没了H20，英伟达狂飙的信心也没了

Core Viewpoint - Nvidia's Q2 FY2026 financial report shows strong growth, but geopolitical factors, particularly related to China, pose significant challenges for the company [5][20][22]. Financial Performance - Nvidia reported total revenue of $46.743 billion for Q2 FY2026, a 6% increase from the previous quarter and a 56% increase year-over-year [6][7]. - The data center business generated $41.1 billion, accounting for approximately 88% of total revenue, with a 5% quarter-over-quarter growth and a 56% year-over-year growth [10]. - Gross margin was reported at 72.4% under GAAP and 72.7% under non-GAAP, indicating strong profitability despite operational expenses rising by 38% year-over-year [12]. - Net income reached $26.422 billion, a 59% increase year-over-year, with diluted earnings per share at $1.08 [11][12]. Business Segments - The gaming segment generated $4.3 billion, with a 14% quarter-over-quarter growth and a 49% year-over-year growth, despite its revenue share dropping below 10% [13]. - Professional visualization revenue was $601 million, up 18% quarter-over-quarter and 32% year-over-year, while automotive and robotics revenue reached $586 million, growing 3% quarter-over-quarter and 69% year-over-year [14][16]. Cash Flow and Shareholder Returns - Nvidia held $56.791 billion in cash and equivalents, with total assets increasing to $140.74 billion [16][17]. - The company returned $24.3 billion to shareholders through stock buybacks and cash dividends in the first half of FY2026, with an additional $60 billion stock buyback authorization [17]. Future Outlook - Nvidia expects Q3 FY2026 revenue to reach $54 billion, indicating a potential slowdown in growth compared to previous quarters [18][19]. - The company anticipates maintaining a non-GAAP gross margin of around 73.5% for the upcoming quarter [19]. Geopolitical Challenges - The report highlights significant geopolitical risks, particularly regarding sales to China, with no sales of the H20 chip reported for the quarter [20][22]. - Nvidia's leadership faces challenges in navigating U.S. export controls while trying to maintain market share in China, which has been a crucial market for the company [22][23]. - The geopolitical landscape is creating a protective environment for Chinese competitors, potentially leading to a long-term reduction in Nvidia's market presence in China [27][29].