<p>作者：Britney Nguyen</p>
<p>英伟达交出了超出预期的业绩，展现了强劲的网络增长，并表示对未来商业趋势有很高的可见性。</p>
<p>英伟达的股票在周四的盘前交易中上涨超过 5%。</p>
<p>英伟达在周四安抚了市场，创下了记录性的业绩和乐观的评论，分析师表示人工智能交易仍然看起来非常健康。</p>
<p>在英伟达（NVDA）发布报告之前，科技股因对超大规模客户巨额资本支出的可持续性以及英伟达与其生态系统中其他参与者最近达成的交易的循环性质的担忧而回落。</p>
<p>现在，英伟达的股票在盘前交易中上涨了 5%，并推动了其他人工智能股票和更广泛的市场。标准普尔 500 期货（ES00）上涨了 1.6%。以下是英伟达报告中帮助安抚市场的五个主要方面。</p>
<p>强劲的需求</p>
<p>根据 Bernstein 分析师 Stacy Rasgon 的说法，考虑到客户传达的支出增加，投资者可能期待英伟达提供&#34;良好的指引&#34;。尽管如此，华尔街仍然需要英伟达首席执行官黄仁勋的一些&#34;引导&#34;，而这通过黄对&#34;超出预期&#34;需求的描述得到了满足。</p>
<p>Rasgon 指出，英伟达还强调了其竞争力和强大的产品路线图，并重申了其收入和毛利率在明年将保持的轨迹。Rasgon 在周四的报告中表示，这些因素&#34;可能会给投资者更多信心，以支持对人工智能需求的'更强劲更持久'的展望。&#34;</p>
<p>英伟达报告的财政第三季度收益为 570 亿美元，远超 FactSet 的共识预期的 549 亿美元，同比增长 62%。该芯片制造商对当前季度的收入指引为 650 亿美元，这也显著高于 FactSet 共识的 621.7 亿美元。</p>
<p>查看更多：英伟达的收益在华尔街引发欢呼：'也许人工智能交易还没有结束'</p>
<p>Blackwell Ultra 正在开发中，Rubin 按计划进行。</p>
<p>根据英伟达首席财务官 Colette Kress 的说法，该公司的 Blackwell Ultra 图形处理单元现在是其&#34;所有客户类别中的领先架构&#34;，尽管其前身 Blackwell 仍然有强劲的需求。该公司还表示，预计其即将推出的 Rubin 平台将在明年下半年快速 ramp。</p>
<p>Susquehanna 的 Christopher Rolland 在最新报告之前指出，Blackwell Ultra 的平均售价更高。</p>
<p>强大的可见性，强大的利润率</p>
<p>该公司还重申了对其 Blackwell 和 Rubin 人工智能平台在明年实现 5000 亿美元收入的可见性。Rasgon 表示，这&#34;暗示了明年数据中心销售的显著更高的运行率&#34;，并指出他预计该细分市场的收入至少为 3000 亿美元。尽管其组件价格上涨，英伟达预计明年的毛利率将保持在中 70% 的范围内，Rasgon 表示，这消除了&#34;另一个潜在的压力因素&#34;。</p>
<p>Rasgon 将英伟达股票的目标价上调至 275 美元，较英伟达周三收盘价 186.52 美元有 47% 的上涨空间。</p>
<p>Wedbush 的 Matt Bryson 分享了类似的观点，认为英伟达 5000 亿美元的收入预测和中 70% 的毛利率目标暗示了上涨空间。由于英伟达在其预测中未包括与 Anthropic 的最新交易等新交易，英伟达有机会超越这个惊人的半万亿数字。</p>
<p>尽管内存组件和其他材料的成本在上升，他的团队认为英伟达&#34;能够规避任何逆风&#34;。</p>
<p>William Blair 分析师 Sebastien Naji 补充道，英伟达&#34;拥有定价权，并能够将增加的成本转嫁给客户&#34;，这也是其能够预测稳定利润率范围的原因之一，尽管面临输入压力。</p>
<p>网络领域的新星</p>
<p>英伟达报告称，其数据中心网络业务在 10 月份的季度收入为 82 亿美元，同比增长 162%。在 Bryson 看来，数据中心产品的增长尤其重要，因为扩展到相关领域为英伟达提供了超越人工智能支出的机会。</p>
<p>阅读：英伟达的收益已成为股市的关键 - 而这次更是如此</p>
<p>对人工智能泡沫担忧的回应</p>
<p>Jefferies 分析师 Blayne Curtis 表示，英伟达的收益结果和管理层随后的评论&#34;应该有助于稳定人工智能交易到年底。&#34;</p>
<p>在关于其 GPU 折旧时间表的持续辩论中，Curtis 表示，英伟达的评论称其云 GPU 已售罄，且其 Blackwell 和 Hopper 芯片正在充分利用&#34;应该有助于结束有用寿命的讨论。&#34;</p>
<p>英伟达首席财务官 Colette Kress 还指出，&#34;我们六年前发运的 A100 GPU 今天仍在全负荷运行。&#34;这很重要，因为投资者开始担心英伟达芯片的有用寿命可能没有客户在其会计中建模的那么长，从而给人工智能交易增加了利润风险。</p>
<p>-Britney Nguyen</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（结束）道琼斯新闻社</p>
<p>11-20-25 0912ET</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>英伟达强劲的财务表现，包括第三财季收益增长 62% 至 570 亿美元，以及 65 亿美元的收入预测，推动其股价上涨超过 5%，并提振了与人工智能相关的股票。分析师强调了强劲的需求、良好的产品路线图和显著的收入可见性，预计人工智能平台将带来 5000 亿美元的收入。英伟达的数据中心网络收入增长了 162%，其定价能力帮助维持了利润率，尽管成本上升。分析师认为英伟达的业绩稳定了人工智能交易，并解决了对 GPU 贬值的担忧</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>Nvidia delivered a big beat, posted strong networking growth and indicated a lot of visibility into future business trends</p>
<div class="lb-trans"><p>英伟达交出了超出预期的业绩，展现了强劲的网络增长，并表示对未来商业趋势有很高的可见性。</p>
