於高端細分市場的組合。

GAAP OpEx was $384.4 million and non-GAAP was $344.8 million, both better than our outlook.

GAAP OpEx 為 3.844 億美元，非 GAAP 為 3.448 億美元，均好於我們的預期。

GAAP OpEx was down quarter over quarter due to the absence of a nonrecurring charge of $20.1 million in Q2, related to our announced charitable contribution.

由於第二季度沒有與我們宣布的慈善捐款有關的 2010 萬美元的非經常性費用，GAAP 運營支出環比下降。

Non-GAAP OpEx, which excluded this charge, was up slightly from the prior quarter, driven by planned strategic hiring and higher engineering-related costs, offset by lower compensation costs, including FICA, and reductions in discretionary expenses.

不計此項費用的非美國通用會計準則運營支出較上一季度略有上升，原因是計劃中的戰略招聘和更高的工程相關成本，但被包括 FICA 在內的較低薪酬成本和可自由支配費用的減少所抵消。

These results contributed to GAAP net income of $209.1 million, a 75.6% increase over the prior quarter, and 17.3% year over year.

這些結果為 GAAP 淨收入貢獻了 2.091 億美元，比上一季度增長 75.6%，同比增長 17.3%。

That's equivalent to $0.33 per diluted share, which was up 73.7% sequentially, and 13.8% year over year.

這相當於每股攤薄收益 0.33 美元，環比增長 73.7%，同比增長 13.8%。

Non-GAAP net income was $245.5 million, up 44% sequentially, and 13.1% year over year.

非美國通用會計準則淨收入為 2.455 億美元，環比增長 44%，同比增長 13.1%。

That's $0.39 per diluted share, which was a 44.4% increase sequentially, and 11.4% year over year.

這是每股攤薄收益 0.39 美元，環比增長 44.4%，同比增長 11.4%。

Revenue results by business segment were as follows.

按業務分部劃分的收入結果如下。

Our GPU business was up 10.7% sequentially and 14.7% year over year.

我們的 GPU 業務環比增長 10.7%，同比增長 14.7%。

This was due to the continued launch of our new Kepler desktop products and our OEM partners launching new Ivy Bridge platforms for notebooks.

這是由於我們不斷推出新的 Kepler 台式機產品以及我們的 OEM 合作夥伴推出了新的 Ivy Bridge 筆記本電腦平台。

Our Professional Business was up 12.4% sequentially, due the first shipments of our new Kepler-based Tesla products, supporting the new Titan supercomputer.

我們的專業業務環比增長 12.4%，這是由於我們基於 Kepler 的新特斯拉產品首次發貨，支持新的 Titan 超級計算機。

Year over year, our Professional Business was down 4.2%.

與去年同期相比，我們的專業業務下降了 4.2%。

The strength in Tesla, year over year, was partially offset by the weak economic conditions impacting demand for our Quadro products.

特斯拉的實力與去年同期相比，部分被影響對我們 Quadro 產品需求的疲軟經濟狀況所抵消。

Our Consumer Business was up 35.7% sequentially and 27.6% year over year on the strength of our Tegra business.

得益於我們的 Tegra 業務，我們的消費者業務環比增長 35.7%，同比增長 27.6%。

Inventory in our desktop channel business remained stable at levels we believe are healthy.

我們桌面渠道業務的庫存保持穩定在我們認為健康的水平。

DSO was 34 days, down 5 days from the prior quarter.

DSO 為 34 天，比上一季度減少了 5 天。

Accounts receivable and DSO decreased in the current quarter despite the increase in revenue, as a result of shipment linearity and strong collections.

儘管收入增加，但由於發貨線性和強勁的收款，本季度應收賬款和 DSO 有所減少。

DSI was 69 days, down 1 day from the prior quarter.

DSI 為 69 天，比上一季度減少 1 天。

We increased inventories by $41.8 million from the prior quarter, largely for production builds of our Kepler GPU products in support of expected demand, offset by declines in our Fermi-based GPUs.

我們的庫存比上一季度增加了 4180 萬美元，主要用於生產我們的 Kepler GPU 產品以支持預期需求，但被我們基於 Fermi 的 GPU 的下降所抵消。

Our GAAP outlook for the fourth quarter is as follows -- revenue of $1.025 billion to $1.175 billion; gross margin of 52.9%, flat from the third quarter; OpEx of approximately $400 million; and a tax rate of 20%, plus or minus 1 percentage point.

我們對第四季度的 GAAP 展望如下——收入為 10.25 億美元至 11.75 億美元；毛利率52.9%，與第三季度持平；運營支出約為 4 億美元；稅率為 20%，正負 1 個百分點。

For non-GAAP, we expect the following differences from our GAAP outlook -- gross margin of 53.1%, flat from Q3; and OpEx of approximately $359 million, which excludes stock-based compensation and certain other charges related to acquisitions in the aggregate of approximately $41 million.

對於非 GAAP，我們預計與我們的 GAAP 展望存在以下差異——毛利率為 53.1%，與第三季度持平；運營支出約為 3.59 億美元，其中不包括股票補償和與收購相關的某些其他費用，總計約 4100 萬美元。

We expect our tax rate to be approximately 19%, plus or minus 1 percentage point.

我們預計我們的稅率約為 19%，上下浮動 1 個百分點。

Depreciation and amortization are expected to be in the range of $58 million to $60 million and capital expenditures of $60 million to $70 million.

折舊和攤銷預計在 5800 萬美元到 6000 萬美元之間，資本支出在 6000 萬美元到 7000 萬美元之間。

Diluted shares are expected to be approximately 629 million.

稀釋後的股份預計約為6.29億股。

Lastly, we are very pleased to announce that our Board of Directors has approved the initiation of a quarterly cash dividend and has also approved the extension of our existing share repurchase program to December 31, 2014.

最後，我們非常高興地宣布，我們的董事會已批准啟動季度現金股息，並已批准將我們現有的股票回購計劃延長至 2014 年 12 月 31 日。

The quarterly dividend, of $0.075 per share, is equivalent to $0.30 per share on an annual basis and approximate an annual yield of about 2.4%, based on yesterday's closing stock price of $12.61.

季度股息為每股 0.075 美元，相當於每年每股 0.30 美元，按昨日收盤價 12.61 美元計算，年收益率約為 2.4%。

We have increased our cash by $305.2 million this fiscal year, with cash, cash equivalents, and marketable securities, at the end of the current quarter, of $3.43 billion, compared to $3.13 billion at Q4 fiscal 2012.

本財年我們的現金增加了 3.052 億美元，截至本季度末，現金、現金等價物和有價證券為 34.3 億美元，而 2012 財年第四季度為 31.3 億美元。

We are committed to return cash to our shareholders and made this decision based on our strong cash position and the high confidence we have in our Business to continue generating future cash.

我們致力於向股東返還現金，並基於我們強大的現金狀況以及我們對我們的業務繼續產生未來現金的高度信心做出了這一決定。

Thanks, Rob.

謝謝，羅伯。

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。

Alex Ghana, JMP Securities.

亞歷克斯·加納，JMP 證券。

I was wondering if you could speak to underlying fundamentals right now in the PC business.

我想知道你現在是否可以談談個人電腦業務的基本面。

I know that you're taking share, but to the extent that you can address how you see seasonality extending into Q1?

我知道你正在分享，但在某種程度上你可以解決你如何看待季節性延伸到第一季度的問題？

And, I was wondering if you could also speak to that same effect in your enterprise business?

而且，我想知道您是否也可以在您的企業業務中表達同樣的效果？

Thank you.

謝謝你。

Well, the -- you're right that we're gaining share.

嗯，你是對的，我們正在獲得份額。

Our fundamentals are better than ever.

我們的基本面比以往任何時候都好。

Our GPU position is better than ever.

我們的 GPU 地位比以往任何時候都好。

Whether it's GeForce or Quadro for workstations or Tesla for high-performance computing, we're increasing share.

