<p><strong>英伟达</strong>(NVDA 5.41%) 自 2023 年初以来，其市值增加了惊人的 2.5 万亿美元，这得益于其数据中心芯片的销售激增，这些芯片是全球处理人工智能（AI）工作负载的最佳选择。然而，英伟达的股票自历史最高点下跌了 22%，投资者正在努力应对美国与其贸易伙伴之间日益紧张的关系。</p>
<p>尽管半导体不受唐纳德·特朗普总统的关税影响，但投资者担心贸易紧张局势可能导致经济放缓，这将迫使英伟达的客户减少对芯片和组件的支出。</p>
<p>根据投资者从一些最强大的 AI 公司获得的最新指引，目前没有支出放缓的迹象。但投资者将在 5 月 28 日收到重要更新，届时英伟达将发布其 2026 财年第一季度（截至 4 月 27 日）的财务业绩。我认为，报告发布后其股票将会飙升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw"/></p>
<p>图片来源：英伟达。</p>
<h2>英伟达的主要客户仍在大举支出</h2>
<p>英伟达的 H100 图形处理单元（GPU）是 2023 年市场上最热门的数据中心芯片，给予公司惊人的 98% 市场份额。它在 2024 年继续主导销售，但开发者现在正在排队等待英伟达的新芯片，这些芯片基于其 Blackwell 和 Blackwell Ultra 架构。</p>
<p>新的 Blackwell Ultra GB300——将在今年下半年开始发货——在某些配置下可以提供比 H100 高达 50 倍的性能，使其非常适合下一代 “推理” AI 模型。这些新模型在后台 “思考” 的时间比传统的大型语言模型（LLMs）更长，清理潜在错误，以向最终用户提供最准确的响应。</p>
<p>然而，英伟达首席执行官黄仁勋表示，推理模型需要 100 倍的计算能力来抵消它们消耗的额外令牌（单词、标点符号和符号），并加快思考过程——否则，用户可能会因为响应速度太慢而放弃它们。这种对额外计算能力的日益需求将有助于支持英伟达未来几年的销售，而全球贸易紧张局势不太可能成为障碍。</p>
<p><strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>Alphabet</strong> 是英伟达的四大客户。他们在 2025 年进入时预计将在 AI 数据中心基础设施和芯片上合计支出约 3200 亿美元，但华尔街最近担心关税会影响他们的核心业务，并迫使他们降低资本支出（capex）的预测。</p>
<p>然而，这四家公司最近报告了最新的季度财务业绩，_没有_一家削减其资本支出计划。事实上，Meta Platforms 将其资本支出预测范围上调至 640 亿至 720 亿美元，之前的范围为 600 亿至 650 亿美元。</p>
<h2>英伟达即将发布的报告可能是另一个亮点</h2>
<p>英伟达的指引表明，其 2026 财年第一季度的收入将达到约 430 亿美元，比去年同期增长 65%。如果之前的季度可以作为参考，数据中心部门将占公司总收入的约 90%。这就是 AI GPU 和组件销售的来源。</p>
<p>根据华尔街的共识估计（由 Yahoo! Finance 提供），英伟达在第一季度的每股收益（EPS）可能为 0.89 美元，比去年同期增长 46%。这是投资者需要关注的重要数字，因为它影响公司的股价和估值。</p>
<p>华尔街分析师还将密切关注英伟达对当前 2026 财年第二季度的指引，因为这将告诉他们公司是否预计至少有_一些_客户由于全球贸易紧张局势引发的经济不确定性开始减少对 AI 的支出。分析师将寻找约 464 亿美元的总收入指引，基于 Yahoo！汇编的共识。低于该数字的预测可能导致英伟达股票的抛售。</p>
<h2>英伟达股票可能因其第一季度业绩而飙升</h2>
<p>尽管投资者对经济逆风的担忧使英伟达股票自历史最高点下跌了 22%，但我认为其 5 月 28 日的第一季度财务报告可能为持续上涨奠定基础，特别是如果黄仁勋正式消除这些担忧。</p>
<p>估值是一个关键原因。根据公司 2025 财年的每股收益为 2.99 美元，截至目前，其股票的市盈率（P/E）接近 40，这与其 10 年平均值 59.7 相比是一个显著折扣。</p>
<p>此外，华尔街预计英伟达在 2026 财年将实现每股收益 4.41 美元，使得该股票的前瞻市盈率为 26.4。换句话说，该股票在未来一年必须上涨 126%，才能与其 10 年平均市盈率 59.7 相符。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.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/a8eda7da77685a31c5083166ef70e34e.png"/></p>
<p>NVDA 市盈率数据来源于 YCharts</p>
<p>但长期前景看起来更令人兴奋。在英伟达 3 月份的 GTC 大会上，黄仁勋告诉观众，他预计到 2028 年，年度数据中心支出将达到 1 万亿美元，这主要是由于推理模型所需的计算能力。</p>
<p>在此背景下，英伟达可能会在 5 月 28 日提供关于其即将推出的 Rubin GPU 架构的更新，该架构预计将比 Blackwell Ultra 提供高达 3.3 倍的性能提升。预计它将在明年正式发布，并将为开发者创造更先进的推理模型铺平道路。</p>
<p>简单来说，我认为 5 月 28 日的报告不仅会消除短期销售的担忧，还会提醒投资者英伟达希望在未来几年内主导人工智能行业。</p>

英伟达

<p>英伟达的股票市值因其人工智能数据中心芯片的强劲销售而显著上升，尽管在贸易紧张局势中从峰值下跌了 22%。该公司计划于 5 月 28 日发布其 2024 财年第一季度财报，预计收入为 430 亿美元，每股收益为 0.89 美元，显示出强劲的增长。Meta、亚马逊、微软和谷歌等主要客户在人工智能基础设施上的资本支出保持高位。分析师们密切关注英伟达对第二季度的指引，因为这可能会显著影响股票表现</p>

<p><strong>Nvidia</strong>(NVDA 5.41%) added an eye-popping $2.5 trillion to its market capitalization since the start of 2023, thanks to surging sales of its data center chips, which are the best in the world for processing artificial intelligence (AI) workloads. However, Nvidia stock is down 22% from its all-time high as investors try to navigate growing tensions between the U.S. and its trading partners.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 5.41%) 自 2023 年初以来，其市值增加了惊人的 2.5 万亿美元，这得益于其数据中心芯片的销售激增，这些芯片是全球处理人工智能（AI）工作负载的最佳选择。然而，英伟达的股票自历史最高点下跌了 22%，投资者正在努力应对美国与其贸易伙伴之间日益紧张的关系。</p>
