英伟达FY2028收入增长指引~70%大超预期，确认AI基础设施需求韧性，但事件全球最受关注、无信息不对称

# 美股盘后催化 1/11: 英伟达盘后给出强于预期的Q3收入展望和长期增长目标，重新确认AI基础设施需求韧性

- 美股会话: 2026-08-26
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 10/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：英伟达Q2收入和盈利超预期，Q3收入展望高于一致预期，CFO称预计2028财年收入增长约70%，高于分析师约45%的预期，纳指期货盘后上涨。推断：市场将其解读为AI训练和推理基础设施资本开支未见顶，利好GPU、AI服务器、先进封装、HBM、数据中心网络和高速互连链条。

## 本催化相关美股真实收盘行情

- 规划器没有给出可取价的美股 ticker；必须联网核实具体 mover。

## 亚太映射假设（仅候选，必须查证）

- 台积电 (待归一) [TW/供应商/positive]: 若英伟达长期AI芯片需求兑现，先进制程和CoWoS等先进封装产能利用率及订单能见度可能提升。；核验问题: 核实英伟达2028增长目标对应的GPU/ASIC晶圆、先进封装产能分配和台积电订单节奏。
- SK海力士 (待归一) [KR/供应商/positive]: AI加速器长期出货上修通常对应HBM位元需求和高端DRAM盈利弹性提升。；核验问题: 核实英伟达后续平台HBM规格、SK海力士供货份额和合约价格条款。
- 三星电子 (待归一) [KR/供应商/positive]: AI平台需求延续可能改善HBM、先进DRAM及潜在代工/封装业务预期。；核验问题: 核实三星HBM认证进度、实际份额和2026-2028产能锁定情况。
- 日月光投控 (待归一) [TW/供应商/positive]: AI芯片放量可能增加先进封装、测试和系统级封装需求。；核验问题: 核实其在英伟达或相关AI ASIC封测链中的直接参与度。

## 必答问题

- 英伟达完整电话会是否披露Blackwell及后续平台、供应约束、客户集中度和2028收入构成？
- 盘后涨幅在亚洲开盘前是否保持？

## 原始证据全文（3 条）

### [E0003] Reuters Trading Day | 2026-08-26 21:02 UTC | 收盘后
TRADING DAY Hot inflation cools sentiment
URL: https://www.reuters.com/commentary/reuters-open-interest/global-markets-trading-day-graphic-2026-08-26/
The dollar and U.S. Treasury yields ticked higher and Wall Street treaded water on Wednesday after U.S. inflation figures reminded investors that the Fed could raise interest rates soon. Trading ranges were narrow, however, as investors awaited Nvidia's results and looked ahead to a keynote speech from Fed Chair Kevin Warsh later this week.

If ​you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets ‌today.

1. Nvidia forecasts quarterly revenue above estimates

2. US inflation remains sticky in July; second-quarter GDP growth unrevised at 1.5%

3. Anxious investors hope for clarity on Warsh's Fed plan at Jackson Hole

4. Bill Gates, alarmed by AI, has policy ideas he wants to discuss with China's Xi

5. Meta agrees to pay $18 billion to settle US lawsuits over children's social media addiction

Today's Key Market Moves

STOCKS: South Korea +1%, Japan and China +0.5%; Europe, UK ​and Wall Street all close to flat.

SECTORS/SHARES: Seven sectors on the S&P 500 fall, four rise. Healthcare -1%, industrials +1%. Moderna -5%, Eli Lilly -4%, Honeywell +2.3%.

FX: Dollar +0.3%, biggest rise in 2 ​weeks. Swedish crown -1%, biggest fall in 2 months. Colombian peso eyes worst week since April.

BONDS: U.S. yields rise 1-3 bps, 2s/30s ⁠curve flattest close since July Fed meeting. Reasonable 5-year auction - bid/cover ratio 2.37, highest this year.

COMMODITIES/METALS: U.S. copper futures hit record high $6.75/lb. Oil slips, Brent -1%. Gold -1%. U.S. natgas +3% to 1-month ​high.

Today's Talking Points:

Hotter in July

U.S. inflation as measured by the PCE index, the Fed's preferred measure, came in slightly hotter last month than expected. The 0.2% month-on-month ​increase in headline inflation was above the 0.1% forecast, and the annual rate edged up to 3.7%. The unrounded monthly increase in core was 0.246%, close to 0.3%.

