<p><strong>英伟达</strong>(NVDA -2.85%) 可能是市场上最受关注的股票，因为它是人工智能 (AI) 建设进展的风向标。英伟达的大部分收入来自于安装在数据中心以处理 AI 工作负载的图形处理单元 (GPU)。只要英伟达继续发布稳健的业绩，投资者就可以假设 AI 投资正在全速推进。</p>
<p>英伟达最近公布了 2026 财年第一季度的业绩（截至 4 月 28 日），表现非常出色。然而，投资者必须关注几个事项。即使面临一些阻力，这只股票今天仍然值得购买吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：英伟达。</p>
<h2>美国政府在第一季度为英伟达制造了一些人为阻力</h2>
<p>英伟达的 GPU 及其支持软件无与伦比，这使得英伟达在数据中心 GPU 市场的市场份额超过 90%。它的主导地位在硬件领域前所未见，这对投资者来说是个好兆头。</p>
<p>英伟达的增长速度也是同类公司中前所未有的。在第一季度，英伟达的收入同比增长 69%，达到 440 亿美元。然而，预计下个季度的增长速度会稍微放缓，收入预计约为 450 亿美元，表明收入增长为 50%。</p>
<p>英伟达收入增长放缓的原因与美国政府的出口限制有关。4 月 9 日，英伟达被告知，未经许可无法销售其 H20 芯片（专门设计以满足之前美国出口限制的标准），这实际上终止了这些芯片的销售。这导致英伟达因过剩库存计提了 45 亿美元的费用，并在第一季度未能实现 25 亿美元的收入。在限制之前，英伟达销售了约 46 亿美元的 H20 芯片。他们还预计在第二季度销售约 80 亿美元的 H20 芯片。</p>
<p>这表明英伟达的第二季度增长 <em>本应</em> 约为 530 亿美元，这将表明 77% 的增长。如果将第一季度未实现的 25 亿美元收入加回，英伟达的增长率将达到 79%。作为参考，英伟达在第四季度的增长为 78%，这表明英伟达的客户仍在大量支出购买 GPU，增长率并没有真正放缓。</p>
<p>这是一个极其看涨的迹象，因为本季度（和下个季度）唯一阻碍英伟达的就是政府的出口限制。</p>
<p>虽然投资者没有看到像往常一样的巨幅上涨，但市场对这一消息反应积极，在报告财报后推动英伟达的股价上涨。但这是否意味着现在值得购买这只股票呢？</p>
<h2>英伟达的股票并不便宜，但投资者需要为质量付出代价</h2>
<p>由于与注销 H20 库存相关的一次性费用，英伟达的过去 12 个月每股收益 (EPS) 指标将会有所偏差，这基本上消除了未来一年内过去市盈率 (P/E) 的实用性。相反，我将使用英伟达的前瞻市盈率来评估这只股票。</p>
<p>英伟达并不是世界上最便宜的股票，前瞻市盈率为 33 倍，但很少有股票能像英伟达一样快速且持续地增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png?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://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png"/></p>
<p>NVDA 前瞻市盈率数据来自 YCharts。市盈率 = 市价与每股收益的比率。</p>
<p>尽管受到美国政府的阻力，英伟达的核心业务仍然完好无损，表现极为出色。对 GPU 的需求依然强劲，没有放缓的迹象。我仍然认为英伟达在这里是一个稳健的买入，投资者需要有三到五年的持股心态，因为 AI 的顺风将继续强劲地支持英伟达。</p>

英伟达

<p>英伟达（Nvidia，NVDA）在人工智能市场中仍然是一个关键参与者，2026 财年第一季度的收入同比飙升 69%，达到 440 亿美元。尽管美国政府的出口限制影响了 H20 芯片的销售，但英伟达的市场主导地位和对 GPU 的高需求表明其强劲的增长潜力。分析师建议将英伟达视为长期投资，尽管其前瞻市盈率为 33，但由于其持续增长和持续的人工智能热潮，仍然值得关注。总体而言，英伟达被认为是一个适合愿意持有三到五年的投资者的稳健买入选择</p>

