<p>今年，<strong>英伟达</strong>(NVDA 2.15%) 的股票表现火爆，到目前为止上涨超过 170%，这背后有很多良好的理由。作为科技巨头，英伟达在人工智能（AI）芯片市场上证明了其主导地位，显示出全球最大的 AI 客户正在排队获取其最新平台。英伟达表示，其即将推出的 Blackwell 架构和芯片的需求已经超过供应，这种情况将持续下去。</p>
<p>公司的成功转化为巨大的盈利增长，最近几个季度的净收入和收入均实现了三位数的增长。这也为英伟达带来了其他里程碑。例如，<strong>道琼斯工业平均指数</strong> 邀请该公司加入。由于其惊人的股票表现，英伟达的市值飙升，曾一度超过 <strong>苹果</strong>，成为全球最有价值的公司。（目前已回到第二的位置，市值为 3.3 万亿美元。）</p>
<p>这一切听起来都很美好。但如果你考虑购买英伟达的股票或已经持有该股票，有一件可能令人失望的事情你需要现在就知道。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达飙升的市值</h2>
<p>不过，首先快速回顾一下英伟达的故事。英伟达并不总是科技巨头。就在 2019 年，英伟达的市值总额不到 1000 亿美元。而在五年前，该公司的市值不到 100 亿美元。英伟达历史上以其高性能的图形处理单元（GPU）而闻名，这些芯片为视频游戏提供令人兴奋的声音和图像；游戏行业是其最大的客户。</p>
<p>但显然，GPU 在其他行业也可以发挥作用，因此英伟达扩大了其关注范围，随着 AI 的兴起，英伟达的 GPU 需求激增。作为加速关键 AI 任务（如模型训练和推理）的理想工具，英伟达的 GPU 很快成为开发 AI 平台的公司的首选芯片。</p>
<p>英伟达的业务已经远远超出了 GPU，今天提供各种 AI 产品和服务，几乎成为 AI 客户的一站式商店。如今，英伟达达到了一个关键里程碑：Blackwell 的发布。在第三季度，这家科技巨头发运了 13,000 个 GPU 样品，目前正在加速生产。</p>
<p>现在，让我们考虑一个可能让一些投资者感到失望的因素，这可能会影响英伟达的股票表现。我在这里谈论的是收入增长。如前所述，该公司在最近几个季度稳步实现了三位数的增长——直到最近的第三季度。收入增长放缓至两位数，增长 94%，超过 350 亿美元。公司预测第四季度的收入增长约为 70%，显示出持续放缓的趋势。</p>
<h2>一些成长型投资者可能会做什么</h2>
<p>看到这一趋势，一些成长型投资者可能会感到失望，转而选择那些提供更高增长水平的小型新兴公司。这可能会影响股票表现。</p>
<p>如果英伟达能够在成为成熟市场巨头后继续实现三位数的收入增长，那将是非常好的。但从现实角度来看，一旦一家公司达到英伟达目前的收入水平，每个季度实现三位数的增长就变得更加困难。一年前，英伟达的比较季度比现在容易得多。仅仅两年前，英伟达报告的第三季度收入仅为 59 亿美元。今年的第三季度相比之下增长了 490%。</p>
<p>这意味着，尽管看到增长放缓可能令人失望，但这并不是一个负面信号，并不真正意味着放缓。对英伟达产品和服务的需求正在激增，公司保持着超过 70% 的毛利率，显示出销售的高盈利能力。因此，将增长放缓放在背景中来看是很重要的，当这样做时，很明显英伟达并没有失去动力，而是进入了下一个增长阶段，考虑到 AI 市场的良好增长前景，这可能会导致未来惊人的收入。</p>

英伟达

<p>英伟达的股票今年上涨超过 170%，这得益于其在人工智能芯片市场的主导地位和显著的盈利增长。然而，第三季度的收入增长已放缓至 94%，第四季度的预测为 70%，这可能会让一些投资者感到失望。尽管如此，英伟达的需求依然强劲，毛利率超过 70%，显示出高盈利能力。增长放缓被视为该规模公司自然发展的过程，人工智能市场的前景依然强劲</p>