Rate hike expectations barely budged, with traders still pricing in a 60-40 probability of a rise next month. The recent signals of intent from Treasury Secretary Scott Bessent to lower bond yields at the long end of the ​curve seem to be working, which may explain the bond market's muted reaction. But there's no doubting it — inflation is sticky. Over to Fed Chair Kevin Warsh and ​his Jackson Hole address on Friday.

Corporate v. consumer

The second reading of U.S. national accounts released on Wednesday showed that corporate profits as a share of GDP rose to new record ‌highs in ⁠Q2. One measure — there are several ways to slice the data — showed after-tax income increased to 12.1% of GDP. But can consumer spending help maintain those inflated margins?

Spending in Q2 was strong, and it could point to a broader re-acceleration in growth for the second half of the year. But the personal savings rate rose in Q2 to 3.0% from a historically low 2.6%. This is still extremely low, and suggests consumers will have to rely more on credit than savings in the coming months. Inflation-adjusted ​spending was flat in July — will that ​be a brief pause for breath, ⁠or a more lasting lull?

Watching the chips roll in

Nvidia, the $5 trillion chipmaking AI behemoth, released its latest results after the bell on Wednesday. The world's most valuable company reported Q2 revenue and earnings that beat estimates, and its Q3 revenue outlook was ​also brighter than the analyst consensus. Interestingly, its Q3 revenue outlook does not include any data center chip sales from ​China.

But shares fell in ⁠post-market trading, by as much as 3%, because the gross margin is expected to dip to 74% in Q3 from 75% in Q2. Essentially, it is costing Nvidia more to generate these bumper revenues and profits. A one percentage point reduction in margins, especially from such an elevated starting point, seems trifling. But could it mark a top, of sorts?

⁠What could ​move markets tomorrow?

South Korea interest rate decision

U.S. Treasury sells $44 billion of 7-year notes at auction

U.S. trade (July)

U.S. weekly ​jobless claims

U.S. earnings, including Marvell Technology, Workday, Dollar General

Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect ​the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

### [E0004] Bloomberg Markets Wrap | 2026-08-26 22:10 UTC | 收盘后
Nasdaq Futures Rise 1% on Nvidia’s Sales Outlook: Markets Wrap
URL: https://www.bloomberg.com/news/articles/2026-08-26/nasdaq-futures-rise-on-bullish-nvidia-sales-growth-markets-wrap
Futures for the tech-heavy Nasdaq 100 Index gained after Nvidia Corp. gave a bullish sales outlook, easing concerns that the artificial intelligence spending boom is losing momentum.

Contracts for the US benchmark rose about 1% in early Thursday trading after Chief Financial Officer Colette Kress signaled strong sales growth in fiscal 2028, sending Nvidia shares higher after hours. Asian equity-index futures were mixed, pointing to gains in South Korea and declines in Japan and Australia. An $809 billion exchange-traded fund tracking the S&P 500 fluctuated after the close of regular trading.

Still, caution lingered in bond markets as traders boosted bets on a Federal Reserve interest-rate hike this year after a key inflation gauge remained above the Fed’s target. Short-dated Treasuries underperformed in the US session and the dollar rose, with money markets fully pricing an increase by December.

Nvidia’s outlook offered fresh evidence that spending on AI infrastructure remains robust, potentially easing concerns that the investment boom is losing steam. The upbeat forecast comes as investors increasingly scrutinize whether heavy AI spending can sustain earnings growth after a volatile stretch for technology stocks.

“We expect to grow revenue by approximately 70% in fiscal 2028,” Kress said during a post-earnings conference call. Analysts have projected an increase of about 45% for that year, according to data compiled by Bloomberg.

Nvidia shares had fallen at the start of extended trading after the chipmaker forecast current-period revenue of $108 billion, plus or minus 2%. While that topped the $105.2 billion average analyst estimate, some projections exceeded $110 billion, according to data compiled by Bloomberg.

The shares then reversed course, climbing more than 5% after Nvidia delivered a bullish sales outlook for 2028.

Elsewhere, oil eased in a choppy session as traders weighed progress on diplomatic efforts to resume shipping through the Strait of Hormuz against fresh risks of a global supply squeeze.

