earningscall 1.2.0__tar.gz → 1.2.1__tar.gz

{earningscall-1.2.0 → earningscall-1.2.1}/CHANGELOG.md

@@ -1,5 +1,9 @@
 # Changelog
 
+## Release `1.2.1` - 2025-04-04
+
+* Bugfix: handle case where Q&A section is missing from the transcript for level 4 transcription.
+
 ## Release `1.2.0` - 2025-02-12
 
 * Add `get_calendar` function to get the calendar for a given date.

{earningscall-1.2.0 → earningscall-1.2.1}/PKG-INFO

@@ -1,6 +1,6 @@
 Metadata-Version: 2.4
 Name: earningscall
-Version: 1.2.0
+Version: 1.2.1
 Summary: The EarningsCall Python library provides convenient access to the EarningsCall API.  It includes a pre-defined set of classes for API resources that initialize themselves dynamically from API responses.
 Project-URL: Homepage, https://earningscall.biz
 Project-URL: Documentation, https://github.com/EarningsCall/earningscall-python
@@ -273,6 +273,20 @@ for event in calendar:
     print(f"{event.company_name} - Q{event.quarter} {event.year} on: {event.conference_date.astimezone().isoformat()} Transcript Ready: {event.transcript_ready}")
 ```
 
+Output
+
+```text
+Tilray Brands, Inc. - Q2 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+Walgreens Boots Alliance, Inc. - Q1 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+Neogen Corporation - Q2 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+E2open Parent Holdings, Inc. - Q3 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+TD SYNNEX Corporation - Q4 2024 on: 2025-01-10T08:00:00-06:00 Transcript Ready: True
+Delta Air Lines, Inc. - Q4 2024 on: 2025-01-10T09:00:00-06:00 Transcript Ready: True
+Constellation Brands, Inc. - Q3 2025 on: 2025-01-10T09:30:00-06:00 Transcript Ready: True
+PriceSmart, Inc. - Q1 2025 on: 2025-01-10T11:00:00-06:00 Transcript Ready: True
+KORU Medical Systems, Inc. - Q4 2024 on: 2025-01-10T15:30:00-06:00 Transcript Ready: True
+WD-40 Company - Q1 2025 on: 2025-01-10T16:00:00-06:00 Transcript Ready: True
+```
 
 ## List All Companies
 

{earningscall-1.2.0 → earningscall-1.2.1}/README.md

@@ -221,6 +221,20 @@ for event in calendar:
     print(f"{event.company_name} - Q{event.quarter} {event.year} on: {event.conference_date.astimezone().isoformat()} Transcript Ready: {event.transcript_ready}")
 ```
 
+Output
+
+```text
+Tilray Brands, Inc. - Q2 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+Walgreens Boots Alliance, Inc. - Q1 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+Neogen Corporation - Q2 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+E2open Parent Holdings, Inc. - Q3 2025 on: 2025-01-10T07:30:00-06:00 Transcript Ready: True
+TD SYNNEX Corporation - Q4 2024 on: 2025-01-10T08:00:00-06:00 Transcript Ready: True
+Delta Air Lines, Inc. - Q4 2024 on: 2025-01-10T09:00:00-06:00 Transcript Ready: True
+Constellation Brands, Inc. - Q3 2025 on: 2025-01-10T09:30:00-06:00 Transcript Ready: True
+PriceSmart, Inc. - Q1 2025 on: 2025-01-10T11:00:00-06:00 Transcript Ready: True
+KORU Medical Systems, Inc. - Q4 2024 on: 2025-01-10T15:30:00-06:00 Transcript Ready: True
+WD-40 Company - Q1 2025 on: 2025-01-10T16:00:00-06:00 Transcript Ready: True
+```
 
 ## List All Companies
 

{earningscall-1.2.0 → earningscall-1.2.1}/earningscall/company.py

@@ -93,7 +93,10 @@ class Company:
             if 2 <= level <= 3:
                 transcript.text = " ".join(map(lambda spk: spk.text, transcript.speakers))
             elif level == 4:
-                transcript.text = " ".join([transcript.prepared_remarks, transcript.questions_and_answers])
+                if transcript.questions_and_answers:
+                    transcript.text = " ".join([transcript.prepared_remarks, transcript.questions_and_answers])
+                else:
+                    transcript.text = transcript.prepared_remarks
             if transcript.speaker_name_map_v2:
                 for speaker in transcript.speakers:
                     speaker.speaker_info = transcript.speaker_name_map_v2.get(speaker.speaker)

{earningscall-1.2.0 → earningscall-1.2.1}/pyproject.toml

@@ -1,6 +1,6 @@
 [project]
 name = "earningscall"
-version = "1.2.0"
+version = "1.2.1"
 description = "The EarningsCall Python library provides convenient access to the EarningsCall API.  It includes a pre-defined set of classes for API resources that initialize themselves dynamically from API responses."
 readme = "README.md"
 authors = [{ name = "EarningsCall", email = "dev@earningscall.biz" }]

