<p><strong>英伟达</strong>（NVDA 4.39%）强劲的第一季度业绩被美国政府决定撤销英伟达针对 H20 芯片的出口许可证所掩盖，这些芯片是专门为满足美国施加的限制而设计的。这导致英伟达在第一季度错失了 25 亿美元的销售额。由于该公司在决定之前的一个季度已经实现了 46 亿美元的 H20 销售，因此 H20 业务的损失使英伟达未来的业务出现了巨大缺口。</p>
<p>然而，英伟达的命运似乎正在改变，他们向投资者传递了关于 H20 GPU 重返中国市场的令人振奋的消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：英伟达。</p>
<h2>H20 出口预计将很快恢复</h2>
<p>英伟达已申请恢复其 H20 图形处理单元（GPU）的出口许可证，并表示已获得美国政府的保证，许可证将被授予。这对英伟达来说是一个巨大的胜利，因为这使其收入流中的一大部分得以恢复，并使英伟达在全球最大的市场之一中增加了立足点。</p>
<p>如上所述，如果没有出口限制，第一季度的 H20 销售额将达到 71 亿美元。这将占英伟达总销售额的约 15%，因此 H20 芯片销售的恢复将是一个受欢迎的提振。英伟达的第二季度将在 7 月底结束，因此本季度不会有 H20 销售。然而，积压的需求可能会在第三季度显现，可能导致其增长重新加速。</p>
<p>即使没有第二季度的 H20 销售，英伟达仍预计年增长率将达到令人印象深刻的 50%，达到 450 亿美元。H20 出口限制使第二季度预计损失了 80 亿美元的销售额，因此如果有这些销售，其收入增长率将达到 77%。这比第一季度的增长率更快，约与公司 2025 财年第四季度的增长率相同。维持英伟达这样规模的增长率是极具挑战性的，且从未实现过。随着 H20 芯片的回归，英伟达将有能力维持这一增长水平。</p>
<p>因此，我认为英伟达可以因这一消息而迅速上涨，因为其估值并不像去年这个时候那样高。</p>
<h2>英伟达的估值比你想象的要好</h2>
<p>英伟达的股票目前并不便宜，市盈率为 38 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png"/></p>
<p>NVDA 市盈率（前瞻）数据来源于 YCharts</p>
<p>这是一个昂贵的估值，但与一些大型科技同行相比并没有贵多少。此外，它是唯一一个增长速度接近的公司。</p>
<p>关于这个估值的另一个要点是，它仅考虑了明年的收益。如果英伟达维持其惊人的增长率（因为 H20 芯片的回归），那么从五年的角度来看，这个估值看起来并不那么昂贵。</p>
<p>H20 芯片的回归对英伟达的未来至关重要，股票在消息发布后可能会上涨。然而，我认为英伟达股票真正飙升的机会将在 8 月底报告第二季度业绩时到来。届时，他们将提供对其财年第三季度的指导，这可能包括 H20 GPU 的销售。这一消息可能会导致股票跳涨，因此现在买入股票是一个明智的选择。</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>英伟达最近关于恢复向中国出口 H20 GPU 的消息可能会显著提升其股价。在因美国出口限制而损失 25 亿美元销售额后，英伟达已申请恢复其出口许可证，并获得政府的保证。这可能恢复一条重要的收入来源，预计由于被压抑的需求，第三季度的销售额将大幅增长。尽管前瞻市盈率高达 38 倍，英伟达的增长前景依然强劲，预计在 8 月底发布的第二季度业绩后，股价可能进一步上涨，届时将包括对 H20 销售的指导</p>

