Nvidia(US:NVDA) Wind万得·2025-08-28 02:47Core Viewpoint - Nvidia reported strong financial results for Q2 of fiscal year 2026, exceeding market expectations with revenue of $46.7 billion, a year-over-year increase of 56% [3][4]. Financial Performance - Revenue reached $46.7 billion, up 6% quarter-over-quarter and 56% year-over-year, surpassing the market expectation of $46.05 billion [4]. - Data center revenue was $41.1 billion, accounting for over 88% of total revenue, with a year-over-year growth of 56% [5]. - GAAP gross margin was 72.4%, and non-GAAP gross margin was 72.7%, indicating strong profitability [6]. Guidance and Future Outlook - For Q3 of fiscal year 2026, Nvidia expects revenue to reach $54 billion (±2%), significantly above market consensus of $52.5-53 billion [9]. - The company anticipates further improvement in gross margins, projecting GAAP and non-GAAP margins to rise to 73.3% and 73.5%, respectively [9]. Business Highlights and Strategic Direction - The Blackwell architecture is driving significant demand, with production ramping up and supply chain conditions improving [10]. - Nvidia has not sold any H20 chips to mainland China in Q2 due to U.S. export controls, but sold approximately $650 million worth to other regions, releasing $180 million from prior inventory reserves [11]. - The company emphasizes its full-stack advantage and unified platform, enhancing its competitive edge over specialized chip competitors [12]. Shareholder Returns - Nvidia repurchased $9.7 billion in stock in the first half of fiscal year 2026 and announced an additional $60 billion stock buyback authorization, reflecting strong confidence in future cash flows [7]. Management Statements - CEO Jensen Huang described the Blackwell platform as a highly anticipated AI platform with extraordinary demand [13]. - CFO Colette Kress confirmed the lack of H20 sales to China and indicated that the Q3 guidance does not include any assumptions regarding H20 shipments to China [13]. Investor Q&A Insights - Management expressed confidence in the sustainability of gross margin improvements due to a higher proportion of Blackwell products and economies of scale [16]. - The board's decision to authorize a significant stock buyback reflects confidence in the company's ability to generate strong cash flow and return value to shareholders [17].