<p>五月是一个充满重大新闻事件的月份。它以 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特宣布计划在年底前辞去首席执行官职务开始。几天后，美联储公开市场委员会召开了关于利率的会议。与此同时，财报季继续进行，特朗普总统的政府宣布了多项关税和贸易政策的变化。</p>
<p>然而，在投资者眼中，新闻事件的巅峰可能就是 <strong>英伟达</strong>（NVDA -1.02%）2026 财年第一季度的运营结果，预计将在 5 月 28 日收盘后发布。</p>
<p>然而，这一备受期待的事件可能会对华尔街的人工智能（AI）冠军来说变得平淡无奇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达登上华尔街的 AI 宠儿宝座</h2>
<p>在过去两年中，人工智能在华尔街成为了最热门的话题。赋予软件和系统在没有人类干预的情况下做出瞬间决策的能力，以及随着时间的推移进行学习，是一场对几乎所有行业都具有重要意义的变革。</p>
<p>英伟达处于人工智能运动发展的中心。其 Hopper（H100）图形处理单元（GPU）及其后续的 Blackwell GPU 在企业 AI 加速数据中心中享有近乎垄断的市场份额。没有外部竞争对手能够接近超越英伟达硬件的计算潜力。</p>
<p>华尔街的 AI 宠儿还受益于持续的 AI-GPU 短缺。英伟达并不缺乏订单——它缺乏满足所有订单所需的实际 GPU。当某种商品或服务的需求超过其供应时，该商品或服务的价格将上涨，直到需求减弱。根据在线技术专刊 Tom's Hardware 的报道，英伟达的 Hopper 芯片在去年初的价格比 <strong>超微半导体</strong>（AMD -0.25%）的 Instinct AI 加速芯片高出 100% 到 300%。</p>
<p>溢价定价能力的优势可以在英伟达的毛利率中看到。在人工智能革命形成之前，英伟达的公认会计原则（GAAP）毛利率通常在 55% 到 65% 之间波动。在 2025 财年第一季度（截至 2024 年 4 月 28 日），其毛利率达到了 78.4% 的峰值。</p>
<p>投资者也因英伟达的创新能力而纷纷涌向该公司。首席执行官黄仁勋正在积极投资公司的 AI 未来，目标是每年推出一款新的 AI-GPU。在 Hopper 和 Blackwell 之后，接下来是 Blackwell Ultra AI 平台、Vera Rubin 和 Vera Rubin Ultra。这三款产品分别计划在 2025 年下半年、2026 年下半年和 2027 年下半年首次亮相。如果英伟达能够遵循这些创新时间表，它将毫无问题地保持其计算优势。</p>
<p>最后，英伟达在关键领域交出了令人满意的成绩。在 2023 财年报告了 270 亿美元的全年销售额后，其收入在 2025 财年飙升至 1305 亿美元。在当前财年，近六十位分析师的共识预计销售额将接近 2000 亿美元。</p>
<p>尽管所有这些因素对英伟达有利，但华尔街的 AI 偶像在 5 月 28 日的表现却可能令人失望。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达股票在 5 月 28 日面临失望的风险</h2>
<p>自 2022 年底至今，英伟达从一家市值 3600 亿美元的相对重要科技股跃升为全球最重要的科技公司，市值达到 3.3 万亿美元。历史上从未有一家巨头公司如此迅速地增加 3 万亿美元的市值——而且完全没有犯错的余地。</p>
<p>英伟达在 2025 财年第一季度超出共识销售和利润预期并不令人惊讶，因为该公司已经连续九个季度超越了共识每股收益。但英伟达的头条数字背后还有更多内容。</p>
<p>例如，竞争从各个角度正在加剧。超微和中国的华为正在开发和推出下一代 AI-GPU，这些产品有潜力直接与英伟达竞争。</p>
<p>但英伟达及其股东真正应该担心的并不是外部竞争，而是 “七大奇迹” 中的成员，其中许多是英伟达按净销售额计算的顶级客户，他们正在开发 AI-GPU 和解决方案以在其数据中心内部使用。即使这些内部开发的硬件在计算潜力上不如 Hopper 和 Blackwell，这些芯片的价格也会便宜得多，且更易于获取（即，它们没有积压）。</p>
<p>内部开发带来的问题是，它减少了在 AI 基础设施上花费最多的企业对 AI-GPU 的稀缺性。简单来说，这为英伟达的 GPU 赢得宝贵的 AI 数据中心空间提供了更少的未来机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e9942949dd0e177df264d776d0b3d071.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/e9942949dd0e177df264d776d0b3d071.png"/></p>
<p>英伟达的 GAAP 毛利率预计将在 2026 财年第一季度下降至 70.6%（+/- 50 个基点）。NVDA 毛利率（季度）数据来自 YCharts。</p>
<p>我们已经开始看到日益增长的内部竞争对英伟达 GAAP 毛利率的影响。如上图所示，英伟达的 GAAP 毛利率在一年前的财年第一季度达到了 78.4% 的峰值。随后在 2025 财年第二季度降至 75.1%，第三季度降至 74.6%，第四季度降至 73%，预计在 2026 财年第一季度将降至 70.6%（+/- 50 个基点）。</p>
<p>这一持续的利润率下降告诉我们，英伟达正在失去其最大的竞争优势：定价权。随着人工智能 GPU 稀缺性随着时间的推移而减弱，英伟达的毛利率应该会下降。公司的 GAAP 毛利率以及对财年第二季度 GAAP 毛利率的预测，可能会导致英伟达的股票在 5 月 28 日表现不佳。</p>
<p>此外，英伟达加速创新的时间表，即每年推出新 GPU，是否会帮助或阻碍其运营尚不明确。尽管创新将帮助英伟达保持其计算领先地位，但这可能会迅速贬值 Hopper GPU，并使未来的买家质疑何时升级以及他们愿意在人工智能基础设施上花费多少。</p>
<p>最后，还有历史先例的持续影响。自 1990 年代中期互联网出现以来，没有任何真正改变游戏规则的创新或技术能够逃脱泡沫破裂的事件。这意味着投资者在对改变游戏规则的技术将多快获得实用性或广泛采用的估计上，往往会过于乐观。</p>
<p>尽管我们见证了一些华尔街最有影响力的企业在人工智能方面的大规模投资，但大多数公司尚未优化其人工智能解决方案和/或未能从其人工智能投资中获利。这意味着我们正朝着又一次下一个重大创新泡沫破裂事件的方向前进。</p>
