<p>过去几周资本市场相当动荡。1 月底，一家名为 DeepSeek 的中国初创公司声称其开发的强大人工智能（AI）应用的成本远低于美国企业的支出，这让投资者感到恐慌。因此，科技股开始急剧下跌。</p>
<p>受到 DeepSeek 叙事影响最严重的公司之一是 <strong>Nvidia</strong>（NVDA 2.87%）。该公司定于 2 月 26 日公布 2024 财年第四季度和全年财报，投资者焦急地等待 DeepSeek 可能对 Nvidia 业务产生的影响。</p>
<p>接下来，我将解释为什么投资者可能不需要等到本月晚些时候就能评估 Nvidia 股票在财报发布前是否值得购买。</p>
<h2>大型科技公司刚刚压制了 DeepSeek 的恐慌</h2>
<p>在过去两周围绕 Nvidia 的熊市叙事是，如果 DeepSeek 的说法属实，企业可能会缩减其 AI 基础设施支出。如果发生这种情况，对 Nvidia 昂贵的数据中心图形处理单元（GPU）的需求可能会放缓，从而质疑该公司的未来前景。</p>
<p>值得庆幸的是，Nvidia 的&#34;七大巨头&#34;已经公布了财报。这些巨头之间的一个共同点是，AI 基础设施支出正在上升。<strong>微软</strong>、<strong>Meta Platforms</strong>、<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 管理层的评论表明，如果他们都在提供的范围高端支出，今年的资本支出（capex）预算可能超过 3000 亿美元。</p>
<p>理解这一重要数字至关重要，因为这些公司已经在使用 Nvidia 的产品。虽然我承认这些公司也在投资自己的定制芯片，但他们不太可能很快完全摆脱 Nvidia。因此，我认为 AI 基础设施支出的上升对 Nvidia 来说是一个积极的信号，突显了该公司强劲的增长前景。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5NjQvZGVzay1jYWxlbmRhci1mbGlwcGluZy10aHJvdWdoLXBhZ2VzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5NjQvZGVzay1jYWxlbmRhci1mbGlwcGluZy10aHJvdWdoLXBhZ2VzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Nvidia 股票在财报发布后通常表现如何？</h2>
<p>下图显示了过去三年 Nvidia 股票价格的走势。我在紫色圆圈中标注了公司的财报发布时间，字母&#34;E&#34;在中间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1cf9d624e0f4798c1bcc59168a28fdc0.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/1cf9d624e0f4798c1bcc59168a28fdc0.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>从上述趋势中可以清楚地看出：Nvidia 的股票通常在财报发布后上涨。虽然在财报发布前后几天可能会出现更明显的波动，但 Nvidia 的韧性似乎总能在最后显现出来。</p>
<h2>你应该在 2 月 26 日之前购买 Nvidia 股票吗？</h2>
<p>如果你仅仅根据历史数据，股票图表中显示的趋势表明 Nvidia 股票在 2 月 26 日发布财报后将会上涨。但聪明的投资者都知道，过去的表现不应作为唯一的衡量标准。</p>
<p>对我来说，这里探讨的更重要的观点是，Nvidia 最大的客户都表示他们仍然致力于 AI 增长路线图。而支持这些 AI 雄心的一个微妙支柱是显著的资本支出。理论上，这对 Nvidia 的未来非常有利。</p>
<p>虽然我并不鼓励精确的时机把握，但我认为这是一个独特的情况，不值得再等几周，只为听 Nvidia 管理层对 DeepSeek 的看法。大型科技公司所透露的信息应该能很好地作为 Nvidia 投资者对增长预期的参考。</p>
<p>因此，我会在 Nvidia 的股票下跌时买入——在本月晚些时候公司发布财报之前。当前的抛售代表了一个不寻常的窗口，Nvidia 的股票以异常低的估值交易，我认为这是值得利用的机会。</p>

英伟达

<p>英伟达的股票受到了一家中国初创公司 DeepSeek 的担忧影响，该公司声称提供更低成本的人工智能应用。然而，微软和亚马逊等主要科技公司正在增加其人工智能基础设施的支出，这对英伟达来说是个好兆头。历史上，英伟达的股票在财报发布后往往会上涨，考虑到即将于 2 月 26 日发布的财报，分析师建议现在买入该股票，因为其被低估。整体情绪是积极的，尽管近期市场动荡，但这表明英伟达未来的增长前景强劲</p>

