<p><strong>英伟达</strong>(NVDA) 在近年来取得了许多成就，并做出了很多重大举措——从开发全球最高性能的人工智能（AI）芯片，到在医疗保健、汽车等多个行业中成为通用 AI 的领导者。<strong>道琼斯工业平均指数</strong> 甚至邀请英伟达加入，英伟达随后在该指数中表现出色。</p>
<p>去年，英伟达最大的举措可能被认为是公司的股票拆分和新款 Blackwell 架构及芯片的推出。通过降低每股的价格，股票拆分使得更广泛的投资者能够更容易地购买该股票。而 Blackwell 的推出几乎在一开始就带来了 110 亿美元的收入，显示出英伟达能够成功兑现其创新承诺。</p>
<p>所有这些都很棒，但今年上半年的情况可能是英伟达迄今为止最大的举措。以下是更详细的分析。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MzIvZ2V0dHlpbWFnZXMtMTMxNjM3MjM0OS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="421" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MzIvZ2V0dHlpbWFnZXMtMTMxNjM3MjM0OS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的 30 年历史</h2>
<p>在全面探讨英伟达最新的胜利之前，了解迄今为止发生的一切是很重要的。该公司的历史跨越了 30 多年，从视频游戏芯片市场的领导地位扩展到在多个行业中使用其芯片，并使其成为 AI 的首选芯片。这些芯片被称为图形处理单元（GPU），为关键的 AI 任务提供动力，包括大型语言模型（LLM）的训练和推理。</p>
<p>英伟达的 GPU 表现出色的原因非常简单：它们是最强大的芯片。通过选择这样的芯片，客户能够更快地实现他们的 AI 目标。尽管英伟达的芯片价格高于竞争对手，但公司的首席执行官黄仁勋表示，从长远来看，它们实际上更便宜，因为随着时间的推移所产生的效率降低了总拥有成本。</p>
<p>这种芯片主导地位帮助英伟达的收益在每个季度不断飙升，公司在最新的财年以三位数的收入增长结束，达到了创纪录的 1300 亿美元。这一 AI 成功也反映在股票表现上，英伟达的股票在过去三年中上涨了 900%。</p>
<h2>上半年的挑战</h2>
<p>现在我将考虑可能是英伟达迄今为止最大的举措，为此，了解公司在上半年面临的挑战是很重要的。这有三个方面：对 AI 支出削减的担忧、潜在的进口关税，以及美国对中国芯片出口的管控。</p>
<p>今年早些时候，投资者担心中国初创公司 DeepSeek 以低价训练 LLM 可能促使美国科技公司走更便宜的路线——但这种对英伟达股票的压力是短暂的，因为科技公司传达了继续积极投资 AI 的意图。</p>
<p>然而，进口关税和芯片出口问题仍在持续。尽管特朗普总统将电子产品排除在关税之外，但这一豁免是暂时的。未来，英伟达可能面临更高的进口零部件和产品成本。尽管公司已努力在美国制造，但仍主要在海外生产。</p>
<p>至于中国，英伟达目前无法在中国销售其现有芯片，而去年该市场占其总销售额的 13%。目前尚不清楚公司是否会重新获得进入中国市场的机会。</p>
<h2>英伟达的最大举措</h2>
<p>英伟达最大的举措是什么？迅速赢回投资者信心，使得股票从 4 月份的低点上涨了 67%，上半年增长了 17%。</p>
<p>英伟达通过诚实沟通实现了这一点——即使消息并不特别乐观——并采取了积极主动的态度。例如，公司表示出口限制对美国科技公司是有害的，并正在寻找解决方案。与此同时，英伟达将中国排除在其收益指引之外。至于关税的阻力，英伟达迅速采取行动，宣布投资于两家美国工厂，目标是在美国首次建造完整的 AI 超级计算机。</p>
<p>这对英伟达的投资者来说是一个好兆头，因为这表明公司有能力抵御逆风——并能激发投资者对公司长期前景的热情。这一转变已经帮助英伟达达成了成为首家市值达到 4 万亿美元的公司的巨大里程碑。</p>
<p>所有这些都可能使投资者相信，当面临其他潜在逆风时，英伟达将再次具备应对和克服的能力。这使得该股票成为一个值得长期持有的优秀选择。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>英伟达在人工智能技术方面取得了显著进展，凭借其强大的 GPU 成为行业领导者。尽管面临潜在的进口关税和对中国的出口管制等挑战，英伟达重新赢得了投资者的信心，自四月以来股价上涨了 67%。该公司宣布投资美国工厂以建造人工智能超级计算机，展示了其韧性。英伟达的市值达到了 4 万亿美元，进一步巩固了其作为强劲长期投资的地位</p>

<p><strong>Nvidia</strong>(NVDA) has accomplished a lot in recent years and made plenty of big moves -- from developing the world's highest-performance artificial intelligence (AI) chips to making itself a general AI leader across industries from healthcare to automotive. The <strong>Dow Jones Industrial Average</strong> even invited Nvidia to join last year, and the company went on to post the best performance in the index.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA) 在近年来取得了许多成就，并做出了很多重大举措——从开发全球最高性能的人工智能（AI）芯片，到在医疗保健、汽车等多个行业中成为通用 AI 的领导者。<strong>道琼斯工业平均指数</strong> 甚至邀请英伟达加入，英伟达随后在该指数中表现出色。</p>
</div><p>Last year, Nvidia's biggest moves might be considered the company's stock split and the launch of the new Blackwell architecture and chip. By lowering the price of each individual share, the stock split made it easier for a broader range of investors to buy the stock. And the Blackwell launch, which delivered $11 billion in revenue almost right out of the gate, showed that Nvidia could successfully carry out its innovation promises.</p>
