<p>人工智能（AI）芯片巨头 <strong>Nvidia</strong>（NVDA -2.78%）最近公布了其 2026 财年第二季度的强劲财报。Nvidia 不仅超出了华尔街的预期，而且公司的董事会还批准将 600 亿美元加入其股票回购计划，这将通过降低流通股数量来帮助提高每股收益。</p>
<p>尽管看起来数据强劲，但 Nvidia 的股票在发布后反应不佳，股价下跌。最终，从财报中可以看到正面和负面的因素。有趣的是，我发现有一个方面既是 Nvidia 财报中最好的部分，也是最糟糕的部分。</p>
<h2>中国仍然是一个重要变量</h2>
<p>在第二季度，Nvidia 报告调整后的每股收益为 1.05 美元，营收为 467.4 亿美元，均超出预期。Nvidia 还预计当前季度的营收将达到 540 亿美元，约比华尔街预测高出 9 亿美元。然而，投资者似乎对 Nvidia 的数据中心业务的表现略感不满。尽管同比增长了 56%，但这一数字略低于预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTMvYm9hcmRyb29tLTIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTMvYm9hcmRyb29tLTIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>部分业绩下滑源于 Nvidia 的 H20 芯片销售下降，该芯片是其向中国企业销售的，符合之前的政府限制。由于国家安全问题，该公司无法向中国销售其最先进的芯片，特别是关于中国可能利用这些 AI 能力进行的建设。</p>
<p>这些担忧在特朗普政府期间加剧，今年早些时候要求 Nvidia 在向中国销售时必须获得出口许可证。在今年第一季度，Nvidia 因之前积压的库存和采购承诺而计提了 55 亿美元的费用。</p>
<p>Nvidia 首席执行官黄仁勋似乎在与特朗普总统的谈判中取得了进展，达成协议，如果能够在中国销售，公司将把 15% 的中国销售额上交给美国政府。Nvidia 还 reportedly 正在开发一种缩小版的 Blackwell 芯片，这种芯片比 H20 芯片更先进，政府可能会允许该公司在中国销售。然而，就在财报发布前，媒体报道称 Nvidia 已指示其供应商停止生产 H20 芯片，因为中国政府告知国内公司出于自身安全考虑要避免使用 Nvidia 的芯片。</p>
<p>公司在财报电话会议上指出，如果地缘政治问题得到解决，Nvidia 在当前季度可能会从 H20 芯片销售中获得额外的 20 亿到 50 亿美元的收入。但目前，这并未计入公司的指导中。此外，黄仁勋表示，如果我们能够用具有竞争力的产品解决中国市场，2025 年的机会将是 500 亿美元。他继续说道：“如果今年是 500 亿美元，你会期望它每年增长 50%，因为全球其他地区的 AI 市场也在增长。”</p>
<h2>上行潜力</h2>
<p>本季度最糟糕的部分可能是 Nvidia 不得不暂停 H20 芯片生产的消息，以及看到中国政府告知当地公司避免使用 Nvidia 的芯片。然而，Nvidia 最终能够在中国销售其产品，甚至可能销售比之前更先进的芯片的可能性似乎是真实存在的。</p>
<p>在我看来，这在某种程度上也是本季度最好的部分，因为该公司和股票在没有来自中国的收入的情况下表现良好，这显然是重要的。虽然政府对在中国销售美国芯片持保留态度，但它可能更希望美国公司而非中国公司来销售这些芯片。《华尔街日报》最近报道，<strong>阿里巴巴</strong> 正在研发一种芯片，以填补 H20 芯片留下的空白。虽然中国公司目前没有与 Nvidia 相同的芯片能力，但这种情况可能会在未来发生变化。</p>
<p>因此，最终在一个快速增长的市场中重新点燃业务的机会，年收入增长的机会达到数百亿美元，是 Nvidia 最近一个季度和近期未来前景中最令人兴奋的部分。Nvidia 目前的交易价格约为未来收益的 38 倍，超过了其五年平均的 34.4 倍。</p>
<p>这并不便宜，尤其对于这样一家大公司。然而，考虑到收入预计将继续以健康的速度增长，以及来自中国的潜在上行空间，我认为投资者可以继续购买该股票，尽管在股票估值偏高的情况下，定投可能是目前最佳策略。</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>英伟达公布了 2026 财年第二季度强劲的财报，超出预期，每股收益为 1.05 美元，营收为 467.4 亿美元。董事会批准了一项 600 亿美元的股票回购计划。然而，由于数据中心业务表现不佳，尤其是对中国的 H20 芯片销售受到政府限制的影响，股价下跌。尽管如此，英伟达认为如果地缘政治问题得到解决，仍有 20 亿到 50 亿美元的额外收入潜力。该公司的市盈率为 38 倍，暗示估值偏高，但增长前景依然强劲，特别是在中国市场潜在机会方面</p>

<p>Artificial intelligence (AI) chip giant <strong>Nvidia</strong>(NVDA -2.78%) recently reported strong second-quarter earnings for its fiscal year 2026. Not only did Nvidia beat Wall Street estimates, but the company's board of directors also approved the addition of $60 billion to its share repurchase program, which will help increase earnings per share by lowering the outstanding share count over time.</p>
<div class="lb-trans"><p>人工智能（AI）芯片巨头 <strong>Nvidia</strong>（NVDA -2.78%）最近公布了其 2026 财年第二季度的强劲财报。Nvidia 不仅超出了华尔街的预期，而且公司的董事会还批准将 600 亿美元加入其股票回购计划，这将通过降低流通股数量来帮助提高每股收益。</p>
</div><p>Despite what looked like strong numbers, Nvidia's stock didn't react too well and fell following the release. Ultimately, there were both positive and negative aspects from the print. Interestingly, I found one aspect to be both the best and worst part of Nvidia's earnings report.</p>
<div class="lb-trans"><p>尽管看起来数据强劲，但 Nvidia 的股票在发布后反应不佳，股价下跌。最终，从财报中可以看到正面和负面的因素。有趣的是，我发现有一个方面既是 Nvidia 财报中最好的部分，也是最糟糕的部分。</p>
