市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 英伟达CEO黄仁勋在电话会上表示，企业对代理的应用飙升，Grace Blackwell搭配NVLink是推理的王 者。当前的太空数据中心经济还是"贫瘠的"，但形势将随着时间的推移而变化。 风险提示及免责条款 ...

英伟达2025财年全年营收增长68%，达到创纪录的1937亿美元。在此前的两年间，英伟达每个季度的营收表现都超过了华尔街的预期。 | | GAAP | | | | | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | | Revenue | $68.127 | $57,006 | $39,331 | 20 % | | Gross margin | 75.0 % | 73.4 % | 73.0 % | 1.6 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | 16 % | | Operating income | $44.299 | $36,010 | $24.034 | 23 % | | Net income | $42,960 | $31.910 | $22.091 | 35 % | | Diluted earnings per share | $1.76 | $1.30 ...

当地时间周三盘后，英伟达发布截至2026年1月25日的第四季度财报。 当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股 收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益 4.90 美元。 | | GAAP | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | Y/Y | | Revenue | $68,127 | $57,006 | $39,331 | 20 % | 73 % | | Gross margin | 75.0 % | 73.4% | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | 16 % | 45 % | | Operating ...

Core Insights - Nvidia reported record profits with $68 billion in revenue for the most recent quarter, a 73% increase from the previous year, driven primarily by its data center business [1][2] - The data center revenue was broken down into $51 billion from compute revenue (mainly GPUs) and $11 billion from networking products [2] - The company has not reported any revenue from chip exports to China, despite the U.S. lifting export restrictions, indicating uncertainty in the market [3] Company Developments - Nvidia is pursuing a partnership with OpenAI, with a reported investment of $30 billion, and is also collaborating with other companies like Anthropic and Meta [4][6] - Concerns regarding the sustainability of tech companies' capital expenditure commitments were addressed, with the belief that compute investments will soon yield revenue [7] - The CEO emphasized the critical role of compute in generating revenue, stating that without compute, revenue growth is not feasible [8]

Financial Data and Key Metrics Changes - Total revenue reached $68 billion, up 73% year-over-year, marking a record growth from the previous quarter [5][6] - Data center revenue for Q4 was $62 billion, increasing 75% year-over-year and 22% sequentially [8][19] - Full-year data center revenue totaled $194 billion, up 68% year-over-year [6] - Free cash flow for Q4 was $35 billion, with a total of $97 billion for fiscal year 2026 [19][20] - GAAP gross margin was 75%, with non-GAAP gross margin at 75.2%, reflecting an increase due to the ramp of Blackwell [18][19] Business Line Data and Key Metrics Changes - Data center business scaled nearly 13x since the emergence of ChatGPT in fiscal 2023 [6] - Networking revenue reached $11 billion, up more than 3.5x year-over-year, driven by strong demand for NVLink and Spectrum-X Ethernet [9][10] - Gaming revenue was $3.7 billion, up 47% year-over-year, supported by strong Blackwell demand [15] - Professional visualization revenue crossed $1 billion for the first time, totaling $1.3 billion, up 159% year-over-year [16] - Automotive revenue was $604 million, up 6% year-over-year, driven by demand for self-driving solutions [16] Market Data and Key Metrics Changes - Sovereign AI business more than tripled year-over-year, exceeding $30 billion, with significant contributions from Canada, France, the Netherlands, Singapore, and the UK [12] - Analyst expectations for 2026 CapEx across the top 5 cloud providers are up nearly $120 billion, approaching $700 billion [11] - The transition from classical machine learning to generative AI is driving significant capital spending from hyperscalers [10] Company Strategy and Development Direction - The company aims to deliver generational leaps in performance per watt and performance per dollar to sustain gross margins [60][61] - Focus on expanding partnerships with leading AI model makers and enhancing the ecosystem built on CUDA [33][24] - Introduction of the Rubin platform, which includes six new chips, is expected to enhance performance and reduce costs [14][15] - The company is committed to investing in technology and ecosystem development to drive long-term growth [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of cloud customers' cash flow, linking compute demand to revenue generation [29][30] - The company anticipates sequential revenue growth throughout calendar 2026, with strong demand for data center products [7][21] - Supply constraints are expected to impact gaming revenue in the near term, but improvements may lead to year-over-year growth later [50] Other Important Information - The company has secured inventory and capacity to meet future demand, reflecting longer demand visibility [19] - The introduction of stock-based compensation in non-GAAP results is aimed at attracting and retaining talent [20] Q&A Session Summary Question: Concerns about cloud customers' CapEx growth - Management is confident in cloud customers' cash flow growth due to the demand for compute in AI, linking compute directly to revenue generation [29][30] Question: Role of strategic investments in ecosystem growth - Management emphasized the importance of the ecosystem and investments in expanding NVIDIA's position across various AI applications [32][33] Question: Networking revenue growth and future expectations - Management noted the significant growth in networking revenue and the expectation for continued expansion driven by AI infrastructure [37][39] Question: Future roadmap for customized silicon - Management discussed the architectural decisions behind their CPUs and the focus on high data processing capabilities for AI workloads [76][78] Question: Deployment of capital and share repurchase strategy - Management highlighted the careful consideration of capital return while continuing to support ecosystem development and strategic investments [82]

NVIDIA (NasdaqGS:NVDA) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsBen Reitzes - Managing Director and Head of Technology ResearchColette Kress - EVP and CFOHarlan Sur - Executive Director of Equity ResearchJensen Huang - President and CEOMark Lipacis - Senior Managing DirectorToshiya Hari - VP of Investor Relations and Strategic FinanceConference Call ParticipantsAaron Rakers - Managing Director and Technology AnalystAntoine Chkaiban - Technology Infrastructure AnalystAtif Malik ...

Group 1 - Nvidia Corporation's outlook for the next quarter is expected to be better than market expectations, driven by strong performance indicators [1] - The analysis emphasizes a fundamental approach to identify undervalued stocks with growth potential, particularly in the technology sector [1] Group 2 - The analyst holds a beneficial long position in Nvidia (NVDA), Google (GOOGL), and Amazon (AMZN), indicating confidence in these stocks [1]

NVIDIA (NasdaqGS:NVDA) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Speaker11Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to NVIDIA's fourth quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone ...

预计新财季营收780亿美元（±2%），好于市场预期。 当地时间周三盘后，英伟达发布截至2026年1月25日的第四季度财报。 当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股 收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益 4.90 美元。 | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | Y/Y | | Revenue | $68,127 | $57,006 | $39,331 | 20 % | 73% | | Gross margin | 75.0 % | 73.4% | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | ...

英伟达美股盘后涨幅收窄至0.4%，该公司CEO黄仁勋与CFO正在讲话。 ...