<p>如果你是 <strong>Nvidia</strong>(NVDA 1.89%) 的投资者，那么你一定对 Nvidia 股票的过山车行情感到熟悉——在华盛顿和北京之间的斗争中，Nvidia 及其股东被夹在中间，经历着起伏。</p>
<p>8 月 22 日又出现了一次意外的下跌，这可能让一些投资者感到震惊。但我认为现在不值得下车——尤其是 Nvidia 至关重要的季度财报即将发布。</p>
<h2>后门问题</h2>
<p>这些新进展与 Nvidia 的 H20 高性能芯片有关，该公司专门为中国市场制造这些芯片，以遵守美国对先进人工智能（AI）芯片的出口限制。今年这些芯片频频上新闻。你可能还记得，在 2026 财年第一季度，Nvidia 披露因出口限制未能销售 H20 芯片而计提了 45 亿美元的库存减值。</p>
<p>然后在这个夏天，Nvidia 与特朗普政府达成了一项协议，允许他们进入中国市场，以换取 H20 销售收入的 15%。</p>
<p>虽然出口限制似乎已经得到处理，但 Nvidia 现在面临来自北京的额外问题。中国 reportedly 要求科技公司和 AI 开发者不要使用 H20 芯片，特别是用于政府用途。北京还接触了 Nvidia，询问这些芯片是否具有可以远程操作的追踪技术。首席执行官黄仁勋表示，公司向中国政府保证不存在后门，但讨论仍在继续。</p>
<p>“如你所知，[北京] 已经请求并敦促我们为 H20 芯片获得许可证，我已经努力帮助他们获得许可证，希望这个问题能得到解决，” 他在台湾对记者表示，CNBC 报道。</p>
<p>媒体《信息》周五报道，Nvidia 现在正在要求一些供应商，包括 <strong>Amkor Technology</strong> 和 <strong>Samsung</strong>。路透社报道，Nvidia 还要求 <strong>Foxconn</strong> 停止 H20 的生产。</p>
<p>这则消息可能会让投资者感到恐慌——Nvidia 股票今年迄今已上涨超过 30%，市场情绪高涨，认为 H20 销售的恢复可能进一步推动回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3NzAvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3NzAvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>财报即将发布</h2>
<p>Nvidia 和黄仁勋在 8 月 27 日收盘后发布 2026 财年第二季度财报时，肯定会对 H20 问题有很多要说的。Yahoo! Finance 的分析师预计每股收益为 1.01 美元，而去年同期为 0.68 美元。共识收入预期为 461.2 亿美元，比去年同期增长 53%。</p>
<p>Nvidia 在图形处理单元（GPU）市场中占据主导地位，市场份额超过 90%。随着一些公司的最大客户表示他们打算增加在数据中心的支出，以进一步推动 AI 和先进计算平台，Nvidia 似乎在本周的报告中处于稳固的位置——即使没有中国的 H20 销售。</p>
<p>事实上，我认为 Nvidia 计划暂时减产是一个明智的选择。该公司已经拥有数十亿美元的 H20 库存，并在第一季度因无法销售该产品而计提了巨额费用。为什么在华盛顿和北京不断出现障碍的情况下还要继续生产呢？</p>
<p>分析师们显然并不担心。事实上，许多人在最近几天提高了对 Nvidia 股票的目标价。</p>
<table>
<thead>
<tr>
<th>日期</th>
<th>分析师</th>
<th>旧目标价</th>
<th>新目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>8 月 22 日</td>
<td>Evercore</td>
<td>$190</td>
<td>$214</td>
</tr>
<tr>
<td>8 月 21 日</td>
<td>Wedbush</td>
<td>$175</td>
<td>$210</td>
</tr>
<tr>
<td>8 月 20 日</td>
<td>KeyBanc</td>
<td>$190</td>
<td>$215</td>
</tr>
<tr>
<td>8 月 19 日</td>
<td>TD Cowen</td>
<td>$140</td>
<td>$245</td>
</tr>
<tr>
<td>8 月 18 日</td>
<td>Morgan Stanley</td>
<td>$200</td>
<td>$206</td>
</tr>
</tbody>
</table>
<p>来源：Yahoo! Finance</p>
<p>我完全期待在 8 月 27 日发布一份强劲的财报，但和其他投资者一样，我对 H20 的进展也非常感兴趣。当 Nvidia 最终能够在中国自由销售时，这将为全球最大的上市公司带来另一个顺风因素。但这并不是 Nvidia 股票唯一的积极催化剂。</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>英伟达在中国面临新的挑战，因为政府不鼓励使用其 H20 芯片，这些芯片是为了遵守美国出口限制而设计的。尽管最近股价下跌，分析师们在英伟达 8 月 27 日的第二季度财报发布前仍然保持乐观，预计每股收益为 1.01 美元，收入为 461.2 亿美元。该公司在 GPU 市场占据主导地位，并因持续的地缘政治紧张局势而缩减 H20 的生产。分析师们提高了对英伟达股票的目标价，表明对其未来表现的信心</p>

<p>If you're an <strong>Nvidia</strong>(NVDA 1.89%) investor, then you're familiar with the roller coaster that comes with Nvidia stock -- the ups and downs as Washington and Beijing duke it out, with Nvidia and its shareholders caught in the middle.</p>
<div class="lb-trans"><p>如果你是 <strong>Nvidia</strong>(NVDA 1.89%) 的投资者，那么你一定对 Nvidia 股票的过山车行情感到熟悉——在华盛顿和北京之间的斗争中，Nvidia 及其股东被夹在中间，经历着起伏。</p>
</div><p>August 22 brought another unexpected drop that may be leaving some investors shell-shocked. But I don't think it's worth getting off this ride now -- particularly as Nvidia's all-important quarterly earnings are around the corner.</p>
<div class="lb-trans"><p>8 月 22 日又出现了一次意外的下跌，这可能让一些投资者感到震惊。但我认为现在不值得下车——尤其是 Nvidia 至关重要的季度财报即将发布。</p>
</div><h2>The backdoor issue</h2>
<div class="lb-trans"><h2>后门问题</h2>
