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]