投资者密切关注着英伟达首席执行官黄仁勋的一举一动，无论是他与特朗普总统的会面，还是和三星、 现代的高管们一起吃炸鸡、喝啤酒的夜晚。 2025 年，英伟达营收飙升至 1871 亿美元，市值持续攀升，一度突破 5 万亿美元大关，之后回落至 4 万 亿美元区间。 这一年，英伟达历经诸多巅峰与低谷，以下 15 件事堪称其 2025 年的关键里程碑。 1 月 6 日：2025 年国际消费电子展 英伟达以一系列新品发布拉开 2025 年的序幕。在 2025 年国际消费电子展（CES）上，公司推出了新款 迷你人工智能芯片及性能更强的游戏显卡。黄仁勋在主题演讲中谈及物理人工智能（即机器人技术）、 桌面人工智能系统以及多项人工智能软件更新等内容，为公司全年发展奠定基调。 提及 2025 年对华尔街及人工智能行业影响最深远的企业，英伟达绝对首屈一指。 1 月 27 日：深度求索（DeepSeek）冲击时刻 从各类数据来看，英伟达这一年成绩斐然，但年初却遭遇一记重击。1 月，深度求索公司发布了 R - 1 大模型，并宣称该模型的训练未使用顶尖处理器。这一消息引发人工智能行业震荡，英伟达单日市值蒸 发近 6000 亿美元。 尽管初期 ...

智通财经获悉，很难想象有哪家公司在2025年对华尔街和人工智能行业的影响能超过英伟达 (NVDA.US)。投资者密切关注着该公司首席执行官黄仁勋的一举一动，无论是他与美国总统特朗普的 会面，还是与三星和现代的高管晚上一起吃炸鸡喝啤酒。英伟达的营收在2025年飙升，达到1871亿美 元。其市值则继续攀升，一度短暂突破5万亿美元，随后回落并稳定在4万亿美元区间。 英伟达在2025年里既有诸多高光时刻，也不乏剧烈震荡，而以下这15件事无疑是最重要的关键节点。 1月6日：CES 2025 英伟达在CES 2025上以一系列产品发布拉开了新一年的序幕，从全新超小型AI芯片到性能更强的游戏 显卡。黄仁勋的主题演讲涵盖了多个话题，包括实体AI(即机器人)、桌面级AI系统，以及一系列AI软件 更新，为公司2025年的发展奠定了基调。 1月27日："DeepSeek时刻" 英伟达同样未能幸免。该公司股价从4月2日的110美元跌至4月4日的94.31美元，股价在4月9日回到"解 放日"前水平，但直到4月25日才真正走出低迷。 不过，最初的恐慌之后，关于AI公司不再需要高性能芯片的担忧被证明有些夸大，原因在于，训练AI 模型和运行 ...

英伟达在2025年里既有诸多高光时刻，也不乏剧烈震荡，而以下这15件事无疑是最重要的关键节点。 1月6日：CES 2025 英伟达在CES 2025上以一系列产品发布拉开了新一年的序幕，从全新超小型AI芯片到性能更强的游戏 显卡。黄仁勋的主题演讲涵盖了多个话题，包括实体AI(即机器人)、桌面级AI系统，以及一系列AI软件 更新，为公司2025年的发展奠定了基调。 1月27日："DeepSeek时刻" 尽管从几乎所有指标来看英伟达在2025年都取得了惊人的成绩，但这一年却以一场震撼开局。1月， DeepSeek发布了其R-1模型，并声称该模型是在未使用最先进处理器的情况下完成训练的。这一消息引 发了AI交易的剧烈动荡，英伟达市值在单日内蒸发近6000亿美元。 智通财经APP获悉，很难想象有哪家公司在2025年对华尔街和人工智能行业的影响能超过英伟达 (NVDA.US)。投资者密切关注着该公司首席执行官黄仁勋的一举一动，无论是他与美国总统特朗普的 会面，还是与三星和现代的高管晚上一起吃炸鸡喝啤酒。英伟达的营收在2025年飙升，达到1871亿美 元。其市值则继续攀升，一度短暂突破5万亿美元，随后回落并稳定在4万亿美 ...

