<p>华尔街最受期待的季度财报之一是 <strong>英伟达</strong>（NVDA -3.72%）昨晚发布的。这家人工智能（AI）明星公司没有让人失望。</p>
<p>数据中心收入持续飙升，首席执行官黄仁勋的语气依然乐观。然而，今天股价一度下跌近 5%。尽管部分回升，截至东部时间上午 11:45，股价仍下跌 3.5%。</p>
<p>这使得其在 2025 年的损失进一步扩大，此前在 2024 年取得了惊人的 171% 的回报。不过，根据业务状况，近期股价的下跌可能对长期投资者来说是个机会。</p>
<h2>没有时间气馁</h2>
<p>管理层之前指导投资者预计第四季度收入约为 375 亿美元。与去年全年情况一样，公司以 393 亿美元的销售额超出了这一预期。全年收入同比增长超过一倍。</p>
<p>但投资者正在关注未来，以判断收入增长何时可能放缓。英伟达预计当前季度销售额约为 430 亿美元。这将比去年大部分时间报告的中等十几的增长率低于 10% 的环比增长。</p>
<p>投资者还注意到黄仁勋在投资者电话会议上提到的一点。他说：“中国的数据中心销售仍远低于出口管制初期的水平。[而且] 中国的数据中心解决方案市场竞争非常激烈。”</p>
<p>另一个担忧是盈利能力的下降。当前财年第一季度的毛利率预计约为 71%。而在截至 1 月 26 日的财年中，这一数字为 75%。</p>
<p>但英伟达在数据中心业务中仍显示出令人印象深刻的增长和利润。同时，其汽车和机器人部门也开始起飞。季度增长表现令人瞩目。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw"/></p>
<p>数据来源：英伟达。图表由作者提供。</p>
<p>虽然与数据中心的 AI 销售相比仍显得微不足道，但这可能是英伟达下一个增长阶段的催化剂。投资者明智的做法是不要对英伟达下赌注。</p>

英伟达

<p>尽管英伟达发布了强劲的季度报告，显示数据中心收入增长和乐观的首席执行官评论，其股价仍下跌近 5%。截至东部时间上午 11:45，股价下跌 3.5%，在 2024 年回报率达到 171% 后进一步扩大了损失。该公司以 393 亿美元的收入超出预期，但对增长放缓和盈利能力的担忧依然存在。英伟达预计本季度销售额将达到 430 亿美元，显示出增长放缓的迹象。尽管面临包括中国市场竞争压力在内的挑战，英伟达的数据中心和汽车部门仍显示出未来增长的潜力</p>

<p>One of the most highly anticipated quarterly reports on Wall Street was provided by <strong>Nvidia</strong>(NVDA -3.72%) last night. And the artificial intelligence (AI) darling didn't disappoint.</p>
<div class="lb-trans"><p>华尔街最受期待的季度财报之一是 <strong>英伟达</strong>（NVDA -3.72%）昨晚发布的。这家人工智能（AI）明星公司没有让人失望。</p>
</div><p>Data center revenue continued to surge higher, and CEO Jensen Huang sounded as optimistic as ever. Yet the stock declined as much as nearly 5% today. While it clawed back some of that drop, shares remained 3.5% lower as of 11:45 a.m. ET.</p>
<div class="lb-trans"><p>数据中心收入持续飙升，首席执行官黄仁勋的语气依然乐观。然而，今天股价一度下跌近 5%。尽管部分回升，截至东部时间上午 11:45，股价仍下跌 3.5%。</p>
</div><p>That extended its losses in 2025 after an amazing 171% return in 2024. Based on the state of the business, though, the recent decline in the stock might just be a gift for long-term investors.</p>
<div class="lb-trans"><p>这使得其在 2025 年的损失进一步扩大，此前在 2024 年取得了惊人的 171% 的回报。不过，根据业务状况，近期股价的下跌可能对长期投资者来说是个机会。</p>
</div><h2>No time to get discouraged</h2>
<div class="lb-trans"><h2>没有时间气馁</h2>
</div><p>Management previously guided investors to expect revenue of about $37.5 billion in the fourth quarter. As has been the case all last year, the company exceeded that mark with sales of $39.3 billion. Full-year revenue more than doubled year over year.</p>
<div class="lb-trans"><p>管理层之前指导投资者预计第四季度收入约为 375 亿美元。与去年全年情况一样，公司以 393 亿美元的销售额超出了这一预期。全年收入同比增长超过一倍。</p>
</div><p>But investors are looking ahead to figure out when that revenue growth might slow. Nvidia sees sales of about $43 billion in its current quarter. That would represent sequential growth of less than 10% compared to the mid-teens growth rate it had been reporting most of last year.</p>
<div class="lb-trans"><p>但投资者正在关注未来，以判断收入增长何时可能放缓。英伟达预计当前季度销售额约为 430 亿美元。这将比去年大部分时间报告的中等十几的增长率低于 10% 的环比增长。</p>
</div><p>Investors also noticed something Huang said in the conference call for investors. &#34;Data center sales in China remained well below levels seen on the onset of export controls. [And] the market in China for data center solutions remains very competitive,&#34; he said.</p>
<div class="lb-trans"><p>投资者还注意到黄仁勋在投资者电话会议上提到的一点。他说：“中国的数据中心销售仍远低于出口管制初期的水平。[而且] 中国的数据中心解决方案市场竞争非常激烈。”</p>
</div><p>Another concern is a decline in profitability. Gross margins in the current fiscal first quarter are expected to be about 71%. That compares to 75% in the fiscal year ended Jan. 26.</p>
<div class="lb-trans"><p>另一个担忧是盈利能力的下降。当前财年第一季度的毛利率预计约为 71%。而在截至 1 月 26 日的财年中，这一数字为 75%。</p>
</div><p>But Nvidia is still showing impressive growth and profits in the data center business. At the same time, its automotive and robotics segment is also beginning to take off. Quarterly growth there has been impressive.</p>
<div class="lb-trans"><p>但英伟达在数据中心业务中仍显示出令人印象深刻的增长和利润。同时，其汽车和机器人部门也开始起飞。季度增长表现令人瞩目。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809264%2Fnvidia-auto-and-robotics-segment-quarterly-revenue.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia. Chart by author.</p>
<div class="lb-trans"><p>数据来源：英伟达。图表由作者提供。</p>
</div><p>While it still pales in comparison to data center AI sales, this could be the catalyst for Nvidia's next phase of growth. Investors would be wise not to bet against Nvidia.</p>
<div class="lb-trans"><p>虽然与数据中心的 AI 销售相比仍显得微不足道，但这可能是英伟达下一个增长阶段的催化剂。投资者明智的做法是不要对英伟达下赌注。</p>
</div>

Nvidia Stock Is Tumbling Today. Is This a Chance to Buy?

- Nvidia 发布了超出预期的季度财报，数据中心收入持续增长。  
- 尽管如此，股价仍下跌 3.5%，投资者关注未来收入增长放缓的可能性。  
- 公司预计当前季度销售约 430 亿美元，汽车和机器人业务也开始增长。  

英伟达股票今天大跌。这是一个买入的机会吗？