<p><strong>英伟达</strong>(NVDA -0.75%) 迄今为止是人工智能 (AI) 时代最大的成功故事，自 2023 年初 ChatGPT 发布以来，股价已上涨超过十倍，最近达到了峰值。</p>
<p>英伟达的市值目前约为 3 万亿美元，几个月前曾接近 4 万亿美元。历史上没有其他公司能如此迅速地创造如此多的财富。毫不奇怪，英伟达仍然受到投资者的密切关注，其中一些人想知道股价是否能继续上涨，而另一些人则希望得到一些保证，以确保他们的意外收益不会在股市下滑中突然消失。</p>
<p>英伟达的股票已经回吐了一些涨幅，截至 3 月 19 日，从 1 月份的峰值下滑了 23%，原因是消费者和商业情绪减弱、收入增长放缓，以及对长期 AI 需求的一些疑虑影响了股价。</p>
<p>然而，由于这一回调，英伟达的股价现在是自 2019 年以来的最低水平，可以说这是一个买入机会。现在是买入英伟达的好时机吗？让我们看看公司在今年剩余时间内可能会有什么表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>图片来源：英伟达。</p>
<h2>不会减速</h2>
<p>英伟达最近举办了年度 GTC 大会——全部聚焦于 AI——如果从这次活动中有一个要点，那就是公司没有打算安于现状。</p>
<p>在会议上，首席执行官黄仁勋概述了公司的产品路线图，包括未来的芯片平台如 Rubin 和 Feynman，并预测了 AI 的前景，其中一个预测显示数据中心资本支出将在 2028 年前达到 1 万亿美元。公司还宣布了新的合作伙伴关系，包括与 <strong>通用汽车</strong> 合作开发自动驾驶汽车。</p>
<p>在其他公告中，公司表示将建立一个加速量子计算研究中心，使其在一些人认为可能与 AI 一样具有影响力的新兴技术中占有一席之地。英伟达还与云计算巨头 <strong>甲骨文</strong>、<strong>微软</strong> 和 <strong>谷歌母公司</strong> <strong>Alphabet</strong> 揭晓了新的合作伙伴关系，确保其与主要客户保持紧密关系，并且其芯片和组件继续满足他们的需求。</p>
<p>它还推出了一项多年的计划，向投资者展示其将继续在 AI 领域推动创新。例如，黄仁勋告诉 GTC 观众，Rubin，即将于 2026 年底发布的下一代 GPU，将驱动一台比当前同类产品强大 14 倍且功耗更低的超级计算机。</p>
<h2>宏观经济环境</h2>
<p>英伟达面临许多公司和行业特定的风险，尤其是它需要 AI 支出继续增加，但也有一些宏观经济因素影响了股价，并使一些投资者保持谨慎。</p>
<p>半导体行业是周期性的，英伟达经历过几轮经济周期，股价曾大幅下跌。这并不意味着 AI 热潮即将结束，但投资者应当注意这一风险。</p>
<p>关税也给公司带来了风险，尽管它已经被迫适应对中国出口的限制，这意味着贸易战并不是一个全新的挑战。考虑到公司在第四季度的 78% 收入增长和对第一季度的强劲指引，宏观不确定性似乎并未影响英伟达的业务，尽管可能对股价造成压力。</p>
<p>经济衰退或经济放缓可能会影响业务增长。然而，构成其最大客户的大型科技公司都资金充裕，因此有资源继续投资于 AI。他们也认为在新技术上的支出不足比过度支出更具风险。</p>
<h2>对英伟达 2025 年的预期</h2>
<p>完美预测股票表现是不可能的，但即使宏观层面的担忧影响了更广泛的股市，2025 年似乎将是英伟达业务的又一个强劲年份。</p>
<p>公司继续在业务扩展、合作伙伴关系和新产品发布方面保持积极，新的 Blackwell 平台的需求（目前已全面生产）超出了供应。</p>
<p>预计英伟达将在年内推出更多合作伙伴关系和产品进展。尽管投资者可能会关注公司面临的潜在阻力，例如 DeepSeek 的影响，但英伟达的整体前景仍然看好，股价在最近的回调后交易于一个有吸引力的估值。</p>

英伟达

<p>英伟达的股票自 1 月份的高峰以来已下跌 23%，受到消费者信心减弱和对长期人工智能需求的怀疑影响。尽管如此，该公司仍然是人工智能领域的领导者，计划推出新的芯片平台和合作伙伴关系，包括与通用汽车的合作。英伟达强劲的收入增长和积极的扩张表明，尽管面临宏观经济的不确定性，2025 年的前景依然乐观。当前，股票在近期下跌后被视为一个有吸引力的买入机会</p>