<p><strong>Nvidia</strong>'s (NVDA 4.39%) strong Q1 results were overshadowed by the U.S. government's decision to revoke Nvidia's export license for H20 chips that were specifically designed to meet U.S.-imposed restrictions. This resulted in Nvidia missing out on $2.5 billion in sales during the first quarter. As the company had already brought in $4.6 billion in H20 sales in the quarter before the decision, the loss of the H20 business resulted in a large hole in Nvidia's business going forward.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（NVDA 4.39%）强劲的第一季度业绩被美国政府决定撤销英伟达针对 H20 芯片的出口许可证所掩盖，这些芯片是专门为满足美国施加的限制而设计的。这导致英伟达在第一季度错失了 25 亿美元的销售额。由于该公司在决定之前的一个季度已经实现了 46 亿美元的 H20 销售，因此 H20 业务的损失使英伟达未来的业务出现了巨大缺口。</p>
</div><p>However, Nvidia's fortunes appear to be changing, and they delivered investors exciting news about H20 GPUs returning to the Chinese market.</p>
<div class="lb-trans"><p>然而，英伟达的命运似乎正在改变，他们向投资者传递了关于 H20 GPU 重返中国市场的令人振奋的消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825087%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>H20 exports are expected to resume shortly</h2>
<div class="lb-trans"><h2>H20 出口预计将很快恢复</h2>
</div><p>Nvidia filed to resume its export license for H20 graphics processing units (GPUs), and says it has been assured by the U.S. government that the license will be granted. This is a massive win for Nvidia, as it allows a sizable chunk of its revenue stream to return and allows Nvidia to increase its foothold in one of the largest markets in the world.</p>
<div class="lb-trans"><p>英伟达已申请恢复其 H20 图形处理单元（GPU）的出口许可证，并表示已获得美国政府的保证，许可证将被授予。这对英伟达来说是一个巨大的胜利，因为这使其收入流中的一大部分得以恢复，并使英伟达在全球最大的市场之一中增加了立足点。</p>
</div><p>As mentioned above, H20 sales in Q1 would have been $7.1 billion if the export restrictions weren't in place. That would have accounted for about 15% of Nvidia's total sales, so the return of H20 chip sales will be a welcome boost. Nvidia's Q2 ends in late July, so there won't be any H20 sales this quarter. However, pent-up demand could surface in Q3, potentially causing its growth to reaccelerate.</p>
<div class="lb-trans"><p>如上所述，如果没有出口限制，第一季度的 H20 销售额将达到 71 亿美元。这将占英伟达总销售额的约 15%，因此 H20 芯片销售的恢复将是一个受欢迎的提振。英伟达的第二季度将在 7 月底结束，因此本季度不会有 H20 销售。然而，积压的需求可能会在第三季度显现，可能导致其增长重新加速。</p>
</div><p>Even without second quarter H20 sales, Nvidia still expects an impressive 50% year over year growth rate to $45 billion. The H20 export restriction removed a projected $8 billion in Q2 sales, so if it had had those sales, its revenue growth rate would have been 77%. That's quicker than Q1's rate and about the same growth rate as the company's fiscal 2025 fourth quarter. Maintaining a growth rate at Nvidia's size is incredibly challenging and has never been achieved before. With the return of H20 chips, Nvidia will be positioned to sustain that growth level.</p>
<div class="lb-trans"><p>即使没有第二季度的 H20 销售，英伟达仍预计年增长率将达到令人印象深刻的 50%，达到 450 亿美元。H20 出口限制使第二季度预计损失了 80 亿美元的销售额，因此如果有这些销售，其收入增长率将达到 77%。这比第一季度的增长率更快，约与公司 2025 财年第四季度的增长率相同。维持英伟达这样规模的增长率是极具挑战性的，且从未实现过。随着 H20 芯片的回归，英伟达将有能力维持这一增长水平。</p>
</div><p>As a result, I think Nvidia can skyrocket off of this news, as it's not valued as highly as it was during this time last year.</p>
<div class="lb-trans"><p>因此，我认为英伟达可以因这一消息而迅速上涨，因为其估值并不像去年这个时候那样高。</p>
</div><h2>Nvidia's valuation is better than you may expect</h2>
<div class="lb-trans"><h2>英伟达的估值比你想象的要好</h2>
</div><p>Nvidia's stock isn't cheap by any measure right now, as it trades for 38 times forward earnings.</p>
<div class="lb-trans"><p>英伟达的股票目前并不便宜，市盈率为 38 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png" alt="" original-src="https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）数据来源于 YCharts</p>
</div><p>This is an expensive valuation, but it isn't much more expensive than some of its big tech peers. Furthermore, it's the only one remotely close to growing as quickly as it is.</p>
<div class="lb-trans"><p>这是一个昂贵的估值，但与一些大型科技同行相比并没有贵多少。此外，它是唯一一个增长速度接近的公司。</p>
</div><p>Another item to note regarding this valuation is that it only considers earnings for the next year. If Nvidia maintains its jaw-dropping growth rate (as it could do with H20 chips returning), then this valuation doesn't look all that expensive with a five-year mindset.</p>
<div class="lb-trans"><p>关于这个估值的另一个要点是，它仅考虑了明年的收益。如果英伟达维持其惊人的增长率（因为 H20 芯片的回归），那么从五年的角度来看，这个估值看起来并不那么昂贵。</p>
</div><p>The return of H20 chips can't be understated for Nvidia's future, and the stock will likely move higher after the news. However, I think the real chance for Nvidia's stock to skyrocket will come when it reports Q2 results in late August. They'll give guidance for its fiscal third quarter at that time, which will likely include H20 GPU sales. This news could cause the stock to jump, making it a smart move to buy the stock now.</p>
<div class="lb-trans"><p>H20 芯片的回归对英伟达的未来至关重要，股票在消息发布后可能会上涨。然而，我认为英伟达股票真正飙升的机会将在 8 月底报告第二季度业绩时到来。届时，他们将提供对其财年第三季度的指导，这可能包括 H20 GPU 的销售。这一消息可能会导致股票跳涨，因此现在买入股票是一个明智的选择。</p>
</div>

Nvidia Just Got Incredible News About China That Could Cause The Stock to Skyrocket

- Nvidia 因美国政府撤销 H20 芯片出口许可，第一季度损失 25 亿美元销售。  
- H20 芯片预计将很快恢复出口，可能推动未来增长。  
- Nvidia 预计第二季度仍将实现 50% 的年增长率。  

英伟达刚刚收到关于中国的重大利好消息，这可能会推动其股价大幅上涨