英伟达云端GPU卖光了，黄仁勋称AI没有泡沫

Core Viewpoint - Nvidia reported strong Q3 FY26 earnings, with revenue of $57.006 billion, a 62% year-over-year increase, and net income of $31.910 billion, up 65% year-over-year, defying market skepticism about AI growth and potential bubbles [1][3]. Financial Performance - Revenue for Q3 FY26 reached $57,006 million, a 22% quarter-over-quarter increase and a 62% year-over-year increase [2]. - Net income was $31,910 million, reflecting a 21% quarter-over-quarter increase and a 65% year-over-year increase [2]. - Diluted earnings per share rose to $1.30, a 20% increase from the previous quarter and a 67% increase year-over-year [2]. Market Sentiment and Guidance - Despite cautious investor sentiment and a trend of de-risking among hedge funds, Nvidia's performance exceeded expectations, with a strong Q4 sales forecast of $65 billion, surpassing the market consensus of $62 billion [3]. - Nvidia's stock price increased by 2.85% to $186.52 following the earnings report, with a market capitalization of $4.53 trillion [3]. Business Segments - The data center segment remains the core growth driver, generating $51.2 billion in revenue, a 66% year-over-year increase and a 25% quarter-over-quarter increase, accounting for nearly 90% of total revenue [6]. - Within the data center, the "compute business" (GPU products) contributed $43 billion, while the "network business" brought in $8.2 billion [6]. - Nvidia's gaming and AI PC business achieved $4.3 billion in revenue, a 30% year-over-year increase, while professional visualization and automotive/robotics segments also showed significant growth [6]. Product Demand and Strategic Partnerships - Nvidia's Blackwell GPUs are in high demand, with sales exceeding expectations and products sold out for cloud servers [6][7]. - Nvidia announced a strategic partnership with Microsoft and Anthropic, involving investments of up to $10 billion from Nvidia and $5 billion from Microsoft, indicating ongoing demand for AI training and inference capabilities [8]. AI Market Dynamics - CEO Jensen Huang dismissed concerns about an AI bubble, asserting that the demand for computing power is accelerating and that the AI ecosystem is expanding rapidly [10][11]. - Analysts suggest that AI investment should not be viewed as short-cycle or linear growth, but rather as a parallel explosion driven by various factors, including national AI strategies and the scale of training by major companies [11].