Investors got a fresh read on inflation Wednesday. The core personal consumption expenditures price index, which excludes food and energy, rose 0.2% from the prior month and 3.3% from a year earlier. Inflation-adjusted consumer spending was flat after gains in May and June.

The broader PCE price index rose 3.7% from a year earlier, remaining well above the Fed’s 2% goal. Combined with other data pointing to a cooling economy in July, the figures bolstered the case for policymakers to keep interest rates unchanged for now.

Attention now turns to the Jackson Hole Economic Symposium, which begins Friday. Kevin Warsh will deliver his first major speech as Fed chair, giving investors fresh clues on the policy outlook after facing criticism over a lack of clarity on his views about the economy.

“The number of dissenters at the next meeting may grow because the month-over-month readings are getting worse, but we believe enough of the FOMC will want to wait to see more data before making a decision to raise rates next month,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.

Corporate Highlights:

CrowdStrike Holdings Inc. forecast revenue figures for the full year that exceeded analysts’ estimates, evidence that the cybersecurity industry continues to see demand driven by threats from artificial intelligence. Salesforce Inc. gave an outlook for strong revenue expansion and deepened its partnership with Anthropic PBC, reassuring investors that it can compete successfully in the AI era. Anthropic PBC has agreed to spend $45 billion to rent AI cloud computing power from Nscale’s flagship data center development in West Virginia, the latest move in an effort to secure capacity for its expanding business in advance of going public.

For a list, click here.

Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.5% as of 7:08 a.m. Tokyo time Hang Seng futures fell 0.2% S&P/ASX 200 futures were little changed

Currencies

The Bloomberg Dollar Spot Index rose 0.2% The euro was little changed at $1.1654 The Japanese yen was little changed at 159.28 per dollar The offshore yuan was little changed at 6.7215 per dollar

Cryptocurrencies

Bitcoin rose 0.5% to $78,813.92 Ether rose 1.3% to $2,504.79

Bonds

The yield on 10-year Treasuries advanced two basis points to 4.65% Japan’s 10-year yield was little changed at 2.885% Australia’s 10-year yield advanced one basis point to 5.03%

Commodities

West Texas Intermediate crude fell 0.5% to $81.83 a barrel Spot gold rose 0.3% to $4,603.51 an ounce

This story was produced with the assistance of Bloomberg Automation.

