輝達 (NVDA) 2016 Q3 法說會逐字稿

Good afternoon. My name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the NVIDIA financial results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period.

午安.我是 Mike，今天將擔任本次電話會議的接線生。現在，我謹代表英偉達歡迎各位參加本次財務業績電話會議。為了避免背景噪音，所有線路均已靜音。發言結束後，將進入問答環節。

(Operator Instructions)

（操作說明）

As a reminder, this call is being recorded, Thursday, November 5, 2015. I will now turn the call over to Arnab Chanda, Vice President of Investor Relations at NVIDIA. You may begin your conference.

再次提醒各位，本次電話會議正在錄音，時間是2015年11月5日，星期四。現在我將把電話交給英偉達投資者關係副總裁阿納布·錢達先生。您可以開始您的會議了。

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

謝謝。大家下午好，歡迎參加英偉達2016財年第三季業績電話會議。今天與我一同出席會議的英偉達代表有總裁兼執行長黃仁勳，以及執行副總裁兼財務長科萊特·克雷斯。

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 via telephone until November 12, 2015.

我想提醒各位，今天的電話會議正在英偉達投資者關係網站上進行網路直播，同時也會進行錄音。您可以透過電話收聽錄音回放，有效期至2015年11月12日。

The webcast will be available for replay up until next quarter's conference call to discuss Q4 financial results. The content of today's call is NVIDIA's property. It cannot be reproduced or transcribed without our prior written consent.

本次網路直播將提供回放，直至下季財報電話會議。本次電話會議的內容歸英偉達所有，未經事先書面許可，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 Forms 10K and 10-Q, and the reports that we may file on Form 8-K with the Securities and Exchange Commission.

在本次電話會議中，我們可能會根據目前的預期做出前瞻性陳述。這些前瞻性陳述受許多重大風險和不確定因素的影響，而我們的實際結果可能與這些陳述有重大差異。有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天發布的盈利報告中的披露內容、我們最新的10-K表和10-Q表，以及我們可能向美國證券交易委員會提交的8-K表報告。

All our statements are made as of today, November 5, 2015 based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. 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.

我們所有聲明均截至2015年11月5日，並基於我們目前掌握的資訊。除法律另有規定外，我們不承擔更新任何此類聲明的義務。在本次電話會議中，我們將討論非公認會計準則（非GAAP）財務指標。您可以在我們網站上發布的財務長評論中找到這些非GAAP財務指標與GAAP財務指標的調節表。

With that, let me turn the call over to Colette.

那麼，現在讓我把電話交給科萊特。

Thanks, Arnab. Q3 revenue was a record $1.305 billion, up 7% from a year earlier, up 13% sequentially and substantially above our outlook of $1.18 billion. Growth was driven by record revenue for gaming, particularly for our GTX Platform and Automotive Infotainment Systems. From a reporting segment perspective, GPU revenue was $1.11 billion, up 12% from a year earlier. Tegra processor revenue was $129 million, down 23% from a year earlier.

謝謝，Arnab。第三季營收創下13.05億美元的紀錄，年增7%，季增13%，遠超我們先前11.8億美元的預期。成長主要得益於遊戲業務的營收創下新高，尤其是GTX平台和車載資訊娛樂系統。從分業務來看，GPU營收為11.1億美元，年增12%。 Tegra處理器營收為1.29億美元，年減23%。

Our strategy remains focused on creating platforms for gaming, professional visualization, Datacenter, and Automotive. Our progress is the result of product innovation, our strong position in growing markets and disciplined execution. In Q3, our four market platforms contributed 85% of our revenue, up from 71% a year earlier.

我們的策略依然專注於打造遊戲、專業視覺化、資料中心和汽車領域的平台。我們的進步源自於產品創新、在成長型市場中的強大地位以及嚴謹的執行力。第三季度，我們的四大市場平台貢獻了85%的收入，高於去年同期的71%。

First, let's start with our gaming platform. Gaming revenue rose 44% year on year to $761 million. Growth is being fueled by a number of factors. Among them: the significant increase in graphics production value; the rise of eSports; the anticipation of blockbuster games for the holiday season; and the emergence of new technologies like VR, for richer, more immersive game play. Professional gaming competitions, or eSports, are well on their way to becoming a global entertainment category with an audience of 188 million viewers. There were 30 million viewers alone from last month's League of Legends World Championship. The launch of great gaming titles drives gaming platform sales.

首先，我們來看看遊戲平台。遊戲營收年增 44%，達到 7.61 億美元。推動成長的因素有很多，其中包括：圖形製作水平的顯著提升；電子競技的興起；人們對假日季熱門遊戲的期待；以及虛擬實境（VR）等新技術的出現，這些技術帶來了更豐富、更沉浸式的遊戲體驗。職業遊戲比賽，也就是電子競技，正迅速發展成為全球娛樂產業，擁有 1.88 億觀眾。光是上個月的《英雄聯盟》全球總決賽就吸引了 3,000 萬觀眾。優秀遊戲的發布也帶動了遊戲平台的銷售。

We are excited about the strong pipeline of AAA games ready for the holiday season, including Star Wars Battlefront, Call of Duty: Black Ops 3, Rainbow 6, and Fallout 4. Meanwhile, we are looking forward to the launch of virtual reality with the approaching availability of VR headsets from Oculus, HTC, and others as well as new VR games such as EVE Valkyrie. During the quarter, we enabled a new category of high capable enthusiast-class gaming notebooks with the launch of GTX 980. For the first time, notebooks are able to deliver the same gaming experience as desktops and have the processing power to drive frame rates needed for VR.

我們對即將於假日季推出的眾多3A級遊戲感到興奮，其中包括《星際大戰：前線》、《決勝時刻：黑色行動3》、《虹彩六號》和《異塵餘生4》。同時，我們也期待虛擬實境技術的到來，Oculus、HTC等廠商的VR頭戴裝置即將上市，以及《EVE：瓦爾基里》等全新VR遊戲的推出。本季度，我們推出了GTX 980顯示卡，開創了高效能發燒遊戲筆記型電腦的新紀元。筆記型電腦首次能夠提供與桌上型電腦相同的遊戲體驗，並具有足夠的處理能力來驅動VR所需的幀速率。

Our long term bet on Android gaming is SHIELD. During the quarter, we extended the reach of SHIELD Android TV, the market's most advanced 4K smart TV console in two key European markets. We launched GeForce NOW which provides Netflix-like service for streaming games from the cloud to your SHIELD device.

我們對安卓遊戲領域的長期投資是SHIELD。本季度，我們拓展了SHIELD安卓電視（市場上最先進的4K智慧電視主機）在兩個關鍵歐洲市場的覆蓋範圍。我們還推出了GeForce NOW，這項服務類似於Netflix，可將遊戲從雲端串流到您的SHIELD裝置上。

Moving to professional visualization. Quadro revenue increased 8% sequentially to $190 million, a decline of 8% year over year. At the SIGGRAPH Professional Computer Design Conference, we introduced NVIDIA DesignWorks. This suite of algorithm libraries and tools enables developers to easily incorporate photo realistic visualization of product and building designs. And with DesignWorks VR, developers can easily provide the amazing experience for such areas as theme park design, product design, tele-presence and surgical training.

轉向專業視覺化領域。 Quadro 營收季增 8% 至 1.9 億美元，年減 8%。在 SIGGRAPH 專業電腦設計大會上，我們推出了 NVIDIA DesignWorks。這套演算法庫和工具使開發人員能夠輕鬆地將產品和建築設計的照片級真實感視覺化效果整合到產品中。借助 DesignWorks VR，開發人員可以輕鬆地為主題樂園設計、產品設計、遠端呈現和外科手術培訓等領域提供令人驚嘆的體驗。

In Datacenter, inclusive of Tesla and GRID, revenue rose 13% sequentially to $82 million, reflecting demand in deep learning, high performance computing, and graphic virtualization. Revenue declined 8% year on year due to lumpiness from large deep learning projects. Most of the world's leading web services companies have adopted Tesla for deep learning to power next-generation services. In addition to using our GPUs for training servers on massive data sets, companies like Baidu are using them for inference for such work as real-time voice recognition. In high performance computing, we increasingly find that GPUs are moving from the domain of researchers to commercial use, in such areas as weather forecasting and seismic processing.

在資料中心業務（包括 Tesla 和 GRID）中，營收季增 13% 至 8,200 萬美元，反映了深度學習、高效能運算和圖形虛擬化領域的需求。由於大型深度學習計畫帶來的波動，營收年減 8%。全球大多數領先的網路服務公司都已採用 Tesla 進行深度學習，以支援下一代服務。除了使用我們的 GPU 訓練伺服器處理大量資料集外，百度等公司還將其用於即時語音辨識等推理任務。在高效能運算領域，我們發現 GPU 的應用正日益從研究領域走向商業領域，例如天氣預報和地震資料處理。

We continue to make progress as well with our GRID virtualization platform which enables companies to deliver graphic-rich applications to employees on any device anywhere. At VMworld in San Francisco, we launched GRID 2.0 with twice the user density and application performance of its predecessor and support for both Linux and blade servers. A dozen Fortune 100 companies are completing trials of GRID 2.0 and more than 125 OEM offered servers are qualified to run it. Also reflecting momentum for NVIDIA Datacenter offerings, Microsoft Azure announced it has integrated NVIDIA GRID into its rapidly growing cloud service in response to customer and demand for GPU acceleration in the cloud.

我們的 GRID 虛擬化平台也持續取得進展，該平台使企業能夠隨時隨地透過任何裝置向員工提供圖形豐富的應用程式。在舊金山舉行的 VMworld 大會上，我們發布了 GRID 2.0，其用戶密度和應用程式效能是上一代產品的兩倍，並同時支援 Linux 和刀鋒伺服器。十幾家財富 100 強企業正在完成 GRID 2.0 的試用，超過 125 款 OEM 伺服器已通過認證，可運行該平台。此外，NVIDIA 資料中心產品也展現出強勁的發展勢頭，微軟 Azure 宣布已將 NVIDIA GRID 整合到其快速成長的雲端服務中，以滿足客戶對雲端 GPU 加速的需求。

Finally, Automotive revenue rose 51% year on year to a record 79% -- $79 million. At last month's International Auto Show in Frankfurt, Mercedes Benz, Audi, Porsche, Bentley and Honda all showcased a range of production vehicles and concept cars with NVIDIA-powered digital cockpits and our partner, Tesla Motors, just introduced its Falcon Wing Model X, like the Model S, the Model X is equipped with both a multi-touch infotainment system and a digital instrument cluster, powered by NVIDIA.

最後，汽車業務收入年增51%，達到創紀錄的79%，即7,900萬美元。在上個月的法蘭克福國際車展上，梅賽德斯-奔馳、奧迪、保時捷、賓利和本田都展示了一系列量產車型和概念車，這些車型均配備了NVIDIA提供技術支援的數位座艙。我們的合作夥伴特斯拉汽車公司也剛推出了配備鷹翼翼的Model X，就像Model S一樣，Model X也配備了NVIDIA提供技術支援的多點觸控資訊娛樂系統和數位儀表板。

Finally, we are continuing deeper collaborations with over 50 companies that are developing self-driving car technologies using NVIDIA Drive PX. These include car manufacturers, Tier 1 OEMs, start ups, and research institutions. Drive PX is an advanced autonomous driving platform that fuses data from Cameras, LiDars, Radar, and Ultrasonic Sensors to determine the path forward using deep learning techniques. We look forward to sharing more details about this work at CES 2016. Our OEM and IP business was $192 million, up 11% sequentially, driven by seasonal demand for notebooks.

最後，我們正與超過 50 家使用 NVIDIA Drive PX 開發自動駕駛汽車技術的公司繼續深化合作。這些公司包括汽車製造商、一級 OEM 廠商、新創公司和研究機構。 Drive PX 是一個先進的自動駕駛平台，它融合來自攝影機、光達、雷達和超音波感測器的數據，利用深度學習技術確定行駛路徑。我們期待在 2016 年國際消費電子展 (CES 2016) 上分享更多關於這項工作的細節。我們的 OEM 和 IP 業務收入為 1.92 億美元，環比成長 11%，主要得益於筆記型電腦的季節性需求。

Now turning to the rest of the income statement. GAAP gross margin was 56.3%. Non-GAAP gross margin was 56.5%, in line with our outlook. GAAP and non-GAAP gross margin increased from a year ago, reflecting our strong gaming revenue. GAAP gross margin increased sequentially as the previous quarter included a charge related to the NVIDIA SHIELD tablet recalls. Non-GAAP gross margin was nearly flat sequentially. GAAP operating expenses for the third quarter were $489 million, inclusive of $8 million of restructuring and other charges. Non-GAAP operating expenses, including litigation charges, were $430 million, slightly lower than our outlook. We continue to focus on operating efficiencies and we manage investment growth while growing operating margins.

現在來看損益表的其他部分。 GAAP毛利率為56.3%。非GAAP毛利率為56.5%，與我們的預期一致。 GAAP和非GAAP毛利率均較去年同期成長，反映了我們強勁的遊戲收入。 GAAP毛利率較上季成長，是因為上一季包含了與NVIDIA SHIELD平板電腦召回相關的費用。非GAAP毛利率較上季基本持平。第三季GAAP營業費用為4.89億美元，其中包括800萬美元的重組和其他費用。非GAAP營業費用（包括訴訟費用）為4.3億美元，略低於我們的預期。我們將繼續專注於提高營運效率，並在提升營業利潤率的同時，合理控制投資成長。

GAAP operating income for the third quarter was $245 million, up 15% from $213 million a year earlier, reflecting strong revenue growth. Non-GAAP operating income was $308 million, up 17% from $264 million a year earlier. GAAP net income was $246 million. GAAP earnings per diluted share were $0.44 including $0.01 of restructuring and other charges as well as a benefit of $0.09 from a tax reserve release. Non-GAAP net income was $255 million. Non-GAAP earnings per diluted share were $0.46, an increase of 18% year over year.

