이번 보고서
2026.04 분기보고서
10-Q · 기간 말 2026. 4. 26. · 제출 2026. 5. 20.
비교 기준
2026 연차보고서 이후 누적
10-K · 기간 말 2026. 1. 25.
분기보고서에는 보통 연차보고서 이후 바뀐 리스크만 적어요. 그래서 연차보고서와 그 뒤 분기보고서에 이미 나온 내용은 빼고, 이번에 처음 들어간 것만 보여 드려요.
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새 리스크 항목
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신규 문단
14
수정 문단
AI 한국어 요약
한 줄 요약
새 리스크 문단은 없지만, 기존 문단 안에 고객사 자체 칩(ASIC)과 가격 경쟁, 메모리 공급·가격 상승, 중국 대상 클라우드 제한 법안(RASA), 유럽 규제 당국의 문제 제기 등이 새로 들어갔습니다.
주목할 변화
- 신규중국계 기업 대상 클라우드 제공 금지 법안(RASA)미 의회가 검토 중인 Remote Access Security Act를 처음 언급했습니다. 이 법안은 "prohibit the provision of cloud services to any company with an ultimate parent headquartered in China"라는 내용입니다. 회사는 법안이 통과되면 클라우드 사업자와 OEM에 새 제약이 생기고, 자사 실적에 "material impact"가 있을 수 있다고 밝혔습니다.
- 강화고객사 자체 칩과 가격 경쟁고객사들이 "developing their own ASICs"를 하고 있으며, 특정 작업에 최적화돼 엔비디아 데이터센터 시스템의 기능이 모두 필요하지 않을 수 있다는 문장이 추가됐습니다. 또 가격·총소유비용(TCO) 경쟁이 "has resulted and may in the future result in lower-than-expected selling prices or demand"라고 적었습니다. 미래의 가능성이 아니라 이미 일어난 일로 표현했다는 점이 눈에 띕니다.
- 신규메모리 공급 부족과 부품 가격 상승"Supply availability affecting memory... as well as rising prices, may drive the prices for data center buildouts higher"라는 문장이 추가됐습니다. 메모리 등 부품 가격이 오르면 고객의 데이터센터 구축 비용이 높아질 수 있다는 리스크를 새로 짚은 것입니다.
- 강화제품 우회 수출(diversion)과 고객사 규정 준수 의존회사는 판매 후 제품을 "do not have physical control"하므로 고객과 파트너의 규정 준수 체계에 기댈 수밖에 없다고 명시했습니다. 평판을 해칠 수 있는 요인에도 "any compliance failure at a customer or partner"가 추가됐습니다.
- 신규프랑스 경쟁당국의 게이밍·데이터센터 GPU 구분 문제프랑스 경쟁당국(FCA)이 게이밍 GPU와 데이터센터 GPU를 "separate product categories"로 볼 수 있는지 따져보고 있습니다. 회사는 이 조사가 프랑스·유럽에서 팔리는 게이밍 제품의 수출통제에 영향을 줄 수 있다고 적었습니다.
- 강화신·구 아키텍처 동시 판매 부담, Rubin 일정 명시기존에는 세대 '전환(transition)'이라고 표현했는데, 이번에는 여러 아키텍처를 "introducing or offering multiple architectures concurrently"하는 구조로 바꿔 적었습니다. 차세대 Rubin 플랫폼이 "expected to start shipping in the second half of fiscal year 2027"이라는 일정도 처음 넣었습니다. 이 문단의 대상 제품 범위는 데이터센터·게이밍·전문 시각화·자동차에서 데이터센터·엣지 컴퓨팅으로 바뀌었습니다.
- [완화/명확화] 중국 시장: 비통제 제품은 판매 가능중국에서 "able to ship uncontrolled products to China, such as gaming and workstation GPUs"라는 점을 새로 밝혔습니다. 다만 데이터센터 시장에서는 여전히 사실상 배제된 상태라는 입장은 그대로입니다. 중국 복귀 조건도 '제품(product)'에서 미·중 양국이 승인하는 "data center system"으로 구체화됐습니다.
