輝達 (NVDA) 2019 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是克里斯蒂娜，今天我將成為你們的會議接線員。

Welcome to NVIDIA's financial results conference call.

歡迎參加 NVIDIA 的財務業績電話會議。

(Operator Instructions) I'll now turn the call over to Simona Jankowski, Vice President of Investor Relations, to begin your conference.

（操作員說明）我現在將電話轉給投資者關係副總裁 Simona Jankowski，開始您的會議。

Thank you.

謝謝你。

Good afternoon, everyone, and welcome to NVIDIA's conference call for the fourth quarter of fiscal 2019.

大家下午好，歡迎參加 NVIDIA 2019 財年第四季度的電話會議。

With me on the call today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer.

NVIDIA 總裁兼首席執行官黃仁勳今天與我通話；和 Colette Kress，執行副總裁兼首席財務官。

I'd like to remind you that our call is being webcast live on NVIDIA's Investor Relations website.

我想提醒您，我們的電話會議正在 NVIDIA 的投資者關係網站上進行網絡直播。

The webcast will be available for replay until the conference call to discuss our financial results for the first quarter of fiscal 2020.

在電話會議討論我們 2020 財年第一季度的財務業績之前，該網絡廣播將可供重播。

The content of today's call is NVIDIA's property.

今天通話的內容是 NVIDIA 的財產。

It can't be reproduced or transcribed without our prior written consent.

未經我們事先書面同意，不得複製或轉錄。

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

在本次電話會議期間，我們可能會根據當前預期做出前瞻性陳述。

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

這些受到許多重大風險和不確定性的影響，我們的實際結果可能存在重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Form 10-K and 10-Q and the reports that we may file on Form 8-K with the Securities and Exchange Commission.

有關可能影響我們未來財務業績和業務的因素的討論，請參閱今天的收益發布中的披露、我們最近的 10-K 和 10-Q 表格以及我們可能在 8-K 表格中與證券交易委員會。

All our statements are made as of today, February 14, 2019, based on information currently available to us.

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，即 2019 年 2 月 14 日。

Except as required by law, we assume no obligation to update any such statements.

除法律要求外，我們不承擔更新任何此類聲明的義務。

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

在本次電話會議中，我們將討論非 GAAP 財務指標。

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

您可以在我們的 CFO 評論中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬，該評論發佈在我們的網站上。

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, Simona.

謝謝，西蒙娜。

As you know, we lowered our fourth quarter guidance on January 28, and our results are in line with our pre-announcement.

如您所知，我們在 1 月 28 日下調了第四季度的指引，我們的結果與我們的預先公告一致。

Q4 revenue was $2.21 billion, down 24% from a year earlier, driven primarily by a 45% year-on-year decline in gaming.

第四季度收入為 22.1 億美元，同比下降 24%，主要受遊戲業務同比下降 45% 的推動。

Full year revenue was $11.72 billion, up 21% from our previous year.

全年收入為 117.2 億美元，比上一年增長 21%。

Starting with our gaming business.

從我們的遊戲業務開始。

Revenue of $954 million was down 45% year-on-year and down 46% sequentially, weaker than our expectations heading into the quarter.

收入為 9.54 億美元，同比下降 45%，環比下降 46%，低於我們對本季度的預期。

Full year revenue was up 13% to $6.25 billion.

全年收入增長 13% 至 62.5 億美元。

Three factors contributed to the Q4 gaming revenue decline.

三個因素導致第四季度遊戲收入下降。

First, post-crypto inventory of GPUs in the channel caused us to reduce shipments in order to allow excess channel inventory to sell through.

首先，渠道中 GPU 的加密後庫存導致我們減少出貨量，以便讓多餘的渠道庫存得以銷售。

We expect channel inventories to normalize in Q1, in line with 1- to 2-quarter time line we had outlined on our previous earnings call.

我們預計渠道庫存將在第一季度正常化，與我們在之前的財報電話會議上概述的 1 至 2 季度時間線一致。

Second, deteriorating macroeconomic conditions, particularly in China, impacted consumer demand for our GPUs.

其次，不斷惡化的宏觀經濟狀況，尤其是在中國，影響了消費者對我們 GPU 的需求。

And third, sales of certain high-end GPUs using our new Turing architecture, including the GeForce RTX 2080 and 2070, were lower than we expected for the launch of a new architecture.

第三，使用我們新圖靈架構的某些高端 GPU（包括 GeForce RTX 2080 和 2070）的銷量低於我們推出新架構時的預期。

These products deliver a revolutionary leap in performance and innovation with real-time ray tracing and AI, but some customers may have delayed their purchase while waiting for new -- for lower price points or further demonstration of the RTX technology in actual games.

這些產品通過實時光線追踪和 AI 在性能和創新方面實現了革命性的飛躍，但一些客戶可能會在等待新產品時推遲購買——等待更低的價格點或在實際遊戲中進一步展示 RTX 技術。

The significant volatility in our gaming business over the last few quarters has been challenging to model.

過去幾個季度我們遊戲業務的顯著波動一直難以建模。

Crypto mining demand and its after effects have distorted the quarter-to-quarter trends in the gaming business and obscured its underlying trend line.

加密採礦需求及其後遺症扭曲了遊戲業務的季度趨勢，並掩蓋了其潛在趨勢線。

Let me try to give you some visibility into what we believe the normalized business looks like.

讓我試著讓你了解一下我們認為正常化的業務是什麼樣的。

As you know, our gaming business consists of desktop gaming, notebook gaming and gaming console products.

如您所知，我們的遊戲業務包括台式遊戲、筆記本遊戲和遊戲機產品。

To get a sense of the underlying run rate in our gaming business last year, it is helpful to look at desktop gaming revenue across a period that doesn't include crypto demand.

為了了解我們去年遊戲業務的基本運行率，查看不包括加密需求的時期內的桌面遊戲收入是有幫助的。

Let's look at the 4 quarters starting from Q2 of last year to the current quarter or Q1 this year.

讓我們看一下從去年第二季度開始到本季度或今年第一季度的四個季度。

In Q2 and Q3 of last year, with the benefit of hindsight, we shipped a higher amount of desktop gaming products relative to where end demand turned out to be.

在去年的第二季度和第三季度，事後看來，我們的桌面遊戲產品出貨量高於最終需求的水平。

To allow the channel to work down that excess channel inventory, we shipped a lower amount relative to end demand in Q4, and will do so again in Q1.

為了讓渠道減少多餘的渠道庫存，我們在第四季度的出貨量低於最終需求，並將在第一季度再次這樣做。

Therefore, exiting Q1, we expect channel inventories to be at normal levels.

因此，退出第一季度，我們預計渠道庫存將處於正常水平。

On average, our desktop gaming revenue across these 4 quarters is about $900 million.

平均而言，我們在這四個季度的桌面遊戲收入約為 9 億美元。

We believe this represents the normalized level of desktop gaming for this period.

我們認為這代表了這一時期桌面遊戲的正常化水平。

Notebook gaming and gaming consoles have averaged close to $500 million per quarter over the same 4 quarters.

在相同的四個季度中，筆記本遊戲和遊戲機平均每季度接近 5 億美元。

Thus, in total, we believe our normalized quarterly gaming business revenue run rate is approximately $1.4 billion.

因此，總的來說，我們認為我們標準化的季度遊戲業務收入運行率約為 14 億美元。

As we look past Q1, we expect the channel inventory correction to be behind us and our business to have bottomed.

當我們回顧第一季度時，我們預計渠道庫存修正將落後於我們，我們的業務將觸底。

On a full year basis, we expect our gaming business to be down slightly, given the tough first half compares with growth in Turing and notebook gaming.

鑑於上半年的艱難與圖靈和筆記本遊戲的增長相比，我們預計我們的遊戲業務全年將略有下降。

At CES last month, we launched into the recovery of our gaming business.

在上個月的 CES 上，我們啟動了遊戲業務的複蘇。

We announced the GeForce RTX 2060 at the midrange price point of $349.

我們以 349 美元的中檔價位發布了 GeForce RTX 2060。

The 2060 delivers a 60% performance improvement over the GTX 1060 while also bringing Turing's real-time ray tracing and AI features to the mass market for the first time.

2060 的性能比 GTX 1060 提升了 60%，同時還首次將 Turing 的實時光線追踪和 AI 功能帶入了大眾市場。

The 2060 has received rave reviews and is off to a great start.

2060 獲得了好評如潮，開局良好。

In addition, we announced a record of 40-plus new Turing-based gaming laptops, which became available on January 29.

此外，我們還宣布了 40 多款基於圖靈的新遊戲筆記本電腦的記錄，這些筆記本電腦於 1 月 29 日上市。

This is more than double the number of GeForce-powered notebooks in the market last year, featuring the energy efficiency of the Turing architecture and the light laptops are able to deliver the performance of desktop gaming PCs.

這是去年市場上採用 GeForce 技術的筆記本電腦數量的兩倍多，具有圖靈架構的能效，輕巧的筆記本電腦能夠提供台式遊戲 PC 的性能。

We expect GeForce laptops to continue to be the fastest-growing segment of gaming.

我們預計 GeForce 筆記本電腦將繼續成為增長最快的遊戲領域。

We are also pleased to see growing momentum in the RTX ecosystem as more game developers are creating content to take advantage of the Turing architecture's amazing capabilities.

我們也很高興看到 RTX 生態系統的增長勢頭，因為越來越多的遊戲開發者正在創建內容以利用圖靈架構的驚人功能。

Just this week, DLSS technology is becoming available in 2 blockbuster games, Battlefield V and Metro Exodus and Anthem coming soon.

就在本週，DLSS 技術已在即將推出的 2 款重磅遊戲《戰地 V》和 Metro Exodus 和 Anthem 中推出。

In addition, at CES, Justice and Atomic Heart showed demos featuring ray tracing and DLSS.

此外，在 CES 上，Justice 和 Atomic Heart 展示了以光線追踪和 DLSS 為特色的演示。

And a large pipeline of games plan to integrate RTX technology.

並且大量遊戲計劃集成 RTX 技術。

Pairing DLSS with ray tracing can provide comparable frame rates to traditional rasterization but also much more beautiful cinematic visuals, the best of both worlds.

