如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 wsj 。 在英伟达首次于美国华盛顿举办的技术大会上，黄仁勋发表了热烈激昂的主题演讲，重点介绍了与 优步（Uber）、Palantir、亚马逊（Amazon）、微软（Microsoft）等美国知名企业的一系列合 作。 他盛赞了公司Blackwell图形处理器（GPU）的计算能力 —— 这是英伟达最先进的人工智能芯 片。 他透露，去年推出的Blackwell芯片迄今已出货 600 万片，未来五个季度还接到 1400 万片订单， 总销售额相当于 5000 亿美元。英伟达股价周二上涨 5%。 "我们再次在美国本土进行制造，这太不可思议了，" 他说，"特朗普总统首先要求我做的就是把美 国制造业带回来…… 九个月后，我们已在亚利桑那州实现Blackwell芯片的全面量产。" 这一说法基于英伟达近期的公告 —— 台积电（TSMC）凤凰城工厂的Blackwell GPU 首批硅晶圆 已下线。不过这些芯片并未完全在美国本土完成全部生产流程。 包括 B100、B200、GB200 在内的多款热门Blackwell系列芯片，采用了台积电的晶圆级系统集成 （CoWoS） ...

Investment Rating - The report assigns a strong buy rating for NVIDIA, expecting it to outperform the benchmark index by over 20% in the next six months [36]. Core Insights - NVIDIA reported FY26Q1 revenue of $44.1 billion, a year-over-year increase of 69% and a quarter-over-quarter increase of 12%, significantly exceeding market expectations of $43.3 billion and company guidance of $43 billion ± 2% [3][7]. - The data center business continues to drive growth, with Q1 data center revenue reaching $39.1 billion, up 73% year-over-year and 10% quarter-over-quarter, with Blackwell contributing 70% of data center computing revenue [3][4]. - The company anticipates FY26Q2 revenue to be around $45 billion, considering an estimated loss of $8 billion in H20 revenue due to recent export control restrictions [5][8]. Revenue Breakdown - **Data Center**: FY26Q1 revenue reached a record high of $39.1 billion, with computing revenue at $34.2 billion (up 76% YoY) and networking revenue at $4.957 billion (up 56% YoY) [4]. - **Gaming**: FY26Q1 revenue was $3.763 billion, reflecting a 42% YoY increase and a 48% QoQ increase, driven by strong adoption of Blackwell architecture GPUs [4]. - **Professional Visualization**: FY26Q1 revenue was $509 million, showing a 19% YoY increase, with expectations for recovery in Q2 [4]. - **Automotive and Robotics**: FY26Q1 revenue was $567 million, up 72% YoY, driven by strong demand for autonomous driving and electric vehicles [4]. Profitability Metrics - The GAAP and non-GAAP gross margins for the quarter were 60.5% and 61.0%, respectively. Excluding a $4.5 billion expense, the non-GAAP gross margin would have reached 71.3% [3][7]. - GAAP and non-GAAP diluted earnings per share were $0.76 and $0.81, respectively. Adjusting for the $4.5 billion expense, the non-GAAP diluted EPS would have been $0.96 [3][7]. Future Outlook - The company aims to improve gross margins to the mid-70% range in the second half of the year, with FY26Q2 gross margin guidance set at 71.8% and 72.0% for GAAP and non-GAAP, respectively [5][8]. - NVIDIA is experiencing a significant increase in demand for AI applications, with expectations for AI spending to reach nearly $1 trillion in the coming years [12][17].

另一方面，英伟达CEO黄仁勋表示看好推理型AI的需求、全球主权部署AI基础建设、企业级AI智能体 (Agents)爆发，以及工业AI机遇。 业绩发布后，5月28日英伟达股价微跌0.51%，报收134.81美元/股，总市值约3.3万亿美元；5月29日盘前 最新上涨5.02%。A股英伟达产业链指数上涨3.32%，鸿博股份（002229）涨停，工业富联（601138）上 涨6.02%。 痛失百亿市场 "无法进入可能增长至近500亿美元的中国AI加速器市场，将对我们未来业务产生重大不利影响，而有利 于国内外竞争对手。"英伟达执行副总裁兼首席财务官Collette Cress在业绩发布会上介绍，一季度中国 数据中心收入占比已经下降至个位数，预计第一季度占比将进一步下降。 中国市场对英伟达业务影响，在本次财报中得到详细的侧面印证。 英伟达公布截至2025年4月27日的第一季度财报显示，公司实现营业收入441亿美元，较上一季度增长 12%，较去年同期增长69%；净利润实现187.75亿美元，同比增长约26%。但是由于4月9日美国政府限 制英伟达对中国特供版H20出口，导致一季度英伟达因过剩库存和采购而产生了45亿美元的费用 ...

