英伟达：别质疑，还是那个宇宙第一股！

Core Viewpoint - NVIDIA's Q1 FY2026 financial performance shows strong revenue growth driven by data center and gaming segments, despite a significant drop in gross margin due to inventory write-downs related to the H20 product ban [1][4][11]. Financial Performance - Revenue for Q1 FY2026 reached $44.06 billion, in line with expectations, with a quarter-over-quarter increase of $4.7 billion [1]. - Gross margin was reported at 60.5%, significantly below the expected 68.9%, primarily due to a $4.5 billion inventory write-down related to the H20 chip [1][13]. - Core operating profit was $21.64 billion, a 28% year-over-year increase, with a core operating margin of 49.1% [4][33]. Business Segments Data Center - Data center revenue was $39.11 billion, a 72% year-over-year increase, with the H20 incident having a minor impact on this quarter's revenue [2][19]. - Compute revenue was $39.6 billion, while networking revenue was $4.5 billion, indicating a slowdown in compute revenue growth as customers await the GB300 product [2][20]. Gaming - Gaming revenue reached $3.76 billion, a 42% year-over-year increase, driven by the launch of the RTX50 series [2][26]. - NVIDIA's market share in discrete graphics has increased, contrasting with AMD's decline in gaming revenue [28]. Guidance and Future Outlook - The company expects Q2 FY2026 revenue of $45 billion, reflecting a $1 billion increase from the previous quarter, despite anticipating an $8 billion impact from the H20 ban [4][11]. - The guidance suggests strong demand for Blackwell products, with potential revenue growth of $9 billion if not for the H20 incident [5][11]. Market Trends - The overall capital expenditure of the four major cloud providers is projected to reach $346 billion in 2025, a 38% year-over-year increase, which is expected to benefit NVIDIA's data center business [5][22]. - NVIDIA's data center business now accounts for nearly 90% of total revenue, highlighting a significant shift from its traditional gaming business [9][17].