Nvidia 确认在美方新许可下完成首批 H200 对华出货，结束持续数月的禁售，该部分销售占 Q2 的 $89B 数据中心营收不足 1%。其 $108B 的 Q3 营收指引仍假设中国数据中心计算收入为零，Q2 营收创下 $96.2B 纪录、同比增长 106%。Rubin 预计将占 Q3 数据中心营收的 20%，黄仁勋称若需求不受约束会远高于 FY2028 接近 70% 的增速预期。
H200 对华出货重启但 Q3 指引仍假设中国收入为零，读者可据此看清 Nvidia 业绩预期中的政策变量。
Nvidia confirmed its first H200 shipments to China under new U.S. licenses, ending a months-long lockout. Sales were under 1% of Q2’s $89B data-centre revenue.
Its $108B Q3 forecast still assumes zero China data-centre computing revenue. Q2 revenue hit a record $96.2B, up 106% YoY.
Nvidia sees FY2028 growth near 70%, yet Jensen Huang says unconstrained demand would be far higher. Rubin is expected to reach 20% of Q3 data-centre revenue. China is reopening; supply remains the real ceiling.
来源：@thexpin · x.com