<p><strong>英伟达</strong>(NVDA 3.23%) 近年来实现了如此增长——收入飙升至两位数和三位数的记录水平——以至于投资者开始怀疑这家人工智能（AI）巨头是否很快会失去动力。人们担心英伟达的最佳时光可能已经过去。毕竟，这种增长速度通常不会永远持续。</p><p>更糟糕的是，在过去几个月中，关于进口关税和对中国这一主要市场的 AI 芯片出口限制的担忧，使一些投资者在考虑购买英伟达股票时犹豫不决——尽管其交易价格处于低位。他们担心潜在的放缓确实正在发生。</p><p>这就是为什么本周所有目光都集中在英伟达的季度财报上，投资者希望从中获取关于当前 AI 需求和未来前景的线索。英伟达首席执行官黄仁勋说出了一个关键短语，为未来几个月和几个季度定下了基调。让我们考虑接下来可能发生的事情。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/978e5f5dc37d16ad5f1c0c7f0d4b895d?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/978e5f5dc37d16ad5f1c0c7f0d4b895d"/></figure><p>图片来源：Getty Images。</p><h2 id="odwsjx94">在 AI 热潮中引领潮流</h2><p>英伟达在这场 AI 热潮中迅速发展，得益于其芯片，这些芯片已成为全球最受欢迎的产品，以及其全系列的 AI 产品和服务。所有这些都帮助收入大幅增长，使其在最新的财政年度达到创纪录的 1300 亿美元，并推动股票在过去两年中上涨超过 800%。</p><p>在最新的三个月期间，英伟达继续做着它每个季度都在做的事情。它超出了分析师的收入和利润预期，而这次尽管面临重大阻力，即停止向中国出口 H20 芯片。在这一季度，美国表示之前授权的 H20 现在需要出口许可证。因此，英伟达宣布了一项 55 亿美元的费用，但由于能够重复使用某些 H20 材料，最终将其降低至 45 亿美元。</p><p>整体收入在这一季度增长了 69%，超过 440 亿美元，而数据中心收入（包括 AI 产品和服务）激增 73%，达到 390 亿美元。稀释后每股收益（不包括 H20 费用和税收影响）为每股 0.96 美元。</p><h2 id="lsj95em9i">&#34;一股强劲的新增长浪潮&#34;</h2><p>现在，让我们来看看黄仁勋的评论。他在英伟达的财报电话会议上表示：“这是一股强劲的新增长浪潮的开始。我们已经开始了。我们现在有多个重要的增长引擎。”</p><p>这个想法是，今天及未来，英伟达在多个层面上都在从 AI 中获益。它继续推动模型的训练，但其芯片现在也驱动推理，即 AI 在复杂问题上思考并生成最佳答案的过程。随着各国和公司旨在扩大其 AI 项目，英伟达在主权 AI、企业 AI 等领域也受益，并有望看到更多增长。</p><p>英伟达表示，在这一季度，它看到了推理需求的 “急剧上升”，其最新平台 Blackwell 使推理吞吐量增加了 30 倍。更好的是，英伟达有持续改进其架构的历史，因此 Blackwell 不会止步于此。例如，在两年内，英伟达将其 Hopper 架构的推理性能提高了 4 倍。</p><h2 id="9v3iq7yhq">英伟达的下一步是什么？</h2><p>考虑到这一切，英伟达的收益和股票表现接下来会发生什么？英伟达未来可能不会实现三位数或四位数的收入增长，但这并不是令人失望的理由。当一家公司从低收入水平起步时（例如在 AI 热潮刚开始时），其增长以这种比例爆炸性增长是正常的。</p><p>如今，去年同期的季度已经代表了极高的收入水平——因此英伟达的两位数增长代表了强劲的表现。这种增长应该会持续，英伟达预计第二季度收入同比增长 50%，达到约 450 亿美元。</p><p>而且，英伟达在 AI 芯片市场的持续创新将使其保持主导地位，帮助其在建设持续进行以及 AI 在各行业实际应用的过程中进一步繁荣。</p><p>所有这些对股价都是好消息，因为这种收益势头表明，尽管近年来英伟达的股价飙升，但仍有很大的上涨空间。</p>

英伟达

<p>英伟达最近的财报显示，收入增长了 69%，超过 440 亿美元，这得益于对人工智能产品的强劲需求，尽管面临出口限制。首席执行官黄仁勋宣布了一场 “强劲的新增长浪潮”，强调了人工智能领域的多个增长引擎。英伟达预计下个季度收入将增长 50%，这表明公司将继续保持强劲表现。该公司在人工智能芯片方面的创新使其在未来增长中处于良好位置，暗示英伟达的股票仍然具有显著的上涨潜力</p>

