英伟达NVDAUS 2027财年Q2业绩电话会核心纪要

发布时间：2026-08-27 一、AI总结内容 一、核心要点 1. 2027财年第二季度英伟达总营收达960亿美元，同比增长超一倍，连续四个季度加速增长，数据中心营收890亿美元（季度环比增18%），ACINE板块营收400亿美元（季度环比增25%、同比增138%）。 2. 2028财年营收指引约70%，为供应受限下的乐观估计，Q3营收指引1080亿美元±2%，Q4英伟达Vera Rubin产品预计占数据中心营收约20%。 3. 三大增长引擎：一是可运行全类型AI模型，已覆盖主流闭源、开源AI模型，市场份额持续提升 ；二是全栈AI工厂平台，GPU、CPU、网络技术持续革新，Vera Rubin性能、成本优势显著，网络业务创季度新高；三是CUDA生态，覆盖云、企业、 sovereign、边缘等全场景。 4. 宣布与AWS扩展合作，未来2年将新增部署200万颗GPU，同时将采用英伟达全栈AI服务；与NOETRA（日本国家级AI公司）合作建设AI工厂，LG、现代等企业也将搭建英伟达AI相关项目。 5. 向六家头部基础设施资本平台筹资5000亿美元，为前沿AI实验室提供资金支持，OpenAI已签约12吉瓦英伟达算力，英伟达将提供约2吉瓦信用增强支持。二、产品与技术进展 1. Blackwell、Vera Rubin迭代中，Vera Rubin已向主要客户发货，有望创最快产品出货纪录，其吞吐量提升30倍、每兆瓦算力成本降低35倍。2. Vera CPU交付早期客户，性能较其他同类提升1.8倍，每瓦带宽是其他同类5倍，预计2028财年CPU营收将翻倍，成为全球服务器CPU主要供应商之一。3. Grok 3 LPX系统量产， token处理速度较同类提升近4倍，已向早期客户发货。三、风险与关注 1. 地缘政治因素，2027财年Q2仅向中国出货不足1% Hopper产品，对应数据中心无中国营收，且该产品对毛利率有短期影响。 2. 内存供应紧张，Q3毛利率指引74%±50基点，Q4将进一步下探至71%-72%，2028财年预计达72%-73%，内存涨价是主要影响因素。 3. AI基础设施建设所需的土地、电力、供应链布局周期长，进一步约束产能释放。 二、音频原文（转写） Good afternoon, my name is Tiffany and I will beyour conference operator today. At this time, Iwould like to welcome everyone to NVIDIA's second quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star,followed by the number one on your telephone keypad. If you would like To withdraw your question, press star one again. Thank you, Toshiyah Hari. You may begin your conference. Thank you. Good afternoon and welcome to Nvidia's conference call for the second quarter of fiscal twenty twenty seven. With me today from Nvidia are Jensen Wong, President and Chief Executive Officer, andColette Cress, Executive Vice President and Chief Financial Officer. Our call is being webcast live on Nvidia's Investor Relations website. Thewebcast will be available for replay until the conference call to discuss our financial resultsfor the third quarter of fiscal 2027. We The content of today's call is Nvidia's property. It can't be reproduced or transcribed without our prior written consent. During this call We may makeforward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties. And our actualresults made. may differ materially for a discussion of factors that could affect our future financial results and business. Please refer to thedisclosure in today's earnings release. Our most recent forms ten k and ten q. and the reportsthat we may file on Form 8-K with the Securitiesand Exchange Commission. All our statements aremade as of today, August 26, 2026. based on information currently available to us. yeah exceptas required by law. We assume no obligation to update any such statements. During this call, wewill discuss non-GAAP financial measures. You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our CFO commentary, which is posted on our website. With that, let me turn the call over to Khaled. Thanks, Tucia. We delivered another outstanding quarter with record revenue, operating income andEPS total revenue of $96 billion more than doubled year over year as growth accelerated for the fourth consecutive quarter. The surge in AI demand is driving a global infrastructure build out, supported by an expanding and diverse set of growth opportunities, spanning hyperscalers, AI labs, AI natives, enterprises and sovereign customers. We expect to grow revenue by approximately70 in fiscal 2028. This is a supply constrainedoutlook. Q2 data centre revenue increased 18% quarter over quarter. to eighty nine billion withstrong contributions from both sub segments. HYPERSCALE and a c i n e which includes our neocloud industrial and enterprise customers Hyperscale revenue of 49 billion grew 13% sequentially. driven by sustained STRENGTH IN BLACKWELL Reinforcing that more compute drives more revenue. As new GPU capacity comes online. Our hyperscale customers delivered strong. financial results in the quarter with accelerating revenue growth and expanding margins. With Cloud Industry backlog now greater than 2 trillion. Apex by the top fivehyperscalers. is expected to reach nearly 800 billion In 2026 and 1.3 trillion. In twenty twentyseven. Today we are delighted. to announce an expansion of our partnership with AWS. Building on its already vast installed base of NVIDIA Compute. AWS is deploying an additional 2 million GPUs. starting this quarter, through the second quarter of fiscal twenty nine. Along with Vera CPUs. Some integrated with Reuben, others standalone. AWS will serve NVIDIA Neimatron family. of open models On Amazon bedrock. and stage maker Amazon will also adopt. Our full physical AI stack.Omniverse Cosmos Isaac. and judson To power itsfleet of warehouse robots. ACINE revenue of forty billion. increased twenty five percent sequentially and a hundred and thirty eight per cent year over year Growth was driven