<p><strong>英伟达</strong>(NVDA -0.01%) 今天发布了财报，市场对此反应平淡。股价在收盘时持平，盘后下跌了几个百分点。</p>
<p>从收入的顶线数字来看，一切似乎都很积极。该公司超出了分析师对收入的预期，约为 5 亿美元，销售额同比增长了 56%。但当你深入分析未来几个季度的预测时，情况变得更加阴暗。这让投资者开始思考如何消化今天发布的另一条重大消息：创纪录的 600 亿美元股票回购计划。</p>
<p>你应该对英伟达的大规模股票回购计划感到兴奋吗？你可能会对答案感到惊讶。</p>
<h2>股票回购并不总是创造股东价值</h2>
<p>让我们谈谈公司为什么要进行股票回购。理论上，公司对其特定市场和情况的理解优于外部人士。因此，管理层有时能够判断出其业务的内在价值_高于_当前市场价格。通过回购股票，公司实际上是在自我投资，以低于其认为应有价值的价格回购股票。</p>
<p>鉴于此，股票回购通常应该为投资者创造额外价值。毕竟，公司以低于其价值的价格购买资产——这是几乎每个投资者都试图采用的明智投资策略。然而，在实践中，股票回购也可能会破坏股东价值，因为它们有时是出于其他目的而进行的，而非创造价值。</p>
<p>许多企业——尤其是像英伟达这样的科技公司——向员工提供股票期权，以激励他们为公司创造价值。这些股票期权通常需要出售更多股票，从而稀释股东的权益。许多公司创建股票回购计划并不是因为其股价便宜，而是为了补偿这些股票销售。</p>
<p>有时，公司进行股票回购仅仅是因为它们没有其他地方可以投资其资本。现金流巨大的公司但增长机会有限，可能会陷入这种困境，以高价回购股票，尽管这样做的相对价值较低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达通过回购 600 亿美元股票是否在破坏股东价值？</h2>
<p>那么，英伟达的情况如何呢？值得注意的是，英伟达已经在回购价值数百亿美元的股票。</p>
<p>&#34;在 2026 财年的上半年，英伟达以回购股票和现金分红的形式向股东返还了 243 亿美元，&#34;该公司宣布。之前的股票回购计划下还有近 150 亿美元的资金。这一数字应与本季度宣布的 600 亿美元新授权相加。</p>
<p>由于英伟达的股价在过去一年中上涨了 40%，这些回购目前为股东创造了积极的价值。英伟达每个季度产生超过 250 亿美元的自由现金流，季度资本支出仅为 10 亿到 20 亿美元。这为股票回购提供了充足的现金。</p>
<p>问题在于：英伟达的预测看起来出乎意料的疲软。</p>
<p>其下个季度的销售预测比分析师的共识预期低了 60 亿美元。根据彭博社的报道，&#34;该预测未包括来自中国的数据中心收入，而在这个市场上，英伟达面临着美国出口限制和来自北京的对立压力。&#34;</p>
<p>此外，英伟达的股本回报率在最近几个季度中惊人地超过了 100%。虽然回购股票可能会产生积极影响，但与将闲置现金投资于促进增长的项目相比，这一举动可能会对回报产生整体拖累。除非英伟达找不到足够的现金使用方式，而这似乎正是今天的情况。</p>
<p>英伟达的股票回购是否能随着时间的推移创造价值仍有待观察。但这里的主要结论是，英伟达正在产生大量现金。然而，尽管在一个巨大的增长市场中运营，该公司似乎没有太多额外的地方可以投入这些现金。与其让现金在资产负债表上堆积，公司选择通过回购将其返还给股东。</p>
<p>因此，尽管管理层无疑对公司的未来感到兴奋，但这些回购不应被视为传统意义上的投资。也就是说，英伟达可能并不是因为从内部人士的角度看其股票便宜而回购股票。它这样做是因为它已经达到了重新投资于业务的最大能力。</p>

英伟达

<p>英伟达在其财报发布后宣布了一项创纪录的 600 亿美元股票回购计划，该财报显示收入超出预期，但销售预测疲软。虽然股票回购可以创造价值，但也可能稀释股东权益或表明缺乏增长机会。英伟达最近已向股东返还 243 亿美元，但其未来的增长前景似乎有限，这引发了人们对回购是否最终会惠及投资者的担忧。该公司正在产生可观的现金流，但可能难以找到有效的再投资机会</p>

