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.

下午好。我的名字是邁克，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。所有線路都已靜音，以防止任何背景噪音。演講者發言後，將進入問答環節。

(Operator Instructions)

（操作員說明）

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.

提醒一下，此電話將於 2015 年 11 月 5 日星期四進行錄音。我現在將把電話轉給 NVIDIA 投資者關係副總裁 Arnab Chanda。你可以開始你的會議了。

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.

謝謝你。大家下午好，歡迎參加 NVIDIA 2016 財年第三季度電話會議。 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 via telephone until November 12, 2015.

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。在 2015 年 11 月 12 日之前，您可以通過電話收聽重播。

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.

該網絡廣播將在下個季度的電話會議之前進行重播，以討論第四季度的財務業績。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 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 10K 和 10-Q 表格，以及我們可能以 8-K 表格向證券公司提交的報告和交易委員會。

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.

我們所有的聲明都是基於我們目前可獲得的信息，截至今天，2015 年 11 月 5 日。除法律要求外，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 GAAP 財務指標。您可以在我們網站上發布的 CFO 評論中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬。

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

有了這個，讓我把電話轉給科萊特。

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，阿納布。第三季度收入達到創紀錄的 13.05 億美元，同比增長 7%，環比增長 13%，大大高於我們預期的 11.8 億美元。增長是由創紀錄的遊戲收入推動的，特別是我們的 GTX 平台和汽車信息娛樂系統。從報告部分的角度來看，GPU 收入為 11.1 億美元，同比增長 12%。 Tegra 處理器收入為 1.29 億美元，同比下降 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.

我們的戰略仍然專注於為遊戲、專業可視化、數據中心和汽車創建平台。我們的進步是產品創新、我們在不斷增長的市場中的強勢地位和嚴格執行的結果。第三季度，我們的四個市場平台貢獻了我們收入的 85%，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，讓我們從我們的遊戲平台開始。博彩收入同比增長 44% 至 7.61 億美元。許多因素正在推動增長。其中：圖形產值大幅提升；電子競技的興起；對假期大片遊戲的期待；以及 VR 等新技術的出現，帶來更豐富、更身臨其境的遊戲體驗。職業電競比賽或電子競技正在成為一個擁有 1.88 億觀眾的全球娛樂類別。僅上個月的英雄聯盟全球總決賽就有 3000 萬觀眾。優秀遊戲的推出推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.

我們對為假期季準備的 AAA 遊戲的強大管道感到興奮，包括星球大戰前線、使命召喚：黑色行動 3、彩虹 6 和輻射 4。同時，我們期待著推出虛擬現實與即將推出 Oculus、HTC 和其他公司的 VR 頭戴設備，以及 EVE Valkyrie 等新的 VR 遊戲。在本季度，隨著 GTX 980 的推出，我們啟用了新類別的高性能發燒級遊戲筆記本電腦。筆記本電腦首次能夠提供與台式機相同的遊戲體驗，並具有驅動所需幀速率的處理能力對於虛擬現實。

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 Android 遊戲的長期賭注是 SHIELD。在本季度，我們擴大了 SHIELD Android TV 的覆蓋範圍，這是市場上最先進的 4K 智能電視控制台在兩個主要歐洲市場。我們推出了 GeForce NOW，它提供類似 Netflix 的服務，可將游戲從雲端流式傳輸到您的 SHIELD 設備。

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.

轉向專業可視化。 Quadro 收入環比增長 8% 至 1.9 億美元，同比下降 8%。在 SIGGRAPH 專業計算機設計大會上，我們介紹了 NVIDIA DesignWorks。這套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逼真可視化。借助 DesignWorks VR，開發人員可以輕鬆地為主題公園設計、產品設計、遠程呈現和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.

在包括特斯拉和 GRID 在內的數據中心，收入環比增長 13% 至 8200 萬美元，反映了對深度學習、高性能計算和圖形虛擬化的需求。由於大型深度學習項目的混亂，收入同比下降 8%。大多數世界領先的網絡服務公司都採用 Tesla 進行深度學習，為下一代服務提供動力。除了使用我們的 GPU 在海量數據集上訓練服務器外，百度等公司還使用它們進行推理，以進行實時語音識別等工作。在高性能計算中，我們越來越多地發現 GPU 正在從研究領域轉向商業用途，例如天氣預報和地震處理等領域。

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 虛擬化平台也在繼續取得進展，該平台使公司能夠在任何地方的任何設備上向員工提供圖形豐富的應用程序。在舊金山的 VMworld，我們推出了 GRID 2.0，其用戶密度和應用程序性能是其前身的兩倍，並支持 Linux 和刀片服務器。十幾家財富 100 強公司正在完成 GRID 2.0 的試驗，超過 125 台 OEM 提供的服務器有資格運行它。同樣反映 NVIDIA 數據中心產品的發展勢頭，Microsoft Azure 宣布已將 NVIDIA GRID 集成到其快速增長的雲服務中，以響應客戶對雲中 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，汽車業務收入同比增長 51%，達到創紀錄的 79%——7900 萬美元。在上個月在法蘭克福舉行的國際車展上，梅賽德斯奔馳、奧迪、保時捷、賓利和本田都展示了一系列配備 NVIDIA 驅動的數字駕駛艙的量產車和概念車，我們的合作夥伴特斯拉汽車公司剛剛推出了 Falcon Wing Model X，與 Model S 一樣，Model X 配備了多點觸控信息娛樂系統和數字儀錶盤，由 NVIDIA 提供支持。

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，我們將繼續與 50 多家使用 NVIDIA Drive PX 開發自動駕駛汽車技術的公司進行更深入的合作。其中包括汽車製造商、一級 OEM、初創企業和研究機構。 Drive PX 是一個先進的自動駕駛平台，它融合了來自攝像頭、激光雷達、雷達和超聲波傳感器的數據，以使用深度學習技術確定前進的道路。我們期待在 CES 2016 上分享有關這項工作的更多細節。在筆記本電腦季節性需求的推動下，我們的 OEM 和 IP 業務為 1.92 億美元，環比增長 11%。

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.

現在轉向損益表的其餘部分。 GAAP 毛利率為 56.3%。非美國通用會計準則毛利率為 56.5%，符合我們的展望。 GAAP 和非 GAAP 毛利率較一年前有所增加，反映了我們強勁的博彩收入。 GAAP 毛利率環比增長，因為上一季度包括與 NVIDIA SHIELD 平板電腦召回相關的費用。非美國通用會計準則毛利率環比幾乎持平。第三季度的 GAAP 運營費用為 4.89 億美元，其中包括 800 萬美元的重組和其他費用。包括訴訟費用在內的非美國通用會計準則運營費用為 4.3 億美元，略低於我們的預期。我們繼續專注於運營效率，並在提高運營利潤率的同時管理投資增長。

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.

第三季度 GAAP 營業收入為 2.45 億美元，比去年同期的 2.13 億美元增長 15%，反映了強勁的收入增長。非美國通用會計準則營業收入為 3.08 億美元，較上年同期的 2.64 億美元增長 17%。 GAAP 淨收入為 2.46 億美元。 GAAP 每股攤薄收益為 0.44 美元，包括 0.01 美元的重組和其他費用，以及 0.09 美元的稅收儲備釋放收益。非美國通用會計準則淨收入為 2.55 億美元。非公認會計準則每股攤薄收益為 0.46 美元，同比增長 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.

