英伟达2027财年Q2电话会议纪要

发布时间：2026-08-30 一、AI总结内容 一、核心要点 1. 英伟达2027财年Q2总营收960亿美元，同比翻倍，数据中心业务营收890亿美元，同比增138%2. 2028财年营收指引同比增约70%，当前供给受限，Q3营收指引1080亿美元（±2%），Q3毛利率指引74%（±50基点） 二、关键业务进展 1. 与AWS合作新增部署200万枚GPU，覆盖Neomatron系列模型及Omniverse等物理AI栈2. 次高端客户（ACIE）营收400亿美元，环比增25%，年末预计总装机容量达8吉瓦3. 新一代CPU“Vera”量产，AI超级计算机Groq 3 LPU量产，将在Q3末发货4. 网络业务同比增18%，Spectrum X以太网增速2.6倍，成全球增长最快网络公司 三、增长引擎与核心能力 1. 三大核心能力：可运行所有模型的架构、全栈AI工厂平台、CUDA生态拓展至新市场 2. 客户构成：超算客户占50%，次高端客户、企业及主权客户占50%，非超算客户增速超100% 3. AI需求驱动：智能体需求激增带来15-100倍计算量增长，全生命周期覆盖支撑高复用性四、风险与关注 1. 高端产品“Vera Rubin”产能受限，是营收增长瓶颈，内存成本超预期上涨影响毛利率2. 美国对中国相关出口政策限制，中国区数据中心计算业务无新增指引3. 供应链配套资源（土地、电力、冷却）及劳动力供给不足，拉长基础设施建设周期 五、投资与合作 1. 未来数年投资超500亿美元支持前沿AI实验室，联合资本方募资超500亿美金融资平台2. 与软银合作朴茨茅斯园区布局4.25吉瓦算力，支持OpenAI等客户，AI实验室增速超自身资本能力 二、音频原文（转写） Thank you. Good afternoon, and welcome to NVIDIA's conference call for the second quarter of fiscal 2027. 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. The conten t of today's call is in video. Property it can'tbe reproduced or transcribed without our priorwritten consent. During this call, we may make forward looking statements based on current expectations. These are subject to a number of significant risks and uncertainties, and our actual results may differ materially. For a discussion offactors that could affect our future financialresults and business, please refer to the disclosure in today's earnings release, our most recent forms 10K and 10Q, and the reports that we mayfile on. 48K with the Securities and Exchange Commission. All our statements are made as of today, August 26. twenty twenty six based on information currently available to us. Except as required by law. We assume no obligation to update any such statements. During this call, we will discuss non-GAAP financial measures. You can find areconciliation 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 Colette. Thanks to. We delivered another outstanding quarter withrecord revenue Operating income. and eps total revenue of ninety six 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, A I LABSAI natives. enterprises and sovereign customersWe expect. to grow revenue by approximately seventy percent In fiscal. twenty twenty eight Thisis a supply constrained outlook. Q2 Data Centerrevenue increased 18% quarter-over-quarter to 89 billion with strong contributions from both sub segments hyper scale, 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 inBlackwell. 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 two trillion Apex. By the top five hyperscalers. is expected to reach nearly 800 billion In 2026 and $1.3 trillion. in twenty twenty seven. 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. CPU. some integrated with reuben. Others stand alone. AWS will serve NVIDIA Neumatron family. of open models on amazon bedrock, and stage maker. Amazon will also adopt. are full. Physical AI stack. Omniverse Cosmos Isaac.and judson, To power its fleet of warehouse robots. ACINE revenue of forty billion. increased 25% sequentially and a hundred and thirty eight per cent, year over year Growth was driven by neocloud capacity additions to meet the rising demand from enterprises AI startups and sovereigns aswell as hyperscalers purchasing capacity to supplement their own build outs. using nvidia. thesx reference designs Our Neo Cloud partners arebringing capacity online faster and at lower token cost They are expected to exit the year. witheight gigawatts in total installed capacity. upfrom approximately 3 gigawatts at the end of twenty twenty five. Incredibly, we are seeing demand acceleration even at our scale. customers Forecast. point to our growth doubling next year. However, as I mentioned earlier. We expect to grow approximately 70% as we are supply constrained. NVIDIA Compute. is fully utilized across everycloud we serve, the economic value it generatesfo