輝達 (NVDA) 2016 Q1 法說會逐字稿

Good afternoon. My name is George, and I will be your conference operator today. At this time, I would like to welcome everyone to the NVIDIA financial results conference call.

下午好。我的名字是喬治，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 NVIDIA 財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this call is being recorded Thursday, May 7, 2015. I will now turn the call over to the Mr. Arnab Chanda, Head of Investor Relations at NVIDIA. Mr. Chanda, you may begin your conference.

提醒一下，此電話將於 2015 年 5 月 7 日星期四錄製。我現在將把電話轉給 NVIDIA 投資者關係主管 Arnab Chanda 先生。 Chanda 先生，你可以開始你的會議了。

Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the first quarter of FY16. With me on the call today from NVIDIA Jen-Hsun Huang, President and Chief Executive Officer, and Colette Kress, Executive Vice President and Chief Financial Officer.

謝謝你。大家下午好，歡迎參加 NVIDIA 2016 財年第一季度的電話會議。 NVIDIA 總裁兼首席執行官黃仁勳和執行副總裁兼首席財務官 Colette Kress 今天與我通話。

I'd like to remind you that today's call is being webcast live on NVIDIA's investor relations website. It is also being recorded. You can hear a replay by telephone until May 14, 2015. The webcast will be available for replay up until next quarter's conference call to discuss Q1 financial results. The content of today's call is NVIDIA's property. It cannot be reproduced or transcribed without our prior written consent.

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。它也在被記錄。您可以在 2015 年 5 月 14 日之前通過電話收聽重播。該網絡廣播將在下一季度討論第一季度財務業績的電話會議之前進行重播。今天通話的內容是 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. These forward-looking statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. 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 most recent Form 10-K and the reports that we may file on Form 8-K with the Securities and Exchange Commission. All our statements are made as of today, May 7, 2015, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements.

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。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。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、我們最近的 10-K 表格以及我們可能以 8-K 表格向證券交易委員會提交的報告.我們所有的聲明都是基於我們目前可獲得的信息，截至今天，2015 年 5 月 7 日。除法律要求外，我們不承擔更新任何此類聲明的義務。

During this call, we will discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our CFO commentary, which is posted on our website. With that, let me turn the call over to Colette.

在本次電話會議中，我們將討論非 GAAP 財務指標。您可以在我們的 CFO 評論中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬，該評論發佈在我們的網站上。有了這個，讓我把電話轉給科萊特。

Thanks, Arnab. First-quarter revenue increased 4% year-over-year to $1.15 billion. Growth was driven by the strength in gaming, high-performance computing and cloud, and automotive. Viewed from a segment perspective GPU revenue was $940 million, up 5% year-over-year. Tegra processor revenue was $145 million, up 4% year-over-year.

謝謝，阿納布。第一季度收入同比增長 4% 至 11.5 億美元。增長是由遊戲、高性能計算和雲以及汽車領域的實力推動的。從細分市場來看，GPU 收入為 9.4 億美元，同比增長 5%。 Tegra 處理器收入為 1.45 億美元，同比增長 4%。

NVIDIA's business performed within expectations within the quarter. Our strategy of crating specialized platforms for gaming, enterprise, high-performance computing and cloud, and automotive continues to gain traction, and we continue to reshape our organization to focus on them. In Q1, these four growth platforms contributed to more than 80% of revenue, up from 68% a year ago.

NVIDIA 的業務在本季度內的表現符合預期。我們為遊戲、企業、高性能計算和雲以及汽車打造專業平台的戰略繼續受到關注，我們將繼續重塑我們的組織以專注於這些平台。在第一季度，這四個增長平台貢獻了超過 80% 的收入，高於一年前的 68%。

Gaming revenue was $587 million, up 25% year-over-year, powered by the strength of our Maxwell GPU architecture. Helping our performance was a launch of Titan X, the world's fastest GPU. Titan X, introduced at the Game Developers Conference, sets a new standard, with the outstanding capabilities to drive 4K games and virtual reality titles. It delivers twice the performance and double the power efficiency of its predecessor.

在我們 Maxwell GPU 架構的強大支持下，遊戲收入為 5.87 億美元，同比增長 25%。幫助我們提高性能的是世界上最快的 GPU Titan X 的發布。在遊戲開發者大會上推出的 Titan X 樹立了新標準，具有驅動 4K 遊戲和虛擬現實遊戲的出色能力。它提供兩倍於其前身的性能和兩倍的電源效率。

We also announced SHIELD, the world's first 4K smart TV device. Shield delivers video, music apps, and high-quality games, and uses Google voice search. It's powered by our Tegra X1 processor.

我們還發布了全球首款 4K 智能電視設備 SHIELD。 Shield 提供視頻、音樂應用和高品質遊戲，並使用 Google 語音搜索。它由我們的 Tegra X1 處理器提供支持。

The gaming market continues to expand. In the second half, we look forward to multiple drivers, including 4K which quadruples the number of pixels to process, virtual reality and the launch of Windows 10.

遊戲市場繼續擴大。下半年，我們期待多個驅動因素，包括將要處理的像素數量翻兩番的 4K、虛擬現實和 Windows 10 的推出。

Enterprise revenue was $190 million, down 4% year-over-year, due to the weakness in European currencies. We continue to maintain strong market leadership with our Quadro products. During the quarter, we shared our vision for physically-based rendering, which allowed for the accurate simulation of real-life materials, and their interaction with light.

由於歐洲貨幣疲軟，企業收入為 1.9 億美元，同比下降 4%。我們的 Quadro 產品將繼續保持強大的市場領導地位。在本季度，我們分享了我們對基於物理的渲染的願景，它可以準確模擬現實生活中的材料，以及它們與光的交互。

In the enterprise data center, NVIDIA's GRID graphics virtualization platform continues to hit key milestones. We now have over 250 enterprise customer with production deployments, up from just over 30 customers one year ago. In March, VMware, the virtualization market leader, shipped the latest versions of Horizon and vSphere, with full support for NVIDIA GRID vGPU technology. More than 400 customers have signed on through the GRID early access program.

在企業數據中心，NVIDIA 的 GRID 圖形虛擬化平台繼續達到關鍵里程碑。我們現在有超過 250 家企業客戶進行生產部署，而一年前只有 30 多家。 3 月，虛擬化市場領導者 VMware 發布了最新版本的 Horizon 和 vSphere，全面支持 NVIDIA GRID vGPU 技術。超過 400 名客戶已通過 GRID 早期訪問計劃進行了簽約。

HPC and cloud revenue was $79 million, up 57% year on year, with continued strength in the HPC market, and among cloud service providers. Tesla products continued to benefit from widespread Internet, interest in deep learning. One indication of our traction was the success in March of the GPU Technology Conference, or GTC, where we drew a record 4,000 attendees. Two of the world's most renowned deep learning experts, Google's Jeff Dean, and Baidu's Andrew Ng delivered keynotes at the event.

HPC 和雲收入為 7900 萬美元，同比增長 57%，在 HPC 市場和雲服務提供商中繼續保持強勢。特斯拉產品繼續受益於廣泛的互聯網，對深度學習的興趣。 GPU 技術大會 (GTC) 在 3 月取得成功，我們吸引了創紀錄的 4,000 名與會者，這表明了我們的吸引力。兩位全球最著名的深度學習專家，谷歌的 Jeff Dean 和百度的 Andrew Ng 在活動中發表了主題演講。

A growing number of companies are now using Tesla GPUs for deep learning, including the world's leading cloud service providers, like Baidu, Facebook, Flickr, Microsoft, and Twitter, as well as a broad range of start-ups. Another indication of our traction is the success of our library for developers who implement these neural networks. Since its March release, it has been downloaded by more than 5,000 deep learning developers.

現在，越來越多的公司正在使用 Tesla GPU 進行深度學習，其中包括百度、Facebook、Flickr、微軟和 Twitter 等全球領先的雲服務提供商，以及範圍廣泛的初創企業。我們的吸引力的另一個跡像是我們的庫對於實現這些神經網絡的開發人員的成功。自 3 月發布以來，已有 5,000 多名深度學習開發人員下載了它。

During the quarter, we also hit a milestone for CUDA, our parallel computing platform. It's now been downloaded 3 million times since its 2006 launch, with 1 million downloads in the past 18 months alone.

在本季度，我們的並行計算平台 CUDA 也達到了一個里程碑。自 2006 年推出以來，它的下載量現已達到 300 萬次，僅在過去 18 個月內就下載了 100 萬次。

Automotive revenue had a record quarter at $77 million, growing 121% year-over-year. Our design wins in digital clusters and infotainment continue to ramp over multiple automotive OEMs. At GTC, 25 global automakers and Tier 1 suppliers were represented, including developers and researchers from such companies as Audi, BMW, Delphi, and Elektrobit. Their enthusiasm reflects the interest, increasing importance as visual computing for automotive, and our position as a key technology provider for this market.

汽車收入創紀錄的季度達到 7700 萬美元，同比增長 121%。我們在數字集群和信息娛樂領域的設計優勢繼續在多家汽車 OEM 中脫穎而出。在 GTC 上，有 25 家全球汽車製造商和一級供應商出席，其中包括來自奧迪、寶馬、德爾福和 Elektrobit 等公司的開發人員和研究人員。他們的熱情反映了人們對汽車視覺計算的興趣、日益重要的重要性，以及我們作為該市場關鍵技術提供商的地位。

We also announced the availability of our DRIVE PX deep learning development platform. It will provide researchers with the computing platform and software tools to develop algorithms for self driving cars. We have started shipping DRIVE PX to developers around the world.

我們還宣布推出我們的 DRIVE PX 深度學習開發平台。它將為研究人員提供計算平台和軟件工具，以開發自動駕駛汽車的算法。我們已經開始向世界各地的開發者提供 DRIVE PX。

The OEM and IP platform had revenue of $218 million. Down 38% year-over-year, this reflected a combination of end of life for Tegra OEM design, as well as continued weakness in PC OEM sales the weakness in PC OEM has been broadly reported and attributed to foreign exchange rates and delays in purchasing, leading up to the launch of Windows 10.

