<p><strong>英伟达</strong>（NVDA -0.02%）的收益因其人工智能（AI）产品和服务的强劲需求而季度增长。该公司是全球领先的 AI 芯片设计商——即图形处理单元（GPU）——并利用这一地位作为跳板，创建了一个支持公司在 AI 旅程中发展的完整产品组合。</p><p>这家 AI 巨头服务于从小型初创公司到各行业市场巨头的多种参与者。但最近，投资者对英伟达未来几个季度的收入潜力感到担忧。这是因为人们担心整体经济可能出现疲软，这可能导致 AI 客户削减开支。</p><p>上个月，当总统唐纳德·特朗普宣布计划对来自全球的进口商品征收一系列关税时，风险加剧。人们担心这将提高国内商品的价格，影响消费者的支出和公司的收益。</p><p>这一潜在障碍对英伟达提出了考验：其主要客户是否会因看到前方经济放缓的风险而削减对 AI 的支出，从而减少对英伟达芯片的需求？这些科技巨头在最近的财报中向我们展示了英伟达是通过还是失败。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/dc7fa3ad074db4d636be933454aad20b?x-oss-process=style/lg" alt="" width="700" height="603" original-src="https://pub.pbkrs.com/uploads/2025/dc7fa3ad074db4d636be933454aad20b"/></figure><p>图片来源：Getty Images。</p><h2 id="rxau040ve">英伟达的大客户</h2><p>首先，关于英伟达客户的简要说明。该公司并未直接识别这些参与者，但据信 <strong>微软</strong>（MSFT -0.33%）、<strong>亚马逊</strong>（AMZN -0.48%）、<strong>谷歌</strong>（GOOG -0.34%）（GOOGL -0.42%）和 <strong>Meta Platforms</strong>（META -1.84%）等公司在其中。这些科技巨头每年在英伟达的 GPU 上花费数十亿美元，以构建他们的 AI 平台——在云服务提供商如亚马逊网络服务（AWS）或谷歌云的情况下，他们还向客户提供英伟达的产品和服务。</p><p>这些科技巨头都面临特朗普关税计划对未来收益前景的某种程度的影响——尽管目前还为时已早，无法确定这种影响，因为最终的关税水平尚未确定。在宣布初步关税计划后，总统将该计划暂时搁置，以便各国有时间与美国谈判贸易协议。同时，他还暂时免除了电子产品的关税。</p><p>因此，目前关税并未对科技公司构成障碍——尽管关税在未来几个月可能会成为阻力。特朗普表示，他旨在为进口电子产品确定一个具体的关税水平。</p><p>所有这些可能导致科技公司收紧开支——甚至可能在今天就开始，考虑到这一潜在的收益阻力就在眼前。</p><h2 id="plqcj2mn4">微软首席执行官的重要言论</h2><p>但在他们最新的财报中，英伟达的主要客户并没有削减 AI 支出，而是强调了继续投资于这一蓬勃发展的技术的计划。微软重申了其支持 AI 需求的资本支出预测。首席执行官萨提亚·纳德拉表示了一些有趣的观点，强调了即使在经济困难时期，AI 支出仍然重要：“云和 AI 是每个企业扩大产出、降低成本和加速增长的基本要素。” 因此，公司为了专注于效率和增长，实际上可能在经济环境严峻时更倾向于增加 AI 支出。</p><p>谷歌重申了其今年计划投入 750 亿美元的资本支出，并表示与英伟达的强大关系是其 “关键优势”。Meta 将其年度资本支出预期从 600 亿至 650 亿美元上调至 640 亿至 720 亿美元的范围——而 AI 支出仍然是其中的重要组成部分。最后，亚马逊表示，它继续 “在 AI 方面进行非常积极的投资”。</p><p>因此，很明显，英伟达的客户在充分意识到潜在的关税和经济风险后，仍然按照计划继续进行 AI 投资。他们也对这一技术能够大幅改善公司的运营甚至降低成本的潜力保持乐观。</p><p>所有这些对英伟达及其股东来说都是好消息，因为这表明这些主要客户即使在动荡的经济背景下，也拒绝放慢他们的 AI 支出计划。这意味着我们应该期待英伟达的持续增长，因为这些客户将继续寻求高性能的芯片。</p><p>当然，关税仍然是一个风险，任何在这一领域的极端决定都可能对包括英伟达在内的科技公司构成阻力。但到目前为止，在这一潜在收益实力的考验中，科技巨头们向我们展示了英伟达表现出色。</p>

