<p>尽管特朗普总统的关税政策在过去六周主导了华尔街的讨论，但人工智能（AI）的演变已经吸引了投资者超过两年。</p>
<p>在最简单的形式上，人工智能赋予软件和系统独立推理和行动的能力，并且有潜力在没有人类监督的情况下学习新技能。这是一项具有颠覆性技术，具有广泛的全球应用，普华永道的分析师认为到 2030 年可以使全球国内生产总值（GDP）增加 15.7 万亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>没有哪家公司比英伟达更直接受益于人工智能革命</h2>
<p>虽然估计有 15.7 万亿美元的可寻址市场为数十家甚至数百家赢家留出了空间，但没有哪家公司比半导体巨头 <strong>英伟达</strong>（NVDA -0.62%）更直接受益于人工智能的崛起。</p>
<p>几乎在一夜之间，英伟达的 Hopper（H100）图形处理单元（GPU）成为推动企业 AI 加速数据中心的首选 “大脑”。随后推出了下一代 Blackwell GPU 架构，能够进一步加速计算需求，并且比其前身更节能。</p>
<p>在短短两个财政年度内（英伟达的财政年度在 1 月底结束），英伟达的净销售额从 270 亿美元飙升至 1305 亿美元。作为参考，华尔街的共识预计 2026 财政年度（即今年）的全年销售额接近 2010 亿美元，2027 财政年度为 2480 亿美元。</p>
<p>考虑到英伟达的超高速增长率，以及没有其他直接竞争对手能够接近其计算速度和能效的组合，华尔街分析师围绕这只股票的热情并不令人惊讶。在 1 月底，我注意到覆盖英伟达的数十位华尔街分析师的目标价均高于当时的股价。</p>
<p>但时代在变！</p>
<p>英伟达刚刚收到了华尔街的首个卖出评级——在 5 月 28 日之后，英伟达将公布其 2026 财政年度第一季度的运营结果，我完全预计会有更多分析师跟进。</p>
<h2>一位华尔街分析师与大众情绪背道而驰</h2>
<p>在 4 月底，Seaport Research Partners 的高级分析师 Jay Goldberg 以 100 美元的目标价（华尔街最低）和卖出评级开始覆盖英伟达。</p>
<p>尽管 Goldberg 承认英伟达做了很多正确的事情，且其 Blackwell GPU 备受追捧，但他认为牛市预期已经完全反映在股价中，且有许多下行催化剂在等待。</p>
<p>首先，Goldberg 认为英伟达很难超越华尔街的高预期，因为它在 2026 财政年度的 Blackwell 订单能力已经达到上限。尽管全球领先的芯片制造公司 <strong>台积电</strong> 正在迅速扩大其芯片 - 晶圆 - 基板（CoWoS）能力——CoWoS 对于 AI 加速数据中心所需的高带宽内存的封装至关重要——但这仍然限制了英伟达销售更多下一代硬件的能力。</p>
<p>Goldberg 还预计，企业将在今年晚些时候及 2026 日历年内认真审视其支出。尽管 Seaport 的高级分析师不认为会形成并破裂 AI 泡沫，但他确实认为企业仍在摸索人工智能的实际应用案例。Goldberg 认为这将导致未来几个季度 AI 支出/订单的放缓。</p>
<p>此外，Goldberg 提到对中国的出口限制作为一个显而易见的阻力。提醒一下，自 2022 年 10 月以来，拜登政府（以及特朗普政府）对许多高性能 AI 芯片和相关设备对中国的出口实施了严格限制。作为全球第二大经济体，中国为英伟达每季度创造数十亿美元的销售额，如果关税相关的不确定性持续，且美中贸易关系恶化，这一数字可能会显著缩减。</p>
<p>但我相信这只是冰山一角，其他华尔街分析师将在英伟达于 5 月 28 日收盘后揭开 “盖子” 后跟随 Goldberg 的脚步。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>华尔街的 AI 宠儿可能会有更多卖出评级</h2>
<p>与 Goldberg 类似，我乐于给予英伟达应得的赞誉。该公司的 Hopper 和 Blackwell 芯片可能会保持其计算优势，并继续成为 AI 数据中心所需的硬件。但英伟达近 2.9 万亿美元的估值表明它有很大的压力要承担——而且即将面临的阻力比 Seaport 的高级分析师列出的更多。</p>
<p>可以说，英伟达面临的最大挑战是它所面临的内部竞争。虽然大多数投资者和分析师关注像 <strong>超微</strong> 和华为这样的直接竞争对手，但他们完全忽视了许多英伟达的顶级客户正在内部开发 AI 芯片和解决方案以在其数据中心使用。</p>
<p>尽管这些公司中的大多数表示，这些内部开发的硬件将与英伟达的 GPU 并行工作，但这并不改变这一事实，即这将导致更便宜且更易获得的 AI 解决方案，而不是积压的产品。这显然是英伟达错失未来数据中心市场份额的食谱。</p>
<p>同样重要的是，英伟达正在失去其最大的竞争优势；而且，我不是在谈论 Hopper 或 Blackwell 的计算速度。相反，我指的是它从 AI-GPU 稀缺中获得的好处。</p>
<p>尽管英伟达无法满足对其 Blackwell GPU 架构的巨大需求，但这并没有阻止 AMD 推出成本更低的下一代芯片。它也没有减缓英伟达顶级客户的内部创新。如这些硬件进入高计算数据中心，它减少了 AI-GPU 的稀缺性和推动英伟达毛利率的巨大定价权。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png"/></p>
<p>NVDA 毛利率（季度）数据来自 YCharts。</p>
<p>一年前，在 2025 财年，英伟达报告了高达 78.4% 的炙手可热的公认会计原则（GAAP）毛利率。从那时起，其 GAAP 毛利率每个季度都在下降，预计在 5 月 28 日将报告的 2025 财年第一季度将降至估计的 70.6%（+/- 50 个基点）。我们正在目睹英伟达的领先优势在我们眼前减弱。</p>
<p>最后，历史强烈表明，人工智能不会逃脱泡沫破裂事件。在过去 30 多年中，每一项下一个重大技术或创新在扩张阶段早期都经历过泡沫。由于绝大多数企业没有优化其 AI 解决方案，甚至没有产生正的 AI 投资回报，再次表明投资者高估了这一颠覆性技术的早期效用。</p>
<p>当更多华尔街分析师开始关注这些因素时，我预测对英伟达股票的卖出评级数量将会上升。</p>

英伟达