OEM 和 IP 平台的收入為 2.18 億美元。同比下降 38%，這反映了 Tegra OEM 設計的生命週期結束以及 PC OEM 銷售持續疲軟的綜合報告 PC OEM 的疲軟已被廣泛報導並歸因於外匯匯率和採購延遲，導致 Windows 10 的發布。

Regarding IP, our case is progressing against Samsung and Qualcomm. Last month, NVIDIA received a favorable pre-trial claim construction ruling in the case. The case is set to be heard at the US International Trade Commission beginning next month.

關於知識產權，我們的案件正在針對三星和高通進行。上個月，英偉達在此案中收到了有利的審前索賠建設裁決。此案將於下月在美國國際貿易委員會開庭審理。

Moving to gross margins, GAAP gross margins was a record 56.7%, above our outlook for the quarter, and up 80 basis points from the previous quarter. Non-GAAP gross margins was 56.9%, also above our outlook, and up 70 basis points sequentially. Our strong margins resulted from a richer product mix.

轉向毛利率，GAAP 毛利率達到創紀錄的 56.7%，高於我們對本季度的預期，比上一季度上升 80 個基點。非美國通用會計準則毛利率為 56.9%，也高於我們的預期，環比增長 70 個基點。我們強勁的利潤率源於更豐富的產品組合。

GAAP operating expenses for the first quarter were $477 million, non-GAAP operating spaces was $425 million, in line with our outlook and inclusive of $16 million of legal fees associated with our litigation against Samsung and Qualcomm. GAAP net income was $134 million, down 2% from a year ago. GAAP earnings per diluted share of $0.24 was similar to a year ago.

第一季度 GAAP 運營費用為 4.77 億美元，非 GAAP 運營空間為 4.25 億美元，與我們的展望一致，其中包括與我們針對三星和高通的訴訟相關的 1600 萬美元法律費用。 GAAP 淨收入為 1.34 億美元，比一年前下降 2%。 GAAP每股攤薄收益為0.24美元，與一年前相似。

Now, turning to some key balance sheet items. In Q1, our cash and marketable securities balance grew to $4.79 billion. During the first quarter we paid $46 million in cash dividends, and we repurchased 2.4 million shares. As a result, we returned an aggregate of $99 million to shareholders.

現在，轉向一些關鍵的資產負債表項目。第一季度，我們的現金和有價證券餘額增長至 47.9 億美元。在第一季度，我們支付了 4600 萬美元的現金股息，並回購了 240 萬股股票。結果，我們向股東返還了總計 9900 萬美元。

Today we announced a 15% increase in our quarterly cash dividend, to $0.0975 per share. We have also announced our intent to increase our capital return to shareholders to $800 million in FY16 from $600 million through cash dividends and share repurchases. Further, our Board of Directors has extended the previously authorized repurchase program through to December 2018, and authorized an additional $1.62 billion, for an aggregate of $2 billion available for repurchase. We are committed to capital returns as an essential component in delivering shareholder value.

今天，我們宣布將季度現金股息提高 15%，至每股 0.0975 美元。我們還宣布，我們打算通過現金股息和股票回購將我們對股東的資本回報從 6 億美元提高到 2016 財年的 8 億美元。此外，我們的董事會已將先前授權的回購計劃延長至 2018 年 12 月，並額外授權 16.2 億美元，總計 20 億美元可用於回購。我們致力於將資本回報作為實現股東價值的重要組成部分。

Now, turning to the outlook for the second quarter of FY16. We expect revenue for the second quarter of 2016 to be $1.01 billion, plus or minus 2%.

現在，轉向 2016 財年第二季度的展望。我們預計 2016 年第二季度的收入為 10.1 億美元，上下浮動 2%。

In addition to seasonality, two factors informed our Q2 guidance. European currency weakness is effecting overall demand. Also, as widely reported by OEMs, a combination of seasonality and a lull ahead of Windows 10 launch are impacting the PC market.

除了季節性之外，我們的第二季度指引還有兩個因素。歐洲貨幣疲軟正在影響整體需求。此外，正如 OEM 廣泛報導的那樣，季節性因素和 Windows 10 發布前的平靜正在影響 PC 市場。

The overall dynamics of our business are great. Gaming is expanding, and 4K, virtual reality and Windows 10 will lift it further. GPU accelerated data centers are expanding, and deep learning is a new, exciting application. And the market for car computers is expanding.

我們業務的整體動態非常好。遊戲正在擴展，4K、虛擬現實和 Windows 10 將進一步提升它。 GPU 加速的數據中心正在擴展，深度學習是一種新的、令人興奮的應用。車載電腦市場正在擴大。

We have an excellent position in each of these growth markets. Our GAAP and non-GAAP gross margins are expected to be 55.7% and 56% respectively, plus or minus 50 basis points. This outlook is slightly below Q1 margins, reflecting our product mix. GAAP operating expenses are expected to be approximately $474 million, non-GAAP operating expenses are expected to be $425 million, flat with last quarter.

我們在這些成長型市場中的每一個都擁有出色的地位。我們的 GAAP 和非 GAAP 毛利率預計分別為 55.7% 和 56%，上下浮動 50 個基點。這一前景略低於第一季度的利潤率，反映了我們的產品組合。 GAAP 運營費用預計約為 4.74 億美元，非 GAAP 運營費用預計為 4.25 億美元，與上一季度持平。

We announced earlier this week that we will begin to wind down our Icera modem operations in the second quarter of FY16. We are open to the sale of the technology or operations. We estimate restructuring charges to our GAAP results in the range of $100 million to $125 million, primarily during FY16. These charges will consist of severance and other employee termination benefits, tax expense items, and other costs associated with the wind down, if we are unable to sell the modem operations.

我們本週早些時候宣布，我們將在 2016 財年第二季度開始關閉我們的 Icera 調製解調器業務。我們對出售技術或運營持開放態度。我們估計 GAAP 結果的重組費用在 1 億美元至 1.25 億美元之間，主要是在 2016 財年。如果我們無法出售調製解調器業務，這些費用將包括遣散費和其他員工解僱福利、稅費項目以及與關閉相關的其他成本。

The Icera wind down or sale is expected to benefit non-GAAP operating expenses in the second half of the year, and we will carefully invest in our growth initiatives of deep learning, self driving cars, and gaming. We expect our FY16 non-GAAP operating expenses to be approximately flat with FY15, excluding litigation costs. FY16 litigation costs are expected to be in the range of $70 million to $90 million, as we defend our intellectual property.

Icera 的結束或出售預計將在下半年受益於非 GAAP 運營費用，我們將謹慎投資於深度學習、自動駕駛汽車和遊戲的增長計劃。我們預計我們的 2016 財年非公認會計原則運營費用將與 2015 財年大致持平，不包括訴訟費用。 2016 財年的訴訟費用預計在 7,000 萬美元至 9,000 萬美元之間，因為我們捍衛了我們的知識產權。

GAAP and non-GAAP tax rates for the second quarter of FY16 are expected to be 23% and 21%, plus or minus 1%. The above GAAP amounts exclude restructuring charges associated with the wind down, if the company is unable to sell the modem operations.

2016 財年第二季度的 GAAP 和非 GAAP 稅率預計為 23% 和 21%，正負 1%。如果公司無法出售調製解調器業務，上述 GAAP 金額不包括與關閉相關的重組費用。

We will now open the call for questions. Operator, will you please poll for questions?

我們現在將打開問題的電話。接線員，請您投票提問嗎？

(Operator Instructions)

（操作員說明）

Blayne Curtis with Barclays.

Blayne Curtis 與巴克萊銀行。

Thanks for taking my question. Colette, just on the outlook, and I appreciate all the color by segments, it sounded like that you are still seeing weakness in the OEM segment. I was wondering if that read was right into June? And then on gross margin, in terms of the mix, what are the moving parts there?

感謝您提出我的問題。 Colette，就前景而言，我很欣賞所有細分市場的顏色，聽起來你仍然看到 OEM 細分市場的疲軟。我想知道那讀到六月是否正確？然後在毛利率方面，就組合而言，那裡的活動部分是什麼？

Yes, it is true that we are still seeing a decline in our PC OEM, and our Tegra OEM business, as we reported within our Q1 results. Again, we still see this as a business that we're going to still try our hardest, for the overall growth. But what we see going into Q2 is a very soft market with the PC OEMs, and we do see probably a seasonal decline, as we go into Q2.

是的，正如我們在第一季度業績中報告的那樣，我們確實看到我們的 PC OEM 和我們的 Tegra OEM 業務仍在下降。同樣，我們仍然認為這是一項我們仍將盡最大努力實現整體增長的業務。但我們看到進入第二季度的是 PC OEM 市場非常疲軟，而且隨著我們進入第二季度，我們確實看到可能出現季節性下滑。

From a gross margin perspective on the outlook and what we see, it's really driven from a mix perspective, as a decline in revenue from Q1 to Q2. We still expect gaming to be great during that time, and add value to our gross margins. But just because of the overall mix of what else is in the portfolio, we do expect it to come down to about 56%.

從毛利率的前景和我們所看到的角度來看，這確實是從混合的角度來看的，因為第一季度到第二季度的收入下降。我們仍然期望在那段時間遊戲會很棒，並為我們的毛利率增加價值。但僅僅因為投資組合中其他內容的整體組合，我們確實預計它會下降到 56% 左右。

Thanks, and just finally on Icera, is there any meaningful -- not meaningful, but is there any revenue that would be material if you did shut it down, that we need to be cognizant of?

謝謝，最後在 Icera 上，是否有任何有意義的 - 沒有意義的，但是如果你關閉它，是否有任何重要的收入，我們需要認識到？

We wouldn't expect any material change to our revenue associated with the wind down of Icera, that is correct.

我們預計與 Icera 的關閉相關的收入不會發生任何重大變化，這是正確的。

Thank you.

謝謝你。

Sanjay Chaurasia with Nomura.

Sanjay Chaurasia 與野村。

Colette, my question is on OEM as well. EMD recently launched some new products in the OEM category. My question is, would you, if they are willing to take this business at a really low margin, would you be still interested in this space, or would you let it go? Is there a cutoff at below which you would not take this business?

