NVIDIA 季度营收指引达 1080 亿美元，首次突破单季千亿大关
NVIDIA's $108b Quarter
NVIDIA 上季度营收 960 亿美元，同比增长 106%，并指引 Q3 营收达 1080 亿美元（±2%），成为首家单季营收破千亿的半导体公司。按此年化营收 4320 亿美元，NVIDIA 已跃居全球第六大公司。同时，非超大规模客户首次贡献数据中心净新增收入的大部分，应收账款周转天数从 45 天升至 60 天，显示其正通过延长付款条件为买家提供更多供应商融资。
营收破百亿之外，DSO 从 45 跳到 60 是一个值得跟踪的信号，它提示 NVIDIA 正通过放宽信用支撑非超大规模客户，可能改变市场对其收入质量的判断。
NVIDIA booked $96b of revenue last quarter, up 106% from a year ago & 18% from the quarter before. The company guided Q3 to $108b ±2%.
That guide crosses $100b of revenue in a single quarter. No semiconductor company has ever reached that threshold, & no company of any kind has reached it while growing triple digits.
Q2 alone runs at $385b a year. At $108b, NVIDIA annualizes to $432b of revenue, making it the sixth largest company in the world, leapfrogging Apple, McKesson & Alphabet.
The only companies still ahead of it are Amazon, Walmart, State Grid, UnitedHealth & Saudi Aramco,1 all of which compound between -3% & 14% a year. NVIDIA is growing 106%.
On gross profit, the math is even more extreme. Because NVIDIA operates at 75.0% gross margins, that $108b quarterly run-rate generates $324b of annual gross profit, ranking it second in the world.
But the revenue contribution is shifting.
Colette Kress gave the split :
“Hyperscale revenue more than doubled from a year ago and increased 13% sequentially… ACIE revenue increased 138% from a year ago and 25% sequentially driven by end-demand from AI natives, enterprises, and sovereign customers.”
For the first time, neoclouds contributed the majority of net-new Data Center revenue. This shift suggests NVIDIA’s business is healthier & more diversified than before, but it raises the question of whether hyperscaler custom silicon, Google TPUs, Amazon Trainium & Meta MTIA, will eventually slow Big Tech’s demand.
Jensen Huang described the replacement demand :
“This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online.”
It also changes the credit risk. Non-hyperscalers have significantly weaker balance sheets & smaller cash flows than Big Tech, meaning NVIDIA will likely provide more supplier financing to sustain their growth. We are already seeing that show up in the receivables.
Days sales outstanding jumped from 45 to 60 in one quarter. For eight quarters before this, DSO sat in a band between 43 & 46 days. Revenue grew 18% sequentially. Receivables grew 64%.
Kress attributed it to “extended payment terms on large, multi-quarter agreements with certain investment-grade customers.”
Watch DSO next quarter. If 60 days was a one-time reset, it holds or falls. If it climbs, it signals that NVIDIA is extending more credit to sustain demand from buyers who cannot self-fund their growth.
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Annual revenues based on Fortune Global 500 : Amazon ($717b), Walmart ($713b), State Grid ($655b), UnitedHealth ($448b), & Saudi Aramco ($446b). ↩︎
来源：Tomer Tunguz 博客（VC 分析） · tomtunguz.com