<p>人工智能（AI）领域的进展在过去几年中席卷了全球，但最初的炒作已经逐渐平息。投资者正在寻找证据，以证明 AI 的采用仍然具有潜力。<strong>Nvidia</strong>（NVDA 0.83%）的图形处理单元（GPU）迅速成为训练和运行生成性 AI 模型的黄金标准。该公司连续五个季度实现了三位数的收入和利润增长，但随着其增长率开始放缓，投资者感到紧张。</p>
<p>该公司计划在 5 月 28 日星期三市场收盘后发布其 2026 财年第一季度的业绩，股东们——实际上整个华尔街——都将翘首以待，以寻找 AI 未来走向的线索。</p>
<p>让我们回顾一下该公司最近的业绩，看看现有证据对公司未来前景的暗示，以及在备受期待的财报发布之前，Nvidia 股票是否是一个引人注目的投资机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTIvbnZpZGlhLWdiMjAwLWdyYWNlLWJsYWNrd2VsbC1zdXBlcmNoaXAuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTIvbnZpZGlhLWdiMjAwLWdyYWNlLWJsYWNrd2VsbC1zdXBlcmNoaXAuanBnJnc9NzAw"/></p>
<p>Nvidia 的 GB200 Grace Blackwell 超级芯片。图片来源：Nvidia。</p>
<h2>令人羡慕的业绩</h2>
<p>在其 2025 财年第四季度（截至 1 月 26 日），Nvidia 报告的收入为 393 亿美元，同比增长 78%，环比增长 12%。强劲的销售推动了每股收益（EPS）达到 0.89 美元，激增 82%。毫无疑问，正是 AI 的持续采用推动了这些业绩，因为其数据中心部门的收入增长了 93%。</p>
<p>Nvidia 预计其强劲增长将持续。对于其 2026 财年第一季度（截至 4 月 28 日），管理层预计收入为 430 亿美元，代表 65% 的增长。华尔街同样看好，分析师的共识预期为 431.5 亿美元的收入和 0.73 美元的调整后每股收益。尽管这与上个季度强劲的销售表现相比略有放缓，但仍然相当强劲。Nvidia 有着发布保守指引的悠久历史，因此实际结果可能会更高。</p>
<h2>现有客户，新机会</h2>
<p>流行的叙述认为主要云和科技公司快速建设以 AI 为中心的数据中心正在显露出裂痕，但证据表明情况并非如此。</p>
<p><strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 <strong>Alphabet</strong> 的 Google Cloud，这三大云计算巨头，已宣布计划在今年增加基础设施支出。不出所料，这笔支出的绝大部分将用于支持 AI 需求的额外数据中心。<strong>Meta Platforms</strong> 也已宣布计划比最初设想的更高的资本支出。总额令人瞩目：</p>
<ul>
<li>亚马逊：1000 亿美元</li>
<li>微软：800 亿美元</li>
<li>Alphabet：750 亿美元</li>
<li>Meta：680 亿美元</li>
</ul>
<p>作为全球领先的 AI 处理器供应商，Nvidia 在捕捉这四大科技巨头的数据中心支出方面处于有利位置。</p>
<p>还有更多。特朗普政府最近撤销了所谓的 “AI 扩散规则”。拜登政府实施的一系列严格出口限制旨在防止美国对手利用 AI 危害我们的国家利益。批评者抱怨这些规则过于严格，威胁到创新。撤销这一规则打开了大门，导致 Nvidia 获得了一系列新的 AI 芯片交易。</p>
<p>例如，该公司宣布与沙特阿拉伯公司 Humain 建立合作关系。Nvidia 将立即供应超过 18,000 个 GB300 Grace Blackwell 处理器——其最先进的 AI 芯片——用于该国的数据中心建设，并计划最终交付 “数十万个”。该交易还包括 Infiniband 网络技术解决方案，提供超快处理和低延迟。</p>
<p>这有助于说明 Nvidia 仍然存在的巨大机会。</p>
<h2>5 月 28 日之前股票是否值得买入？</h2>
<p>毫无疑问，Nvidia 仍然极具波动性，但很难否认该公司的长期成功。在过去三年中，该股上涨了 688%（截至本文撰写时），但也曾下跌多达 35%——因此这并不适合心脏脆弱的人。这有助于说明投资成功的最可靠路径之一：购买你能找到的最佳企业的股票，并计划至少持有三到五年。</p>
<p>投资者心中最大的疑问是，Nvidia 股票在备受期待的财报发布后会涨还是会跌，事实上，我对此毫无头绪。实际上，任何声称知道未来几天或几周会发生什么的人都不完全诚实。</p>
<p>如果让我预测，我会感到舒适地做出几个非常模糊的预测：</p>
<ul>
<li>Nvidia 将宣布另一个季度的创纪录收入</li>
<li>该公司可能会超出分析师的共识预期，预计销售额为 431.5 亿美元——这略高于 Nvidia 的 430 亿美元指引——以及调整后每股收益为 0.73 美元。</li>
</ul>
<p>除此之外，你的猜测和我的一样，而我的预测可能完全错误。</p>
<p>话虽如此，我对 Nvidia 的投资论点没有改变。该公司的尖端 GPU 是 AI 处理的黄金标准，并且继续主导市场。总有可能有人会创造出更好的产品，但竞争的阴影始终是一个因素。</p>
<p>大多数专家认为我们仍处于 AI 采用的早期阶段。大多数估计将 AI 市场规模至少定为 1 万亿美元，有些估计认为它最终可能是 10 到 15 倍的规模。</p>
<p>英伟达股票目前的市值大约是未来收益的 30 倍，最近其估值从两年来的低点反弹。然而，公司的创新历史、行业领先地位以及长期的增长记录让我相信，最好的还在后头。</p>