</div><p>Although semiconductors are exempt from President Donald Trump's tariffs, investors fear trade tensions could cause an economic slowdown, which will force Nvidia's customers to spend less money on chips and components.</p>
<div class="lb-trans"><p>尽管半导体不受唐纳德·特朗普总统的关税影响，但投资者担心贸易紧张局势可能导致经济放缓，这将迫使英伟达的客户减少对芯片和组件的支出。</p>
</div><p>Based on the recent guidance investors received from some of the most powerful AI companies, there is no sign of a spending slowdown just yet. But investors will receive an important update on May 28, when Nvidia releases its financial results for its fiscal 2026 first quarter (ended April 27). Here's why I think its stock will soar following the report.</p>
<div class="lb-trans"><p>根据投资者从一些最强大的 AI 公司获得的最新指引，目前没有支出放缓的迹象。但投资者将在 5 月 28 日收到重要更新，届时英伟达将发布其 2026 财年第一季度（截至 4 月 27 日）的财务业绩。我认为，报告发布后其股票将会飙升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817913%2Fnvidias-headquarters-with-a-black-nvidia-sign-out-the-front.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>Nvidia's top customers are still spending big</h2>
<div class="lb-trans"><h2>英伟达的主要客户仍在大举支出</h2>
</div><p>Nvidia's H100 graphics processing unit (GPU) was the hottest data center chip on the market for AI developers in 2023, giving the company a staggering 98% market share that year. It continued to dominate sales in 2024, but developers are now lining up for Nvidia's newer chips, which are based on its Blackwell and Blackwell Ultra architectures.</p>
<div class="lb-trans"><p>英伟达的 H100 图形处理单元（GPU）是 2023 年市场上最热门的数据中心芯片，给予公司惊人的 98% 市场份额。它在 2024 年继续主导销售，但开发者现在正在排队等待英伟达的新芯片，这些芯片基于其 Blackwell 和 Blackwell Ultra 架构。</p>
</div><p>The new Blackwell Ultra GB300 -- which will start shipping in the second half of this year -- can deliver up to 50 times more performance than the H100 in certain configurations, making it ideal for next-generation &#34;reasoning&#34; AI models. These new models spend more time &#34;thinking&#34; in the background than traditional large language models (LLMs), cleaning up potential errors to deliver the most accurate responses to the end user.</p>
<div class="lb-trans"><p>新的 Blackwell Ultra GB300——将在今年下半年开始发货——在某些配置下可以提供比 H100 高达 50 倍的性能，使其非常适合下一代 “推理” AI 模型。这些新模型在后台 “思考” 的时间比传统的大型语言模型（LLMs）更长，清理潜在错误，以向最终用户提供最准确的响应。</p>
</div><p>However, Nvidia CEO Jensen Huang says reasoning models need 100 times more computing power to offset the additional tokens (words, punctuation, and symbols) they consume, and to speed up the thinking process -- otherwise, users might abandon them because they are too slow to render responses. This growing need for additional computing capacity will help support Nvidia's sales for years to come, and global trade tensions are unlikely to stand in the way.</p>
