<p>当 <strong>英伟达</strong>（NVDA 3.97%）上周公布第四季度财报时，所有的目光再次聚焦于它。然而，英伟达的股票并不处于一两年前那种让投资者欣喜若狂的快速增长和似乎无尽的人工智能（AI）机会的状态。</p>
<p>该公司仍在实现惊人的增长，但投资者的预期似乎与公司的发展轨迹一致，惊喜的空间变得更小。尽管在周三的盘后交易中对第四季度报告的期待很高，但即使公司超出预期，股票在上周四仍下跌了 3%。</p>
<p>英伟达的第四季度业绩没有让人失望。收入从一年前的季度增长了 78%，达到 393 亿美元，超出了市场共识的 382 亿美元。增长再次由数据中心部门推动，AI 计算正在这里进行，数据中心收入增长了 93%，达到 356 亿美元。</p>
<p>毛利率从 76% 降至 73%，反映出对新 Blackwell 平台生产扩张的支出增加。然而，运营费用的杠杆效应有所提升，每股收益跃升 82%，达到 0.89 美元，超出市场共识的 0.85 美元。</p>
<p>展望第一季度，公司预计收入约为 430 亿美元，环比增长 9%，同比增长 65%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>图片来源：英伟达。</p>
<h2>AI 热潮已被市场消化</h2>
<p>英伟达的财报及市场反应似乎强调了其财报中的惊喜因素已经消失。</p>
<p>尽管 78% 的收入增长是惊人的，但投资者已经开始期待英伟达这样的增长，因为对其 Blackwell 组件的需求持续超过供应。现在，随着预期调整到英伟达的增长和 AI 的巨大机会，英伟达将更难以实现 2023 年和 2024 年股票所展现的那种突破性表现。</p>
<p>在财报电话会议上，首席执行官黄仁勋似乎平息了投资者对 DeepSeek 低成本 AI 模型将削弱公司增长的担忧，正如一个月前该新模型引发 AI 行业大规模抛售时所担心的那样。</p>
<p>尽管有 DeepSeek 的创新，AI 计算的需求仍在增长。黄指出，后训练阶段的计算需求比前训练阶段更多。他还解释说，公司对 AI 扩展及自身需求有良好的可见性，因为它与客户紧密合作。他还提到，仍有大量 AI 初创公司不断上线。</p>
<h2>英伟达值得购买吗？</h2>
<p>尽管 DeepSeek 的担忧，英伟达在未来几个月似乎更可能处于区间震荡状态，因为对庞大 AI 基础设施建设的益处逐渐被理解。目前尚不清楚什么可能成为英伟达再次上涨的催化剂。公司可能需要在自动驾驶汽车或自主 AI 等其他 AI 领域看到增长，这将推动股价上涨。</p>
<p>AI 仍处于早期阶段，科技巨头们正在竞相追求人工通用智能（AGI），而英伟达似乎在未来也将主导 AI 计算基础设施。曾几何时，投资者认为 <strong>英特尔</strong> 和 <strong>超微</strong> 等竞争者会在 GPU 市场上抢占份额，但英伟达凭借其 Blackwell 平台的新进展成功抵挡了这些挑战者，并且在未来很可能继续保持在数据中心 GPU 市场的领导地位。</p>
<p>目前，该股票的市盈率为 43，这对于一家收入增长 78% 的公司来说看起来是个不错的价格，尽管这一增长率预计将稳步放缓。从长远来看，英伟达仍然看起来是一只必备的股票。它正在引领 AI 革命。黄仁勋已证明自己是一位有远见的领导者，公司很可能会从尚未显现的未来技术中受益。</p>
<p>然而，在短期内，投资者应适度调整预期，因为英伟达当前的增长轨迹已被充分理解。对于这家 AI 芯片领导者来说，2025 年可能更多是消化过去两年的收益，而不是创造新的收益。</p>

英伟达

<p>英伟达公布了强劲的第四季度财报，收入增长 78% 至 393 亿美元，数据中心收入增长 93% 是主要驱动力。尽管超出预期，股价仍下跌 3%，因为投资者的预期已调整至其增长轨迹。首席执行官黄仁勋回应了对 DeepSeek 竞争的担忧，强调了对人工智能计算日益增长的需求。虽然英伟达在人工智能基础设施方面仍然处于领先地位，但其股价在短期内可能会维持区间波动，市盈率为 43。长期前景依然强劲，但增长预期应适度调整</p>

