<p>聆听那些你并未投资但整体上很重要的公司的财报电话会议是一个明智的选择。有时，你可以获取到可能影响你关心的公司的信息。最近在 <strong>Alphabet</strong>（GOOG 1.14%）（GOOGL 1.48%）的电话会议中，就包含了关于 <strong>Nvidia</strong>（NVDA 2.39%）的关键信息。</p>
<p>如果经济开始放缓，关于 Nvidia 图形处理单元（GPU）需求的担忧很多，但 Alphabet 似乎在其数据中心建设承诺上全速前进。这对 Nvidia 来说是个好消息，可能正是它需要的，能够扭转其股票的走势。</p>
<h2>Alphabet 的数据中心建设计划仍在按计划进行</h2>
<p>Nvidia 的 GPU 对数据中心至关重要，因为它们是许多在云上运行的工作负载的计算核心，包括训练和运行 AI 模型。尽管人们对 Nvidia 的需求可能因公司削减开支而下降感到相当担忧，但情况似乎并非如此。</p>
<p>年初，Alphabet 告诉投资者，他们应该预计 2025 年的资本支出（capex）为 750 亿美元，这远远超过了它过去的任何支出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7a445f07f167c91e769a23f8626d3d76.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/7a445f07f167c91e769a23f8626d3d76.png"/></p>
<p>GOOGL 资本支出（TTM）数据来自 YCharts；TTM = 最近 12 个月。</p>
<p>如果 Alphabet 减少其资本支出，Nvidia 将受到影响，因为它已经计划满足这一产能。在谷歌母公司的第一季度电话会议上，一位分析师专门询问了关于这项支出的情况，首席财务官 Anat Ashkenazi 确认这一计划仍在进行中。</p>
<p>Alphabet 无法放慢其建设步伐，因为它表示对计算能力的需求远远超过供应。这对 Nvidia 来说是个好消息——这是一个不打算放慢 GPU（以及其他设备）采购的主要客户，因为需求实在太高。</p>
<p>尽管如此，Nvidia 的股票仍然远低于历史最高点，因为许多投资者担心其增长将显著放缓。</p>
<h2>Nvidia 的股票只反映了一年的增长</h2>
<p>Nvidia 首席执行官黄仁勋认为，数据中心支出在短期内不会放缓。事实上，他相信到 2030 年，数据中心的资本支出将达到 1 万亿美元，而 2024 年约为 4000 亿美元。考虑到 Nvidia 在过去 12 个月中从其数据中心部门获得了 1150 亿美元的收入，可以说它将占据整体支出的很大一部分。</p>
<p>如果 Alphabet 及其同行所看到的需求继续以不可满足的速度增长，那么 Nvidia 的股票将继续像 2023 年和 2024 年那样飞速上涨，而不是在 2025 年表现平平。</p>
<p>Nvidia 的股票年初至今下跌约 20%。然而，预计在 2026 财年（截至 2026 年 1 月），它仍将实现巨大的增长，华尔街分析师预计增长率为 54%。这个预测使得 Nvidia 今天的股价显得颇具吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a288e0aad1f29c988750c503576d404f.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/a288e0aad1f29c988750c503576d404f.png"/></p>
<p>NVDA 市盈率（前瞻性）数据来自 YCharts；PE = 市盈率。</p>
<p>以 24.6 倍的前瞻性市盈率计算，Nvidia 的股票远比过去便宜。然而，这个价格也表明，一旦今年的增长结束，Nvidia 将只是市场平均水平的表现。</p>
<p>这与黄仁勋对行业未来走向的看法以及 Alphabet 的评论（即数据中心的需求远大于供应）并不一致。</p>
<p>因此，如果未来的数据中心需求更为旺盛，那么现在似乎是购买 Nvidia 股票的绝佳时机，因为股票中仅反映了一年的增长。</p>
<p>目前市场上几乎没有比 Nvidia 更好的便宜货，它应该位于投资者购物清单的顶部，尤其是在它预计在 5 月底前公布第一季度财报之前。</p>

谷歌-C

英伟达

谷歌-A

<p>谷歌母公司 Alphabet 最近的财报电话会议显示出其对数据中心建设的强烈承诺，这对英伟达是个积极信号，因为其 GPU 对于云计算和人工智能工作负载至关重要。尽管市场对英伟达产品需求下降的担忧依然存在，Alphabet 计划到 2025 年在资本支出上投入 750 亿美元，这表明需求仍然强劲。英伟达的股票目前年初至今下跌了 20%，但分析师预计 2026 财年将实现 54% 的增长，暗示其可能被低估。投资者被鼓励在即将发布的财报之前考虑购买英伟达的股票</p>

