Savior! Here's a quick overview of Nvidia's latest earnings report:

Nvidia exceeded expectations, no surprises!!
1. Revenue for Q4 2025 is projected at $68.1 billion, with a net profit of $43 billion, a 94% year-over-year increase, and an astonishing net profit margin of 63%
2. Revenue guidance for Q1 2026 is $79.6 billion
3. Since ChatGPT, data center revenue has grown 12-fold
4. Gross margin is approximately 75%
5. Free cash flow is $34.9 billion, up $20 billion year-over-year
6. Over the past year, the company generated a net profit of $120 billion
7. Nvidia has about 36,000 employees. Breaking it down, each employee generates a net profit of up to $3.33 million annually, roughly 23 million RMB
For a company like Nvidia, not exceeding expectations is considered a miss; overall, it looks pretty good now.
What’s most intriguing is the market reaction after hours:
It indicates that the market is confident in Nvidia’s 2026 performance, but everyone is actually more concerned about another issue: what about the capital expenditure plan for 2027? Where is it? Why hasn’t it been announced yet?
In other words, if tech giants continue to increase capital spending in 2027 and can convince the market that these investments won’t be wasted, there’s little problem for US stocks to reach new highs.
If these two points don’t materialize, it will be difficult for US stocks to hit new highs, but that doesn’t mean a crash is imminent; after all, the tool of rate cuts and balance sheet expansion has yet to be used.
This is also the current state of the US stock market.