海外科技行业周报-英伟达FY25Q2：Blackwell确认因掩膜更改延期，预计FY25Q4创收数十亿美元

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [16]. Core Insights - NVIDIA's FY25Q2 performance exceeded expectations with revenue of $30 billion, a year-over-year increase of 122%, and a net profit of $16.6 billion, up 168% year-over-year [3][6]. - The company anticipates significant revenue contributions from the Blackwell platform in FY25Q4, despite delays [4][8]. - The demand side remains stable, with an upward revision of sovereign AI revenue guidance to low double-digit billions [3][8]. Summary by Sections Financial Performance - FY25Q2 revenue was $30 billion, surpassing the expected $28.9 billion, with a gross margin of 75.1% [3][6]. - Data center revenue reached $26.3 billion, a 154% year-over-year increase, while gaming revenue was $2.88 billion, up 16% [3][6]. - FY25Q3 revenue guidance is set at $32.5 billion, slightly above the consensus of $31.9 billion, with a year-over-year growth of 79% [3][6]. Data Center Updates - Data center computing revenue for FY25Q2 was $22.6 billion, a 162% year-over-year increase [4][8]. - The Hopper platform is expected to compensate for the Blackwell delays, with strong demand anticipated in the second half of the fiscal year [4][8]. - AI Ethernet revenue doubled quarter-over-quarter, contributing to the overall growth in the data center network segment [4][8]. Software Services - Software, SaaS, and support revenue is projected to reach nearly $2 billion in annual recurring revenue by year-end, driven by NVIDIA AI Enterprise [9]. Market Context - Despite NVIDIA's strong performance, the broader semiconductor sector saw declines, with key players like AMD and Micron also experiencing drops in stock prices [10][11].