無論是用於工作站的 GeForce 或 Quadro，還是用於高性能計算的 Tesla，我們的份額都在增加。

Our position is better than ever.

我們的地位比以往任何時候都好。

But, the end market is uncertain.

但是，終端市場是不確定的。

The PC end market is uncertain, as you've seen in other businesses, so we're going to take a rather cautious approach to our outlook.

正如您在其他業務中看到的那樣，PC 終端市場不確定，因此我們將對我們的前景採取相當謹慎的態度。

Wondering if maybe you can address with your modestly down sequential outlook, where do you think you're baking in the most conservatism, and where could be the greatest opportunity for upside surprise?

想知道您是否可以通過適度向下的連續前景來解決問題，您認為您在哪裡最保守，哪裡可能是最大的驚喜機會？

Well, if you look at year over year -- look at this quarter year over year, the business that had -- that underperformed all the other business was our Quadro business, and that's related to enterprise weakness, but it's also associated with the fact that Romley, the server platform, was delayed by some time for workstations.

好吧，如果你看年復一年 - 看看這個季度的年復一年，表現落後於所有其他業務的業務是我們的 Quadro 業務，這與企業的弱點有關，但它也與以下事實有關服務器平台 Romley 被工作站延遲了一段時間。

It's in the process of ramping now, and we think that held back some purchases of new workstations as people waited for this new platform.

它現在正處於加速發展的過程中，我們認為在人們等待這個新平台時，這阻礙了一些新工作站的購買。

It's surely a lot better than the previous generation.

肯定比上一代好很多。

Hopefully, as Romley gets out into the marketplace with the new Kepler GPUs, we're going to see the workstation market recover.

希望隨著 Romley 憑藉新的 Kepler GPU 進入市場，我們將看到工作站市場復甦。

But the end markets, whether it's notebooks or desktop, our expectation and our outlook is that it's softer than we had originally predicted.

但終端市場，無論是筆記本電腦還是台式機，我們的預期和展望是它比我們最初預測的要疲軟。

Thanks.

謝謝。

Congratulations on the strong result.

祝賀你取得了不錯的成績。

Yes, thanks a lot, Alex.

是的，非常感謝，亞歷克斯。

Romit Shah, Nomura.

Romit Shah，野村。

Jen-Hsun, just curious from your perspective, what's contributing to the uncertainty in the PC market?

Jen-Hsun，從您的角度很好奇，是什麼導致了 PC 市場的不確定性？

We're not seeing anything unusual than anybody else.

我們沒有比其他任何人看到任何不尋常的東西。

The end markets are softer than this time last year.

終端市場比去年這個時候要疲軟。

If I -- I guess I'm surprised that you asked at all.

如果我——我想我很驚訝你這麼問。

I think the overall market seems to indicate that the holiday season for PC sales is a little softer than expected.

我認為整體市場似乎表明個人電腦銷售的假期旺季比預期的要弱一些。

And, it's global, it's not particularly related to one particular geography, but China's softer.

而且，它是全球性的，它與某個特定的地理區域沒有特別的關係，但中國比較軟。

Europe is softer.

歐洲比較軟。

The US is -- seems okay.

美國 - 似乎還可以。

But, the vast majority of the end markets appear to be uncertain.

但是，絕大多數終端市場似乎都不確定。

The reason I ask the question is, from Intel's perspective, they've highlighted the macro, as well as the fact that some of these other devices like tablets are eating into the PC TAM, but curious from your perspective, if you see one issue being a bigger issue -- a bigger problem than the other?

我問這個問題的原因是，從英特爾的角度來看，他們強調了宏，以及平板電腦等其他一些設備正在蠶食 PC TAM 的事實，但從你的角度來看，如果你看到一個問題，你會感到好奇成為一個更大的問題——一個比另一個更大的問題？

Our view of the PC TAM is that it is being eaten by tablets, and the reason for that is because a great tablet is surely better than a cheap PC.

我們對 PC TAM 的看法是它正在被平板電腦吃掉，原因是好的平板電腦肯定比便宜的 PC 更好。

These days, the tablets are so versatile, and many of them are transformable and have hybrid tablet as well as notebook-usage models.

如今，平板電腦用途廣泛，其中許多是可變形的，並具有混合平板電腦和筆記本電腦使用型號。

And, now with the Surface -- Microsoft Surface and Win RT, the distinction between a PC -- a cheap PC and a great tablet is all but disappeared.

而且，現在有了 Surface——Microsoft Surface 和 Win RT，PC 之間的區別——便宜的 PC 和出色的平板電腦幾乎消失了。

In fact, we see -- our tablet business grew 100% year over year, so I think that the PC market, especially the cheap PC market -- but, we don't really play in the cheap PC market.

事實上，我們看到——我們的平板電腦業務同比增長 100%，所以我認為 PC 市場，尤其是廉價 PC 市場——但是，我們並沒有真正參與廉價 PC 市場。

The low-end part of the PC market is all integrated, so our opportunity is to replace and go into that marketplace with the Tegra processors in the tablets that we serve.

PC 市場的低端部分已全部集成，因此我們的機會是用我們服務的平板電腦中的 Tegra 處理器替換並進入該市場。

So for us, the vast majority of uncertainty is just end-market PC.

所以對我們來說，絕大多數不確定性只是終端市場 PC。

As a follow-up, I was hoping you could give us a sense of how aggressive you plan to be with the buyback over the next two years.

作為後續行動，我希望您能讓我們了解您計劃在未來兩年內對回購的積極性。

We haven't decided.

我們還沒有決定。

I assume that you are pleased with the dividend, and we are surely pleased by that.

我假設您對股息感到滿意，我們當然對此感到高興。

Our Board of Directors has extended our stock buyback plan to 2014, as Karen had said, so we will evaluate it from time to time, and we will be in the market.

正如凱倫所說，我們的董事會已將我們的股票回購計劃延長至 2014 年，因此我們將不時對其進行評估，我們將進入市場。

Okay, thanks.

好的謝謝。

David Wong, Wells Fargo.

大衛王，富國銀行。

First, a quick administrative one.

首先，一個快速的行政管理。

You're guiding for GAAP operating expenses to rise sequentially in the January quarter, even though your revenues are coming down, so is there a big jump in R&D?

您正在指導 GAAP 運營費用在 1 月季度環比上升，儘管您的收入正在下降，那麼研發是否有大幅增長？

And, where does that come from?

而且，這是從哪裡來的？

Our big jump in R&D comes from, really two places.

我們在研發方面的巨大飛躍實際上來自兩個地方。

One, we're in the process of going to market with our next-generation mobile processor, and that's -- we're really excited about that next-generation processor, and we're ramping very hard.

第一，我們正在將我們的下一代移動處理器推向市場，這就是——我們對下一代處理器感到非常興奮，而且我們正在努力加速。

The second part is our 4G LTE modem.

第二部分是我們的 4G LTE 調製解調器。

In order for us to really gain a larger footprint in smartphones, we have to integrate 4G LTE modem into our application processor.

為了讓我們真正在智能手機中獲得更大的份額，我們必須將 4G LTE 調製解調器集成到我們的應用處理器中。

This is a brand-new market for us.

這對我們來說是一個全新的市場。

Although we are already shipping some quantities of discrete LTE modems, the vast majority of the marketplace is really integrated.

儘管我們已經交付了一些分立的 LTE 調製解調器，但市場上的絕大多數確實是集成的。

We have a next-generation application processor integrated with a next-generation LTE, and this quarter we hope to tape out and race it to market.

我們擁有與下一代 LTE 集成的下一代應用處理器，本季度我們希望將其流片並競相上市。

So, our OpEx is increased so we can invest in that initiative.

因此，我們的運營支出增加了，因此我們可以投資於該計劃。

It's obviously a very, very large market opportunity for us, so we're quite bullish about it.

這對我們來說顯然是一個非常非常大的市場機會，所以我們非常看好它。

Okay, great.