將 DLSS 與光線追踪配對可以提供與傳統光柵化相當的幀速率，但也可以提供更漂亮的電影視覺效果，兩全其美。

This is the next generation of gaming.

這是下一代遊戲。

While this was a challenging quarter in our gaming business, we look forward to putting the channel inventory correction behind us and building on a solid foundation of our Turing architecture.

雖然這對我們的遊戲業務來說是一個充滿挑戰的季度，但我們期待著將渠道庫存修正拋在腦後，並在我們的圖靈架構的堅實基礎上建立。

Moving to datacenter.

遷移到數據中心。

Revenue was $679 million, up 12% year-on-year and down 14% sequentially.

收入為 6.79 億美元，同比增長 12%，環比下降 14%。

Full year datacenter revenue was $2.93 billion, up a strong 52%.

全年數據中心收入為 29.3 億美元，增長 52%。

The Q4 sales decline was broad-based across vertical end markets and geographies.

第 4 季度的銷售額下降廣泛存在於垂直終端市場和地區。

As the quarter progressed, customers around the world became increasingly cautious, due to rising economic uncertainty and a number of deals did not close in January.

隨著本季度的進展，由於經濟不確定性上升以及許多交易未在 1 月份完成，全球客戶變得越來越謹慎。

In addition, hyperscale and cloud purchases declined both sequentially and year-on-year as several customers paused at the end of the year.

此外，由於一些客戶在年底暫停購買，超大規模和雲購買量環比和同比均有所下降。

We believe the pause is temporary.

我們認為暫停是暫時的。

The strength of NVIDIA's accelerated computing platform remains intact.

NVIDIA 加速計算平台的實力保持不變。

We continue to lead the industry in performance for scientific computing and deep learning.

我們在科學計算和深度學習的性能方面繼續引領行業。

And with CUDA's programmability, we can continue to expand the value of our platform.

並且憑藉 CUDA 的可編程性，我們可以繼續擴大我們平台的價值。

For example, we recently announced RAPIDS or CUDA acceleration stack for data analytics and machine learning.

例如，我們最近宣布了用於數據分析和機器學習的 RAPIDS 或 CUDA 加速堆棧。

In December, the first objective third-party AI benchmark called MLPerf became available, and NVIDIA captured the top spot in the 6 test categories for training deep learning models that we competed in.

12 月，第一個名為 MLPerf 的客觀第三方 AI 基準測試可用，NVIDIA 在我們參與的深度學習模型訓練的 6 個測試類別中奪得頭把交椅。

And in January, Google Cloud announced that NVIDIA T4 Tensor Core GPUs are now available in beta in its datacenters in the U.S., Europe, Brazil, India, Singapore and Tokyo.

1 月，Google Cloud 宣布 NVIDIA T4 Tensor Core GPU 現已在其位於美國、歐洲、巴西、印度、新加坡和東京的數據中心提供測試版。

The T4 is a universal cloud GPU that accelerates a variety of workloads, including high-performance computing, deep learning training and inference, broader machine learning, data analytics and graphics.

T4 是一款通用雲 GPU，可加速各種工作負載，包括高性能計算、深度學習訓練和推理、更廣泛的機器學習、數據分析和圖形。

Our visibility remains low in the current cautious spending environment, and we don't forecast a meaningful recovery in the data center segment until later in the year.

在當前謹慎的支出環境下，我們的能見度仍然很低，我們預計數據中心領域要到今年晚些時候才會出現有意義的複蘇。

However, we are working closely with hyperscales around the world to integrate NVIDIA TensorRT software and Tensor Core GPUs into their inference production flow.

然而，我們正在與世界各地的超大規模公司密切合作，將 NVIDIA TensorRT 軟件和 Tensor Core GPU 集成到他們的推理生產流程中。

Inference currently drives less than 10% of our data center business, but represents a significant expansion of our addressable market opportunity going forward.

推理目前推動了我們數據中心業務的不到 10%，但代表了我們未來可尋址市場機會的顯著擴展。

We have also strengthened our product portfolio and go-to-market capabilities to address vertical industries that have an enormous data and analytics requirements, such as automotive, financial services, retail, health care and consumer Internet services.

我們還加強了產品組合和上市能力，以應對汽車、金融服務、零售、醫療保健和消費者互聯網服務等具有巨大數據和分析需求的垂直行業。

With our RAPIDS software stack, NVIDIA can accelerate data analytics and machine learning, and we have -- as we have done in deep learning.

借助我們的 RAPIDS 軟件堆棧，NVIDIA 可以加速數據分析和機器學習，我們已經做到了——正如我們在深度學習中所做的那樣。

And we made it easier for customers to adopt our technology by partnering with Cisco, IBM, NetApp and Pure Storage to create pre-integrated systems that can be sold through their global IT channels.

我們通過與 Cisco、IBM、NetApp 和 Pure Storage 合作創建可通過其全球 IT 渠道銷售的預集成系統，讓客戶更容易採用我們的技術。

Moving to pro visualization.

轉向專業可視化。

Revenue reached $293 million, up 15% from the prior year and down 4% sequentially.

收入達到 2.93 億美元，比上年增長 15%，環比下降 4%。

Full year revenue was $1.13 billion, up 21% year-on-year.

全年收入為 11.3 億美元，同比增長 21%。

New applications like data science, AI and VR as well as the need for thin and light mobile workstations remain key growth drivers for the business.

數據科學、人工智能和虛擬現實等新應用以及對輕薄移動工作站的需求仍然是該業務的主要增長動力。

We had key wins in the quarter, including Boeing, Google, LinkedIn and Toyota for applications including AI and robotics.

我們在本季度取得了重要的勝利，包括波音、谷歌、LinkedIn 和豐田等應用程序，包括人工智能和機器人技術。

This past week, with our partners, HP, Dell, Lenovo, we announced the availability of Quadro RTX workstations.

上週，我們與合作夥伴惠普、戴爾、聯想共同宣布推出 Quadro RTX 工作站。

Quadro RTX is the most significant workstation GPU upgrade in 10 years.

Quadro RTX 是 10 年來最重要的工作站 GPU 升級。

It will enable millions of designers and creative architects for the first time to work interactively with super high resolution media and photorealistic 3D rendering, enabling them to be creative with dramatically improved productivity.

它將使數百萬設計師和創意建築師首次能夠使用超高分辨率媒體和逼真的 3D 渲染進行交互工作，從而使他們能夠在顯著提高生產力的情況下發揮創造力。

Finally, turning to automotive.

最後，轉向汽車。

Q4 revenue was $163 million, up 23% from a year ago and down 5% sequentially.

第四季度收入為 1.63 億美元，同比增長 23%，環比下降 5%。

Full year revenue reached $641 million, up 15%.

全年收入達到 6.41 億美元，增長 15%。

The sequential decline was largely seasonal.

環比下降主要是季節性的。

The year-on-year growth was driven by the increasingly adoption of next-generation AI cockpit solutions and autonomous vehicle development deals, partially offset by declines in legacy infotainment.

同比增長是由越來越多地採用下一代人工智能駕駛艙解決方案和自動駕駛汽車開發交易推動的，部分被傳統信息娛樂的下降所抵消。

Last month at CES, we announced DRIVE AutoPilot, the world's first commercially available Level 2+ self-driving car computer.

上個月在 CES 上，我們發布了 DRIVE AutoPilot，這是世界上第一款商用的 Level 2+ 自動駕駛汽車計算機。

The system offers sophisticated automated driving features that far surpass today's ADAS offerings, increasing the vehicle's performance, functionality and road safety while the driver remains in control.

該系統提供了遠超當今 ADAS 產品的先進自動駕駛功能，在駕駛員保持控制的同時提高了車輛的性能、功能和道路安全性。

We delivered these capabilities.

我們提供了這些功能。

DRIVE AutoPilot uses multiple deep neural networks; surround camera perception, both in and outside of the car; and significant AI processing capability.

DRIVE AutoPilot 使用多個深度神經網絡；環繞車內和車外的攝像頭感知；和顯著的人工智能處理能力。

Systems from our Tier 1 partners, including Bosch, Continental, Veoneer and ZF were all on display on at our booths.

我們的一級合作夥伴（包括博世、大陸集團、Veoneer 和採埃孚）的系統都在我們的展位上展出。

Volvo, as announced back in October, was our first Level 2+ design win with cars slated for production in the early 2020s.

正如 10 月份宣布的那樣，沃爾沃是我們在 2020 年代初生產的汽車的第一個 2+ 級設計勝利。

Mercedes-Benz has also chosen NVIDIA for its next-generation autonomous vehicle and cockpit computer.

梅賽德斯-奔馳還為其下一代自動駕駛汽車和駕駛艙計算機選擇了 NVIDIA。

This centralized AI computing system replaces dozens of smaller processors inside current cars.

這種集中式人工智能計算系統取代了當前汽車內的數十個小型處理器。

DRIVE AutoPilot is a major milestone for NVIDIA and takes our high-functioning, self-driving capabilities into the mass market.

DRIVE AutoPilot 是 NVIDIA 的一個重要里程碑，它將我們的高性能、自動駕駛功能帶入大眾市場。

This will be an important year for robo-taxi pilots and initial Level 2 design wins.

對於機器人出租車飛行員和最初的 2 級設計獲勝來說，這將是重要的一年。

Moving to the rest of the P&L and balance sheet.

轉到損益表和資產負債表的其餘部分。

Q4 GAAP gross margins was 54.7%.

第四季度 GAAP 毛利率為 54.7%。

And non-GAAP was 56.0%, down sequentially and year-on-year, primarily due to a $128 million charge for DRAM, boards and other components associated with our lower-than-expected Q4 revenue and current market conditions.

非 GAAP 為 56.0%，環比和同比下降，這主要是由於與我們低於預期的第四季度收入和當前市場狀況相關的 DRAM、電路板和其他組件費用為 1.28 億美元。

GAAP operating expenses were $913 million, and non-GAAP operating expenses were $755 million, up 25% and 24% year-on-year, respectively.

GAAP 運營費用為 9.13 億美元，非 GAAP 運營費用為 7.55 億美元，同比分別增長 25% 和 24%。

GAAP EPS was $0.92, down 48% from a year earlier.

