一图读懂英伟达季报：营收、利润再超预期，数据中心需求集中引市场担忧

Core Insights - NVIDIA reported strong financial results for Q4 FY26, with total revenue of $68.1 billion, exceeding market expectations of $66.2 billion, and showing a 20% quarter-over-quarter increase and a 73% year-over-year increase [1] - The net profit for Q4 FY26 was $42.96 billion, a 94% year-over-year increase, with adjusted EPS at $1.76 and core operating profit at $44.29 billion, up 84% year-over-year [1] - NVIDIA's data center business revenue grew by 75.1% year-over-year to $62.3 billion, accounting for 91.5% of total revenue, while gaming revenue reached $3.727 billion, up 46.5% year-over-year [1] Financial Overview - NVIDIA's adjusted gross margin for Q4 FY26 was 75%, in line with analyst expectations, compared to 73.4% in the previous quarter [1] - For Q1 FY27, NVIDIA expects revenue to reach $78 billion (with a 2% fluctuation), surpassing market expectations of $73 billion, and an adjusted gross margin of 74.9% (with a 0.5% fluctuation), slightly above analyst expectations of 74.7% [1] Market Dynamics - Demand in the data center business is heavily concentrated among large-scale customers, raising concerns about customer dependency and potential circular transactions with major tech clients [3] - Despite a projected 62% year-over-year increase in capital expenditures among the four major cloud providers to $660 billion in 2026, there are growing investor concerns that a slowdown in tech investments could significantly impact NVIDIA [4] - Competition pressure remains significant, particularly from ASIC chip competitors, leading to concerns about potential declines in NVIDIA's market share and gross margins beyond FY27 [5] Customer and Industry Trends - The company expresses confidence in cash flow growth from customers, citing a turning point in AI development with widespread validation of its utility across global enterprises, resulting in explosive demand for computing power [6] - The infrastructure based on the Blackwell architecture deployed by major cloud service providers and large-scale cloud enterprises has reached 90 billion watts and is operating at full capacity [6] - Since the emergence of ChatGPT, NVIDIA's data center business revenue has increased nearly 13 times, with over 50% of revenue coming from large-scale cloud service providers [6]