現在轉向一些關鍵的資產負債表項目。第三季度，我們的現金和有價證券餘額為 47.3 億美元。在第三季度，我們支付了 5300 萬美元的現金股息，我們完成了賣方 [回購] 協議，並返還了額外的 460 萬股股票。因此，到目前為止，我們已經向股東返還了總計 6.04 億美元的財政年度打算返還 8 億美元的全年意圖。作為我們通過資本回報為股東創造價值的持續承諾的一部分，我們宣布將季度現金股息增加 18% 至每股 0.115 美元，將於 12 月 14 日支付給 11 月 20 日在冊的所有股東。此外，我們很高興宣布我們打算在 2017 財年通過持續的季度現金股息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.

現在轉向 FY16 第四季度的展望。我們仍然對我們的業務前景感到興奮。遊戲在電子競技、虛擬現實中繼續加速發展，一系列激動人心的遊戲將進一步提升它。在接受深度學習技術的推動下，GPU 加速的數據中心在高性能計算和雲計算方面都在擴展，並且向自動駕駛的過渡正在順利進行。我們在這些增長市場中的每一個都擁有出色的地位。我們預計 2016 年第四季度的收入為 13 億美元，上下浮動 2%。我們的非 GAAP 和 GAAP 毛利率——我們的 GAAP 和非 GAAP 毛利率預計分別為 56.7% 和 57%，正負 50 個基點。 GAAP 運營費用預計約為 5.03 億美元。非公認會計原則的運營費用預計約為 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，我們預計非美國通用會計準則運營費用（不包括訴訟費用）將與 2015 財年大致持平。由於我們捍衛我們的知識產權，訴訟費用預計在 7000 萬美元到 8000 萬美元之間。 FY16 第四季度的 GAAP 和非 GAAP 稅率預計均為 20%，正負 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 2500 萬美元至 3500 萬美元之間，因為我們在 2016 財年第四季度完成了 Icera 業務的結束。進一步的財務細節，包括首席財務官的評論和市場平台的收入，可在我們的投資者關係網站上找到。

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

有了這個，我們現在開始提問。接線員，請您投票提問嗎？

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

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了不錯的成績。對於我的第一個問題，過去兩個季度你已經大大超出了最初的預期，而 PC 遊戲一直是其中的重要組成部分。而且我想知道您在這兩個季度中看到的實力或您看到的上行驚喜，是否更多來自單位？這更多來自更好的組合或 ASP 或分享收益，更值得注意的是，這種上行軌蹟的可持續性如何？

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，Vivek，首先，謝謝。嗯，我認為我們一直認為我們的 PC 遊戲業務是由幾個因素驅動的。第一個因素是偉大的 AAA 遊戲，它們的圖形製作價值越來越高。

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.

第二個只是一些在世界範圍內成長的電子競技玩家，這是一個非常社會現象。你的朋友越多加入電子競技，你就越需要加入電子競技，這樣你就可以和你的朋友一起出去玩。

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.

三是發展中國家。關於 PC 遊戲和整體遊戲的一件事是，您確實需要再有寬帶接入，這樣您才能下載這些令人驚嘆的遊戲。因此，隨著發展中國家寬帶應用的持續增長，PC 確實是進入遊戲的最佳方式。

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，它是您日常生活所需的平台，當然大多數年輕人都需要它來上學。所以這很有幫助。所有這些因素都增加了我們所享受的單位和平均售價。如果你看一下整個市場的規模，我認為可以說我們沒有完全滲透。

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.

我們的期望是，當我們展望明年時，所有即將上映的偉大遊戲，無論是即將上映的《使命召喚》還是即將上映的《星球大戰》、《刺客信條》或《古墓麗影》，當然，每個人都非常興奮關於明年年初推出的VR。所以我認為有幾個增長動力仍然非常強大，我們預計這將成為一個巨大的市場。

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，謝謝仁勳。對於我的後續問題，不是表態，而是當我查看您的第四季度指導時，它很強勁，好於預期，但它有點暗示趨勢持平，而這通常是一個季節性更強的季度。如果您能給我們一些顏色，您認為與第三季度相比，哪些細分市場會在方向上上漲或下跌？謝謝你。

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.

好吧，我們提供的指導是我們認為最好且平衡的指導，我們將看看本季度的表現如何，但有 - 我們整體業務的總驅動力，遊戲是增長驅動力，我們剛剛提到了一些其背後的動態。數據中心是我們的增長動力，我相信我們會在電話會議期間更多地討論這一點，然後第三次，汽車業務是我們的增長動力，因此我們有幾個增長動力，而且——但在在這一點上，我們的指導是我們所能提供的最好的。

Okay, thank you, Jen-Hsun.

好的，謝謝你，仁勳。

Thanks.

謝謝。

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

下一個問題來自 Jefferies 的 Mark Lipacis。

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.

你好。感謝您提出我的問題。第一個關於虛擬現實作為駕駛員的問題。看來你對 2016 年的期望值很低。當你看到 Oculus VR 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，而且潛力很大。

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那種反應與你的反應——這似乎是對虛擬現實作為驅動程序的較低關鍵期望，所以如果你能幫助調和這一點，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.

好吧，首先，馬克，我們對虛擬現實感到非常興奮。 NVIDIA 沒有人對此保持低調。毫無疑問，當您享受配備 GeForce GTX 980 或 GeForce GTX Titan 的 Oculus 頭戴設備時，這種體驗令人難以置信，最近，我們甚至推出了能夠直接從筆記本電腦享受 VR 體驗的全系列筆記本電腦。所以我們對 VR 感到非常興奮。

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.

無論是來自 Oculus 還是 Vive，您在享受 VR 耳機時所擁有的臨場感，都非常棒。我們也看到VR的應用相當廣泛。它可以——當然，我們對遊戲非常熱情，我們看到的遊戲真的很棒，但它被用於工業設計、建築設計。它用於醫學成像，甚至科學計算。

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.

我們看到的是大型娛樂，大型娛樂。因此，我們看到來自世界各地的各種應用程序。我們正在追踪 250 多家與我們合作開發 VR 的公司，正如我所提到的，從視頻遊戲到娛樂再到專業圖形，它無處不在。

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.

我們的方法是提供一個平台，整個 VR 行業都可以在此基礎上構建，因此我們將其稱為我們的 DesignWorks VR，用於我們的企業產品、我們的專業產品和 GameWorks VR，用於我們的消費產品並使用 -連接到我們的 API 並連接到我們的 SDK，性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，也許您的問題與財務有關，我想我們的方法是對我們為支持整個行業所做的工作充滿熱情，因為它進入了 VR。在此過程中，我們與該行業深入互動。

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.

我認為我們為 PC 遊戲和專業圖形構建了一流的 VR 平台，就財務而言，我意識到出貨量還沒有真正開始。我認為觀望是謹慎的，但我們的長期預期是，VR 將成為我們非常強大的增長動力。我的意思是，基於我們所看到的一切以及為此付出的所有努力，這在這一點上幾乎是不可否認的。

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.

