Nvidia posts another record quarter, reveals $43 billion of holdings in startups

英伟达再创季度营收纪录，披露持有价值 430 亿美元的初创公司股份

Nvidia announced another record revenue figure after market close on Wednesday, reporting financial results for the quarter ending April 26. Over those three months, the company brought in $81.6 billion in revenue (up 20% from the previous quarter) and a record $75.2 billion in data center revenue. On the strength of that revenue, the company is authorizing $80 billion in share repurchases.

英伟达在周三收盘后宣布了又一个创纪录的营收数字，公布了截至 4 月 26 日的季度财务业绩。在这三个月里，该公司营收达到 816 亿美元（较上一季度增长 20%），其中数据中心业务营收达到创纪录的 752 亿美元。凭借强劲的营收表现，该公司已批准 800 亿美元的股票回购计划。

“Our Blackwell architecture is everywhere, adopted and deployed by every major hyperscaler, every cloud provider, and every major model maker,” said Nvidia CFO Colette Kress. Notably, Nvidia did project a slowdown in revenue growth, forecasting $91 billion in revenue for the next quarter, which will be 12% growth.

英伟达首席财务官科莱特·克雷斯（Colette Kress）表示：“我们的 Blackwell 架构无处不在，已被每一家大型超大规模数据中心运营商、每一家云服务提供商以及每一家主流模型制造商所采用和部署。”值得注意的是，英伟达确实预计营收增长将放缓，预测下一季度营收为 910 亿美元，即 12% 的增长。

Chinese exports did not make any significant impact on the company’s earnings. While H200s have been approved for US export, “we have yet to generate any revenue, and we are uncertain whether any imports will be allowed into [China],” Kress said.

对华出口并未对公司收益产生重大影响。克雷斯表示，虽然 H200 芯片已获准出口，但“我们尚未产生任何收入，也不确定（中国）是否会允许任何进口。”

One surprise was the sheer volume of Nvidia’s stakes in privately held companies (listed in the filing as “non-marketable equity securities”), which nearly doubled between January and April. The company began the quarter with $22 billion in privately held stakes, but ended with $43 billion, driven primarily by $18.5 billion in purchases over the course of the quarter. The previous quarter had seen only $649 million of equivalent purchases.

令人惊讶的是，英伟达在私营公司中的持股规模（在文件中列为“非流动性权益证券”）在 1 月至 4 月间几乎翻了一番。该公司本季度初持有 220 亿美元的私营公司股份，但结束时达到 430 亿美元，这主要是由于本季度内进行了 185 亿美元的收购。而上一季度同类收购仅为 6.49 亿美元。

Notably, that figure does not include Nvidia’s recent investment in publicly traded companies like Corning and IREN, nor does it reflect future commitments that have not yet closed. Notably, Nvidia committed to investing $30 billion in OpenAI in February, although the precise structure of the deal was not disclosed.

值得注意的是，该数字不包括英伟达近期对康宁（Corning）和 IREN 等上市公司的投资，也不反映尚未完成的未来承诺。值得一提的是，英伟达在 2 月份承诺向 OpenAI 投资 300 亿美元，尽管该交易的具体结构并未披露。

On a call discussing the results, Jensen Huang emphasized the broad scope of Nvidia’s impact, including a pending buildout with Anthropic. “The amount of capacity we’re going to bring online for Anthropic this year and next year is going to be quite significant,” Huang told investors on a call. “Our coverage for Anthropic had been largely zero until this.”

在讨论业绩的电话会议上，黄仁勋强调了英伟达影响力的广泛性，包括与 Anthropic 即将进行的建设合作。黄仁勋在电话中告诉投资者：“我们今年和明年为 Anthropic 上线的算力规模将非常可观。在此之前，我们对 Anthropic 的覆盖几乎为零。”