<p>整个第三季度最重要的数据发布即将到来。2023 年 8 月 27 日星期三收盘后，华尔街最大的上市公司、推动人工智能（AI）演变的创新领导者 <strong>Nvidia</strong>（NVDA 1.65%）将公布其财政第二季度的运营结果（其财政年度在 1 月底结束）。</p>
<p>在华尔街，没有哪个技术进步比人工智能更火热。赋予软件和系统人工智能，使其能够在瞬间做出决策并随着时间的推移在没有人类干预的情况下变得更加高效，这是一场颠覆性的变革，可以加速全球大多数行业的增长。在《Sizing the Prize》中，普华永道的分析师预计，到 2030 年，人工智能的经济影响将达到 15.7 万亿美元。</p>
<p>尽管自 2023 年初以来，Nvidia 的股价上涨了约 1100%，这表明该公司正在全力以赴，但可以说，人工智能革命的面孔在一个远非完美的市场和趋势中被定价得过于完美。尽管其股价几乎呈抛物线式上升，但 Nvidia 在 8 月 27 日可能难以满足华尔街的高期望。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Nvidia。</p>
<h2>利润率将成为焦点，可能会成为拖累因素</h2>
<p>在人工智能图形处理单元（GPU）方面，Nvidia 一直是行业的领头羊。其 Hopper（H100）和 Blackwell GPU 在高计算数据中心的部署数量超过其他任何芯片，与竞争对手相比，Nvidia 硬件的计算能力依然强大。</p>
<p>但比 Nvidia 的竞争优势更重要的是持续的 AI-GPU 短缺。</p>
<p>供需法则表明，当对某种商品或服务的需求超过其供应时，该商品或服务的价格将上涨，直到需求减弱。由于其 AI-GPU 的订单积压，Nvidia 能够为其硬件收取溢价，这反过来使其公认会计原则（GAAP）毛利率在 2025 财年第一季度达到了 78.4% 的高位。只要这种 AI 先进芯片的短缺持续，Nvidia 的毛利率就会保持在高位。</p>
<p>Nvidia 面临的问题是，它不再是唯一的竞争者。<strong>Advanced Micro Devices</strong> 和中国的华为是积极扩大其数据中心芯片生产的外部竞争者。然而，对 Nvidia 的 GAAP 毛利率构成最大威胁的可能来自内部。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/45ca0272bab9bb53e5f8ea87b8fa0ffb.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/45ca0272bab9bb53e5f8ea87b8fa0ffb.png"/></p>
<p>Nvidia 毛利率（季度）数据来源于 YCharts。</p>
<p>在净销售额方面，Nvidia 的主要客户一直是 “七大巨头” 的成员。这些领先客户大多数正在内部开发 AI GPU 和解决方案，以在各自的数据中心使用。尽管这些芯片对 Nvidia 的计算优势没有威胁，但它们的价格明显更便宜，并且不像 Blackwell 那样积压。在我看来，内部芯片开发必然会让 Nvidia 失去宝贵的数据中心资源。</p>
<p>更重要的是，这种内部开发正在削弱 Nvidia 一直以来珍视的 AI-GPU 短缺。随着对 AI 加速芯片的需求逐渐平息，Nvidia 的定价能力和 GAAP 毛利率将随着时间的推移而减弱。我们已经目睹了超过一年的稳定毛利率下降。</p>
<h2>Nvidia 在多个方面都将难以证明其估值合理性</h2>
<p>除了毛利率备受关注外，Nvidia 还将面临几乎不可能的任务，即在一个历史上价格高企的市场中证明其估值溢价的合理性。</p>
<p>明确地说，我认为 Nvidia 确实值得拥有估值溢价，因为其竞争优势。问题在于，这种溢价能被拉伸到多远，才不会变得过于夸张，这个问题是主观的。</p>
<p>历史先例告诉我们，处于下一个重大趋势的行业领导者在延长估值方面的容忍度相对较短。在 25 年前互联网泡沫破裂之前，<strong>Cisco Systems</strong>、<strong>Microsoft</strong> 和 <strong>Amazon</strong> 等知名互联网领导者的市销率（P/S）分别达到了 31 到 43 的高峰。除了 <strong>Palantir Technologies</strong>，其市销率最近进入了一个独立的轨道，没有任何在颠覆性技术前沿的巨头公司能够在较长时间内维持 30 到 40 的市销率。</p>
<p>不到一周前，Nvidia 的过去 12 个月的市销率徘徊在 30 以上。尽管在报告预计的财年第二季度同比销售增长 53% 时，其市销率会略有下降，但仍将处于一个远高于历史可持续水平的倍数。</p>
<p>除了个别价格高企外，Nvidia 还是少数几只高增长科技股之一，这些股票将 <strong>S&amp;P 500</strong>（^GSPC 1.52%）的 Shiller 市盈率提升至 154 年来持续牛市中的第三高倍数。之前记录的股市如此昂贵的情况，最终都伴随着基准 S&amp;P 500 的 20% 或更多的下跌。</p>
<p>在上述毛利率讨论后，抱歉使用了这个双关语，但确实没有容错的余地。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="464" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>历史先例对华尔街领先的 AI 股票构成不可否认的担忧</h2>
<p>帮助解释为什么 Nvidia 在 8 月 27 日（及之后）可能会令人失望的最后一块拼图与历史有关。</p>
<p>在过去近三十年的大部分时间里，投资者见证了许多下一个大趋势和颠覆性创新的出现。虽然这些趋势中的许多对美国企业产生了积极影响，包括互联网的出现，但它们都经历了早期泡沫破裂的事件。</p>
<p>被炒作的创新问题在于，投资者在广泛采用时间表和早期效用方面总是高估。例如，企业直到互联网普及多年后才完全理解如何利用这场革命。颠覆性创新需要时间来成熟，这使得人工智能在短短两年多的时间内已经成熟的可能性不大。</p>
<p>尽管对人工智能数据中心基础设施和人工智能软件的需求令人印象深刻，但大多数企业尚未优化其人工智能解决方案，也没有很多企业从人工智能投资中获得正回报。这些都是投资者再次高估人工智能影响力的明显迹象，至少在早期阶段是如此。</p>
<p>在所有大型公司的增长中，没有哪家公司的增长比 Nvidia 更依赖于投资者对人工智能发展的热情，Nvidia 在不到三年的时间里增加了近 4 万亿美元的市值。即使是最轻微的波动也可能打乱这种炒作。</p>