earningscall-1.2.1/tests/data/nvda-q2-2025-level-4-data-missing.yaml

@@ -0,0 +1,679 @@
+responses:
+- response:
+    auto_calculate_content_length: false
+    body: '{"event": {"year": 2025, "quarter": 2, "conference_date": "2024-08-28T17:00:00.000-04:00"},
+      "prepared_remarks": "Good afternoon, everyone, and welcome to NVIDIA''s conference
+      call for the second quarter of fiscal 2025. With me today from NVIDIA are Jensen
+      Wong, President and Chief Executive Officer, and Colette Kress, Executive Vice
+      President and Chief Financial Officer. I would like to remind you that our call
+      is being webcast live on NVIDIA''s Investor Relations website. The webcast will
+      be available for replay until the conference call to discuss our financial results
+      for the third quarter of fiscal 2025. The content of today''s call is NVIDIA''s
+      property. It cannot be reproduced or transcribed without prior written consent.
+      During this call, we may make forward-looking statements based on current expectation.
+      These are subject to a number of risks, significant risks and uncertainties,
+      and our actual results may differ materially. For discussion of factors that
+      could affect our future financial results and business, please refer to the
+      disclosure in today''s earnings release, our most recent Forms 10-K and 10-Q,
+      and the reports that we may file on Form 8-K with the Securities and Exchange
+      Commission. All our statements are made as of today, August 28, 2024, based
+      on information currently available to us. Except as required by law, we assume
+      no obligation to update any such statements. During this call, we will discuss
+      non-GAAP financial measures. You can find a reconciliation of these non-GAAP
+      financial measures to GAAP financial measures in our CFO commentary, which is
+      posted on our website. Let me highlight an upcoming event for the financial
+      community. We will be attending the Goldman Sachs Communicopia and Technology
+      Conference on September 11th in San Francisco, where Jensen will participate
+      in a keynote fireside chat. Our earnings call to discuss the results of our
+      third quarter of fiscal 2025 is scheduled for Wednesday, November 20th, 2024.
+      With that, let me turn the call over to Collette. Thanks, Stuart. Q2 was another
+      record quarter. Revenue of $30 billion was up 15% sequentially and up 122% year-on-year,
+      and well above our outlook of $28 billion. Starting with data center. Data center
+      revenue of $26.3 billion was a record, up 16% sequentially and up 154% year-on-year,
+      driven by strong demand for NVIDIA Hopper GPU computing and our networking platforms.
+      Compute revenue grew more than 2.5x. Networking revenue grew more than 2x from
+      the last year. Cloud service providers represented roughly 45% of our data center
+      revenue, and more than 50% stem from the consumer, internet, and enterprise
+      companies. Customers continue to accelerate their Hopper architecture purchases
+      while gearing up to adopt Blackwell. Key workloads driving our data center growth
+      include generative AI, model training and inferencing, video, image, and text
+      data, pre- and post-processing with CUDA and AI workloads, synthetic data generation,
+      AI-powered recommender systems, SQL and vector database processing as well.
+      Next generation models will require 10 to 20 times more compute to train with
+      significantly more data. The trend is expected to continue. Over the trailing
+      four quarters, we estimate that inference drove more than 40% of our data center
+      revenue. CSPs, consumer internet companies, and enterprises benefit from the
+      incredible throughput and efficiency of NVIDIA''s inference platform. Demand
+      for NVIDIA is coming from frontier model makers, consumer internet services,
+      and tens of thousands of companies and startups building generative AI applications
+      for consumers, advertising, education, enterprise and healthcare, and robotics.
+      desire NVIDIA''s rich ecosystem and availability in every cloud. CSPs appreciate
+      the broad adoption of NVIDIA and are growing their NVIDIA capacity given the
+      high demand. NVIDIA H200 platform began ramping in Q2, shipping to large CSPs,
+      consumer internet and enterprise companies. The NVIDIA H200 builds upon the
+      strength of our Hopper architecture and offering over 40% more memory bandwidth
+      compared to the H100. Our data center revenue in China grew sequentially in
+      Q2 and is a significant contributor to our data center revenue. As a percentage
+      of total data center revenue, it remains below levels seen prior to the imposition
+      of export controls. We continue to expect the China market to be very competitive
+      going forward. The latest round of MLPerf inference benchmarks highlighted NVIDIA''s
+      inference leadership with both NVIDIA, Hopper, and Blackwell platforms combining
+      to win gold medals on all tasks. At Computex, NVIDIA with the top computer manufacturers
+      unveiled an array of Blackwell architecture-powered systems and NVIDIA networking
+      for building AI factories and data centers. With the NVIDIA MGX modular reference
+      architecture, our OEMs and ODM partners are building more than 100 Blackwell-based
+      systems designed quickly and cost-effectively. The NVIDIA Blackwell platform
+      brings together multiple GPU, CPU, DPU, NVLink, NVLink Switch, and the networking
+      chips, systems, and NVIDIA CUDA software to power the next generation of AI
+      across the cases, industries, and countries. The NVIDIA GB200 NVL72 system with
+      the fifth generation NVLink enables all 72 GPUs to act as a single GPU and deliver
+      up to 30 times faster inference for LLMs, workloads, and unlocking the ability
+      to run trillion parameter models in real time. Copper demand is strong and Blackwell
+      is widely sampling. We executed a change to the Blackwell GPU mass to improve
+      production yields. Blackwell production ramp is scheduled to begin in the fourth
+      quarter and continue into fiscal year 26. In Q4, we expect to ship several billion
+      dollars in Blackwell revenue. Hopper shipments are expected to increase in the
+      second half of fiscal 2025. Hopper supply and availability have improved. Demand
+      for Blackwell platforms is well above supply, and we expect this to continue
+      into next year. Networking revenue increased 16% sequentially. Our Ethernet
+      for AI revenue, which includes our SpectrumX end-to-end Ethernet platform, doubled
+      sequentially with hundreds of customers adopting our Ethernet offerings. SpectrumX
+      has broad market support from OEM and ODM partners and is being adopted by CSPs,
+      GPU cloud providers, and enterprise, including XAI, to connect the largest GPU
+      compute cluster in the world. SpectrumX supercharges Ethernet for AI processing
+      and delivers 1.6x the performance of traditional Ethernet. We plan to launch
+      new SpectrumX products every year to support demand for scaling compute clusters
+      from tens of thousands of DPUs today to millions of DPUs in the near future.
+      SpectrumX is well on track to begin a multi-billion dollar product line within
+      a year. Our sovereign AI opportunities continue to expand as countries recognize
+      AI expertise and infrastructure at national imperatives for their society and
+      industries. Japan''s National Institute of Advanced Industrial Science and Technology
+      is building its AI bridging cloud infrastructure 3.0 supercomputer with NVIDIA.
+      We believe sovereign AI revenue will reach low double-digit billions this year.
+      The enterprise AI wave has started. Enterprises also drove sequential revenue
+      growth in the quarter. We are working with most of the Fortune 100 companies
+      on AI initiatives across industries and geographies. A range of applications
+      are fueling our growth, including AI-powered chatbots, generative AI co-pilots,
+      and agents to build new monetizable business applications and enhance employee
+      productivity. Amdocs is using NVIDIA generative AI for their smart agent, transforming
+      the customer experience and reducing customer service costs by 30%. ServiceNow
+      is using NVIDIA for its Now Assist offering, the fastest growing new product
+      in the company''s history. SAP is using NVIDIA to build dual co-pilots. Cohesity
+      is using NVIDIA to build their generative AI agent and lower generative AI development
+      costs. Snowflake, who serves over 3 billion queries a day for over 10,000 enterprise
+      customers, is working with NVIDIA to build co-pilots. And lastly, Wistron is
+      using NVIDIA AI Omniverse to reduce end-to-end cycle times for their factories
+      by 50%. Automotive was a key growth driver for the quarter, as every automaker
+      developing autonomous vehicle technology is using NVIDIA in their data centers.
+      Automotive will drive multi-billion dollars in revenue across on-prem and cloud
+      consumption and will grow as next generation AV models require significantly
+      more compute. Healthcare is also on its way to being a multi-billion dollar
