三季度总营收两年来首次同比加快增长，和数据中心收入齐创单季新高，后者同比增66%、环比增近25%；四季度营收 指引中值同比增65%，三季度毛利率略低于预期但四季度料升至75%、六个季度内首次同比提升。黄仁勋称，云GPU售 罄，训练和推理的计算需求均呈指数级增长。股价盘后一度涨超6%。CFO重申，新芯片未来几个季度料将创收5000亿美 元，称六年前发货的A100 GPU今年仍满负荷工作。 硬·AI 作者 | 李 丹 编辑 | 硬 AI 在投资者持续担心企业的人工智能（AI）领域超高投入难以为继之际，AI芯片龙头英伟达送来惊喜：上一 财季营收加快增长，增速重回60%以上，和数据中心的收入均创单季新高，体现AI基础设施需求持续强 劲，本财季的营收料将保持60%以上的增速，再度超出华尔街预期。 评论称，云GPU售罄通常是黄仁勋用来表明其芯片买家和用户——云服务商需求旺盛、且没有闲置产能的 惯用说法。这显然是他近期的宣传策略，意在安抚担心产能过剩的投资者。还有评论指出，财报显示，截 至 上财季末，英伟达持有现金及等价物606亿美元，显示其仍有充足的资金支持AI在新的经济领域应用。 财报公布后，收涨近3%的英伟达盘后涨幅 ...

Core Viewpoint - Nvidia's recent financial results indicate strong demand for AI infrastructure, with revenue growth exceeding 60%, alleviating concerns about an AI bubble [1][12][14]. Financial Data Summary - **Revenue**: In Q3, Nvidia reported revenue of $57.01 billion, a year-over-year increase of approximately 62%, surpassing analyst expectations of $55.19 billion [4][12]. - **EPS**: The adjusted EPS for Q3 was $1.30, reflecting a 60% year-over-year growth, also exceeding analyst expectations [5]. - **Gross Margin**: The adjusted gross margin for Q3 was 73.6%, slightly below the expected 74.0% [5][16]. - **Operating Expenses**: Adjusted operating expenses were $4.215 billion, a 38% increase year-over-year [5]. Segment Performance - **Data Center**: Revenue from the data center segment reached $51.2 billion, a 66% year-over-year increase, exceeding analyst expectations [6][12]. - **Gaming and AI PC**: Revenue was $4.3 billion, a 30% increase year-over-year [7]. - **Professional Visualization**: Revenue was $760 million, a 56% increase year-over-year [7]. - **Automotive and Robotics**: Revenue was $592 million, a 32% increase year-over-year [7]. Guidance and Future Outlook - **Q4 Revenue Guidance**: Nvidia expects Q4 revenue to be around $65 billion, indicating a year-over-year growth of over 65% [10][14]. - **Gross Margin Guidance**: The expected gross margin for Q4 is 75%, which would mark the first year-over-year increase in six quarters [16]. - **Market Demand**: Nvidia's CFO indicated that the company has secured $500 billion in chip orders for 2025 and 2026, highlighting strong future demand [18][19]. Strategic Insights - Nvidia's customer base includes major tech companies like Microsoft, Amazon, Alphabet, and Meta, which collectively account for over 40% of its sales [17]. - The company is focusing on enhancing its competitive edge in the AI chip market, particularly in response to geopolitical challenges affecting its sales in China [20].

第三财季毛利率为73.4%，与上年同期的74.6相比下降1.2%，但与上一财季的72.4%相比增长1%。按照 非公认会计准则计算，毛利率为73.6%，与上年同期的75相比下降1.4%，但与上一财季的72.7%相比增 长0.9%。 新华财经北京11月20日电（王媛媛）美东时间周三盘后，人工智能（AI）龙头股英伟达公布了超出预 期的三季度财报。 受此影响，英伟达股价在美股盘后交易中直线猛拉，一度暴涨超6%，截至发稿涨近5%。美股其他AI概 念股盘后亦全线走强，AMD大涨超3%，台积电、甲骨文、美光科技涨超2%。 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。 Q3财报及Q4营收展望均超市场预期 财报显示，英伟达第三财季营收为570.06亿美元，与上年同期的350.82亿美元相比增长62%，与上一财 季的467.43亿美元相比增长22%，超过LSEG所调查分析师平均预期的549.2亿美元。 | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | (S in m ...