這是非常有用的顏色，仁勳。謝謝你。如果可以的話，一個後續問題。在遊戲軟件、PC 遊戲軟件方面，您多次提到過強大的產品週期。您是否有這樣的風險——這會在一定程度上幫助推動遊戲 GPU 的銷售，然後在之後的兩三個季度之後會出現某種程度的下降？我們應該怎麼想？遊戲軟件的發布與遊戲 GPU 的大量出貨之間是否存在關聯？謝謝你。

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，它 - 我想最後，這很難預測。我們知道的只有幾件事。我們所知道的首要原則是遊戲市場整體正在增長。電子競技玩家的數量正在持續增長。隨著繼續採用寬帶，現在能夠讓更多人參與遊戲的國家和發展中國家的數量正在增加。

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.

電子遊戲的產值簡直是驚人的。男孩，如果你只看《星球大戰》、《刺客信條》、《使命召喚》和《古墓麗影》，它們幾乎是電影化的。因此，我們的預期是，這些因素結合起來將繼續推動遊戲市場向前發展。所以我們會從一個季度到另一個季度看到他們的表現，但目前，在世界各地，我們只是看到遊戲充滿活力。

Thank you.

謝謝你。

Yes, thanks a lot, Mark.

是的，非常感謝，馬克。

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

下一個問題來自瑞銀的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，感謝您提出我的問題。第一個，Jen-Hsun，如果可以的話，在汽車市場上。我想首先你的最後一個分析師日，你們提到了一個總的積壓數量，用於估計設計贏得多年的粗略價值。我想知道您是否可以向我們提供有關該數字在過去幾個季度中的變化情況的最新信息？

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?

與此相關的是，鑑於你們已經建立了良好的管道，您能否談談您的客戶告訴你們的緊迫感，即您需要多快將 Tegra 納入其中一些系統，無論是信息娛樂系統還是ADAS 類型的產品以及這對 Tegra 的收入意味著什麼？

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。我想，首先，我們的汽車業務增長非常強勁，並且年復一年地增長了 50% 以上。我們的期望是它會在明年和之後的幾年內繼續增長。與此同時，汽車行業正在發生兩個對我們非常有利的非常重要的動態。

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.

一種動態與中央車載計算機有關。現在很清楚，您未來的汽車將是軟件定義的。可能會有多個操作系統。這些操作系統將控製圖形豐富的體驗，這台集中式計算機將像數據中心一樣構建，因此它可以是安全的，它可以是強大的，它可以是關鍵任務。

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.

軟件將在其中發揮巨大作用，所以當汽車變得越來越計算機化時，不僅僅是數字化，不僅僅是電子化，而是計算機化並且軟件豐富，它會在我們手中發揮作用，因為我們'重新成為一家很棒的軟件公司。我們非常了解系統軟件，軟件功能是我們的主要差異化優勢之一。這是我們能夠做我們所做的事情的原因之一。

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是通過雷達實現的，第二代包括攝像頭，但第一代自動駕駛即將到來。自動駕駛還沒有真正進入市場，我們看到了它的早期版本，但是實現完全自動駕駛的架構還沒有出現，這是我們真正擁有大量能力的領域。

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.

這將需要傳感器融合；這將需要大量的軟件。這將需要人工智能；它需要能夠支持 NVIDIA 所基於的開放計算平台。如果你看看我們的加速計算平台，它是由世界上這麼多人編寫的，這是一個真正的優勢，因為汽車公司需要開發自己的人工智能網絡的能力，這樣他們才能最終擁有自己的駕駛體驗。

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.

所以這是我認為第二個，自動駕駛汽車和自動駕駛汽車的新時代對我們來說是一個很好的機會。因此，這兩種動力將成為我們汽車業務未來增長的基礎。

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，謝謝你的顏色，仁勳。作為我的後續問題，我想知道您是否可以幫助解析特斯拉和 GRID 產品系列中的一些驅動程序？就在高性能計算、雲數據中心和購買特斯拉和集團產品的所有企業型客戶的流失之間，您能談談不同垂直領域的新中期需求趨勢嗎？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，感謝這個問題。當然，PC 遊戲對我們來說是一個非常強大的增長動力。我們的汽車業務是我們的增長動力，我完全希望我們的數據中心業務成為我們的增長動力。在過去幾個季度中，我們簡化了數據中心戰略。雖然我們過去有多種數據中心策略，但我們現在基本上只有一個數據中心平台，其中包含多個驅動它的應用程序。

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.

Datacenter平台加速Datacenter平台被稱為Tesla。最重要的是，我們有多個軟件堆棧。最多——我們創建的第一個軟件堆棧是用於高性能計算，讓科學家能夠進行天氣模擬和分子動力學模擬以及量子化學模擬到材料模擬等事情，因此高性能計算是我們的第一個堆。

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.

我們還談到了網格。 GRID 是我們的企業虛擬化堆棧。我們擁有 GeForce NOW，這是我們的雲遊戲堆棧，未來非常重要的一件事是我們將在超大規模數據中心中開展的工作，使雲數據中心能夠圍繞人工智能開展工作並承受壓力來自生成自己的視頻的用戶淹沒和淹沒數據中心的大量新流量。

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，人們會——每個人都將成為廣播員，並且已經有 PC 遊戲玩家每天都在廣播，而 Twitch 是我們都知道的名字，但你會看到 YouTube Live。 YouTube Live 做得非常好，然後你會看到像 Meerkat 和 Periscope 這樣的應用程序，還有更多的應用程序，基本上可以讓幾乎每個人都成為廣播公司。

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.

您將有數十億人向數十億人廣播，而今天所有這些視頻都需要以某種方式進行處理，而我們的 GPU 在這方面真的很棒。因此，我們有多種方式來 - 如果您願意，可以使用多個應用程序，這些應用程序位於我們的數據中心平台之上。現在，我已經提到了一些動態。圍繞數據中心最重要的動態之一是摩爾定律需要提升。

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，摩爾定律承受著一定的壓力，而且它的增長速度並沒有行業需要的那麼快。所以摩爾定律需要加強，而這正是特斯拉的真正意義所在。特斯拉是一個加速計算平台，可以提升微處理器的性能，因此這是一個動態。

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.

第二個動力就是我提到的。全球人工智能競賽。全球人工智能競賽。地球上沒有一個數據中心。坦率地說，地球上沒有一家云服務，我們所知道的地球上沒有一家應用程序公司不試圖弄清楚人工智能如何徹底改變他們提供的應用程序。

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，還有加速雲計算，讓雲計算能夠提供智能服務和豐富的圖形服務，就像我們最近發布的 Microsoft Azure 一樣。 Azure 現在提供 NVIDIA GRID 來支持圖形加速應用程序即服務，我們對此感到非常興奮。因此，這些動態都是實時發生的，它促成了我們 13% 的連續增長。

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

好的，謝謝 Jen-Hsun，並祝賀您取得了不錯的成績。

Yes thanks a lot, Steven.