</div><p>Nvidia's stock was up more than 5% in Thursday's premarket action.</p>
<div class="lb-trans"><p>英伟达的股票在周四的盘前交易中上涨超过 5%。</p>
</div><p>Nvidia is calming markets on Thursday, with record results and upbeat commentary that have analysts saying the artificial-intelligence trade still looks plenty healthy.</p>
<div class="lb-trans"><p>英伟达在周四安抚了市场，创下了记录性的业绩和乐观的评论，分析师表示人工智能交易仍然看起来非常健康。</p>
</div><p>Heading into Nvidia's (NVDA) report, tech stocks had pulled back on concerns about the sustainability of massive capital expenditures from hyperscaler customers and the circular nature of deals recently struck between Nvidia and other players in its ecosystem.</p>
<div class="lb-trans"><p>在英伟达（NVDA）发布报告之前，科技股因对超大规模客户巨额资本支出的可持续性以及英伟达与其生态系统中其他参与者最近达成的交易的循环性质的担忧而回落。</p>
</div><p>Now Nvidia's stock is moving 5% higher in premarket action, and lifting fellow artificial-intelligence shares - and the broader market. S&amp;P 500 futures (ES00) are up 1.6%. Here are the five biggest aspects of Nvidia's report that are helping to calm markets on Thursday.</p>
<div class="lb-trans"><p>现在，英伟达的股票在盘前交易中上涨了 5%，并推动了其他人工智能股票和更广泛的市场。标准普尔 500 期货（ES00）上涨了 1.6%。以下是英伟达报告中帮助安抚市场的五个主要方面。</p>
</div><p>Robust demand</p>
<div class="lb-trans"><p>强劲的需求</p>
</div><p>Investors were likely expecting &#34;a good guide&#34; from Nvidia given the spending increases telegraphed by its customers, according to Bernstein analyst Stacy Rasgon. Nonetheless, Wall Street still needed some &#34;hand-holding&#34; from Nvidia CEO Jensen Huang, and it got that through commentary like Huang's description of &#34;off the charts&#34; demand.</p>
<div class="lb-trans"><p>根据 Bernstein 分析师 Stacy Rasgon 的说法，考虑到客户传达的支出增加，投资者可能期待英伟达提供&#34;良好的指引&#34;。尽管如此，华尔街仍然需要英伟达首席执行官黄仁勋的一些&#34;引导&#34;，而这通过黄对&#34;超出预期&#34;需求的描述得到了满足。</p>
</div><p>Rasgon noted that Nvidia also talked up its competitiveness and robust product roadmap, and the company reaffirmed the trajectory of its revenue and gross margins going into next year. Those factors &#34;will probably give investors more confidence to underwrite a 'stronger for longer' outlook for AI demand,&#34; Rasgon said in a Thursday note.</p>
<div class="lb-trans"><p>Rasgon 指出，英伟达还强调了其竞争力和强大的产品路线图，并重申了其收入和毛利率在明年将保持的轨迹。Rasgon 在周四的报告中表示，这些因素&#34;可能会给投资者更多信心，以支持对人工智能需求的'更强劲更持久'的展望。&#34;</p>
</div><p>Nvidia reported fiscal third quarter earnings of $57 billion, which solidly beat the consensus for $54.9 billion on FactSet, and represented a 62% increase from the previous year. The chip maker guided revenue for the current quarter at $65 billion, which also meaningfully topped the FactSet consensus for $62.17 billion.</p>
<div class="lb-trans"><p>英伟达报告的财政第三季度收益为 570 亿美元，远超 FactSet 的共识预期的 549 亿美元，同比增长 62%。该芯片制造商对当前季度的收入指引为 650 亿美元，这也显著高于 FactSet 共识的 621.7 亿美元。</p>
