据《证券时报网》消息，北京时间2月26日凌晨，英伟达公布了截至2026年1月31日的公司2026财年第四 财季（以下简称"第四财季"）财务数据，以及2027财年第一财季（以下简称"第一财季"）的业绩指引。 财报显示，英伟达第四财季营收681亿美元，同比增长73%，市场预期为656.84亿美元，上年同期为 393.31亿美元。其中，数据中心营收为623亿美元，高于市场预期的606.2亿美元，上年同期为355.8亿美 元；四季度网络营收109.8亿美元，高于分析师预期的90.2亿美元；四季度游戏营收37亿美元，不及分析 师预期的40.1亿美元。市场高度关注的业绩指引方面，英伟达预计第一财季营收764.4亿美元—795.6亿 美元，高于市场预估的727.8亿美元。 英伟达创始人兼CEO黄仁勋在财报中表示，"计算需求正呈指数级增长——AI智能体的转折点已经到 来。企业对智能体的应用正在飞速增长。我们的客户正竞相投资AI计算——这些计算能力是推动AI产 业革命和未来发展的动力源泉。" 2. 光模块与CPO（共封装光学）领域：光通信是AI集群互联的"大动脉"，其技术迭代速度直接决定了算 力网络的性能上限，也是解决"内存墙 ...

在AI从训练迈向推理、从单点计算走向集群互联的演进中，以CPO（共封装光学）为代表的光通信技术 正迎来从0到1的规模化元年，算力基础设施的"卖铲人"们站在新一轮高景气周期的起点。英伟达财报超 预期催化不断，布局通信ETF（515880）一键布局算力核心环节，规模超140亿居同类第一，光模块+服 务器占比超66%。 【英伟达财报超预期的信号：算力需求爆发增长，网络互联成为新亮点】 英伟达财报不仅数据亮眼，更释放了关键信号：数据中心Networking业务暴增263%，远超市场预期， 表明随着GB200/GB300系统的铺开，芯片间的互联需求正在爆炸式增长，光通信的价值量正在急速提 升。 整体业绩全面超预期。FY4Q26英伟达实现营收681.27亿美元，同比+73%、环比+20%，超市场预期 （659.12亿美元）；净利润429.60亿美元，同比+94%、环比+35%，超市场预期（363.02亿美元）。公 司指引FY1Q27营收780亿美元（±2%），同比+77%、环比+14%，超市场预期（727.78亿美元）。更值 得注意的是，该指引在明确排除中国区收入的前提下依然超预期，充分说明海外AI需求的强劲程度。 网络 ...

Core View - CoreWeave has received the first market deployment of AI server systems based on NVIDIA's latest high-end chips, highlighting its significant position in providing cloud computing capabilities for AI software training and operation [2][4]. Group 1: Company Developments - CoreWeave's GB300 NVL72 server rack represents NVIDIA's latest generation of AI chip technology, manufactured by Dell Technologies [2]. - The new system is expected to enable clients, including OpenAI, to develop and deploy larger and more complex AI models at unprecedented speeds [2][4]. - Following the announcement, CoreWeave's stock price increased by nearly 9% [1][2]. Group 2: Industry Trends - The demand for AI infrastructure remains strong, with major cloud computing companies competing to establish AI capabilities [3][4]. - Dell is revitalizing its business by focusing on selling AI servers to companies, including Musk's xAI, reflecting the ongoing growth in the tech industry's demand for AI infrastructure [4]. - Despite the strong demand for AI infrastructure, the launch of new chips occurs amid uncertainties in chip trade policies and the broader global economic environment [4][5].

Group 1 - CoreWeave has announced the receipt of the first AI server system based on NVIDIA's latest high-end chips, the GB300 NVL72 servers, manufactured by Dell [1] - The new system will enable clients, including OpenAI, to develop and deploy larger and more complex AI models at a faster pace [1] - CoreWeave's CTO emphasized the company's commitment to pushing the boundaries of AI development through advanced cloud computing capabilities [1] Group 2 - The deployment of the new system highlights CoreWeave's significant position in providing cloud computing rental services for enterprises needing access to powerful NVIDIA chips for AI software training and operation [4] - Dell is revitalizing its business by focusing on selling AI servers to companies, including Musk's xAI, reflecting the ongoing demand for AI infrastructure in the tech industry [4] - Despite strong demand for AI infrastructure, the launch of new chips occurs amid uncertainties in chip trade policies and the broader global economic environment [4]

