<p><strong>英伟达</strong>(NVDA -2.62%) 的股票在 2024 年再次实现了爆炸性的增长。根据 S&amp;P Global Market Intelligence 的数据，该公司的股价在年末交易中上涨了 171.2%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/486c5b977969c769de84279cc7972324.png?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://media.ycharts.com/charts/486c5b977969c769de84279cc7972324.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>去年，英伟达继续看到其用于人工智能（AI）的图形处理单元（GPU）需求非常强劲。该公司在四个季度中均实现了销售和盈利的超预期，其估值也随着分析师的乐观覆盖、新的增长举措以及公司的股票拆分而飙升。</p>
<h2>英伟达股票在 2024 年再次表现出色</h2>
<p>去年，英伟达在 AI 处理器领域继续占据主导地位。随着科技公司增加对 AI 基础设施的支出，英伟达又实现了强劲的销售和盈利报告。</p>
<p>该公司在 2024 年日历年发布的四个季度报告中，均超越了华尔街的平均销售和盈利目标。下表详细列出了该公司的收入表现与平均分析师预期的对比。</p>
<table>
<thead>
<tr>
<th>财政季度</th>
<th>华尔街共识收入目标</th>
<th>实际收入</th>
<th>超出百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>2024 年第四季度</td>
<td>206.2 亿美元</td>
<td>221 亿美元</td>
<td>7.2%</td>
</tr>
<tr>
<td>2025 年第一季度</td>
<td>246.5 亿美元</td>
<td>260.4 亿美元</td>
<td>5.6%</td>
</tr>
<tr>
<td>2025 年第二季度</td>
<td>287 亿美元</td>
<td>300.4 亿美元</td>
<td>4.7%</td>
</tr>
<tr>
<td>2025 年第三季度</td>
<td>331.6 亿美元</td>
<td>350.8 亿美元</td>
<td>5.8%</td>
</tr>
</tbody>
</table>
<p>数据来源：英伟达和 CNBC。</p>
<p>随着业务持续保持非常强劲的利润率，销售超预期意味着该公司的季度报告也带来了远超华尔街目标的盈利结果。</p>
<p>除了基本面表现的催化剂外，英伟达的股票还因去年进行的股票拆分而受到提振。该公司于 5 月 22 日宣布进行 10 比 1 的股票拆分，并立即看到乐观情绪的上升。公司的拆分于 6 月 10 日实施。尽管在完成拆分后其股票没有立即大幅上涨，但随后估值的增加可能得益于拆分。</p>
<h2>为什么英伟达股票在 2025 年下跌？</h2>
<p>由于 <strong>微软</strong> 关于其今年 AI 基础设施支出计划的消息，英伟达股票在 2025 年初实际上实现了上涨。1 月 3 日，微软发布了一篇博客文章，表示公司计划在今年花费大约 800 亿美元来建设其 AI 数据中心能力。英伟达的 GPU 是当今最先进的 AI 训练系统和应用的基础硬件元素，预计将成为微软大规模支出推动的最大受益者。</p>
<p>但随后，英伟达的股票因宏观经济压力和地缘政治风险因素而出现回调。截至目前，该公司的股价在 2025 年的交易中下跌了约 1.5%。</p>
<p>1 月 10 日，美国劳工统计局发布了 12 月份的就业数据。报告显示，美国经济上个月新增了 256,000 个就业岗位，远超该期间平均预测的 155,000 个新增岗位。高于预期的就业增长引发了对通胀可能高于投资者和经济学家预期的担忧。如果是这样，这使得美联储降低利率的可能性降低，从而为成长股创造了不太有利的背景。</p>
<p>在美国将扩大对向中国和其他竞争国家出口先进 AI 芯片的限制的消息传出后，英伟达股票面临另一个看跌压力。此前已经实施的出口禁令阻止了英伟达最先进处理器的对华销售，但看起来限制的严重性和范围在短期内有显著增加的趋势。</p>

英伟达

<p>英伟达的股票在 2024 年因对其人工智能 GPU 的强劲需求、持续的销售和盈利超预期以及股票拆分而飙升了 171.2%。然而，在 2025 年，股票因宏观经济压力、对通货膨胀的担忧以及美国对中国先进人工智能芯片的出口限制扩大而下滑，跌幅为 1.5%。尽管最初受益于微软的人工智能支出计划，但这些因素导致了股票的下跌</p>