</div><p>The new developments are connected to Nvidia's H20 high-functioning chips, which the company had made specifically for the Chinese market to comply with U.S. export restrictions on advanced artificial intelligence (AI) chips. The chips have been in the news a lot this year. You may remember that in the first quarter of fiscal 2026, Nvidia disclosed it took a $4.5 billion inventory charge because export restrictions prevented it from selling the H20 chips.</p>
<div class="lb-trans"><p>这些新进展与 Nvidia 的 H20 高性能芯片有关，该公司专门为中国市场制造这些芯片，以遵守美国对先进人工智能（AI）芯片的出口限制。今年这些芯片频频上新闻。你可能还记得，在 2026 财年第一季度，Nvidia 披露因出口限制未能销售 H20 芯片而计提了 45 亿美元的库存减值。</p>
</div><p>Then this summer, Nvidia struck a deal with the Trump administration that would open the Chinese markets to them in exchange for 15% of revenues from the H20 sales.</p>
<div class="lb-trans"><p>然后在这个夏天，Nvidia 与特朗普政府达成了一项协议，允许他们进入中国市场，以换取 H20 销售收入的 15%。</p>
</div><p>While the export restrictions seem to be handled, Nvidia is now facing additional problems from Beijing. China reportedly asked tech companies and AI developers not to use the H20 chips, particularly for government purposes. Beijing also approached Nvidia to ask if the chips have tracking technology that would allow them to be operated remotely. CEO Jensen Huang said the company assured the Chinese government that backdoors do not exist, but the discussions are continuing.</p>
<div class="lb-trans"><p>虽然出口限制似乎已经得到处理，但 Nvidia 现在面临来自北京的额外问题。中国 reportedly 要求科技公司和 AI 开发者不要使用 H20 芯片，特别是用于政府用途。北京还接触了 Nvidia，询问这些芯片是否具有可以远程操作的追踪技术。首席执行官黄仁勋表示，公司向中国政府保证不存在后门，但讨论仍在继续。</p>
</div><p>&#34;As you know, [Beijing] requested and urged us to secure licenses for the H20s, for some time and I've worked quite hard to help them secure the licenses, and so hopefully this will be resolved,&#34; he told reporters in Taiwan, according to CNBC.</p>
<div class="lb-trans"><p>“如你所知，[北京] 已经请求并敦促我们为 H20 芯片获得许可证，我已经努力帮助他们获得许可证，希望这个问题能得到解决，” 他在台湾对记者表示，CNBC 报道。</p>
</div><p>Media outlet The Information reported Friday that Nvidia is now asking some of its suppliers, including <strong>Amkor Technology</strong> and <strong>Samsung</strong>. Reuters reported that Nvidia also asked <strong>Foxconn</strong> to stop H20 production.</p>
<div class="lb-trans"><p>媒体《信息》周五报道，Nvidia 现在正在要求一些供应商，包括 <strong>Amkor Technology</strong> 和 <strong>Samsung</strong>。路透社报道，Nvidia 还要求 <strong>Foxconn</strong> 停止 H20 的生产。</p>
</div><p>That's news that could frighten investors -- Nvidia stock is up over 30% so far this year, and sentiment has been high that the resumption of H20 sales could further fuel returns.</p>
<div class="lb-trans"><p>这则消息可能会让投资者感到恐慌——Nvidia 股票今年迄今已上涨超过 30%，市场情绪高涨，认为 H20 销售的恢复可能进一步推动回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3NzAvZ2V0dHlpbWFnZXMtMTE5NTU3NDc2Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830770%2Fgettyimages-1195574766.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>Earnings are around the corner</h2>
<div class="lb-trans"><h2>财报即将发布</h2>
</div><p>Nvidia and Huang will surely have a lot to say about the H20 issue when Nvidia reports its fiscal 2026 Q2 earnings after the closing bell on Aug. 27. Analysts at Yahoo! Finance are expecting earnings per share of $1.01, versus $0.68 per share a year ago. The consensus revenue estimate is $46.12 billion, up 53% from the same quarter a year ago.</p>