Colette，我的問題也是關於 OEM 的。 EMD 最近推出了一些 OEM 類別的新產品。我的問題是，如果他們願意以非常低的利潤率接受這項業務，您是否仍然對這個領域感興趣，還是會放棄它？是否有一個你不會接受這項業務的截止點？

I think we are always going to work with the OEMs on how they want to position our products. We have probably some of the best GPUs available to them. So if we're really talking about an OEM that's looking just for a low-cost, they're probably not looking at us, for that type of configuration. So it's not that we would turn away business, but we are going to be trying to make sure the value of what we have, in terms of the GPU would be recognized by the OEMs.

我認為我們總是會與原始設備製造商合作，了解他們希望如何定位我們的產品。我們可能有一些最好的 GPU 可供他們使用。因此，如果我們真的談論的是一家只尋求低成本的 OEM，他們可能不會考慮我們的這種配置。所以這並不是說我們會拒絕業務，而是我們將努力確保我們所擁有的在 GPU 方面的價值會得到 OEM 的認可。

As a follow-up, could you talk about GPU pricing that you saw in the quarter and any channel inventory update that you could provide, because of these ForEx issues?

作為後續，您能否談談您在本季度看到的 GPU 定價以及您可以提供的任何渠道庫存更新，因為這些外匯問題？

Right now, we have a pretty good understanding of our channel from what we can see, as we do have a good market position, in terms of our cards across the world. So we watch it carefully. I would deem them right now to be in a healthy position, as we exited the quarter. There are, of course, the FX concerns around the world, not just in Europe, but right now again, I think the channel is in a healthy position.

現在，從我們所看到的情況來看，我們對我們的渠道有很好的了解，因為我們在全球範圍內的卡方面確實擁有良好的市場地位。所以我們仔細觀察。當我們退出本季度時，我認為他們現在處於健康狀態。當然，世界各地都存在外匯問題，不僅在歐洲，而且現在再次，我認為該渠道處於健康狀態。

Thank you.

謝謝你。

Hans Mosesmann with Raymond James.

漢斯·摩西曼與雷蒙德·詹姆斯。

Colette, can you give us some qualitative commentary on the outlook for automotive enterprise? I think you had mentioned gaming was going to be up, but if you could clarify that? Thanks.

Colette，您能給我們一些關於汽車企業前景的定性評論嗎？我想你已經提到遊戲將會興起，但你能澄清一下嗎？謝謝。

Again, we didn't give specifics in our Q2 guidance on all of the different pieces of our markets. What we want to discuss is our markets are extremely healthy. Yes, gaming, automotive, high-performance computing, great leadership position, very healthy TAMs, how they're grow specifically quarter to quarter we'll see at the end of the quarter.

同樣，我們沒有在我們的第二季度指導中就我們市場的所有不同部分給出具體細節。我們要討論的是我們的市場非常健康。是的，遊戲、汽車、高性能計算、出色的領導地位、非常健康的 TAM，我們將在季度末看到它們具體季度到季度的增長情況。

But we've talked about, we have a strong list of design wins for automotive. With that strong list of design wins, we can expect our revenue to grow in that area. If it grows specifically between Q1 and Q2, we will have to see, based on when the manufacturers want to pull the inventory for their lines, so that's not necessarily fully in our control. But long-term, this is a growth opportunity for us, as we outlined our growth platforms.

但是我們已經討論過，我們有一個強大的汽車設計勝利清單。憑藉這份強大的設計勝利清單，我們可以預期我們的收入將在該領域增長。如果它在第一季度和第二季度之間特別增長，我們將不得不看到，基於製造商何時想要為他們的生產線拉動庫存，所以這不一定完全在我們的控制之中。但從長遠來看，這對我們來說是一個增長機會，因為我們概述了我們的增長平台。

On the enterprise side, again it's really tough to say. Where the currency will take us within the second quarter, we can all hope that it will improve. But right now, we're just going to have to see at the end of the quarter how it actually comes out in enterprise.

在企業方面，這真的很難說。貨幣將在第二季度將我們帶到哪裡，我們都可以希望它會有所改善。但現在，我們只需要在本季度末看看它在企業中的實際表現如何。

Thank you.

謝謝你。

Rajvindra Gill with Needham.

Rajvindra Gill 與 Needham。

If you could just, Colette, maybe remind us, how much of your sales is denominated in Euro?

如果你可以的話，科萊特，也許可以提醒我們，你們的銷售額中有多少是以歐元計價的？

To remind you, as we talk about in our SEC filing, that most of our revenue is actually built in USD. That doesn't mean that we don't have the impact from FX rates, though, on our overall business. What it just means is any part of the channel, any part of the customer buying process has to think about the prices as they set in their regions in terms of were they are. So really, we don't have a direct translation impact, in terms of our overall business. Every part of the world is going to react differently, based on the FX positions.

提醒您，正如我們在提交給美國證券交易委員會的文件中所說，我們的大部分收入實際上都是以美元計價的。不過，這並不意味著我們不會受到外匯匯率對我們整體業務的影響。它只是意味著渠道的任何部分，客戶購買過程的任何部分都必須考慮他們在其所在地區設定的價格。所以說真的，就我們的整體業務而言，我們沒有直接的翻譯影響。根據外匯頭寸，世界各地都會做出不同的反應。

Right. If we assume there's some growth in Tegra sequentially in the June quarter and the world keeps saying the same, as it always does for the time being it would basically imply that the GPU business, including workstation, is going to be down something like 16% sequentially. So I just wanted to try to understand. That's a pretty big drop off, if that math is correct.

正確的。如果我們假設 Tegra 在 6 月季度有一些連續增長，而世界一直在說同樣的話，就像它目前一直在做的那樣，這基本上意味著包括工作站在內的 GPU 業務將下降大約 16%依次。所以我只是想試著理解。如果這個數學是正確的，那將是一個相當大的下降。

Again, yet we're probably going to have to see at the end of the quarter. I want us to make sure we really start back with the health of many of these different markets, particularly gaming. We still expect gaming from a year-over-year perspective to definitely grow. How fast it will grow, we'll have to see at the end of Q2.

同樣，我們可能不得不在本季度末看到。我希望我們確保我們真正從許多不同市場的健康開始，尤其是遊戲市場。從同比的角度來看，我們仍然預計遊戲肯定會增長。它的增長速度有多快，我們必須在第二季度末看到。

But keep in mind, there is generally based sequential seasonal decline as we move into our Q2, that we're going to see. So we don't have a specific number at this time, in terms of our overall GPU business. We have got the weakness of the currencies right now that we have to consider in that Q2 quarter, and what we see in terms of low purchasing on the overall PC market, generally. So I think that is what is incorporated in our guidance, rather than very specific to the GPU or the Tegra business.

但請記住，隨著我們進入第二季度，通常會出現連續的季節性下降，我們將看到這一點。因此，就我們的整體 GPU 業務而言，我們目前沒有具體數字。我們現在已經得到了我們必須在第二季度考慮的貨幣疲軟，以及我們在整體 PC 市場的低購買量方面所看到的情況。所以我認為這就是我們的指導中包含的內容，而不是非常特定於 GPU 或 Tegra 業務。

Great. Thank you.

偉大的。謝謝你。

(Operator Instructions)

（操作員說明）

Ross Seymore with Deutsche Bank.

德意志銀行的羅斯·西莫爾。

This is Giu calling in for Ross Seymore. Can you discuss any interest that you've seen for the Icera business for the technology and IP?

這是 Giu 為 Ross Seymore 打電話的人。您能談談您對 Icera 業務的技術和 IP 有什麼興趣嗎？

I'm sorry?

對不起？

The question was regarding the interest that we may have in the Icera business from outside.

問題是關於我們可能從外部對 Icera 業務的興趣。

We don't -- we have just started that business so we don't have much to report at this time.

我們沒有——我們剛剛開始這項業務，所以我們目前沒有太多要報告的事情。

Got it. Thank you for giving the update on the increased return to shareholders. Can you give us an update on the level of cash onshore, and how does that factor into, if there's any offshore cash that needs to be repatriated?

知道了。感謝您提供有關增加股東回報的最新信息。如果有任何離岸現金需要匯回，您能否向我們提供有關在岸現金水平的最新信息，以及該因素如何影響？

Again, we are extremely comfortable with our decision to raise the capital return program to $800 million. And after much thought and consideration, in terms of looking at both our onshore and our offshore cash, and our overall cash flow that we expect for the rest of the year. So we are comfortable with that position, and again, our total cash is about the same as where we ended at FY15, a little bit up in Q1. And so we're going to return an additional portion of that to shareholders at this time.

同樣，我們對將資本回報計劃提高到 8 億美元的決定感到非常滿意。經過深思熟慮，在查看我們的在岸和離岸現金以及我們預計今年剩餘時間的整體現金流方面。所以我們對這個位置感到滿意，而且我們的總現金與我們在 2015 財年結束時的水平大致相同，在第一季度略有上升。因此，我們此時將向股東返還額外的一部分。

Craig Ellis with B. Riley.

克雷格·埃利斯和 B.萊利。

Thank you for taking the question. The first one, just a clarification. Colette, on the expense guidance for the year, it's clear what you're expecting legal to be, that $70 million to $90 million. What was it in FY15, and when we look at the year-on-year expense ex legal, is it ex-legal both years, or just ex-legal in FY16?

感謝您提出問題。第一個，只是一個澄清。科萊特，關於今年的費用指導，很明顯你期望合法的是 7000 萬到 9000 萬美元。 2015 財年是什麼情況，當我們查看除法律外的年同比費用時，是兩年都除法律外，還是僅在 2016 財年除法律外？

Yes, Craig. When you look at the timing of when we initiated our litigation against Samsung and Qualcomm, it was relatively at the latter, or the end of FY15, so there's not a material amount in FY15 associated with the legal expenses. The way you can look at it is, we have called out a potential range of what we see for FY16, to help you going forward. And so you should just use the baseline of FY15 as a total, for the rest of the OpEx to be flat.

是的，克雷格。當您查看我們對三星和高通提起訴訟的時間時，相對而言是在後者，或 2015 財年末，因此 2015 財年沒有與法律費用相關的重大金額。您可以這樣看待它，我們已經列出了我們對 2016 財年的預期範圍，以幫助您繼續前進。因此，您應該只使用 FY15 的基線作為總數，其餘的 OpEx 保持不變。

Okay. And in the follow-up to either you of Jen-Hsun, as you see more of the GRID trials move to production, and the year-over-year increase of AVEX is pretty impressive, up to 250. What does that mean for revenue? What's the revenue opportunity doing, as you go from a trial to a production situation?