<p>Listening to earnings calls from companies you don't invest in but are important overall is a wise idea. Sometimes, you can pick up on information that can affect a company you care about. This happened recently during <strong>Alphabet</strong>'s (GOOG 1.14%)(GOOGL 1.48%) conference call, which included key information about <strong>Nvidia</strong>(NVDA 2.39%).</p>
<div class="lb-trans"><p>聆听那些你并未投资但整体上很重要的公司的财报电话会议是一个明智的选择。有时，你可以获取到可能影响你关心的公司的信息。最近在 <strong>Alphabet</strong>（GOOG 1.14%）（GOOGL 1.48%）的电话会议中，就包含了关于 <strong>Nvidia</strong>（NVDA 2.39%）的关键信息。</p>
</div><p>There is a lot of concern about the demand for Nvidia's graphics processing units (GPUs) if the economy starts to slow, but Alphabet seems to be full speed ahead on its data center build-out commitment. This is excellent news for Nvidia, and it could be the very thing it needs to turn its stock around.</p>
<div class="lb-trans"><p>如果经济开始放缓，关于 Nvidia 图形处理单元（GPU）需求的担忧很多，但 Alphabet 似乎在其数据中心建设承诺上全速前进。这对 Nvidia 来说是个好消息，可能正是它需要的，能够扭转其股票的走势。</p>
</div><h2>Alphabet's data center build-out plans are still on track</h2>
<div class="lb-trans"><h2>Alphabet 的数据中心建设计划仍在按计划进行</h2>
</div><p>Nvidia's GPUs are vital to data centers, since they are the computing muscle behind many workloads run on the cloud, including training and running AI models. There is considerable fear about Nvidia's demand potentially declining due to companies reining in their spending, but that doesn't appear to be the case.</p>
<div class="lb-trans"><p>Nvidia 的 GPU 对数据中心至关重要，因为它们是许多在云上运行的工作负载的计算核心，包括训练和运行 AI 模型。尽管人们对 Nvidia 的需求可能因公司削减开支而下降感到相当担忧，但情况似乎并非如此。</p>
</div><p>At the beginning of the year, Alphabet told investors they should expect $75 billion in capital expenditures (capex) for 2025, which is far above and beyond anything that it has spent in the past.</p>
<div class="lb-trans"><p>年初，Alphabet 告诉投资者，他们应该预计 2025 年的资本支出（capex）为 750 亿美元，这远远超过了它过去的任何支出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7a445f07f167c91e769a23f8626d3d76.png" alt="" original-src="https://media.ycharts.com/charts/7a445f07f167c91e769a23f8626d3d76.png"/></p>
<p>GOOGL Capital Expenditures (TTM) data by YCharts; TTM = trailing 12 months.</p>
<div class="lb-trans"><p>GOOGL 资本支出（TTM）数据来自 YCharts；TTM = 最近 12 个月。</p>
</div><p>If Alphabet pulled back on its capex, Nvidia would suffer since it had already planned to meet this capacity. During the Google parent's first-quarter conference call, an analyst specifically asked a question regarding this spending, and chief financial officer Anat Ashkenazi confirmed that it's still on track to do so.</p>
<div class="lb-trans"><p>如果 Alphabet 减少其资本支出，Nvidia 将受到影响，因为它已经计划满足这一产能。在谷歌母公司的第一季度电话会议上，一位分析师专门询问了关于这项支出的情况，首席财务官 Anat Ashkenazi 确认这一计划仍在进行中。</p>
</div><p>Alphabet cannot afford to slow down its buildout because it says that the demand for computing power far exceeds the supply. This is great news for Nvidia -- it's one large client that isn't planning on slowing down purchases of GPUs (among other equipment) because the demand is just too high.</p>
<div class="lb-trans"><p>Alphabet 无法放慢其建设步伐，因为它表示对计算能力的需求远远超过供应。这对 Nvidia 来说是个好消息——这是一个不打算放慢 GPU（以及其他设备）采购的主要客户，因为需求实在太高。</p>
</div><p>Despite this, Nvidia's stock is still well off its all-time highs because many investors fear that its growth will significantly slow down.</p>
