<p>本周对科技投资者来说是一个重要时刻，因为或许是今年最受期待的财报即将发布：<strong>Nvidia</strong>（NVDA -1.52%）将在 11 月 20 日（星期三）公布其第三季度业绩。</p>
<p>这家推动市场繁荣的人工智能（AI）巨头有很多问题需要回答。它如何应对其一个关键供应商最近出现的问题？其最新的 Blackwell 芯片的发布是否按计划进行？</p>
<p>我们将在星期三了解到更多信息，但在此之前，有很多理由可以提前购买 Nvidia 的股票。虽然总有可能会揭示一些令人失望的消息，但 Nvidia 目前似乎处于一个过于强大的位置，难以在长期内显著改变其发展轨迹。以下是今天购买 Nvidia 股票的三个理由。</p>
<h2>1. Blackwell 看起来很强大</h2>
<p>我们将了解到更多关于 Blackwell 发布的信息，但所有迹象都表明 Nvidia 最新一代芯片的推出非常成功。今年早些时候，关于制造问题的报道曾让投资者感到不安。现在很明显，Nvidia 迅速处理了这个问题，原本可能会造成重大延误的情况仅仅延迟了一两个月。Blackwell 即将交付给客户。</p>
<p>这些芯片是对已经极其强大的 Hopper 芯片的重大升级，尽管其继任者即将发布，但 Hopper 芯片似乎仍然销售得非常好。埃隆·马斯克及其 xAI 团队在几个月前购买了 10 万颗 Hopper 芯片，并正在购买另外 5 万颗。</p>
<p>当当前和未来版本的需求如火如荼时，处于这样的地位是非常有利的。据报道，Nvidia 在 Blackwell 发布后至少 12 个月内已经售罄。</p>
<p>Nvidia 首席执行官黄仁勋形容这种需求为 “疯狂”。该公司正在与 <strong>富士康</strong> 合作，以满足这种需求，在墨西哥开设一座专门生产 Blackwell 的工厂。</p>
<h2>2. 大型科技公司仍在大量支出</h2>
<p>从 Nvidia 的主要客户最近的大型科技财报电话会议来看，资金仍在流入。像 <strong>微软</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 这样的科技巨头正在花费数十亿美元建设能够满足 AI 需求的数据中心。这些公司的资本支出（capex）在过去一年中急剧上升，其中大部分流入了 Nvidia 的口袋。这个趋势可能会持续下去。</p>
<p>Meta 计划大幅提升其 2025 年的资本支出，首席执行官马克·扎克伯格强调了 AI 进步带来的可观投资回报（ROI）潜力，甚至暗示资本支出需要进一步增长。Alphabet 在上个季度花费了 130 亿美元建设数据中心，并预计在第四季度也将花费同样的金额，预计全年资本支出将超过 500 亿美元。</p>
<h2>3. Nvidia 拥有巨额自由现金流</h2>
<p>自由现金流（FCF）是衡量公司财务健康的重要指标，而 Nvidia 拥有大量的自由现金流。看看过去几年与其竞争对手 <strong>AMD</strong> 相比，FCF 的爆炸性增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b5f853f4cd7a1df0fc760b5f1d63482.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b5f853f4cd7a1df0fc760b5f1d63482.png"/></p>
<p>Nvidia 自由现金流数据来源于 YCharts。</p>
<p>这是一个重大分歧。自由现金流可以用于各种提升公司业务能力或丰富股东的用途，通常两者兼而有之。它为 Nvidia 提供了巨大的资源，以快速有效地应对市场，并关键性地捍卫其市场主导地位。当 AMD 等公司努力跟上时，Nvidia 可以利用这些资本在研发或挖掘人才等方面大幅超越竞争对手。</p>
<p>与此同时，自由现金流也可以用于回购股票，而这正是 Nvidia 一直在做的。在今年上半年的过程中，它回购了 151 亿美元的股票，而在上个季度，宣布董事会已批准额外 500 亿美元的股票回购计划。</p>
<p>在星期三，我们将看到他们使用了多少这 500 亿美元。然而，很明显，该公司致力于回馈股东。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

<p>英伟达计划于 11 月 20 日公布其第三季度财报，分析师建议这是购买该股票的好时机。主要原因包括预计其新款 Blackwell 芯片的成功推出、大型科技公司在人工智能基础设施上的持续高支出，以及英伟达强劲的自由现金流，这使其能够进行重大投资和回馈股东。对英伟达产品的需求依然强劲，有报告显示该公司至少一年的 Blackwell 芯片已经售罄</p>

