<p>投资者在人工智能（AI）热潮中纷纷购买 <strong>英伟达</strong>（NVDA -3.38%）的股票，推动该股在过去五年中上涨了惊人的 1200%。为什么投资者对这家公司如此兴奋？因为它已成为 AI 芯片的领先设计者，并且是任何有 AI 愿景的客户的首选目的地。英伟达不仅销售全球性能最强的芯片，还提供全系列的 AI 产品。</p><p>所有这些都带来了双位数和三位数的收入增长，以及强劲的销售盈利能力。考虑到未来几年对 AI 投资的预测以及英伟达对创新的承诺，该公司可能会在相当长的一段时间内继续实现显著的盈利增长。这显然让投资者对该公司持乐观态度。</p><p>但投资者并不是唯一购买英伟达股票的人。该公司今年也进行了股票回购，并刚刚宣布授权未来随时回购 600 亿美元的股票。这是除了其股票购买授权中剩余的 140 亿美元之外的额外计划。现在，您可能会想知道英伟达回购自己股票对投资者意味着什么——这是好消息还是坏消息？让我们来看看。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/7bad8906ce6855421b49d981d097cfe3?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/7bad8906ce6855421b49d981d097cfe3"/></figure><p>图片来源：Getty Images。</p><h2 id="n12sl59bf">向投资者返还 240 亿美元</h2><p>如前所述，回购对英伟达来说并不是新鲜事。该公司在上半年以回购和分红的形式向股东返还了超过 240 亿美元。多年来，英伟达增加了对自己股票的投资，正如您在下面的图表中所看到的。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/1298d1a201005363d80447bc7650c726?x-oss-process=style/lg" alt="" width="720" height="441" original-src="https://pub.pbkrs.com/uploads/2025/1298d1a201005363d80447bc7650c726"/></figure><p>NVDA 股票回购（年度）数据来自 YCharts。</p><p>随着英伟达的最新举措，它加入了许多大型科技和金融公司发起的回购潮流。<strong>苹果</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>摩根大通</strong> 今年均宣布了数十亿美元的股票回购，帮助今年的整体股票回购在 8 月达到 1 万亿美元——这是有史以来最快的速度。</p><p>回购通常应被视为积极的，因为它表明管理层对公司及其在经济环境中的表现充满信心。这一举措还减少了市场上的流通股数量，提高了剩余股票的价值，并弥补了可能因授予员工的股票期权而导致的稀释。</p><p>所有这些都是积极的。但故事也有消极的一面。通过减少流通股数量，股票回购提高了公司的每股收益。虽然这并不一定是坏事，但一些投资者可能会将回购视为让收益看起来比实际更好的尝试。</p><p>此外，一些投资者可能更希望公司在研发（R&amp;D）或业务扩展上投入更多，而不是回购股票。在这些情况下，大规模的股票回购计划可能对股东来说是坏消息。</p><h2 id="aol2f5zte">AI 基础设施支出</h2><p>现在，让我们考虑英伟达的情况。尽管这家 AI 巨头的增长在最近几个季度从三位数放缓至两位数，但增长仍然相当强劲，长期盈利前景稳固。英伟达预测在本十年内 AI 数据中心基础设施支出可能达到 4 万亿美元。作为芯片及相关产品的领先供应商，英伟达可能会从大型科技公司及其他公司的投资中受益。所有这些意味着英伟达不需要回购股票来让其每股收益看起来良好。</p><p>至于研发，英伟达随着时间的推移不断增加投资，今天它正按承诺每年更新其芯片。该公司去年底推出了 Blackwell 架构，最近推出了 Blackwell Ultra 芯片更新，下一代 Rubin 架构计划在明年某个时候发布。同时，自由现金流也在上升。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/7ba7d1c68246d9c0b4354ae26365e655?x-oss-process=style/lg" alt="" width="720" height="456" original-src="https://pub.pbkrs.com/uploads/2025/7ba7d1c68246d9c0b4354ae26365e655"/></figure><p>NVDA 自由现金流（季度）数据来自 YCharts。</p><p>所有这些表明，英伟达产生了大量现金，并明智地利用这些现金来推动增长。回购股票的举措不太可能损害公司创新和增长的能力。</p><p>因此，英伟达计划回购多达 600 亿美元的股票对股东来说远非负面。相反，这表明这家科技巨头对其未来及在当今经济环境及未来环境中发展的能力充满信心。这意味着，当英伟达准备回购一些自己的股票时，其他投资者也应该考虑投资这只顶尖的 AI 股票，并且，重要的是，长期持有。</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>英伟达宣布了一项 600 亿美元的股票回购计划，此外还有 140 亿美元的剩余授权。这一举措跟随了主要科技公司的趋势，反映了管理层对公司未来表现的信心。虽然回购可以提升每股收益，但一些投资者可能更希望将资金用于研发。然而，英伟达在人工智能芯片销售方面的强劲增长和自由现金流的上升表明，回购不会妨碍其创新。总体而言，这项回购被视为对投资者的积极信号，表明对长期增长的信心</p>

<p>Investors have rushed to buy <strong>Nvidia</strong>(NVDA -3.38%) stock during the artificial intelligence (AI) boom, driving the stock up a mind-boggling 1,200% over the past five years. Why are investors so excited about this one particular company? Because it's become the leading designer of AI chips and the general go-to destination for any customer with AI aspirations. Nvidia sells not only the world's top-performing chip but also a full range of AI offerings.</p>
<div class="lb-trans"><p>投资者在人工智能（AI）热潮中纷纷购买 <strong>英伟达</strong>（NVDA -3.38%）的股票，推动该股在过去五年中上涨了惊人的 1200%。为什么投资者对这家公司如此兴奋？因为它已成为 AI 芯片的领先设计者，并且是任何有 AI 愿景的客户的首选目的地。英伟达不仅销售全球性能最强的芯片，还提供全系列的 AI 产品。</p>