+      business as AI revolutionizes medical imaging, surgical robots, patient care,
+      electronic health, record processing, and drug discovery. During the quarter,
+      we announced a new NVIDIA AI Foundry service to supercharge generative AI for
+      the world''s enterprises with Meta''s LAMA 3.1 collection of models. This marks
+      a watershed moment for enterprise AI. Companies for the first time can leverage
+      the capabilities of an open source frontier level model to develop customized
+      AI applications to encode their institutional knowledge into an AI flywheel
+      to automate and accelerate their business. Accenture is the first to adopt the
+      new service to build custom LAMA 3.1 models for both its own use and to assist
+      clients seeking to deploy generative AI applications. NVIDIA NIMS accelerate
+      and simplify model deployment. Companies across healthcare, energy, financial
+      services, retail, transportation, and telecommunications are adopting NIMS,
+      including Aramco, Lowe''s, and Uber. AT&T realized 70% cost savings and eight
+      times latency reduction after moving into NIMS for generative AI, call transcription,
+      and classification. Over 150 partners are embedding NIMS across every layer
+      of the AI ecosystem. We announced NIM agent blueprints, a catalog of customizable
+      reference applications that include a full suite of software for building and
+      deploying enterprise generative AI applications. With NIM agent blueprints,
+      enterprises can refine their AI applications over time, creating a data-driven
+      AI flywheel. The first NIM agent blueprints include workloads for customer service,
+      computer-aided drug discovery, and enterprise retrieval augmented generation.
+      Our system integrators, technology solution providers, and system builders are
+      bringing NVIDIA NIM agent blueprints to enterprises. NVIDIA NIM and NIM agent
+      blueprints are available through the NVIDIA AI enterprise software platform,
+      which has great momentum. We expect our software SaaS, and support revenue to
+      approach a $2 billion annual run rate exiting this year, with NVIDIA AI Enterprise
+      notably contributing to growth. Moving to gaming and AI PCs. Gaming revenue
+      of $2.88 billion increased 9% sequentially and 16% year on year. We saw sequential
+      growth in console, notebook, and desktop revenue, and demand is strong and growing,
+      and channel inventory remains healthy. Every PC with RTX is an AI PC. RTX PCs
+      can deliver up to 1,300 AI tops, and there are now over 200 RTX AI laptops designed
+      from leading PC manufacturers. With 600 AI-powered applications and games and
+      an installed base of 100 million devices, RTX is set to revolutionize consumer
+      experiences with generative AI. NVIDIA ACE, a suite of generative AI technologies,
+      is available for RTX AI PCs. Mega Break is the first game to use NVIDIA ACE,
+      including our small language model, Minitron 4B, optimized on device inference.
+      The NVIDIA gaming ecosystem continues to grow. Recently added RTX and DLSS titles,
+      including Indiana Jones and The Great Circle, Dune Awakening, and Dragon Age,
+      The Veil Guard. The GeForce Now library continues to expand with total catalog
+      size of over 2,000 titles, the most content of any cloud gaming service. moving
+      to pro-visualization. Revenue of $454 million was up 6% sequentially and 20%
+      year-on-year. Demand is being driven by AI and graphic use cases, including
+      model fine tuning and Omniverse-related workloads. Automotive and manufacturing
+      were among the key industry verticals driving growth this quarter. Companies
+      are racing to digitalize workflows to drive efficiency across their operations.
+      The world''s largest electronics manufacturer, Foxconn, is using NVIDIA Omniverse
+      to power digital twins of the physical plants that produce NVIDIA black hole
+      systems. And several large global enterprises, including Mercedes-Benz, signed
+      multi-year contracts for NVIDIA Omniverse Cloud to build industrial digital
+      twins of factories. We announced new NVIDIA USD NIMs and connectors to open
+      Omniverse to new industries and enable developers to incorporate generative
+      AI co-pilots and agents into USD workloads, accelerating their ability to build
+      highly accurate virtual worlds. WPP is implementing USD NIM microservices in
+      its generative AI-enabled content creation pipeline for customers. such as the
+      Coca-Cola Company. Moving to automotive and robotics, revenue was $346 million,
+      up 5% sequentially and up 37% year-on-year. Year-on-year growth was driven by
+      the new customer ramps in self-driving platforms and increased demand for AI
+      cockpit solutions. At the Computer Vision and Pattern Recognition Conference,
+      NVIDIA won the Autonomous Grand Challenge in the end-to-end driving at scale
+      category, outperforming more than 400 entries worldwide. Austin Dynamics, BYD
+      Electronics, Figure Intrinsic, Siemens, Skills 8i, and Teradyne Robotics are
+      using the NVIDIA ISAAC Robotics platform for autonomous robot arms, humanoids,
+      and mobile robots. Now, moving to the rest of the P&L. Gap gross margins were
+      75.1%, and non-gap gross margins were 75.7%. Down sequentially due to a higher
+      mix of new products within data center and inventory provisions for low-yielding
+      blackwell material. Sequentially, gap and non-gap operating expenses were up
+      12%, primarily reflecting higher compensation-related costs. Cash flow from
+      operations was $14.5 billion. In Q2, we utilized cash of $7.4 billion towards
+      shareholder returns in the form of share repurchases and cash dividends, reflecting
+      the increase in dividend per share. Our board of directors recently approved
+      a $50 billion share repurchase authorization to add to our remaining $7.5 billion
+      of authorization at the end of Q2. Let me turn the outlook for the third quarter.
+      Total revenue is expected to be 32.5 billion plus or minus 2%. Our third quarter
+      revenue outlook incorporates continued growth of our hopper architecture and
+      sampling of our Blackwell products. We expect Blackwell production ramp in Q4.
+      Gap and non-gap gross margins are expected to be 74.4% and 75% respectively.
+      plus or minus 50 basis points. As our data center mix continues the shift to
+      new products, we expect this trend to continue into the fourth quarter fiscal
+      2025. For the full year, we expect gross margins to be in the mid-70% range.
+      GAAP and non-GAAP operating expenses are expected to be approximately 4.3 billion
+      and 3.0 billion, respectively. Full-year operating expenses are expected to
+      grow in the mid to upper 40% range as we work on developing our next generation
+      of products. GAAP and non-GAAP other income and expenses are expected to be
+      about $350 million, including gains and losses from non-affiliated investments
+      and publicly held equity securities. GAAP and non-GAAP tax rates are expected
+      to be 17%, plus or minus 1%, excluding any discrete items. Further financial
+      details are included in the CFO commentary and other information available on
+      our IR website. We are now going to open the call for questions. Operator, would
+      you please help us and poll for questions? Thank you. And at this time, I would
+      like to remind everyone in order to ask a question, press star and then the
+      number one on your telephone keypad. We will pause for just a moment to compile
+      the Q&A roster. And as a reminder, we ask that you please limit yourself to
+      one question. And your first question comes from the line of Vivek Arya with
+      Bank of America Securities. Your line is open. Thanks for taking my question.
+      Jensen, you mentioned in the prepared comments that there''s a change in the
+      Blackwell GPU mask I''m curious, are there any other incremental changes in
+      back-end packaging or anything else? And I think related, you suggested that
+      you could ship several billion dollars of Blackwell in Q4 despite a change in
+      the design. Is it because all these issues will be solved by then? Just help
+      us size what is the overall impact of any changes in Blackwell timing, what
+      that means to your kind of revenue profile, and how are customers reacting to
+      it? Yeah, thanks, Vivek. The change to the mask is complete. There were no functional
+      changes necessary. And so we''re sampling functional samples of Blackwell, Grace
+      Blackwell, in a variety of system configurations as we speak. There are something
+      like 100 different types of Blackwell-based systems that are built that were
+      shown at Computext. and we''re enabling our ecosystem to start sampling those.
+      The functionality of Blackwell is as it is, and we expect to start production
+      in Q4. And your next question comes from the line of Toshi Ahari with Goldman
+      Sachs. Your line is open. Hi, thank you so much for taking the question. Jensen,
+      I had a relatively longer-term question. As you may know, there''s a pretty
+      heated debate in the market on your customers and customers'' customers'' return
