本季H20禁令影响弱于预期，Q2营收指引为450亿美元

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain, highlighting investment opportunities in server hardware components and domestic GPU/CPU manufacturers [4][9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-over-year increase of 69.18% and a quarter-over-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less severe than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-over-year and 10% quarter-over-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a 6% increase in non-GAAP operating expenses due to rising compensation and employee numbers [1][31]. Data Center and AI Growth - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The demand for AI applications, particularly in large language models and generative AI, is driving the growth of NVIDIA's data center segment [2][20]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Product Developments - The GB300 system is expected to begin shipping to commercial customers later this quarter, featuring enhancements over the previous GB200 architecture [2][19]. - NVIDIA's new AI models and infrastructure are being adopted across various industries, indicating a robust demand for AI-driven solutions [22][23]. Strategic Initiatives - NVIDIA is investing heavily in domestic manufacturing capabilities, including partnerships with TSMC and Foxconn to build advanced semiconductor facilities in the U.S. [34][35]. - The company is also focusing on expanding its AI infrastructure globally, with numerous AI factories under construction [22][46].