英伟达正试图通过持续的AI技术迭代，重塑游戏的渲染流程与交互体验。 没有推出新款显卡，英伟达在今年CES上对于游戏业务的更新放在了软件上。 1月6日，英伟达发布了其最新一代深度学习超级采样技术DLSS 4.5，并展示了基于生成式AI的NPC（非玩家角色）技术ACE的 最新落地进展。 AI成游戏画质主导 作为英伟达在游戏领域的核心软件护城河，DLSS（深度学习超级采样）技术的更新是此次发布的重点。英伟达宣布推出DLSS 4.5版本，引入了"动态多帧生成"（Dynamic Multi Frame Generation）技术和全新的6倍多帧生成模式。 据英伟达介绍，DLSS 4.5利用第二代Transformer模型，在每渲染一帧传统画面的基础上，最多可生成五帧额外画面。这意味 着，在开启该模式的游戏中，AI生成的像素量已远远超过传统光栅化或光线追踪渲染的像素量，AI已实质性地"接管"了最终游 戏画面的呈现。 在该架构下，游戏将在玩家的本地PC端建立一个向量数据库（Vector Database），用于存储并"向量化"玩家的行为逻辑与对话历 史。当玩家与NPC互动时，系统会在本地数据库中检索最相关的记忆切片，而非将 ...

The globe's largest assembly of the biggest names in technology, the Consumer Electronics Show (CES) 2026, officially launches on Tuesday, 6 January 2026, in Las Vegas, Nevada, with most companies already unveiling products, making announcements, and holding press conferences.Once a year, Las Vegas finds itself brimming with over 4,000 exhibitors and over a hundred thousand participants of the major electronics event (CES) where major global tech firms such as Samsung, Panasonic, LG, TCL, Nvidia, Qualcomm, ...

Core Insights - Nvidia reported better-than-expected third-quarter fiscal 2026 results, with non-GAAP earnings of $1.30 per share, surpassing estimates by 4.84% and showing a 60% year-over-year increase [2][3] - Total revenues for the third quarter reached $57.01 billion, a 62% increase year-over-year and 22% sequentially, beating the consensus mark by 4.14% [3][6] Financial Performance - Non-GAAP gross margin was 73.6%, reflecting a decline of 140 basis points year-over-year but an improvement of 90 basis points sequentially [13] - Non-GAAP operating income increased by 62% year-over-year and 25% sequentially to $37.75 billion, with a non-GAAP operating margin of 66.2% [15] - Operating cash flow for the third quarter was $23.75 billion, with free cash flow of $22.09 billion [17] Segment Performance - The Graphics segment accounted for 10.7% of revenues, rising 51% year-over-year to $6.1 billion, exceeding the consensus estimate of $5.65 billion [5] - Compute & Networking revenues represented 89.3% of total revenues, soaring 64% year-over-year to $50.91 billion, surpassing the consensus estimate of $48.59 billion [6] - Data Center revenues, a significant part of Compute & Networking, jumped 66% year-over-year to $51.22 billion, driven by increased shipments of Blackwell GPU computing platforms [7] Market Insights - Gaming revenues increased by 30% year-over-year to $4.27 billion, although they declined 1% sequentially due to normalized inventory levels [8][9] - Professional Visualization revenues rose 56% year-over-year to $760 million, driven by new product launches [10] - Automotive sales totaled $592 million, up 32% year-over-year, reflecting the adoption of self-driving platforms [11] Shareholder Returns - Nvidia returned $243 million to shareholders through dividends and repurchased $12.46 billion in stocks during the third quarter [18] - The company has a new $60 billion share repurchase authorization approved by its board [18] Future Guidance - For the fourth quarter of fiscal 2026, Nvidia anticipates revenues of $65 billion (+/-2%) and a non-GAAP gross margin of 75% (+/-50 bps) [19] - The consensus estimate has shifted upward by 8.31% in the past month, indicating positive sentiment among investors [20] Investment Outlook - Nvidia holds a Zacks Rank 1 (Strong Buy), suggesting an expectation of above-average returns in the coming months [23]