+      on investment and what that means for the sustainability of CapEx going forward.
+      Internally at NVIDIA, what are you guys watching? What''s on your dashboard
+      as you try to gauge customer return and and how that impacts CapEx. And then
+      a quick follow-up maybe for Colette. I think your sovereign AI number for the
+      full year went up maybe a couple billion. What''s driving the improved outlook,
+      and how should we think about fiscal 26? Thank you. Thanks, Satoshi. First of
+      all, when I said ship production in Q4, I mean shipping out. I don''t mean starting
+      to ship, but I mean, I don''t mean starting production, but shipping out. On
+      the longer-term question, let''s take a step back And you''ve heard me say that
+      we''re going through two simultaneous platform transitions at the same time.
+      The first one is transitioning from accelerated computing to, from general purpose
+      computing to accelerated computing. And the reason for that is because CPU scaling
+      has been known to be slowing for some time. And it is slow to a crawl. And yet
+      the amount of computing demand continues to grow quite significantly. You could
+      maybe even estimate it to be doubling every single year. And so if we don''t
+      have a new approach, computing inflation would be driving up the cost for every
+      company, and it would be driving up the energy consumption of data centers around
+      the world. In fact, you''re seeing that. And so the answer is accelerated computing.
+      We know that accelerated computing, of course, speeds up applications. It also
+      enables you to do computing at a much larger scale, for example, scientific
+      simulations or database processing. But what that translates directly to is
+      lower cost and lower energy consumed. And in fact, this week, there''s a blog
+      that came out that talked about a whole bunch of new libraries that we offer.
+      And that''s really the core of the first platform transition, going from general
+      purpose computing to accelerated computing. And it''s not unusual to see someone
+      save 90% of their computing cost. And the reason for that is, of course, you
+      just sped up an application 50x. You would expect the computing cost to decline
+      quite significantly. The second was enabled by accelerated computing because
+      we drove down the cost of training large language models or training deep learning
+      so incredibly that it is now possible to have gigantic scale models, multi-trillion
+      parameter models, and pre-train it on just about the world''s knowledge corpus
+      and let the model go figure out how to understand human language representation
+      and how to codify knowledge into its neural networks and how to learn reasoning.
+      And so which caused the generative AI revolution? Now, generative AI, taking
+      a step back about why it is that we went so deeply into it, is because it''s
+      not just a feature. It''s not just a capability. It''s a fundamental new way
+      of doing software. Instead of human engineered algorithms, we now have data.
+      We tell the AI, we tell the model, we tell the computer, what are the expected
+      answers? What are our previous observations? And then for it to figure out what
+      the algorithm is, what''s the function, it learns a universal, you know, AI
+      is a bit of a universal function approximator, and it learns the function. And
+      so you could learn the function of almost anything. And anything that you have
+      that''s predictable, anything that has structure, anything that you have previous
+      examples of. And so now here we are with generative AI. It''s a fundamental
+      new form of computer science. It''s affecting how every layer of computing is
+      done from CPU to GPU, from human-engineered algorithms to machine-learned algorithms,
+      and the type of applications you could now develop and produce is fundamentally
+      remarkable. And there are several things that are happening in generative AI.
+      So the first thing that''s happening is the frontier models are growing in quite
+      substantial scale. And they''re still seeing, we''re still all seeing the benefits
+      of scaling. And whenever you double the size of a model, you also have to more
+      than double the size of the data set to go train it. And so the amount of flops
+      necessary in order to create that model goes up quadratically. And so it''s
+      not unexpected to see that the next generation models could take 20, 10, 20,
+      40 times more compute than last generation. So we have to continue to drive
+      the generational performance up quite significantly so we can drive down the
+      energy consumed and drive down the cost necessary to do it. So the first one
+      is, There are larger frontier models trained on more modalities, and surprisingly,
+      there are more frontier model makers than last year. And so you have more on
+      more on more. That''s one of the dynamics going on in generative AI. The second
+      is, although it''s below the tip of the iceberg, what we see are chat GPT, image
+      generators, We see coding. We use generative AI for coding quite extensively
+      here at NVIDIA now. We, of course, have a lot of digital designers and things
+      like that. But those are kind of the tip of the iceberg. What''s below the iceberg
+      are the largest systems, largest computing systems in the world today, which
+      are, and you''ve heard me talk about this in the past, which are recommender
+      systems moving from CPUs. It''s now moving from CPUs to generative AI. So recommender
+      systems, ad generation, custom ad generation, targeting ads at very large scale
+      and quite hyper-targeting, search, and user-generated content. These are all
+      very large-scale applications have now evolved to generative AI. Of course,
+      the number of generative AI startups is generating tens of billions of dollars
+      of cloud renting opportunities for our cloud partners. And sovereign AI, countries
+      that are now realizing that their data is their natural and national resource,
+      and they have to use AI, build their own AI infrastructure so that they could
+      have their own digital intelligence. Enterprise AI, as Colette mentioned earlier,
+      is starting. And you might have seen our announcement that the world''s leading
+      IT company companies are joining us to take the NVIDIA AI Enterprise platform
+      to the world''s enterprises. The companies that we''re talking to, so many of
+      them are just so incredibly excited to drive more productivity out of their
+      company. And then general robotics, the big transformation last year as we are
+      able to now learn physical AI from watching video and human demonstration and
+      synthetic data generation from reinforcement learning from systems like Omniverse.
+      We are now able to work with just about every robotics companies now to start
+      thinking about start building general robotics. And so you can see that there
+      are just so many different directions that generative AI is going. And so we''re
+      actually seeing the momentum of generative AI accelerating. And Tashia, to answer
+      your question regarding sovereign AI and our goals in terms of growth, in terms
+      of revenue, it certainly is a unique and growing opportunity, something that
+      surfaced with generative AI and the desires of countries around the world to
+      have their own that would be able to incorporate their own language, incorporate
+      their own culture, incorporate their own data in that country. So more and more
+      excitement around these models and what they can be specific for those countries.
+      So yes, we are seeing some growth opportunity in front of us. And your next
+      question comes from the line of Joe Moore with Morgan Stanley. Your line is
+      open. Great, thank you. Vincent, in the press release, you talked about Blackwell
+      anticipation being incredible, but it seems like Hopper demand is also really
+      strong. I mean, you''re guiding for a very strong quarter without Blackwell
+      in October. So, you know, how long do you see sort of coexisting strong demand
+      for both? And can you talk about the transition to Blackwell? Do you see people
+      intermixing clusters? Do you think most of the Blackwell activities, new clusters,
+      just some sense of what that transition looks like? Yeah, thanks, Joe. The demand
+      for Hopper is really strong. And it''s true, the demand for Blackwell is incredible.
+      There''s a couple of reasons for that. The first reason is if you just look
+      at the world''s cloud service providers and the amount of GPU capacity they
+      have available, it''s basically none. And the reason for that is because they''re
+      either being deployed internally for accelerating their own workloads, data
+      processing, for example. Data processing, you know, we hardly ever talk about
+      it because it''s mundane. You know, it''s not very cool because it doesn''t
+      generate a picture or, you know, generate words. But almost every single company
+      in the world processes data in the background. And NVIDIA''s GPUs are the only
+      accelerators on the planet that process and accelerate data. SQL data, Pandas