是的，非常感謝，史蒂文。

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

下一個問題來自 Hans Mosesmann 和 Raymond James 的觀點。

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.

謝謝你。恭喜伙計們。 Jen-Hsun，您能否簡要介紹一下數據中心的競爭動態，尤其是 GRID，如果有任何競爭，我提出它的原因是英特爾 Altera 組合可能是一種對抗什麼的方式你們在那裡做，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。嗯，我認為在這一點上很清楚，提升摩爾定律是一條重要的前進道路；僅依靠 CPU 來處理數據中心的全部工作負載是不現實的，坦率地說，是不必要的。據我所知，沒有一個超級計算中心不考慮加速計算，其原因是，不幸的是，僅僅依靠傳統方法無法再以有效的方式擴展數據中心。

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，沒有任何超大規模數據中心不會被用戶生成的視頻內容或轉向機器學習和人工智能以提供更智能的服務的需要淹沒和淹沒。因此，這些動態給數據中心帶來了很大壓力，這也是為什麼有這麼多關於提高這些數據中心吞吐量的新方法的討論的原因之一，無論是超級計算數據中心還是超大規模數據中心。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.

這是一個我們已經投資了近 10 年的領域，正如你所知，我已經談論加速數據中心已經 10 年了，這是一個我們看到了很大發展勢頭的領域。當其他人追求其他想法時，我認為這只是承認這確實是一條很好的前進道路。

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.

我認為在您的問題中，您還專門詢問了 FPGA。還有 FPGA，我們在 NVIDIA 使用 FPGA，我們使用 FPGA 對我們的產品進行模擬和仿真。 FPGA 已經存在了很長時間，而且它們已經成為某些應用的完美選擇。挑戰，我猜，權衡是 FPGA 就像 - 它是設計的。它是在晶體管和門陣列上設計和配置的，而 GPU 是完全由手工設計的完全定制處理器。

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.

一個 FPGA 可能是由少數工程師設計的，而 GPU 是由數千名工程師設計的。執行任務的 GPU 的頻率可能是 FPGA 的 100 倍，性能是 FPGA 的 100 倍，這是手工工藝和設計速度非常快的處理器的結果。然而，FPGA 可以很好地完成特定任務。

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，你當然可以限制功能，讓 FPGA 變得相當高效；但是，我們的觀點是，數據中心不會做一兩件事。一個數據中心運行數千個應用程序。數據中心有視頻、有圖像、有語音、有機器學習，操作人員每天都在變化。今天，算法是卷積神經網絡。

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，它有記憶。之後它是遞歸的，因此神經網絡的類型不斷增長，算法不斷向前發展。因此，我們的信念是，大量的應用程序和算法的發展確實使處理器更容易採用，並且更快地提高數據中心的整體吞吐量。因此，我們將看到它是如何發揮作用的，但就目前而言，我們對加速計算充滿熱情。

Okay, thanks for the rundown.

好的，謝謝你的介紹。

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 Kevin Cassidy 和 Stifel。

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?

感謝您提出我的問題。我只是想知道 GeForce NOW，當您開始獲得訂閱者時，該收入將如何記錄？是 GRID 還是 SHIELD？你能多談談對此的預期毛利率嗎？

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，現在不是很多，所以沒什麼好談的，但我認為思考它的方式是這樣的。 SHIELD 和 GeForce NOW 是我們對遊戲未來的長期賭注。當我們展望未來時，我認為有兩個動態是我認為不容置疑的。一個動態是，Android 將成為一個更重要的操作系統。

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.

不要忘記遊戲是關於電腦遊戲的。遊戲之所以成為可能，是因為它建立在計算機架構之上，而 Android 是世界上最流行的操作系統，因此不可否認，有一天它將成為遊戲的主要力量，而 SHIELD 是我們的賭注。第二是雲服務，應用即服務，因此，視頻遊戲是應用，即服務，終將到來。

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 花了很多年才最終成為主流，我的預期是 GeForce NOW 需要幾年時間才能成為全球流行的。因此，我認為這兩種動力在很大程度上是毋庸置疑的。問題不在於如果。問題只是什麼時候，然後下一個問題可能是誰。

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.

誰最有能力將這個未來帶入一個世界，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，這是一個我們真正可以做出偉大貢獻的領域貢獻。這對我們來說是一項適度的投資，我們對我們的投資水平進行了深思熟慮，以確保它與長期機會相匹配，但董事會承認收入，只是把它放回最初的問題，如果它如果要確認收入，它將進入遊戲。

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，也許我可以再問一個關於 PC 遊戲業務分裂的問題。在筆記本和我之間，我看到了很多關於新遊戲筆記本的評論，似乎所有 Top 10 都是基於 GeForce 的，在筆記本和你的顯卡之間，現在的收入分配是多少？

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.

好吧，收入分成主要還是 PC 台式機。感謝您提出我們所做的筆記本工作。 Maxwell，我們創建的 GPU 架構和我們製造的 GPU 工藝令人難以置信，以至於筆記本電腦終於有可能提供與台式機相同水平的性能。

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.

我們的時間安排得當，希望通過筆記本享受 ARC 的人們終於可以做到，所以最新一代的 GTX 980 筆記本真是太棒了。

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.

它們比遊戲機強大許多倍。它可以放在比遊戲機還小的空間裡，並且可以驅動 VR。你想做的一切，你想玩的每一個遊戲都可以在這台輕薄的筆記本電腦上實現，因此我們推出 GTX 980 背後的熱情真的非常非常棒，我感謝你認可它。

Well, congratulations.

嗯，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 BMO 的 Ambrish Srivastava。

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?

嗨，謝謝你。兩個問題；一個是回到專業方面。如果我看看 Quadro 和特斯拉，是什麼扭轉了我們在過去幾個季度看到的同比下降？這與特斯拉有關，僅僅是 HPC 系統何時啟動的時間問題嗎？

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.

Colette 的第二個後續行動是關於 IP 方面的，以及 IP 的費用，下面是什麼——你們擁有非常獨特的 IP 組合這一點毋庸置疑。但我想知道，鑑於您對高通和三星的訴訟最初的逆轉，為什麼這方面的費用會繼續更高？謝謝你。

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，謝謝你的問題，Ambrish。讓我以相反的順序。所以，首先是IP。還沒完。我們——行政法法官認為，在他必須裁定的三項專利中，兩項未侵權，一項被侵權，但他認為無效。當然，我們不同意這一點，我們已經提交了我們的反駁和 - 現在所有這些都必須提交給委員會，這最終是裁決發生的地方。

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——下一階段是委員會決定他們是否要審查，我們希望他們這樣做，他們這樣做並不少見。然後在二月份的時間框架內，委員會將決定他們的判斷，委員會不同意行政法法官的情況並不少見。所以我認為它遠未結束，因此，我猜它還沒有結束。

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.

但我認為更高層次的觀點是——更高層次的觀點是我們的 IP 對我們非常重要。作為我們領域的世界領導者，這項發明是我們未來的基礎和核心。我們必須創造未來。畢竟，我們是世界領先者。有時，我們可能會一次性地從戰略上決定我們將擁有我們的知識產權，這就是我們在這種情況下所做的。

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.