第三季GAAP營業收入為2.45億美元，較上年同期的2.13億美元成長15%，反映出強勁的營收成長。非GAAP營業收入為3.08億美元，較上年同期的2.64億美元成長17%。 GAAP淨收入為2.46億美元。 GAAP稀釋後每股收益為0.44美元，其中包括0.01美元的重組及其他費用，以及0.09美元的稅收準備金釋放收益。非GAAP淨收入為2.55億美元。非GAAP稀釋後每股收益為0.46美元，較去年同期成長18%。

Now turning to some key balance sheet items. In Q3, our cash and marketable securities balance was $4.73 billion. During the third quarter, we paid $53 million in cash dividends and we closed on seller [repurchasing] agreement with an additional 4.6 million shares returned. As a result, we've returned to shareholders an aggregate of $604 million FY to date of our full year intent to return $800 million. As part of our ongoing commitment to deliver shareholder value through capital return, we have announced an 18% increase to our quarterly cash dividend to $0.115 per share to be paid on December 14 to all shareholders of record on November 20. In addition, we are pleased to announce our intention in FY17 to return approximately $1 billion to shareholders through ongoing quarterly cash dividends and share repurchases.

現在來看一些關鍵的資產負債表項目。第三季度，我們的現金及有價證券餘額為47.3億美元。第三季度，我們支付了5,300萬美元的現金股息，並完成了賣方回購協議，額外回購了460萬股股票。因此，截至目前，我們已向股東返還了6.04億美元，而我們全年的返還目標為8億美元。作為我們持續致力於透過資本回報為股東創造價值的一部分，我們宣布將季度現金股利提高18%，至每股0.115美元，將於12月14日支付給所有在11月20日登記在冊的股東。此外，我們很高興地宣布，我們計劃在2017財年透過持續的季度現金股利和股票回購，向股東返還約10億美元。

Now turning to the outlook for Q4 of FY16. We remain excited about our business prospects. Gaming continues to accelerate in eSports, VR and a pipeline of exciting games will lift it further. GPU accelerated datacenters are expanding in both high performance computing and cloud, driven by the acceptance of deep learning techniques and the transition to autonomous driving is well underway. We have excellent positions in each of these growth markets. We expect revenue for Q4 of 2016 to be $1.3 billion, plus or minus 2%. Our non-GAAP and GAAP gross margins -- our GAAP and non-GAAP gross margins are expected to be 56.7% and 57%, respectively, plus or minus 50 basis points. GAAP operating expenses are expected to be approximately $503 million. Non-GAAP operating expenses are expected to be approximately $445 million.

現在展望2016財年第四季。我們對業務前景依然充滿信心。電子競技、虛擬實境（VR）以及一系列令人期待的遊戲將進一步推動遊戲產業的發展。在深度學習技術普及和自動駕駛技術快速發展的推動下，GPU加速資料中心在高效能運算和雲端運算領域正快速擴張。我們在這些成長型市場中都佔有有利地位。我們預計2016年第四季營收為13億美元，上下浮動2%。我們的非GAAP毛利率和GAAP毛利率預計分別為56.7%和57%，上下浮動50個基點。 GAAP營運費用預計約5.03億美元，非GAAP營運費用預計約4.45億美元。

For FY16, we expect non-GAAP operating expenses, excluding litigation costs, to be approximately flat with FY15. Litigation costs are anticipated to be in the range of $70 million to $80 million as we defend our intellectual property. GAAP and non-GAAP tax rates for Q4 of FY16 are both expected to be 20%, plus or minus 1%.

2016財年，我們預計不計訴訟費用的非GAAP營運支出將與2015財年基本持平。由於我們將用於維護智慧財產權，預計訴訟費用將在7,000萬美元至8,000萬美元之間。 2016財年第四季的GAAP和非GAAP稅率預計均為20%，上下浮動1%。

The above GAAP outlook excludes restructuring charges which are expected to be in the range of $25 million to $35 million as we finalize the wind down of the Icera operations in Q4 of FY16. Further financial details, including the CFO commentary and revenue by market platforms, are available on our IR website.

上述GAAP展望不包括重組費用，預計在2016財年第四季完成Icera業務的逐步關閉後，該費用將在2500萬美元至3500萬美元之間。更多財務詳情，包括財務長評論和按市場平台劃分的收入，請造訪我們的投資者關係網站。

With that, we will now open the call for questions. Operator, will you please poll for questions?

接下來，我們將開始提問環節。接線生，請您進行問答環節的提問。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

The first question comes from the line of Vivek Arya with Banc of America.

第一個問題來自美國銀行的 Vivek Arya。

Thanks for the question and congratulations on the great results. For my first question, the last two quarters you have substantially exceeded your original outlook and PC gaming has been an important part of that. And I'm wondering the strength that you're seeing or the upside surprise that you have seen in both these quarters, has that come more from units? Has that come more from better mix or ASPs or share gains and more notably, how sustainable is this upside trajectory?

感謝您的提問，並祝賀您取得如此優異的成績。我的第一個問題是，過去兩個季度您的業績都大幅超出了最初的預期，而PC遊戲業務在其中發揮了重要作用。我想了解一下，這兩個季度的強勁成長或意外驚喜，主要來自銷售嗎？還是來自產品組合優化、平均售價提升或市佔率成長？更重要的是，這種成長動能能否持續？

Yes, Vivek, first of all, thanks. Well, I think that we've been consistent that our PC gaming business is driven by several factors. The first factor is the great AAA titles that are coming out with ever increasingly graphics production value.

是的，維韋克，首先謝謝。嗯，我認為我們一直都認為，我們的PC遊戲業務是由幾個因素驅動的。第一個因素是不斷湧現的優秀3A級遊戲，它們的畫面製作水準越來越高。

The second is just a number of eSports players that are growing around the world and it's a very social phenomenon. The more of your friends are joining eSports, the more you have to join eSports so that you can hang out with your friends.

第二點是，全球電競玩家數量正在不斷增長，而且這是一個非常社交化的現象。你的朋友越多，你就越有可能加入電子競技，這樣你才能和朋友一起玩。

The third is the developing countries. One of the things about PC gaming and overall gaming is that you really need to have broadband access any more so that you can download these amazing games. And so as broadband adoption continues to grow in the developing countries, the PC is really the best way to get into gaming.

第三類是發展中國家。如今，PC遊戲乃至所有遊戲都離不開寬頻接入，只有寬頻才能下載這些精彩的遊戲。隨著寬頻在發展中國家的普及，PC無疑是進入遊戲世界的最佳途徑。

It's a platform that you need for your daily lives anyways and surely most young people need it for school. So that's been helpful. All of those factors have increased both the units as well as the ASPs that we're enjoying. If you look at the size of the overall market, I think that it's probably fair to say that we're not fully penetrated.

無論如何，這都是你日常生活中必不可少的平台，而且大多數年輕人肯定也需要它來學習。所以這確實很有幫助。所有這些因素都提高了我們的銷售和平均售價。但如果你看看整個市場的規模，我認為可以說我們還沒有完全滲透到市場中。

And our expectation is that as we look into next year, all of the great games that are coming out whether it's Call of Duty that's coming out or Star Wars that's coming out, or Assassin's Creed, or Tomb Raider and surely, everybody is quite excited about VR coming out in the beginning of next year. So I think there's several growth drivers that are still quite powerful and our expectations that this is going to be a large market going forward.

我們預計，展望明年，所有即將推出的優秀遊戲，無論是《決勝時刻》、《星際大戰》、《刺客教條》還是《古墓奇兵》，當然，大家對明年年初即將推出的VR遊戲也充滿期待。因此，我認為目前仍有幾個強勁的成長動力，我們預計未來這將是一個巨大的市場。

Great, thanks Jen-Hsun. And for my follow-up question, not to table it, but when I look at your Q4 guidance, it's strong, better than expectations, but it sort of implies a flattish trends and what does -- is usually a seasonally stronger quarter. If you could just give us some color on what segments just directionally do you think would be up or down versus Q3? Thank you.

太好了，謝謝Jen-Hsun。我還有一個後續問題，並非要擱置，但我看了你們的第四季度業績指引，雖然很強勁，超出預期，但似乎暗示著整體趨勢較為平緩，而通常情況下，第四季度是季節性增長旺季。您能否具體說明一下，您認為哪些業務部門相對於第三季會上升或下降？謝謝。

Well the guidance that we provide is the guidance that we think is best and balanced and we'll see how the quarter plays out, but there are -- the gross drivers in our business overall, gaming is a growth driver and we just mentioned some of the dynamics that are underlying it. Data centers is a growth driver for us and I'm sure we'll be talking more about that during the conference call and then third, the Automotive business is a growth driver for us and so we have several growth drivers and -- but at this point, our guidance is the best we have to offer.

我們提供的成長指引是我們認為最佳且平衡的，我們會觀察本季的實際情況。但就我們整體業務而言，主要驅動因素包括：遊戲業務是成長動力，我們剛才也提到了一些推動其成長的因素；資料中心業務也是成長動力，我相信我們會在電話會議上詳細討論；汽車業務也是成長動力。因此，我們有幾個成長動力——但就目前而言，我們的指引是我們所能提供的最佳方案。

Okay, thank you, Jen-Hsun.

好的，謝謝你，Jen-Hsun。

Thanks.

謝謝。

The next question comes from the line of Mark Lipacis with Jefferies.

下一個問題來自傑富瑞集團的馬克·利帕西斯。

Hi. Thanks for taking my questions. First question on the virtual reality as a driver. It seems that you have fairly low expectations for 2016. When you see the Oculus VR demos, I really leave with the sense that they could transform business processes for many different industries and it seems like a lot of potential.

您好。感謝您回答我的問題。第一個問題是關於虛擬實境作為驅動力的。您似乎對2016年的預期比較低。但當我看到Oculus VR的演示時，我真的覺得它們可以改變許多不同行業的業務流程，而且潛力巨大。

So I'm just trying to reconcile that kind of reaction that I've noticed versus your -- it seems like lower key expectations for virtual reality as a driver, so if you could help reconcile that, that would be great.

所以，我只是想調和我注意到的這種反應，以及你們——似乎人們對虛擬實境作為驅動因素的期望較低——如果你能幫我調和一下，那就太好了。

Well, first of all, Mark, we are over-the-top excited about virtual reality. There's nobody at NVIDIA who is low key about it. There's no question that when you enjoy the Oculus headset with GeForce GTX 980 or GeForce GTX Titan, it's -- the experience is unbelievable and recently, we even produced a whole family of notebooks that are able to enjoy VR directly from the notebook. And so we're super excited about VR.

首先，馬克，我們對虛擬實境技術無比興奮。 NVIDIA 上下都對此充滿熱情。毫無疑問，當你用 GeForce GTX 980 或 GeForce GTX Titan 顯示卡搭配 Oculus 頭戴裝置時，那種體驗簡直令人難以置信。而且，我們最近也推出了一系列可以直接在筆記型電腦上體驗 VR 的機型。所以，我們對 VR 的前景充滿期待。

The sense of presence that you have in enjoying VR headsets, whether it's from Oculus or Vive, it's really fantastic. We also see that the applications of VR is quite sweeping. It could -- of course, we're quite enthusiastic about games and the games that we've seen are really amazing but it's used for industrial design, architectural design. It's used for whether it's medical imaging, even scientific computing.

無論是Oculus還是Vive，VR頭顯帶來的沉浸感都非常棒。我們也看到VR的應用範圍非常廣泛。當然，我們對遊戲非常感興趣，而且我們看到的VR遊戲也確實令人驚艷，但VR的應用遠不止於此，它還可用於工業設計、建築設計，以及醫學成像、科學計算等領域。

We're seeing entertainment on a large scale entertainment, large format entertainment. And so we're seeing all kinds of applications from places all over the world. We're tracking over 250 companies now that are working with us on VR and it ranges everywhere from video games to entertainment to professional graphics, as I've mentioned.

我們看到的是大規模、大尺寸的娛樂形式。因此，我們看到了來自世界各地的各種應用。正如我之前提到的，我們目前正在追蹤超過250家與我們合作開發VR技術的公司，其應用範圍涵蓋了從視訊遊戲、娛樂到專業圖形等各個領域。

Our approach is to provide a platform by which all of the entire VR industry can be built upon and so we call it our DesignWorks VR for our Enterprise products, our professional products, and GameWorks VR, for our consumer products and by using -- by connecting to our APIs and connecting to our SDK, the performance and the experience is just phenomenal.

我們的目標是提供一個平台，讓整個 VR 產業都能以此為基礎進行建置。因此，我們將其稱為 DesignWorks VR（用於我們的企業產品和專業產品）和 GameWorks VR（用於我們的消費產品）。透過使用我們的 API 和 SDK，其效能和體驗都非常出色。

Now maybe your question is much more related to financials and I guess our approach there is to be as enthusiastic about the work that we're doing to support the entire industry as it moves into VR. We're engaged deeply with the industry in doing so.

