570亿营收也救不了股价！机构正在疯狂抛售英伟达

Core Viewpoint - Nvidia's recent earnings report for Q3 FY2026 showcased impressive revenue growth, with a 62% year-over-year increase, highlighting its strong position as a key beneficiary of the AI wave [4][12][20]. Financial Performance - Nvidia reported revenue of $57 billion for Q3 FY2026, a 62% increase compared to $35.08 billion in Q3 FY2025, and a 22% increase from $46.74 billion in Q2 FY2026 [5]. - Adjusted net profit reached $31.91 billion, up 65% year-over-year, with diluted earnings per share at $1.30, reflecting a 67% increase from $0.78 in the same quarter last year [5][12]. - The data center business generated $51.2 billion in revenue, accounting for nearly 90% of total revenue, with a 66% year-over-year growth [12][20]. Market Reaction - Despite the strong earnings report, Nvidia's stock price fell over 3% after initially rising 5%, indicating market skepticism about the sustainability of its growth [6][21]. - Concerns about high customer concentration, with major clients like Microsoft and Amazon contributing over 40% of data center revenue, raised alarms about potential volatility in Nvidia's performance [22][26]. Structural Challenges - Nvidia faces three main structural challenges: changing valuation logic as the market repositions it as a cyclical hardware supplier, the threat of major clients developing their own chips, and geopolitical constraints limiting growth in the Chinese market [9][14][26]. - The company is also contending with a competitive landscape where clients are becoming competitors, as tech giants invest in their own AI chip development [26][29]. Future Outlook - Nvidia is proactively addressing its challenges by accelerating the release of its next-generation chips and expanding its ecosystem through software platforms like CUDA [31][33]. - The company is diversifying into new areas such as robotics and healthcare, aiming to extend AI applications beyond data centers [33][36]. - However, concerns about the sustainability of capital expenditures and potential market bubbles in AI investments remain prevalent among investors [35][36].