英伟达：四季度业绩及指引保持稳健；投资者仍关注公司在26财年后的增长驱动力

Investment Rating - The industry investment rating is not explicitly stated in the report, but it is implied that the semiconductor sector is expected to outperform the market in the next 12 months [20][21]. Core Insights - Nvidia reported a revenue of $39.3 billion for Q4 FY25, representing a 78$43 billion, surpassing the consensus estimate of $42.2 billion, with a projected quarter-over-quarter growth of 9.3$35.6 billion, showing a 93% year-over-year increase and a 16% quarter-over-quarter increase, driven by strong demand for Blackwell and H200 products [2][12]. - Nvidia's management highlighted the potential for growth in emerging fields such as robotics and autonomous driving [2][4]. Summary by Sections Financial Performance - Nvidia's Q4 FY25 revenue was $39.3 billion, with a year-over-year growth of 78$22.1 billion, exceeding consensus expectations by 5% [1][12]. - The company expects revenue of $43 billion for the next quarter, which is above the consensus estimate of$42.2 billion [2][12]. Product and Market Insights - The data center segment generated $35.6 billion in revenue, accounting for 88% of total revenue, with a year-over-year growth of 93% [2][12]. - Nvidia's management noted that cloud service providers like Microsoft, Google, Amazon, and Oracle remain the largest revenue sources, contributing approximately 50% of data center revenue [2][4]. - The introduction of new products such as Blackwell is expected to drive further growth, with management expressing confidence in the long-term growth potential of the company [4][8]. Future Outlook - Nvidia's management anticipates that gross margins will stabilize in the low 70% range as production capacity for Blackwell increases, with expectations to return to around 75% later in the year [2][8]. - The upcoming GTC conference is expected to be a catalyst for the company's stock, with investors focusing on the progress of new products [3][4].