<p>当 <strong>Nvidia</strong>（NVDA 4.35%）几个月前发布其 2026 财年第一季度财报（截至 4 月 27 日的三个月）时，公司给投资者带来了坏消息，因为它在一个关键市场失去了业务，原因是出口限制。</p>
<p>具体来说，Nvidia 在之前的财报中指出，由于无法将其 H20 人工智能（AI）芯片运送到中国，公司承担了数十亿美元的费用。该季度的收入受到影响，如果没有对中国客户销售芯片的限制，指导预期本可以更好。</p>
<p>但现在，看起来 Nvidia 准备恢复在中国的销售。让我们仔细看看这一最新进展，这可能会给其业务带来巨大的推动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTYvcGVyc29uLWdhbWluZy1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTYvcGVyc29uLWdhbWluZy1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2>黄仁勋表示 Nvidia 准备开始向中国发货 H20 芯片</h2>
<p>Nvidia 在 4 月被美国政府告知，向中国市场出口其特定的 H20 芯片需要许可证。由于未售出的 H20 芯片的过剩库存，公司因此承担了 45 亿美元的费用。由于这一限制，Nvidia 在该季度还损失了 25 亿美元的收入。</p>
<p>更糟糕的是，公司表示，由于这些限制，它将在当前季度损失 80 亿美元的 H20 收入。然而，Nvidia 在 7 月 14 日发布的一篇博客中表示，首席执行官黄仁勋与总统唐纳德·特朗普及其他政策制定者会面，更新了公司 “正在申请再次销售 NVIDIA H20 GPU” 的情况。更重要的是，博客指出，美国政府向 Nvidia 保证将授予许可证，公司希望尽快开始交付。</p>
<p>在出口限制生效之前，Nvidia 在 2026 财年第一季度向中国发运了价值 46 亿美元的 H20 处理器。如果包括该季度的失去销售，Nvidia 在中国的收入将超过 70 亿美元。而考虑到公司在 2026 财年第二季度预计从该市场获得的 80 亿美元收入，Nvidia 在当前财年上半年的收入将达到 150 亿美元。</p>
<p>因此，中国业务在今年有望为公司创造 300 亿美元的年收入，但由于出口管制而受到限制。分析师预计 Nvidia 在当前财年的收入将达到 2000 亿美元。如果公司能够不受干扰地向中国市场销售其 H20 处理器，这一数字本可以显著更高。</p>
<p>然而，Nvidia 在美中贸易战的关税交锋中受到影响。好的一面是，两国都显示出放松对关键产品出口限制的迹象，看起来 Nvidia 也从中受益。因此，看到这家芯片制造商在当前财年结束时处于比预期更强的地位并不令人惊讶。</p>
<h2>失去的业务回归可能成为 2025 年下半年的利好因素</h2>
<p>我们已经看到 Nvidia 在当前财年可能从中国获得的收入。现在公司准备获得出口芯片的许可证，有很大机会能够恢复失去的收入。</p>
<p>Nvidia 将能够满足其在 2026 财年第二季度排定的价值 80 亿美元的订单，以及在上一季度未能完成的价值 25 亿美元的发货。这可能帮助 Nvidia 在当前财年产生比华尔街预期更多的收入。</p>
<p>假设 Nvidia 能够在财年下半年维持其 H20 业务的增长率，它可能会从该市场产生 150 亿美元的收入。股权研究公司 Bernstein 的分析师估计，一旦获得 H20 出口许可证，Nvidia 有潜力在当前财年产生 150 亿到 200 亿美元的增量收入。</p>
<p>更重要的是，基于增量收入的估计，公司每股可能产生额外 0.40 到 0.50 美元的收益。最终，可以得出结论，Nvidia 在 2026 财年可能实现超出预期的增长，并且由于在其他国家看到的机会，它可以在长期内维持这种增长。</p>
<p>因此，投资者现在有另一个理由购买 Nvidia 股票，因为这一最新进展可能导致其收入和收益增长的加速，从而带来更多的上行空间。</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>英伟达首席执行官黄仁勋宣布，公司将在获得美国政府关于出口许可证的保证后，恢复向中国发货 H20 AI 芯片。此前，由于出口限制，英伟达遭受了重大损失，包括 45 亿美元的费用和 25 亿美元的收入损失。分析师预测，随着销售的恢复，英伟达在本财年可能会产生额外 150 亿到 200 亿美元的收入，这可能导致超出预期的增长和投资者股票价值的提升</p>

<p>When <strong>Nvidia</strong>(NVDA 4.35%) released its fiscal 2026 first-quarter results (for the three months ended April 27) a couple of months ago, the company had bad news in store for investors as it was losing business in a key market thanks to export restrictions.</p>
<div class="lb-trans"><p>当 <strong>Nvidia</strong>（NVDA 4.35%）几个月前发布其 2026 财年第一季度财报（截至 4 月 27 日的三个月）时，公司给投资者带来了坏消息，因为它在一个关键市场失去了业务，原因是出口限制。</p>
</div><p>Specifically, Nvidia pointed out in its previous earnings report that it bore a multibillion-dollar charge because of its inability to ship its H20 artificial intelligence (AI) chips to China. Its revenue during the quarter took a hit, while the guidance could have been much better if there were no restrictions on the sales of its chips to Chinese customers.</p>
<div class="lb-trans"><p>具体来说，Nvidia 在之前的财报中指出，由于无法将其 H20 人工智能（AI）芯片运送到中国，公司承担了数十亿美元的费用。该季度的收入受到影响，如果没有对中国客户销售芯片的限制，指导预期本可以更好。</p>