</div><p>See more: Nvidia earnings draw cheers on Wall Street: 'Perhaps the AI trade is not yet dead'</p>
<div class="lb-trans"><p>查看更多：英伟达的收益在华尔街引发欢呼：'也许人工智能交易还没有结束'</p>
</div><p>Blackwell Ultra is cooking and Rubin is on track</p>
<div class="lb-trans"><p>Blackwell Ultra 正在开发中，Rubin 按计划进行。</p>
</div><p>According to Nvidia CFO Colette Kress, the company's Blackwell Ultra graphics processing units are now its &#34;leading architecture across all customer categories,&#34; though its Blackwell predecessor is still seeing strong demand. The company also said a &#34;fast&#34; ramp of its upcoming Rubin platform is slated for the second half of next year.</p>
<div class="lb-trans"><p>根据英伟达首席财务官 Colette Kress 的说法，该公司的 Blackwell Ultra 图形处理单元现在是其&#34;所有客户类别中的领先架构&#34;，尽管其前身 Blackwell 仍然有强劲的需求。该公司还表示，预计其即将推出的 Rubin 平台将在明年下半年快速 ramp。</p>
</div><p>Susquehanna's Christopher Rolland noted prior to the latest report that Blackwell Ultra came with higher average selling prices.</p>
<div class="lb-trans"><p>Susquehanna 的 Christopher Rolland 在最新报告之前指出，Blackwell Ultra 的平均售价更高。</p>
</div><p>Strong visibility, strong margins</p>
<div class="lb-trans"><p>强大的可见性，强大的利润率</p>
</div><p>The company also reiterated its visibility into $500 billion in revenue from its Blackwell and Rubin AI platforms through next year. That &#34;suggests a materially higher run-rate for data-center sales into next year,&#34; Rasgon said, noting that he sees revenue of at least $300 billion for that segment. And with Nvidia projecting that its gross margins will stay in the mid-70s range next year, even as prices for its components go up, Rasgon said that eliminates &#34;another potential overhang.&#34;</p>
<div class="lb-trans"><p>该公司还重申了对其 Blackwell 和 Rubin 人工智能平台在明年实现 5000 亿美元收入的可见性。Rasgon 表示，这&#34;暗示了明年数据中心销售的显著更高的运行率&#34;，并指出他预计该细分市场的收入至少为 3000 亿美元。尽管其组件价格上涨，英伟达预计明年的毛利率将保持在中 70% 的范围内，Rasgon 表示，这消除了&#34;另一个潜在的压力因素&#34;。</p>
</div><p>Rasgon raised his price target for Nvidia's stock to $275, representing 47% upside from Nvidia's closing stock price of $186.52 on Wednesday.</p>
<div class="lb-trans"><p>Rasgon 将英伟达股票的目标价上调至 275 美元，较英伟达周三收盘价 186.52 美元有 47% 的上涨空间。</p>
</div><p>Wedbush's Matt Bryson shared a similar perspective that Nvidia's $500 billion revenue projection and mid-70s gross margins target imply room for upside. With Nvidia not including new deals such as its most recent announcement with Anthropic in its projection, there's opportunity for Nvidia to deliver even beyond that eye-popping half-trillion figure.</p>
<div class="lb-trans"><p>Wedbush 的 Matt Bryson 分享了类似的观点，认为英伟达 5000 亿美元的收入预测和中 70% 的毛利率目标暗示了上涨空间。由于英伟达在其预测中未包括与 Anthropic 的最新交易等新交易，英伟达有机会超越这个惊人的半万亿数字。</p>
</div><p>And while costs for memory components and other materials are increasing, his team sees Nvidia &#34;as positioned to sidestep any headwinds.&#34;</p>
