毛利率方面，第三季度GAAP和非GAAP毛利率同比下降，因为业务模式从提供Hopper HGX™系统转向 Blackwell全规模数据中心解决方案。 11月19日盘后，英伟达公布2026财年第三财季财报，营收570.06亿美元，同比增长62%，连续九个季度 营收持续增长，超过市场预期552.12亿美元；净利润为319.1亿美元，同比增长65%。 分业务板块来看，最为核心的数据中心业务收入达到创纪录的512亿美元，环比增长25%，同比增长 66%。 这一成绩拉动英伟达盘后股价一度涨超4%。 财报披露，英伟达数据中心业务增长主要受加速计算、强大的AI模型和智能代理应用三大平台转变推 动。Blackwell Ultra现已成为英伟达所有客户类别的领先架构，而之前的Blackwell架构需求依然强劲。 H20在第三季度的销售额微不足道。 第三季度数据中心计算收入达到创纪录的430亿美元，同比增长56%，环比增长27%。网络收入达到创 纪录的82亿美元，得益于GB200和GB300系统的NVLink计算结构推出及持续增长，同比大增162%。 网络收入环比增长13%，主要由XDR InfiniBand产品、NVLink™ ...

Core Insights - NVIDIA reported Q3 revenue of $57.006 billion, a 62% year-over-year increase, exceeding market expectations by approximately 10% [1][3] - The net profit for the quarter was $31.91 billion, reflecting a 65% year-over-year growth [1][3] - The data center business generated $51.2 billion in revenue, marking a 66% year-over-year increase and a record high [4][5] Financial Performance - NVIDIA's Q3 revenue of $57.006 billion surpassed the market forecast of $55.212 billion [1][3] - The company has achieved nine consecutive quarters of revenue growth [3] - The data center revenue reached a record $51.2 billion, with a 25% quarter-over-quarter increase and a 66% year-over-year increase [4][5] Business Segments - Data Center: Revenue of $51.2 billion, up 66% year-over-year [4][5] - Gaming: Revenue of $4.265 billion, a 30% year-over-year increase, but a slight 1% decrease quarter-over-quarter [6] - Professional Visualization: Revenue increased by 56% year-over-year to $760 million [6] - Automotive: Revenue grew by 32% year-over-year to $592 million [6] Market Impact - NVIDIA's significant market capitalization and weight in indices like S&P 500 and Dow Jones means its stock price movements can influence overall market trends [1] - The company's performance is seen as a critical indicator of the sustainability of AI demand in the market [1] Strategic Outlook - CEO Jensen Huang highlighted a robust demand for the Blackwell architecture, with a backlog of $500 billion in orders, excluding the Chinese market [8][9] - NVIDIA's partnerships and investments in companies like OpenAI and Nokia are aimed at building a strong AI ecosystem [15][16][17] - The company anticipates Q4 revenue to be around $65 billion, continuing its growth trajectory [18]

Core Insights - Ant Group has released and open-sourced a trillion-parameter thinking model named Ring-1T [1] - Tencent has open-sourced a general text representation model called Youtu-Embedding [1] - NVIDIA's AI supercomputer DGX Spark™ has been officially delivered [1] - Microsoft has launched an image generation model named MAI-Image-1 [1] - Broadcom is set to introduce an AI network chip called "Thor Ultra" [1] - Oracle Cloud Infrastructure plans to deploy 50,000 AMD AI chips in the second half of 2026 [1] - Google has announced a $15 billion investment over the next five years to build AI data centers in India [1] - Salesforce and OpenAI have announced a deepened collaboration, allowing enterprises to access Salesforce's Agentforce 360 platform within ChatGPT [1]

Group 1: Company Developments - JD's Qixian Kitchen has launched on Meituan and Taobao Flash Purchase platforms, with plans to establish 10,000 locations nationwide within three years [1] - SoftBank's PayPay is preparing for an IPO in the US as early as December, with an expected valuation exceeding 200 billion yen (approximately $2 billion) [4] - Dongfeng Commercial Vehicle and CATL have established a new five-year strategic cooperation focusing on electric vehicle technology and market expansion [4] - Bohai Automotive has received approval from the Beijing State-owned Assets Supervision and Administration Commission for a major asset restructuring plan [5] - Guangzhou Meet Small Noodles has filed for overseas listing in Hong Kong, planning to issue up to 235,108,000 shares [6] Group 2: Industry Trends - Alibaba's international platform has seen a 30% increase in order volume during the September foreign trade peak, driven by AI enhancements [3] - Google's investment plans include $9 billion in South Carolina by 2027 for data center expansion and $15 billion in India for AI infrastructure [9] - The automotive industry in China has reported production and sales exceeding 24.4 million units in the first nine months of the year, with new energy vehicles accounting for 46.1% of total sales [10]