<p><strong>英伟达</strong>(NVDA -2.85%) 在过去五年中已经为投资者带来了惊人的收益，增长超过 1400%。这得益于公司在人工智能（AI）革命中的主导地位以及由此带来的盈利增长爆炸。英伟达的收入每个季度都以双位数或三位数的速度增长，并达到了创纪录的水平。</p>
<p>然而，最近在进口关税不确定性和对中国的 AI 芯片出口限制的背景下，投资者对未来的增长感到担忧，这对英伟达的股票造成了压力，使其从年初以来下跌了 29%，在四月达到了最低点。</p>
<p>今天，英伟达与市场其他部分一起，从这些低点反弹。这是因为人们对关税形势不会像最初预期的那样严峻感到乐观，同时科技客户继续在英伟达的产品和服务上大举投资。现在，我的预测是，英伟达的积极势头可能还没有结束，预计到 2025 年，股票将因一个特定的数字而飙升。让我们进一步探讨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwNDgvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwNDgvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么英伟达飙升</h2>
<p>首先，快速回顾一下为什么英伟达的股票在过去几年中飙升。该公司以其图形处理单元（GPU）而闻名，这些高性能芯片能够同时处理多个任务。多年前，它们主要服务于游戏市场，但随后英伟达意识到它们的广泛潜力，并将其应用扩展到其他领域——而人工智能则成为 GPU 能够大放异彩的市场。</p>
<p>事实上，GPU 是最重要的 AI 任务的核心，例如大型语言模型（LLM）的训练和推理，以便这些模型能够解决复杂问题。英伟达还建立了一个完整的支持产品和服务的生态系统，所有这些都导致了令人难以置信的增长。在最近的财政年度，收入飙升 114%，达到了 1300 亿美元。</p>
<p>这种增长在最近的季度中持续，盈利数字证明英伟达的客户继续向公司的产品投入资金。在此期间，收入增长了 69%，达到了 440 亿美元，英伟达还指出推理需求显著增加——即 LLM 在处理问题和问题时所经历的 “思考” 过程。</p>
<h2>来自主要客户的需求</h2>
<p>来自英伟达客户的报告，如 <strong>Meta Platforms</strong> 和 <strong>Alphabet</strong>，支持我们在英伟达 2026 财政年度第一季度看到的积极盈利趋势。这些公司最近表示，人工智能仍然是优先事项，他们将继续在这一领域进行重大投资——Meta 甚至提高了今年的资本支出预测。</p>
<p>所有这些都支持了英伟达今年股市收益的观点。但有一个数字特别应该鼓励投资者投资英伟达——它可能会在未来几个月帮助股票飙升。这是一个反映公司销售高盈利能力的数字。我说的是英伟达的毛利率。该公司在最近几个季度保持了超过 70% 的毛利率，甚至达到了中 70% 的范围。</p>
<p>今年早些时候，英伟达预测第一季度毛利率将在推出其 Blackwell 架构时降至低 70% 的范围。（推出涉及额外成本，而 Blackwell 的推出由于其所有功能和可定制性特别复杂。）在最近的季度中，英伟达达到了其目标，毛利率为 71.3%，不包括与出口到中国的芯片相关的 10 亿美元费用的影响。</p>
<p>（如果包括该费用的影响，非 GAAP（非公认会计原则）基础上的毛利率为 61%，而 GAAP 基础上的毛利率约为 60%。）</p>
<h2>扩大毛利率</h2>
<p>从这里开始，英伟达预计第二季度的毛利率将在 GAAP 和非 GAAP 基础上分别达到 71.8% 和 72%。该公司表示，Blackwell 将推动持续进展，预计到今年晚些时候毛利率将在中 70% 的范围内。</p>
<p>因此，英伟达实现了强劲的盈利能力，并旨在继续保持这种状态。当然，该公司仍面临一些阻力，特别是美国对中国的芯片出口限制。如果这种情况恶化，可能会在短期内对股票表现产生制约。观察这一故事的发展将非常重要。</p>
<p>但即使考虑到这一挑战，我仍然保持乐观，考虑到英伟达在销售上的令人印象深刻的盈利能力。对其产品和服务的持续需求应该会保持这种势头。这就是为什么我预测，得益于英伟达稳固的盈利水平，股票将在 2025 年飙升。</p>

英伟达

<p>英伟达的股票在五年内飙升超过 1400%，这得益于其在人工智能领域的领导地位和强劲的盈利增长。尽管由于关税担忧和出口限制，最近股价下跌了 29%，但随着科技支出的持续强劲，乐观情绪正在回归。英伟达的毛利率始终超过 70%，预计将进一步改善。主要客户如 Meta 和 Alphabet 继续优先考虑人工智能投资。考虑到这些因素，预测显示英伟达的股票在 2025 年将大幅上涨，前提是保持盈利能力并应对出口挑战</p>

