NVIDIA 高盛 Communacopia 技术大会纪要20250910【15页】

NVIDIACorporation(NVDA)在高盛Communacopia+技术大会上的演讲（文字记录） Sep.08,20256:17PMET|NVIDIACorporation(NVDA)Stock,NVDA:CAStock|NVDA,NVDA:CA NVIDIACorporation(NASDAQ:NVDA)GoldmanSachsCommunacopia+TechnologyConference2025September8,20253:25PMEDT NVIDIACorporation(NASDAQ:NVDA)高盛Communacopia+技术大会2025年9月8日美国东部时间下午3:25 CompanyParticipants 公司参与者 ColetteKress-ExecutiveVP&CFO ColetteKress-执行副总裁兼首席财务官 ConferenceCallParticipants 电话会议参与者 JamesSchneider-GoldmanSachsGroup,Inc.,ResearchDivision JamesSchneider-高盛集团，研究部 Presentation 演讲 JamesSchneider 詹姆斯·施奈德 SeniorResearchAnalyst 高级研究分析师 Okay.Goodafternoon,everybody.Thanksforbeinghere.WelcometotheGoldmanSachsCommunicopia&TechnologyConference.MynameisJimSchneider.I'mthesemiconductoranalysthereatGoldmanSachs.It'smypleasure,sincerelyhonoredtowelcomeNVIDIAandCFO,ColetteKresstothestagetoday.Welcome,Colette. 好的。大家下午好。感谢大家的到来。欢迎参加高盛Communicopia与技术大会。我是JimSchneider，高盛的半导体分析师。非常荣幸地欢迎NVIDIA及其首席财务官ColetteKress今天登台。欢迎你，Colette。 ColetteKress ExecutiveVP&CFO 执行副总裁兼首席财务官 Thankyou.Happytobehere. 谢谢。很高兴来到这里。 Question-and-Answer Session 问答环节 James Schneider 詹姆斯·施奈德 Goldman Sachs Group, Inc., Research Division 高盛集团有限公司，研究部 So maybe to start off on a few things from what we heard from you a couple of weeks ago when youreported on your latest earnings call, you stated that the data center infrastructure capital requirementscould reach $3 trillion to $4 trillion by the end of the decade. I think many investors were doing a soundcheck at that point. Maybe give us a little bit of context for that statement and sort of impact or share someof the major building blocks to that? 那么，或许可以从几周前您在最新财报电话会议上提到的一些内容开始说起，您表示到本十年末，数据中心基础设施的资本需求可能达到 3 万亿到 4 万亿美元。我想当时许多投资者都在核实这一说法。能否为我们提供一些背景信息，说明这一说法的影响，或者分享其中的一些主要构建要素？ Colette Kress Executive VP & CFO 执行副总裁兼首席财务官 Okay. So first, let me remind everybody, we might be making forward-looking statements, and I kindlyremind you to look on our website for our disclosures as well as our 10-Q and other types of reporting tohelp you. 好的。首先，请允许我提醒大家，我们可能会发表前瞻性声明，敬请查阅我们的网站上的披露信息以及我们的 10-Q报告和其他类型的报告以供参考。 Let me kind of talk about since the last time we were here. The last time we were here a year ago, andcongratulations on your new role in helping us here. This is our time that we came in here to discuss a lot offolks in terms of our Blackwell architecture, really interested to hear whether ornot that transition andwhether or not there would be an air pocket or such in between that period. So we have obviously safelybeen able slack well into the market, not only just our current Blackwell and our GB200 systems, but we alsonow have our Ultra system and our Blackwell Ultra systems. So that is one piece that has quite changedduring that period of time. 让我谈谈自上次我们在这里以来的情况。上次我们在这里是一年前，恭喜你在帮助我们方面的新角色。这次我们来到这里，讨论了很多关于我们的 Blackwell 架构的事情，大家非常关心这次过渡是否会出现空档期。显然，我们已经成功地将 Blackwell 顺利推向市场，不仅是我们当前的 Blackwell 和 GB200 系统，还有我们的 Ultra 系统和Blackwell Ultra 系统。这是这段时间内发生的一个重大变化。 Additionally, as well, I think at this time, we often talked about -- is there going to be a future need forcompute, have we maxed out in terms of the need to compute. A lot of discussion in terms of pretrainingpost training and inferencing is what has been necessary. As you can see over this last 12 months, atremendous need still out there in terms of compute. And one of the most important pieces that we'reseeing today that is increasing more and more of the compute, is those reasoning models. And we'll talk alittle bit more about those as we go forward. 此外，我认为目前我们经常讨论的是——未来是否还会有计算需求，我们是否已经达到了计算需求的极限。关于预训练、后训练和推理的讨论很多，这些都是必要的。正如你们在过去 12 个月中所看到的，计算需求依然非常巨大。我们今天看到的推动计算需求不断增长的最重要因素之一，就是那些推理模型。我们接下来会进一步讨论这些模型。 And then lastly, a lot of discussion in terms of why the 1-year cadence, why do you see? What will it help?Can that be something that you can execute? Our 1-year cadence is going quite well, so tremendouslyimportant to us, and in terms of our customers that we can keep that innovation and advance as fast aspossible, which has just allowed us multiple, multiple different architectures in place. 最后，关于为什么选择一年一次的节奏，为什么你会这样看？这会有什么帮助？这是否是你们能够执行的？我们的一年节奏进行得非常顺利，对我们来说极其重要，对于我们的客户来说，我们能够保持创新并尽可能快地推进，这使我们能够实施多种多样的架构。 Most importantly, we still have our Vera Rubin getting ready. We have indicated not only that our Rubin chipis available. But remember, there are six chips in our Vera Rubin that will be coming to market. And those aredoing just fine and have taped out. And now it is our time to mature those before they again go intomarket. 最重要的是，我们的 Vera Rubin 芯片仍在准备中。我们不仅表示我们的 Rubin 芯片已经可用。请记住，VeraRubin 中共有六个芯片将推向市场。这些芯片运行良好，已经完成了流片。现在是我们成熟这些芯片的时机，然后它们将再次进入市场。 Well, let's step back to the question regarding the $3 trillion by the end of the decade. What does thatmean? What are we thinking? It was really a purpose to help the full ecosystem understand how importantthis market and this transformation is, we are really talking about a new computing platform for the nextdecades going forward. This is