全文|英伟达Q2业绩会实录：中国是AI重要市场

Core Viewpoint - Nvidia reported record revenue of $46.743 billion for Q2 of fiscal year 2026, marking a 56% year-over-year increase and a 6% quarter-over-quarter increase, with net profit reaching $26.422 billion, a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] Financial Performance - Revenue for Q2 of fiscal year 2026 was $46.743 billion, up 56% year-over-year and 6% quarter-over-quarter [1] - Net profit was $26.422 billion, reflecting a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] - Adjusted net profit, not in accordance with GAAP, was $25.783 billion, a 52% year-over-year increase and a 30% quarter-over-quarter increase [1] Market Outlook - Nvidia's CEO highlighted the evolution of reasoning AI as a key driver for growth, indicating that the computational demand has increased significantly due to the capabilities of reasoning AI [3] - The company is targeting a market opportunity of $3 trillion to $4 trillion in AI infrastructure over the next few years, with significant capital expenditures from major cloud service providers reaching approximately $600 billion [4][10] Product Development - The Blackwell platform and NVLink 72 system were developed to meet current demands, achieving significant speed and energy efficiency improvements [4] - The Rubin platform is expected to contribute to revenue in the second half of the fiscal year, with a focus on AI applications [2][4] Competitive Landscape - Nvidia's products are widely adopted across major cloud platforms, providing a competitive edge in the AI infrastructure market [7] - The company is addressing the complexities of ASIC development, emphasizing the challenges and the need for comprehensive solutions in AI computing [6][8] China Market Potential - Nvidia estimates a potential market opportunity of $50 billion in China, with expectations of 50% annual growth in the AI sector [13] - The company is actively engaging with the Chinese government to facilitate market entry and product distribution [14] Future Projections - Nvidia anticipates that the data center infrastructure spending will reach $3 trillion to $4 trillion by 2030, driven by the increasing demand for AI capabilities [10][12] - The company is positioned to capture a significant share of this market, with estimates suggesting Nvidia's contribution to a gigawatt-level AI factory could be around $35 billion [11] Technological Advancements - The introduction of the Spectrum XGS product is aimed at enhancing data center interconnectivity, with significant market opportunities identified [16] - The company is focused on improving energy efficiency and performance per watt, which is critical for the profitability of AI factories [12][20]