GeForce Analyst Event 2020

Sep 2, 2020

Good afternoon. My name is Mike, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's GeForce Launch Financial Analyst 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 session. Thank you. Simona Jankowski, you may begin your conference. Thank you. Hi, everyone, and thank you for joining us today. We're very excited for this opportunity to discuss with you our big launch today of the GeForce RTX Series 30 GPU family. On the call with us, we have NVIDIA's CFO, Colette Cress and our SVP of Gaming, Jeff Fisher. The format of today's call will be a short presentation followed by Q and A. You can find a copy of the presentation as well as a replay of Gentherm's virtual launch event from earlier today on our Investor Relations website. And after the presentation, we'll open it up for Q and A for either Jeff or Colette. Before we get started, I need to read a quick statement. During this call, we may make forward looking statements based on current expectations. These 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 our most recent Forms 10 ks and 10 Q and the reports that we may file on Form 8 ks with the Securities and Exchange Commission. All our statements are made as of today, September 1, 2020, based on information currently available to us. Except as required by law, we assume no obligation to update any such statements. Okay. So with that, let me turn it over to Jeff to kick us off. Thanks, Mona. Welcome, everybody. Thanks for joining us today on the call. This has been a very big day. It's been really exciting working up to our launch today. It is our 1st virtual GeForce launch, kind of missed the live events in house with gamers, but this was certainly a successful event regardless. And the team did an amazing job pulling it all together. Everyone working at home was a new experience, but it was an amazing production. The work was made even easier because we had a great story to tell with Ampere. I hope you all enjoyed it. Let's get started. I want to go through some of the highlights of the presentation today. You may have all seen Jensen's keynote, hopefully you did, But I want to go through some of the key points in slides and then we'll get on to question and answer. In the wake of COVID, it's evident that gaming has become a part of everyday life for billions of people. Gaming connects people, it entertains, it tells stories, it's a sport and allows that allows people to create or even become broadcasters of their own content. GeForce PC gaming is large and thriving. It's open, it's scalable. Games like Call of Duty and Fortnite have attracted 100 of millions of gamers and are now offering new experiences to participate like the Travis Scott concert in Fortnite earlier this summer where almost 30,000,000 people were participating and watching in the game. 75% of GeForce gamers play esports titles. Esports has an audience of over 500,000,000 people and is a new competitive genre for most of a brand new generation of gamers. Gaming has also opened up a new world for creators who can modify games, create their own stories, using game assets to share with their friends, a whole new medium for creation. With PC gamers, anyone can broadcast their gameplay with PC with a gaming PC, anyone can broadcast their gameplay like a pro. To a wide audience or just to a few friends. Today, there's over 20,000,000 streamers globally. So let's talk about the product. NVIDIA RTS is not just a GPU, it is a full stack. It starts with a new GPU architecture, our new GPU architecture, which is RTX. On top of RTX, the device, it includes new engine tech for games and for creative apps and a bunch of new rendering algorithms that are invented by NVIDIA research team. All the major 3 d APIs have extended to include RTX. RTX is supported by all major 3 d creation tools. RTX Tech is incorporated in all major game engines. There are hundreds of games being developed with RTX Tech and there's been thousands of research papers written about it. We started designing the RTX architecture over 10 years ago to address the limitations that we saw coming in traditional rasterization technology. The RTX GPU has 3 dedicated processors. The programmable shader, which we designed over 10 years ago, a revolution in graphics in and of itself, an RT core to accelerate ray tracing and the Tensor Core to an AI processing pipeline. The Tensor Core powers our graphics AI technology, DLSS, which delivers high performance and image quality in games and is now viewed as critical to deliver high performance ray trace gaming. RT and DLSS are in a majority of the new generation of games. Let me start by showing you how the 3 dedicated cores work concurrently. First, Shader. This is an example of a single ray trace frame of the game Wolfenstein Youngblood. So it's one frame. The shader can do all the work of ray tracing and rasterizing. Some architectures may attempt to do this. Even Pascal was capable of ray tracing, but the perf is bad. This is 51 milliseconds of just using shader to ray trace a Wolfenstein frame. 