<p>英伟达首次获得华尔街的卖出评级，评级来自 Seaport Research Partners，分析师 Jay Goldberg 设定了 100 美元的目标价。尽管英伟达在人工智能技术方面实现了显著增长，但对满足高期望、订单能力限制以及潜在的人工智能支出下降的担忧，使得市场对其前景持更加谨慎的态度。分析师预计，在英伟达即将于 5 月 28 日公布财报后，可能会有更多的卖出评级，尤其是在面临对中国的出口限制和内部竞争等挑战的情况下</p>

<p>Although President Donald Trump's tariff policy has dominated the discussion on Wall Street over the last six weeks, it's the evolution of artificial intelligence (AI) that's captivated investors for well over two years.</p>
<div class="lb-trans"><p>尽管特朗普总统的关税政策在过去六周主导了华尔街的讨论，但人工智能（AI）的演变已经吸引了投资者超过两年。</p>
</div><p>In its simplest form, AI empowers software and systems with the capacity to reason and act on their own, as well as affords the potential to learn new skillsets without the need for human oversight. It's a game-changing technology with broad global application that the analysts at PwC believe can increase worldwide gross domestic product (GDP) $15.7 trillion by 2030.</p>
<div class="lb-trans"><p>在最简单的形式上，人工智能赋予软件和系统独立推理和行动的能力，并且有潜力在没有人类监督的情况下学习新技能。这是一项具有颠覆性技术，具有广泛的全球应用，普华永道的分析师认为到 2030 年可以使全球国内生产总值（GDP）增加 15.7 万亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817600%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-getty.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>No company has more directly benefited from the AI revolution than Nvidia</h2>
<div class="lb-trans"><h2>没有哪家公司比英伟达更直接受益于人工智能革命</h2>
</div><p>While an estimated $15.7 trillion addressable market leaves room for dozens, if not hundreds, of winners, no company has been a more direct beneficiary of the rise of AI than semiconductor colossus <strong>Nvidia</strong>(NVDA -0.62%).</p>
<div class="lb-trans"><p>虽然估计有 15.7 万亿美元的可寻址市场为数十家甚至数百家赢家留出了空间，但没有哪家公司比半导体巨头 <strong>英伟达</strong>（NVDA -0.62%）更直接受益于人工智能的崛起。</p>
</div><p>Almost overnight, Nvidia's Hopper (H100) graphics processing unit (GPU) became the preferred &#34;brains&#34; powering enterprise AI-accelerated data centers. This has been followed up by the next-generation Blackwell GPU architecture, which can further expedite compute needs and is more energy efficient than its predecessor.</p>
<div class="lb-trans"><p>几乎在一夜之间，英伟达的 Hopper（H100）图形处理单元（GPU）成为推动企业 AI 加速数据中心的首选 “大脑”。随后推出了下一代 Blackwell GPU 架构，能够进一步加速计算需求，并且比其前身更节能。</p>
</div><p>In just two fiscal years (Nvidia's fiscal year ends in late January), Nvidia's net sales skyrocketed from $27 billion to $130.5 billion. For context, Wall Street's consensus calls for nearly $201 billion in full-year sales for fiscal 2026 (this year) and $248 billion in fiscal 2027.</p>
<div class="lb-trans"><p>在短短两个财政年度内（英伟达的财政年度在 1 月底结束），英伟达的净销售额从 270 亿美元飙升至 1305 亿美元。作为参考，华尔街的共识预计 2026 财政年度（即今年）的全年销售额接近 2010 亿美元，2027 财政年度为 2480 亿美元。</p>
</div><p>Given Nvidia's supercharged growth rate and the fact that no other direct competitor has come remotely close to matching its combination of compute speed and energy efficiency, it's no surprise that Wall Street analysts have rallied around the stock market's AI darling. In late January, I noted that the dozens of Wall Street analysts covering Nvidia all had respective price targets that was higher than where shares then traded.</p>
