<p><strong>英伟达</strong>(NVDA 2.33%) 的股票在今年面临压力，截至目前已损失超过 19% 的价值，这主要是由于公司无法控制的因素影响了投资者对该股票的信心，尽管其最近几个季度的业绩令人印象深刻。</p>
<p>对英伟达芯片出口到外国的管制、关税引发的贸易战可能带来的后果，以及对人工智能（AI）基础设施支出可能放缓的担忧，都是这家曾经高飞的芯片制造商在 2025 年表现不佳的原因。然而，最近的发展表明，它有望保持健康的增长速度。</p>
<p>在本文中，我们将更深入地探讨可能帮助英伟达超越华尔街预期的因素，并在 5 月 28 日发布 2026 财年第一季度业绩时推动股价飙升。</p>
<h2>这些发展表明 AI 芯片需求依然强劲</h2>
<p>数据中心业务为英伟达的收入贡献了巨大的份额，该部门在 2025 财年（截至 2 月 26 日）占公司总收入的 88%。因此，这项业务的健康状况在决定英伟达的财务表现中起着核心作用。好消息是，来自其半导体同行的最近季度业绩表明，针对 AI 的数据中心芯片的需求依然强劲。</p>
<p><strong>台湾半导体制造公司</strong>(TSM 3.68%)，通常称为台积电，在 4 月份发布了 2025 年第一季度的业绩，并表示预计今年 AI 芯片的销售收入将翻倍。英伟达的芯片由台积电制造，后者指出，尽管存在与关税相关的不确定性，但客户的行为没有发生变化。</p>
<p>此外，台积电重申了其 2025 年的资本支出指导为 380 亿美元至 420 亿美元。该公司指出，将有 70% 的预算用于先进工艺技术，以帮助满足对 AI 芯片的强劲需求。此外，它预计当前季度的收入增长将略有加速，这对英伟达来说是个好消息，因为它是这家台湾大型代工厂的最大客户之一。</p>
<p>而半导体制造设备供应商 <strong>Lam Research</strong> 最近也交出了超出预期的令人印象深刻的业绩。该公司给出了远超预期的强劲指导，表明 AI 芯片的强劲需求推动了增长的改善。更重要的是，Lam 预计其收入将在未来四年内增长约 63%，这表明它预计这种有利的需求将持续。</p>
<h2>Blackwell 将推动英伟达的稳健增长</h2>
<p>对 AI 基础设施支出可能下降的担忧可能被夸大了，关键云服务提供商的最新消息表明了这一点。例如，<strong>Alphabet</strong> 表示，它成为首个提供英伟达最新 Blackwell 处理器的云服务提供商。此外，谷歌母公司重申了其 2025 年 750 亿美元的资本支出预测，这比去年增长了 43%，因为它希望通过投资最新硬件来增强其 AI 能力。</p>
<p><strong>Oracle</strong> 也开始部署英伟达的 Blackwell 处理器，以支持其云基础设施并满足对推理模型和自主 AI 应用日益增长的需求。该公司打算构建配备超过 100,000 个 Blackwell 显卡的 Oracle Cloud Infrastructure (OCI) 超级集群。</p>
<p>而且，作为 GPU 领导者，英伟达有望从由 OpenAI 和 <strong>软银</strong> 主导的 5000 亿美元的 Stargate 项目中获得丰厚收益。预计英伟达将为第一个 Stargate 数据中心提供 40 万个 AI 芯片。它的 Blackwell B200 芯片基础型号售价在 30,000 到 40,000 美元之间，因此随着 Stargate 项目规模扩大到 10 个 AI 数据中心，其业务可能会迎来巨大的提升。</p>
<p>总的来说，英伟达在 2025 财年第四季度开始销售的 Blackwell 处理器的需求似乎将对公司产生更大的影响，该产品在当季度创造了 110 亿美元的收入，预计在 5 月 28 日发布业绩时将会有所体现。</p>
<p>管理层预计 2026 财年第一季度的收入将达到 430 亿美元，比去年增长 65%。其代工合作伙伴台积电对先进 AI 芯片的生产加速，以及主要云服务提供商对 Blackwell 芯片的部署，表明它确实有可能达到甚至超出预期。</p>
<p>如果盈利超出预期以及指导好于预期，这可能成为英伟达股票所需的催化剂，而根据上述讨论的要点，该公司似乎已准备好在这两个方面交付。因此，在即将发布的财报之前购买这只 AI 股票可能是一个明智的举动，考虑到它目前的前瞻市盈率为 25 倍，具有吸引力。</p>

英伟达

<p>英伟达的股票今年面临 19% 的下跌，原因包括出口管制和贸易战的担忧。然而，强劲的人工智能芯片需求，正如台积电的收入预期以及像谷歌和甲骨文等云服务提供商采用英伟达的 Blackwell 处理器所表明的，暗示着潜在的增长。英伟达预计 2026 财年第一季度的收入将增长 65%，并预计将超过华尔街的预测。即将于 5 月 28 日发布的财报可能成为股票复苏的催化剂，这使得现在成为投资英伟达的战略时机</p>