</div><p>All of this has generated double- and triple-digit revenue growth, along with strong profitability on sales. And considering the projections for AI investment in the years to come and Nvidia's commitment to innovation, the company may continue to deliver significant earnings gains for quite some time. This has clearly given investors reason to be bullish about the company.</p>
<div class="lb-trans"><p>所有这些都带来了双位数和三位数的收入增长，以及强劲的销售盈利能力。考虑到未来几年对 AI 投资的预测以及英伟达对创新的承诺，该公司可能会在相当长的一段时间内继续实现显著的盈利增长。这显然让投资者对该公司持乐观态度。</p>
</div><p>But investors aren't the only ones buying shares of Nvidia. The company itself has repurchased shares this year and has just announced an authorization to buy back $60 billion in stock at any point in the future. This is in addition to the more than $14 billion that remains on its share purchase authorization. Now, you may be wondering what Nvidia's interest in buying its own shares means for investors -- is this good or bad news? Let's find out.</p>
<div class="lb-trans"><p>但投资者并不是唯一购买英伟达股票的人。该公司今年也进行了股票回购，并刚刚宣布授权未来随时回购 600 亿美元的股票。这是除了其股票购买授权中剩余的 140 亿美元之外的额外计划。现在，您可能会想知道英伟达回购自己股票对投资者意味着什么——这是好消息还是坏消息？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDgvZ2V0dHlpbWFnZXMtMTE1MDU3MjA1MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831408%2Fgettyimages-1150572051.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>Returning $24 billion to investors</h2>
<div class="lb-trans"><h2>向投资者返还 240 亿美元</h2>
</div><p>As mentioned, buybacks aren't a new thing for Nvidia. The company returned more than $24 billion to shareholders in the form of repurchases and dividends in the first half of the year. Over the years, Nvidia has increased its investments in its own shares, as you can see in the chart below.</p>
<div class="lb-trans"><p>如前所述，回购对英伟达来说并不是新鲜事。该公司在上半年以回购和分红的形式向股东返还了超过 240 亿美元。多年来，英伟达增加了对自己股票的投资，正如您在下面的图表中所看到的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3d32a9d7d5a12a0a5fd37a8253f9172.png" alt="" original-src="https://media.ycharts.com/charts/c3d32a9d7d5a12a0a5fd37a8253f9172.png"/></p>
<p>NVDA Stock Buyback (Annual) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 股票回购（年度）数据来自 YCharts。</p>
</div><p>And with Nvidia's latest move, it joined a wave of activity launched by a number of major tech and financial companies. <strong>Apple</strong>, <strong>Alphabet</strong>, and <strong>JPMorgan Chase</strong> have each announced billions of dollars in share repurchases this year, helping overall share repurchases for the year reach $1 trillion by August -- the fastest rate ever.</p>
<div class="lb-trans"><p>随着英伟达的最新举措，它加入了许多大型科技和金融公司发起的回购潮流。<strong>苹果</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>摩根大通</strong> 今年均宣布了数十亿美元的股票回购，帮助今年的整体股票回购在 8 月达到 1 万亿美元——这是有史以来最快的速度。</p>
</div><p>Buybacks should generally be viewed as positive, as they suggest management is confident in the company and how it's likely to perform in the economic environment. The move also removes some shares from circulation, boosting the value of the shares that remain on the market and compensating for dilution that may be caused by stock options granted to employees.</p>
<div class="lb-trans"><p>回购通常应被视为积极的，因为它表明管理层对公司及其在经济环境中的表现充满信心。这一举措还减少了市场上的流通股数量，提高了剩余股票的价值，并弥补了可能因授予员工的股票期权而导致的稀释。</p>
</div><p>All of that is positive. But there is a negative side to the story, too. By lowering the number of outstanding shares, share repurchases boost a company's earnings per share. While this isn't necessarily bad, some investors may view buybacks as an attempt to make earnings look better than they actually are.</p>
