Nvidia(US:NVDA) 量子位·2025-05-29 04:42Core Viewpoint - Nvidia's latest quarterly financial report shows strong performance despite the impact of export restrictions on the H20 chip, with significant revenue growth and a record high in gaming revenue [1][6][7]. Financial Performance - Total revenue reached $44.11 billion, representing a 12% quarter-over-quarter increase and a 69% year-over-year increase [7][8]. - Non-GAAP gross margin was 60.5%, which could reach 71.3% if excluding H20 inventory-related expenses [7][14]. - GAAP net profit increased by 26% year-over-year but decreased by 15% quarter-over-quarter; non-GAAP net profit was $19.894 billion, a 31% year-over-year increase [10]. - GAAP diluted earnings per share were $0.76, a 27% increase year-over-year; non-GAAP diluted earnings per share were $0.81, potentially $0.96 when excluding H20-related expenses [11]. Business Segments - Data center revenue was the largest segment at $39.1 billion, with a 10% quarter-over-quarter increase and a 73% year-over-year increase, driven by strong global AI infrastructure demand [19]. - Gaming revenue reached $3.8 billion, marking a historical high with a 48% quarter-over-quarter increase and a 42% year-over-year increase [19]. - Automotive and robotics revenue grew by 72% year-over-year, despite a slight quarter-over-quarter decline [24]. H20 Chip Impact - The H20 chip, designed for the Chinese market, faced significant export restrictions, leading to a projected revenue loss of $8 billion in the next fiscal quarter [6][29]. - First fiscal quarter sales for H20 products were $460 million, falling short of an expected additional $2.5 billion [27]. - The inventory impairment and procurement obligation costs related to H20 amounted to $4.5 billion [28]. Market Position - Nvidia's market share in the Chinese AI market has decreased from 95% in early 2021 to 50% currently, as local AI chip alternatives gain traction [30][31].