缺中国市场，英伟达被忧增长放缓

Core Insights - Nvidia reported its Q2 FY2026 earnings, showing revenue and net profit growth exceeding market expectations, but its data center business revenue fell short for two consecutive quarters, leading to a stock price drop of over 3% in after-hours trading [1][3] Financial Performance - Nvidia's Q2 revenue reached $46.74 billion, a 56% year-over-year increase, surpassing the market expectation of $46.06 billion; net profit was $26.42 billion, up 59% year-over-year [3] - The data center business generated $41.1 billion in revenue, slightly below the expected $41.34 billion, marking the slowest revenue growth rate in nine quarters [3] Market Dynamics - Despite strong sales of AI chips, concerns are rising about a potential slowdown in AI demand, as indicated by the lower-than-expected revenue forecast for Q3 at $54 billion, which is seen as underwhelming following previous explosive growth [4] - Nvidia's CEO Jensen Huang highlighted the potential for $500 billion in opportunities in the Chinese market, emphasizing the importance of competitive products to capture this demand [4] Geopolitical Factors - The decline in data center revenue was partly attributed to a $4 billion drop in sales of the H20 chip, specifically designed for the Chinese market, due to ongoing geopolitical issues [3][4] - Nvidia is in discussions with the U.S. government regarding the significance of meeting the Chinese market's needs and aims to introduce its Blackwell architecture GPUs to China [4]