<p><strong>标准普尔 500 指数</strong>（^GSPC -0.77%）在 4 月 21 日至 5 月 2 日期间连续九个交易日收高。这是自 2004 年以来首次出现九连胜。</p>
<p>市场反弹是因为投资者消化了顶级科技公司强劲的财报和积极的贸易谈判，并对减轻关税紧张局势充满希望。</p>
<p>对成长股有较大敞口的交易所交易基金（ETF）正在激增。<strong>先锋成长 ETF</strong>（VUG -0.72%）是按净资产计算的最大成长型 ETF 之一，在这九天的连胜期间上涨了惊人的 13.7%。以下是为什么这只低成本 ETF 现在对寻求接触大型成长股的风险承受能力较高的投资者来说是一个绝佳买入机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwNDkvYS1wZXJzb24tc2l0dGluZy1hdC1hLXRhYmxlLWxvb2tzLWF0LWEtbGFwdG9wLWNvbXB1dGVyLXNjcmVlbi1pbi1hLXN1cnByaXNlZC1tYW5uZXIuanBnJnc9NzAw?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwNDkvYS1wZXJzb24tc2l0dGluZy1hdC1hLXRhYmxlLWxvb2tzLWF0LWEtbGFwdG9wLWNvbXB1dGVyLXNjcmVlbi1pbi1hLXN1cnByaXNlZC1tYW5uZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>大举押注于 “七大奇迹”</h2>
<p>先锋成长 ETF 在标准普尔 500 指数的基础上加大了对成长股的投资——持股数量从 505 只减少到 166 只。</p>
<p>通过剔除价值股，该基金可以集中精力投资于领先的成长型公司，如 “七大奇迹”——这一组包括 <strong>苹果</strong>（NASDAQ: AAPL）、<strong>微软</strong>（MSFT -0.33%）、<strong>英伟达</strong>（NVDA -0.02%）、<strong>亚马逊</strong>（NASDAQ: AMZN）、<strong>字母表</strong>（GOOG -0.34%）（GOOGL -0.42%）、<strong>Meta Platforms</strong>（META -1.84%）和 <strong>特斯拉</strong>（TSLA -1.52%）。以下是先锋成长 ETF 与先锋标准普尔 500 ETF 的前 10 大权重对比。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>先锋成长 ETF</th>
<th>先锋标准普尔 500 ETF</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>苹果</strong></td>
<td>12.4%</td>
<td>7%</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>10.3%</td>
<td>5.9%</td>
</tr>
<tr>
<td><strong>英伟达</strong></td>
<td>9.2%</td>
<td>5.6%</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>6.5%</td>
<td>3.8%</td>
</tr>
<tr>
<td><strong>字母表</strong></td>
<td>5.8%</td>
<td>3.5%</td>
</tr>
<tr>
<td><strong>Meta</strong> <strong>Platforms</strong></td>
<td>4.3%</td>
<td>2.7%</td>
</tr>
<tr>
<td><strong>博通</strong></td>
<td>3.1%</td>
<td>1.7%</td>
</tr>
<tr>
<td><strong>特斯拉</strong></td>
<td>2.8%</td>
<td>1.5%</td>
</tr>
<tr>
<td><strong>礼来</strong></td>
<td>2.8%</td>
<td>1.4%</td>
</tr>
<tr>
<td><strong>Visa</strong></td>
<td>2.3%</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
<p>数据来源：先锋。</p>
<p>如表所示，这 10 家公司在标准普尔 500 指数中已经占据了较高的权重——占指数的 34.4%。但先锋成长 ETF 的集中度更高，惊人地有 59.5% 的基金投资于仅 10 家公司。</p>
<p>这些公司在近年来推动了市场上涨，但在修正或熊市期间也可能拖累主要指数。就在几周前，所有七大奇迹公司都表现不佳，未能跑赢标准普尔 500 指数。现在它们正在引领市场上涨。</p>
<p>如下面的图表所示，除了苹果之外，所有七大奇迹股票在九天的连胜期间都跑赢了标准普尔 500 指数——特别是特斯拉、Meta、微软和英伟达的涨幅尤其显著。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3dc6360434463eafd557c10dc8ec8596.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/3dc6360434463eafd557c10dc8ec8596.png"/></p>
<p>特斯拉数据来源于 YCharts</p>
<h2>理解大型科技公司的快速复苏</h2>