<div class="lb-trans"><p>然而，英伟达首席执行官黄仁勋表示，推理模型需要 100 倍的计算能力来抵消它们消耗的额外令牌（单词、标点符号和符号），并加快思考过程——否则，用户可能会因为响应速度太慢而放弃它们。这种对额外计算能力的日益需求将有助于支持英伟达未来几年的销售，而全球贸易紧张局势不太可能成为障碍。</p>
</div><p><strong>Meta Platforms</strong>, <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong> are four of Nvidia's top customers. They entered 2025 expecting to spend approximately $320 billion combined on AI data center infrastructure and chips, but Wall Street was recently concerned that tariffs would impact their core businesses, and force them to lower their forecast capital expenditures (capex).</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>Alphabet</strong> 是英伟达的四大客户。他们在 2025 年进入时预计将在 AI 数据中心基础设施和芯片上合计支出约 3200 亿美元，但华尔街最近担心关税会影响他们的核心业务，并迫使他们降低资本支出（capex）的预测。</p>
</div><p>However, those four companies recently reported their latest quarterly financial results, and <em>none</em> of them slashed their capex plans. In fact, Meta Platforms revised its forecast capex range upward to between $64 billion and $72 billion, from a previous range of $60 billion to $65 billion.</p>
<div class="lb-trans"><p>然而，这四家公司最近报告了最新的季度财务业绩，_没有_一家削减其资本支出计划。事实上，Meta Platforms 将其资本支出预测范围上调至 640 亿至 720 亿美元，之前的范围为 600 亿至 650 亿美元。</p>
</div><h2>Nvidia's upcoming report could be another blowout</h2>
<div class="lb-trans"><h2>英伟达即将发布的报告可能是另一个亮点</h2>
</div><p>Nvidia's guidance suggests its fiscal 2026 first-quarter revenue will come in at around $43 billion, representing 65% growth compared to the year-ago period. If previous quarters are anything to go by, the data center segment will represent around 90% of the company's total revenue. This is where sales of AI GPUs and components are accounted for.</p>
<div class="lb-trans"><p>英伟达的指引表明，其 2026 财年第一季度的收入将达到约 430 亿美元，比去年同期增长 65%。如果之前的季度可以作为参考，数据中心部门将占公司总收入的约 90%。这就是 AI GPU 和组件销售的来源。</p>
</div><p>According to Wall Street's consensus estimate (provided by Yahoo! Finance), Nvidia could also deliver earnings per share (EPS) of $0.89 during the first quarter, which would be a 46% increase from the year-ago period. This is an important number for investors to watch, because it influences the company's stock price and valuation.</p>
<div class="lb-trans"><p>根据华尔街的共识估计（由 Yahoo! Finance 提供），英伟达在第一季度的每股收益（EPS）可能为 0.89 美元，比去年同期增长 46%。这是投资者需要关注的重要数字，因为它影响公司的股价和估值。</p>
</div><p>Wall Street analysts will also be laser-focused on Nvidia's guidance for the current fiscal 2026 second quarter, because it will tell them whether the company expects at least <em>some</em> customers to start pulling back on their AI spending due to the economic uncertainty triggered by global trade tensions. Analysts will be looking for total revenue guidance of around $46.4 billion, based on the consensus compiled by Yahoo!. A forecast below that figure could result in a sell-off in Nvidia stock.</p>
