Core Insights - Nvidia Corporation (NVDA) is not only the largest capitalized company in the world but also indicative of broader market changes [1] Company Overview - Nvidia continues to reflect significant shifts in technology and investment strategies, highlighting its role in the evolving landscape of capital markets [1] Market Position - The company is recognized for its substantial market capitalization, which positions it as a leader in the tech sector [1]

Core Viewpoint - Nvidia is experiencing significant growth driven by the expansion of capital expenditures among major hyperscalers, with Meta increasing its capital expansion from $72 billion last year to $135 billion this year, largely powered by Nvidia's technology [3][4]. Group 1: Market Dynamics - The current market is characterized by a massive capital expenditure expansion among hyperscalers, indicating strong demand for Nvidia's products [2][5]. - Nvidia is a leading supplier in the data center market, with its next-generation Reuben architecture expected to enhance energy efficiency and performance [8][12]. Group 2: Financial Performance - Nvidia's margins are currently at 75.2%, with expectations of slight compression to the low 70s as the Reuben architecture ramps up [9][10]. - The company is not overly concerned about potential memory supply constraints, as it is one of the largest memory consumers globally and has significant leverage in negotiations [6][19]. Group 3: Regional Opportunities - The Chinese market presents incremental upside for Nvidia, with estimates suggesting an additional $400 million or more in revenue potential once regulatory hurdles are cleared [15][16]. - Current performance does not rely on the Chinese market, indicating that any future gains would be supplementary to existing revenue streams [15]. Group 4: Gaming Segment - The gaming segment has shown a slight miss in revenue, attributed to supply constraints and the current product cycle, with consumers awaiting new product releases [17][19]. - Despite the smaller contribution of gaming to overall revenue, Nvidia's strong position in the data center market mitigates concerns about growth opportunities in this segment [18][19].

美银美林证券分析师Vivek Arya：管理层在前面的简报中提到，大家目前对公司在2027财年的业务 情况有一定预期，公司的采购意向在某种程度上也反映了管理层对未来的信心。不过，我还是想跟进一 下，黄总，就目前的情况来看，公司当前有几家非常重要的云计算用户，今年这些大客户的资本开支已 经接近7000亿美元。不少投资者担心，这样的资本开支规模想要在明年继续增长并不容易。同时，据我 们了解，其中有几家公司现金流能力也有一定压力。 从这个角度来看，虽然您对公司接下来的产品路线图、采购能力等方面都非常有信心，但我的问题是： 您对客户继续扩大资本开支究竟有多大信心？换言之，在当前的大环境下，新一财年您预计客户还会继 续扩大相关的资本开支吗？如果客户的资本开支无法实现持续增长，在这样的大环境中，英伟达计划如 何实现自身的增长？ 黄仁勋：我对客户现金流持续增长还是有信心的。 原因其实非常简单。现在，我们已经看到了代理式人工智能（Agentic AI）的拐点，大家也意识到AI智 能体在全球范围内、在各类企业中的实际价值。 专题：英伟达财报与业绩指引双双超预期 AI热潮推动数据中心营收大增75% 英伟达当季总营收同比增长 73 ...

2月26日消息，英伟达去年四季度营收681亿美元，同比增长73%，市场预期为656.84亿美元，上年同期 为393.31亿美元。英伟达预计今年第一财季营收764.4亿~795.6亿美元。 0:00 ...

有分析指出，随着英伟达公布的财报及业绩指引超出预期，过去几周在市场上不断蔓延的"AI泡沫"忧虑 有望缓解，市场对英伟达AI芯片的需求依然旺盛。 英伟达创始人兼CEO黄仁勋在财报中表示，"计算需求正呈指数级增长——AI智能体的转折点已经到 来。企业对智能体的应用正在飞速增长。我们的客户正竞相投资AI计算——这些计算能力是推动AI产 业革命和未来发展的动力源泉。" 来源市场信息 业绩指引方面，英伟达预计2027财年第一季度营收764.4亿美元—795.6亿美元，高于市场预估的727.8亿 美元。 受业绩与业绩指引超预期刺激，英伟达股价在美股盘后交易中直线飙升，一度大涨超4%。 截至周三收盘，英伟达股价在2026年已上涨5%，而纳斯达克指数下跌0.4%。万亿市值俱乐部中今年唯 一同样上涨的另一家公司是苹果，涨幅不到1%。 美东时间周三美股盘后，全球"AI总龙头"英伟达公布了2026财年第四季度及全年财报。 财报显示，英伟达第四财季营收681亿美元，同比增长73%，市场预期为656.84亿美元，上年同期为 393.31亿美元。2026财年全年营收为2159亿美元，同比增长65%，创历史新高。 ...

Core Insights - Nvidia reported record revenue of $68.1 billion for Q4 FY2026, a 73% year-over-year increase, with a GAAP net profit of $42.96 billion, up 94% [2] - The company anticipates continued exponential growth in AI demand, with CEO Jensen Huang stating that the adoption of agentic AI is at a turning point [2] - Nvidia's Q4 revenue and guidance for the next quarter exceeded analyst expectations, indicating strong market performance [3] Financial Performance - For Q4 FY2026, Nvidia's data center revenue reached $62.3 billion, a 75% increase year-over-year, while gaming revenue was $3.7 billion, up 47% but down 13% quarter-over-quarter [4] - The company achieved a total revenue of $215.9 billion for FY2026, a 65% increase, with net profit of $120.07 billion, also up 65% [2][4] - Nvidia's data center revenue has grown nearly 13 times since the launch of ChatGPT, with over 50% of this revenue coming from large cloud service providers [4] Business Segments - Nvidia's professional visualization revenue was $1.3 billion, a 159% increase year-over-year, while automotive and robotics revenue was $604 million, up 6% [4] - The company plans to continue selling its Blackwell and Rubin architecture chips, while facing tight memory supply in the gaming sector [5] - Nvidia is exploring opportunities in space data centers, indicating potential future applications for AI in space [5] Strategic Investments - Nvidia is nearing an agreement with OpenAI and is focused on expanding its ecosystem through strategic investments [6] - The company has entered a non-exclusive technology licensing agreement with Groq to enhance AI infrastructure performance [6] Market Concerns - There are ongoing concerns about an AI bubble, with analysts noting that high capital expenditures by tech giants could pose systemic credit risks [7] - A recent survey indicated that 23% of investors view the threat from an AI bubble as their primary concern, up from 9% in December [7] - Analysts express confidence in customer cash flow growth driven by AI applications, despite concerns about potential peaks in capital expenditures for large data centers [8]

