Core Viewpoint - NVIDIA's CEO Jensen Huang expressed concern over the H20 export restrictions impacting the company's access to the Chinese AI market, which is valued at $50 billion, while highlighting the robust demand for AI processing capabilities driven by the Blackwell chip production [1][8][45]. Group 1: Financial Performance and Market Impact - NVIDIA's Q1 revenue reached $44 billion, a 69% year-over-year increase, despite the challenges posed by export restrictions [25]. - The company anticipates a loss of $8 billion in H20 revenue due to new export limitations, significantly affecting future business prospects in the Chinese market [8][43]. - The data center revenue grew by 73% year-over-year, driven by the rapid ramp-up of the Blackwell product line [5][27]. Group 2: AI Demand and Technological Advancements - There is an explosive growth in AI inference demand, with token generation increasing by 500% year-over-year, particularly in complex AI workloads [12][29]. - The Blackwell architecture is designed to support this demand, offering a throughput that is 40 times higher than the previous Hopper architecture [12][10]. - The average deployment rate for major hyperscale customers is nearly 1,000 NVL72 racks per week, indicating strong market adoption [10][28]. Group 3: Strategic Insights on AI Market - Huang emphasized that winning the Chinese AI market is crucial for global leadership, as it houses half of the world's AI researchers [3][45]. - The company is exploring options to create attractive solutions for the Chinese market in light of the export restrictions [8][46]. - The rise of open-source AI models like DeepSeek and Qwen is seen as a strategic advantage for the U.S. in maintaining its leadership in AI technology [13][46]. Group 4: Future Outlook and Growth Engines - NVIDIA is optimistic about future growth, citing multiple key growth engines including surging inference demand, sovereign AI initiatives, and enterprise AI [19][49]. - The company plans to achieve $45 billion in revenue for Q2, with expected gross margins of 71.8% [20][43]. - The establishment of AI factories globally is seen as a foundational step in building the necessary infrastructure for AI deployment across industries [15][62].

Financial Performance - Nvidia reported Q1 FY2026 revenue of $44.062 billion, a 69% year-over-year increase [1] - Net profit reached $18.775 billion, up 26% year-over-year [1] - Earnings per share (EPS) was $0.76, reflecting a 27% increase year-over-year [1] - Data center business, driven by AI chips and related products, saw a 73% revenue increase, accounting for 88% of total revenue [1] Impact of Export Controls - U.S. export controls on chips significantly impacted Nvidia's performance, leading to a $4.5 billion inventory write-down and an estimated loss of $2.5 billion in potential sales [1] - An additional loss of approximately $8 billion is expected in Q2 due to these restrictions [1] - The Chinese market, valued at around $50 billion, is now largely inaccessible to U.S. companies due to the H20 chip export ban [3][12] AI Market Dynamics - China is a major player in the global AI market, with half of the world's AI researchers located there [3] - The inability to deploy Hopper architecture products in China limits Nvidia's market share and growth potential in this region [3][12] - The competition in AI is not just about chips but also about who leads the entire technology stack [4] Domestic Manufacturing Initiatives - Nvidia supports the vision of bringing advanced manufacturing back to the U.S., with significant investments in local chip production facilities [7] - Partnerships with companies like TSMC and Foxconn are underway to establish AI supercomputer manufacturing plants in the U.S. [7] AI Infrastructure and Development - The company emphasizes the importance of AI as a foundational infrastructure that will transform various industries [12][14] - New enterprise AI products are being launched to support local developers and businesses, indicating a shift towards internal AI deployment [14] - The future of AI infrastructure is expected to include AI factories within manufacturing plants, enhancing operational efficiency [14]

