<p><strong>英伟达</strong>(NVDA 4.11%) 迄今为止是人工智能 (AI) 热潮中最大的赢家之一。这家科技巨头设计了全球最强大的芯片——图形处理单元 (GPU)，并成为人工智能建设中的明星参与者。GPU 被用于驱动最关键的人工智能任务，例如模型的训练和推理。</p><p>不过，这家公司并不仅仅局限于芯片。相反，它构建了一个人工智能帝国，提供客户开发和扩展基础设施所需的产品和服务，并最终将人工智能应用于现实问题。</p><p>所有这些都帮助英伟达的收入季度接季度地达到创纪录水平；在最新的完整财年中，收入激增 114%，达到 1300 亿美元。该公司还能够在销售中产生高盈利，毛利率始终超过 70%。</p><p>这非常出色，但考虑到未来可能面临更严峻的经济环境，投资者对一个特定因素感到担忧——这个因素可能决定英伟达的增长在未来几个季度是飙升还是下滑。现在，随着财报季的展开，我们即将对此获得一些答案。事实上，一些关键信息可能在本周公布，使得现在成为英伟达的生死攸关时刻。以下是需要关注的内容。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/b1f1019a583bbf7ec573b442ae92d4ea?x-oss-process=style/lg" alt="" width="700" height="421" original-src="https://pub.pbkrs.com/uploads/2025/b1f1019a583bbf7ec573b442ae92d4ea"/></figure><p>图片来源：Getty Images。</p><h2 id="isqoxck9k">英伟达的高性能产品</h2><p>首先，让我们考虑一下公司成功的原因。当然，其高性能的产品和服务名列前茅。英伟达最新的 Blackwell 架构于今冬发布，包含多种颠覆性的元素；这些包括迄今为止最快的芯片，以及在可靠性、网络和安全性方面的提升。对 Blackwell 的需求如此之高，以至于超过了供应，英伟达仍在不懈努力，确保将这一创新平台交付给客户。</p><p>不过，英伟达成功的另一个重要因素是对人工智能的普遍需求。如果客户对构建大型平台不感兴趣，英伟达的收入状况将大相径庭。该公司在很大程度上依赖于对人工智能的需求——在最近一个季度，其总收入的 90% 来自数据中心业务。</p><p>这就是为什么人工智能投资和建设的总体趋势直接影响其未来几个季度的收入前景。任何支出下降的迹象都会立即引发投资界对英伟达增长的担忧。</p><h2 id="sgomrlkig">本周发生的事情</h2><p>这让我想到了本周需要关注的关键事件，因为这些事件可能会严重影响英伟达的前景和股票表现。主要的英伟达客户 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>Meta Platforms</strong> 本周各自发布季度财报——在财报电话会议中，这些公司通常会更新其人工智能项目和年度支出计划。</p><p>尽管这三家公司在最近几个季度都在全力投入人工智能，但最近的事件可能会改变它们的策略。特朗普总统计划对全球进口商品征收关税，可能会在两个方面对它们造成影响：关税可能会增加它们在进口零部件和成品时的费用，而在关税导致的高价格环境中，消费者可能会减少在这些科技公司产品上的支出。担忧的是，在这种背景下，英伟达的客户可能会放缓或削减其人工智能支出。</p><p>因此，英伟达的股东（或潜在股东）在听取微软、亚马逊和 Meta 的财报时，密切关注任何关于人工智能计划的评论将非常重要。</p><h2 id="g7a7za78m">来自 Alphabet 的线索</h2><p>如果你感到担忧，我有好消息要告诉你。到目前为止，尽管当前的关税动荡，仍然有理由对未来的人工智能需求持乐观态度。上周，另一家主要的英伟达客户 <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%) 重申了其今年 750 亿美元的资本支出计划，并表示与英伟达的关系是一个 “关键优势”。Alphabet 还表示，当英伟达下一代 Vera Rubin 超级芯片可用时，将提供这些芯片，进一步显示出对这家芯片设计公司的持续承诺。</p><p>在亚马逊财报发布之前，我们还收到了来自亚马逊网络服务 (AWS) 的积极信号。上周，一份分析师报告暗示该公司可能会削减人工智能支出，但一位 AWS 高管平息了这种担忧，表示扩展计划没有改变。</p><p>所有这些意味着，英伟达确实达到了一个生死攸关的时刻。人工智能支出的持续强劲将是个好消息，但任何主要客户在支出或人工智能建设上的意外削减都可能对这家芯片巨头造成重大打击，至少在短期内。如我上面提到的，目前的迹象表明，这场人工智能热潮的步伐可能会继续不受干扰——但只有本周这些大型英伟达客户的保证才能确认这一点。</p>