<div class="lb-trans"><p>尽管内存组件和其他材料的成本在上升，他的团队认为英伟达&#34;能够规避任何逆风&#34;。</p>
</div><p>Nvidia has &#34;pricing power and an ability to pass along increased costs to its customers,&#34; added William Blair analyst Sebastien Naji, one reason why it's able to predict a steady margin range despite input pressures.</p>
<div class="lb-trans"><p>William Blair 分析师 Sebastien Naji 补充道，英伟达&#34;拥有定价权，并能够将增加的成本转嫁给客户&#34;，这也是其能够预测稳定利润率范围的原因之一，尽管面临输入压力。</p>
</div><p>A rising star in networking</p>
<div class="lb-trans"><p>网络领域的新星</p>
</div><p>Nvidia reported that its data-center networking business saw revenue of $8.2 billion in the October quarter, which represented 162% growth from the previous year. In Bryson's view, growth there and in other data center products is &#34;particularly important as expanding into adjacencies provides a means for [Nvidia] to outgrow AI spend.&#34;</p>
<div class="lb-trans"><p>英伟达报告称，其数据中心网络业务在 10 月份的季度收入为 82 亿美元，同比增长 162%。在 Bryson 看来，数据中心产品的增长尤其重要，因为扩展到相关领域为英伟达提供了超越人工智能支出的机会。</p>
</div><p>Read: Nvidia earnings have become crucial to the stock market - and this time even more so</p>
<div class="lb-trans"><p>阅读：英伟达的收益已成为股市的关键 - 而这次更是如此</p>
</div><p>Taking a shot at AI-bubble concerns</p>
<div class="lb-trans"><p>对人工智能泡沫担忧的回应</p>
</div><p>Jefferies analyst Blayne Curtis said Nvidia's earnings results and subsequent commentary from management &#34;should help steady the ship for the AI trade into the end of the year.&#34;</p>
<div class="lb-trans"><p>Jefferies 分析师 Blayne Curtis 表示，英伟达的收益结果和管理层随后的评论&#34;应该有助于稳定人工智能交易到年底。&#34;</p>
</div><p>Amid ongoing debates over the depreciation timeline for its GPUs, Curtis said Nvidia's comments that it is sold out of cloud GPUs and that its Blackwell and Hopper chips are being fully utilized &#34;should help put the useful life conversation to bed.&#34;</p>
<div class="lb-trans"><p>在关于其 GPU 折旧时间表的持续辩论中，Curtis 表示，英伟达的评论称其云 GPU 已售罄，且其 Blackwell 和 Hopper 芯片正在充分利用&#34;应该有助于结束有用寿命的讨论。&#34;</p>
</div><p>Nvidia CFO Colette Kress also noted that &#34;A100 GPUs we shipped six years ago are still running at full utilization today.&#34; That's notable because investors had become worried that Nvidia chips might not have useful lives as long as customers had been modeling through their accounting, adding profit risk to the AI trade.</p>
<div class="lb-trans"><p>英伟达首席财务官 Colette Kress 还指出，&#34;我们六年前发运的 A100 GPU 今天仍在全负荷运行。&#34;这很重要，因为投资者开始担心英伟达芯片的有用寿命可能没有客户在其会计中建模的那么长，从而给人工智能交易增加了利润风险。</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（结束）道琼斯新闻社</p>
</div><p>11-20-25 0912ET</p>
<div class="lb-trans"><p>11-20-25 0912ET</p>
</div>

The five biggest Nvidia highlights that are helping soothe the stock market

- Nvidia 发布强劲财报，第三季度营收达 570 亿美元，同比增长 62%。  
- 数据中心网络业务收入 82 亿美元，同比增长 162%。  
- 公司预计未来将实现 5000 亿美元收入，维持中高毛利率。  

缓解股市的五大英伟达亮点