英伟达业绩持续向好，但也有一大利空

Core Viewpoint - Nvidia's recent quarterly earnings report revealed strong financial performance but also included a significant negative impact due to a $4.5 billion asset impairment related to undelivered chips intended for Chinese customers, following new export restrictions imposed by the U.S. government [1][4]. Group 1: Financial Performance - Nvidia reported a first-quarter revenue of $44.1 billion, a year-on-year increase of 69%, with a net profit of $18.8 billion, maintaining a healthy net profit margin of 42.6% [5]. - The company initially anticipated a $5.5 billion write-down on chip inventory but managed to recover about $1 billion through material reuse, reducing the actual write-down to $4.5 billion [4]. Group 2: Impact of Export Restrictions - The new export regulations, particularly those from the Trump administration, have significantly impacted Nvidia's revenue, with expected losses of $2.5 billion in the first quarter and projected losses of $8 billion in the second quarter [4]. - Nvidia's H20 chips, designed specifically for the Chinese market, may not be suitable for other regions without substantial re-engineering, leading to potential additional costs for the company [1][2]. Group 3: Market Strategy and Perception - Selling the H20 chips at a discount could harm Nvidia's reputation as a top-tier innovator, especially with the launch of the new Blackwell GPU series, which supports advanced AI technologies [2][3]. - Analysts suggest that the H20 chips were developed primarily for the Chinese market, and if sold at a significant discount in the U.S., it could erode sales of higher-quality products [3]. Group 4: Future Outlook - Despite the impairment, Nvidia's business is expected to remain robust, with analysts indicating that the tax benefits from the write-down could outweigh the financial losses from selling the chips at a discount [5]. - There is speculation about the potential for Nvidia to find a way to sell the H20 chips to Chinese customers in the future, depending on the evolving political landscape [6].