<p>虽然英伟达之前曾让我错得离谱，但现在的局势似乎为表现不佳奠定了基础。</p>

英伟达

<p>英伟达即将于 5 月 28 日发布的 2026 财年第一季度财报，尽管公司在人工智能市场的强劲地位，可能仍会让华尔街失望。英伟达经历了显著增长，预计 2023 财年的收入将从 270 亿美元飙升至当前财年的 2000 亿美元。然而，来自 AMD、华为的竞争加剧，以及主要客户的内部发展，可能会影响英伟达的市场份额和定价能力，从而引发对其能否满足高期望的担忧</p>

<p>May has been a month of monster news events. It began with <strong>Berkshire Hathaway</strong>'s Warren Buffett announcing plans to step down as CEO by the end of the year. This was followed just days later by the Federal Reserve Open Market Committee meeting on interest rates. All the while, earnings season rolled on and President Trump's administration announced numerous changes to tariff and trade policy.</p>
<div class="lb-trans"><p>五月是一个充满重大新闻事件的月份。它以 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特宣布计划在年底前辞去首席执行官职务开始。几天后，美联储公开市场委员会召开了关于利率的会议。与此同时，财报季继续进行，特朗普总统的政府宣布了多项关税和贸易政策的变化。</p>
</div><p>But the pinnacle of news events, in the eyes of investors, might just be <strong>Nvidia</strong>'s (NVDA -1.02%) fiscal 2026 first-quarter operating results, which are scheduled for release following the closing bell on May 28.</p>
<div class="lb-trans"><p>然而，在投资者眼中，新闻事件的巅峰可能就是 <strong>英伟达</strong>（NVDA -1.02%）2026 财年第一季度的运营结果，预计将在 5 月 28 日收盘后发布。</p>
</div><p>However, this highly anticipated event may turn out to be a dud for Wall Street's artificial intelligence (AI) champion.</p>
<div class="lb-trans"><p>然而，这一备受期待的事件可能会对华尔街的人工智能（AI）冠军来说变得平淡无奇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818863%2Ffinancial-newspaper-stock-quotes-charts-indexes-magnifying-glass-data-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>Nvidia ascends the pedestal as Wall Street's AI darling</h2>
<div class="lb-trans"><h2>英伟达登上华尔街的 AI 宠儿宝座</h2>
</div><p>For more than two years, AI has been the hottest thing since sliced bread on Wall Street. The ability to empower software and systems to make split-second decisions without human intervention, as well as learn over time, is a game-changer than has relevancy to virtually all industries around the globe.</p>
<div class="lb-trans"><p>在过去两年中，人工智能在华尔街成为了最热门的话题。赋予软件和系统在没有人类干预的情况下做出瞬间决策的能力，以及随着时间的推移进行学习，是一场对几乎所有行业都具有重要意义的变革。</p>
</div><p>Nvidia finds itself at the center of the evolution of the AI movement. Its Hopper (H100) graphics processing unit (GPU) and successor Blackwell GPU have enjoyed near-monopoly share status in enterprise AI-accelerated data centers. No external competitors have come particularly close to surpassing the compute potential of Nvidia's hardware.</p>
<div class="lb-trans"><p>英伟达处于人工智能运动发展的中心。其 Hopper（H100）图形处理单元（GPU）及其后续的 Blackwell GPU 在企业 AI 加速数据中心中享有近乎垄断的市场份额。没有外部竞争对手能够接近超越英伟达硬件的计算潜力。</p>
