来源：市场资讯 （来源：行业侦查员） 8月27日美股盘后，"地球上最重要的公司"英伟达发布2026第二财季（自然年2025.4.28至7.27）业绩。 市场最关注的数据中心业务收入不及预期，原因是该财季未在中国市场销售任何H20芯片。 具体来看，英伟达Q2营收467.43亿美元，同比增长56%，超出分析师预期的462.3亿美元。然而，最重 要的数据中心业务收入411亿美元，同比+56%，不及预期的413亿美元。 游戏、专业可视化业务收入超预期，汽车和机器人业务收入不及预期。 净利润方面，非GAAP口径下调整后每股收益（EPS）为1.05美元，同比增长54%，超出分析师预期的 1.01美元。 股东回报方面，董事会批准在公司股票回购授权中追加600亿美元，无到期日。 英伟达的收入一直在增长，但同比增速逐渐放缓，这也是自然规律。 财报出炉后，英伟达股价盘后跌逾3%。 英伟达Q2缺失中国市场！三季度可能回归？ 英伟达表示，Q2没有向任何中国客户出售H20芯片，但之前的H20订单释放了1.8亿美元；此外，二季度 还向一家来自中国以外地区客户出售了H20，获得收入约6.5亿美元。 英伟达三季度的营收指引中，未包含任何对中 ...

Key Takeaways AMD's Gaming revenue jumped 73.1% year over year to $1.122B in Q2 2025.Growth was fueled by Radeon GPUs, semi-custom sales, and new gaming partnerships.Q3 Gaming sales are likely to be flat, with console-related revenue expected to dip in Q4.Advanced Micro Devices (AMD) is benefiting from the strong rebound in its Gaming segment, which delivered an impressive growth in the second quarter of 2025. The Gaming segment’s revenues increased 73.1% year over year to $1.122 billion, accounting for 14. ...

Core Insights - Nvidia's latest graphics cards, particularly the RTX 5060, are underwhelming in performance compared to historical standards, resembling the RTX 5050 more than a true 60 series product [1][5][12] - The trend of diminishing specifications in Nvidia's product line is evident, with the RTX 5060 offering significantly fewer CUDA cores and lower memory bandwidth than its predecessors [10][22][27] - The pricing strategy of Nvidia has led to a disconnect between the performance offered and the price charged, with the RTX 5060 priced similarly to higher-performing models despite its lower specifications [18][21][39] Group 1: Product Specifications - The RTX 5060 has only 3,840 CUDA cores, which is just 18% of the flagship model's core count, significantly below the historical average for 60 series GPUs [12][10] - Memory bandwidth for the RTX 5060 is 448 GB/s, while the flagship RTX 5090 boasts 1,792 GB/s, indicating a substantial drop in performance capabilities [22][23] - The VRAM capacity of the RTX 5060 is limited to 8 GB, which is only 25% of the flagship model's 32 GB, further highlighting the disparity in specifications [33][31] Group 2: Historical Comparison - Historical data shows that the RTX 5060's specifications are more aligned with older 50 series models, such as the GTX 750 and GTX 1050, rather than the expected advancements seen in newer generations [12][27] - The average specifications of the 50 series have declined, with the RTX 5060's performance being comparable to previous generations rather than reflecting the expected improvements [12][51] - The trend of reduced specifications is consistent across the 60 series, with the RTX 5060 and RTX 5060 Ti showing a significant drop in core count and memory bandwidth compared to earlier models [15][27] Group 3: Pricing and Market Position - The RTX 5060 is priced at approximately 15% of the flagship model's price, which is a significant increase compared to historical pricing models where lower-spec GPUs were priced at 10-15% of flagship models [18][21] - The pricing strategy has resulted in the RTX 5060 being one of the least favorable options in terms of performance-to-price ratio, leading to consumer disappointment [39][54] - Nvidia's strategy appears to be driven by a desire to maintain high profit margins amid rising production costs, which has led to a misalignment between product performance and pricing [54][58]