另一方面，英伟达CEO黄仁勋表示看好推理型AI的需求、全球主权部署AI基础建设、企业级AI智能体 (Agents)爆发，以及工业AI机遇。 业绩发布后，5月28日英伟达股价微跌0.51%，报收134.81美元/股，总市值约3.3万亿美元；5月29日盘前 最新上涨5.02%。A股英伟达产业链指数上涨3.32%，鸿博股份（002229）涨停，工业富联（601138）上 涨6.02%。 痛失百亿市场 "无法进入可能增长至近500亿美元的中国AI加速器市场，将对我们未来业务产生重大不利影响，而有利 于国内外竞争对手。"英伟达执行副总裁兼首席财务官Collette Cress在业绩发布会上介绍，一季度中国 数据中心收入占比已经下降至个位数，预计第一季度占比将进一步下降。 中国市场对英伟达业务影响，在本次财报中得到详细的侧面印证。 英伟达公布截至2025年4月27日的第一季度财报显示，公司实现营业收入441亿美元，较上一季度增长 12%，较去年同期增长69%；净利润实现187.75亿美元，同比增长约26%。但是由于4月9日美国政府限 制英伟达对中国特供版H20出口，导致一季度英伟达因过剩库存和采购而产生了45亿美元的费用 ...

Group 1 - The U.S. government's further restrictive measures are negatively impacting the global semiconductor industry and AI ecosystem, creating better opportunities for China's AI ecosystem to expand internationally [1][3] - Nvidia reported a loss of up to $8 billion due to U.S. restrictions on selling H20 chips to China, highlighting the financial repercussions of these policies [1] - The semiconductor equipment company ASML has seen its market value drop by over $130 billion in the past year due to fears of tariffs imposed by the U.S. government [1] Group 2 - Gartner's semiconductor industry analyst believes that China's AI ecosystem is currently the most developed outside of the U.S., as other countries seek alternatives to U.S. technology amid concerns over safety and reliability [3] - China's AI chip development is still in its early stages, with current domestic chips unable to meet the vast market demand, but the infrastructure for AI is well-established [4] - The Chinese government has set a 20% annual growth target for the semiconductor industry since 2014, leading to significant advancements that will meet future AI and advanced manufacturing needs [4] Group 3 - The concept of "AI traffic" is crucial for the development of AI, as it parallels the early days of the internet, where increased traffic drives demand for AI chips and further investment in infrastructure [4]

Core Viewpoint - NVIDIA's FY26Q1 revenue reached $44.062 billion, representing a year-over-year increase of 69.18% and a quarter-over-quarter increase of 12.03%, exceeding guidance expectations [1][10] Group 1: Financial Performance - FY26Q1 revenue of $44.062 billion surpassed guidance of $43 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related expenses [1][10] - The company incurred $4.5 billion in expenses due to H20 product inventory surplus and procurement obligations, which was lower than expected due to the reuse of some materials [1][11] - FY26Q2 revenue guidance is set at $45 billion, reflecting an expected loss of approximately $8 billion in H20 revenue [4][24] Group 2: Business Segments - Data Center revenue reached $39 billion, up 73% year-over-year and 10% quarter-over-quarter, driven by demand for AI applications [3][10] - Gaming and AI PC revenue hit a record $3.8 billion, up 42% year-over-year and 48% quarter-over-quarter, primarily due to Blackwell architecture products [2][18] - Professional Visualization revenue was $509 million, up 19% year-over-year, while Automotive revenue was $567 million, up 72% year-over-year [3][20] Group 3: Market Dynamics - The Chinese AI chip market is estimated at $50 billion, but the H20 export ban has significantly impacted NVIDIA's operations in China [5][25] - The introduction of the GB200 NVL architecture is expected to support large-scale workloads and reduce inference costs [5][12] - The company is expanding its manufacturing capabilities in the U.S., with TSMC building six fabs in Arizona and partnerships with Foxconn for AI supercomputer production [5][28] Group 4: Future Outlook - The company anticipates a recovery in gross margin to 75% by the end of the year, driven by improved profitability from Blackwell products [4][24] - The AI industry is expected to experience exponential growth, with significant demand for inference AI driving the need for increased computational power [40][36] - The company is well-positioned to capitalize on the growing AI infrastructure investments globally, with a focus on local deployments and integration with existing IT systems [32][40]