<p>对于那些相信人工智能仍处于早期阶段并且英伟达将继续引领潮流的投资者来说，购买英伟达股票并为即将到来的颠簸——尽管可能会带来丰厚回报——做好准备吧。</p>

英伟达

<p>英伟达计划于 5 月 28 日发布其 2026 财年第一季度财报，分析师预计收入为 431.5 亿美元，反映出 65% 的增长。由于人工智能的普及，该公司取得了显著成功，在 2025 财年第四季度报告了 78% 的收入增长。主要云服务提供商正在增加基础设施支出，这对英伟达带来了好处。尽管股票波动较大，过去三年股价上涨了 688%，但前景依然乐观，因为英伟达继续获得新的人工智能芯片交易，包括与沙特阿拉伯的先进处理器合作</p>

<p>Advances in the field of artificial intelligence (AI) have taken the world by storm over the past few years, but much of the initial hype has since subsided. Investors are looking for evidence that the adoption of AI still has legs. <strong>Nvidia</strong>'s (NVDA 0.83%) graphics processing units (GPUs) quickly became the gold standard for training and running generative AI models. The company generated five consecutive quarters of triple-digit revenue and profit growth, but as its growth rate began to decelerate, investors got nervous.</p>
<div class="lb-trans"><p>人工智能（AI）领域的进展在过去几年中席卷了全球，但最初的炒作已经逐渐平息。投资者正在寻找证据，以证明 AI 的采用仍然具有潜力。<strong>Nvidia</strong>（NVDA 0.83%）的图形处理单元（GPU）迅速成为训练和运行生成性 AI 模型的黄金标准。该公司连续五个季度实现了三位数的收入和利润增长，但随着其增长率开始放缓，投资者感到紧张。</p>
</div><p>The company is scheduled to release the results of its fiscal 2026 first quarter after the market closes on Wednesday, May 28, and shareholders -- and indeed Wall Street at large -- will be sitting on the edge of their seats for clues as to where AI goes from here.</p>
<div class="lb-trans"><p>该公司计划在 5 月 28 日星期三市场收盘后发布其 2026 财年第一季度的业绩，股东们——实际上整个华尔街——都将翘首以待，以寻找 AI 未来走向的线索。</p>
</div><p>Let's review the company's most recent results, see what the available evidence suggests about the company's future prospects, and whether Nvidia stock is a compelling opportunity ahead of its highly anticipated financial report.</p>
<div class="lb-trans"><p>让我们回顾一下该公司最近的业绩，看看现有证据对公司未来前景的暗示，以及在备受期待的财报发布之前，Nvidia 股票是否是一个引人注目的投资机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTIvbnZpZGlhLWdiMjAwLWdyYWNlLWJsYWNrd2VsbC1zdXBlcmNoaXAuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819152%2Fnvidia-gb200-grace-blackwell-superchip.jpg&amp;op=resize&amp;w=700"/></p>
<p>Nvidia's GB200 Grace Blackwell Superchip. Image source: Nvidia.</p>
<div class="lb-trans"><p>Nvidia 的 GB200 Grace Blackwell 超级芯片。图片来源：Nvidia。</p>
</div><h2>Enviable results</h2>
<div class="lb-trans"><h2>令人羡慕的业绩</h2>
</div><p>For its fiscal 2025 fourth quarter (ended Jan. 26), Nvidia reported revenue of $39.3 billion, which soared 78% year over year and 12% sequentially. Strong sales drove robust earnings per share (EPS) of $0.89, which surged 82%. Lest there be any doubt, it was the continuing adoption of AI that fueled the results, as revenue in its data center segment jumped 93%.</p>