Core Viewpoint - Nvidia's latest generation of graphics cards, particularly the RTX 5060, is underwhelming in performance and specifications, resembling older models like the RTX 5050 rather than meeting the expectations for a 60 series product [1][3][5]. Group 1: Product Specifications - The RTX 5060 has a core configuration and memory bandwidth that aligns more closely with the RTX 5050, indicating a significant downgrade in expected performance for a 60 series card [5][10]. - Historical data shows that the core count for the RTX 5060 is only 18% of the flagship model, which is significantly lower than the average for 60 series GPUs, which typically range around 36% [10][12]. - The RTX 5060's specifications are comparable to older models like the GTX 750 and GTX 1050, suggesting a regression in performance standards for the 50 series [10][12]. Group 2: Pricing and Value - The pricing strategy for the RTX 5060 reflects a trend where Nvidia is charging higher prices for lower-performing products, with the RTX 5060 priced at 15% of the flagship GPU, which is a deviation from historical pricing norms [18][21]. - The RTX 5060 is positioned as the second cheapest 60 series model in seven generations, yet it offers performance that is more akin to a 50 series card, leading to perceptions of value erosion among consumers [21][35]. - The increase in production costs has not been matched by corresponding improvements in GPU specifications, leading to higher prices for lower performance [52][57]. Group 3: VRAM and Memory Bandwidth - The RTX 5060 features only 8GB of VRAM, which is 25% of the flagship model's capacity, falling short of historical averages where 60 series GPUs typically offered around 41% of the flagship's VRAM [32][31]. - The memory bandwidth for the RTX 5060 is significantly lower than that of previous generations, indicating a trend of reduced performance capabilities in newer models [23][27]. - The overall trend shows that Nvidia's GPUs are not keeping pace with the memory requirements of modern gaming, particularly when compared to the specifications of contemporary gaming consoles [48][40]. Group 4: Market Dynamics and Competition - Nvidia's strategy appears to be driven by a desire to maximize profits from AI GPU sales, leading to a compromise in the quality and performance of gaming GPUs [51][57]. - The lack of meaningful competition in the GPU market has allowed Nvidia to maintain high profit margins while passing increased production costs onto consumers [57][58]. - The introduction of AMD's Radeon RX 9000 series may begin to exert pricing pressure on Nvidia, potentially benefiting consumers in the gaming GPU market [58].

Core Viewpoint - NVIDIA's CEO Jensen Huang expressed concern over the H20 export restrictions impacting the company's access to the Chinese AI market, which is valued at $50 billion, while highlighting the robust demand for AI processing capabilities driven by the Blackwell chip production [1][8][45]. Group 1: Financial Performance and Market Impact - NVIDIA's Q1 revenue reached $44 billion, a 69% year-over-year increase, despite the challenges posed by export restrictions [25]. - The company anticipates a loss of $8 billion in H20 revenue due to new export limitations, significantly affecting future business prospects in the Chinese market [8][43]. - The data center revenue grew by 73% year-over-year, driven by the rapid ramp-up of the Blackwell product line [5][27]. Group 2: AI Demand and Technological Advancements - There is an explosive growth in AI inference demand, with token generation increasing by 500% year-over-year, particularly in complex AI workloads [12][29]. - The Blackwell architecture is designed to support this demand, offering a throughput that is 40 times higher than the previous Hopper architecture [12][10]. - The average deployment rate for major hyperscale customers is nearly 1,000 NVL72 racks per week, indicating strong market adoption [10][28]. Group 3: Strategic Insights on AI Market - Huang emphasized that winning the Chinese AI market is crucial for global leadership, as it houses half of the world's AI researchers [3][45]. - The company is exploring options to create attractive solutions for the Chinese market in light of the export restrictions [8][46]. - The rise of open-source AI models like DeepSeek and Qwen is seen as a strategic advantage for the U.S. in maintaining its leadership in AI technology [13][46]. Group 4: Future Outlook and Growth Engines - NVIDIA is optimistic about future growth, citing multiple key growth engines including surging inference demand, sovereign AI initiatives, and enterprise AI [19][49]. - The company plans to achieve $45 billion in revenue for Q2, with expected gross margins of 71.8% [20][43]. - The establishment of AI factories globally is seen as a foundational step in building the necessary infrastructure for AI deployment across industries [15][62].