+      data, data science, toolkits like Pandas and the new one, Polars. These are
+      the most popular data processing platforms in the world. And aside from CPUs,
+      which, as I''ve mentioned before, really running out of steam, NVIDIA''s accelerated
+      computing is really the only way to get boosting performance out of that. And
+      so that''s number one, is the primary, the number one use case long before generative
+      AI came along is the migration of applications one after another. to accelerated
+      computing. The second is, of course, the rentals. They''re renting capacity
+      to model makers. They''re renting it to startup companies. And a generative
+      AI company spends the vast majority of their invested capital into infrastructure
+      so that they could use an AI to help them create products. And so these companies
+      need it now. They just simply can''t afford, you know, you just raised money.
+      They want you to put it to use now. You have processing that you have to do.
+      You can''t do it next year. You got to do it today. And so there''s a fair,
+      that''s one reason. The second reason for hopper demand right now is because
+      of the race to the next plateau. The first person to the next plateau gets to
+      be, you know, gets to introduce a revolutionary level of AI. The second person
+      who gets there is incrementally, you know, better or about the same. And so
+      the ability to systematically and consistently race to the next plateau and
+      be the first one there is how you establish leadership. You know, NVIDIA is
+      constantly doing that, and we show that to the world in the GPUs we make and
+      the AI factories that we make. the networking systems that we make, the SOCs
+      we create. I mean, we want to set the pace. We want to be consistently the world''s
+      best. And that''s the reason why we drive ourselves so hard. Of course, we also
+      want to see our dreams come true and all of the capabilities that we imagine
+      in the future and the benefits that we can bring to society. We want to see
+      all that come true. And so... These model makers are the same. Of course, they
+      want to be the world''s best. They want to be the world''s first. And although
+      Blackwell will start shipping out in billions of dollars at the end of this
+      year, the standing up of the capacity is still probably weeks and a month or
+      so away. And so between now and then is a lot of generative AI market dynamic.
+      And so Everybody is just really in a hurry. It''s either operational reasons
+      that they need it. They need accelerated computing. They don''t want to build
+      any more general purpose computing infrastructure. And even Hopper, you know,
+      of course, H200 is state of the art. Hopper, if you have a choice between building
+      CPU infrastructure right now for business or Hopper infrastructure for business
+      right now, that decision is relatively clear. And so I think people are just
+      clamoring to transition the trillion dollars of established installed infrastructure
+      to a modern infrastructure in Hopper''s state of the art. And your next question
+      comes from the line of Matt Ramsey with TD Cowan. Your line is open. Thank you
+      very much. Good afternoon, everybody. wanted to kind of circle back to an earlier
+      question about the debate that investors are having about the ROI on all of
+      this capex. And hopefully this question and the distinction will make some some
+      sense. But what I''m what I''m having discussions about is with like the percentage
+      of folks that you see that are spending all this money and looking to sort of
+      push the frontier towards AGI convergence, and as you just said, a new plateau
+      in capability. And they''re going to spend regardless to get to that level of
+      capability because it opens up so many doors for the industry and for their
+      company versus customers that are really, really focused today on CapEx versus
+      ROI. I don''t know if that distinction makes sense. I''m just trying to get
+      a sense of how you''re seeing the priorities of people that are putting the
+      dollars in the ground on this new technology and what their priorities are and
+      their timeframes are for that investment. Thanks. Thanks, Matt. The people who
+      are investing in NVIDIA infrastructure are getting returns on it right away.
+      It''s the best ROI infrastructure, computing infrastructure investment you can
+      make today. And so, So one way to think through it, probably the easiest way
+      to think through it is just go back to first principles. You have a trillion
+      dollars worth of general purpose computing infrastructure. And the question
+      is, do you want to build more of that or not? And for every billion dollars
+      worth of general CPU based infrastructure that you stand up, you probably rent
+      it for less than a billion. And so because it''s commoditized, there''s already
+      a trillion dollars on the ground. What''s the point of getting more? And so
+      the people who are clamoring to get this infrastructure, one, when they build
+      out Hopper-based infrastructure and soon Blackwell-based infrastructure, they
+      start saving money. That''s tremendous return on investment. And the reason
+      why they start saving money is because data processing saves money. Data processing
+      is probably just a giant part of it already. And so recommender systems save
+      money. so on and so forth. And so you start saving money. The second thing is
+      everything you stand up are going to get rented because so many companies are
+      being founded to create generative AI. And so your capacity gets rented right
+      away. And the return on investment of that is really good. And then the third
+      reason is your own business. You want to either create the next frontier yourself
+      or your own internet services benefit from a next-generation ad system or a
+      next-generation recommender system or a next-generation search system. So for
+      your own services, for your own stores, for your own user-generated content,
+      social media platforms, for your own services, generative AI is also a fast
+      ROI. And so there''s a lot of ways you could think through it, but at the core,
+      it''s because It is the best computing infrastructure you could put in the ground
+      today. The world of general purpose computing is shifting to accelerated computing.
+      The world of human engineered software is moving to generative AI software.
+      If you were to build infrastructure to modernize your cloud and your data centers,
+      build it with accelerated computing and NVIDIA. That''s the best way to do it.
+      And your next question comes from the line of Timothy Arcuri with UBS. Your
+      line is open. Thanks a lot. I had a question on the shape of the revenue growth,
+      both near and longer term. I know, Colette, you did increase OPEX for the year.
+      And if I look at the increase in your purchase commitments and your supply obligations,
+      that''s also quite bullish. On the other hand, there''s some school of thought
+      that not that many customers really seem ready for liquid cooling. And I do
+      recognize that some of these racks can be air cooled. But, Jensen, is that something
+      to consider sort of on the shape of how Blackwell is going to ramp? And then
+      I guess when you look beyond next year, which is obviously going to be a great
+      year, and you look into 26, do you worry about any other gating factors like,
+      say, the power supply chain or at some point models start to get smaller? I''m
+      just wondering if you can speak to that. Thanks. I''m going to work backwards.
+      I really appreciate the question, Tim. So remember, the world is moving from
+      general purpose computing to accelerated computing. And the world builds about
+      a trillion dollars worth of data centers. You know, a trillion dollars worth
+      of data centers in a few years will be all accelerated computing. In the past,
+      no GPUs are in data centers, just CPUs. In the future, every single data center
+      will have GPUs. And the reason for that is very clear because we need to accelerate
+      workloads so that we can continue to be sustainable, continue to drive down
+      the cost of computing so that when we do more computing, we don''t experience
+      computing inflation. Second, we need GPUs for a new computing model called generative
+      AI that we can all acknowledge is going to be quite transformative to the future
+      of computing. And so I think working backwards, the way to think about that
+      is the next trillion dollars of the world''s infrastructure will clearly be
+      different than the last trillion, and it will be vastly accelerated. With respect
+      to the shape of our ramp, we offer multiple configurations of Blackwell. Blackwell
+      comes in either a Blackwell classic, if you will, that uses the HGX form factor
+      that we pioneered with Volta. And I think it was Volta. And so we''ve been shipping
+      the HGX form factor for some time. It is air cooled. The Grace Blackwell is