</div><p>Wall Street's AI darling has also benefited from ongoing AI-GPU scarcity. Nvidia isn't lacking for orders -- it's lacking for the physical GPUs to fulfill all the orders it has. When demand for a good or service outpaces its supply, the price for said good or service will rise until demand tapers. According to online technology-focused publication Tom's Hardware, Nvidia's Hopper chip was priced at a 100% to 300% premium to <strong>Advanced Micro Devices</strong>' (AMD -0.25%) Instinct AI-accelerating chips early last year.</p>
<div class="lb-trans"><p>华尔街的 AI 宠儿还受益于持续的 AI-GPU 短缺。英伟达并不缺乏订单——它缺乏满足所有订单所需的实际 GPU。当某种商品或服务的需求超过其供应时，该商品或服务的价格将上涨，直到需求减弱。根据在线技术专刊 Tom's Hardware 的报道，英伟达的 Hopper 芯片在去年初的价格比 <strong>超微半导体</strong>（AMD -0.25%）的 Instinct AI 加速芯片高出 100% 到 300%。</p>
</div><p>The advantage of premium pricing power can be seen in Nvidia's gross margin. Before the AI revolution took shape, Nvidia's generally accepted accounting principles (GAAP) gross margin commonly vacillated between 55% and 65%. In the fiscal first quarter of 2025 (ended April 28, 2024), it peaked at 78.4%.</p>
<div class="lb-trans"><p>溢价定价能力的优势可以在英伟达的毛利率中看到。在人工智能革命形成之前，英伟达的公认会计原则（GAAP）毛利率通常在 55% 到 65% 之间波动。在 2025 财年第一季度（截至 2024 年 4 月 28 日），其毛利率达到了 78.4% 的峰值。</p>
</div><p>Investors flock to Nvidia because of its innovative prowess, as well. CEO Jensen Huang is aggressively investing in the company's AI future and aiming to bring a new AI-GPU to market on an annual basis. Following the Hopper and Blackwell are the Blackwell Ultra AI platform, Vera Rubin, and Vera Rubin Ultra. The latter three are penned for their debuts in the second-half of 2025, second-half of 2026, and second-half of 2027, respectively. If Nvidia can hold to these innovation timelines, it'll have no trouble maintaining its compute advantage.</p>
<div class="lb-trans"><p>投资者也因英伟达的创新能力而纷纷涌向该公司。首席执行官黄仁勋正在积极投资公司的 AI 未来，目标是每年推出一款新的 AI-GPU。在 Hopper 和 Blackwell 之后，接下来是 Blackwell Ultra AI 平台、Vera Rubin 和 Vera Rubin Ultra。这三款产品分别计划在 2025 年下半年、2026 年下半年和 2027 年下半年首次亮相。如果英伟达能够遵循这些创新时间表，它将毫无问题地保持其计算优势。</p>
</div><p>Lastly, Nvidia delivered where it counts. After reporting $27 billion in full-year sales in fiscal 2023, its revenue skyrocketed to $130.5 billion in fiscal 2025. In the current fiscal year, the consensus of nearly five-dozen analysts is almost $200 billion in sales.</p>
<div class="lb-trans"><p>最后，英伟达在关键领域交出了令人满意的成绩。在 2023 财年报告了 270 亿美元的全年销售额后，其收入在 2025 财年飙升至 1305 亿美元。在当前财年，近六十位分析师的共识预计销售额将接近 2000 亿美元。</p>
</div><p>Despite all of this working in Nvidia's favor, the table is set for Wall Street's AI icon to underwhelm on May 28.</p>
<div class="lb-trans"><p>尽管所有这些因素对英伟达有利，但华尔街的 AI 偶像在 5 月 28 日的表现却可能令人失望。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NjMvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818863%2Fstock-chart-crash-invest-broker-tablet-crypto-plunge-bubble-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>Nvidia stock is primed for disappointment on May 28</h2>
<div class="lb-trans"><h2>英伟达股票在 5 月 28 日面临失望的风险</h2>