Market Overview - US stock indices closed higher with the Dow Jones up 0.32%, Nasdaq up 0.02%, and S&P 500 up 0.09% [1] - The VIX index increased by 5.22% to 18.14, indicating rising market volatility [1] - The US dollar index fell by 0.6% to 100.37, while the yield on the 10-year Treasury rose by 0.18% to 4.451% [1] - Spot gold increased by 0.91% to $3230.07 per ounce, and Brent crude oil rose by 0.21% to $65.53 [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with healthcare up 0.96%, utilities up 0.43%, and industrials up 0.34%, while energy, semiconductors, and technology sectors declined by 1.3%, 0.6%, and 0.14% respectively [2] - Chinese concept stocks mostly fell, with Alibaba down 0.4% and Pinduoduo up 0.71% [2] - Major tech stocks had mixed results, with Microsoft up 1.01% and Apple down 1.17% [2] - NVAX surged 15.01% after FDA approval for its COVID-19 vaccine for older adults and those over 12 [2] Daily Focus - Putin expressed readiness to cooperate with Ukraine on peace negotiations, indicating potential for a ceasefire [3] - Trump's tax reform bill advanced in the House, facing opposition from conservative Republicans [4] - Nvidia's CEO announced the company will not release further Hopper series chips for the Chinese market due to US government restrictions [5] - Nvidia introduced the "Grace Blackwell" system aimed at enhancing AI capabilities, with significant performance improvements [6] - Apple reportedly earns $20 billion annually from the App Store, with developers facing a 15% to 30% commission [7] - Apple plans to allow EU users to set default voice assistants other than Siri, adapting to new regulations [8] - The valuation of the "Tech Seven" has dropped to a seven-year low, with a forward P/E ratio of 28 times [9] - Microsoft is integrating Elon Musk's xAI models into its cloud services, expanding its AI offerings [9] - TSMC plans to raise prices for advanced manufacturing nodes, with a 10% increase for 2nm wafers [9] - The US government is reviewing Apple's AI collaboration with Alibaba due to concerns over data sharing and regulatory risks [10][11]

Core Insights - Nvidia is transitioning from a traditional tech company to an "AI infrastructure company," aiming to build a future-oriented ecosystem for computing, robotics, and intelligent systems, with the AI infrastructure market projected to be worth trillions of dollars [1] Group 1: New Product Launches and Collaborations - Nvidia introduced new AI personal computing devices, DGX Spark and DGX Station workstations, and began mass production of the Blackwell RTX Pro6000 motherboard, enabling high-speed GPU cluster systems with 800Gbps communication bandwidth [1] - The company announced a partnership with Foxconn to build a supercomputer equipped with 10,000 Blackwell GPUs, positioning Foxconn as a cloud partner for AI infrastructure [1] Group 2: Development of New Tools and Platforms - Nvidia is developing the Newton physics engine in collaboration with DeepMind and Disney Research, which will be open-sourced in July and support GPU acceleration for training robots in virtual environments [2] - A new GPU-stacked storage platform and AIQ intelligent query system are being created to address the explosion of unstructured data, aiming to disrupt traditional database architectures [2] - The concept of "digital agents" is introduced to tackle the anticipated global workforce shortage of 50 million, providing AI assistants for software development and operations [2] Group 3: Robotics and Mobility - All mobile devices are expected to become robotic, leading to an industrial revolution, with Nvidia working on the Isaac Groot robotic system for autonomous driving and human-machine collaboration [3] - Collaborations with Mercedes and other companies are underway to deploy fleets equipped with end-to-end autonomous driving systems [3] Group 4: Next-Generation Computing - Nvidia is collaborating with Cisco to develop AI systems that integrate quantum technology with 5G/6G, launching the CUDA-Q hybrid computing platform [4] - The company is creating a "light-speed execution" architecture to enhance computing performance, emphasizing the transformative impact of DLSS and neural rendering technologies [4] Group 5: Future Positioning in AI Infrastructure - Data centers are evolving from traditional IT carriers to "AI factories," with a market size projected to reach trillions of dollars, highlighting Nvidia's unique advantage in its algorithm library, particularly the CUDAx ecosystem [5] - The transition from training to inference-driven AI is represented by the full-scale production and deployment of the Grace Blackwell system [5]

