<p><strong>英伟达</strong>(NVDA -0.46%) 的股票上个月在亏损者中名列前茅，因为这家人工智能（AI）芯片领导者在三月份与大盘一起回落。</p>
<p>虽然没有任何重大新闻对英伟达造成压力，但对 AI 基础设施需求可能放缓的迹象似乎推动了股价下跌，此外，消费者信心减弱、关税不确定性以及经济增长预测下降等因素也引发了对经济放缓的普遍担忧。到月底，<strong>CoreWeave</strong> 的首发反应疲软，这是一家专注于生成式 AI 的云计算平台，也是英伟达的合作伙伴，这似乎也反映出投资者对 AI 股票的热情减退。</p>
<p>半导体行业是周期性的，考虑到过去两年其增长迅猛，投资者似乎对经济衰退对英伟达的影响感到谨慎。根据 S&amp;P Global Market Intelligence 的数据，三月底时，英伟达的股价下跌了 13%。</p>
<p>从下面的图表可以看出，英伟达上个月波动较大，但总体上与 <strong>纳斯达克综合指数</strong> 的走势一致，波动受宏观层面新闻的影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.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/b7ac43e352b140ca62d18fa91f8319f5.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<h2>英伟达继续回落</h2>
<p>英伟达在三月初报告了强劲的第四季度业绩，但股价在消息公布后回落，这表明投资者可能正在逐渐放弃这家 AI 芯片领导者，这一趋势在三月持续。</p>
<p>公司最大的新闻是其年度 GTC 大会在本月第三周举行，但即使是首席执行官黄仁勋备受关注的主题演讲，宣称到 2028 年行业内 AI 基础设施支出将达到 1 万亿美元，以及公司产品线即将取得的进展，也未能提振股价。在主题演讲当天，英伟达的股价下跌了 3.5%。</p>
<p>到月底，股价因特朗普总统宣布汽车关税而下滑，同时 4 月 2 日的 “解放日” 即将到来，届时将实施互惠关税。此外，英伟达似乎也介入以支持 CoreWeave 的首次公开募股，以每股 40 美元购买 2500 万美元的股份，以帮助提升投资者对该 AI 平台的信心。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>图片来源：英伟达。</p>
<h2>英伟达的下一步是什么</h2>
<p>英伟达上个月的回落是由宏观经济环境的变化驱动的，而不是公司基本面的变化，因此不应改变对该股票的投资论点。</p>
<p>事实上，当前股价看起来具有吸引力，前瞻市盈率仅为 25。这对一只看起来将继续推动 AI 革命的股票来说是个不错的价格。</p>

英伟达

<p>英伟达的股票在三月份下跌了 13%，受到更广泛市场回调和对人工智能基础设施需求放缓迹象的影响。尽管季度业绩强劲，并且 GTC 大会取得了显著成果，但投资者的热情减退，尤其是在 CoreWeave 首次亮相反响平淡之后。对经济放缓、关税和增长预期下降的担忧也加剧了这一下跌。然而，该股票的前瞻市盈率为 25，仍然具有吸引力，暗示在人工智能领域未来有增长潜力</p>