Core Insights - TSMC's advanced packaging capacity is fully booked, with NVIDIA accounting for over half of the orders, indicating strong demand for semiconductor manufacturing [1] - NVIDIA has reserved 800,000 to 850,000 wafers for 2026, significantly outpacing competitors like Broadcom and AMD [1][3] Group 1: NVIDIA's Capacity Reservation - NVIDIA's large-scale capacity reservation is primarily to meet the growing production demands for the Blackwell Ultra chip and to prepare for the next-generation Rubin architecture [3] - Current orders do not include potential demand from the Chinese market for the H200 AI chip, suggesting that NVIDIA's capacity needs may increase further [3] Group 2: TSMC's Response to Demand - TSMC is actively expanding its advanced packaging facilities, planning to build eight wafer fabs at the AP7 plant and introducing two new packaging factories in Arizona, expected to start mass production in 2028 [3] - Due to limited capacity, TSMC has decided to outsource some processes of its CoWoS advanced packaging to companies like ASE and SPIL in Taiwan [3] Group 3: Industry Alternatives and Technology - The outsourcing decision has prompted some companies to consider alternative solutions, with Intel's EMIB technology gaining attention as a viable option [3] - EMIB offers advantages in area and cost, allowing for highly customized packaging layouts, but for GPU suppliers like NVIDIA and AMD, TSMC's CoWoS remains the preferred solution due to its bandwidth, transmission speed, and low latency requirements [3]

Core Viewpoint - The article discusses the contrasting perspectives on the AI sector and Nvidia's recent financial performance, emphasizing that despite concerns about a potential AI bubble, Nvidia's Q3 results indicate strong growth and demand for its products [2][11][62]. Financial Performance - Nvidia reported a record total revenue of $57.006 billion for Q3, a year-on-year increase of 62%, surpassing market expectations of $54.92 billion [5]. - The net profit reached $31.91 billion, reflecting a 65% year-on-year growth, equating to a daily profit of $3.5 million [6]. - For Q4, Nvidia expects revenue to reach $65 billion, significantly exceeding analyst expectations of $61.66 billion [7]. Business Segments - The data center business, accounting for 89.5% of total revenue, generated $43 billion, primarily driven by the performance of the Blackwell series chips [44]. - The gaming and AI PC segment reported $4.3 billion in revenue, with a 30% year-on-year growth, solidifying Nvidia's position in the consumer market [50]. - The professional visualization segment saw a revenue increase of 62% year-on-year, driven by demand in design tools and medical imaging [55]. Market Dynamics - Nvidia's GPUs are experiencing exponential demand, with every GPU being utilized for training and inference, indicating a robust growth cycle in AI [10]. - The article highlights the potential risks associated with the AI sector, including concerns about circular financing and inflated revenue figures, but emphasizes that the actual demand for Nvidia's products remains strong [18][24]. Future Outlook - Nvidia has committed to a revenue target of $500 billion, with clear visibility into data center revenues for 2025-2026, indicating strong future demand [64]. - Key growth drivers include the anticipated shift from training to inference demand, the emergence of embodied AI, and the ongoing development of sovereign AI projects globally [65]. - The success of the upcoming Rubin platform is crucial for sustaining Nvidia's growth trajectory, with expectations for advanced technology and increased production capacity [68][70].

| Non-GAAP | | --- | 英伟达被视为AI行业的风向标，作为AI算力的核心供给方，其业绩状况直接映射AI行业的真实需求与繁荣程度。 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2026财年第三季度财报。 财报显示，英伟达第三财季营收为570.1亿美元，超出市场预期的549.2亿美元，同比增长62%；净利润为319.1亿美元，同比大涨65%，经调整后的每股收 益为1.30 美元，高于市场预期的1.25美元。 | GAAP | | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q/Q | Y/Y | | Revenue | $57,006 | $46,743 | $35,082 | 22% | 62% | | Gross margin | 73.4% | 72.4% | 74.6% | 1.0 pts | (1.2) pts | | Operating expenses | $5,8 ...