<p><strong>Nvidia</strong>(NVDA -0.75%) has been the biggest success story of the artificial intelligence (AI) era thus far with the stock jumping more than tenfold from the start of 2023, shortly after ChatGPT came out, to its recent peak.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.75%) 迄今为止是人工智能 (AI) 时代最大的成功故事，自 2023 年初 ChatGPT 发布以来，股价已上涨超过十倍，最近达到了峰值。</p>
</div><p>Nvidia's market capitalization, which now hovers around $3 trillion, topped out at close to $4 trillion a few months ago. No other company in the history of the stock market has created as much wealth as quickly. Not surprisingly, Nvidia is still closely followed by investors, some of whom want to know if the stock can keep climbing, and others who want some assurance that their windfall gains won't suddenly disappear in a stock market slump.</p>
<div class="lb-trans"><p>英伟达的市值目前约为 3 万亿美元，几个月前曾接近 4 万亿美元。历史上没有其他公司能如此迅速地创造如此多的财富。毫不奇怪，英伟达仍然受到投资者的密切关注，其中一些人想知道股价是否能继续上涨，而另一些人则希望得到一些保证，以确保他们的意外收益不会在股市下滑中突然消失。</p>
</div><p>Nvidia's shares have already given up some of those gains, sliding 23% (as of March 19) from its peak in January as a combination of weakening consumer and business sentiment, slowing revenue growth, and some doubts about long-term AI demand have weighed on the stock.</p>
<div class="lb-trans"><p>英伟达的股票已经回吐了一些涨幅，截至 3 月 19 日，从 1 月份的峰值下滑了 23%，原因是消费者和商业情绪减弱、收入增长放缓，以及对长期 AI 需求的一些疑虑影响了股价。</p>
</div><p>However, because of that pullback, Nvidia is now the cheapest it's been since 2019, arguably setting up a buying opportunity. Is Nvidia a buy right now? Let's take a look at what the company could have in store for the rest of the year.</p>
<div class="lb-trans"><p>然而，由于这一回调，英伟达的股价现在是自 2019 年以来的最低水平，可以说这是一个买入机会。现在是买入英伟达的好时机吗？让我们看看公司在今年剩余时间内可能会有什么表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811960%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>No slowing down</h2>
<div class="lb-trans"><h2>不会减速</h2>
</div><p>Nvidia recently hosted its annual GTC conference -- all heavily focused on AI -- and if there was one takeaway from the event, it's that the company has no intention of resting on its laurels.</p>
<div class="lb-trans"><p>英伟达最近举办了年度 GTC 大会——全部聚焦于 AI——如果从这次活动中有一个要点，那就是公司没有打算安于现状。</p>
</div><p>At the conference, CEO Jensen Huang outlined the company's product roadmap including future chip platforms like Rubin and Feynman, and touted AI forecasts, including one that showed data center capital expenditure spending reaching $1 trillion by 2028. The company also announced new partnerships, including one with <strong>General Motors</strong> to build autonomous vehicles.</p>
<div class="lb-trans"><p>在会议上，首席执行官黄仁勋概述了公司的产品路线图，包括未来的芯片平台如 Rubin 和 Feynman，并预测了 AI 的前景，其中一个预测显示数据中心资本支出将在 2028 年前达到 1 万亿美元。公司还宣布了新的合作伙伴关系，包括与 <strong>通用汽车</strong> 合作开发自动驾驶汽车。</p>
</div><p>Among its other announcements, the company said it would build an accelerated quantum computing research center, giving it a stake in an emerging technology that some think could be as influential as AI. Nvidia also unveiled new partnerships with cloud hyperscalers <strong>Oracle</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>, ensuring that it maintains close relationship with its top customers and that its chips and components continue to meet their needs.</p>
<div class="lb-trans"><p>在其他公告中，公司表示将建立一个加速量子计算研究中心，使其在一些人认为可能与 AI 一样具有影响力的新兴技术中占有一席之地。英伟达还与云计算巨头 <strong>甲骨文</strong>、<strong>微软</strong> 和 <strong>谷歌母公司</strong> <strong>Alphabet</strong> 揭晓了新的合作伙伴关系，确保其与主要客户保持紧密关系，并且其芯片和组件继续满足他们的需求。</p>