谷歌-A

谷歌-C

英伟达

亚马逊

<p>英伟达的收益因其人工智能芯片的高需求而激增，但由于潜在的经济疲软和特朗普总统提议的新关税，未来收入的担忧也随之而来。尽管存在这些担忧，微软、亚马逊、谷歌和 Meta 等主要客户表示，他们将继续投资于人工智能，微软强调了人工智能在商业增长中的作用。这表明，尽管关税可能带来未来风险，英伟达的增长轨迹仍然强劲</p>

<p><strong>Nvidia</strong>'s (NVDA -0.02%) earnings have soared quarter after quarter thanks to the great demand for its artificial intelligence (AI) products and services. The company is the world's leading designer of AI chips -- known as graphics processing units (GPUs) -- and has used this position as a springboard to create an entire portfolio that supports companies throughout their AI journey.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（NVDA -0.02%）的收益因其人工智能（AI）产品和服务的强劲需求而季度增长。该公司是全球领先的 AI 芯片设计商——即图形处理单元（GPU）——并利用这一地位作为跳板，创建了一个支持公司在 AI 旅程中发展的完整产品组合。</p>
</div><p>This AI powerhouse serves a variety of players, from small start-ups to market giants across industries. But in recent times, investors have worried about Nvidia's revenue potential in the coming quarters. This is amid concern about possible weakness in the general economy -- something that may lead AI customers to cut back on spending.</p>
<div class="lb-trans"><p>这家 AI 巨头服务于从小型初创公司到各行业市场巨头的多种参与者。但最近，投资者对英伟达未来几个季度的收入潜力感到担忧。这是因为人们担心整体经济可能出现疲软，这可能导致 AI 客户削减开支。</p>
</div><p>The risk intensified last month when President Donald Trump announced a plan to put in place a set of tariffs on imports from around the world. The concern is this will increase prices of items at home, weighing on consumers' wallets and companies' earnings.</p>
<div class="lb-trans"><p>上个月，当总统唐纳德·特朗普宣布计划对来自全球的进口商品征收一系列关税时，风险加剧。人们担心这将提高国内商品的价格，影响消费者的支出和公司的收益。</p>
</div><p>This potential hurdle put Nvidia to a test: Would its top customers, seeing the risk of a slowdown ahead, cut spending on AI and therefore on Nvidia's chips? These tech giants, during their recent earnings reports, just showed us whether Nvidia passed or failed.</p>
<div class="lb-trans"><p>这一潜在障碍对英伟达提出了考验：其主要客户是否会因看到前方经济放缓的风险而削减对 AI 的支出，从而减少对英伟达芯片的需求？这些科技巨头在最近的财报中向我们展示了英伟达是通过还是失败。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTczMDIvZ2V0dHlpbWFnZXMtdGhyZWUtaW52ZXN0b3JzLWxvb2stYXQtYS1jb21wdXRlcl9pbi1vZmZpY2UuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817302%2Fgettyimages-three-investors-look-at-a-computer_in-office.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's big customers</h2>
<div class="lb-trans"><h2>英伟达的大客户</h2>
</div><p>First, a quick note on Nvidia's customers. The company doesn't directly identify these players, but it's believed that <strong>Microsoft</strong>(MSFT -0.33%), <strong>Amazon</strong>(AMZN -0.48%), <strong>Alphabet</strong>(GOOG -0.34%)(GOOGL -0.42%), and <strong>Meta Platforms</strong>(META -1.84%) are among them. These tech giants spend billions of dollars annually on Nvidia's GPUs to build out their AI platforms -- and in the case of cloud providers such as Amazon Web Services (AWS) or Alphabet's Google Cloud, they also offer Nvidia products and services to their customers.</p>
<div class="lb-trans"><p>首先，关于英伟达客户的简要说明。该公司并未直接识别这些参与者，但据信 <strong>微软</strong>（MSFT -0.33%）、<strong>亚马逊</strong>（AMZN -0.48%）、<strong>谷歌</strong>（GOOG -0.34%）（GOOGL -0.42%）和 <strong>Meta Platforms</strong>（META -1.84%）等公司在其中。这些科技巨头每年在英伟达的 GPU 上花费数十亿美元，以构建他们的 AI 平台——在云服务提供商如亚马逊网络服务（AWS）或谷歌云的情况下，他们还向客户提供英伟达的产品和服务。</p>
</div><p>These tech giants all face a certain degree of impact on future earnings prospects from Trump's tariff plan -- though it's too early to determine this impact, since final tariff levels haven't been set. The president, after announcing his initial tariff plan, put this plan on pause to offer countries time to negotiate trade deals with the U.S. Meanwhile, he also temporarily exempted electronics products from the tariffs.</p>
