<p><strong>英伟达</strong>(NVDA 1.05%) 的股票涨幅堪称历史上最惊人的之一，从 2023 年初的 3500 亿美元市值增长到接近 4.5 万亿美元。其快速增长得益于对图形处理单元（GPU）的旺盛需求，这是其主要产品。这些设备由于人工智能（AI）军备竞赛的推动，使用量激增，而这种激增远未结束。</p>
<p>在 8 月 27 日，英伟达将公布 2026 财年第二季度（截至 7 月 27 日）的业绩，我预计英伟达将讨论的一些事项可能会为股东带来爆炸性的回报。尽管英伟达今年迄今表现强劲，但我不会感到惊讶，如果在财报发布后，股价飙升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的收入增长可能会重新加速</h2>
<p>英伟达在应对 GPU 需求方面所取得的增长简直令人难以置信。尽管最近几个季度增长开始放缓，但英伟达的增长率，加上其庞大的规模，令人震惊。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png"/></p>
<p>NVDA 收入（TTM）数据来自 YCharts</p>
<p>在第二季度，英伟达的增长率预计将再次放缓，管理层预计收入增长约为 50%。这仍然是一个令人印象深刻的数字，但我认为下个季度可能会有一些催化剂促使增长重新加速。</p>
<p>我认为英伟达的股票在财报发布后会飙升的最大原因之一是其中国业务的回归。今年 4 月，英伟达的 H20 芯片出口许可证被撤销（该芯片专门设计以满足出口限制）。这关闭了全球第二大 AI 客户的大门，英伟达因此不得不在季度财报中计提减值。</p>
<p>这也影响了第二季度的增长预测。管理层估计，H20 业务将在第二季度造成约 80 亿美元的销售损失。如果这个数字被纳入管理层的预测，英伟达预计的收入增长将达到约 77%。这与其预计的 50% 增长相比，差异显著，但在这一方面有好消息。</p>
<p>在 7 月，英伟达宣布正在重新申请其中国出口许可证，并获得了美国政府的保证，将会被批准。虽然英伟达的供应链需要一段时间才能恢复，但有消息称，英伟达向其一位供应商下了 30 万个 H20 芯片的订单，以将可用库存翻倍。与此同时，英伟达可以出售其原本认为需要计提减值的产品。</p>
<p>这可能会在第三季度提供巨大的增长动力，导致管理层给出乐观的指引。强劲的前景可能会导致股价飙升，但我认为还有另一个原因使英伟达可能会交出一个超预期的季度业绩。</p>
<h2>英伟达的股票开始变得昂贵</h2>
<p>由于英伟达在科技巨头之后大约一个月发布财报，我们可以根据他们的业绩对英伟达的季度表现有一些了解。几乎每家大型科技公司在第二季度的财报中都讨论了增加数据中心资本支出的预期。这对英伟达来说是个好兆头，因为其 GPU 填充了许多数据中心。这表明对 GPU 的需求仍然很高，英伟达在进入季度时应该没有问题满足预期，甚至超出预期。</p>
<p>唯一可能阻碍英伟达股票在财报发布后飙升的因素是其价格。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.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/c7123b0e7055a6c7f9667570b44062d3.png"/></p>
<p>NVDA 市盈率（前瞻）数据来自 YCharts</p>
<p>以 43 倍的前瞻市盈率计算，英伟达接近过去几年交易的峰值，尽管其增长率有所放缓。尽管其预计的 50% 增长令人印象深刻，但仍低于过去几年实现的 100% 甚至 200% 的增长。</p>
<p>我们将在 8 月 27 日的公告后了解更多信息，但我仍然认为，考虑到股市的乐观情绪，英伟达的股票在财报发布后飙升的可能性很大。英伟达的增长预测将因中国业务的回归而显示出重新加速，我认为这一催化剂将是未来股票表现的驱动因素。</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>英伟达的股票在 2026 财年第二季度财报发布后预计将大幅上涨，原因是人工智能热潮推动了对 GPU 的强劲需求。尽管预计收入增长 50%，但其中国业务的潜在回归可能会显著提升销售，之前估计损失为 80 亿美元。此外，主要科技公司在数据中心的资本支出上升，表明对英伟达产品的持续需求。然而，股票以 43 倍的未来收益估值可能会抑制预期。总体而言，英伟达未来表现的前景依然乐观</p>

<p><strong>Nvidia</strong>(NVDA 1.05%) has had one of the most incredible stock rises of all time, growing from a market capitalization of $350 billion at the start of 2023 to one approaching $4.5 trillion. It has risen so quickly thanks to the insatiable demand for graphics processing units (GPUs), its primary product. These devices have seen a spike in usage due to the artificial intelligence (AI) arms race, and that spike is far from over.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 1.05%) 的股票涨幅堪称历史上最惊人的之一，从 2023 年初的 3500 亿美元市值增长到接近 4.5 万亿美元。其快速增长得益于对图形处理单元（GPU）的旺盛需求，这是其主要产品。这些设备由于人工智能（AI）军备竞赛的推动，使用量激增，而这种激增远未结束。</p>
</div><p>On Aug. 27, Nvidia reports Q2 FY 2026 (ending July 27) results, and some of the items I expect Nvidia to address could result in explosive returns for shareholders. Although Nvidia has had a strong year so far, I wouldn't be surprised to see the stock skyrocket following earnings.</p>