### [E0002] Bloomberg TV+ · The Close | 2026-08-26 20:14 UTC | 收盘后
Bloomberg TV+ The Close transcript · 2026-08-26
URL: https://www.bloomberg.com/live/us
[15:56:58 ET] Like 20% year to date.
[15:59:01 ET] Expecting for the second quarter, $92 billion on revenue double.
[15:59:09 ET] 44 billion dollars of that they're still doing edge computing and graphics, but obviously a much smaller business.
[15:59:17 ET] gross margin 75%, which is just a bonkers' number and of course the expectation is that for the guidance for the current.
[15:59:25 ET] Quter in that we could top $100 billion dollars on top line for the current quarter. and this is a stock as a reminder is up 30.
[15:59:33 ET] 50% over the last three years alone, the bar is just getting higher, i would say.
[15:59:41 ET] They continue to beat and that multiples going down but it still been a relative laggard in the market the last a few weeks, hasn't hit a record high.
[15:59:49 ET] There are 79 buys on this stock, there are two holds and one person has a sale rating on this stock.
[15:59:57 ET] We actually asked them to come on the program and weve not heard back yet, but certainly a brave soul, we get the closing bells here in New yo.
[16:00:05 ET] Our full coverage of those earnings out of nvidia about to start in just a second all of most of the major indices in the red with a dow down two tenths.
[16:00:13 ET] The S&P is going to finish the day flat the nasdaq composite down a tenth0th of a percent the nasdaq 100 up about a tenth0 of a percent the.
[16:00:21 ET] C out the day down by about2 tos of1% All right we are going to say goodbye to em Gfael.
[16:00:29 ET] Our coverage as we await those earnings out of nvi, don't forget we're expected to get earnings as well out of other companies probably going to be overshadowed.
[16:00:37 ET] like sales force is probably the most consequential one that we are expected to get here in the after hours trade we're also going to hear from.
[16:00:45 ET] A crowd strike, synopsis, as well as hewlett Packard.
[16:01:04 ET] On just exactly how fast the high tech side of all this that's when the futurist jo nasbit published the book megatrens where he.
[16:01:12 ET] That the more high tech our society becomes, the more it will crave what he calls high touch around that same time young.
[16:01:20 ET] Mana for pizzaa h named steve case he was hired by a tech company to help with a service that let owners of the Atari 2600 download video game.
[16:01:28 ET] Over their phone linesThat company would eventually morph intomerica online, which turned the cold technological infrastructure.
[16:01:36 ET] Dial up modems into something very human connection. The Internet boom born out of that has now given way to an AI boom that.
[16:01:44 ET] Folks say is frame that connection just yesterday bill gates whose windows operating system arguably did just as much to connect.
[16:01:52 ET] Does all as Aol published an essay outlining his fears and solutions to where this technology is taking us AI.
[16:02:00 ET] To the internet boom insufficient saying we have no experience with the technology that can be adopted quickly or that can think and move.
[16:02:08 ET] Like a human, when the PC came along, he said it took 20 years to significantly change how we worked because the software had to be developed.
[16:02:16 ET] Price had to come down and people had to learn how to use the tools and incorporate them into their processes A on the other hand, it runs the.
[16:02:24 ET] We already have, and it uses natural language in his words.
[16:03:07 ET] Human beings, but more importantly for our audiences, as increasingly digital world, now an increasingly AI world, I think we're seeing more and more.
[16:03:15 ET] The people are really thirsting for real relationships with real people in real places, which is driving a lot of investment in real estate.
[16:03:23 ET] Hoity, including what we're doing with revolution places, so in some ways it comes full circle or still building communities, but now doing instead of digital community.
[16:03:31 ET] More physical communities and places like Hawaiiwa and Costa Rica and some of the work we're doing through the exclusive collective Well you talk about that in your bloom.
[16:03:39 ET] Peace and where a lot of the money is moving, the idea of a focus on land, the idea that you have someone like Bernard Ono who most famous for selling.
[16:03:47 ET] You know, handbags and champagne are focusing a lot more on hotels and experiences, and we've had a whole host of CEOs on this program.
[16:03:55 ET] I in the AI space, actually talking much more about how those experiences are going to become much more valuable, maybe than some of these LLMs.
[16:04:03 ET] Themselves, is there anything analogous out there that you see to draw upon or is this just completely uncharted waters?
[16:04:11 ET] IIt's been building for some amount of time, even Goldman Sachs earlier this year.
[16:05:25 ET] But that's creating more demand to do that in person, just as people list value of ownership, the value of assets, and you're seeing a lot of people diver.
[16:05:33 ET] I who own either technology companies or other things saying they want to own some harder assets and real estate often becomes.
[16:05:41 ET] top of that list I am curious about the evolution, though with AI there are a lot of people saying that AI at some point might actually get to the level of being.
[16:05:49 ET] Let's just say a little more human or a little more warm, if you will, and the idea that maybe the human touch that Nay's bit referred to.
[16:06:46 ET] Fantasy or is that something that you've ever thought about?
[16:06:54 ET] A lot of things including some things we can't imagine, and there are some complicated dynamics around that, even what Bill Gates wrote.
[16:07:02 ET] I's trying to strike the right balance people.
[16:08:52 ET] Steve, you kind of ran the defining company of the last great sort of a big tech build out when it comes to Aol I do just want to get your thoughts.
[16:09:00 ET] of where we're going, not so much with NviDdia specifically, but with the AI build out, the investment in it and whether they're.
