<p>在公司发布第三季度财报后，人工智能（AI）巨头 <strong>英伟达</strong>（NVIDIA）股价在低迷了一段时间后，短暂飙升至近 150 美元，随后回落至 140 美元以下的当前水平。</p>
<h2>英伟达的一个关键合作伙伴表现良好</h2>
<p>一些投资者对英伟达发布 2025 财年第三季度财报后股价表现不佳感到困惑。毕竟，报告相当积极，那么为什么公司的股价会下滑呢？</p>
<p>在财报发布前，市场对业绩的预期往往会很高，对于像英伟达这样成功且备受瞩目的公司来说，即使是成功也可能被市场解读为失败——至少是暂时的。在这一点上，除非英伟达完全出乎华尔街的意料，否则其股价在未来几周可能会面临压力。</p>
<p>幸运的是，这种影响会随着时间的推移而减弱。看来尘埃已经落定，公司股价对好消息的反应更加敏感，而这正是 <strong>富士康</strong> 最近财报的情况。</p>
<p>富士康，<strong>苹果</strong> 的长期合作伙伴，也是英伟达的关键合作伙伴。尽管其智能手机部门的收入略有下降，但由于其网络和云部门的增长，该公司在第四季度创下了销售记录，而该部门与英伟达的业务占据了很大一部分。公司告诉投资者，预计下个季度将实现类似的同比增长。</p>
<p>这些数字清楚地表明，英伟达的产品和整体人工智能（AI）计算的需求依然强劲。</p>
<h2>大型支出者计划大规模支出</h2>
<p>富士康的财报发布仅在 <strong>微软</strong> 宣布预计在 2025 财年将花费 800 亿美元用于 AI 数据中心基础设施的一周后。这对投资者来说是个重大消息，因为这确认了硅谷的 AI 军备竞赛不会很快结束。</p>
<p>许多人担心，微软及其竞争对手已经膨胀的预算在今年会收紧，或者至少它们的增长会放缓，但微软宣布的数字代表了同比大约 60% 的增长。</p>
<p>在这些基础设施支出下游的所有供应商中，英伟达很可能会获得大部分资金。随着其最新版本的超级芯片发布，其竞争优势和护城河依然稳固。</p>
<h2>黄仁勋在 CES 的演讲</h2>
<p>英伟达首席执行官黄仁勋于 1 月 6 日在 2025 年国际消费电子展（CES）上发表了主题演讲。这是行业内最大和最重要的贸易展之一。所有的目光都聚焦在这位帮助塑造 AI 革命的人的身上。</p>
<p>黄仁勋是英伟达竞争武器中最重要的无形资产之一。他的领导对公司的成功至关重要，他在 CES 上的演讲帮助描绘了未来一年的蓝图。虽然公司推出新款 Blackwell 芯片是一个核心主题，但黄仁勋还揭示了几款新产品，并强调了 Agentic AI——一种比今天流行的聊天机器人更强大的 AI——将产生的影响。</p>
<h2>当前的问题</h2>
<p>英伟达是一个能让人致富的股票吗？在这一点上，很难说是。它已经是全球最大的公司之一，因此极端增长的可能性不大。尽管如此，未来仍有大量增长空间。充分理由相信，英伟达在一段时间内将继续超越市场。Agentic AI 确实代表了技术的飞跃，我认为它在现实世界中的价值将很快显现，帮助证明在英伟达硬件上的巨额支出是合理的。</p>

英伟达

<p>英伟达的股票在第三季度财报发布后波动，短暂达到 150 美元后又跌至 140 美元以下。尽管财报表现积极，但市场预期导致了暂时的下跌。然而，对人工智能产品的强劲需求依然存在，这得益于富士康的创纪录销售和微软 800 亿美元的人工智能基础设施投资。首席执行官黄仁勋最近在 CES 的主题演讲中强调了新产品和 Agentic AI 的潜力。虽然极端增长可能不太可能，但预计英伟达将继续超越市场，受益于人工智能技术的持续进步</p>