GAAP每股收益為0.92美元，同比下降48%。

Full year GAAP EPS was $6.63, up 38% from the prior year.

全年 GAAP 每股收益為 6.63 美元，比上年增長 38%。

Non-GAAP EPS was $0.80, down 53% from a year ago.

非公認會計原則每股收益為 0.80 美元，比一年前下降 53%。

Full year non-GAAP EPS was $6.64, up 35% from the prior year.

全年非公認會計原則每股收益為 6.64 美元，比上年增長 35%。

We returned $1.95 billion to shareholders in the fiscal year through a combination of quarterly dividends and share repurchases.

我們在本財年通過季度股息和股票回購相結合的方式向股東返還了 19.5 億美元。

As we announced last quarter, we plan to return $3 billion to shareholders through the end of fiscal 2020 in the form of dividends and buybacks.

正如我們上個季度宣布的那樣，我們計劃在 2020 財年末以股息和回購的形式向股東返還 30 億美元。

We repurchased $700 million during the fourth quarter of fiscal 2019.

我們在 2019 財年第四季度回購了 7 億美元。

With that, let me turn to the outlook for the first quarter of fiscal 2020.

有了這個，讓我轉向 2020 財年第一季度的前景。

We expect revenue to be $2.2 billion plus or minus 2%.

我們預計收入為 22 億美元，正負 2%。

GAAP and non-GAAP gross margins are expected to be 58.8% and 59%, respectively, plus or minus 50 basis points.

GAAP 和非 GAAP 毛利率預計分別為 58.8% 和 59%，上下浮動 50 個基點。

GAAP and non-GAAP operating expenses are expected to be approximately $930 million and $755 million, respectively.

GAAP 和非 GAAP 運營費用預計分別約為 9.3 億美元和 7.55 億美元。

GAAP and non-GAAP OI&E are both expected to be an income of $20 million.

GAAP 和非 GAAP OI&E 預計收入均為 2000 萬美元。

GAAP and non-GAAP tax rates are both expected to be 10% plus or minus 1%, excluding discrete items.

GAAP 和非 GAAP 稅率預計均為 10% 正負 1%，不包括離散項目。

Capital expenditures are expected to be approximately $150 million to $170 million.

資本支出預計約為 1.5 億至 1.7 億美元。

For fiscal 2020, we expect Q1 to mark the bottom as we pass the inventory correction in gaming.

對於 2020 財年，我們預計第一季度將觸底，因為我們通過了遊戲中的庫存修正。

We expect total revenue for the year to be flat to down slightly with growth in our 4 end markets, compensating for the absence of crypto revenue and the excess selling from last year.

我們預計，隨著我們 4 個終端市場的增長，今年的總收入將持平或略有下降，以彌補加密收入的缺失和去年的超額銷售。

We plan to grow OpEx in the high single digits this year, and we continue to invest in our focused growth areas of graphics, AI and self-driving cars.

我們計劃今年以高個位數增長 OpEx，我們將繼續投資於圖形、人工智能和自動駕駛汽車等重點增長領域。

Further financial details are included in the CFO commentary, and other information is available on our IR website.

更多財務細節包含在 CFO 評論中，其他信息可在我們的 IR 網站上找到。

In closing, I'd like to highlight upcoming events for the financial community.

最後，我想強調一下金融界即將舉行的活動。

We'll be presenting at the Morgan Stanley Technology, Media and Telecom Conference on February 26.

我們將在 2 月 26 日的摩根士丹利技術、媒體和電信會議上發表演講。

And our next earnings call to discuss our financial results for the quarter of fiscal 2020 will take place on May 15.

我們將在 5 月 15 日召開下一次財報電話會議，討論我們 2020 財年第一季度的財務業績。

We will now open the call for questions.

我們現在將打開問題的電話。

Operator, would you please poll for questions?

接線員，請您投票提問嗎？

Thank you.

謝謝你。

(Operator Instructions) And our first question comes from the line of Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

I had 2 questions.

我有 2 個問題。

First, Colette, you talked about the weakness you saw in the 2070 and the 2080 in the quarter.

首先，科萊特，您談到了您在本季度看到的 2070 年和 2080 年的弱點。

I guess this question is more for Jensen.

我想這個問題更適合 Jensen。

Are you concerned at all about your ability to convince and incentivize gamers to -- as Colette pointed out, it's more of a timing thing?

你是否擔心你說服和激勵遊戲玩家的能力——正如 Colette 指出的那樣，這更像是一個時機問題？

And second question is inventory was up on the balance sheet.

第二個問題是資產負債表上的庫存增加了。

Colette, if you can just provide some color there and expectations going forward.

Colette，如果你能在那裡提供一些顏色和未來的期望。

Yes, Toshiya.

是的，東芝。

When we launched the 2070 and 2080, it was the first time we've ever launched a new generation where the only available SKUs were very high end.

當我們推出 2070 和 2080 時，這是我們第一次推出新一代唯一可用的 SKU 非常高端的產品。

And in addition to that, the early boards that came out into the marketplace were the special edition and the overclock versions, and the MSRP versions didn't show up for some short time after, couple of months after.

除此之外，進入市場的早期主板是特別版和超頻版，而廠商建議零售價版在幾個月後的一段時間內並沒有出現。

And so the conditions weren't ideal, if you will.

所以條件並不理想，如果你願意的話。

Now we weren't able to launch into the mainstream segment with 2060 for all the reasons that I think everybody understands now.

現在我們無法在 2060 年進入主流市場，原因我想現在每個人都明白了。

And so I think that the situation wasn't ideal.

所以我認為情況並不理想。

When you take a look at our situation now, every single graphics card had the best performance at its price point, and it remain so today.

當您查看我們現在的情況時，每張顯卡在其價位上都具有最佳性能，今天仍然如此。

And I think that right out of the box, it delivered excellent performance.

而且我認為開箱即用，它提供了出色的性能。

It is true that everybody was hoping to see more games with RTX on day 1. But it's such a new technology with ray tracing and AI for image processing that it's only really possible to make available with new games, which is tied to the schedules of new games.

確實，每個人都希望在第一天看到更多使用 RTX 的遊戲。但它是一種具有光線追踪和 AI 圖像處理的新技術，只有新遊戲才有可能提供，這與時間表有關新遊戲。

And now they're starting to come out.

現在他們開始出來了。

Battlefield V, Metro Exodus, I think the reviews from this week are just spectacular.

戰地V，地鐵離去，我認為本週的評論非常壯觀。

People are finally realizing what it is that we were talking about.

人們終於意識到我們在談論的是什麼。

And that it's possible with RTX technology, the combination of applying ray tracing and AI for us to deliver much more beautiful images without sacrificing performance.

通過 RTX 技術，將光線追踪和人工智能相結合，我們可以在不犧牲性能的情況下提供更漂亮的圖像。

And so I think people are starting to understand now the benefits of the RTX technology.

所以我認為人們現在開始了解 RTX 技術的好處。

And we just needed some time to demonstrate it.

我們只是需要一些時間來展示它。

And I think the takeaway is simply this.

我認為外賣就是這樣。

RTX is the best graphics card at every single price point without using ray tracing technology.

在不使用光線追踪技術的情況下，RTX 是每個價位上最好的顯卡。

And for new games that are coming out, each one of the new games that come out in the future will apply ray tracing, and work with developers to apply ray tracing technology.

而對於即將面世的新遊戲，未來每一款新出的遊戲都會應用光線追踪，並與開發者合作應用光線追踪技術。

I think everybody agrees that it is surely the next generation.

我想每個人都同意它肯定是下一代。

And then probably one of the biggest stories that came out just last week is Unreal Engine and Unity, both of the game engines are going to incorporate RTX and ray tracing technology in the engine itself.

上週出現的最大的故事之一可能是虛幻引擎和 Unity，這兩個遊戲引擎都將在引擎本身中加入 RTX 和光線追踪技術。

And so all future games in the future will be able to take advantage of that.

因此，未來所有未來的遊戲都將能夠利用這一點。

So that's a really big news, and I'm excited about that.

所以這是一個非常大的消息，我對此感到很興奮。

So Toshiya, to answer your second question regarding our inventory balance.

所以 Toshiya，回答你關於我們庫存餘額的第二個問題。

Our inventory balance at the end of Q4 rose just due to the weaker-than-expected finish to Q4.

我們在第四季度末的庫存餘額上升只是由於第四季度的收盤情況弱於預期。

Inventory right now is primarily related to Turing, Volta and DGX.

目前庫存主要與 Turing、Volta 和 DGX 有關。

And we don't expect any further write-downs as we have incorporated approximately $128 million of write-downs within the current Q4.

而且我們預計不會有任何進一步的減記，因為我們在當前第四季度已納入約 1.28 億美元的減記。

Your next question is from C.J. Muse with Evercore.

您的下一個問題來自 C.J. Muse 和 Evercore。

I guess on the commentary regarding a pause in spending in datacenter and a handful of deals that got delayed, can you give a little bit more color in terms of, I guess what you're seeing across enterprise, cloud, high-performance compute?

我想關於數據中心支出暫停和一些交易延遲的評論，你能多說一點，我猜你在企業、雲、高性能計算方面看到了什麼？

And I guess within that, how you're seeing the ramp of T4?

我猜在這之中，你如何看待 T4 的坡道？

And I guess if you can kind of then speak to I'm sure embedded in the fiscal '20 guidance is a pretty nice ramp into the second half.

而且我想如果你能和我談談，我敢肯定，在 20 財年的指導中嵌入到下半年是一個相當不錯的斜坡。

What are the key drivers, key milestones that you're looking for to see that business reaccelerate higher as we go through the year?

在我們度過這一年的過程中，您希望看到業務重新加速走高的關鍵驅動因素和關鍵里程碑是什麼？

The slowdown is broad-based.

放緩是廣泛的。

We saw it across every vertical, every geography.

我們在每個垂直領域、每個地理區域都看到了它。

There was just a level of cautiousness across all of the enterprise customers in the cloud service providers that we've not experienced in a while.

雲服務提供商的所有企業客戶都表現出某種程度的謹慎態度，這是我們一段時間未曾體驗過的。

And so I think that it has to be temporary.