好的。在您對 Jen-Hsun 的後續行動中，隨著您看到更多 GRID 試驗進入生產階段，AVEX 的同比增長令人印象深刻，高達 250 個。這對收入意味著什麼?當您從試驗到生產情況時，收入機會在做什麼？

Generally, every production is a little bit different, because every company is a different size. If you look at just the revenues year-over-year, the proportion is about the same as the number that goes to production. So it's grown. It is also grown proportionally, about the same.

一般來說，每個產品都有點不同，因為每個公司的規模都不一樣。如果你只看年收入，這個比例與生產的數字大致相同。所以它長大了。它也按比例增長，大致相同。

And do you think that's fair as a way to think about what the future prospects will be, Jen-Hsun, or is there something different about the way new trials are going, that would cause that to deviate either higher or lower?

仁勳，你認為這是一種公平的思考未來前景的方式，還是新試驗的方式有什麼不同，這會導致偏差更高或更低？

My hope is that it actually increases, and the reason for that is because over time not only will we get new customers into production, but existing customers will deploy more broadly. And so my expectation is we should get growth on both sides of it. Once an IT department gets this, it's a network-based virtualization technology. And so of course, it's just enormously helpful that VMware has now integrated vGPU GRID into both Horizon as well as vSphere.

我希望它實際上會增加，原因是隨著時間的推移，我們不僅會讓新客戶投入生產，而且現有客戶也會更廣泛地部署。所以我的期望是我們應該在這兩個方面都得到增長。一旦 IT 部門得到這個，它就是一種基於網絡的虛擬化技術。當然，VMware 現已將 vGPU GRID 集成到 Horizon 和 vSphere 中非常有幫助。

And so from into end, we now have GRID certified in large corporations. VMware certified, Citrix is certified. Both of their sales force -- the sales force of the OEMs are all aligned with us, and we're working on engaging customers all over the world.

因此，自始至終，我們現在都獲得了大公司的 GRID 認證。 VMware 認證，Citrix 認證。他們的兩個銷售團隊——原始設備製造商的銷售團隊都與我們保持一致，我們正在努力吸引世界各地的客戶。

And so the first thing that they do is of course to test all of their applications, and large companies have a lot of different applications in the works. It can be SolidWorks, it could be Autodesk AutoCAD, it could be Adobe Photoshop or Premiere or Aftereffects. It can be all kinds of applications that requires 3D graphics acceleration.

所以他們做的第一件事當然是測試他們所有的應用程序，大公司有很多不同的應用程序在工作中。它可以是 SolidWorks，可以是 Autodesk AutoCAD，可以是 Adobe Photoshop 或 Premiere 或 Aftereffects。它可以是各種需要 3D 圖形加速的應用程序。

And so once they certify that in fact, qualify that in fact the applications are all perfectly compatible, which we largely expect them to be, then they start to deploy them over the network. And some networks need to be shored up because this is about virtualizing the whole PC, and so it's being streamed over the corporate network. So some of the networks need to be shored up, and then of course making sure that all of the end-users are satisfied with the experiences that they have, which largely, they've been more than delighted, because as you can imagine, having an accelerated -- GPU accelerated virtualization platform has got to be pretty exciting. And so far, we've seen that the trials have gone over nicely, and then as more people use it, the more people who will want to enjoy it, and we hope that not only will we increase the number of customers, but the number of seats within each customer, over time.

因此，一旦他們證明事實上，確認應用程序實際上都完全兼容，我們在很大程度上期望它們是這樣，然後他們就開始在網絡上部署它們。一些網絡需要支持，因為這是關於虛擬化整個 PC，因此它正在通過公司網絡進行流傳輸。所以一些網絡需要得到支持，然後當然要確保所有最終用戶都對他們所擁有的體驗感到滿意，在很大程度上，他們非常高興，因為你可以想像，擁有一個加速的——GPU 加速的虛擬化平台一定非常令人興奮。到目前為止，我們已經看到試用效果很好，隨著越來越多的人使用它，越來越多的人想要享受它，我們希望我們不僅會增加客戶數量，而且隨著時間的推移，每個客戶的座位數。

Thanks for taking the questions.

感謝您提出問題。

Vivek Arya with Bank of America.

美國銀行的 Vivek Arya。

Thank you for taking my question. Jen-Hsun, I think there is some skepticism that PC gaming, this is a longer-term question, that there is some skepticism that PC gaming is not really a growth market and that all the growth that you guys are seeing is really because of shortened product cycle or share gains against EMD. My question is what tangible data points can you point us to that say that the number of gamers is actually increasing, and that this is really a growth market for NVIDIA?

謝謝你接受我的問題。 Jen-Hsun，我認為有人懷疑 PC 遊戲，這是一個長期問題，有人懷疑 PC 遊戲不是真正的增長市場，你們看到的所有增長真的是因為縮短產品週期或分享對 EMD 的收益。我的問題是，你能指出哪些有形的數據點表明遊戲玩家的數量實際上正在增加，而這對 NVIDIA 來說確實是一個增長市場？

Well, let's see. How do I answer that? I think we're getting a lot of anecdotal evidence from multiple directions, that suggest that PC gaming is growing. First of all, eSports. You know that eSports is largely PC gaming, and eSports has become so large now that it's even highlighted on ESPN2, ESPN. You know that the number of stadiums that have sold out as a result of eSport tournaments is growing over time.

好吧，走著瞧。我該如何回答？我認為我們從多個方向獲得了很多軼事證據，這表明 PC 遊戲正在增長。首先，電子競技。您知道電子競技主要是 PC 遊戲，而電子競技現在已經變得如此龐大，甚至在 ESPN2、ESPN 上都得到了突出顯示。您知道，由於電子競技比賽而售罄的體育場館數量隨著時間的推移而增加。

There's a lot of anecdotal evidence that video games is growing. I think it's also pretty clear that almost every new human is a gamer. When the previous generation, before me, very few are gamers. My generation, I would say probably is 25% gamers. My kids generation is probably 75% gamers, and the generation after that has got to be 100% gamers.

有很多軼事證據表明電子遊戲正在增長。我認為也很清楚，幾乎每個新人類都是遊戲玩家。當上一代，在我之前，很少有遊戲玩家。我這一代，我會說大概是 25% 的遊戲玩家。我的孩子這一代可能是 75% 的遊戲玩家，之後的一代必須是 100% 的遊戲玩家。

So games is no longer a niche. Game is really a pop-culture now. We expect that gaming to continue to expand.

所以遊戲不再是一個利基市場。遊戲現在真的是一種流行文化。我們預計遊戲將繼續擴大。

The last thing is, the last reason why I would say we'll get multiple uplifts in gaming has to do with the new mediums that are coming out. 4K displays are becoming quite commoditized and quite affordable, and it has four times as many pixels to process. And so although the imagery is much richer, you need a much more powerful GPU to drive it.

最後一件事是，我會說我們將在遊戲中獲得多項提升的最後一個原因與正在出現的新媒體有關。 4K 顯示器正變得非常商品化且價格實惠，它需要處理的像素數量是原來的四倍。因此，儘管圖像更豐富，但您需要更強大的 GPU 來驅動它。

We're looking forward to VR. VR is launching later this year, and VR is going to be launching on multiple platforms. In order to enjoy great VR, you need 90 frames per second in stereo on two eyes. Unless you have something along the lines of a GTX 980 or Titan at the moment, it's kind of hard to enjoy great VR.

我們期待VR。 VR 將於今年晚些時候推出，VR 將在多個平台上推出。為了享受出色的 VR，您需要兩隻眼睛每秒 90 幀的立體效果。除非你目前擁有類似於 GTX 980 或 Titan 的設備，否則很難享受出色的 VR。

And anybody who's tried VR is generally blown away by it. That explains the enthusiasm in the industry. So whether it's eSports or the fact that just more people are playing games that are growing up and are familiar with the format, and the new mediums that are coming out, 4K and VR and of course Windows 10 is going to really help.

任何嘗試過 VR 的人都會被它所震撼。這解釋了行業的熱情。因此，無論是電子競技，還是越來越多的人在玩正在成長並熟悉這種格式的遊戲，以及即將出現的新媒體，4K 和 VR，當然還有 Windows 10 都會真正提供幫助。

Windows 10 is a great operating system has DX12 and DX12 is a fantastic new API. It's been a while since we've had a new 3D API, so we're excited about DX12. There's a lot of things going in gaming, and that explains the reason why it just continues to grow.

Windows 10 是具有 DX12 的出色操作系統，而 DX12 是出色的新 API。自從我們有了新的 3D API 已經有一段時間了，所以我們對 DX12 感到很興奮。遊戲中有很多事情發生，這就解釋了它為什麼會繼續增長的原因。

Got it. Very helpful. And as my follow-up, I think I sort of understand the slowdown near-term. How should we think about the back half conceptually?

知道了。非常有幫助。作為我的後續行動，我想我有點理解近期的放緩。我們應該如何從概念上考慮後半部分？

How much of the slowdown right now is because of temporary factors, and how much can be expected to recover in the back half? Should it be normal seasonality in the back half? I know it's a little early to give guidance, but conceptually, how are you thinking of the back half of the year? Thank you.

目前的放緩有多少是由於臨時因素造成的，而後半段有望恢復多少？後半部分應該是正常的季節性嗎？我知道現在給出指導有點早，但從概念上講，你對下半年的看法如何？謝謝你。

I appreciate that. We give guidance once a quarter -- one quarter ahead. If you look at the overall market, we expect seasonality.

我很感激。我們每季度提供一次指導——提前一個季度。如果您查看整體市場，我們預計會出現季節性變化。

But more importantly, our position in the growth markets are really great. First of all, gaming is growing, as we previously discussed. The second half of this year, you're going to see multiple growth drivers.

但更重要的是，我們在增長市場中的地位非常好。首先，正如我們之前所討論的，遊戲正在增長。今年下半年，您將看到多個增長動力。

4K monitor pricing is really coming down. VR is launching in the second half, and Windows 10 with DirectX12 is launching in the second half, not to mention all the great games coming out. So that's a growth driver.