</div><p>But now, it looks like Nvidia is set to resume its sales in China. Let's take a closer look at this latest development that could give its business a big boost.</p>
<div class="lb-trans"><p>但现在，看起来 Nvidia 准备恢复在中国的销售。让我们仔细看看这一最新进展，这可能会给其业务带来巨大的推动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTYvcGVyc29uLWdhbWluZy1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825116%2Fperson-gaming-computer.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>Jensen Huang says that Nvidia is set to start shipments of its H20 chips to China</h2>
<div class="lb-trans"><h2>黄仁勋表示 Nvidia 准备开始向中国发货 H20 芯片</h2>
</div><p>Nvidia was informed by the U.S. government in April that it needs a license to export its China-specific H20 chip into that market. The company took a $4.5 billion charge on account of the excess inventory of the unsold H20 chips that it was left with. Nvidia also lost $2.5 billion in revenue because of this restriction during the quarter.</p>
<div class="lb-trans"><p>Nvidia 在 4 月被美国政府告知，向中国市场出口其特定的 H20 芯片需要许可证。由于未售出的 H20 芯片的过剩库存，公司因此承担了 45 亿美元的费用。由于这一限制，Nvidia 在该季度还损失了 25 亿美元的收入。</p>
</div><p>Even worse, the company said that it will lose $8 billion in H20 revenue in the ongoing quarter thanks to the restrictions. However, a blog published by Nvidia on July 14 states that CEO Jensen Huang met with President Donald Trump and other policymakers, giving an update that the company &#34;is filing applications to sell the NVIDIA H20 GPU again.&#34; More importantly, the blog points out that the U.S. government assured Nvidia that licenses will be granted and the company hopes for deliveries to begin soon.</p>
<div class="lb-trans"><p>更糟糕的是，公司表示，由于这些限制，它将在当前季度损失 80 亿美元的 H20 收入。然而，Nvidia 在 7 月 14 日发布的一篇博客中表示，首席执行官黄仁勋与总统唐纳德·特朗普及其他政策制定者会面，更新了公司 “正在申请再次销售 NVIDIA H20 GPU” 的情况。更重要的是，博客指出，美国政府向 Nvidia 保证将授予许可证，公司希望尽快开始交付。</p>
</div><p>Nvidia shipped $4.6 billion worth of H20 processors to China in fiscal Q1 before the export restrictions kicked in. Including the lost sales during the quarter, Nvidia's Chinese revenue would have been just over $7 billion. And when we consider the $8 billion revenue that the company was expecting from this market in fiscal Q2, Nvidia's revenue from that market would have hit $15 billion in the first half of the current fiscal year.</p>
<div class="lb-trans"><p>在出口限制生效之前，Nvidia 在 2026 财年第一季度向中国发运了价值 46 亿美元的 H20 处理器。如果包括该季度的失去销售，Nvidia 在中国的收入将超过 70 亿美元。而考虑到公司在 2026 财年第二季度预计从该市场获得的 80 亿美元收入，Nvidia 在当前财年上半年的收入将达到 150 亿美元。</p>
</div><p>The Chinese business, therefore, was on track to generate $30 billion in annual revenue for the company this year before it was hamstrung by the export controls. Analysts are expecting $200 billion in revenue from Nvidia in the current fiscal year. That figure could have been significantly higher if the company were allowed to uninterruptedly sell its H20 processors into the Chinese market.</p>
<div class="lb-trans"><p>因此，中国业务在今年有望为公司创造 300 亿美元的年收入，但由于出口管制而受到限制。分析师预计 Nvidia 在当前财年的收入将达到 2000 亿美元。如果公司能够不受干扰地向中国市场销售其 H20 处理器，这一数字本可以显著更高。</p>