所以我認為它必須是暫時的。

The computing needs of Earth has not certainly been satisfied with what we shipped last quarter.

地球的計算需求肯定不能滿足我們上個季度的出貨量。

And so I think that the demand will return and customers will return.

所以我認為需求會回來，客戶也會回來。

Our situation in datacenters is dramatically better year-over-year.

我們在數據中心的情況逐年好轉。

And if you take a look at where we are, our deep learning solution is unquestionably the best in the world.

如果您看看我們所處的位置，我們的深度學習解決方案無疑是世界上最好的。

We introduced T4 with inference capability.

我們引入了具有推理能力的 T4。

It's the world's first universal cloud GPU, and it does everything that NVIDIA does all in one GPU in 75 watts.

它是世界上第一個通用雲 GPU，它可以在一個 75 瓦的 GPU 中完成 NVIDIA 所做的一切。

And so it fits into every hyperscale datacenter.

因此它適用於每個超大規模數據中心。

We're engaged with Internet service providers all around the world, optimizing, importing their high-production models, networks, so that we could deploy it into production.

我們與世界各地的互聯網服務提供商合作，優化、導入他們的高產模型、網絡，以便我們可以將其部署到生產中。

So we now have 4 different new growth drivers for our data center in addition to deep learning and scientific computing.

因此，除了深度學習和科學計算之外，我們的數據中心現在還有 4 個不同的新增長動力。

We have inference that we're actively working on.

我們推斷我們正在積極努力。

We have data analytics that's called RAPIDS.

我們有稱為 RAPIDS 的數據分析。

Some people call it big data, but data analytics and machine learning.

有人稱其為大數據，而是數據分析和機器學習。

The third is rendering.

三是渲染。

And because of the partnerships that we've developed and the excitement that people see around enterprises around the world, we've developed partnerships with large IT companies to pre-configure systems that make it easier for enterprises to be able to adopt our technology.

由於我們建立的合作夥伴關係以及人們在世界各地的企業中看到的興奮，我們已經與大型 IT 公司建立了合作夥伴關係，以預配置系統，使企業能夠更容易地採用我們的技術。

So we have 4 new ways for us to grow our enterprise business.

因此，我們有 4 種新的方式來發展我們的企業業務。

And so we're looking forward to when the pause releases, and now we'll get back to growing.

因此，我們期待暫停何時解除，現在我們將恢復增長。

And your next question comes from the line of Vivek Arya with Bank of America Merrill Lynch.

您的下一個問題來自美銀美林的 Vivek Arya。

I just had a clarification and a question.

我只是有一個澄清和一個問題。

On the clarification, gross margins, Colette, what is the normalized run rate for gross margin that as you get your sales back to normalized levels, how should we think about the trajectory of gross margins?

關於毛利率的澄清，科萊特，當您將銷售恢復到正常水平時，毛利率的標準化運行率是多少，我們應該如何考慮毛利率的軌跡？

And will there be any impact from the balance sheet inventory?

資產負債表庫存是否會產生影響？

And then on the question, Jensen, can you give us more reassurance that gaming is still a growth business?

然後關於這個問題，Jensen，你能給我們更多的保證，遊戲仍然是一個增長的業務嗎？

But I understand that over the last year, there's been a lot of confusion, there's been macro issues.

但我知道，在過去的一年中，存在很多混亂，存在宏觀問題。

But if you look at the number of gamers and the mix of product that they are buying, so essentially the sell-through to gamers, has that been on an upward trajectory?

但是，如果你看看遊戲玩家的數量和他們購買的產品組合，本質上是遊戲玩家的銷售量，這是否處於上升軌道？

And as part of that, when do you think we could see Turing exceed the demand you saw for Pascal?

作為其中的一部分，你認為我們什麼時候可以看到圖靈超過你對帕斯卡的需求？

So I'll go first.

所以我先走了。

Thanks for the question.

謝謝你的問題。

On gross margin, our gross margin, the largest contributor to our absolute gross margin is really just the mix of our products.

在毛利率方面，我們的毛利率是我們絕對毛利率的最大貢獻者，實際上只是我們產品的組合。

The mix of our products based on our market platforms but also the mix of our products within data center as well as within gaming.

我們的產品組合基於我們的市場平台，也包括我們在數據中心和遊戲中的產品組合。

We provided guidance for Q1, which has a good level of confidence from us, and we'll see how it goes from there.

我們為第一季度提供了指導，這對我們有很好的信心，我們將看看它會如何發展。

Vivek, the fundamentals of gaming has not changed.

Vivek，遊戲的基本面沒有改變。

There are more gamers than ever.

遊戲玩家比以往任何時候都多。

Games are better than ever.

遊戲比以往任何時候都好。

There's been a recent shift in the popularity of multiplayer competitive eSports-like games.

多人競技類電子競技遊戲的流行最近發生了變化。

That's good for hardware.

這對硬件有好處。

It lowers the barrier to entry because it's free to play with the exception of downloadable content.

它降低了進入門檻，因為除了可下載的內容外，它都是免費的。

And so the barriers to entry is lower.

因此進入門檻較低。

But you could see that the excitement around Fortnite and recently with Apex Legend, PUBG is still popular, League of Legends is still popular.

但是你可以看到 Fortnite 和最近的 Apex Legend、PUBG 仍然很受歡迎，英雄聯盟仍然很受歡迎。

And so this genre of games, these genre of games is both competitive, requires great hardware.

所以這種類型的遊戲，這些類型的遊戲既有競爭力，也需要很棒的硬件。

It attracts a lot more players because it's social, and you want to play with your friends.

它吸引了更多玩家，因為它具有社交性，並且您想與朋友一起玩。

And it's much stickier because it happens to be social.

而且它更具粘性，因為它恰好是社交的。

It happens to be a game where you had to play with a whole bunch of other people.

它恰好是一個你必須和一大群人一起玩的遊戲。

So I think that gaming is vibrant as ever before.

所以我認為遊戲一如既往地充滿活力。

If you take the methodology that Colette described earlier and you averaged out our underlying gaming business and you compare that to a year before, surely it grew.

如果您採用 Colette 之前描述的方法，將我們的基礎遊戲業務平均化，然後將其與一年前進行比較，它肯定會增長。

If you compare that -- if you compare also the rate of which our gaming notebook is growing, I think that's pretty exciting.

如果你比較一下——如果你也比較一下我們的遊戲筆記本的增長速度，我認為這非常令人興奮。

I think last year, we had mentioned it before that our gaming notebook business grew 50% year-over-year.

我想去年，我們之前提到過，我們的遊戲筆記本業務同比增長了 50%。

And just at CES, the number of new notebook designs that came out with Turing because of an invention that we created called Max-Q and because of the energy efficiency of the Turing architecture, you can now make notebooks that are really wonderful and also high performing at the same time.

就在 CES 上，由於我們創造的一項名為 Max-Q 的發明以及圖靈架構的能效，圖靈推出的新筆記本設計數量，現在你可以製造出非常棒的筆記本電腦同時表演。

And so I think the dynamics are the same, and gaming is going to continue to be a growth business.

所以我認為動態是一樣的，遊戲將繼續成為一項增長業務。

And your next question comes from the line of John Pitzer with Crédit Suisse.

您的下一個問題來自瑞士信貸的 John Pitzer。

Colette, I appreciate all the data you gave us on trying to size normalized demand for gaming.

Colette，我很感謝你提供給我們的所有數據，這些數據是為了衡量標準化的遊戲需求。

What I have to ask, though, is if you're still going through of the channel inventory worked out in fiscal first quarter, it seems like to hit your full year guide, the expectation is for gaming revenue to accelerate well above that normalized level you talked about.

不過，我要問的是，如果您仍在經歷第一財季制定的渠道庫存，它似乎會達到您的全年指導，預計遊戲收入將加速遠高於正常水平你談到了。

One, am I doing the math right?

一，我做的數學對嗎？

And if I am, kind of what gives you confidence throughout the year that you can see that kind of gaming growth off of these bottoms?

如果我是的話，是什麼讓你在這一年中充滿信心，你可以從這些底部看到這種遊戲增長？

I'll start, and I'll let Jensen finish that question.

我會開始，我會讓 Jensen 完成這個問題。

So along the lines of Jensen's response in terms of what we do believe are the key drivers of gaming and everything still intact in terms of gaming, both with our Turing architecture, the growth expected with our Turing architecture as well as the growth from the notebook, we do believe will be great drivers as we head into the rest of the year.

因此，按照 Jensen 的回應，我們確實認為是遊戲的關鍵驅動因素，遊戲方面的一切仍然完好無損，無論是我們的 Turing 架構，我們的 Turing 架構的預期增長以及筆記本電腦的增長，我們相信在今年餘下的時間裡將成為偉大的推動者。

We'll have to wait and see in terms of how that plays out, but that is really the underlying reason why we think the growth will continue.

我們將不得不拭目以待，看看結果如何，但這確實是我們認為增長將繼續的根本原因。

Yes.

是的。

I think your math isn't wrong.

我認為你的數學沒有錯。

The part that you probably didn't consider is notebook.

您可能沒有考慮到的部分是筆記本。

Our GeForce notebook business is quite large.

我們的 GeForce 筆記本業務非常龐大。

That's helpful, Jensen.

這很有幫助，詹森。

And then maybe just a follow-up, just on the data center side.

然後可能只是在數據中心方面的後續行動。

Clearly, you've talked about new applications that should help grow your TAM inside of datacenter.

顯然，您已經談到了應該有助於在數據中心內擴展您的 TAM 的新應用程序。

I'm just kind of curious, the calendar fourth quarter of last year, I think marked the first time that a competitor had some meaningful volumes of GPU in the datacenter.

我只是有點好奇，去年第四季度的日曆，我認為這標誌著競爭對手第一次在數據中心擁有一些有意義的 GPU 數量。

There's always talk about the hyperscale guys are wanting to do their own ASICs.

總是有人談論超大規模的人想要做自己的 ASIC。

What kind of anecdotal evidence can you give us to help us get more comfortable of what's going on here is more macro and not share loss either to competition and/or architectural differences between GPUs and ASICs?

你能給我們提供什麼樣的軼事證據來幫助我們更了解這裡發生的事情是更宏觀的，而不是分擔競爭和/或 GPU 和 ASIC 之間的架構差異的損失？

We don't see them in high-performance computing.