20 milliseconds 51 milliseconds is less than 20 frames per second. The game would be virtually unplayable. Adding RT cores gets you 20 milliseconds per frame. RT core run concurrent runs concurrently with shaders. The 20 milliseconds is still not 60 frames per second. That is where AI comes in. Adding our tensor cores in DLSS, you are now gaming well above 60 frames per second at 12 milliseconds per frame. It's all about 3 dedicated cores capable of concurrent operation to deliver high performance ray traced gaming. Now we get on to Ampere, our 2nd generation RTX architecture. Ampere has a new shader. At 30 teraflops, it is 2.7x Turing's performance. It has our 2nd gen RT core. At 58 teraflops, it is 1.7x the performance of turning and ray tracing. And it includes our 3rd generation Tensor Core with 238 Tensor Teraflops for AI and PLSS. In all, the 3 cores deliver 2x perf, 3 cores, 2x perf. This is our tripledouble. So today, in Jensen's kitchen, we introduced Ampere, our new GPU. It's 28,000,000,000 transistors, 28,000,000,000. It's in Samsung's 8N custom process, connected to the world's fastest memory G6X and delivers 2x perf gen to gen. Ampere powered on in our labs this last May and is now in volume It has been an amazing execution by the team, proud to be a part of it, proud to watch in times of COVID, just amazing execution. Full stack engineering and craftsmanship is the heart of all of our GPUs and Ampere is no exception. The goal is to squeeze every drop of perf and power efficiency up and down the stack. Ampere delivers 1.9x more power efficiency in turn. This extends our ability to operate in low power systems and scale higher performance with power. So today, we announced our new flagship GPU, the RTX 3,080. At 699, it has 10 gigabytes of the world's fastest memory. It's a generational leap is super important when launching a new GPU. This inspires to push realism on a much larger footprint and of course for gamers to upgrade. The 3,080 is available September 17. As you know, our 1st gen RTX turn, while groundbreaking and setting the stage for a revolution in graphics and gaming, did not quite achieve this gen to gen perf over Pascal. 3,080, our 2nd gen RTX and designed in Samsung's 8N is designed to deliver amazing perf for current and next generation games and inspire gamers that now is the time to upgrade. This chart shows a 3080 at 699 stacked above 980,1080tie and 2080 Super and delivers roughly 2x the perf of our 2,080 that was launched just 2 years ago. The second GPU we announced is the RTX 3,070. The 70s are some of our most important products. The 3,070 is priced starting at $4.99 and will be available in October. It has 8 gigabytes of G6 memory. The 3,070 at $4.99 is faster than our 2080 tie, incredible value. Once again, the 3,070 is designed to inspire developers and gamers alike. Delivering great perf over Turing and a clear choice for gamers to upgrade. Finally, we launched a big ferocious GPU, what we affectionately call the BFTPU, our 3,090. Realizing that our Titan class products were in high demand, enthusiasts, creators and researchers were using it to power their gaming rigs and workstations, we decided to add a 90 class this cycle, our first ever, at the top of the G4 stack and to sell it through our worldwide AIC channels. It is a beast of a GPU and its price starting at $14.99 It is the 1st GPU that will support 8 ks 60 frames per second and with ray tracing on. The 3,090 will be available from partners at the end of the month starting September 24. So all in all, the keynote covered a lot of material. NVIDIA delivers the greatest ever generational leap with the 30 series GPUs. Ampere is more than a chip. It's a stack that powers the top game engines and creator apps. Ampere is our 2nd generation RTX Arch, well ahead of the industry, leading the industry with 3 dedicated cores that is delivering 2x the perf and power efficiency. 