<p>The past couple of weeks have been quite turbulent in the capital markets. In late January, a Chinese start-up called DeepSeek sent investors into a panic as the company claimed to have built powerful artificial intelligence (AI) applications for much less than what businesses in the U.S. are spending. As a result, technology stocks have been spiraling downward.</p>
<div class="lb-trans"><p>过去几周资本市场相当动荡。1 月底，一家名为 DeepSeek 的中国初创公司声称其开发的强大人工智能（AI）应用的成本远低于美国企业的支出，这让投资者感到恐慌。因此，科技股开始急剧下跌。</p>
</div><p>One company that has been hit hard over the DeepSeek narrative is <strong>Nvidia</strong>(NVDA 2.87%). With the company scheduled to report fourth-quarter and full-year 2024 earnings on Feb. 26, investors are anxiously waiting to see just how much DeepSeek may affect Nvidia's business.</p>
<div class="lb-trans"><p>受到 DeepSeek 叙事影响最严重的公司之一是 <strong>Nvidia</strong>（NVDA 2.87%）。该公司定于 2 月 26 日公布 2024 财年第四季度和全年财报，投资者焦急地等待 DeepSeek 可能对 Nvidia 业务产生的影响。</p>
</div><p>Below, I'm going to explain why investors may not need to wait until later this month to assess if Nvidia stock is a good buy heading into earnings.</p>
<div class="lb-trans"><p>接下来，我将解释为什么投资者可能不需要等到本月晚些时候就能评估 Nvidia 股票在财报发布前是否值得购买。</p>
</div><h2>Big tech just squashed the DeepSeek fears</h2>
<div class="lb-trans"><h2>大型科技公司刚刚压制了 DeepSeek 的恐慌</h2>
</div><p>The bear narrative surrounding Nvidia during the past two weeks is that if DeepSeek's claims are true, businesses may scale back their AI infrastructure spending. If this were to happen, demand for Nvidia's expensive data center graphics processing units (GPU) would likely slow -- thereby calling into question what the company's future prospects look like.</p>
<div class="lb-trans"><p>在过去两周围绕 Nvidia 的熊市叙事是，如果 DeepSeek 的说法属实，企业可能会缩减其 AI 基础设施支出。如果发生这种情况，对 Nvidia 昂贵的数据中心图形处理单元（GPU）的需求可能会放缓，从而质疑该公司的未来前景。</p>
</div><p>Thankfully, Nvidia's &#34;Magnificent Seven&#34; cohorts have already reported earnings. And one common thread stitching each of these behemoths together is that spending on AI infrastructure is on the rise. Comments made by management from <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong> have signaled that capital expenditure (capex) budgets for this year could be in excess of $300 billion if they all spend at the high end of their provided ranges.</p>
<div class="lb-trans"><p>值得庆幸的是，Nvidia 的&#34;七大巨头&#34;已经公布了财报。这些巨头之间的一个共同点是，AI 基础设施支出正在上升。<strong>微软</strong>、<strong>Meta Platforms</strong>、<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 管理层的评论表明，如果他们都在提供的范围高端支出，今年的资本支出（capex）预算可能超过 3000 亿美元。</p>
</div><p>This is an important figure to understand, as each of these companies already uses Nvidia products. And while I'll admit that these companies are also investing in their own custom chipware, it's unlikely that they will migrate entirely away from Nvidia anytime soon. For this reason, I see the rising AI infrastructure spending as a positive sign for Nvidia -- and one that underscores the company's robust growth prospects.</p>
<div class="lb-trans"><p>理解这一重要数字至关重要，因为这些公司已经在使用 Nvidia 的产品。虽然我承认这些公司也在投资自己的定制芯片，但他们不太可能很快完全摆脱 Nvidia。因此，我认为 AI 基础设施支出的上升对 Nvidia 来说是一个积极的信号，突显了该公司强劲的增长前景。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5NjQvZGVzay1jYWxlbmRhci1mbGlwcGluZy10aHJvdWdoLXBhZ2VzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F806964%2Fdesk-calendar-flipping-through-pages.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>How does Nvidia stock typically perform after an earnings report?</h2>
