<p>尽管 <strong>英伟达</strong>(NVDA -1.02%) 的股票在 2025 年迄今受到多种公司无法控制的因素的压力，例如关税和对人工智能 (AI) 硬件支出可能因成本效益模型的出现而放缓的担忧，但最近的股价走势表明，该公司正在稳步复苏。</p>
<p>这家芯片设计公司的股票在过去一个月上涨了 28%。好的一点是，即使在最近的上涨之后，英伟达的估值仍然具有吸引力。然而，随着公司计划在 5 月 28 日市场收盘后发布 2026 财年第一季度的财报，对于那些观望的投资者来说，购买可能会变得更加昂贵。</p>
<p>让我们看看为什么可能会出现这种情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达似乎再次准备交出亮眼的业绩</h2>
<p>英伟达对 2026 财年第一季度（截至 4 月 27 日）的指引中值预计收入为 430 亿美元。这将转化为同比增长 65%。然而，由于对其 AI 图形处理单元 (GPU) 的巨大需求，英伟达有很大机会超越这一预期。</p>
<p>人们曾担心，由于关税引发的动荡，英伟达的 AI GPU 需求可能会减弱，同时由于 DeepSeek 的成本效益高但能力强的推理模型的出现，AI 支出可能会下降。然而，最近的讨论表明，实际情况可能会有所不同。</p>
<p>例如，路透社上个月报道，中国公司在 2025 年第一季度已下单购买价值 160 亿美元的英伟达 H20 GPU。由于对成本效益 AI 模型需求的增加，这款芯片的订单在 DeepSeek 突破之后显著上升。中国科技巨头如 <strong>阿里巴巴</strong>、<strong>腾讯</strong> 和字节跳动据说正在囤积英伟达的芯片，预计由于对芯片制造商施加的出口限制，其供应将出现短缺。</p>
<p>英伟达在 2025 财年的中国收入为 170 亿美元。因此，上述 160 亿美元的估计表明，它可能在短短一个季度内与中国客户完成了一年的业务。当然，您可能会想知道，前美国政府禁止销售英伟达针对中国市场的 H20 处理器的决定是否会因损失数十亿美元的销售而影响公司的前景。然而，特朗普政府计划修改并撤回一些前任政府的出口限制，这可能会成为英伟达中国业务的顺风。</p>
<p>与此同时，投资者应注意，英伟达据报道已修改其 H20 AI 芯片以符合限制，并将在 7 月发布更新版本。英伟达过去曾修改其芯片，以确保其始终遵守不时面临的出口限制，这使得该公司能够在中国 AI 市场保持关键地位。</p>
<p>因此，尽管与中国相关的业务可能会帮助英伟达交出强于预期的业绩，但美国强劲的 AI 支出可能会大大提升其前景。《金融时报》最近的一份报告显示，<strong>甲骨文</strong> 计划购买价值 400 亿美元的英伟达 Blackwell AI 芯片，以在美国的 OpenAI 数据中心部署。</p>
<p>据报道，这项投资不包括 OpenAI 及其合作伙伴承诺的 5000 亿美元投资，用于美国本土 AI 基础设施的 Stargate 项目。预计英伟达的业务将从 Stargate 中获得良好推动，这也是公司当前季度指引可能超出市场预期的另一个原因。</p>
<h2>目前的估值太具吸引力，无法忽视</h2>
<p>分析师预计英伟达当前季度的收益同比仅增长 20%。这可以归因于公司在 Blackwell 处理器初期生产阶段预期的利润压缩。然而，英伟达的收入强于预期的增长可能使其能够减轻负面利润影响，并实现更大的收益增长。</p>
<p>与此同时，英伟达管理层指出，随着 Blackwell 生产的全面提升，其利润率将在今年晚些时候恢复到正常范围。因此，英伟达的收益增长可能会随着年末的推进而加速。市场共识预计英伟达在 2026 财年第二季度的收益将同比增长 46%。</p>
<p>这就是为什么精明的投资者应该考虑在 5 月 28 日之前购买英伟达，因为它目前的交易价格为未来收益的 30 倍，远低于其五年平均未来收益倍数的 40 倍。即使是科技股重镇的 <strong>纳斯达克 100</strong> 指数，其平均收益倍数也为 31。这一切都表明，投资者现在在英伟达股票上获得了绝佳的交易，他们可能不想错过，因为公司似乎为强劲的季度业绩和指引奠定了基础，这可能会进一步推动其近期的反弹。</p>

英伟达

<p>英伟达的股票最近上涨了 28%，尽管面临关税和人工智能支出担忧的压力。该公司预计 2026 财年第一季度的收入将达到 430 亿美元，同比增长 65%，这得益于对其人工智能 GPU 的强劲需求，特别是来自中国公司的需求。分析师预计，随着生产的增加，盈利增长将加速，这使得英伟达目前的估值具有吸引力。建议投资者在 5 月 28 日财报发布之前考虑购买股票，因为公告后价格可能会上涨</p>