3 cores, 2x, once again are triple double. We also deliver new tools for the infinite ways that gaming is expanding. As noted, gamers are not just gamers anymore. They're creators or competitors that connect socially, all important elements of gaming and the GeForce platform continues to deliver. This is for the tens of millions of streamers, broadcasters, esports pros, artists and creators. We did this with our new applications for esports NVIDIA Reflex, delivering low latency gaming for the millions of esports gamers. NVIDIA Broadcast for the millions of GeForce broadcasters who are streaming their games and finally NVIDIA Omniverse Machinima allowing gamers and creators to take in game assets combined with their web camera and other visual effects libraries to create cinematic film quality storytelling from game assets. This will be believe Machinima will truly be groundbreaking. So thank you all for your time today. Hopefully, we covered everything. Oh, there is one more point I want to make. Sorry. Finally, RTX is on and this is probably one of the most important things. When we launched RTX, we wanted to inspire developers. RTX real time ray tracing is now coming to Fortnite. With both Minecraft and Fortnite on board, the number 1 and 2 most played games in the world are RTX on. Adding the most anticipated titles this fall, Cyberpunk, Call of Duty: Black Ops and Watch Dogs, there is no question that RT is the new standard for games. Okay. With that, let me say thank you all for your attention and we can open it up for questions. Simona? Yes. Thank you very much, Jeff. And operator, let's open up the line for any questions. Your first question comes from Vivek Arya from BofA Securities. Hello, Jeff and Colette. It's Vivek Arya. Congrats on the launch and thanks for letting me ask your I actually had 2, one for Jeff and one for Colette. Jeff, how large do you estimate your deployed base of gamers is? And how do you see this upgrade cycle playing out versus what you saw with Turing and Pascal? And do you think this is more of a unit or ASP driven cycle? And if I could just also squeeze in that question for Colette at the same time. Colette, you mentioned working with Samsung for this new product launch. And I'm wondering how do you think about just kind of the cost and benefit of working with 2 different foundries for your Ampere set of products? Thank you. All right. Yes, thanks, Vivek. And thanks for your comment about the launch. We're pretty excited about Ampere. Yes, we I believe that as with typical as with prior transitions and as we've seen 3 of our business that we will see both unit and ASP benefits in Ampere. Gamers continue to want to buy up the stack. And I think we're delivering a pretty compelling upgrade opportunity for gamers. In terms of the installed base, there is roughly 200,000,000 GeForce gamers out there. If I look at our installed base of gaming PCs, about 30%, maybe a little less have actually moved to Turing. So, there is still a large upgrade opportunity for Ampere. We're also seeing the user base grow. I don't COVID certainly has created more energy around gaming, but it's been the trajectory of gaming over time that more and more gamers are coming to PC gaming. And we don't see that back sync to the question regarding Samsung, As we've discussed now for several years that we've been working with a dual fab approach. And working with a dual fab approach really talks about creating teams on both sides to work with the overall fabs. It's not necessarily about at the time you're ready to launch to be able to nerve to production. So this teams, to understand each in processes and all the great things that both of these fabs provide. We're honored to now be working with both of the high end and really strong partnerships that are out there with TSMC and Samsung. Our decision on this side to take the gaming overall piece to Samsung is really about their higher performance that they could provide on their 8 nanometer, which has been customized now here to NVIDIA. So we'll continue to work on a dual foundry strategy. We actually think it's probably just best practice now out in the market. And keep in mind, Samsung has also been a part of many of our gaming products in the past. So this is just a continuation on building upon the teams that have been created on both sides. Thank you. Your next question comes from Aaron Rakers from Wells Fargo. Your line is open. Yes. Thanks for taking the questions and also congratulations on the launch. Very impressive. Just going back to kind of the earlier question, G Force installed base is on Turing. But pretty clearly, the commentary today was that there's a large installed base of PASCAL users and obviously strong performance metrics around this. So can you just help us understand of how much the age of the installed base, how much is sitting on Pascal or even prior generations of that? And then as a quick second question, just curious as you kind of change the strategy at the high end with the 3,090 product versus the prior Titan, how big of a piece of mix has Titan been in the past and how much could that possibly change now that you more broadly have the 3,090 in the market? Thank you. Yes. So if you look at our installed base, I mean, on Steam, for example, I think 20 over a high 20% of Steam