Core Insights - Nvidia reported a 69% year-over-year revenue growth for FY26Q1, reaching $44 billion, driven by a significant increase in data center revenue, which grew 73% to $39 billion [1] - The company confirmed $4.6 billion in H20 revenue for the first quarter, but faced $2.5 billion in unfulfilled shipments, leading to a $4.5 billion impairment charge [1][3] - For Q2, Nvidia expects total revenue of $45 billion, factoring in an $8 billion reduction in H20 revenue due to export restrictions [1][8] Group 1: Financial Performance - Nvidia's overall revenue for FY26Q1 was $44 billion, a 69% increase year-over-year [1] - Data center revenue reached $39 billion, marking a 73% increase compared to the previous year [1] - The company anticipates Q2 revenue of $45 billion, with a potential variance of ±2% [1] Group 2: H20 Revenue and Impairment - H20 revenue for Q1 was confirmed at $4.6 billion, with $2.5 billion in shipments unfulfilled [3] - An impairment charge of $4.5 billion was recorded, primarily related to inventory and procurement commitments [3] - Future H20 revenue is expected to decrease by $8 billion in Q2 due to export restrictions [1][3] Group 3: Market Insights - Nvidia highlighted the importance of the Chinese market, noting it as a key player in the global AI landscape [1] - The company expressed concerns that isolating Chinese chip manufacturers from U.S. competition could enhance their international competitiveness [1] - Nvidia estimates a potential market size of $50 billion that may remain uncovered due to current export restrictions [3] Group 4: AI Infrastructure and Growth - AI is viewed as a transformative technology across various industries, requiring substantial infrastructure for deployment [4][5] - The company is entering a new phase of AI adoption, with inference capabilities becoming a critical component of computational workloads [5] - Nvidia is focusing on enterprise AI solutions, with products designed for local deployment and integration with existing IT systems [15] Group 5: Future Outlook - The demand for inference AI is experiencing exponential growth, indicating a significant shift in the AI landscape [9] - Nvidia is expanding its supply chain and production capacity to meet increasing customer demand for AI infrastructure [7] - The company is optimistic about future growth, driven by advancements in AI technology and infrastructure development [9][14]

Core Viewpoint - NVIDIA is positioned as a leading giant in the AI and accelerated computing landscape, evolving from a GPU manufacturer to a critical infrastructure company that shapes the future of AI and computing [1][3][29]. Group 1: Evolution of NVIDIA - NVIDIA started as a graphics processing unit (GPU) provider for gaming and professional visualization, but has transformed into a comprehensive computing platform provider [3]. - The introduction of CUDA in 2006 revolutionized parallel computing, leading to the development of the DGX system and marking the beginning of the AI revolution [3][4]. - NVIDIA's acquisition of Mellanox in 2019 enhanced its capabilities in data center networking, allowing for the creation of unified computing units [4]. Group 2: AI Infrastructure and Market Potential - The future AI infrastructure is likened to essential resources like electricity and the internet, with AI data centers referred to as "AI factories" that generate valuable outputs [5]. - NVIDIA's founder, Jensen Huang, highlighted the vast market opportunity, estimating that a $300 million chip industry could leverage a $1 trillion data center market [5]. Group 3: CUDA and Its Impact - CUDA is central to NVIDIA's success, enabling a vast ecosystem of libraries and applications that drive user engagement and developer innovation [9][10]. - The limitations of general-purpose CPUs in AI are emphasized, with CUDA allowing for targeted hardware design that accelerates performance significantly [9]. Group 4: Advanced Computing Systems - The introduction of the Grace Blackwell supercomputer represents a significant leap in computing power, capable of horizontal and vertical scaling [17][20]. - The GB300 upgrade promises a 1.5x increase in inference performance and doubled network connectivity, showcasing NVIDIA's commitment to continuous improvement [17][18]. Group 5: Collaborative Manufacturing and Innovation - The production of the Grace Blackwell supercomputer involves collaboration with various Taiwanese manufacturers, highlighting the importance of the semiconductor supply chain [24][26]. - The final product integrates over 1.3 trillion transistors and showcases the technological prowess of the Taiwanese semiconductor industry [27]. Group 6: Future Outlook - NVIDIA's strategy of continuous self-disruption and innovation positions it to dominate the future of computing, moving from chips to platforms and ultimately to infrastructure [29].