<p><strong>Nvidia</strong>(NVDA 2.33%) stock has been under pressure so far this year, losing over 19% of its value as of this writing, thanks to factors outside the company's control that have dented investor confidence in the stock despite its impressive results in recent quarters.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 2.33%) 的股票在今年面临压力，截至目前已损失超过 19% 的价值，这主要是由于公司无法控制的因素影响了投资者对该股票的信心，尽管其最近几个季度的业绩令人印象深刻。</p>
</div><p>Export controls on shipments of Nvidia's chips to foreign countries, the potential fallout of the tariff-fueled trade war, and concerns that spending on artificial intelligence (AI) infrastructure could slow down are all reasons this once high-flying chipmaker has been underperforming in 2025. However, recent developments suggest that it is on course to maintain its healthy pace of growth.</p>
<div class="lb-trans"><p>对英伟达芯片出口到外国的管制、关税引发的贸易战可能带来的后果，以及对人工智能（AI）基础设施支出可能放缓的担忧，都是这家曾经高飞的芯片制造商在 2025 年表现不佳的原因。然而，最近的发展表明，它有望保持健康的增长速度。</p>
</div><p>In this article, we will take a closer look at the factors that could help Nvidia defy Wall Street's expectations and send the stock soaring when it releases its fiscal 2026 first-quarter results on May 28.</p>
<div class="lb-trans"><p>在本文中，我们将更深入地探讨可能帮助英伟达超越华尔街预期的因素，并在 5 月 28 日发布 2026 财年第一季度业绩时推动股价飙升。</p>
</div><h2>These developments suggest that AI chip demand remains healthy</h2>
<div class="lb-trans"><h2>这些发展表明 AI 芯片需求依然强劲</h2>
</div><p>The data center business produces a massive chunk of Nvidia's revenue, with the segment accounting for 88% of the company's top line in fiscal 2025 (which ended on Feb. 26). So, the health of this business plays a central role in determining Nvidia's financial performance. The good part is that the recent quarterly results from its semiconductor peers suggest that the demand for AI-focused data center chips remains strong.</p>
<div class="lb-trans"><p>数据中心业务为英伟达的收入贡献了巨大的份额，该部门在 2025 财年（截至 2 月 26 日）占公司总收入的 88%。因此，这项业务的健康状况在决定英伟达的财务表现中起着核心作用。好消息是，来自其半导体同行的最近季度业绩表明，针对 AI 的数据中心芯片的需求依然强劲。</p>
</div><p><strong>Taiwan Semiconductor Manufacturing</strong>(TSM 3.68%), popularly known as TSMC, released its first-quarter 2025 results in April and said that it expects revenue from sales of AI chips to double this year. Nvidia gets its chips manufactured by TSMC, and the latter points out that it hasn't seen any change in customers' behavior despite the tariff-related uncertainty.</p>
<div class="lb-trans"><p><strong>台湾半导体制造公司</strong>(TSM 3.68%)，通常称为台积电，在 4 月份发布了 2025 年第一季度的业绩，并表示预计今年 AI 芯片的销售收入将翻倍。英伟达的芯片由台积电制造，后者指出，尽管存在与关税相关的不确定性，但客户的行为没有发生变化。</p>
</div><p>Moreover, TSMC reiterated its 2025 capital expenditure guidance of $38 billion to $42 billion. The company points out that it will spend 70% of that budget on advanced process technologies that will help it meet the strong demand for AI chips. Also, it is expecting a slight acceleration in revenue growth in the current quarter, and that bodes well for Nvidia since it is one of the largest customers of the Taiwan-based foundry giant.</p>
<div class="lb-trans"><p>此外，台积电重申了其 2025 年的资本支出指导为 380 亿美元至 420 亿美元。该公司指出，将有 70% 的预算用于先进工艺技术，以帮助满足对 AI 芯片的强劲需求。此外，它预计当前季度的收入增长将略有加速，这对英伟达来说是个好消息，因为它是这家台湾大型代工厂的最大客户之一。</p>
</div><p>And semiconductor manufacturing equipment supplier <strong>Lam Research</strong> also delivered impressive results recently that beat expectations. The company had strong guidance that was well ahead of expectations, signaling an improvement in growth from the robust demand for AI chips. What's more, Lam is anticipating its top line to increase by around 63% over the next four years, suggesting that it expects the favorable demand to continue.</p>
<div class="lb-trans"><p>而半导体制造设备供应商 <strong>Lam Research</strong> 最近也交出了超出预期的令人印象深刻的业绩。该公司给出了远超预期的强劲指导，表明 AI 芯片的强劲需求推动了增长的改善。更重要的是，Lam 预计其收入将在未来四年内增长约 63%，这表明它预计这种有利的需求将持续。</p>