gamers are on Turing. So all the rest would be on prior generations, past out or earlier. I see all that is upgrade opportunity for Ampere. The second question, I think, was about 30, 90. So Titan, Titan was constrained, was sold on nvidia.com and through a couple of system integrators. It's hard to really know what the potential is of Titan. But if I combine the Titan and 2080 Ti class of product where 3,090 kind of sits in the middle of those 2. It's, I guess, a meaningful part of our business collectively. And we think that that both the combination of 28 Ti Titan buyers and as well as inspiring some new buyers will come into that space. Your next question comes from Toshiya Hari from Goldman Sachs. Your line is open. Hi, this is Charles on for Toshiya. Thanks for taking the question and congrats. I had one around gross margins. So think historically you guys have benefited from obviously gen to gen ASP increases, SKU mix across the different SKUs and then the no transition to wafer costs. With ASPs largely flat on the 70 80 generation, how should we think about the ceiling in terms of gross margin going forward? Is it more about mix across the SKUs or better wafer pricing? Just wondering if you can get some color on that. And then maybe part of that, with ASPs flat, how should we think about the ceiling on overall ASP growth going forward? Thanks. Sure. So let me start with an overall discussion about gross margin, and we'll see if Jeff wants to add a bit in terms of what we expect in terms of the ASPs. So you are correct on that generation to generation, we have continued to improve in terms of gross margin of the company. A lot of that growth, whether that be with overall gaming or some of our other business lines, has really been about the higher end platforms and the amount of software that is incorporated in them that really allows us to continue to reach the high end of the markets with the overall customers. In this case, when you think about our Ampere Gaming, our Ampere Gaming gross margins coming out are quite solid, quite good, and we baked this into our guidance that we gave for Q3. So it's still early to determine what we'll see over the life cycle of providing Ampere to gaming. But we probably expect some of those same things that we have seen with each generation to come through. Number 1, you'll see an upsell. You'll see a continued excitement to try and have the best of the best. And we've done this over time where we get an average ASP overall increase as we move forward. Additionally, over the time that the life in our overall architecture, we talk about the increases and improvements that we see in the gross margins. That's everything from the overall value engineering of the components, but just over time, we tend to see an overall increase in those gross margins. So with that, I'll turn it over to Jeff to see if he wants to add more. Yes. I think I believe the value prop of Ampere will drive upsell. I would expect just to see some ASP lift as gamers are upgrading to higher class GPUs to get the best perf on future games. It's what we've seen over time with prior gens and I don't wouldn't expect that to stop with Ampere. When we move to Turing, we had a brand new architecture in a similar node and we struggled as I noted and has been noted, we struggled to deliver great gen to gen perf. Groundbreaking architecture, but gen to gen perf on traditional games was not that compelling. Yet Turing delivered was a successful product and delivered a great deal of growth. Ampere is benefits from a new node, our 2nd gen architecture. I think it's going to be a great upgrade cycle. Your next question comes from Stacy Rasgon from Bernstein Research. Your line is open. Hi, guys. Thanks for taking my questions. I have 2. First, I think similar to what we saw with Turing, with Ampere, you seem to be starting in more the high end of the stack. When do you think we might see more of the mainstream offerings come in? I guess the equivalent in the prior year would have been like the 1600 series. And secondly, given these parts are supposed to be available in a few weeks kind of end of September, how do you foresee the supply situation? Do you believe that you will have enough supply in the market to satisfy the demand that you're forecasting? Thanks, Stacy. It's always good to hear from you. Thank you. In terms of timing of the launch and the rollout of products, I think you'll see with Turing, it came out we rolled out products slower than we probably anticipated or could have and that was a unique time for our business. As you know, we take great deal to try and take care of our channel and we wanted to make sure that we had sold through prior product before we rolled out some new generation products at