【招商电子】英伟达（NVDA.O）FY26Q2跟踪报告：Q2业绩符合预期，乐观展望全球和中国AI基建规模

Core Viewpoint - Nvidia's FY26Q2 revenue reached $46.7 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6%, aligning with guidance expectations [3][4]. Financial Performance - FY26Q2 revenue was $46.7 billion, with a non-GAAP gross margin of 72.7%, and 72.3% after excluding H20-related costs, which was above expectations [4][21]. - The data center segment generated $41.1 billion in revenue, up 56% year-on-year and 5% quarter-on-quarter, driven by demand for AI applications [5][9]. - The gaming segment reported $4.3 billion in revenue, a 49% increase year-on-year and 14% quarter-on-quarter, primarily due to improved supply of Blackwell architecture products [5][20]. - The professional visualization segment saw revenue of $601 million, up 32% year-on-year and 18% quarter-on-quarter, driven by high-end RTX workstation GPUs [5][20]. - The automotive and robotics segment generated $586 million, a 69% year-on-year increase, driven by the autonomous driving platform [5][20]. Guidance and Market Outlook - For FY26Q3, Nvidia expects revenue to be around $54 billion, a year-on-year increase of 53.9% and a quarter-on-quarter increase of 15.5%, not accounting for any H20 product shipments to China [6][22]. - The company anticipates global AI infrastructure spending to reach $3-4 trillion by the end of the decade, with the Chinese market expected to grow at a CAGR of approximately 50% [6][7]. - Nvidia is in discussions with the U.S. government regarding the importance of U.S. companies entering the Chinese market, with several Chinese companies already obtaining sales licenses for H20 products [7][29]. Product Development and Innovations - The Blackwell architecture has set a new standard for AI inference performance, with significant demand for the GB200 and GB300 systems [10][13]. - The Rubin platform is in wafer manufacturing, with plans for mass production next year, indicating ongoing innovation in Nvidia's product lineup [11][32]. - The RTX PRO server line has entered mass production, expected to become a core business worth billions [15][16]. Competitive Landscape and Strategic Positioning - Nvidia's market share in AI infrastructure is significant, with the company providing a comprehensive stack of solutions that enhance performance and efficiency [27][28]. - The company emphasizes the importance of open-source models and their role in driving AI adoption globally, particularly in the Chinese market [28][29]. - Nvidia's strategic focus on enhancing every watt of performance is crucial for maximizing revenue growth in AI infrastructure [27][26]. Conclusion - Nvidia's strong financial performance and innovative product developments position the company favorably in the rapidly growing AI infrastructure market, with significant opportunities anticipated in both global and Chinese markets [34][35].