英伟达吞下45亿美元“哑巴亏”

Core Viewpoint - Nvidia's Q1 FY2026 earnings report shows a 69% year-over-year revenue increase to $44.1 billion, exceeding market expectations, but net profit fell short of projections, leading to mixed market reactions [2][3]. Group 1: Financial Performance - Nvidia's revenue for the data center business reached $39.11 billion, a 73% year-over-year increase, with Blackwell chips contributing nearly 70% of this revenue [6][8]. - The gaming graphics card segment generated $3.8 billion in revenue, a 42% increase year-over-year, surpassing analyst expectations and setting a record for the division [9]. Group 2: Product Transition and Market Demand - The transition from Hopper to Blackwell architecture has been smoother than anticipated, with significant increases in GPU deliveries, from 30,000 units in Q4 to 72,000 units per week in Q1 [6][7]. - Despite initial concerns about demand, the AI industry's appetite for Nvidia's products remains strong, with expectations for further growth in Blackwell demand in the coming quarters [8]. Group 3: Challenges in the Chinese Market - Nvidia faces significant challenges in the Chinese market due to the H20 chip export ban, resulting in $2.5 billion in unfulfilled orders and $4.5 billion in inventory write-downs [11][12]. - The inability to access the Chinese AI chip market, projected to reach $50 billion in the next two to three years, poses a substantial loss for Nvidia [10][14]. - Nvidia's CEO expressed concerns that the loss of the Chinese market may be irreversible, complicating future product launches and market strategies [14][16].