我們在高性能計算中看不到它們。

And so I haven't found where -- we haven't met them in high-performance computing and deep learning and in the areas that we serve.

所以我還沒有找到——我們沒有在高性能計算和深度學習以及我們服務的領域遇到他們。

And so competitively, I can't -- I don't really -- we don't see it.

競爭如此激烈，我不能——我真的沒有——我們看不到它。

But the bigger picture, I think is this, that the market segments that we serve, whether it's in deep learning, machine learning, data analytics, those segments are really quite large.

但我認為，更大的圖景是，我們服務的細分市場，無論是深度學習、機器學習、數據分析，這些細分市場都非常大。

And I think that it is, unquestionably, the future of high-performance computing is going to be highly data driven, both computational methods, algorithmic methods as well as data-driven methods.

而且我認為，毫無疑問，高性能計算的未來將是高度數據驅動的，包括計算方法、算法方法以及數據驅動方法。

And so I think the fundamental trend has not changed.

所以我認為基本趨勢沒有改變。

We have 4 new growth drivers, 4 new ways to grow in the datacenter.

我們有 4 種新的增長動力，4 種新的數據中心增長方式。

The first one, of course, is inference.

第一個當然是推理。

We're making a lot of progress there.

我們在那裡取得了很大進展。

T4 is doing great.

T4 做得很好。

I think we're going to be quite successful with T4s.

我認為我們會在 T4 上取得相當成功。

You just got to keep saying that.

你只需要一直這麼說。

It has second-generation Tensor Core, 75 watts.

它具有第二代張量核心，75 瓦。

And you can use that for training.

你可以用它來訓練。

You can use it for inference.

您可以將其用於推理。

You could use it for remote graphics.

您可以將其用於遠程圖形。

You could use it for high-performance computing.

您可以將其用於高性能計算。

And it fits literally into any hyperscale data center.

它確實適用於任何超大規模數據中心。

The second way is data analytics.

第二種方式是數據分析。

This is a brand-new thing for us.

這對我們來說是全新的事物。

You must know that big data and using data to predict dynamics in the marketplace is really important in retail, in e-tail, in health care, in financial services.

您必須知道，大數據和使用數據預測市場動態在零售、電子零售、醫療保健和金融服務中非常重要。

And there's never been an accelerated approach to solve this problem for people.

從來沒有一種加速方法可以為人們解決這個問題。

And because of the flexibility of CUDA and because of the performance of our architecture, over the course of last year, we reengineered the entire data analytics stack, so that we can accelerate it.

由於 CUDA 的靈活性和我們架構的性能，在去年的過程中，我們重新設計了整個數據分析堆棧，以便我們可以加速它。

It's called RAPIDS.

它被稱為 RAPIDS。

That work is really, really important, and I hope to give you guys updates on that on a regular basis.

這項工作非常非常重要，我希望定期向你們提供有關這方面的最新信息。

Rendering is a brand-new market for us because of Turing.

由於圖靈，渲染對我們來說是一個全新的市場。

Finally, we can render photorealistic images in accelerated way.

最後，我們可以加速渲染逼真的圖像。

There are millions of servers in the world that are driving render farms, and they're getting upgraded on a regular basis.

世界上有數百萬台服務器正在驅動渲染農場，並且它們會定期升級。

And then lastly, we've been successful with CSPs because they're easy for us to reach.

最後，我們在 CSP 方面取得了成功，因為我們很容易接觸到它們。

But the world's enterprises are far and many and they're giant industries.

但世界上的企業很多，而且是巨大的產業。

And our companies' sales coverage doesn't allow us to reach every single health care company and every single insurance company and retail company.

而且我們公司的銷售範圍不允許我們接觸到每一家醫療保健公司、每一家保險公司和零售公司。

And that's where our network of partners really come in.

這就是我們的合作夥伴網絡真正發揮作用的地方。

We have great partnerships with HP.

我們與惠普建立了良好的合作夥伴關係。

We have great partnerships with Dell and Cisco and IBM.

我們與戴爾、思科和 IBM 建立了良好的合作夥伴關係。

And now we've developed relationships with the storage vendors, so that -- and the reason for that is because most of these big data problems require a great deal of storage.

現在我們已經與存儲供應商建立了關係，因此——原因是因為大多數這些大數據問題都需要大量存儲。

And they both -- they all see, they see the opportunities that we've created.

他們都 - 他們都看到了，他們看到了我們創造的機會。

And we came together to create pre-configured systems that are optimized and tuned, and these high-performance systems that you can just bring into the company, prop up and install.

我們一起創建了經過優化和調整的預配置系統，以及您可以將這些高性能係統帶入公司、支撐和安裝。

And we're seeing a lot of great success with that.

我們看到了很多巨大的成功。

And so we have 4 different ways to grow our datacenter business, and we're enthusiastic about it.

因此，我們有 4 種不同的方式來發展我們的數據中心業務，我們對此充滿熱情。

I'm optimistic about it.

我對此持樂觀態度。

And your next question comes from the line of Timothy Arcuri with UBS.

您的下一個問題來自瑞銀集團的蒂莫西·阿庫裡（Timothy Arcuri）。

First I had a clarification, Colette.

首先，我有一個澄清，科萊特。

I just wanted to clarify what the mix is assumed for the fiscal Q1 guidance?

我只是想澄清一下第一季度財政指南的假設組合是什麼？

Are you kind of assuming that datacenter and gaming are both kind of flat sequentially?

你是不是假設數據中心和遊戲都是按順序排列的？

And then I guess my question was can you help us sort of shape the revenue through the year?

然後我想我的問題是你能幫助我們塑造全年的收入嗎？

To get to your full year guidance, you have to add roughly maybe $1.3 billion, $1.5 billion from where you are in fiscal Q1.

要獲得全年的指導，您必須增加大約 13 億美元，從第一財季開始增加 15 億美元。

How does that shape through the year?

全年的情況如何？

Yes.

是的。

Our guidance for the next quarter is a makeup of many different types of options across our market segment.

我們對下一季度的指導是我們細分市場中許多不同類型的選擇的組成。

We feel confident in terms of that roll-up, as we've provided the guidance today.

正如我們今天提供的指導一樣，我們對該匯總充滿信心。

And we'll just have to see how that ends out.

我們只需要看看結果如何。

With the expectation that we will be flat or slightly down for the full year, you are correct in some case that we're growing to have to build up to that over the course of the several next quarters.

預計全年我們將持平或略有下降，在某些情況下，您是正確的，我們必須在接下來的幾個季度中不斷增長。

Likely, the second half of the year, we'll definitely be stronger than the first half of the year, and that is our expectation at this time.

很可能下半年，我們肯定會比上半年強，這是我們現在的預期。

Yes, Tim, one of the things to keep in mind is that we have 4 growth drivers.

是的，蒂姆，要記住的一件事是我們有 4 個增長動力。

We have 4 growth businesses.

我們有 4 個成長型企業。

Our datacenter business is growing.

我們的數據中心業務正在增長。

It's unquestionably that our footprint is larger than ever.

毫無疑問，我們的足跡比以往任何時候都大。

Our pro viz business is growing.

我們的專業可視化業務正在增長。

Our workstation business now has 3 ways to grow.

我們的工作站業務現在有 3 種增長方式。

One is rendering.

一是渲染。

The second is data science -- data scientists are now a workstation customer.

第二個是數據科學——數據科學家現在是工作站的客戶。

That has never happened before.

這是以前從未發生過的。

And our software stack with Turing, turns a workstation into an ideal data science workstation.

我們的 Turing 軟件堆棧將工作站變成了理想的數據科學工作站。

And the third is, finally, we're able to make workstations into notebooks.

第三個是，最後，我們能夠將工作站變成筆記本電腦。

And they're delightfully thin, using all the same technologies that talked about for gaming notebooks.

而且它們非常輕薄，使用了與遊戲筆記本電腦相同的所有技術。

And so workstations is a growth business.

因此，工作站是一項增長業務。

And then lastly, our automotive is going to be a growth business.

最後，我們的汽車將成為一項增長業務。

We've been investing, as you know, in self-driving cars.

如您所知，我們一直在投資自動駕駛汽車。

And this year, we announced entry into Level 2+, our first foot into the mainstream marketplace of autonomous vehicles.

今年，我們宣布進入 Level 2+，這是我們首次涉足自動駕駛汽車的主流市場。

And the first design win is Volvo, and we have others to announce.

第一個設計勝利是沃爾沃，我們還有其他人要宣布。

And so I think this is going to be a good year for self-driving cars as well.

所以我認為今年對於自動駕駛汽車來說也將是一個好年頭。

So we have 4 growth businesses.

所以我們有4個增長業務。

Our 4 core businesses are all growing.

我們的 4 個核心業務都在增長。

And your next question comes from the line of Stacy Rasgon with Bernstein Research.

您的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

First, I wanted to get again at the mix.

首先，我想再次混音。

Colette, you -- this is a question for Colette.

科萊特，你——這是科萊特的問題。

You have said that mix was going to be the primary driver of your gross margins.

您曾說過，這種組合將成為您毛利率的主要驅動力。

And I know that sequentially they're up, but if I correct for the inventory write-down in Q4, the normalized gross margin this quarter was 61.7%.

而且我知道它們依次上升，但如果我糾正第四季度的庫存減記，本季度的標準化毛利率為 61.7%。

And so you're guiding it to 59%, so it's down 270 basis points sequentially on flat revenues.

因此，您將其引導至 59%，因此在收入持平的情況下，它連續下降了 270 個基點。

So do I take from that guidance that that's an indicator of the mix between the businesses, it's the primary driver of that gross margin degradation?

那麼我是否從該指導中得出這是業務組合的指標，它是毛利率下降的主要驅動因素？

Is there something else going on that we should be aware of?

還有其他我們應該注意的事情嗎？

Thanks, Stacy, we'll start with that first question on gross margin.

謝謝，史黛西，我們將從毛利率的第一個問題開始。

You're correct, mix is still the primary driver of our gross margin every single quarter.

你是對的，混合仍然是我們每個季度毛利率的主要驅動力。

You have correctly reduced -- or excuse me, changed our Q4 numbers to remove the overall inventory write-down.

