英伟达财报如此“炸裂”，但为何市场“冷眼相待”？

Core Viewpoint - Nvidia has exceeded revenue expectations for 14 consecutive quarters, but concerns about the sustainability of AI demand and supply constraints are overshadowing the impressive performance [2][3]. Group 1: Financial Performance - Nvidia's revenue guidance for the first fiscal quarter is approximately $78 billion, significantly above Wall Street's average expectation of $72.8 billion, yet below some analysts' more aggressive forecasts nearing $80 billion [3][6]. - The fourth quarter revenue grew by 73% to $68.1 billion, with an adjusted EPS of $1.62 and a gross margin of 75.2%, all exceeding market expectations [8]. Group 2: Business Segments - The data center business remains the primary growth driver, generating $62.3 billion in revenue, surpassing the average analyst expectation of $60.4 billion [9]. - Other business segments underperformed, with gaming revenue at $3.73 billion, below the market expectation of $4.01 billion, and automotive-related revenue at $604 million, also falling short of the expected $643 million [9]. Group 3: Market Sentiment and Investor Concerns - Investors are increasingly demanding stronger evidence of sustained growth, as the market sentiment shifts away from viewing AI as a universal asset booster [9][10]. - Nvidia's management has attempted to address these concerns, emphasizing that customers are profiting from increased computing power and will continue to invest at high levels [4][10]. Group 4: Supply Constraints and Long-Term Contracts - Nvidia has secured sufficient components to meet demand growth and has extended shipping commitments through 2027, with expectations that the Blackwell product line will outperform previous sales forecasts [13]. - However, supply chain issues, particularly memory chip shortages, are raising prices and affecting equipment shipments, which has negatively impacted the gaming business [13]. - Nvidia announced a long-term agreement with Meta Platforms for the deployment of "millions" of Nvidia processors, alongside a similar multi-billion dollar agreement with Advanced Micro Devices, although these arrangements have drawn criticism due to potential conflicts of interest [13].