<p>上周对 <strong>Nvidia</strong>(NVDA -5.74%) 来说是一场过山车般的经历。在 2 月 26 日报告财报之前，股价上涨，随后在接下来的交易中下跌了 8.5%，而在周五又几乎恢复了失去的一半。</p>
<p>尘埃落定后，三天内股价仅下跌了 1.4%——这表明投资者对 Nvidia 最新的财报、指引和管理层在财报电话会议上的评论持中立态度。</p>
<p>华尔街往往会被季度业绩所吸引，并过分强调关键指标的微小变化。更好的方法是将季度业绩放在整体投资论点的背景下进行分析。</p>
<p>以下是 Nvidia 仍然处于领先地位并且值得现在购买的五个理由。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MzAvYS1wZXJzb24tc21pbGluZy1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MzAvYS1wZXJzb24tc21pbGluZy1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Nvidia 的客户继续在人工智能上大手花钱</h2>
<p>Nvidia 近年来的指数级增长离不开少数客户对图形处理单元（GPU）的支出激增。</p>
<p>在其 2025 财年（截至 2025 年 1 月 26 日）的 10-K 年报中，Nvidia 表示：“直接客户 A、B 和 C 的销售分别占 2025 财年总收入的 12%、11% 和 11%，这些销售主要来自计算与网络部门。”</p>
<p>这些未具名的公司很可能是超大规模云服务商，如 <strong>Amazon</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Meta Platforms</strong>——这些都是知名的 Nvidia 客户，并且正在增加资本支出（capex）。在他们当前的财年中，Meta 预计 2025 年的资本支出为 650 亿美元，Alphabet 预计为 750 亿美元，Microsoft 计划约 800 亿美元，而 Amazon 预计约 1000 亿美元。</p>
<p>Meta 正在构建人工智能基础设施，以支持其生成式人工智能产品，提高应用程序的参与度，并使 Instagram 成为广告商的顶级平台。与此同时，Amazon Web Services、Microsoft Azure 和 Google Cloud 正在利用 Nvidia 芯片的计算能力来扩展其大规模数据中心。</p>
<p>虽然 Nvidia 对少数公司的依赖可以被视为风险，但这也是一种优势，因为这些公司是可靠的买家，资金雄厚。这些公司在周期性经济放缓期间也有资源进行投资，而较小的参与者可能没有那么灵活。</p>
<h2>2. 竞争几乎无处可寻</h2>
<p>对 Nvidia 商业模式最大的威胁之一是竞争。强大的竞争可能会侵蚀 Nvidia 的收入增长并削减利润率。但到目前为止，这种情况并没有发生。</p>
<p><strong>Advanced Micro Devices</strong> 继续预测其数据中心 GPU 业务的指数级增长，特别是如果它能够通过提供更低价格的高计算能力来抢占 Nvidia 的市场份额。但到目前为止，AMD 并没有交出令人满意的业绩，其股价反映了投资者的失望。AMD 的股价徘徊在 52 周低点，比去年 3 月的历史高点下跌超过 55%。</p>
<p>相比之下，<strong>Broadcom</strong> 在人工智能领域经历了指数级增长，尤其是在应用特定集成电路（ASICs）方面。ASIC 是为特定任务定制设计的，可能比 GPU 便宜。但 Broadcom 并不像 Nvidia 那样是一个纯粹的人工智能公司。相反，它是一家多元化的网络公司，拥有快速增长的人工智能部门。</p>
<p>与此同时，<strong>Intel</strong> 在 GPU 市场上未能引起轰动。</p>
<p>Nvidia 能够捕获更大比例的人工智能支出，证明了其精英产品组合和持续创新。Blackwell——Nvidia 最新的芯片，专为人工智能和数据中心设计——在最新季度实现了 110 亿美元的收入，成为公司历史上产品 ramp 的最快速度。Nvidia 并没有坐享其成，而是继续推动新产品开发的边界。这是一个很好的迹象，表明它能够保持主导地位，即使在周期性放缓的情况下。</p>
<h2>3. 高企的利润率和快速的收入增长率</h2>
<p>Nvidia 在报告财报后的第二天可能出现抛售的一个原因是对毛利率下降的本能反应。</p>
<p>在最新的季度，即 2025 财年第四季度，Nvidia 报告的毛利率为 73%。与 2024 财年同季度相比下降了三个百分点。但全年毛利率为 75%，而 2024 财年为 72.7%。然而，Nvidia 预计 2026 财年第一季度的毛利率仅为 70.6%。</p>
<p>毛利率的下降与业务的任何裂痕无关。正如 Nvidia 首席财务官 Colette Kress 在最新的财报电话会议上解释的那样：</p>
<blockquote>
<p>在我们的 Blackwell ramp 期间，我们的毛利率将处于 70% 左右。在这一点上，我们专注于加快制造进程，以确保能够尽快向客户提供产品。一旦我们的 Blackwell 完全投入使用，我们可以改善我们的成本和毛利率。因此，我们预计今年晚些时候可能会达到中 70%。</p>
</blockquote>
<p>利润率一直是 Nvidia 投资论点的一个重要方面。高利润率使公司能够将超过 60% 的销售额转化为营业收入，使 Nvidia 成为一家极具盈利能力的企业。</p>
<p>正如您在图表中看到的，Nvidia 在过去几年中销售额、营业利润率和稀释每股收益都实现了指数级增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/094380e6817704242b51422fd8b0081f.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/094380e6817704242b51422fd8b0081f.png"/></p>
<p>NVDA 收入（TTM）数据来源于 YCharts。</p>
<p>这种令人印象深刻的增长是 Nvidia 尽管股价飙升仍然保持良好价值的原因。</p>
<h2>4. 合理且可以说是便宜的估值</h2>
<p>Nvidia 确实是一只难以估值的股票。如果它能够维持增长，即使以较低的速度，股票就是一个便宜的选择。但如果由于竞争、周期性放缓或人工智能模型需要更少的计算能力而导致支出减少，那么 Nvidia 可能会被高估。</p>