<p>情绪的变化和关税的解决推动了反弹。但可以说，更大的催化剂是强劲的财报结果。</p>
<p>截至目前，特斯拉在标准普尔 500 指数中一直是表现最差的成分股之一，直到最近的反弹。特斯拉的财报不佳，第一季度交付量降至三年低点。但首席执行官埃隆·马斯克将减少政府参与，更多关注特斯拉、低成本特斯拉车型的机会以及自动驾驶机器人出租车的长期前景，推动了反弹，投资者愿意忽视品牌贬值和增长放缓。</p>
<p>微软在其核心软件业务和云服务中实现了卓越的收入增长和强劲的利润率。人工智能（AI）投资继续为 Microsoft 365 套件、GitHub、Azure AI 等带来回报。微软创纪录的资本支出（capex）将支持数据中心和 AI 服务的建设，以支持客户工作负载。微软还对下一个季度给出了强劲的指引。该公司重申，整体运营利润率在整个财年应略有上升，这在宏观挑战和微软支出增加的情况下尤为令人印象深刻。</p>
<p>Meta Platforms 在其应用程序家族中实现了高利润率的增长，包括 Instagram、Facebook 和 WhatsApp。Meta 的 AI 投资正在推动更高的用户参与度，并支持客户的广告表现，这使得 Meta 能够提高价格。</p>
<p>Meta 降低了全年总支出指引，但提高了全年资本支出预期——这是一个乐观的信号，表明近期的逆风并没有严重到足以破坏 Meta 的长期计划。引用首席执行官马克·扎克伯格在财报电话会议上的话：</p>
<blockquote>
<p>如果我们实现这个愿景，那么在未来几年，我认为 AI 带来的生产力提升将使广告在全球 GDP 中占据更大份额。在刚刚过去的一个季度，我们正在测试一种新的 Reels 广告推荐模型，已经将转化率提高了 5%。我们还看到，过去一个季度使用 AI 创意工具的广告客户增加了 30%。</p>
</blockquote>
<p>总之，AI 改善了 Meta 的产品供应并增强了其业务。AI 的长期前景超越了周期性放缓的威胁，这就是为什么 Meta 继续加大资本支出。</p>
<p>字母表最近的表现没有微软或 Meta 那么突出。然而，由于来自 Google 搜索和 YouTube 等服务的高利润率增长，它也取得了卓越的业绩。字母表正在支持对 Google Cloud 和 AI 的积极支出。</p>
<p>在进入财报季之前，最大的担忧之一是像微软、Meta 和字母表这样的超大规模公司是否会在关税动荡中维持其高资本支出预算。但管理层的评论和最新财报季的指引证明支出仍然强劲——这对英伟达来说是个好消息。</p>
<p>超大规模公司是英伟达的主要客户。更多的 AI 支出意味着更多的英伟达图形处理单元（GPU）来处理越来越复杂的 AI 工作流的更高工作量。</p>
<p>英伟达将在 5 月 28 日公布财报。但由于支出预测，股价与其他大型成长股同步飙升，可能是因为这一原因。缓解的关税紧张局势也有所帮助。英伟达的股票在 4 月底遭受重创，当时公司宣布由于对中国的进口限制，将在第一季度计提高达 55 亿美元的费用。此后，新的临时关税豁免和英伟达宣布将部分制造转移到美国的计划，缓解了投资者对关税可能严重影响英伟达增长轨迹的担忧。</p>
<p>英伟达仍然非常容易受到关税的影响，股价可能会因政策变化和全球经济增长而剧烈波动。但如果人工智能投资持续增长，英伟达仍然应该是一个长期赢家。</p>
<h2>一种简单而美丽的投资获胜 ETF 的方法</h2>
<p>凭借仅 0.04% 的费用比率和最低仅 1 美元的投资，先锋成长 ETF 是接触领先成长股的一种简单且低成本的方式。</p>
<p>正如 4 月所证明的，当成长股下跌时，该基金可能会表现不佳于标准普尔 500 指数，但当成长股表现良好时则会超越该指数。随着时间的推移，该基金的表现超过了标准普尔 500，因为押注大型科技股一直是一种成功的策略。</p>
<p>该 ETF 是对那些希望以一种全面的方式接触人工智能、云计算、数字广告、硬件、软件自动化等主题的投资者的绝佳选择。</p>

特斯拉

微软

<p>先锋成长 ETF 在九个交易日内上涨了 13.7%，主要受到了微软、英伟达、Meta 和特斯拉等大型科技公司强劲财报的推动。该 ETF 专注于成长股，特别是被称为 “七大巨头” 的公司，包括苹果和亚马逊。尽管近期表现不佳，这些股票因积极的市场情绪和强劲的财报而反弹，其中微软和 Meta 展现了卓越的增长和乐观的未来指引。该 ETF 在这些公司的高集中度使其成为寻求投资于大型成长股的风险承受能力较高的投资者的一个有吸引力的选择</p>

<p>The <strong>S&amp;P 500</strong>(^GSPC -0.77%) closed higher for nine consecutive trading days from April 21 to May 2. It marked the first nine-day winning streak since 2004.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>（^GSPC -0.77%）在 4 月 21 日至 5 月 2 日期间连续九个交易日收高。这是自 2004 年以来首次出现九连胜。</p>
</div><p>The market rebound came as investors digested strong earnings reports from top tech-focused companies and positive trade talks, and grew hopeful of easing tariff tensions.</p>
<div class="lb-trans"><p>市场反弹是因为投资者消化了顶级科技公司强劲的财报和积极的贸易谈判，并对减轻关税紧张局势充满希望。</p>
