NVIDIA Corporation
NVDAleaderNVIDIA is the dominant designer of graphics processing units and AI accelerator chips. Its data-center GPU monopoly powers the generative-AI revolution, with the H100 and successor Blackwell GPUs serving as the de-facto standard for training and running large language models.
产品与营收
产品营收占比
营收构成 ($130.5B)
静态数据（加载实时财务…）
业务板块构成与主要客户
产品详情
Data-center AI training and inference accelerators based on the Hopper architecture
Next-generation Blackwell-architecture data-center GPUs for large-language-model workloads
Consumer and professional gaming GPUs
InfiniBand and Ethernet switches, NICs, and DPUs for data-center interconnects
DRIVE Orin and Thor SoCs for autonomous vehicles and robotics
研发管线
Next-gen GPU with 288GB HBM3e and 1.5x the Blackwell B200 performance. Targets 2025 data-center deployments for hyperscalers.
Post-Blackwell architecture with NVLink 6, next-gen HBM4 memory, and enhanced transformer-engine for future LLM training workloads.
Full rack-scale AI supercomputer combining 72 Blackwell GPUs with NVLink switches. Available now to hyperscalers; backlog extends into 2026.
Physical AI and robotics simulation platform using video-generative world foundation models for training autonomous vehicles and industrial robots.
2000 TOPS automotive compute platform for level 4 autonomous driving. Replacing Orin in next-gen vehicle platforms at Mercedes, BYD.
供应链关系
主要供应商
Wafer fabrication for all NVIDIA GPUs
影响: Critical — sole advanced-node foundry
HBM3e memory for H100/H200
影响: High — secondary HBM supplier
HBM3e memory modules
影响: High — primary HBM supplier
HBM3e, GDDR6X memory
影响: Medium — third HBM supplier
主要客户
Azure AI GPU clusters
影响: $15B+ annually
Google Cloud AI infrastructure
影响: $8B+ annually
AWS GPU instances
影响: $10B+ annually
LLM training clusters
影响: $12B+ annually
Oracle Cloud GPU infrastructure
影响: $4B+ annually
Training GPUs for FSD
影响: $2B+ annually
宏观与市场背景
WFE(반도체 장비) 업사이클 + AI HBM 슈퍼사이클 진입
TSMC 가동률
HBM 수요 성장
WFE 시장 규모
리드타임 (장비)
宏观摘要
NVIDIA is the primary beneficiary of the AI infrastructure supercycle. Hyperscaler capex commitments of $320B+ in 2026 drive GPU demand that exceeds supply through at least H1 2026. Interest rate cuts reduce cost of capital for AI infrastructure investment, further accelerating spend.
NVDA的利好因素
- ▲Hyperscaler AI capex at record highs: Microsoft $80B, Meta $65B, Google $75B, Amazon $105B in FY2026
- ▲Inference demand growing faster than training — Blackwell NVL72 rack-scale systems address this directly
- ▲Sovereign AI: governments building national AI infrastructure (UAE, Saudi, Japan, France) — new demand source
- ▲Interest rate cuts reduce cost of capital for long-duration AI infrastructure projects
- ▲Export restrictions on China accelerate US/Europe AI buildout to compensate
NVDA的风险因素
- ▼US export controls on H20/H100 to China (~$5-8B annual revenue at risk)
- ▼TSMC advanced node capacity constraints limit upside (CoWoS packaging bottleneck)
- ▼Rising competition from custom silicon (Google TPU v5, Amazon Trainium, Microsoft Maia) in hyperscaler inference
- ▼AMD MI300X gaining traction in inference — price competition risk on commoditized inference workloads
- ▼Valuation premium (30x+ forward PE) leaves little room for execution miss
近期催化剂
供应链问题
TSMC CoWoS-L 캐파 확충에도 GB300 수요가 공급을 3~4배 초과. Blackwell 출하 대기 기간 14~18주로 연장.
Foxconn·Flextronics와 협력, 멕시코 과달라하라에 AI 서버 최종조립 라인 확충. USMCA 적용으로 관세 25% 회피.
미 상무부, H20 칩 대중 수출 추가 제한 검토 중. NVDA 중국 매출 비중 약 13%로 하향 리스크.