<div class="lb-trans"><p>在其 2025 财年第四季度（截至 1 月 26 日），Nvidia 报告的收入为 393 亿美元，同比增长 78%，环比增长 12%。强劲的销售推动了每股收益（EPS）达到 0.89 美元，激增 82%。毫无疑问，正是 AI 的持续采用推动了这些业绩，因为其数据中心部门的收入增长了 93%。</p>
</div><p>Nvidia expects its strong growth to continue. For its fiscal 2026 first quarter (ended April 28), management is guiding for revenue of $43 billion, which would represent growth of 65%. Wall Street is equally bullish, with analysts' consensus estimates calling for revenue of $43.15 billion and adjusted EPS of $0.73. While this would mark a minor deceleration compared to last quarter's robust sales performance, it would be remarkably strong nonetheless. Nvidia has a long history of issuing conservative guidance, so the actual results could well be higher.</p>
<div class="lb-trans"><p>Nvidia 预计其强劲增长将持续。对于其 2026 财年第一季度（截至 4 月 28 日），管理层预计收入为 430 亿美元，代表 65% 的增长。华尔街同样看好，分析师的共识预期为 431.5 亿美元的收入和 0.73 美元的调整后每股收益。尽管这与上个季度强劲的销售表现相比略有放缓，但仍然相当强劲。Nvidia 有着发布保守指引的悠久历史，因此实际结果可能会更高。</p>
</div><h2>Existing customers, new opportunities</h2>
<div class="lb-trans"><h2>现有客户，新机会</h2>
</div><p>The popular narrative suggests the rapid buildout of AI-centric data centers by the major cloud and tech companies is showing cracks, but the evidence suggests otherwise.</p>
<div class="lb-trans"><p>流行的叙述认为主要云和科技公司快速建设以 AI 为中心的数据中心正在显露出裂痕，但证据表明情况并非如此。</p>
</div><p><strong>Amazon</strong> Web Services, <strong>Microsoft</strong> Azure, and <strong>Alphabet</strong>'s Google Cloud, the &#34;Big Three&#34; in cloud computing, have announced plans to boost infrastructure spending this year. Not surprisingly, the vast majority of that spending is earmarked for additional data centers to support demand for AI. Not to be outdone, <strong>Meta Platforms</strong> has already announced plans for higher capex spending than it originally envisioned. The totals are intriguing:</p>
<div class="lb-trans"><p><strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 <strong>Alphabet</strong> 的 Google Cloud，这三大云计算巨头，已宣布计划在今年增加基础设施支出。不出所料，这笔支出的绝大部分将用于支持 AI 需求的额外数据中心。<strong>Meta Platforms</strong> 也已宣布计划比最初设想的更高的资本支出。总额令人瞩目：</p>
</div><ul>
<li>Amazon: $100 billion</li>
<li>Microsoft: $80 billion</li>
<li>Alphabet: $75 billion</li>
<li>Meta: $68 billion</li>
</ul>
<div class="lb-trans"><ul>
<li>亚马逊：1000 亿美元</li>
<li>微软：800 亿美元</li>
<li>Alphabet：750 亿美元</li>
<li>Meta：680 亿美元</li>
</ul>
</div><p>As the world's foremost provider of processors used for AI, Nvidia is well-positioned to capture a significant part of this data center spending from the four horsemen of tech.</p>