現在，或許您的問題更與財務相關。我想，我們在這方面的做法是，以飽滿的熱情支持整個產業轉型為虛擬實境。為此，我們與業界保持著密切的合作。

I think that we built the premier platform for VR for both PC gaming as well as professional graphics, and as far as financial is concerned, I realize that the shipments hasn't really started yet. And I think that it's prudent to wait and see but our -- my expectation long term is that VR is going to be a very powerful growth driver for us. I mean, that is almost undeniable at this point based on everything that we've seen and all of the effort that's going into it.

我認為我們已經為PC遊戲和專業圖形處理打造了頂級的VR平台。至於財務方面，我意識到產品出貨量尚未真正開始成長。我認為謹慎起見，應該靜觀其變。但我長期的預期是，VR將成為我們強勁的成長動力。我的意思是，基於我們目前所看到的一切以及我們為此付出的所有努力，這一點幾乎毋庸置疑。

That's very helpful color, Jen-Hsun. Thank you for that. A follow-up question, if I may. On the gaming software, the PC gaming software, there's a strong product cycle you've mentioned a number of times. Is there a risk that you have that this helps -- is partially helping to drive gaming GPU sales now and then there's some kind of a let up later on in, say, two or three quarters from now? How should we think about that? Is there a correlation between gaming software launches and lumpy shipments of gaming GPUs? Thank you.

珍勳，這個顏色分析很有幫助，謝謝。我還有一個後續問題。關於遊戲軟體，特別是PC遊戲軟體，您多次提到產品週期性很強。您認為這是否存在這樣的風險：它目前在一定程度上推動了遊戲顯示卡的銷售，但之後，例如兩三個季度後，銷售可能會下滑？我們該如何看待這個問題？遊戲軟體的發布和遊戲顯示卡的出貨量波動之間是否存在關聯？謝謝。

Yes, it's -- I guess in the end, it's hard to predict. There's only a few things that we do know. The first principles of what we know are that the gaming market overall is growing. The number of eSports players is continuing to grow. The number of countries, developing countries that are now able to bring more people into gaming is growing as they continue to adopt broadband.

是的，我想最終很難預測。我們真正知道的事情寥寥無幾。我們所知道的最基本原則是，遊戲市場整體正在成長。電子競技玩家的數量也在持續成長。隨著寬頻的普及，越來越多的發展中國家能夠吸引更多的人參與遊戲。

The production value of the video games are just amazing. Boy, if you just look at Star Wars, and Assassin's Creed, and Call of Duty, and Tomb Raider, they are almost cinematic. So our expectation is that these factors combined is going to continue to drive the gaming market forward. And so what we'll see from quarter to quarter how they do but at the moment, everywhere in the world, we're just seeing gaming to be quite vibrant.

電子遊戲的製作水準簡直令人驚嘆。看看《星際大戰》、《刺客教條》、《決勝時刻》和《古墓奇兵》，它們幾乎達到了電影級水準。因此，我們預計這些因素的結合將繼續推動遊戲市場向前發展。至於每季的表現如何，我們拭目以待，但就目前而言，世界各地的遊戲市場都呈現出蓬勃發展的態勢。

Thank you.

謝謝。

Yes, thanks a lot, Mark.

是的，非常感謝你，馬克。

The next question comes from the line of Steven Chin with UBS.

下一個問題來自瑞銀集團的 Steven Chin。

Great, thanks for taking my questions. First one, Jen-Hsun, if I could, on the Automotive market. I guess first of all your last Analyst Day, you guys mentioned an aggregate backlog number for an estimate on the rough value of the design wins over a number of years looking out. I was wondering if you could potentially provide us an update on how that number may have changed over the last several quarters?

太好了，謝謝您回答我的問題。第一個問題，Jen-Hsun，如果可以的話，我想問一下汽車市場的問題。首先，在你們上次的分析師日上，你們提到了一個總結的積壓訂單數字，用來估算未來幾年設計訂單的大致價值。我想知道您能否更新一下這個數字在過去幾季的變化？

And related to that, just given the nice pipeline you guys have building up, can you talk about what sense of urgency your customers are telling you guys in terms of how quickly you need to get Tegra into some of these systems, whether it's infotainment or ADAS-type products and what that translates to in terms of the revenues coming on for Tegra?

與此相關，鑑於你們正在建立的良好管道，能否談談你們的客戶對你們將 Tegra 整合到這些系統中的緊迫程度，無論是資訊娛樂系統還是 ADAS 類型的產品，以及這會對 Tegra 的收入產生怎樣的影響？

Thanks a lot, Steven. I guess, first of all, our Automotive business is growing quite robustly and year over year, it's grown over 50%. And our expectation is that it's going to continue to grow through next year and a couple years after that. Meanwhile, there are two very important dynamics that are happening in the car industry that is very favorable for us.

非常感謝，史蒂文。首先，我們的汽車業務成長勢頭強勁，較去年同期成長超過50%。我們預計明年以及之後幾年，這一成長動能也將持續。同時，汽車產業正在發生兩大對我們非常有利的趨勢。

One dynamic has to do with the central car computer. It is very clear now that your future car will be software defined; that there will likely be multiple operating systems. These operating systems will control graphics-rich experiences that this centralized computer will be built like a Datacenter so that it could be secure, it could be robust, it could be mission critical.

其中一個關鍵因素與中央車載電腦有關。現在很明顯，未來的汽車將採用軟體定義，很可能運行多個作業系統。這些作業系統將控制豐富的圖形體驗，而這台中央電腦的建置將如同資料中心一般，以確保其安全性、可靠性和關鍵任務性。

And software is going to play just a huge role in it, and so when the car becomes more and more computerized, more than just digital, more than just electronic but it's computerized and that it's software rich, it plays into our hands because we're such a great software company. We know system software incredibly well and software capability is one of our major differentiating advantages. It's one of the reasons why we're able to do what we do.

軟體將在其中扮演至關重要的角色。隨著汽車的電腦化程度越來越高，不僅僅是數位化、電子化，而是真正意義上的電腦化和軟體化，這對我們公司來說簡直是天賜良機，因為我們是一家實力雄厚的軟體公司。我們對系統軟體的了解非常深入，軟體能力是我們主要的差異化優勢之一，也是我們能夠取得今天成就的原因之一。

The second dynamic is that whereas the first generation of driver assistance was made possible with radars and the second generation included cameras, the first generation of autonomous driving is about to come. Autonomous driving hasn't really made its way into the market yet and we're seeing early versions of that but architectures that enable fully autonomous driving is yet to come and this is an area where we really have a great deal of capability.

第二個動態是，雖然第一代駕駛輔助系統依靠雷達實現，第二代則加入了攝像頭，但第一代自動駕駛系統即將到來。自動駕駛系統尚未真正進入市場，我們看到的只是早期版本，而能夠實現完全自動駕駛的架構尚未出現，而這正是我們擁有巨大潛力的領域。

It's going to require sensor fusion; it's going to require an enormous amount of software. It's going to require artificial intelligence; and it's going to require the ability to support an open computing platform that NVIDIA is built upon. If you look at our accelerated computing platform, it's programmed by so many people in the world and this is a real advantage because car companies need the ability to develop their own artificial intelligence network so that they can ultimately own their driving experience.

這需要感測器融合；需要大量的軟體；需要人工智慧；還需要支援NVIDIA賴以生存的開放式運算平台。看看我們的加速運算平台，它是由世界各地眾多人士共同編程的，這是一個真正的優勢，因為汽車公司需要能夠開發自己的人工智慧網絡，從而最終掌控駕駛體驗。

And so this is something that I think the second, the new era of autonomous cars and autonomous vehicles is a great opportunity for us. So those two dynamics are going to be fundamental to the future growth of our Automotive business.

所以我認為，第二個方面，即自動駕駛汽車和無人駕駛車輛的新時代，對我們來說是一個絕佳的機會。這兩個方面將對我們汽車業務的未來成長至關重要。

Okay, thanks for that color, Jen-Hsun. And as my follow-up question, I was wondering if you could help parse out some of the drivers within the Tesla and GRID product families? Just between the high performance computing, cloud Datacenter and attrition all corporate enterprise type customers that are buying your Tesla and Group products, can you talk about the new medium term demand trends across the different verticals? Thanks.

好的，謝謝你的分析，Jen-Hsun。我的後續問題是，你能幫我分析一下特斯拉和GRID產品系列的驅動因素嗎？特別是高效能運算、雲端資料中心以及所有購買特斯拉和集團產品的企業客戶，你能談談不同垂直領域中期需求的新趨勢嗎？謝謝。

Yes, appreciate that question. PC gaming, of course, is a very powerful growth driver for us. Our Automotive business is a growth driver for us and I fully expect our Datacenter business to be a growth driver for us. We've simplified our Datacenter strategy over the course of the last several quarters. Whereas we used to have multiple Datacenter strategies, we now have basically one Datacenter platform with multiple applications that drive it on top.

是的，感謝您的提問。當然，PC遊戲是我們強勁的成長動力。我們的汽車業務也是成長動力，我完全相信資料中心業務也將成為成長動力。在過去的幾個季度裡，我們簡化了資料中心策略。過去我們擁有多種資料中心策略，而現在我們基本上只有一個資料中心平台，多個應用程式在此平台上運作。

The Datacenter platform accelerated the Datacenter platform is called Tesla. On top of it, we have multiple software stacks. The most -- the first software stack that we created was for high performance computing for scientists to be able to do things like weather simulations and molecular dynamic simulations and quantum chemistry simulations to material simulations, and so HPC, high performance computing, was our first stack.

資料中心平台名為 Tesla，在其之上，我們建構了多個軟體堆疊。其中，我們創建的第一個軟體堆疊是高效能運算 (HPC) 平台，旨在為科學家提供高效能運算能力，用於進行天氣模擬、分子動力學模擬、量子化學模擬以及材料模擬等任務。因此，高效能運算是我們的第一個軟體堆疊。

We also talked about GRID. GRID is our Enterprise virtualization stack. We have GeForce NOW which is our cloud gaming stack and one of the things that's super important in the future is the work that we're going to do in hyperscale datacenters that allowed cloud datacenters to do their work around artificial intelligence and to take the pressure off of the enormous amount of new traffic that is swamping and flooding datacenters from users generating their own video.

我們也談到了GRID。 GRID是我們的企業虛擬化堆疊。我們還有GeForce NOW，這是我們的雲端遊戲堆疊。未來非常重要的一點是，我們將在超大規模資料中心開展工作，使雲端資料中心能夠圍繞人工智慧開展工作，並緩解用戶生成影片所帶來的大量新流量對資料中心造成的壓力。

Basically, people are going to -- everybody is going to become a broadcaster and there are PC gamers that are already broadcasting on a daily basis and Twitch is the name by which we all know it by but you're going to see YouTube Live. YouTube Live is doing incredibly well and then you're going to see applications like Meerkat and Periscope there are more coming that basically lets almost everybody become a broadcaster.

基本上，每個人都會成為主播，現在很多PC遊戲玩家已經開始每天直播了，Twitch是我們最熟悉的平台，但你也會看到YouTube Live。 YouTube Live發展得非常出色，之後還會出現像Meerkat和Periscope這樣的應用，未來還會有更多，這些應用基本上可以讓每個人都成為主播。

You're going to have billions of people broadcasting to billions of other people and all of those videos today needs to be somehow processed and our GPUs are really fantastic at that. And so we have multiple ways to -- multiple applications, if you will, that sit on top of our Datacenter platform. Now the dynamics that -- I've mentioned some. One of the most important dynamics around datacenters is Moore's Law needs a boost.

未來將有數十億人向其他數十億人進行廣播，所有這些影片都需要處理，而我們的GPU在這方面表現出色。因此，我們有多種方式——或者多種應用程式——可以運行在我們的資料中心平台上。現在，我剛才提到了一些動態因素。資料中心領域最重要的動態因素之一是摩爾定律需要進一步推動。

We know now that Moore's Law is under some amount of pressure and it's not growing as fast as the industry needs it to. So Moore's Law needs a boost and that's really what Tesla is about. Tesla is an accelerated computing platform that boosts the microprocessor and so that's one dynamic.

我們現在知道，摩爾定律正面臨一定的壓力，其成長速度無法滿足產業需求。因此，摩爾定律需要加速，而這正是特斯拉的意義。特斯拉是一個加速運算平台，能夠提升微處理器的效能，這是其發展的一個動力。

The second dynamic is what I mentioned. The global race to AI. The global race to AI. There's not one datacenter on the planet. There's not one cloud service on the planet, frankly, there's not one application company on the planet that we know of that's not trying to figure out how AI can completely revolutionize the applications that they provide.

第二個動態就是我之前提到的，全球人工智慧競賽。全球人工智慧競賽。坦白說，地球上沒有一家資料中心，沒有一家雲端服務公司，也沒有一家應用公司不在努力探索如何利用人工智慧徹底革新他們提供的應用程式。

And then of course, accelerating the cloud and making it possible for cloud to offer smart services and graphics rich services like the announcement that we recently did with Microsoft Azure. Azure now provides the NVIDIA GRID to power graphics-accelerated applications as a service and we're super excited about that. So those dynamics are happening all in real-time and it's contributed to our sequential growth of 13%.

當然，加速雲端運算發展，使雲端能夠提供智慧服務和圖形豐富的服務，例如我們最近與微軟 Azure 合作推出的版本。 Azure 現在提供 NVIDIA GRID，以服務形式支援圖形加速應用程序，我們對此感到非常興奮。所有這些動態都在即時發生，並促成了我們 13% 的環比成長。

Okay, thanks, Jen-Hsun, and congrats on the strong results.

好的，謝謝Jen-Hsun，恭喜你取得了優異的成績。

Yes thanks a lot, Steven.