<p>不过，这种不确定性在某种程度上已经反映在了英伟达的估值中。英伟达的前瞻市盈率为 27.8，低于亚马逊、苹果、博通和微软。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a4ca920431a09f2e81044a6664f8cf0b.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/a4ca920431a09f2e81044a6664f8cf0b.png"/></p>
<p>AMZN 前瞻市盈率数据来自 YCharts。</p>
<p>像 <strong>台积电</strong> 和 AMD 这样的芯片公司在前瞻收益基础上比英伟达便宜。但没有任何大型科技公司或芯片公司具备英伟达在行业主导地位、收入增长和利润率方面的组合优势。</p>
<h2>5. 超强的资产负债表</h2>
<p>英伟达在 2025 财年结束时拥有 86 亿美元的现金及现金等价物，346 亿美元的可交易证券，以及仅 85 亿美元的长期债务。</p>
<p>英伟达的利息收入从 2024 财年的 8.66 亿美元跃升至 2025 财年的 18 亿美元，因为它在资产上赚取了更多的利息。因此，该公司不仅拥有净现金头寸，还在赚取利息收入，而不是支付现金利息费用。与此同时，高利率对资本结构依赖于债务的公司产生不利影响。</p>
<p>考虑到其产品 ramp-up 的时机，英伟达的稳固资产负债表尤其令人印象深刻。英伟达并不是为了开发产品而承担债务，希望能获得回报。相反，它在现有高利润产品上产生了大量现金流，因此可以利用业务产生的现金来推动像 Blackwell 这样的新创新，而不是依赖债务。这使得英伟达在竞争中拥有巨大的优势，尤其是在经济周期下行时，因为英伟达可以继续推动科学和技术的边界。财务状况较差的公司无法做到这一点。</p>
<h2>英伟达股票的抛售是一个买入机会</h2>
<p>对于对持续长期人工智能支出充满信心的投资者来说，英伟达仍然是一个毫无疑问的买入选择。即使销售增长和利润率随着时间的推移逐渐下降，英伟达仍然可能是一个很好的价值，因为该股票并不昂贵。</p>
<p>拥有至少三到五年投资时间视野的投资者应该更仔细地关注英伟达。然而，值得注意的是，股价可能会继续高度波动，因此风险承受能力和耐心至关重要。</p>

英伟达财报，一站看懂！

英伟达

<p>英伟达的股票在发布财报后经历了波动，最终在三天内下跌了 1.4%。尽管对毛利率下降的担忧存在，英伟达仍然是一只强劲的成长股，原因在于客户在人工智能上的大量支出、竞争较少以及高毛利率。Meta、亚马逊和微软等主要客户正在增加资本支出，确保了稳定的收入。英伟达的创新产品开发，包括成功的 Blackwell 芯片，使其在人工智能市场的持续主导地位得到了良好的保障，即使在周期性放缓的情况下</p>

<p>Last week was a roller coaster ride for <strong>Nvidia</strong>(NVDA -5.74%). The stock popped before reporting earnings on Feb. 26, fell 8.5% the following session, and then recovered nearly half of that loss on Friday.</p>
<div class="lb-trans"><p>上周对 <strong>Nvidia</strong>(NVDA -5.74%) 来说是一场过山车般的经历。在 2 月 26 日报告财报之前，股价上涨，随后在接下来的交易中下跌了 8.5%，而在周五又几乎恢复了失去的一半。</p>
</div><p>Once the dust had settled, the stock was down just 1.4% over the three-day period -- a sign that investors were somewhat neutral on Nvidia's latest print, guidance, and management commentary on the earnings call.</p>
<div class="lb-trans"><p>尘埃落定后，三天内股价仅下跌了 1.4%——这表明投资者对 Nvidia 最新的财报、指引和管理层在财报电话会议上的评论持中立态度。</p>
</div><p>Wall Street can get enamored by quarterly results and overemphasize slight changes in key metrics. A better approach is to view quarterly results within the context of the overarching investment thesis.</p>
<div class="lb-trans"><p>华尔街往往会被季度业绩所吸引，并过分强调关键指标的微小变化。更好的方法是将季度业绩放在整体投资论点的背景下进行分析。</p>
</div><p>Here are five reasons why Nvidia remains at the top of its game and is a growth stock worth buying now.</p>
<div class="lb-trans"><p>以下是 Nvidia 仍然处于领先地位并且值得现在购买的五个理由。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDk2MzAvYS1wZXJzb24tc21pbGluZy1sYXB0b3AtY29tcHV0ZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809630%2Fa-person-smiling-laptop-computer.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>1. Nvidia's customers continue to spend big bucks on AI</h2>
<div class="lb-trans"><h2>1. Nvidia 的客户继续在人工智能上大手花钱</h2>
</div><p>Nvidia's exponential growth in recent years wouldn't have been possible without a surge in spending on graphics processing units (GPUs) from a handful of customers.</p>