<p>Though <strong>Nvidia</strong>(NVDA -1.02%) stock has been under pressure so far in 2025 owing to several factors outside of the company's control, such as tariffs and concerns that spending on artificial intelligence (AI) hardware could slow down thanks to the arrival of cost-efficient models, recent stock price action suggests that the company is making a solid comeback.</p>
<div class="lb-trans"><p>尽管 <strong>英伟达</strong>(NVDA -1.02%) 的股票在 2025 年迄今受到多种公司无法控制的因素的压力，例如关税和对人工智能 (AI) 硬件支出可能因成本效益模型的出现而放缓的担忧，但最近的股价走势表明，该公司正在稳步复苏。</p>
</div><p>Shares of the chip designer have shot up by 28% in the past month. The good part is that Nvidia is still trading at an attractive valuation even after its recent surge. However, with the company set to release its fiscal 2026 first-quarter results after the market closes on May 28, it could become more expensive to buy for investors who are sitting on the sidelines.</p>
<div class="lb-trans"><p>这家芯片设计公司的股票在过去一个月上涨了 28%。好的一点是，即使在最近的上涨之后，英伟达的估值仍然具有吸引力。然而，随着公司计划在 5 月 28 日市场收盘后发布 2026 财年第一季度的财报，对于那些观望的投资者来说，购买可能会变得更加昂贵。</p>
</div><p>Let's see why that may be the case.</p>
<div class="lb-trans"><p>让我们看看为什么可能会出现这种情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819511%2Fperson-laptop-abstract-chart.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 seems set to deliver blowout results once again</h2>
<div class="lb-trans"><h2>英伟达似乎再次准备交出亮眼的业绩</h2>
</div><p>Nvidia's guidance for the first quarter of fiscal 2026 (which ended on April 27) calls for $43 billion in revenue at the midpoint of its guidance range. That would translate into a year-over-year increase of 65%. However, there is a good chance that Nvidia may be able to coast past that expectation thanks to the tremendous demand for its AI graphics processing units (GPUs).</p>
<div class="lb-trans"><p>英伟达对 2026 财年第一季度（截至 4 月 27 日）的指引中值预计收入为 430 亿美元。这将转化为同比增长 65%。然而，由于对其 AI 图形处理单元 (GPU) 的巨大需求，英伟达有很大机会超越这一预期。</p>
</div><p>There have been concerns that the demand for Nvidia's AI GPUs could wane because of the tariff-fueled turmoil, as well as a potential drop in AI spending because of the emergence of DeepSeek's cost-effective but competent reasoning model. Yet recent chatter indicates that the actual story might turn out to be different.</p>
<div class="lb-trans"><p>人们曾担心，由于关税引发的动荡，英伟达的 AI GPU 需求可能会减弱，同时由于 DeepSeek 的成本效益高但能力强的推理模型的出现，AI 支出可能会下降。然而，最近的讨论表明，实际情况可能会有所不同。</p>
</div><p>For instance, Reuters reported last month that Chinese firms have placed orders for $16 billion worth of Nvidia's H20 GPUs in the first quarter of calendar 2025. The orders for this chip have reportedly surged following the increase in demand for cost-efficient AI models in the wake of DeepSeek's breakthrough. Chinese tech giants such as <strong>Alibaba</strong>, <strong>Tencent</strong>, and ByteDance are said to be stocking up on Nvidia's chips, anticipating a shortage in their supply because of export restrictions imposed on the chipmaker.</p>
<div class="lb-trans"><p>例如，路透社上个月报道，中国公司在 2025 年第一季度已下单购买价值 160 亿美元的英伟达 H20 GPU。由于对成本效益 AI 模型需求的增加，这款芯片的订单在 DeepSeek 突破之后显著上升。中国科技巨头如 <strong>阿里巴巴</strong>、<strong>腾讯</strong> 和字节跳动据说正在囤积英伟达的芯片，预计由于对芯片制造商施加的出口限制，其供应将出现短缺。</p>
</div><p>Nvidia's revenue from China stood at $17 billion in all of fiscal 2025. So, the above estimate of $16 billion indicates that it may have done a year's worth of business with Chinese customers in just a quarter. Of course, you may be wondering if the previous U.S. administration's decision to ban sales of Nvidia's China-specific H20 processors is going to dent the company's outlook by costing billions of dollars in sales. However, the Trump administration plans to modify and pull back some of the previous regime's export curbs, and that could turn out to be a tailwind for Nvidia's Chinese business.</p>
<div class="lb-trans"><p>英伟达在 2025 财年的中国收入为 170 亿美元。因此，上述 160 亿美元的估计表明，它可能在短短一个季度内与中国客户完成了一年的业务。当然，您可能会想知道，前美国政府禁止销售英伟达针对中国市场的 H20 处理器的决定是否会因损失数十亿美元的销售而影响公司的前景。然而，特朗普政府计划修改并撤回一些前任政府的出口限制，这可能会成为英伟达中国业务的顺风。</p>