謝謝你，史蒂文。

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

下一個問題來自漢斯·摩西曼和雷蒙德·詹姆斯的對話。

Thank you. Congrats guys. Jen-Hsun, can you give us a quick rundown on the competitive dynamic in the datacenter, particularly with GRID, if there is any kind of competition and the reason I bring it up is that the Intel Altera combo perhaps is a way to fight what you guys are doing there, thanks.

謝謝。恭喜各位。 Jen-Hsun，可以簡單介紹一下資料中心領域的競爭格局嗎？特別是GRID方面，是否有競爭？我之所以提到這一點，是因為Intel和Altera的合作或許是應對你們在該領域所做努力的一種方式，謝謝。

Yes, Hans, first of all, thank you. Well, I think that it's very clear at this point that boosting Moore's Law is an essential path forward; that relying on CPU's alone for the entire work load of a datacenter is unrealistic and frankly, unnecessary. There are no super computing centers that I know of that are not considering accelerated computing and the reason for that is because just relying on traditional methods, unfortunately, doesn't allow you to scale your data center in an efficient way any more.

是的，漢斯，首先謝謝你。我認為現在很明顯，推動摩爾定律發展是至關重要的前進方向；僅僅依靠CPU來處理資料中心的所有工作負載是不切實際的，坦白說，也是沒有必要的。就我所知，所有超級運算中心都在考慮加速運算，原因在於，僅僅依靠傳統方法已經無法有效地擴展資料中心了。

There are no hyperscale data centers that I know of that aren't somehow overwhelmed and flooded by the user-generated video content or the need to move to machine learning and artificial intelligence to provide smarter services. And so these dynamics are putting a lot of pressure on data centers and it's one of the reasons why there is so much talk about new approaches about improving the throughput of these data centers, whether it's super computing data centers or hyperscale data centers across the board and I think that's an enormous opportunity for us.

據我所知，沒有哪個超大規模資料中心能夠倖免於用戶生成的視訊內容的激增，或者不堪重負地轉向機器學習和人工智慧以提供更智慧的服務。這些變化給資料中心帶來了巨大的壓力，這也是為什麼人們都在熱議如何提高資料中心吞吐量的新方法，無論是超級運算資料中心還是所有類型的超大規模資料中心。我認為這對我們來說是一個巨大的機會。

This is an area that we've invested almost 10 years in and as you know, I've been talking about accelerated data centers now for, well,10 years and this is an area that we're seeing a lot of momentum. And as other people pursue other ideas, I think that it's just acknowledgment that this is really a good path forward.

我們在這個領域投入了近十年的時間，正如您所知，我談論加速資料中心也已經十年了，我們看到這個領域發展勢頭強勁。當其他人追求其他想法時，我認為這恰恰表明，這確實是一個很好的發展方向。

I think that in your question, you also specifically asked about FPGAs. And FPGAs, we use FPGAs at NVIDIA and we use FPGAs to do simulations and emulations of our products. FPGAs have been around a long time and they have -- they're perfect for certain applications. The challenge for, I guess, the trade-off is an FPGA is like -- it's designed. It's designed and configured on an array of transistors and gates whereas the GPU is a full custom processor that is designed completely by hand.

我認為你的問題中也特別提到了FPGA。 NVIDIA確實在使用FPGA，我們用FPGA來模擬和驗證我們的產品。 FPGA已經存在很長時間了，而且它們非常適合某些應用。我認為，FPGA的挑戰在於，它是預先設計好的，它是基於晶體管和閘陣列進行設計和配置的，而GPU則是一個完全客製化的處理器，完全是手工設計的。

Whereas one FPGA is designed probably by a handful of engineers, a GPU is designed by thousands of engineers. And a GPU performing a task could be 100 times the frequency, 100 times the performance that of a FPGA, and it stands to reason that it's a result of hand craftsmanship and the processor that's designed to go very fast. An FPGA, however, can do specific tasks quite well.

FPGA 的設計可能僅由少數幾位工程師完成，而 GPU 的設計則由成千上萬的工程師共同完成。 GPU 執行相同任務時，其頻率和效能可能是 FPGA 的 100 倍，這顯然是精湛製程和高速處理器設計的結果。然而，FPGA 在某些特定任務上表現出色。

If you only want to do one or two things, you can surely limit the functionality and make an FPGA quite efficient; however, our perspective is that a data center doesn't do one or two things. A data center runs thousands of applications. A datacenter has video, has imaging, it has voice, it does machine learning, the operatives are changing every day. Today, the algorithms are convolutional neural nets.

如果你只想做一兩件事，當然可以限制功能，讓FPGA非常有效率；然而，我們認為資料中心的功能遠不止一兩件事。資料中心運行著成千上萬個應用程式。它擁有視訊、影像、語音、機器學習等功能，而且營運人員每天都在變化。如今，演算法是卷積神經網路。

Tomorrow, it has memory. After that it's recursive and so the type of neural nets just keep growing and the algorithms just keep on moving forward. And so our belief is that the vast array of applications and the evolution of the algorithms really makes a processor much, much easier to adopt and much faster to increase the overall throughput of your data center. And so we'll see how it plays out but at the moment we're seeing, we're enjoying a lot of enthusiasm around accelerated computing.

明天，它將具備記憶功能。之後，它將具備遞歸能力，神經網路的類型將持續成長，演算法也將持續進步。因此，我們相信，豐富的應用和演算法的演進將使處理器更容易被採用，並能更快地提升資料中心的整體吞吐量。我們將拭目以待，但目前我們看到，加速運算領域正掀起一股熱潮。

Okay, thanks for the rundown.

好的，謝謝你的簡要介紹。

Thanks a lot, Hans.

非常感謝，漢斯。

The next question comes from the line of Kevin Cassidy with Stifel.

下一個問題來自 Steifel 的 Kevin Cassidy 一線。

Thanks for taking my question. I'm just wondering on GeForce NOW, how is that revenue going to be recorded as you start getting subscribers and is that going to go under GRID or is that going to go under SHIELD? And can you talk a little bit more about what gross margins are expected for that?

感謝您回答我的問題。關於GeForce NOW，我想問一下，隨著訂閱用戶的增加，這部分收入將如何記錄？是計入GRID還是SHIELD？能否再詳細說說預計的毛利率是多少？

Well, the -- it's not very much right now so it's not much to talk about but I think that the way to think about it is this. SHIELD and GeForce NOW is our long-term bet on the future of gaming. When we look out in the future, I think there are two dynamics that I think are unquestionable. One dynamic is that Android is going to become more important an operating system.

嗯，目前進展不大，所以也沒什麼好說的，但我認為應該這樣理解：SHIELD 和 GeForce NOW 是我們對遊戲未來的長期投資。展望未來，我認為有兩個趨勢毋庸置疑。其中一個趨勢是，Android 將會成為越來越重要的作業系統。

Don't forget gaming is about computer gaming. Gaming is made possible because it's built on top of a computer architecture and Android is the most popular operating system in the world and so it's undeniable that it will become a major force in gaming some day and SHIELD is our bet in that. The second is that cloud services, application as a service and therefore, video games is an application, as a service, will eventually come.

別忘了，遊戲的核心是電腦遊戲。遊戲之所以成為可能，是因為它建立在電腦架構之上。安卓是世界上最受歡迎的作業系統，因此它終有一天會成為遊戲領域的重要力量，這一點毋庸置疑。 SHIELD 正是我們押注於此的成果。其次，雲端服務、應用程式即服務（AaaS）以及電玩遊戲作為一種應用即服務，最終都會到來。

It took many years for Netflix to eventually become mainstream and my expectation is that it will take several years for GeForce NOW to become a --popular all over the world. And so those two dynamics I think are largely unquestionable. The question is not so much if. The question is simply when and then maybe the next question is who.

Netflix 花了多年時間才最終成為主流，我預計 GeForce NOW 也需要幾年時間才能在全球範圍內流行起來。因此，我認為這兩個趨勢基本上毋庸置疑。問題不在於“是否會發生”，而在於“何時會發生”，接下來的問題或許是“誰會參與”。

Who is best equipped to be able to bring this future into a world and we feel that as the word leader in visual computing and as one of the major platform leaders in video games today, that this is an area that we can really make a great contribution. It's a modest investment for us and we're thoughtful about the level that we invest to make sure that it times with long-term the opportunity, but the Board to recognize the revenues, just to put it back into the original question, if it were to recognize the revenues, it would go into gaming.

誰最有能力將這未來帶入現實世界？我們認為，作為視覺計算領域的全球領導者和當今視頻遊戲的主要平台領導者之一，我們能夠在這個領域做出巨大貢獻。對我們來說，這是一筆適度的投資，我們會慎重考慮投資規模，以確保其與長期機會相符。但董事會是否確認這筆收入，回到最初的問題，如果確認這筆收入，它將投入遊戲領域。

Okay, great, and maybe if I could just one other question about the split in the PC gaming business. Between notebook and I've seen a lot of reviews of the new gaming notebooks and seems all Top 10 are based on GeForce and between notebooks and your cards, what's the revenue split now?

好的，太好了。如果可以的話，我還有一個關於PC遊戲業務細分的問題。我看到很多關於新款遊戲筆電的評測，似乎所有前十名都基於GeForce顯示卡。那麼，現在筆記型電腦和你們的顯示卡之間的收入佔比是多少呢？

Well, the revenue split is largely still PC desktops. I appreciate you bringing up the notebook work that we did. Maxwell, the GPU architecture that we created and in the craftsmanship of the GPUs we make are so incredible that it's finally possible for a notebook to be able to deliver the same level of performance as a desktop.

嗯，目前收入主要還是來自桌上型電腦。感謝您提到我們在筆記型電腦方面所做的工作。我們開發的Maxwell架構GPU，以及我們製造的GPU的精湛工藝，都非常出色，使得筆記型電腦終於能夠達到與桌上型電腦相同的性能水平。

And our timing was timed so that people who want to enjoy the ARC with a notebook can finally do it and so the latest generation of notebooks with GTX 980 are just amazing.

我們選擇這個時間點，是為了讓那些想用筆記型電腦體驗 ARC 的人最終能夠實現這個願望，因此配備 GTX 980 的最新一代筆記型電腦簡直太棒了。

They are so many times more powerful than the game console. It fits in a space smaller than a game console and it can drive VR. Everything you want to do, every game you want to play is possible on that thin laptop and so the enthusiasm behind our launch with GTX 980 has been really, really fantastic and I appreciate you recognizing it.

它們的性能比遊戲主機強得多。它的體積比遊戲主機小，而且還能運作VR設備。你想做的任何事，你想玩的任何遊戲，都可以在這台輕薄的筆記型電腦上實現。因此，我們推出GTX 980顯示卡時獲得的關注度真的非常高，感謝大家的認可。

Well, congratulations.

恭喜！

Yes, thanks a lot.

是的，非常感謝。

The next question comes from the line of Ambrish Srivastava with BMO.

下一個問題來自 Ambrish Srivastava 與 BMO 的對話。

Hi, thank you. Two questions; one is back on the professional side. Just if I look at Quadro and Tesla, what reverses the year-over-year decline that we have seen the last couple of quarters? Is that, as it relates to Tesla, is it just a matter of timing of when the HPC systems get launched?

您好，謝謝。我有兩個問題；其中一個是關於專業方面的。就Quadro和特斯拉而言，是什麼因素扭轉了我們過去幾季看到的年減趨勢？就特斯拉而言，這是否只是高效能運算系統發佈時間的問題？

And the second follow-up was for you, Colette, on the IP side and the expenses for IP, what is the under -- it's not debatable that you guys have a very unique IP portfolio. But I'm wondering given the reversal, the initial reversal that you had on the lawsuit against Qualcomm and Samsung, why should the expenses be continuing to be higher on that front? Thank you.

第二個後續問題是問你，科萊特，關於智慧財產權方面以及相關的費用。你們的智慧財產權組合非常獨特，這點毋庸置疑。但考慮到你們之前在針對高通和三星的訴訟中敗訴，為什麼這方面的費用還要繼續居高不下呢？謝謝。

Sure, thanks for the question, Ambrish. Let me take it in reverse order. So, first on IP. It's not over. We -- the Administrative Law Judge has opined that of the three patents that he had to rule on, that two were not infringed and one was infringed but he opined invalid. Of course, we disagree with that and we have submitted our rebuttal and to the -- now all of that has to go to the Commission, which is ultimately where the ruling happens.

當然，謝謝你的提問，Ambrish。讓我倒著回答。首先是智慧財產權方面。事情還沒結束。行政法官認為，在他需要裁決的三項專利中，兩項沒有侵權，一項侵權但他認為無效。當然，我們不同意這個裁決，我們已經提交了反駁意見，現在所有這些都要提交給委員會，最終的裁決權在委員會手中。

The Commission -- the next phase is for the Commission to decide whether they want to review and we hope they do and it's not uncommon that they do. And then in the February time frame, the Commission would determine their judgment and it is not uncommon at all to have the Commission disagree with the Administrative Law Judge. So I think that it's far from over and therefore, I guess it's not over.

委員會－下一階段將由委員會決定是否進行複審，我們希望他們進行複審，而且他們進行複審的情況並不少見。然後在二月份，委員會將做出裁決，委員會與行政法官意見不一致的情況也並不少見。所以我認為這件事遠遠沒有結束，因此，我想這件事還沒結束。

But I think the higher level point is this -- the higher level point is that our IP is very important to us. That invention, as the world leader in our field, is fundamental and core to our future. We have to invent the future. We are the world leader after all. And from time to time, we may decide that as a one-off and strategically decide that we would our IP, and this is what we have done in this case.

