英伟达财报超预期：AI算力需求爆发下的长期投资机遇

NVIDIA's Q2 2025 earnings report has sent shockwaves through the tech sector, with the company delivering a record $30.0 billion in revenue—a 122% year-over-year surge. At the heart of this growth is the Blackwell architecture, a technological leap that has redefined AI compute capabilities. The Blackwell line, including the B200 Tensor Core and systems powered by NVIDIA Grace CPUs, now accounts for 70% of NVIDIA's Data Center segment revenue, which hit $26.3 billion in the quarter. This represents not just a product win, but a structural shift in how enterprises and cloud providers approach AI infrastructure.

The Blackwell Catalyst: A Full-Stack AI Play

The Blackwell architecture isn't just faster—it's a full-stack solution. By integrating hardware (GPUs, CPUs), software (NIM microservices, AI Enterprise), and networking (Spectrum-X Ethernet), NVIDIA has created an ecosystem that locks in customers. For example, the H200 GPU-powered systems now available on CoreWeave and the Blackwell systems from GIGABYTE, QCT, and Wiwynn are already being deployed at scale. This full-stack approach ensures that NVIDIA captures value across the entire AI workflow, from training to inference, and from data centers to edge computing.

The financial metrics back this up. Non-GAAP gross margins hit 75.7%, a 4.5 percentage point increase year-over-year, despite the 20% premium cost of manufacturing Blackwell on TSMC's 3nm node. This pricing power is a testament to NVIDIA's dominance in the AI chip market, where its products are often the only viable option for hyperscalers. Analysts estimate that 50% of global AI capital spending ends up with NVIDIA, a figure that underscores its market control.

Valuation vs. Peers: NVIDIA's Premium Justified?

To assess NVIDIA's valuation, it's critical to compare it with peers like AMD and Intel. AMD's Q2 2025 revenue of $7.7 billion (up 32% YoY) is impressive, but its GAAP gross margin of 40% pales next to NVIDIA's 75.7%. AMD's non-GAAP gross margin of 54% (excluding $800 million in export-related charges) is closer, but its operating income of $897 million lags far behind NVIDIA's $19.9 billion. Intel, meanwhile, reported a GAAP net loss of $2.9 billion and a non-GAAP EPS of $(0.10), highlighting its struggles to compete in the AI era.

NVIDIA's trailing P/E ratio, while not explicitly stated in the report, is likely in the stratosphere given its non-GAAP EPS of $0.68 and a stock price of $177.99. However, this premium is justified by its 122% YoY revenue growth and the structural tailwinds of AI adoption. For context, AMD's P/E ratio is more moderate, but its margins and ecosystem depth are inferior. Intel's negative earnings make any P/E comparison moot.

Risks and Opportunities

The risks are real. Rising production costs for 3nm chips and U.S. export restrictions on H20 GPUs to China could pressure margins. Additionally, competitors like AMD and Intel are investing heavily in AI-specific chips (e.g., AMD's MI350, Intel's upcoming Foundry AI solutions). However, NVIDIA's first-mover advantage, combined with its software ecosystem (NIM microservices, AI Enterprise), creates a moat that is hard to replicate.

For investors, the key question is whether NVIDIA can maintain its 50%+ gross margins as AI demand matures. The company's $15.4 billion in shareholder returns in H1 2025 and a new $50 billion buyback authorization suggest management is confident in long-term cash flow.

Investment Thesis

NVIDIA is not just a chipmaker—it's the operating system of the AI era. The Blackwell architecture has positioned it to capture the lion's share of AI compute demand for the next decade. While the valuation appears stretched, the company's ability to innovate, maintain margins, and expand its ecosystem (e.g., NIM microservices now adopted by 150+ companies) justifies the premium.

For long-term investors, NVIDIA is a must-own in an AI-driven world. Short-term volatility is possible, but the structural growth in AI compute—driven by generative AI, robotics, and autonomous systems—ensures that NVIDIA's best days are ahead.

Final Take: NVIDIA's Blackwell-driven growth is a masterclass in leveraging technological leadership to dominate a market. While peers like AMD and Intel offer cheaper valuations, their ability to close the gap remains unproven. For those with a 5–10 year horizon, NVIDIA is the clear alpha generator in the AI revolution.