英伟达吞下45亿美元“哑巴亏”

Core Viewpoint - Nvidia's Q1 2026 financial report shows a mixed performance, with revenue growth of 69% year-on-year to $44.1 billion, exceeding market expectations, but net profit of $18.775 billion fell short of forecasts, leading to a cautious market reaction [1][2]. Financial Performance - Nvidia's revenue for Q1 2026 reached $44.1 billion, a 69% increase compared to the previous year, surpassing the market expectation of $43.1 billion [1]. - The net profit for the quarter was $18.775 billion, which was below the market forecast of $20.767 billion [1]. Product Transition and Market Response - The successful transition from the Hopper architecture to the Blackwell architecture has been a key focus, with Blackwell contributing nearly 70% of data center revenue [4]. - Data center revenue for the quarter was $39.11 billion, reflecting a 73% year-on-year increase [4]. - Nvidia's stock price rose over 5% in after-hours trading following the earnings report, with Morgan Stanley raising its target price from $160 to $170 [2]. Production and Demand Insights - Nvidia's delivery of the B200 GPU has significantly increased, with weekly deliveries rising to 72,000 units in Q1 2026, up from 30,000 units in the previous quarter [4]. - The company’s strategy of sending sample chips to key clients like Microsoft and OpenAI has facilitated faster adoption of Blackwell [5]. Gaming Segment Performance - The gaming graphics card segment generated $3.8 billion in revenue, a 42% increase year-on-year, exceeding analyst expectations of $2.85 billion [7]. - The introduction of the RTX 50 series and the positive reception of its DLSS 4 technology have contributed to the growth in the gaming segment [7]. Challenges in the Chinese Market - Nvidia faces significant challenges in the Chinese market due to the H20 chip export ban, which has resulted in $2.5 billion in unfulfilled orders and $4.5 billion in inventory and procurement costs [8][12]. - The company has recognized that the inability to access the Chinese AI chip market could lead to substantial losses, estimating a potential revenue reduction of $8 billion in the next quarter due to these restrictions [11][12]. Profitability Impact - The non-GAAP gross margin for the quarter was reported at 61.0%, which could have reached 71.3% if not for the $4.5 billion costs associated with the H20 chips [9][10].