</div><h2>Blackwell is set to drive solid growth for Nvidia</h2>
<div class="lb-trans"><h2>Blackwell 将推动英伟达的稳健增长</h2>
</div><p>The concerns about a potential drop in AI infrastructure spending may be overblown, as evident from the recent news from key cloud service providers. <strong>Alphabet</strong>, for instance, says that it became the first cloud provider to offer Nvidia's latest Blackwell processors. Moreover, the Google parent has reaffirmed its $75 billion capital expenditure forecast for 2025, which would be an increase of 43% from last year, as it looks to shore up its AI capabilities by investing in the latest hardware.</p>
<div class="lb-trans"><p>对 AI 基础设施支出可能下降的担忧可能被夸大了，关键云服务提供商的最新消息表明了这一点。例如，<strong>Alphabet</strong> 表示，它成为首个提供英伟达最新 Blackwell 处理器的云服务提供商。此外，谷歌母公司重申了其 2025 年 750 亿美元的资本支出预测，这比去年增长了 43%，因为它希望通过投资最新硬件来增强其 AI 能力。</p>
</div><p><strong>Oracle</strong> has started deploying Nvidia's Blackwell processors as well to power its cloud infrastructure and meet the growing demand for reasoning models and agentic AI applications. The company intends to build Oracle Cloud Infrastructure (OCI) Superclusters that will be equipped with more than 100,000 Blackwell graphics cards.</p>
<div class="lb-trans"><p><strong>Oracle</strong> 也开始部署英伟达的 Blackwell 处理器，以支持其云基础设施并满足对推理模型和自主 AI 应用日益增长的需求。该公司打算构建配备超过 100,000 个 Blackwell 显卡的 Oracle Cloud Infrastructure (OCI) 超级集群。</p>
</div><p>And the GPU leader is on track to win big from the $500 billion Project Stargate, led by OpenAI and <strong>SoftBank</strong>. Nvidia is expected to supply 400,000 of its AI chips for the first Stargate data center. It sells the base variant of its Blackwell B200 chip for $30,000 to $40,000 apiece, so it could witness a massive boost in its business as the Stargate Project is scaled up to its full size of 10 AI data centers.</p>
<div class="lb-trans"><p>而且，作为 GPU 领导者，英伟达有望从由 OpenAI 和 <strong>软银</strong> 主导的 5000 亿美元的 Stargate 项目中获得丰厚收益。预计英伟达将为第一个 Stargate 数据中心提供 40 万个 AI 芯片。它的 Blackwell B200 芯片基础型号售价在 30,000 到 40,000 美元之间，因此随着 Stargate 项目规模扩大到 10 个 AI 数据中心，其业务可能会迎来巨大的提升。</p>
</div><p>In all, it looks like the demand for Blackwell processors that Nvidia started selling in the fourth quarter of fiscal 2025, generating $11 billion in revenue, is set to move the needle in a bigger way for the company when it releases its results on May 28.</p>
<div class="lb-trans"><p>总的来说，英伟达在 2025 财年第四季度开始销售的 Blackwell 处理器的需求似乎将对公司产生更大的影响，该产品在当季度创造了 110 亿美元的收入，预计在 5 月 28 日发布业绩时将会有所体现。</p>
</div><p>Management has called for $43 billion in revenue for the first quarter of fiscal 2026, a jump of 65% from the prior year. The ramp-up in production of advanced AI chips by its foundry partner TSMC along with the deployment of the Blackwell chips by major cloud service providers suggest that it could indeed meet or even exceed its expectations.</p>
<div class="lb-trans"><p>管理层预计 2026 财年第一季度的收入将达到 430 亿美元，比去年增长 65%。其代工合作伙伴台积电对先进 AI 芯片的生产加速，以及主要云服务提供商对 Blackwell 芯片的部署，表明它确实有可能达到甚至超出预期。</p>
</div><p>An earnings beat along with better-than-expected guidance could turn out to be the much-needed catalyst for Nvidia stock, and the company seems ready to deliver on both fronts based on the points discussed above. That's why buying this AI stock before its upcoming earnings report could turn out to be a smart move considering that it trades at an attractive 25 times forward earnings right now.</p>
<div class="lb-trans"><p>如果盈利超出预期以及指导好于预期，这可能成为英伟达股票所需的催化剂，而根据上述讨论的要点，该公司似乎已准备好在这两个方面交付。因此，在即将发布的财报之前购买这只 AI 股票可能是一个明智的举动，考虑到它目前的前瞻市盈率为 25 倍，具有吸引力。</p>
</div>

Prediction: Nvidia Stock Will Skyrocket After May 28

- Nvidia 股票今年下跌超过 19%，受出口管制和贸易战影响。  
- 数据中心业务占其 2025 财年收入的 88%，需求依然强劲。  
- 预计 2026 财年第一季度收入将增长 65%，可能超出市场预期。

预测：英伟达的股票将在 5 月 28 日之后大幅上涨