<p>对于 <strong>Nvidia</strong>(NVDA 5.27%) 的股东来说，今年的开局相当艰难。截至目前，股价年初至今下跌约 12%，比 1 月份的高点低 20%。公司的消息一定很糟糕，对吧？</p>
<p>其实并非如此。上个月底，Nvidia 发布了截至 1 月 26 日的 2025 财年第四季度和全年财报。消息是好的，而不是坏的。Nvidia 再次让分析师和投资者印象深刻，超出了收入和利润的预期。指引显示当前季度的收入将再次跃升至创纪录的 430 亿美元。那么，让我们看看是什么导致 2025 年股价暴跌的。</p>
<h2>市场修正 = 机会</h2>
<p>一些导致 <strong>纳斯达克综合指数</strong> 进入修正区间的因素也引发了对 Nvidia 股票的恐惧和不确定性。特朗普政府宣布并改变了几项可能影响 Nvidia 业务的进口关税政策。此外，国家安全问题也提高了对 Nvidia 强大人工智能（AI）芯片更多出口限制的预期。</p>
<p>关税本身可能对 Nvidia 产生直接和间接的影响。人们担心关税可能会阻碍经济增长并造成通货膨胀环境。这两种情况都可能对半导体芯片销售产生负面影响。毕竟，如果一家正在扩展数据中心能力的公司认为投资回报会受到影响，它可能会减少或推迟这些投资。</p>
<p>在过去 18 个月中，Nvidia 的股价飙升，因为投资者预测其令人印象深刻的收入增长将持续。这真是令人惊叹。2023 年，销售开始猛增。2024 财年（截至 2024 年 1 月 28 日）收入增长了 126%。在 2025 财年，这一增长也没有放缓。今年 1 月结束的这一时期增长了 114%，股价持续上涨。</p>
<p>直到最近。</p>
<h2>Nvidia 投资者不必担心</h2>
<p>从 1 月份的高点下跌 22% 可能正是那些担心错过拥有 Nvidia 股票机会的投资者的绝佳机会。截至目前，其 2025 年收益的市盈率（P/E）约为 25。这与 <strong>纳斯达克 100</strong> 指数 10 年平均市盈率 32 相比，显得相当有吸引力。</p>
<p>这是自去年初收益预期飙升以来的最低水平。自 2024 年初以来，股价已经翻了一番。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e1d1341c384441c444666a90520cbbc8.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/e1d1341c384441c444666a90520cbbc8.png"/></p>
<p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
<p>Nvidia 仍然有很多增长机会。除非出现重大贸易战或衰退的发展，否则今年收入预计将增长约 50%。这主要得益于现在全面生产的 Blackwell AI 架构。除此之外，还有许多商业发展可能性。</p>
<h2>Nvidia 涉及几乎所有领域</h2>
<p>Rubin 平台将继承 Blackwell，提供更强大的 AI 产品组合。但 AI 不仅仅是数据中心的计算能力。开发自动驾驶汽车（AV）技术的公司也在大量采购 Nvidia 的产品用于训练。该公司表示，现有的 30 个顶级 AV 数据中心均由其提供动力。</p>
<p>其游戏部门的收入去年超过 110 亿美元。超过 2 亿的玩家和创作者使用 Nvidia GeForce GPU（图形处理单元）。数百万开发者下载了其用于医疗影像 AI 的 Monai 开源框架。或许最大的潜力来自机器人技术，因为企业利用这一不断发展的技术来提高效率。Nvidia 表示，已有超过 130 万开发者使用 Nvidia Jetson 高性能计算平台进行机器人、计算机视觉和生成 AI 等任务。</p>
<p>Nvidia 在多个领域都有布局。虽然今年的收入增长将放缓至约 50%，但其 AI 芯片和软件堆栈的阵容无与伦比且不断改进。再加上其他领域可能带来的催化剂，以及其近期合理的估值，似乎是购买 Nvidia 股票的绝佳时机。</p>

英伟达

<p>英伟达的股票自 1 月份的高点下跌了 20%，尽管其财报表现强劲且收入指引积极。此次下跌归因于市场调整以及对关税和出口限制影响其人工智能芯片业务的担忧。然而，分析师认为这一跌幅提供了买入机会，因为英伟达的市盈率与历史平均水平相比具有吸引力。预计今年由于其人工智能架构以及在游戏、自动驾驶汽车和机器人等多元化应用的推动，收入将增长 50%，英伟达仍然是一个强劲的投资选择</p>

