<p><strong>英伟达</strong>(NVDA -0.85%) 在过去几年中，其收益和股价飙升。这是因为它在全球最受关注的热门技术之一：人工智能（AI）中建立了主导地位。这家科技公司已成为 AI 芯片领域的领导者，其图形处理单元（GPU）在速度和整体性能上超越了竞争对手。</p>
<p>该公司还提供多种其他 AI 服务——甚至为某些行业（如医疗保健或汽车工业）专门构建工具。所有这些使得英伟达在 AI 领域成为家喻户晓的名字。</p>
<p>现在，投资者常常问的问题是：英伟达的下一步将是什么？在过去几年的爆炸性增长之后，增速会放缓吗？</p>
<p>我们可能会通过公司本身的线索来回答这些问题。英伟达最近采取了一项不显眼的——甚至看似普通的举措——但我的预测是，这可能预示着未来会有大幅增长的动作。让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的股价飙升</h2>
<p>首先，快速回顾一下迄今为止发生的事情。英伟达在 AI 热潮初期迅速崛起，其 GPU 迅速成为推动这一革命所需的工具。因此，英伟达的收入自 1990 年代初公司成立以来逐渐增加，但在过去几年中却急剧飙升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.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/867ef40d6bf9484f7831671e7d5fe2d4.png"/></p>
<p>NVDA 收入（年度）数据来自 YCharts</p>
<p>现在，真正重要的是：不仅收入大幅增长，英伟达的销售利润也非常可观，最近几个季度的毛利率始终超过 70%。(在最近一个季度，由于与中国市场出口限制相关的费用，毛利率降至 60%，但如果不考虑这项费用，毛利率达到了 70% 以上的目标。)</p>
<p>英伟达并不是通过年复一年销售同一款芯片而达到这种收入水平——该公司已成为创新的动力源，不断更新其 AI 芯片和/或架构，并且在几个月前发布的最新版本 Blackwell 中，英伟达表示更新将按年度进行。它已经设定了到 2028 年的年度发布计划。</p>
<p>此外，英伟达与重大项目建立了合作关系——例如，为星际之门项目提供芯片——并在全球范围内签订合同，同时在美国进行制造投资。因此，英伟达正在全力以赴，这将帮助它在今天数十亿美元的 AI 市场在未来几年达到万亿美元的预测中受益。</p>
<h2>一项未引起注意的举动</h2>
<p>而英伟达最近采取的不显眼的行动——并未引起太多关注——暗示着可能会有重大增长举措即将到来。上个月底，该公司向监管机构提交了一份混合货架注册申请，允许其在未来三年内随时通过股权或债务筹集资金。英伟达目前大约有 240 亿普通股和零优先股在外流通；它获准发行 800 亿普通股和 200 万优先股，这表明它有足够的空间进行未来的销售。</p>
<p>货架注册使英伟达能够在此时间框架内快速规划发行，使其更容易利用有利的市场条件并抓住出现的机会。这显然是一个积极的因素。</p>
<h2>投资准备</h2>
<p>第二个积极因素是，这一举动表明英伟达计划在不久的将来进行投资——这可能涉及多个领域，从研发到工厂扩张，甚至潜在的收购。这种投资准备意味着未来有增长机会，而英伟达凭借快速筹集资金的灵活性，能够很好地从中受益。</p>
<p>我们已经看到英伟达最近专注于增长的证据。例如，在四月份，该公司宣布投资于两家美国工厂，以最终制造美国制造的超级计算机，并表示它们应该在 12 到 15 个月内开始增产。</p>
<p>那么，所有这些对投资者来说为什么重要？正如我提到的，一个主要的担忧是关于英伟达未来的增长。但考虑到英伟达在一个增长预测强劲的市场中的领导地位，未来值得乐观。我的预测是，英伟达决定启动混合货架注册，表明公司准备进行一次重大增长举措——这可能会为这家科技巨头和投资者在长期内带来回报。</p>

英伟达

<p>英伟达在盈利和股价方面经历了显著增长，确立了其在人工智能技术，特别是人工智能芯片领域的领导地位。最近，该公司提交了一份混合货架注册，允许其在未来三年内通过股权或债务筹集资金。这一举措表明英伟达正在为未来在研发和制造等领域的投资做准备，暗示潜在的增长机会。分析师对英伟达的未来持乐观态度，考虑到其强大的市场地位和持续的创新</p>