<div class="lb-trans"><p>尽管如此，Nvidia 的股票仍然远低于历史最高点，因为许多投资者担心其增长将显著放缓。</p>
</div><h2>Only one year of growth is priced into Nvidia's stock</h2>
<div class="lb-trans"><h2>Nvidia 的股票只反映了一年的增长</h2>
</div><p>Nvidia CEO Jensen Huang doesn't think data center spending will slow down any time soon. In fact, he believes that data center capex will reach $1 trillion by 2030, up from around $400 billion in 2024. Considering that Nvidia generated $115 billion from its data center segment over the past 12 months, it's safe to say that it will capture a large chunk of the overall spending.</p>
<div class="lb-trans"><p>Nvidia 首席执行官黄仁勋认为，数据中心支出在短期内不会放缓。事实上，他相信到 2030 年，数据中心的资本支出将达到 1 万亿美元，而 2024 年约为 4000 亿美元。考虑到 Nvidia 在过去 12 个月中从其数据中心部门获得了 1150 亿美元的收入，可以说它将占据整体支出的很大一部分。</p>
</div><p>Should the demand that Alphabet and its peers see continue at an insatiable pace, then Nvidia's stock will continue to be the rocket ship that it was during 2023 and 2024, not the lame duck it has been so far in 2025.</p>
<div class="lb-trans"><p>如果 Alphabet 及其同行所看到的需求继续以不可满足的速度增长，那么 Nvidia 的股票将继续像 2023 年和 2024 年那样飞速上涨，而不是在 2025 年表现平平。</p>
</div><p>Nvidia's stock is down around 20% year to date. However, it's still expected to put up monster growth in fiscal 2026 (ending January 2026), with Wall Street analysts estimating a 54% increase. This projection is what gives Nvidia its attractive price tag today.</p>
<div class="lb-trans"><p>Nvidia 的股票年初至今下跌约 20%。然而，预计在 2026 财年（截至 2026 年 1 月），它仍将实现巨大的增长，华尔街分析师预计增长率为 54%。这个预测使得 Nvidia 今天的股价显得颇具吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a288e0aad1f29c988750c503576d404f.png" alt="" original-src="https://media.ycharts.com/charts/a288e0aad1f29c988750c503576d404f.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻性）数据来自 YCharts；PE = 市盈率。</p>
</div><p>At 24.6 times forward earnings, Nvidia's stock is far cheaper than it has been in the past. However, this price tag also conveys that once this year's growth is up, Nvidia will just be a market-average performer.</p>
<div class="lb-trans"><p>以 24.6 倍的前瞻性市盈率计算，Nvidia 的股票远比过去便宜。然而，这个价格也表明，一旦今年的增长结束，Nvidia 将只是市场平均水平的表现。</p>
</div><p>This doesn't dovetail with where Huang thinks the industry is going or with Alphabet's commentary that there is much larger data center demand than supply.</p>
<div class="lb-trans"><p>这与黄仁勋对行业未来走向的看法以及 Alphabet 的评论（即数据中心的需求远大于供应）并不一致。</p>
</div><p>So, if the future holds even more data center demand, then now would appear to be a fantastic time to buy Nvidia shares, as only a single year's worth of growth is priced into the stock.</p>
<div class="lb-trans"><p>因此，如果未来的数据中心需求更为旺盛，那么现在似乎是购买 Nvidia 股票的绝佳时机，因为股票中仅反映了一年的增长。</p>
</div><p>There are few better bargains in the market right now than Nvidia, and it should be at the top of investors' shopping lists, especially before it reports first-quarter earnings sometime in late May.</p>
<div class="lb-trans"><p>目前市场上几乎没有比 Nvidia 更好的便宜货，它应该位于投资者购物清单的顶部，尤其是在它预计在 5 月底前公布第一季度财报之前。</p>
</div>

Alphabet Just Delivered Fantastic News for Nvidia Shareholders

- Alphabet 的数据中心建设计划仍在推进，利好 Nvidia 的 GPU 需求。  
- Nvidia CEO 预计数据中心支出到 2030 年将达 1 万亿美元。  
- 当前 Nvidia 股价仅反映一年增长，投资者可考虑买入。

Alphabet 刚刚为英伟达股东传递了极好的消息