CoreWeave (NasdaqGS:CRWV) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker10Hello, thank you for standing by. My name is Tiffany, I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave fourth quarter and fiscal year 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star ...

营收681.3亿美元！ 刚刚，英伟达公布了创纪录的2026财年第四季度业绩，并给出了2027财年第一季度780亿美元的业绩预期。 Vera Rubin平台：六款新芯片，一台AI超级计算机 为了把这些惊人的算力需求变现，英伟达还推出了下一代整柜级算力系统——Vera Rubin，将在2026年下半年出货。 英伟达首席财务官Colette Kress透露，公司已经清晰预见到，2025至2026年间Blackwell和Rubin产品组合带来5000亿美元营收。 超预期的四季度业绩 商业世界里，数据永远是最有说服力的语言。 截至周三收盘，英伟达的股价累计上涨了5%，而同一时期，科技股的晴雨表纳斯达克指数下跌了0.4%。 当华尔街和硅谷还在为AI泡沫争论不休时，黄仁勋再次用数据击碎了「AI泡沫论」。 不仅如此，他还提出了自己的「AI经济学」：算力=收入增长，并直言如今流向AI的千亿美元资本开支，最终都会直接转化为收入。 支撑老黄「AI经济学」的，是他看到了智能体拐点已经到来，由此带来了惊人的算力需求。 在2026财年第四季度，英伟达一举冲破了市场的预期线，当季总营收高达681.3亿美元，同比增幅达到了惊人的73%。 公 ...

来源：环球网 【环球网科技综合报道】2月26日消息，据CNBC报道，英伟达对外公布其下一代AI系统Vera Rubin的研 发与上市计划，该系统预计于今年晚些时候正式推出，其每瓦性能较上一代Grace Blackwell产品提升10 倍，在人工智能基础设施能效优化领域实现重要突破，为AI产业绿色高效发展提供了新的技术支撑。 在加州总部的媒体采访活动中，英伟达AI基础设施负责人迪翁·哈里斯展示了Vera Rubin完整机架的内部 构成与供应商细节。据介绍，这款全新AI系统由130万个零部件组成，是汇聚全球供应链的复杂技术体 系。其核心硬件包含72颗Rubin图形处理器（GPU）和36颗Vera中央处理器（CPU），主要由台积电制 造；而液冷组件、供电系统、计算托盘等其余零部件，均来自全球至少20个国家的80多家供应商，中国 也位列其中，充分体现了全球产业链在高端科技领域的协同合作。 能效提升是Vera Rubin的核心亮点。英伟达方面表示，该系统功耗约为上一代产品的两倍，但凭借每瓦 性能10倍的提升幅度，整体算力的能效比实现大幅跃升。在当前能耗问题成为人工智能基础设施建设关 键挑战的背景下，这一突破有效破解了A ...

Core Insights - Nvidia reported fourth-quarter revenue of $68 billion, a 73% increase year-over-year, driven by strong demand for accelerated computing across various sectors [1][12] - Data center revenue reached $62 billion, up 75% year-over-year and 22% sequentially, contributing to a full-year data center revenue of $194 billion, a 68% increase [1][12] Demand and Market Trends - The shift towards generative and agentic artificial intelligence is driving a sustained multiyear buildout of GPU-based infrastructure [1] - AI economics increasingly relies on throughput and efficiency, with compute being directly linked to revenue generation [3] - Stronger monetization from agentic workloads supports continued investment, with faster growth observed from enterprises, AI model developers, and sovereign customers compared to hyperscalers [4][10] Ecosystem and Technology - Nvidia's ecosystem, particularly CUDA, remains a competitive advantage, enhancing performance and cost efficiency across GPU generations [5] - Sovereign AI demand surpassed $30 billion for the year as countries build national AI infrastructure [6] - The company is close to finalizing a partnership with OpenAI, with GPT-5.3 Codex already deployed on Nvidia's infrastructure [10] Future Outlook - Nvidia expects first-quarter fiscal 2027 revenue to reach approximately $78 billion [14] - The Rubin platform is on schedule for second-half availability, designed to train models with fewer GPUs and reduce inference costs [10] - The company has secured long-dated supply commitments to meet demand beyond the next several quarters [10]

所长 早读 国泰君安期货 2026-02-26 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2026-02-26 所长 早读 今 日 发 现 "沪七条"：非沪籍外环内购房社保门槛降至 1 年，公积金贷款最高 324 万 观点分享： 上海五部门联合发布楼市新政，自 2026 年 2 月 26 日起施行。限购方面，非沪籍外环内 购房社保门槛降至 1 年，满 3 年可增购 1 套，持居住证满 5 年免社保限购 1 套。公积金方 面，首套贷款最高额度提至 240 万（多子女家庭最高 324 万），并放宽二套贷款认定。税收 方面，成年子女首套房暂免征收个人住房房产税。继北京之后，上海推出的房市调整政策力 度超预期，信号明确，是上海近年最大幅度松绑。其中公积金额度全国领先，直接降低月供 与首付压力；房产税免征则打通了置换堵点，将会有力地激活改善型需求，在推动市场回归 平稳健康的同时也依然守住了"房住不炒"的底线。 所 长 首 推 | 板块 | 关注指数 | | --- | --- | | 黑色 | ★★★★ | 黑色：地产预期回暖，黑色商品反弹。2 月 25 日上海市发布了被称为"沪七条"的楼市新 政， ...