Group 1 - Huang Renxun, founder and CEO of Nvidia, delivered a keynote speech at Computex 2025, focusing on the latest breakthroughs in AI and accelerated computing technology [1] - Computex 2025 is themed "AI Next," featuring three main topics: "Smart Computing & Robotics," "Next-Generation Technology," and "Future Mobility," with nearly 1,400 exhibitors and an exhibition area of 80,000 square meters [1] - Nvidia is expected to unveil a new CPU for the first time and provide updates on the RTX 50 series during the event [1] Group 2 - The next-generation supercomputer features core technology achieving a full interconnect bandwidth of 14.4TB per second, utilizing NVLink Spine and custom blind-mate backplanes to reach an impressive 130TB bandwidth [5] - The system integrates 72 Blackwell processors or 144 GPU chips, connected to form a vast GPU system with a total of 1.3 trillion transistors [5] - Nvidia is constructing a giant AI supercomputer for Taiwan's AI infrastructure and ecosystem, with the Grace Blackwell system now fully in production [5] Group 3 - The company plans to upgrade to the Grace Blackwell GB300 version this quarter, which features enhanced Blackwell chips with 1.5 times improved inference performance and doubled network connectivity [6] - Nvidia's AI computing power has increased approximately 1 million times every decade, facilitated by a new manufacturing process called COOS-L developed in collaboration with TSMC [9] - The CUDA library is designed to integrate AI into 5G and even 6G networks, enabling advanced computing capabilities [11] Group 4 - Huang Renxun emphasized that physical AI is foundational for the robotics revolution, requiring significant computing power for training, leading to the introduction of Grace Blackwell, a thinking machine [13] - The CUDA-X library accelerates computing beyond GPUs, with applications in weather analysis and deep learning [15] - A new MSI laptop featuring the RTX 5060 GPU is set to launch in May, with Huang confirming its release [17]

Core Insights - NVIDIA's CEO Jensen Huang announced the development of a new computing system called "Grace Blackwell," aimed at enhancing inference speed and evolving traditional AI into autonomous "thinking AI" capable of real-time reasoning [1] - The Grace Blackwell system has transitioned ordinary computers into powerful supercomputers and has been fully produced after a challenging development process [1] - The system has been adopted by multiple cloud service providers and has received widespread recognition on platforms like Twitter [1] Product Development - The Grace Blackwell system, based on the HGX motherboard, has been in full production since last year and began deliveries in February [1] - An upgrade to the Grace Blackwell GB300 version is planned for this quarter, featuring an enhanced Blackwell chip with 1.5 times improved inference performance, 1.5 times increased HBM memory capacity, and doubled network connectivity capabilities [1] - The overall system performance of Grace Blackwell is significantly enhanced with these upgrades [1]

Core Viewpoint - NVIDIA's CEO Jensen Huang dismissed concerns about the company's advanced AI chips being transferred to China, stating there is no evidence of such activities and emphasizing the complexity and scale of NVIDIA's hardware [1]. Group 1: NVIDIA's AI Chips and Export Regulations - Huang highlighted that NVIDIA's systems are large and complex, making it impractical to secretly reroute them [1]. - The company’s clients are aware of export regulations and are committed to compliance, ensuring continued demand for NVIDIA's technology [1]. - The U.S. government recently lifted restrictions on high-end AI chip exports to China, marking a significant policy shift aimed at expanding U.S. technological influence [1]. Group 2: Changes in Product Strategy - Following the ban on the HGX H20 product, NVIDIA's next-generation AI accelerator will not be based on the Hopper architecture, with a shift towards GDDR7 design [3]. - The U.S. government has effectively prohibited the export of NVIDIA's H20 and AMD's Instinct MI308 AI chips to China, resulting in a loss of $5.5 billion for NVIDIA [3]. - NVIDIA's high-end accelerators H100 and H200 were banned from export to China before their launch, leading to the introduction of the H800, which was also banned shortly after [3]. Group 3: Future Developments and Market Competition - NVIDIA is reportedly planning to launch a GDDR7-based Hopper GPU, although the Hopper architecture was initially designed for HBM memory [4]. - The uncertainty surrounding NVIDIA's product offerings may increase the popularity of Huawei's Ascend accelerators in China, despite their inferior performance compared to NVIDIA's solutions [5]. - Observing how NVIDIA navigates regulatory complexities and develops future solutions for the Chinese market will be crucial, as the company aims to maintain its market share against competitors like Huawei [5].