时报图说 英儒达重磅发布 业绩大超预期 北京时间20日凌晨,全球"AI总龙头"英伟达披露的最新财 报显示,2026财年第三财季实现营收570.1亿美元,同比 大幅增长62%,高于分析预期的551.9亿美元。 2026财年第三财季 实现营收 570.1 亿美元 同比增幅 62% 分析预期 551.9亿美元 调整后营业利润 377.5亿美元 同比增幅 62% 分析预期 364.6亿美元 研发支出 同比增幅 39% 分析预期 46 非GAAP□径下 75.0% 调整后毛利率预计为 上下浮动 50个基点(74.5%~75.5%) 分析师预期中值为74.6 % 调整后营业费用预计为 5Uz美元 分析师预期 45.9亿美元 英伟达CEO 黄仁勋 公司最新一代Blackwell架构的芯片销量远超 预期,云端 GPU 也已售罄。 AI正在改变现有的工作负载,并未看到"AI C 泡沫"的存在。已为今年的销售旺季做好供 应计划。 ● 训练与推理领域的计算需求持续加速增长, 且两者均呈指数级扩张。 调整后毛利率 同比增幅 卜 (年1.4个百分点 73.1% 分析预期 73.7 % 同时，英伟达给出的第四财季业绩指引也超出市场预期， ...

Core Viewpoint - Nvidia's latest earnings report for Q3 FY2026 shows a significant revenue increase of 62% year-over-year, reaching $57.01 billion, surpassing analyst expectations and alleviating concerns about an "AI bubble" [2][3][4]. Financial Performance - Nvidia reported Q3 FY2026 revenue of $57.01 billion, a 62% increase compared to the previous year, exceeding the analyst forecast of $55.19 billion [3][7]. - The data center segment contributed $51.2 billion in revenue, marking a 66% year-over-year growth, also above analyst expectations [3][7]. - Adjusted earnings per share for Q3 were $1.30, with an adjusted operating profit of $37.75 billion, both significantly higher than market predictions [3][4]. - The adjusted gross margin for Q3 was 73.6%, slightly below analyst expectations of 73.7% [3][4]. Future Guidance - For Q4 FY2026, Nvidia expects revenue to be around $65 billion, with a margin of fluctuation of 2% [4]. - The company anticipates an adjusted gross margin of 75%, which is above the analyst median expectation of 74.6% [4]. Market Reaction - Following the earnings report, Nvidia's stock surged over 6% in after-hours trading, with other AI-related stocks also experiencing gains [2][4]. - Nvidia's stock price increased by 2.85% to $186.52 during regular trading hours, and further rose to $196.80 in after-hours trading [5][4]. Business Insights - Nvidia's CEO, Jensen Huang, stated that the latest Blackwell architecture chips are selling far beyond expectations, with all cloud server GPUs sold out [2][11]. - The demand for Nvidia's high-end GPUs is driven by major tech companies like Microsoft, Amazon, Google, Oracle, and Meta, as they accelerate the development of AI models and computing clusters [10][11]. - Nvidia repurchased $12.5 billion worth of stock and paid $243 million in dividends during Q3 [8]. Strategic Outlook - Nvidia's CFO, Colette Kress, indicated that the market demand for AI infrastructure continues to exceed expectations, with potential revenue of $500 billion from the Blackwell and Rubin projects [12]. - The company is collaborating with OpenAI to build and deploy AI data centers with a total power exceeding 10 gigawatts [13].