<div class="lb-trans"><p>Nvidia 和黄仁勋在 8 月 27 日收盘后发布 2026 财年第二季度财报时，肯定会对 H20 问题有很多要说的。Yahoo! Finance 的分析师预计每股收益为 1.01 美元，而去年同期为 0.68 美元。共识收入预期为 461.2 亿美元，比去年同期增长 53%。</p>
</div><p>Nvidia is a powerhouse because of its overwhelming power in the graphics processing unit (GPU) market, where it's estimated to have more than 90% of the market share. And as some of the company's biggest customers said they intend to increase spending in their data centers to further power the AI and advanced computing platforms, Nvidia appears to be in a solid position for this week's report -- even without the Chinese H20 sales.</p>
<div class="lb-trans"><p>Nvidia 在图形处理单元（GPU）市场中占据主导地位，市场份额超过 90%。随着一些公司的最大客户表示他们打算增加在数据中心的支出，以进一步推动 AI 和先进计算平台，Nvidia 似乎在本周的报告中处于稳固的位置——即使没有中国的 H20 销售。</p>
</div><p>In fact, I'm suggesting that Nvidia's plan to scale back production, even temporarily, is a good one. The company already has billions of dollars in H20 inventory and took a huge charge in the first quarter because it wasn't able to move the product. Why keep building when roadblocks keep popping up in Washington and now Beijing?</p>
<div class="lb-trans"><p>事实上，我认为 Nvidia 计划暂时减产是一个明智的选择。该公司已经拥有数十亿美元的 H20 库存，并在第一季度因无法销售该产品而计提了巨额费用。为什么在华盛顿和北京不断出现障碍的情况下还要继续生产呢？</p>
</div><p>Analysts surely aren't concerned. In fact, many increased their price targets on Nvidia stock in recent days.</p>
<div class="lb-trans"><p>分析师们显然并不担心。事实上，许多人在最近几天提高了对 Nvidia 股票的目标价。</p>
</div><table>
<thead>
<tr>
<th>Date</th>
<th>Analyst</th>
<th>Old Price Target</th>
<th>New Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Aug. 22</td>
<td>Evercore</td>
<td>$190</td>
<td>$214</td>
</tr>
<tr>
<td>Aug. 21</td>
<td>Wedbush</td>
<td>$175</td>
<td>$210</td>
</tr>
<tr>
<td>Aug. 20</td>
<td>KeyBanc</td>
<td>$190</td>
<td>$215</td>
</tr>
<tr>
<td>Aug.19</td>
<td>TD Cowen</td>
<td>$140</td>
<td>$245</td>
</tr>
<tr>
<td>Aug.18</td>
<td>Morgan Stanley</td>
<td>$200</td>
<td>$206</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>日期</th>
<th>分析师</th>
<th>旧目标价</th>
<th>新目标价</th>
</tr>
</thead>
<tbody>
<tr>
<td>8 月 22 日</td>
<td>Evercore</td>
<td>$190</td>
<td>$214</td>
</tr>
<tr>
<td>8 月 21 日</td>
<td>Wedbush</td>
<td>$175</td>
<td>$210</td>
</tr>
<tr>
<td>8 月 20 日</td>
<td>KeyBanc</td>
<td>$190</td>
<td>$215</td>
</tr>
<tr>
<td>8 月 19 日</td>
<td>TD Cowen</td>
<td>$140</td>
<td>$245</td>
</tr>
<tr>
<td>8 月 18 日</td>
<td>Morgan Stanley</td>
<td>$200</td>
<td>$206</td>
</tr>
</tbody>
</table>
</div><p>Source: Yahoo! Finance</p>
<div class="lb-trans"><p>来源：Yahoo! Finance</p>
</div><p>I'm fully expecting a solid earnings report on Aug. 27, but like other investors, I'll be keenly interested in the H20 developments. When Nvidia is finally able to freely sell in China, it will be another tailwind for the biggest publicly traded company on the planet. But it's not the only positive catalyst for Nvidia stock.</p>
<div class="lb-trans"><p>我完全期待在 8 月 27 日发布一份强劲的财报，但和其他投资者一样，我对 H20 的进展也非常感兴趣。当 Nvidia 最终能够在中国自由销售时，这将为全球最大的上市公司带来另一个顺风因素。但这并不是 Nvidia 股票唯一的积极催化剂。</p>
</div>

Nvidia Faces New China Risks -- Should Investors Stay the Course?

- Nvidia 面临与中国市场的 H20 芯片相关的挑战，影响股价波动。  
- 公司预计在 8 月 27 日发布的财报中，营收将同比增长 53%。  
- 分析师对 Nvidia 的前景持乐观态度，纷纷上调目标价。  

英伟达面临新的中国风险——投资者是否应该继续坚持投资策略？