Financial Data and Key Metrics Changes - NVIDIA reported revenue of $44 billion, a 69% year-over-year increase, exceeding expectations despite a challenging operating environment [6] - Data center revenue reached $39 billion, growing 73% year-on-year [6] - GAAP gross margins were 60.561%, while non-GAAP gross margins would have been 71.3% excluding a $4.5 billion charge related to inventory write-downs [31][33] Business Line Data and Key Metrics Changes - Data center revenue was significantly impacted by new export controls, with $4.6 billion recognized prior to the controls and a $4.5 billion charge for inventory write-downs [7][31] - Gaming revenue reached a record $3.8 billion, increasing 48% sequentially and 42% year-on-year, driven by strong adoption of Blackwell architecture [22][23] - Pro Visualization revenue was flat sequentially at $5.9 billion but up 19% year-on-year [26] - Automotive revenue was $567 million, down 1% sequentially but up 72% year-on-year, driven by self-driving technology and demand for new energy vehicles [28] Market Data and Key Metrics Changes - China data center revenue was slightly below expectations due to export licensing controls, with a meaningful decrease anticipated in Q2 [21][22] - Singapore represented nearly 20% of Q1 build revenue, primarily for US-based customers [22] Company Strategy and Development Direction - NVIDIA is focusing on AI infrastructure, with plans to build AI factories globally, emphasizing the importance of AI in various industries [14][62] - The company is committed to a multi-year product roadmap extending through 2028, with a focus on enhancing AI capabilities and infrastructure [11][12] - NVIDIA is exploring limited options to supply data center products compliant with new export control rules, acknowledging the competitive landscape in AI [9][38] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about losing access to the China AI accelerator market, which could have a material adverse impact on business [9] - The company anticipates continued ramp-up of Blackwell products, partially offset by declines in China revenue, with total revenue expected to be around $45 billion in Q2 [32][33] - Management highlighted the exponential growth in reasoning AI and its implications for future demand and infrastructure needs [62][84] Other Important Information - NVIDIA returned a record $14.3 billion to shareholders through share repurchases and dividends [32] - The company is actively investing in onshore manufacturing and partnerships to strengthen its supply chain [45][46] Q&A Session Summary Question: How much of the inference demand is NVIDIA able to serve? - Jensen Huang stated that NVIDIA aims to serve all inference demand and is on track to do so, highlighting the capabilities of the Grace Blackwell NVLink 72 for reasoning AI [53][54] Question: What is the impact of China on revenue guidance? - Colette Kress clarified that the company recognized $4.6 billion in H20 revenue in Q1 and expects a significant decline in China data center revenue in Q2 due to export controls [60][61] Question: What are the drivers of growth for the AI infrastructure? - Jensen Huang identified four positive surprises driving growth: increased demand for reasoning AI, the rescinding of the AI diffusion rule, the rise of enterprise AI, and the emergence of industrial AI [82][84] Question: Are there more large GPU cluster investments expected? - Jensen Huang confirmed that there are more orders than previously discussed and that many AI factories are being planned globally, indicating a strong future demand for AI infrastructure [70][72] Question: What is the outlook for the networking business? - Jensen Huang highlighted the success of Spectrum X and its adoption among major CSPs, emphasizing the importance of low latency and high performance in AI networking solutions [100]

继5月稍早陪同美国总统特朗普前往中东宣布大单之后，后续还将宣布许多决定。 英伟达CEO黄仁勋：我下周将前往欧洲。 所有国家都需要主权AI，我保证将让供应链保持繁忙状态。 ...

