【英伟达FY26Q4业绩点评】业绩及业绩指引表现强劲

Core Insights - The company reported quarterly revenue of $68.1 billion, representing a year-over-year increase of 73% and a quarter-over-quarter increase of 20%, exceeding market expectations of $67 billion and the company's previous guidance of $65 billion [1] - The company's GAAP gross margin was 75.0%, and Non-GAAP gross margin was 75.2%, both surpassing the previous guidance of 74.8% and meeting market expectations of 75.0% [1] - The company achieved a GAAP net profit of $42.96 billion, a year-over-year increase of 94% and a quarter-over-quarter increase of 35%, resulting in an EPS of $1.76. The Non-GAAP net profit was $39.55 billion, a year-over-year increase of 79% and a quarter-over-quarter increase of 25%, exceeding market expectations of $38 billion [1] - For FY27Q1, the company expects revenue of approximately $78 billion (±2%), significantly higher than the market consensus of $73.3 billion, and a gross margin of 75% (±50 basis points), better than the market expectation of 74.6% [1] Data Center - The company reported quarterly revenue of $62.3 billion, a year-over-year increase of 75% and a quarter-over-quarter increase of 22%, driven by strong performance from Blackwell and Blackwell Ultra [1] Networking Business - The networking business generated over $11 billion in revenue for the quarter, up from $8.2 billion in the previous quarter, primarily due to the scaling of NVLink applications and growth in Spectrum X Ethernet and Quantum X InfiniBand businesses [2] New Product Planning - At the CES 2026 conference, the company launched the Rubin AI platform, which includes six core chips: Vera CPU, Rubin GPU, NVLink 6 Switch, ConnectX-9 SuperNIC, BlueField-4 DPU, and Spectrum-6 Ethernet Switch. Initial samples of Vera Rubin have been delivered to customers, with mass production planned for the second half of the year [2] - The company announced partnerships with several firms, including a $10 billion investment in Anthropic for deep technology collaboration and a non-exclusive licensing agreement with Groq to accelerate AI inference globally [2][3] Gaming & Visualization Business - The gaming business reported revenue of $3.7 billion, a year-over-year increase of 47% but a quarter-over-quarter decrease of 13%, attributed to reduced channel inventory following strong holiday demand. Future growth may be constrained by supply chain limitations [3] - The visualization business revenue increased to $1.3 billion, a year-over-year increase of 159% and a quarter-over-quarter increase of 74%, driven by the launch of the RTX Pro 5000, which assists developers in training and building larger model prototypes [3] AI Performance Enhancements - The performance and application of NVIDIA RTX™ AI have improved, with inference speeds for large language models increasing by up to 35% and AI-generated visual effects performance tripling [4] - The release of DLSS 4.5 has significantly enhanced graphic quality through AI technology [4]