<p>对于 <strong>英伟达</strong>（NVDA -0.52%）来说，这一年非常艰难。截至目前，2025 年该芯片制造商的股价下跌了约 8%。但仔细观察最近的股价走势，投资者似乎正在重新获得对这家人工智能（AI）先锋企业的信心。</p>
<p>在过去三周内，股价上涨了 27%，这得益于使用英伟达 AI 芯片的科技巨头发布的积极报告，以及半导体行业同行的鼓舞人心的评论。现在，美国与中国的关税对峙的最新进展表明，英伟达即将公布的 2026 财年第一季度（截至 4 月 27 日）的业绩（将于 5 月 28 日公布）可能进一步增强投资者对该股票的信心，并推动其股价上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>关税争端显示出降温迹象</h2>
<p>特朗普政府上个月决定对来自中国的进口商品征收 145% 的关税，这对包括英伟达在内的半导体股票造成了压力，尽管白宫对芯片、处理器和某些其他电子元件的进口免除了相互关税。然而，有报道称可能会对半导体宣布一套单独的关税。</p>
<p>但现在，美国和中国已同意在 90 天内将相互关税降低 115%。因此，进口到美国的中国商品的关税将降至 30%，而进口到中国的美国商品的关税将维持在 10%。这一进展是在中国撤回对美国微芯片进口的关税之后发生的。</p>
<p>早些时候，特朗普总统曾表示愿意降低对中国进口商品的关税。这一切表明，迄今为止对英伟达股票造成压力的关税风暴可能正在减弱。</p>
<p>英伟达客户 <strong>Meta Platforms</strong> 最近表示，鉴于关税的实施，它准备承担 AI 硬件成本的增加。上个月有报道称，内存制造商 <strong>美光科技</strong>（Micron Technology）对其某些产品征收了因关税而增加的附加费，以应对成本的上升。</p>
<p>因此，考虑到英伟达在全球多个地点外包芯片生产，关税负担可能对其销售和利润造成了伤害。这也解释了为什么 DigiTimes（通过 Tom's Hardware）最近的报告指出，英伟达将其 AI 图形处理单元（GPU）的价格提高了多达 15%，以应对与关税相关的影响。</p>
<p>关税引发的全球经济不确定性可能对 AI 支出产生了负面影响。2 月份 <strong>微软</strong> 在租赁更多数据中心容量方面的缩减报告加剧了这种担忧。然而，美国与中国之间的积极关税相关进展应该会缓解对 AI 支出放缓的担忧，这可能导致英伟达在本月底提供强劲的业绩指引。</p>
<h2>中国可能帮助英伟达交出超预期的业绩</h2>
<p>分析师预计英伟达在 2026 财年第一季度的收入将达到 430 亿美元，比去年同期增长 65%。这与公司的业绩指引范围一致。然而，来自中国客户的订单激增可能会帮助英伟达的收入超出这些预期。</p>
<p>根据路透社的报道，<strong>字节跳动</strong>、<strong>阿里巴巴</strong> 和 <strong>腾讯</strong> 等公司在 2025 年第一季度下单购买了至少价值 160 亿美元的英伟达 H20 AI GPU。</p>
<p>这相当可观，考虑到英伟达在上一财年来自中国的收入据报道仅超过 170 亿美元。因此，中国可能在 2026 财年第一季度对英伟达产生更大的影响，并在帮助公司超越分析师预期方面发挥关键作用。</p>
<p>英伟达在中国的收入激增归因于对低成本 AI 模型需求的增加。同时，该公司一直在调整其 AI 芯片，以使其符合对其芯片出口到中国的管制，这也是它过去为确保进入中国市场所做的。</p>
<p>再加上美国正在进行的 AI 基础设施项目，如 Stargate，以及英伟达对 AI 芯片供应链的出色控制，似乎为这家芯片制造商超越华尔街预期并确保其新获得的股市势头在 5 月 28 日之后继续奠定了基础。这就是为什么精明的投资者可以考虑现在购买这只 AI 股票。它的前瞻市盈率为 28 倍，相较于美国科技行业 44 倍的市盈率有很大折扣。</p>

英伟达

<p>英伟达的股票在 2025 年面临挑战，截至目前下跌了 8%，但由于人工智能领域的积极情绪，最近上涨了 27%。预计在 5 月 28 日公布的 2026 财年第一季度财报将提升投资者信心，尤其是在美国与中国关税近期放宽的背景下。分析师预计英伟达将报告 430 亿美元的收入，这得益于来自中国客户的重大订单。在有利的市场环境和对人工智能产品强劲需求的推动下，英伟达的股票可能会继续上涨，使其成为一个具有吸引力的投资机会，市盈率为 28 倍</p>