certain price points. With Ampere, the channel is healthy and the business is strong and we are prepared for a pretty healthy cadence of rolling out new devices. I think you'll see Ampere's cadence of new parts to be faster than what you saw on Turing. Supply, supply and their launch? Yes. Well, that's whenever we launch a new product and this could go as Ampere is, there is there will no doubt be shortage of product. We just can't you can't ramp a fab to follow that front load of demand of new buyers that quickly. So that said, we have a great relationship with Samsung. The product is in volume production. We've begun shipping to our channel partners. And you will start you will see volume product hitting the shelf starting on the dates that we've announced. And it will naturally as the entire supply chain ramps continue to grow as we get toward the holiday season. Got it. I appreciate it. Thank you so much. Sure. Your next question comes from Harlan Sur from JPMorgan. Good afternoon. Thanks for hosting this event and good to see the impressive performance with the 30 series family. One of the big drivers of the gaming franchise for the team has been the strong adoption of gaming laptops, especially with your Max Q based designs for gaming notebooks. Help us understand the cadence like when are we going to see the 3,0703080 based Max Q notebooks? Will that be for the next notebook refresh cycle middle of next year or can we see it sooner? And then just as a follow-up, what percentage of your enthusiast class gaming segment is made up of gaming notebook based platforms? Okay. So the first question, I'm going to let Colette tackle the second. The first question, Ampere, as we talked about, the performance and power efficiency of Ampere is really great. And as we work our way down the stack, we're super excited to see Ampere coming to notebooks at some point in the future. We don't have any announcements today. I'd like to say it will be sooner rather than later, but I'm not allowed to give you guys any dates and prefer not to at the time. But I think the Ampere laptops are really going to kill it and we're looking forward to announcing those at a future time. Yes. So let me address the question regarding our laptops and our laptops is a percentage of our gaming business. We have multiple different platforms that we take to market for our overall gamers. Our standard desktop offerings that we're announcing today, our overall laptops, our overall consoles and also what we see in terms of GeForce NOW as well. Our laptops have grown quite well. Our laptops have grown consecutively for many quarters, I think, up to about 10. And what we're seeing right now is our laptops is really changing the overall seasonality of what we have to that business. We're seeing right now, I think in the last quarter, still less than 30% of our business, still less than 30% of our business. So it's a great opportunity to attract more gamers with a different platform that may meet their needs, not necessarily self building or refreshing of having something that they can be mobile. So stay tuned, more definitely come with our laptops. Great. Thank you. Your next question comes from Matt Ramsay from Cowen. Your line is open. Thank you very much. Good afternoon. Jeff, I had a couple of questions for you. The first one, you had mentioned when you guys rolled out Turing, some of the performance stats weren't maybe what you had hoped, but there was a big generational change on the software side with ray tracing and RTX. And from my point of view, there was a bit of a chicken and egg. Do the developers go to RTX or wait for the product, etcetera? Maybe you could talk a little bit about what percentage of the gaming installed base today is on RTX enabled games from, I don't know what metric might make sense, number of hours, number of users, etcetera, and how you see that software development side being prepared for the Ampere launch versus where we were when Turing launched? And then the second question, maybe you could talk a little bit about the level of importance of the new DRAM architecture to the product stack. Any sense for how important that is? If you had any anecdotes there, that'd be appreciated. Thank you. Okay. Yes, on RT or RTX, I mean, it's really become the new standard for games. Back in the Turing Day, developers found out about RTX about the same time you guys did. Of course, we had been talking to them on paper, but we didn't have any silicon we could give them to start innovating with in advance of that, start creating games that would run on RTX. Of course, we had worked with Microsoft earlier than that to get DXR, to get their standard APIs out for ray tracing, but it was all pretty much on paper until RTX arrived. So 2 years