</div><h2>China remains a big variable</h2>
<div class="lb-trans"><h2>中国仍然是一个重要变量</h2>
</div><p>In the second quarter, Nvidia reported $1.05 adjusted earnings per share on $46.74 billion of revenue, both of which beat estimates. Nvidia also guided for revenue in the current quarter to hit $54 billion, about $900 million ahead of Street forecasts. However, investors seemed slightly miffed by performance in Nvidia's data center business. Despite growing 56% year over year, the number came up slightly short of estimates.</p>
<div class="lb-trans"><p>在第二季度，Nvidia 报告调整后的每股收益为 1.05 美元，营收为 467.4 亿美元，均超出预期。Nvidia 还预计当前季度的营收将达到 540 亿美元，约比华尔街预测高出 9 亿美元。然而，投资者似乎对 Nvidia 的数据中心业务的表现略感不满。尽管同比增长了 56%，但这一数字略低于预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTMvYm9hcmRyb29tLTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831553%2Fboardroom-2.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><p>Part of the shortfall came from a decline in sales of Nvidia's H20 chips, which it sells to businesses in China, in accordance with previous government restrictions. The company has not been able to sell its most advanced chips to China over national security concerns, specifically regarding what China might try to build with these AI capabilities.</p>
<div class="lb-trans"><p>部分业绩下滑源于 Nvidia 的 H20 芯片销售下降，该芯片是其向中国企业销售的，符合之前的政府限制。由于国家安全问题，该公司无法向中国销售其最先进的芯片，特别是关于中国可能利用这些 AI 能力进行的建设。</p>
</div><p>These concerns have been ratcheted up under the Trump administration, which earlier this year required Nvidia to obtain export licenses in order to sell to China. In the first quarter of the year, Nvidia took a $5.5 billion charge due to prior built-up inventory and purchase commitments.</p>
<div class="lb-trans"><p>这些担忧在特朗普政府期间加剧，今年早些时候要求 Nvidia 在向中国销售时必须获得出口许可证。在今年第一季度，Nvidia 因之前积压的库存和采购承诺而计提了 55 亿美元的费用。</p>
</div><p>Nvidia CEO Jensen Huang appeared to be making progress with President Donald Trump, agreeing to give 15% of the company's China sales to the U.S. government if it could sell in the country. Nvidia is also reportedly building a scaled-down Blackwell chip, which is more advanced than the H20 chip, that the government might allow the company to sell in China. However, right before earnings, media outlets reported that Nvidia had instructed its suppliers to stop making the H20 chips after the Chinese government told domestic companies to avoid Nvidia chips due to its own security concerns.</p>
<div class="lb-trans"><p>Nvidia 首席执行官黄仁勋似乎在与特朗普总统的谈判中取得了进展，达成协议，如果能够在中国销售，公司将把 15% 的中国销售额上交给美国政府。Nvidia 还 reportedly 正在开发一种缩小版的 Blackwell 芯片，这种芯片比 H20 芯片更先进，政府可能会允许该公司在中国销售。然而，就在财报发布前，媒体报道称 Nvidia 已指示其供应商停止生产 H20 芯片，因为中国政府告知国内公司出于自身安全考虑要避免使用 Nvidia 的芯片。</p>
</div><p>Management on the company's earnings call noted that if geopolitical issues are solved, Nvidia could earn an additional $2 billion to $5 billion of revenue from H20 chip sales in the current quarter. But right now, that is not factored into the company's guidance. Furthermore, Huang said the opportunity in China in 2025 would have been $50 billion &#34;if we were able to address it with competitive products.&#34; He continued, &#34;And if it's $50 billion this year, you would expect it to grow, say, 50% per year, as the rest of the world's AI market is growing as well.&#34;</p>