<p><strong>Nvidia</strong>(NVDA 3.23%) has delivered such growth in recent years -- with revenue soaring in the double and triple digits and to record levels -- that investors were starting to wonder if the artificial intelligence (AI) giant soon would run out of steam. The concern was that Nvidia's best days might have already passed. After all, such a pace of growth generally doesn't last forever.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 3.23%) 近年来实现了如此增长——收入飙升至两位数和三位数的记录水平——以至于投资者开始怀疑这家人工智能（AI）巨头是否很快会失去动力。人们担心英伟达的最佳时光可能已经过去。毕竟，这种增长速度通常不会永远持续。</p>
</div><p>To make matters worse, over the past couple of months, a backdrop of concerns about import tariffs and AI chip export restrictions to the major market of China prompted some investors to think twice before getting in on Nvidia stock -- even as it was trading at bargain levels. They worried that a potential slowdown was indeed happening.</p>
<div class="lb-trans"><p>更糟糕的是，在过去几个月中，关于进口关税和对中国这一主要市场的 AI 芯片出口限制的担忧，使一些投资者在考虑购买英伟达股票时犹豫不决——尽管其交易价格处于低位。他们担心潜在的放缓确实正在发生。</p>
</div><p>That's why all eyes were on Nvidia's quarterly earnings report this week, with investors hoping to gather clues about current AI demand and prospects ahead. And Nvidia Chief Executive Officer Jensen Huang uttered a key phrase that set the tone for the months and quarters to come. Let's consider what may happen next.</p>
<div class="lb-trans"><p>这就是为什么本周所有目光都集中在英伟达的季度财报上，投资者希望从中获取关于当前 AI 需求和未来前景的线索。英伟达首席执行官黄仁勋说出了一个关键短语，为未来几个月和几个季度定下了基调。让我们考虑接下来可能发生的事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MzMvZ2V0dHlpbWFnZXMtaGFwcHktcGVvcGxlLWdhdGhlci1hcm91bmQtYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819933%2Fgettyimages-happy-people-gather-around-a-computer.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>Setting the pace in the AI boom</h2>
<div class="lb-trans"><h2>在 AI 热潮中引领潮流</h2>
</div><p>Nvidia has charged ahead in this AI boom thanks to its chip, which have become the most sought-after worldwide, and its entire range of AI products and services. All of this has helped supercharge revenue, lifting it to a record $130 billion in the latest fiscal year, and push the stock to gains of more than 800% over the past two years.</p>
<div class="lb-trans"><p>英伟达在这场 AI 热潮中迅速发展，得益于其芯片，这些芯片已成为全球最受欢迎的产品，以及其全系列的 AI 产品和服务。所有这些都帮助收入大幅增长，使其在最新的财政年度达到创纪录的 1300 亿美元，并推动股票在过去两年中上涨超过 800%。</p>
</div><p>And in the latest three-month period Nvidia continued to do something it's done quarter after quarter. It topped analysts' revenue and profit estimates, and this time, it did this in spite of a major headwind, a halt to its H20 chip exports to China. During the quarter, the U.S. said the previously authorized H20 now would require an export license. As a result, Nvidia announced a charge of $5.5 billion, which it lowered to $4.5 billion as it was able to reuse certain H20 materials.</p>
<div class="lb-trans"><p>在最新的三个月期间，英伟达继续做着它每个季度都在做的事情。它超出了分析师的收入和利润预期，而这次尽管面临重大阻力，即停止向中国出口 H20 芯片。在这一季度，美国表示之前授权的 H20 现在需要出口许可证。因此，英伟达宣布了一项 55 亿美元的费用，但由于能够重复使用某些 H20 材料，最终将其降低至 45 亿美元。</p>
</div><p>Overall revenue climbed 69% in the quarter to more than $44 billion, and data center revenue, which includes AI products and services, surged 73% to $39 billion. Diluted earnings per share, excluding the H20 charge and tax impact, came in at $0.96 cents per share.</p>
<div class="lb-trans"><p>整体收入在这一季度增长了 69%，超过 440 亿美元，而数据中心收入（包括 AI 产品和服务）激增 73%，达到 390 亿美元。稀释后每股收益（不包括 H20 费用和税收影响）为每股 0.96 美元。</p>