您正確地減少了——或者對不起，更改了我們的第四季度數字以消除整體庫存減記。

So when you look at Q1, there is a mix around our products that we plan on shipping by platforms but also within our gaming business and within our data center business.

因此，當您查看第一季度時，我們計劃通過平台發貨的產品以及我們的遊戲業務和數據中心業務中的產品組合在一起。

We also have different gross margins that would influence.

我們也有不同的毛利率會影響。

This is our best estimate that we have at this time, and we'll see as we move through the year.

這是我們目前的最佳估計，我們將在這一年中看到。

So what do you think the bigger -- between those 2, whether it's intra-business mix or inter-business mix, between the businesses or within the businesses, which one of those is the biggest driver of the gross margin degradation sequentially into Q1?

那麼你認為更大的因素是什麼——在這兩者之間，無論是業務內部組合還是業務間組合，業務之間還是業務內部，其中哪一個是第一季度毛利率下降的最大驅動因素？

I think it's more on the inter business.

我認為這更多的是關於國際業務。

Now keep in mind, our Q4 has a very low percentage of gaming as a total in terms of there and then a different mix within there as we move to the next quarter as well.

現在請記住，我們第 4 季度的總體遊戲比例非常低，然後隨著我們進入下一季度，那裡的遊戲組合也有所不同。

So you think it's the mix between the businesses within, like you said inter, is that mix between the businesses that you think is the bigger driver then?

所以你認為這是內部企業之間的混合，就像你所說的國際米蘭，你認為企業之間的混合是更大的驅動力嗎？

The mix of the intra, both within the segments as well as between the segments.

段內以及段之間的內部混合。

Okay.

好的。

For my follow-up, Jensen, you and Colette, I guess you mentioned the datacenter was growing.

對於我的後續行動，Jensen、你和 Colette，我猜你提到數據中心正在增長。

But if I got full year revenue sort of flat to down slightly, and I've got gaming revenues down a bit like you said and I have pro viz and auto growing, it's kind of really hard for me within the envelope of that guidance to get datacenter growing much if at all.

但是，如果我全年收入持平或略有下降，並且像你所說的那樣，我的遊戲收入下降了一點，並且我有專業和汽車增長，那麼在該指導的範圍內，我真的很難如果有的話，讓數據中心增長很多。

I mean, it could even be down within that.

我的意思是，它甚至可能在其中。

I mean, how are you thinking about the idea of datacenter growing within the context of the full year guidance that you've given?

我的意思是，您如何看待數據中心在您提供的全年指導範圍內增長的想法？

Well, in the short term, in near term, we have relatively limited visibility.

那麼，在短期內，在短期內，我們的能見度相對有限。

We don't think it's going to remain this way.

我們認為它不會保持這種狀態。

And with a little bit of tailwind, I think we could have a fairly good year.

如果有一點順風，我認為我們可以有一個相當不錯的一年。

And so we'll just see how it turns out.

所以我們將看看結果如何。

This is our year guidance for now, and we'll update you as we go.

這是我們目前的年度指南，我們會隨時為您更新。

The fundamental dynamics doesn't change.

基本動力不會改變。

The fact of the matter is the world needs more computing.

事實是這個世界需要更多的計算。

And a lot of that computing is related to machine learning, data analytics, deep learning.

很多計算都與機器學習、數據分析、深度學習有關。

It's related to the things that we're working on.

這與我們正在做的事情有關。

And we have 4 new ways to grow our datacenter business.

我們有 4 種新方法來發展我們的數據中心業務。

I think our deep learning position is as good as ever.

我認為我們的深度學習地位和以往一樣好。

Our scientific computing position is as good as ever.

我們的科學計算地位一如既往。

And we have 4 new ways to grow.

我們有 4 種新的增長方式。

We have inference, we have data analytics and machine learning.

我們有推理，我們有數據分析和機器學習。

We have rendering.

我們有渲染。

And now we're taking that entire stack to the enterprise.

現在我們將整個堆棧帶到企業中。

And so I think we have the right strategy.

所以我認為我們有正確的策略。

We have the best platform.

我們有最好的平台。

And the utilization -- the utility of it is really fantastic.

而利用率——它的實用性真的很棒。

And so with a little bit of a tailwind, I think we could have a fairly good year, and we'll just report it as we go.

因此，如果有一點順風，我認為我們可以有一個相當不錯的一年，我們會隨時報告。

And your next question comes from Joe Moore with Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

I wanted to ask about again, competition in datacenter.

我想再問一次，數據中心的競爭。

AMD on their call had talked about graphics in their datacenter business being as big as server, which is sort of north of $100 million a quarter, which surprised me.

AMD 在電話會議上談到他們的數據中心業務中的圖形與服務器一樣大，每季度超過 1 億美元，這讓我感到驚訝。

My sense is they're doing quite a bit different applications than you guys are.

我的感覺是他們正在做的應用程序與你們完全不同。

But maybe if you can just give us some context around what they're doing and how you see the competition coming up from within other graphics vendors.

但也許你可以給我們一些關於他們正在做什麼以及你如何看待來自其他圖形供應商內部的競爭的背景信息。

Our data center business is really focused on computing, and we just don't -- we don't see anybody.

我們的數據中心業務真正專注於計算，而我們只是沒有——我們沒有看到任何人。

Our primary competitor is CPUs.

我們的主要競爭對手是 CPU。

That's really the starting of it and the ending of it.

這真的是它的開始和它的結束。

And it's very clear.

而且非常清楚。

The vast majority of the world's data center only runs on CPUs today.

當今世界上絕大多數數據中心僅在 CPU 上運行。

But the advance of technology has slowed.

但是技術的進步已經放緩。

And it's creeping along at a few percent a year, and unfortunately, that's just not good enough.

它每年以百分之幾的速度增長，不幸的是，這還不夠好。

And so either datacenters are going to continue to increase in CapEx or they're going to have to find a new approach.

因此，要么數據中心的資本支出將繼續增加，要么他們將不得不尋找新的方法。

And I think people are fairly enthusiastic about University, about accelerated computing.

而且我認為人們對大學以及加速計算充滿熱情。

And I think our position is really quite good.

而且我認為我們的位置非常好。

And so I would say that those are largely the positions.

所以我想說這些主要是職位。

If you think about competitively comparing our GPU to a competitor's latest GPU, I think the expectation was really high, and didn't turn out quite that way.

如果您考慮將我們的 GPU 與競爭對手的最新 GPU 進行競爭比較，我認為期望值非常高，但結果並非如此。

I think our -- we've established that the Turing energy efficiency is much better.

我認為我們的 - 我們已經確定圖靈的能源效率要好得多。

I think we've established that NVIDIA's Tensor Core architecture as a result allows our Volta to be 4x the performance of the highest end of the alternative.

我認為我們已經確定 NVIDIA 的 Tensor Core 架構因此使我們的 Volta 的性能是最高端替代方案的 4 倍。

And the T4 is 1/4 the power at the same performance.

而T4是同等性能下功率的1/4。

And so the benefit of having great architectural advantage is a really rich software stack, and engineering that resulted in the energy efficiency that we've achieved, generation in, generation out, I think those are really great advantages.

因此，擁有巨大架構優勢的好處是真正豐富的軟件堆棧，以及導致我們已經實現的能源效率的工程，一代又一代，我認為這些都是非常好的優勢。

And then lastly, because of the broad reach of our architecture and OEM or a cloud service provider can adopt our architecture, and the utility of it is going to be greater because there's just a lot more applications.

最後，由於我們架構的廣泛覆蓋範圍，OEM 或云服務提供商可以採用我們的架構，並且它的實用性將會更大，因為只有更多的應用程序。

And the best way to reduce cost for any utility is to increase its utility.

降低任何公用事業成本的最佳方法是增加其效用。

And I think that that's -- that our position there is really strong as you could imagine.

我認為那是 - 我們在那裡的地位真的很強大，正如你想像的那樣。

And your next question comes from the line of Matt Ramsay with Cowen.

您的下一個問題來自 Matt Ramsay 和 Cowen 的台詞。

I have just a couple of questions.

我只有幾個問題。

The first one, Jensen, it seemed like the Turing platform is delivering some amazing results.

第一個，Jensen，似乎圖靈平台正在提供一些驚人的結果。

But as you talked about relying on some new software features to do it.

但是正如你所說的依靠一些新的軟件功能來做到這一點。

I wonder if you might talk about any steps you're taking in the road map to really upgrade performance for the installed base of games, given the time that it might take for some of those software features to roll out.

我想知道您是否可以談論您在路線圖中採取的任何步驟，以真正升級已安裝遊戲的性能，因為其中一些軟件功能可能需要一些時間才能推出。

And then secondly, you noted in the pre-announcement something about the write-down having to do with DRAM.

其次，您在預告中提到了與 DRAM 相關的減記。

I mean, obviously, that commodity pricing has been volatile.

我的意思是，很明顯，商品定價一直不穩定。

Colette, is there anything you can talk about, about how big of an effect that might have on the business and on pricing overall?

Colette，你有什麼可以談談的，關於這可能對業務和整體定價產生多大的影響？

Yes, thanks a lot, Matt.

是的，非常感謝，馬特。

First of all, the Turing architecture is the highest-performing architecture at every single price point.

首先，圖靈架構是每個價位上性能最高的架構。

And it's a big jump from our last generation in every single way.

從各個方面來說，這都是我們上一代人的一大飛躍。

Without ray tracing, the Turing architecture is the first GPU to do concurrent floating point and integer operations at the same time.

在沒有光線追踪的情況下，Turing 架構是第一個同時進行並發浮點和整數運算的 GPU。

The instruction per clock of the Turing processor is so much better than our last generation, so much better than what's available in the marketplace.

圖靈處理器的每時鐘指令比我們的上一代好得多，比市場上的產品好得多。

The cache architecture is a big improvement, and you can just see it in all of the existing games.

緩存架構是一個很大的改進，你可以在所有現有的遊戲中看到它。

If you just measure the existing games without touching anything, Turing gives you a big boost.

如果你只是測量現有的遊戲而不接觸任何東西，圖靈會給你很大的提升。

And that's before we talked about ray tracing.

