<p>美国总统选举已被证明是股市的积极催化剂。截至周一，<strong>标准普尔 500 指数</strong> 自 11 月 5 日以来上涨了 5%。但自那时以来表现不佳的股票之一是 <strong>英伟达</strong>(NVDA 1.37%)，其股价下跌超过 6%。</p>
<p>英伟达处于这样的境地并不寻常，因为它一直是最热门的成长股之一，尤其是在最近几年。它最近的挣扎是否意味着它终于达到了顶峰？</p>
<h2>强劲的财报可能不足以再吸引投资者</h2>
<p>当英伟达上个月公布财报并超出预期时，股价却没有大幅上涨，这或许是对投资者的一个重大警告，表明这只热门的人工智能（AI）股票可能不再那么容易起飞。英伟达在截至 10 月 27 日的期间内销售额几乎翻了一番，达到 350 亿美元，净收入超过 190 亿美元，占总收入的惊人 55%。它超出了预期，因为 AI 需求依然强劲。</p>
<p>问题在于，当一只股票的市值已经达到 3 万亿美元，并且交易价格超过其过去 50 倍的收益时，预期已经相当高。尽管英伟达的股票在过去一个月表现并不算太糟，但它仍然是全球三家最有价值的公司之一（另外两家是 <strong>微软</strong> 和 <strong>苹果</strong>）。英伟达可以被视为一只 “完美定价” 的股票。要想大幅上涨，它可能很容易成为全球最有价值的股票。</p>
<h2>英伟达的股票是否达到了天花板？</h2>
<p>该股票在 11 月 21 日突破了 150 美元的关口，此后未能回到该水平。我确实相信，不仅在该水平上可能存在一些阻力，而且在当前最高市值的水平上也可能存在阻力——今天是苹果，市值约为 3.8 万亿美元。为了说服投资者相信它应该是全球最有价值的股票，并继续上涨，英伟达可能需要做得比现在更多。</p>
<p>投资者可能还担心，未来有越来越多的风险，这可能会影响英伟达的增长前景。</p>
<p>越来越多的科技公司正在开发定制的 AI 芯片，这可能会夺走英伟达的一部分市场份额。中国最近启动了一项反垄断调查，以确定英伟达是否违反了反垄断法。此外，还有担忧认为 AI 支出可能在不久的将来放缓。对于一只完美定价的股票来说，这些都是可能会损害英伟达完美形象的潜在裂痕。</p>
<h2>英伟达仍然是一个好的投资吗？</h2>
<p>如果你打算长期持有英伟达的股票，仍然可以为投资该公司提出强有力的看涨理由。它是 AI 芯片领域的领导者，对其芯片和数据中心的需求依然非常强劲。</p>
<p>但投资者也应该做好股价进一步回调的准备，考虑到其高估值以及市场放缓的可能性。虽然人们很容易认为销售将继续飙升，AI 需求只会不断上升，但科技公司可能会暂停或放慢支出速度，尤其是在经济条件在不久的将来恶化的情况下。如果发生这种情况，英伟达的股票可能会面临修正的风险。</p>
<p>我确实相信英伟达的股票在短期内已经达到顶峰，但这并不意味着它在长期内是一个糟糕的投资。投资者只需做好在未来几个月可能面临更多逆风和股价下跌的准备，因为这个过热的股市可能已经到了修正的时机，而英伟达也不例外。</p>

英伟达

<p>标准普尔 500 指数自美国选举以来上涨了 5%，但英伟达的股票却下跌了超过 6%。尽管业绩强劲，英伟达的高市值和估值可能表明其已达到顶峰。担忧包括人工智能芯片竞争加剧、中国的监管审查以及人工智能支出可能放缓。虽然英伟达仍然是人工智能领域的领导者，但投资者应为由于其高估值和市场状况可能出现的股价调整做好准备。该股票在短期内可能已达到顶峰，但仍可能是一个良好的长期投资</p>

