Research Reports

Total revenue was $46.7 billion, a record, exceeding outlook (CFO).
Data center revenue grew 56% year-over-year; Blackwell platform grew 17% sequentially despite a $4 billion decline in H20 revenue (CFO).
Gaming revenue was a record $4.3 billion, up 14% sequentially and 49% year-over-year (CFO).
Professional visualization revenue was $601 million, up 32% year-over-year (CFO).
Automotive revenue was $586 million, up 69% year-over-year (CFO).
Networking revenue was a record $7.3 billion, up 46% sequentially and 98% year-over-year; Spectrum X Ethernet annualized revenue exceeded $10 billion (CFO).
GAAP gross margin was 72.4%; non-GAAP gross margin was 72.7%, including a $180 million (40 bps) benefit from released H20 inventory (CFO).
Inventory increased sequentially from $11 billion to $15 billion in Q2 (CFO).
Shareholder returns of $10 billion in Q2 via buybacks and dividends; board approved a $60 billion share repurchase authorization (CFO).
Sovereign AI revenue on track to exceed $20 billion this year, more than double last year (CFO).
Official guidance (Q3 FY2026): Total revenue expected to be $54 billion ±2%; GAAP gross margin 73.3% and non-GAAP gross margin 73.5% ±50 bps; GAAP OpEx ~$5.9 billion, non-GAAP OpEx ~$4.2 billion; tax rate 16.5% ±1% (CFO).
H20 outlook: Not included in Q3 outlook; if geopolitical issues resolve, could ship $2–$5 billion in H20 revenue in Q3 (CFO).

"We are at the beginning of an industrial revolution that will transform every industry. We see $3 to $4 trillion in AI infrastructure spend by the end of the decade." (CFO)
"Blackwell has set the benchmark as it is the new standard for AI inference performance." (CFO)
"A $3 million investment in GV200 can generate $30 million in token revenue, a 10x return." (CFO)
"We want to win the hearts of every developer. America's AI technology stack can be the world's standard if we race and compete globally." (CFO)
"Thor is the most successful robotics and AV computer we have ever created or will power." (CFO)

Metric	Value	Speaker/Context
Total Revenue (Q2 FY2026)	$46.7 billion	CFO
Data Center Revenue Growth (YoY)	56%	CFO
Gaming Revenue (Q2)	$4.3 billion (record)	CFO
Networking Revenue (Q2)	$7.3 billion (record)	CFO
GAAP Gross Margin (Q2)	72.4%	CFO
Non-GAAP Gross Margin (Q2)	72.7%	CFO
Inventory (Q2 end)	$15 billion	CFO
Shareholder Returns (Q2)	$10 billion	CFO
Q3 Revenue Guidance	$54 billion ±2%	CFO
Q3 Non-GAAP Gross Margin Guidance	73.5% ±50 bps	CFO
H20 Potential Revenue (Q3, contingent)	$2–$5 billion	CFO
Sovereign AI Revenue (FY2026 run-rate)	>$20 billion	CFO

Topic: 2026年增长驱动与Rubin进展
Key points:
- 推理型代理AI所需的计算量比一次性提示高出100倍、1000倍甚至更多
- Blackwell NVLink 72已实现机架级计算，带来数量级加速、能效和性价比提升
- 未来五年AI基础设施机会约3–4万亿美元
- 过去两年，前四大云服务商（CSP）资本支出翻倍，达到约6000亿美元/年
Mgmt stance: 强烈看好（因推理AI需求爆发，计算量指数级增长，平台升级带来显著性能提升）

Topic: 中国H20出货量及ASIC竞争威胁
Key points:
- 本季度中国H20潜在出货量为20亿–50亿美元，但取决于许可证审批和地缘政治因素
- 许多ASIC项目虽启动但很少量产，加速计算是复杂的全栈协同设计问题
- NVIDIA在所有云、所有计算机公司、从云到边缘到机器人均可用，同一编程模型支持所有框架
- 每瓦特性能（能源效率）和每美元性能均为最佳，直接驱动数据中心收入与毛利率
Mgmt stance: 看好（强调NVIDIA平台多样性、全栈能力及经济性，ASIC难以匹敌）

Topic: 3–4万亿美元基础设施投资规模及瓶颈
Key points:
- 前四家超大规模企业资本支出两年内翻倍至约6000亿美元/年
- 单个千兆瓦AI工厂投资约50–60亿美元，其中NVIDIA占约35%（约17–21亿美元）
- 未来五年（当前至2029年底）3–4万亿美元总规模“相当合理”
- 主要瓶颈是电力，性能每瓦特直接决定工厂的收入（token数/百兆瓦）
Mgmt stance: 看好（认为投资规模合理，NVIDIA的能效优势直接转化为收入增长）

Topic: 中国长期市场机会与Blackwell许可前景
Key points:
- 中国今年若能用竞争性产品，NVIDIA机会超过500亿美元，此后预期年增长50%
- 全球约50%的AI研究人员在中国，多数领先开源模型（如DeepSeek、Qwen、Kimi）来自中国
- H20已获非实体清单企业批准，Blackwell进入中国市场是“真实可能性”
- 需要继续倡导美国科技公司主导中国市场的合理性与重要性
Mgmt stance: 谨慎看好（积极推动，但需等待政策许可；强调中国市场战略价值）

Topic: Spectrum XGS及以太网网络产品增长
Key points:
- Ethernet产品年化收入已超过100亿美元
- 三种网络技术：NVLink（scale-up）、InfiniBand/ Spectrum-X（scale-out）、Spectrum XGS（scale-across）
- 千兆瓦AI工厂效率提升10–20个百分点可带来10亿–20亿美元的效益
- Spectrum-X仅推出一年半即成为重要业务

Topic: 数据中心增长分配（Blackwell vs. Hopper vs. 网络）
Key points:
- Q3营收指引环比增长超过70亿美元，绝大部分来自数据中心。
- Blackwell是数据中心增长的“主要份额”（lion's share），Q2 Blackwell营收约270亿美元（环比Q1约230亿美元），Hopper营收约60–70亿美元。
- Blackwell增长同时驱动计算和网络（因NVLink系统集成），Hopper仍以HGX系统形式持续销售。
Mgmt stance: 看涨。管理层明确Blackwell将继续成为Q3增长的核心驱动力。

Topic: Rubin产品路线图与性能提升
Key points:
- NVIDIA执行年度架构周期（annual cycle），目标是为客户加速降低成本、最大化收入。
- 与Hopper相比，Blackwell的推理系统每瓦性能（perf per watt）提升一个数量级（order of magnitude），从而提高客户单位能耗收入。
- Rubin平台已进入生产（in fab），包含六款新芯片，均已流片至台积电（TSMC），将构成第三代NVLink机架级AI超级计算机。
- 预计Blackwell和Rubin将支撑到本世纪末全球3–4万亿美元的AI工厂建设。
Mgmt stance: 看涨。管理层强调年度架构升级可系统性提升客户营收能力与利润率，并预期未来每年均将创下新纪录。