[16:09:08 ET] Any parallels to what transpired back in the '90s and early 2000s and what's transpiring now in 2026.
[16:09:16 ET] There's definitely a gold rush mentality now as there was 25 years ago, people not really paying attention to the internet, suddenly recognizing the potential it can have.
[16:09:24 ET] And similarly with AI, it's gone from building up over really 75 years and suddenly accelerated the last several years, and that will lead to something.
[16:09:32 ET] There will definitely be some companies rev evaluation that are too high there would be some investment in physical infrastructure, data centers and other things that will end up now.
[16:09:40 ET] Working out economically, but people recognize that this really is a transformational moment and they want to make sure they're positioned to be part of it.
[16:09:48 ET] That's what happens with these new technologies when they really take off, everybody wants to be part of it, it goes from nobody cares them.
[16:09:56 ET] Every wants to be in the middle of it, and we're seeing that dynamic, but I think the bigger megat trendd on AI is not just the focus on the LOM sort of.
[16:10:04 ET] hororizontal platform AI, but what's now happening with vertical AI and sectors like healthcare and farming where investors in temp AI or investors.
[16:10:12 ET] And which is focused on healthcare and rules focused on defense tech, carbon robotics is focused on ag tech, they're using AI to really,
[16:10:20 ET] We imagine big industries and I think that's going to be the next big opportunity. It's going to shift from a few big companies that are focusing on the.
[16:10:28 ET] The platformform, anthropic, open AI, et cetera, to really dozens, potentially even hundreds of companies focus more on vertical AI and that's happening all.
[16:10:36 ET] what we've done with our rise of arrest investment strategy around regional entrepreneursship, we're seeing a lot of momentum around.
[16:10:56 ET] But why do you think there's still a lot of skepticism in the public about AI, I mean, we talk on this show a lot about a lot at the upsides, pretty much on that vertical.
[16:11:04 ET] The idea of sort of what it can do for more traditional industries outside the normal world of tech, but of course, all you really hear when it comes.
[16:11:12 ET] complaintplaints is about the data centers and the power demands and the water demands and the fact that this is all going to take our jobs is this just are these legitimate?
[16:11:20 ET] Fs or is this just the fact that the AI folks just don't necessarily have the best marketing teams, if you will, not to be glib Well, I I think some of the fears are.
[16:11:28 ET] People are concerned about what AI is going to do to communities what they're going to do to their family, including a job loss, and that fear is driving a lot of the.
[16:11:36 ET] dynamicss right now, what I've argued for for really the past couple years is for the technology industry, including the leaders in AI to put forth.
[16:11:44 ET] Approach a framework that kind of strikes the right balance and by arguing for no regulation rather than more of a.
[16:11:52 ET] Touch I think they run the risk of pretty significant regulation and a pretty significant backlash as you're starting to see in a number of states.
[16:12:00 ET] And over time it will be countries as well, so I'm very excited by the technology, I'm very optimistic about what it can do, I've seen it in terms of how I.
[16:12:08 ET] My life, I've seen it in terms of some of the companies we'd backed at revolution, but I'm not naive that a lot of people don't see it as a positive, they're not optimistic.
[16:12:16 ET] They're more cautious, nervous, anxious, fearful about it. And as an industry, we need to get in front of that. Otherwise people are not.
[16:12:24 ET] embrace it to the degree that we are all expecting Well and this also gets to this idea, though, I mean, when we talk about who the AI winners and losers can be.
[16:12:32 ET] Moving beyond the picks and shovels and the pure play, but if you go back to your op ed and just.
[16:13:01 ET] T those that maybe are seeking to replace them Yeah, no I think people again, good a little bit like the as light dynamic I talked about, the people are looking.
[16:13:09 ET] waysays to use technology sometimes to eliminate jobs in ways that are counterproductive in terms of the relationship people will have in.
[16:13:17 ET] umer we see this in hospitality, we just opened last year a Walalorf Astoria hotel in Costa Rica as part of our Putoicaica development there.
[16:13:25 ET] And we use technology, including AI to better serve our customers, but ultimately hospitality is about a personal experience.
[16:13:33 ET] with people have them feel that's had been a special moment and they really want to return, whether it be to Costa riica or some other plays we've seen that.
[16:13:41 ET] Ex resorts people are able to book online, but there's a decision fatigue that kicks in there's too many options people don't really know when.
[16:13:49 ET] Trying to pick a hotel or pick a home which one would make the most sense, so they're trusting real people to help you their guide.
[16:13:57 ET] Using technology as part of the equation, but not trying to use technology as the entire equation, I think is a big opportunity in a lot of sectors including.
[16:14:05 ET] What we're seeing now in hospitalityWell that gets to the idea and you've obviously had a particular revolution, a big focus on entrepreneurship, particularly outside of the.
[16:14:13 ET] So coastal hubs like New York and the Bay Area and there's been a lot of talk about how these LLMs and all of the technology around it.
[16:14:21 ET] An extent might actually be accelerating entrepreneurship as it's lowered the cost of entry for a lot of folks who would have had to go out and try to hire.
[16:14:29 ET] Some really high priced tech talent and now that in some cases they can rely on Claude and chat GT and some of these other models.
[16:14:37 ET] I think that's true.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。