읽는 법
이번 분기 변화는 두 갈래입니다. 하나는 고객사 자체 칩과 가격 압력처럼 경쟁 구도에서 오는 리스크, 다른 하나는 RASA 법안과 유럽 당국의 문제 제기처럼 규제 범위가 미국 밖과 클라우드 영역으로 넓어지는 흐름입니다. 메모리 가격 상승과 여러 세대 제품의 동시 판매는 매출 변동성과 고객의 투자 비용에 영향을 줄 수 있는 요인입니다. 다음 보고서에서 이 문구들이 구체화되거나 더 강해지는지 함께 확인해 보면 좋습니다.
원문 비교
- Our target markets remain competitive, and competition may intensify with expanding and changing product and service offerings, industry standards, customer and market needs, new entrants and consolidations. Other companies compete with us on a wide range of parameters including price, total cost of ownership, and performance, which has resulted and may in the future result in lower-than-expected selling prices or demand for our products. Some of our competitors operate their own fabrication facilities, and have longer operating histories, larger customer bases, more comprehensive IP portfolios and patent protections, more design wins, and greater financial, sales, marketing and distribution resources than we do. These competitors may be able to acquire market share and/or prevent us from doing so, more effectively identify and capitalize upon opportunities in new markets and end-user trends, more quickly transition their products, and impinge on our ability to procure sufficient foundry capacity and scarce input materials during a supply-constrained environment, which could harm our business. Some of our customers are developing their own ASICs and other products, including designs optimized for certain workloads that may not require all of the features and functionality our data center systems provide.
For example, othersOthers may offer cloud-based services that compete with our AI cloud service offerings, and we may not be able to establish market share sufficient to achieve the scale necessary to meet our business objectives. If we are unable to successfully compete in this environment, demand for our products, services, and technologies could decrease, which may negatively impact our business. - Long manufacturing lead times and uncertain supply and capacity availability, combined with a failure to estimate customer demand accurately, has led and could in the future lead to mismatches between supply and demand.
- •our customers’ and partners’ ability to secure capital and energy and to build complex
datacenterdata center infrastructure timely; and - Challenges in estimating demand could become more pronounced or volatile in the future on both a global and regional basis. Extended lead times may occur if we experience other supply constraints caused by natural disasters, pandemics or other events. Geopolitical tensions in regions where we rely on suppliers, contract manufacturers, and assembly partners that are critical to our supply continuity, could have a material adverse impact on us. Supply availability affecting memory, and other components, as well as rising prices, may drive the prices for data center buildouts higher. Publicly announced intentions by governments or other companies to purchase our products can further complicate our demand estimates, as such announcements are often non-binding and may not result in committed volumes.
Product transitions areIntroducing or offering multiple architectures concurrently is complex and we often shipboth new and priormultiple architecture products simultaneously as our channel partners prepare to ship and support new products. We are generally in various stages oftransitioningintroducing and/or offering the architectures of our DataCenter, Gaming, Professional Visualization,Center andAutomotiveEdge Computing products. The computing industry is experiencing a broader and faster launch cadence of accelerated computing platforms to meet a growing and diverse set of AI opportunities. We have introduced a new product and architecture cadence of our Data Center solutions where we seek to complete new computing solutions each year and provide a greater variety of Data Centerofferings.offerings, including our Rubin platform which is expected to start shipping in the second half of fiscal year 2027. The increased frequency of thesetransitionsarchitecture introductions and the larger number of products and product configurations may magnify the challenges associated with managing our supply and demand which may further create volatility in our revenue. Qualification time for new products, customers anticipatingproduct transitions,new architecture introductions, and channel partners reducing channel inventory of prior architectures ahead of new product introductions can reduce, or create volatility in, our revenue. Customers may delay adopting new architectures if their data center infrastructure is not ready, which could affect the timing of our revenue. We have experienced and may in the future experience reduced demand for current generation architectures when customers anticipatetransitions,new architectures, and we may be unable to sell multiple product architectures at the sametime for current and future architecture transitions.time. Our financial results have been and may in the future be negatively impacted if we are unable to execute our architecturaltransitionsintroductions as planned for any reason. The increased frequency and complexity of newly introduced products could result in unanticipated quality or production issues that could increase the magnitude of inventory provisions, warranty, or other costs or result in product delays. For example, our gross margins in the second quarter of fiscal year 2025 were negatively impacted by inventory provisions for low-yielding Blackwell material.- We incur significant engineering development resources for new products, and changes to our product roadmap may impact our ability to develop other products or adequately manage our supply chain cost. Customers may delay purchasing existing products as we increase the frequency of new products or may not be able to adopt our new products as fast as forecasted, both impacting the timing of our revenue and supply chain cost. While we have managed