</div><p>Exchange-traded funds (ETFs) with outsized exposure to growth stocks have been surging. The <strong>Vanguard Growth ETF</strong>(VUG -0.72%), one of the largest growth-focused ETFs by net assets, rose a staggering 13.7% during the nine-day streak. Here's why the low-cost ETF stands out as an excellent buy now for risk-tolerant investors looking for exposure to mega-cap growth stocks.</p>
<div class="lb-trans"><p>对成长股有较大敞口的交易所交易基金（ETF）正在激增。<strong>先锋成长 ETF</strong>（VUG -0.72%）是按净资产计算的最大成长型 ETF 之一，在这九天的连胜期间上涨了惊人的 13.7%。以下是为什么这只低成本 ETF 现在对寻求接触大型成长股的风险承受能力较高的投资者来说是一个绝佳买入机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwNDkvYS1wZXJzb24tc2l0dGluZy1hdC1hLXRhYmxlLWxvb2tzLWF0LWEtbGFwdG9wLWNvbXB1dGVyLXNjcmVlbi1pbi1hLXN1cnByaXNlZC1tYW5uZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817049%2Fa-person-sitting-at-a-table-looks-at-a-laptop-computer-screen-in-a-surprised-manner.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>Betting Big on the &#34;Magnificent Seven&#34;</h2>
<div class="lb-trans"><h2>大举押注于 “七大奇迹”</h2>
</div><p>The Vanguard Growth ETF takes the S&amp;P 500 and doubles down on growth stocks -- leaving 166 holdings compared to 505 in the <strong>Vanguard S&amp;P 500 ETF</strong>(NYSEMKT: VOO).</p>
<div class="lb-trans"><p>先锋成长 ETF 在标准普尔 500 指数的基础上加大了对成长股的投资——持股数量从 505 只减少到 166 只。</p>
</div><p>By eliminating value stocks, the fund can concentrate its efforts on leading growth-focused companies like the &#34;Magnificent Seven&#34; -- a group of seven mega-cap growth stocks that includes <strong>Apple</strong>(NASDAQ: AAPL), <strong>Microsoft</strong>(MSFT -0.33%), <strong>Nvidia</strong>(NVDA -0.02%), <strong>Amazon</strong>(NASDAQ: AMZN), <strong>Alphabet</strong>(GOOG -0.34%)(GOOGL -0.42%), <strong>Meta Platforms</strong>(META -1.84%), and <strong>Tesla</strong>(TSLA -1.52%). Here's a look at the top 10 weightings in the Vanguard Growth ETF compared to the Vanguard S&amp;P 500 ETF.</p>
<div class="lb-trans"><p>通过剔除价值股，该基金可以集中精力投资于领先的成长型公司，如 “七大奇迹”——这一组包括 <strong>苹果</strong>（NASDAQ: AAPL）、<strong>微软</strong>（MSFT -0.33%）、<strong>英伟达</strong>（NVDA -0.02%）、<strong>亚马逊</strong>（NASDAQ: AMZN）、<strong>字母表</strong>（GOOG -0.34%）（GOOGL -0.42%）、<strong>Meta Platforms</strong>（META -1.84%）和 <strong>特斯拉</strong>（TSLA -1.52%）。以下是先锋成长 ETF 与先锋标准普尔 500 ETF 的前 10 大权重对比。</p>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>Vanguard Growth ETF</th>
<th>Vanguard S&amp;P 500 ETF</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Apple</strong></td>
<td>12.4%</td>
<td>7%</td>
</tr>
<tr>
<td><strong>Microsoft</strong></td>
<td>10.3%</td>
<td>5.9%</td>
