Core Viewpoint - Nvidia's latest earnings report shows strong revenue growth primarily driven by its data center segment, but concerns about the sustainability of this growth have led to a decline in stock price [1][4]. Group 1: Financial Performance - Nvidia reported fourth quarter revenue of $68.13 billion, surpassing analysts' expectations of $66.21 billion [2]. - The data center segment accounted for 90% of the company's total revenue in the fourth quarter, highlighting Nvidia's critical role in the AI industry [2]. Group 2: Growth Opportunities - The company is exploring growth opportunities beyond data center chips, including autonomous systems and advanced computing platforms, which could significantly increase its market share [3]. - Management expressed confidence that AI applications will expand into various industries, including automotive and industrial sectors [3]. Group 3: Investor Concerns - Investors are wary of potential risks, particularly the reliance on spending from large cloud providers and AI startups, as any slowdown in capital expenditure could negatively impact revenue growth [4]. - Other economic factors, such as competition within the sector and supply chain conditions, are also critical variables affecting long-term growth [4].

冰火两重天的走势背后，一个关键变量浮出水面。 《每日经济新闻》2月26日独家报道，全球最大的AI模型API聚合平台OpenRouter数据显示，2026年2月，中国AI模型的周调用量（以Token计）首次超越 美国。并且，在全球调用量前五的模型中，中国模型占据四席，呈现出"集群式崛起"的态势。 当地时间2月26日，刚刚发布财报的英伟达股价大跌5.5%，市值蒸发近2600亿美元，而2月27日A股和港股的算力租赁、云计算和电力股却掀起涨停潮。 这背后是中国AI模型调用量首次超越美国，且全球前五模型中中国占四席。 中国模型的高效架构削弱了对高端GPU的依赖，国产算力需求因此指数级增长，资本市场开始重新审视算力价值的分配。 今天，中美资本市场上演了戏剧性的一幕。 当地时间2月26日，刚刚发布创纪录财报的AI芯片巨头英伟达股价大跌5.5%，市值一夜蒸发近2600亿美元（约合人民币1.77万亿元）。 相反，2月27日，A股市场的算力租赁、云计算、电力和数据中心股却掀起涨停潮。其中，云天励飞-U 20%涨停，普元信息20%涨停，珈伟新能上涨 19.91%，南网能源上涨10.04%。港股市场上，商汤-W上涨4.10%，金山云 ...

智通财经APP注意到，英伟达(NVDA.US)在周三公布远超预期的业绩后，成为市场上最具增长潜力的股票之一。然而，其交易价格为何看起来像一只价值 股？ 这家芯片巨头的股价周四下跌 5.5%，创下 4 月 16 日以来的最大单日跌幅，并拖累标准普尔 500 指数一同走低。目前该股的价格约为预期收益的 22 倍，远 低于其 37 倍的五年平均水平，且仅略高于标普 500 指数的平均估值倍数。 由于分析师基于英伟达第一季度营收预期达到780亿美元（远超华尔街此前约730亿美元的共识预期）而纷纷上调盈利预测，这个市盈率数字预计将进一步下 降。 "如此强劲的业绩与股价表现乏力之间存在某种脱节，"持有英伟达股票的 Dakota Wealth Management 高级投资组合经理罗伯特·帕夫利克表示。"你当然会认 为在这样的财报之后它会表现良好。公司展现出了非常强劲的增长。" 数据显示，英伟达现在的市盈率比标普 500 指数中约三分之一的股票都要便宜，但其过去 12 个月 65% 的营收增长率在该指数中排名第三。相比之下， Palantir 的营收扩张排名标普 500 第四，而其股价交易倍数约为预期收益的 98 倍。 M ...

Nvidia shares were falling again early Friday after slumping in the previous session following the AI chip maker's blowout earnings. ...

Core Insights - Nvidia's latest earnings report initially sparked a 5% rally in its stock, but it subsequently fell 5.46%, resulting in a $260 billion loss in market capitalization [1][9][21] - Coreweave, a company backed by Nvidia, reported earnings that fell short of expectations, leading to an 11.38% drop in its stock price, raising concerns about the AI sector's profitability [4][7][9] - The AI industry's road to profitability is under scrutiny, with doubts about demand and the sustainability of investments in AI infrastructure [9][14][18] Nvidia's Performance - Nvidia's stock experienced a significant drop despite reporting strong earnings, highlighting investor concerns about the AI industry's future [1][9] - The company's regulatory filings indicated it has made non-cancellable orders worth billions, raising questions about demand forecasting [13] Coreweave's Situation - Coreweave reported $1.57 billion in revenue, slightly above expectations, but posted a larger-than-expected loss per share, which contributed to its stock decline [7] - The company's guidance for the first quarter was lower than consensus estimates, further exacerbating investor concerns [7] Market Dynamics - The drop in Nvidia's stock is attributed to market mechanics rather than fundamental issues, as it faced an options wall around $200 per share [23] - Analysts suggest that the sell-off may not indicate systemic risk, as major tech companies like Nvidia have strong fundamentals and cash reserves [21][23] AI Industry Concerns - The AI sector faces skepticism due to practices like "AI washing," where traditional products are marketed as AI without significant changes [15][17] - Studies indicate that the impact of AI on productivity may be limited, and there are concerns about the societal implications of AI adoption [18][20] Future Outlook - Despite recent setbacks, the potential for significant breakthroughs in AI remains, as history shows that major advancements can occur unexpectedly [22] - The overall sentiment suggests that the current downturn may be temporary, with a possibility of a renewed rally in Nvidia's stock [23]