<div class="lb-trans"><p>去年，英伟达最大的举措可能被认为是公司的股票拆分和新款 Blackwell 架构及芯片的推出。通过降低每股的价格，股票拆分使得更广泛的投资者能够更容易地购买该股票。而 Blackwell 的推出几乎在一开始就带来了 110 亿美元的收入，显示出英伟达能够成功兑现其创新承诺。</p>
</div><p>All of this is fantastic, but what happened in the first half of this year might have been Nvidia's biggest move yet. Here's a closer look.</p>
<div class="lb-trans"><p>所有这些都很棒，但今年上半年的情况可能是英伟达迄今为止最大的举措。以下是更详细的分析。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MzIvZ2V0dHlpbWFnZXMtMTMxNjM3MjM0OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824432%2Fgettyimages-1316372349.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 30-year history</h2>
<div class="lb-trans"><h2>英伟达的 30 年历史</h2>
</div><p>Before fully exploring Nvidia's latest victory, it's important to understand all that's unfolded so far. This company's history spans more than 30 years and has gone from leadership in the video gaming chip market to expanding the use of its chips across industries -- and making them the chip of choice for AI. These chips are called graphics processing units (GPUs) and fuel crucial AI tasks, including the training and inferencing of large language models (LLMs).</p>
<div class="lb-trans"><p>在全面探讨英伟达最新的胜利之前，了解迄今为止发生的一切是很重要的。该公司的历史跨越了 30 多年，从视频游戏芯片市场的领导地位扩展到在多个行业中使用其芯片，并使其成为 AI 的首选芯片。这些芯片被称为图形处理单元（GPU），为关键的 AI 任务提供动力，包括大型语言模型（LLM）的训练和推理。</p>
</div><p>Nvidia's GPUs have exceled for a very simple reason: They're the most powerful ones around. By choosing such chips, customers are able to more quickly accomplish their AI goals. Even though Nvidia chips cost more than those of its rivals, the company's CEO Jensen Huang says they're actually cheaper over the long run as the efficiency produced over time reduces the total cost of ownership.</p>
<div class="lb-trans"><p>英伟达的 GPU 表现出色的原因非常简单：它们是最强大的芯片。通过选择这样的芯片，客户能够更快地实现他们的 AI 目标。尽管英伟达的芯片价格高于竞争对手，但公司的首席执行官黄仁勋表示，从长远来看，它们实际上更便宜，因为随着时间的推移所产生的效率降低了总拥有成本。</p>
</div><p>This chip dominance has helped Nvidia's earnings explode higher quarter after quarter, and the company finished the latest fiscal year with a triple-digit revenue increase to the record level of $130 billion. This AI success is reflected in the share performance, too, with Nvidia stock surging 900% over the past three years.</p>
<div class="lb-trans"><p>这种芯片主导地位帮助英伟达的收益在每个季度不断飙升，公司在最新的财年以三位数的收入增长结束，达到了创纪录的 1300 亿美元。这一 AI 成功也反映在股票表现上，英伟达的股票在过去三年中上涨了 900%。</p>
</div><h2>First-half challenges</h2>
<div class="lb-trans"><h2>上半年的挑战</h2>
</div><p>Now I'll consider what may have been Nvidia's biggest move yet, and to do so, it's important to understand the challenges the company faced in the first half. There are three: worries about cuts in AI spending, potential import tariffs, and U.S. controls on chip exports to China.</p>
<div class="lb-trans"><p>现在我将考虑可能是英伟达迄今为止最大的举措，为此，了解公司在上半年面临的挑战是很重要的。这有三个方面：对 AI 支出削减的担忧、潜在的进口关税，以及美国对中国芯片出口的管控。</p>
</div><p>Earlier this year, investors feared that Chinese start-up DeepSeek's inexpensive training of an LLM could prompt U.S. tech companies to go a cheaper route -- but this pressure on Nvidia's stock was short-lived, as messages from tech companies highlighted their intention to continue aggressively spending on AI.</p>