但這不是我們的商業模式。我們不會為商業模式提起訴訟。我們的商業模式不依賴於許可。我希望今天在電話會議上的所有人不要因為知識產權版稅而投資我們公司。我希望您看到的是，我們是一家非常獨特的公司，並且我們在我們努力的領域中處於世界領先地位。

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.

視覺計算比以往任何時候都更加重要，並且比以往任何時候都適用於更多的行業，我們的商業模式實際上是將產品銷售到真正令人興奮、充滿活力和不斷增長的垂直市場。所以我希望你根據產品、商業模式和我們在市場上的特殊地位來決定投資。

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.

如您所知，關於特斯拉和 Quadro 的兩個問題，Quadro 是關於設計的，它是關於工作站的，它是關於製造的，它是關於人們製造的東西的。我們是這個市場非常、非常、非常重要的領導者。我們為這個市場做出了很大的貢獻，但它也是一個成熟的市場。

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 的戰略非常非常簡單。我們必須重新發明它，我們必須通過為其帶來新功能來重新發明它，我們有兩個讓我們非常興奮。一種是稱為 Iray 的新技術，而 Iray 是一種全新的生成逼真且物理準確的圖像的方法。這幾乎就像發明了桌面出版的字體。

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.

你所見即所得。這真是太神奇了。所以我認為 Iray 將重振人們做計算機圖形的方式，它會創造——我希望它會擴大市場規模，讓人們更容易設計產品，它會大大提高我們的 ASP顯著地。

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，VR。我們之前已經提到過，從設計到建築設計，從醫學成像到科學計算，我們正在看到——到大規模的娛樂。我們看到 VR 將變得非常重要。因此，我們希望這兩者能夠推動 Quadro 的未來增長並使其重回增長軌道。

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，我們的季度環比增長了 13%。我們逐年下降。坦率地說，它也沒有達到我的預期。然而，基本動力——原因在這里或那裡並不重要，但基本動力非常合理。圍繞基本動態的風潮是毋庸置疑的。

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.

摩爾定律需要加強。人工智能，地球上的每家公司都在競相走向人工智能的未來，而云計算需要用圖形來加速，微軟 Azure 已經證明了這一點。所以我的期望是我們將再次按順序增長，圍繞特斯拉的基本動力是非常非常積極的。

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

感謝所有的細節，仁勳。祝你好運。

Yes, Thanks, Ambrish.

是的，謝謝，Ambrish。

Your next question comes from the line of Deepon Nag.

您的下一個問題來自 Deepon Nag。

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，非常感謝您提出我的問題。在虛擬現實方面，Oculus 推薦的規格類似於 GTX 970 [容量]，但我認為很多第三方，甚至你們都提到，實際上需要更多才能獲得相當合理的體驗.

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.

那麼，您能否幫助我們了解我們應該期待的平均設置或所謂的 Oculus 早期採用者？我們應該期待兩個 GTX 970，我們應該期待 GTX 980 還是 Titan？那裡的任何事情都會有所幫助。

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.

然後，如果您能引導我們了解 NVIDIA 的經濟衰退，就您期望看到的收入或 NVIDIA 認可的 ASP 而言，比如說，一張 300 美元的卡？我們也可以從中看到多少毛利潤下降？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，我很感激。所以我會說 GTX 970 是最低要求。這是最低要求。而且我認為 Oculus 在設定最低要求方面做得很好。而且我認為最低要求只是意味著低於它的任何東西都不會是一次很棒的體驗。

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.

我們看到越來越多的內容即將推出，而且通常內容會變得更豐富。內容通常不會向後移動。因此，產值將繼續增長。如果您購買 GTX 970，隨著時間的推移，它會給您帶來有限的增長，但如果您購買 GTX 980 或 GTX Titan，您將有更多機會在更長的時間內繼續享受該平台隨著內容越來越豐富。

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，就經濟而言，我們的 GTX 970 及以上的毛利率更高。它高於我們公司的平均水平。因此，我們讚賞該市場部分的採用和增長。但最終，我們的重點是幫助數百家致力於 VR 的公司的整個生態系統能夠將這種體驗提供給市場——這實現了 VR 的承諾。我們只是非常擔心，如果我們做得不好，就會毀掉一件偉大的事情。

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 的員工、Valve 的員工、HTC 的員工、我們自己以及 230 家致力於 VR 的公司，我們都希望提供出色的體驗。這是我們目前的重點，也是我們的建議，如果有人走到我面前向我提出建議，我會告訴他們 GTX 980 Ti 將是基準。在我自己的情況下，我可能會有一對泰坦，誰不需要一對泰坦？

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?

嗯，這對我們所有人來說都非常好。那麼在同樣的主題上，如果我考慮到明年的競爭動態，那麼你——我認為，很明顯，你已經取得了顯著的領導優勢，尤其是在與 AMD 相比的發燒友部分。當我們進入 VR 領域時，當您與遊戲開發者社區交談時，您正在做哪些事情來保持這種優勢？我們可以在 Pascal 中看到什麼樣的東西實際上可以讓你擴展這種優勢？

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.

是的，當然。嗯，首先，我們尊重我們的競爭對手。我的意思是，我們認真對待我們的競爭。您知道，作為一家公司，我們的競爭非常激烈。這是一家多年來競爭激烈的公司。所以我們認真對待競爭。我們尊重競爭對手的能力。

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.

但是，我認為也非常非常清楚的是，我們的業務、我們的商業模式和我們的戰略與 AMD 和我們很久以前的 PC 圖形芯片公司完全不同。而我們公司正處於不同的軌道上。我們構建產品的方法是不同的。我們的上市方法是不同的。我們參與生態系統的方法是不同的。我無法想像有更多不同的公司可以告訴你真相。

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.

因此，儘管我們始終保持警惕和偏執——我們並不認為我們的立場是理所當然的，我們對競爭深思熟慮，但我們有自己的工作要做，我們有自己的平台要做。我們有自己的生態系統可以去關心、培育和推進。所以我認為 - 我很欣賞這個問題，但我無法想像有更多不同的公司來告訴你真相。

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（Ross Seymour）。

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，恭喜你取得了穩定的季度。這是羅斯·西摩的傑。回到指導方針，鑑於本季度將推出一系列 AAA 級遊戲，我猜為什麼，遊戲預期背後的保守主義背後的原因是什麼——預計增長將被其他細分市場抵消?

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。好吧，我們的指導是我們認為目前應該提供的最佳指導。我們將看看市場如何發揮作用。如您所知，我們無法控制市場。但我認為在基礎層面，我們有多個增長驅動力，其中一些在某一天超出了我們的預期，其中一些沒有超出我們的預期。但這是我們今天的商業模式的好處之一。這是我們今天戰略的好處之一。

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.

我們在公司擁有多個增長動力。 PC 遊戲是增長動力。人工智能是增長動力。 VR是增長動力。自動駕駛汽車是——自動駕駛汽車是增長動力。我真的不知道世界上有多少公司正在研究行業中的這些重要動態，這些動態將完全塑造計算的未來。

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，我們公司有多種增長動力。他們是 - 我相信這些驅動程序從根本上來說是健全和強大的。但是，我們將在本季度末看到它們的結果，我仍然保持樂觀。因此，我們對我們提供的指導充滿熱情，並樂觀地認為我們會在這方面做得很好。然後我們只需要看看結果如何。

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?

