Group 1 - Nvidia's stock price increased by 2.8% to $141.22, reaching a market capitalization of $3.45 trillion, reclaiming its position as the highest-valued public company globally [2] - Nvidia's market cap surpassed Microsoft, which is at $3.44 trillion, and Apple, which is approximately $3.03 trillion, indicating a strong recovery after significant volatility [2] - Over the past month, Nvidia's stock has risen more than 24%, prompting several institutions to raise their target prices [2] Group 2 - Market sentiment has been boosted by a perceived easing of global trade policies, which is believed to support economic growth [3] - Despite ongoing US-China tech tensions, Nvidia's first-quarter performance exceeded expectations, with the company emphasizing its commitment to the Chinese market [3] - The demand for AI infrastructure has been highlighted, benefiting Nvidia and other upstream companies as major tech firms rely on Nvidia's GPU chips for AI model development [3] Group 3 - Nvidia's data center business generated $39.1 billion in revenue for the first quarter, a 73% year-over-year increase, accounting for nearly 90% of total revenue [3] - The success of Nvidia's latest Blackwell architecture products has significantly contributed to this growth, with Blackwell accounting for nearly 70% of data center revenue [4] - The production of Blackwell NVL72 AI supercomputers has commenced across major system manufacturers and cloud service providers [4] Group 4 - Nvidia has improved manufacturing yields for its supercomputer systems, with rapid deliveries to end customers, including thousands of Blackwell GPUs deployed by Microsoft [5] - Countries like Saudi Arabia and the UAE are increasing investments in AI infrastructure, viewing it as essential for "digital sovereignty," with Nvidia securing significant orders in these markets [5] - Nvidia is expected to diversify its revenue sources, reducing reliance on any single market or customer [5] Group 5 - Nvidia anticipates a revenue loss of approximately $8 billion in the second quarter due to export restrictions on H20 chips, with overall revenue projected at $45 billion [5] - The competition in the inference chip market is intensifying as AI development shifts from training to inference, posing challenges for Nvidia's future growth [5] - The shift in market capitalization rankings reflects a combination of strategic adjustments by companies and changes in the external market environment [6]

作 者丨倪雨晴 编 辑丨巫燕玲 视频编辑丨柳润瑛 美东时间5月28日盘后，英伟达公布了截至2025年4月27日的2026财年第一财季业绩。尽管面 临美国对华芯片出口管制升级的压力，这家AI芯片巨头依然交出了超出市场预期的答卷。 财报显示，英伟达当季营收达440.62亿美元，同比增长69%，环比增长12%；净利润为187.75 亿美元，同比增长26%，环比下降15%。 由于最新对H20芯片实施的出口限制，此前英伟达就发布公告称，第一财季将计提减值55亿美 元，但实际上减值45亿美元。英伟达调整后每股收益达0.96美元，也超出市场预期的0.93美 元。 具体看核心业务，作为英伟达的核心增长引擎，数据中心业务本季度实现391亿美元营收，同 比增长73%，环比增长10%，占总营收比例高达88%。 这一增长主要得益于全球对AI基础设施的狂热需求。英伟达创始人兼CEO黄仁勋在财报声明 中强调："我们突破性的Blackwell NVL72 AI超级计算机——专为推理设计的'思考机器'—— 现已在各大系统制造商和云服务提供商中全面投入生产。" 值得关注的是，AI推理的token生成量在短短一年内激增了十倍。随着AI智能体成为 ...

Core Viewpoint - Nvidia's Q1 FY26 earnings report exceeded expectations despite facing export restrictions from the U.S. government, leading to a nearly 5% increase in stock price after the announcement [2][3] Financial Performance - Nvidia's Q1 FY26 revenue reached $44.1 billion, a 69% year-over-year increase, surpassing market expectations of $43.1 billion [3][4] - Net income for the quarter was $18.8 billion, lower than the expected $20.8 billion, while adjusted earnings per share were $0.76, slightly above the forecast of $0.73 [4][5] - The gross margin decreased to 60.5%, down from 73.0% in the previous quarter and 78.4% year-over-year [4] Business Segments - The data center business generated $39.1 billion in revenue, a 73% year-over-year increase, while gaming and AI PC revenue reached $3.8 billion, marking a 42% increase [6] - Nvidia's professional visualization and automotive segments also showed steady growth [6] Future Guidance - For Q2 FY26, Nvidia forecasts sales of approximately $45 billion, which is below market expectations of $45.9 billion, with an estimated loss of $8 billion due to H20 export restrictions [6][7] - The company reported a $4.5 billion charge related to H20 chip inventory surplus due to new export controls [7] Market Insights - Nvidia's revenue from the Chinese market was $5.5 billion, below the expected $6.2 billion, accounting for 12.5% of total revenue, down from 14% and 15% in the previous two quarters [7][8] - CEO Jensen Huang emphasized the importance of the Chinese market for global AI success, noting that half of the world's AI researchers are based in China [8]

21世纪经济报道记者倪雨晴 深圳报道 美东时间5月28日盘后，英伟达公布了截至2025年4月27日的2026财年第一财季业绩。尽管面临美国对华 芯片出口管制升级的压力，这家AI芯片巨头依然交出了超出市场预期的答卷。 值得关注的是，AI推理的token生成量在短短一年内激增了十倍。随着AI智能体成为主流，对AI计算的 需求呈现加速增长态势。 除数据中心外，英伟达其他业务部门同样增长。 其中，游戏和AI PC业务营收达38亿美元，创历史新高，同比增长42%。 汽车业务同比增长72%，达5.67亿美元。专业可视化业务同比上升19%，营收5.09亿美元。 本季度财报最引人注目的莫过于中国市场经历的剧烈波动。 受此影响，英伟达计提高达45亿美元的库存减值，同时损失了25亿美元的潜在销售额，无法完成交付。 黄仁勋在电话会上直言："对于美国企业而言，中国500亿美元的人工智能芯片市场实际上已经被关闭。 H20出口禁令终结了我们Hopper架构在中国的数据中心业务。" 财报显示，英伟达当季营收达440.62亿美元，同比增长69%，环比增长12%；净利润为187.75亿美元， 同比增长26%，环比下降15%。 由于最新对H20 ...