Core Insights - Nvidia reported a significant revenue increase of 62% year-over-year for Q3 FY26, surpassing analyst expectations and indicating strong demand for AI infrastructure [4][10][14] - The company's CEO, Jensen Huang, emphasized that the latest Blackwell architecture chips are in high demand, with cloud GPUs sold out, countering concerns about an AI bubble [1][15] - Nvidia's cash reserves stand at $60.6 billion, providing ample support for ongoing AI applications in new economic sectors [1][4] Financial Performance - Revenue for Q3 FY26 reached $57.01 billion, exceeding the company's guidance and analyst expectations [4][10] - Non-GAAP EPS for Q3 was $1.30, a 60% increase year-over-year, also surpassing analyst predictions [4][10] - Adjusted gross margin for Q3 was 73.6%, slightly below expectations but still indicating strong profitability [4][10] Segment Performance - Data center revenue for Q3 was $51.2 billion, a 66% increase year-over-year, marking a record high for the segment [4][12] - Gaming and AI PC revenue reached $4.3 billion, a 30% increase year-over-year, although slightly below analyst expectations [5][12] - Professional visualization revenue was $760 million, up 56% year-over-year, exceeding analyst forecasts [6][12] - Automotive and robotics revenue was $592 million, a 32% increase year-over-year, but lower than expected [7][12] Guidance and Future Outlook - For Q4 FY26, Nvidia expects revenue to be around $65 billion, indicating a year-over-year growth of over 65% [10][13] - The company anticipates a gross margin of 75% for Q4, which would be the first year-over-year increase in six quarters [10][13] - Nvidia's CFO highlighted that the company has secured $500 billion in chip orders for 2025 and 2026, indicating strong future demand [15][16] Market Position and Strategy - Nvidia's customer base includes major tech companies like Microsoft, Amazon, Alphabet, and Meta, which collectively account for over 40% of its sales [15][16] - The company is focusing on enhancing its technology applications and exploring competitive data center products for the Chinese market [16]

智通财经APP获悉，有着"地球最重要股票"称号的全球市值最高公司，并且处于人工智能狂热浪潮最核心地位的"AI芯片超级霸主"——近期市值一度破5万 亿美元的英伟达(NVDA.US)，给出了关于当前季度无比强劲的营收展望预期以及远超市场预期的炸裂式业绩增长数据，可谓全面击溃近期风靡市场的"AI泡 沫论调"，在极大程度上缓解了股票市场投资者们对前所未有的全球AI支出热潮即将大举退潮的担忧情绪。 英伟达财报与业绩展望公布之后，当前市值约4.5万亿美元的英伟达股价在美股盘后一度暴涨超6%，美股市场的芯片板块，尤其是该板块的那些与AI训练/推 理系统密切相关联的AI算力产业链领军者们——比如台积电、博通、AMD以及美光科技股价均大举上扬，一改近期因AI泡沫论调席卷市场而陷入萎靡的股 价下行轨迹。 毫无疑问，全球投资者们时隔多个月之后，再度感受到AI狂热投资资金的"AI信仰"所带来的巨大震撼，带动半导体以及AI应用软件板块股价大举上攻。上 一次感受到如此规模的AI震撼力度乃在英伟达当时于7月份总市值突破4万亿美元大关——成为全球首家市值突破4万亿美元的上市公司。 全球持续井喷式扩张的AI算力需求，加之美国政府主导的AI基础 ...

在投资者持续担心企业的人工智能（AI）领域超高投入难以为继之际，AI芯片龙头 英伟达送来惊喜 ： 上一财季营收加快增长，增速重回60%以上，和数据中 心的收入均创单季新高 ，体现AI基础设施需求持续强劲， 本财季的营收料将保持60%以上的增速，再度超出华尔街预期。 英伟达CEO黄仁勋在财报公告中表示，公司最新一代Blackwell架构的芯片" 销量远超预期，云端GPU已售罄"， "训练和推理的计算需求持续加速增长， 均呈 指数级增长。我们已进入AI的良性循环 。" 他在业绩电话会上再次反驳AI泡沫论，称关于AI泡沫的说法很多，"从我们的角度看截然不同。" 评论称，云GPU售罄通常是黄仁勋用来表明其芯片买家和用户 ——云服务商需求旺盛、且没有闲置产能的惯用说法。 这显然是他近期的宣传策略，意在安抚 担心产能过剩的投资者 。 还有评论指出，财报显示，截至 上财季末， 英伟达持有现金及等价物606亿美元，显示其仍有充足的资金支持AI在新的经济领域应用。 财报公布后，收涨近3%的英伟达盘后涨幅迅速扩大， 盘后涨幅曾超过6% 。分析师认为，英伟达提供的总营收和毛利率指引缓和了外界的AI泡沫担忧。 美东时间11月19日周 ...

