人工智能推理模型

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英伟达(纪要):对中国的出货比例不变
海豚投研· 2025-02-28 11:07
Core Insights - NVIDIA reported record revenue of $39.3 billion for Q4 FY2025, a 12% increase quarter-over-quarter and a 78% increase year-over-year, exceeding the expected $37.5 billion [1] - For the full fiscal year 2025, NVIDIA's revenue reached $130.5 billion, representing a 114% year-over-year growth [1] Financial Performance - Q4 FY2025 total revenue was $39,331 million, with a gross profit of $27,924 million, resulting in a gross margin of 73.4% [2] - Operating income for Q4 was $22,961 million, with an operating profit margin of 62.3% [2] - Net income for Q4 was $19,309 million, yielding a net profit margin of 55.6% [2] Data Center Segment - Data center revenue reached a record $35.6 billion in Q4, a 16% increase quarter-over-quarter and a 93% increase year-over-year, with FY2025 revenue at $115.2 billion [3] - The Blackwell product line saw Q4 sales exceed expectations at $11 billion, marking the fastest product ramp in company history [3] - Demand for AI infrastructure is driving significant growth, with large clusters starting at 100,000 GPUs [3] Gaming Segment - Q4 gaming revenue was $2.5 billion, a 22% decrease quarter-over-quarter and an 11% decrease year-over-year, attributed to supply constraints [3] - Full-year gaming revenue was $11.4 billion, reflecting a 9% year-over-year increase [4] Professional Visualization Segment - Q4 revenue was $511 million, a 5% increase quarter-over-quarter and a 10% increase year-over-year, with full-year revenue at $1.9 billion, up 21% [5] Automotive Segment - Q4 automotive revenue reached a record $570 million, a 27% increase quarter-over-quarter and a 103% increase year-over-year, with full-year revenue at $1.7 billion, up 5% [5] - Continued growth in autonomous vehicles is driving revenue, with partnerships announced for next-generation vehicles [5] Networking Segment - Q4 networking revenue saw a 3% decline, but a transition to larger NVLink and Spectrum X is expected to restore growth in the upcoming quarter [5] Gross Margin - Q4 GAAP gross margin was 73%, with non-GAAP gross margin at 73.5% [6]