<div class="lb-trans"><p>作为全球领先的 AI 处理器供应商，Nvidia 在捕捉这四大科技巨头的数据中心支出方面处于有利位置。</p>
</div><p>There's more. The Trump administration recently rescinded the so-called &#34;AI Diffusion Rule.&#34; The strict set of export curbs initiated by the Biden Administration was designed to keep U.S. adversaries from using AI against our national interests. Critics complained the rules were <em>too</em> strict and threatened to stifle innovation. Rescinding this rule opened the floodgates, resulting in a host of new AI chip deals for Nvidia.</p>
<div class="lb-trans"><p>还有更多。特朗普政府最近撤销了所谓的 “AI 扩散规则”。拜登政府实施的一系列严格出口限制旨在防止美国对手利用 AI 危害我们的国家利益。批评者抱怨这些规则过于严格，威胁到创新。撤销这一规则打开了大门，导致 Nvidia 获得了一系列新的 AI 芯片交易。</p>
</div><p>For example, the company announced a partnership with Saudi Arabian company Humain. Nvidia will immediately supply more than 18,000 GB300 Grace Blackwell processors -- its most advanced AI chips -- for the country's data center buildout, with plans to eventually ship &#34;several hundred thousand.&#34; The deal also includes Infiniband networking technology solutions, which provide ultra-fast processing combined with low latency.</p>
<div class="lb-trans"><p>例如，该公司宣布与沙特阿拉伯公司 Humain 建立合作关系。Nvidia 将立即供应超过 18,000 个 GB300 Grace Blackwell 处理器——其最先进的 AI 芯片——用于该国的数据中心建设，并计划最终交付 “数十万个”。该交易还包括 Infiniband 网络技术解决方案，提供超快处理和低延迟。</p>
</div><p>This helps illustrate the vast opportunity that remains for Nvidia.</p>
<div class="lb-trans"><p>这有助于说明 Nvidia 仍然存在的巨大机会。</p>
</div><h2>Is the stock a buy before May 28?</h2>
<div class="lb-trans"><h2>5 月 28 日之前股票是否值得买入？</h2>
</div><p>Make no mistake, Nvidia remains extremely volatile, but it's hard to deny the company's long-term success. Over the past three years, the stock has gained 688% (as of this writing) but has also fallen as much as 35% -- so it isn't for the faint of heart. This helps illustrate one of the surest paths to investing success: Buy stocks in the best businesses you can find and plan to hold for <em>at least</em> three to five years.</p>
<div class="lb-trans"><p>毫无疑问，Nvidia 仍然极具波动性，但很难否认该公司的长期成功。在过去三年中，该股上涨了 688%（截至本文撰写时），但也曾下跌多达 35%——因此这并不适合心脏脆弱的人。这有助于说明投资成功的最可靠路径之一：购买你能找到的最佳企业的股票，并计划至少持有三到五年。</p>
</div><p>The biggest question on the mind of investors is whether Nvidia stock will rise or fall following its highly anticipated financial report, and the truth is I have no idea. In fact, anyone who professes to know what will happen in the days or weeks to come is not being completely honest.</p>
<div class="lb-trans"><p>投资者心中最大的疑问是，Nvidia 股票在备受期待的财报发布后会涨还是会跌，事实上，我对此毫无头绪。实际上，任何声称知道未来几天或几周会发生什么的人都不完全诚实。</p>
