<p>作者：Laila Maidan</p>
<p>投资者在英伟达展示出健康的业务状况以及未来巨大的增长机会时，采取了 “保持冷静，继续前行” 的态度。</p>
<p>在英伟达公司报告财报并解释出口限制对其业务的影响时，市场情绪是 “保持冷静，继续前行”。该股在周三的盘后交易中上涨超过 4%。</p>
<p>英伟达的财年第一季度业绩显示，收入为 440.6 亿美元，同比增长 69%，高于华尔街基于 FactSet 数据的预期 440.34 亿美元。</p>
<p>分析师在报告前最关心的是英伟达（NVDA）将如何应对美国政府对其 H20 产品的最新出口限制，该产品已经根据早期的对华技术销售规则进行了修改。在电话会议上，首席执行官黄仁勋承认，目前尚无解决方案可以让公司继续出口这些芯片。英伟达也无法对其 Hopper 产品线进行进一步调整以满足最新的限制。</p>
<p>由于出口管制，英伟达在第一季度进行了 45 亿美元的库存减记。此外，它还指出，由于无法发运 H20 芯片，第一季度损失了 25 亿美元的收入。英伟达预计第二季度将面临额外 80 亿美元的收入损失。展望未来，公司指出，最大的问题将是无法进入中国 500 亿美元的人工智能加速器市场。</p>
<p>尽管如此，英伟达预计财年第二季度收入将在 450 亿美元左右，误差范围为正负 2%。分析师预计为 459 亿美元。但考虑到该期间预计的 80 亿美元收入损失，这一前景并不差。</p>
<p>在电话会议上，Melius Research 的分析师 Ben Reitzes 指出，收入指引表明，排除来自中国的收入损失后，公司表现好于预期。首席财务官 Colette Kress 指出，最新的芯片系列 Blackwell 的增长是公司收入强劲的来源。</p>
<p>黄仁勋补充说，有四个积极的意外帮助缓解了中国收入的冲击。这些包括由于推理人工智能的发展而导致的芯片需求增加，这些模型能够解决问题并得出结论；撤销了旨在对销售 AI 芯片到中国以外国家的更广泛出口管制的 AI 扩散规则；对能够理解和完成企业级任务的 AI 代理的需求不断增长；以及工业 AI 或 AI 工厂。黄仁勋相信，人工智能将成为全球每个工厂的一部分，因为新的工厂正在建设中。</p>
<p>这不是投资者习惯的那种超预期表现，但考虑到英伟达所面临的问题，数据并不差，Globalt Investments 的高级投资组合经理 Thomas Martin 表示。关键在于英伟达的调整后毛利率为 61%。然而，如果没有 H20 芯片的减记，调整后的毛利率将为 71.3%，与分析师的预期一致。这表明尽管在中国遇到挫折，业务仍然健康。</p>
<p>就股票估值而言：英伟达的前瞻市盈率为 28.3，该指标衡量投资者为公司每赚取一美元支付的金额。根据 FactSet 的数据，这一数字低于其五年平均水平 40。随着投资者展望增长放缓，该比率正在收缩，但这对公司的前景并不是负面因素。英伟达刚刚经历了收入增长的巨大爆发。该公司在财年 2024 年实现了 126% 的增长，在财年 2025 年实现了 114% 的增长。分析师预计财年 2026 年和 2027 年的增长率分别为 53% 和 24%。</p>
<p>总之，股票的定价更加合理。英伟达正在逐渐回归到一个可持续的正常增长率，尽管 Martin 不确定这一增长将稳定在何处。他表示，目前投资者愿意为意外惊喜和人工智能发展的未来潜力买单。</p>
<p>-Laila Maidan</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>

英伟达

<p>尽管由于美国出口限制影响其 H20 产品，Nvidia 的预测令人失望，但其股票在盘后交易中仍上涨超过 4%。该公司报告的收入增长了 69%，达到 440.6 亿美元，略低于华尔街的预期。Nvidia 预计第二季度将损失 80 亿美元的收入，但预计收入为 450 亿美元。分析师指出，AI 相关产品的需求强劲，调整后的毛利率健康，达到 61%。Nvidia 的前瞻市盈率为 28.3，表明随着增长的正常化，其估值更加合理</p>

