英伟达狂揽393亿美元！三大谜题未解

Core Viewpoint - Nvidia's Q4 2025 financial results exceeded expectations, showcasing strong growth in a challenging market environment, particularly driven by its data center business [2][5]. Financial Performance - Nvidia reported Q4 revenue of $393.31 million, a 78% year-over-year increase, and a net profit of $220.66 million, up 72% [2]. - For the entire fiscal year 2025, Nvidia achieved revenue of $1,304.97 million, a 114% increase, and a net profit of $728.80 million, up 145% [2]. - The data center business generated $355.8 million in Q4, representing a 93.32% year-over-year growth, and accounted for a significant portion of total revenue [3][7]. Business Segments - The gaming segment (PC graphics cards) saw a revenue decline of 11% in Q4, totaling $254.4 million, while annual revenue grew by 9% to $1.14 billion [3][7]. - Professional visualization revenue increased by 10% year-over-year to $51.1 million, with annual revenue growth of 21% [3]. - Automotive and robotics revenue reached $57 million, a 103% year-over-year increase, with annual revenue growth of 55% [3]. Market Sentiment and Future Outlook - Market concerns focus on whether Nvidia's rapid growth will continue, as Q4 revenue growth slowed compared to previous quarters [5][6]. - Nvidia provided guidance for Q1 2026, expecting revenue of $430 million, which is above Wall Street's forecast of $423 million, indicating a 9.4% quarter-over-quarter growth and a 65.4% year-over-year increase [6]. Demand for Data Center Chips - Major tech companies are increasing capital expenditures for data centers, indicating continued demand for chips. For instance, Meta plans to spend $60-65 billion in 2025, primarily on AI infrastructure [8]. - Despite some cautious trends, such as Microsoft canceling certain data center leases, overall demand for data center chips remains optimistic [9]. Impact of DeepSeek - The emergence of DeepSeek has raised questions about its impact on Nvidia's demand. While it initially caused Nvidia's stock to drop, it is now seen as a catalyst for increased AI adoption and computational resource demand [10][12]. - Nvidia's CEO praised DeepSeek's capabilities, suggesting that it will enhance the efficiency of AI models and increase the overall demand for computing power [10][11].