<p><strong>Nvidia</strong>(NVDA -0.01%) released earnings today, and the market largely shrugged at the results. Shares ended the day flat, falling by a couple of percentage points after hours.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.01%) 今天发布了财报，市场对此反应平淡。股价在收盘时持平，盘后下跌了几个百分点。</p>
</div><p>When you look at the top-line numbers, everything appears positive. The company beat analyst expectations for revenue by around $500 million, with sales growing by 56% year over year. But when you dig into the forecast for upcoming quarters, the situation turns more gloomy. That has investors wondering how they should digest another big piece of news released today: A record-breaking $60 billion share buyback program.</p>
<div class="lb-trans"><p>从收入的顶线数字来看，一切似乎都很积极。该公司超出了分析师对收入的预期，约为 5 亿美元，销售额同比增长了 56%。但当你深入分析未来几个季度的预测时，情况变得更加阴暗。这让投资者开始思考如何消化今天发布的另一条重大消息：创纪录的 600 亿美元股票回购计划。</p>
</div><p>Should you be excited about Nvidia's massive share repurchase plan? You might be surprised by the answer.</p>
<div class="lb-trans"><p>你应该对英伟达的大规模股票回购计划感到兴奋吗？你可能会对答案感到惊讶。</p>
</div><h2>Share repurchases don't always create shareholder value</h2>
<div class="lb-trans"><h2>股票回购并不总是创造股东价值</h2>
</div><p>Let's talk about why companies conduct share repurchases in the first place. In theory, companies understand their specific markets and situations better than outsiders. Therefore, executives can sometimes tell when the intrinsic value of their business is <em>above</em> the current market price for their stock. By repurchasing stock, the company is essentially investing in itself, buying back shares for less than the company believes they should be worth.</p>
<div class="lb-trans"><p>让我们谈谈公司为什么要进行股票回购。理论上，公司对其特定市场和情况的理解优于外部人士。因此，管理层有时能够判断出其业务的内在价值_高于_当前市场价格。通过回购股票，公司实际上是在自我投资，以低于其认为应有价值的价格回购股票。</p>
</div><p>Given this, share repurchases should often create extra value for investors. After all, the company is buying an asset for less than it's worth -- a wise investment strategy that nearly every investor tries to employ. In practice, however, share buybacks can also destroy shareholder value, because they are sometimes done for purposes other than value creation.</p>
<div class="lb-trans"><p>鉴于此，股票回购通常应该为投资者创造额外价值。毕竟，公司以低于其价值的价格购买资产——这是几乎每个投资者都试图采用的明智投资策略。然而，在实践中，股票回购也可能会破坏股东价值，因为它们有时是出于其他目的而进行的，而非创造价值。</p>
</div><p>Many businesses -- especially technology companies like Nvidia -- give their workforce stock options to incentivize creating value for the company. These stock options typically require selling more stock, diluting shareholders along the way. Many companies create share buyback programs not because their stock prices are cheap, but to compensate for these share sales.</p>
<div class="lb-trans"><p>许多企业——尤其是像英伟达这样的科技公司——向员工提供股票期权，以激励他们为公司创造价值。这些股票期权通常需要出售更多股票，从而稀释股东的权益。许多公司创建股票回购计划并不是因为其股价便宜，而是为了补偿这些股票销售。</p>
</div><p>Other times, companies employ share buybacks simply because they have nowhere left to invest their capital. Companies with huge cash flows but limited growth opportunities can get stuck in this trap, buying back stock at high prices despite relatively low value in doing so.</p>
<div class="lb-trans"><p>有时，公司进行股票回购仅仅是因为它们没有其他地方可以投资其资本。现金流巨大的公司但增长机会有限，可能会陷入这种困境，以高价回购股票，尽管这样做的相对价值较低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831275%2Fworld-map-data-swirls-2086323995.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>Is Nvidia destroying shareholder value by buying back $60 billion in stock?</h2>
<div class="lb-trans"><h2>英伟达通过回购 600 亿美元股票是否在破坏股东价值？</h2>