<div class="lb-trans"><p>华尔街分析师还将密切关注英伟达对当前 2026 财年第二季度的指引，因为这将告诉他们公司是否预计至少有_一些_客户由于全球贸易紧张局势引发的经济不确定性开始减少对 AI 的支出。分析师将寻找约 464 亿美元的总收入指引，基于 Yahoo！汇编的共识。低于该数字的预测可能导致英伟达股票的抛售。</p>
</div><h2>Nvidia stock could soar with the help of its Q1 results</h2>
<div class="lb-trans"><h2>英伟达股票可能因其第一季度业绩而飙升</h2>
</div><p>Although investor fears about economic headwinds pushed Nvidia stock down 22% from its all-time high, I think its Q1 financial report on May 28 could set the stage for a sustained upside move, especially if Huang officially puts those concerns to bed.</p>
<div class="lb-trans"><p>尽管投资者对经济逆风的担忧使英伟达股票自历史最高点下跌了 22%，但我认为其 5 月 28 日的第一季度财务报告可能为持续上涨奠定基础，特别是如果黄仁勋正式消除这些担忧。</p>
</div><p>Valuation is a key reason why. Based on the company's fiscal 2025 EPS of $2.99, its stock trades at a price-to-earnings (P/E) ratio of nearly 40 as of this writing, which is a steep discount to its 10-year average of 59.7.</p>
<div class="lb-trans"><p>估值是一个关键原因。根据公司 2025 财年的每股收益为 2.99 美元，截至目前，其股票的市盈率（P/E）接近 40，这与其 10 年平均值 59.7 相比是一个显著折扣。</p>
</div><p>Plus, Wall Street expects Nvidia to deliver $4.41 in EPS during fiscal 2026, placing the stock at a forward P/E ratio of 26.4. In other words, the stock would have to soar by 126% over the next year just to trade in line with its 10-year average P/E ratio of 59.7.</p>
<div class="lb-trans"><p>此外，华尔街预计英伟达在 2026 财年将实现每股收益 4.41 美元，使得该股票的前瞻市盈率为 26.4。换句话说，该股票在未来一年必须上涨 126%，才能与其 10 年平均市盈率 59.7 相符。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.png" alt="" original-src="https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率数据来源于 YCharts</p>
</div><p>But the long-term picture looks even more exciting. At Nvidia's GTC conference in March, Huang told the audience he expects annual data center spending to reach $1 trillion by 2028, primarily because of the computing power required by reasoning models.</p>
<div class="lb-trans"><p>但长期前景看起来更令人兴奋。在英伟达 3 月份的 GTC 大会上，黄仁勋告诉观众，他预计到 2028 年，年度数据中心支出将达到 1 万亿美元，这主要是由于推理模型所需的计算能力。</p>
</div><p>On that note, Nvidia might even provide an update on its upcoming Rubin GPU architecture on May 28, which could deliver a further increase in performance of 3.3 times compared to Blackwell Ultra. It's expected to officially launch sometime next year, and it'll pave the way for developers to create even more advanced reasoning models.</p>
<div class="lb-trans"><p>在此背景下，英伟达可能会在 5 月 28 日提供关于其即将推出的 Rubin GPU 架构的更新，该架构预计将比 Blackwell Ultra 提供高达 3.3 倍的性能提升。预计它将在明年正式发布，并将为开发者创造更先进的推理模型铺平道路。</p>
</div><p>Simply put, I think the May 28 report will not only put short-term sales concerns to bed, but it will also remind investors that Nvidia is looking to dominate the AI industry for years to come.</p>
<div class="lb-trans"><p>简单来说，我认为 5 月 28 日的报告不仅会消除短期销售的担忧，还会提醒投资者英伟达希望在未来几年内主导人工智能行业。</p>
</div>

Prediction: Nvidia Stock Is Going to Soar After May 28

- Nvidia 市值自 2023 年初增加 2.5 万亿美元，受数据中心芯片销售激增推动。  
- 尽管股价较历史高点下跌 22%，但主要客户仍在大幅投资 AI 基础设施。  
- 预计 5 月 28 日财报将显示 65% 的收入增长，可能推动股价回升。  

预测：英伟达的股票将在 5 月 28 日之后大幅上涨