<p>重申一下，Nvidia 是一家稳健且经过时间考验的公司，不会消失。但它远非完美——而完美正是华尔街目前所追求的。</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>英伟达定于 8 月 27 日公布其 2024 财年第二季度业绩，市场对其能否满足华尔街的高期望表示担忧。尽管股价大幅上涨，但 AI-GPU 的稀缺性以及来自 AMD 和华为等公司的竞争加剧可能会影响英伟达的毛利率。此外，主要客户的内部芯片开发可能进一步削弱英伟达的定价能力。该公司的高估值，市销率超过 30 倍，使得在历史高价市场中的可持续性问题引发关注</p>

<p>Arguably the most important data release of the entire third quarter is just days away. Following the closing bell on Wednesday, Aug. 27, Wall Street's largest publicly traded company, and the innovative leader fueling the evolution of artificial intelligence (AI), <strong>Nvidia</strong>(NVDA 1.65%), will report its fiscal second-quarter operating results (its fiscal year ends in late January).</p>
<div class="lb-trans"><p>整个第三季度最重要的数据发布即将到来。2023 年 8 月 27 日星期三收盘后，华尔街最大的上市公司、推动人工智能（AI）演变的创新领导者 <strong>Nvidia</strong>（NVDA 1.65%）将公布其财政第二季度的运营结果（其财政年度在 1 月底结束）。</p>
</div><p>No technological advancement has been hotter on Wall Street than AI. Empowering software and systems with AI so they can make split-second decisions and grow more efficient over time without human intervention is a game changer that can accelerate growth in most industries around the globe. In <em>Sizing the Prize</em>, analysts at PwC pegged the economic impact of AI at $15.7 trillion come 2030.</p>
<div class="lb-trans"><p>在华尔街，没有哪个技术进步比人工智能更火热。赋予软件和系统人工智能，使其能够在瞬间做出决策并随着时间的推移在没有人类干预的情况下变得更加高效，这是一场颠覆性的变革，可以加速全球大多数行业的增长。在《Sizing the Prize》中，普华永道的分析师预计，到 2030 年，人工智能的经济影响将达到 15.7 万亿美元。</p>
</div><p>While an approximately 1,100% increase in Nvidia's stock since the start of 2023 signals that the company is firing on all cylinders, a case can be made that the face of the AI revolution is priced for perfection in a market and trend that are anything but perfect. Despite its near-parabolic ascent, Nvidia will likely struggle to live up to Wall Street's sky-high expectations on Aug. 27.</p>
<div class="lb-trans"><p>尽管自 2023 年初以来，Nvidia 的股价上涨了约 1100%，这表明该公司正在全力以赴，但可以说，人工智能革命的面孔在一个远非完美的市场和趋势中被定价得过于完美。尽管其股价几乎呈抛物线式上升，但 Nvidia 在 8 月 27 日可能难以满足华尔街的高期望。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830454%2Fnvidia-voyager-headquarters-artificial-intelligence-gpu-ai-semiconductor.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><h2>Margins will be in the spotlight and likely act as a drag</h2>
<div class="lb-trans"><h2>利润率将成为焦点，可能会成为拖累因素</h2>
</div><p>In terms of AI-graphics processing units (GPUs), Nvidia has been the kingpin. Its Hopper (H100) and Blackwell GPUs have been deployed more than any other chips in high-compute data centers, with the respective compute capabilities of Nvidia's hardware standing tall when compared to the competition.</p>
<div class="lb-trans"><p>在人工智能图形处理单元（GPU）方面，Nvidia 一直是行业的领头羊。其 Hopper（H100）和 Blackwell GPU 在高计算数据中心的部署数量超过其他任何芯片，与竞争对手相比，Nvidia 硬件的计算能力依然强大。</p>
</div><p>But what's been even more important than Nvidia's competitive advantages is persistent AI-GPU scarcity.</p>
