<p><strong>英伟达</strong>(NVDA 0.51%) 可能是大家谈论的公司，因为它在快速增长的人工智能 (AI) 领域占据主导地位，但在市值方面仍落后于另一家科技公司 <strong>微软</strong>。直到本周。6 月 3 日，英伟达超越了这家软件巨头，成为全球最有价值的公司，市值达到 3.444 万亿美元。微软的市值在交易结束时为 3.441 万亿美元。</p><p>这一切发生在英伟达 2026 财年第一季度财报发布一周后，该财报保持了公司超越分析师预期并实现两位数收入增长的良好记录。尽管投资者在最近几个月对人工智能需求和支出表示质疑，但英伟达的言辞以及其最大客户的评论显示，业务仍在蓬勃发展。</p><p>所有这些都是好消息，但这家人工智能芯片巨头能否在市值榜首保持这一地位？</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/718eb72c1bfe414e79c2542c5d7676c2?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/718eb72c1bfe414e79c2542c5d7676c2"/></figure><p>图片来源：Getty Images。</p><h2 id="111l2067s">英伟达 vs. 微软和苹果</h2><p>值得注意的是，这并不是英伟达第一次获得全球最有价值公司的称号。事实上，就在几个月前的 1 月，英伟达的市值就超过了微软和智能手机巨头 <strong>苹果</strong>。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/e4f7ed917db99c860c182b05fa439801?x-oss-process=style/lg" alt="" width="720" height="473" original-src="https://pub.pbkrs.com/uploads/2025/e4f7ed917db99c860c182b05fa439801"/></figure><p>NVDA 市值数据来自 YCharts</p><p>但对科技支出的担忧在最近几个月对英伟达的股价造成了沉重压力，这再次导致市值下滑。</p><p>不过，现在有两个因素显然推动了这家人工智能巨头的反弹。首先，市场情绪和股票表现最近几周有所改善，乐观情绪认为特朗普总统的进口关税不会对企业盈利造成极大阻碍。美国与中国达成了一项初步贸易协议，关税水平低于预期，并正在努力达成永久性安排。较低的关税意味着企业预算和消费者钱包的压力减轻。</p><p>其次，如前所述，英伟达报告了其最新发布的 Blackwell 架构和芯片的强劲需求，并指出客户正在急于向公司寻求推理能力。英伟达的芯片——图形处理单元 (GPU)——推动了这一过程，使大型语言模型能够思考问题并生成答案。</p><p>所有这些帮助英伟达报告了季度收入增长 69%，达到 440 亿美元，并在销售中实现了强劲的盈利能力。即使考虑到英伟达因美国出口管制而取消对中国的销售所产生的费用，英伟达的毛利率仍超过 60%。排除该费用的影响，英伟达达到了其低 70% 范围的毛利率预测。</p><h2 id="xfxorv3v7">万亿美元的人工智能市场</h2><p>此外，预测显示，人工智能市场将从今天的数千亿美元增长到下个十年初的数万亿美元，这表明英伟达和其他人工智能领导者还有增长空间。</p><p>那么，英伟达会保持其全球最大公司的称号吗？对英伟达股价表现和市值增长的一个潜在风险是关于向中国出口人工智能芯片的情况。目前，美国的限制阻止英伟达将其专为中国市场设计的 H20 芯片出售给该国。如果英伟达完全被阻止进入中国市场，收入增长和股票表现可能会受到影响，至少在短期内是这样。</p><p>但在这一领域的任何进展，即使是微小的，都可能成为股价上涨的催化剂。</p><p>考虑到所有这些因素，正面和负面，我认为英伟达在未来几个月和几个季度可能会再次与微软和苹果在市值上并驾齐驱。我们可能会看到这些公司周期性地占据榜首。</p><p>不过，如果关税问题和中国出口情况完全解决，英伟达可能会占据优势。英伟达在快速增长的人工智能市场中的领导地位和创新，以及其季度收入的两位数增长，最终可能会推动其超越，成为全球最大的公司，长期保持这一地位。</p>

<p>英伟达已超越微软，成为全球最有价值的公司，市值达到 3.444 万亿美元，这得益于其强劲的财务收益和对 AI 芯片的需求。尽管之前对科技支出的担忧存在，但对贸易协议的乐观情绪以及其 Blackwell 架构的强劲销售推动了其股票表现。然而，潜在风险包括美国对向中国出口 AI 芯片的限制，这可能影响收入增长。分析师建议，英伟达未来可能会继续与微软和苹果在市值主导地位上展开激烈竞争</p>