感謝您對我的跟進，它看起來像細分市場 - 本季度終端市場的收入細分發生了一些變化，新分類為 Quadro 和數據中心或 Pro 可視化和數據中心與企業和 HPC 雲。變化背後的原因是什麼，它與數據中心戰略的統一有關嗎？

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，這是正確的。這是完全正確的。我們決定對它進行稍微不同分類的原因是因為我改變了它的架構。我們曾經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，如此等等。我們決定統一我們所有的數據中心產品線，並從中提取出軟件。

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.

所以從這個統一的平台，特斯拉，特斯拉是我們的加速計算平台。最重要的是，我們的軟件堆棧使我們能夠解決特定市場的問題。例如，我們擁有用於 HPC 的整個軟件堆棧。我們擁有豐富的企業虛擬化軟件堆棧，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.

我們有一個令人難以置信的軟件堆棧，可以在全球範圍內提供雲遊戲，稱為 GeForce NOW，然後我們將擁有一個用於超大規模的軟件堆棧。因此，這些軟件堆棧中的每一個都建立在一個通用架構之上，一個名為 Tesla Accelerated Computing 的通用平台。因此，我們決定統一所有這些並將其簡單地報告為數據中心。而且，坦率地說，我認為它會更容易理解。

Okay, thank you.

好的謝謝你。

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

您的下一個問題來自摩根大通的 Harlan Sur。

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.

感謝您就季度執行提出我的問題和紮實的工作。關於遊戲領域的強勁增長；大片遊戲、電子競技、大驅動力，但似乎還有另一個潛在的驅動力，那就是美國從控制台遊戲向 PC 遊戲的轉變。

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?

我認為 Jen-Hsun，您一直將美國描述為以遊戲機為中心的市場。但這似乎在美國的高中生和一些老年人口中發生了迅速的變化。我不知道統計數據是什麼，但到目前為止，我認為這是一個相當大的未開發市場。那麼，這種滲透在多大程度上促進了您的遊戲業務的增長？

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.

嗯，哈蘭，首先，謝謝你。我認為毫無疑問，美國——即使是美國也看到了 PC 遊戲的增長，而根本原因確實非常單一，即電子競技。電子競技是——它可能是新的社交平台。這是新的數字遊樂場。它是——你和你的朋友出去玩。這是新的虛擬街機。這就是你和朋友一起出去玩的方式。

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.

你不僅在玩——如果你不玩，你就是在看，而且在任何時候你都在和你的朋友聊天。這就是你閒逛的方式。所以這是一件大事。這不是您可以在移動設備上輕鬆完成的事情。這不是你可以在電視上輕鬆做到的事情。這個特定的平台真的非常受益於擁有一台 PC。所以電子競技可能是，如果我必須將它標記在一件事上，電子競技可能就是它。

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.

如您所知，電子競技的發展不僅讓玩家享受電子競技，而且增長速度比任何人預期的都要快，我認為原因是因為它是一個社交平台，因此它不是線性增長，而是呈指數增長。就電子競技而言，還有收視率，現在各種各樣的企業正在湧現，以幫助人們享受觀看電子競技並與他人分享這一刻。所以這是 - 我認為這是真實的。這非常令人興奮。

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。再次祝賀。關於明年的回購，你能談談你的國內現金狀況以及你需要做些什麼來實現回購嗎？

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，這個問題。我們預計明年我們的資本回報計劃將返回 10 億美元以及將在那裡生效的股息增加。我們繼續關注我們的總現金餘額以及我們的美國現金餘額。

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.

我們仍然從我們的國際業務和我們的美國業務的組合中獲得現金流，這將帶領我們度過 FY17 的大部分時間。但是，如果有需要，我們有幾種選擇來考慮如何為它提供資金，如果有必要，我們會在那時考慮。

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，謝謝你，然後我從我們在季度的談話中得到印象，一月份有一個為期 14 週的季度。是這樣嗎？如果是這樣，這對財務有什麼影響嗎？

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，在本財年，我們確實在本財年有額外的一周，因此我們在此時將我們對第四季度的最佳估計納入了額外的一周。

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

您的下一個問題來自 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?

強大的季度。恭喜大家。 Jen-Hsun，我知道您談到了摩爾定律所面臨的挑戰和數據中心以及為您帶來的機遇，但是您對摩爾定律對您的核心 GPU 業務的影響有何看法？

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.

然後與此相關，如果我考慮摩爾定律的日益嚴峻的挑戰以及一些大型原始設備製造商的力量，它可以在硬件或云方面，其中許多或兩者兼而有之，這怎麼不意味著您是否需要擁有某種許可業務或戰略合作夥伴業務才能推動您的技術向前發展？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。亞歷克斯，首先，感謝您的提問。嗯，半導體和芯片對我們來說真的很重要。總的來說，如果世界會變得更好，而無需任何人為之努力，那就容易多了，即摩爾定律。因此，如果晶體管每年都變得更快，它們得到更多，而且它們變得更便宜等等，同時如此，它肯定會更容易駕馭。

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，加速計算是一個非常不同的野獸。加速計算的工作方式和一些人將 NVIDIA 的增長和性能描述為摩爾定律的平方。而且我認為它實際上與此相差不遠。其原因與我們改變我們的事實有關——我們可以創新改變，改進我們底層的 GPU，頂部的軟件堆棧，我們在此基礎上創新的算法，然後還針對特定的應用程序。

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件事是我們不是通用處理器。我們只針對一些特定的應用程序。如您所知，我們關注的具體應用是視覺計算。而這個特定的領域已經變得相當大。由於我們所做的工作，無論是視覺計算、圖像、視頻和非常並行的應用程序，人工智能都屬於其中。

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.

這些應用程序正好在打擊區域和加速計算的靶心中。他們只是 - 也許它是偶然發生的，但我們希望我們在很大程度上與它有關，因為我們創建的加速器使這些應用程序能夠向前發展。

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.

結果，前進得更快，成為大市場。所以，我想說，你的問題的答案是，我們不只是做芯片，我們平台的價值主張實際上是關於芯片、關於軟件、關於我們選擇的算法和應用程序。而且這種組合非常非常強大。

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.

現在您的第二個問題與知識產權許可有關。我想說的是，五年前，作為一家技術組件公司，一家 PC 圖形芯片公司，我們的市場之路只能通過 OEM。我們的市場之路僅通過 OEM，我們的市場之路僅通過行業 OEM，我們的產品是行業標準寬度，即 Wintel 或 PC，等等。這不再是真的。

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.