</tr>
<tr>
<td><strong>Nvidia</strong></td>
<td>9.2%</td>
<td>5.6%</td>
</tr>
<tr>
<td><strong>Amazon</strong></td>
<td>6.5%</td>
<td>3.8%</td>
</tr>
<tr>
<td><strong>Alphabet</strong></td>
<td>5.8%</td>
<td>3.5%</td>
</tr>
<tr>
<td><strong>Meta</strong> <strong>Platforms</strong></td>
<td>4.3%</td>
<td>2.7%</td>
</tr>
<tr>
<td><strong>Broadcom</strong></td>
<td>3.1%</td>
<td>1.7%</td>
</tr>
<tr>
<td><strong>Tesla</strong></td>
<td>2.8%</td>
<td>1.5%</td>
</tr>
<tr>
<td><strong>Eli Lilly</strong></td>
<td>2.8%</td>
<td>1.4%</td>
</tr>
<tr>
<td><strong>Visa</strong></td>
<td>2.3%</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>先锋成长 ETF</th>
<th>先锋标准普尔 500 ETF</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>苹果</strong></td>
<td>12.4%</td>
<td>7%</td>
</tr>
<tr>
<td><strong>微软</strong></td>
<td>10.3%</td>
<td>5.9%</td>
</tr>
<tr>
<td><strong>英伟达</strong></td>
<td>9.2%</td>
<td>5.6%</td>
</tr>
<tr>
<td><strong>亚马逊</strong></td>
<td>6.5%</td>
<td>3.8%</td>
</tr>
<tr>
<td><strong>字母表</strong></td>
<td>5.8%</td>
<td>3.5%</td>
</tr>
<tr>
<td><strong>Meta</strong> <strong>Platforms</strong></td>
<td>4.3%</td>
<td>2.7%</td>
</tr>
<tr>
<td><strong>博通</strong></td>
<td>3.1%</td>
<td>1.7%</td>
</tr>
<tr>
<td><strong>特斯拉</strong></td>
<td>2.8%</td>
<td>1.5%</td>
</tr>
<tr>
<td><strong>礼来</strong></td>
<td>2.8%</td>
<td>1.4%</td>
</tr>
<tr>
<td><strong>Visa</strong></td>
<td>2.3%</td>
<td>1.3%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Vanguard.</p>
<div class="lb-trans"><p>数据来源：先锋。</p>
</div><p>As the table shows, these 10 companies already have high weightings in the S&amp;P 500 -- making up 34.4% of the index. But the Vanguard Growth ETF has an even higher concentration, with a staggering 59.5% of the fund invested in just 10 companies.</p>
<div class="lb-trans"><p>如表所示，这 10 家公司在标准普尔 500 指数中已经占据了较高的权重——占指数的 34.4%。但先锋成长 ETF 的集中度更高，惊人地有 59.5% 的基金投资于仅 10 家公司。</p>
</div><p>These names led the market higher in recent years, but they can also drag the major indexes lower during a correction or bear market. Just a couple of weeks ago, all Magnificent Seven companies were underperforming the S&amp;P 500. Now they are leading the market higher.</p>
<div class="lb-trans"><p>这些公司在近年来推动了市场上涨，但在修正或熊市期间也可能拖累主要指数。就在几周前，所有七大奇迹公司都表现不佳，未能跑赢标准普尔 500 指数。现在它们正在引领市场上涨。</p>
</div><p>As you can see in the following chart, every Magnificent Seven stock except for Apple beat the S&amp;P 500 during the nine-day win streak -- with especially outsized gains from Tesla, Meta, Microsoft, and Nvidia.</p>
