Nvidia(US:NVDA) 美股IPO·2025-09-04 01:15Core Viewpoint - The AI server market is experiencing a "revenue growth without profit growth" dilemma, primarily due to the high costs of NVIDIA's GPU chips, which dominate the server cost structure and compress profit margins [1][3][5]. Group 1: Financial Performance of Major Companies - HPE reported an 18% year-over-year revenue increase to $9.14 billion, but its server division's operating profit margin fell from 10.8% to 6.4% [3][6]. - AMD's revenue surged by 46.59% year-over-year in Q4 2025, yet its gross margin declined to 9.7% [6]. - Dell's gross margin decreased from 22% to 18.7% year-over-year in Q2 2026, attributed to pricing pressures from AI servers [7]. Group 2: Profitability Disparities - NVIDIA holds a dominant 98% market share in the data center GPU market, achieving a non-GAAP gross margin of 72.7%, significantly higher than server manufacturers [7][8]. - The profit margin for NVIDIA's latest Blackwell GPU platform can reach 77.6% in AI inference workloads, showcasing the stark contrast in profitability within the AI value chain [7][8]. Group 3: Structural Challenges Facing Server Manufacturers - High component costs, particularly for NVIDIA's GPUs, limit OEMs' bargaining power, with reports indicating a loss of $1 for every $7.9 earned in AI hardware revenue [11]. - Intense market competition leads to price wars among server manufacturers, further eroding already thin profit margins, as seen with Dell's infrastructure solutions group operating margin dropping to 8.8% [11]. - Complex supply chain management and urgent delivery requirements increase operational costs and profit pressures for manufacturers [11]. Group 4: Industry Dynamics - The role of hardware assemblers in the AI ecosystem is likened to that of "movers," while NVIDIA is positioned as the true "winner" in the market [12].