<p>By Laila Maidan</p>
<div class="lb-trans"><p>作者：Laila Maidan</p>
</div><p>Investors are embracing a 'keep calm and carry on' attitude as Nvidia shows a healthy business outside of China, with big growth opportunities ahead</p>
<div class="lb-trans"><p>投资者在英伟达展示出健康的业务状况以及未来巨大的增长机会时，采取了 “保持冷静，继续前行” 的态度。</p>
</div><p>&#34;Keep calm and carry on&#34; was the mood around Nvidia Corp.'s stock as the company reported earnings and explained the impact of export restrictions on its business. The stock rallied by more than 4% in after-hours trading on Wednesday.</p>
<div class="lb-trans"><p>在英伟达公司报告财报并解释出口限制对其业务的影响时，市场情绪是 “保持冷静，继续前行”。该股在周三的盘后交易中上涨超过 4%。</p>
</div><p>Nvidia's fiscal first-quarter results included revenue of $44.06 billion, up by 69% from a year earlier, and above Wall Street's estimates for $44.34 billion, based on FactSet data.</p>
<div class="lb-trans"><p>英伟达的财年第一季度业绩显示，收入为 440.6 亿美元，同比增长 69%，高于华尔街基于 FactSet 数据的预期 440.34 亿美元。</p>
</div><p>Top of mind for analysts, heading into the report, was how Nvidia (NVDA) would address the U.S. government's latest export restrictions on its H20 product, which had already been modified to meet earlier rules on technology sales to China. On the call, Chief Executive Jensen Huang admitted that, as of yet, there was no solution that would allow the company to continue exporting the chips. Nvidia also isn't able to make further adjustments to its Hopper product line to meet the newest restrictions.</p>
<div class="lb-trans"><p>分析师在报告前最关心的是英伟达（NVDA）将如何应对美国政府对其 H20 产品的最新出口限制，该产品已经根据早期的对华技术销售规则进行了修改。在电话会议上，首席执行官黄仁勋承认，目前尚无解决方案可以让公司继续出口这些芯片。英伟达也无法对其 Hopper 产品线进行进一步调整以满足最新的限制。</p>
</div><p>Nvidia conducted $4.5 billion in inventory writedowns for its first quarter as a result of the export controls. Additionally, it noted $2.5 billion in revenue loss from an inability to ship out its H20 chips in the first quarter. Nvidia is expecting an additional $8 billion in revenue losses for the second quarter. Going forward, the company cited that the biggest issue would be the lack of access to China's $50 billion market for article intelligence accelerators.</p>
<div class="lb-trans"><p>由于出口管制，英伟达在第一季度进行了 45 亿美元的库存减记。此外，它还指出，由于无法发运 H20 芯片，第一季度损失了 25 亿美元的收入。英伟达预计第二季度将面临额外 80 亿美元的收入损失。展望未来，公司指出，最大的问题将是无法进入中国 500 亿美元的人工智能加速器市场。</p>
</div><p>Despite that, Nvidia expects fiscal second-quarter revenue to come in at $45 billion, plus or minus 2%, Analysts were expecting $45.9 billion. But the outlook isn't bad considering the expected $8 billion in lost revenue for the period.</p>
<div class="lb-trans"><p>尽管如此，英伟达预计财年第二季度收入将在 450 亿美元左右，误差范围为正负 2%。分析师预计为 459 亿美元。但考虑到该期间预计的 80 亿美元收入损失，这一前景并不差。</p>
</div><p>On the call, Melius Research analyst Ben Reitzes noted that the revenue guidance implies the company is doing better than expected when excluding the revenue losses from China. Chief Financial Officer Colette Kress pointed to growth in Blackwell, the company's latest chip family, as the source of the company's revenue strength.</p>
<div class="lb-trans"><p>在电话会议上，Melius Research 的分析师 Ben Reitzes 指出，收入指引表明，排除来自中国的收入损失后，公司表现好于预期。首席财务官 Colette Kress 指出，最新的芯片系列 Blackwell 的增长是公司收入强劲的来源。</p>
