黄仁勋：卖光了！

Core Viewpoint - Recent discussions about a potential AI bubble have been sparked by the stock price corrections of several US tech stocks, including the news of Bridgewater reducing its holdings and Peter Thiel liquidating his Nvidia shares. Nvidia's latest quarterly earnings report is seen as a barometer for real AI demand [3]. Group 1: Nvidia's Financial Performance - Nvidia reported a revenue of $57 billion for Q3 of fiscal year 2026, a 62% year-over-year increase, exceeding market expectations [3]. - The net profit for the same quarter was $31.9 billion, reflecting a 65% year-over-year growth, with a GAAP gross margin of 73.4% [3]. - The data center business achieved record revenue of $51.2 billion, up 66% year-over-year, also surpassing market expectations [3][4]. Group 2: AI and Data Center Business - Nvidia's CEO highlighted that the demand for training and inference computing is growing exponentially, indicating a positive cycle in the AI ecosystem [3]. - The company has established strategic partnerships with OpenAI and plans to deploy at least 10 gigawatts of Nvidia systems, collaborating with major firms like Google, Microsoft, and Oracle to build AI infrastructure in the US [4]. - Nvidia's network business revenue reached $8.2 billion, a significant 162% increase year-over-year [4]. Group 3: Other Business Segments - Revenue from Nvidia's gaming and AI PC business was $4.3 billion, up 30% year-over-year, while professional visualization revenue was $760 million, a 56% increase [5]. - The automotive and robotics segment generated $592 million, reflecting a 32% year-over-year growth [5]. - Nvidia anticipates fourth-quarter revenue of approximately $65 billion, exceeding previous market expectations [5]. Group 4: Future Outlook and Challenges - Nvidia's CFO indicated that revenue from the Blackwell and Rubin platforms is expected to reach $500 billion by the end of next year, with additional opportunities on the horizon [6]. - The company is facing challenges in supply chain management, particularly regarding power, memory supply, and manufacturing constraints, but is confident in its ability to manage these issues [6]. - Nvidia's market share in data center construction is increasing, with Blackwell contributing around 30% and Rubin expected to exceed this figure [7]. Group 5: Investments and Market Position - Nvidia has announced investments in AI companies like OpenAI and Anthropic, viewing these investments as crucial for expanding its ecosystem [7]. - The company's stock price rose by 2.85% to $186.52 per share, with a market capitalization of $4.53 trillion, and increased by over 5% in after-hours trading [8].