我們現在有四個垂直市場，我們可以通過這些垂直市場來推銷自己，我們可以直接進入市場，我們可以公開創新，我們有專門的平台，我們可以在不依賴其他人的情況下進行創新。所以無論是加速數據中心，它都有一個專門的平台；遊戲，我們自己去推銷自己，我們在那裡有一個專門的平台。這些市場非常非常大。

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，我們公司的重塑使我們進入了增長非常強勁的非常大的市場。所以我認為我們今天的主要重點是通過產品銷售。因此，我們改變了我們的商業模式，如果你願意的話，而不是保持一家組件公司，如果你願意的話，倒退到許可上。我們決定垂直進軍市場並創建專業平台。

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

下一個問題來自野村的 Sanjay Chaurasia。

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，仁勳。關於筆記本的一個問題，遊戲筆記本。您表示現在您擁有相同的桌面級圖形和筆記本電腦，我的問題是隨著 VR 的到來和筆記本電腦圖形變得更加強大，您是否看到它可以從台式機轉向筆記本電腦，您的產品組合？如果是這樣，您是否認為與桌面圖形相比，這會使其對您不太有利或同樣有利？

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.

我實際上——我想我會說我不在乎。我想說我不在乎，原因是這些台式機——這些筆記本 GPU 非常高端，對我們來說它們都是 GeForce 平台。它們都屬於同一個遊戲玩家，所以我認為最重要的是我們希望遊戲具有更高的圖形製作價值； AAA 遊戲。

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.

我希望電子競技繼續發展。我希望發展中國家擁有寬帶，我希望 VR 令人難以置信，所以我想說，這些確實是我們業務的驅動力，但是遊戲玩家希望享受 GeForce，我們很樂意歡迎。

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

下一個問題來自於 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.

是的謝謝你。 Jen-Hsun，我認為，您在電話會議的早些時候曾提到過一個問題，即隨著電子競技現象和更多寬帶進入新興市場，你們顯然沒有完全滲透到遊戲中。也許您可以幫助我們了解和分解單位增長或整體增長與當前安裝基礎的升級銷售之間的增長。

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.

而且我想我想要了解的是細分市場，它之間的增長以及您從某人那裡看到的升級週期，他們說他們一年前從您那裡購買了高端 GPU。什麼是升級週期和鏈接，對於已經與您互動並在您的安裝基礎中的人來說，升級週期的真正驅動因素是什麼？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.

所以，最重要的驅動因素之一當然是組合，它是非常非常高產值的遊戲和我們的安裝基礎的組合。因為我們的安裝基礎已經是遊戲玩家，所以我們的安裝基礎已經是 GeForce 客戶。當新遊戲問世，新的精彩遊戲問世時，安裝基礎想要升級他們的 GPU 以支持它。因此，如果您查看我們的安裝基礎，然後看看我們的（如果您願意的話）首先是主流 GTX。讓我們以 GTX 950 為例。

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 Class 安裝基數可能不到我們安裝基數的 25%。另一種思考方式是，我們四分之三的安裝基礎確實需要升級，這樣他們才能享受當今令人興奮的 AAA 遊戲，因此僅安裝基礎本身就是我們增長的一個非常令人興奮的機會，而這只有在驚人的 AAA 中才有可能標題。世界的《使命召喚》和《刺客信條》以及《蝙蝠俠》真正引起了我們的安裝基礎，激發了我們的安裝基礎升級到新的 GPU，這是世界的星球大戰。

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?

因此，僅此一項就擁有巨大的增長機會，更不用說您開始考慮的其他因素，例如電子競技和擁有寬帶的發展中國家，當然還有我們希望在未來一年成為 VR 的重要推動力，所以安裝基數我認為這對我們來說是一個很大的增長動力。好的？

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，我一次只回答一個問題。下一個問題來自尼達姆公司的 Rajvindra Gill。

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，謝謝你，祝賀你取得好成績。之前已經討論過很多這樣的問題，但只是想了解一種正常化的收入增長率，至少與今年遇到的一些不利因素一樣多，明年可能會減弱，即 PC OEM 業務，可能不會像今年那樣快速或以同樣的速度下降。

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.

所以只是想知道你是否可以討論一下 - 更多的標準化增長率。鑑於個人電腦已經大幅下降，今年您的增長率似乎將達到 5% 左右。所以那裡的任何顏色都會有幫助。是的，我很感激。我認為，首先，我們的 PC OEM 或我們的 OEM 業務在很大程度上得到了認可——下降已經減弱。我們仍然 - 我們顯然仍在從事 OEM 項目，並且我們對 OEM 項目有選擇性。我們對我們從事的項目深思熟慮。我們非常關心與我們的戰略合作夥伴的合作。

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，最近公佈的一些真正令人驚嘆的項目，Microsoft Surface Book。我的意思是，聖牛。多麼棒的筆記本電腦。我的應該現在任何一天都會到。所以，我對此感到非常興奮。我認為帕諾斯和微軟的那些傢伙剛剛在那台筆記本電腦上做了一個殺手級的工作。這是非常具有挑戰性的，我們喜歡工作，我們喜歡建立開創性的工作。

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.

在另一個項目中，在谷歌，使用谷歌 Pixel C，我認為這太棒了。我的意思是，它只是一台很棒的筆記本電腦。它基於我們最新一代的 Tegra。 Hiroshi 和團隊在構建它方面做得很好，這是一款多麼棒的新平板電腦模型。因此，我們將繼續致力於此類 OEM 項目。因此，我們在項目中擁有令人興奮的項目——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，我的期望是 PC OEM 業務和 Tegra OEM 業務將會出現。但這並不是我們的重點。我們的焦點——焦點不是正確的詞。這不是我們期望的增長動力來自哪裡。我們的主要增長動力是我們在電話會議中多次談到的四個。

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.

就增長率而言，我認為我們可能需要幾年的時間才能對增長率有某種感覺。讓我來告訴你為什麼。首先，在我們公司的歷史上，我們從未有過全新的商業模式。我們有一個全新的商業模式。這種新的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.

但是，我們不僅僅只為原始設備製造商服務，而是自己主要參與垂直市場。這是一個平台策略。這是一個生態系統戰略。我們自己直接參與市場。因此，這種新的商業模式轉型和進入這個市場的方法確實正在發揮作用並正在加速。

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，因為我們直接接觸市場並且我們正在尋找一些非常大的市場，我的意思是，自動駕駛市場將是一個大市場。加速的數據中心市場，這將是一個巨大的市場。人工智能將會很大。虛擬現實將會很大。 PC遊戲將變得龐大。

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，我們現在正在努力——我們現在正在參與大型市場，我們有多個增長動力。因此，我認為公司的 TAM 比我們曾經享受過的任何時候都要大。所以，這是第二件事。我們有多個增長動力，他們有大量的 TAM。最後，天哪，我們只是在做真正令人興奮和重要的工作，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的任何時候，我們都在同時致力於 AI 和 VR 以及自動駕駛汽車和雲計算等領域。因此，所有這一切都利用了一個基本架構，這使我們能夠同時參與這些垂直市場，並在其背後進行非常強大的單一投資。

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不同。我們從事的垂直市場非常不同。我希望，因此，我們的增長將繼續令人驚訝。

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。在您的遊戲 GPU 中，您是否估計過您目前控制的市場份額以及過去幾個季度的趨勢？

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.