Key Insights - The report highlights a significant increase in China's inverter exports in April 2025, with an export value of 5.82 billion, representing a month-on-month growth of 28.0% and a quantity of 4.5292 million units, up 21.4% from the previous month [3] - The average export price of inverters rose to 1,284 yuan per unit, marking a month-on-month increase of 5.5% [3] - The demand growth is attributed to the onset of the summer peak season for household storage and accelerated overseas large-scale storage construction [3] - The report emphasizes the long-term drivers of demand, including power outages, rising electricity prices, and significant growth in wind and solar installations, indicating a shift in inverter demand towards emerging markets [3] - The report recommends companies such as Deye Technology, Sungrow Power Supply, and Sunshine Power for their potential in the inverter market [3] Industry Overview - The macroeconomic context suggests that the Chinese yuan may have upward momentum against the US dollar, driven by structural rebalancing in global asset allocation and diminishing depreciation expectations for the yuan [2] - The report notes that the US has adjusted tariffs on imports, which has implications for global trade dynamics and may affect the competitiveness of Chinese exports [2] - The report also discusses the ongoing trends in the logistics and e-commerce sectors, highlighting a continued focus on price competition and volume growth in the express delivery market, with a year-on-year increase in express delivery volume of 19.1% in April [7] - In the consumer electronics sector, the report indicates strong sales growth for robotic vacuum cleaners and floor washers, driven by promotional activities and consumer demand, with sales volume for robotic vacuum cleaners increasing by 74.49% year-on-year in April [8]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 digitimes ，谢谢 。 半导体已成「国安战略物资」，主权AI日益重要，各国激烈竞逐。遭美国等大国锁定的台积电， 近期已确立在台湾、美国、日本和德国的未来扩产蓝图。然据供应链透露，至今欲与台积合作的国 家仍多，包括印度、新加坡与中东的卡达，然而，台积电已经婉拒这三个国家的设厂邀约。 对台积电而言，台湾是最完美的生产据点，海外建厂是逼不得已的决定，最终选择美、日、德，主 要还是大国压力巨大，以及考量这三个国家在设备、材料与IC设计等半导体产业链中拥有领先实 力，且在分身乏术与全球产能调配必须控制，避免供过于求下，因此婉拒其他国家邀约。 据供应链业者透露，中东多国可说是诚意满满，只要台积愿意前往设厂，「钱不是问题」。 但对台积来说，除了国安与复杂政治问题外，中东在半导体领域部署几乎是零，台积电为了美国、 日本与德国扩产，台湾团队与供应链已全员出动，目前人力缺口仍相当大，已无法再筹建一支团 队，助力他国建置半导体聚落与长期营运。 关键更在于，中东国家期望的是先进制程产能，而非成熟制程技术。 不过近期随着中东国家对于AI、半导体产业发展企图心强劲，台积电 ...

这些海湾国家计划构建庞大的人工智能基础设施，成为英伟达芯片的重要买家。 这类"主权AI"交易构成了英伟达多元化客户战略的关键部分。公司高管表示，已有多个国家政府接触英伟达，希望为类似的主权AI项目采购其芯片。 CEO黄仁勋本周访问海湾地区，展示了公司希望在全球范围内复制的战略模式。 英伟达正大力推进多元化发展战略，寻求摆脱对微软、亚马逊和谷歌等科技巨头的依赖。 通过与沙特、阿联酋等国家建立"主权AI"合作关系，以及扶持CoreWeave等"新云"平台，这家芯片巨头试图在科技巨头之外建立新的收入来源。 全球拓展：英伟达的"主权AI"战略 英伟达本周与沙特阿拉伯的Humain达成了数十亿美元的芯片交易，同时阿联酋宣布与美国政府协调在阿布扎比建设全球最大数据中心之一。 英伟达近期还与思科、戴尔和惠普等供应商建立了联盟，以帮助向企业客户销售产品。这些企业管理自己的IT基础设施，而不是外包给云服务商。 黄仁勋在今年3月表示："比起一年前，我现在更加确信（大型云服务提供商之外的业务机会）。" 在今年的GTC大会上，英伟达推出Rubin芯片时，CoreWeave和思科等合作伙伴比传统的科技巨头更加突出。黄仁勋预测"每个行业 ...