<p>This has been a difficult year for <strong>Nvidia</strong>(NVDA -0.52%). Shares of the chipmaker are down around 8% so far in 2025 as of this writing. But a closer look at the recent stock price action suggests investors are regaining confidence in the artificial intelligence (AI) pioneer.</p>
<div class="lb-trans"><p>对于 <strong>英伟达</strong>（NVDA -0.52%）来说，这一年非常艰难。截至目前，2025 年该芯片制造商的股价下跌了约 8%。但仔细观察最近的股价走势，投资者似乎正在重新获得对这家人工智能（AI）先锋企业的信心。</p>
</div><p>The stock has jumped 27% in the past three weeks, thanks to positive reports from tech giants that use Nvidia's AI chips, along with encouraging commentary from peers in the semiconductor industry. Now, the latest development in the U.S.-China tariff standoff suggests that Nvidia's upcoming results for the first quarter of fiscal 2026 (which ended April 27), which will be announced on May 28, could further boost investor confidence in the stock and send it higher.</p>
<div class="lb-trans"><p>在过去三周内，股价上涨了 27%，这得益于使用英伟达 AI 芯片的科技巨头发布的积极报告，以及半导体行业同行的鼓舞人心的评论。现在，美国与中国的关税对峙的最新进展表明，英伟达即将公布的 2026 财年第一季度（截至 4 月 27 日）的业绩（将于 5 月 28 日公布）可能进一步增强投资者对该股票的信心，并推动其股价上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818110%2Fabstract_ai_blocks.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>The tariff dispute is showing signs of cooling down</h2>
<div class="lb-trans"><h2>关税争端显示出降温迹象</h2>
</div><p>The Trump administration's decision to implement duties of 145% on imports from China last month weighed on semiconductor stocks, including Nvidia, even though the White House exempted imports of chips, processors, and certain other electronic components from reciprocal tariffs. However, there were reports that a separate set of tariffs could be announced on semiconductors.</p>
<div class="lb-trans"><p>特朗普政府上个月决定对来自中国的进口商品征收 145% 的关税，这对包括英伟达在内的半导体股票造成了压力，尽管白宫对芯片、处理器和某些其他电子元件的进口免除了相互关税。然而，有报道称可能会对半导体宣布一套单独的关税。</p>
</div><p>But now, the U.S. and China have agreed on bringing down the reciprocal tariffs by 115% for a period of 90 days. As a result, the duties on Chinese goods imported into the U.S. will come down to 30%, while tariffs on U.S. goods imported into China will stand at 10%. This development comes in the wake of China's rollback of tariffs on imports of microchips from the U.S.</p>
<div class="lb-trans"><p>但现在，美国和中国已同意在 90 天内将相互关税降低 115%。因此，进口到美国的中国商品的关税将降至 30%，而进口到中国的美国商品的关税将维持在 10%。这一进展是在中国撤回对美国微芯片进口的关税之后发生的。</p>
</div><p>Earlier, President Donald Trump had indicated that he was willing to reduce duties on Chinese imports. All this suggests that the storm of the tariff turmoil that has weighed on Nvidia stock so far this year could be fading.</p>
<div class="lb-trans"><p>早些时候，特朗普总统曾表示愿意降低对中国进口商品的关税。这一切表明，迄今为止对英伟达股票造成压力的关税风暴可能正在减弱。</p>
</div><p>Nvidia customer <strong>Meta Platforms</strong> recently indicated that it was ready to bear the increase in costs of AI hardware thanks to the tariff imposition. There were reports last month that memory manufacturer <strong>Micron Technology</strong>, which supplies high-bandwidth memory (HBM) chips for Nvidia's AI graphics cards, was imposing a tariff-fueled surcharge on some of its products to account for the increased costs.</p>
<div class="lb-trans"><p>英伟达客户 <strong>Meta Platforms</strong> 最近表示，鉴于关税的实施，它准备承担 AI 硬件成本的增加。上个月有报道称，内存制造商 <strong>美光科技</strong>（Micron Technology）对其某些产品征收了因关税而增加的附加费，以应对成本的上升。</p>
</div><p>So, the tariff burden could have hurt Nvidia's sales and margins considering that it outsources chip production across various locations globally. This explains why a recent report by DigiTimes (via Tom's Hardware) states that Nvidia raised the price of its AI graphics processing units (GPUs) by up to 15% to cope with the tariff-related effects.</p>
