黄仁勋：看好中国AI市场明年增50%的业务机会，通信ETF（515880）大涨5%

Core Viewpoint - Nvidia's latest financial report for Q2 FY2026 shows revenue of $46.743 billion, a 56% year-over-year increase, slightly exceeding analyst expectations of $46.23 billion. However, concerns arose regarding a slowdown in AI spending growth due to lower-than-expected data center revenue and lackluster guidance, leading to a significant drop in Nvidia's stock price and a decline in other chip stocks in after-hours trading [1][2]. Group 1: Nvidia's Financial Performance - Nvidia reported Q2 FY2026 revenue of $46.743 billion, a 56% increase year-over-year, slightly above the expected $46.23 billion [1]. - Data center revenue for the second quarter was $41 billion, slightly below the analyst forecast of $41.29 billion [1]. - The company's guidance for future performance was not optimistic, raising concerns about the momentum of AI spending growth [1]. Group 2: Market Reactions and Trends - Following Nvidia's report, its stock fell over 5% in after-hours trading, impacting other chip stocks negatively [1]. - In contrast, the A-share chip industry saw a significant rise, particularly the communication ETF (515880), which increased by over 5% amid strong capital inflows totaling over 2.8 billion in the last 20 trading days [1][2]. Group 3: China Market Outlook - Nvidia's CEO Jensen Huang indicated a potential introduction of the advanced Blackwell processor to the Chinese market, predicting about $50 billion in business opportunities from China this year [2]. - The Chinese AI market is expected to grow by 50% next year, contributing to optimism in the domestic chip industry [2]. Group 4: Industry Fundamentals - According to Q2 financial reports from domestic and international cloud service providers, AI capital expenditure growth remains high [3]. - Goldman Sachs' recent survey in Silicon Valley indicates a positive sentiment among AI companies and venture capitalists, with expectations of continued growth in enterprise-level generative AI adoption [3]. - The North American cloud providers' capital expenditures are projected to reach $319 billion to $327 billion in 2025, a year-over-year increase of 30.2% to 33.5% [5]. Group 5: Policy and Infrastructure Developments - The Chinese government has issued policies to enhance AI infrastructure, including optimizing national computing resources and promoting the integration of data, computing, electricity, and networks [5]. - The demand for optical modules, crucial for AI computing transmission, is expected to rise as operators accelerate the construction of a national integrated intelligent computing network [5][6]. Group 6: Investment Opportunities - The communication sector is driven by the continuous growth of global data traffic, with significant demand for communication equipment like optical modules and servers [6]. - The communication ETF (515880) is highlighted as a potential investment opportunity, with over 70% of its index comprising optical modules, servers, copper connections, and fiber optics [8].