<p><strong>Nvidia</strong>(NVDA -2.85%) may be the most watched stock in the market, as it's a bellwether for artificial intelligence (AI) buildout progress. Most of Nvidia's revenue comes from graphics processing units (GPUs) installed in data centers to handle AI workloads. As long as Nvidia continues posting solid results, investors can assume that AI investments are moving full speed ahead.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.85%) 可能是市场上最受关注的股票，因为它是人工智能 (AI) 建设进展的风向标。英伟达的大部分收入来自于安装在数据中心以处理 AI 工作负载的图形处理单元 (GPU)。只要英伟达继续发布稳健的业绩，投资者就可以假设 AI 投资正在全速推进。</p>
</div><p>Nvidia recently reported first-quarter fiscal year 2026 results (ended April 28), which were spectacular. However, investors must keep an eye on a few items. Even with some headwinds popping up, is the stock still a buy today?</p>
<div class="lb-trans"><p>英伟达最近公布了 2026 财年第一季度的业绩（截至 4 月 28 日），表现非常出色。然而，投资者必须关注几个事项。即使面临一些阻力，这只股票今天仍然值得购买吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819905%2Fnvidia-voyager-headquarters.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>The U.S. government created some artificial headwinds for Nvidia in Q1</h2>
<div class="lb-trans"><h2>美国政府在第一季度为英伟达制造了一些人为阻力</h2>
</div><p>Nvidia's GPUs and the software that supports them are second to none, which is how Nvidia has captured a market share topping 90% in the data center GPU market. Its dominance is like nothing seen in the hardware space, and it bodes well for investors.</p>
<div class="lb-trans"><p>英伟达的 GPU 及其支持软件无与伦比，这使得英伟达在数据中心 GPU 市场的市场份额超过 90%。它的主导地位在硬件领域前所未见，这对投资者来说是个好兆头。</p>
</div><p>Nvidia is also growing at a pace never seen for a company of its size. In Q1, Nvidia's revenue rose 69% year over year to $44 billion. However, that pace is expected to slow a bit next quarter, with revenue projected to be about $45 billion, indicating 50% revenue growth.</p>
<div class="lb-trans"><p>英伟达的增长速度也是同类公司中前所未有的。在第一季度，英伟达的收入同比增长 69%，达到 440 亿美元。然而，预计下个季度的增长速度会稍微放缓，收入预计约为 450 亿美元，表明收入增长为 50%。</p>
</div><p>The reason Nvidia's revenue growth is slowing has to do with U.S. government export restrictions. On April 9, Nvidia was informed that it couldn't sell its H20 chips (designed specifically to meet the criteria of previous U.S. export restrictions) without a license, effectively ending the sale of these chips. This caused Nvidia to charge $4.5 billion for excess inventory and fail to realize $2.5 billion in revenue during the first quarter. Before the restrictions, Nvidia sold about $4.6 billion of H20 chips. They also projected sales of around $8 billion in H20 chips during Q2.</p>
<div class="lb-trans"><p>英伟达收入增长放缓的原因与美国政府的出口限制有关。4 月 9 日，英伟达被告知，未经许可无法销售其 H20 芯片（专门设计以满足之前美国出口限制的标准），这实际上终止了这些芯片的销售。这导致英伟达因过剩库存计提了 45 亿美元的费用，并在第一季度未能实现 25 亿美元的收入。在限制之前，英伟达销售了约 46 亿美元的 H20 芯片。他们还预计在第二季度销售约 80 亿美元的 H20 芯片。</p>