<div class="lb-trans"><p>考虑到英伟达的超高速增长率，以及没有其他直接竞争对手能够接近其计算速度和能效的组合，华尔街分析师围绕这只股票的热情并不令人惊讶。在 1 月底，我注意到覆盖英伟达的数十位华尔街分析师的目标价均高于当时的股价。</p>
</div><p>But times are a-changing!</p>
<div class="lb-trans"><p>但时代在变！</p>
</div><p>Nvidia just received its first Wall Street sell rating -- and after May 28, which is the date Nvidia will unveil its fiscal 2026 first-quarter operating results, I fully expect more analysts to follow suit.</p>
<div class="lb-trans"><p>英伟达刚刚收到了华尔街的首个卖出评级——在 5 月 28 日之后，英伟达将公布其 2026 财政年度第一季度的运营结果，我完全预计会有更多分析师跟进。</p>
</div><h2>One Wall Street analyst is bucking popular sentiment</h2>
<div class="lb-trans"><h2>一位华尔街分析师与大众情绪背道而驰</h2>
</div><p>In late April, Seaport Research Partners' senior analyst Jay Goldberg initiated coverage on Nvidia with a $100 price target (a Wall Street low) and a sell rating.</p>
<div class="lb-trans"><p>在 4 月底，Seaport Research Partners 的高级分析师 Jay Goldberg 以 100 美元的目标价（华尔街最低）和卖出评级开始覆盖英伟达。</p>
</div><p>Though Goldberg acknowledged that Nvidia has done a lot right and its Blackwell GPU is highly sought-after, he believed the bull case was fully priced in, with numerous downside catalysts waiting in the wings.</p>
<div class="lb-trans"><p>尽管 Goldberg 承认英伟达做了很多正确的事情，且其 Blackwell GPU 备受追捧，但他认为牛市预期已经完全反映在股价中，且有许多下行催化剂在等待。</p>
</div><p>For one, Goldberg believes it'll be difficult for Nvidia to surpass Wall Street's lofty consensus expectations given that it's maxed out its order capacity for Blackwell in fiscal 2026. Even though world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> is rapidly expanding its chip-on-wafer-on-substrate (CoWoS) capacity -- CoWoS is essential for the packaging of high-bandwidth memory needed in AI-accelerated data centers -- it's still holding Nvidia back from selling even more of its next-gen hardware.</p>
<div class="lb-trans"><p>首先，Goldberg 认为英伟达很难超越华尔街的高预期，因为它在 2026 财政年度的 Blackwell 订单能力已经达到上限。尽管全球领先的芯片制造公司 <strong>台积电</strong> 正在迅速扩大其芯片 - 晶圆 - 基板（CoWoS）能力——CoWoS 对于 AI 加速数据中心所需的高带宽内存的封装至关重要——但这仍然限制了英伟达销售更多下一代硬件的能力。</p>
</div><p>Goldberg also anticipates that businesses will take a hard look at their spending later this year and into calendar year 2026. While Seaport's senior analyst doesn't expect an AI bubble to form and burst, he does believe that businesses are still in the process of feeling out real-world use cases for artificial intelligence. Goldberg suggests this will result in slower AI spending/orders in the quarters to come.</p>
<div class="lb-trans"><p>Goldberg 还预计，企业将在今年晚些时候及 2026 日历年内认真审视其支出。尽管 Seaport 的高级分析师不认为会形成并破裂 AI 泡沫，但他确实认为企业仍在摸索人工智能的实际应用案例。Goldberg 认为这将导致未来几个季度 AI 支出/订单的放缓。</p>
