2026년 2월 26일 · Unknown · financial · 출처 Yahoo Finance
(Bloomberg) — Nvidia Corp. (NVDA), the dominant maker of artificial intelligence processors, failed to impress investors with its latest sales forecast, signaling that concerns about an overheated AI economy will continue to dog the company.
Though the chipmaker delivered a 73% surge in fourth-quarter revenue and a first-quarter outlook that easily beat the average Wall Street estimate, Nvidia shares fell as much as 1.5% during a conference call with analysts. The stock was up less than 1% in premarket trading on Thursday.
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It was a stark reminder of the skepticism now surrounding Nvidia. After explosive sales growth turned the chipmaker into the world’s most valuable company, investors are seeking stronger assurances that booming AI sales are here to stay.
“By most measures, Nvidia delivered a solid set of results,” analysts at JPMorgan Chase & Co. said in a note after the results. “Even so, the stock response suggests investors were left wanting more.”WATCH: Counterpoint’s Research Director Marc Einstein explains why Nvidia needs to keep diversifying in order to convince investors about its prospects, despite the strong numbers in its latest forecast,.Source: Bloomberg
Chief Executive Officer Jensen Huang pushed back on the concerns during Wednesday’s call, arguing that customers are already making money from their newly acquired computing power. That’s why clients will keep investing at elevated levels, he said.
“You need compute capacity, and that translates directly to growth, and that translates directly to revenues,” Huang said. “I’m confident their cash flows are growing.”WATCH: Matt Bryson, managing director of equity research, hardware at Wedbush Securities, reacts to Nvidia’s fourth-quarter results and forecast. He speaks on “Bloomberg The Close.”Source: Bloomberg
Chief Financial Officer Colette Kress tried to defuse other concerns raised by analysts, including the specter of supply constraints. The company has secured enough components to be able to meet growing demand, she said.
It remains a challenge to produce enough of Nvidia’s most advanced chips, she told analysts. But the company’s current Blackwell lineup — and an upcoming successor, called Rubin — will still beat earlier sales projections, Kress said. Nvidia had previously said that the chips would generate $500 billion by the end of 2026.
“We believe we have inventory and supply commitments in place to address future demand, including shipments extending into calendar 2027,” she said.
Nvidia still faces uncertainty in China, the largest market for chips. The US government has granted licenses to ship a small amount of H200 processors to customers there, but Nvidia doesn’t know if the Chinese government will give its approval, Kress said. For now, the company will continue to exclude data center revenue in China from its forecasts.
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The small-scale license provided by the Trump administration requires the chips to go through a US inspection before they can be shipped to customers, Nvidia said. And the processors are subject to a 25% tariff when they come into the US.
Nvidia is the dominant seller of accelerator chips, processors designed to handle the huge amounts of data needed to create artificial intelligence models. The semiconductors are also used to run the software — a stage known as inference — when it carries out tasks in response to real-world inputs.
Santa Clara, California-based Nvidia has branched out into general-purpose processors, networking and full computer systems, giving it an even greater hold on customers.
Fiscal first-quarter revenue will be about $78 billion, the chipmaker said. Though the average prediction was $72.8 billion, some analysts had projected numbers approaching $80 billion, according to data compiled by Bloomberg.
In the fiscal fourth quarter, which ended Jan. 25, revenue gained 73% to $68.1 billion. Profit was $1.62 a share, excluding certain items. Analysts had predicted $65.9 billion in sales and $1.53 a share in earnings.
Adjusted gross margin, the percentage of revenue remaining after deducting costs of production, was 75.2%. That also edged past estimates.
“We aren’t sure what else investors want to hear at this point. But we like what we heard,” Bernstein analyst Stacy Rasgon wrote in a note after results.WATCH: Bloomberg Tech Host Ed Ludlow and Jay Goldberg, senior analyst at Seaport Research Partners, react as Nvidia earnings cross the wire.Source: Bloomberg
Nvidia’s data center unit, which is responsible for its industry-leading AI accelerator and networking products, had revenue of $62.3 billion in the quarter. That compares with an average analyst estimate of $60.4 billion.
Other areas weren’t as strong. Gaming, which offers graphics chips that once provided the majority of Nvidia’s revenue, generated $3.73 billion in sales. The average estimate was $4.01 billion. Automotive-related sales were $604 million, with Wall Street predicting $643 million.
One cloud is hanging over the tech industry: a shortage of memory chips. Like much of the electronics industry, Nvidia’s products are reliant on a steady supply of these components, which provide short-term storage in everything from smartphones to supercomputers. Constraints have sent memory prices soaring and made it harder to ship as many devices this year.
That crunch has held back the gaming division, and Kress said she doesn’t know whether the problem will ease enough this year to let the business grow. Sign up for the Yahoo Finance Morning Brief By subscribing, …