<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>受英伟达强劲的财报和指引推动的美国股市大幅反弹在周四出现回落，这家芯片制造商扭转了早盘的剧烈涨幅，导致主要指数下跌。</p>
<p>这一变化使投资者重新评估了高企的人工智能估值以及美联储在 12 月再次降息的可能性。</p>
<p>道琼斯工业平均指数最后下跌 332 点，跌幅为 0.7%。标准普尔 500 指数下跌 1%，纳斯达克综合指数下跌 1.3%。</p>
<p>这些损失与早盘的乐观情绪形成鲜明对比，当时道琼斯一度上涨 717 点，标准普尔 500 和纳斯达克分别在盘中最高点上涨 1.9% 和 2.6%。</p>
<p>英伟达在发布超出华尔街预期的季度业绩后，放弃了高达 5% 的涨幅。该公司还发布了强于预期的第四季度指引。</p>
<p>首席执行官黄仁勋表示，该公司当前一代 Blackwell 芯片的需求 “超出预期”，并拒绝了人工智能热潮反映泡沫的说法。</p>
<p>尽管评论乐观，英伟达的股票却转为下跌，最后下跌约 1%，对整体市场造成压力。</p>
<p>投资者对高企的人工智能相关估值感到越来越不安，尤其是在美联储今年不再降息的情况下。</p>
<p>这种疲软延续了与人工智能相关股票的整体降温。截止周三，标准普尔 500 指数本月下跌约 3%，而纳斯达克几乎下跌了 5%。英伟达在周四交易前已经下跌了 7%。</p>
<h2>分析师对英伟达股票保持谨慎</h2>
<p>德意志银行在财报发布后，作为唯一一家维持对英伟达中性态度的主要公司，受到 CNBC 报道的关注。</p>
<p>分析师罗斯·塞莫尔将这一决定主要归因于估值问题。</p>
<p>塞莫尔写道，该公司对英伟达的长期前景仍持乐观态度，但认为未来两年的非凡预期已经反映在股价中。</p>
<p>该分析师对英伟达在人工智能计算、网络、软件和系统能力方面的持续领导地位 “印象深刻”，并补充说，英伟达在竞争对手面前的领先优势似乎更有可能扩大而非缩小。</p>
<p>然而，他指出，股票似乎 “估值合理”，引用 215 美元的目标价，暗示 2027 年日历年估计的市盈率约为 23 倍，已经假设了未来两年约 85% 的收入增长。</p>
<h2>中国市场疲软也影响英伟达股票</h2>
<p>英伟达在第三季度的中国业务仍然是一个压力点，因为美国的贸易限制继续重塑竞争格局。</p>
<p>据报道，该公司在截至 10 月 26 日的期间内，仅录得 5000 万美元的 H20 芯片销售——这些是为满足日益严格的出口管制而配置的 Hopper GPU 版本。</p>
<p>首席财务官科莱特·克雷斯表示，“由于地缘政治问题和中国市场竞争日益激烈，季度内并未出现大额采购订单。”</p>
<p>英伟达报告称，中国的总收入为 28 亿美元，占季度销售的 5%，远低于分析师预测的 84 亿美元。</p>
<p>相比之下，美国的收入达到 392 亿美元，而台湾的收入为 138 亿美元。</p>
<p>关于人工智能交易结束的后续？为何英伟达股票在出色的财报后仍然下滑，首次出现在 Invezz 上。</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>尽管英伟达的财报表现出色，但其股价仍然下滑，导致美国股市的广泛反弹出现回落。投资者重新评估了人工智能的估值和潜在的美联储降息。英伟达的股价转为负值，影响了主要指数。德意志银行因估值担忧维持中立立场。由于美国的贸易限制，英伟达在中国的业务面临挑战，影响了销售。这一消息突显了投资者的谨慎态度以及影响英伟达股价的地缘政治问题</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>A broad US equity rally sparked by Nvidia’s blockbuster earnings and guidance unravelled on Thursday, with the chipmaker reversing steep early gains and pulling major indices lower.</p>
<div class="lb-trans"><p>受英伟达强劲的财报和指引推动的美国股市大幅反弹在周四出现回落，这家芯片制造商扭转了早盘的剧烈涨幅，导致主要指数下跌。</p>
</div><p>The shift left investors reassessing stretched AI valuations and the likelihood of another rate cut from the Federal Reserve in December.</p>
<div class="lb-trans"><p>这一变化使投资者重新评估了高企的人工智能估值以及美联储在 12 月再次降息的可能性。</p>
</div><p>The Dow Jones Industrial Average last traded 332 points lower, a drop of 0.7%. The S&amp;P 500 fell 1%, while the Nasdaq Composite declined 1.3%.</p>
<div class="lb-trans"><p>道琼斯工业平均指数最后下跌 332 点，跌幅为 0.7%。标准普尔 500 指数下跌 1%，纳斯达克综合指数下跌 1.3%。</p>