</div><p>That would indicate Nvidia's Q2 growth <em>would</em> have been around $53 billion, which would have indicated 77% growth. If you add back in the $2.5 billion in eliminated revenue in Q1, Nvidia's growth rate would have been 79%. For reference, Nvidia's growth during Q4 was 78%, indicating that Nvidia's clients are still spending a lot of money on GPUs, and the growth rate isn't really slowing.</p>
<div class="lb-trans"><p>这表明英伟达的第二季度增长 <em>本应</em> 约为 530 亿美元，这将表明 77% 的增长。如果将第一季度未实现的 25 亿美元收入加回，英伟达的增长率将达到 79%。作为参考，英伟达在第四季度的增长为 78%，这表明英伟达的客户仍在大量支出购买 GPU，增长率并没有真正放缓。</p>
</div><p>This is an extremely bullish indication, as the only thing stopping Nvidia this quarter (and next) is government export restrictions.</p>
<div class="lb-trans"><p>这是一个极其看涨的迹象，因为本季度（和下个季度）唯一阻碍英伟达的就是政府的出口限制。</p>
</div><p>While investors didn't see a gigantic leg up like they're used to seeing with Nvidia, the market reacted positively to the news and sent Nvidia's stock higher after reporting earnings. But does this make it a stock worth buying here?</p>
<div class="lb-trans"><p>虽然投资者没有看到像往常一样的巨幅上涨，但市场对这一消息反应积极，在报告财报后推动英伟达的股价上涨。但这是否意味着现在值得购买这只股票呢？</p>
</div><h2>Nvidia's stock isn't cheap, but investors need to pay up for quality</h2>
<div class="lb-trans"><h2>英伟达的股票并不便宜，但投资者需要为质量付出代价</h2>
</div><p>Because of the one-time charges related to writing off the H20 inventory, Nvidia's trailing-12-month earnings per share (EPS) metric is going to be a bit off, which essentially eliminates the usefulness of the trailing price-to-earnings (P/E) ratio over the next year. Instead, I'll use Nvidia's forward P/E to value the stock.</p>
<div class="lb-trans"><p>由于与注销 H20 库存相关的一次性费用，英伟达的过去 12 个月每股收益 (EPS) 指标将会有所偏差，这基本上消除了未来一年内过去市盈率 (P/E) 的实用性。相反，我将使用英伟达的前瞻市盈率来评估这只股票。</p>
</div><p>Nvidia isn't the cheapest stock in the world, trading at 33 times forward earnings, but then again, few stocks are growing as rapidly and consistently as Nvidia.</p>
<div class="lb-trans"><p>英伟达并不是世界上最便宜的股票，前瞻市盈率为 33 倍，但很少有股票能像英伟达一样快速且持续地增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png" alt="" original-src="https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts. PE Ratio = price-to-earnings ratio.</p>
<div class="lb-trans"><p>NVDA 前瞻市盈率数据来自 YCharts。市盈率 = 市价与每股收益的比率。</p>
</div><p>Despite the headwind caused by the U.S. government, Nvidia's core business is still intact and doing incredibly well. Demand for GPUs remains high, with no signs of slowing. I still think Nvidia is a solid buy here, and investors need to have the mindset of holding the stock for three to five years, as AI tailwinds are still blowing fiercely in favor of Nvidia.</p>
<div class="lb-trans"><p>尽管受到美国政府的阻力，英伟达的核心业务仍然完好无损，表现极为出色。对 GPU 的需求依然强劲，没有放缓的迹象。我仍然认为英伟达在这里是一个稳健的买入，投资者需要有三到五年的持股心态，因为 AI 的顺风将继续强劲地支持英伟达。</p>
</div>

Is Nvidia Stock a Buy Now?

- Nvidia 的第一季度财报显示收入同比增长 69% 至 440 亿美元。  
- 由于美国政府的出口限制，Nvidia 的 H20 芯片销售受阻，导致未实现收入 25 亿美元。  
- 尽管面临挑战，Nvidia 的核心业务依然强劲，未来增长潜力依旧。  

英伟达的股票现在是否值得购买？