<p><strong>Nvidia</strong>(NVDA -0.85%) has seen its earnings and share price soar over the past several years. This is as it built dominance in one of the world's most-watched hot technologies: artificial intelligence (AI). This tech player has become the leader in the area of AI chips, with its graphic processing units (GPUs) topping rivals in speed and general performance.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.85%) 在过去几年中，其收益和股价飙升。这是因为它在全球最受关注的热门技术之一：人工智能（AI）中建立了主导地位。这家科技公司已成为 AI 芯片领域的领导者，其图形处理单元（GPU）在速度和整体性能上超越了竞争对手。</p>
</div><p>The company offers a variety of other AI services too -- even building tools specifically for certain sectors, such as healthcare or the automobile industry. All this has made Nvidia a household name in the world of AI.</p>
<div class="lb-trans"><p>该公司还提供多种其他 AI 服务——甚至为某些行业（如医疗保健或汽车工业）专门构建工具。所有这些使得英伟达在 AI 领域成为家喻户晓的名字。</p>
</div><p>Now, the questions investors often ask are: What will be Nvidia's next move? After the explosive growth of the past few years, will the pace now slow?</p>
<div class="lb-trans"><p>现在，投资者常常问的问题是：英伟达的下一步将是什么？在过去几年的爆炸性增长之后，增速会放缓吗？</p>
</div><p>We may answer those questions thanks to a clue from the company itself. Nvidia recently made an unobtrusive -- and what may even seem ordinary maneuver -- but my prediction is it could signal a big growth move ahead. Let's take a look.</p>
<div class="lb-trans"><p>我们可能会通过公司本身的线索来回答这些问题。英伟达最近采取了一项不显眼的——甚至看似普通的举措——但我的预测是，这可能预示着未来会有大幅增长的动作。让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821402%2Fgettyimages-casual-woman-executive_tablet_office.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's shares skyrocket</h2>
<div class="lb-trans"><h2>英伟达的股价飙升</h2>
</div><p>First, a quick look at what's happened so far. Nvidia surged onto the scene early in the AI boom with its GPUs, and they rapidly emerged as the tool needed to power this revolution. As a result, Nvidia's revenue, which had gradually increased since the company's launch in the early 1990s, skyrocketed over just the past few years.</p>
<div class="lb-trans"><p>首先，快速回顾一下迄今为止发生的事情。英伟达在 AI 热潮初期迅速崛起，其 GPU 迅速成为推动这一革命所需的工具。因此，英伟达的收入自 1990 年代初公司成立以来逐渐增加，但在过去几年中却急剧飙升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.png" alt="" original-src="https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.png"/></p>
<p>NVDA Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>NVDA 收入（年度）数据来自 YCharts</p>
</div><p>Now here's what's <em>really</em> important: Not only has revenue taken off, but Nvidia also is very profitable on sales, with gross margin consistently topping 70% in recent quarters. (It dipped to 60% in the most recent quarter on a charge linked to export restrictions concerning the Chinese market, but excluding this charge, gross margin met its above-70% target.)</p>
<div class="lb-trans"><p>现在，真正重要的是：不仅收入大幅增长，英伟达的销售利润也非常可观，最近几个季度的毛利率始终超过 70%。(在最近一个季度，由于与中国市场出口限制相关的费用，毛利率降至 60%，但如果不考虑这项费用，毛利率达到了 70% 以上的目标。)</p>
</div><p>Nvidia hasn't reached this level of revenue by selling the same chip year after year -- the company has become an innovation powerhouse, updating its AI chips and/or architecture frequently, and as of its latest release, known as Blackwell, a few months ago, Nvidia says updates will come on an annual basis. It's already set out an agenda of annual releases through 2028.</p>
<div class="lb-trans"><p>英伟达并不是通过年复一年销售同一款芯片而达到这种收入水平——该公司已成为创新的动力源，不断更新其 AI 芯片和/或架构，并且在几个月前发布的最新版本 Blackwell 中，英伟达表示更新将按年度进行。它已经设定了到 2028 年的年度发布计划。</p>