<p>After languishing for some time after the company's Q3 earnings, shares of artificial intelligence (AI) juggernaut <strong>Nvidia</strong>(NVDA 3.10%) briefly shot up to nearly $150 before retreating to their current level south of $140.</p>
<div class="lb-trans"><p>在公司发布第三季度财报后，人工智能（AI）巨头 <strong>英伟达</strong>（NVIDIA）股价在低迷了一段时间后，短暂飙升至近 150 美元，随后回落至 140 美元以下的当前水平。</p>
</div><h2>One of Nvidia's key partners is doing quite well</h2>
<div class="lb-trans"><h2>英伟达的一个关键合作伙伴表现良好</h2>
</div><p>Some investors were a bit perplexed by the poor performance of Nvidia's stock after its fiscal 2025 Q3 numbers were released. After all, the report was quite positive, so why did the company's shares slip?</p>
<div class="lb-trans"><p>一些投资者对英伟达发布 2025 财年第三季度财报后股价表现不佳感到困惑。毕竟，报告相当积极，那么为什么公司的股价会下滑呢？</p>
</div><p>A lot of anticipation is built into earnings releases, and for a company as successful and high-profile as Nvidia, even success can be read as failure by the market -- at least temporarily. At this point, unless Nvidia completely surprises Wall Street, its stock may struggle in the weeks that follow future releases.</p>
<div class="lb-trans"><p>在财报发布前，市场对业绩的预期往往会很高，对于像英伟达这样成功且备受瞩目的公司来说，即使是成功也可能被市场解读为失败——至少是暂时的。在这一点上，除非英伟达完全出乎华尔街的意料，否则其股价在未来几周可能会面临压力。</p>
</div><p>Luckily, this effect weakens over time. It seems the dust has settled and the company's stock is more responsive to good news, which is exactly what <strong>Foxconn</strong>'s recent earnings were.</p>
<div class="lb-trans"><p>幸运的是，这种影响会随着时间的推移而减弱。看来尘埃已经落定，公司股价对好消息的反应更加敏感，而这正是 <strong>富士康</strong> 最近财报的情况。</p>
</div><p>Foxconn, a longtime partner of <strong>Apple</strong>, is also a key partner of Nvidia. The company, despite seeing slight declines in revenue from its smartphone division, posted record fourth-quarter sales thanks to growth in its networking and cloud division, where it does much of its business with Nvidia. The company told investors to expect similar year-over-year growth next quarter.</p>
<div class="lb-trans"><p>富士康，<strong>苹果</strong> 的长期合作伙伴，也是英伟达的关键合作伙伴。尽管其智能手机部门的收入略有下降，但由于其网络和云部门的增长，该公司在第四季度创下了销售记录，而该部门与英伟达的业务占据了很大一部分。公司告诉投资者，预计下个季度将实现类似的同比增长。</p>
</div><p>The numbers are a clear indication that demand for Nvidia's products and artificial intelligence (AI) computing on the whole remains strong.</p>
<div class="lb-trans"><p>这些数字清楚地表明，英伟达的产品和整体人工智能（AI）计算的需求依然强劲。</p>
</div><h2>Big spenders plan to spend big</h2>
<div class="lb-trans"><h2>大型支出者计划大规模支出</h2>
</div><p>Foxconn's earnings release comes just a week after <strong>Microsoft</strong> announced that it expects to spend $80 billion on AI data center infrastructure in its FY 2025. This was huge news for investors, as it confirms that Silicon Valley's AI arms race is not winding down any time soon.</p>
<div class="lb-trans"><p>富士康的财报发布仅在 <strong>微软</strong> 宣布预计在 2025 财年将花费 800 亿美元用于 AI 数据中心基础设施的一周后。这对投资者来说是个重大消息，因为这确认了硅谷的 AI 军备竞赛不会很快结束。</p>