英伟达

<p>英伟达正处于一个关键时刻，因为它正在为微软、亚马逊和 Meta 等主要客户的财报做准备，这可能会影响其以人工智能驱动的增长。由于其高性能 GPU 和对人工智能解决方案的强劲需求，该公司的收入创下了记录。然而，潜在的关税影响和客户支出变化可能带来风险。来自 Alphabet 的积极信号和 AWS 的保证表明人工智能投资仍在继续，但任何意外的支出削减可能会在短期内显著影响英伟达的前景</p>

<p><strong>Nvidia</strong>(NVDA 4.11%) has been one of the biggest winners of the artificial intelligence (AI) boom so far. The tech giant designs the world's most powerful chip -- a graphics processing unit (GPU) -- and it's become the star player in the AI buildout. GPUs are used to drive the most critical AI tasks, such as the training and inference of models.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 4.11%) 迄今为止是人工智能 (AI) 热潮中最大的赢家之一。这家科技巨头设计了全球最强大的芯片——图形处理单元 (GPU)，并成为人工智能建设中的明星参与者。GPU 被用于驱动最关键的人工智能任务，例如模型的训练和推理。</p>
</div><p>The company hasn't stuck to only chips, though. Instead it's constructed an AI empire, offering the products and services customers need to develop and expand infrastructure and eventually apply AI to real-life problems.</p>
<div class="lb-trans"><p>不过，这家公司并不仅仅局限于芯片。相反，它构建了一个人工智能帝国，提供客户开发和扩展基础设施所需的产品和服务，并最终将人工智能应用于现实问题。</p>
</div><p>All of this has helped drive Nvidia's revenue to record levels quarter after quarter; in the latest full year, revenue surged 114% to $130 billion. The company has also been able to generate high profitability on sales, with gross margin consistently topping 70%.</p>
<div class="lb-trans"><p>所有这些都帮助英伟达的收入季度接季度地达到创纪录水平；在最新的完整财年中，收入激增 114%，达到 1300 亿美元。该公司还能够在销售中产生高盈利，毛利率始终超过 70%。</p>
</div><p>This is fantastic, but considering the potential for a tougher economic environment ahead, investors have worried about one particular thing -- and this factor could determine whether Nvidia's growth soars or sinks in the quarters ahead. Now, as earnings season unfolds, we're about to get some answers on this point. In fact, some key information could be announced this week, making right now a make-or-break moment for Nvidia. Here's what to watch for.</p>
<div class="lb-trans"><p>这非常出色，但考虑到未来可能面临更严峻的经济环境，投资者对一个特定因素感到担忧——这个因素可能决定英伟达的增长在未来几个季度是飙升还是下滑。现在，随着财报季的展开，我们即将对此获得一些答案。事实上，一些关键信息可能在本周公布，使得现在成为英伟达的生死攸关时刻。以下是需要关注的内容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYyMzQvZ2V0dHlpbWFnZXMtMTMxNjM3MjM0OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816234%2Fgettyimages-1316372349.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>Nvidia's high-performance products</h2>
<div class="lb-trans"><h2>英伟达的高性能产品</h2>
</div><p>So first, let's consider the reason for the company's success. Of course, its high-performance products and services top the list. Nvidia's latest Blackwell architecture, released this winter, includes various game-changing elements; these include the fastest chip yet, as well as gains in reliability, networking, and security. Demand for Blackwell was so high that it exceeded supply, and Nvidia is still working tirelessly to ensure delivery of this innovative platform to customers.</p>
<div class="lb-trans"><p>首先，让我们考虑一下公司成功的原因。当然，其高性能的产品和服务名列前茅。英伟达最新的 Blackwell 架构于今冬发布，包含多种颠覆性的元素；这些包括迄今为止最快的芯片，以及在可靠性、网络和安全性方面的提升。对 Blackwell 的需求如此之高，以至于超过了供应，英伟达仍在不懈努力，确保将这一创新平台交付给客户。</p>
</div><p>What has also played a big role in Nvidia's success, though, is the general demand for AI. If customers weren't interested in building out major platforms, Nvidia's revenue picture would look much different. The company relies heavily on this need for AI -- in the most recent quarter, 90% of its total revenue came from its data center business.</p>
<div class="lb-trans"><p>不过，英伟达成功的另一个重要因素是对人工智能的普遍需求。如果客户对构建大型平台不感兴趣，英伟达的收入状况将大相径庭。该公司在很大程度上依赖于对人工智能的需求——在最近一个季度，其总收入的 90% 来自数据中心业务。</p>
</div><p>This is why the general trend in AI investment and buildout directly impacts its prospects for revenue in the quarters ahead. Any signs of a decline in such spending would immediately spark worries in the investment community about Nvidia's growth.</p>
<div class="lb-trans"><p>这就是为什么人工智能投资和建设的总体趋势直接影响其未来几个季度的收入前景。任何支出下降的迹象都会立即引发投资界对英伟达增长的担忧。</p>
