没了H20，英伟达狂飙的信心也没了

Core Viewpoint - Nvidia's Q2 FY26 financial report shows strong growth, with total revenue reaching $46.743 billion, a 6% increase quarter-over-quarter and a 56% increase year-over-year, despite a stock price drop post-announcement [5][6][7]. Financial Performance - Total revenue for Q2 FY26 was $46.743 billion, with a gross margin of 72.4% under GAAP and 72.7% under non-GAAP [10][11]. - Operating income was $28.44 billion, a 31% increase quarter-over-quarter and a 53% increase year-over-year [10][11]. - Net income reached $26.422 billion, reflecting a 59% year-over-year growth, with diluted earnings per share at $1.08 [12]. Business Segments - The data center business generated $41.1 billion, accounting for approximately 88% of total revenue, with a year-over-year growth of 56% [9]. - The gaming segment achieved $4.3 billion in revenue, growing 14% quarter-over-quarter and 49% year-over-year, despite its declining share of total revenue [12]. - Professional visualization and automotive segments also showed growth, with revenues of $601 million and $586 million, respectively [12][14]. Geopolitical Challenges - Nvidia's sales to China were significantly impacted by U.S. export controls, with the company reporting no sales of the H20 chip to Chinese customers in Q2 [18][20]. - The geopolitical landscape poses a risk to Nvidia's growth, as the company navigates between U.S. regulations and the potential loss of a significant market in China [21][25]. Future Outlook - Nvidia expects Q3 FY26 revenue to reach $54 billion, indicating a potential slowdown in growth compared to previous quarters [16][17]. - The company anticipates maintaining a non-GAAP gross margin of around 73.5% for the upcoming quarter [17]. - The rapid growth of China's AI chip market and the emergence of local competitors could pose long-term challenges for Nvidia's market position [28][29].