<div class="lb-trans"><p>Nvidia 近年来的指数级增长离不开少数客户对图形处理单元（GPU）的支出激增。</p>
</div><p>In its fiscal 2025 (ended Jan. 26, 2025) 10-K annual report, Nvidia said: &#34;Sales to direct Customers A, B, and C represented 12%, 11%, and 11% of total revenue, respectively, for fiscal year 2025, all of which were primarily due to the Compute &amp; Networking segment.&#34;</p>
<div class="lb-trans"><p>在其 2025 财年（截至 2025 年 1 月 26 日）的 10-K 年报中，Nvidia 表示：“直接客户 A、B 和 C 的销售分别占 2025 财年总收入的 12%、11% 和 11%，这些销售主要来自计算与网络部门。”</p>
</div><p>These unnamed companies are most likely hyperscalers, such as <strong>Amazon</strong>, <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Meta Platforms</strong> -- all of which are well-known Nvidia customers and are ramping capital expenditures (capex). In their current fiscal years, Meta is guiding for $65 billion in 2025 capex, Alphabet is forecasting $75 billion, Microsoft plans around $80 billion, and Amazon expects around $100 billion.</p>
<div class="lb-trans"><p>这些未具名的公司很可能是超大规模云服务商，如 <strong>Amazon</strong>、<strong>Microsoft</strong>、<strong>Alphabet</strong> 和 <strong>Meta Platforms</strong>——这些都是知名的 Nvidia 客户，并且正在增加资本支出（capex）。在他们当前的财年中，Meta 预计 2025 年的资本支出为 650 亿美元，Alphabet 预计为 750 亿美元，Microsoft 计划约 800 亿美元，而 Amazon 预计约 1000 亿美元。</p>
</div><p>Meta is building out AI infrastructure to support its generative AI products, improve app engagement, and make Instagram a top platform for advertisers. Meanwhile, Amazon Web Services, Microsoft Azure, and Google Cloud are using compute power from Nvidia chips to expand their large-scale data centers.</p>
<div class="lb-trans"><p>Meta 正在构建人工智能基础设施，以支持其生成式人工智能产品，提高应用程序的参与度，并使 Instagram 成为广告商的顶级平台。与此同时，Amazon Web Services、Microsoft Azure 和 Google Cloud 正在利用 Nvidia 芯片的计算能力来扩展其大规模数据中心。</p>
</div><p>While Nvidia's dependence on just a handful of companies can be viewed as a risk, it is also an advantage because they are reliable buyers with deep pockets. These companies have the resources to invest even during cyclical slowdowns, whereas smaller players may not be as flexible.</p>
<div class="lb-trans"><p>虽然 Nvidia 对少数公司的依赖可以被视为风险，但这也是一种优势，因为这些公司是可靠的买家，资金雄厚。这些公司在周期性经济放缓期间也有资源进行投资，而较小的参与者可能没有那么灵活。</p>
</div><h2>2. The competition is (almost) nowhere to be found</h2>
<div class="lb-trans"><h2>2. 竞争几乎无处可寻</h2>
</div><p>One of the biggest threats to Nvidia's business model is competition. Formidable competition could eat away at Nvidia's top-line growth and cut into margins. But so far, that hasn't happened.</p>
<div class="lb-trans"><p>对 Nvidia 商业模式最大的威胁之一是竞争。强大的竞争可能会侵蚀 Nvidia 的收入增长并削减利润率。但到目前为止，这种情况并没有发生。</p>
</div><p><strong>Advanced Micro Devices</strong> continues to forecast exponential growth in its data center GPU business, especially if it can take market share from Nvidia by delivering high compute power at a lower price point. But so far, AMD simply isn't delivering results, and its stock price reflects investor disappointment. AMD is hovering around a 52-week low, down over 55% from its all-time high from March of last year.</p>