</div><p>On top of that, Nvidia has struck partnerships with major projects -- for instance, supplying chips to the Stargate project -- has landed contracts around the world, and is investing in manufacturing in the U.S. So, Nvidia is firing on all cylinders, and this should help it to benefit as today's multibillion-dollar AI market reaches into the trillions, as analysts predict, in the years to come.</p>
<div class="lb-trans"><p>此外，英伟达与重大项目建立了合作关系——例如，为星际之门项目提供芯片——并在全球范围内签订合同，同时在美国进行制造投资。因此，英伟达正在全力以赴，这将帮助它在今天数十亿美元的 AI 市场在未来几年达到万亿美元的预测中受益。</p>
</div><h2>A move that didn't attract attention</h2>
<div class="lb-trans"><h2>一项未引起注意的举动</h2>
</div><p>And Nvidia's unobtrusive action -- one that didn't attract much attention -- in recent times suggests a major growth move could be around the corner. Late last month, the company filed a mixed-shelf registration with regulators, allowing it to raise capital through equity or debt at any point during the coming three years. Nvidia currently has about 24 billion common shares and zero preferred shares outstanding; it's authorized 80 billion common shares and 2 million preferred shares, suggesting it has plenty of room to launch future sales.</p>
<div class="lb-trans"><p>而英伟达最近采取的不显眼的行动——并未引起太多关注——暗示着可能会有重大增长举措即将到来。上个月底，该公司向监管机构提交了一份混合货架注册申请，允许其在未来三年内随时通过股权或债务筹集资金。英伟达目前大约有 240 亿普通股和零优先股在外流通；它获准发行 800 亿普通股和 200 万优先股，这表明它有足够的空间进行未来的销售。</p>
</div><p>The shelf registration allows Nvidia to quickly plan an offering during this time frame, making it easier to take advantage of favorable market conditions and get in on opportunities as they arise. That's clearly a positive point.</p>
<div class="lb-trans"><p>货架注册使英伟达能够在此时间框架内快速规划发行，使其更容易利用有利的市场条件并抓住出现的机会。这显然是一个积极的因素。</p>
</div><h2>Readiness to invest</h2>
<div class="lb-trans"><h2>投资准备</h2>
</div><p>The second big positive is this move suggests Nvidia aims to invest in the near future -- this could be in a variety of areas, from research and development to factory expansion or even potential acquisitions. This readiness to invest implies growth opportunities lie ahead, and Nvidia, with this flexibility to quickly raise cash, is well positioned to benefit from them.</p>
<div class="lb-trans"><p>第二个积极因素是，这一举动表明英伟达计划在不久的将来进行投资——这可能涉及多个领域，从研发到工厂扩张，甚至潜在的收购。这种投资准备意味着未来有增长机会，而英伟达凭借快速筹集资金的灵活性，能够很好地从中受益。</p>
</div><p>We've already seen evidence of Nvidia's focus on growth in recent times. For example, in April, the company announced investment in two U.S. factories for the eventual manufacturing of American-made supercomputers and says they should ramp up in 12 to 15 months.</p>
<div class="lb-trans"><p>我们已经看到英伟达最近专注于增长的证据。例如，在四月份，该公司宣布投资于两家美国工厂，以最终制造美国制造的超级计算机，并表示它们应该在 12 到 15 个月内开始增产。</p>
</div><p>So, why is all of this important for investors? As I mentioned, one big concern has been about Nvidia's growth moving forward. But considering Nvidia's leadership in a market with strong growth forecasts, there's reason to be optimistic about the future. And my prediction is Nvidia's decision to initiate a mixed-shelf registration signals the company is ready to make a big growth move -- one that could pay off for this tech giant and investors over the long term.</p>
<div class="lb-trans"><p>那么，所有这些对投资者来说为什么重要？正如我提到的，一个主要的担忧是关于英伟达未来的增长。但考虑到英伟达在一个增长预测强劲的市场中的领导地位，未来值得乐观。我的预测是，英伟达决定启动混合货架注册，表明公司准备进行一次重大增长举措——这可能会为这家科技巨头和投资者在长期内带来回报。</p>
</div>

Prediction: Nvidia's Recent Unobtrusive Maneuver Could Signal a Big Growth Move Ahead.

- Nvidia 在人工智能领域的主导地位推动了其收入和股价的快速增长。  
- 公司最近提交的混合货架注册表明其准备在未来进行投资以促进增长。  
- 分析师预测，Nvidia 将在多亿美元的 AI 市场中受益，未来前景乐观。  

预测：英伟达最近低调的动作可能预示着未来将有重大增长举措