</div><p>Between the end of 2022 and present day, Nvidia has catapulted from a somewhat important tech stock with a $360 billion market cap to arguably the most-important tech company on the planet with a $3.3 trillion market valuation. Never in history has a megacap company added $3 trillion in market cap so quickly -- and there's absolutely no room for error.</p>
<div class="lb-trans"><p>自 2022 年底至今，英伟达从一家市值 3600 亿美元的相对重要科技股跃升为全球最重要的科技公司，市值达到 3.3 万亿美元。历史上从未有一家巨头公司如此迅速地增加 3 万亿美元的市值——而且完全没有犯错的余地。</p>
</div><p>Nvidia topping consensus sales and profit expectations for the fiscal first quarter wouldn't be a surprise given the company has surpassed consensus earnings per share for nine consecutive quarters. But there's more to Nvidia's headline numbers than meets the eye.</p>
<div class="lb-trans"><p>英伟达在 2025 财年第一季度超出共识销售和利润预期并不令人惊讶，因为该公司已经连续九个季度超越了共识每股收益。但英伟达的头条数字背后还有更多内容。</p>
</div><p>For instance, it's a certainty that competition is picking up from all angles. AMD and China-based Huawei are developing and introducing next-gen AI-GPUs that have the potential to directly compete with Nvidia.</p>
<div class="lb-trans"><p>例如，竞争从各个角度正在加剧。超微和中国的华为正在开发和推出下一代 AI-GPU，这些产品有潜力直接与英伟达竞争。</p>
</div><p>But it's not the external competition that Nvidia and its shareholders should be worried about. It's the members of the &#34;Magnificent Seven,&#34; many of which are Nvidia's top customers by net sales, which are developing AI-GPUs and solutions to internally use in their data centers. Even if this internally developed hardware is inferior to the Hopper and Blackwell in compute potential, these chips will be considerably cheaper and more accessible (i.e., they're not backlogged).</p>
<div class="lb-trans"><p>但英伟达及其股东真正应该担心的并不是外部竞争，而是 “七大奇迹” 中的成员，其中许多是英伟达按净销售额计算的顶级客户，他们正在开发 AI-GPU 和解决方案以在其数据中心内部使用。即使这些内部开发的硬件在计算潜力上不如 Hopper 和 Blackwell，这些芯片的价格也会便宜得多，且更易于获取（即，它们没有积压）。</p>
</div><p>The problem internal development presents is that it reduces AI-GPU scarcity for the businesses that spend the most on AI infrastructure. In simpler terms, it offers fewer future opportunities for Nvidia's GPUs to win valuable AI-data center space.</p>
<div class="lb-trans"><p>内部开发带来的问题是，它减少了在 AI 基础设施上花费最多的企业对 AI-GPU 的稀缺性。简单来说，这为英伟达的 GPU 赢得宝贵的 AI 数据中心空间提供了更少的未来机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e9942949dd0e177df264d776d0b3d071.png" alt="" original-src="https://media.ycharts.com/charts/e9942949dd0e177df264d776d0b3d071.png"/></p>
<p>Nvidia's GAAP gross margin is forecast to decline to 70.6% (+/- 50 basis points) for its fiscal 2026 first quarter. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>英伟达的 GAAP 毛利率预计将在 2026 财年第一季度下降至 70.6%（+/- 50 个基点）。NVDA 毛利率（季度）数据来自 YCharts。</p>
