英伟达FY26 Q4财报：数据中心营收再创历史新高，黄仁勋高呼“代理AI拐点已到”

Core Viewpoint - NVIDIA's quarterly performance continues to show high growth, with key metrics surpassing market expectations [1] Financial Overview - Total revenue reached $68.1 billion, a year-on-year increase of 73%, exceeding market expectations of $66 billion [7] - Net profit was $42.96 billion, up 94% year-on-year [7] - Adjusted earnings per share were $1.62, an 82% increase year-on-year, surpassing the expected $1.53 [7] - Adjusted gross margin was 75.2%, an increase of 1.7 percentage points year-on-year [7] Key Data - NVIDIA expects Q1 FY27 revenue to reach $78 billion, significantly above analyst expectations of $72.78 billion, with a year-on-year growth rate accelerating to 77% [2][3] - The gross margin is projected at 75%, with operating expenses around $7.5 billion [3] Business Highlights - Data center revenue was $62.3 billion, a 75% year-on-year increase and a 22% quarter-on-quarter increase, accounting for over 91% of total revenue [5] - The computing business generated $51.3 billion, a 58% year-on-year increase, while networking business revenue surged 263% to $11 billion, becoming a new growth driver [5] - Gaming revenue was $3.7 billion, a 47% year-on-year increase but a 13% quarter-on-quarter decline due to natural inventory adjustments [9] Customer Structure - Revenue from hyperscale cloud providers accounted for slightly over 50%, with significant growth coming from other data center customers, indicating a diversification of revenue sources [8] Future Growth Drivers - NVIDIA's CEO emphasized that "compute equals revenues," suggesting that as demand for AI applications grows, the relationship between computational investment and revenue generation will drive continued customer investment [10] - The shift in software from "pre-written" to "token-driven" models, particularly with the rise of agentic AI, is expected to be a fundamental driver of long-term growth [11] Competitive Positioning - NVIDIA maintains high profitability through a "efficiency premium" that customers are willing to pay, as its architecture delivers better performance per watt, leading to higher ROI despite higher chip prices [12] - The company is addressing the challenges of power supply in data centers by ensuring that each new architecture generation significantly improves performance per watt [12]