但我認為更重要的一點是——我們的智慧財產權對我們至關重要。作為該領域的全球領導者，這項發明對我們的未來至關重要，是其根本所在。我們必須創造未來。畢竟，我們是世界領導者。有時，我們可能會出於策略性考慮，做出一次性的決定，出售我們的智慧財產權，而這正是我們這次所做的。

But it's not our business model. We don't litigate for a business model. We don't depend on licensing for our business model. And I hope that all of you on the call today don't invest in our Company as a result of IP royalties. What I hope that you see is that we are quite a unique Company and we are a world leader in the space that we endeavor.

但這並非我們的商業模式。我們不靠訴訟來維持商業模式，也不依賴許可授權。我希望今天參加電話會議的各位不要因為知識產權許可費而投資我們公司。我希望大家看到的是，我們是一家非常獨特的公司，在我們所處的領域，我們是世界領先的企業。

That visual computing is more important than ever, and applies to more industries than ever, and that our business model is really about selling products into vertical markets that are really exciting and quite vibrant and growing. So I hope that you decide to invest on the basis of the products, the business model, and our special position in the marketplace.

視覺運算比以往任何時候都更重要，其應用範圍也比以往任何時候都更廣。我們的商業模式的核心在於向充滿活力、蓬勃發展且前景看好的垂直市場銷售產品。因此，我希望您能基於我們的產品、商業模式以及我們在市場中的獨特地位做出投資決定。

On the two questions related to Tesla and Quadro, as you know, Quadro is about design and it's about workstations, it's about manufacturing, it's about things that people make. And we are a very, very, very significant leader in this market. We make a great deal of contributions to this market, but it's also a mature market.

關於特斯拉和Quadro的兩個問題，如您所知，Quadro專注於設計、工作站、製造以及人們製造的產品。我們在這個市場中是舉足輕重的領導者，為市場做出了巨大貢獻，但同時，這個市場也已經成熟。

And so the way that -- our strategy for growing Quadro is very, very simple. We have to reinvent it, and we have to reinvent it by bringing new capabilities to it, and we have two that we're quite excited about. One is a new technology called Iray, and Iray is a brand new way of generating images that is photorealistic and physically accurate. It's almost like inventing the font of desktop publishing.

因此，我們發展 Quadro 的策略非常簡單。我們必須對其進行革新，透過賦予它新的功能來實現革新，而我們目前有兩個功能讓我們非常興奮。一個是名為 Iray 的新技術，Iray 是一種全新的影像產生方式，能夠產生照片級真實感和物理精確度極高的影像。它幾乎就像是桌面出版領域的字體革新。

What you see is what you will get. And it's just really quite amazing. And so I think Iray is going to rejuvenate the way that people do computer graphics and it will create -- I hope that it will increase the size of the market, make it easier for people to design products, and it will increase our ASPs quite significantly.

所見即所得，真的非常神奇。所以我認為Iray將會革新人們製作電腦圖形的方式，它將創造——我希望它能擴大市場規模，讓人們更容易設計產品，並顯著提高我們的平均售價。

Number two, VR. We have already mentioned before that from design to architectural design to medical imaging to scientific computing, we're seeing that -- to a large scale entertainment. We're seeing that VR is going to be very important. So those two, we hope, will drive the future growth of Quadro and get it back on a growth track.

第二點是虛擬實境（VR）。我們之前已經提到過，從設計到建築設計，從醫學影像到科學運算，我們看到VR在各個領域——包括大型娛樂領域——都扮演著至關重要的角色。我們希望這兩點能推動Quadro未來的發展，並使其重回成長軌道。

As for Tesla, we grew 13% quarter over quarter. We declined year over year. Frankly, it didn't meet my expectation either. And however, the fundamental dynamics -- the reasons don't really matter here or there, but the fundamental dynamics are incredibly sound. And the groundswell around the fundamental dynamics is unquestionable.

至於特斯拉，我們季增了13%，但比去年同期下降了。坦白說，這也沒達到我的預期。然而，其基本面──具體原因在此並不重要──卻非常穩健。圍繞這一基本面的強勁勢頭也毋庸置疑。

Moore's Law needs a boost. AI, every company on the planet is racing towards the future of AI, and cloud computing needs to be accelerated with graphics as Microsoft Azure has demonstrated. And so my expectation is that we'll grow sequentially again, and that the fundamental dynamics around Tesla is just really, really positive.

摩爾定律需要進一步推動。在人工智慧領域，全球所有公司都在競相邁向人工智慧的未來，而雲端運算也需要藉助圖形技術加速發展，正如微軟Azure所展現的。因此，我預計我們將再次實現持續成長，特斯拉的基本面也確實非常正面。

Thanks for all the details, Jen-Hsun. Good luck.

感謝你提供的所有細節，Jen-Hsun。祝你好運。

Yes, Thanks, Ambrish.

是的，謝謝你，安布里什。

Your next question comes from the line of Deepon Nag.

你的下一個問題來自 Deepon Nag 的詩句。

Yes, Thanks a lot for taking my question. On virtual reality, so the recommended specs from Oculus are something like a GTX 970 [capacity], but I think a lot of third parties and I think even you guys have mentioned that it actually requires much more in order to get a pretty reasonable experience.

是的，非常感謝您回答我的問題。關於虛擬實境，Oculus 推薦的配置大概是 GTX 970 左右，但我認為很多第三方廠商，包括您，都提到過，實際上需要更高的配置才能獲得比較流暢的體驗。

So can you kind of help us understand what we should be expecting in terms of the average setup or what's called an early adopter of Oculus? Should we expect two GTX 970s, should we expect a GTX 980, a Titan? Anything would be helpful there.

所以，您能否幫我們了解一下，對於Oculus的早期用戶來說，平均配置大概是什麼樣的呢？是兩塊GTX 970顯示卡，還是一張GTX 980，或是一塊Titan？任何資訊都將對我們有所幫助。

And then also if you could walk us through the economic fall through for NVIDIA in terms of what revenues you would expect to see or ASPs NVIDIA would recognize for, let's say, a $300 card? And what gross profit dollar fall through we can see from those as well? Thanks a lot.

另外，您能否也為我們分析英偉達在經濟衰退期間的預期收入或平均售價（例如，一張售價 300 美元的顯示卡）會受到怎樣的影響？以及由此導致的毛利下降幅度？非常感謝。

Yes, I appreciate that. So I would say that the GTX 970 is the minimum requirement. It is the minimum requirement. And I think Oculus has done a good job setting the minimum requirement. And I think a minimum requirement simply means that anything below it is not going to be a great experience.

是的，我明白。所以我認為 GTX 970 是最低配置要求。就是最低配置要求。我覺得 Oculus 在設定最低配置要求方面做得很好。最低配置要求就意味著，低於這個要求的配置體驗不會很好。

We're seeing just more and more content coming and usually, the content gets richer. Content doesn't usually move backwards. And so the production value is going to continue to grow. If you buy into a GTX 970, it will give you limited amount of growth over time, but if you buy into a GTX 980 or GTX Titan, you just have a lot more opportunities to continue to enjoy that platform for a longer period of time as content gets richer.

我們看到的內容越來越多，而且通常來說，內容品質也在不斷提升。內容通常不會走下坡。因此，內容的製作水準將會持續成長。如果你購買的是 GTX 970，隨著時間的推移，它帶來的性能提升有限；但如果你購買的是 GTX 980 或 GTX Titan，隨著內容品質的不斷提高，你將有更多機會在更長的時間內繼續享受該平台帶來的樂趣。

And so in terms of the economics, our gross margins are higher on GTX 970 and above. It's higher than our corporate average. And so we appreciate the adoption and the growth in that segment of the marketplace. But ultimately, our focus is to help enable the entire ecosystem of hundreds of companies who are working on VR to be able to deliver this experience to the marketplace on -- and that fulfills the promise of VR. We're just intensely concerned that if we don't do a great job that we ruin a great thing.

因此，從經濟角度來看，GTX 970 以上顯示卡的毛利率更高，高於公司平均值。我們非常欣喜地看到該細分市場的發展和成長。但歸根究底，我們的重點是幫助數百家致力於 VR 開發的公司組成的整個生態系統，讓他們能夠將這種體驗推向市場——這才是 VR 的真正價值所在。我們非常擔心，如果我們做得不夠好，就會毀掉這項偉大的事業。

This is really, really a great thing, and the folks at Oculus and the folks at Valve, the folks at HTC, ourselves, and the 230 companies that are out there working on VR, we all want to deliver just a fantastic experience. And that's our focus at the moment, and our recommendation, if anybody were to walk up to me and ask me for a recommendation, I would tell them that a GTX 980 Ti would be the baseline. And in my own case, I'll probably have a pair of Titans, which who doesn't need a pair of Titans?

這真的是一件非常棒的事情，Oculus、Valve、HTC、我們自己，以及其他230家致力於VR技術的公司，我們都希望為用戶帶來絕佳的體驗。這就是我們目前的重點，也是我們的建議。如果有人問我顯示卡配置，我會推薦GTX 980 Ti作為入門配置。至於我自己，我可能會用兩塊Titan顯示卡，畢竟誰不需要兩塊Titan呢？

Well, that would be really nice for all of us. So then on that same theme, if I think about the competitive dynamics into next year, so you -- I think, pretty obviously, have taken a significant leadership advantage, especially at that enthusiast portion versus AMD. As we go into VR, when you talk to the game developer community, what kinds of things are you doing in order to maintain that advantage? And what kinds of things could we see in Pascal that could actually allow you to extend that advantage?

那對我們所有人來說當然是好事。說到這個主題，如果我展望明年的競爭格局，我認為你們——很明顯——已經取得了顯著的領先優勢，尤其是在發燒友市場，你們對AMD的領先優勢非常明顯。隨著VR時代的到來，在與遊戲開發者交流時，你們正在採取哪些措施來維持這種優勢？在Pascal架構中，我們又能看到哪些能幫助你們進一步擴大這種優勢的創新呢？

Yes, sure. Well, first of all, we respect our competitors. I mean, we take our competition seriously. You know that, as a Company, we compete pretty intensely. And this is a Company that has seen a lot of competition over the years. And so we take competition seriously. We respect the capabilities of our competition.

當然。首先，我們尊重競爭對手。我的意思是，我們非常重視競爭。您也知道，作為一家公司，我們面臨著非常激烈的競爭。多年來，我們公司經歷了許多競爭。所以我們非常重視競爭，也尊重競爭對手的實力。

However, I think it's also very, very clear that our business and our business model and our strategy is completely different than AMD and the PC graphics chip company we used to be a long time ago. And our Company is just on a different trajectory. Our approach to building products is different. Our approach at go-to-market is different. Our approach in engaging the ecosystem is different. I can't imagine a more different company to tell you the truth.

然而，我認為非常非常清楚的是，我們的業務、商業模式和策略與AMD以及我們很久以前作為一家PC圖形晶片公司時截然不同。我們公司的發展軌跡也完全不同。我們打造產品的方式不同，我們進入市場的策略不同，我們與生態系統互動的方式也不同。說實話，我想不出還有哪家公司比我們更不一樣了。

And so as much as we are always alert and paranoid about -- and we don't take our position for granted, and we are thoughtful about competition, we have our own work to do and we have our own platform to do. And we have our own ecosystem to go and care for and nurture and push forward. And so I think that -- I appreciate the question, but I can't imagine a more different company to tell you the truth.

所以，儘管我們始終保持警惕，對競爭也格外謹慎——我們從不認為自己的地位理所當然，也認真思考競爭形勢——但我們也有自己的工作要做，我們有自己的平台要運作。我們還有自己的生態系統需要維護、培育和推廣。所以，我想說──我很感謝你的提問，但說實話，我想不出還有哪家公司比我們更特別。

Great, thanks a lot.

太好了，非常感謝。

The next question comes from the line of Ross Seymour with Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Thank you, congrats on a solid quarter. This is Jee for Ross Seymour. Just going back to the guidance, given that there's a slate of AAA rated games coming out this quarter, I guess why, what's the reason behind the conservatism behind the expectations for gaming or are -- is that growth expected to be offset by other segments?

謝謝，恭喜你們本季業績穩健。我是羅斯·西摩的Jee。回到業績指引的問題，考慮到本季將有一系列3A級遊戲上市，我想知道，為什麼你們對遊戲業務的預期如此保守？或者說，遊戲業務的成長預計會被其他業務板塊抵消？

Yes. Well, our guidance is the best guidance we think we should provide at this moment. And we'll see how the market plays out. We're not in control of the market, as you know. But I think at the foundational level, we have multiple growth drivers and some of them on some day exceeds our expectations and some of them don't exceed our expectations. But that's one of the benefits of our business model today. That's one of the benefits of our strategy today.

是的。嗯，我們目前的指導是我們認為現階段能提供的最佳指引。我們會觀察市場走向。如您所知，我們無法控制市場。但我認為，從根本上講，我們擁有多個成長驅動因素，其中一些有時會超出我們的預期，而有些則不會。但這正是我們目前商業模式的優勢之一，也是我們目前策略的優勢之一。

We have multiple growth drivers in the Company. PC gaming is a growth driver. Artificial intelligence is a growth driver. VR is a growth driver. Autonomous driving cars is a -- autonomous cars is a growth driver. And I really don't know of that many companies in the world that is working on these important dynamics in the industry that's going to shape the future of computing altogether.