</div><p>Which is the case for Nvidia, then? It's worth noting that Nvidia has already been purchasing stock worth tens of billions of dollars.</p>
<div class="lb-trans"><p>那么，英伟达的情况如何呢？值得注意的是，英伟达已经在回购价值数百亿美元的股票。</p>
</div><p>&#34;During the first half of fiscal 2026, NVIDIA returned $24.3 billion to shareholders in the form of shares repurchased and cash dividends,&#34; the company announced. Nearly $15 billion remains under the previous share repurchase program. That figure should be added to the $60 billion in new authorizations announced this quarter.</p>
<div class="lb-trans"><p>&#34;在 2026 财年的上半年，英伟达以回购股票和现金分红的形式向股东返还了 243 亿美元，&#34;该公司宣布。之前的股票回购计划下还有近 150 亿美元的资金。这一数字应与本季度宣布的 600 亿美元新授权相加。</p>
</div><p>Since Nvidia stock has risen by 40% over the past year alone, these repurchases have created positive shareholder value for now. Nvidia is generating more than $25 billion in free cash flow every quarter, with quarterly capital expenditures of just $1 billion to $2 billion. That leaves plenty of cash to direct toward share repurchases.</p>
<div class="lb-trans"><p>由于英伟达的股价在过去一年中上涨了 40%，这些回购目前为股东创造了积极的价值。英伟达每个季度产生超过 250 亿美元的自由现金流，季度资本支出仅为 10 亿到 20 亿美元。这为股票回购提供了充足的现金。</p>
</div><p>Here's the problem: Nvidia's forecast looks surprisingly weak.</p>
<div class="lb-trans"><p>问题在于：英伟达的预测看起来出乎意料的疲软。</p>
</div><p>Its sales forecast for the next quarter came in $6 billion below consensus analyst expectations. And according to Bloomberg, the &#34;forecast excluded data center revenue from China, a market where Nvidia has struggled with US export restrictions and opposing pressure from Beijing.&#34;</p>
<div class="lb-trans"><p>其下个季度的销售预测比分析师的共识预期低了 60 亿美元。根据彭博社的报道，&#34;该预测未包括来自中国的数据中心收入，而在这个市场上，英伟达面临着美国出口限制和来自北京的对立压力。&#34;</p>
</div><p>Additionally, Nvidia's return on equity has been an astounding 100% or more in recent quarters. While buying back stock could have a positive effect, it's possible that this move creates an overall drag on returns when compared to investing the spare cash in growth-boosting projects. Except, that is, if Nvidia can't find enough uses for its cash, which appears to be the case today.</p>
<div class="lb-trans"><p>此外，英伟达的股本回报率在最近几个季度中惊人地超过了 100%。虽然回购股票可能会产生积极影响，但与将闲置现金投资于促进增长的项目相比，这一举动可能会对回报产生整体拖累。除非英伟达找不到足够的现金使用方式，而这似乎正是今天的情况。</p>
</div><p>Whether or not Nvidia's share buybacks create value over time remains to be seen. But the main takeaway here is that Nvidia is producing huge amounts of cash. Yet despite operating in a massive growth market, the company seemingly has few extra places to put that cash. Instead of letting it pile up on the balance sheet, the company is opting to return it to shareholders through buybacks.</p>
<div class="lb-trans"><p>英伟达的股票回购是否能随着时间的推移创造价值仍有待观察。但这里的主要结论是，英伟达正在产生大量现金。然而，尽管在一个巨大的增长市场中运营，该公司似乎没有太多额外的地方可以投入这些现金。与其让现金在资产负债表上堆积，公司选择通过回购将其返还给股东。</p>
</div><p>So while executives are no doubt excited about the company's future, these repurchases shouldn't be considered an investment in the traditional sense. That is, Nvidia likely isn't buying its stock back because it looks cheap from an insider's perspective. It's doing so because it has already reached its maximum ability to reinvest back into the business.</p>
<div class="lb-trans"><p>因此，尽管管理层无疑对公司的未来感到兴奋，但这些回购不应被视为传统意义上的投资。也就是说，英伟达可能并不是因为从内部人士的角度看其股票便宜而回购股票。它这样做是因为它已经达到了重新投资于业务的最大能力。</p>
</div>

Nvidia Just Announced a Record $60 Billion Buyback -- Here's What It Means for Investors

- Nvidia 发布财报，营收超出预期，但未来预测疲软。  
- 公司宣布 600 亿美元的股票回购计划，已回购 243 亿美元股票。  
- 尽管现金流充裕，回购可能未必创造长期股东价值。  

英伟达刚刚宣布了一项创纪录的 600 亿美元股票回购计划——这对投资者意味着什么