<p>All eyes were on <strong>Nvidia</strong>(NVDA 3.97%) once again when it reported fourth-quarter earnings last week. However, Nvidia's stock isn't in the same position as it was a year or two ago when it was delighting investors with skyrocketing growth and a seemingly endless opportunity in artificial intelligence (AI).</p>
<div class="lb-trans"><p>当 <strong>英伟达</strong>（NVDA 3.97%）上周公布第四季度财报时，所有的目光再次聚焦于它。然而，英伟达的股票并不处于一两年前那种让投资者欣喜若狂的快速增长和似乎无尽的人工智能（AI）机会的状态。</p>
</div><p>The company is still delivering blistering growth, but investor expectations now seem to be aligned with the company's trajectory, and there is less room for surprises. Despite ample anticipation for the fourth-quarter report after hours on Wednesday, the stock was trading down 3% this past Thursday even as the company beat estimates.</p>
<div class="lb-trans"><p>该公司仍在实现惊人的增长，但投资者的预期似乎与公司的发展轨迹一致，惊喜的空间变得更小。尽管在周三的盘后交易中对第四季度报告的期待很高，但即使公司超出预期，股票在上周四仍下跌了 3%。</p>
</div><p>Nvidia didn't disappoint with its fourth-quarter results. Revenue jumped 78% from the quarter a year ago to $39.3 billion, which was ahead of the consensus at $38.2 billion. Growth was again paced by the data center segment, where AI computing is taking place, with data center revenue up 93% to $35.6 billion.</p>
<div class="lb-trans"><p>英伟达的第四季度业绩没有让人失望。收入从一年前的季度增长了 78%，达到 393 亿美元，超出了市场共识的 382 亿美元。增长再次由数据中心部门推动，AI 计算正在这里进行，数据中心收入增长了 93%，达到 356 亿美元。</p>
</div><p>The gross margin fell from 76% to 73%, reflecting increased spending on the production ramp-up for the new Blackwell platform. However, it gained leverage in operating expenses, and earnings per share jumped 82% to $0.89, ahead of the consensus at $0.85.</p>
<div class="lb-trans"><p>毛利率从 76% 降至 73%，反映出对新 Blackwell 平台生产扩张的支出增加。然而，运营费用的杠杆效应有所提升，每股收益跃升 82%，达到 0.89 美元，超出市场共识的 0.85 美元。</p>
</div><p>Looking ahead to the first quarter, the company sees revenue of around $43 billion, representing 9% growth on a sequential basis and 65% year over year.</p>
<div class="lb-trans"><p>展望第一季度，公司预计收入约为 430 亿美元，环比增长 9%，同比增长 65%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809253%2Fnvidia-hq.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>The AI boom is priced in</h2>
<div class="lb-trans"><h2>AI 热潮已被市场消化</h2>
</div><p>Nvidia's earnings report, and the market's response, seemed to underscore that the surprise factor in its earnings report is now gone.</p>
<div class="lb-trans"><p>英伟达的财报及市场反应似乎强调了其财报中的惊喜因素已经消失。</p>
</div><p>While 78% revenue growth is phenomenal, investors have come to expect such growth from Nvidia as demand for its Blackwell components continues to outstrip supply. Now that expectations have adjusted to Nvidia's growth, and the massive opportunity in AI, it will be harder for Nvidia to deliver the kind of breakout performance we saw from the stock in 2023 and 2024.</p>
<div class="lb-trans"><p>尽管 78% 的收入增长是惊人的，但投资者已经开始期待英伟达这样的增长，因为对其 Blackwell 组件的需求持续超过供应。现在，随着预期调整到英伟达的增长和 AI 的巨大机会，英伟达将更难以实现 2023 年和 2024 年股票所展现的那种突破性表现。</p>
</div><p>On the earnings call, CEO Jensen Huang seemed to quell lingering concerns that DeepSeek's low-cost AI model would sap the company's growth as investors had feared when the new model triggered a massive one-day sell-off in the AI sector a month ago.</p>