<p><strong>Nvidia</strong>(NVDA 0.51%) might be the company everyone's talking about thanks to its dominance in the high-growth area of artificial intelligence (AI), but it remained behind one other tech player, <strong>Microsoft</strong>, in terms of market value. Until this week. On June 3, Nvidia roared past the software giant to become the world's most valuable company with a market value of $3.444 trillion. Microsoft's market value totaled $3.441 trillion at the close of trading.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 0.51%) 可能是大家谈论的公司，因为它在快速增长的人工智能 (AI) 领域占据主导地位，但在市值方面仍落后于另一家科技公司 <strong>微软</strong>。直到本周。6 月 3 日，英伟达超越了这家软件巨头，成为全球最有价值的公司，市值达到 3.444 万亿美元。微软的市值在交易结束时为 3.441 万亿美元。</p>
</div><p>This happened a week after Nvidia's fiscal 2026 first-quarter earnings report, one that maintained the company's track record of surpassing analysts' estimates and delivering double-digit revenue growth. And even though investors questioned the strength of AI demand and spending in recent months, Nvidia's words -- and comments from its biggest customers -- showed business still is booming.</p>
<div class="lb-trans"><p>这一切发生在英伟达 2026 财年第一季度财报发布一周后，该财报保持了公司超越分析师预期并实现两位数收入增长的良好记录。尽管投资者在最近几个月对人工智能需求和支出表示质疑，但英伟达的言辞以及其最大客户的评论显示，业务仍在蓬勃发展。</p>
</div><p>All of this is great news, but can this AI chip powerhouse maintain this position in the market cap top spot?</p>
<div class="lb-trans"><p>所有这些都是好消息，但这家人工智能芯片巨头能否在市值榜首保持这一地位？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MzIvZ2V0dHlpbWFnZXMtOTA0ODgwMTcwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820532%2Fgettyimages-904880170.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 vs. Microsoft and Apple</h2>
<div class="lb-trans"><h2>英伟达 vs. 微软和苹果</h2>
</div><p>It's important to note that this isn't the first time Nvidia has claimed the title of the world's most valuable company. In fact, just a few months ago, in January, Nvidia's market value surpassed those of Microsoft and smartphone giant <strong>Apple</strong>.</p>
<div class="lb-trans"><p>值得注意的是，这并不是英伟达第一次获得全球最有价值公司的称号。事实上，就在几个月前的 1 月，英伟达的市值就超过了微软和智能手机巨头 <strong>苹果</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2b36343adb4375ddbafc263da86ddbd3.png" alt="" original-src="https://media.ycharts.com/charts/2b36343adb4375ddbafc263da86ddbd3.png"/></p>
<p>NVDA Market Cap data by YCharts</p>
<div class="lb-trans"><p>NVDA 市值数据来自 YCharts</p>
</div><p>But concerns about technology spending weighed heavily on Nvidia shares in recent months, and that pushed market value lower once again.</p>
<div class="lb-trans"><p>但对科技支出的担忧在最近几个月对英伟达的股价造成了沉重压力，这再次导致市值下滑。</p>
</div><p>Now, though, two elements clearly are driving this rebound in the AI giant. First, market sentiment and stock performance have improved in recent weeks on optimism that President Donald Trump's import tariffs won't result in extreme headwinds for corporate earnings. The U.S. struck an initial trade deal with China at lower-than-expected tariff levels and is working on a permanent arrangement. Lower tariffs suggest less strain on companies' budgets and on the consumer's wallet.</p>
<div class="lb-trans"><p>不过，现在有两个因素显然推动了这家人工智能巨头的反弹。首先，市场情绪和股票表现最近几周有所改善，乐观情绪认为特朗普总统的进口关税不会对企业盈利造成极大阻碍。美国与中国达成了一项初步贸易协议，关税水平低于预期，并正在努力达成永久性安排。较低的关税意味着企业预算和消费者钱包的压力减轻。</p>