</div><p>If I were to prognosticate, I would feel comfortable making several very vague predictions:</p>
<div class="lb-trans"><p>如果让我预测，我会感到舒适地做出几个非常模糊的预测：</p>
</div><ul>
<li>Nvidia will announce another quarter of record revenue</li>
<li>The company will likely beat analysts' consensus estimates, which are calling for sales of $43.15 billion -- which is slightly ahead of Nvidia's guidance of $43 billion -- and adjusted EPS of $0.73.</li>
</ul>
<div class="lb-trans"><ul>
<li>Nvidia 将宣布另一个季度的创纪录收入</li>
<li>该公司可能会超出分析师的共识预期，预计销售额为 431.5 亿美元——这略高于 Nvidia 的 430 亿美元指引——以及调整后每股收益为 0.73 美元。</li>
</ul>
</div><p>Beyond that, your guess is as good as mine, and my predictions could be dead wrong.</p>
<div class="lb-trans"><p>除此之外，你的猜测和我的一样，而我的预测可能完全错误。</p>
</div><p>That said, nothing about my investing thesis for Nvidia has changed. The company's state-of-the-art GPUs are the gold standard for AI processing, and it continues to dominate the market. There's always the chance someone will create a better mousetrap, so to speak, but the specter of competition is always a factor.</p>
<div class="lb-trans"><p>话虽如此，我对 Nvidia 的投资论点没有改变。该公司的尖端 GPU 是 AI 处理的黄金标准，并且继续主导市场。总有可能有人会创造出更好的产品，但竞争的阴影始终是一个因素。</p>
</div><p>The majority of experts believe we're still in the early stages of AI adoption. Most estimates place the AI market size at a minimum of $1 trillion, with some estimates suggesting it could eventually be 10 to 15 times higher.</p>
<div class="lb-trans"><p>大多数专家认为我们仍处于 AI 采用的早期阶段。大多数估计将 AI 市场规模至少定为 1 万亿美元，有些估计认为它最终可能是 10 到 15 倍的规模。</p>
</div><p>Nvidia stock currently sells for roughly 30 times forward earnings, with its valuation recently rebounding from a two-year low. However, the company's history of innovation, industry-leading position, and long track record of growth give me confidence the best is yet to come.</p>
<div class="lb-trans"><p>英伟达股票目前的市值大约是未来收益的 30 倍，最近其估值从两年来的低点反弹。然而，公司的创新历史、行业领先地位以及长期的增长记录让我相信，最好的还在后头。</p>
</div><p>For investors who believe that AI is still in the early innings and Nvidia will continue to lead the charge, buy Nvidia stock and buckle up for the bumpy -- yet potentially lucrative -- ride ahead.</p>
<div class="lb-trans"><p>对于那些相信人工智能仍处于早期阶段并且英伟达将继续引领潮流的投资者来说，购买英伟达股票并为即将到来的颠簸——尽管可能会带来丰厚回报——做好准备吧。</p>
</div>

Should You Buy Nvidia Stock Before May 28? Here's What the Evidence Suggests.

- Nvidia 在 2025 财年第四季度营收达 393 亿美元，同比增长 78%。  
- 公司预计 2026 财年第一季度营收为 430 亿美元，分析师预期为 431.5 亿美元。  
- AI 数据中心支出持续增长，Nvidia 有望从中受益。  

你是否应该在 5 月 28 日之前购买英伟达的股票？以下是证据所显示的内容