4K 顯示器的價格真的在下降。下半年推出VR，下半年推出帶有DirectX12的Windows 10，更不用說所有偉大的遊戲都出來了。所以這是一個增長動力。

We continue to see that our GPU business for accelerated data centers continues to grow. It grew more than 50% year over year. We expect it to continue to grow with the enthusiasm around this new application called deep learning. We're seeing artificial intelligence in every single country by every single computer company, and every single large application developer. The ability to predict the future for a better applications and smarter is pretty unbounded.

我們繼續看到我們用於加速數據中心的 GPU 業務繼續增長。同比增長超過 50%。我們預計它會隨著圍繞這個稱為深度學習的新應用程序的熱情而繼續增長。每家計算機公司和每一個大型應用程序開發商都在每一個國家看到人工智能。為更好的應用程序和更智能的應用程序預測未來的能力是無限的。

Lastly, we had a record quarter with our automotive business. We're growing now faster than doubling, and computing in cars, as you can imagine, is going to continue to expand. So these growth drivers, I think, are pretty fundamental to the market and we have great positions in all three of them.

最後，我們的汽車業務實現了創紀錄的季度。我們現在的增長速度超過了翻倍的速度，正如您可以想像的那樣，汽車中的計算將繼續擴展。因此，我認為，這些增長驅動因素對市場來說非常重要，我們在這三個方面都有很好的地位。

Thank you.

謝謝你。

Ambrish Srivastava with BMO.

Ambrish Srivastava 與 BMO。

Two questions. One real quick one, Colette. In the charges that you laid out from Icera, how much is going to be cash and non-cash?

兩個問題。一個真正快速的，科萊特。在您從 Icera 列出的費用中，有多少是現金和非現金？

Thanks for the question. We are still in the super, super early stages of winding down this business, and the process associated with it. So we gave a top level range, in terms of looking at what is on the balance sheet, and the employment side. So we will probably get into that a little bit more at the end of Q2.

謝謝你的問題。我們仍處於結束這項業務的超級、超級早期階段，以及與之相關的過程。因此，在查看資產負債表上的內容和就業方面，我們給出了一個頂級範圍。因此，我們可能會在第二季度末進行更多討論。

The way you should look at it is, there's a pretty good split, or a pretty good mix at this point, so it's not all cash. There is a significant amount of it that is non-cash. We want won't know the details of that until we end Q2.

你應該看待它的方式是，在這一點上有一個很好的拆分，或者一個很好的組合，所以它不都是現金。其中有很大一部分是非現金的。我們希望在第二季度結束之前不知道細節。

Thank you. And a question for you Jen-Hsun, core processors, GP GPU versus if the rumors are true, Intel is offering an astronomical valuation for what is a $1 billion market that Altera has claimed for FPGA coprocessor. So the question for you is, just remind us where does GP GPU fit into that, and how should we think about the market, Intel's DCG revenues are $14 billion-odd, and past that trajectory from what you had when you initially started the product out a few years ago, was slow to start but it's picked up. So five years out, how should we be thinking about the addressable market and just help us -- just remind us where does GP GPU fit in, and how we should think about coprocessors from FPGA, and where are the specific needs workloads-wise or whatever, however you can help us, enlighten us, would be great, Jen-Hsun. Thank you.

謝謝你。 Jen-Hsun、核心處理器、GP GPU 與謠言是否屬實，英特爾正在為 Altera 聲稱的 FPGA 協處理器聲稱的 10 億美元市場提供天文數字的估值。所以你的問題是，只要提醒我們 GP GPU 適合什麼地方，我們應該如何看待市場，英特爾的 DCG 收入超過 140 億美元，並且超過了你最初啟動產品時的軌跡幾年前出來的，起步很慢，但它已經回升了。所以五年後，我們應該如何考慮潛在市場並幫助我們——提醒我們 GP GPU 適合哪裡，我們應該如何考慮來自 FPGA 的協處理器，以及工作負載方面的特定需求或仁勳，無論您如何幫助我們，啟發我們，都很好。謝謝你。

Sure. First of all, CUDA, the GP GPU technology that we invented, is growing more than 50% per year. The applications for CUDA ranges from deep learning, to image processing, to natural language processing, to weather simulations, fluid dynamics simulations, molecular dynamics simulations, quantum chemistry simulations, astrophysics simulations, gosh, ray tracing. The number of applications that we can spew off is pretty endless, and that is one of the reasons why nearly every single OEM in the world today has GPU accelerated servers.

當然。首先，我們發明的 GP GPU 技術 CUDA 每年增長超過 50%。 CUDA 的應用範圍從深度學習到圖像處理、自然語言處理、天氣模擬、流體動力學模擬、分子動力學模擬、量子化學模擬、天體物理學模擬、天體物理學模擬、射線追踪。我們可以推出的應用程序數量無窮無盡，這也是當今世界上幾乎每個 OEM 都擁有 GPU 加速服務器的原因之一。

There's got to be some 200 different SKUs of GPU-accelerated servers being offered by OEMs around the world. I don't think one of them offer an FPGA server yet. And so that's one indication.

全球 OEM 必須提供大約 200 種不同 SKU 的 GPU 加速服務器。我認為其中一個還沒有提供 FPGA 服務器。這是一個跡象。

The number of applications, the number of OEMs, the number of industries we now serve with GP GPU, with Tesla if you will, is really quite large, and it explains why this segment, this business for us is growing over 50% per year, and is now off a relatively large base. So that, I think, is the way to think about, if you will, the evidence of success.

應用程序的數量，OEM 的數量，我們現在使用 GP GPU 服務的行業數量，如果你願意的話，使用特斯拉，真的非常大，它解釋了為什麼這個細分市場，這個業務對我們來說每年增長超過 50% ，現在已經脫離了比較大的基數。所以，我認為，如果你願意的話，這是思考成功證據的方式。

The reason for that of course is that CUDA is a processor architecture. It's an instruction set architecture. It's completely software programmable. It has the support of tools and profilers, and all kinds of middlewares from around the industries. So it's a general-purpose parallel computing architecture, and its completely reprogrammable.

原因當然是 CUDA 是一種處理器架構。這是一種指令集架構。它完全是軟件可編程的。它得到了工具和分析器的支持，以及來自各個行業的各種中間件。所以它是一個通用的並行計算架構，並且它是完全可重新編程的。

Whereas an FPGA is like a reconfigurable ASIC, which means the person who designs it, the person who reprograms it if you will, reconfigures it, has to know how to design the chip. And there aren't that many people in the world who know how to design chips. There's got to be 1,000 times more software programmers than there are the number of chip designers.

而 FPGA 就像一個可重新配置的 ASIC，這意味著設計它的人，如果你願意重新編程，重新配置它的人，必須知道如何設計芯片。世界上知道如何設計芯片的人並不多。軟件程序員的數量肯定是芯片設計人員數量的 1000 倍。

So one is reprogrammable, general-purpose programmable, the other one is reconfigurable, if you will, which explains the general purpose nature of Tesla, it explains the vast number of applications of it. It's taken a long time. It takes a long time to create a new computing architecture. In fact, aside from Tesla, aside from CUDA, I actually don't know of another new type of instruction set that has come to the world.

所以一個是可重新編程的，通用可編程的，另一個是可重新配置的，如果你願意的話，這解釋了特斯拉的通用性質，它解釋了它的大量應用。花了很長時間。創建一個新的計算架構需要很長時間。其實除了特斯拉，除了CUDA，我其實不知道還有什麼新型指令集已經問世了。

It's been a long time. The world has had DSPs now for a long time. It's got CPUs for a long time. Aside from GP GPU I don't know of another general-purpose programmable architecture has emerged into the world, in a very long time.

已經很久了。世界上已經有 DSP 很長時間了。它有很長一段時間的CPU。除了 GP GPU，我不知道在很長一段時間內，世界上出現了另一種通用可編程架構。

The niche that we discovered was parallel processing. That we believe there's a lot of problems in the world, a lot of applications in the world where you could process it massively in parallel. That expands the reason why you could create a supercomputer like the one at Oak Ridge that has 36 million, 38 million CUDA processor cores, all processing in parallel. 38 million cores all processing in parallel. Now the DoE has tasked us and IBM to partner together to build supercomputers that are going to be 100 times that. The parallel computing capability and the scalability of CUDA that we invented is really quite phenomenal, and it explains the reasons for its success. I appreciate the question.

我們發現的利基是並行處理。我們相信世界上有很多問題，世界上有很多應用程序可以並行處理它。這擴展了您可以創建像 Oak Ridge 那樣擁有 3600 萬、3800 萬個 CUDA 處理器內核，所有並行處理的超級計算機的原因。 3800 萬個內核全部並行處理。現在，美國能源部已委託我們和 IBM 合作，共同打造容量將達到 100 倍的超級計算機。我們發明的 CUDA 的並行計算能力和可擴展性確實非常驚人，這也解釋了其成功的原因。我很欣賞這個問題。

Thanks, Jen-Hsun.

謝謝，仁勳。

Doug Freedman with RBC.

道格弗里德曼與加拿大皇家銀行。

Thanks for taking my question. In your recent filings, you disclosed that you're securing wafers from Samsung. Can you offer some color on what products you're actually building at Samsung, and maybe Colette, if you can help us understand the gross margin impact to a multi-source economy strategy?

感謝您提出我的問題。在您最近提交的文件中，您透露您正在從三星獲得晶圓。如果您能幫助我們了解毛利率對多源經濟戰略的影響，您能否就您在三星和 Colette 實際構建的產品提供一些顏色？

Yes Doug, first of all, we are constantly evaluating foundry suppliers. We largely purchase from TSMC. The vast majority of our wafers, we buy from TSMC. We're in 20 nanometer now, we're expecting to ramp 16. So we're deeply engaged with TSMC for many, many nodes to come, including 10. But we're always looking for -- looking for new foundry suppliers and competition keeps everybody sharp, but for all intents and purposes, TSMC is our primary partner.

