英伟达的好业绩，是小米的坏消息

Core Viewpoint - The article discusses the significant impact of AI-driven demand on storage chip prices, highlighting the pressure on traditional consumer electronics profits due to rising costs in the supply chain [4][6]. Group 1: Nvidia's Performance - Nvidia reported a record revenue of $57 billion for FY26Q3, a 62% year-over-year increase, with data center revenue reaching $51.2 billion, up 66% year-over-year [4][5]. - The company's gross margin was 73.4%, with a net profit of $31.91 billion, reflecting a 65% year-over-year increase [5][9]. - Nvidia's optimistic guidance for the next quarter suggests revenue could reach $65 billion, with a gross margin expected to rise to 74.8% [11]. Group 2: Storage Chip Price Surge - The demand for high-performance storage chips, particularly HBM and DDR5, has surged due to AI applications, leading to significant price increases [12][19]. - Traditional storage chip prices, such as DDR4, have seen dramatic increases, with average spot prices rising over 60% in recent months [14][17]. - The supply-demand imbalance has led to a structural shift, with major suppliers like Samsung and Micron reducing DDR4 production to focus on high-performance storage, exacerbating price increases in traditional storage [21][24]. Group 3: Impact on Consumer Electronics - The rising costs of storage chips are expected to significantly impact smartphone manufacturers, as the cost of storage can account for 6-20% of a smartphone's total material cost [28]. - The negative impact on profit margins for smartphone manufacturers is anticipated to manifest in financial reports starting from Q4 2023, following the price increases that began in Q2 2023 [30]. - If smartphone manufacturers attempt to pass on these costs to consumers through price increases, it may lead to a decline in demand due to the current competitive market environment [31].