<p>This year, <strong>Nvidia</strong>(NVDA 2.15%) stock has been on fire, soaring more than 170% so far, and there have been plenty of good reasons for this top performance. The tech giant has proven its dominance in the artificial intelligence (AI) chip market, showing that the world's biggest AI customers are lining up to get their hands on its latest platform. Nvidia says demand for its upcoming Blackwell architecture and chip has surpassed supply, and that's set to continue.</p>
<div class="lb-trans"><p>今年，<strong>英伟达</strong>(NVDA 2.15%) 的股票表现火爆，到目前为止上涨超过 170%，这背后有很多良好的理由。作为科技巨头，英伟达在人工智能（AI）芯片市场上证明了其主导地位，显示出全球最大的 AI 客户正在排队获取其最新平台。英伟达表示，其即将推出的 Blackwell 架构和芯片的需求已经超过供应，这种情况将持续下去。</p>
</div><p>The company's successes have translated into massive earnings growth, with quarterly net income and revenue climbing in the triple digits in recent times. This has led to other milestones for Nvidia too. For example, the <strong>Dow Jones Industrial Average</strong> invited the company to join. And Nvidia's market cap, thanks to its incredible stock performance, has skyrocketed, helping it temporarily soar past <strong>Apple</strong> to become the world's most valuable company. (It's since returned to the second spot, with a market value of $3.3 trillion.)</p>
<div class="lb-trans"><p>公司的成功转化为巨大的盈利增长，最近几个季度的净收入和收入均实现了三位数的增长。这也为英伟达带来了其他里程碑。例如，<strong>道琼斯工业平均指数</strong> 邀请该公司加入。由于其惊人的股票表现，英伟达的市值飙升，曾一度超过 <strong>苹果</strong>，成为全球最有价值的公司。（目前已回到第二的位置，市值为 3.3 万亿美元。）</p>
</div><p>All of this sounds fantastic. But if you're considering buying Nvidia stock or already hold shares, there's one potentially disappointing thing about the company you need to know right now.</p>
<div class="lb-trans"><p>这一切听起来都很美好。但如果你考虑购买英伟达的股票或已经持有该股票，有一件可能令人失望的事情你需要现在就知道。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799366%2Fgettyimages-two-women-study-something-on-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Nvidia's soaring market value</h2>
<div class="lb-trans"><h2>英伟达飙升的市值</h2>
</div><p>First, though, a quick summary of the Nvidia story so far. Nvidia wasn't always a technology giant. As recently as 2019, Nvidia's market cap totaled less than $100 billion. And five years before that, the company registered a market value of less than $10 billion. Nvidia historically was known for its top-performing graphics processing units (GPUs), chips that power the exciting sounds and images of video games; the gaming industry was its biggest customer.</p>
<div class="lb-trans"><p>不过，首先快速回顾一下英伟达的故事。英伟达并不总是科技巨头。就在 2019 年，英伟达的市值总额不到 1000 亿美元。而在五年前，该公司的市值不到 100 亿美元。英伟达历史上以其高性能的图形处理单元（GPU）而闻名，这些芯片为视频游戏提供令人兴奋的声音和图像；游戏行业是其最大的客户。</p>
</div><p>But it was clear the GPU could be useful in other industries too, so Nvidia expanded its focus, and with the AI boom, Nvidia's GPU saw demand soar. As the ideal tool to accelerate crucial AI tasks such as the training and inferencing of models, Nvidia's GPU soon became the go-to chip for companies developing AI platforms.</p>
<div class="lb-trans"><p>但显然，GPU 在其他行业也可以发挥作用，因此英伟达扩大了其关注范围，随着 AI 的兴起，英伟达的 GPU 需求激增。作为加速关键 AI 任务（如模型训练和推理）的理想工具，英伟达的 GPU 很快成为开发 AI 平台的公司的首选芯片。</p>
