<p>今天有些事情让 <strong>英伟达</strong>(NVDA -2.70%) 的投资者感到不安。股价在早盘交易中下跌近 5%，截至东部时间下午 1:10 仍下跌 2.7%。</p>
<p>实际上，施加压力在 <strong>英伟达</strong> 股价上的原因不止一个。首先，服务器制造商 <strong>超微电脑</strong> 昨晚发布了业务更新，该人工智能（AI）公司下调了其业绩预期。然后，一位华尔街分析师以对英伟达的 “卖出” 建议加剧了恐慌。这是基于一些同样影响超微电脑业务的担忧。</p>
<h2>数据中心支出是十亿美元的问题</h2>
<p>超微电脑预先公布了截至 3 月 31 日的 2025 财年第三季度业绩，预计季度收入将下调近 10 亿美元，降至约 45.5 亿美元。这家 AI 服务器和冷却系统制造商表示，一些客户推迟了投资决策，并预计这些销售将转移到当前季度。</p>
<p>投资者在想，这些延迟是否反映出大型 AI 云基础设施公司正在削减数据中心投资的环境。如果是这样，可能会对英伟达的销售产生重大影响。</p>
<p>英伟达的股价今年一直承压，部分原因是对销售增长放缓的不确定性和担忧。投资者将在 5 月 28 日才能直接听到英伟达的季度业绩报告，距离那还有将近一个月。一位华尔街分析师认为投资者不应该等到那时。</p>
<p>Seaport Research 的分析师 Jay Goldberg 今天对英伟达的股价设定了 100 美元的目标价，较近期水平下跌 5%。该分析师认为，AI 支出的收益已经反映在英伟达的股价中，而对未来 AI 基础设施支出日益增长的疑问也将对股价施加压力。他认为投资者现在应该卖出股票。</p>
<p>我认为长期投资者应该持有英伟达的股票。超微电脑的问题可能是内部原因或由于其细分市场竞争加剧。即使数据中心支出放缓，英伟达也能轻松应对短期的放缓。因此，在我看来，这只股票仍然是一个值得买入和持有的选择。</p>

英伟达

超微电脑

<p>英伟达的股票因对数据中心支出的担忧以及超微电脑发布的负面业务更新而下跌近 5%，后者将其收入预期下调近 10 亿美元。一位华尔街分析师发出了 “卖出” 建议，指出对人工智能基础设施投资放缓可能影响英伟达销售的担忧。尽管存在这些担忧，一些人认为英伟达仍然是一个强劲的长期投资，暗示当前的压力可能是暂时的，并且与超微电脑内部因素有关</p>

<p>Something is spooking <strong>Nvidia</strong>(NVDA -2.70%) investors today. Shares dropped almost 5% in early trading and were still lower by 2.7% as of 1:10 p.m. ET.</p>
<div class="lb-trans"><p>今天有些事情让 <strong>英伟达</strong>(NVDA -2.70%) 的投资者感到不安。股价在早盘交易中下跌近 5%，截至东部时间下午 1:10 仍下跌 2.7%。</p>
</div><p>It's actually more than one thing putting pressure on Nvidia shares. First, investors got a business update from server manufacturer <strong>Super Micro Computer</strong> last night, where the artificial intelligence (AI) player slashed its guidance. Then one Wall Street analyst piled on the fear with a &#34;sell&#34; recommendation on Nvidia. That was based on some of the same concerns impacting Super Micro's business.</p>
<div class="lb-trans"><p>实际上，施加压力在 <strong>英伟达</strong> 股价上的原因不止一个。首先，服务器制造商 <strong>超微电脑</strong> 昨晚发布了业务更新，该人工智能（AI）公司下调了其业绩预期。然后，一位华尔街分析师以对英伟达的 “卖出” 建议加剧了恐慌。这是基于一些同样影响超微电脑业务的担忧。</p>
</div><h2>Data center spending is the billion-dollar question</h2>
<div class="lb-trans"><h2>数据中心支出是十亿美元的问题</h2>
</div><p>Super Micro preannounced its fiscal 2025 third-quarter results for the period ended March 31. It cut its quarterly revenue estimate by nearly $1 billion to about $4.55 billion. The maker of AI servers and cooling systems said some customers delayed investment decisions and expects those sales to move to the current quarter.</p>
<div class="lb-trans"><p>超微电脑预先公布了截至 3 月 31 日的 2025 财年第三季度业绩，预计季度收入将下调近 10 亿美元，降至约 45.5 亿美元。这家 AI 服务器和冷却系统制造商表示，一些客户推迟了投资决策，并预计这些销售将转移到当前季度。</p>
</div><p>Investors are wondering if some of those delays might speak more to an environment where big AI cloud infrastructure companies are cutting back on data center investments. If so, that could hit Nvidia sales in a big way.</p>
<div class="lb-trans"><p>投资者在想，这些延迟是否反映出大型 AI 云基础设施公司正在削减数据中心投资的环境。如果是这样，可能会对英伟达的销售产生重大影响。</p>
</div><p>Nvidia shares have been under pressure all year, partly from uncertainty and concerns for slowing sales growth. It will be almost another month before investors hear directly from Nvidia, since it reports quarterly results on May 28. One Wall Street analyst doesn't think investors should wait for that.</p>
<div class="lb-trans"><p>英伟达的股价今年一直承压，部分原因是对销售增长放缓的不确定性和担忧。投资者将在 5 月 28 日才能直接听到英伟达的季度业绩报告，距离那还有将近一个月。一位华尔街分析师认为投资者不应该等到那时。</p>
</div><p>Seaport Research analyst Jay Goldberg put a $100 price target on Nvidia shares today, representing a 5% drop from recent levels. The analyst feels that gains from AI spending are already priced into Nvidia shares, and that growing questions surrounding future spending on AI infrastructure also will pressure the stock. He believes investors should sell shares now.</p>
<div class="lb-trans"><p>Seaport Research 的分析师 Jay Goldberg 今天对英伟达的股价设定了 100 美元的目标价，较近期水平下跌 5%。该分析师认为，AI 支出的收益已经反映在英伟达的股价中，而对未来 AI 基础设施支出日益增长的疑问也将对股价施加压力。他认为投资者现在应该卖出股票。</p>
</div><p>I believe long-term investors should hold Nvidia stock. Super Micro's problems could be internal or due to rising competition in its niche market. Even if data center spending is slowing, Nvidia can easily withstand a slowdown in the short term. Therefore, the stock remains a buy-and-hold name, in my view.</p>
<div class="lb-trans"><p>我认为长期投资者应该持有英伟达的股票。超微电脑的问题可能是内部原因或由于其细分市场竞争加剧。即使数据中心支出放缓，英伟达也能轻松应对短期的放缓。因此，在我看来，这只股票仍然是一个值得买入和持有的选择。</p>
</div>

Nvidia Stock Is Pulling Back Today. Here's Why Investors Are Nervous.

- Nvidia 股价因多重因素下跌，早盘跌近 5%。  
- Super Micro Computer 下调业绩预期，影响投资者信心。  
- 分析师建议卖出，认为 AI 支出增长已反映在股价中。

英伟达的股票今天出现回落。以下是让投资者感到不安的原因