<div class="lb-trans"><p>公司在财报电话会议上指出，如果地缘政治问题得到解决，Nvidia 在当前季度可能会从 H20 芯片销售中获得额外的 20 亿到 50 亿美元的收入。但目前，这并未计入公司的指导中。此外，黄仁勋表示，如果我们能够用具有竞争力的产品解决中国市场，2025 年的机会将是 500 亿美元。他继续说道：“如果今年是 500 亿美元，你会期望它每年增长 50%，因为全球其他地区的 AI 市场也在增长。”</p>
</div><h2>Upside potential</h2>
<div class="lb-trans"><h2>上行潜力</h2>
</div><p>The worst part of the quarter might have been the news about Nvidia having to suspend H20 chip production and seeing the Chinese government tell local companies to avoid Nvidia's chips. However, there seems to be a real possibility that Nvidia will eventually be able to sell its products in China, and perhaps even more advanced chips than it had been selling.</p>
<div class="lb-trans"><p>本季度最糟糕的部分可能是 Nvidia 不得不暂停 H20 芯片生产的消息，以及看到中国政府告知当地公司避免使用 Nvidia 的芯片。然而，Nvidia 最终能够在中国销售其产品，甚至可能销售比之前更先进的芯片的可能性似乎是真实存在的。</p>
</div><p>In my opinion, this is also in a way the best part of the quarter because the stock and company are performing well without revenue from China, which is clearly material. While the government has reservations about selling U.S. chips in China, it probably would prefer a U.S. company to sell them over Chinese companies. <em>The Wall Street Journal</em> recently reported that <strong>Alibaba</strong> is working on a chip to fill the void left by the H20 chip. While Chinese companies don't have the same chip capabilities as Nvidia right now, that could change one day.</p>
<div class="lb-trans"><p>在我看来，这在某种程度上也是本季度最好的部分，因为该公司和股票在没有来自中国的收入的情况下表现良好，这显然是重要的。虽然政府对在中国销售美国芯片持保留态度，但它可能更希望美国公司而非中国公司来销售这些芯片。《华尔街日报》最近报道，<strong>阿里巴巴</strong> 正在研发一种芯片，以填补 H20 芯片留下的空白。虽然中国公司目前没有与 Nvidia 相同的芯片能力，但这种情况可能会在未来发生变化。</p>
</div><p>So the opportunity to eventually reignite a business in a fast-growing market where the opportunity is tens of billions in additional annual revenue growth is the most exciting part of Nvidia's recent quarter and near-term future prospects. Nvidia currently trades around 38 times forward earnings, which is above its five year average of 34.4.</p>
<div class="lb-trans"><p>因此，最终在一个快速增长的市场中重新点燃业务的机会，年收入增长的机会达到数百亿美元，是 Nvidia 最近一个季度和近期未来前景中最令人兴奋的部分。Nvidia 目前的交易价格约为未来收益的 38 倍，超过了其五年平均的 34.4 倍。</p>
</div><p>That's not cheap, especially for such a large company. However, given that revenue is expected to keep growing at a healthy clip and the potential upside from China, I do think investors can continue to buy the stock, although dollar-cost averaging is likely the best strategy right now with the stock trading at a stretched valuation.</p>
<div class="lb-trans"><p>这并不便宜，尤其对于这样一家大公司。然而，考虑到收入预计将继续以健康的速度增长，以及来自中国的潜在上行空间，我认为投资者可以继续购买该股票，尽管在股票估值偏高的情况下，定投可能是目前最佳策略。</p>
</div>

The Best and Worst Part of Nvidia's Recent Earnings Report

- 英伟达第二季度财报超出预期，调整后每股收益为 1.05 美元，营收为 467.4 亿美元。  
- 由于中国市场的限制，H20 芯片销售下滑，影响数据中心业务表现。  
- 如果解决地缘政治问题，英伟达可能在当前季度额外获得 20 亿至 50 亿美元的收入。

英伟达最近财报中的亮点与不足之处