好，太棒了。

And, actually related to that, can you give us some feel for what proportion of Tegra sales are tablets rather than smartphones?

而且，實際上與此相關的是，您能否給我們一些關於 Tegra 銷售中平板電腦而不是智能手機的比例的感覺？

And, do you expect Tegra for Windows RT tablets to be up or down in the January quarter?

而且，您預計用於 Windows RT 平板電腦的 Tegra 在 1 月季度會上漲還是下跌？

We expect -- I'll go backwards.

我們期望 - 我會倒退。

We expect the tablet sales to be down in the January quarter because most of the tablets go into -- we ship most of the tablet processors into manufacturing for our OEMs for their holiday build.

我們預計平板電腦銷量將在 1 月季度下降，因為大多數平板電腦都進入了 - 我們將大部分平板電腦處理器運送到我們的 OEM 的製造中，用於他們的假期構建。

Overall, our tablets are up 100% year over year.

總體而言，我們的平板電腦同比增長 100%。

Our Tegra processors, overall, is up about 50% year over year.

總體而言，我們的 Tegra 處理器同比增長約 50%。

So, that gives you a sense that the vast majority of the Tegra growth has come from tablets, and super phones has been relatively stable.

所以，這讓你感覺到，絕大多數 Tegra 的增長來自平板電腦，而超級手機相對穩定。

One of the reasons why we are so interested in integrating our application processor with a 4G modem so that we can expand the reach of our application processors into more of the smartphone marketplace.

我們對將我們的應用處理器與 4G 調製解調器集成如此感興趣的原因之一，以便我們可以將我們的應用處理器的範圍擴展到更多的智能手機市場。

This is really a great opportunity for us because if you think about the number of companies in the world that can combine a world-class CPU, a world-class GPU, a 4G modem, and has the expertise in the complicated software stacks necessary to partner with all of the companies on the various computing devices, there aren't really that many companies.

這對我們來說確實是一個很好的機會，因為如果你想想世界上有多少公司可以結合世界一流的 CPU、世界一流的 GPU、4G 調製解調器，並且在復雜的軟件堆棧方面擁有必要的專業知識與各種計算設備上的所有公司合作，實際上並沒有那麼多公司。

This is a great opportunity for us, so we're investing aggressively to get 4G into our product line.

這對我們來說是一個很好的機會，因此我們正在積極投資以將 4G 納入我們的產品線。

Excellent, thank you.

非常好，謝謝。

Harlan Sur, JPMorgan.

摩根大通的哈蘭蘇爾。

Maybe to start off, can you give us more color, directionally, what your three segments are going to be trending in the fourth quarter?

也許一開始，你能給我們更多的顏色，方向，你的三個細分市場在第四季度的趨勢是什麼？

Let's see, I think -- we're expecting our overall business to be down, and there are really two drivers of that.

讓我們看看，我認為 - 我們預計我們的整體業務會下降，這實際上有兩個驅動因素。

We're being cautious about the PC end markets, the entire -- we're seeing relatively similar behavior across each one of the regions.

我們對整個 PC 終端市場持謹慎態度——我們看到每個地區的行為都相對相似。

Although our position is better than ever in GPUs and in our workstation business, the PSB business, as well as our consumer business, where the Tegra business is, we are expecting some amount of end-market softness.

儘管我們在 GPU 和工作站業務、PSB 業務以及 Tegra 業務所在的消費者業務方面的地位比以往任何時候都好，但我們預計終端市場會出現一定程度的疲軟。

The second thing, I explained to David that the tablet will be down, even though the devices that we're in are incredibly successful.

第二件事，我向大衛解釋說，平板電腦會出現故障，儘管我們使用的設備非常成功。

The Nexus 7 is selling super well, and the Surface and the Win RT devices are really exciting.

Nexus 7 賣得非常好，Surface 和 Win RT 設備真的很令人興奮。

However, the vast majority of the builds for the holidays have to happen before the holidays.

但是，假期的絕大多數構建都必須在假期之前進行。

So, we shipped more proportionately to them in Q3 than in Q4.

因此，與第四季度相比，我們在第三季度向他們發貨的比例更高。

But overall, year over year, the tablet has doubled, and the overall Tegra business has increased 50%.

但總體而言，平板電腦同比翻了一番，整體 Tegra 業務增長了 50%。

So, I think that -- we will see how the market, the end markets do, and nobody's going to know until it's done.

所以，我認為——我們將看到市場、終端市場如何運作，在完成之前沒有人會知道。

But if it does well, we are really well positioned to take advantage of it.

但如果它做得好，我們就可以很好地利用它。

Great, thanks.

太謝謝了。

On the desktop GPU side, it looks like you had solid growth there in the third quarter.

在桌面 GPU 方面，看起來你在第三季度有穩健的增長。

I know that a big percentage of this business is tied to gaming.

我知道這項業務的很大一部分與遊戲有關。

In the US, we've seen several new, and much anticipated, game releases.

在美國，我們看到了幾款備受期待的新遊戲發布。

I could clearly see that as a big demand driver for the team.

我可以清楚地看到這是團隊的一個重要需求驅動因素。

The team has often talked about the gaming environment in Asia as being an even bigger driver for your GeForce products.

該團隊經常將亞洲的遊戲環境視為您的 GeForce 產品的更大推動力。

So, maybe you can spend a little bit of time highlighting, what are some of the trends in Asia that are responsible for -- or, what were responsible for the solid demand trends for your Kepler-based products in the second half of this year?

所以，也許你可以花一點時間來強調一下，亞洲的一些趨勢是什麼導致了——或者，是什麼導致了今年下半年基於開普勒的產品的穩定需求趨勢?

Yes, in fact, our GeForce business has been growing steadily and remains robust.

是的，事實上，我們的 GeForce 業務一直在穩步增長並保持穩健。

The driver for that, of course, is PC gaming.

當然，其驅動力是 PC 遊戲。

The gaming marketplace is very, very large, and each one of the regions has a slightly different dynamic.

遊戲市場非常非常大，每個地區的動態都略有不同。

Here in the west, we're going to see a couple of really huge titles coming out.

在西方，我們將看到幾個非常大的遊戲問世。

Call of Duty's coming out this holiday season, Far Cry's coming out, and Assassin's Creed is coming out.

使命召喚將在這個假期上映，孤島驚魂即將上映，刺客信條即將上映。

The anticipation is really great for those.

對於那些人來說，期待真的很棒。

In China, the dynamics are rather different, completely.

在中國，情況完全不同。

On the one hand, there are no game consoles really in China, so the PC is the game console of China.

一方面，中國沒有真正的遊戲機，所以PC是中國的遊戲機。

The second dynamic is their discovery of free to play, massive online, multi-player online games that are free to play, and that people can enjoy, with easy access, and play -- and pay as they go.

第二個動力是他們發現了免費的大型在線多人在線遊戲，這些遊戲是免費的，人們可以輕鬆訪問和玩——並隨用隨付。

All they need to have is a great GeForce card, and they can enjoy just about all the games they can play.

他們只需要一張出色的 GeForce 卡，就可以享受幾乎所有可以玩的遊戲。

I think the global PC gaming marketplace is quite vibrant.

我認為全球 PC 遊戲市場非常活躍。

And, we will take a cautious look as we -- cautious posture going into Q4, as we're uncertain about the end markets.

而且，我們將謹慎看待——進入第四季度的謹慎態度，因為我們對終端市場不確定。

But, if the end markets prove to be healthy and prove to be good, we're pretty well positioned to take advantage of it.

但是，如果最終市場被證明是健康的並且被證明是好的，我們就可以很好地利用它。

Great, thanks, Jen-Hsun.

太好了，謝謝，仁勳。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

This is Brian Peterson in for Hans.

這是漢斯的布萊恩·彼得森。

Could you talk about 28-nanometer supply and if that was a limitation at all this quarter?

你能談談 28 納米的供應嗎？如果這在本季度是一個限制？

And, what impact that may have on your January quarter outlook?