<p>It's been a rough start to the year for <strong>Nvidia</strong>(NVDA 5.27%) shareholders. As of this writing, shares are down about 12% year to date and 20% below its January highs. The news from the company must be bad, right?</p>
<div class="lb-trans"><p>对于 <strong>Nvidia</strong>(NVDA 5.27%) 的股东来说，今年的开局相当艰难。截至目前，股价年初至今下跌约 12%，比 1 月份的高点低 20%。公司的消息一定很糟糕，对吧？</p>
</div><p>Well, not exactly. Late last month, Nvidia reported fourth-quarter and full-year earnings for its fiscal 2025 period, which ended Jan. 26. The news was good, not bad. Nvidia impressed analysts and investors once again by exceeding both top- and bottom-line estimates. Guidance called for another jump in revenue in the current quarter to a record $43 billion. So, let's look at what has the stock plunging in 2025.</p>
<div class="lb-trans"><p>其实并非如此。上个月底，Nvidia 发布了截至 1 月 26 日的 2025 财年第四季度和全年财报。消息是好的，而不是坏的。Nvidia 再次让分析师和投资者印象深刻，超出了收入和利润的预期。指引显示当前季度的收入将再次跃升至创纪录的 430 亿美元。那么，让我们看看是什么导致 2025 年股价暴跌的。</p>
</div><h2>Market correction = opportunity</h2>
<div class="lb-trans"><h2>市场修正 = 机会</h2>
</div><p>Some of the same things that have driven the <strong>Nasdaq Composite</strong> into correction territory have caused fear and uncertainty around Nvidia stock. The Trump administration has announced -- and changed -- several applications of import tariffs that could affect Nvidia's business. On top of that, national security concerns have raised the prospects for more export restrictions on Nvidia's powerful artificial intelligence (AI) chips.</p>
<div class="lb-trans"><p>一些导致 <strong>纳斯达克综合指数</strong> 进入修正区间的因素也引发了对 Nvidia 股票的恐惧和不确定性。特朗普政府宣布并改变了几项可能影响 Nvidia 业务的进口关税政策。此外，国家安全问题也提高了对 Nvidia 强大人工智能（AI）芯片更多出口限制的预期。</p>
</div><p>The tariffs themselves could have both direct and indirect implications for Nvidia. There are concerns that tariffs could hinder economic growth and create an inflationary environment. Either of those situations could negatively impact semiconductor chip sales. After all, if a company building out data center capacity believes returns on investments will be impacted, it may very well reduce or delay those investments.</p>
<div class="lb-trans"><p>关税本身可能对 Nvidia 产生直接和间接的影响。人们担心关税可能会阻碍经济增长并造成通货膨胀环境。这两种情况都可能对半导体芯片销售产生负面影响。毕竟，如果一家正在扩展数据中心能力的公司认为投资回报会受到影响，它可能会减少或推迟这些投资。</p>
</div><p>Nvidia's share price skyrocketed over the last 18 months as investors forecast impressive revenue growth to continue. It's been nothing short of amazing. Sales began to soar in 2023. Revenue jumped 126% in fiscal 2024, ending Jan. 28, 2024. It didn't slow down in fiscal 2025, either. Growth of another 114% for that period ended this January, and the stock continued to run higher.</p>
<div class="lb-trans"><p>在过去 18 个月中，Nvidia 的股价飙升，因为投资者预测其令人印象深刻的收入增长将持续。这真是令人惊叹。2023 年，销售开始猛增。2024 财年（截至 2024 年 1 月 28 日）收入增长了 126%。在 2025 财年，这一增长也没有放缓。今年 1 月结束的这一时期增长了 114%，股价持续上涨。</p>
</div><p>That is, until recently.</p>
<div class="lb-trans"><p>直到最近。</p>
</div><h2>Nvidia investors shouldn't worry</h2>
<div class="lb-trans"><h2>Nvidia 投资者不必担心</h2>
</div><p>The 22% drop from its January high mark might just be a great opportunity for those who feared they missed out on owning Nvidia stock. As of this writing, it was trading at a price-to-earnings (P/E) ratio of just about 25 based on calendar year 2025 earnings. That's pretty attractive compared to the 10-year average P/E of 32 for the <strong>Nasdaq-100</strong> index.</p>
