SIASUN(SZ:300024) Hua Xia Shi Bao·2025-08-29 14:07Core Viewpoint - Nvidia's recent financial report indicates a significant slowdown in revenue growth, despite strong performance in the AI chip market and new developments in the robotics sector [2][6]. Group 1: Financial Performance - For the second quarter of fiscal year 2026, Nvidia reported revenues of $46.743 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6% [6]. - Net profit for the same period was $26.422 billion, reflecting a year-on-year growth of 59% and a quarter-on-quarter growth of 41% [6]. - Revenue from data centers reached $41.096 billion, up 56% year-on-year, while gaming revenue was $4.287 billion, up 49% year-on-year [6]. Group 2: Market Dynamics - Nvidia did not sell H20 chips to Chinese customers in the second quarter, despite previous indications of a market re-entry [3][4]. - The company benefited from a release of $180 million worth of H20 inventory, generating approximately $650 million in sales to customers outside China [3]. - The H20 chip has faced scrutiny over security concerns, which may impact its future sales in China [3][4]. Group 3: Robotics Sector - Nvidia is expanding its presence in the robotics market with the launch of the Jetson Thor developer kit, priced at $3,499, which has already been adopted by several companies [5][6]. - The company maintains a strong position in the robotics field, although competition from domestic chip manufacturers is increasing [6][4]. - Experts suggest that even if H20 returns to the Chinese market, its previous dominance may not be restored due to the rise of domestic alternatives [4][6]. Group 4: Future Outlook - Nvidia's revenue growth is expected to stabilize, with projections indicating a potential revenue of $54 billion for the next quarter, excluding H20 shipments to China [8]. - The demand for AI chips is reaching a saturation point, but Nvidia's innovation capabilities may help maintain its leading position in the market [8].