是的，Doug，首先，我們一直在評估代工供應商。我們主要從台積電採購。我們的絕大多數晶圓都是從台積電購買的。我們現在是 20 納米，我們預計會增加到 16 納米。因此，我們與台積電深入合作，未來會有很多很多節點，包括 10 個。但我們一直在尋找——尋找新的代工供應商和競爭讓每個人都保持敏銳，但出於所有意圖和目的，台積電是我們的主要合作夥伴。

If I could for my follow-up, when I look for your legal expenses, is there any sort of return on investment that we should look at from that level of spending? Is there some way that we can use that to derive maybe what it is that you're seeking, in terms of IT income, as a result of these lawsuits?

如果我可以跟進，當我尋找您的法律費用時，我們應該從該支出水平中查看任何形式的投資回報嗎？由於這些訴訟，我們是否可以通過某種方式使用它來推導出您正在尋求的 IT 收入？

I appreciate that question. We wouldn't invest $70 million to $90 million to defend our patents, unless we expect a substantial return on that investment. We don't go into litigation lightly. And in fact, quite frankly, I don't recall the last time that we asserted against somebody.

我很欣賞這個問題。我們不會投資 7000 萬到 9000 萬美元來保護我們的專利，除非我們期望這筆投資有可觀的回報。我們不會輕易提起訴訟。事實上，坦率地說，我不記得我們上次對某人提出主張是什麼時候了。

And so, I think this is something we took with a great deal of consideration. At the highest level, the way to think about it is this: We've invented more in modern computer graphics and modern visual computing than just about any company, and in fact, all the companies combined. We invented a GPU that everybody, just about everybody in mobile today, large or small in volume, are utilizing in some way.

因此，我認為這是我們經過深思熟慮的事情。在最高層次上，思考它的方式是這樣的：我們在現代計算機圖形學和現代視覺計算方面的發明比幾乎任何公司都多，事實上，所有公司加起來。我們發明了一種 GPU，現在每個人，幾乎每個人，無論體積大小，都在以某種方式使用它。

We invented a programmable shader and we invented, and a question that was just asked of me that I appreciated was we invented GP GPUs. These technologies are really fundamental to modern computer companies, whether it's mobile, car computers, supercomputers, you name it, our technology is pretty vital to it. And so it's necessary for us and for all of our shareholders that we defend this, for all of our employees that come here to do their life's work, so that they invent all this stuff, to the shareholders that have entrusted us to make these investments, we have to go and make sure that we get the appropriate return on investment.

我們發明了可編程著色器，我們發明了，剛剛問我的一個我很感激的問題是我們發明了 GP GPU。這些技術對於現代計算機公司來說是非常基礎的，無論是移動計算機、車載計算機、超級計算機等等，我們的技術對它都至關重要。因此，對於我們和我們所有的股東來說，我們有必要捍衛這一點，對於我們所有來這裡從事畢生工作的員工，以便他們發明所有這些東西，對於委託我們進行這些投資的股東，我們必須去確保我們得到適當的投資回報。

We also know that today's technology industry, the supply chain is much more complicated, if you will, than it used to be. At the core, NVIDIA is an IP company. We don't make steel, we don't make concrete, we don't even really make wafers. We are an IP company at our core, and so we're comfortable making our innovations and our work products available, whether it's in the servers or GPU, or add-in card or even an IP form.

我們也知道，今天的科技行業，供應鏈比過去複雜得多。從本質上講，NVIDIA 是一家 IP 公司。我們不製造鋼鐵，不製造混凝土，甚至不製造晶圓。我們的核心是一家 IP 公司，因此我們樂於提供我們的創新和我們的工作產品，無論是在服務器或 GPU 中，還是附加卡，甚至是 IP 形式。

And so is our expectation is that one, we have to defend it. Two, the return on that investment should be very, very high, because the exposure of the inventions that we've made in the industries that I mentioned just a moment ago, are quite large.

我們的期望也是如此，我們必須捍衛它。第二，投資的回報應該非常非常高，因為我們在剛才提到的行業中所做的發明的曝光率非常大。

Thank you for taking my questions.

謝謝你接受我的問題。

Alex Gauna with JMP Securities.

JMP 證券公司的 Alex Gauna。

Thanks for taking my question. Jen-Hsun, I'm wondering if you can share any insights into both what's happening real-time, and what might be happening in the back half of the year, in terms of the Chrome systems, the Android systems, where your pairing yourself with ARM-based computing and your GPU capabilities? And any thoughts on if are moving toward the day when you get yourself free from the constraints of the x86 monopoly? Thanks.

感謝您提出我的問題。 Jen-Hsun，我想知道你是否可以分享任何關於實時發生的事情以及下半年可能發生的事情的見解，比如 Chrome 系統、Android 系統，以及你自己配對的地方基於 ARM 的計算和您的 GPU 功能？是否有任何想法正在走向讓自己擺脫 x86 壟斷約束的那一天？謝謝。

I think of the highest level, a cloud-connected computer, whether it's an Android device or a Chrome device is going to become more and more popular, simply because we're connected more often than not. The power of cloud computing is pretty extraordinary. It's like everybody gets a supercomputer.

我認為最高級別的雲連接計算機，無論是 Android 設備還是 Chrome 設備都會變得越來越流行，這僅僅是因為我們經常連接。雲計算的力量是相當非凡的。就像每個人都擁有一台超級計算機。

More and more of our GPUs are now going into the cloud data centers, and so my expectation is that long-term, we likely will see more and more of these type of thin, delightfully small, and long battery life computers. And I think that trend is inevitable.

現在，我們越來越多的 GPU 進入雲數據中心，因此我的預期是，從長遠來看，我們可能會看到越來越多的這類薄型、小巧且電池壽命長的計算機。我認為這種趨勢是不可避免的。

However, x86 is really still quite important in so many industries, whether it's in high-performance computing, the energy efficiency of Intel CPUs in a data center is pretty hard to overcome. They've done an incredibly good job. The workstation industry CATIA, Autodesk's applications, Adobe applications, so many of these applications that large companies rely on, that legacy is 35 years old. It explains also the reason why our Quadro business is so sticky, and our position there is so strong, that the legacy is quite strong, and people rely on that platform to run their business.

但是，x86 在很多行業中確實還是相當重要的，無論是在高性能計算方面，數據中心的英特爾 CPU 的能效都很難克服。他們做得非常好。工作站行業 CATIA、Autodesk 的應用程序、Adobe 應用程序，以及許多大公司所依賴的這些應用程序，這些應用程序已有 35 年的歷史。它還解釋了為什麼我們的 Quadro 業務如此有粘性，我們的地位如此強大，遺產非常強大，人們依靠該平台來經營他們的業務。

So my expectation is that x86 and Intel architecture has its place in the world, and that ARM is also going to be, of course has the opportunity to bring computing to a large number of people, especially smaller devices that are connected to the cloud. So my -- you're talking to somebody who believes in computing, and you're talking to somebody who believes that the future of computing has really just started. And so, my sense is that there's a lot of great expansion to be done here.

所以我的期望是 x86 和英特爾架構在世界上佔有一席之地，而 ARM 也將有機會將計算帶給大量的人，尤其是連接到雲的小型設備。所以我的——你是在和一個相信計算的人交談，你是在和一個相信計算的未來真的剛剛開始的人交談。所以，我的感覺是這裡有很多很棒的擴展要做。

So if I'm hearing you right and you talked about this a little bit earlier when you talked about PC gaming, but if I'm thinking about gaming, and I'm thinking out the next year or two, for you to not be talking in a PC sense, it's really going to be a cloud driven model. You don't see any Android-based systems and the works that can do any heavy big iron local client-side gaming. Is that fair to say?

因此，如果我沒聽錯，並且您早些時候在談論 PC 遊戲時談到了這一點，但是如果我正在考慮遊戲，並且我正在考慮未來一兩年，那麼您就不會從個人電腦的角度來說，它真的是一個雲驅動的模型。您看不到任何基於 Android 的系統以及可以進行任何重型大型本地客戶端遊戲的作品。這樣說公平嗎？

Well, look, I think PC gaming is here to stay. It's here to stay because there are some genres of games that are just better with keyboard and mouse. You can play your game in your bedroom, and not have to share with anybody in the living room.

好吧，看，我認為 PC 遊戲將繼續存在。它會一直存在，因為有些遊戲類型更適合鍵盤和鼠標。您可以在臥室裡玩遊戲，而不必與客廳裡的任何人共享。

On the other hand, there's a billion people who have not had the benefit of enjoying the type of AAA games that are largely in game consoles, which is a little bit like a cable box if you will, a dedicated thing that people buy, to now be able to enjoy it broadly in living rooms all over the world. I think there's still ways to expand the reach of gaming, and that's why we're building SHIELD and that's why we're building GRID.

另一方面，有 10 億人沒有享受過主要在遊戲機中的 AAA 遊戲類型，如果你願意的話，這有點像有線電視盒，人們購買的專用東西，現在可以在世界各地的客廳廣泛享受它。我認為仍然有辦法擴大遊戲的覆蓋範圍，這就是我們構建 SHIELD 的原因，也是我們構建 GRID 的原因。

We believe that long-term video games like video, like movies, will become democratized, and it would be well to virtualize and put into the cloud like Netflix, and for us to be able enjoy it all over the world. And so I believe that, and we've got to go lay the foundation necessary to go bring that to the world. I'm pretty excited about some the work that we're going to reveal this year, and I think we just have to push on all of those vectors.

我們相信，像視頻這樣的長期視頻遊戲，就像電影一樣，會變得民主化，最好像 Netflix 一樣虛擬化並放到雲中，讓我們能夠在全球範圍內享受它。所以我相信這一點，我們必須去奠定必要的基礎，把它帶到世界上。我對我們今年將要展示的一些工作感到非常興奮，我認為我們只需要推動所有這些向量。

I think all of those vectors are real. PC gaming is going to keep growing. Cloud gaming will come, and Android gaming on TVs will disrupt the market. I believe in all three things simultaneously.

我認為所有這些向量都是真實的。 PC 遊戲將繼續增長。雲遊戲將到來，電視上的安卓遊戲將擾亂市場。我同時相信這三件事。

Got you. Thank you.

得到你。謝謝你。

David Wong with Wells Fargo.

富國銀行的大衛王。

Thanks so much. Can you give us some idea of GPU production you might have in the pipeline, that might come out next year or two, and what your plans are for manufacturing technology?

