When I finished my homework, NVIDIA's financial report was just released, and the general situation is:

Revenue for the fourth quarter of 2025 was 68.1 billion dollars, while the market expectation was 65.91 billion dollars. Exceeding market expectations is good news!

In the fourth quarter, the adjusted gross margin was 75.2%. During the period of strong sales of Blackwell and the ongoing tight supply chain, maintaining the gross margin in the mid-70% range indicates that NVIDIA's pricing power and product structure remain strong, and margins have not declined due to increased volume.

The adjusted earnings per share for the fourth quarter was 1.62 dollars, also higher than the market expectation of 1.52 dollars. More importantly, the main growth line is still the data center. Fourth quarter data center revenue was 62.3 billion dollars, accounting for more than 91% of total revenue, essentially synonymous with AI. Other businesses, mainly gaming, had revenues of 3.7 billion dollars, while the remaining visualization and automotive revenues were relatively small.

The most exciting news for the market is that NVIDIA provided revenue guidance for the first quarter of 2026 at around 78 billion dollars, higher than the market estimate of 73 billion dollars, and clearly stated that this guidance does not assume any revenue from Chinese data center computing power. In plain language, even removing potential variables from China, the strength of order demand is still very impressive.

This also gives new life to the AI narrative. After hours, NVIDIA's stock has already risen about 4%, and it is estimated that technology stocks will surge again when the U.S. stock market opens tomorrow, and $BTC, which is highly correlated with technology stocks, should be able to break through 70,000 dollars in one go.

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