Core Viewpoint - Nvidia's latest quarterly financial report shows strong performance despite the impact of export restrictions on the H20 chip, with significant revenue growth and a record high in gaming revenue [1][6][7]. Financial Performance - Total revenue reached $44.11 billion, representing a 12% quarter-over-quarter increase and a 69% year-over-year increase [7][8]. - Non-GAAP gross margin was 60.5%, which could reach 71.3% if excluding H20 inventory-related expenses [7][14]. - GAAP net profit increased by 26% year-over-year but decreased by 15% quarter-over-quarter; non-GAAP net profit was $19.894 billion, a 31% year-over-year increase [10]. - GAAP diluted earnings per share were $0.76, a 27% increase year-over-year; non-GAAP diluted earnings per share were $0.81, potentially $0.96 when excluding H20-related expenses [11]. Business Segments - Data center revenue was the largest segment at $39.1 billion, with a 10% quarter-over-quarter increase and a 73% year-over-year increase, driven by strong global AI infrastructure demand [19]. - Gaming revenue reached $3.8 billion, marking a historical high with a 48% quarter-over-quarter increase and a 42% year-over-year increase [19]. - Automotive and robotics revenue grew by 72% year-over-year, despite a slight quarter-over-quarter decline [24]. H20 Chip Impact - The H20 chip, designed for the Chinese market, faced significant export restrictions, leading to a projected revenue loss of $8 billion in the next fiscal quarter [6][29]. - First fiscal quarter sales for H20 products were $460 million, falling short of an expected additional $2.5 billion [27]. - The inventory impairment and procurement obligation costs related to H20 amounted to $4.5 billion [28]. Market Position - Nvidia's market share in the Chinese AI market has decreased from 95% in early 2021 to 50% currently, as local AI chip alternatives gain traction [30][31].

以下文章来源于见闻历 ，作者李笑寅 见闻历 . 每天多看我一眼，投资赚的多一点。 中国4月经济数据出炉 周一（5月19日），国家统计局公布中国4月社会消费品零售总额同比、规模以上工业增加值同比、城镇调查失业率等数据。 上月公布的数据显示，中国1-3月全国房地产开发投资同比下降9.9%，新建商品房销售面积同比下降3%；中国3月社会消费品零售总额同比5.9%；规模以上工 业增加值同比增长7.7%；一线二手房价环比再度转正，各线房价同比降幅继续收窄。 华创证券首席宏观分析师张瑜分析认为， 4月的经济指标或是"量稳价弱"的状态。预计出口或受美国抢进口因素影响仍有一定的韧性，消费则继续受益于"以旧 换新"，制造业投资与基建投资则继续受益于"两重"与"设备更新"。 | 时间 | 地区 | 内容 | 预期 | 前值 | | --- | --- | --- | --- | --- | | 5月19日 | 局一 | | | | | 数据 | 国内 | 9:30 国家统计局公布70个大中城市住宅销售价格月度报 | | | | | | 들 | | | | | | 10:00 中国1至4月全国房地产开发投资 | | -9.9% | ...