</div><h2>What's happening this week</h2>
<div class="lb-trans"><h2>本周发生的事情</h2>
</div><p>And this brings me to the crucial happenings to watch this week, as they could seriously impact Nvidia's prospects and stock performance. Major Nvidia customers <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Meta Platforms</strong> each report quarterly earnings this week -- and during earnings calls, these companies generally offer an update on their AI programs and spending plans for the year.</p>
<div class="lb-trans"><p>这让我想到了本周需要关注的关键事件，因为这些事件可能会严重影响英伟达的前景和股票表现。主要的英伟达客户 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>Meta Platforms</strong> 本周各自发布季度财报——在财报电话会议中，这些公司通常会更新其人工智能项目和年度支出计划。</p>
</div><p>Though these three companies have been going all in on AI in recent quarters, recent events could alter their strategies. President Donald Trump's plans to impose tariffs on imports worldwide may hurt them in two ways: Tariffs could increase their expenses as they import parts and finished goods, and in an environment of higher prices caused by tariffs, consumers may have less money to spend on these tech companies' products. The concern is that against this backdrop, Nvidia's customers may slow or cut their AI spending.</p>
<div class="lb-trans"><p>尽管这三家公司在最近几个季度都在全力投入人工智能，但最近的事件可能会改变它们的策略。特朗普总统计划对全球进口商品征收关税，可能会在两个方面对它们造成影响：关税可能会增加它们在进口零部件和成品时的费用，而在关税导致的高价格环境中，消费者可能会减少在这些科技公司产品上的支出。担忧的是，在这种背景下，英伟达的客户可能会放缓或削减其人工智能支出。</p>
</div><p>So it will be very important for Nvidia shareholders (or potential shareholders) to listen closely to any comments on AI plans from Microsoft, Amazon, and Meta during their earnings reports.</p>
<div class="lb-trans"><p>因此，英伟达的股东（或潜在股东）在听取微软、亚马逊和 Meta 的财报时，密切关注任何关于人工智能计划的评论将非常重要。</p>
</div><h2>A clue from Alphabet</h2>
<div class="lb-trans"><h2>来自 Alphabet 的线索</h2>
</div><p>Now if you're worried, I have good news for you. So far, there's reason to be optimistic about AI demand ahead -- even with the current tariff turmoil. Last week another big Nvidia customer, <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%), reiterated its plans for $75 billion in capital spending this year and said its relationship with Nvidia is a &#34;key advantage.&#34; Alphabet also said it will offer Nvidia's next-generation Vera Rubin superchips when they become available, further showing an ongoing commitment to the chip designer.</p>
<div class="lb-trans"><p>如果你感到担忧，我有好消息要告诉你。到目前为止，尽管当前的关税动荡，仍然有理由对未来的人工智能需求持乐观态度。上周，另一家主要的英伟达客户 <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%) 重申了其今年 750 亿美元的资本支出计划，并表示与英伟达的关系是一个 “关键优势”。Alphabet 还表示，当英伟达下一代 Vera Rubin 超级芯片可用时，将提供这些芯片，进一步显示出对这家芯片设计公司的持续承诺。</p>
</div><p>We also have a positive signal from Amazon Web Services (AWS) ahead of Amazon's earnings report. Last week, an analyst report suggested the company might be cutting back on AI spending, but an AWS executive calmed fears, saying expansion plans haven't changed.</p>
<div class="lb-trans"><p>在亚马逊财报发布之前，我们还收到了来自亚马逊网络服务 (AWS) 的积极信号。上周，一份分析师报告暗示该公司可能会削减人工智能支出，但一位 AWS 高管平息了这种担忧，表示扩展计划没有改变。</p>
</div><p>All of this means that yes, Nvidia has reached a make-or-break moment. Ongoing strength in AI spending would be great news, but any surprise cut in spending or AI buildout by a major customer could deal a significant blow to the chip giant, at least in the near term. As I mentioned above, signs so far are showing the pace of this AI boom may continue uninterrupted -- but only reassurances from these big Nvidia customers this week will confirm this.</p>
<div class="lb-trans"><p>所有这些意味着，英伟达确实达到了一个生死攸关的时刻。人工智能支出的持续强劲将是个好消息，但任何主要客户在支出或人工智能建设上的意外削减都可能对这家芯片巨头造成重大打击，至少在短期内。如我上面提到的，目前的迹象表明，这场人工智能热潮的步伐可能会继续不受干扰——但只有本周这些大型英伟达客户的保证才能确认这一点。</p>
</div>

This Could Be a Make-It-or-Break-It Moment for Nvidia. Here's What to Watch For This Week.

- Nvidia 在人工智能 (AI) 领域取得显著成功，最新财年收入增长 114% 至 1300 亿美元。  
- 90% 的收入来自数据中心业务，客户需求直接影响未来收入前景。  
- 本周微软、亚马逊和 Meta 的财报将提供 AI 支出计划的重要线索。  

这可能是英伟达的成败关键时刻。本周需要关注的事项如下