<p>This week marks a big moment for tech investors as perhaps the most anticipated earnings of the year will be released: <strong>Nvidia</strong>(NVDA -1.52%) will announce its Q3 numbers on Wednesday, Nov. 20.</p>
<div class="lb-trans"><p>本周对科技投资者来说是一个重要时刻，因为或许是今年最受期待的财报即将发布：<strong>Nvidia</strong>（NVDA -1.52%）将在 11 月 20 日（星期三）公布其第三季度业绩。</p>
</div><p>The artificial intelligence (AI) titan powering a market boom has a lot of questions to answer. How is it dealing with the recent issues at one of its key suppliers? Is the release of its newest Blackwell chip going according to plan?</p>
<div class="lb-trans"><p>这家推动市场繁荣的人工智能（AI）巨头有很多问题需要回答。它如何应对其一个关键供应商最近出现的问题？其最新的 Blackwell 芯片的发布是否按计划进行？</p>
</div><p>We'll learn more on Wednesday, but there are plenty of reasons to buy Nvidia's stock ahead of time. While there's always a chance something disappointing could be revealed, Nvidia currently appears to be in too strong a position to meaningfully change its trajectory over the long term. Here are three reasons why Nvidia's stock is a buy today.</p>
<div class="lb-trans"><p>我们将在星期三了解到更多信息，但在此之前，有很多理由可以提前购买 Nvidia 的股票。虽然总有可能会揭示一些令人失望的消息，但 Nvidia 目前似乎处于一个过于强大的位置，难以在长期内显著改变其发展轨迹。以下是今天购买 Nvidia 股票的三个理由。</p>
</div><h2>1. Blackwell looks big</h2>
<div class="lb-trans"><h2>1. Blackwell 看起来很强大</h2>
</div><p>We'll learn more about Blackwell's release, but all signs point to a successful rollout of Nvidia's newest iteration chips. There was a hiccup earlier this year when reports of fabrication issues spooked investors. It's now clear that Nvidia handled the issue swiftly, and what could have been a significant delay was only a month or two. Blackwell is set to be delivered to customers shortly.</p>
<div class="lb-trans"><p>我们将了解到更多关于 Blackwell 发布的信息，但所有迹象都表明 Nvidia 最新一代芯片的推出非常成功。今年早些时候，关于制造问题的报道曾让投资者感到不安。现在很明显，Nvidia 迅速处理了这个问题，原本可能会造成重大延误的情况仅仅延迟了一两个月。Blackwell 即将交付给客户。</p>
</div><p>The chips are a significant upgrade to the already uber-powerful Hopper chips, which still appear to be selling extremely well despite the imminent release of their successors. Elon Musk and his xAI team bought 100,000 Hopper chips just a few months ago and are in the process of purchasing another 50,000.</p>
<div class="lb-trans"><p>这些芯片是对已经极其强大的 Hopper 芯片的重大升级，尽管其继任者即将发布，但 Hopper 芯片似乎仍然销售得非常好。埃隆·马斯克及其 xAI 团队在几个月前购买了 10 万颗 Hopper 芯片，并正在购买另外 5 万颗。</p>
</div><p>It's a great position to be in when the demand for current and future iterations is at a fever pitch. It's been reported that Nvidia is sold out of Blackwell for at least 12 months following its release.</p>
<div class="lb-trans"><p>当当前和未来版本的需求如火如荼时，处于这样的地位是非常有利的。据报道，Nvidia 在 Blackwell 发布后至少 12 个月内已经售罄。</p>
</div><p>Nvidia CEO Jensen Huang described the demand as &#34;insane.&#34; The company is partnering with <strong>Foxconn</strong> in order to meet that demand, opening a new Blackwell-specific fabrication plant in Mexico.</p>
<div class="lb-trans"><p>Nvidia 首席执行官黄仁勋形容这种需求为 “疯狂”。该公司正在与 <strong>富士康</strong> 合作，以满足这种需求，在墨西哥开设一座专门生产 Blackwell 的工厂。</p>
</div><h2>2. Big Tech is still spending huge amounts</h2>
<div class="lb-trans"><h2>2. 大型科技公司仍在大量支出</h2>