</div><p>Those losses stood in stark contrast to early-session optimism, when the Dow had jumped as much as 717 points and the S&amp;P 500 and Nasdaq climbed 1.9% and 2.6% at their intraday highs.</p>
<div class="lb-trans"><p>这些损失与早盘的乐观情绪形成鲜明对比，当时道琼斯一度上涨 717 点，标准普尔 500 和纳斯达克分别在盘中最高点上涨 1.9% 和 2.6%。</p>
</div><p>Nvidia surrendered gains of as much as 5% after releasing quarterly results that exceeded Wall Street expectations on both earnings and revenue. The company also issued stronger-than-expected fourth-quarter guidance.</p>
<div class="lb-trans"><p>英伟达在发布超出华尔街预期的季度业绩后，放弃了高达 5% 的涨幅。该公司还发布了强于预期的第四季度指引。</p>
</div><p>CEO Jensen Huang said demand for the firm’s current-generation Blackwell chips was “off the charts,” and rejected suggestions that the AI boom reflected a bubble.</p>
<div class="lb-trans"><p>首席执行官黄仁勋表示，该公司当前一代 Blackwell 芯片的需求 “超出预期”，并拒绝了人工智能热潮反映泡沫的说法。</p>
</div><p>Despite the upbeat commentary, Nvidia stock turned negative and was last seen down around 1%, weighing on the broader market.</p>
<div class="lb-trans"><p>尽管评论乐观，英伟达的股票却转为下跌，最后下跌约 1%，对整体市场造成压力。</p>
</div><p>Investors grew increasingly uneasy about lofty AI-related valuations, particularly if the Fed refrains from additional rate cuts this year.</p>
<div class="lb-trans"><p>投资者对高企的人工智能相关估值感到越来越不安，尤其是在美联储今年不再降息的情况下。</p>
</div><p>The weakness continued a broader cooling in AI-linked stocks. Through Wednesday, the S&amp;P 500 was down about 3% for the month, while the Nasdaq had fallen nearly 5%. Nvidia itself had declined 7% for November ahead of Thursday’s session.</p>
<div class="lb-trans"><p>这种疲软延续了与人工智能相关股票的整体降温。截止周三，标准普尔 500 指数本月下跌约 3%，而纳斯达克几乎下跌了 5%。英伟达在周四交易前已经下跌了 7%。</p>
</div><h2>Analyst remains cautious on Nvidia stock</h2>
<div class="lb-trans"><h2>分析师对英伟达股票保持谨慎</h2>
</div><p>Deutsche Bank stood out as the only major firm to maintain a neutral stance on Nvidia following the earnings release, as per a CNBC report.</p>
<div class="lb-trans"><p>德意志银行在财报发布后，作为唯一一家维持对英伟达中性态度的主要公司，受到 CNBC 报道的关注。</p>
</div><p>Analyst Ross Seymore attributed the decision largely to valuation.</p>
<div class="lb-trans"><p>分析师罗斯·塞莫尔将这一决定主要归因于估值问题。</p>
</div><p>Seymore wrote that the firm remained bullish on Nvidia’s long-term prospects but argued that extraordinary expectations over the next two years were already reflected in the stock price.</p>
<div class="lb-trans"><p>塞莫尔写道，该公司对英伟达的长期前景仍持乐观态度，但认为未来两年的非凡预期已经反映在股价中。</p>