<div class="lb-trans"><p>在财报电话会议上，首席执行官黄仁勋似乎平息了投资者对 DeepSeek 低成本 AI 模型将削弱公司增长的担忧，正如一个月前该新模型引发 AI 行业大规模抛售时所担心的那样。</p>
</div><p>Despite the DeepSeek innovation, AI computing needs are only growing. Huang noted that post-training demands more computing that pre-training. He also explained that the company has good visibility into AI expansions and its own demand as it works closely with its customers. He noted the large number of AI start-ups that continue to come online as well.</p>
<div class="lb-trans"><p>尽管有 DeepSeek 的创新，AI 计算的需求仍在增长。黄指出，后训练阶段的计算需求比前训练阶段更多。他还解释说，公司对 AI 扩展及自身需求有良好的可见性，因为它与客户紧密合作。他还提到，仍有大量 AI 初创公司不断上线。</p>
</div><h2>Is Nvidia a buy?</h2>
<div class="lb-trans"><h2>英伟达值得购买吗？</h2>
</div><p>Despite the DeepSeek scare, Nvidia for now seems more likely to be range-bound in the coming months as the benefit of the massive AI infrastructure build-out is understood. At this point, it's unclear what could be the catalyst for Nvidia to take another leg up. The company might need to see a ramp-up in another area of AI such as autonomous vehicles or agentic AI, which would lift the stock.</p>
<div class="lb-trans"><p>尽管 DeepSeek 的担忧，英伟达在未来几个月似乎更可能处于区间震荡状态，因为对庞大 AI 基础设施建设的益处逐渐被理解。目前尚不清楚什么可能成为英伟达再次上涨的催化剂。公司可能需要在自动驾驶汽车或自主 AI 等其他 AI 领域看到增长，这将推动股价上涨。</p>
</div><p>AI is still in its early stages as big tech companies race toward artificial general intelligence (AGI), and Nvidia seems likely to dominate AI computing infrastructure in the future as well. At one point, investors believed challengers like <strong>Intel</strong> and <strong>Advanced Micro Devices</strong> would take share in the GPU market, but Nvidia has fended them off with new advances in its Blackwell platform, and it's likely to maintain that leadership in data center GPUs down the road.</p>
<div class="lb-trans"><p>AI 仍处于早期阶段，科技巨头们正在竞相追求人工通用智能（AGI），而英伟达似乎在未来也将主导 AI 计算基础设施。曾几何时，投资者认为 <strong>英特尔</strong> 和 <strong>超微</strong> 等竞争者会在 GPU 市场上抢占份额，但英伟达凭借其 Blackwell 平台的新进展成功抵挡了这些挑战者，并且在未来很可能继续保持在数据中心 GPU 市场的领导地位。</p>
</div><p>Currently, the stock trades at a price-to-earnings ratio of 43, which looks like a great price for a company growing revenue by 78%, though that growth rate is set to steadily slow. Over the long term, Nvidia still looks like a must-own stock. It's leading the AI revolution. Huang has proven himself as a visionary, and the company is likely to benefit from future technologies that aren't yet seen.</p>
<div class="lb-trans"><p>目前，该股票的市盈率为 43，这对于一家收入增长 78% 的公司来说看起来是个不错的价格，尽管这一增长率预计将稳步放缓。从长远来看，英伟达仍然看起来是一只必备的股票。它正在引领 AI 革命。黄仁勋已证明自己是一位有远见的领导者，公司很可能会从尚未显现的未来技术中受益。</p>
</div><p>However, over the near term, investors should temper their expectations as Nvidia's current growth trajectory is well understood. For the AI chip leader, 2025 could be about digesting the gains of the last two years, rather than making new ones.</p>
<div class="lb-trans"><p>然而，在短期内，投资者应适度调整预期，因为英伟达当前的增长轨迹已被充分理解。对于这家 AI 芯片领导者来说，2025 年可能更多是消化过去两年的收益，而不是创造新的收益。</p>
</div>

Nvidia Passes Its Latest Test. Here's What It Means for Investors.

- Nvidia 第四季度营收同比增长 78%，达到 393 亿美元，超出预期。  
- 数据中心收入增长 93%，但毛利率从 76% 降至 73%。  
- 未来增长预期已调整，短期内可能面临区间震荡。  

英伟达通过了最新的测试。这对投资者意味着什么？