而且，這可能對您的 1 月季度前景產生什麼影響？

Well, the 28-nanometer yield and 28-nanometer supply situation have both improved substantially, so we feel pretty good about the balance of supply and demand at the moment.

那麼，28納米的良率和28納米的供應情況都有很大的改善，所以我們現在對供需平衡感覺很好。

Brian, you still there?

布萊恩，你還在嗎？

Mike McConnell, Pacific Crest.

邁克·麥康奈爾，Pacific Crest。

Looking at -- just backing into the number for Tegra for fiscal Q3, I come to about $165 million, is that the ballpark for Q3?

看看 - 只是回到第三財季 Tegra 的數字，我得出大約 1.65 億美元，這是第三季度的大概嗎？

Roughly.

大致。

Okay.

好的。

Then, looking at the $30 million, call it, order backing into that, that you got from Oak Ridge, is that a one-time item, or is that expected to continue into F Q4?

然後，看看你從橡樹嶺獲得的 3000 萬美元的訂單支持，這是一次性項目，還是預計將持續到第四季度？

One-time order, I should say.

一次性訂單，我應該說。

Supercomputers are built one at a time, but there are other supercomputers that are going to be built around the world, if that's what -- Kepler is just ramping for supercomputing -- for high-performance computing.

超級計算機一次建造一台，但世界各地還將建造其他超級計算機，如果這就是——開普勒正在為超級計算而努力——用於高性能計算。

Oak Ridge and the Titan was the first supercomputer we built into, and we've been planning on this for over one year.

Oak Ridge and the Titan 是我們內置的第一台超級計算機，我們已經為此計劃了一年多。

That was a very significant challenge for us, and it says something that the world's largest supercomputer would have chosen the Kepler GPU to power 90% of its computation, and we're hoping that Titan is going to deliver some amazing breakthroughs in science.

這對我們來說是一個非常重大的挑戰，它表明世界上最大的超級計算機會選擇 Kepler GPU 來支持其 90% 的計算，我們希望 Titan 能夠在科學方面取得一些驚人的突破。

This is the largest open-science supercomputer in the world.

這是世界上最大的開放科學超級計算機。

This is the fastest open-science supercomputer in the world.

這是世界上最快的開放科學超級計算機。

And, it also -- it was also the first supercomputer that we delivered Kepler to.

而且，它也是我們交付開普勒的第一台超級計算機。

At this point, we have supercomputers all over the world that we need to go build out.

在這一點上，我們在世界各地都有需要建造的超級計算機。

The run rate for Kepler is about 2x the run rate of Fermi, one year ago.

開普勒的運行速度大約是一年前費米的運行速度的 2 倍。

So, this is -- it really shows that people understand now that GPU-accelerated supercomputing, or GPU-accelerated high-performance computing, is really the most energy efficient, and also dollar efficient, way of computation.

所以，這確實表明人們現在明白 GPU 加速的超級計算或 GPU 加速的高性能計算確實是最節能的，也是最節省成本的計算方式。

I think we're starting to see that we're about reaching the tipping point of accelerated computing here, and we're really excited about it.

我認為我們開始看到我們即將達到加速計算的臨界點，我們對此感到非常興奮。

It's been quite a journey and quite an investment.

這是一段相當長的旅程，也是一項相當大的投資。

Now, CUDA is impacting every aspect of our business; in Tesla, you could see the progress there that we just talked about.

現在，CUDA 正在影響我們業務的方方面面；在特斯拉，你可以看到我們剛才談到的那裡的進展。

CUDA is also making it possible for workstations and design applications to design and simulate at the same time.

CUDA 還使工作站和設計應用程序可以同時進行設計和模擬。

CUDA is also making it possible for our PC gaming GeForce to be able to use simulation for special effects, and to materials, and dynamics in the virtual world.

CUDA 還使我們的 PC 遊戲 GeForce 能夠使用模擬來實現特殊效果，以及虛擬世界中的材質和動態。

So, CUDA has proven to be a real lift for our entire GPU business, and I would go so far as to say that because of CUDA, we have kept the GPU continuing to grow into more and more applications, and as a result, continue to grow the business.

因此，CUDA 已被證明是對我們整個 GPU 業務的真正提升，我什至可以說，由於 CUDA，我們讓 GPU 繼續發展為越來越多的應用程序，因此，繼續發展業務。

Just one clarification --

只是一個澄清——

Sorry, go ahead.

對不起，繼續。

On your first question, just a clarification, as we disclosed in the CFO commentary, the CPB increase quarter over quarter, that's almost entirely Tegra.

關於你的第一個問題，只是澄清一下，正如我們在首席財務官評論中披露的那樣，CPB 季度環比增長，這幾乎完全是 Tegra。

So, I think your number was understated.

所以，我認為你的數字被低估了。

Okay.

好的。

Jen-Hsun, one longer-term question on Tegra.

Jen-Hsun，關於 Tegra 的一個長期問題。

A few of us attended ARM's Tech Conference last week, and there was a session with Samsung.

我們中的一些人上週參加了 ARM 的技術會議，其中有一個與三星的會議。

And, they were pretty straightforward that with Exynos, they are going to be looking at more of a merchant strategy, going forward.

而且，他們非常直截了當地表示，對於 Exynos，他們將更多地考慮商業策略，並繼續前進。

And, they also expressed some pretty strong interest in Windows RT.

而且，他們還表達了對 Windows RT 的強烈興趣。

As you look at the competitive landscape next year for Tegra, just the resources that Samsung has, their own fabrication facilities, does that alter your view of the competitive landscape at all, when you think about Samsung potentially getting involved in this business segment?

當您查看 Tegra 明年的競爭格局時，僅三星擁有的資源，他們自己的製造設施，當您考慮三星可能涉足該業務領域時，這是否會改變您對競爭格局的看法？

Samsung is surely a formidable company, and to most customers, Samsung is just down right scary.

三星無疑是一家強大的公司，對於大多數客戶來說，三星簡直是可怕的。

You've heard Asia's posture about Samsung.

你聽說過亞洲對三星的態度。

So, I think that our focus (inaudible) we have to continue to stay ahead of them, technologically, and we have the capability to do so.

所以，我認為我們的重點（聽不清）我們必須繼續在技術上保持領先於他們，我們有能力這樣做。

We're one of the few companies in the world that has the ability to do so in the area of computing.

我們是世界上少數有能力在計算領域做到這一點的公司之一。

Number two, we are a neutral and a friendly partner for all of the companies that Samsung competes against.

第二，對於三星與之競爭的所有公司，我們都是中立且友好的合作夥伴。

And, in most of these devices that you're talking about -- it's not like selling a DRAM.

而且，在您談論的大多數這些設備中——這不像銷售 DRAM。

It's about -- it's like collaborating to build computers, and so it's engineers working hand in hand with other engineers.

它是關於 - 這就像合作製造計算機，因此它是工程師與其他工程師攜手合作。

If there's concern about trade secrets, if there's concerns about confidentiality, we are one that they have no concerns about.

如果擔心商業秘密，如果擔心保密，我們是他們不擔心的人。

We're not going to win everywhere, but as you know, Tegra is a small business.

我們不會在任何地方都贏，但如您所知，Tegra 是一家小企業。

This is -- we still have an opportunity to grow well over 50% each year.

這是 - 我們仍然有機會每年增長超過 50%。

Surely, as we look into next year, between our next-generation processor, the new segments that we're in, and the fact that we're going to introduce our own 4G-integrated modem processors, I think our growth opportunity is still pretty exciting.

當然，當我們展望明年時，在我們的下一代處理器、我們所處的新細分市場以及我們將推出我們自己的 4G 集成調製解調器處理器這一事實之間，我認為我們的增長機會仍然是相當令人興奮。

Great, thank you.

太好了謝謝。

Daniel Amir, Lazard Capital Markets.

丹尼爾·阿米爾，拉扎德資本市場。

Couple questions here.

