英伟达财报“炸裂”，黄仁勋：AI拐点已至

Core Viewpoint - Nvidia's record-breaking financial report aims to counter skepticism regarding the AI bubble, showcasing significant revenue and profit growth amid concerns about capital expenditures in the AI sector [2][3]. Financial Performance - In Q4, Nvidia reported a record revenue of $68.127 billion, a 73% increase from $39.331 billion year-over-year; net profit reached $42.96 billion, up 94% from $22.091 billion [3]. - For the entire year, Nvidia's revenue was $215.938 billion, with a net profit of $120.067 billion, equating to daily earnings of approximately $32.8 million (RMB 220 million) [3]. - The data center business contributed $193.48 billion in revenue for the year, a 68% increase, and accounted for over 91% of total revenue in Q4, with Q4 revenue reaching $62.3 billion, up 75% year-over-year and 22% quarter-over-quarter [3]. Business Segments - Within the data center segment, the "compute business" (primarily GPU products) generated $51.3 billion, a 58% increase, while the "network business" contributed $11 billion, growing 263% [3]. - Nvidia plans to continue selling the Blackwell architecture and the Rubin architecture chips, while the gaming segment faces tight memory supply [4]. Market Outlook - Nvidia's guidance for Q1 of FY2027 anticipates revenue of $78 billion, exceeding analyst expectations [4]. - Concerns remain regarding the Chinese market, as Nvidia has not generated any revenue under the H200 licensing project to date [4]. Industry Context - Wall Street is worried about high capital expenditures from tech giants potentially leading to systemic credit risks, with an estimated $700 billion to be spent on AI expansion by companies like Google, Microsoft, Meta, and Amazon this year [5][6]. - Despite the positive outlook for Nvidia, analysts caution that a slowdown in tech investments could significantly impact the company [6]. Strategic Initiatives - Nvidia is working to solidify its position in the AI ecosystem, with CEO Jensen Huang indicating a near agreement with OpenAI for a potential $100 billion AI infrastructure project [7]. - The upcoming GTC 2026 conference is expected to unveil "world's first" new chips, with speculation around the Rubin and Feynman series [7][8]. Competitive Landscape - Nvidia faces competition from custom AI chips like Google's TPU and Amazon's Inferentia, which are challenging the dominance of general-purpose GPUs in data centers [8]. - TrendForce predicts that the shipment share of ASIC AI servers will rise to 27.8% by 2026, surpassing GPU AI servers in growth rate [8].