</div><h2>&#34;A powerful new wave of growth&#34;</h2>
<div class="lb-trans"><h2>&#34;一股强劲的新增长浪潮&#34;</h2>
</div><p>Now, let's move on to the Huang comments. &#34;This is the start of a powerful new wave of growth,&#34; he said during Nvidia's earnings call. &#34;We're off to the races. We now have multiple significant growth engines.&#34;</p>
<div class="lb-trans"><p>现在，让我们来看看黄仁勋的评论。他在英伟达的财报电话会议上表示：“这是一股强劲的新增长浪潮的开始。我们已经开始了。我们现在有多个重要的增长引擎。”</p>
</div><p>The idea is that today and into the future Nvidia is gaining from AI on many levels. It continues to power the training of models, but its chips also now drive inference reasoning, or the AI's process of thinking through a complex problem and generating the best answers. And it's also benefiting, and set to see more gains, in the areas of sovereign AI, enterprise AI, and more as countries and companies aim to scale their AI projects.</p>
<div class="lb-trans"><p>这个想法是，今天及未来，英伟达在多个层面上都在从 AI 中获益。它继续推动模型的训练，但其芯片现在也驱动推理，即 AI 在复杂问题上思考并生成最佳答案的过程。随着各国和公司旨在扩大其 AI 项目，英伟达在主权 AI、企业 AI 等领域也受益，并有望看到更多增长。</p>
</div><p>Nvidia said it saw a &#34;sharp jump&#34; in demand for inference in the quarter, and its latest platform, Blackwell, has led to a 30x increase in inference throughput. Even better, Nvidia has a history of continually improving its architecture so Blackwell won't stop here. For example, over two years, Nvidia increased the inference performance of its Hopper architecture by 4x.</p>
<div class="lb-trans"><p>英伟达表示，在这一季度，它看到了推理需求的 “急剧上升”，其最新平台 Blackwell 使推理吞吐量增加了 30 倍。更好的是，英伟达有持续改进其架构的历史，因此 Blackwell 不会止步于此。例如，在两年内，英伟达将其 Hopper 架构的推理性能提高了 4 倍。</p>
</div><h2>What's next for Nvidia?</h2>
<div class="lb-trans"><h2>英伟达的下一步是什么？</h2>
</div><p>Considering all of this, what happens next for Nvidia's earnings and stock performance? Nvidia may not deliver triple- or quadruple-digit revenue gains in the future, but that isn't a reason to be disappointed. It's normal for a company's growth to explode higher in those proportions when it's starting from low revenue levels, such as during the very start of the AI boom.</p>
<div class="lb-trans"><p>考虑到这一切，英伟达的收益和股票表现接下来会发生什么？英伟达未来可能不会实现三位数或四位数的收入增长，但这并不是令人失望的理由。当一家公司从低收入水平起步时（例如在 AI 热潮刚开始时），其增长以这种比例爆炸性增长是正常的。</p>
</div><p>Today, the year-ago quarters already represent an extremely high level of revenue -- so Nvidia's double-digit growth represents strong performance. This should continue, with Nvidia expecting a 50% year-over-year jump in revenue in the second quarter, to about $45 billion.</p>
<div class="lb-trans"><p>如今，去年同期的季度已经代表了极高的收入水平——因此英伟达的两位数增长代表了强劲的表现。这种增长应该会持续，英伟达预计第二季度收入同比增长 50%，达到约 450 亿美元。</p>
</div><p>And Nvidia's ongoing innovation in the AI chip market should keep it in a dominant position, helping it further prosper as the buildout continues and as AI is actually used across industries.</p>
<div class="lb-trans"><p>而且，英伟达在 AI 芯片市场的持续创新将使其保持主导地位，帮助其在建设持续进行以及 AI 在各行业实际应用的过程中进一步繁荣。</p>
</div><p>All of this is great news for the stock price, as this earnings momentum suggests that Nvidia, even after soaring in recent years, still has plenty of room to run.</p>
<div class="lb-trans"><p>所有这些对股价都是好消息，因为这种收益势头表明，尽管近年来英伟达的股价飙升，但仍有很大的上涨空间。</p>
</div>

Jensen Huang Says Nvidia's "Off to the Races." Here's What Could Happen Next.

- Nvidia 在最新财报中实现收入 440 亿美元，同比增长 69%。  
- CEO 黄仁勋表示，AI 领域将迎来强劲增长，预计下季度收入将达 450 亿美元。  
- 尽管面临出口限制，Nvidia 仍保持市场主导地位，未来前景乐观。  

黄仁勋表示英伟达已经 “进入竞赛”。接下来可能会发生什么