Key Takeaways NVIDIA beat Q4 fiscal 2026 estimates with EPS of $1.62 on $68.1B revenues, up 73% year over year. NVDA's Data Center sales jumped 75% to $62.3B, fueled by Blackwell GPUs and 263% networking growth.NVIDIA guided Q1 revenues of $78B and sees up to $4T in AI infrastructure spending by decade's end.NVIDIA Corp. (NVDA) — the undisputed global leader of generative artificial intelligence (AI)-powered graphical processing units (GPUs) — reported strong fourth-quarter fiscal 2026 earnings results. Adj ...

Core Viewpoint - Nvidia's FY26Q4 financial report significantly exceeded market expectations, showcasing robust growth in revenue and net profit, reinforcing its position as a leader in the AI chip market amidst ongoing debates about the sustainability of AI growth [4][16]. Revenue Performance - Total revenue reached $68.1 billion, a 73% year-over-year increase and a 20% quarter-over-quarter increase, surpassing the market consensus of $65.9 billion and previous guidance of $65 billion [3]. - Data center revenue for Q4 was $62.3 billion, up 75% year-over-year and 22% quarter-over-quarter, accounting for 92% of total revenue, driven by the ramp-up of Blackwell and Blackwell Ultra [5]. Profitability Metrics - GAAP gross margin was 75%, up 2 percentage points year-over-year and 1.6 percentage points quarter-over-quarter, slightly above the market expectation of 74.9% [8]. - GAAP net profit reached $42.96 billion, a 94% year-over-year increase and a 35% quarter-over-quarter increase, significantly exceeding the market expectation of $36.3 billion [8]. Business Segments - Gaming revenue for Q4 was $3.7 billion, a 47% year-over-year increase but a 13% quarter-over-quarter decline, representing 6% of total revenue [10]. - Networking revenue surged to $11 billion, a 263% year-over-year increase and a 34% quarter-over-quarter increase, marking the first time it surpassed $10 billion in a single quarter [9]. Future Guidance - For FY27Q1, Nvidia expects revenue of $78 billion, a 77% year-over-year increase, significantly above the market consensus of $72.8 billion, primarily due to the ramp-up of the Blackwell Ultra platform [11]. - The company anticipates continued growth in the data center segment, with orders exceeding previous revenue guidance of $500 billion [14]. Market Dynamics - Nvidia's management indicated that the AI market is evolving, with growth shifting from cloud computing to vertical industries and sovereign AI initiatives [13]. - The company has secured supply commitments totaling $95.2 billion, reflecting a significant increase in production capacity for semiconductors and related technologies [12]. Shareholder Returns - Nvidia repurchased $3.8 billion in shares and paid $243 million in dividends, with a remaining buyback authorization of $58.5 billion, indicating a balanced approach between shareholder returns and investment in growth [14].

每经记者｜岳楚鹏 每经编辑｜陈柯名 高涵 记者|岳楚鹏 编辑|陈柯名 高涵 杜恒峰 校对|程鹏 ① 【三大期指齐跌】道指期货跌0.12%、标普500指数期货跌0.01%、纳指期货跌0.01%。 ⑨ 【中概股普跌】中概股盘前普跌。截至发稿，阿里巴巴下跌3.17%，网易下跌3.33%，京东下跌2.72%，百度下跌2.6%，携程下跌4.13%。 ⑩ 北京时间21:30， 美国初请失业金人数公布。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 ③ 【OpenAI计划使用亚马逊Trainium芯片】当地时间2月25日，据媒体报道，OpenAI正讨论扩大云服务协议，以纳入亚马逊Trainium芯片。此前，有报道 称，亚马逊将投资OpenAI500亿美元。有消息人士表示，亚马逊对OpenAI的500亿美元投资可能取决于其IPO进程及AGI（通用人工智能）的实现。 ④【与SK海力士启动下一代存储器"HBF"全球标准化进程，闪迪涨超5%】 当地时间2月25日，SK海力士与闪迪公司在联合举办的"HBF规格标准化联盟启 动会"上，正式发布了面向AI推理时代的下一代存储器解决方案HBF（High ...

2月26日（美东时间2月25日盘后），英伟达公布了表现强劲的2026财年Q4财报。数据显示，该季度总 营收同比增长73%，从去年的393亿美元增至681.3亿美元，其中超91%的营收来自数据中心业务（620亿 美元），该部分同比增长75%、环比增长22%。 而对于存储芯片全球短缺的问题，黄仁勋表示："尽管我们非常希望能有更多的供应，但我们确实认为 在接下来的几个季度里，供应将会非常紧张。" 值得一提的是，英伟达执行副总裁兼首席财务官科莉特·克雷斯（Colette Kress）表示："虽然美国政府 已批准少量面向中国客户的H200产品，但尚未产生任何收入。" （文章来源：中国经营报） "现在，我们已经看到了代理式人工智能（Agentic AI）的拐点，大家也意识到AI智能体在全球范围内、 在各类企业中的实际价值。"英伟达总裁兼CEO黄仁勋在财报电话会上表示，在AI的新时代，算力即营 收，只要算力增长，就能带来营收的增长。 黄仁勋在财报会上还透露，目前各大云计算服务商、超大规模云计算企业、AI模型研发商和企业客户 部署的Blackwell架构基础设施，算力已达90亿瓦，且处于满负荷运行状态。本周早些时候，英伟达已 ...

