「寻芯记」英伟达业绩光环下的阴影：高端芯片缺席中国市场，H200入华仍存变数

Core Insights - Nvidia has achieved record high performance in the AI era, with fiscal year 2026 revenue reaching $215.94 billion, a 65% year-over-year increase, and net profit of $120.07 billion, also up 65% [2] - CEO Jensen Huang expressed confidence in the exponential growth of computing power demand, stating that the tipping point for generative AI has arrived, with enterprises accelerating the deployment of intelligent systems [2] Group 1: Financial Performance - For Q4 of fiscal year 2026, Nvidia reported revenue of $68.13 billion, a 73% year-over-year increase and a 20% quarter-over-quarter increase; net profit was $42.96 billion, up 94% year-over-year and 35% quarter-over-quarter [5] - Gross margin for the quarter reached 75%, compared to 73% in the same period last year [5] - Despite missing significant revenue from the Chinese market, Nvidia's performance remained strong, with revenue growth driven by the release of Blackwell and Blackwell Ultra products [6] Group 2: Market Challenges - Nvidia's high-end chips have not yet generated revenue in the Chinese market, despite U.S. government approval for limited exports of the H200 product [3] - The absence of high-end chips in China represents a significant loss, as revenue from this market previously accounted for 20% of Nvidia's total revenue [3][4] - Local Chinese competitors have gained market share during Nvidia's absence, with recent IPOs indicating their growing strength [4] Group 3: Future Outlook - Nvidia anticipates revenue of approximately $78 billion for Q1 of fiscal year 2027, supported by the upcoming mass production of Rubin architecture chips [6] - The data center segment remains the largest revenue source, with Q4 revenue reaching $62.31 billion, a 75% year-over-year increase [6] - Concerns exist regarding the sustainability of growth from cloud computing giants, as their capital expenditures are projected to reach $700 billion in 2026, with potential cash flow pressures [7][8]