prior product transitionsconcurrent architecture introductions and/or offerings and have sold multiple product architectures at the same time, thesetransitionsefforts are difficult, may impair our ability to predict demand and impact our supply mix, and may cause us to incur additional costs. Over the past three years, we have beenWe continue to be subject to a series of shifting and expanding export control restrictions, impacting our ability to serve customers outside the United States.InBeginning in August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. USG officials expressed an expectation that the USG will receive 15% or more of the revenue generated from licensed sales of our products, but the USG did not publish a regulation codifying such requirement.InBeginning in February 2026, the USG granteda licenselicenses that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not generated any revenue under the H200 licensing program, and do not yet know whether any imports will be allowed into China. The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.- The export controls applicable to China are complex and address a variety of parameters, including the total processing performance of a chip, the “performance density” of a chip, the interconnect bandwidth of a chip, and the memory bandwidth of a chip. Under the current rules and geopolitical landscape, we are unable to create and deliver a competitive product for China’s data center market that receives approval from both the USG and the Chinese government. As of the end of the first quarter of fiscal year
2026,2027, while we were able to ship uncontrolled products to China, such as gaming and workstation GPUs, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide. Unless we are able to return with aproductdata center system that meets the approval of both the USG and the Chinese government, our lost opportunity and the benefit to our competitors will have a material and adverse impact on our business, operating results, and financial condition. - In May 2025, the USG announced that it would rescind the AI Diffusion IFR and implement a replacement rule. The scope, timing, and requirements of the forthcoming rule remain uncertain. The replacement rule may impose new restrictions on our products or operations and/or add license requirements that could have a material impact on our business, operating results, and financial condition. For example, in October 2025, the Senate passed the
“GAINGAIN AIAct”Act in theNDAA.National Defense Authorization Act. The GAIN AI Act would restrict the Trump Administration’s ability to adapt the Biden Administration’s export control rules and could also allow private U.S. persons to review and overturn licensing and foreign policy decisions made by the Trump Administration. Congress is also considering legislation such as the Remote Access Security Act, or RASA, which could prohibit the provision of cloud services to any company with an ultimate parent headquartered in China. If enacted, RASA could impose new restrictions on cloud service providers and OEMs, and could have a material impact on our business, operating results, and financial condition. - Open-source foundation models are rapidly growing in popularity with developers worldwide. The demand for open-source foundation models and applications promotes use of our products worldwide. Any regulatory control or other restriction that limits our ability to provide products and services that support third-party applications and models, including applications built on foundation models originating in China such as DeepSeek, Qwen, or KIMMI, could have a material impact on our business, operating results, and financial condition.
- The USG already imposed export controls restricting certain gaming GPUs, and if the USG expands such controls to restrict additional gaming products, it may disrupt a significant portion of our supply and distribution chain and negatively impact sales of such products to markets outside China, including the U.S. and Europe. For example, the French Competition Authority (FCA) is questioning whether gaming GPUs and data center GPUs are separate product categories, an inquiry that may impact the export controls applicable to gaming products sold in France and Europe. In addition, as the performance of the gaming GPUs increases over time, export controls may have a greater impact on our ability to compete in markets subject to those controls. Export controls may disrupt our supply and distribution chain for a substantial portion of our products, which are warehoused in and distributed from Hong Kong.