<div class="lb-trans"><p>因此，考虑到英伟达在全球多个地点外包芯片生产，关税负担可能对其销售和利润造成了伤害。这也解释了为什么 DigiTimes（通过 Tom's Hardware）最近的报告指出，英伟达将其 AI 图形处理单元（GPU）的价格提高了多达 15%，以应对与关税相关的影响。</p>
</div><p>The global economic uncertainty fueled by the tariffs could have negatively affected AI spending. Reports of a pullback by <strong>Microsoft</strong> in leasing more data center capacity in February added to this fear. However, the positive tariff-related development between the U.S. and China should mitigate the concerns about a potential AI spending slowdown, and this could result in solid guidance from Nvidia later this month.</p>
<div class="lb-trans"><p>关税引发的全球经济不确定性可能对 AI 支出产生了负面影响。2 月份 <strong>微软</strong> 在租赁更多数据中心容量方面的缩减报告加剧了这种担忧。然而，美国与中国之间的积极关税相关进展应该会缓解对 AI 支出放缓的担忧，这可能导致英伟达在本月底提供强劲的业绩指引。</p>
</div><h2>China could help Nvidia deliver better-than-expected results</h2>
<div class="lb-trans"><h2>中国可能帮助英伟达交出超预期的业绩</h2>
</div><p>Analysts are expecting Nvidia to deliver $43 billion in revenue for fiscal Q1, an improvement of 65% from the year-ago period. That's in line with the company's guidance range. However, a surge in orders from Chinese clients could help Nvidia's top line exceed those expectations.</p>
<div class="lb-trans"><p>分析师预计英伟达在 2026 财年第一季度的收入将达到 430 亿美元，比去年同期增长 65%。这与公司的业绩指引范围一致。然而，来自中国客户的订单激增可能会帮助英伟达的收入超出这些预期。</p>
</div><p>According to a Reuters report, the likes of ByteDance, <strong>Alibaba</strong>, and Tencent placed orders for at least $16 billion worth of Nvidia's H20 AI GPUs in the first three months of 2025.</p>
<div class="lb-trans"><p>根据路透社的报道，<strong>字节跳动</strong>、<strong>阿里巴巴</strong> 和 <strong>腾讯</strong> 等公司在 2025 年第一季度下单购买了至少价值 160 亿美元的英伟达 H20 AI GPU。</p>
</div><p>That's quite significant, considering that Nvidia's revenue from China in the previous fiscal year reportedly stood at just over $17 billion. So, China could move the needle in a much bigger way for Nvidia in Q1 of fiscal 2026 and play a key role in helping the company surge past analysts' expectations.</p>
<div class="lb-trans"><p>这相当可观，考虑到英伟达在上一财年来自中国的收入据报道仅超过 170 亿美元。因此，中国可能在 2026 财年第一季度对英伟达产生更大的影响，并在帮助公司超越分析师预期方面发挥关键作用。</p>
</div><p>The jump in Nvidia's China revenue has been attributed to an increase in demand for low-cost AI models. Meanwhile, the company has been altering its AI chips to bring them in line with the export controls imposed on the shipments of its chips to China, something that it has done in the past to ensure access to the Chinese market.</p>
<div class="lb-trans"><p>英伟达在中国的收入激增归因于对低成本 AI 模型需求的增加。同时，该公司一直在调整其 AI 芯片，以使其符合对其芯片出口到中国的管制，这也是它过去为确保进入中国市场所做的。</p>
</div><p>Throw in the AI infrastructure projects going on in the U.S., such as Stargate, and Nvidia's terrific control over the AI chip supply chain, the stage seems set for the chipmaker to coast past Wall Street's expectations and ensure that its newly found stock market momentum continues beyond May 28. That's why savvy investors can consider buying this AI stock right now. It's trading at an attractive 28 times forward earnings, a big discount to the U.S. technology sector's price-to-earnings ratio of 44.</p>
<div class="lb-trans"><p>再加上美国正在进行的 AI 基础设施项目，如 Stargate，以及英伟达对 AI 芯片供应链的出色控制，似乎为这家芯片制造商超越华尔街预期并确保其新获得的股市势头在 5 月 28 日之后继续奠定了基础。这就是为什么精明的投资者可以考虑现在购买这只 AI 股票。它的前瞻市盈率为 28 倍，相较于美国科技行业 44 倍的市盈率有很大折扣。</p>
</div>

Prediction: Nvidia Stock Is Set for a Massive Rally After May 28

- 英伟达（Nvidia）2025 年股价下跌约 8%，但近期反弹 27%。  
- 中美关税争端缓和，预计将提升英伟达第一季度财报表现。  
- 中国客户订单激增，可能推动英伟达超出分析师预期的收入。

预测：英伟达的股票预计将在 5 月 28 日之后出现大幅上涨