later, I mean, the world has completely changed. As you guys know, both consoles are going to be supporting RT. Developers are investing heavily now in the next generation of games that will all support RT cross platform. Fortnite has announced that in the current chapter, they will be turning on RT in the near future. Minecraft has got RT. And as you can see, the pipeline of all new games coming this fall support ray tracing. So I think we are this tipping point, if you call it, is now past and the future gaming is really going to include RTX and ray tracing. It's just a completely different world from where we kicked this all off and launched Turing 2 years ago. You asked about memory as well. Let's see. So, we've been working with Micron for the last several years. Memory architecture and memory speeds are fundamental to graphics performance. You need a fast memory system and I think we've delivered on that in the last several generations. G5X, we developed with Micron G6 and now G6x. So, memory speeds are differentiating and they do allow you to really take full advantage of the graphics pipeline and your graphics architecture and we're super excited about working with Micron on G6X. Your next question comes from Brett Simpson from Arete Research. Yes, thanks very much. Jeff, I just had a clarification on the Samsung 8N process. Are you saying that all the GeForce all Ampere GeForce cars will run on Samsung? Just wanted to clarify that one. And then maybe just as a follow-up. I see you're offering 12 month free GeForce Now when you buy a Founder's Edition card, an Ampere Founder's Edition card. I'd just be interested in your perspective. Does the scaling of GeForce Now maybe hold back hardware upgrade activity around Ampere? Maybe you can just give us an idea how you're thinking about this. And just maybe on the GeForce NOW service, how what will Ampere do for GeForce NOW? Does it support virtualization, for example, that end up the key feature in the A100? So maybe just if you can touch on that, that'd be great. Thank you. Okay. Let's see, 8N you asked about and all the devices we've announced today run-in Samsung 8N are built on in Samsung 8N and that I don't see that changing in the future. I mean, it's a great process. Samsung's has been a great partner. And the GeForce versions of Ampere that we've announced will all run, will all be built in Samsung 8N. The question about GFN, man, these questions are just so different. I've got to switch gears between them. The question on GFN, yes, GFN is doing great. We're really pleased with the momentum. We're pleased with all the developer support. It's got a passionate community and is designed to offer folks who have low end gaming PCs and would traditionally are gamers, but would traditionally not otherwise invest in a gaming rig, give them access to PC gaming. And that message has resonated. I think folks who just enabled Chromebooks, anybody with a Chromebook can now play high end PC game on their Chromebook. And as you know, there's tens of millions of kids now that have Chromebooks in their hands. The question about cannibalization or thinking behind the bundle, I mean, our thinking is that Ampere folks who buy Ampere, folks who buy GeForce, it is not their only PC. They also own a Chromebook. They own a laptop. They have a family member who doesn't have a high end rig that they want to play with. So, the idea of bundling with Ampere is a discovery and also to give GeForce gamers the entitlement to use GeForce Now to play PC games on other systems, on lower end systems. And we think it's going to be a great campaign, a great success. And so Jeff, just one point. Go ahead. Sorry, we got Android TV, sorry. No, I didn't. Okay, I'm sorry, I didn't hear that second question, but you had asked about how Ampere affects GFN. There's nothing GFN plays on any client and it plays on Ampere as well. There's no specific tie to Ampere as a client. In terms of virtualization, Ampere in the cloud, GFN runs multiple sessions on a GPU today and we're looking forward to ultimately including Ampere in the stable of hardware that's running GFN. Okay, great. Thanks very much. And our last question will come from John Pitzer from Credit Suisse. Please go ahead. Yes, good afternoon guys. Thanks for letting me ask the question. I got one for Jeff and one for Go ahead. Jeff, I'm just going to go back to the Tensor Core part of the Ampere architecture. It sounds like that's being used as almost an acceleration engine for GPU rendering. But I'm kind of curious to the extent that your AI algorithms are becoming more important on the rendering side, does that have sort of potential benefits back to the content creation side? Does it create deeper motes relative to the content creators and how