<div class="lb-trans"><p>从 1 月份的高点下跌 22% 可能正是那些担心错过拥有 Nvidia 股票机会的投资者的绝佳机会。截至目前，其 2025 年收益的市盈率（P/E）约为 25。这与 <strong>纳斯达克 100</strong> 指数 10 年平均市盈率 32 相比，显得相当有吸引力。</p>
</div><p>That's its lowest level since earnings estimates skyrocketed early last year. The stock itself has more than doubled since the start of 2024.</p>
<div class="lb-trans"><p>这是自去年初收益预期飙升以来的最低水平。自 2024 年初以来，股价已经翻了一番。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e1d1341c384441c444666a90520cbbc8.png" alt="" original-src="https://media.ycharts.com/charts/e1d1341c384441c444666a90520cbbc8.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
</div><p>Nvidia still has plenty of opportunities for growth. Barring any major development of a trade war or recession, revenue should increase about 50% this year. That's mostly driven by the Blackwell AI architecture, which is now in full production. There are many business development possibilities beyond that.</p>
<div class="lb-trans"><p>Nvidia 仍然有很多增长机会。除非出现重大贸易战或衰退的发展，否则今年收入预计将增长约 50%。这主要得益于现在全面生产的 Blackwell AI 架构。除此之外，还有许多商业发展可能性。</p>
</div><h2>Nvidia touches most everything</h2>
<div class="lb-trans"><h2>Nvidia 涉及几乎所有领域</h2>
</div><p>The Rubin platform will succeed Blackwell with an even more powerful AI suite of offerings. But AI is more than just data center computing power, too. Companies developing autonomous vehicle (AV) technology are also loading up on Nvidia's products for training purposes. The company says all 30 of the existing top AV data centers are powered by it.</p>
<div class="lb-trans"><p>Rubin 平台将继承 Blackwell，提供更强大的 AI 产品组合。但 AI 不仅仅是数据中心的计算能力。开发自动驾驶汽车（AV）技术的公司也在大量采购 Nvidia 的产品用于训练。该公司表示，现有的 30 个顶级 AV 数据中心均由其提供动力。</p>
</div><p>Revenue in its gaming segment grew to over $11 billion last year. More than 200 million gamers and creators use Nvidia GeForce GPUs (graphics processing units). Millions of developers have downloaded its Monai open-source framework for healthcare imaging AI. Perhaps most potential will come from robotics as businesses utilize that evolving technology to improve efficiency. Nvidia says over 1.3 million developers already use the Nvidia Jetson high-performance computer platform for tasks including robotics, computer vision, and generative AI.</p>
<div class="lb-trans"><p>其游戏部门的收入去年超过 110 亿美元。超过 2 亿的玩家和创作者使用 Nvidia GeForce GPU（图形处理单元）。数百万开发者下载了其用于医疗影像 AI 的 Monai 开源框架。或许最大的潜力来自机器人技术，因为企业利用这一不断发展的技术来提高效率。Nvidia 表示，已有超过 130 万开发者使用 Nvidia Jetson 高性能计算平台进行机器人、计算机视觉和生成 AI 等任务。</p>
</div><p>Nvidia has many irons in the fire. While revenue growth will <em>slow</em> to about 50% this year, its lineup of AI chips and software stacks is unmatched and constantly improving. Add in the possible catalysts from other segments, and its very reasonable recent valuation, and it looks like a compelling time to buy the dip in Nvidia stock.</p>
<div class="lb-trans"><p>Nvidia 在多个领域都有布局。虽然今年的收入增长将放缓至约 50%，但其 AI 芯片和软件堆栈的阵容无与伦比且不断改进。再加上其他领域可能带来的催化剂，以及其近期合理的估值，似乎是购买 Nvidia 股票的绝佳时机。</p>
</div>

Nvidia Stock Is Down 20%. Is It Time to Buy the Dip on the AI Leader?

- Nvidia 股价下跌 22%，但财报超出预期，预计收入将达 430 亿美元。  
- 市场对关税和国家安全的担忧影响股价，可能导致半导体销售下降。  
- Nvidia 仍有增长机会，预计今年收入增长约 50%。

英伟达股票下跌了 20%。现在是时候抄底这家 AI 领导者了吗？