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 ...

芯东西2月26日报道，今天，英伟达公布了截至今年1月25日的2026财年第四季度财报以及2026财年全年业绩。本财季，英伟达营收和净利润双 双超越华尔街预期，营收达681.3亿美元（约合人民币4680.2亿元），同比增长73%，环比增长20%；净利润（非GAAP）达395.5亿美元（约合 人民币2716.9亿元），同比增长79%，环比增长25%。 2026财年全年，英伟达营收达到2159.4亿美元（约合人民币14834.0亿元），同比增长65%；净利润则达到1200.8亿美元（约合人民币8248.9亿 元），同比增长65%。 英伟达创始人兼CEO黄仁勋判断，Agentic AI的拐点已经到来，企业对Agent的采用率正在飙升，"在这个AI的新世界里，算力就是营收，没有 算力，就无法生成Token，而没有Token，就无法实现营收增长"。这几乎在说"算力就是金钱"。 黄仁勋透露："我们正与OpenAI继续努力达成合作协议，并相信我们即将达成协议。"黄仁勋还给GTC大会预热，剧透将在GTC期间展示英伟 达将如何使用Groq的技术来扩展其架构。 英伟达CFO Colette Kress称，自ChatGPT诞生以来， ...

来源：央视新闻 受美国白宫酝酿出台15%的全球关税税率 引发避险情绪升温、美元指数下跌影响，国际贵金属市场走 强。周三 国际金价重回每盎司5200美元关口上方 ，白银期货受库存水平影响大涨近4%。 25日美国三大股指集体收涨 当地时间周三，美股投资者对AI技术取代专业软件、专业咨询以及金融服务等就业岗位的担忧情绪进 一步消退，同时也乐观看待芯片巨头英伟达在当天盘后发布的财报将推动AI投资热潮延续。科技、AI 概念、存储芯片以及金融等类别的股票大面积上涨，推动美国三大股指周三集体收涨。截至收盘，道指 涨0.63%，标普500指数涨0.81%，纳指上涨1.26%。 欧洲方面，大量公司财报密集出炉，业绩利好推动金融、科技、能源、材料等类别股票普遍上涨， 欧 洲三大股指周三集体收涨 。截至收盘，英国股市上涨1.18%，法国股市涨0.47%，德国股市涨0.76%。其 中，英国富时100指数创收盘历史新高。 英伟达最新财报与业绩指引均高出预期 公司方面，英伟达周三盘后发布的财报显示， 在截至今年1月25日的2026财年第四季度，英伟达营收为 681亿美元，同比增长73%，创公司单季度营收历史新高 。同时，公司当季的每股收 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：芯东西 黄仁勋："算力就是营收。" 作者 | 陈骏达 编辑 | 心缘 芯东西2月26日报道，今天，英伟达公布了截至今年1月25日的2026财年第四季度财报以及2026财年全年 业绩。本财季，英伟达营收和净利润双双超越华尔街预期，营收达681.3亿美元（约合人民币4680.2亿 元），同比增长73%，环比增长20%；净利润（非GAAP）达395.5亿美元（约合人民币2716.9亿元）， 同比增长79%，环比增长25%。 2026财年全年，英伟达营收达到2159.4亿美元（约合人民币14834.0亿元），同比增长65%；净利润则达 到1200.8亿美元（约合人民币8248.9亿元），同比增长65%。 英伟达创始人兼CEO黄仁勋判断，Agentic AI的拐点已经到来，企业对Agent的采用率正在飙升，"在这 个AI的新世界里，算力就是营收，没有算力，就无法生成Token，而没有Token，就无法实现营收增 长"。这几乎在说"算力就是金钱"。 黄仁勋透露："我们正与OpenAI继续努力达成合作协议，并相信我们即将达成协议。"黄仁勋还给G ...

Core Insights - Nvidia reported record revenue of $68.127 billion for Q4 2026, a 73% increase from $39.331 billion year-over-year, with a net profit of $42.96 billion, up 94% from $22.091 billion [1] - For the full fiscal year 2026, Nvidia achieved a record revenue of $215.938 billion, marking the first time annual revenue surpassed $200 billion [1] - The company did not include revenue from data centers in China in its performance outlook [1] Group 1 - Nvidia has sufficient inventory to meet demand for the upcoming quarters [2] - In February 2026, the U.S. government granted Nvidia a license to ship H200 products in small quantities to specific customers in China, but no revenue has been generated from this license so far [2] - Nvidia sold approximately $60 million worth of H20 chips in China [2] Group 2 - Nvidia's CFO stated that there is no bubble in the AI market, as customer investments are yielding substantial returns, leading to increased investment [3] - The CFO noted that competitors in China are making progress and mentioned companies that have strengthened due to recent IPOs, which could disrupt the global AI landscape and impact Nvidia's competitive position [3] - The first samples of Vera Rubin for testing have been delivered to customers [3] Group 3 - Nvidia's CEO indicated that the company is close to finalizing an investment agreement with OpenAI [4] - The CEO mentioned that the cost-effectiveness of space data centers is currently not ideal, but this situation is expected to improve over time [5] - Following the earnings report, Nvidia's stock price rose by less than 1% in after-hours trading [5]

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].