</div><p>Additionally, and not surprisingly, Goldberg alluded to export restrictions to China as a front-and-center headwind. As a reminder, the Joe Biden Administration (since October 2022) <em>and</em> Trump administration placed stringent export restrictions on many high-powered AI chips and related equipment to China. The world's No. 2 economy by GDP generates billions of dollars in quarterly sales for Nvidia, which could notably shrink if tariff-related uncertainty persists and trade relations between the U.S. and China sour.</p>
<div class="lb-trans"><p>此外，Goldberg 提到对中国的出口限制作为一个显而易见的阻力。提醒一下，自 2022 年 10 月以来，拜登政府（以及特朗普政府）对许多高性能 AI 芯片和相关设备对中国的出口实施了严格限制。作为全球第二大经济体，中国为英伟达每季度创造数十亿美元的销售额，如果关税相关的不确定性持续，且美中贸易关系恶化，这一数字可能会显著缩减。</p>
</div><p>But I believe this is just the tip of the iceberg, and other Wall Street analysts will follow in Goldberg's footsteps once Nvidia's lifts the proverbial hood after the closing bell on May 28.</p>
<div class="lb-trans"><p>但我相信这只是冰山一角，其他华尔街分析师将在英伟达于 5 月 28 日收盘后揭开 “盖子” 后跟随 Goldberg 的脚步。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817600%2Finvestor-pressing-sell-button-getty.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>More sell ratings are likely for Wall Street's AI darling</h2>
<div class="lb-trans"><h2>华尔街的 AI 宠儿可能会有更多卖出评级</h2>
</div><p>Similar to Goldberg, I'm happy to give Nvidia credit where credit is due. The company's Hopper and Blackwell chips will likely maintain their compute advantages and remain sought-after hardware for AI data centers. But Nvidia's nearly $2.9 trillion valuation suggests it has big shoes to fill -- and there are more headwinds upcoming than Seaport's senior analyst has listed.</p>
<div class="lb-trans"><p>与 Goldberg 类似，我乐于给予英伟达应得的赞誉。该公司的 Hopper 和 Blackwell 芯片可能会保持其计算优势，并继续成为 AI 数据中心所需的硬件。但英伟达近 2.9 万亿美元的估值表明它有很大的压力要承担——而且即将面临的阻力比 Seaport 的高级分析师列出的更多。</p>
</div><p>Arguably the top challenge for Nvidia is the internal competition it's contending with. While most investors and analysts focus on direct competitors like <strong>Advanced Micro Devices</strong> and Huawei, they're completely missing that many of Nvidia's top customers by net sales are internally developing AI chips and solutions to use in their data centers.</p>
<div class="lb-trans"><p>可以说，英伟达面临的最大挑战是它所面临的内部竞争。虽然大多数投资者和分析师关注像 <strong>超微</strong> 和华为这样的直接竞争对手，但他们完全忽视了许多英伟达的顶级客户正在内部开发 AI 芯片和解决方案以在其数据中心使用。</p>
</div><p>Despite most of these companies noting that this internally developed hardware will work side-by-side with Nvidia's GPUs, it doesn't change the fact that this will lead to cheaper and more readily available AI solutions that aren't backlogged. It's a plain-as-day recipe for Nvidia to miss out on future data center market share.</p>
<div class="lb-trans"><p>尽管这些公司中的大多数表示，这些内部开发的硬件将与英伟达的 GPU 并行工作，但这并不改变这一事实，即这将导致更便宜且更易获得的 AI 解决方案，而不是积压的产品。这显然是英伟达错失未来数据中心市场份额的食谱。</p>
