<p>投资者可能认为他们错过了机会，因为 <strong>英伟达</strong>(NVDA -2.85%) 的股票在其 2026 财年第一季度财报发布后昨日大幅上涨。但一天的变化真是巨大。任何对错过昨日涨幅感到遗憾的人都有了另一个机会。</p>
<p>英伟达股票在周五的交易中下跌了 2.9%，这大致与其在昨日财报发布前的收盘价相符。两天的股价波动都有其合理原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNDAvYWktYnJhaW4tb24tY29tcHV0ZXItY2hpcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNDAvYWktYnJhaW4tb24tY29tcHV0ZXItY2hpcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的财报表现强劲</h2>
<p>这家先进半导体芯片和人工智能（AI）软件公司在 2026 财年第一季度的销售额超出了预期，创下了 441 亿美元的收入记录。不过，结果有些带有附加条件。由于对其 H20 芯片出口到中国的限制，公司在本季度计提了 45 亿美元的费用。</p>
<p>中国是英伟达的重要市场，去年销售额占总收入的 13%。公司也在计划更多的销售损失。2026 财年第二季度的指导中包括了另外 80 亿美元的 H20 销售损失。然而，管理层仍然认为当前季度创纪录的季度收益是可能的。除了中国以外，业务运转良好，投资者因此在昨日兴奋地涌入股票。</p>
<h2>中国风险仍然影响英伟达股票</h2>
<p>但中国在今天的股价下跌中也发挥了重要作用。特朗普总统表示，贸易紧张局势正在重新加剧，因为他声称中国违反了本月早些时候在日内瓦达成的协议。</p>
<p>在与投资者的季度电话会议中，首席执行官黄仁勋指出失去中国市场的影响。他表示：“然而，今天，500 亿美元的中国市场对美国行业实际上是关闭的。H20 出口禁令结束了我们在中国的 Hopper 数据中心业务。”</p>
<p>随着紧张局势今晨再次升级，投资者可能认为市场不会很快重新开放。这导致今天卖方数量超过买方。尽管如此，英伟达仍在增长。它还有许多其他业务在进行中。它目前也将中国销售排除在外。这甚至可能导致未来股票的进一步上涨。</p>

英伟达

<p>英伟达的股票在强劲的财报发布后下跌了 2.9%，尽管第一财季创下了 441 亿美元的收入，仍然以较低的价格结束了这一周。此次下跌归因于对其 H20 芯片出口中国的限制，导致公司面临 45 亿美元的费用和预计在第二季度损失 80 亿美元。与中国的贸易紧张关系，尤其是特朗普总统的言论，进一步给股票施加了压力。尽管面临这些挑战，英伟达对未来在中国以外的增长仍持乐观态度</p>

<p>Investors may have thought they missed out after <strong>Nvidia</strong>(NVDA -2.85%) shares popped yesterday from its fiscal 2026 first-quarter earnings report. But what a difference a day makes. Anyone who regretted missing yesterday's gains has another chance.</p>
<div class="lb-trans"><p>投资者可能认为他们错过了机会，因为 <strong>英伟达</strong>(NVDA -2.85%) 的股票在其 2026 财年第一季度财报发布后昨日大幅上涨。但一天的变化真是巨大。任何对错过昨日涨幅感到遗憾的人都有了另一个机会。</p>
</div><p>Nvidia stock ended Friday's session down 2.9%, which is about in line with where it closed prior to the earnings pop yesterday. There were good reasons for both days' moves.</p>
<div class="lb-trans"><p>英伟达股票在周五的交易中下跌了 2.9%，这大致与其在昨日财报发布前的收盘价相符。两天的股价波动都有其合理原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNDAvYWktYnJhaW4tb24tY29tcHV0ZXItY2hpcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820140%2Fai-brain-on-computer-chip.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 earnings were strong</h2>
<div class="lb-trans"><h2>英伟达的财报表现强劲</h2>
</div><p>The advanced semiconductor chip and artificial intelligence (AI) software company exceeded expectations for fiscal Q1 sales with a record $44.1 billion in revenue. The results had a bit of an asterisk, though. Restrictions on exports of its H20 chip into China led it to take a $4.5 billion charge in the quarter.</p>
<div class="lb-trans"><p>这家先进半导体芯片和人工智能（AI）软件公司在 2026 财年第一季度的销售额超出了预期，创下了 441 亿美元的收入记录。不过，结果有些带有附加条件。由于对其 H20 芯片出口到中国的限制，公司在本季度计提了 45 亿美元的费用。</p>
</div><p>China is a meaningful market for Nvidia as sales represented 13% of total revenue last year. The company is planning for more lost sales, too. Fiscal Q2 guidance included the loss of another $8 billion in H20 sales. Yet management still thinks record quarterly earnings are likely in the current quarter. With the business humming on all cylinders other than in China, investors got excited to jump into the stock yesterday.</p>
<div class="lb-trans"><p>中国是英伟达的重要市场，去年销售额占总收入的 13%。公司也在计划更多的销售损失。2026 财年第二季度的指导中包括了另外 80 亿美元的 H20 销售损失。然而，管理层仍然认为当前季度创纪录的季度收益是可能的。除了中国以外，业务运转良好，投资者因此在昨日兴奋地涌入股票。</p>
</div><h2>China risks still weigh on Nvidia stock</h2>
<div class="lb-trans"><h2>中国风险仍然影响英伟达股票</h2>
</div><p>But China played a big role in today's stock decline too. President Trump indicated that trade tensions were reaccelerating as he claimed China violated agreements made earlier this month in Geneva.</p>
<div class="lb-trans"><p>但中国在今天的股价下跌中也发挥了重要作用。特朗普总统表示，贸易紧张局势正在重新加剧，因为他声称中国违反了本月早些时候在日内瓦达成的协议。</p>
</div><p>In the quarterly call for investors, CEO Jensen Huang noted the impact a loss of the China market represented. He stated, &#34;Today, however, the $50 billion China market is effectively closed to U.S. industry. The H20 export ban ended our Hopper Data Center business in China.&#34;</p>
<div class="lb-trans"><p>在与投资者的季度电话会议中，首席执行官黄仁勋指出失去中国市场的影响。他表示：“然而，今天，500 亿美元的中国市场对美国行业实际上是关闭的。H20 出口禁令结束了我们在中国的 Hopper 数据中心业务。”</p>
</div><p>With tensions flaring up again this morning, investors might be thinking that the market may not be opening back up any time soon. That had sellers outnumbering buyers today. Nvidia is still growing, though. It has many other irons in the fire. It also has counted China sales out for now. That could even lead to further future upside in the stock, too.</p>
<div class="lb-trans"><p>随着紧张局势今晨再次升级，投资者可能认为市场不会很快重新开放。这导致今天卖方数量超过买方。尽管如此，英伟达仍在增长。它还有许多其他业务在进行中。它目前也将中国销售排除在外。这甚至可能导致未来股票的进一步上涨。</p>
</div>

Why Nvidia Stock Dropped to End the Week

- Nvidia 第一季度营收达 441 亿美元，超出预期。  
- 受出口限制影响，Nvidia 计提 45 亿美元损失，预计 Q2 再损失 80 亿美元。  
- 中美贸易紧张加剧导致股价下跌，投资者对未来市场持谨慎态度。  

为什么英伟达的股票在本周末出现下跌