好吧，大衛，謝謝你的問題。我們並沒有真正控制任何事情。我們的產品由我們的遊戲玩家免費購買。所以這不是一個真正的控制問題。我的意思是，在某種程度上，我們必須每天都贏得客戶的愛戴和忠誠。因此——雖然我們曾經是一家 PC OEM 公司，一家 OEM 公司，責任在於我們的 OEM，而今天，這個責任真的在於我們。

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.

我們非常非常認真地對待它。我們有 7000 萬遊戲玩家與我們聯繫在一起。我們——我希望我們不斷地為他們增加價值。然後，隨著時間的推移，我們贏得了他們的信任和忠誠。這個模型的美麗，當然，它要難得多。它需要對軟件堆棧有更深入的了解，您以數字方式連接和參與社區的方式必須與以前大不相同。顯然，PC OEM 模式很簡單。

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.

賣出動作很簡單。營銷動作很簡單。我們今天所做的一切，銷售動作要復雜得多，而營銷動作要復雜得多。但最終結果是，我們向他們做出的承諾，無論是 Quadro 能夠幫助您實現您的想像力，還是 GeForce 能夠幫助您充分享受遊戲，這些承諾我們都有能力在一天內兌現。 - 以天為單位。

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，我相信它可以讓我們與客戶建立更深層次的聯繫，這在商業談話中是粘性，但我們不這麼認為。我們認為它贏得了客戶的忠誠和信任，並有望贏得客戶的熱情。好的？

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

您的下一個問題來自 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.

對了謝謝。在這裡向科萊特提出一個問題。這裡有很多有趣的機會和投資。我的意思是，您能否就我們在識別和實施運營協同效應方面的最新情況更新我們？我認為在分析師日，您談到了一些軟件協同作用，統一了矽架構。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.

謝謝你的問題。是的，我認為我們在過去幾年中的重點確實是集中在一個統一的架構和投資上。這確實幫助我們在我們所追求的這四個不同市場中進行了我們需要的適當投資，但也使我們能夠真正專注於單一架構，以實現我們在運營費用中看到的效率。

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.

隨著我們進入當前第四季度和進入 FY17，這仍然是我們的重點，因為我們的財務業績對我們非常重要，並在短期內改善財務業績。因此，感謝您對我們在投資組合方面的工作的認可，並確保我們的投資適合我們的收入。

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.

嗨，大家好。讓我對這裡非常強勁的季度表示祝賀。所以目前 ADAS 的領導者，他們是——自動駕駛，我想這就是他們的目標。他們用 5 美元的微控制器運行他們的平台，而且他們真的在談論硬件的重要性。

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?

所以仁勳，如果我能理解你對這個硬件平台的看法，我知道軟件的重要性，但是對於你所說的未來幾代人來說，這個硬件平台會是什麼樣子？

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，我很感激。如果我們能得到一個 5 美元的微控制器來驅動，這只是軟件問題，而驅動就像我們所做的最複雜的事情之一。我認為人類幾乎可以用 3 美元的微控制器代替我們所做的一切。因此，這似乎不太可能。我同意智能微控制器可以用來增強智能相機來做一些事情——做計算機視覺，我認為對於 ADAS，它真的非常好。我的意思是，在這裡是認真的。

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.

我認為智能攝像頭，無論是來自 Tier 1 還是來自日本的公司，或者來自世界各地的各種公司，ADAS 驅動程序——更好的巡航控制、自動制動、車道保持。這些都是重要的事情，它改善了我們的駕駛體驗。但自動駕駛完全是另一回事。

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，無人問津。顯然，我們知道有幾家公司在市場上擁有真正的汽車，他們正在做自動駕駛，而且沒有任何偽裝。沒有人說只需要一個 5 美元的微控制器就可以做到這一點。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.

因此，我們的策略不是駕駛員輔助。我的意思是，我一直對此保持一致。我感謝所有人為增強駕駛員輔助所做的工作，無論是雷達、超聲波還是攝像頭，都可以推動駕駛員輔助向前發展。我們的戰略是真正的自動駕駛計算平台。這將需要很多軟件。

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.

這將需要汽車公司自己擁有的大量軟件，我們的戰略是提供一個平台，通過該平台我們可以提供很多人工智能的能力，他們可以接受它，修改它，增強它，使他們能夠在自己的軟件中長期體驗自己的驅動程序的個性。

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.

我無法想像世界上每家汽車公司都將擁有完全相同的駕駛體驗。汽車對你的反應方式，汽車的反應方式，我認為從長遠來看，它需要大量的計算。這是一個遠未完成的領域，我認為這是非常複雜的事情。我們甚至不知道我們還不知道什麼。但我們知道的一件事是，它需要大量的計算能力。這將需要很多軟件。

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.

人工智能將成為它的核心。我認為，如果我們成功做到這一點，我們將使世界變得更加美好。我的意思是，有很多人不應該開車。有很多人想四處走走，但他們不會開車。我認為我們會讓人們遠離危險。好的，所以我認為這項工作非常重要。它遠未結束，所以還有很多事情要做。

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

最後一個問題來自約瑟夫·撒迦利亞和奧本海默的觀點。

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.

嘿，謝謝你提出我的問題。祝賀本季度。我只是想回到業務的汽車部分。我知道你在大眾集團做過很多工作，特別是奧迪和保時捷。我想知道你是否看到了潛在的研發回扣帶來的任何影響，或者對你在德國看到的任何評論會有所幫助？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.

我們與大眾、保時捷和奧迪合作的領域實際上是在推進他們汽車的最先進技術。如果你看看我們所做的工作，它真的是關於創新，它是關於他們希望成為世界上第一個推向市場的技術。

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——這是一家相信技術領先和前瞻的組織，傾向於軟件定義的汽車和計算機化的汽車，傾向於駕駛員自動駕駛和電動汽車是一件好事。這是一家非常具有前瞻性的公司，因為每個人都非常清楚。因此，我們與他們的合作實際上是在這些領域進行的，如果有的話，我們看到了推動公司前進並做一些偉大事情的強烈願望。

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。我現在把電話轉回給你。請繼續介紹和/或結束語。

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.

嗯，謝謝大家今天加入我們。我們想說幾件事。我們新的商業模式向市場過渡的方法正在奏效並加速。我們談到了我們的多個增長市場驅動因素，PC 遊戲、數據中心和汽車都在良好地增長。

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.

我們談到了一個事實，即我們正致力於塑造計算未來的一些重大發展：人工智能、虛擬現實、加速雲計算和自動駕駛汽車。這些都是非常令人興奮的事情，我們通過圍繞一種架構進行的單一槓桿投資來做到這一點，這使我們能夠發揮這家公司的力量和我們必須幫助解決我提到的一些問題的專業知識。 NVIDIA 是視覺計算領域的全球領導者，並且在越來越多的行業中變得比以往任何時候都更加重要。

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.

我們的戰略是利用這一核心投資對四個增長市場的遊戲、專業可視化、數據中心和汽車進行投資，並正在取得成果並獲得動力。因此，我們的目標是平衡這些投資，我們的投資是為了抓住未來的巨大機遇，同時保持對改善近期財務業績的高度關注。感謝大家今天加入我們。

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，今天的電話會議結束了。我們感謝您的參與，並請您斷開您的線路。