這裡有幾個問題。

First of all, just from a housekeeping perspective, on the tax rate here, how should we be looking at the tax rate into next year?

首先，從家政的角度來看，這裡的稅率，我們應該如何看待明年的稅率？

And then I have one follow-up.

然後我有一個後續行動。

The tax rate is as we disclosed, as far as our best outlook.

就我們的最佳前景而言，稅率正如我們所披露的那樣。

Next year, who knows?

明年，誰知道呢？

We just got the elections done, and we'll see what Congress does, and what our new President will be able to drive.

我們剛剛完成了選舉，我們將看看國會做了什麼，以及我們的新總統將能夠推動什麼。

Okay.

好的。

Then, to follow up a bit to the previous question, where do we stand in Project Denver?

然後，跟進上一個問題，我們在丹佛計劃中處於什麼位置？

What's the latest there?

那裡的最新消息是什麼？

What's your thought a bit about how the ARM market will develop, and NVIDIA's position there?

您對 ARM 市場將如何發展以及 NVIDIA 在其中的地位有何看法？

Project Denver is a 64-bit processor, and it is a full-custom v8 64-bit processor with some exciting secret sauce, and we haven't revealed much about it.

Project Denver 是一個 64 位處理器，它是一個完全定制的 v8 64 位處理器，帶有一些令人興奮的秘訣，我們還沒有透露太多關於它的信息。

There are no 64-bit processors shipping today, as you know, and V8 was just announced.

如您所知，今天沒有 64 位處理器出貨，而 V8 剛剛發布。

The next 64-bit was just announced.

下一個 64 位剛剛宣布。

So, I guess the only thing I can tell you, it's -- Denver's going great.

所以，我想我能告訴你的唯一一件事就是——丹佛的表現很棒。

Okay, great.

好，太棒了。

Thanks.

謝謝。

Amrish Srivastava, BMO.

Amrish Srivastava，BMO。

Thank you, Jen-Hsun, that was a good response.

謝謝你，仁勳，這是一個很好的回應。

At least you gave your perspective to Mike's question, but I wanted to follow up on that a little bit.

至少你對邁克的問題給出了你的看法，但我想跟進一下。

The analogy between the tablet market and the PC market -- and correct me if I'm wrong, in the PC market you had refreshes between you and AMD.

平板電腦市場和個人電腦市場之間的類比——如果我錯了，請糾正我，在個人電腦市場上，你和 AMD 之間有了更新。

And, you would -- on the back of your architecture, you would win a socket, lose a socket, and that could last 1.5 years.

而且，你會 - 在你的架構的背面，你會贏得一個套接字，失去一個套接字，這可能會持續 1.5 年。

But, as I look at the tablet market -- so you got the market design win, Google 7, Nexus 7, and then the pen goes back to Samsung.

但是，當我看到平板電腦市場時——所以你獲得了市場設計的勝利，谷歌 7、Nexus 7，然後筆又回到了三星。

Is there anything different here that you can drive that can lead to more sustainability of design wins?

這裡有什麼不同的東西可以推動設計勝利的可持續性發展嗎？

And, not just at Google, just kind of broadly.

而且，不僅僅是在谷歌，只是在某種程度上。

Again, I wanted to just put that out there that you guys have done a good job, not sitting idly and targeting -- going after the mobile space and expanding your TAM.

再說一次，我想說明你們做得很好，而不是無所事事地瞄準——追求移動領域並擴大你的 TAM。

Then, my quick follow-up, Jen-Hsun, if I may -- the low-end TAM you mentioned, how big is that TAM for you on the low-end PC side, that you did not address before?

然後，我的快速跟進，Jen-Hsun，如果可以的話 - 你提到的低端 TAM，在低端 PC 端，你之前沒有提到的 TAM 有多大？

Thank you.

謝謝你。

I can tell you what our focus is.

我可以告訴你我們的重點是什麼。

Our focus is to build the world's best mobile computers.

我們的重點是打造世界上最好的移動電腦。

And to do that, you need to have a great SOC, you need to have a great GPU, and you need to have extraordinary software capability.

要做到這一點，你需要一個出色的 SOC，你需要一個出色的 GPU，你需要擁有非凡的軟件能力。

There are multiple platforms --there's Android, there's Android phones, there's Win RT, there's Linux, there's Chrome, there's Windows 8 phone.

有多種平台——有安卓，有安卓手機，有Win RT，有Linux，有Chrome，有Windows 8手機。

There's quite a few platforms.

有好幾個平台。

We have the capacity as a Company, both technologically as well as resources, to be able to partner with many of these companies, these ecosystem owners, to build these great computers.

作為一家公司，無論是在技術上還是在資源上，我們都有能力與許多這樣的公司、這些生態系統所有者合作，建造這些偉大的計算機。

And you're right, we're not going to win them all; but as you can see, we win our fair share, and we're winning more and more every day.

你是對的，我們不會贏得所有人；但正如你所見，我們贏得了公平的份額，而且我們每天都在贏得越來越多的勝利。

We won about 100% more this year than we did last year, and my hope is that we will win even more next year.

今年我們比去年多贏了大約 100%，我希望明年我們能贏更多。

Every time we expand the reach of our Company into new platforms, and this year it was Win RT, it really expanded the reach of our Company and expanded our growth.

每次我們將公司的影響力擴展到新平台時，今年是 Win RT，它確實擴大了公司的影響力並擴大了我們的增長。

So, we're just going to keep -- stay focused on that.

所以，我們將繼續 - 保持專注於此。

One of the attributes of our Company is technology leadership.

我們公司的特點之一是技術領先。

You can trust us, to partner deeply with us, to build these complicated devices, and I think that's a real virtue.

您可以信任我們，與我們深入合作，構建這些複雜的設備，我認為這是一種真正的美德。

With respect to the size of the PC TAM, you're alluding to, and what I also believe, and now what the world is seeing, that a great tablet is every bit better than a cheap PC.

關於 PC TAM 的大小，您所暗示的，我也相信，現在世界所看到的，一台出色的平板電腦比廉價的 PC 好一點。

And, that is the reason why tablets are gaining the favoritism of consumers all over the world.

這也是平板電腦受到全球消費者青睞的原因。

It's easier to use.

它更容易使用。

It's more delightful to use, and it's more useful.

使用起來更愉快，也更有用。

The cheap-PC market represents probably [100 million] to 200 million units a year.

廉價 PC 市場每年可能有 [1 億] 到 2 億台。

The vast majority of the world's PCs are affordable PCs, as you know, they're cheap PCs.

世界上絕大多數 PC 都是價格實惠的 PC，如您所知，它們是廉價 PC。

That segment is now wide open as these mobile processors that become more and more capable, and you know that disruption comes from the bottom.

隨著這些移動處理器的功能越來越強大，這一領域現在已經完全開放，而且你知道顛覆來自底層。

The disruption comes from the bottom because the volumes are so high.

中斷來自底部，因為交易量如此之高。

In just two years' time, this year we'll probably ship around 30 million Tegra processors, and that just happened in this -- in the blink of an eye.

在短短兩年的時間裡，今年我們可能會出貨大約 3000 萬個 Tegra 處理器，而這只是發生在這件事上——眨眼間。

And that's -- and yet, there's enormous markets ahead of it.

這就是 - 然而，在它面前還有巨大的市場。

Once an instruction-set architecture, like the ARM CPU, reaches critical mass and the developers all focus on it, it becomes more and more valuable.

一旦指令集架構（如 ARM CPU）達到臨界質量並且開發人員都專注於它，它就會變得越來越有價值。

And, it becomes more useful.

而且，它變得更加有用。

And, as more companies drive and compete in this ecosystem, in this marketplace, we make the SOCs better and better; and before you know it, it disrupts the market above.

而且，隨著越來越多的公司在這個生態系統中推動和競爭，在這個市場上，我們讓 SOC 變得越來越好；在不知不覺中，它擾亂了上面的市場。

The market above is -- directly above the tablet is the cheap-PC market.

