英伟达营收展望平淡，美股盘后走低

Core Viewpoint - Nvidia's Q2 FY2026 earnings report met market expectations, with significant growth in revenue and net profit, driven primarily by its data center business [1][3]. Financial Performance - Nvidia reported Q2 revenue of $46.7 billion, up from $30.04 billion year-over-year, exceeding market expectations of $46.058 billion [3]. - Net profit for the quarter was $26.422 billion, compared to $16.599 billion in the same period last year, surpassing the forecast of $23.465 billion [3]. - The gross margin for Q2 was 72.4%, and revenue from the data center business grew by 56% year-over-year, reaching $41.1 billion [3]. Market Reactions - Following the earnings report, Nvidia's stock initially dropped by 5% in after-hours trading but later rebounded [3]. - The company's market capitalization remains above $4.43 trillion, close to its historical high [3]. Stock Buyback and Future Outlook - Nvidia approved an additional $60 billion stock buyback program [3]. - The company expects Q3 revenue to be around $54 billion, with a variance of +/- 2%, which raised concerns about the growth rate of spending in the AI sector [3]. Industry Context - Nvidia's industry chain index has reached historical highs, with a 47.35% increase year-to-date, indicating strong performance among related stocks [9]. - Analysts from Piper Sandler highlighted the long-term certainty of AI hardware demand, driven by competition among large cloud service providers [12]. Additional Insights - Nvidia's AI chip architecture, Blackwell, saw a 17% increase, reflecting ongoing innovation in its product offerings [3]. - The company has not sold H20 chips to China in Q2 and did not include any projections for H20 chip sales in its outlook [3].