那是在我們談論光線追踪之前。

And we've already spoken about ray tracing earlier, Matt.

我們之前已經討論過光線追踪，Matt。

And we know that every single game that are coming out, we're working with the developers to incorporate RTX technology.

而且我們知道，每一款即將推出的遊戲，我們都在與開發人員合作以整合 RTX 技術。

And a very, very big deal, both Epic with Unreal engine and Unity engine are going to incorporate Ray tracing.

非常非常重要的是，帶有虛幻引擎的 Epic 和 Unity 引擎都將包含光線追踪。

It is very, very clear that the next generation of computer graphics is ray tracing.

非常非常清楚的是，下一代計算機圖形學是光線追踪。

And all of the work that we've done with RTX to move the industry forward is well worth it.

我們與 RTX 為推動行業向前發展所做的所有工作都非常值得。

But remember, that's just the graphics part of Turing.

但請記住，這只是圖靈的圖形部分。

Turing comes with it several new opportunities for growth for us.

圖靈為我們帶來了幾個新的增長機會。

The first is, of course, advancing games.

首先當然是推進遊戲。

Advancing games for notebooks, advancing computer graphics, photorealistic rendering for film.

推進筆記本電腦遊戲、推進計算機圖形、電影逼真渲染。

All the work that we've done with Tensor Core that we just talked about.

我們剛剛談到的使用 Tensor Core 所做的所有工作。

It's our second-generation Tensor Core, making it great for training as well as inference, a big leap for us for inference.

這是我們的第二代 Tensor Core，非常適合訓練和推理，是我們推理的一大飛躍。

And then lastly, all of the work that we're doing for data analytics and machine learning, we'll take advantage of all the capabilities of Turing.

最後，我們為數據分析和機器學習所做的所有工作，我們將利用圖靈的所有功能。

And so Turing is a big deal for us.

所以圖靈對我們來說很重要。

And that's one of the reasons why last year was so busy for us as we put Turing into workstations, into data centers, into clouds, into rendering, into video games.

這就是為什麼去年我們如此忙碌的原因之一，因為我們將圖靈應用到工作站、數據中心、雲、渲染和視頻遊戲中。

And so Turing is really a gigantic leap for us architecturally.

所以圖靈在架構上對我們來說確實是一個巨大的飛躍。

We're really excited by it.

我們對此感到非常興奮。

It's -- I think that the turbulent Q4 kind of overshadowed all of it.

這是 - 我認為動蕩的第四季度讓這一切黯然失色。

But in the final analysis, I think Turing was a home run for us.

但歸根結底，我認為圖靈對我們來說是一個本壘打。

And to also answer your question regarding DRAM prices.

並回答您有關 DRAM 價格的問題。

Yes, they have definitely been volatile over the historical period.

是的，它們在歷史時期肯定是不穩定的。

It is great to see them coming down in price.

很高興看到它們的價格下降。

Over the long term, yes, that is beneficial to us from a gross margin perspective.

從長遠來看，是的，從毛利率的角度來看，這對我們有利。

So if we look out to the horizon later, we will probably be able to incorporate that into our gross margins.

因此，如果我們稍後展望未來，我們可能能夠將其納入我們的毛利率。

And your next question comes from the line of Aaron Rakers with Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

Kind of building on the discussion around the Turing platform and particularly to the gaming market, I'm curious, you mentioned in your prepared comments pricing of these new solutions was a bit of an inhibitor.

我很好奇，你在準備好的評論中提到，這些新解決方案的定價有點阻礙了圖靈平台的討論，尤其是遊戲市場的討論。

Has the company invoked any changes in their pricing strategy around Turing?

公司是否對圖靈的定價策略進行了任何更改？

And then also, I'd be interested at can you help us frame how important China is to the gaming segment?

然後，我很想知道你能幫助我們了解中國對遊戲領域的重要性嗎？

And whether or not you're assuming that the China market rebounds in your annual assumption?

在您的年度假設中，您是否假設中國市場會反彈？

First of all, on the pricing part, the biggest inhibitor was that we didn't have -- we couldn't launch our midrange segment.

首先，在定價方面，最大的阻礙是我們沒有——我們無法推出我們的中端市場。

The inability to launch 2060 was a big inhibitor for us.

無法啟動 2060 年對我們來說是一個很大的障礙。

But we did so at CES.

但我們在 CES 上這樣做了。

The launch is a great success.

發射取得了巨大成功。

The reviews are fantastic.

評論太棒了。

People loved 2060.

人們喜歡2060。

The price point is great.

價格點很棒。

And so now we have a great stack from the midrange all the way to enthusiasts.

因此，現在我們擁有從中端到發燒友的大量籌碼。

The other part which could have turned out better is at the time of the launch, there were so many special editions and there were so many overclocked versions that the price point appeared high.

另一個本可以更好的部分是在發布的時候，有很多特別版和超頻版本，價格點顯得很高。

But now while we have MSRP pricing for all of our segments.

但是現在，雖然我們所有細分市場都有 MSRP 定價。

And so that's terrific.

所以這太棒了。

China is an important market.

中國是一個重要的市場。

China is an important market, and it's an important gaming market.

中國是一個重要的市場，也是一個重要的遊戲市場。

And I have every confidence it's going to rebound.

而且我完全有信心它會反彈。

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

您的下一個問題來自 Jefferies 的 Mark Lipacis。

Could you just -- a clarification, could you repeat what you said you thought the OpEx would grow in this fiscal year?

您能否 - 澄清一下，您能否重複您所說的您認為本財年運營支出會增長的內容？

And what is the -- where's the focus of that investment?

什麼是 - 投資的重點在哪裡？

To what extent is it R&D versus SG&A?

R&D 與 SG&A 相比在多大程度上？

And then maybe one layer deeper, where is the focus of the higher OpEx?

然後可能更深一層，更高運營支出的重點在哪裡？

Sure, I'll start off.

當然，我要開始了。

To repeat what we indicated in our transcript, we plan to increase OpEx in the high single digits over where we finished in terms of fiscal year '19.

為了重複我們在成績單中指出的內容，我們計劃將 OpEx 提高到 19 財年的高個位數。

That is related to our opportunities that we see in front of us, gaming, AI as well as self-driving cars.

這與我們在我們面前看到的機會、遊戲、人工智能以及自動駕駛汽車有關。

Our focus in terms of investment, we are a very R&D-heavy significant company.

我們在投資方面的重點是，我們是一家非常注重研發的重要公司。

But there are investments across the board, both in R&D as well as what we need in terms of go-to-market strategies to obtain these higher markets in front of us.

但是，無論是在研發方面，還是在進入市場戰略方面，我們都有全面的投資，以在我們面前獲得這些更高的市場。

And your next question comes from the line of Mitch Steves with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Mitch Steves。

So I don't want to poke too many holes on the memory side and the downturn in gaming due to the crypto inventory.

因此，我不想在內存方面和由於加密貨幣庫存導致的遊戲低迷方面戳太多漏洞。

But if I think about kind of the gross margin profile, you guys almost reached 65%.

但如果我考慮一下毛利率，你們幾乎達到了 65%。

So if I look out, let's call it a year or even call it 18 months and make it a -- more of a kind of a long-term target, is there any reason why you guys can't get back up to kind of the mid-60s level?

所以，如果我留意一下，讓我們稱之為一年，甚至稱之為 18 個月，並將其定為 - 更像是一個長期目標，你們有什麼理由不能恢復到某種程度嗎？ 60年代中期的水平？

Yes.

是的。

On your gross margin question, yes, we still have drivers within the mix of our products that allow us to grow our gross margin over the long term.

關於您的毛利率問題，是的，我們的產品組合中仍然有驅動因素，使我們能夠長期提高毛利率。

Absolutely.

絕對地。

And there is definitely a goal for us to continue doing that.

我們肯定有一個繼續這樣做的目標。

So the focus in terms of what the cost components of what we do but also moving the entire portfolio into the higher value-added platforms that we sell.

因此，重點關注我們所做工作的成本組成部分，以及將整個投資組合轉移到我們銷售的高附加值平台上。

So over the long term, absolutely, all of those things are still in place and intact that we can do.

因此，從長遠來看，絕對地，所有這些事情仍然存在並且完好無損，我們可以做到。

And we'll look quarter to quarter to give the best guidance that we can to help you see that.

我們將按季度查看，以提供最好的指導，以幫助您了解這一點。

And your next question comes from the line of Blayne Curtis with Barclays.

您的下一個問題來自 Blayne Curtis 與 Barclays 的對話。

Obviously, a pause in datacenter, particularly the hyperscale, is pretty well documented.

顯然，數據中心的停頓，尤其是超大規模，已經有據可查。

I'm just kind of curious to your perspective, particularly being AI still a growth area versus -- or run rate being memory and CPUs.

我只是對你的觀點有點好奇，尤其是人工智能仍然是一個增長領域——或者運行速度是內存和 CPU。

Can you give any perspective as to how widespread it is?

你能就它的廣泛性給出任何看法嗎？

Maybe number of customers or geographic perspective.

也許是客戶數量或地理視角。

And just kind of curious how AI is affected with this greater slowdown.

只是有點好奇人工智能如何受到這種更大的放緩的影響。

Yes.

是的。

Blayne, the hyperscalers, their pause is probably the most dramatic.

Blayne，超大規模的，他們的停頓可能是最戲劇性的。

We still see a lot of activity in enterprise.

我們仍然在企業中看到很多活動。

It's just a much smaller base for us, but we expect it to be a much larger base in the future.

對我們來說，這只是一個小得多的基礎，但我們希望它在未來會成為一個更大的基礎。

And the reason for that is because most of the enterprises today don't use deep learning, they use an approach called machine learning.

其原因是因為今天大多數企業不使用深度學習，他們使用一種稱為機器學習的方法。

They might use things like decision trees or graph analytics or regressions or clustering or things like that, algorithms like that.

他們可能會使用決策樹或圖形分析或回歸或聚類或類似的東西，類似的算法。

And they'll run data analytics applications for business intelligence on a large amount of data.

他們將針對大量數據運行數據分析應用程序以實現商業智能。

And they might be running it on a -- on top of a Spark stack that was created out of Berkeley and open source from Databricks.