Core Viewpoint - The article discusses the easing of export controls on NVIDIA's H20 GPU to China, highlighting the ongoing demand for AI GPUs in the Chinese market and the potential impact on NVIDIA's inventory and sales strategy [3][4]. Group 1: NVIDIA's H20 GPU and Market Demand - The U.S. has relaxed strict export controls on NVIDIA's H20 GPU designed for the Chinese market, which is part of a broader compromise related to China's rare earth magnet export restrictions [3]. - NVIDIA claims to have received assurances from U.S. officials to obtain necessary authorizations to resume H20 GPU sales to China [4]. - Jefferies estimates that NVIDIA currently has between 600,000 to 900,000 H20 GPUs in inventory, while the demand in China is around 1.8 million units [4]. Group 2: Capital Expenditure Projections - Jefferies has raised its forecast for AI capital expenditure in China by 40% this year to $108 billion, and increased the 2025-2030 forecast by 28% to $806 billion [5]. Group 3: Repair Market for NVIDIA GPUs in China - Due to U.S. sanctions limiting NVIDIA GPU supply, repair shops in China are thriving, focusing on older models like H100 and A100 GPUs [6][7]. - Repair costs for GPUs can reach up to $2,400, with some shops repairing around 500 chips monthly [7]. - Despite the sanctions, the demand for NVIDIA's GPUs remains high in China, as local alternatives like Huawei's products are limited [7].

Group 1: Macro Narrative - The technology revolution benefits three types of "windfall" companies: upstream "selling shovels," new technology demand, and empowering entire industries[4] - Industry progress indicators include penetration rate and popularity rate, which reflect the rapid development of new technologies[29] - The first wave of market trends is driven by valuation, while the second wave requires performance verification[37] Group 2: Financial Perspective - Three leading signals for profitability include revenue growth, cash flow, and advance payments, with revenue growth being the primary indicator of a company in a "windfall" position[51] - Revenue growth typically leads net profit growth by one quarter, while cash flow growth is more comprehensive and also leads net profit growth by one quarter[52] - Advance payments can lead net profit growth by two quarters, making them a more forward-looking indicator[68] Group 3: Market Trends - Many AI companies have already experienced a valuation-driven first wave of market trends, and those that achieve profitability first may lead the second wave[45] - Nvidia, as a "selling shovels" company, has already achieved profitability and is experiencing a second wave of market trends driven by earnings[46] - The overall industry growth remains driven by valuation, despite individual companies transitioning to earnings-driven growth[47]

Group 1 - The core focus of the 2025 Shanghai International Auto Show is on automotive intelligence, with AI technology driving the shift from high-end to mainstream markets for intelligent driving assistance [1] - The competition in the automotive market has shifted from price to intelligence, with high-level intelligent driving features like NOA expected to penetrate the mainstream price range of 100,000 to 200,000 yuan by the end of 2025, reaching a penetration rate of 20% for passenger cars [1] - The competition surrounding intelligent driving assistance is testing automakers' algorithm innovation capabilities and the completeness of their computing infrastructure [1][2] Group 2 - The development of intelligent driving assistance faces challenges in complex urban scenarios, necessitating significant cloud computing power and data training costs for training visual language models [2] - Tesla has emerged as a global leader in intelligent driving assistance due to its substantial investments in computing power, with its Texas Gigafactory deploying a supercomputing cluster with 50,000 GPUs, expected to expand to 100,000 [2] - Some Chinese automakers, like Geely and BYD, are following Tesla's lead by building their own computing platforms, while others are partnering with cloud computing firms [2] Group 3 - The safety of intelligent driving assistance is paramount, requiring automakers to ensure data security and continuously enhance the safety of their features [3] - The development process for intelligent driving includes data collection, filtering, labeling, model training, and simulation testing, with a reliable computing platform directly impacting safety improvements [3] - The efficiency of training and iteration in intelligent driving technology is crucial for market success, necessitating high technical requirements for computing platforms [3] Group 4 - Consumer-grade GPUs, while appearing cost-effective, are not suitable for large-scale AI projects, as they are designed for gaming and may lead to higher failure rates in deployment [4] - High-performance GPUs like A100 and H100 are specifically designed for data centers and large-scale computing, making them more suitable for enterprise-level applications [4] Group 5 - The automotive industry's intelligent development is expected to continue vigorously in 2025, presenting both opportunities and intensified competition [5] - Core competitive advantages will include data accumulation, processing capabilities, and algorithm optimization, ultimately revolving around the effectiveness of computing platforms [5] - Preparing for computing challenges is essential for success in the future of intelligent driving [5]