</div><p>At the same time, investors should note that Nvidia has reportedly modified its H20 AI chip to meet the restrictions and will release the updated version in July. Nvidia is said to have modified its chips in the past to ensure that it remains on the right side of the export restrictions that it faces from time to time, and that has allowed the company to remain a key player in the Chinese AI market.</p>
<div class="lb-trans"><p>与此同时，投资者应注意，英伟达据报道已修改其 H20 AI 芯片以符合限制，并将在 7 月发布更新版本。英伟达过去曾修改其芯片，以确保其始终遵守不时面临的出口限制，这使得该公司能够在中国 AI 市场保持关键地位。</p>
</div><p>So, while Chinese-related business is likely to help Nvidia deliver stronger-than-expected results for the previous quarter, strong AI spending in the U.S. could give its outlook a big boost. A recent report from the <em>Financial Times</em> suggests that <strong>Oracle</strong> is set to buy $40 billion worth of Nvidia's Blackwell AI chips for deployment in OpenAI's data center in the U.S.</p>
<div class="lb-trans"><p>因此，尽管与中国相关的业务可能会帮助英伟达交出强于预期的业绩，但美国强劲的 AI 支出可能会大大提升其前景。《金融时报》最近的一份报告显示，<strong>甲骨文</strong> 计划购买价值 400 亿美元的英伟达 Blackwell AI 芯片，以在美国的 OpenAI 数据中心部署。</p>
</div><p>This investment is reportedly outside of the $500 billion investment that OpenAI and its partners have pledged in U.S.-based AI infrastructure in the form of the Stargate Project. Nvidia's business is expected to receive a nice boost from Stargate, and that's another reason why the company's guidance for the current quarter could exceed consensus expectations.</p>
<div class="lb-trans"><p>据报道，这项投资不包括 OpenAI 及其合作伙伴承诺的 5000 亿美元投资，用于美国本土 AI 基础设施的 Stargate 项目。预计英伟达的业务将从 Stargate 中获得良好推动，这也是公司当前季度指引可能超出市场预期的另一个原因。</p>
</div><h2>The valuation is too attractive to ignore right now</h2>
<div class="lb-trans"><h2>目前的估值太具吸引力，无法忽视</h2>
</div><p>Analysts are expecting Nvidia's earnings to increase by just 20% year over year in the current quarter. This can be attributed to the margin compression that the company is anticipating during the initial production ramp of its Blackwell processors. However, stronger-than-expected growth in Nvidia's top line could allow it to mitigate the negative margin impact and deliver a bigger jump in earnings.</p>
<div class="lb-trans"><p>分析师预计英伟达当前季度的收益同比仅增长 20%。这可以归因于公司在 Blackwell 处理器初期生产阶段预期的利润压缩。然而，英伟达的收入强于预期的增长可能使其能够减轻负面利润影响，并实现更大的收益增长。</p>
</div><p>Meanwhile, Nvidia management points out that its margin profile will return to the normal range later this year when Blackwell production is fully ramped up. So, Nvidia's earnings growth is likely to pick up momentum as the year progresses. Consensus estimates point toward something similar, expecting Nvidia's earnings to jump 46% year over year in fiscal Q2.</p>
<div class="lb-trans"><p>与此同时，英伟达管理层指出，随着 Blackwell 生产的全面提升，其利润率将在今年晚些时候恢复到正常范围。因此，英伟达的收益增长可能会随着年末的推进而加速。市场共识预计英伟达在 2026 财年第二季度的收益将同比增长 46%。</p>
</div><p>That's why savvy investors should consider buying Nvidia before May 28, as it is trading at 30 times forward earnings right now, which is well below its five-year average forward earnings multiple of 40. Even the tech-laden <strong>Nasdaq-100</strong> index has an average earnings multiple of 31. All this suggests that investors are getting a terrific deal on Nvidia stock right now, and they may not want to miss it since the stage seems set for a strong set of quarterly results and guidance from the company that could supercharge its recent rally.</p>
<div class="lb-trans"><p>这就是为什么精明的投资者应该考虑在 5 月 28 日之前购买英伟达，因为它目前的交易价格为未来收益的 30 倍，远低于其五年平均未来收益倍数的 40 倍。即使是科技股重镇的 <strong>纳斯达克 100</strong> 指数，其平均收益倍数也为 31。这一切都表明，投资者现在在英伟达股票上获得了绝佳的交易，他们可能不想错过，因为公司似乎为强劲的季度业绩和指引奠定了基础，这可能会进一步推动其近期的反弹。</p>
</div>

Buying Nvidia Stock Before May 28 Could Be Your Last Chance to Get This Magnificent Artificial Intelligence (AI) Stock on the Cheap

- Nvidia 股票在 2025 年面临压力，但最近股价上涨 28%。
- 公司预计 2026 财年第一季度收入将达 430 亿美元，同比增长 65%。
- 投资者应考虑在 5 月 28 日前购买，当前估值低于五年平均水平。

在 5 月 28 日之前购买英伟达股票可能是您最后一次以低价入手这只卓越的人工智能（AI）股票的机会