<div class="lb-trans"><p>这些科技巨头都面临特朗普关税计划对未来收益前景的某种程度的影响——尽管目前还为时已早，无法确定这种影响，因为最终的关税水平尚未确定。在宣布初步关税计划后，总统将该计划暂时搁置，以便各国有时间与美国谈判贸易协议。同时，他还暂时免除了电子产品的关税。</p>
</div><p>So, right this minute, tariffs don't represent a hurdle for tech players -- though tariffs likely will become a headwind in the months to come. Trump has said he aims to determine a tariff level specifically for imported electronics products.</p>
<div class="lb-trans"><p>因此，目前关税并未对科技公司构成障碍——尽管关税在未来几个月可能会成为阻力。特朗普表示，他旨在为进口电子产品确定一个具体的关税水平。</p>
</div><p>All this could result in technology companies reining in spending -- even as early as today, with the idea that this potential earnings headwind is just ahead.</p>
<div class="lb-trans"><p>所有这些可能导致科技公司收紧开支——甚至可能在今天就开始，考虑到这一潜在的收益阻力就在眼前。</p>
</div><h2>Important words from Microsoft's CEO</h2>
<div class="lb-trans"><h2>微软首席执行官的重要言论</h2>
</div><p>But in their latest earnings reports, Nvidia's top reported customers didn't cut AI spending, instead emphasizing plans to keep investing in this booming technology. Microsoft reiterated its earlier forecast for capital spending to support demand for AI. And chief executive officer Satya Nadella said something interesting that reinforces the idea of AI spending even during difficult economic times: &#34;Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth.&#34; So companies, to focus on efficiency and growth, actually might favor AI spending when the economic environment looks tough.</p>
<div class="lb-trans"><p>但在他们最新的财报中，英伟达的主要客户并没有削减 AI 支出，而是强调了继续投资于这一蓬勃发展的技术的计划。微软重申了其支持 AI 需求的资本支出预测。首席执行官萨提亚·纳德拉表示了一些有趣的观点，强调了即使在经济困难时期，AI 支出仍然重要：“云和 AI 是每个企业扩大产出、降低成本和加速增长的基本要素。” 因此，公司为了专注于效率和增长，实际上可能在经济环境严峻时更倾向于增加 AI 支出。</p>
</div><p>Alphabet reiterated that it plans $75 billion in capital spending this year and said its strong relationship with Nvidia is a &#34;key advantage.&#34; Meta increased its capital spending outlook for the year to the range of $64 billion to $72 billion from the $60 billion to $65 billion range -- and AI spending remains a big part of this. Finally, Amazon said it continues to &#34;invest very aggressively in AI.&#34;</p>
<div class="lb-trans"><p>谷歌重申了其今年计划投入 750 亿美元的资本支出，并表示与英伟达的强大关系是其 “关键优势”。Meta 将其年度资本支出预期从 600 亿至 650 亿美元上调至 640 亿至 720 亿美元的范围——而 AI 支出仍然是其中的重要组成部分。最后，亚马逊表示，它继续 “在 AI 方面进行非常积极的投资”。</p>
</div><p>So it's clear that Nvidia's customers, now well aware of any potential tariff and economic risks ahead, still are continuing their AI investments as planned. And they also remain optimistic about the potential of the technology to greatly improve a company's operations and even lower costs.</p>
<div class="lb-trans"><p>因此，很明显，英伟达的客户在充分意识到潜在的关税和经济风险后，仍然按照计划继续进行 AI 投资。他们也对这一技术能够大幅改善公司的运营甚至降低成本的潜力保持乐观。</p>
</div><p>All this is fantastic news for Nvidia and its shareholders, as it shows these top customers, even against a tumultuous economic backdrop, refuse to slow down their AI spending plans. And this means we should expect ongoing growth from Nvidia as these customers continue to seek out top-performing chips.</p>
<div class="lb-trans"><p>所有这些对英伟达及其股东来说都是好消息，因为这表明这些主要客户即使在动荡的经济背景下，也拒绝放慢他们的 AI 支出计划。这意味着我们应该期待英伟达的持续增长，因为这些客户将继续寻求高性能的芯片。</p>
</div><p>Of course, tariffs remain a risk, and any extreme decision in this area could represent a headwind for tech players including Nvidia. But so far, in this test of potential earnings strength down the road, technology giants just showed us that Nvidia passed with flying colors.</p>
<div class="lb-trans"><p>当然，关税仍然是一个风险，任何在这一领域的极端决定都可能对包括英伟达在内的科技公司构成阻力。但到目前为止，在这一潜在收益实力的考验中，科技巨头们向我们展示了英伟达表现出色。</p>
</div>

Tariff Turmoil Put Nvidia to a Test

- Nvidia 受益于 AI 产品需求，客户包括微软、亚马逊等。  
- 尽管面临关税风险，客户仍计划增加 AI 投资。  
- 这对 Nvidia 及其股东是积极信号，预示持续增长。

关税动荡对英伟达构成考验