well games run on your GPU versus other GPUs? And then Colette, just on the pricing side, I know there's a lot of things that go into your pricing strategy. I think the ASP on the 30 Series surprised people a little bit. I'm kind of curious to what extent was that a reflection of the competitive environment or is this really just a recognition that you want to grow the market? And as a point of clarification, at sort of scale, do you think the gross margins on the 30 series will be comparable or better than prior series? Thank you. Okay. AI, yes. So we've been investing in AI for years. I mean, most of the news has, of course, been in on the compute data center side. But for AI for graphics, there's a huge team that has been researching visible thing that we talk about and the first probably the most visible thing that we talk about and the first real incarnation. And as we've said, I think you've read, DLSS 2.0 is now getting pretty rave reviews for the image quality and performance. And it's a super important technology for playing ray trace games at high performance and high frame rates. And the reason for that is because ray tracing takes more horsepower to render and then AI can upscale and deliver the same or better image quality at higher performance, filling in pixels, if you will. Tensor cores allow you to do that at light speed, superfast. So the burden of upscaling and at similar IQ is extremely low. But other forms of AI are also developing. I mean, we announced our RTX or NVIDIA Broadcast, which uses Tensor Core AI for green screen, for noise reduction. And that's just the tip of the iceberg. There are so many ways that AI will ultimately allow you to interact with characters in your game for in game mechanics to operate more naturally. Intensercors, we believe are going to help facilitate those types of technologies to occur in real time. Yes. So let me see if I can answer your question regarding the overall pricing and what's our goal with the overall pricing. I think one of the things to see right now with the gaming architecture with Ampere and what the goals of it is, we're going after a very important expansion that we have started to develop even over this last year and over the several years. It's not just about playing that overall game. It is about the sports and how they overall watch the overall sports, how they share the overall content that they are working on, how they teach others and how they overall build, on so much of the performance that they are doing on the game. So looking at that broad spectrum, we have now come out with a great set of overall cards at price points that we can attract every single person into that market. So the expansion of the types of gamers and how they are using our overall gaming GPUs really talks about the price points that we are doing. Your second piece of it about the gross margins and the gross margins as comparison to overall Turing. As we discussed, what we see and what we saw with taurine is a continued improvement over those gross margins over time. But some of that's really hard to kind of look at. Some of the things that influence that is also just the overall components pieces of it, the overall cost of the overall memory that we have that's incorporated in there. So it's very hard to actually look at this in terms of going forward. Comparing where we are with gaming Ampere versus where we are with Turing and Turing Red has been in market for more than 2 years is kind of a little bit an apple to orange. We'll continue to work through the exact same kind of process and things that we do in terms of improving gross margins as we go forward. But we feel really good about the gross margins in terms of where they sit today and keeping in mind that mix is one of the largest drivers of our overall gross margin as a whole, I think we'll be in a good position. Thank you. Was that the last question? And that was our last question at this time. Okay. Yes, I wanted to thank everybody for joining our call today and joining the keynote. I just got to note that our keynote has been watched in 183 countries in total. We've had millions of viewers. It's trending number 1 on Twitter, which is pretty amazing, ultimateplay. Today, we announced our 2nd generation RTX Ampere, super excited about our triple double, 3 cores, 2x perf, providing gamers more ways to play with Reflex, Broadcast and Machinima. And once again, RTX ON is the new standard, Fortnite coming to RT along with all the top fall games. We're expecting for a great product cycle. I can't wait to get back together with you guys at some point in the future and take a look back at what we've started with the Ampere launch. So thank you all. This concludes today's conference call. You may now disconnect.