上面的市場是——在平板電腦的正上方是廉價PC市場。

So, that's a big opportunity for us, especially now with Win RT, so I'm super excited about it.

所以，這對我們來說是一個很大的機會，尤其是現在有了 Win RT，所以我對此感到非常興奮。

Thank you.

謝謝你。

Craig Ellis, Caris & Company.

克雷格·埃利斯，Caris & Company。

This is Brett Piira, here, for Craig.

這是布雷特·皮拉，在這裡，為克雷格。

Obviously within Tegra, you are doing well in tablets.

顯然，在 Tegra 中，您在平板電腦方面做得很好。

Can you talk a little bit about the smartphone mix you have in there, and design wins that you have, compared to -- I think you've referenced 30 before?

您能否談談您在其中擁有的智能手機組合，以及您擁有的設計勝利，與 - 我認為您之前引用過 30 個？

This year for super phones, we did about as well this year as we did last year.

今年對於超級手機，我們今年的表現與去年差不多。

Last year, we had Motorola, we had LG, we had some others.

去年，我們有摩托羅拉、LG，還有其他一些。

This year, we had the benefit of working with HTC; Fujitsu, the number one in Japan; ZTE.

今年，我們有幸與 HTC 合作；富士通，日本第一；中興通訊。

With Wayne, our next-generation processor, we will have even more.

有了我們的下一代處理器 Wayne，我們將擁有更多。

Each year, we are able to gain the trust and develop the reputation to work with more and more smartphone companies, so we're going to continue to expand in that segment.

每年，我們都能夠獲得信任並建立與越來越多的智能手機公司合作的聲譽，因此我們將繼續在該領域擴張。

For us to really grow in the smartphone marketplace, as you know, we need to really integrate a modem.

如您所知，要讓我們在智能手機市場真正成長，我們需要真正集成調製解調器。

And, that's one of the reasons why -- well, that's the reason why we bought this really great company called Icera.

而且，這就是為什麼 - 嗯，這就是我們收購這家名為 Icera 的非常棒的公司的原因之一。

We have 4G LTE, now certified at AT&T, data side, and we are in the process of working on voice.

我們擁有 4G LTE，現已在 AT&T 數據方面獲得認證，我們正在開發語音。

One of the reasons why our OpEx is high -- increased for next quarter, is our increased investment in our integrated-application processor in 4G from product.

我們的 OpEx 高（下個季度增加）的原因之一是我們從產品中增加了對 4G 集成應用處理器的投資。

If we can get that to market soon, which we hope, we'll be able to expand our smartphone opportunity quite dramatically.

如果我們能夠盡快將其推向市場，我們希望，我們將能夠極大地擴大我們的智能手機機會。

And, now that we have the software stack developed with each one of the phone companies, the opportunity could be quite significant for us.

而且，既然我們擁有與每家電話公司一起開發的軟件堆棧，那麼這個機會對我們來說可能非常重要。

Okay, thanks.

好的謝謝。

Then on the GPU side, could you talk about the trends you're seeing within -- obviously, I think ASPs should probably be up within the GPU, but how much that was up compared to units the in the quarter?

然後在 GPU 方面，您能否談談您在其中看到的趨勢 - 顯然，我認為 GPU 內的 ASP 可能會上升，但與本季度的單位相比上升了多少？

Karen could tell you the exact numbers.

凱倫可以告訴你確切的數字。

Overall, with the exception of Quadro, which was down year over year, it was down year over year not because we lost any share, not because ASP was down -- in fact, ASP was stable, gross margins was stable, our position in that marketplace is better than ever.

總體而言，除了 Quadro 同比下降之外，同比下降不是因為我們失去任何份額，也不是因為 ASP 下降——事實上，ASP 穩定，毛利率穩定，我們在這個市場比以往任何時候都好。

The workstation marketplace was just generally soft.

工作站市場普遍疲軟。

Two reasons that I mentioned earlier, I think the end market was soft and the delay of the Romley platform, workstation platform, caused some delayed buying in the marketplace.

我前面提到的兩個原因，我認為終端市場疲軟，以及 Romley 平台、工作站平台的延遲，導致市場上的一些延遲購買。

But overall, the GPU marketplace was -- our GPU business was up about 15% year over year, and I think -- I would think that the ASP was up.

但總體而言，GPU 市場是——我們的 GPU 業務同比增長約 15%，我認為——我認為 ASP 上升了。

Yes.

是的。

Volume was fairly -- we had an increase in volume, but I think the bigger piece is we're selling more Kepler GPUs, and those are at higher ASPs than our older-generation Fermi.

銷量相當——我們的銷量有所增加，但我認為更大的部分是我們銷售了更多的 Kepler GPU，而且這些 GPU 的 ASP 比我們的老一代 Fermi 更高。

So, as far as the mix in GPU, it's much richer.

因此，就 GPU 中的混合而言，它要豐富得多。

So yes, ASP, higher overall.

所以是的，ASP，總體上更高。

Okay, understandable.

好的，可以理解。

Thanks, guys.

多謝你們。

Dale Pfau, Cantor Fitzgerald.

Dale Pfau，康托爾·菲茨杰拉德。

Could you talk a little about the integration of the voice stack on your Icera baseband with your applications processor?

您能否談談您的 Icera 基帶上的語音堆棧與您的應用處理器的集成？

Other companies, historically, have struggled with this.

從歷史上看，其他公司一直在為此苦苦掙扎。

Could you tell us where you are, and if you're still on track to introduce your Grey to the market here in -- what, the first calendar quarter, I think originally is where you were going to do it?

你能告訴我們你在哪裡嗎？如果你仍然可以將你的 Grey 推向市場 - 什麼，第一個日曆季度，我認為最初是你打算做的地方？

Backwards, Grey is on track.

向後看，格雷走上了正軌。

We have already shipped a voice stack on our Icera modem.

我們已經在我們的 Icera 調製解調器上發布了語音堆棧。

We shipped it with ZTE.

我們與中興通訊一起發貨。

And, our focus now is really move -- and that's a 3G -- 3G data modem, 3G stack.

而且，我們現在的重點是真正的移動——那就是 3G——3G 數據調製解調器，3G 堆棧。

We are now moving all of our focus to 4G and LTE.

我們現在將所有重點轉移到 4G 和 LTE。

So, it is a very significant effort, and we have been endeavoring there for some time now.

所以，這是一項非常重大的努力，我們已經為此努力了一段時間。

And, we're quite enthusiastic about going to market with Grey.

而且，我們非常熱衷於與 Grey 一起進入市場。

Thank you.

謝謝你。

Ross Seymore, Deutsche Bank Securities.

德意志銀行證券公司羅斯·西莫爾。

First of all, congrats on the solid results, and especially on instituting the dividend.

首先，祝賀穩健的業績，尤其是設立股息。

That's always a positive move.

這總是一個積極的舉動。

In the Consumer Business, and more specifically in the Tegra business, Jen-Hsun, how do you think about balancing the profitability versus the growth as you go forward in that?

在消費者業務中，更具體地說是在 Tegra 業務中，Jen-Hsun，您如何看待在此過程中平衡盈利能力和增長？

We've been investing in Tegra, now, for a few years.

幾年來，我們一直在投資 Tegra。

But mobile computing, as you know, is the future of computing.

但如您所知，移動計算是計算的未來。

There is no computing beyond mobile computing in the future.

未來除了移動計算之外沒有計算。

Every computer will be mobile.

每台計算機都將是移動的。

So, this isn't really a question about are we expecting to be more or less profitable in Q3 or Q4?

所以，這並不是一個真正的問題，即我們是否期望在第三季度或第四季度或多或少地盈利？

This is really about the future of the industry.

這真的關乎行業的未來。

We, for all of the good fortune and good decisions, have found ourselves in a pretty great place in mobile computing.