</div><p>Many were concerned that the already ballooning budgets from Microsoft and its competitors would be tightened this year, or that at the very least their growth would be slowed, but the number Microsoft announced represents a roughly 60% increase year over year.</p>
<div class="lb-trans"><p>许多人担心，微软及其竞争对手已经膨胀的预算在今年会收紧，或者至少它们的增长会放缓，但微软宣布的数字代表了同比大约 60% 的增长。</p>
</div><p>Of all the providers downstream of these infrastructure spends, Nvidia will more than likely be receiving the lion's share of the funds. As the newest iteration of its Superchip is released, its competitive advantage and moat are firmly intact.</p>
<div class="lb-trans"><p>在这些基础设施支出下游的所有供应商中，英伟达很可能会获得大部分资金。随着其最新版本的超级芯片发布，其竞争优势和护城河依然稳固。</p>
</div><h2>Jensen Huang's resenting at CES</h2>
<div class="lb-trans"><h2>黄仁勋在 CES 的演讲</h2>
</div><p>Jensen Huang, Nvidia's CEO, gave the keynote speech at CES 2025 on January 6. This is one of the largest and most important trade shows in the industry. All eyes were on the man whose vision has helped shape the AI revolution.</p>
<div class="lb-trans"><p>英伟达首席执行官黄仁勋于 1 月 6 日在 2025 年国际消费电子展（CES）上发表了主题演讲。这是行业内最大和最重要的贸易展之一。所有的目光都聚焦在这位帮助塑造 AI 革命的人的身上。</p>
</div><p>Huang is one of the most important intangibles in Nvidia's competitive arsenal. His leadership has been absolutely critical to the company's success and his presentation at CES helped paint a picture of the next year and beyond. While the company's roll-out of its new Blackwell chips was a central theme, Huang revealed several new products and highlighted the impact that Agentic AI -- a kind of AI more capable than the chatbots popular today -- will have presently.</p>
<div class="lb-trans"><p>黄仁勋是英伟达竞争武器中最重要的无形资产之一。他的领导对公司的成功至关重要，他在 CES 上的演讲帮助描绘了未来一年的蓝图。虽然公司推出新款 Blackwell 芯片是一个核心主题，但黄仁勋还揭示了几款新产品，并强调了 Agentic AI——一种比今天流行的聊天机器人更强大的 AI——将产生的影响。</p>
</div><h2>The question at hand</h2>
<div class="lb-trans"><h2>当前的问题</h2>
</div><p>Is Nvidia a millionaire-maker stock? At this point, it's hard to say yes. It is already one of the largest companies in the world, so extreme growth is unlikely. That being said, there's a whole lot of growth still ahead. There is ample reason to believe Nvidia will continue to outperform the market for some time. Agentic AI really does represent a leap forward in the technology and I think its value in the real world will be made very clear very soon, helping to justify the enormous sums being spent on Nvidia hardware.</p>
<div class="lb-trans"><p>英伟达是一个能让人致富的股票吗？在这一点上，很难说是。它已经是全球最大的公司之一，因此极端增长的可能性不大。尽管如此，未来仍有大量增长空间。充分理由相信，英伟达在一段时间内将继续超越市场。Agentic AI 确实代表了技术的飞跃，我认为它在现实世界中的价值将很快显现，帮助证明在英伟达硬件上的巨额支出是合理的。</p>
</div>

Is Nvidia a Millionaire-Maker Stock?

- 英伟达股价在发布 2025 财年第三季度财报后短暂上涨至近 150 美元。  
- 富士康尽管智能手机收入略有下降，但因网络和云业务增长，第四季度销售创纪录。  
- 微软预计在 2025 财年将花费 800 亿美元用于 AI 数据中心基础设施，推动市场对英伟达的需求。

英伟达是一只能造就百万富翁的股票吗？