这份备受关注的业绩报告，或缓解市场对人工智能泡沫日益增长的担忧。"我并未看到人工智能泡沫。"黄仁勋说。数据公布后，收涨近3%的英伟达在盘 后交易中涨幅迅速扩大，截至发稿，盘后涨幅一度超过6%。 英伟达业绩超预期 盘后涨幅一度超过6% 美东时间11月19日周三美股盘后，英伟达公布了三季度财务数据，再次超出预期。财报显示，英伟达三季度营收570亿美元，同比增长62%，市场预期 551.9亿美元；净利润为319亿美元，同比增长65%；经调整后的每股收益为1.30美元，高于市场预期的1.25美元。 数据中心业务是英伟达最重要的业务板块。财报显示，英伟达三季度数据中心收入达到512亿美元，同比增长66%。其中，"计算业务"（即GPU）贡献了 430亿美元的营收；网络业务（即允许多个GPU能协同工作的组件）贡献了82亿美元。 英伟达首席财务官Colette Kress在声明中表示，公司当前最畅销的芯片系列是Blackwell Ultra，这是Blackwell芯片的第二代产品。黄仁勋在声明中表 示："云GPU也已售罄。" 在投资者表现出对人工智能泡沫日益增长的担忧之际，AI芯片龙头英伟达再次交出了一份超预期的财报。美东时 ...

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 Q3 FY26 revenue of $57.006 billion, a 62% increase year-over-year and a 22% increase quarter-over-quarter, surpassing analyst expectations of $54.92 billion [3][5] - Net income for the quarter was $31.91 billion, up 65% from $19.31 billion in the same quarter last year, and up 21% from the previous quarter [3][6] - The company provided strong guidance for Q4 FY26, contributing to a nearly 6% increase in stock price in after-hours trading [5] Financial Performance - Revenue: $57,006 million, up 62% YoY and 22% QoQ [4] - Gross Margin: 73.4%, down 1.2 percentage points YoY but up 1 percentage point QoQ [6] - Operating Income: $36,010 million, a 65% increase YoY and 27% increase QoQ [4][6] - Net Income: $31,910 million, a 65% increase YoY and 21% increase QoQ [4][6] - Diluted Earnings Per Share: $1.30, up 67% YoY and 20% QoQ [4][6] Business Segments - Data Center Revenue: $51.215 billion, a 66% increase YoY and 25% increase QoQ [8] - Gaming Revenue: $4.265 billion, a 30% increase YoY but a 1% decrease QoQ [9] - Professional Visualization Revenue: $760 million, a 56% increase YoY and 26% increase QoQ [10] - Automotive Revenue: $592 million, a 32% increase YoY and 1% increase QoQ [11] Management Commentary - CEO Jensen Huang noted that demand for Blackwell architecture products exceeded expectations, with cloud GPUs sold out [12] - Huang emphasized the rapid expansion of the AI ecosystem, indicating a positive feedback loop in AI development [12] Shareholder Returns - Nvidia returned $37 billion to shareholders through stock buybacks and cash dividends in the first nine months of FY26 [13] - The company has $62.2 billion remaining in its stock buyback authorization [13] Cash Position - As of October 26, 2025, Nvidia's cash, cash equivalents, and marketable securities totaled $60.608 billion, up from $43.21 billion on January 26, 2025 [14] Future Outlook - Nvidia expects Q4 FY26 revenue to be around $65 billion, exceeding analyst expectations of $61.66 billion [17] - The company anticipates a gross margin of 74.8% and operating expenses of approximately $6.7 billion [17]

11月20日，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。在美股 市场因估值担忧而持续低迷之际，英伟达再次不负众望，交出了一份优异答卷。 英伟达周三收盘时上涨近3%。截至发稿，随着财报公布，英伟达股价盘后进一步上涨超6%。 财报显示，英伟达第三财季营收为570.1亿美元，超出市场预期的549.2亿美元；净利润为319.1亿美元， 同比大涨65%，经调整后的每股收益为1.30 美元，高于市场预期的1.25美元。 数据中心——英伟达最重要的业务——Q3营收为512亿美元，轻松超过分析师预测的490.9亿美元，同比 增长66%。其中，"计算"（即GPU）业务贡献了430亿美元营收；网络业务（即允许多个GPU能协同工 作的组件）贡献了82亿美元。 英伟达首席财务官Colette Kress在声明中表示，公司当前最畅销的芯片系列是Blackwell Ultra，这是 Blackwell芯片的第二代产品。 英伟达CEO黄仁勋还在声明中提到："云端GPU已经全部售罄。" 这一表态回应了投资者的担忧，即英伟达快速增长的营收高度依赖于少数几家大型云服务商（即超大规 模客户），而这些客户必须找到终端 ...