儘管我們擁有所有的好運和正確的決定，但我們發現自己在移動計算領域處於一個相當不錯的位置。

And, I think that we have, now, an opportunity to integrate our 4G modem and expand deeper into the smartphone market, continue to execute our road map, and because of the enormous implications of Win RT, give us the opportunity to grow into the PC marketplace.

而且，我認為我們現在有機會整合我們的 4G 調製解調器並更深入地擴展到智能手機市場，繼續執行我們的路線圖，並且由於 Win RT 的巨大影響，讓我們有機會成長為個人電腦市場。

The future of cheap PCs is really tablets, great tablets.

廉價個人電腦的未來真的是平板電腦，很棒的平板電腦。

There will likely be Win RT tablets.

可能會有 Win RT 平板電腦。

They could be -- they may very well be Android tablets.

它們可能是——它們很可能是 Android 平板電腦。

I could even imagine them being Chrome tablets.

我什至可以想像它們是 Chrome 平板電腦。

These are -- and, these tablets have keyboards, of course, so they're sometimes touch tablets, sometimes they're a notebook.

這些是——而且，這些平板電腦當然有鍵盤，所以它們有時是觸摸平板電腦，有時是筆記本電腦。

But, I think we all recognize, now, that this is likely the future of the computer industry.

但是，我想我們現在都認識到，這很可能是計算機行業的未來。

I think we find ourselves in a really exciting time.

我認為我們發現自己正處於一個非常激動人心的時刻。

Win RT just went to market.

Win RT 剛剛上市。

I'm really excited about it.

我真的很興奮。

We're seeing people using it all over.

我們看到人們到處使用它。

And next year, I think we're going to see even more, so this is pretty exciting stuff.

明年，我想我們會看到更多，所以這是非常令人興奮的事情。

I guess as my follow-up, just sticking with the Tegra side and some of the modem comments you made earlier, as far as either the voice side of LTE or the fully integrated side, is there any benchmarks, timing wise, that we can look forward to, as to when you expect those products to be available?

我想作為我的後續行動，只是堅持 Tegra 方面和您之前所做的一些調製解調器評論，就 LTE 的語音方面或完全集成方面而言，是否有任何基準，時間明智，我們可以期待，至於您預計這些產品何時上市？

We're taping out products now.

我們現在正在生產產品。

We're taping out products, our integrated product now.

我們正在流片產品，我們現在的集成產品。

That's really the product that in about one year's timeframe will really matter to get us into a larger part of the smartphone market.

這確實是在大約一年的時間框架內讓我們進入更大範圍的智能手機市場的真正重要的產品。

In the meantime, we're also ramping into the marketplace our next-generation application processor.

與此同時，我們也在將我們的下一代應用處理器推向市場。

So, we're looking forward to a new generation of super phones that we'll be in.

因此，我們期待著我們將使用的新一代超級手機。

And so -- but the real big opportunity is going to come with integrated 4G modem, a processor that we internally call Grey.

所以——但真正的大機會將來自集成的 4G 調製解調器，我們內部稱之為 Grey 的處理器。

Great, thank you.

太好了謝謝。

Raji Gil, Needham & Company.

拉吉吉爾，李約瑟公司。

Thanks, and congrats, as well.

謝謝，也恭喜。

A couple questions on Tegra, if I can.

如果可以的話，有幾個關於 Tegra 的問題。

You talked about developing an integrated baseband and app processor, to compete against Qualcomm I would presume, which is the dominant player there.

您談到開發集成基帶和應用處理器，以與我認為的高通競爭，後者是那裡的主導者。

If you look at where Qualcomm's positioned in terms of its end customers, obviously they have Apple and are benefiting from that, how do you intend to take share away from Qualcomm in the market?

如果你看看高通在終端客戶方面的定位，顯然他們擁有蘋果並從中受益，你打算如何從高通手中奪走市場份額？

And, how do you look at the market in smartphone, which bifurcated between the high end, which is Samsung and Apple, and the low end, which is ZTE and Hauwei, how do you look at the smartphone market?

並且，您如何看待智能手機市場，它分為高端（三星和蘋果）和低端（中興通訊和華為），您如何看待智能手機市場？

And, how do you position your products relative to the competition?

而且，您如何相對於競爭對手定位您的產品？

First of all, thank you very much, Raji.

首先，非常感謝你，拉吉。

First of all, we have already taken share from the mobile-processor companies.

首先，我們已經從移動處理器公司那裡獲得了份額。

The fact that Tegra is already a multi $100 million business, on its way to being much larger, is taking share from someone.

事實上，Tegra 已經是一家價值 1 億美元的企業，並且正在變得更大，正在從某人那裡獲得份額。

We are brand new to this marketplace, and we've only been in it for two years, so this is -- we're obviously -- we're clearly holding our own.

我們對這個市場是全新的，而且我們只進入了兩年，所以這是 - 我們顯然 - 我們顯然擁有自己的。

Our position is where computing is richest.

我們的位置是計算最豐富的地方。

If computing and a general purpose computing platform matters, if performance matters, technology leadership matters, I think we can make a real contribution.

如果計算和通用計算平台很重要，如果性能很重要，技術領先很重要，我認為我們可以做出真正的貢獻。

When you think about integrated modems, you're right that more companies are becoming vertically integrated.

當您考慮集成調製解調器時，您是對的，越來越多的公司正在垂直整合。

That's going to affect all of us.

這將影響我們所有人。

Samsung's desire probably, based on some questions earlier, is not to buy chips from other companies, any companies -- but, we don't have Samsung as a customer today, and nor do we have Apple, so we have nothing to lose.

根據前面的一些問題，三星的願望可能不是從其他公司購買芯片，任何公司——但是，我們今天沒有三星作為客戶，也沒有蘋果，所以我們沒有什麼可失去的。

But there are many other customers that I think are going to be pretty terrific to work with, and whether it's global tier ones, the global brands, whether it's LG or ZTE or HTC or Sony or Fujitsu, or -- there's a large list of global phone brands that we'd love to partner with and that we're partnering with.

但我認為還有許多其他客戶會非常適合合作，無論是全球一線客戶，全球品牌，無論是 LG、中興、HTC、索尼或富士通，或者——有一大堆我們願意與我們合作的全球手機品牌。

There's also China.

還有中國。

The dynamics of China is very, very different than the dynamics of the rest of the world.

中國的動態與世界其他地區的動態非常、非常不同。

They have many different modem standards.

他們有許多不同的調製解調器標準。

They have a very large number of phone companies.

他們有大量的電話公司。

And, we have the software engineering capacity to be able to partner with them and to help them build amazing phones.

而且，我們擁有軟件工程能力，能夠與他們合作並幫助他們打造出色的手機。

So, I surely see what you see, that there are vertical integration and that's -- they will continue to do that.

所以，我肯定看到你所看到的，存在垂直整合，他們將繼續這樣做。

However, there's a very large market of hundreds of millions of phones that we can go and make a contribution to.

但是，我們可以去為數億部手機做出貢獻的巨大市場。

Very good.

很好。

One last question.

最後一個問題。

As you look to fiscal year 2014 on the Tegra side, any thoughts in terms of what the mix could be between tablets and smartphones?

當您展望 Tegra 方面的 2014 財年時，您對平板電腦和智能手機之間的組合有何想法？

And along those lines, do you see ARM-based Tegra processors in the notebook market gaining some traction in fiscal year '14 or calendar '13?

沿著這些思路，您是否看到筆記本市場上基於 ARM 的 Tegra 處理器在 14 財年或 13 財年獲得了一些吸引力？

Sure.

當然。

We have several segments for Tegra -- there's Tegra Android phones; there's Tegra Android tablets; there's Tegra Win RT PCs; and there's Tegra automotive.

我們有幾個 Tegra 細分市場——有 Tegra Android 手機；有 Tegra Android 平板電腦；有 Tegra Win RT PC；還有 Tegra 汽車。

The car is the most mobile computer of all.

汽車是最便攜的電腦。

And, people know that all the cars want to incorporate computers for all kinds of reasons, whether it is infotainment, navigation, or driver assistance.

