英伟达单季营收创新高，面向中国的H200尚未产生营收黄仁勋：中国本土竞争对手实力不断提升

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当地时间2月25日，英伟达发布了2026财年第四季度及全年财务业绩。其中，数据中心的业绩增长尤为亮眼。第四财季，英伟达数据中心业务实现营收623亿美元，创历史新高，全年营收1937亿美元，同比增长68%。在稍后的财报电话会上，英伟达CEO黄仁勋和首席财务官Colette Kress反复强调，AI（人工智能）发展已经迎来拐点，算力需求呈爆发式增长。在这一新时代背景下，算力即营收。黄仁勋还在财报电话...

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improve","themeId":"f3a9a00fee484f557e9d66aadbca9109","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS.UK":0.6,"NVD":0.6,"NVDX":0.6,"NVIW.SI":0.6,"NVDG":0.6,"2NVD.UK":0.6,"NVD3.UK":0.6,"NVII":0.6,"NVDD":0.6,"NVDU":0.6,"NVDW":0.6,"NVDQ":0.6,"NVDY":0.6,"3NVD.UK":0.6,"NVDB":0.6,"DIPS":0.6,"NVDS":0.6,"SNVD.UK":0.6,"ANV":0.6,"NVD2.UK":0.6,"NVDA":1.98},"content_text":"当地时间2月25日，英伟达发布了2026财年第四季度及全年财务业绩。其中，数据中心的业绩增长尤为亮眼。第四财季，英伟达数据中心业务实现营收623亿美元，创历史新高，全年营收1937亿美元，同比增长68%。在稍后的财报电话会上，英伟达CEO黄仁勋和首席财务官Colette Kress反复强调，AI（人工智能）发展已经迎来拐点，算力需求呈爆发式增长。在这一新时代背景下，算力即营收。黄仁勋还在财报电话会上透露，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（英伟达目前最高级的AI芯片）架构基础设施，算力已达90亿瓦，且处于满负荷运行状态。另外，本周早些时候，英伟达已向客户交付首批Vera Rubin样品，量产计划将于2026年下半年如期推进。至于业内普遍关注的英伟达上一代芯片H200，根据该公司高管在财报电话会上的说法，面向中国客户的H200产品出口尚未产生相关营收。另外，英伟达方面还谈到，中国本土竞争对手近期完成首次公开募股，实力不断提升，或对全球AI行业格局造成长期冲击。数据中心营收创新高引质疑：“需求是否过于密集？”数据显示，英伟达2026财年第四季度营收创下纪录，达681亿美元，环比增长20%，同比增长73%。净利润429.6亿美元，同比增长超90%，摊薄后每股收益1.76美元。与此同时，英伟达还披露了2026财年全年业绩：实现营收2159亿美元，同比增长65%；毛利率71.1%，净利润1200.67亿美元，摊薄后每股收益4.90美元。分业务来看，根据财报，英伟达大部分收入来自其数据中心业务，该业务因科技行业对人工智能基础设施的巨大投资而得到提振。第四财季，英伟达数据中心业务实现营收623亿美元，创历史新高，环比增长22%，同比增长75%；全年营收1937亿美元，同比增长68%。但值得关注的是，去年以来，“数据中心需求过于集中”的声音就一直存在。在财报电话会上，Colette Kress也表示，2026 年全球头部的五大云计算服务商和超大规模云计算企业贡献了英伟达数据中心业务超50%的营收，这不免再次加重了华尔街对英伟达数据中心需求过于集中的担忧。对此，Colette Kress强调称，英伟达方面仍认为，传统数据中心负载向GPU加速计算的转型，以及AI对现有超大规模云计算负载的赋能，将在长期为公司贡献约一半的增长机遇。如同电力和互联网，每个国家都将打造并运营本土的AI基础设施。黄仁勋则表示，英伟达的客户类型丰富，涵盖AI模型研发商、平台服务商等，且全球客户的多元化程度正持续提升，这一趋势将为公司生态系统发展带来积极影响。在被分析师追问“若客户资本支出停止增长怎么办”时，黄仁勋回应称，他对客户的现金流增长充满信心。“原因很简单，智能体AI已迎来发展拐点，其实用性在全球企业中得到广泛验证，由此带来的算力需求呈爆发式增长。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。目前，市场上已有约3000亿至4000亿美元的可用资金，这一规模十分可观。现在这已经转向了AI。而在AI领域，为了生成Token，你需要计算能力，这直接转化为增长，直接转化为收入。”黄仁勋还透露，英伟达正与OpenAI推进合作协议的签订，目前已接近达成，为与OpenAI 的长期合作感到振奋。其余业务方面，第四财季英伟达游戏收入37亿美元，同比增长47%，环比下降13%；专业视觉业务收入13亿美元，同比增长159%；汽车与机器人业务收入6.04亿美元，同比增长6%。2026财年，英伟达游戏收入160亿美元，同比增长41%；专业视觉业务收入32亿美元，同比增长70%；汽车与机器人业务收入23亿美元，同比增长39%。面向中国出售的H200尚未产生营收此次财报的另一个重点，是英伟达目前最“顶”的AI芯片Blackwell及Rubin的产能爬坡情况。黄仁勋在财报电话会上透露，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。就Rubin的情况，英伟达方面称，本周早些时候，英伟达已向客户交付首批Vera Rubin样品，量产计划将于2026年下半年如期推进。虽然目前还无法确定Vera Rubin在今年下半年早期的爬坡能占多少比例，但市场的需求和兴趣非常强烈。至于业内普遍关注的英伟达上一代芯片H200，根据该公司高管在财报电话会上的说法，面向中国客户的H200产品出口，公司尚未产生相关营收，未来该产品能否继续进入中国仍未可知。另外，英伟达还提及中国本土竞争对手近期完成首次公开募股，实力不断提升，或对全球AI行业格局造成长期冲击。为巩固在AI计算领域的领先地位，美国需吸引全球所有开发者，成为包括中国企业在内的所有商业机构的首选平台。另外，近期存储芯片短缺和电源供应短缺也是分析师重点关注的问题。对此，Colette Kress称，所有数据中心均面临电力约束，基于这一现状及实现AI工厂营收最大化的需求，客户正根据每瓦性能表现作出关键的架构决策。黄仁勋则表示，尽管公司非常希望能有更多的供应，但确实认为在接下来的几个季度里，供应将会非常紧张。另外，在财报电话会上，还有分析师提到了近期大热的“太空数据中心”话题。对此，黄仁勋认为，目前太空数据中心的经济效益较差，但未来将持续改善。未来，AI在太空领域将拥有极具前景的应用场景。封面图片来源：祝裕","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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英伟达单季营收创新高，面向中国的H200尚未产生营收 黄仁勋：中国本土竞争对手实力不断提升

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英伟达单季营收创新高，面向中国的H200尚未产生营收黄仁勋：中国本土竞争对手实力不断提升