Joseph Moore: Great. Thank you. Wonder if you could talk to looking backward at the crypto impact. Obviously, that’s gone from your numbers now, but do you see any potential for liquidation of GPUs that are in the mining network, any impact going forward? And do you foresee blockchain being an important part of your business at some point down the road?
Jensen Huang: We don’t expect to see blockchain being an important part of our business down the road. There is always a resell market. If you look at any of the major resell sites, eBay, for example, there are secondhand graphics cards for sale all the time. And the reason for that is because a 3090 that somebody bought today, is upgraded to a 4090 or 3090 they bought a couple of years ago is upgraded to 4090 today. That 3090 could be sold to somebody and enjoyed if sold at the right price. And so, the volume of — the availability of secondhand and used graphics cards has always been there. And the inventory is never zero. And when the inventory is larger than usual, like all supply demand, it would likely drift lower price and affect the lower ends of our market.
But my sense is that where we’re going right now with Ada is targeting very clearly in the upper range, the top half of our market. And early signs are, and I’m sure you’re also seeing it that the Ada launch was a homerun. That 4090 — we shipped a large volume of 4090s because as you know, we were prepared for it. And yet within minutes, they were sold out around the world. And so, the reception of 4090 and the reception of 4080 today has been off the charts. And that says something about the strength and the health and the vibrancy of the gaming market. So, we’re super enthusiastic about the Ada launch. We have many more Ada products to come.
Operator: Your last question today comes from the line of Toshiya Hari with Goldman Sachs.
Toshiya Hari: Great. Thank you so much for squeezing me in. I had two quick ones for Colette. On supply, I think there were some mixed messaging in your remarks. I think you talked about supply being a headwind at one point. And then when you were speaking to the networking business, I think you talked about supply easing. So, I was hoping you can kind of speak to supply if you’re caught up to demand at this point. And then secondly, just on stock-based compensation, pretty mundane topic, I realize, but it is — I think in the quarter, it was about $700 million. It’s becoming a bigger piece of your OpEx. So, curious how we should be modeling that going forward. Thank you.
Colette Kress: Sure. When we look at our supply constraints that we have had in the past, each and every quarter, this is getting better. Networking was one of our issues probably a year ago, and it has taken us probably to this quarter, and next quarter to really see our supply improved so that we can support the pipeline that we have for our customers there. Now that’s our supply. We’ve also made a discussion regarding our customers, supply constraints issues. When setting up a data center, even getting a data center capacity has been very difficult. And therefore, that challenges them in their purchasing decisions as they’re still looking for certain parts of that supply chain to come through. So, that hopefully clarifies what we were talking about regarding two areas of supply.
In our stock-based compensation, what we’ll see, it’s very difficult to predict what our stock-based compensation would be when it arrives. We have provided to our incoming employees but also once a year to our employees, and it’s a single date in terms of when that is priced. So, it’s difficult to determine. But stock-based compensation is an important part of our employees’ compensation and will continue to be. So, we look at it from an overall compensation perspective. So up until now and when we do the focal, we’ll see about the same size with a few additions for the reduced level of employee hiring that we have right now.
Operator: Thank you. I will now turn the call back over to Jensen Huang for closing remarks.
Jensen Huang: Thanks, everyone. We are quickly adapting to the macro environment, correcting inventory levels, offering alternative products to data center customers in China and keeping our OpEx flat for the next few quarters. Our new platforms are off to a great start and formed the foundation for our resumed growth. NVIDIA RTX is reinventing 3D graphics with ray tracing and AI. The launch of Ada Lovelace is phenomenal. Gamers waited in long lines around the world, 4290 stocks sold out quickly. Hopper, with its revolutionary Transformer engine is just in time to meet the surging demand for recommender systems, large language models and generative AI. NVIDIA networking is synonymous with the highest data center throughput and enjoying record results.
Orin is the world’s first computing platform designed for AI-powered autonomous vehicles and robotics, and putting automotive on the road to be our next multibillion-dollar platform. These computing platforms run NVIDIA AI and NVIDIA Omniverse, software libraries and engines that help the companies build and deploy AI to products and services. NVIDIA’s pioneering work in accelerated computing is more vital than ever. Limited by business, general purpose commuting has slowed to a crawl just as AI demands more computing. Scaling through general purchase computing alone is no longer viable, both from a cost or power standpoint. Accelerated computing is the path forward. We look forward to updating you on our progress next quarter.
Operator: This concludes today’s conference call. Thank you for attending. You may disconnect.