我們公司擁有多個成長點。 PC遊戲是成長點之一。人工智慧是增長點之一。虛擬實境是成長點之一。自動駕駛汽車也是成長點之一。而且，我真的不知道世界上還有多少公司像我們一樣，致力於這些將徹底塑造未來運算格局的重要產業動態。

And so we have multiple growth drivers in our Company. And they're -- I believe that those drivers are fundamentally sound and powerful. However, we'll see how they turn out at the end of the quarter, and I remain optimistic. And so we're enthusiastic about the guidance we provided and are optimistic that we'll do a good job on it. And then we'll just have to see how it turns out.

因此，我們公司擁有多個成長動力。我相信這些動力從根本上來說是穩健且強勁的。不過，我們也要看看它們在本季末的表現，但我依然保持樂觀。我們對先前給予的業績指引充滿信心，並相信我們能夠出色地完成目標。最終結果如何，我們拭目以待。

Thank you for my follow-up it looks like the segment -- revenue segmentations for the end markets was changed a little bit this quarter with the new classification of Quadro and data center or Pro Visualization and data center versus enterprise and HPC cloud. What was behind the change and is it related to the unifying of the data center strategy?

感謝您的跟進。看來本季終端市場的營收細分略有調整，新增了 Quadro 和資料中心或專業視覺化和資料中心與企業和 HPC 雲端的分類。請問這次調整背後的原因是什麼？是否與資料中心策略的統一有關？

Yes, that's right. That's exactly right. The reason we decided to classify it a little differently is because I changed the architecture of it. We used to have several different product lines, and each one of the product lines were planned differently and they were specified differently, and so on and so forth. We decided to unify all of our data center product lines and abstracted out the software from it.

是的，沒錯。完全正確。我們之所以決定稍微改變分類方式，是因為我調整了它的架構。我們以前有好幾條不同的產品線，每條產品線的規劃和規格都不一樣，等等。我們決定將所有資料中心產品線統一起來，並將軟體部分抽象化。

And so from this one unified platform, Tesla, Tesla is our accelerated computing platform. And on top of it, our software stacks that allows us to solve a problem for a particular marketplace. So, for example, we have our entire software stack for HPC. We have a rich software stack for enterprise virtualization, we call Grid.

因此，特斯拉（Tesla）這個統一的平台，就是我們的加速運算平台。在此基礎上，我們建立了軟體棧，用於解決特定市場的問題。例如，我們擁有完整的高效能運算（HPC）軟體棧，以及功能豐富的企業虛擬化軟體棧，我們稱之為 Grid。

We have a software stack that is incredible for providing cloud gaming around the world, that's called GeForce NOW and then we are going to have a software stack for hyperscale. And so each one of these software stacks are built on top of one common architecture, one common platform called Tesla Accelerated Computing. And so as a result, we decided to unify all of that and report it simply as datacenters. And, quite frankly, I think it will just be easier to understand.

我們擁有一套非常棒的軟體棧，用於在全球範圍內提供雲端遊戲服務，名為 GeForce NOW；此外，我們還將推出一套用於超大規模運算的軟體堆疊。這兩個軟體堆疊都建構於同一個通用架構、同一個通用平台之上，即 Tesla 加速運算。因此，我們決定將所有這些統一起來，並簡單地稱為資料中心。坦白說，我認為這樣比較容易理解。

Okay, thank you.

好的，謝謝。

Your next question comes from the line of Harlan Sur with JPMorgan.

你的下一個問題來自哈蘭·蘇爾與摩根大通的合作。

Thank you for taking my question and solid job on the quarterly execution. On the strong growth in the gaming segment; blockbuster games, eSports, big drivers, but there appears to be another potential driver and that is the shift from console to PC gaming here in the US.

感謝您回答我的問題，也感謝您出色地完成了季度報告。遊戲板塊成長強勁，熱門大作和電子競技是主要驅動力，但似乎還有另一個潛在驅動因素，那就是美國玩家從主機遊戲轉向PC遊戲的趨勢。

I think Jen-Hsun, you've always characterized the US as a console-centric market. But this seems to be changing pretty rapidly with high schoolers and some of the older demographics here in the US. I don't know what the stats are, but thus far, I think it's been a pretty big untapped market. So how much of this penetration is contributing to the growth in your gaming business?

仁勳，你一直以來都把美國市場描述為以主機遊戲為主的市場。但這種情況似乎正在迅速改變，尤其是在美國高中生和一些年齡較大的群體中。我不知道具體數據，但就目前而言，我認為這仍然是一個相當大的未開發市場。那麼，這種市場滲透率的提升對你們遊戲業務的成長有多大貢獻呢？

Well, Harlan, first of all, thank you. I think that there is no question that the US -- even the US is seeing growth in PC gaming and the fundamental reason is really quite singular, eSports. eSports is -- it may be the new social platform. It is the new digital playground. It is -- you go hang out with your friends. It's the new virtual arcade. This is how you hang out with your friends.

哈蘭，首先，謝謝你。我認為毫無疑問，美國——即使是美國——的PC遊戲市場正在蓬勃發展，而其根本原因其實很簡單，那就是電子競技。電子競技或許是新的社群平台，是新的數位遊樂場，是和朋友們一起玩耍的地方，是新的虛擬街機廳。這就是你和朋友們聚會的方式。

Not only do you play -- if you're not playing, you are watching, but at all times you're talking to your friends. This is how you hang out. And so this is a big deal. This isn't something you can do easily on mobile. This isn't something you can do easily on TV. This particular platform really, really benefits from having a PC. And so eSports is probably, if I had to tag it on one thing, eSports would probably be it.

你不僅會玩遊戲——即使不玩遊戲，你也會觀看比賽——而且你總是和朋友聊天。這就是你們的社交方式。所以這意義非凡。這在手機上很難實現，在電視上也很難實現。這個平台確實非常依賴電腦。因此，如果非要用一個詞來形容電子競技，那大概就是電子競技了。

The growth of eSports, as you know, not only is the gamers enjoying eSports and growing faster than anybody would have expected, and I think the reason for that is because it's a social platform, and therefore, it grows not linearly but arguably exponentially. And in the case of eSports, there's also viewerships, and now all kinds of businesses are cropping up to help people enjoy watching eSports and sharing the moment with other people. So this is -- I think this is real. And it's quite exciting.

如你所知，電子競技的發展勢頭迅猛，不僅玩家群龐大，而且成長速度遠超預期。我認為這主要是因為電子競技是一個社交平台，因此它的成長並非線性，而是呈指數級增長。此外，電子競技也擁有龐大的觀眾群體，如今各種類型的企業應運而生，致力於幫助人們享受觀看電競比賽的樂趣，並與他人分享精彩瞬間。所以，我認為這是真實存在的，而且非常令人興奮。

Your next question comes from the line of Joe Moore with Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

Great, thank you. Congratulations again. In terms of the buyback for next year, can you talk about your domestic cash position and what you need to do anything synthetic to achieve that buyback?

太好了，謝謝。再次恭喜。關於明年的股票回購計劃，您能否談談貴公司在國內的現金狀況，以及為了實現回購目標，您需要採取哪些合成策略？

Yes, thanks, Joe, for the question. We have an outlook for our capital return program next year to return $1 billion as well as the increase in the dividend that will be in effect there. We continue to look at our overall total cash balance and also our US cash balance.

是的，謝謝喬的提問。我們預計明年的資本回報計畫將帶來10億美元的回報，同時股利也將隨之提高。我們會持續關注公司整體現金餘額以及美國現金餘額。

We still receive cash flow from both the combination of our international operations and our US operations, which will take us through the good part of FY17 in probably the whole amount. But if some need comes, we have several options for us to think about how we would fund that and we'll look at that at that time, if necessary.

我們目前仍能從國際業務和美國業務中獲得現金流，這筆資金應該足以支撐我們度過2017財年的大部分時間。但如果出現資金需求，我們也有多種融資方案可供選擇，屆時我們會根據實際情況進行評估。

Great, thank you and then I was under the impression from our conversations during quarter that there was a 14-week quarter in January. Is that the case and if so, does that have any impact on the financials?

太好了，謝謝。我之前根據我們季度溝通了解到的情況，一月是一個14週的季度。情況確實如此嗎？如果是的話，這會對財務狀況產生什麼影響嗎？

Yes, this fiscal year, we do have an extra week in this fiscal year, so we have incorporated our best estimates at this time for the fourth quarter incorporating that extra week.

是的，本財年比往年多了一周，所以我們目前對第四季度的最佳估計已經包含了這多出來的一周。

Your next question comes from the line of Alex Gauna with JMP Securities.

你的下一個問題來自 JMP Securities 的 Alex Gauna。

Powerful quarter. Congratulations everyone. Jen-Hsun, I know you touched upon the challenges and the datacenter for Moore's Law and that driving opportunity for you but what are your own big picture thoughts on the implications of Moore's Law for your core GPU business?

業績強勁，恭喜各位！ Jen-Hsun，我知道你談到了摩爾定律帶來的挑戰和資料中心問題，以及它為你帶來的機遇，但你對摩爾定律對你核心GPU業務的影響，從宏觀角度來看，有什麼看法？

And then associated with that, if I think about the increasing challenges of Moore's Law as well as the power of some of the big OEMs and it can be either on the hardware or cloud side and many of them or both, how does that not mean you need to have some sort of licensing business or strategic partnership business in order to move your technology forward? Thanks.

此外，考慮到摩爾定律帶來的日益嚴峻的挑戰，以及一些大型原始設備製造商（OEM）在硬體或雲端領域的強大實力（許多OEM廠商都涉足其中），難道這不需要建立某種形式的授權業務或戰略合作夥伴關係來推動技術發展嗎？謝謝。

Yes. Alex, first of all, thanks for the question. Well, semiconductors and chips is really important to us. And on balance, it's a lot easier if the world will just get better without anybody having to work for it, i.e., Moore's Law. And so if every year, transistors just got faster and they got more of it, and they got cheaper and so on and so forth, all at the same time, it surely would make for a easier ride.

是的。 Alex，首先感謝你的提問。半導體和晶片對我們來說確實非常重要。總的來說，如果世界能夠不費吹灰之力地變得更好，例如摩爾定律，當然會輕鬆得多。如果電晶體每年都能更快、更多、更便宜等等，所有這些都同時發生，那肯定會讓我們的生活更輕鬆。

However, accelerated computing is a very different beast. The way that accelerated computing works and some people have characterized NVIDIA's growth and performance to Moore's Law squared. And I don't think it's much far off from that actually. And the reason for that has to do with the fact that we change our -- we can innovate change, improve our GPU underneath, the software stack on top, the algorithms that we innovate on top of that, and then also targeting specific applications.

然而，加速計算則截然不同。加速計算的工作原理，以及一些人將英偉達的增長和性能描述為摩爾定律的平方，我認為實際上與此相差不遠。原因在於我們不斷創新，改進底層GPU、頂層軟體堆疊以及基於這些改進的演算法，並針對特定應用進行最佳化。

One of the things that most people don't realize is that we're not a general purpose processor. We only target a few specific applications. And the specific applications, as you know, that we focus on, is visual computing. And this particular field has become quite large. And because of the work that we have done, whether it's visual computing, images, video, and very parallel applications, which artificial intelligence falls into.

大多數人沒有意識到的一點是，我們並非通用處理器。我們只針對少數特定應用。如您所知，我們專注於視覺計算這一特定應用領域。而這一領域已經發展得相當龐大。這得歸功於我們所做的工作，無論是視覺計算、圖像、視頻，還是人工智慧所涵蓋的平行應用。

These applications are just right down the strike zone and right in the bull's eye of accelerated computing. They just have -- maybe it happened by serendipity, but we hope that we had a large part to do with it that the accelerator that we created made it possible for these applications to move forward.

這些應用恰好符合加速計算的目標範圍，正中靶心。它們的發展或許是機緣巧合，但我們希望，我們開發的加速器能為這些應用的進步做出很大貢獻。

And as a result, moved forward more quickly and became large markets. And so, I would say that the answer to your question is that we don't just do chips and the value proposition of our platform is really about chips, about software, about algorithms and applications that we select. And that combination is really, really powerful.

因此，我們發展得更快，市場規模也更大。所以，對於你的問題，我的答案是：我們不僅僅生產晶片，我們平台的價值主張實際上涵蓋了晶片、軟體、演算法以及我們精心挑選的應用。而這些要素的結合，威力無比強大。

Now your second question has to do with IP licensing. I would say that five years ago, as a technology component company, a PC graphics chip company where our path to market is only through OEMs. Our path to market is only through OEMs and our path to market is only through OEMs that are industry, where our products are industry standard width, i.e., Wintel or PC, or so on and so forth. That's no longer true.

你的第二個問題與智慧財產權授權有關。五年前，作為一家技術組件公司，一家PC圖形晶片公司，我們的市場通路僅限於OEM廠商。我們的市場通路僅限於業界領先的OEM廠商，我們的產品也僅限於符合業界標準的廠商，例如Wintel或PC等。但現在情況已經不同了。

We now have four vertical markets by which we engage to market ourselves that we can go directly to the market, we can innovate openly and we have specialized platforms whereby we can innovate without dependency on somebody else. And so whether it's accelerated data centers, which has a specialized platform; gaming, where we go to market ourselves and we have a specialized platform there. These markets are really, really large.