<div class="lb-trans"><p>所有这些都是积极的。但故事也有消极的一面。通过减少流通股数量，股票回购提高了公司的每股收益。虽然这并不一定是坏事，但一些投资者可能会将回购视为让收益看起来比实际更好的尝试。</p>
</div><p>On top of this, some investors may prefer that a company invest more in research and development (R&amp;D) or the expansion of its business rather than repurchasing shares. In these cases, a big stock repurchase plan could be bad news for shareholders.</p>
<div class="lb-trans"><p>此外，一些投资者可能更希望公司在研发（R&amp;D）或业务扩展上投入更多，而不是回购股票。在这些情况下，大规模的股票回购计划可能对股东来说是坏消息。</p>
</div><h2>AI infrastructure spending</h2>
<div class="lb-trans"><h2>AI 基础设施支出</h2>
</div><p>Now, let's consider the case of Nvidia. Though the AI powerhouse's growth has slowed from triple digits to double digits in recent quarters, growth remains quite strong, and the long-term earnings outlook is solid. Nvidia predicts as much as $4 trillion in AI data center infrastructure spending this decade. And as a leading provider of chips and related products, Nvidia is likely to benefit from those investments from big tech companies and others. All of this means that Nvidia doesn't need to buy back shares to make its earnings per share look good.</p>
<div class="lb-trans"><p>现在，让我们考虑英伟达的情况。尽管这家 AI 巨头的增长在最近几个季度从三位数放缓至两位数，但增长仍然相当强劲，长期盈利前景稳固。英伟达预测在本十年内 AI 数据中心基础设施支出可能达到 4 万亿美元。作为芯片及相关产品的领先供应商，英伟达可能会从大型科技公司及其他公司的投资中受益。所有这些意味着英伟达不需要回购股票来让其每股收益看起来良好。</p>
</div><p>As for R&amp;D, Nvidia has been increasing its investment over time, and today it's on track to update its chips on an annual basis as promised. The company launched its Blackwell architecture late last year, recently made the chip update Blackwell Ultra available, and the next-generation Rubin architecture is planned for release at some point next year. At the same time, free cash flow has been on the rise.</p>
<div class="lb-trans"><p>至于研发，英伟达随着时间的推移不断增加投资，今天它正按承诺每年更新其芯片。该公司去年底推出了 Blackwell 架构，最近推出了 Blackwell Ultra 芯片更新，下一代 Rubin 架构计划在明年某个时候发布。同时，自由现金流也在上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/969d64f5e43007749c8c2de431d9dc7c.png" alt="" original-src="https://media.ycharts.com/charts/969d64f5e43007749c8c2de431d9dc7c.png"/></p>
<p>NVDA Free Cash Flow (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 自由现金流（季度）数据来自 YCharts。</p>
</div><p>All of this shows that Nvidia generates a great deal of cash and has been using it wisely to boost growth. The move to repurchase shares is unlikely to harm the company's ability to innovate and grow.</p>
<div class="lb-trans"><p>所有这些表明，英伟达产生了大量现金，并明智地利用这些现金来推动增长。回购股票的举措不太可能损害公司创新和增长的能力。</p>
</div><p>So, Nvidia's plan to repurchase as much as $60 billion in shares is far from negative for shareholders. Instead, it's a sign of confidence from the tech giant in its future and its ability to advance in today's economic environment and the ones to come. And that means that as Nvidia readies to buy some of its own shares, other investors should consider getting in on this top AI stock, too -- and, importantly, holding on for the long term.</p>
<div class="lb-trans"><p>因此，英伟达计划回购多达 600 亿美元的股票对股东来说远非负面。相反，这表明这家科技巨头对其未来及在当今经济环境及未来环境中发展的能力充满信心。这意味着，当英伟达准备回购一些自己的股票时，其他投资者也应该考虑投资这只顶尖的 AI 股票，并且，重要的是，长期持有。</p>
</div>

Nvidia's $60 Billion Buyback Plan: Good or Bad News for Investors?

- 投资者因人工智能热潮涌向 Nvidia，股价五年上涨 1,200%。
- Nvidia 计划回购高达 600 亿美元的股票，已在上半年返还 240 亿美元给股东。
- 尽管回购可能引发争议，但公司仍在持续投资研发，未来增长前景乐观。

英伟达的 600 亿美元股票回购计划：对投资者而言是利好还是利空消息？