英伟达云端GPU卖光了，黄仁勋称AI没有泡沫

Core Viewpoint - Nvidia reported strong Q3 FY26 earnings, with revenue of $57.006 billion, a 62% year-over-year increase, and net income of $31.910 billion, up 65% year-over-year, surpassing market expectations [1][2][3] Financial Performance - Revenue for Q3 FY26 reached $57.006 billion, up 22% quarter-over-quarter and 62% year-over-year [2] - Gross margin was 73.4%, a slight increase of 1.0 percentage points from the previous quarter but a decrease of 1.2 percentage points year-over-year [2] - Operating income was $36.010 billion, reflecting a 27% increase quarter-over-quarter and a 65% increase year-over-year [2] - Diluted earnings per share were $1.30, up 20% from the previous quarter and 67% year-over-year [2] Market Sentiment and Guidance - Despite a cautious investor sentiment, Nvidia's performance countered concerns about "peak growth" and "AI bubble" [3] - The company provided strong guidance for Q4, expecting sales to reach $65 billion, exceeding the consensus estimate of $62 billion [3] - Nvidia's stock price rose 2.85% to $186.52, with a market capitalization of $4.53 trillion [3] Business Segments - The data center segment generated $51.2 billion in revenue, a 66% year-over-year increase, accounting for nearly 90% of total revenue [6] - Within the data center, the "compute business" (GPU products) contributed $43 billion, while the networking business brought in $8.2 billion [6] - Nvidia's gaming and AI PC business achieved $4.3 billion in revenue, a 30% year-over-year increase, and the professional visualization segment generated $760 million, up 56% [7] Strategic Partnerships - Nvidia announced a strategic partnership with Microsoft and Anthropic, involving investments of up to $100 billion from Nvidia and $50 billion from Microsoft [8] - This partnership aims to enhance AI training and inference capabilities, indicating ongoing demand for large-scale AI infrastructure [8] AI Market Dynamics - CEO Jensen Huang emphasized that the AI sector is not experiencing a bubble, citing continuous growth in compute demand and a rapidly expanding AI ecosystem [10] - Analysts noted that AI investments should be viewed as a parallel explosion rather than short-cycle linear growth, with significant demand expected to persist [11]