对华H20销量为0，英伟达营收不及预期

Core Viewpoint - Nvidia's Q2 earnings report for fiscal year 2026 fell short of investor expectations despite showing significant revenue growth, primarily due to concerns over its data center business and lack of sales in the Chinese market [1][4]. Financial Performance - Q2 total revenue reached $46.7 billion, up from $30.04 billion year-over-year, representing a 56% increase, slightly above market expectations of $46.058 billion [1][2]. - Data center revenue was $41.1 billion, also a 56% year-over-year increase, but slightly below analyst expectations of $41.29 billion [1][3]. - Nvidia expects Q3 revenue to be around $54 billion, with a 2% fluctuation, compared to market expectations of $53.46 billion [1]. Business Segments - Gaming and AI PC revenue for Q2 was $4.3 billion, a 49% increase year-over-year, exceeding analyst expectations of $3.82 billion [2]. - Professional visualization revenue was $601 million, up 32% year-over-year, surpassing expectations of $532 million [2]. - Automotive and robotics revenue reached $586 million, a 69% increase year-over-year, also exceeding analyst expectations [2]. Data Center Business Insights - The data center business, which accounts for 88% of total revenue, showed a slowdown in growth, with a year-over-year increase of 56%, down from 73% in the previous quarter [3]. - The Blackwell series GPUs performed well, with a 17% increase in sales, contributing nearly 70% to data center compute revenue [3]. Market Concerns - Nvidia's stock fell over 5% in after-hours trading following the earnings report, attributed to the data center business's underperformance and conservative Q3 guidance [4]. - The lack of a strategy to address sales challenges in the Chinese market raised concerns among investors, particularly regarding the H20 chip, which saw a $4 billion reduction in sales due to U.S. government restrictions [4][5]. Future Outlook - Nvidia's Q3 revenue forecast does not include any income from AI chip sales in China, indicating a conservative approach due to ongoing regulatory issues [5]. - The CFO mentioned that if regulatory issues are resolved, Q3 H20 chip revenue could reach $2-5 billion, but analysts expressed skepticism about this optimistic outlook [6]. Regulatory Challenges - The U.S. government previously banned the export of the H20 chip to China, which significantly impacted Nvidia's revenue from that region [7]. - Nvidia is exploring the introduction of a new processor based on the Blackwell architecture for the Chinese market, although concerns about security and compliance remain [7].