机构信号
| 机构 | 操作 | 价值 | 季度 | 申报日期 |
|---|---|---|---|---|
| BlackRock | accumulating | $6.2B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $2.8B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $3.0B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $229M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $442M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $7.4B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $4.3B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $81.0B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $65.8B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $5.8B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $7.8B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $3.3B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $6.1B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $81M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $23.4B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $874M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $527M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $2.5B | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $579M | 2024.06 | 2024-08-13↑ |
| BlackRock | accumulating | $148M | 2024.06 | 2024-08-13↑ |
| BlackRock | reducing | $3M | 2024.06 | 2024-08-13↓ |
| BlackRock | accumulating | $4.8B | 2024.06 | 2024-08-13↑ |
| BlackRock | reducing | $7M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $124K | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $865K | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $49K | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $3M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $20M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $20M | 2024.06 | 2024-08-13↓ |
| BlackRock | accumulating | $114M | 2024.06 | 2024-08-13↑ |
| BlackRock | reducing | $1M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $8M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $8M | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $618K | 2024.06 | 2024-08-13↓ |
| BlackRock | reducing | $10M | 2024.06 | 2024-08-13↓ |
| BlackRock | accumulating | $66M | 2024.06 | 2024-08-13↑ |
| Vanguard Group | accumulating | $9.8B | 2025.12 | 2026-01-29↑ |
| Vanguard Group | accumulating | $7.1B | 2025.12 | 2026-01-29↑ |
| Vanguard Group | reducing | $13K | 2025.12 | 2026-01-29↓ |
| Vanguard Group | reducing | $11M | 2025.12 | 2026-01-29↓ |
| Vanguard Group | accumulating | $2.1B | 2025.12 | 2026-01-29↑ |
| Vanguard Group | accumulating | $25.6B | 2025.12 | 2026-01-29↑ |
| Vanguard Group | accumulating | $378.0B | 2025.12 | 2026-01-29↑ |
| State Street | accumulating | $184.9B | 2025.12 | 2026-02-13↑ |
| Wellington Management | accumulating | $22.3B | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $467K | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $757M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $322M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $222M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $222M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $246M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $1.4B | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $54K | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $36M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $665M | 2025.12 | 2026-02-17↑ |
| Wellington Management | accumulating | $18K | 2025.12 | 2026-02-17↑ |
| Third Point LLC | accumulating | $550M | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | accumulating | $126.8B | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | reducing | $54M | 2025.12 | 2026-02-17↓ |
| FMR (Fidelity) | accumulating | $27.7B | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | accumulating | $15.6B | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | accumulating | $1.9B | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | accumulating | $8.9B | 2025.12 | 2026-02-17↑ |
| FMR (Fidelity) | accumulating | $187M | 2025.12 | 2026-02-17↑ |
机构持股情况
13F基准 · Q4 2025| 机构 | 变动 | 持股比例 | 上季度 | 持股数 | 市值 | SEC |
|---|---|---|---|---|---|---|
| Vanguard | 维持 | 7.30% | — | 4400.0M股 | $180,000M | 13F |
| BlackRock | 维持 | 5.70% | — | 3400.0M股 | $140,000M | 13F |
| Goldman Sachs AM | 增持 | 0.15% | — | 92.0M股 | $3,800M | 13F |
最新新闻
AI 分析
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企业信息
新闻盲区评分
机构活动
95
媒体评分
98
连锁位置
连锁中的角色
leader
典型延迟
0 (trigger)
NVIDIA's data-center guidance is the single most important demand signal for AI chips, HBM memory, and advanced packaging.
查看完整连锁分析行业概况 — 반도체
行业新闻WFE(반도체 장비) 업사이클 + AI HBM 슈퍼사이클 진입
TSMC 가동률
HBM 수요 성장
WFE 시장 규모
리드타임 (장비)
核心主题
- •AI 가속기(H100/B200) 수요 공급 불균형 지속
- •Gate-All-Around 공정 전환 → 장비 교체 사이클
- •HBM3e/HBM4 양산 경쟁 — SK하이닉스·마이크론·삼성
近期催化剂
- ◆TSMC Q2 실적 (2026.04.17)
- ◆NVIDIA GB300 양산 착수 발표