Nvidia(US:NVDA) 招商电子·2025-02-27 14:16Core Viewpoint - NVIDIA's FY25 Q4 revenue reached $39.331 billion, a year-on-year increase of 78% and a quarter-on-quarter increase of 12%, exceeding guidance expectations [1][7]. Revenue Breakdown - Data Center: Revenue for the quarter was $35.58 billion, up 93% year-on-year and 16% quarter-on-quarter, driven by the Blackwell architecture GPUs, which generated $11 billion in revenue [2][8]. - Gaming and AI PC: Revenue was $2.5 billion, down 11% year-on-year and 22% quarter-on-quarter due to supply constraints [2][18]. - Professional Visualization: Revenue reached $511 million, a 10% year-on-year increase and a 5% quarter-on-quarter increase, primarily driven by the automotive and healthcare sectors [2][20]. - Automotive: Revenue hit a record $570 million, up 103% year-on-year and 27% quarter-on-quarter, benefiting from the ramp-up of autonomous vehicle production [2][21]. Future Guidance - For FY26 Q1, the revenue guidance is set at $43 billion, representing a year-on-year increase of 65.1% and a quarter-on-quarter increase of 9.3% [3][25]. - The gross margin is expected to be around 71%, with a potential recovery to 75% by the end of the fiscal year as production ramps up and costs are optimized [3][22]. Market Dynamics - The Chinese data center market remains competitive, with sales still below pre-export control levels, and the company will continue to comply with regulations while serving customers [4][16]. - The demand for inference AI is growing significantly, with long inference tasks requiring up to 100 times more computational power compared to single inference tasks [4][9]. Product Developments - The next-generation Blackwell Ultra is planned for release in the second half of the year, maintaining the same system architecture as the current Blackwell [4][34]. - The company is focusing on enhancing the performance of its GPUs, with the new GeForce RTX 50 series expected to redefine visual computing experiences [2][19]. Financial Returns - In Q4, the company returned $8.1 billion to shareholders through stock buybacks and cash dividends [24]. Long-term Outlook - The enterprise market is expected to surpass the CSP market in the long run, driven by the increasing integration of AI across various industries [4][41]. - The company anticipates that AI will become a core component of software and services, significantly impacting global GDP [4][39].