<div class="lb-trans"><p>如下面的图表所示，除了苹果之外，所有七大奇迹股票在九天的连胜期间都跑赢了标准普尔 500 指数——特别是特斯拉、Meta、微软和英伟达的涨幅尤其显著。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3dc6360434463eafd557c10dc8ec8596.png" alt="" original-src="https://media.ycharts.com/charts/3dc6360434463eafd557c10dc8ec8596.png"/></p>
<p>TSLA data by YCharts</p>
<div class="lb-trans"><p>特斯拉数据来源于 YCharts</p>
</div><h2>Making sense of big tech's rapid recovery</h2>
<div class="lb-trans"><h2>理解大型科技公司的快速复苏</h2>
</div><p>A change in sentiment and tariff resolutions have fueled the rebound. But arguably, the bigger catalyst has been strong earnings results.</p>
<div class="lb-trans"><p>情绪的变化和关税的解决推动了反弹。但可以说，更大的催化剂是强劲的财报结果。</p>
</div><p>Year to date, Tesla had been one of the worst-performing components in the S&amp;P 500 before its recent rally. Tesla's earnings were poor, with first-quarter deliveries reaching three-year lows. But news that CEO Elon Musk would step back from his government involvement to focus more on Tesla, the opportunity of lower-cost Tesla models, and the long-term upside of self-driving robotaxis has fueled a rally, with investors willing to look past brand deterioration and slowing growth.</p>
<div class="lb-trans"><p>截至目前，特斯拉在标准普尔 500 指数中一直是表现最差的成分股之一，直到最近的反弹。特斯拉的财报不佳，第一季度交付量降至三年低点。但首席执行官埃隆·马斯克将减少政府参与，更多关注特斯拉、低成本特斯拉车型的机会以及自动驾驶机器人出租车的长期前景，推动了反弹，投资者愿意忽视品牌贬值和增长放缓。</p>
</div><p>Microsoft delivered exceptional revenue growth and strong margins across its core software business and cloud. Artificial intelligence (AI) investments continue to pay off for the Microsoft 365 suite, GitHub, Azure AI, and more. Microsoft's record capital expenditures (capex) will support the build-out of data centers and AI services to support customer workloads. Microsoft also gave strong guidance for its next quarter. The company reiterated that operations margins should be slightly higher for the full fiscal year, which is particularly impressive given macro challenges and Microsoft's higher spending.</p>
<div class="lb-trans"><p>微软在其核心软件业务和云服务中实现了卓越的收入增长和强劲的利润率。人工智能（AI）投资继续为 Microsoft 365 套件、GitHub、Azure AI 等带来回报。微软创纪录的资本支出（capex）将支持数据中心和 AI 服务的建设，以支持客户工作负载。微软还对下一个季度给出了强劲的指引。该公司重申，整体运营利润率在整个财年应略有上升，这在宏观挑战和微软支出增加的情况下尤为令人印象深刻。</p>
</div><p>Meta Platforms delivered high-margin growth across its family of apps, including Instagram, Facebook, and WhatsApp. Meta's AI investments are driving higher engagement and supporting better ad performance for its customers, which is allowing Meta to raise prices.</p>
<div class="lb-trans"><p>Meta Platforms 在其应用程序家族中实现了高利润率的增长，包括 Instagram、Facebook 和 WhatsApp。Meta 的 AI 投资正在推动更高的用户参与度，并支持客户的广告表现，这使得 Meta 能够提高价格。</p>