+      liquid cooled. However, the number of data centers that want to go liquid cooled
+      is quite significant. And the reason for that is because we can, in a liquid
+      cooled data center, In any data center, power limited data center, whatever
+      size data center you choose, you could install and deploy anywhere from three
+      to five times the AI throughput compared to the past. And so liquid cooling
+      is cheaper. Liquid cooling, our TCO is better. And liquid cooling allows you
+      to have the benefit of this capability we call MVLink, which allows us to expand
+      it to 72 Grace Blackwell packages, which has essentially 144 GPUs. And so imagine
+      144 GPUs connected in MVLink, and we''re increasingly showing you the benefits
+      of that. And the next click is obviously very low latency, very high throughput,
+      large language model inference. The large MVLink domain is going to be a game
+      changer for that. And so I think people are very comfortable deploying both.
+      And so almost every CSP we''re working with are deploying some of both. And
+      so I''m pretty confident that we''ll ramp it up just fine. Your second question
+      out of the third is looking forward, yeah, next year is going to be a great
+      year. We expect to grow our data center business quite significantly next year.
+      Blackwell is going to be a complete game changer for the industry. And Blackwell
+      is going to carry into the following year. And as I mentioned earlier, working
+      backwards from first principles, remember that computing is going through two
+      platform transitions at the same time. And that''s just really, really important
+      to keep your mind focused on, which is general purpose computing is shifting
+      to accelerated computing and human engineered software is going to transition
+      to generative ai or artificial intelligence learned software okay and your next
+      question comes from the line of stacy raskin with bernstein research your line
+      is open hi guys thanks for taking my questions i have two short questions for
+      colette The first, several billion dollars of Blackwell revenue in Q4, is that
+      additive? You said you expected Hopper demand to strengthen in the second half.
+      Does that mean Hopper strengthens Q3 to Q4 as well on top of Blackwell adding
+      several billion dollars? And the second question on gross margins, if I have
+      mid-70s for the year, depending where I want to draw that, if I have 75 for
+      the year, I''d be something like 71 to 72. for Q4 somewhere in that range? Is
+      that the kind of exit rate for gross margins that you''re expecting? And how
+      should we think about the drivers of gross margin evolution in the next year
+      as Blackwell ramps and, I mean, hopefully, I guess the yields and the inventory
+      reserves and everything come up? This is Stacy. Let''s first take your question
+      that you had about Hopper and Blackwell. So we believe our Hopper will continue
+      to grow into the second half. We have many new products for Hopper, our existing
+      products for Hopper, that we believe will start continuing to ramp in the next
+      quarters, including our Q3 and those new products moving to Q4. So let''s say
+      Hopper, therefore, versus H1 is a growth opportunity for that. Additionally,
+      we have the Blackwell on top of that. and the Blackwell starting of ramping
+      in Q4. So, hope that helps you on those two pieces. Your second piece is in
+      terms of on our gross margin. We provided gross margin for our Q3. We provided
+      our gross margin on a non-GAAP at about 75. We''ll work with all the different
+      transitions that we''re going through, but we do believe we can do that 75 in
+      Q3. We provided that we''re still on track for the full year, also in the mid-70s
+      or approximately the 75. So we''re going to see some slight difference possibly
+      in Q4, again, with our transitions and the different cost structures that we
+      have on our new product introductions. However, I''m not in the same number
+      that you are there. We don''t have exactly guidance, but I do believe you''re
+      lower than where we are. And your next question comes from the line of Ben Reitzes
+      with Mellius. Your line is open. Yeah. Hey, thanks a lot for the question, Jensen
+      and Colette. I wanted to ask about the geographies. There was the 10Q that came
+      out and the United States was down sequentially while several Asian geographies
+      were up a lot sequentially. Just wondering what the dynamics are there and Um,
+      obviously China did very well. You mentioned it, your remarks, what are the
+      puts and takes? And then I just wanted to clarify from Stacy''s question, um,
+      if that means, uh, the sequential overall revenue growth rates for the company
+      accelerate in the fourth quarter, given all those favorable revenue dynamics.
+      Thanks. Let me talk about, um, a bit in terms of our disclosure, in terms of
+      the time queue, a required disclosure and a choice of geographies. Very challenging
+      sometimes to create that right disclosure as we have to come up with one key
+      piece. Pieces in terms of we have in terms of who we sell to and or specifically
+      who we invoice to. And so what you''re seeing in terms of there is who we invoice.
+      That''s not necessarily where the product will eventually be and where it may
+      even travel to the end customer. These are just moving to our OEMs, our ODMs,
+      and our system integrators for the most part across our product portfolio. So
+      what you''re seeing there is sometimes just a swift shift in terms of who they
+      are using to complete their full configuration before those things are going
+      into the data center, going into notebooks and those pieces of it. And that
+      shift happens from time to time. But yes, our China number there, our inverse
+      into China, keep in mind that is incorporating both gaming, also data center,
+      also automotive in those numbers that we have. Going back to your statement
+      regarding gross margin and also what we''re seeing in terms of what we''re looking
+      at for Hopper and Blackwell in terms of revenue. Hopper will continue to grow
+      in the second half, will continue to grow from what we are currently seeing.
+      During determining that exact mix In each Q3 and Q4, we don''t have here. We
+      are not here to guide yet in terms of Q4. But we do see right now the demand
+      expectations. We do see the visibility that that will be a growth opportunity
+      in Q4. On top of that, we will have our Blackwell architecture. And your next
+      question comes from the line of CJ Muse with Cantor Fitzgerald. Your line is
+      open. Yeah, good afternoon. Thank you for taking the question. You''ve embarked
+      on a remarkable annual product cadence with challenges only likely becoming
+      more and more given, you know, rising complexity and a radical limit in the
+      advanced package world. So curious, you know, if you take a step back, how does
+      this backdrop alter your thinking around potentially greater vertical integration,
+      supply chain partnerships, and then thinking through consequential impact to
+      your margin profile? Thank you. Yeah, thanks. Thanks. Let''s see. I think the
+      answer to your first question is that the reason why our velocity is so high
+      is simultaneously because the complexity of the model is growing, and we want
+      to continue to drive its cost down. It''s growing, so we want to continue to
+      increase its scale. And we believe that by continuing to scale the AI models,
+      that will reach a level of extraordinary usefulness and that it would open up,
+      realize the next industrial revolution. We believe it. And so we''re going to
+      drive ourselves really hard to continue to go up that scale. We have the ability,
+      fairly uniquely, to integrate to design an AI factory because we have all the
+      parts. It''s not possible to come up with a new AI factory every year unless
+      you have all the parts. And so next year, we''re going to ship a lot more CPUs
+      than we''ve ever had in the history of our company, more GPUs, of course, but
+      also NVLink switches, CX, DPUs, ConnectX DPU for East and West, Bluefield DPUs
+      for North and South and data and storage processing, to InfiniBand for supercomputing
+      centers, to Ethernet, which is a brand new product for us, which is well on
+      its way to becoming a multi-billion dollar business to bring AI to Ethernet.
+      The fact that we could build, we have access to all of this. We have one architectural
+      stack, as you know. It allows us to introduce new capabilities to the market
+      as we complete it. Otherwise, what happens, you ship these parts, you go find
+      customers to sell it to, and then you''ve got to build, somebody''s got to build
+      up an AI factory. And the AI factory has got a mountain of software. And so
+      it''s not about who integrates it. We love the fact that our supply chain is
+      disintegrated in the sense that we could service, you know, Quanta, Foxconn,
+      HP, Dell, Lenovo, Supermicro. We used to be able to service ZT. They were recently