</div><p>Huang added that there were four positive surprises helping cushion the China revenue blow. They included an increase in chip demand due to the development of reasoning AI, which are models that can problem solve and reach conclusions; the rescinding of the AI diffusion rule, which was intended to be a wider set of export controls impacting sales of AI chips to countries other than China; the growing demand for AI agents that can understand and complete tasks at an enterprise level; and industrial AI or AI factories. Huang believes AI will be a part of every factory globally as new plants are currently being built.</p>
<div class="lb-trans"><p>黄仁勋补充说，有四个积极的意外帮助缓解了中国收入的冲击。这些包括由于推理人工智能的发展而导致的芯片需求增加，这些模型能够解决问题并得出结论；撤销了旨在对销售 AI 芯片到中国以外国家的更广泛出口管制的 AI 扩散规则；对能够理解和完成企业级任务的 AI 代理的需求不断增长；以及工业 AI 或 AI 工厂。黄仁勋相信，人工智能将成为全球每个工厂的一部分，因为新的工厂正在建设中。</p>
</div><p>It's not the kind of beat that investors have been used to, but the numbers weren't bad given the issues Nvidia was navigating, said Thomas Martin, senior portfolio manager at Globalt Investments. Key to the numbers was Nvidia's adjusted gross margin, which came in at 61%. However, without the writedown from the H20 chips, the adjusted gross margin would have been 71.3%, in line with what analysts were looking for. It's a sign that the business remains healthy, despite the setbacks in China.</p>
<div class="lb-trans"><p>这不是投资者习惯的那种超预期表现，但考虑到英伟达所面临的问题，数据并不差，Globalt Investments 的高级投资组合经理 Thomas Martin 表示。关键在于英伟达的调整后毛利率为 61%。然而，如果没有 H20 芯片的减记，调整后的毛利率将为 71.3%，与分析师的预期一致。这表明尽管在中国遇到挫折，业务仍然健康。</p>
</div><p>In terms of how the stock is valued: Nvidia has a forward price-to-earnings ratio of 28.3, with the metric measuring how much an investor pays for every dollar the company earns. That's below its five-year average of 40, according to data compiled from FactSet. The ratio is compressing as investors look ahead to slowed growth, but it's not a negative to the company's outlook. Nvidia is coming off of a huge pop in revenue growth. The company saw 126% growth in fiscal 2024 and 114% growth in fiscal 2025. For fiscal 2026 and fiscal 2027, analysts expect growth rates of 53% and 24%, respectively.</p>
<div class="lb-trans"><p>就股票估值而言：英伟达的前瞻市盈率为 28.3，该指标衡量投资者为公司每赚取一美元支付的金额。根据 FactSet 的数据，这一数字低于其五年平均水平 40。随着投资者展望增长放缓，该比率正在收缩，但这对公司的前景并不是负面因素。英伟达刚刚经历了收入增长的巨大爆发。该公司在财年 2024 年实现了 126% 的增长，在财年 2025 年实现了 114% 的增长。分析师预计财年 2026 年和 2027 年的增长率分别为 53% 和 24%。</p>
</div><p>In short, the stock is more reasonably priced. Nvidia is just dwindling down to a normalized growth rate, one that it can sustain, added Martin, even though he's not sure where that growth will settle. For now, he said, investors are just willing to pay for upside surprises and the future potential of AI development.</p>
<div class="lb-trans"><p>总之，股票的定价更加合理。英伟达正在逐渐回归到一个可持续的正常增长率，尽管 Martin 不确定这一增长将稳定在何处。他表示，目前投资者愿意为意外惊喜和人工智能发展的未来潜力买单。</p>
</div><p>-Laila Maidan</p>
<div class="lb-trans"><p>-Laila Maidan</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div>

Here's why Nvidia's stock is climbing despite a disappointing forecast

- Nvidia 第一季度营收达 440.6 亿美元，同比增长 69%。  
- 受出口限制影响，Nvidia 预计第二季度将损失 80 亿美元收入。  
- 尽管面临挑战，Nvidia 仍预期第二季度营收在 450 亿美元左右。  

以下是尽管预测令人失望，英伟达股票仍然上涨的原因