<div class="lb-trans"><p>但比 Nvidia 的竞争优势更重要的是持续的 AI-GPU 短缺。</p>
</div><p>The law of supply and demand states that when demand for a good or service outpaces its supply, the price of said good or service will climb until demand tapers. With an impressive backlog for its AI-GPUs, Nvidia has been able to command a premium price for its hardware, which in turn sent its generally accepted accounting principles (GAAP) gross margin to a high of 78.4% during the first quarter of fiscal 2025. As long as this AI-advanced chip scarcity persists, Nvidia's gross margin is golden.</p>
<div class="lb-trans"><p>供需法则表明，当对某种商品或服务的需求超过其供应时，该商品或服务的价格将上涨，直到需求减弱。由于其 AI-GPU 的订单积压，Nvidia 能够为其硬件收取溢价，这反过来使其公认会计原则（GAAP）毛利率在 2025 财年第一季度达到了 78.4% 的高位。只要这种 AI 先进芯片的短缺持续，Nvidia 的毛利率就会保持在高位。</p>
</div><p>The problem for Nvidia is that it's no longer the only rodeo in town. <strong>Advanced Micro Devices</strong> and China-based Huawei are external competitors that are actively ramping up production of their data-center chips. However, the biggest threat to Nvidia's GAAP gross margin potentially comes from within.</p>
<div class="lb-trans"><p>Nvidia 面临的问题是，它不再是唯一的竞争者。<strong>Advanced Micro Devices</strong> 和中国的华为是积极扩大其数据中心芯片生产的外部竞争者。然而，对 Nvidia 的 GAAP 毛利率构成最大威胁的可能来自内部。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/45ca0272bab9bb53e5f8ea87b8fa0ffb.png" alt="" original-src="https://media.ycharts.com/charts/45ca0272bab9bb53e5f8ea87b8fa0ffb.png"/></p>
<p>NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>Nvidia 毛利率（季度）数据来源于 YCharts。</p>
</div><p>Nvidia's top customers, in terms of net sales, have consistently been members of the &#34;Magnificent Seven.&#34; Most of these leading clients are internally developing AI GPUs and solutions to use in their respective data centers. Even though these chips are no threat to Nvidia's compute advantages, they are considerably cheaper and not backlogged like Blackwell. In my view, it's inevitable that internal chip development will cost Nvidia precious data center real estate.</p>
<div class="lb-trans"><p>在净销售额方面，Nvidia 的主要客户一直是 “七大巨头” 的成员。这些领先客户大多数正在内部开发 AI GPU 和解决方案，以在各自的数据中心使用。尽管这些芯片对 Nvidia 的计算优势没有威胁，但它们的价格明显更便宜，并且不像 Blackwell 那样积压。在我看来，内部芯片开发必然会让 Nvidia 失去宝贵的数据中心资源。</p>
</div><p>More importantly, this internal development is working against the AI-GPU scarcity that Nvidia has held so dear. As the insatiable demand for AI-accelerating chips calms, Nvidia should see its pricing power and GAAP gross margin fade over time. We've already been witnessing steady gross margin erosion for more than a year.</p>
<div class="lb-trans"><p>更重要的是，这种内部开发正在削弱 Nvidia 一直以来珍视的 AI-GPU 短缺。随着对 AI 加速芯片的需求逐渐平息，Nvidia 的定价能力和 GAAP 毛利率将随着时间的推移而减弱。我们已经目睹了超过一年的稳定毛利率下降。</p>
</div><h2>Nvidia will have a difficult time justifying its valuation in multiple respects</h2>
<div class="lb-trans"><h2>Nvidia 在多个方面都将难以证明其估值合理性</h2>