</div><p>However, Nvidia was caught in the crosshairs of the tariff-fueled trade war between the U.S. and China. The good part is that both countries show\ signs of easing restrictions on exports of key products, and it looks like Nvidia has benefited from the same. As such, it won't be surprising to see the chipmaker finish the current fiscal year in a stronger-than-expected position.</p>
<div class="lb-trans"><p>然而，Nvidia 在美中贸易战的关税交锋中受到影响。好的一面是，两国都显示出放松对关键产品出口限制的迹象，看起来 Nvidia 也从中受益。因此，看到这家芯片制造商在当前财年结束时处于比预期更强的地位并不令人惊讶。</p>
</div><h2>The return of the lost business could be a tailwind for the stock in the second half of 2025</h2>
<div class="lb-trans"><h2>失去的业务回归可能成为 2025 年下半年的利好因素</h2>
</div><p>We already saw how much revenue Nvidia could have minted from China in the current fiscal year. Now that the company is set to receive licenses to export its chips, there is a good chance that it could get back that lost revenue.</p>
<div class="lb-trans"><p>我们已经看到 Nvidia 在当前财年可能从中国获得的收入。现在公司准备获得出口芯片的许可证，有很大机会能够恢复失去的收入。</p>
</div><p>Nvidia is going to be in a position to fulfill the $8 billion worth of orders that it had lined up for fiscal Q2, along with the $2.5 billion worth of shipments that it was unable to fulfill in the previous quarter. This could help Nvidia generate more revenue than what Wall Street is anticipating in the current fiscal year.</p>
<div class="lb-trans"><p>Nvidia 将能够满足其在 2026 财年第二季度排定的价值 80 亿美元的订单，以及在上一季度未能完成的价值 25 亿美元的发货。这可能帮助 Nvidia 在当前财年产生比华尔街预期更多的收入。</p>
</div><p>Assuming that Nvidia manages to sustain the run rate of its H20 business in China in the second half of the fiscal year, it could generate $15 billion in revenue from that market. Analysts at equity research firm Bernstein estimate that Nvidia has the potential to generate incremental revenue of $15 billion to $20 billion in the current fiscal year once it gets the H20 export licenses.</p>
<div class="lb-trans"><p>假设 Nvidia 能够在财年下半年维持其 H20 业务的增长率，它可能会从该市场产生 150 亿美元的收入。股权研究公司 Bernstein 的分析师估计，一旦获得 H20 出口许可证，Nvidia 有潜力在当前财年产生 150 亿到 200 亿美元的增量收入。</p>
</div><p>What's more, the company could generate an additional $0.40 to $0.50 per share in earnings based on the incremental revenue estimate. In the end, it can be concluded that Nvidia could deliver stronger-than-expected growth in fiscal 2026, which it can sustain in the long run as well thanks to the opportunities it is witnessing in other countries.</p>
<div class="lb-trans"><p>更重要的是，基于增量收入的估计，公司每股可能产生额外 0.40 到 0.50 美元的收益。最终，可以得出结论，Nvidia 在 2026 财年可能实现超出预期的增长，并且由于在其他国家看到的机会，它可以在长期内维持这种增长。</p>
</div><p>Investors, therefore, have another reason to buy Nvidia stock right now as a potential acceleration in its revenue and earnings growth following this latest development could lead to more upside.</p>
<div class="lb-trans"><p>因此，投资者现在有另一个理由购买 Nvidia 股票，因为这一最新进展可能导致其收入和收益增长的加速，从而带来更多的上行空间。</p>
</div>

Jensen Huang Just Delivered Massive News for Nvidia Investors

- 英伟达因出口限制在中国市场损失了数十亿美元的收入。  
- 近期，英伟达有望恢复 H20 芯片的出口，预计将带来 15 亿美元的增量收入。  
- 分析师预测，英伟达在 2026 财年可能实现超预期增长。  

黄仁勋刚刚发布了对英伟达投资者来说的重大消息