最近AI圈的重磅炸点，莫过于国产大模型在全球赛场的首次"超车"。 OpenRouter权威数据实打实摆着： 2月9-15日，中国模型Token调用量4.12万亿，首超美国的2.94万亿；一周后再冲高至5.16万亿，三周大涨127%，而美国模型却跌至2.7万亿。 更亮眼的是，发布仅两周的MiniMaxM2.5，直接以4.55万亿Token调用量拿下OpenRouter单月冠军。 这不是偶然的昙花一现，而是国产大模型从技术跟跑到全面爆发的必然结果。 | | LLM Leaderboard | This Month | | --- | --- | --- | | | MiniMax M2.5 | 5.02T tokens | | | by minimax | new | | 2. | Kimi K2.5 | 4.18T tokens | | | by moonshotai | 123,357% | | 3. | Gemini 3 Flash Prev ... | 3.51T tokens | | | by google | 192% | | | DeepSeek V3.2 | 3T tokens | | | by ...

①【三大期指齐跌】截至发稿，道指期货跌0.40%、标普500指数期货跌0.22%、纳指期货跌0.10%。 ②【中概股盘前涨跌不一】中概股盘前涨跌不一。截至发稿，阿里巴巴跌0.95%，拼多多涨0.41%，百度涨0.88%，京东跌0.59%。 ③【英伟达反弹0.8%】继昨日英伟达收跌5.46%后，截至发稿，英伟达盘前反弹0.8%。消息面上，每日经济新闻独家报道，全球最大的AI模型API聚合平 台OpenRouter的数据显示，2026年2月，中国AI模型的全球调用量实现了历史性的突破。在2月9日至15日当周，中国模型的周调用量达到4.12万亿Token， 首次超越了美国同期的2.94万亿Token。该消息引发了市场对于英伟达算力逻辑的担忧。中国大模型主流MoE体系的出现使得Token使用量的爆发，不再与 英伟达GPU的需求量线性挂钩。 每经记者｜宋欣悦 每经编辑｜段炼 兰素英 校对|何小桃 ⑥【AI成"软件末日"？小摩逆势发声：市场担忧过度】随着"AI恐慌交易"持续发酵，软件股近几周来表现惨淡。摩根大通认为，AI全面取代企业软件最早 也要到2028年以后才能实现。目前的工具只是辅助工作流程，而非取代它们。虽然这种 ...

事件： 来源：招商电子 英伟达发布FY26Q4季报，本季营收681亿美元，同比+73%/环比+20%，创历史新高；non-GAAP毛利率 为75.2%，同比+1.7pcts/环比+1.6pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、FY26Q4营收高增再超预期，公司开启战略备货以应对未来市场需求。 FY26Q4营收681亿美元，同比+73%/环比+20%，超出此前预期（650亿美元），本季营收、营业利润和 自由现金流均创历史新高；non-GAAP毛利率为75.2%，符合此前指引（74.5%-75.5%），同比+1.7pcts/ 环比+1.6pcts，环比增长主要得益于Blackwell架构产能持续爬坡；本季库存环比增长8%，采购承诺也大 幅增加，公司已战略性储备库存并锁定产能，以满足未来数个季度的市场需求。 2、数据中心营收再创新高网络业务表现亮眼，游戏受供应链影响环比下降。 1）数据中心：营收623.14亿美元，同比+75%/环比+22%，主要得益于Blackwell架构的持续强劲需求以 及Blackwell Ultra的产能爬坡。已部署并投入使用的Blackwell架构基础设施算力达近 9 ...

S&P 500 futures were down 0.32% this morning prior to the opening bell in New York, after the index fell 0.54% yesterday, suggesting that investors hate U.S. equities right now.The index is up 0.93% year-to-date, a feeble performance compared to foreign stocks. The U.K.’s FTSE 100 is up nearly 10% over the same period. The STOXX Europe 600 is up 6.53% and sits at an all-time high. Japan’s Nikkei 225 is up nearly 14%. South Korea’s KOSPI is up an astonishing 45%.Growth is everywhere, except the U.S.Why?“AI d ...

当地时间2月26日，刚刚发布财报的英伟达股价大跌5.5%，市值蒸发近2600亿美元，而2月27日A股和港股的算力租赁、云计算和电力股却掀起涨停潮。 这背后是中国AI模型调用量首次超越美国，且全球前五模型中中国占四席。 中国模型的高效架构削弱了对高端GPU的依赖，国产算力需求因此指数级增长，资本市场开始重新审视算力价值的分配。 今天，中美资本市场上演了戏剧性的一幕。 当地时间2月26日，刚刚发布创纪录财报的AI芯片巨头英伟达股价大跌5.5%，市值一夜蒸发近2600亿美元（约合人民币1.77万亿元）。 相反，2月27日，A股市场的算力租赁、云计算、电力和数据中心股却掀起涨停潮。其中，云天励飞-U 20%涨停，普元信息20%涨停，珈伟新能 （300317）上涨19.91%，南网能源（003035）上涨10.04%。港股市场上，商汤-W上涨4.10%，金山云上涨7.54%。 冰火两重天的走势背后，一个关键变量浮出水面。 《每日经济新闻》2月26日独家报道，全球最大的AI模型API聚合平台OpenRouter数据显示，2026年2月，中国AI模型的周调用量（以Token计）首次超越 美国。并且，在全球调用量前五的模型中 ...