<div class="lb-trans"><p><strong>Advanced Micro Devices</strong> 继续预测其数据中心 GPU 业务的指数级增长，特别是如果它能够通过提供更低价格的高计算能力来抢占 Nvidia 的市场份额。但到目前为止，AMD 并没有交出令人满意的业绩，其股价反映了投资者的失望。AMD 的股价徘徊在 52 周低点，比去年 3 月的历史高点下跌超过 55%。</p>
</div><p>In comparison, <strong>Broadcom</strong> is experiencing exponential growth in AI, especially in application-specific integrated circuits (ASICs). ASICs are custom-engineered for specific tasks and can be less expensive than GPUs. But Broadcom isn't as much of a pure-play AI name as Nvidia. Rather, it is a diversified networking company with a fast-growing AI segment.</p>
<div class="lb-trans"><p>相比之下，<strong>Broadcom</strong> 在人工智能领域经历了指数级增长，尤其是在应用特定集成电路（ASICs）方面。ASIC 是为特定任务定制设计的，可能比 GPU 便宜。但 Broadcom 并不像 Nvidia 那样是一个纯粹的人工智能公司。相反，它是一家多元化的网络公司，拥有快速增长的人工智能部门。</p>
</div><p>Meanwhile, <strong>Intel</strong> has failed to make a splash in the GPU market.</p>
<div class="lb-trans"><p>与此同时，<strong>Intel</strong> 在 GPU 市场上未能引起轰动。</p>
</div><p>Nvidia's ability to capture a larger percentage of AI spending is a testament to its elite product portfolio and continued innovation. Blackwell -- Nvidia's latest chip, designed for AI and data centers -- delivered $11 billion in revenue in the latest quarter, the fastest product ramp in company history. Instead of sitting back and enjoying its success, Nvidia continues to push the boundaries of new product development. That's a great sign that it can maintain its dominance, even if there's a cyclical slowdown.</p>
<div class="lb-trans"><p>Nvidia 能够捕获更大比例的人工智能支出，证明了其精英产品组合和持续创新。Blackwell——Nvidia 最新的芯片，专为人工智能和数据中心设计——在最新季度实现了 110 亿美元的收入，成为公司历史上产品 ramp 的最快速度。Nvidia 并没有坐享其成，而是继续推动新产品开发的边界。这是一个很好的迹象，表明它能够保持主导地位，即使在周期性放缓的情况下。</p>
</div><h2>3. Sky-high margins and a fast top-line growth rate</h2>
<div class="lb-trans"><h2>3. 高企的利润率和快速的收入增长率</h2>
</div><p>One reason Nvidia may have sold off the day after reporting earnings was a knee-jerk reaction to lower gross margins.</p>
<div class="lb-trans"><p>Nvidia 在报告财报后的第二天可能出现抛售的一个原因是对毛利率下降的本能反应。</p>
</div><p>For the latest quarter, fourth-quarter fiscal 2025, Nvidia reported 73% gross margins. That's down three percentage points compared to the same quarter in fiscal 2024. But for the full year, gross margins were 75%, compared to 72.7% in fiscal 2024. However, Nvidia is guiding for just 70.6% gross margins in the first quarter of fiscal 2026.</p>
<div class="lb-trans"><p>在最新的季度，即 2025 财年第四季度，Nvidia 报告的毛利率为 73%。与 2024 财年同季度相比下降了三个百分点。但全年毛利率为 75%，而 2024 财年为 72.7%。然而，Nvidia 预计 2026 财年第一季度的毛利率仅为 70.6%。</p>
</div><p>The lower margins have nothing to do with any fractures in the business. As Nvidia CFO Colette Kress explained on the latest earnings call:</p>
<div class="lb-trans"><p>毛利率的下降与业务的任何裂痕无关。正如 Nvidia 首席财务官 Colette Kress 在最新的财报电话会议上解释的那样：</p>