非常感謝。您能否給我們一些關於您可能正在籌備中的 GPU 生產的想法，可能會在明年或兩年內推出，以及您對製造技術的計劃是什麼？

David, I can't wait to tell you about the products that we have in the pipeline. There are more engineers at NVIDIA building the future of GPUs then just about anywhere else in the world. We're singularly focused on visual computing, as you know.

大衛，我迫不及待地想告訴你我們正在籌備的產品。在 NVIDIA 構建 GPU 的未來的工程師比世界上任何其他地方都多。如您所知，我們非常專注於視覺計算。

We have found over the years to be able to focus on just one thing, which is visual computing, and be able to leverage that one thing across PC, cloud, and mobile, and be able to address four very, very large markets with that one thing, gaming, enterprise, cloud and automotive. We can do this one thing, and now be able to enjoy all and deliver that capability to the market in all three major computing platforms and gain four vertical markets that are quite frankly very exciting. I can't wait to tell you all about it, David, you're just going to have to wait just a little longer.

多年來，我們發現能夠只專注於一件事，即視覺計算，並能夠在 PC、雲和移動設備上利用這一件事，並能夠以此解決四個非常非常大的市場一件事，遊戲，企業，雲和汽車。我們可以做到這一點，現在能夠在所有三個主要計算平台上享受所有功能並將該功能提供給市場，並獲得四個坦率地說非常令人興奮的垂直市場。我迫不及待地想告訴你這一切，大衛，你只需要再等一會兒。

Great. One other then. With the wind down of you Icera, do you have many products that require modem technology, will you need to pay significant license fees in the future to use that party IP, or are your modem needs fairly small at this point?

偉大的。再來一個。隨著您 Icera 的倒閉，您是否有許多需要調製解調器技術的產品，您是否需要在未來支付大量許可費用才能使用該方 IP，或者您的調製解調器需求在這一點上相當小？

We're going to use i500, which has been qualified in largely the Western world, and for the foreseeable future, for the next couple of years. When the world moves to 5G, we hope that there is going to be, and our assessment is that there will be multiple suppliers in the marketplace, and we'll partner with them if it's necessary. But our primary focus is going to be focusing on visual computing products.

我們將使用 i500，它在很大程度上已在西方世界獲得認可，在可預見的未來，在接下來的幾年裡。當世界轉向 5G 時，我們希望會有，我們的評估是市場上會有多家供應商，如果有必要，我們會與他們合作。但我們主要關注的是視覺計算產品。

Great, thanks.

太謝謝了。

C.J. Muse with Evercore ISI.

C.J. Muse 與 Evercore ISI。

Thank you for taking my question. I guess first question, as you look at PC gaming, can you talk through what normal seasonality looks like in July, and then also in terms of what you saw in this past quarter in terms of FX? I guess they're thinking through what the implications were in terms of pricing, any downward mix shift giving in particular what we saw in FX in Euro and Ruble?

謝謝你接受我的問題。我想第一個問題，當您查看 PC 遊戲時，您能否談談 7 月份的正常季節性情況，以及您在過去一個季度看到的外匯情況？我想他們正在考慮定價方面的影響，任何向下的組合轉變，特別是我們在歐元和盧布的外匯中看到的情況？

I appreciate that question. I think if you back off and look at the larger dynamic of gaming, the larger dynamic of PC gaming, the primary driver of PC gaming comes from two areas. One, is amazing new games. That's number one.

我很欣賞這個問題。我認為，如果你退後一步，看看更大的遊戲動態，更大的 PC 遊戲動態，PC 遊戲的主要驅動力來自兩個方面。一是驚人的新遊戲。那是第一名。

Number two is brand-new technologies, whether it's a brand-new GPU, amazing new display technology, and 4K, I would characterize as amazing new display technology, and new technologies like VR. New technologies are the reasons why people come to upgrade. New games that are just amazing, and they need new GPUs, or just amazing new GPUs that cause the install base to upgrade. Those are the two primary reasons.

第二個是全新的技術，無論是全新的GPU，驚人的新顯示技術，還是4K，我都將其描述為驚人的新顯示技術，以及像VR這樣的新技術。新技術是人們來升級的原因。令人驚嘆的新遊戲，它們需要新的 GPU，或者只是令人驚嘆的新 GPU，從而導致安裝基礎升級。這是兩個主要原因。

However, this year, and starting in Q1, and surely were experiencing some of it in Q2 as well is the currency disruption that's been broadly described. That, I think has a pretty significant impact. What it does is just makes all the GPUs more unaffordable, and so everything just got more expensive in Europe. That's something that hopefully will pass and I'm looking forward to what happens in the second quarter.

然而，今年，從第一季度開始，並且肯定在第二季度也經歷了一些，這是被廣泛描述的貨幣中斷。那，我認為有相當大的影響。它所做的只是讓所有 GPU 變得更加難以負擔，因此歐洲的一切都變得更加昂貴。希望這會過去，我期待著第二季度會發生什麼。

VR is coming, and you know how excited everybody is about VR. There's good reason for that, from John Carmack and Tim Sweeney, and the leaders of the gaming industry. We all now recognize that VR is going to be the future of gaming. Although we're going to continue to use monitors for many types of games and many genres of games and we'll play on TV and such, but there will be a very large genre of games based around VR. And there's no question about that now.

VR 即將到來，你知道每個人對 VR 有多興奮。約翰卡馬克和蒂姆斯威尼以及遊戲行業的領導者有充分的理由。我們現在都認識到 VR 將成為遊戲的未來。儘管我們將繼續在多種類型的遊戲和多種遊戲類型中使用顯示器，並且我們將在電視等上玩遊戲，但將有大量基於 VR 的遊戲類型。現在毫無疑問。

And so I'm excited about the rollout of VR across the industry in the second half, and of course you can't not get excited about the X12 and Windows 10. I think it's going to be a pretty good deal. I think the second half should be exciting, and we're looking forward to it.

所以我對下半年 VR 在整個行業的推出感到興奮，當然你不能對 X12 和 Windows 10 感到興奮。我認為這將是一筆不錯的交易。我認為下半場應該很精彩，我們很期待。

Very helpful. I guess as my follow-up, Colette, on the OpEx side, when you look at the wind down of Icera, what is the quarterly OpEx savings, and when should you get the full benefit of that?

非常有幫助。我想作為我的後續行動，Colette，在運營支出方面，當你看到 Icera 的結束時，季度運營支出節省是多少，你應該在什麼時候獲得全部收益？

We are in the early stages of Icera. Again, we're going to hopefully look for a buyer of it first. On the quarterly OpEx, the amount of that OpEx declining, we look for the opportunities in our growth areas for investment in the second half of the year. So essentially, we'll be about where we are right now in the second half of the year, after we wind down the Icera.

我們正處於 Icera 的早期階段。同樣，我們希望首先尋找它的買家。在季度運營支出方面，運營支出下降的金額，我們在下半年尋找增長領域的投資機會。所以基本上，在我們結束 Icera 之後，我們將在下半年達到現在的水平。

Great. Very helpful. Thank you

偉大的。非常有幫助。謝謝

Srini Pajjuri with CLSA.

里昂證券的 Srini Pajjuri。

Thank you. Jen-Hsun, the currency issue is understandable. I'm just curious as to what sort of trench you are seeing in the US and China, where I think currency is less of an issue, and also obviously those are two of your biggest markets?

謝謝你。 Jen-Hsun，貨幣問題是可以理解的。我只是好奇你在美國和中國看到了什麼樣的溝壑，我認為貨幣不是問題，而且顯然這兩個是你最大的市場？

Well, first of all Europe is a not insignificant market for PC gaming. Whether it's Russia, which is a very large market for PC gaming, you'll be surprised how large it is, and Germany, very large markets for PC gaming. But that notwithstanding, the US market and the -- well, the China market as you know also, was a little bit slow this last several months. Their economy is a little bit slower.

嗯，首先，歐洲對於 PC 遊戲來說是一個不小的市場。無論是擁有龐大 PC 遊戲市場的俄羅斯，您都會驚訝於它的規模之大，而德國則是非常龐大的 PC 遊戲市場。但儘管如此，美國市場和——嗯，你也知道的中國市場，在過去幾個月裡還是有點慢。他們的經濟有點慢。

But I think none of that is very significant, compared to the FX implications. We're seeing robust activity in the channel now, and as you know, the exchange rate is improving, and so I'm hopeful that business will return to normal relatively soon. We'll see how it goes.

但與外匯影響相比，我認為這些都不是很重要。我們現在看到該渠道的活動很活躍，而且如您所知，匯率正在改善，所以我希望業務能很快恢復正常。我們會看看情況如何。

And Colette, just a follow-up on the OpEx. You said $60 million to $70 million, or $80 million for the legal. Do you expect any seasonality? I guess what I'm asking is, as we exit this fiscal year, do you expect the run rate on a quarterly basis to decline? Thank you.

還有 Colette，只是對 OpEx 的跟進。你說的是 6000 萬到 7000 萬美元，或者是 8000 萬美元的法律費用。你期待任何季節性嗎？我想我要問的是，當我們退出本財年時，您是否預計季度運行率會下降？謝謝你。

Thanks for the question. We really wanted to, just to provide the transparency on how important this litigation is to us, and what we're doing to support that with the expenses and the range. We don't have a crystal ball of how this will go, so we know about what we're approximating for the full year in there.

謝謝你的問題。我們真的很想這樣做，只是為了提供關於這場訴訟對我們的重要性的透明度，以及我們正在做些什麼來支持它的費用和範圍。我們沒有關於這將如何發展的水晶球，所以我們知道我們在那裡全年的近似值。

We indicated in Q1 we spent about $16 million, but we'll take it day by day at this point. It's a very, very important set of cases for us. And we'll keep you updated as it goes throughout the year.

我們在第一季度表示我們花費了大約 1600 萬美元，但我們會在這一點上一天一天地接受它。對我們來說，這是一組非常非常重要的案例。我們會在全年為您提供最新信息。

Thank you.

謝謝你。

Jim Covello with Goldman Sachs.