Core Insights - NVIDIA Corporation (NVDA) shares increased nearly 6% after reporting better-than-expected third-quarter fiscal 2026 results, with non-GAAP earnings of $1.30 per share surpassing estimates by 4.84% and showing a 60% year-over-year increase [1][2] Financial Performance - Third-quarter revenues climbed 62% year over year and 22% sequentially to $57.01 billion, exceeding the consensus mark by 4.14% [2] - Non-GAAP gross margin was 73.6%, reflecting a decline of 140 basis points year over year but an improvement of 90 basis points sequentially [11] - Non-GAAP operating income rose 62% year over year and 25% sequentially to $37.75 billion, with a non-GAAP operating margin of 66.2% [13] Segment Performance - The Graphics segment accounted for 10.7% of revenues, rising 51% year over year to $6.1 billion, surpassing the consensus estimate of $5.65 billion [4] - Compute & Networking represented 89.3% of revenues, with revenues soaring 64% year over year to $50.91 billion, exceeding the consensus mark of $48.59 billion [5] - Data Center revenues, which make up 89.8% of total revenues, increased 66% year over year to $51.22 billion, driven by higher shipments of Blackwell GPU computing platforms [6] Market Insights - Gaming revenues increased 30% year over year to $4.27 billion, although they declined 1% sequentially due to normalized inventory levels [7][8] - Professional Visualization revenues rose 56% year over year to $760 million, driven by new product launches [8] - Automotive sales totaled $592 million, up 32% year over year, reflecting continued adoption of self-driving platforms [9] Cash Flow and Shareholder Returns - NVIDIA generated $23.75 billion in operating cash flow during the third quarter and $22.09 billion in free cash flow [15] - The company returned $243 million to shareholders through dividends and repurchased $12.46 billion in stocks during the quarter [16] Future Guidance - For the fourth quarter of fiscal 2026, NVIDIA anticipates revenues of $65 billion, higher than the Zacks Consensus Estimate of $60.3 billion, with a projected non-GAAP gross margin of 75% [17]

Core Viewpoint - Nvidia reported strong second-quarter fiscal 2026 results, with revenues and earnings exceeding expectations, driven by robust growth across all end markets and lower operating expenses [2][3][18]. Financial Performance - Non-GAAP earnings per share for Q2 fiscal 2026 were $1.05, surpassing the Zacks Consensus Estimate by 5%, and reflecting a 54% year-over-year increase and a 30% sequential increase [2]. - Total revenues for Q2 fiscal 2026 reached $46.74 billion, marking a 56% year-over-year increase and a 6% sequential increase, beating the consensus mark by 1.3% [3]. - Non-GAAP gross margin was 72.7%, down 3 percentage points year over year but up 11.7 percentage points sequentially [12]. Segment Performance - The Graphics segment contributed 11.6% of total revenues, with revenues increasing 51% year over year to $5.41 billion, exceeding the consensus estimate of $4.75 billion [5]. - Compute & Networking segment represented 88.4% of total revenues, with revenues soaring 56% year over year to $41.33 billion, surpassing the consensus estimate of $40.49 billion [6]. - Data Center revenues, a key component of Compute & Networking, accounted for 87.9% of total revenues, increasing 56% year over year to $41.1 billion, driven by demand for Blackwell GPU computing platforms [7]. Market Insights - Gaming revenues rose 49% year over year to $4.29 billion, reflecting strong demand from gamers and AI enthusiasts, and exceeding the consensus estimate of $3.83 billion [8]. - Professional Visualization revenues increased 32% year over year to $601 million, surpassing the consensus estimate of $524.8 million [9]. - Automotive sales totaled $586 million, up 69% year over year, driven by the adoption of self-driving platforms, exceeding the consensus estimate of $573.4 million [10]. Cash Flow and Shareholder Returns - Operating cash flow for Q2 was $15.37 billion, with free cash flow of $13.45 billion [16]. - The company returned $244 million to shareholders through dividends and repurchased $9.72 billion in stock during the quarter [17]. - A new $60 billion share repurchase authorization was approved, increasing the total limit to $74.7 billion [17]. Guidance and Market Outlook - For Q3 fiscal 2026, Nvidia anticipates revenues of $54 billion (+/-2%) and a non-GAAP gross margin of 73.5% (+/-50 bps) [18]. - Recent estimates have trended upward, with a 5.54% shift in consensus estimates [19]. - Nvidia holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [22].

Core Viewpoint - NVIDIA's introduction of the Blackwell architecture to GeForce NOW marks a significant advancement in cloud gaming, offering enhanced performance and a larger game library without increasing membership prices [2][3][4]. Group 1: Performance Enhancements - The upgrade provides NVIDIA GeForce RTX 5080-class performance, enabling streaming up to 5K resolution at 120 frames per second (fps) with AI enhancements [3][4]. - The architecture supports up to 360 fps at 1080p with NVIDIA Reflex technology, achieving click-to-pixel response times as low as 30 milliseconds [5]. - The latest GPU architecture offers up to 2.8 times faster frame rates compared to previous-generation servers and outperforms the PlayStation 5 Pro by over 3 times [9]. Group 2: Game Library Expansion - GeForce NOW's game library will double to over 4,500 titles with the launch of the Install-to-Play feature, allowing access to more PC collections [15][19]. - Upcoming AAA games include Borderlands 4, Call of Duty: Black Ops 7, and The Outer Worlds 2, contributing to a total of more than 2,300 games available at launch [6][12]. Group 3: Technological Innovations - The Blackwell architecture features enhanced ray tracing and AI-powered rendering for more realistic graphics and faster computation [7]. - Cinematic-Quality Streaming (CQS) mode significantly improves image quality, providing stunning color accuracy and crystal-clear graphics [11][16]. Group 4: Connectivity and Partnerships - NVIDIA is expanding its broadband connectivity through partnerships with Comcast and Deutsche Telekom AG, enhancing low-latency gaming experiences [10]. - The integration with Discord allows gamers to discover and play games instantly without downloads, enhancing social gaming experiences [25][26]. Group 5: Pricing and Availability - The GeForce NOW upgrade will begin rolling out in September, with Ultimate memberships priced at $19.99 per month and Performance memberships at $9.99 per month [28]. - Members can also expand their cloud storage with options ranging from 200GB to 1TB at monthly rates [21].