而且，人們知道所有汽車都出於各種原因想要安裝計算機，無論是信息娛樂、導航還是駕駛員輔助。

This is an area where we can add an enormous amount of value.

這是一個我們可以增加巨大價值的領域。

And next year, I think you are going to find that -- we are going to find that auto is likely to be its first $100 million year.

明年，我想你會發現——我們會發現汽車很可能是它的第一個 1 億美元的年份。

Win RT is likely to be much larger next year than this year.

Win RT 明年可能會比今年大得多。

And, Tegra tablet will continue to be quite a rich business for us, and then there's the Tegra phones.

而且，Tegra 平板電腦將繼續成為我們相當豐富的業務，然後是 Tegra 手機。

So, if you look at it from that perspective, tablets and automotive -- the Android tablet, Win RT tablet, and automotive will represent the largest proportion of the overall Tegra business.

因此，如果從這個角度來看，平板電腦和汽車——Android 平板電腦、Win RT 平板電腦和汽車將佔整個 Tegra 業務的最大比例。

Then, the year after that, I hope that, with our integrated modem, Tegra could be a much larger part of the business.

然後，在那之後的一年，我希望通過我們的集成調製解調器，Tegra 可以成為業務中更大的一部分。

Great.

偉大的。

That was excellent, thank you.

那太好了，謝謝。

Okay.

好的。

With respect to PCs, tablets are the modern PCs.

就個人電腦而言，平板電腦是現代個人電腦。

I think we have time for maybe one more question.

我想我們有時間再問一個問題。

Craig Berger, FBR Capital.

克雷格·伯傑，FBR Capital。

I wanted to ask on the 28-nanometer Kepler GPUs -- the pricing has been great.

我想問一下 28 納米 Kepler GPU 的問題——價格非常好。

The gross margins seem to have been good.

毛利率似乎不錯。

Can you help us understand what are the factors that might impact gross margins for that product?

您能否幫助我們了解可能影響該產品毛利率的因素是什麼？

Which way you think they'll be going as, presumably, yields improve, as wafer costs decline, and I guess, ASPs decline, how do we think about GPU margins going forward?

隨著晶圓成本下降，我猜，平均售價下降，你認為它們會朝哪個方向發展，我們如何看待 GPU 利潤率的未來？

Also, how much is Fermi versus Kepler?

另外，費米和開普勒的價格是多少？

Thank you.

謝謝你。

Pricing is stable.

定價穩定。

Pricing is stable because our position in the market, in the markets that we serve, is better than ever.

定價是穩定的，因為我們在市場中的地位，在我們服務的市場中，比以往任何時候都更好。

A lot of people see our GPU business as a components business selling into PCs, but -- that is part of it, we sell GPU components to notebook OEMs, and there, the margins are much tighter.

很多人將我們的 GPU 業務視為向 PC 銷售的組件業務，但是——這是其中的一部分，我們向筆記本 OEM 銷售 GPU 組件，而那裡的利潤要緊得多。

However, the other parts -- the vast majority of our GPUs profits come from, what Rob called earlier, the special-purpose PCs.

然而，其他部分——我們 GPU 的絕大部分利潤來自 Rob 之前所說的專用 PC。

PCs that are built for PC gaming -- gamers built it for PC gaming, this is -- our GPU architecture, our GPU stack, the software that we dedicate to games, and the work that we do with game developers all over the world, makes the GeForce architecture the best in the world for PC gaming.

專為 PC 遊戲打造的 PC——遊戲玩家為 PC 遊戲打造的 PC，這就是——我們的 GPU 架構、我們的 GPU 堆棧、我們專門用於遊戲的軟件，以及我們與世界各地的遊戲開發者合作的工作，使 GeForce 架構成為世界上最適合 PC 遊戲的架構。

The work that we do with workstations, whether it's automotive, manufacturing, digital-content creation, digital broadcast, the augmented-reality imagery that you saw on CNN for the election, where the virtual sets look so real -- it's almost like the broadcaster or the commentator was inside a pretty amazing room -- all that stuff is done using NVIDIA's Quadro GPUs.

我們用工作站做的工作，無論是汽車、製造、數字內容創作、數字廣播，還是你在 CNN 上看到的選舉增強現實圖像，虛擬場景看起來如此真實——幾乎就像廣播公司或者評論員在一個非常棒的房間裡——所有這些都是使用 NVIDIA 的 Quadro GPU 完成的。

That's very software intensive, and the vast majority of the value we deliver is software.

這是非常軟件密集型的，我們提供的絕大多數價值是軟件。

Then of course, high-performance computing with Tesla; tools; compilers; libraries; the computational mathematicians we have all around the world to help people optimize their software; the solution architects that are out in the field working with large customers, like Oak Ridge National Labs, so that we can help them build their supercomputers.

然後當然是特斯拉的高性能計算；工具;編譯器；圖書館；我們在世界各地的計算數學家幫助人們優化他們的軟件；與橡樹嶺國家實驗室等大客戶合作的現場解決方案架構師，以便我們可以幫助他們構建他們的超級計算機。

These businesses -- the Tesla business, the Quadro business, the GeForce PC gaming business are incredibly software intensive.

這些業務——Tesla 業務、Quadro 業務、GeForce PC 遊戲業務都是軟件密集型業務。

And there, our margins are very good and the pricing is stable, and the reason for that is because we add a lot of value.

在那裡，我們的利潤率非常好，定價穩定，原因是我們增加了很多價值。

My expectation is, as we continue to solidify our position in the marketplace and we continue to add value to our customers, the pricing should be stable.

我的期望是，隨著我們繼續鞏固我們在市場中的地位並繼續為客戶增加價值，定價應該是穩定的。

Jen-Hsun, did you say how much was Fermi versus Kepler in the quarter just ended?

Jen-Hsun，你有沒有說剛剛結束的那個季度費米對開普勒有多少？

I didn't, but -- go ahead.

我沒有，但是 - 繼續。

We don't really disclose that.

我們並沒有真正透露這一點。

The point I was making before is, like Jen-Hsun said, the price is stable depending on the segment you're in.

我之前的觀點是，就像仁勳所說，價格是穩定的，取決於你所在的細分市場。

So, if you're in a high-end segment, you have a certain ASP.

因此，如果您處於高端細分市場，您就有一定的 ASP。

Then, the only point about Fermi is, as we move through a new generation, the older generations go further down the stack.

然後，關於費米的唯一一點是，當我們進入新一代時，老一代會走得更遠。

So, they're lower ASP.

所以，它們的平均售價較低。

Okay.

好的。

Then, as a follow-up question, can I ask one on the baseband efforts, it sounds like you're getting close to taping out an integrated part.

然後，作為一個後續問題，我可以問一個關於基帶工作的問題嗎，聽起來你已經接近完成一個集成部分了。

I'm assuming that's 4G LTE.

我假設那是 4G LTE。

Are there specific geographies you're going to be targeting first?

您是否首先要定位特定的地理位置？

Obviously, the world's a big place.

顯然，世界很大。

They all require different software stacks.

它們都需要不同的軟件堆棧。

What's your roll-out strategy there, as you go against much larger competitors?

當您與更大的競爭對手對抗時，您的推廣策略是什麼？

Thank you.

謝謝你。

We'll start with the US.

我們將從美國開始。

We're nearing sampling of a discrete 4G LTE modem, and then we're taping out an integrated 4G LTE modem -- integrated 4G application processor.

我們即將對分立式 4G LTE 調製解調器進行採樣，然後我們將推出集成式 4G LTE 調製解調器——集成式 4G 應用處理器。

That's the reason why we're increasing our investment.

這就是我們增加投資的原因。

Thank you.

謝謝你。

Okay, I think that's all we have time for today.

好的，我想這就是我們今天的全部時間。

We look forward to talking to all of you next quarter about our Q4 results.

我們期待在下個季度與大家討論我們的第四季度業績。

Thank you, everyone.

謝謝大家。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。