5000亿订单在手！英伟达这波"算力狂欢"，真能一直嗨？ 还在纠结 AI算力需求会不会降温？英伟达FY26Q3财报直接给了答案。 单季营收 570.1亿美元，超预期近20亿，同比暴涨62%；调整后净利润317亿美元，日均净赚3.5亿美金——比不少科技公司全年营收还多。 更狠的是，公司锁定 FY27毛利率75%，还说Blackwell+Rubin平台到2026年底能稳拿5000亿收入。一边是全球GPU卖断货、500万个订单 排队，一边是Rubin平台要登场、地缘有小波动，这台"算力印钞机"能转多久？ 01 业绩拆解： 每组数据都在"碾压预期" 英伟达这季业绩不是运气，核心是 AI算力需求真爆发了。 营收盈利：量利齐飞，钱花不完 营收： 570.1亿美元，超预期551.9亿，环比涨22%，日均进账6.3亿美元。 盈利：调整后 EPS1.3美元，同比涨60%、环比涨24%；自由现金流220.9亿美元，同比增32%。 毛利率：冲刺 75%，赚钱效率再升级 调整后毛利率 73.6%，环比涨0.9个百分点，超预期。 支撑逻辑有二： Blackwell平台量产，GB300成高毛利主力；规模效应对冲成本。 还预告 FY26Q ...

Core Insights - The semiconductor chip demand has exceeded typical seasonal levels due to changes in international circumstances and the construction of AI data centers, leading to a strong performance in the IC design industry in Q1 2025 [1] Group 1: Industry Performance - The top ten fabless IC design companies reported a combined revenue of approximately $77.4 billion in Q1 2025, marking a quarter-over-quarter increase of about 6% and a year-over-year increase of 44% [2] - NVIDIA maintained its position as the top revenue earner with $42.4 billion in Q1 2025, reflecting a 12% quarter-over-quarter increase and a 72% year-over-year increase [4] - Broadcom achieved a record high semiconductor revenue of $8.3 billion in Q1 2025, representing a 15% year-over-year growth [5] Group 2: Company-Specific Developments - AMD's revenue in Q1 2025 was approximately $7.4 billion, a 3% decrease from the previous quarter but a 36% increase compared to the same period in 2024 [4] - Qualcomm's revenue for Q1 2025 was around $9.5 billion, down 6% quarter-over-quarter due to seasonal factors and increased competition from Apple's in-house chips [6] - Marvell's revenue reached nearly $1.9 billion in Q1 2025, a 9% increase from the previous quarter, driven by strong demand for AI server-related products [6] Group 3: Emerging Trends - The AI data center sector is significantly impacting revenue growth, with companies like NVIDIA and Broadcom expanding their offerings in AI networking solutions [5] - Realtek reported a remarkable 31% quarter-over-quarter revenue increase to over $1.06 billion, driven by increased inventory from PC clients and rising demand for Wi-Fi 7 and automotive Ethernet [6] - Chipmakers are actively seeking growth opportunities in emerging fields such as AI smartphones and automotive applications to counteract seasonal declines [6]

Core Insights - The semiconductor chip demand is expected to exceed previous seasonal lows due to early stocking of terminal electronic products and the construction of AI data centers, leading to a strong performance in the IC design industry [1] Group 1: AI Data Center Sector - NVIDIA's revenue for Q1 2025 reached $42.3 billion, a 12% quarter-over-quarter increase and a 72% year-over-year increase, maintaining its position as the top revenue earner despite anticipated losses in Q2 due to H20 development limitations [3] - AMD's revenue for Q1 2025 was approximately $7.44 billion, a 3% quarter-over-quarter decrease but a 36% year-over-year increase, with plans to ramp up production of the new MI350 platform in the second half of the year [3] - Broadcom achieved a record semiconductor revenue of $8.34 billion in Q1 2025, a 15% year-over-year increase, as it expands its AI network solutions [4] Group 2: Mobile Devices and Communication - Qualcomm's Q1 2025 revenue was nearly $9.47 billion, a 6% quarter-over-quarter decrease due to seasonal factors and increased competition from Apple's in-house chips, prompting a focus on AI mobile and automotive sectors for growth [4] - MediaTek ranked fifth globally in Q1 2025 with revenue of $4.66 billion, driven by demand for its Dimensity series chips in China [5] - Realtek's revenue increased by 31% quarter-over-quarter to over $1.06 billion, fueled by inventory increases from PC clients and rising demand for Wi-Fi 7 and automotive Ethernet [5] Group 3: Other Notable Performers - Chipone's revenue grew to over $820 million in Q1 2025, a 6% quarter-over-quarter increase, benefiting from consumer subsidy policies in China [5] - OmniVision's revenue decreased by 2% quarter-over-quarter to $730 million, but it made significant progress in image sensors and automotive electronics [5] - ChipSys's revenue reached nearly $640 million in Q1 2025, a record high, driven by strong demand for power controllers in AI data centers [5]