<div class="lb-trans"><h2>Nvidia 股票在财报发布后通常表现如何？</h2>
</div><p>The chart below shows Nvidia's stock price movement during the past three years. I've annotated the company's earnings reports as seen in the purple circles with the letter &#34;E&#34; in the middle.</p>
<div class="lb-trans"><p>下图显示了过去三年 Nvidia 股票价格的走势。我在紫色圆圈中标注了公司的财报发布时间，字母&#34;E&#34;在中间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1cf9d624e0f4798c1bcc59168a28fdc0.png" alt="" original-src="https://media.ycharts.com/charts/1cf9d624e0f4798c1bcc59168a28fdc0.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>One thing is abundantly clear from the trends illustrated above: Nvidia shares usually rise after an earnings report. While the days leading up to or shortly after an earnings call may carry some more pronounced volatility, Nvidia's resilience always seems to shine through in the end.</p>
<div class="lb-trans"><p>从上述趋势中可以清楚地看出：Nvidia 的股票通常在财报发布后上涨。虽然在财报发布前后几天可能会出现更明显的波动，但 Nvidia 的韧性似乎总能在最后显现出来。</p>
</div><h2>Should you buy Nvidia stock before Feb. 26?</h2>
<div class="lb-trans"><h2>你应该在 2 月 26 日之前购买 Nvidia 股票吗？</h2>
</div><p>If you're going purely based on history, the trends seen in the stock chart above would suggest that Nvidia stock will be headed higher after it reports earnings on Feb. 26. But smart investors know all too well that past performance shouldn't be used as your sole barometer.</p>
<div class="lb-trans"><p>如果你仅仅根据历史数据，股票图表中显示的趋势表明 Nvidia 股票在 2 月 26 日发布财报后将会上涨。但聪明的投资者都知道，过去的表现不应作为唯一的衡量标准。</p>
</div><p>To me, the more important idea explored here is that Nvidia's largest customers have all come out and said that they remain committed to their AI growth roadmaps. And a subtle pillar supporting these AI ambitions is significant spending on capex. In theory, this bodes very well for Nvidia's future.</p>
<div class="lb-trans"><p>对我来说，这里探讨的更重要的观点是，Nvidia 最大的客户都表示他们仍然致力于 AI 增长路线图。而支持这些 AI 雄心的一个微妙支柱是显著的资本支出。理论上，这对 Nvidia 的未来非常有利。</p>
</div><p>While exact timing isn't something I really encourage, I think this is a unique situation in which it's not worth waiting a few more weeks just to hear what Nvidia's management has to say about DeepSeek. The breadcrumbs dropped by big tech should serve as a good proxy for what Nvidia investors can expect in terms of growth.</p>
<div class="lb-trans"><p>虽然我并不鼓励精确的时机把握，但我认为这是一个独特的情况，不值得再等几周，只为听 Nvidia 管理层对 DeepSeek 的看法。大型科技公司所透露的信息应该能很好地作为 Nvidia 投资者对增长预期的参考。</p>
</div><p>For this reason, I'd buy the dip in Nvidia now -- before the company's earnings report later this month. The current sell-off represents an unusual window during which Nvidia stock is trading at an abnormally low valuation, which I think is worth taking advantage of.</p>
<div class="lb-trans"><p>因此，我会在 Nvidia 的股票下跌时买入——在本月晚些时候公司发布财报之前。当前的抛售代表了一个不寻常的窗口，Nvidia 的股票以异常低的估值交易，我认为这是值得利用的机会。</p>
</div>

Should You Buy Nvidia Stock Before Feb. 26? History Has a Clear Answer.

- 最近资本市场动荡，DeepSeek 的 AI 应用引发投资者恐慌。  
- Nvidia 面临需求放缓风险，但大科技公司仍在增加 AI 基础设施支出。  
- 历史数据显示，Nvidia 股价在财报后通常上涨，建议在财报前买入。

你应该在 2 月 26 日之前购买英伟达股票吗？历史给出了明确的答案