Core Viewpoint - The company reported strong financial results for FY26Q2, exceeding market expectations, but the stock price declined post-announcement due to high global expectations [2][8]. Financial Performance - FY26Q2 revenue reached $467.43 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6%, surpassing market expectations of $462.31 billion [2]. - Net profit for FY26Q2 was $264.22 billion, up 59% year-on-year and 41% quarter-on-quarter [2]. - Diluted EPS for FY26Q2 was $1.08, reflecting a 61% year-on-year increase and exceeding market expectations of $1.01 [2]. Business Segment Performance - Data Center revenue for FY26Q2 was $410.96 billion, a 56% increase year-on-year but slightly below market expectations of $412.93 billion [3]. - Computing segment revenue was $338.44 billion, up 50% year-on-year, impacted by a $4 billion decrease in H20 sales [3]. - Networking segment revenue reached $72.52 billion, a 98% increase year-on-year, driven by new product launches [3]. - Gaming revenue for FY26Q2 was $42.87 billion, a 49% year-on-year increase, exceeding expectations [3]. - Professional Visualization revenue was $6.01 billion, a 32% increase year-on-year, slightly below market expectations [3]. - Autonomous driving revenue was $5.86 billion, a 69% increase year-on-year, also slightly below expectations [3]. Margin and Guidance - The company reported a gross margin of 72.4% for FY26Q2, higher than previous guidance of 71.8%, but down 2.7 percentage points year-on-year [4]. - Guidance for FY26Q2 gross margin is optimistic, expected to rise to 73.3% [4]. Product Developments - The Blackwell architecture contributed significantly to revenue, with a 17% quarter-on-quarter increase [5]. - New chips, including GB300, have started shipping, with production expected to ramp up [5]. - The company plans to introduce six new chips next year, with production already in progress [5]. Market Outlook - Capital expenditures are projected to grow to $600 billion, with AI infrastructure spending expected to reach $3-4 trillion by the end of the decade [6]. - The company has not yet sold H20 to Chinese customers but anticipates potential sales of $2-5 billion if geopolitical issues are resolved [6].
英伟达 467/540亿美金