Core Viewpoint - Nvidia continues to experience significant revenue growth, reporting its 11th consecutive quarter with revenue growth exceeding 55%, driven by strong demand for its AI chips [1][2]. Financial Performance - Nvidia's year-over-year revenue is projected to surge approximately 77% this quarter, reaching around $78 billion, marking the fastest growth rate since January 2025 [2]. - Revenue in the fourth quarter increased by 73%, surpassing estimates, following a 62% growth in the previous quarter [3]. - The data center business, which includes Nvidia's AI graphics processing units, now constitutes over 91% of total sales [3]. Product Development - The company is ramping up production of its next-generation AI system, Vera Rubin, which is expected to deliver ten times more performance per watt compared to its predecessor, Grace Blackwell [4]. - Nvidia has already shipped its first Vera Rubin samples to customers and anticipates widespread deployment among model builders and cloud providers [6]. Market Position and Competition - Nvidia's shares remained stable after an initial rise, reflecting high investor expectations, with the company valued at nearly $5 trillion due to its leadership in AI processors [8]. - Competition is emerging from Advanced Micro Devices (AMD), which plans to release its first rack-scale AI system, Helios, later this year [8]. - Major customers like Amazon and Google are developing their own in-house AI chips, posing a potential risk to Nvidia's future results [9]. Future Outlook - Nvidia expects growth this year to exceed previous projections for a $500 billion revenue opportunity between its Blackwell and Rubin systems [6]. - However, growth is anticipated to slow significantly beyond fiscal 2027, dropping from 63% this year to 30%, 11.5%, and 3% in the following three years [9]. - The company has not included any potential data center revenue from China in its forecasts due to uncertainties surrounding export controls [13][15].

英伟达以一份打破纪录的财报，试图回击外界对AI泡沫的质疑。但电话会后英伟达股价转跌，此前盘 后交易中一度涨超4%。 2月25日美股盘后，英伟达公布最新单季营收达680亿美元并给出强劲指引，英伟达CEO黄仁勋在电话会 上直言，代理AI(Agentic AI)已达到拐点，算力直接转化为收入。 黄仁勋认为没有算力就无法生成token，没有token就无法实现营收增长，云服务商的巨额资本开支最终 将直接转化为收入。 从整体财务数据与供应链前瞻来看，英伟达的增长引擎依然强劲。CFO克雷斯在电话会开场中透露： 总营收达到680亿美元，同比增长73%，按环比计算较第三季度的增长进一步加速。 她明确指出，大部分收入增长依然由数据中心业务驱动。盘后英伟达一度涨超4%，但电话会后涨幅逐 渐收窄，直至转跌。 黄仁勋同时强调，企业对代理的应用飙升，Grace Blackwell搭配NVLink是推理的王者。此外，他表示 当前的太空数据中心经济还是"贫瘠的"，但形势将随着时间的推移而变化。 未来展望：预计2027财年Q1收入780亿美元，数据中心驱动大部分增长;预计到2030年，全球数据中心资 本支出将达到3-4万亿美元;已战略性确保 ...

2月25日美股盘后，英伟达公布最新单季营收达680亿美元并给出强劲指引，英伟达CEO黄仁勋在电话会 上直言，"推理即收入，代币数量正呈指数级增长"，力证AI资本支出的高转化率与增长的可持续性。 黄仁勋同时强调，企业对代理的应用飙升，Grace Blackwell搭配NVLink是推理的王者。此外，他认为 当前的太空数据中心经济还是"贫瘠的"，但形势将随着时间的推移而变化。 从整体财务数据与供应链前瞻来看，英伟达的增长引擎依然强劲。CFO克雷斯在电话会开场中透露： 总营收达到680亿美元，同比增长73%，按环比计算较第三季度的增长进一步加速。 她明确指出，大部分收入增长依然由数据中心业务驱动。 市场极为关注的下一代芯片架构布局也有了实质性进展。克雷斯证实，英伟达在本周初已经向客户发货 了"我们的首批Vera Rubin样片"，并预计下一代芯片将在2026年下半年向客户发货。"我们预计每一个云 模型构建者都将部署Vera Rubin。" 对于未来的业绩指引，英伟达给出了极高的预期。克雷斯表示： 我们预计整个2026日历年的环比收入增长，将超过我们去年分享的5000亿美元Blackwell和 Rubin收入机会中所 ...

当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超 90%，摊薄后每股收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利 润1200.67亿美元，摊薄后每股收益4.90美元。 | | GAAP | | | | | | --- | --- | --- | --- | --- | --- | | (S in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | 0/0 | Y/Y | | Revenue | $68.127 | $57,006 | $39.331 | 20 % | 73 % | | Gross margin | 75.0 % | 73.4 % | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6.794 | $5,839 | $4,689 | 16 % | 45 % | | Operating income | $44.299 | $36.010 | $24.0 ...

当地时间周三盘后，英伟达发布截至2026年1月25日的第四季度财报。 当季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股 收益1.76美元。2026财年全年营收为2159亿美元，同比增长65%。毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益 4.90 美元。 | | GAAP | | | | | | --- | --- | --- | --- | --- | --- | | ($ in millions, except earnings per share) | Q4 FY26 | Q3 FY26 | Q4 FY25 | Q/Q | Y/Y | | Revenue | $68,127 | $57,006 | $39,331 | 20 % | 73 % | | Gross margin | 75.0 % | 73.4% | 73.0 % | 1.6 pts | 2.0 pts | | Operating expenses | $6,794 | $5,839 | $4.689 | 16 % | 45 % | | Operating ...