<p><strong>英伟达</strong>(NVDA -2.79%) 是目前市场上最受欢迎的股票之一。该公司在专为人工智能应用场景设计的 GPU 制造方面占据主导地位。</p>
<p>大多数分析师对英伟达作为一家企业和投资对象都非常看好。但有一位分析师，Jay Goldberg，对英伟达股票的目标价为 100 美元，是华尔街最低的。无论你是否同意他的观点，每位投资者都应该理解他为何预期该股票将下跌超过 40%。</p>
<h2>Goldberg 看空英伟达股票的三个原因</h2>
<p>英伟达正在快速增长。过去五年，销售额增长超过 1000%。考虑到人工智能市场预计未来几年将以超过 30% 的速度增长，英伟达的两位数增长率应该会持续下去。但其股票的交易价格高达 27 倍销售额，Goldberg 认为英伟达的增长故事开始显露出裂痕。</p>
<p>他首先关注的是英伟达对中国市场的依赖。持续的贸易战扰乱了该公司向中国销售其标志性芯片的能力，而中国的人工智能产业每年增长超过 50%。据报道，英伟达与美国达成协议恢复出口，但与中国政府的持续问题可能使中国芯片制造商赶上并获得国内市场份额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ1NDgvZ2V0dHlpbWFnZXMtMjE1NTc2OTU1NS0xMjAweDY3NS0xMjg1NTRlLTEuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ1NDgvZ2V0dHlpbWFnZXMtMjE1NTc2OTU1NS0xMjAweDY3NS0xMjg1NTRlLTEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images</p>
<p>Goldberg 还对英伟达在代理技术方面的乐观态度表示担忧。虽然代理服务确实构成了长期增长的故事，但 Goldberg 认为，世界距离这种技术的实际应用还有很多年。</p>
<p>最后，Goldberg 提醒投资者，能够满足人工智能需求的熟练劳动力池可能在短期内存在限制，无法达到预测的规模。即使是英伟达也承认，在一个人工智能驱动的世界中，需要进行大规模的劳动力再培训。</p>
<p>虽然你可能不同意 Goldberg 的逆向观点，但即使是英伟达最乐观的投资者也能从理解该公司面临的挑战中受益。</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（Nvidia，股票代码：NVDA）正面临分析师杰伊·戈德堡（Jay Goldberg）的怀疑，他为该股票设定了 100 美元的目标价，这是华尔街最低的目标价。尽管英伟达在过去五年中销售额增长超过 1000%，戈德堡仍然提到对其在中国市场的风险、代理技术的缓慢普及以及人工智能需求中熟练劳动力池的潜在限制等问题。投资者应考虑这些挑战，即使他们不同意戈德堡的悲观立场</p>

<p><strong>Nvidia</strong>(NVDA -2.79%) is one of the most beloved stocks on the market today. The company has a dominant lead in creating the GPUs designed specifically for artificial intelligence use cases.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.79%) 是目前市场上最受欢迎的股票之一。该公司在专为人工智能应用场景设计的 GPU 制造方面占据主导地位。</p>
</div><p>Most analysts are big fans of Nvidia as both a business and as an investment. But one analyst, Jay Goldberg, has a $100 price target for Nvidia stock, the lowest on Wall Street. Whether or not you agree with him, every investor should understand why he expects the stock to fall over 40%.</p>
<div class="lb-trans"><p>大多数分析师对英伟达作为一家企业和投资对象都非常看好。但有一位分析师，Jay Goldberg，对英伟达股票的目标价为 100 美元，是华尔街最低的。无论你是否同意他的观点，每位投资者都应该理解他为何预期该股票将下跌超过 40%。</p>
</div><h2>3 reasons Goldberg is bearish on Nvidia stock</h2>
<div class="lb-trans"><h2>Goldberg 看空英伟达股票的三个原因</h2>
</div><p>Nvidia is growing by leaps and bounds. Sales are up by more than 1,000% over the past five years. And given that the AI market is expected to grow by more than 30% annually for years to come, Nvidia's double-digit growth rates should be here to stay. But shares trade at a lofty 27 times sales, and Goldberg thinks there are cracks beginning to show in Nvidia's growth story.</p>
<div class="lb-trans"><p>英伟达正在快速增长。过去五年，销售额增长超过 1000%。考虑到人工智能市场预计未来几年将以超过 30% 的速度增长，英伟达的两位数增长率应该会持续下去。但其股票的交易价格高达 27 倍销售额，Goldberg 认为英伟达的增长故事开始显露出裂痕。</p>
</div><p>His first issue is with Nvidia's exposure to China. The ongoing trade war has disrupted the company's ability to sell its marquee chips to the country, a country that has an AI industry growing by 50% or more per year. Nvidia reportedly struck a deal with the U.S. to resume exports, but ongoing issues with the Chinese government may allow Chinese chipmakers to catch up and secure domestic market share.</p>
<div class="lb-trans"><p>他首先关注的是英伟达对中国市场的依赖。持续的贸易战扰乱了该公司向中国销售其标志性芯片的能力，而中国的人工智能产业每年增长超过 50%。据报道，英伟达与美国达成协议恢复出口，但与中国政府的持续问题可能使中国芯片制造商赶上并获得国内市场份额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ1NDgvZ2V0dHlpbWFnZXMtMjE1NTc2OTU1NS0xMjAweDY3NS0xMjg1NTRlLTEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834548%2Fgettyimages-2155769555-1200x675-128554e-1.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>Goldberg is also concerned with Nvidia's bullishness surrounding agentic technologies. While agentic services do pose a long-term growth story, Goldberg thinks that the world is still many years away from any meaningful real-world adoption of this technology.</p>
<div class="lb-trans"><p>Goldberg 还对英伟达在代理技术方面的乐观态度表示担忧。虽然代理服务确实构成了长期增长的故事，但 Goldberg 认为，世界距离这种技术的实际应用还有很多年。</p>
</div><p>Finally, Goldberg cautions investors that there may be a short-term limit to the skilled labor pool that can scale for AI demand as much as forecasts predict. Even Nvidia has admitted that a huge workforce retraining will be required in an AI-enabled world.</p>
<div class="lb-trans"><p>最后，Goldberg 提醒投资者，能够满足人工智能需求的熟练劳动力池可能在短期内存在限制，无法达到预测的规模。即使是英伟达也承认，在一个人工智能驱动的世界中，需要进行大规模的劳动力再培训。</p>
</div><p>While you may not agree with Goldberg's contrarian outlook, even Nvidia's most bullish investors can benefit from understanding the challenges the company faces.</p>
<div class="lb-trans"><p>虽然你可能不同意 Goldberg 的逆向观点，但即使是英伟达最乐观的投资者也能从理解该公司面临的挑战中受益。</p>
</div>

Why Is This Wall Street Analyst So Bearish on Nvidia? Here Are 3 Key Reasons.

- Nvidia 在人工智能 GPU 市场占据主导地位，销售增长超过 1000%。  
- 分析师 Jay Goldberg 预计股价将下跌 40%，目标价为 100 美元。  
- 他担忧中美贸易战、技术采纳滞后及技能劳动力短缺等问题。  

为什么这位华尔街分析师对 NVIDIA 如此看空？以下是三个关键原因