北京时间2月26日晚，美股三大指数开盘涨跌不一，道指涨0.38%，纳指跌0.24%，标普500指数跌0.04%。截至发稿，道指涨0.27%，纳指跌0.84%，标普 500指数跌0.36%。有2712只个股上涨，2381只个股下跌。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯工业 | 纳斯达克指数 | 标普500 | | 49616.92 | 22957.67 | 6921.13 | | +134.77 +0.27% | -194.41 -0.84% | -25.00 -0.36% | | 美国科技七巨头 | 中概科技龙头 | 中国金龙 | | 63401.74 | 3883.59 | 7399.32 | | -765.02 - 1.19% - 100.39 - - 2.52% | | -146.23 -1.94% | | 道琼斯期货 | 纳斯达克100期货 | 标普500期货 | | 49710 | 25231.75 | 6938.75 | | +176 +0.36% | -150.25 -0.59% | -21.00 -0.30% | | 全美指数涨跌分布 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $68.127 billion for FY26Q4, representing a year-over-year increase of 73%. The GAAP and Non-GAAP gross margins were 75.0% and 75.2%, respectively, with net profits of $42.96 billion and $39.55 billion, reflecting increases of 94% and 79% year-over-year [2]. - For FY27Q1, the company guides revenue expectations at $78 billion (±2%), excluding data center revenue from China, with projected gross margins of 74.9% and 75.0% for GAAP and Non-GAAP, respectively [2]. - The data center revenue grew rapidly, reaching $62.314 billion in FY26Q4, a 75% increase year-over-year, with network revenue contributing approximately $11 billion. The company plans to commercialize the Vera Rubin CPU in the second half of the year, which is expected to enhance performance in data processing and AI applications [3]. - The company anticipates diversifying its customer base beyond the top five cloud service providers, which currently account for over 50% of its revenue. Strategic investments, such as in Anthropic, aim to expand the AI ecosystem around the company's CUDA platform [3]. - The company is positioned as a leader in AI chips, benefiting from ongoing AI development. The product lineup continues to evolve, with the Vera Rubin expected to be a significant contributor to revenue growth. The company is well-positioned in networking, computing power, and software ecosystems [4]. Financial Projections - The company is projected to achieve net profits of $217.6 billion, $307.4 billion, and $381.1 billion for FY27, FY28, and FY29, respectively, indicating strong growth potential [4]. - Revenue forecasts for FY27, FY28, and FY29 are $401.342 billion, $562.932 billion, and $692.407 billion, respectively, with growth rates of 85.9%, 40.3%, and 23.0% [9].

Core Insights - The article discusses the investment potential of NVIDIA (NVDA), highlighting its strong market position and growth prospects in the semiconductor industry [1]. Group 1: Company Performance - NVIDIA has shown significant growth in revenue, with a reported increase of 50% year-over-year, reaching $7.1 billion in the last quarter [1]. - The company's net income also surged, reflecting a 60% increase compared to the previous year, amounting to $2.4 billion [1]. Group 2: Market Trends - The demand for AI and machine learning technologies is driving the growth of NVIDIA, positioning it as a leader in the GPU market [1]. - The overall semiconductor market is expected to grow at a compound annual growth rate (CAGR) of 10% over the next five years, benefiting companies like NVIDIA [1].

每经记者｜张锦河 每经编辑｜程鹏 记者|张锦河 编辑|程鹏 杜恒峰 校对|陈柯名 北京时间2月26日晚，美股三大指数开盘涨跌不一，道指涨0.38%，纳指跌0.24%，标普500指数跌0.04%。截至发稿，道指涨0.27%，纳指跌0.84%，标普 500指数跌0.36%。有2712只个股上涨，2381只个股下跌。 英伟达财报再超预期却遇冷淡回应，股价直线跳水，截至发稿，跌幅扩大逾3.6%。 纳斯达克中国金龙指数跌0.85%。 热门中概股多数下跌，截至发稿，百济神州跌6.56%，贝壳跌5.85%；百度跌4.83%，公司2025财年营收同比减少3%；瑞幸咖啡跌4.71%，理想汽车跌 4.66%，哔哩哔哩跌3.47%。 | 百济神州 | 329.140 | -6.56% | | --- | --- | --- | | ONC = = | | | | 贝壳 | 16.590 | -5.85% | | BEKE ® | | | | 百度 | 126.240 | -4.83% | | BIDU B . | | | | 瑞幸咖啡 | 35.780 | -4.71% | | 延 LKNCY 日 C | | | | 理想汽车 | ...

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Core Viewpoint - Nvidia is in a precarious position regarding its microchip supply obligations, which could lead to significant financial repercussions if demand for AI products declines, as highlighted by investor Michael Burry [1][5]. Group 1: Supply Obligations and Financial Risks - Nvidia's purchase obligations surged from approximately $16 billion to $95 billion over 12 months, driven by TSMC's demand for longer contracts and upfront cash [2]. - The company's total supply obligations of $117 billion are nearly equivalent to its operating cash flow for the year ending January 25, indicating a tight financial situation [2]. - Burry emphasizes that Nvidia's current strategy of locking in supply chain capacity is unprecedented and poses substantial risks [2][4]. Group 2: Historical Comparisons and Market Dynamics - Burry draws parallels between Nvidia's situation and Cisco during the dot-com bubble, where Cisco faced severe losses after overcommitting to supply chain obligations amid a sudden drop in IT spending [3]. - The high profit margins Nvidia currently enjoys are attributed to strong demand, but these margins could diminish if demand weakens, increasing the company's vulnerability [4]. Group 3: Market Performance and Investor Sentiment - Despite a 65% increase in revenue and net income over the past year, Nvidia's stock fell nearly 3% recently, reflecting investor concerns [7]. - Nvidia's stock has decreased by 8% from its all-time highs in October but remains over 13 times higher since the beginning of 2023, maintaining its status as the world's most valuable public company with a market capitalization of $4.6 trillion [8].

The U.S. stock market opened with a divided front on Thursday, February 26th, 2026, as investors grappled with a high-stakes earnings season and fresh economic data. While the blue-chip heavy Dow Jones Industrial Average (DJI) showed resilience, the tech-heavy Nasdaq Composite (IXIC) and the broader S&P 500 (SPX) faced downward pressure. This divergence comes as the market processes a "sell the news" reaction to blockbuster results from the world’s leading artificial intelligence chipmaker and disappointing ...

Wall Street’s major market averages were lower on Thursday as investors were left underwhelmed by Nvidia’s (NVDA) fourth-quarter results and guidance. For the session, the S&P 500 (SP500) was -1.1%, the Dow (DJI) was -0.4%, and the Nasdaq Composite ( ...

Core Insights - Nvidia reported a strong earnings performance, indicating robust financial health and growth potential [1] Financial Performance - The earnings report showcased significant revenue growth, reflecting the company's strong position in the semiconductor industry [1] - Despite the positive earnings, the stock did not see a corresponding increase in value, suggesting market skepticism or profit-taking by investors [1] Market Reaction - Investors reacted lukewarmly to the earnings report, which may indicate concerns about future growth or market conditions [1] - The stock's performance post-earnings highlights a disconnect between strong financial results and investor sentiment [1]

来源：滚动播报 费城半导体指数在英伟达公布财报后下跌2.8%。 ...