Core Viewpoint - Nvidia's next-generation platform, Rubin, is expected to enter mass production by mid-2026, promising significant performance improvements [1][4] - The company's customer base is diversifying, with sovereign customer revenue projected to double by 2025 [1][6] - Strong demand from hyperscale data centers and non-traditional customers will drive Nvidia's explosive growth in 2026 [1][8] Group 1: Next-Generation Platform - Nvidia's next-generation platform, Rubin, is in early manufacturing stages and is anticipated to achieve mass production by mid-2026 [4] - All six chips that comprise the Rubin platform have begun trial production, with management optimistic about improvements in workload performance, efficiency, and cost-effectiveness compared to the Blackwell platform [4][5] Group 2: Customer Diversification - Nvidia's growth narrative is becoming increasingly diversified, moving away from reliance on a few hyperscale cloud service providers [6] - Currently, large cloud service providers account for 50% of data center revenue, indicating the rise of other customer segments [6] - Revenue from sovereign AI projects is expected to exceed $20 billion in 2025, more than doubling from 2024, highlighting a new and substantial market opportunity [6] Group 3: Dual Drivers of Growth - Nvidia's potential for significant growth in 2026 is driven by both traditional advantages and emerging opportunities [8] - Increased spending from hyperscale cloud service providers and demand from non-traditional customers, such as sovereign AI projects, are expected to contribute to revenue and profit growth [8] Group 4: Short-Term Challenges and Long-Term Logic - Despite facing uncertainties in the Chinese market due to export restrictions, Nvidia is actively communicating with the U.S. government to secure sales approvals for Blackwell-based products [9][10] - If uncertainties are resolved, Nvidia anticipates third-quarter H20 product shipments in China could reach between $2 billion to $5 billion, providing additional growth momentum for 2026 [9] - The long-term growth logic for Nvidia remains strong, with 2026 projected as a critical year for explosive growth [10]

当市场还在对英伟达短期股价表现感到担忧时，华尔街顶级投行却将目光投向了2026年。 据追风交易台消息，高盛8月27日研报显示，英伟达公布的第二季度财报及第三季度业绩指引基本符合 市场预期，但在此前普遍高涨的背景下，英伟达的股价短期内或将面临适度的下行压力。 然而，该行维持对英伟达的"买入"评级，并对其在2026年的表现抱持极度乐观态度，指出公司届时将拥 有巨大的上涨空间。 高盛分析师James Schneider团队将其2026年的每股收益（EPS）预估值设定在远高于华尔街共识的水 平，高出约10%，并给出支撑这一判断的三大核心理由。 新一代平台"Rubin"蓄势待发 高盛将英伟达下一代产品路线图视为其看涨观点的核心支柱。报告明确指出，英伟达的下一代平 台"Rubin"已进入早期制造阶段，并有望在2026年中期实现量产。 据报告引述，英伟达管理层透露，构成Rubin新平台的全部六款芯片均已开始试产。尽管技术细节披露 有限，但管理层对Rubin平台在工作负载性能、效率和成本效益方面相较于Blackwell的巨大提升表现出 乐观态度。 该行的预测模型也显示，Rubin将在2026年开始成为GPU出货量的重要组成部 ...

各投行一致认为，英伟达在AI基础设施建设的最佳投资机会中地位稳固，长期增长前景明确。投资者应聚焦公司核心增长逻辑，而非短期不确定 性。各行一致看好英伟达Blackwell产品线的强劲表现，美银表示，Blackwell产品线已达到满负荷生产，每周生产约1000个机架，预计在第三 财季将进一步加速。随着系统级机架逐步成熟并实现规模化，毛利率有望更快回升至此前70%中段水平。 英伟达第二季度财报再次验证了其在AI浪潮中的核心地位，尽管中国市场存在不确定性，但公司基本面依然强劲。多家华尔街投行一致上调目标 价，认为投资者应忽略中国市场"噪音"，聚焦于Blackwell和下一代Rubin产品带来的巨大增长机会。 各行一致看好英伟达Blackwell产品线的强劲表现，美银表示，Blackwell产品线已达到满负荷生产，每周生产约1000个机架，年化收入能力约 390亿美元。随着系统级机架逐步成熟并实现规模化，毛利率有望更快回升至此前70%中段水平。 高盛表示，网络业务Spectrum-X产品线年化营收已达100亿美元，较此前80亿美元显著增长。下一代Rubin产品按计划将于2026年中期推出，为 未来增长提供强劲动力。 ...

Core Viewpoint - Nvidia reported record revenue of $46.743 billion for Q2 of fiscal year 2026, marking a 56% year-over-year increase and a 6% quarter-over-quarter increase, with net profit reaching $26.422 billion, a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] Financial Performance - Revenue for Q2 of fiscal year 2026 was $46.743 billion, up 56% year-over-year and 6% quarter-over-quarter [1] - Net profit was $26.422 billion, reflecting a 59% year-over-year increase and a 41% quarter-over-quarter increase [1] - Adjusted net profit, not in accordance with GAAP, was $25.783 billion, a 52% year-over-year increase and a 30% quarter-over-quarter increase [1] Market Outlook - Nvidia's CEO highlighted the evolution of reasoning AI as a key driver for growth, indicating that the computational demand has increased significantly due to the capabilities of reasoning AI [3] - The company is targeting a market opportunity of $3 trillion to $4 trillion in AI infrastructure over the next few years, with significant capital expenditures from major cloud service providers reaching approximately $600 billion [4][10] Product Development - The Blackwell platform and NVLink 72 system were developed to meet current demands, achieving significant speed and energy efficiency improvements [4] - The Rubin platform is expected to contribute to revenue in the second half of the fiscal year, with a focus on AI applications [2][4] Competitive Landscape - Nvidia's products are widely adopted across major cloud platforms, providing a competitive edge in the AI infrastructure market [7] - The company is addressing the complexities of ASIC development, emphasizing the challenges and the need for comprehensive solutions in AI computing [6][8] China Market Potential - Nvidia estimates a potential market opportunity of $50 billion in China, with expectations of 50% annual growth in the AI sector [13] - The company is actively engaging with the Chinese government to facilitate market entry and product distribution [14] Future Projections - Nvidia anticipates that the data center infrastructure spending will reach $3 trillion to $4 trillion by 2030, driven by the increasing demand for AI capabilities [10][12] - The company is positioned to capture a significant share of this market, with estimates suggesting Nvidia's contribution to a gigawatt-level AI factory could be around $35 billion [11] Technological Advancements - The introduction of the Spectrum XGS product is aimed at enhancing data center interconnectivity, with significant market opportunities identified [16] - The company is focused on improving energy efficiency and performance per watt, which is critical for the profitability of AI factories [12][20]