<div class="lb-trans"><p>在 8 月 27 日，英伟达将公布 2026 财年第二季度（截至 7 月 27 日）的业绩，我预计英伟达将讨论的一些事项可能会为股东带来爆炸性的回报。尽管英伟达今年迄今表现强劲，但我不会感到惊讶，如果在财报发布后，股价飙升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828016%2Fphoto-of-data-center-with-gpus.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 revenue growth could reaccelerate</h2>
<div class="lb-trans"><h2>英伟达的收入增长可能会重新加速</h2>
</div><p>The growth Nvidia has delivered in response to the demand for GPUs is nothing short of incredible. Although growth has started to slow in recent quarters, Nvidia's growth rate, combined with its sheer size, is mind-numbing.</p>
<div class="lb-trans"><p>英伟达在应对 GPU 需求方面所取得的增长简直令人难以置信。尽管最近几个季度增长开始放缓，但英伟达的增长率，加上其庞大的规模，令人震惊。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png" alt="" original-src="https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png"/></p>
<p>NVDA Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>NVDA 收入（TTM）数据来自 YCharts</p>
</div><p>In Q2, Nvidia's growth rate is expected to slow again, with management projecting around 50% revenue growth. That's still an impressive figure, but I think there could be some catalysts for reacceleration for the next quarter.</p>
<div class="lb-trans"><p>在第二季度，英伟达的增长率预计将再次放缓，管理层预计收入增长约为 50%。这仍然是一个令人印象深刻的数字，但我认为下个季度可能会有一些催化剂促使增长重新加速。</p>
</div><p>One of the biggest reasons I think Nvidia's stock will soar following earnings is the return of its China business. In April, Nvidia's export license for H20 chips (which were specifically designed to meet export restrictions) was revoked. This shut the door of the second-biggest AI customer in the world, and Nvidia had to take a write-off on its quarterly earnings as a result.</p>
<div class="lb-trans"><p>我认为英伟达的股票在财报发布后会飙升的最大原因之一是其中国业务的回归。今年 4 月，英伟达的 H20 芯片出口许可证被撤销（该芯片专门设计以满足出口限制）。这关闭了全球第二大 AI 客户的大门，英伟达因此不得不在季度财报中计提减值。</p>
</div><p>It also affected Q2's growth projection. Management estimated that the H20 business would result in around $8 billion of lost sales during Q2. If that figure were included in management's projection, Nvidia would have been expected to grow revenue by around 77%. That's a significant shift from the 50% growth it's expecting, but there is great news on this front.</p>
<div class="lb-trans"><p>这也影响了第二季度的增长预测。管理层估计，H20 业务将在第二季度造成约 80 亿美元的销售损失。如果这个数字被纳入管理层的预测，英伟达预计的收入增长将达到约 77%。这与其预计的 50% 增长相比，差异显著，但在这一方面有好消息。</p>
</div><p>In July, Nvidia announced that it was reapplying for its China export license, with assurances from the U.S. government that it would be granted. While it will take a while for Nvidia's supply chain to restart, one source stated that Nvidia placed an order of 300,000 H20 chips with one of its suppliers to double available inventory. In the meantime, Nvidia can just sell what it originally thought it would have to write off.</p>