<p><strong>Nvidia</strong>(NVDA -2.62%) stock posted another year of explosive gains in 2024. The company's share price closed out the year's trading up 171.2%, according to data from S&amp;P Global Market Intelligence.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.62%) 的股票在 2024 年再次实现了爆炸性的增长。根据 S&amp;P Global Market Intelligence 的数据，该公司的股价在年末交易中上涨了 171.2%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/486c5b977969c769de84279cc7972324.png" alt="" original-src="https://media.ycharts.com/charts/486c5b977969c769de84279cc7972324.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>Nvidia continued to see very strong demand for its graphics processing units (GPUs) for artificial intelligence (AI) last year. The company delivered four quarters of sales and earnings beats, and its valuation also soared in conjunction with bullish coverage from analysts, new growth initiatives, and the company's stock split.</p>
<div class="lb-trans"><p>去年，英伟达继续看到其用于人工智能（AI）的图形处理单元（GPU）需求非常强劲。该公司在四个季度中均实现了销售和盈利的超预期，其估值也随着分析师的乐观覆盖、新的增长举措以及公司的股票拆分而飙升。</p>
</div><h2>Nvidia stock delivers another fantastic performance in 2024</h2>
<div class="lb-trans"><h2>英伟达股票在 2024 年再次表现出色</h2>
</div><p>Nvidia continued to command a dominating position in AI processors last year. With tech companies increasing their spending on AI infrastructure, Nvidia delivered another year of strong sales and earnings reports.</p>
<div class="lb-trans"><p>去年，英伟达在 AI 处理器领域继续占据主导地位。随着科技公司增加对 AI 基础设施的支出，英伟达又实现了强劲的销售和盈利报告。</p>
</div><p>The company managed to beat the average Wall Street sales and earnings targets with each of the four quarterly reports it published in calendar 2024. The table below breaks down the company's top-line performances compared to the average analyst estimates.</p>
<div class="lb-trans"><p>该公司在 2024 年日历年发布的四个季度报告中，均超越了华尔街的平均销售和盈利目标。下表详细列出了该公司的收入表现与平均分析师预期的对比。</p>
</div><table>
<thead>
<tr>
<th>Fiscal Quarter</th>
<th>Wall Street Consensus Revenue Target</th>
<th>Actual Revenue</th>
<th>Percentage Beat</th>
</tr>
</thead>
<tbody>
<tr>
<td>Q4 2024</td>
<td>$20.62 billion</td>
<td>$22.1 billion</td>
<td>7.2%</td>
</tr>
<tr>
<td>Q1 2025</td>
<td>$24.65 billion</td>
<td>$26.04 billion</td>
<td>5.6%</td>
</tr>
<tr>
<td>Q2 2025</td>
<td>$28.7 billion</td>
<td>$30.04 billion</td>
<td>4.7%</td>
</tr>
<tr>
<td>Q3 2025</td>
<td>$33.16 billion</td>
<td>$35.08 billion</td>
<td>5.8%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>财政季度</th>
<th>华尔街共识收入目标</th>
<th>实际收入</th>
<th>超出百分比</th>
</tr>
</thead>
<tbody>
<tr>
<td>2024 年第四季度</td>
<td>206.2 亿美元</td>
<td>221 亿美元</td>
<td>7.2%</td>
</tr>
<tr>
<td>2025 年第一季度</td>
<td>246.5 亿美元</td>
<td>260.4 亿美元</td>
<td>5.6%</td>
</tr>
<tr>
<td>2025 年第二季度</td>
<td>287 亿美元</td>
<td>300.4 亿美元</td>
<td>4.7%</td>
</tr>
<tr>
<td>2025 年第三季度</td>
<td>331.6 亿美元</td>
<td>350.8 亿美元</td>
<td>5.8%</td>
</tr>
</tbody>
</table>
</div><p>Data sources: Nvidia and CNBC.</p>
<div class="lb-trans"><p>数据来源：英伟达和 CNBC。</p>
</div><p>With the business continuing to post very strong margins, sales beats meant that the company's quarterly reports also arrived with earnings results that came in well ahead of Wall Street's targets.</p>
<div class="lb-trans"><p>随着业务持续保持非常强劲的利润率，销售超预期意味着该公司的季度报告也带来了远超华尔街目标的盈利结果。</p>