</div><p>Meta lowered its full-year total spending guidance but raised full-year capex expectations -- an optimistic signal that near-term headwinds aren't so bad that they will derail Meta's long-term plans. To quote CEO Mark Zuckerberg on the earnings call:</p>
<div class="lb-trans"><p>Meta 降低了全年总支出指引，但提高了全年资本支出预期——这是一个乐观的信号，表明近期的逆风并没有严重到足以破坏 Meta 的长期计划。引用首席执行官马克·扎克伯格在财报电话会议上的话：</p>
</div><blockquote>
<p>And if we deliver on this vision, then over the coming years I think that the increased productivity from AI will make advertising a meaningfully larger share of global GDP than it is today. In just the last quarter, we're testing a new ads recommendation model for Reels, which has already increased conversion rates by 5%. And we're seeing 30% more advertisers are using AI creative tools in the last quarter as well.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>如果我们实现这个愿景，那么在未来几年，我认为 AI 带来的生产力提升将使广告在全球 GDP 中占据更大份额。在刚刚过去的一个季度，我们正在测试一种新的 Reels 广告推荐模型，已经将转化率提高了 5%。我们还看到，过去一个季度使用 AI 创意工具的广告客户增加了 30%。</p>
</blockquote>
</div><p>In sum, AI has improved Meta's product offering and strengthened its business. AI's long-term upside goes beyond the threat of a cyclical slowdown, which is why Meta continues to ramp up capex.</p>
<div class="lb-trans"><p>总之，AI 改善了 Meta 的产品供应并增强了其业务。AI 的长期前景超越了周期性放缓的威胁，这就是为什么 Meta 继续加大资本支出。</p>
</div><p>Alphabet hasn't popped as much as Microsoft or Meta in recent weeks. However, it also produced exceptional results thanks to high-margin growth from services like Google Search and YouTube. Alphabet is supporting aggressive spending on Google Cloud and AI.</p>
<div class="lb-trans"><p>字母表最近的表现没有微软或 Meta 那么突出。然而，由于来自 Google 搜索和 YouTube 等服务的高利润率增长，它也取得了卓越的业绩。字母表正在支持对 Google Cloud 和 AI 的积极支出。</p>
</div><p>Going into earnings season, one of the biggest concerns was whether hyperscalers like Microsoft, Meta, and Alphabet would maintain their high capex budgets amid tariff turmoil. But management commentary and guidance on the latest earnings season proved that spending remains robust -- which is great news for Nvidia.</p>
<div class="lb-trans"><p>在进入财报季之前，最大的担忧之一是像微软、Meta 和字母表这样的超大规模公司是否会在关税动荡中维持其高资本支出预算。但管理层的评论和最新财报季的指引证明支出仍然强劲——这对英伟达来说是个好消息。</p>
</div><p>Hyperscalers are top Nvidia customers. More AI spending means more Nvidia graphics processing units (GPUs) to handle higher volumes of increasingly sophisticated AI workflows.</p>
<div class="lb-trans"><p>超大规模公司是英伟达的主要客户。更多的 AI 支出意味着更多的英伟达图形处理单元（GPU）来处理越来越复杂的 AI 工作流的更高工作量。</p>