智通财经获悉，人工智能(AI)芯片霸主英伟达(NVDA.US)再一次公布了堪称"炸裂"的业绩。在近期 Anthropic一系列产品发布和Citrini的"末日报告"加剧投资者恐慌之际，英伟达这份最新业绩继续证明， AI产生的需求依然强劲，AI基础设施的大规模建设仍在正轨上。 财报显示，在截至1月25日的2026财年第四财季，英伟达营收同比增长73%，至创纪录新高的681亿美 元，好于分析师普遍预测的659亿美元。按业务划分，数据中心业务(负责其行业领先的AI加速器和网络 产品)第四财季营收同比增长75%至623亿美元，同样创纪录新高，好于分析师普遍预测的604亿美元。 不过，其他业务表现相对较弱。游戏业务(曾是英伟达营收的主要来源)营收同比增长47%至37.3亿美 元，低于分析师普遍预测的40.1亿美元;汽车业务营收同比增长6%至6.04亿美元，不及分析师普遍预测 的6.43亿美元。 调整后的毛利率为75.2%，同样略高于分析师普遍预测。英伟达首席财务官Colette Kress称，毛利率的同 比改善来自"库存计提减少"，环比改善则与Blackwell芯片持续放量带来的"更优产品结构与成本结构"相 关。 | ...

【导读】美科技股集体上涨；英伟达财报出炉，盘后股价拉升后下跌 隔夜美股市场收涨，英伟达盘后发布业绩超预期，股价猛拉后下跌。 科技巨头集体上涨 美东时间2月25日（周三），美股三大指数集体收涨，道琼斯工业平均指数涨0.63%，纳斯达克综合指数涨1.26%，标普500指数涨0.81%。 美股科技"七巨头"集体上涨，其中，微软涨近3%，脸书涨2.25%，特斯拉涨1.94%，英伟达涨1.44%，亚马逊涨1%。 公司消息方面，在三星旗舰手机发布会上，谷歌演示了基于Gemini驱动的手机应用自动化操作智能体。 | 名称 | 现价 | 涨跌幅 ◆ | | | --- | --- | --- | --- | | 微软(MICROSOFT | 400.635 | 2.99% | 126.13亿 | | MSFT.O | | | | | 脸书(META PLATF META.O | 653.690 | 2.25% | 52.14亿 | | 特斯拉(TESLA) TSLA.O | 417.330 | 1.94% | 173.42亿 | | 英伟达(NVIDIA) NVDA.O | 195.625 | 1.44% | 329.08亿 ...

Core Viewpoint - The ongoing dispute between the U.S. Defense Department and Anthropic regarding the use of AI tools is significant but not critical, according to Nvidia CEO Jensen Huang [1][4]. Group 1: Dispute Overview - The U.S. Defense Secretary has given Anthropic a deadline to relax its usage rules for AI tools or face potential loss of its government contract [2]. - If Anthropic does not comply, it may be labeled a "supply chain risk" or have the Defense Production Act invoked against it [2]. Group 2: Perspectives on the Dispute - Huang emphasized that both the Defense Department and Anthropic have valid viewpoints regarding the use of AI technology and its marketing [3]. - Anthropic is seeking assurances that its AI models will not be used for autonomous weapons or mass surveillance, while the Defense Department desires unrestricted use of the technology [3]. Group 3: Company Background and Contract - Anthropic, founded in 2021 by former OpenAI researchers, is known for its AI models called Claude and was awarded a $200 million contract with the DoD last year [4].

当地时间2月25日，美国三大股指连续两日全线收涨，道指涨0.63%报49482.15点，标普500指数涨0.81%报6946.13点，纳指 涨1.26%报23152.08点。大型科技股普涨，微软涨近3%，脸书涨超2%，特斯拉涨近2%，英伟达涨超1%。 美三大股指全线上扬 当地时间2月25日，美国三大股指全线收涨。截至收盘，道指涨0.63%报49482.15点，标普500指数涨0.81%报6946.13点，纳 指涨1.26%报23152.08点。 大型科技股普涨，微软、Meta、博通涨超2%，英伟达、亚马逊、特斯拉涨超1%，苹果、谷歌、台积电均小幅收涨。另 外，西部数据、希捷科技、应用材料等AI大牛股亦录得强劲上涨。 苹果涨0.77%。苹果CEO蒂姆·库克在社交平台X上发帖称，作为6000亿美元投资计划的一部分，Mac mini将于今年晚些时候 首次在美国进行生产，苹果正在进一步加快步伐——生产更多的AI服务器，并开设一家全新的苹果先进制造中心，用于提 供实践培训。 特斯拉涨近2%。SpaceX首席执行官马斯克表示，有意在月球建造一台巨型电磁弹射装置和一座卫星组装厂，用电磁弹射方 式向地球轨道发射卫星，以更便捷 ...