</div><p>Nvidia has expanded well beyond the GPU and today offers a wide variety of AI products and services, making it almost the one-stop shop for AI customers. And today, Nvidia has reached a key milestone: the launch of Blackwell. In the third quarter, the tech giant shipped 13,000 GPU samples and currently is in the process of ramping production.</p>
<div class="lb-trans"><p>英伟达的业务已经远远超出了 GPU，今天提供各种 AI 产品和服务，几乎成为 AI 客户的一站式商店。如今，英伟达达到了一个关键里程碑：Blackwell 的发布。在第三季度，这家科技巨头发运了 13,000 个 GPU 样品，目前正在加速生产。</p>
</div><p>Now, let's consider the one disappointing element that could perturb some investors and even weigh on Nvidia's stock performance. And here I'm talking about revenue growth. As mentioned earlier, the company has steadily delivered triple-digit growth quarter after quarter -- until this recent Q3. Revenue growth slowed to the double digits, climbing 94% to more than $35 billion. And the company predicts revenue growth of about 70% year over year for Q4, showing a continued slowdown.</p>
<div class="lb-trans"><p>现在，让我们考虑一个可能让一些投资者感到失望的因素，这可能会影响英伟达的股票表现。我在这里谈论的是收入增长。如前所述，该公司在最近几个季度稳步实现了三位数的增长——直到最近的第三季度。收入增长放缓至两位数，增长 94%，超过 350 亿美元。公司预测第四季度的收入增长约为 70%，显示出持续放缓的趋势。</p>
</div><h2>What some growth investors may do</h2>
<div class="lb-trans"><h2>一些成长型投资者可能会做什么</h2>
</div><p>Seeing this trend, some growth investors may be disappointed and turn away from Nvidia in favor of smaller up-and-coming companies that offer higher growth levels. This may weigh on stock performance.</p>
<div class="lb-trans"><p>看到这一趋势，一些成长型投资者可能会感到失望，转而选择那些提供更高增长水平的小型新兴公司。这可能会影响股票表现。</p>
</div><p>It would be great if Nvidia could continue generating triple-digit revenue growth even after becoming a well-established market giant. But, realistically speaking, once a company reaches the level of revenue Nvidia has reached, it's much more difficult to deliver triple-digit growth every quarter. A year ago, Nvidia's comparison quarters were much easier to beat than they are today. Just two years ago, Nvidia reported Q3 revenue of only $5.9 billion. This year's Q3 represents a 490% gain from that level.</p>
<div class="lb-trans"><p>如果英伟达能够在成为成熟市场巨头后继续实现三位数的收入增长，那将是非常好的。但从现实角度来看，一旦一家公司达到英伟达目前的收入水平，每个季度实现三位数的增长就变得更加困难。一年前，英伟达的比较季度比现在容易得多。仅仅两年前，英伟达报告的第三季度收入仅为 59 亿美元。今年的第三季度相比之下增长了 490%。</p>
</div><p>This means that, though it may be disappointing to see slower growth, it isn't a negative sign and doesn't really suggest a slowdown. Demand for Nvidia's products and services is booming, and the company maintains a gross margin of more than 70%, showing high profitability on sales. So, it's important to put the slowdown in growth into context, and when this is done, it's clear that Nvidia isn't losing steam but instead moving on to its next phase of growth, which, considering solid growth prospects for the AI market, could lead to mind-boggling revenue well into the future.</p>
<div class="lb-trans"><p>这意味着，尽管看到增长放缓可能令人失望，但这并不是一个负面信号，并不真正意味着放缓。对英伟达产品和服务的需求正在激增，公司保持着超过 70% 的毛利率，显示出销售的高盈利能力。因此，将增长放缓放在背景中来看是很重要的，当这样做时，很明显英伟达并没有失去动力，而是进入了下一个增长阶段，考虑到 AI 市场的良好增长前景，这可能会导致未来惊人的收入。</p>
</div>

Here's the 1 Potentially Disappointing Thing About Nvidia You Need to Know Right Now

- Nvidia 股价今年上涨超过 170%，显示出其在 AI 芯片市场的主导地位。  
- 尽管第三季度收入增长放缓至 94%，但公司仍保持高盈利能力。  
- Nvidia 预计第四季度收入增长约 70%，显示出持续的市场需求。  

关于英伟达你现在需要知道的一个可能令人失望的事情