</div><p>The analyst was “very impressed with NVDA’s continued leadership in AI compute, networking, software and systems capabilities,” adding that Nvidia’s lead over competitors appeared more likely to widen than narrow.</p>
<div class="lb-trans"><p>该分析师对英伟达在人工智能计算、网络、软件和系统能力方面的持续领导地位 “印象深刻”，并补充说，英伟达在竞争对手面前的领先优势似乎更有可能扩大而非缩小。</p>
</div><p>However, he noted the shares appeared “fairly valued,” citing a $215 price target implying roughly a 23x P/E multiple on 2027 calendar year estimates that already assume about 85% revenue growth over two years.</p>
<div class="lb-trans"><p>然而，他指出，股票似乎 “估值合理”，引用 215 美元的目标价，暗示 2027 年日历年估计的市盈率约为 23 倍，已经假设了未来两年约 85% 的收入增长。</p>
</div><h2>China weakness also hurts the Nvidia stock</h2>
<div class="lb-trans"><h2>中国市场疲软也影响英伟达股票</h2>
</div><p>Nvidia’s China business remained a pressure point in the third quarter as US trade restrictions continued to reshape the competitive landscape.</p>
<div class="lb-trans"><p>英伟达在第三季度的中国业务仍然是一个压力点，因为美国的贸易限制继续重塑竞争格局。</p>
</div><p>The company reportedly recorded just $50 million in sales of its H20 chips — versions of its Hopper GPUs configured for China to meet tightening export controls — for the period ending October 26.</p>
<div class="lb-trans"><p>据报道，该公司在截至 10 月 26 日的期间内，仅录得 5000 万美元的 H20 芯片销售——这些是为满足日益严格的出口管制而配置的 Hopper GPU 版本。</p>
</div><p>CFO Colette Kress said, “sizable purchase orders never materialised in the quarter due to geopolitical issues and the increasingly competitive market in China.”</p>
<div class="lb-trans"><p>首席财务官科莱特·克雷斯表示，“由于地缘政治问题和中国市场竞争日益激烈，季度内并未出现大额采购订单。”</p>
</div><p>Nvidia reported $2.8 billion in total China revenue, representing 5% of quarterly sales, well below the $8.4 billion projected by analysts.</p>
<div class="lb-trans"><p>英伟达报告称，中国的总收入为 28 亿美元，占季度销售的 5%，远低于分析师预测的 84 亿美元。</p>
</div><p>By comparison, revenue from the US reached $39.2 billion, while Taiwan generated $13.8 billion.</p>
<div class="lb-trans"><p>相比之下，美国的收入达到 392 亿美元，而台湾的收入为 138 亿美元。</p>
</div><p>The post End of the AI trade? Why Nvidia stock slipped even after stellar earnings appeared first on Invezz</p>
<div class="lb-trans"><p>关于人工智能交易结束的后续？为何英伟达股票在出色的财报后仍然下滑，首次出现在 Invezz 上。</p>
</div>

End of the AI trade? Why Nvidia stock slipped even after stellar earnings

- 美国股市因英伟达财报反弹后回落，主要指数下跌。  
- 道琼斯工业平均指数下跌 332 点，标普 500 和纳斯达克分别下跌 1% 和 1.3%。  
- 投资者对 AI 估值和美联储可能的降息持谨慎态度。

AI 交易的终结？为什么英伟达的股票即便在业绩优异后仍然下跌