</div><p>Nvidia doesn't report earnings until May 28. But the stock price has been soaring in lockstep with other mega-cap growth stocks, likely because of spending forecasts. Easing tariff tensions has also helped. Nvidia stock got hammered in late April when the company announced it would take up to a $5.5 billion charge in its first quarter due to import restrictions to China. Since then, new temporary tariff exemptions and Nvidia's announced plans to move some of its manufacturing to the U.S. have eased investor fears that tariffs could substantially derail Nvidia's growth trajectory.</p>
<div class="lb-trans"><p>英伟达将在 5 月 28 日公布财报。但由于支出预测，股价与其他大型成长股同步飙升，可能是因为这一原因。缓解的关税紧张局势也有所帮助。英伟达的股票在 4 月底遭受重创，当时公司宣布由于对中国的进口限制，将在第一季度计提高达 55 亿美元的费用。此后，新的临时关税豁免和英伟达宣布将部分制造转移到美国的计划，缓解了投资者对关税可能严重影响英伟达增长轨迹的担忧。</p>
</div><p>Nvidia is still very vulnerable to tariffs, and the stock price could swing wildly in reaction to policy changes and global economic growth. But if AI investments continue to grow over time, Nvidia should still be a long-term winner.</p>
<div class="lb-trans"><p>英伟达仍然非常容易受到关税的影响，股价可能会因政策变化和全球经济增长而剧烈波动。但如果人工智能投资持续增长，英伟达仍然应该是一个长期赢家。</p>
</div><h2>A beautifully simple way to invest in a winning ETF</h2>
<div class="lb-trans"><h2>一种简单而美丽的投资获胜 ETF 的方法</h2>
</div><p>With a mere 0.04% expense ratio and a minimum investment of just $1, the Vanguard Growth ETF is a simple and low-cost way to get exposure to leading growth stocks.</p>
<div class="lb-trans"><p>凭借仅 0.04% 的费用比率和最低仅 1 美元的投资，先锋成长 ETF 是接触领先成长股的一种简单且低成本的方式。</p>
</div><p>As April proved, the fund can underperform the S&amp;P 500 when growth stocks are selling off, but outperform the index when growth stocks are doing well. Over time, the fund has outpaced the S&amp;P 500 because betting on big tech has been a winning strategy.</p>
<div class="lb-trans"><p>正如 4 月所证明的，当成长股下跌时，该基金可能会表现不佳于标准普尔 500 指数，但当成长股表现良好时则会超越该指数。随着时间的推移，该基金的表现超过了标准普尔 500，因为押注大型科技股一直是一种成功的策略。</p>
</div><p>The ETF is a great buy for investors interested in a catch-all way to gain exposure to themes such as AI, cloud computing, digital advertising, hardware, software automation, and more.</p>
<div class="lb-trans"><p>该 ETF 是对那些希望以一种全面的方式接触人工智能、云计算、数字广告、硬件、软件自动化等主题的投资者的绝佳选择。</p>
</div>

Microsoft, Nvidia, Meta Platforms, and Tesla Helped Propel This Vanguard ETF Over 13% Higher in 9 Days. Here's Why It's Still a Buy Now.

- 标普 500 指数在 4 月 21 日至 5 月 2 日间连续九个交易日上涨。  
- 投资者因强劲的科技公司财报和积极的贸易谈判而乐观。  
- Vanguard Growth ETF 在此期间上涨 13.7%，成为风险偏好投资者的优选。

微软、Nvidia、Meta Platforms 和特斯拉推动了这一先锋 ETF 在 9 天内上涨超过 13%。以下是为什么它现在仍然值得买入的原因