</div><p>We've already begun to see the impact of growing internal competition on Nvidia's GAAP gross margin. As you can see in the chart above, Nvidia's GAAP gross margin peaked at 78.4% in the fiscal first quarter one year ago. It then fell to 75.1% in Q2 2025, 74.6% in Q3 2025, 73% in Q4 2025, and is forecast to come in at 70.6% (+/- 50 basis points) in Q1 2026.</p>
<div class="lb-trans"><p>我们已经开始看到日益增长的内部竞争对英伟达 GAAP 毛利率的影响。如上图所示，英伟达的 GAAP 毛利率在一年前的财年第一季度达到了 78.4% 的峰值。随后在 2025 财年第二季度降至 75.1%，第三季度降至 74.6%，第四季度降至 73%，预计在 2026 财年第一季度将降至 70.6%（+/- 50 个基点）。</p>
</div><p>What this persistent margin decline tells us is that Nvidia is losing what's been its biggest competitive advantage: its pricing power. As AI-GPU scarcity diminishes over time, Nvidia's gross margin should fall. It's the company's GAAP gross margin, along with the forecast for fiscal Q2's GAAP gross margin, that can cause Nvidia stock to underwhelm on May 28.</p>
<div class="lb-trans"><p>这一持续的利润率下降告诉我们，英伟达正在失去其最大的竞争优势：定价权。随着人工智能 GPU 稀缺性随着时间的推移而减弱，英伟达的毛利率应该会下降。公司的 GAAP 毛利率以及对财年第二季度 GAAP 毛利率的预测，可能会导致英伟达的股票在 5 月 28 日表现不佳。</p>
</div><p>It's also not clear if Nvidia's accelerated innovation timeline that involves bringing a new GPU to market annually will help or hinder its operations. Though innovation will assist Nvidia in retaining its compute lead, it could quickly depreciate Hopper GPUs and cause future buyers to question when they want to upgrade and how much they want to spend on AI infrastructure.</p>
<div class="lb-trans"><p>此外，英伟达加速创新的时间表，即每年推出新 GPU，是否会帮助或阻碍其运营尚不明确。尽管创新将帮助英伟达保持其计算领先地位，但这可能会迅速贬值 Hopper GPU，并使未来的买家质疑何时升级以及他们愿意在人工智能基础设施上花费多少。</p>
</div><p>Finally, there's the ongoing overhang of historic precedent. Since (and including) the advent of the internet in the mid-1990s, there hasn't been a truly game-changing innovation or technology that's escaped a bubble-bursting event. This is to say that investors continually overshoot on their estimates of how quickly a game-changing technology will gain utility or enjoy widespread adoption.</p>
<div class="lb-trans"><p>最后，还有历史先例的持续影响。自 1990 年代中期互联网出现以来，没有任何真正改变游戏规则的创新或技术能够逃脱泡沫破裂的事件。这意味着投资者在对改变游戏规则的技术将多快获得实用性或广泛采用的估计上，往往会过于乐观。</p>
</div><p>Though we've witnessed sizable AI investments from some of Wall Street's most-influential businesses, most companies haven't yet optimized their AI solutions and/or aren't generating a profit on their AI investments. This implies we're careening toward yet another next-big-thing innovation bubble-bursting event.</p>
<div class="lb-trans"><p>尽管我们见证了一些华尔街最有影响力的企业在人工智能方面的大规模投资，但大多数公司尚未优化其人工智能解决方案和/或未能从其人工智能投资中获利。这意味着我们正朝着又一次下一个重大创新泡沫破裂事件的方向前进。</p>
</div><p>While Nvidia has proved me wrong before, the table appears set for an underwhelming performance.</p>
<div class="lb-trans"><p>虽然英伟达之前曾让我错得离谱，但现在的局势似乎为表现不佳奠定了基础。</p>
</div>

Prediction: Nvidia Will Underwhelm Wall Street on May 28

- Nvidia 面临竞争加剧，预计 2026 财年第一季度毛利率将降至 70.6%。  
- 由于内部开发的 AI-GPU 减少了市场稀缺性，Nvidia 的定价权正在减弱。  
- 投资者对 Nvidia 的预期可能会在 5 月 28 日未能实现。  

预测：英伟达可能在 5 月 28 日未能达到华尔街的预期