Core Viewpoint - NVIDIA Corporation reported mixed financial results for the first quarter of fiscal 2026, with earnings per share missing estimates but revenues showing significant year-over-year growth driven by strong performance across various segments [1][2]. Financial Performance - Non-GAAP earnings for the first quarter were 81 cents per share, missing the Zacks Consensus Estimate by 4.71%, but increased 32.8% year over year and declined 9% sequentially [1]. - Revenues reached $44.06 billion, up 69.2% year over year and 12% sequentially, surpassing the consensus estimate by 2.67% [2]. Segment Analysis - NVIDIA's revenues are categorized into two segments: Graphics and Compute & Networking [3]. - The Graphics segment contributed 10.2% of total revenues, with a year-over-year increase of 33% to $4.47 billion, although it fell short of estimates [4]. - Compute & Networking accounted for 89.8% of revenues, with a significant year-over-year growth of 75% to $39.6 billion, exceeding estimates [5]. Market Platform Performance - Data Center revenues, making up 88.8% of total revenues, increased 73.3% year over year to $39.1 billion, driven by demand for Blackwell GPU platforms [6]. - Gaming revenues rose 30.7% year over year to $3.76 billion, reflecting strong demand from various user groups [7]. - Professional Visualization revenues increased 19.2% year over year to $509 million, while Automotive sales grew 72.3% year over year to $567 million [8][9]. - OEM and Other revenues were up 42.3% year over year to $111 million [10]. Operating Metrics - Non-GAAP gross margin was 61%, down 17.9 percentage points year over year due to a $4.5 billion charge related to inventory issues [12]. - Non-GAAP operating expenses rose 43% year over year to $3.58 billion, but as a percentage of total revenues, they decreased to 8.1% [13]. - Non-GAAP operating income increased 29% year over year to $23.28 billion, with a decline in operating margin to 52.8% [14]. Balance Sheet and Cash Flow - As of April 27, 2025, NVIDIA had cash and marketable securities of $53.7 billion, up from $43.2 billion [14]. - Operating cash flow was $27.4 billion, significantly higher than the previous year [15]. - The company returned $244 million to shareholders through dividends and repurchased $14.1 billion in stocks [16]. Guidance - For the second quarter of fiscal 2026, NVIDIA anticipates revenues of $45 billion, slightly below the consensus estimate, with a projected non-GAAP gross margin of 72% [17].

Core Viewpoint - NVIDIA Corporation reported better-than-expected results for the fourth quarter of fiscal 2025, with shares trading 1% higher in pre-market [1] Financial Performance - Non-GAAP earnings were 89 cents per share, exceeding the Zacks Consensus Estimate by 5.95%, reflecting a 71% year-over-year increase and a 10% sequential increase [1] - Fiscal fourth-quarter revenues reached $39.33 billion, a 78% year-over-year increase and a 12% sequential increase, surpassing the consensus estimate of $37.72 billion [3] Segment Performance - The Graphics segment accounted for 8% of revenues, with a decline of 22% year over year and 19% sequentially to $3.3 billion, below the estimate of $4.82 billion [5] - Compute & Networking represented 92% of revenues, with a 101% year-over-year increase and a 16% sequential increase to $36.04 billion, exceeding the estimate of $32.68 billion [7] - Data Center revenues, making up 90.5% of total revenues, increased 93% year over year and 16% sequentially to $35.58 billion, driven by higher shipments of advanced GPU platforms [8][9] Operating Metrics - Non-GAAP gross margin was 73.5%, down 320 basis points year over year and 150 basis points sequentially, attributed to a shift to more complex systems [13] - Non-GAAP operating expenses rose 53% year over year and 11% sequentially to $3.38 billion, but as a percentage of total revenues, they decreased to 8.6% from 10% a year ago [14] - Non-GAAP operating income increased 73% year over year and 10% sequentially to $25.52 billion, with a non-GAAP operating margin of 64.9% [15] Cash Flow and Shareholder Returns - NVIDIA generated $16.6 billion in operating cash flow for the fourth quarter, up from $11.5 billion year over year but down from $17.6 billion sequentially [17] - The company returned $245 million to shareholders through dividends and repurchased $8.1 billion in stocks during the fourth quarter [18] Future Guidance - For Q1 2026, NVIDIA anticipates revenues of $43 billion (+/-2%), higher than the Zacks Consensus Estimate of $41.06 billion, with a projected non-GAAP gross margin of 71% (+/-50 bps) [20]