</div><blockquote>
<p>During our Blackwell ramp, our gross margins will be in the low 70s. At this point, we are focusing on expediting our manufacturing to make sure that we can provide to customers as soon as possible. Once our Blackwell fully rounds, we can improve our cost and our gross margin. So, we expect to probably be in the mid-70s later this year.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>在我们的 Blackwell ramp 期间，我们的毛利率将处于 70% 左右。在这一点上，我们专注于加快制造进程，以确保能够尽快向客户提供产品。一旦我们的 Blackwell 完全投入使用，我们可以改善我们的成本和毛利率。因此，我们预计今年晚些时候可能会达到中 70%。</p>
</blockquote>
</div><p>Margins have been an integral aspect of Nvidia's investment thesis. High margins allow the company to convert over 60% of sales into operating income, making Nvidia an immensely profitable business.</p>
<div class="lb-trans"><p>利润率一直是 Nvidia 投资论点的一个重要方面。高利润率使公司能够将超过 60% 的销售额转化为营业收入，使 Nvidia 成为一家极具盈利能力的企业。</p>
</div><p>As you can see in the chart, Nvidia has grown sales, operating margins, and diluted earnings per share exponentially over the last few years.</p>
<div class="lb-trans"><p>正如您在图表中看到的，Nvidia 在过去几年中销售额、营业利润率和稀释每股收益都实现了指数级增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/094380e6817704242b51422fd8b0081f.png" alt="" original-src="https://media.ycharts.com/charts/094380e6817704242b51422fd8b0081f.png"/></p>
<p>NVDA Revenue (TTM) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 收入（TTM）数据来源于 YCharts。</p>
</div><p>This impressive growth is why Nvidia remains a good value despite its soaring stock price.</p>
<div class="lb-trans"><p>这种令人印象深刻的增长是 Nvidia 尽管股价飙升仍然保持良好价值的原因。</p>
</div><h2>4. A reasonable and arguably inexpensive valuation</h2>
<div class="lb-trans"><h2>4. 合理且可以说是便宜的估值</h2>
</div><p>Nvidia is, admittedly, a difficult stock to value. The stock is a bargain if it maintains its growth, even at a lower rate. But if spending fizzles out due to competition, a cyclical slowdown, or AI models needing less computing power, then Nvidia could be overvalued.</p>
<div class="lb-trans"><p>Nvidia 确实是一只难以估值的股票。如果它能够维持增长，即使以较低的速度，股票就是一个便宜的选择。但如果由于竞争、周期性放缓或人工智能模型需要更少的计算能力而导致支出减少，那么 Nvidia 可能会被高估。</p>
</div><p>Still, some of that uncertainty is arguably already priced into Nvidia's valuation. Nvidia sports a 27.8 forward price-to-earnings (P/E) ratio -- lower than Amazon, Apple, Broadcom, and Microsoft.</p>
<div class="lb-trans"><p>不过，这种不确定性在某种程度上已经反映在了英伟达的估值中。英伟达的前瞻市盈率为 27.8，低于亚马逊、苹果、博通和微软。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a4ca920431a09f2e81044a6664f8cf0b.png" alt="" original-src="https://media.ycharts.com/charts/a4ca920431a09f2e81044a6664f8cf0b.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 前瞻市盈率数据来自 YCharts。</p>
</div><p>Chip companies like <strong>Taiwan Semiconductor Manufacturing</strong> and AMD are cheaper than Nvidia on a forward earnings basis. But no mega-cap tech company or chip company has Nvidia's combination of industry dominance, revenue growth, and margins.</p>