<div class="lb-trans"><p>在 7 月，英伟达宣布正在重新申请其中国出口许可证，并获得了美国政府的保证，将会被批准。虽然英伟达的供应链需要一段时间才能恢复，但有消息称，英伟达向其一位供应商下了 30 万个 H20 芯片的订单，以将可用库存翻倍。与此同时，英伟达可以出售其原本认为需要计提减值的产品。</p>
</div><p>This will likely provide a huge growth boost during Q3, causing management to give rosy guidance. The strong outlook will likely cause the stock to soar, but there's also another reason I think Nvidia could deliver a blowout quarter.</p>
<div class="lb-trans"><p>这可能会在第三季度提供巨大的增长动力，导致管理层给出乐观的指引。强劲的前景可能会导致股价飙升，但我认为还有另一个原因使英伟达可能会交出一个超预期的季度业绩。</p>
</div><h2>Nvidia's stock is starting to become expensive</h2>
<div class="lb-trans"><h2>英伟达的股票开始变得昂贵</h2>
</div><p>Because Nvidia reports about a month after the tech giants, we can get some idea of how Nvidia's quarter may have gone based on their results. Nearly every big tech company discussed increasing their capital expenditure projections regarding data centers during Q2 results. This bodes well for Nvidia, as its GPUs fill many of these data centers. This indicates that the demand for GPUs is remaining elevated, and Nvidia should have no problem meeting expectations, if not exceeding them, heading into the quarter.</p>
<div class="lb-trans"><p>由于英伟达在科技巨头之后大约一个月发布财报，我们可以根据他们的业绩对英伟达的季度表现有一些了解。几乎每家大型科技公司在第二季度的财报中都讨论了增加数据中心资本支出的预期。这对英伟达来说是个好兆头，因为其 GPU 填充了许多数据中心。这表明对 GPU 的需求仍然很高，英伟达在进入季度时应该没有问题满足预期，甚至超出预期。</p>
</div><p>The only item that could hamper Nvidia's stock from soaring following earnings is its price tag.</p>
<div class="lb-trans"><p>唯一可能阻碍英伟达股票在财报发布后飙升的因素是其价格。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.png" alt="" original-src="https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）数据来自 YCharts</p>
</div><p>At 43 times forward earnings, Nvidia is approaching the peak of where it traded during the past few years, despite its growth rate being slower. While its projected 50% growth is impressive, it's still short of the 100% or even 200% growth it delivered in years past.</p>
<div class="lb-trans"><p>以 43 倍的前瞻市盈率计算，英伟达接近过去几年交易的峰值，尽管其增长率有所放缓。尽管其预计的 50% 增长令人印象深刻，但仍低于过去几年实现的 100% 甚至 200% 的增长。</p>
</div><p>We'll find out more following the Aug. 27 announcement, but I still think there's a large chance Nvidia's stock soars following earnings, considering the bullish nature of the stock market. Nvidia's growth projection will likely show reacceleration thanks to the return of the China business, and I think that catalyst will be the driving factor of future stock performance.</p>
<div class="lb-trans"><p>我们将在 8 月 27 日的公告后了解更多信息，但我仍然认为，考虑到股市的乐观情绪，英伟达的股票在财报发布后飙升的可能性很大。英伟达的增长预测将因中国业务的回归而显示出重新加速，我认为这一催化剂将是未来股票表现的驱动因素。</p>
</div>

Prediction: Nvidia Stock Will Skyrocket After Aug. 27

- Nvidia 市值从 2023 年初的 3500 亿美元增长至接近 4.5 万亿美元。  
- 由于对 GPU 的需求激增，Nvidia 预计 Q2 收入增长约 50%。  
- 中国业务恢复可能推动未来股价大幅上涨。

预测：英伟达的股票将在 8 月 27 日之后大幅上涨