高盛的吉姆·科維羅。

Thank you so much for taking the question. At AMD's analyst day yesterday they talked a lot about new technology they we're going to introduce in spaces where you've been pretty dominant from a market share and technology standpoint over the last couple of years, taking a lot of share from them. I'm not sure if you have had a chance to look at any of the things that they said, or if you have any thoughts that you could share with us on that?

非常感謝您提出這個問題。昨天在 AMD 的分析師日上，他們談了很多關於我們將在過去幾年中從市場份額和技術角度來看你一直佔據主導地位的領域中引入的新技術，並從他們那裡獲得很多份額。我不確定您是否有機會看到他們所說的任何事情，或者您是否有任何想法可以與我們分享？

They've been a strong competitor for as long as I remember and they remain a strong competitor. It's just that our strategy is very different now. We use to be much more of a component supplier, competing directly with other component suppliers, but increasingly, we're really a differentiated platform supplier. And so you find that the software investments that we've made over the years, you really increasingly define our product.

從我記事起，他們就一直是一個強大的競爭對手，而且他們仍然是一個強大的競爭對手。只是我們現在的策略很不一樣。我們過去更像是一個組件供應商，直接與其他組件供應商競爭，但我們越來越多地成為一個差異化的平台供應商。因此，您會發現，我們多年來所做的軟件投資，確實越來越多地定義了我們的產品。

If you think about Tesla, the amount of software that stacked on top of Tesla from all the tools that we created, the middleware, the libraries, the programming models, the robustness of all of it, the integration with all of the industry's software products, and everybody else's software that's built on top of Tesla, is pretty daunting. And so it's hardly just a GPU anymore.

如果你想想 Tesla，我們創建的所有工具、中間件、庫、編程模型、所有這些工具的穩健性，以及與所有行業軟件產品的集成，都堆積在 Tesla 之上的軟件數量，以及其他基於特斯拉構建的軟件，都非常令人生畏。因此，它不再只是一個 GPU。

GRID is all about software. Otherwise, it's just another one of our GPUs. The GRID is largely about software, virtualization software, concurrency software, the ability to deal with very, very low latency streaming. The integration with all the tools in the world, and all the other platforms of the world.

GRID 是關於軟件的。否則，它只是我們的另一款 GPU。 GRID 主要是關於軟件、虛擬化軟件、並發軟件，以及處理非常非常低延遲流的能力。與世界上所有工具以及世界上所有其他平台的集成。

So I think we think about our products and our platforms, it's really about the differentiated value that we built on top of our GPUs, number one, and number two, the deep integration with the large ecosystems around the world, to the point where other companies' capabilities are really glommed on to this platform, making this platform more valuable to customers. And so that's really what's changed about our company strategy and why increasingly, we look very different than other component suppliers.

所以我認為我們會考慮我們的產品和平台，這實際上是關於我們在我們的 GPU 之上建立的差異化價值，第一和第二，與世界各地的大型生態系統的深度整合，以至於其他公司的能力真正體現在這個平台上，使這個平台對客戶更有價值。這就是我們公司戰略真正發生變化的地方，以及為什麼我們看起來與其他零部件供應商越來越不同。

That's very helpful. Thank you. For my follow-up, if I look back to the transcript on the last call there was a view expressed that some of the issues that were impacting the other companies' PC OEM business, maybe NVIDIA was a little bit more insulated than that. Is the view that the weakness in the PC space has broadened out a little bit, and that's why maybe we're seeing some of the follow-on effect into your business?

這很有幫助。謝謝你。對於我的後續行動，如果我回顧上次電話會議的記錄，有一種觀點表示，一些影響其他公司 PC OEM 業務的問題，也許 NVIDIA 比這更絕緣。是否認為個人電腦領域的弱點已經擴大了一點，這就是為什麼我們可能會看到對您的業務產生一些後續影響？

I think first of all, we're one of the few companies that didn't miss last quarter, and Q1 was relatively fine for us. What we said was that we're going to let what is broadly impacting the rest of the industry inform us about Q2, and we think that when it comes down to enterprise, that's one of the factors. Enterprise does affect us. When enterprise slows down, because of FX issues or delays in purchase because of Windows 10, workstations is a part of enterprise, servers that they buy is part of enterprise, and so it affects us there.

我認為首先，我們是少數幾家沒有錯過上個季度的公司之一，第一季度對我們來說相對不錯。我們所說的是，我們將讓對行業其他部門產生廣泛影響的因素告訴我們第二季度的情況，我們認為當涉及到企業時，這是因素之一。企業確實影響了我們。當企業因為外匯問題或由於 Windows 10 導致購買延遲而減速時，工作站是企業的一部分，他們購買的服務器是企業的一部分，所以它會影響我們那裡。

We still have a piece of our business that even though it's a rather small percentage of our business at this point, it's still non-zero. Our PC OEM business is affected by what's happening around the world. And so I would say that yes, our Q2 is informed by all of those factors, but I would say that also our core business is really doing well.

我們仍然有一部分業務，即使在這一點上它只占我們業務的一小部分，它仍然不是零。我們的 PC OEM 業務受到世界各地正在發生的事情的影響。所以我會說是的，我們的第二季度受到所有這些因素的影響，但我會說我們的核心業務也做得很好。

Gaming is robust, and I expect gaming to continue to grow. The work we're doing in accelerated data centers grew 50% year-over-year, and my expectation is that it's going to be a strong business for us going forward. And the success that we're seeing in automotive and the expansion of car computers has allowed us to double our business there. So our core businesses are growing very nicely, and largely independent of what is being experienced in PC OEMs globally.

遊戲很強大，我預計遊戲會繼續增長。我們在加速數據中心所做的工作同比增長 50%，我的預期是，這將成為我們未來的一項強大業務。我們在汽車領域看到的成功和車載電腦的擴展使我們在那裡的業務翻了一番。因此，我們的核心業務發展得非常好，並且很大程度上獨立於全球 PC OEM 的經驗。

That's helpful. Thank you very much. Good luck.

這很有幫助。非常感謝。祝你好運。

Christopher Rolland with FBR Capital.

FBR Capital 的 Christopher Rolland。

Thanks for the question. This is Joe on for Chris. Just a follow-up with your competitors and what they've saying. It looks like they're going to 14 nanometer FinFET next year. I was just wondering how you viewed this change. Do you expect anything in the industry to change because of this, and then when might you get back to process leadership?

謝謝你的問題。這是喬對克里斯的看法。只是跟進您的競爭對手以及他們所說的話。看起來他們明年將使用 14 納米 FinFET。我只是想知道您如何看待這種變化。您是否期望行業中的任何事情會因此而發生變化，那麼您什麼時候可以恢復流程領導力？

I'm not sure that we've ever had process leadership. We go to a new process when we're ready to go to a new process. And as you know, we could wring out new architectural efficiencies in exactly the same process technology for several generations with 28 nanometer

我不確定我們是否曾經擁有過流程領導力。當我們準備好進入一個新流程時，我們會進入一個新流程。如您所知，我們可以用完全相同的工藝技術在幾代 28 納米工藝中獲得新的架構效率

The difference between Kepler and Maxwell is pretty amazing. To be able to deliver twice the energy efficiency in one generation using exactly the same process is pretty exciting. And so I think there are many ways to skin a cat, and we surely expect, and we surely expect and look forward to going to next-generation nodes, but the GPU is a piece of the puzzle. The algorithms we put into the GPUs is a very important piece of the puzzle.

開普勒和麥克斯韋之間的差異非常驚人。能夠使用完全相同的工藝在一代中提供兩倍的能源效率是非常令人興奮的。所以我認為有很多方法可以給貓剝皮，我們當然期待，我們肯定期待並期待下一代節點，但 GPU 是其中的一部分。我們放入 GPU 中的算法是拼圖中非常重要的一塊。

The software on top of it is a piece of the puzzle and the system design is a piece of the puzzle. There so many ways for us to deliver energy efficiency and performance. I wouldn't get too obsessed about the process technology all by itself.

它上面的軟件是一塊拼圖，系統設計是一塊拼圖。我們有很多方法可以提高能源效率和性能。我不會對工藝技術本身太著迷。

Okay. That's helpful. Thank you. And as a quick follow-up I was hoping you guys could break out what percent notebook represents within PC GPU?

好的。這很有幫助。謝謝你。作為一個快速跟進，我希望你們能打破筆記本電腦在 PC GPU 中的百分比？

Within our overall GPU business and how big is notebook?

在我們的整體 GPU 業務中，筆記本電腦有多大？

Yes.

是的。

We don't give out that. I don't have it actually front of me right here on this side, but we are seeing definitely a good amount of growth in terms of our notebook for gaming. And we still have a very strong position as well, just in general PC notebooks. So they're both about equal in size, in terms of our total. It's a percentage of our PC number.

我們不會給出那個。在這一邊，我實際上並沒有它在我面前，但我們肯定看到我們的遊戲筆記本電腦有很大的增長。而且我們仍然擁有非常強大的地位，就在一般的 PC 筆記本電腦上。因此，就我們的總數而言，它們的大小大致相同。這是我們電腦數量的百分比。

Okay. Thank you.

好的。謝謝你。

Ladies and gentlemen, this does conclude the conference call for today. Mr. Arnab Chanda, I'll turn the call back over to you.

女士們先生們，今天的電話會議到此結束。 Arnab Chanda 先生，我會把電話轉給你。

This is Jen-Hsun. First of all, I want to thank all of you for tuning in today. We're really pleased with the quarter. Our businesses are performing well.

這是仁勳。首先，我要感謝大家今天收看。我們對這個季度感到非常滿意。我們的業務表現良好。

Looking beyond the broad industry headwinds of Q2, we have a great growth drivers in our core platforms: gaming, HPC cloud, enterprise and auto. And in each market segment as we discussed, our position is differentiated and strong. We are excited that visual computing is more important than ever, and I look forward to talking to you next time.

展望第二季度廣泛的行業逆風，我們的核心平台擁有巨大的增長動力：遊戲、HPC 雲、企業和汽車。正如我們所討論的，在每個細分市場中，我們的地位都是差異化且強大的。我們很高興視覺計算比以往任何時候都更加重要，我期待下次與您交談。

Ladies and gentlemen we thank you for your participation, and ask that you please disconnect your lines.

女士們，先生們，我們感謝您的參與，並要求您斷開線路。