Core Viewpoint - Nvidia's Q2 FY26 financial report shows strong growth, with total revenue reaching $46.743 billion, a 6% increase quarter-over-quarter and a 56% increase year-over-year, despite a stock price drop post-announcement [5][6][7]. Financial Performance - Total revenue for Q2 FY26 was $46.743 billion, with a gross margin of 72.4% under GAAP and 72.7% under non-GAAP [10][11]. - Operating income was $28.44 billion, a 31% increase quarter-over-quarter and a 53% increase year-over-year [10][11]. - Net income reached $26.422 billion, reflecting a 59% year-over-year growth, with diluted earnings per share at $1.08 [12]. Business Segments - The data center business generated $41.1 billion, accounting for approximately 88% of total revenue, with a year-over-year growth of 56% [9]. - The gaming segment achieved $4.3 billion in revenue, growing 14% quarter-over-quarter and 49% year-over-year, despite its declining share of total revenue [12]. - Professional visualization and automotive segments also showed growth, with revenues of $601 million and $586 million, respectively [12][14]. Geopolitical Challenges - Nvidia's sales to China were significantly impacted by U.S. export controls, with the company reporting no sales of the H20 chip to Chinese customers in Q2 [18][20]. - The geopolitical landscape poses a risk to Nvidia's growth, as the company navigates between U.S. regulations and the potential loss of a significant market in China [21][25]. Future Outlook - Nvidia expects Q3 FY26 revenue to reach $54 billion, indicating a potential slowdown in growth compared to previous quarters [16][17]. - The company anticipates maintaining a non-GAAP gross margin of around 73.5% for the upcoming quarter [17]. - The rapid growth of China's AI chip market and the emergence of local competitors could pose long-term challenges for Nvidia's market position [28][29].

Core Viewpoint - Nvidia's Q2 FY2026 financial report shows strong growth, but geopolitical factors, particularly related to China, pose significant challenges for the company [5][20][22]. Financial Performance - Nvidia reported total revenue of $46.743 billion for Q2 FY2026, a 6% increase from the previous quarter and a 56% increase year-over-year [6][7]. - The data center business generated $41.1 billion, accounting for approximately 88% of total revenue, with a 5% quarter-over-quarter growth and a 56% year-over-year growth [10]. - Gross margin was reported at 72.4% under GAAP and 72.7% under non-GAAP, indicating strong profitability despite operational expenses rising by 38% year-over-year [12]. - Net income reached $26.422 billion, a 59% increase year-over-year, with diluted earnings per share at $1.08 [11][12]. Business Segments - The gaming segment generated $4.3 billion, with a 14% quarter-over-quarter growth and a 49% year-over-year growth, despite its revenue share dropping below 10% [13]. - Professional visualization revenue was $601 million, up 18% quarter-over-quarter and 32% year-over-year, while automotive and robotics revenue reached $586 million, growing 3% quarter-over-quarter and 69% year-over-year [14][16]. Cash Flow and Shareholder Returns - Nvidia held $56.791 billion in cash and equivalents, with total assets increasing to $140.74 billion [16][17]. - The company returned $24.3 billion to shareholders through stock buybacks and cash dividends in the first half of FY2026, with an additional $60 billion stock buyback authorization [17]. Future Outlook - Nvidia expects Q3 FY2026 revenue to reach $54 billion, indicating a potential slowdown in growth compared to previous quarters [18][19]. - The company anticipates maintaining a non-GAAP gross margin of around 73.5% for the upcoming quarter [19]. Geopolitical Challenges - The report highlights significant geopolitical risks, particularly regarding sales to China, with no sales of the H20 chip reported for the quarter [20][22]. - Nvidia's leadership faces challenges in navigating U.S. export controls while trying to maintain market share in China, which has been a crucial market for the company [22][23]. - The geopolitical landscape is creating a protective environment for Chinese competitors, potentially leading to a long-term reduction in Nvidia's market presence in China [27][29].

2025年8月28日，英伟达发布了2026财年第二季度财务报告，单从数据表现来看，英伟达的增长十分强劲。 该公司当季报告的总收入为467.43亿美元。这一数字构成了分析的基准。 与前一季度相比，即2026财年第一季度，收入增长了6%。与去年同期，即2025财年第二季度相比，收入增长了56%。 这两个百分比数据直接地量化了公司的短期和中期增长轨迹。 这种增长势态是十分夸张的，更何况英伟达现如今市值已经达到了4.43万亿美元。 一份如此亮眼的财报，要是换成别的公司，股价涨停那都是见怪不怪。可它是英伟达，财报发布后，英伟达股价一路 暴跌3%，后续有所回升，当日英伟达收于每股181.60美元，微跌0.09%。 其中的原因自然是归咎于H20，不仅如此，它还影响了英伟达对下一财季业绩的预测。黄仁勋的得意与焦虑，都在这 次财报中展现。 A 数据中心业务是理解英伟达当前财务状况的关键。该板块在本季度的收入达到了411亿美元，占据了公司总收入的绝 大部分，比例约为88%。 与总收入的增长趋势相仿，数据中心业务的收入环比增长了5%，同比增长了56%。这组数据说明，公司的整体增长几 乎完全由数据中心业务的扩张所驱动。在这一核心业务 ...