见闻财经日历 WSCN Economic Calendar 本周重点关注：中国公布4月社零、房地产投资等经济数据以及5月LPR报价，标普全球公布主要经济体PMI指数，宁德时代在港股上市，微软、谷歌举办开 发者大会，黄仁勋发表演讲。 此外，多位美联储高官陆续发表讲话，百度、哔哩哔哩公布Q1财报，德国公布4月PPI，日本公布4月CPI。 中国4月经济数据出炉 周一（5月19日），国家统计局公布中国4月社会消费品零售总额同比、规模以上工业增加值同比、城镇调查失业率等数据。 上月公布的数据显示，中国1-3月全国房地产开发投资同比下降9.9%，新建商品房销售面积同比下降3%；中国3月社会消费品零售总额同比5.9%；规模以上 工业增加值同比增长7.7%；一线二手房价环比再度转正，各线房价同比降幅继续收窄。 华创证券首席宏观分析师张瑜分析认为，4月的经济指标或是"量稳价弱"的状态。预计出口或受美国抢进口因素影响仍有一定的韧性，消费则继续受益于"以 旧换新"，制造业投资与基建投资则继续受益于"两重"与"设备更新"。 | 时间 | 地区 | 内容 | | --- | --- | --- | | 5月19日 | 居一 | | | ...

Summary of NVIDIA's Q1 Fiscal 2026 Conference Call Company Overview - **Company**: NVIDIA - **Date of Call**: May 28, 2025 - **Fiscal Quarter**: Q1 of Fiscal 2026 Key Industry Insights - **Data Center Revenue**: Reached $39 billion, a 73% year-on-year growth driven by strong AI workload transitions to inference and AI factory build-outs [2][3] - **AI Market in China**: The new export controls on the H20 GPU have significantly impacted NVIDIA's ability to operate in the Chinese market, which is projected to grow to nearly $50 billion [2][13] - **Inference Demand**: There is a sharp increase in demand for inference, particularly in reasoning AI, with major companies like Microsoft processing over 100 trillion tokens in Q1, a five-fold increase year-on-year [4][19] Financial Performance - **H20 Revenue Impact**: NVIDIA recognized $4.6 billion in H20 revenue before the new export controls but had to write down $4.5 billion due to unsold inventory and purchase obligations [2][11] - **Gross Margins**: GAAP gross margins were reported at 60.5%, with non-GAAP gross margins at 61%. Excluding the inventory charge, non-GAAP gross margins would have been 71.3% [11][12] - **Shareholder Returns**: NVIDIA returned a record $14.3 billion to shareholders through share repurchases and dividends [11] Product Developments - **Blackwell Architecture**: Contributed nearly 70% of data center compute revenue, with significant improvements in manufacturing yields and ramping production of GB200 NBL racks [3][4] - **New Products**: Introduction of the GB300 systems, which will leverage the same architecture as GB200, allowing for seamless transitions for customers [3] - **AI Factories**: Nearly 100 NVIDIA-powered AI factories are currently in operation, doubling year-on-year, with significant growth in GPU deployment [5] Strategic Partnerships and Initiatives - **Collaborations**: Partnerships with major companies like Microsoft, OpenAI, and Yum Brands to enhance AI capabilities across various sectors [6][10] - **Sovereign AI**: NVIDIA is positioning itself as a leader in the sovereign AI market, with nations investing in AI infrastructure akin to past investments in electricity and the internet [13][30] Market Challenges - **Export Controls**: The new restrictions on H20 have effectively closed the Chinese market to NVIDIA, leading to significant write-offs and potential long-term impacts on revenue [2][13] - **Competition**: The inability to compete in China may benefit foreign competitors and hinder NVIDIA's market position globally [2][13] Future Outlook - **Revenue Guidance**: For Q2, NVIDIA expects total revenue to be around $45 billion, with a significant decline in China data center revenue due to the H20 export ban [11][12] - **Growth Drivers**: Anticipated growth in enterprise AI, industrial AI, and reasoning AI, with a focus on building out AI infrastructure globally [19][30] Additional Insights - **Networking Growth**: Networking revenue grew 64% quarter-over-quarter, with significant adoption of Spectrum X solutions among major cloud service providers [7][28] - **Gaming Revenue**: Achieved a record $3.8 billion in gaming revenue, driven by strong demand for Blackwell GPUs [8][9] This summary encapsulates the key points from NVIDIA's Q1 Fiscal 2026 conference call, highlighting the company's performance, strategic initiatives, and market challenges.