</div><p>Taking a look at recent big-tech earnings calls from Nvidia's top customers, it's clear the money is still flowing. Tech giants like <strong>Microsoft</strong>, <strong>Meta</strong>, and <strong>Alphabet</strong> are spending billions building data centers that can handle the demands of AI. The capital expenditure (capex) of these companies rose sharply over the last year, with much of it flowing into Nvidia's coffers. The trend will likely continue.</p>
<div class="lb-trans"><p>从 Nvidia 的主要客户最近的大型科技财报电话会议来看，资金仍在流入。像 <strong>微软</strong>、<strong>Meta</strong> 和 <strong>Alphabet</strong> 这样的科技巨头正在花费数十亿美元建设能够满足 AI 需求的数据中心。这些公司的资本支出（capex）在过去一年中急剧上升，其中大部分流入了 Nvidia 的口袋。这个趋势可能会持续下去。</p>
</div><p>Meta aims to significantly boost its 2025 capital expenditure, with CEO Mark Zuckerberg emphasizing the potential for a substantial return on investment (ROI) from AI advancements and even suggesting that capex needs to grow further. Alphabet spent $13 billion last quarter building data centers and expects the same in Q4, putting it on track to top $50 billion in capex for the year.</p>
<div class="lb-trans"><p>Meta 计划大幅提升其 2025 年的资本支出，首席执行官马克·扎克伯格强调了 AI 进步带来的可观投资回报（ROI）潜力，甚至暗示资本支出需要进一步增长。Alphabet 在上个季度花费了 130 亿美元建设数据中心，并预计在第四季度也将花费同样的金额，预计全年资本支出将超过 500 亿美元。</p>
</div><h2>3. Nvidia has massive free cash flow</h2>
<div class="lb-trans"><h2>3. Nvidia 拥有巨额自由现金流</h2>
</div><p>Free cash flow (FCF) is a critical measure of a company's financial health, and Nvidia has a lot of it. Look at the explosion in FCF over the last few years compared to its rival <strong>AMD</strong>.</p>
<div class="lb-trans"><p>自由现金流（FCF）是衡量公司财务健康的重要指标，而 Nvidia 拥有大量的自由现金流。看看过去几年与其竞争对手 <strong>AMD</strong> 相比，FCF 的爆炸性增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4b5f853f4cd7a1df0fc760b5f1d63482.png" alt="" original-src="https://media.ycharts.com/charts/4b5f853f4cd7a1df0fc760b5f1d63482.png"/></p>
<p>Nvidia Free Cash Flow data by YCharts.</p>
<div class="lb-trans"><p>Nvidia 自由现金流数据来源于 YCharts。</p>
</div><p>That is a major divergence. FCF can be used for all sorts of things that either boost a company's ability to do business or enrich its shareholders, often both. It gives Nvidia immense resources to respond quickly and effectively to the market and critically defend its market dominance. As AMD and others try to keep pace, Nvidia can deploy this capital to outspend its competition significantly on, say, more R&amp;D or poaching talent.</p>
<div class="lb-trans"><p>这是一个重大分歧。自由现金流可以用于各种提升公司业务能力或丰富股东的用途，通常两者兼而有之。它为 Nvidia 提供了巨大的资源，以快速有效地应对市场，并关键性地捍卫其市场主导地位。当 AMD 等公司努力跟上时，Nvidia 可以利用这些资本在研发或挖掘人才等方面大幅超越竞争对手。</p>
</div><p>At the same time, FCF can be used to repurchase shares, and that's exactly what Nvidia has been doing. Over the course of the first half of the year, it repurchased $15.1 billion in stock, and last quarter, announced the board had approved $50 billion in additional stock buybacks.</p>
<div class="lb-trans"><p>与此同时，自由现金流也可以用于回购股票，而这正是 Nvidia 一直在做的。在今年上半年的过程中，它回购了 151 亿美元的股票，而在上个季度，宣布董事会已批准额外 500 亿美元的股票回购计划。</p>
</div><p>On Wednesday, we'll see just how much of the $50 billion they've used. It's clear, however, that the company is committed to doing its part to reward its shareholders.</p>
<div class="lb-trans"><p>在星期三，我们将看到他们使用了多少这 500 亿美元。然而，很明显，该公司致力于回馈股东。</p>
</div>

3 Reasons to Buy Nvidia Stock Before November 20

- Nvidia 将于 11 月 20 日发布 Q3 财报，市场关注其供应商问题及新芯片进展。  
- 公司新款 Blackwell 芯片需求强劲，预计将于发布后 12 个月内售罄。  
- 大型科技公司持续增加资本支出，Nvidia 自由现金流显著增长，支持其市场主导地位。  

在 11 月 20 日之前购买 Nvidia 股票的 3 个理由