<p><strong>Nvidia</strong>(NVDA -2.85%) has already delivered spectacular gains for investors, advancing more than 1,400% over the past five years. This is thanks to the company's dominant position in the artificial intelligence (AI) revolution and the resulting explosion in earnings growth. Quarter after quarter, Nvidia's revenue has advanced in the double or triple digits and reached record levels.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.85%) 在过去五年中已经为投资者带来了惊人的收益，增长超过 1400%。这得益于公司在人工智能（AI）革命中的主导地位以及由此带来的盈利增长爆炸。英伟达的收入每个季度都以双位数或三位数的速度增长，并达到了创纪录的水平。</p>
</div><p>In recent times, though, against a backdrop of import tariff uncertainties and restrictions on AI chip exports to China, investors have worried about growth ahead, which has weighed on Nvidia's stock, bringing it down 29% from the start of the year to its lowest point in April.</p>
<div class="lb-trans"><p>然而，最近在进口关税不确定性和对中国的 AI 芯片出口限制的背景下，投资者对未来的增长感到担忧，这对英伟达的股票造成了压力，使其从年初以来下跌了 29%，在四月达到了最低点。</p>
</div><p>Today, along with the rest of the market, Nvidia has rebounded from those lows. This comes amid optimism that the tariff picture won't be as dark as originally expected and as tech customers continue to spend big on Nvidia's products and services. Now, my prediction is that Nvidia's positive momentum may not be over, and the stock will soar in 2025 thanks to one particular number. Let's explore this further.</p>
<div class="lb-trans"><p>今天，英伟达与市场其他部分一起，从这些低点反弹。这是因为人们对关税形势不会像最初预期的那样严峻感到乐观，同时科技客户继续在英伟达的产品和服务上大举投资。现在，我的预测是，英伟达的积极势头可能还没有结束，预计到 2025 年，股票将因一个特定的数字而飙升。让我们进一步探讨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwNDgvZ2V0dHlpbWFnZXMtNjM4NjM4OTk0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820048%2Fgettyimages-638638994.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>Why Nvidia has skyrocketed</h2>
<div class="lb-trans"><h2>为什么英伟达飙升</h2>
</div><p>So, first, a quick look at why Nvidia shares have skyrocketed over the past several years. The company is known for its graphics processing units (GPUs), high-powered chips with the ability to handle many tasks simultaneously. They primarily served the gaming market many years ago, but then Nvidia recognized their broad potential and expanded their use into other areas -- and AI stood out as a market where GPUs could shine.</p>
<div class="lb-trans"><p>首先，快速回顾一下为什么英伟达的股票在过去几年中飙升。该公司以其图形处理单元（GPU）而闻名，这些高性能芯片能够同时处理多个任务。多年前，它们主要服务于游戏市场，但随后英伟达意识到它们的广泛潜力，并将其应用扩展到其他领域——而人工智能则成为 GPU 能够大放异彩的市场。</p>
</div><p>In fact, GPUs are central to the most important AI tasks, such as the training and inference of large language models (LLMs), so these models can then go on to do their job of solving complex problems. Nvidia also built out an entire ecosystem of supporting products and services, and all of this has resulted in mind-boggling growth. In the recent fiscal year, revenue soared 114% to $130 billion.</p>
<div class="lb-trans"><p>事实上，GPU 是最重要的 AI 任务的核心，例如大型语言模型（LLM）的训练和推理，以便这些模型能够解决复杂问题。英伟达还建立了一个完整的支持产品和服务的生态系统，所有这些都导致了令人难以置信的增长。在最近的财政年度，收入飙升 114%，达到了 1300 亿美元。</p>
</div><p>This continued into the recent quarter, and the earnings numbers have proven that Nvidia's customers continue to pour investments into the company's products. Revenue advanced 69% to $44 billion during the period, and Nvidia noted a significant increase in demand for inference -- the &#34;thinking&#34; process LLMs go through to tackle questions and problems.</p>
<div class="lb-trans"><p>这种增长在最近的季度中持续，盈利数字证明英伟达的客户继续向公司的产品投入资金。在此期间，收入增长了 69%，达到了 440 亿美元，英伟达还指出推理需求显著增加——即 LLM 在处理问题和问题时所经历的 “思考” 过程。</p>
</div><h2>Demand from major customers</h2>
<div class="lb-trans"><h2>来自主要客户的需求</h2>