<p>The U.S. presidential election has proven to be a positive catalyst for the stock market. Since Nov. 5, the <strong>S&amp;P 500</strong> has risen by 5% as of Monday. But one stock that hasn't been doing well since then is <strong>Nvidia</strong>(NVDA 1.37%), which has gone in the opposite direction, declining by more than 6%.</p>
<div class="lb-trans"><p>美国总统选举已被证明是股市的积极催化剂。截至周一，<strong>标准普尔 500 指数</strong> 自 11 月 5 日以来上涨了 5%。但自那时以来表现不佳的股票之一是 <strong>英伟达</strong>(NVDA 1.37%)，其股价下跌超过 6%。</p>
</div><p>It's unusual territory for Nvidia to be in, as it has been among the hottest growth stocks to own, especially in recent years. Are its recent struggles a sign that it has finally hit a peak?</p>
<div class="lb-trans"><p>英伟达处于这样的境地并不寻常，因为它一直是最热门的成长股之一，尤其是在最近几年。它最近的挣扎是否意味着它终于达到了顶峰？</p>
</div><h2>A strong earnings report may not be enough to sway investors anymore</h2>
<div class="lb-trans"><h2>强劲的财报可能不足以再吸引投资者</h2>
</div><p>When Nvidia reported earnings last month and beat expectations, and the stock didn't surge in value, that was perhaps the big warning sign to investors that it may not be so easy for the hot artificial intelligence (AI) stock to take off anymore. Nvidia's sales nearly doubled to $35 billion for the period ended Oct. 27 and net income of more than $19 billion was an astounding 55% of the top line. It beat expectations as AI demand remains robust.</p>
<div class="lb-trans"><p>当英伟达上个月公布财报并超出预期时，股价却没有大幅上涨，这或许是对投资者的一个重大警告，表明这只热门的人工智能（AI）股票可能不再那么容易起飞。英伟达在截至 10 月 27 日的期间内销售额几乎翻了一番，达到 350 亿美元，净收入超过 190 亿美元，占总收入的惊人 55%。它超出了预期，因为 AI 需求依然强劲。</p>
</div><p>The problem is that when a stock already has a $3 trillion market cap and is trading at more than 50 times its trailing earnings, expectations are already fairly high. And even though Nvidia's stock hasn't been doing terribly well in the past month, it's still among the top three most valuable companies in the world (the others are <strong>Microsoft</strong> and <strong>Apple</strong>). Nvidia is what you might consider a stock that is &#34;priced to perfection.&#34; For it to rise drastically in value, it could easily become the most highly valued stock in the world.</p>
<div class="lb-trans"><p>问题在于，当一只股票的市值已经达到 3 万亿美元，并且交易价格超过其过去 50 倍的收益时，预期已经相当高。尽管英伟达的股票在过去一个月表现并不算太糟，但它仍然是全球三家最有价值的公司之一（另外两家是 <strong>微软</strong> 和 <strong>苹果</strong>）。英伟达可以被视为一只 “完美定价” 的股票。要想大幅上涨，它可能很容易成为全球最有价值的股票。</p>
</div><h2>Has Nvidia's stock hit a ceiling?</h2>
<div class="lb-trans"><h2>英伟达的股票是否达到了天花板？</h2>
</div><p>The stock crossed the $150 mark on Nov. 21 and it hasn't returned to that level since. I do believe that there may be some resistance not only at that level but at whatever the highest market cap is -- today it's Apple, with a market cap of around $3.8 trillion. For Nvidia to convince investors that it should be the most valuable stock in the world, and continue rising in value, it may need to do even more than it has been doing.</p>
<div class="lb-trans"><p>该股票在 11 月 21 日突破了 150 美元的关口，此后未能回到该水平。我确实相信，不仅在该水平上可能存在一些阻力，而且在当前最高市值的水平上也可能存在阻力——今天是苹果，市值约为 3.8 万亿美元。为了说服投资者相信它应该是全球最有价值的股票，并继续上涨，英伟达可能需要做得比现在更多。</p>
</div><p>Investors may also be concerned that there are a growing number of risks on the horizon, which could weigh on Nvidia's future growth prospects.</p>
<div class="lb-trans"><p>投资者可能还担心，未来有越来越多的风险，这可能会影响英伟达的增长前景。</p>
</div><p>More tech companies are creating custom AI chips, which could take some market share away from Nvidia. China recently launched an antitrust investigation to determine whether Nvidia violated its anti-monopoly laws. And there's also the worry that AI spending may slow in the near future. For a stock that is priced to perfection, these are all potential cracks that could tarnish Nvidia's pristine image.</p>
<div class="lb-trans"><p>越来越多的科技公司正在开发定制的 AI 芯片，这可能会夺走英伟达的一部分市场份额。中国最近启动了一项反垄断调查，以确定英伟达是否违反了反垄断法。此外，还有担忧认为 AI 支出可能在不久的将来放缓。对于一只完美定价的股票来说，这些都是可能会损害英伟达完美形象的潜在裂痕。</p>
</div><h2>Is Nvidia still a good buy?</h2>
<div class="lb-trans"><h2>英伟达仍然是一个好的投资吗？</h2>
</div><p>If you're planning to buy and hold Nvidia stock for the long term, there's still a strong bullish case to be made for investing in the company. It's a leader in the AI chip space and demand remains incredibly strong for not just its chips, but data centers as well.</p>
<div class="lb-trans"><p>如果你打算长期持有英伟达的股票，仍然可以为投资该公司提出强有力的看涨理由。它是 AI 芯片领域的领导者，对其芯片和数据中心的需求依然非常强劲。</p>
</div><p>But investors should also brace for more of a pushback in the stock price, given its high valuation, and the possibility of a slowdown in the market. While it's tempting to think sales will continue soaring and AI demand will only keep on going up and up and up, there's the very real possibility that tech companies may pause or slow down their rate of spending, especially if economic conditions worsen in the near future. Should that happen, Nvidia's stock could be vulnerable to a correction.</p>
<div class="lb-trans"><p>但投资者也应该做好股价进一步回调的准备，考虑到其高估值以及市场放缓的可能性。虽然人们很容易认为销售将继续飙升，AI 需求只会不断上升，但科技公司可能会暂停或放慢支出速度，尤其是在经济条件在不久的将来恶化的情况下。如果发生这种情况，英伟达的股票可能会面临修正的风险。</p>
</div><p>I do believe that Nvidia's stock has peaked in the near term but that doesn't mean that it's a bad buy for the long haul. Investors should simply brace for the possibility of more headwinds and stock declines in the months ahead, as this overheated stock market could be overdue for a correction, and Nvidia is no exception.</p>
<div class="lb-trans"><p>我确实相信英伟达的股票在短期内已经达到顶峰，但这并不意味着它在长期内是一个糟糕的投资。投资者只需做好在未来几个月可能面临更多逆风和股价下跌的准备，因为这个过热的股市可能已经到了修正的时机，而英伟达也不例外。</p>
</div>

The S&P 500 Has Been Rallying Since the U.S. Election but Nvidia Has Been Struggling. Is It a Sign the Stock May Have Finally Peaked?

- 美国总统选举推动股市上涨，标普 500 自 11 月 5 日以来上涨 5%。  
- Nvidia 股价却下跌超过 6%，尽管其财报超出预期，销售额几乎翻倍。  
- 投资者需警惕市场风险，Nvidia 可能面临股价调整。

自美国大选以来，标普 500 指数一直在上涨，但英伟达却表现不佳。这是否意味着该股可能已经见顶了？