我們現在擁有四個垂直市場，透過這些市場可以直接進入市場，進行開放式創新，並且擁有專門的平台，從而可以獨立於他人進行創新。例如，加速資料中心（我們擁有專門的平台）和遊戲（我們透過專門的平台進入市場）。這些市場規模都非常龐大。

And so, the reinvention of our company put us in very large markets that are growing quite robustly. And so that I think our primary focus today is through product sales. And so, we changed our business model that way, if you will, instead of remaining a components company and moving, if you will, backwards into licensing. We decided to move forward into the market vertically and creating specialized platforms.

因此，公司的轉型使我們進入了成長快速的大型市場。所以我認為，我們目前的首要任務是產品銷售。因此，我們改變了商業模式，不再繼續做零件公司，也不再倒退回授權模式，而是決定垂直整合市場資源，打造專業平台。

The next question comes from the line of Sanjay Chaurasia with Nomura.

下一個問題來自 Sanjay Chaurasia 與 Nomura 的對話。

Hi, Jen-Hsun. One question on the notebooks, gaming notebooks. You indicated that now you have the same desktop class graphics and notebooks and my question with that is with VR coming in and notebooks graphics getting more powerful, do you see that it could shift from desktops to notebook, your product mix? And if so, do you think that, that makes it less favorable or similarly favorable to you versus desktop graphics?

你好，Jen-Hsun。關於筆記型電腦，特別是遊戲本，我有個問題。你提到現在你們的筆記型電腦和桌上型電腦等級的顯示卡配置相同，我的問題是，隨著VR技術的普及和筆記型電腦顯示卡效能的提升，你認為你們的產品組合會不會從桌上型電腦轉向筆記型電腦？如果會的話，你覺得這會讓筆記型電腦顯示卡相對於桌上型電腦顯示卡的優勢降低還是保持不變？

I actually -- I guess I would say I don't care. I would say that I don't care and the reason for that is these desktop -- these notebook GPUs are really high end and they are all GeForce platforms to us. They all go to the same gamers, and so I think the most important thing is this that we would like the games to have higher graphics production value; the AAA games.

其實——我想我應該說我不在乎。我不在乎的原因是，這些桌上型電腦——這些筆電的GPU都是高階產品，對我們來說它們都是GeForce平台。它們都面向同一批遊戲玩家，所以我認為最重要的是，我們希望遊戲，尤其是3A大作，有更高的圖形製作水準。

I would like eSports to continue to grow. I would like developing countries to have broadband and I would like VR to be incredible and so I would say that those are really the drivers for our business and however a gamer would like to enjoy GeForce, we would love to welcome.

我希望電子競技能夠持續發展。我希望發展中國家能夠普及寬頻，我希望虛擬實境技術能發展到令人驚嘆的程度。因此，我認為這些才是我們業務發展的真正驅動力。無論玩家以何種方式享受GeForce遊戲，我們都很熱烈歡迎。

The next question comes from the line of Matt Ramsay with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Matt Ramsay。

Yes, thank you very much. Jen-Hsun, you had mentioned, I think, earlier in the call in response to a question that obviously you guys are not fully penetrated in gaming with the eSports phenomenon and more broadband coming to emerging markets. Maybe you can help us understand and break down the growth between unit growth or overall growth versus upgrade sales from the current installed base.

是的，非常感謝。 Jen-Hsun，我記得您在之前的通話中回答問題時提到過，隨著電子競技的興起和新興市場寬頻的普及，你們在遊戲領域的滲透率顯然還沒有達到飽和。您能否幫我們分析一下，在現有用戶群的基礎上，你們的銷售成長（包括整體成長和升級銷售）是如何體現的？

And I guess what I'm trying to get at is the segment, the growth between that and what's the upgrade cycle you see from someone say they bought a high-end GPU from you a year ago. What's the upgrade cycle and links and what are the real drivers that upgrade cycle for someone that's already engaged with you and in your install base? Thanks.

我想問的是，這個細分市場，以及它與用戶升級週期之間的差異。例如，一位用戶一年前就從你們這裡買了高階顯示卡，那麼他的升級週期是怎麼樣的呢？有哪些因素和途徑促使他/她升級？對於已經購買你們產品並成為你們客戶群一部分的用戶來說，真正的升級驅動因素是什麼？謝謝。

So, of course one of the most important drivers is the combination, it's the combination of really, really high production value games and our install base. Because our install base are already gamers, our install base are already GeForce customers. When new games come out, new amazing games come out, the install base wants to upgrade their GPUs to support it. So if you look at our install base and just take a look at our, if you will, first base the mainstream GTX. Let's take the GTX 950.

當然，最重要的驅動因素之一是兩者的結合，即高品質遊戲和我們龐大的用戶群。因為我們的用戶群本身就是遊戲玩家，他們已經是GeForce的客戶。當新遊戲，尤其是那些令人驚豔的新遊戲發佈時，用戶群會想要升級他們的顯示卡來支援這些遊戲。所以，如果你看一下我們的用戶群，尤其是我們最初的主流GTX顯示卡用戶群，例如GTX 950。

GTX 950 Class install base represents probably less then a 25% of our install base. Another way of thinking about it is that three quarters of our installed base really needs to get upgraded so they can enjoy today's exciting AAA titles and so the installed base alone is a really exciting opportunity for our growth and that's only possible because of the amazing AAA titles. It's the Star Wars of the world that the Call of Duty of the world and the Assassin's Creed and tue Batman that really causes our install base, inspires our install base to upgrade to new GPUs.

GTX 950 系列顯示卡的裝置量可能只占我們總裝置量的不到 25%。換句話說，我們四分之三的裝置量其實都需要升級，才能暢玩如今令人興奮的 3A 大作。因此，僅就裝機量而言，就蘊藏著巨大的成長潛力，而這完全得益於這些精彩的 3A 大作。正是像《星際大戰》、《決勝時刻》、《刺客教條》和《蝙蝠俠》這樣的遊戲，激發了我們的裝置容量，促使他們升級到新的顯示卡。

So that alone has really great growth opportunity, not to mention the other factors that you started with which was eSports and developing countries having broadband and then of course what we hope to be a big driver in the coming year with VR, so the install base I think is a big growth driver for us. Okay?

所以光是這一點就蘊藏著巨大的成長機會，更不用說你一開始提到的其他因素了，例如電子競技和發展中國家的寬頻普及，當然還有我們希望在未來一年成為主要驅動力的VR技術，所以我認為用戶基數是我們成長的一大動力。明白嗎？

Please note at this time, I'm taking one question at a time. The next question comes from the line of Rajvindra Gill with Needham & Company.

請注意，目前我一次只回答一個問題。下一個問題來自 Needham & Company 的 Rajvindra Gill 先生。

Yes, thank you and congratulations on good results. And a lot of this has been talked about before but just wanted to get a sense of kind of a normalized revenue growth rate, at least as much as you can discuss with some of the headwinds that you experienced this year, potentially abating next year, namely the PC OEM business, maybe might not decline as fast or at the same rate as it did this year.

是的，謝謝，也恭喜你們取得了不錯的成績。很多內容之前都討論過了，但我只是想了解一下正常的營收成長率，至少在你們能夠討論到的範圍內，考慮到今年遇到的一些不利因素，這些因素明年可能會有所緩解，特別是PC OEM業務，也許不會像今年這樣快速下滑。

So just wondered if you could maybe discuss a little bit about the -- more of a normalized growth rate. And it seems like this year you'll end up about 5% growth rate, given the fact that PC has fallen pretty significantly. So any color there would be helpful. Yes, I appreciate it. I think, first of all, the recognition that our PC OEM or our OEM business has largely -- the decline has abated. We're still -- we obviously still work on OEM projects and we're selective about the OEM projects. We're thoughtful about the projects we work on. And we care very much about working with our strategic partners.

所以我想請您談談更接近正常水準的成長率。鑑於個人電腦市場大幅下滑，今年的成長率似乎會達到5%左右。所以，如果您能提供一些相關信息，那就太好了。好的，謝謝。首先，我認為大家應該意識到，我們的個人電腦OEM業務下滑的趨勢已經基本緩解。我們當然仍然在做OEM項目，而且我們對OEM項目的選擇非常謹慎。我們會認真考慮我們參與的專案。我們非常重視與策略夥伴的合作。

For example, some of the really amazing projects that have been announced recently, the Microsoft Surface Book. I mean, holy cow. What a great laptop. Mine should be arriving any day now. And so, I'm super excited about that. I thought Panos and the guys over at Microsoft just did a killer job on that laptop. And it was incredibly challenging, and we love to work and we love building groundbreaking work.

例如，最近發布的一些專案真的太棒了，例如微軟的Surface Book。我的天哪！這筆記型電腦太棒了！我的應該很快就到了。我對此非常興奮。我覺得Panos和微軟的團隊在這台筆記型電腦上做得非常出色。這確實極具挑戰性，而我們熱愛工作，也熱愛創造突破性的產品。

And in the other project, over at Google, with Google Pixel C, I thought it was amazing. I mean, it's just a fantastic laptop. And it's based on our latest generation Tegra. Hiroshi and the team did a great job building it, and what a fantastic new tablet model. And so, we're going to continue to work on these type of OEM projects. And so we have exciting ones that we're in the project -- in the process of working on.

另一個項目是Google的 Pixel C，我覺得它非常棒。我的意思是，它是一款非常出色的筆記型電腦。它基於我們最新一代的 Tegra 處理器。 Hiroshi 和他的團隊在打造這款產品方面做得非常出色，而且它也是一款非常棒的新型平板電腦。所以，我們將繼續推進這類 OEM 專案。目前我們有一些令人興奮的項目正在進行中。

And so, my expectation is that the PC OEM business and the Tegra OEM business is going to be here. But it's just not a huge focus of ours. Our focus -- focus is not the right word. It's not where we expect our growth drivers to come from. Our major growth drivers are the four that we've talked about several times during the call.

因此，我預計PC OEM業務和Tegra OEM業務將會繼續存在。但這並非我們的主要關注點。或者說，關注點這個詞用得不太準確。我們並不指望它能成為成長的主要動力。我們主要的成長動力是我們在電話會議中多次提到的四個面向。

In terms of growth rate, I think it's going to take potentially a couple of years for us to have some kind a feeling for growth rate. Let me tell you why. In no time in the history of our Company did we have a brand new business model, right, first of all. We have a brand new business model. This new business model leverages one architecture.

就成長率而言，我認為可能需要幾年時間我們才能對成長率有一個大致的了解。讓我解釋一下原因。首先，在我們公司歷史上，我們從未有過全新的商業模式。我們現在確實有一個全新的商業模式。這個新商業模式利用了一種架構。

But instead of going towards just serving OEMs, we largely engaged the vertical markets ourselves. It's a platform strategy. It's an ecosystem strategy. We engage the markets directly ourselves. So this new business model transition and the approach to this market is really working and accelerating.

但我們並沒有僅僅服務於原始設備製造商（OEM），而是積極主動地開拓垂直市場。這是一種平台策略，也是一種生態系統策略。我們直接與市場接軌。因此，這種新的商業模式轉型和市場策略正在取得顯著成效，並且發展迅速。

Now, because we're engaging the markets directly and we're looking at some very large markets, I mean, the autonomous driving market is going to be a large market. The accelerated datacenter market, it's going to be a large market. AI is going to be large. VR is going to be large. PC gaming is going to be large.

現在，因為我們直接進入市場，而且我們關注的是一些非常龐大的市場，我的意思是，自動駕駛市場將會是一個龐大的市場。加速資料中心市場將會是一個龐大的市場。人工智慧市場將會是一個龐大的市場。虛擬實境市場將會是一個龐大的市場。 PC遊戲市場將會是一個龐大的市場。

And so, we're now working -- we're now engaging large markets, and we have multiple growth drivers. And so I think that the TAM for the Company is larger than any time that we've ever enjoyed. And so, that's kind of the second thing. We have multiple growth drivers and they have large TAMs. And then finally, gosh, we're just doing really exciting and important work that will shape the future of computing.

所以，我們現在正在開拓大型市場，並且擁有多個成長動力。因此，我認為公司目前的潛在市場規模（TAM）比以往任何時候都更大。這是第二點。我們擁有多個成長動力，而且它們都擁有龐大的潛在市場規模。最後，我們正在從事真正令人興奮且意義重大的工作，這些工作將塑造計算的未來。

I don't know that any time in the history of our Company that we're working on things like AI and VR and self-driving cars and cloud computing all at the same time. And so, all of that leveraging one fundamental architecture, which gave us the ability to simultaneously engage these vertical markets with a very powerful singular investment behind it.

我不知道在我們公司歷史上，是否曾有過像現在這樣同時致力於人工智慧、虛擬實境、自動駕駛汽車和雲端運算等領域的研究。而且，所有這些都基於同一個基礎架構，這使我們能夠憑藉強大的單一投資，同時進入這些垂直市場。

And so, I think our business model is very different. The vertical markets we engage are very different. And I hope that, as a result, our growth will continue to surprise.

因此，我認為我們的商業模式非常獨特。我們所涉足的垂直市場也截然不同。我希望，正因如此，我們的成長將繼續帶給人們驚喜。

The next question comes from the line of David Wong with Wells Fargo.

下一個問題來自富國銀行的 David Wong。

Thank you very much. In your gaming GPUs, do you have any estimate of what market share you currently control and how that's been trending over the last few quarters?

非常感謝。在遊戲顯示卡領域，您能否估算一下您目前所佔的市場份額，以及過去幾季的市佔率變化趨勢？

Well, David, thanks for the question. We don't really control anything. Our products are purchased by our gamers freely. And so it's not really a matter of control. And I mean that in a way that, look, we've got to earn the love and loyalty of our customers every single day. And whereby -- whereas we used to be a PC OEM company, an OEM company where that responsibility lies on our OEMs, today, that responsibility really lies with us.

