涨涨 涨涨 硬件行业度过了艰难的 2025 年，毫无疑问也将度过一个艰难的 2026 年。 原本被广大游戏玩家期待的 RTX 60 系列显卡，传出了令人绝望的消息：发布时间大幅推迟到 2027 年末—— 据 The Information 最新披露，英伟达已决定将 2026 年的重心全面转向 AI 产品，RTX 60 系游戏卡彻底从「前 AI 时代」的财报香饽饽变成了路边一条。 ▲ 图｜Tom's Guide 更糟糕的是，这意味着在未来的两年里，显卡市场将陷入实质性的更新空白期。 老黄的资源天平不再倾斜、而是直接侧翻—— 但 DLSS 4.5 不是慈善行为，更何况一些老显卡用上 DLSS 4.5 之后还会有一定程度的帧率缩水。 硬件升级和产能同时撞墙，老黄就只能靠软件算法强行续命——名义上的「向后兼容」，怎么看怎么像是硬件停滞的遮羞布。 尤其是结合前一阵传出RTX 3060 将重新投产的消息，整个 DLSS 4 都变得仿佛「有预谋」起来： 当你发现五年前的显卡还能跑最新功能，别光顾着高兴。这说明硬件端已经停滞了，你却要为升级支付更高的价格。 而为了安抚大多数游戏玩家，英伟达倒是拿出了 DLSS 4 和 4.5 ...

Core Insights - NVIDIA announced significant advancements in its RTX neural rendering technologies ahead of the Game Developers Conference (GDC) [1] - The partnership with Microsoft will introduce neural shading support in the Microsoft DirectX preview, enhancing game development capabilities [1][3] Group 1: Neural Rendering Technologies - Neural shading combines AI with traditional rendering, significantly improving frame rates, image quality, and reducing system resource usage [2] - NVIDIA RTX Kit is receiving major updates, including support for Unreal Engine 5, enhancing features like RTX Mega Geometry and RTX Hair [3] Group 2: RTX Remix and Game Development - The official release of the NVIDIA RTX Remix open-source platform allows modders to create remasters of classic games, with a new playable Half-Life 2 RTX demo featuring advanced neural rendering enhancements [4][9] - Over 30,000 modders have utilized the RTX Remix platform, leading to the creation of hundreds of classic game mods, with over 1 million gamers engaging with these mods [10] Group 3: DLSS 4 Technology - DLSS 4 has been rapidly adopted, now supported in over 100 games and apps, achieving this milestone two years faster than its predecessor, DLSS 3 [12] - The introduction of Multi Frame Generation in DLSS 4 allows for the generation of up to three additional frames per traditionally rendered frame, significantly enhancing performance [13]

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: NVIDIA - **Industry**: Technology, specifically focusing on data center solutions, AI infrastructure, and gaming Core Financial Performance - **Q4 FY25 Revenue**: $39.3 billion, up 78% YoY, exceeding expectations of $38.2 billion [1][3] - **Non-GAAP Net Profit**: $22.1 billion, up 72% YoY, above the expected $21 billion [1] - **Data Center Revenue**: $35.6 billion in Q4, up 93% YoY, driven by Blackwell product sales [1][4] - **Gaming Revenue**: $2.5 billion in Q4, down 22% QoQ, but annual revenue grew 9% [1][13] Product and Market Insights - **Blackwell Series**: Achieved $11 billion in revenue in Q4, with full production ramp-up expected [1][4] - **Next-Gen Products**: Blackwell Ultra to be launched in H2 2025, with significant improvements in performance and efficiency [1][26] - **CSP Contribution**: Major cloud service providers (Microsoft, Google, Amazon, Oracle) accounted for nearly half of data center revenue [1][7] Growth Drivers - **AI Demand**: Strong demand for AI infrastructure, with companies investing heavily in GPU-based computing for training and inference [5][6] - **Post-Training and Customization**: Increased demand for NVIDIA's infrastructure due to model customization and post-training processes [6] - **Enterprise Growth**: Enterprise business revenue grew nearly 100% YoY, driven by AI applications in various sectors [9] Financial Guidance and Projections - **Q1 FY26 Revenue Guidance**: Expected to reach $43 billion, slightly above consensus [1][18] - **Gross Margin Expectations**: Anticipated to improve to mid-70% levels as production scales [1][24] Regional Insights - **US Market Strength**: Significant growth in the US market, with ongoing investments in AI infrastructure [11][32] - **China Market**: Sales in China remain below pre-export control levels, with competition intensifying [11] Additional Insights - **Networking Business**: Revenue declined 3% QoQ, but expected to recover with new product launches [12] - **Gaming and AIPC**: Gaming revenue faced challenges due to supply constraints, but new product launches are expected to drive future growth [13][14] - **Healthcare and Automotive**: Strong demand in healthcare and automotive sectors, with partnerships for AI-driven solutions [10][16] Conclusion - NVIDIA is positioned strongly in the AI and data center markets, with robust financial performance and growth prospects driven by the demand for AI infrastructure and services. The company is focused on scaling production of its Blackwell products while preparing for the launch of next-generation solutions.