</div><p>Second, as mentioned, Nvidia reported strong demand for its latest release, the Blackwell architecture and chip, and noted that customers are rushing to the company for inferencing power. Nvidia's chips -- graphics processing units (GPUs) -- fuel this process that allows large language models to think through problems and generate answers.</p>
<div class="lb-trans"><p>其次，如前所述，英伟达报告了其最新发布的 Blackwell 架构和芯片的强劲需求，并指出客户正在急于向公司寻求推理能力。英伟达的芯片——图形处理单元 (GPU)——推动了这一过程，使大型语言模型能够思考问题并生成答案。</p>
</div><p>All of this helped Nvidia report a 69% increase in revenue to $44 billion in the quarter and deliver strong profitability on sales. Even including a charge Nvidia took for canceled sales to China following U.S. export controls, Nvidia's gross margin came in at more than 60%. And excluding the impact of the charge, Nvidia met its forecast of gross margin in the low-70% range.</p>
<div class="lb-trans"><p>所有这些帮助英伟达报告了季度收入增长 69%，达到 440 亿美元，并在销售中实现了强劲的盈利能力。即使考虑到英伟达因美国出口管制而取消对中国的销售所产生的费用，英伟达的毛利率仍超过 60%。排除该费用的影响，英伟达达到了其低 70% 范围的毛利率预测。</p>
</div><h2>A trillion-dollar AI market</h2>
<div class="lb-trans"><h2>万亿美元的人工智能市场</h2>
</div><p>On top of this, forecasts showing the AI market will increase from hundreds of billions of dollars today to trillions of dollars by early next decade suggest there's room for Nvidia and other AI leaders to grow.</p>
<div class="lb-trans"><p>此外，预测显示，人工智能市场将从今天的数千亿美元增长到下个十年初的数万亿美元，这表明英伟达和其他人工智能领导者还有增长空间。</p>
</div><p>So, will Nvidia keep its title as the world's biggest company? One potential risk to Nvidia's share price performance -- and market value gains -- is the situation concerning the export of AI chips to China. Today, U.S. restrictions prevent Nvidia from selling its H20 chip -- one that it designed specifically for the Chinese market -- to that country. If Nvidia remains completely blocked from the Chinese market, revenue growth and stock performance could suffer, at least in the short term.</p>
<div class="lb-trans"><p>那么，英伟达会保持其全球最大公司的称号吗？对英伟达股价表现和市值增长的一个潜在风险是关于向中国出口人工智能芯片的情况。目前，美国的限制阻止英伟达将其专为中国市场设计的 H20 芯片出售给该国。如果英伟达完全被阻止进入中国市场，收入增长和股票表现可能会受到影响，至少在短期内是这样。</p>
</div><p>But any progress in that area, even small, could act as a catalyst for share gains.</p>
<div class="lb-trans"><p>但在这一领域的任何进展，即使是微小的，都可能成为股价上涨的催化剂。</p>
</div><p>Considering all of these elements, the positive and the negative, I think Nvidia may once again remain neck and neck with Microsoft and Apple when it comes to market cap in the months and quarters to come. We might see each of these companies periodically take the top spot.</p>
<div class="lb-trans"><p>考虑到所有这些因素，正面和负面，我认为英伟达在未来几个月和几个季度可能会再次与微软和苹果在市值上并驾齐驱。我们可能会看到这些公司周期性地占据榜首。</p>
</div><p>If tariff issues and the China export situation are completely resolved, though, Nvidia could have the advantage. Nvidia's leadership and innovation in the high-growth AI market as well as its double-digit revenue increases quarter after quarter could eventually push it ahead, making it the world's biggest company for the long term.</p>
<div class="lb-trans"><p>不过，如果关税问题和中国出口情况完全解决，英伟达可能会占据优势。英伟达在快速增长的人工智能市场中的领导地位和创新，以及其季度收入的两位数增长，最终可能会推动其超越，成为全球最大的公司，长期保持这一地位。</p>
</div>

Nvidia Just Became the World's Most Valuable Company. Here's What May Happen Next.

- Nvidia 于 6 月 3 日超越微软，成为全球市值最高公司，市值达 3.444 万亿美元。  
- 公司第一季度营收增长 69%，达到 440 亿美元，显示出强劲的 AI 需求。  
- 然而，出口限制可能影响其短期增长，未来市值竞争仍将激烈。  

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英伟达刚刚成为全球市值最高的公司。接下来可能会发生什么变化