大衛，謝謝你的提問。我們其實無法控制任何事。我們的產品都是玩家自願購買的。所以這並非控制的問題。我的意思是，我們必須每天努力贏得客戶的喜愛和忠誠。過去我們是一家PC OEM公司，責任主要由我們的OEM廠商承擔，但如今，這份責任完全落在了我們自己身上。

And we take it really, really seriously. We have 70 million gamers that are connected with us. We -- I hope that we add value to them on a continuous basis. And then we earn their trust and their loyalty over time. The beauty of this model, of course, it's much, much harder. It requires much, much greater understanding of the software stack, the way that you digitally connect and engage your community has to be very different than before. Obviously, the PC OEM model is simple.

我們對此非常非常重視。我們擁有7000萬與我們互動的遊戲玩家。我希望我們能夠持續為他們創造價值，並最終贏得他們的信任和忠誠。當然，這種模式的精妙之處在於，它難度也更大。它需要對軟體堆疊有更深入的了解，數位連結和互動社群的方式也必須與以往截然不同。顯然，PC OEM模式相對簡單。

The selling motion is simple. The marketing motion is simple. Everything we do today, the selling motion is much more complicated and the marketing motion is much more complicated. But the end result is that the promise that we made to them, whether it's Quadro's ability to help you realize your imagination, to GeForce that helps you enjoy your game to the fullest, these promises we have the ability to deliver on a day-to-day basis.

銷售流程很簡單，行銷流程也很簡單。但如今，我們所做的一切，銷售流程和行銷流程都變得複雜得多。然而，最終的結果卻是，我們向客戶做出的承諾——無論是Quadro顯示卡助您實現想像，還是GeForce顯卡助您盡享遊戲樂趣——我們都有能力日復一日地兌現這些承諾。

And so over time, I believe it allows us to create much deeper connections with our customers, which in business talk is stickiness, but we don't think of it that way. We think of it as earning the loyalty and the trust and hopefully, the passion of our customers. Okay?

所以隨著時間的推移，我相信這能讓我們與客戶建立更深的聯繫，用商業術語來說就是“客戶粘性”，但我們並不這麼認為。我們認為這是贏得客戶的忠誠、信任，以及我們希望最終獲得的客戶的熱情。明白嗎？

Your next question comes from the line of Ian Ing with MKM Partners.

你的下一個問題來自 MKM Partners 的 Ian Ing。

Yes, thanks. A question for Colette here. Lots of interesting opportunities and investments here. I mean, could you update us in terms of where we are in terms of identifying and implementing the operating synergies? I think at the Analyst Day, you talked about some software synergies, unifying the silicon architecture. Thanks.

是的，謝謝。我有個問題想問科萊特。這裡有很多有趣的機會和投資項目。我的意思是，您能否介紹一下我們在識別和實施營運綜效方面進展如何？我記得在分析師日上，您談到了一些軟體協同效應，以及晶片架構的統一性。謝謝。

Thanks for the question. Yes, I think our focus over these last several years has really been focusing around one single unified architecture and investment. That's really helped us to make the appropriate investments that we need in these four different markets that we're going after, but allowing us also to really focus on a single architecture that allows the efficiencies that we're seeing in our operating expenses.

謝謝你的提問。是的，我認為過去幾年我們的工作重點確實在於圍繞著一個統一的架構和投資。這不僅幫助我們在四個不同的目標市場進行必要的投資，也使我們能夠專注於單一架構，從而實現目前營運成本的效率提升。

That is still going to be our focus as we move into the current quarter Q4 and as we move forward into FY17, as our financial performance is very important to us, and improving that financial performance in the short term. So, thanks for the recognition of noting our work on our investment portfolio and ensuring that our investments are rightsized for our top line.

進入第四季以及2017財年，我們仍將把重點放在這方面，因為財務表現對我們至關重要，我們也致力於在短期內提升財務表現。感謝您認可我們在投資組合方面的工作，並確保我們的投資規模與營收相符。

The next question comes from the line of Chris Rolland with FBR & Company.

下一個問題來自 FBR & Company 的 Chris Rolland。

Hi, guys. Let me echo my congrats on a really strong quarter here. So the current leader in ADAS, they are -- autonomous driving, I guess is where they are going with this. They're running their platform off of what's essentially like a $5 microcontroller, and they really talked down the importance of hardware.

大家好。我再次祝賀你們本季業績非常出色。目前ADAS領域的領導企業——我想他們正在朝著自動駕駛的方向發展。他們的平台基本上是基於一個價值5美元的微控制器，而且他們也極力淡化硬體的重要性。

So Jen-Hsun, maybe if I could get your idea on what you think this hardware platform, I know the importance of software, but what this hardware platform might look like for these future generations that you're talking about?

所以，Jen-Hsun，如果我能了解一下你對這個硬體平台的看法，我知道軟體的重要性，但是你所說的未來幾代人的硬體平台可能會是什麼樣子呢？

Yes, Chris, I appreciate that. If we can get a $5 microcontroller to drive and it's just a matter of software and driving is like one of the most complicated things we do. I think humans could be replaced in just about everything we do with a $3 microcontroller. And so, it seems unlikely. I agree that smart microcontrollers could be used to enhance smart cameras to do some -- to do a computer vision and I think that for ADAS, it is really, really good. I mean, just to be serious here.

是的，克里斯，我明白你的意思。如果我們能用一個5美元的微控制器來驅動車輛，而這只是軟體問題，要知道駕駛可是我們所做的最複雜的事情之一。我認為，用一個3美元的微控制器幾乎可以取代人類完成我們所做的所有事情。所以，這似乎不太可能。我同意智慧微控制器可以用來增強智慧攝影機的功能——例如進行電腦視覺，而且我認為它對ADAS（高級駕駛輔助系統）來說真的非常有用。我是認真的。

I think that smart cameras, whether it's from Tier 1s or from companies in Japan, or various companies around the world, the ADAS driver -- better cruise control, to automatic braking, to lane keeping. Those things are all important things and it improves our driver experience. But autonomous driving is just a whole different thing.

我認為，無論是來自一級供應商、日本公司還是世界各地的其他公司，智慧攝影機都能為ADAS駕駛員提供更好的巡航控制、自動煞車和車道維持輔助等功能。這些功能都很重要，能夠提升駕駛體驗。但自動駕駛則完全是另一回事。

Autonomous driving, nobody's figured out. And obviously, there are several companies that we know who have real cars on the market, who are doing autonomous driving and there's no pretense. Nobody is saying that all it takes is a $5 microcontroller to make that happen. It takes a lot of computing to make that possible.

自動駕駛，至今無人能完全掌握。當然，我們知道市面上有一些公司已經推出了真正的自動駕駛汽車，而且他們也確實在進行自動駕駛技術的研究，這一點毋庸置疑。但沒人會說只需要一個價值5美元的微控制器就能實現自動駕駛。這需要大量的計算才能實現。

And so, our strategy is not driver assistance. I mean, I've been consistent about that. I appreciate all of the people's work that are enhancing driver assistance, whether it's radar or ultrasonics or cameras to move driver assistance forward. Our strategy is really a computing platform for autonomous driving. And it's going to take a lot of software.

所以，我們的戰略並非駕駛輔助。我的意思是，我一直堅持這一點。我感謝所有致力於提升駕駛輔助技術的人們，無論是雷達、超音波或攝影機，他們都在推動駕駛輔助技術的發展。我們的策略實際上是建立一個用於自動駕駛的計算平台。而這需要大量的軟體開發。

And it's going to take a lot of software that is going to be owned by the car companies themselves and our strategy is to provide a platform by which we provide a lot of the capabilities of artificial intelligence, whereby they can embrace it, modify it, enhance it, so that they can make their personality of the driver experience in their own software long term.

這將需要大量的軟體，這些軟體將由汽車公司自己擁有。我們的策略是提供一個平台，透過該平台提供人工智慧的許多功能，他們可以接受它、修改它、增強它，以便他們能夠長期在自己的軟體中打造個人化的駕駛體驗。

I just can't imagine how every single car company in the world will have exactly the same driver experience. The way that the car responds to you, the way that the car responds at all, is something that I believe long term, it's going to require a lot of computing. This is an area that's just far from being done and I think it's very complicated stuff. And we don't even know what we don't know yet. But the one thing that we do know, it's going to need a lot of computing horsepower; it's going to need a lot of software.

我實在無法想像世界上每家汽車公司都能提供完全相同的駕駛體驗。汽車對駕駛者的反應方式，或者說汽車本身的反應方式，我認為從長遠來看，都需要大量的運算能力。這個領域遠未成熟，而且我認為它非常複雜。我們甚至還不知道我們不知道什麼。但我們唯一確定的是，它需要強大的運算能力；它需要大量的軟體。

Artificial intelligence is going to be at the core of it. And I think if we succeed in doing so, we're going to make the world a much, much better place. I mean, there are a lot of people that shouldn't drive. There are a lot of people that would love to get around, but they can't drive. And I think we're going to get people out of harm's way. Okay, so I think the work is incredibly important. It's far from being over and so there's lots to do.

人工智慧將是這一切的核心。我認為如果我們成功做到這一點，我們將使世界變得更美好。我的意思是，很多人不適合開車。很多人很想出行，但他們無法開車。我認為我們將使人們遠離危險。所以，我認為這項工作極為重要。它遠未結束，還有很多工作要做。

The last question comes from the line of Joseph Zachariah with Oppenheimer.

最後一個問題來自約瑟夫·扎卡里亞和奧本海默的對話。

Hey, thanks for taking my question. Congrats on the quarter. I just wanted to circle back on the automotive part of the business. I know you've done a lot of work with the VW Group, specifically with Audi and Porsche. I was wondering if you have seen any of the impact from the potential R&D clawbacks or any comments on what you're seeing out of Germany would be helpful? Thanks.

您好，感謝您回答我的問題。恭喜您本季業績出色。我只是想再跟您聊聊汽車業務方面的事情。我知道您與大眾集團，特別是奧迪和保時捷，進行了許多合作。我想知道您是否已經注意到潛在的研發經費追回政策的影響，或者您對德國方面的情況有什麼看法？謝謝。

The area where we work with VW and Porsche and Audi are really about advancing the state-of-the-art in their cars. If you look at the work that we do, it's really about innovation and it's about the technology that they want to be world's first at bringing to market.

我們與福斯、保時捷和奧迪的合作領域，實際上是致力於提升他們汽車的尖端技術。如果你了解我們所做的工作，你會發現它真正關注的是創新，以及他們希望率先將哪些技術推向市場。

This is a company -- this is an organization that believes the technology leadership and leaning forward, leaning into the software-defined car and leaning into the computerized car and leaning into driver autonomous driving and leaning into electric vehicles is a good thing. This is a company that is very forward thinking as everybody is very well aware of. And so, our work with them are really along those areas and if anything at all, we see quite a significant heightened desire to move the Company forward and do something great.

這是一家公司——一個堅信技術領先地位並積極進取、擁抱軟體定義汽車、擁抱電腦化汽車、擁抱自動駕駛以及擁抱電動車的企業。眾所周知，這是一家極具前瞻性的公司。因此，我們與他們的合作也正是圍繞著這些領域展開的。而且，我們看到他們渴望推動公司發展，成就一番偉業的渴望顯著增強。

There are no further questions at this time. I'll now turn the call back to you. Please continue with the presentation and/or closing remarks.

目前沒有其他問題了。現在我把電話交還給您。請繼續進行演講和/或總結發言。

Well, thanks everybody for joining us today. There's several things we wanted to say. Our new business model transition approach to market is working and accelerating. We talked about our multiple growth market drivers, PC gaming, Datacenter and Automotive are all growing nicely.

感謝各位今天蒞臨。我們想和大家分享幾點。我們新的商業模式轉型策略正在發揮作用並加速推進。我們討論了多個成長市場驅動因素，其中PC遊戲、資料中心和汽車領域的成長勢頭良好。

We talked about the fact that we're working at the center of some big developments that are shaping the future of computing: AI, VR, accelerated cloud computing, and autonomous driving cars. These are really exciting things and we're doing that with one singular leveraged investment around one architecture and that allows us to bring the might of this Company and expertise that we have to help solve some of the problems that I've mentioned. NVIDIA is the world leader in visual computing and becoming more important than ever in a growing number of industries.

我們談到，我們正處於一些重大發展的核心，這些發展正在塑造運算的未來：人工智慧、虛擬實境、加速雲端運算和自動駕駛汽車。這些都是令人振奮的領域，而我們正透過圍繞單一架構的單一槓桿投資來實現這些目標，這使我們能夠充分發揮公司的實力和專業知識，幫助解決我提到的一些問題。 NVIDIA 是視覺運算領域的全球領導者，並且在越來越多的行業中扮演著越來越重要的角色。

Our strategy is to leverage this one core investment to four growth markets gaming, professional visualization, datacenter and auto and is delivering results and gaining momentum. So our goal is to balance those investments, our investment to capture the enormous opportunity ahead while maintaining a keen focus on improving near-term financial performance. Thank you all for joining us today.

我們的策略是利用這項核心投資，拓展遊戲、專業視覺化、資料中心和汽車這四大成長市場，目前已取得成效並動能強勁。因此，我們的目標是平衡各項投資，既要把握未來巨大的發展機遇，又要密切關注近期財務表現的提升。感謝各位今天蒞臨本次活動。

Ladies and gentlemen, that does conclude the Conference Call for today. We thank you for participation and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，請各位掛斷電話。