SIASUN(SZ:300024) Hua Xia Shi Bao·2025-08-30 09:01Core Viewpoint - Nvidia's recent financial report indicates a significant slowdown in revenue growth, despite strong performance in the AI chip market and a robust demand in the robotics sector. The company has not sold H20 chips to Chinese customers in the second quarter, which raises questions about future sales in that market [3][5][9]. 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%. Net profit reached $26.422 billion, up 59% year-on-year and 41% quarter-on-quarter [9]. - The revenue breakdown includes $41.096 billion from data centers (up 56% year-on-year), $4.287 billion from gaming (up 49% year-on-year), $601 million from professional visualization (up 32% year-on-year), and $586 million from automotive (up 69% year-on-year) [9]. Market Dynamics - Nvidia's H20 chip has not been sold to Chinese customers in the second quarter, despite previous indications of a potential return to the market. The company benefited from a $180 million inventory release of H20 chips sold to non-Chinese customers, generating approximately $650 million in revenue [5][6]. - The H20 chip faces competition from domestic alternatives, which are increasingly being adopted in China. Companies like Huawei and others are developing GPUs that can replace H20, diminishing its market advantage [6][9]. Future Outlook - Nvidia's revenue growth is expected to stabilize, with projections indicating a potential revenue of $54 billion for the next quarter, excluding any sales from H20 products to China. Analysts suggest that the growth rate may decline to 30%-40% over the next 3-5 years due to market saturation in AI chip demand [10].