<p><strong>英伟达</strong>(NVDA -2.02%) 的股价今天回落，因为投资者对这位人工智能明星面临的新威胁做出了反应。</p>
<p>就在公司披露因新规而导致高达 55 亿美元的减值后不久，这些新规阻止了其专为中国设计的 H20 芯片的出口，英伟达现在似乎面临来自中国的新竞争，因为中国科技巨头华为据报道即将推出一款新的人工智能芯片。</p>
<p>因此，截至东部时间下午 3:21，英伟达的股价下跌了 2.6%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYzODEvY2hpbmEtdXMtY2hpcHMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYzODEvY2hpbmEtdXMtY2hpcHMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达面临新威胁</h2>
<p>随着《华尔街日报》周一报道华为计划测试其新的人工智能芯片 Ascend 910D，该芯片希望比英伟达的 H100 更强大，美国与中国之间的科技竞争持续升温，这款 H100 是推动人工智能革命的珍贵图形处理单元（GPU）。</p>
<p>根据报道，华为计划向包括国有电信公司和字节跳动（TikTok 的母公司）在内的客户发货超过 80 万颗新芯片。</p>
<h2>英伟达面临风险吗？</h2>
<p>美国和中国之间的关系有些像冷战，因为联邦政府已限制对中国的出口，并施压盟友采取同样措施。</p>
<p>反过来，美国也在寻求限制中国拥有的技术在国内的使用，例如 TikTok 和 DeepSeek。</p>
<p>鉴于两国关系及对中国的普遍看法，华为的人工智能芯片的影响力可能仅限于中国。同时，英伟达似乎在特朗普政府的新限制后失去了其在中国的业务，因此来自华为的威胁可能没有看起来那么严重。然而，有人担心英伟达的业务中有相当大比例来自其芯片被非法走私到中国。</p>
<p>还值得记住的是，英伟达仍在不断提升自身技术。</p>
<p>以 37 的市盈率来看，该股票的估值非常合理。在这里利用下跌的机会，长期来看应该会有回报。</p>

英伟达

<p>英伟达的股价下跌了 2.6%，原因是市场对华为即将推出的 AI 芯片 Ascend 910D 的竞争表示担忧，该芯片旨在与英伟达的 H100s 竞争。这一情况发生在英伟达因对中国出口 H20 芯片的限制而导致的 55 亿美元的减记之后。随着美中科技竞争的加剧，英伟达在中国的业务 reportedly 由于新限制而出现下滑。尽管面临这些挑战，英伟达的股票在 37 倍的市盈率下被认为是合理估值，暗示如果投资者在低位买入，长期收益潜力仍然存在</p>

<p>Shares of <strong>Nvidia</strong>(NVDA -2.02%) were pulling back today as investors responded to a new threat facing the AI superstar.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.02%) 的股价今天回落，因为投资者对这位人工智能明星面临的新威胁做出了反应。</p>
</div><p>Just weeks after the company disclosed a write-off of as much as $5.5 billion due to new rules preventing exports of its H20 chips that were specifically designed for China, Nvidia now appears to be facing new competition out of China as Chinese tech giant Huawei is reportedly set to launch a new AI chip.</p>
<div class="lb-trans"><p>就在公司披露因新规而导致高达 55 亿美元的减值后不久，这些新规阻止了其专为中国设计的 H20 芯片的出口，英伟达现在似乎面临来自中国的新竞争，因为中国科技巨头华为据报道即将推出一款新的人工智能芯片。</p>
</div><p>As a result, Nvidia stock was down 2.6% as of 3:21 p.m. ET.</p>
<div class="lb-trans"><p>因此，截至东部时间下午 3:21，英伟达的股价下跌了 2.6%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYzODEvY2hpbmEtdXMtY2hpcHMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816381%2Fchina-us-chips.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 faces a new threat</h2>
<div class="lb-trans"><h2>英伟达面临新威胁</h2>
</div><p>The tech race between the U.S. and China continues to heat up as <em>The Wall Street Journal</em> reported on Monday that Huawei is aiming to test it new AI chip known as the Ascend 910D, which it hopes will be more powerful than Nvidia's H100s, the prized graphics processing unit (GPU) that has driven the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>随着《华尔街日报》周一报道华为计划测试其新的人工智能芯片 Ascend 910D，该芯片希望比英伟达的 H100 更强大，美国与中国之间的科技竞争持续升温，这款 H100 是推动人工智能革命的珍贵图形处理单元（GPU）。</p>
</div><p>According to the report, Huawei plans to ship more than 800,000 of the new chips to customers, including state-owned telecoms and ByteDance, the parent of TikTok.</p>
<div class="lb-trans"><p>根据报道，华为计划向包括国有电信公司和字节跳动（TikTok 的母公司）在内的客户发货超过 80 万颗新芯片。</p>
</div><h2>Is Nvidia at risk?</h2>
<div class="lb-trans"><h2>英伟达面临风险吗？</h2>
</div><p>The U.S. and China are involved in something of a cold war as the federal government has restricted exports to China and put pressure on allies to do the same.</p>
<div class="lb-trans"><p>美国和中国之间的关系有些像冷战，因为联邦政府已限制对中国的出口，并施压盟友采取同样措施。</p>
</div><p>In turn, the U.S. is also seeking to restrict the use of China-owned technology, such as TikTok and DeepSeek in the country.</p>
<div class="lb-trans"><p>反过来，美国也在寻求限制中国拥有的技术在国内的使用，例如 TikTok 和 DeepSeek。</p>
</div><p>Given the relationship and the general perception of China, the reach of Huawei's AI chip could be limited to just China. Meanwhile, Nvidia seems to be losing its China business following the Trump administration's new restriction, so the threat from Huawei may be less than what it seems. However, there are concerns that a substantial percentage of Nvidia's business comes from its chips being illegally smuggled into China.</p>
<div class="lb-trans"><p>鉴于两国关系及对中国的普遍看法，华为的人工智能芯片的影响力可能仅限于中国。同时，英伟达似乎在特朗普政府的新限制后失去了其在中国的业务，因此来自华为的威胁可能没有看起来那么严重。然而，有人担心英伟达的业务中有相当大比例来自其芯片被非法走私到中国。</p>
</div><p>It's also worth remembering that Nvidia continues to improve its own technology.</p>
<div class="lb-trans"><p>还值得记住的是，英伟达仍在不断提升自身技术。</p>
</div><p>At a price-to-earnings ratio of 37, the stock looks very reasonably valued. Taking advantage of the dip here should pay off over the long run.</p>
<div class="lb-trans"><p>以 37 的市盈率来看，该股票的估值非常合理。在这里利用下跌的机会，长期来看应该会有回报。</p>
</div>

Nvidia Gets Hit by China Threat. Time to Buy the Dip?

- Nvidia 股价因新竞争者华为的 AI 芯片面临下跌，跌幅达 2.6%。  
- 华为计划推出更强大的 Ascend 910D 芯片，目标客户包括国有电信公司。  
- 美国对中国的出口限制使 Nvidia 在中国市场的业务受到影响。  

英伟达因中国的威胁而受挫。现在是逢低买入的好时机吗？