</div><p>Reports from Nvidia customers, such as <strong>Meta Platforms</strong> and <strong>Alphabet</strong>, support this positive earnings trend we saw in Nvidia's fiscal 2026 first quarter. These players have said in recent times that AI remains a priority, and they will continue to invest significantly in it -- Meta even increased its capital spending forecast for the year.</p>
<div class="lb-trans"><p>来自英伟达客户的报告，如 <strong>Meta Platforms</strong> 和 <strong>Alphabet</strong>，支持我们在英伟达 2026 财政年度第一季度看到的积极盈利趋势。这些公司最近表示，人工智能仍然是优先事项，他们将继续在这一领域进行重大投资——Meta 甚至提高了今年的资本支出预测。</p>
</div><p>All of this supports the idea of Nvidia's stock market gains this year. But one number in particular should encourage investors to get in on Nvidia -- and it could help the stock soar in the months ahead. This is a number that reflects the company's high profitability on sales. I'm talking about Nvidia's gross margin. The company has maintained a gross margin above 70% in recent quarters, with it even reaching into the mid-70% range.</p>
<div class="lb-trans"><p>所有这些都支持了英伟达今年股市收益的观点。但有一个数字特别应该鼓励投资者投资英伟达——它可能会在未来几个月帮助股票飙升。这是一个反映公司销售高盈利能力的数字。我说的是英伟达的毛利率。该公司在最近几个季度保持了超过 70% 的毛利率，甚至达到了中 70% 的范围。</p>
</div><p>Earlier this year, Nvidia predicted that first-quarter gross margin would fall to the low-70% range amid the launch of its Blackwell architecture. (Launches involve extra costs, and the Blackwell rollout is particularly complex due to all its features and that it's customizable.) In the recent quarter, Nvidia met its goal, with gross margin settling at 71.3%, excluding the impact of a $1 billion charge related to chips meant for export to China.</p>
<div class="lb-trans"><p>今年早些时候，英伟达预测第一季度毛利率将在推出其 Blackwell 架构时降至低 70% 的范围。（推出涉及额外成本，而 Blackwell 的推出由于其所有功能和可定制性特别复杂。）在最近的季度中，英伟达达到了其目标，毛利率为 71.3%，不包括与出口到中国的芯片相关的 10 亿美元费用的影响。</p>
</div><p>(If we include the impact of the charge, gross margin on a non-GAAP (non-generally accepted accounting process) basis was 61% and about 60% on a GAAP basis.)</p>
<div class="lb-trans"><p>（如果包括该费用的影响，非 GAAP（非公认会计原则）基础上的毛利率为 61%，而 GAAP 基础上的毛利率约为 60%。）</p>
</div><h2>Expanding gross margin</h2>
<div class="lb-trans"><h2>扩大毛利率</h2>
</div><p>From here, Nvidia expects gross margins of 71.8% and 72% in the second quarter, on a GAAP and non-GAAP basis, respectively. The company says that Blackwell will drive continued progress, with forecasts of gross margin in the mid-70% range by later this year.</p>
<div class="lb-trans"><p>从这里开始，英伟达预计第二季度的毛利率将在 GAAP 和非 GAAP 基础上分别达到 71.8% 和 72%。该公司表示，Blackwell 将推动持续进展，预计到今年晚些时候毛利率将在中 70% 的范围内。</p>
</div><p>So, Nvidia has delivered strong profitability and aims to continue doing so. Of course, the company still faces some headwinds, particularly U.S. restrictions on chip exports to China. If this situation worsens, it could put the brakes on stock performance, at least in the near term. It will be important to watch how this story plays out.</p>
<div class="lb-trans"><p>因此，英伟达实现了强劲的盈利能力，并旨在继续保持这种状态。当然，该公司仍面临一些阻力，特别是美国对中国的芯片出口限制。如果这种情况恶化，可能会在短期内对股票表现产生制约。观察这一故事的发展将非常重要。</p>
</div><p>But even with that challenge in mind, I remain optimistic, considering Nvidia's impressive profitability on sales over time. And the ongoing demand for its products and services should keep that momentum on track. That's why I predict that, thanks to Nvidia's solid level of profitability, the stock will soar in 2025.</p>
<div class="lb-trans"><p>但即使考虑到这一挑战，我仍然保持乐观，考虑到英伟达在销售上的令人印象深刻的盈利能力。对其产品和服务的持续需求应该会保持这种势头。这就是为什么我预测，得益于英伟达稳固的盈利水平，股票将在 2025 年飙升。</p>
</div>

Prediction: Nvidia Stock Will Soar in 2025 (and It's Due to This 1 Number)

- Nvidia 股价在过去五年上涨超过 1,400%，受益于 AI 领域的主导地位。  
- 尽管面临关税不确定性和对中国的芯片出口限制，Nvidia 仍实现了 114% 的收入增长。  
- 预计 2025 年，Nvidia 将因其高毛利率和持续的产品需求而继续上涨。  

预测：英伟达的股票将在 2025 年大幅上涨（原因在于这个数字）