+      purchased and so on and so forth. And so the number of ecosystem partners that
+      we have Gigabyte, ASUS, the number of ecosystem partners that we have that allows
+      them to take our architecture, which all works, but integrate it in a bespoke
+      way into all of the world''s cloud service providers, enterprise data centers.
+      The scale and reach necessary from our ODMs and our integrator supply chain
+      is vast and gigantic because the world is huge. And so that part we don''t want
+      to do and we''re not good at doing. But we know how to design the AI infrastructure,
+      provide it the way that customers would like it, and let the ecosystem integrate
+      it. Well, yeah. So anyways, that''s the reason why. And your final question
+      comes from the line of Aaron Rakers with Wells Fargo. Your line is open. Yes,
+      thanks for taking the question. I wanted to go back into the Blackwell product
+      cycle. One of the questions that we tend to get asked is how you see the rack
+      scale system mix dynamic as you think about leveraging NVLink. You think about
+      GB, you know, NVL72. And how that go-to-market dynamic looks as far as the Blackwell
+      product cycle. I guess I put distinctly, how do you see that mix of rack scale
+      systems as we start to think about the Blackwell cycle playing out? Yeah, Aaron,
+      thanks. The Blackwell rack system, it''s designed and architected as a rack,
+      but it''s sold in disaggregated system components. We don''t sell the whole
+      rack. And the reason for that is because everybody''s rack''s a little different,
+      surprisingly. Some of them are OCP standards, some of them are not. Some of
+      them are enterprise. And the power limits for everybody could be a little different.
+      Choice of CDUs, the choice of power bus bars, the configuration and integration
+      into people''s data centers, all different. So the way we designed it, we architected
+      the whole rack. The software is going to work perfectly across the whole rack.
+      And then we provide the system components. Like, for example, the CPU and GPU
+      compute board is then integrated into an MGX. It''s a modular system architecture.
+      MGX is completely ingenious. And we have MGX ODMs and integrators and OEMs all
+      over the plant. And so just about any configuration you would like, where you
+      would like that 3,000-pound rack to be delivered, it has to be integrated and
+      assembled close to the data center because it''s fairly heavy. And so everything
+      from the supply chain, from the moment that we ship the GPU CPUs the switches,
+      the NICs. From that point forward, the integration is done quite close to the
+      location of the CSPs and the locations of the data centers. And so you can imagine
+      how many data centers in the world there are and how many logistics hubs we''ve
+      scaled out to with our ODM partners. And so I think because we show it as one
+      rack and because it''s always rendered that way, and shown that way, we might
+      have left the impression that we''re doing the integration. Our customers hate
+      that we do integration. The supply chain hates us doing integration. They want
+      to do the integration. That''s their value added. There''s a final design in,
+      if you will. It''s not quite as simple as shimmy into a data center, but that
+      design fit in is really complicated. And so the design fit in, the installation,
+      the bring up, the repair and replace, that entire cycle is done all over the
+      world. And we have a sprawling network of ODM and OEM partners that does this
+      incredibly well. So integration is not the reason why we''re doing this. racks,
+      it''s the anti-reason of doing it. We don''t want to be an integrator. We want
+      to be a technology provider. And I will now turn the call back over to Jensen
+      Huang for closing remarks. Thank you. Let me make a couple of comments that
+      I made earlier again. The data center worldwide are in full steam to modernize
+      the entire computing stack with accelerated computing and generative AI. Hopper
+      demand remains strong, and the anticipation for Blackwell is incredible. Let
+      me highlight the top five things, the top five things of our company. Accelerated
+      computing has reached a tipping point. CPU scaling slows. Developers must accelerate
+      everything possible. Accelerated computing starts with CUDAx libraries. New
+      libraries open new markets for NVIDIA. We released many new libraries, including
+      CUDAx accelerated pollers, Pandas, and Spark, the leading data science and data
+      processing libraries. QVS for vector databases. This is incredibly hot right
+      now. Ariel and Shiona for 5G wireless base station. A whole suite of a whole
+      world of data centers that we can go into now. Parabricks for gene sequencing.
+      And AlphaFold2 for protein structure prediction is now CUDA accelerated. We
+      are at the beginning of our journey to modernize a trillion dollars worth of
+      data centers from general purpose computing to accelerated computing. That''s
+      number one. Number two, Blackwell is a step function leap over Hopper. Blackwell
+      is an AI infrastructure platform, not just a GPU. Also happens to be the name
+      of our GPU, but it''s an AI infrastructure platform. As we reveal more of Blackwell
+      and sample systems to our partners and customers, the extent of Blackwell''s
+      leap becomes clear. The Blackwell vision took nearly five years and seven one-of-a-kind
+      chips to realize. The gray CPU, the Blackwell dual GPU in a co-op package, ConnectX
+      DPU for east-west traffic, Bluefield DPU for north-south and storage traffic,
+      MV-Link switch for all-to-all GPU communications, and Quantum and Spectrum X
+      for both InfiniBand and Ethernet, can support the massive burst traffic of AI.
+      Blackwell AI factories are building-sized computers. NVIDIA designed and optimized
+      the Blackwell platform full-stack, end-to-end, from chips, systems, networking,
+      even structured cables, power and cooling, and mountains of software to make
+      it fast for customers to build AI factories. These are very capital-intensive
+      infrastructures customers want to deploy it as soon as they get their hands
+      on the equipment and deliver the best performance and TCO. Blackwell provides
+      three to five times more AI throughput in a power-limited data center than Hopper.
+      The third is MVLink. This is a very big deal. Its all-to-all GPU switch is game-changing.
+      The Blackwell system lets us connect 144 GPUs in 72... GB200 packages into one
+      MVLink domain with an aggregate MVLink bandwidth of 259 terabytes per second
+      in one rack. Just put that in perspective, that''s about 10 times higher than
+      Hopper. 259 terabytes per second kind of makes sense because you need to boost
+      the training of multi-trillion parameter models on trillions of tokens. And
+      so that natural amount of data needs to be moved around from GPU to GPU. For
+      inference, MVLink is vital for low latency, high throughput, large language
+      model, token generation. We now have three networking platforms. MVLink for
+      GPU scale up, Quantum InfiniBand for supercomputing and dedicated AI factories,
+      and SpectrumX for AI on Ethernet. MVLink''s networking footprint is much bigger
+      than before. Generative AI momentum is accelerating. Generative AI frontier
+      model makers are racing to scale to the next AI plateau to increase model safety
+      and IQ. We''re also scaling to understand more modalities from text, images,
+      and video to 3D, physics, chemistry, and biology. Chatbots, coding AIs, and
+      image generators are growing fast, but it''s just the tip of the iceberg. Internet
+      services are deploying generative AI for large-scale recommenders, ad targeting,
+      and search systems. AI startups are consuming tens of billions of dollars yearly
+      of CSP''s cloud capacity, and countries are recognizing the importance of AI
+      and investing in sovereign AI infrastructure. And NVIDIA Omniverse is opening
+      up the next era of AI, general robotics. And now the enterprise AI wave has
+      started, and we''re poised to help companies transform their businesses. The
+      NVIDIA AI Enterprise Platform consists of NEMO, NEMS, NEM Agent Blueprints,
+      and AI Foundry that our ecosystem partners, the world-leading IT companies,
+      use to help companies customize AI models and build bespoke AI applications.
+      Enterprises can then deploy on NVIDIA AI Enterprise runtime. And at $4,500 per
+      GPU per year, NVIDIA AI Enterprise is an exceptional value for deploying AI
+      anywhere. And for NVIDIA''s software TAM can be significant as the CUDA-compatible
+      GPU install base grows from millions to tens of millions. And as Colette mentioned,
+      NVIDIA software will exit the year at a $2 billion run rate. Thank you all for
+      joining us today. And ladies and gentlemen, this concludes today''s call, and
+      we thank you for your participation. You may now disconnect.", "questions_and_answers":
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{earningscall-1.2.0 → earningscall-1.2.1}/tests/test_get_transcript.py