<div class="lb-trans"><p>像 <strong>台积电</strong> 和 AMD 这样的芯片公司在前瞻收益基础上比英伟达便宜。但没有任何大型科技公司或芯片公司具备英伟达在行业主导地位、收入增长和利润率方面的组合优势。</p>
</div><h2>5. A super-strong balance sheet</h2>
<div class="lb-trans"><h2>5. 超强的资产负债表</h2>
</div><p>Nvidia finished fiscal 2025 with $8.6 billion in cash and cash equivalents, $34.6 billion in marketable securities, and just $8.5 billion in long-term debt.</p>
<div class="lb-trans"><p>英伟达在 2025 财年结束时拥有 86 亿美元的现金及现金等价物，346 亿美元的可交易证券，以及仅 85 亿美元的长期债务。</p>
</div><p>Nvidia's interest income jumped from $866 million in fiscal 2024 to $1.8 billion in fiscal 2025 as it earned more interest on its assets. So not only does the company have a net cash position, it's also making interest income instead of paying out cash in interest expenses. Meanwhile, high interest rates adversely affect companies whose capital structure is dependent on debt.</p>
<div class="lb-trans"><p>英伟达的利息收入从 2024 财年的 8.66 亿美元跃升至 2025 财年的 18 亿美元，因为它在资产上赚取了更多的利息。因此，该公司不仅拥有净现金头寸，还在赚取利息收入，而不是支付现金利息费用。与此同时，高利率对资本结构依赖于债务的公司产生不利影响。</p>
</div><p>Nvidia's rock-solid balance sheet is particularly impressive, considering the timing of its product ramp-up. Nvidia isn't taking on debt to develop products in the hopes they pay off. Rather, it makes so much cash flow on its existing high-margin products that it can afford to ramp up new innovations like Blackwell with cash generated from the business, rather than debt. This is a massive advantage for Nvidia over the competition, especially if there's a cyclical downturn, because Nvidia can continue pushing the bounds of science and technology. Companies with poorer financial health couldn't do so.</p>
<div class="lb-trans"><p>考虑到其产品 ramp-up 的时机，英伟达的稳固资产负债表尤其令人印象深刻。英伟达并不是为了开发产品而承担债务，希望能获得回报。相反，它在现有高利润产品上产生了大量现金流，因此可以利用业务产生的现金来推动像 Blackwell 这样的新创新，而不是依赖债务。这使得英伟达在竞争中拥有巨大的优势，尤其是在经济周期下行时，因为英伟达可以继续推动科学和技术的边界。财务状况较差的公司无法做到这一点。</p>
</div><h2>The sell-off in Nvidia stock is a buying opportunity</h2>
<div class="lb-trans"><h2>英伟达股票的抛售是一个买入机会</h2>
</div><p>Nvidia continues to be a no-brainer buy for investors confident in sustained long-term AI spending. Even if sales growth and margins fall gradually over time, Nvidia could still be a great value because the stock isn't expensive.</p>
<div class="lb-trans"><p>对于对持续长期人工智能支出充满信心的投资者来说，英伟达仍然是一个毫无疑问的买入选择。即使销售增长和利润率随着时间的推移逐渐下降，英伟达仍然可能是一个很好的价值，因为该股票并不昂贵。</p>
</div><p>Investors with at least a three- to five-year investment time horizon should take a closer look at Nvidia. However, it's worth keeping in mind that the stock price could continue to be highly volatile, so risk tolerance and patience are paramount.</p>
<div class="lb-trans"><p>拥有至少三到五年投资时间视野的投资者应该更仔细地关注英伟达。然而，值得注意的是，股价可能会继续高度波动，因此风险承受能力和耐心至关重要。</p>
</div>

5 Reasons Why Nvidia Is Still in a League of Its Own

- Nvidia 股票在财报发布后经历波动，三天内仅下跌 1.4%。
- 公司客户持续在 AI 领域大额支出，推动业绩增长。
- 强劲的财务状况和高利润率使 Nvidia 仍然具备投资价值。

英伟达仍然独占鳌头的 5 个原因