</div><p>Equally important, Nvidia is losing its biggest competitive advantage; and no, I'm not talking about the compute speed of Hopper or Blackwell. Rather, I'm alluding to the benefits it's reaped from AI-GPU scarcity.</p>
<div class="lb-trans"><p>同样重要的是，英伟达正在失去其最大的竞争优势；而且，我不是在谈论 Hopper 或 Blackwell 的计算速度。相反，我指的是它从 AI-GPU 稀缺中获得的好处。</p>
</div><p>Though Nvidia can't meet the overwhelming demand for its Blackwell GPU architecture, it's not stopping AMD from bringing less-costly next-generation chips to market. It's also not slowing the aforementioned internal innovation of Nvidia's top clients. As this hardware enters high-compute data centers, it reduces the AI-GPU scarcity and immense pricing power that fueled Nvidia's gross margin.</p>
<div class="lb-trans"><p>尽管英伟达无法满足对其 Blackwell GPU 架构的巨大需求，但这并没有阻止 AMD 推出成本更低的下一代芯片。它也没有减缓英伟达顶级客户的内部创新。如这些硬件进入高计算数据中心，它减少了 AI-GPU 的稀缺性和推动英伟达毛利率的巨大定价权。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png" alt="" original-src="https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png"/></p>
<p>NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 毛利率（季度）数据来自 YCharts。</p>
</div><p>One year ago, in fiscal 2025, Nvidia reported a scorching-hot generally accepted accounting principles (GAAP) gross margin of 78.4%. Since then, its GAAP gross margin has declined every quarter, and is expected to have fallen to an estimated 70.6% (+/- 50 basis points) for the fiscal first quarter, which it'll report on May 28. We're witnessing Nvidia's leading advantage wane before our eyes.</p>
<div class="lb-trans"><p>一年前，在 2025 财年，英伟达报告了高达 78.4% 的炙手可热的公认会计原则（GAAP）毛利率。从那时起，其 GAAP 毛利率每个季度都在下降，预计在 5 月 28 日将报告的 2025 财年第一季度将降至估计的 70.6%（+/- 50 个基点）。我们正在目睹英伟达的领先优势在我们眼前减弱。</p>
</div><p>Lastly, history would strongly suggest that artificial intelligence won't escape a bubble-bursting event. Every next-big-thing technology or innovation for more than 30 years has endured a bubble early in its expansion phase. With an overwhelming majority of businesses not optimizing their AI solutions, or even generating a positive return on their AI investments, it once again appears that investors have overestimated the early innings utility of a game-changing technology.</p>
<div class="lb-trans"><p>最后，历史强烈表明，人工智能不会逃脱泡沫破裂事件。在过去 30 多年中，每一项下一个重大技术或创新在扩张阶段早期都经历过泡沫。由于绝大多数企业没有优化其 AI 解决方案，甚至没有产生正的 AI 投资回报，再次表明投资者高估了这一颠覆性技术的早期效用。</p>
</div><p>When more Wall Street analysts begin paying attention to these factors, I predict the number of sell ratings for Nvidia stock will climb.</p>
<div class="lb-trans"><p>当更多华尔街分析师开始关注这些因素时，我预测对英伟达股票的卖出评级数量将会上升。</p>
</div>

Prediction: Nvidia Just Received Its First Wall Street Sell Rating -- and More Will Follow After May 28

- 人工智能的演变吸引了投资者，预计到 2030 年全球 GDP 将增加 15.7 万亿美元。  
- Nvidia 是 AI 革命的主要受益者，销售额在两年内从 270 亿美元飙升至 1305 亿美元。  
- 分析师预计 Nvidia 面临更多卖出评级，因其市场份额和利润率可能下降。  

预测：英伟达刚刚在华尔街获得了第一个卖出评级——更多的卖出评级将在 5 月 28 日之后出现