@@ -206,6 +206,29 @@ def test_get_demo_company_with_advanced_transcript_data_level_4():
     assert transcript.speakers is None
 
 
+@responses.activate
+def test_get_demo_company_with_advanced_transcript_data_level_4_q_and_a_is_missing():
+    ##
+    responses._add_from_file(file_path=data_path("symbols-v2.yaml"))
+    responses._add_from_file(file_path=data_path("nvda-q2-2025-level-4-data-missing.yaml"))
+    ##
+    company = get_company("nvda")
+    ##
+    transcript = company.get_transcript(year=2025, quarter=2, level=4)
+    ##
+    assert transcript.event.year == 2025
+    assert transcript.event.quarter == 2
+    assert transcript.event.conference_date.isoformat() == "2024-08-28T17:00:00-04:00"
+    assert transcript.text[:100] == (
+        "Good afternoon, everyone, and welcome to NVIDIA's conference call for the second quarter of fiscal 2"
+    )
+    assert transcript.prepared_remarks[:100] == (
+        "Good afternoon, everyone, and welcome to NVIDIA's conference call for the second quarter of fiscal 2"
+    )
+    assert transcript.questions_and_answers is None
+    assert transcript.speakers is None
+
+
 @responses.activate
 def test_get_non_demo_company():
     ##
@@ -393,9 +416,9 @@ def test_get_company_fails_not_authorized():
 # from responses import _recorder
 #
 #
-# @_recorder.record(file_path="data/aapl-q1-2022-speaker-name-map-v2-blah.yaml")
+# @_recorder.record(file_path="data/nvda-q2-2025-level-4-data-missing.yaml")
 # def test_save_symbols_v1_first():
-#     requests.get("https://v2.api.earningscall.biz/transcript?apikey=demo&exchange=NASDAQ&symbol=AAPL&year=2023&quarter=1&level=2")
+#     requests.get("https://v2.api.earningscall.biz/transcript?apikey=demo&exchange=NASDAQ&symbol=NVDA&year=2025&quarter=2&level=4")
 
 # Uncomment and run following code to generate demo-symbols-v2.yaml file