他們可能會在一個 Spark 堆棧上運行它，該堆棧由 Berkeley 創建並來自 Databricks 的開源。

And so there's a -- if you recognize some of these things, that's what health care companies do and financial services companies do and retail companies do.

因此，如果您認識到其中一些事情，那就是醫療保健公司、金融服務公司和零售公司所做的事情。

They use it for fraud detection, predicting inventory, trying to make the best matches between riders and drivers and trying to predict which route to take to deliver food, dinner to you.

他們將其用於欺詐檢測、預測庫存、嘗試在騎手和司機之間進行最佳匹配，並嘗試預測將食物和晚餐送到您手中的路線。

And so those kinds of applications, most of the developers today use machine learning in large -- and big data analytics.

所以這些類型的應用程序，今天的大多數開發人員都在大型和大數據分析中使用機器學習。

And so we invested in a stack called RAPIDS and built our architecture called T4.

因此，我們投資了一個名為 RAPIDS 的堆棧，並構建了我們的名為 T4 的架構。

And we're in the process of partnering with large IT companies to take the stack and the solution out to the world's enterprise.

我們正在與大型 IT 公司合作，將堆棧和解決方案提供給全球企業。

And so I expect enterprise to be a fairly exciting growth opportunity for us.

所以我希望企業對我們來說是一個相當令人興奮的增長機會。

Meanwhile, the CSPs, their pause will end.

同時，CSP，他們的暫停將結束。

The amount of computation they do is increasing.

他們所做的計算量正在增加。

More and more of them are using deep learning.

他們中越來越多的人使用深度學習。

And we have inference opportunity with the work that we did with T4 and TensorRT.

我們在使用 T4 和 TensorRT 所做的工作中獲得了推理機會。

And so we've got a lot of exciting opportunities to go.

所以我們有很多令人興奮的機會。

And your next question comes from the line of Pierre Ferragu with New Street Research.

您的下一個問題來自新街研究公司的 Pierre Ferragu。

A question for Colette.

科萊特的一個問題。

I'm trying to figure out how your position with cloud data centers evolved last year in financial year 2019.

我試圖弄清楚您在去年 2019 財年在雲數據中心方面的地位如何演變。

So if I look at the cloud CapEx, they were up about 70%.

因此，如果我查看雲資本支出，它們上漲了約 70%。

If I look at the CPU going into the cloud, according to Intel, it was up about 60%.

根據英特爾的說法，如果我看一下進入雲的 CPU，它上升了大約 60%。

So I was wondering how much you guys have been increasing revenues within your cloud business?

所以我想知道你們在雲業務中增加了多少收入？

Did you grow faster than CPUs?

你的增長速度比 CPU 快嗎？

Did you grow faster than the overall CapEx?

您的增長速度是否超過了整體資本支出？

And then I have a follow-up in 2020.

然後我會在 2020 年進行跟進。

Sure.

當然。

Let me start on that piece.

讓我從那件作品開始。

As we talked about earlier on the call, our hyperscale and our hyperscales, many of them are also cloud providers, did start to slow down in terms of their purchasing in the latter half of the year.

正如我們之前在電話會議上談到的那樣，我們的超大規模和超大規模，其中許多也是雲提供商，在下半年的採購方面確實開始放緩。

But the overall growth rate, as you can see from our data center business, grew more than 50% for the full year.

但從我們的數據中心業務可以看出，整體增長率全年增長超過 50%。

Now even with that strong growth, we are still a very small percentage of overall CapEx that we see in cloud providers or the overall hyperscales.

現在，即使有如此強勁的增長，我們在雲提供商或整體超大規模中看到的整體資本支出中仍然只佔很小的比例。

We are likely one of their top priorities of areas where they need to grow in terms of in their data center as they focus on AI, as they focus on the cloud businesses and the importance of that compute is necessary.

我們可能是他們需要在數據中心發展的領域的首要任務之一，因為他們專注於人工智能，因為他們專注於雲業務，並且計算的重要性是必要的。

But we are still a very, very small percentage of it.

但我們仍然是其中非常非常小的一部分。

So slow down in the second half of the year, full year growth, phenomenal growth of 50%.

所以下半年放緩，全年增長，50%的驚人增長。

And we track with the (inaudible).

我們跟踪（聽不清）。

But this 50% growth, is that for your overall datacenter business?

但是，這 50% 的增長是否適用於您的整體數據中心業務？

Is that what like specifically your cloud hyperscale business grew as well?

這就是您的雲超大規模業務也在增長的情況嗎？

Or did that grow even faster with that?

或者它是否增長得更快？

Yes, depending on the quarter, we will have a mix of what is hyperscale growth or what is cloud.

是的，根據季度的不同，我們將混合什麼是超大規模增長或什麼是雲。

And again, in the core -- in the fourth quarter, that was not a growth opportunity for us.

再說一次，在核心 - 在第四季度，這對我們來說不是一個增長機會。

But earlier in the year, definitely it was.

但在今年早些時候，肯定是這樣。

Great.

偉大的。

And then quickly maybe, Jensen, on 2020, so you seem to be very cautious on the datacenter outlook.

然後很快，Jensen，在 2020 年，所以你似乎對數據中心的前景非常謹慎。

When we listen to players like Google and Facebook and others, they all seem to be seem like very keen to grow their overall spending this year.

當我們聽取 Google 和 Facebook 等玩家的意見時，他們似乎都非常熱衷於增加今年的整體支出。

And when we listen to other providers around you, they all seem to be -- I mean they all demonstrate a bit of a confidence that in the second half, spending should resume.

當我們聽取您周圍其他提供商的意見時，他們似乎都 - 我的意思是他們都表現出一點信心，即在下半年，支出應該會恢復。

Is that just because they are being more optimistic than you?

僅僅是因為他們比你更樂觀嗎？

Do they see something you don't see?

他們看到你看不到的東西嗎？

What do you hear from your clients about the second half?

關於下半年，您從客戶那裡聽到了什麼？

Well, we're enthusiastic about the second half.

好吧，我們對下半場充滿熱情。

We're enthusiastic about our position, and we're enthusiastic about the solution we offer.

我們對我們的立場充滿熱情，我們對我們提供的解決方案充滿熱情。

And Pierre, as you know, we've also expanded our application and our market reach.

Pierre，如您所知，我們還擴大了應用範圍和市場範圍。

We guided -- I think probably the biggest takeaway is we guided flight to slightly down for the whole year for the whole number.

我們引導 - 我認為最大的收穫可能是我們引導全年的航班略微下降。

We do have 4 growth drivers.

我們確實有 4 個增長動力。

And maybe the best way to think about it is we should just wait and see how it goes.

也許考慮它的最好方法是我們應該等待，看看它會如何發展。

I think we've -- considering where we are, I feel pretty good about our guidance, and -- but I feel even better about our strategic position.

我認為我們已經 - 考慮到我們所處的位置，我對我們的指導感覺很好，而且 - 但我對我們的戰略地位感覺更好。

And so I look forward to working through the year with you guys.

因此，我期待與你們一起度過這一年。

And your last question comes from the line of Harlan Sur with JP Morgan.

您的最後一個問題來自摩根大通的 Harlan Sur。

On the China gaming weakness, is it the slower economic environment?

關於中國博彩業疲軟，是經濟環境放緩嗎？

Or is it sort of government policy related?

還是與政府政策有關？

Because we know that the China government has had a freeze on new gaming approvals, although they've recently started to approve new games.

因為我們知道中國政府已經凍結了新遊戲的審批，儘管他們最近開始審批新遊戲。

This ban is in place, I think since the first half of last year.

這個禁令已經到位，我想是從去年上半年開始的。

So given what you know of the business, how much of the China weakness is coming from the China gaming bans?

因此，鑑於您對業務的了解，中國的弱點有多少來自中國的博彩禁令？

Or is this just overall slower economic environment?

還是這只是整體經濟環境放緩？

I don't know that we could tear that apart, tease that apart, Harlan.

我不知道我們可以把它撕開，把它分開，哈倫。

We just know that China, the consumer market is relatively slow towards the end of the year.

我們只知道中國，接近年底的消費市場相對緩慢。

But the China economy is in the final analysis of growth economy, and so we're looking forward to it recovering.

但中國經濟歸根結底是增長型經濟，我們期待它的複蘇。

And gaming is one of the most important pastimes of that culture, and so I'm excited about our prospects there.

遊戲是這種文化中最重要的消遣之一，所以我對我們在那裡的前景感到興奮。

All of the things that we're seeing in the near term, Colette, has done a really good job describing.

我們在短期內看到的所有事情，科萊特，在描述方面做得非常好。

And as we leave the bottom and leave this inventory issue behind us, we're super well positioned.

當我們離開底部並將這個庫存問題拋在腦後時，我們處於非常有利的位置。

We have a full stack of RTX, the Turing architecture is fantastic.

我們有完整的 RTX 堆棧，圖靈架構非常棒。

It is unquestionably the best in the world.

毫無疑問，它是世界上最好的。

We have the best performance at every single price point.

我們在每個價位都有最好的性能。

And we have great notebooks that the market can now buy.

而且我們有市場現在可以買到的很棒的筆記本電腦。

And so I'm looking forward to reporting our status with you guys as the year goes on.

因此，我期待著隨著時間的推移向你們報告我們的狀態。

This should be a good year.

這應該是個好年頭。

I will now turn the call back over to Jensen for any closing remarks.

我現在將把電話轉回給 Jensen 進行結束髮言。

2018 was a record year, but it was a disappointing finish.

2018 年是創紀錄的一年，但結果令人失望。

This quarter, we expect to put the channel inventory issue behind us and get back on track.

本季度，我們希望將渠道庫存問題拋在腦後，重回正軌。

As the pioneer of accelerated computing, our position is unique and strong.

作為加速計算的先驅，我們的地位獨特而強大。

And the opportunities ahead in graphics, high-performance computing, AI and autonomous machines remain enormous.

圖形、高性能計算、人工智能和自主機器的未來機遇仍然巨大。

We are as enthusiastic about these growth opportunities as ever.

我們一如既往地對這些增長機會充滿熱情。

Thanks, everyone, for joining us today.

謝謝大家，今天加入我們。

And this concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。