</div><p>In addition to fundamental performance catalysts, Nvidia stock also got a lift from a stock split last year. The company announced a 10-for-1 stock split on May 22 and immediately saw an uptick in bullish momentum. The company's split was carried out on June 10. While its stock didn't immediately see big gains following the completion of the move, it did see subsequent valuation increases that may have been aided by the split.</p>
<div class="lb-trans"><p>除了基本面表现的催化剂外，英伟达的股票还因去年进行的股票拆分而受到提振。该公司于 5 月 22 日宣布进行 10 比 1 的股票拆分，并立即看到乐观情绪的上升。公司的拆分于 6 月 10 日实施。尽管在完成拆分后其股票没有立即大幅上涨，但随后估值的增加可能得益于拆分。</p>
</div><h2>Why is Nvidia stock losing ground in 2025?</h2>
<div class="lb-trans"><h2>为什么英伟达股票在 2025 年下跌？</h2>
</div><p>Nvidia stock actually saw gains early in 2025 thanks to news from <strong>Microsoft</strong> about its plans for AI infrastructure spending this year. On Jan. 3, Microsoft published a blog post stating that the company planned to spend roughly $80 billion this year to build out its AI data center capabilities. Nvidia's GPUs are the foundational hardware element powering today's most advanced AI training systems and applications, and it likely stands to be the largest beneficiary of Microsoft's big spending push.</p>
<div class="lb-trans"><p>由于 <strong>微软</strong> 关于其今年 AI 基础设施支出计划的消息，英伟达股票在 2025 年初实际上实现了上涨。1 月 3 日，微软发布了一篇博客文章，表示公司计划在今年花费大约 800 亿美元来建设其 AI 数据中心能力。英伟达的 GPU 是当今最先进的 AI 训练系统和应用的基础硬件元素，预计将成为微软大规模支出推动的最大受益者。</p>
</div><p>But Nvidia stock has subsequently seen pullbacks in conjunction with macroeconomic pressures and geopolitical risk factors. As of this writing, the company's share price is down roughly 1.5% across 2025's trading.</p>
<div class="lb-trans"><p>但随后，英伟达的股票因宏观经济压力和地缘政治风险因素而出现回调。截至目前，该公司的股价在 2025 年的交易中下跌了约 1.5%。</p>
</div><p>On Jan. 10, the Bureau of Labor Statistics published U.S. jobs numbers for December. The report showed that the U.S. economy added 256,000 jobs last month, which came in far ahead of the average forecast for additions of 155,000 jobs in the period. The higher-than-expected jobs growth raised concerns that inflation could be trending higher than investors and economists anticipated. If so, that makes it less likely that the Federal Reserve will cut interest rates and create a more favorable backdrop for growth stocks.</p>
<div class="lb-trans"><p>1 月 10 日，美国劳工统计局发布了 12 月份的就业数据。报告显示，美国经济上个月新增了 256,000 个就业岗位，远超该期间平均预测的 155,000 个新增岗位。高于预期的就业增长引发了对通胀可能高于投资者和经济学家预期的担忧。如果是这样，这使得美联储降低利率的可能性降低，从而为成长股创造了不太有利的背景。</p>
</div><p>Nvidia stock is facing another bearish pressure following news that the U.S. will expand its restrictions on the export of advanced AI chips to China and other rival nations. Export bans were already in place that prevented Nvidia's most advanced processors from being sold to China, but it looks like the severity and breadth of limitations is poised to increase significantly in the near term.</p>
<div class="lb-trans"><p>在美国将扩大对向中国和其他竞争国家出口先进 AI 芯片的限制的消息传出后，英伟达股票面临另一个看跌压力。此前已经实施的出口禁令阻止了英伟达最先进处理器的对华销售，但看起来限制的严重性和范围在短期内有显著增加的趋势。</p>
</div>

Why Nvidia Stock Skyrocketed 171.2% in 2024 but Is Losing Ground in 2025

- Nvidia 股票在 2024 年上涨 171.2%，受强劲 AI 需求推动。  
- 公司四个季度均超出华尔街销售和盈利预期，且实施了 10 比 1 的股票拆分。  
- 2025 年初，尽管面临宏观经济压力，Nvidia 股票仍因微软的 AI 基础设施支出计划而获得关注。  

为什么英伟达股票在 2024 年飙升了 171.2%，但在 2025 年却失去了增长势头