<div class="lb-trans"><p>今年早些时候，投资者担心中国初创公司 DeepSeek 以低价训练 LLM 可能促使美国科技公司走更便宜的路线——但这种对英伟达股票的压力是短暂的，因为科技公司传达了继续积极投资 AI 的意图。</p>
</div><p>The import-tariff situation and chip-export issues remain ongoing, however. Though President Donald Trump exempted electronics from tariffs, this exemption is temporary. In the future, Nvidia could face higher costs on its imported parts and products. Though the company has made efforts to manufacture in the U.S., it still primarily manufactures abroad.</p>
<div class="lb-trans"><p>然而，进口关税和芯片出口问题仍在持续。尽管特朗普总统将电子产品排除在关税之外，但这一豁免是暂时的。未来，英伟达可能面临更高的进口零部件和产品成本。尽管公司已努力在美国制造，但仍主要在海外生产。</p>
</div><p>As for China, Nvidia, as it stands, can't sell its current chips there, a market that last year represented 13% of its total sales. So far, it's not clear if the company will regain access to China.</p>
<div class="lb-trans"><p>至于中国，英伟达目前无法在中国销售其现有芯片，而去年该市场占其总销售额的 13%。目前尚不清楚公司是否会重新获得进入中国市场的机会。</p>
</div><h2>Nvidia's biggest move</h2>
<div class="lb-trans"><h2>英伟达的最大举措</h2>
</div><p>What was Nvidia's biggest move? The ability to quickly win back investor confidence, resulting in a 67% gain for the stock from its April low and a 17% increase for the first half.</p>
<div class="lb-trans"><p>英伟达最大的举措是什么？迅速赢回投资者信心，使得股票从 4 月份的低点上涨了 67%，上半年增长了 17%。</p>
</div><p>Nvidia did this by communicating honestly -- even if the news wasn't particularly fantastic -- and being proactive. For example, the company said that export restrictions were destructive for U.S. tech companies and it was looking for solutions. In the meantime, however, it would exclude China from its earnings guidance. As for the tariff headwind, Nvidia quickly took action, announcing its investment in two U.S. factories with the goal of building complete AI supercomputers in the U.S. for the first time ever.</p>
<div class="lb-trans"><p>英伟达通过诚实沟通实现了这一点——即使消息并不特别乐观——并采取了积极主动的态度。例如，公司表示出口限制对美国科技公司是有害的，并正在寻找解决方案。与此同时，英伟达将中国排除在其收益指引之外。至于关税的阻力，英伟达迅速采取行动，宣布投资于两家美国工厂，目标是在美国首次建造完整的 AI 超级计算机。</p>
</div><p>This is a great sign for Nvidia investors because it shows this company has the strength to withstand headwinds -- and can galvanize investors' excitement about what the company has to offer over the long term. This turnaround already helped Nvidia reach the huge milestone of becoming the first company with a $4 trillion market value.</p>
<div class="lb-trans"><p>这对英伟达的投资者来说是一个好兆头，因为这表明公司有能力抵御逆风——并能激发投资者对公司长期前景的热情。这一转变已经帮助英伟达达成了成为首家市值达到 4 万亿美元的公司的巨大里程碑。</p>
</div><p>All of this could make investors confident that, when faced with other potential headwinds down the road, Nvidia, once again, will have what it takes to address and overcome them. That makes the stock a great one to buy and hold for the long term.</p>
<div class="lb-trans"><p>所有这些都可能使投资者相信，当面临其他潜在逆风时，英伟达将再次具备应对和克服的能力。这使得该股票成为一个值得长期持有的优秀选择。</p>
</div>

This Might Have Been Nvidia's Biggest Move Yet

- Nvidia 在过去几年取得显著成就，成为 AI 领域的领导者。  
- 今年上半年，Nvidia 通过透明沟通和积极应对，恢复了投资者信心。  
- 公司宣布投资美国工厂，首次在美国建造完整的 AI 超级计算机。  

这可能是英伟达迄今为止最重大的行动