<p>Shares of <strong>Nvidia</strong>(NVDA -0.46%) were among the losers last month as the artificial intelligence (AI) chip leader pulled back along with the broad market in March.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.46%) 的股票上个月在亏损者中名列前茅，因为这家人工智能（AI）芯片领导者在三月份与大盘一起回落。</p>
</div><p>There wasn't any major news that weighed on Nvidia, but signs that demand for AI infrastructure may be slowing seemed to drive the stock lower, as did general fears about a slowdown in the economy driven by weakening consumer sentiment, the uncertainty around tariffs, and declining economic growth forecasts. Toward the end of the month, the weak response to the debut of <strong>CoreWeave</strong>, a generative AI-focused cloud computing platform and a partner of Nvidia, also seemed to reflect waning investor enthusiasm for AI stocks.</p>
<div class="lb-trans"><p>虽然没有任何重大新闻对英伟达造成压力，但对 AI 基础设施需求可能放缓的迹象似乎推动了股价下跌，此外，消费者信心减弱、关税不确定性以及经济增长预测下降等因素也引发了对经济放缓的普遍担忧。到月底，<strong>CoreWeave</strong> 的首发反应疲软，这是一家专注于生成式 AI 的云计算平台，也是英伟达的合作伙伴，这似乎也反映出投资者对 AI 股票的热情减退。</p>
</div><p>The semiconductor sector is cyclical and, given its soaring growth over the last two years, investors seem to be wary about the impact that a recession would have on Nvidia. When March came to a close, the stock finished down 13%, according to S&amp;P Global Market Intelligence.</p>
<div class="lb-trans"><p>半导体行业是周期性的，考虑到过去两年其增长迅猛，投资者似乎对经济衰退对英伟达的影响感到谨慎。根据 S&amp;P Global Market Intelligence 的数据，三月底时，英伟达的股价下跌了 13%。</p>
</div><p>As you can see from the chart below, Nvidia was volatile last month, but it generally trended with the <strong>Nasdaq Composite</strong>, fluctuating according to macro-level news.</p>
<div class="lb-trans"><p>从下面的图表可以看出，英伟达上个月波动较大，但总体上与 <strong>纳斯达克综合指数</strong> 的走势一致，波动受宏观层面新闻的影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png" alt="" original-src="https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><h2>Nvidia continues to pull back</h2>
<div class="lb-trans"><h2>英伟达继续回落</h2>
</div><p>Nvidia came into March reporting strong results at the end of February for the fourth quarter, but the stock pulled back on the news, a sign that investors may be moving on from the AI chip leader, and that trend continued into March.</p>
<div class="lb-trans"><p>英伟达在三月初报告了强劲的第四季度业绩，但股价在消息公布后回落，这表明投资者可能正在逐渐放弃这家 AI 芯片领导者，这一趋势在三月持续。</p>
</div><p>The biggest news out of the company was its annual GTC conference, held during the third week of the month, but even CEO Jensen Huang's closely watched keynote address, which touted AI infrastructure spending across the industry reaching $1 trillion in 2028 and upcoming advances in the company's product line, failed to lift the stock. Shares of Nvidia fell 3.5% on March 18, the day of the keynote.</p>
<div class="lb-trans"><p>公司最大的新闻是其年度 GTC 大会在本月第三周举行，但即使是首席执行官黄仁勋备受关注的主题演讲，宣称到 2028 年行业内 AI 基础设施支出将达到 1 万亿美元，以及公司产品线即将取得的进展，也未能提振股价。在主题演讲当天，英伟达的股价下跌了 3.5%。</p>
</div><p>Toward the end of the month, the stock slumped as President Donald Trump announced auto tariffs and as the April 2 &#34;Liberation Day&#34; of reciprocal tariffs approached. Additionally, Nvidia seemed to jump in to help prop up CoreWeave's IPO, buying $250 million in shares at $40 to help boost investor confidence in the AI platform.</p>
<div class="lb-trans"><p>到月底，股价因特朗普总统宣布汽车关税而下滑，同时 4 月 2 日的 “解放日” 即将到来，届时将实施互惠关税。此外，英伟达似乎也介入以支持 CoreWeave 的首次公开募股，以每股 40 美元购买 2500 万美元的股份，以帮助提升投资者对该 AI 平台的信心。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F813460%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>What's next for Nvidia</h2>
<div class="lb-trans"><h2>英伟达的下一步是什么</h2>
</div><p>Nvidia's pullback last month was driven by the shifting macroeconomic environment, rather than any change in the company's fundamentals so it shouldn't change any investing thesis around the stock.</p>
<div class="lb-trans"><p>英伟达上个月的回落是由宏观经济环境的变化驱动的，而不是公司基本面的变化，因此不应改变对该股票的投资论点。</p>
</div><p>In fact, the stock looks attractively priced now, trading at a forward P/E of just 25. That's a great price for a stock that looks set to continue driving the AI revolution.</p>
<div class="lb-trans"><p>事实上，当前股价看起来具有吸引力，前瞻市盈率仅为 25。这对一只看起来将继续推动 AI 革命的股票来说是个不错的价格。</p>
</div>

Why Nvidia Stock Lost 13% in March

- Nvidia 股价在 3 月下跌 13%，受整体市场影响。  
- AI 基础设施需求放缓及经济前景不明引发投资者担忧。  
- 尽管公司基本面未变，股价仍因宏观经济环境波动。  

为什么英伟达的股票在三月份下跌了 13%