</div><p>In addition to gross margin being front and center, Nvidia is going to have a near-impossible task of justifying its valuation premium amid a historically pricey market.</p>
<div class="lb-trans"><p>除了毛利率备受关注外，Nvidia 还将面临几乎不可能的任务，即在一个历史上价格高企的市场中证明其估值溢价的合理性。</p>
</div><p>To be abundantly clear, I believe Nvidia <em>is</em> deserving of a valuation premium thanks to its competitive advantages. The issue, while subjective, is how far this premium can be stretched before it becomes excessive.</p>
<div class="lb-trans"><p>明确地说，我认为 Nvidia 确实值得拥有估值溢价，因为其竞争优势。问题在于，这种溢价能被拉伸到多远，才不会变得过于夸张，这个问题是主观的。</p>
</div><p>Historical precedent tells us that industry leaders of next-big-thing trends have a relatively short leash when it comes to extended valuations. Prior to the bursting of the dot-com bubble a quarter-century ago, prominent internet leaders like <strong>Cisco Systems</strong>, <strong>Microsoft</strong>, and <strong>Amazon</strong> peaked at price-to-sales (P/S) ratios ranging from 31 to 43, respectively. Except for <strong>Palantir Technologies</strong>, whose P/S ratio recently entered a separate orbit, no megacap company on the leading edge of a game-changing technology has been able to maintain a P/S ratio in the 30 to 40 range for a substantial length of time.</p>
<div class="lb-trans"><p>历史先例告诉我们，处于下一个重大趋势的行业领导者在延长估值方面的容忍度相对较短。在 25 年前互联网泡沫破裂之前，<strong>Cisco Systems</strong>、<strong>Microsoft</strong> 和 <strong>Amazon</strong> 等知名互联网领导者的市销率（P/S）分别达到了 31 到 43 的高峰。除了 <strong>Palantir Technologies</strong>，其市销率最近进入了一个独立的轨道，没有任何在颠覆性技术前沿的巨头公司能够在较长时间内维持 30 到 40 的市销率。</p>
</div><p>Less than a week ago, Nvidia's trailing-12-month P/S ratio was hovering north of 30. While its P/S ratio will decline a bit when it reports projected year-over-year sales growth of 53% in the fiscal second quarter, it'll still be tipping the scales at a multiple that's far above anything that's been historically sustainable.</p>
<div class="lb-trans"><p>不到一周前，Nvidia 的过去 12 个月的市销率徘徊在 30 以上。尽管在报告预计的财年第二季度同比销售增长 53% 时，其市销率会略有下降，但仍将处于一个远高于历史可持续水平的倍数。</p>
</div><p>On top of being individually pricey, Nvidia is one of a handful of high-growth tech stocks that have lifted the <strong>S&amp;P 500</strong>'s (^GSPC 1.52%) Shiller price-to-earnings (P/E) ratio to its third-highest multiple during a continuous bull market when back-tested 154 years. Previously documented occasions when the stock market was this expensive were eventually followed by declines of 20% or more in the benchmark S&amp;P 500.</p>
<div class="lb-trans"><p>除了个别价格高企外，Nvidia 还是少数几只高增长科技股之一，这些股票将 <strong>S&amp;P 500</strong>（^GSPC 1.52%）的 Shiller 市盈率提升至 154 年来持续牛市中的第三高倍数。之前记录的股市如此昂贵的情况，最终都伴随着基准 S&amp;P 500 的 20% 或更多的下跌。</p>
</div><p>Pardon the pun following the gross margin discussion above, but there's simply no margin for error.</p>