</div><p>It also introduced a multi-year plan that showed investors it would continue to push the envelope in AI. For example, Huang told the GTC audience that Rubin, its next GPU generation that is set to be released in late 2026, would power a supercomputer that is 14 times more powerful than the current equivalent, and requires less power.</p>
<div class="lb-trans"><p>它还推出了一项多年的计划，向投资者展示其将继续在 AI 领域推动创新。例如，黄仁勋告诉 GTC 观众，Rubin，即将于 2026 年底发布的下一代 GPU，将驱动一台比当前同类产品强大 14 倍且功耗更低的超级计算机。</p>
</div><h2>The macroeconomic landscape</h2>
<div class="lb-trans"><h2>宏观经济环境</h2>
</div><p>Nvidia faces a number of company- and industry-specific risks, namely that it needs AI spending to continue to increase, but there are also macroeconomic factors that have weighed on the stock and are keeping some investors cautious.</p>
<div class="lb-trans"><p>英伟达面临许多公司和行业特定的风险，尤其是它需要 AI 支出继续增加，但也有一些宏观经济因素影响了股价，并使一些投资者保持谨慎。</p>
</div><p>The semiconductor industry is cyclical, and Nvidia has gone through several economic cycles before with the stock falling sharply. That doesn't mean the AI boom is about to end, but investors should be mindful of that risk.</p>
<div class="lb-trans"><p>半导体行业是周期性的，英伟达经历过几轮经济周期，股价曾大幅下跌。这并不意味着 AI 热潮即将结束，但投资者应当注意这一风险。</p>
</div><p>Tariffs also present a risk to the company, though it has already been forced to adapt to restrictions on exports to China, meaning that the trade war isn't an entirely new challenge. Given the company's 78% revenue growth in the fourth quarter and its strong guidance for the first quarter, the macro uncertainty doesn't appear to be impacting Nvidia's business, though it may be weighing on the stock.</p>
<div class="lb-trans"><p>关税也给公司带来了风险，尽管它已经被迫适应对中国出口的限制，这意味着贸易战并不是一个全新的挑战。考虑到公司在第四季度的 78% 收入增长和对第一季度的强劲指引，宏观不确定性似乎并未影响英伟达的业务，尽管可能对股价造成压力。</p>
</div><p>A recession or a slowing economy could impact growth of the business. However, the big tech companies that make up its biggest customers are all well-capitalized and therefore have the resources to continue to invest in AI. They also believe that underspending on the new technology is a greater risk than overspending.</p>
<div class="lb-trans"><p>经济衰退或经济放缓可能会影响业务增长。然而，构成其最大客户的大型科技公司都资金充裕，因此有资源继续投资于 AI。他们也认为在新技术上的支出不足比过度支出更具风险。</p>
</div><h2>What to expect for Nvidia in 2025</h2>
<div class="lb-trans"><h2>对英伟达 2025 年的预期</h2>
</div><p>It's impossible to perfectly predict a stock's performance, but 2025 is shaping up to be another strong year for Nvidia's business even if macro-level concerns are weighing on the broader stock market.</p>
<div class="lb-trans"><p>完美预测股票表现是不可能的，但即使宏观层面的担忧影响了更广泛的股市，2025 年似乎将是英伟达业务的又一个强劲年份。</p>
</div><p>The company is continuing to be aggressive with its business expansions, partnerships, and new product launches, and demand for the new Blackwell platform, which is now in full production, is outstripping supply.</p>
<div class="lb-trans"><p>公司继续在业务扩展、合作伙伴关系和新产品发布方面保持积极，新的 Blackwell 平台的需求（目前已全面生产）超出了供应。</p>
</div><p>Expect Nvidia to unveil more partnerships and product advances as the year goes on. While investors may have one eye on potential headwinds facing the company, such as the impact of DeepSeek, the overall outlook for Nvidia still looks strong, and the stock is trading at an attractive valuation following the recent pullback.</p>
<div class="lb-trans"><p>预计英伟达将在年内推出更多合作伙伴关系和产品进展。尽管投资者可能会关注公司面临的潜在阻力，例如 DeepSeek 的影响，但英伟达的整体前景仍然看好，股价在最近的回调后交易于一个有吸引力的估值。</p>
</div>

Nvidia Is Down 23% From Its Peak. Here's How the Rest of 2025 Could Play Out for This Artificial Intelligence (AI) Powerhouse.

- Nvidia 股票自 2023 年初以来上涨超过十倍，市值接近 3 万亿美元。  
- 公司在 GTC 大会上展示了未来产品路线图，并与多家企业建立新合作。  
- 尽管面临宏观经济风险，Nvidia 仍有强劲的增长前景，预计 2025 年将继续扩展业务。

英伟达从峰值下跌了 23%。以下是这家人工智能巨头在 2025 年剩余时间可能的发展情况