- The increasingly complex export controls impose complex and burdensome compliance obligations on our partners, suppliers, and customers. We have provided and will continue to provide assistance to authorities regarding attempted diversion, but as we do not have physical control of our products after sale, we must also rely on the compliance programs of our customers and partners. While we seek to strictly comply with all applicable export control regulators, reports of diversion of controlled products, even when unsubstantiated and untrue, or any compliance failure at a customer or partner, may negatively impact our business, relationships with partners and customers, and our reputation. Incorrect allegations that our compliance efforts satisfy the letter but not the “spirit” of the applicable regulations, as well as incorrect allegations that legitimate and appropriate business is using supposed “loopholes” in the export controls may negatively impact our business, relationships with partners and customers, and our reputation.
- We are subject to laws and regulations domestically and worldwide, affecting our operations in areas including, but not limited to, IP ownership and infringement; taxes; import and export requirements and tariffs; anti-corruption, including the Foreign Corrupt Practices Act; business acquisitions; foreign exchange controls and cash repatriation restrictions; foreign ownership and investment; data privacy requirements; competition and antitrust; investing; advertising; employment; product regulations; cybersecurity; environmental, health, and safety requirements; the responsible use of AI; sustainability; cryptocurrency; and consumer laws. Compliance with such requirements can be onerous and expensive, could impact our competitive position, and may negatively impact our business operations and ability to manufacture and ship our products. There can be no assurance that our employees, contractors, suppliers, customers or agents will not violate applicable laws or the policies, controls, and procedures that we have designed to help ensure compliance with such laws, and violations could result in fines, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct of our business, and damage to our reputation. Changes to the laws, rules and regulations to which we are subject, or changes to their interpretation and enforcement, could lead to materially greater compliance and other costs, and/or further restrictions on our ability to manufacture and supply our products and operate our business. For example, we may face increased compliance costs as a result of changes or increases in antitrust legislation, regulation, administrative rule making, increased focus from regulators on cybersecurity vulnerabilities and risks. Our position in markets relating to AI has led to increased interest in our business from regulators worldwide, including the European Union, the United States, the United Kingdom, South Korea, Japan, and China. For example, the French Competition Authority collected information from us regarding our business and competition in the graphics card and CSP market as part of an ongoing inquiry into competition in those markets. We have also received, and continue to receive, broad requests for information from competition regulators in the European Union, the United States, the United Kingdom, China, and South Korea regarding our sales of GPUs and other NVIDIA products, our efforts to allocate supply, foundation models and our investments, partnerships and other agreements with companies developing foundation models, the markets in which we compete and our competition, our strategies, roadmaps, and efforts to develop, market, and sell hardware, software, and system solutions, and our agreements with customers, suppliers, and partners. We expect to receive additional requests for information in the future. Such requests have been and are likely to be expensive and burdensome and could negatively impact our business and our relationships with customers, suppliers, and partners.
- Increasing use of economic sanctions and export controls has impacted and may in the future impact demand for our products or services, negatively impacting our business and financial results. Reduced demand due to export controls has and could in the future lead to excess inventory or cause us to incur related supply charges. Additional unilateral or multilateral controls are also likely to include deemed export control limitations that negatively impact the ability of our research and development teams to execute our roadmap or other objectives in a timely manner. Additional export restrictions may not only impact our ability to serve overseas markets, but also provoke responses from foreign governments, including China, that negatively impact our supply chain or our ability to provide our products and services to customers in all markets worldwide, which could also substantially reduce our revenue. Regulators in China have inquired about our sales and efforts to supply the China market and our fulfillment of the commitments we entered into at the close of our Mellanox acquisition. On September 15, 2025, China’s antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China’s approval of our Mellanox acquisition. If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.
- Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our
GamingEdge Computing revenue, and even if we are able to participate in the China data center compute market, increased oversight of digital platform companies may adversely affect our Data Center revenue. The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls. As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. Although we are already effectively foreclosed from the China market by U.S. export controls, if those controls changed to allow us to return to the market, the Chinese government could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, which may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition. Further restrictions on our products or the products of our suppliers could negatively impact our business and financial results.