<div class="lb-trans"><p>在上述毛利率讨论后，抱歉使用了这个双关语，但确实没有容错的余地。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA0NTQvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830454%2Fstock-chart-crash-invest-broker-tablet-crypto-plunge-bubble-getty.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>Historical precedent is an undeniable worry for Wall Street's leading AI stocks</h2>
<div class="lb-trans"><h2>历史先例对华尔街领先的 AI 股票构成不可否认的担忧</h2>
</div><p>The final piece of the puzzle that helps explain why Nvidia is positioned to disappoint come Aug. 27 (and beyond) has to do with history.</p>
<div class="lb-trans"><p>帮助解释为什么 Nvidia 在 8 月 27 日（及之后）可能会令人失望的最后一块拼图与历史有关。</p>
</div><p>For the better part of the last three decades, investors have been privy to no shortage of next-big-thing trends and game-changing innovations. While many of these trends went on to positively impact corporate America, including the advent of the internet, all endured early-stage bubble-bursting events.</p>
<div class="lb-trans"><p>在过去近三十年的大部分时间里，投资者见证了许多下一个大趋势和颠覆性创新的出现。虽然这些趋势中的许多对美国企业产生了积极影响，包括互联网的出现，但它们都经历了早期泡沫破裂的事件。</p>
</div><p>The problem with hyped innovations is that investors consistently overshoot when it comes to widespread adoption timelines and early-stage utility. For example, businesses didn't fully understand how to make the internet revolution work in their favor until many years after it went mainstream. It takes time for game-changing innovations to mature, which makes it unlikely that artificial intelligence has done so in a little over two years.</p>
<div class="lb-trans"><p>被炒作的创新问题在于，投资者在广泛采用时间表和早期效用方面总是高估。例如，企业直到互联网普及多年后才完全理解如何利用这场革命。颠覆性创新需要时间来成熟，这使得人工智能在短短两年多的时间内已经成熟的可能性不大。</p>
</div><p>While demand for AI-data center infrastructure and AI software has been impressive, most businesses aren't yet optimizing their AI solutions, nor are many generating a positive return on their AI investments. These are telltale signs that investors have, yet again, overestimated how impactful artificial intelligence will be, at least in the early going.</p>
<div class="lb-trans"><p>尽管对人工智能数据中心基础设施和人工智能软件的需求令人印象深刻，但大多数企业尚未优化其人工智能解决方案，也没有很多企业从人工智能投资中获得正回报。这些都是投资者再次高估人工智能影响力的明显迹象，至少在早期阶段是如此。</p>
</div><p>No megacap company's growth has been more reliant on investor euphoria surrounding the evolution of AI than Nvidia, which has added close to $4 trillion in market cap in less than three years. Even the slightest hiccup can disrupt this hype.</p>
<div class="lb-trans"><p>在所有大型公司的增长中，没有哪家公司的增长比 Nvidia 更依赖于投资者对人工智能发展的热情，Nvidia 在不到三年的时间里增加了近 4 万亿美元的市值。即使是最轻微的波动也可能打乱这种炒作。</p>
</div><p>To reiterate, Nvidia is a solid and time-tested company that isn't going anywhere. But it's far from perfect -- and perfection is all Wall Street will settle for at this point.</p>
<div class="lb-trans"><p>重申一下，Nvidia 是一家稳健且经过时间考验的公司，不会消失。但它远非完美——而完美正是华尔街目前所追求的。</p>
</div>

Prediction: Nvidia Won't Be Able to Live Up to Wall Street's Sky-High Expectations on Aug. 27

- Nvidia 将于 8 月 27 日发布第二季度财报，市场期待高。  
- AI 芯片需求强劲，但竞争加剧可能影响其毛利率。  
- 历史数据显示，过高的估值可能导致股市回调风险。  

预测：英伟达可能无法在 8 月 27 日达到华尔街的高预期