Nvidia(US:NVDA) 智通财经网·2025-08-28 05:50Core Insights - Nvidia's Q2 revenue shows double-digit growth, with Blackwell chip revenue increasing by 17% quarter-over-quarter, indicating strong demand according to CEO Jensen Huang [1][9] - The data center segment continues to underperform, partly due to a decrease in H20 chip revenue, with no sales of H20 in China during the quarter [1][11] - Nvidia anticipates significant growth opportunities in the coming years, particularly in AI infrastructure spending projected to reach $3 trillion to $4 trillion by the end of the decade [3][12] Financial Performance - Total revenue for the quarter reached $46.7 billion, exceeding expectations, with data center revenue growing by 56% year-over-year despite a $4 billion drop in H20 revenue [9][12] - The company expects Q3 total revenue to be around $54 billion, reflecting over $7 billion in quarter-over-quarter growth [23] - Non-GAAP gross margin is projected to reach the mid-70% range by year-end, with GAAP gross margin at 72.4% [5][22] Market Opportunities - Nvidia sees a potential $50 billion market opportunity in China this year, with expectations for 50% annual growth in the AI market [2][39] - The rise of sovereign AI is expected to generate $20 billion in revenue this year, more than double from the previous year [6][15] - Nvidia's Blackwell architecture is positioned as the new standard for AI inference performance, with significant efficiency improvements [4][12] Product Developments - The Blackwell platform has set a benchmark for AI inference performance, with NVLink and CUDA architectures enhancing economic efficiency [4][12] - The company has begun production of the GB300 platform, which is expected to drive revenue growth due to its superior performance [10][12] - Nvidia's new Spectrum X Ethernet technology aims to unify data centers into high-performance AI supercomputers, with annual revenue from Ethernet products exceeding $10 billion [17][42] Strategic Initiatives - Nvidia is actively engaging with the U.S. government to address geopolitical issues affecting sales to China, with potential H20 sales projected at $2 billion to $5 billion if resolved [11][30] - The company emphasizes the importance of its products in the AI race, highlighting the need for competitive offerings in the Chinese market [2][39] - Nvidia's focus on enhancing energy efficiency and performance in its AI infrastructure is crucial for driving revenue growth in the face of potential power limitations [36][37]