英伟达净利创新高，中美市场冰火两重天

Core Viewpoint - Nvidia's financial performance shows significant growth driven by AI investments from major US tech companies, but concerns about future sales in China due to US export controls are rising [2][3][5]. Financial Performance - For the period of May to July 2025, Nvidia reported a revenue increase of 56% year-on-year, reaching $46.743 billion, and a net profit growth of 59%, totaling $26.422 billion, both exceeding market expectations and setting historical records [2]. - Nvidia forecasts that revenue for the period of August to October 2025 will increase by 54% year-on-year, reaching approximately $54 billion, surpassing market predictions [3]. Market Dynamics - The AI semiconductor investments from major US tech firms like Alphabet, Microsoft, Amazon, and Meta reached a historical high of 14 trillion yen in just one quarter [3]. - Despite strong demand in the US market, Nvidia has not sold its AI semiconductor "H20" to Chinese customers during the May to July period due to US export controls [5]. Geopolitical Impact - The US government had previously placed Nvidia's "H20" semiconductor under export controls, but a shift in policy in July allowed for potential resumption of sales. However, Nvidia has not included any sales to China in its future revenue forecasts [5]. - China is actively seeking to increase its semiconductor self-sufficiency, with companies like Huawei being considered as potential alternatives to Nvidia [6]. Business Segments - Revenue from data center operations was reported at $41.096 billion, slightly below market expectations, indicating challenges in exceeding high market forecasts for this core business segment [6]. Future Outlook - Nvidia's CFO indicated that if geopolitical issues are resolved, sales revenue from "H20" could reach between $2 billion and $5 billion in the August to October period [6]. - Plans for the next-generation AI semiconductor "Rubin" are set for 2026, which aims to enhance performance and facilitate technological upgrades [6]. Shareholder Returns - Nvidia returned $24.3 billion to shareholders through stock buybacks and dividends from February to July, with an additional $60 billion stock buyback program approved by the board [6].