<p><em>&#34;如果你建造它，他们就会来。&#34;</em> 这是《梦想田野》中的承诺。对于 <strong>Nvidia (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> 和人工智能生态系统，现代版的说法有所不同：如果你建造它，总会有人最终为此买单。随着大型科技公司在人工智能基础设施上花费数千亿美元，投资者开始怀疑，仅凭信念是否能支撑这一交易。</p>
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<p>就 Nvidia 而言，它继续做它最擅长的事情——超越分析师的预期。市场的反应则不太典型，自 11 月 19 日最新的财政第三季度业绩发布以来，股价下跌了约 6%。</p>
<p>数字显然不是问题。收入激增至 570 亿美元，同比增长 62%，而 GAAP 和非 GAAP 的毛利率均超过 73%。Nvidia 还预测下个季度收入将达到 650 亿美元，并指出毛利率将进一步扩大。</p>
<p>那么，故事接下来会如何发展呢？投资者 Johnny Rice 并不完全相信这条跑道是无尽的。</p>
<p>&#34;很难否认 Nvidia 所交出的惊人数字，但我确实质疑它在人工智能繁荣中心的位置——以及人工智能繁荣本身——能持续多久，&#34; 这位投资者解释道。</p>
<p>Rice 指出，人工智能尚未在实际经济中证明自己，这可能会导致公司（尤其是其股东）重新考虑他们在人工智能建设上投入的巨额支出。</p>
<p>此外，这位投资者提到，Alphabet 最近发布的 Gemini 3 也是另一个潜在的警示信号。这款最新的 LLM 受到了极大的关注和热烈的欢迎，它是在 Alphabet 自家的 TPU 芯片上训练的。这可能表明，Nvidia 的技术护城河可能不足以保障其在行业中的领先地位。</p>
<p>&#34;[它] 直接挑战了推动 Nvidia 成功的主要叙事，即其芯片比竞争对手更先进，值得为此支付高额溢价，&#34; Rice 补充道。</p>
<p>在某个时刻，Rice 担心，Nvidia 的增长轨迹可能会大幅降温。如果那样的话，NVDA 的投资者可能会陷入困境。</p>
<p>&#34;在短期内，没有真正的迹象表明 (NVDA) 会出现问题。然而，从长远来看，我对此表示怀疑，&#34; Rice 总结道。（要查看 Johnny Rice 的业绩记录，请点击这里）</p>
<p>与此同时，华尔街对 NVDA 依然真心、疯狂、深深地爱着。39 个买入，1 个持有，1 个卖出，NVDA 获得了强烈买入的共识评级。华尔街的平均 12 个月目标价为 258.45 美元，暗示该股在未来一年可能再上涨约 48%。（见 <strong>NVDA 股票预测</strong>）</p>

英伟达

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<p>投资者 Johnny Rice 质疑尽管 Nvidia 的财务表现强劲，但在人工智能热潮中其增长的可持续性。他强调了对人工智能实际经济影响和来自 Alphabet 的 Gemini 3 竞争的担忧。尽管 Nvidia 的股票在华尔街上获得了强烈买入的共识，Rice 对其长期走势表示怀疑。根据分析师的预测，该股票预计在未来一年内上涨 48%</p>

<p><em>&#34;If you build it, they will come.&#34;</em> That was the promise in Field of Dreams. For <strong>Nvidia (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> and the AI ecosystem, the modern version reads differently: if you build it, someone eventually has to pay for it. With Big Tech spending hundreds of billions on AI infrastructure, investors are starting to wonder whether faith alone can keep this trade afloat.</p>
<div class="lb-trans"><p><em>&#34;如果你建造它，他们就会来。&#34;</em> 这是《梦想田野》中的承诺。对于 <strong>Nvidia (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> 和人工智能生态系统，现代版的说法有所不同：如果你建造它，总会有人最终为此买单。随着大型科技公司在人工智能基础设施上花费数千亿美元，投资者开始怀疑，仅凭信念是否能支撑这一交易。</p>
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<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，自信投资</h3>
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<li>通过最新的新闻和分析保持市场领先，使你的投资组合始终处于最大潜力的状态</li>
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</div><p>Nvidia, for its part, keeps doing what it does best – beating analyst expectations across the board. What's less typical is the market's response, with the stock sitting about 6% lower since the latest fiscal third-quarter results were released on November 19.</p>
<div class="lb-trans"><p>就 Nvidia 而言，它继续做它最擅长的事情——超越分析师的预期。市场的反应则不太典型，自 11 月 19 日最新的财政第三季度业绩发布以来，股价下跌了约 6%。</p>
</div><p>The numbers certainly weren't the issue. Revenue surged to $57 billion, up 62% year over year, while both GAAP and non-GAAP gross margins came in above 73%. Nvidia also guided for $65 billion in revenue next quarter and flagged further margin expansion.</p>
<div class="lb-trans"><p>数字显然不是问题。收入激增至 570 亿美元，同比增长 62%，而 GAAP 和非 GAAP 的毛利率均超过 73%。Nvidia 还预测下个季度收入将达到 650 亿美元，并指出毛利率将进一步扩大。</p>
</div><p>So where does the story go from here? Investor Johnny Rice isn't fully convinced the runway is endless.</p>
<div class="lb-trans"><p>那么，故事接下来会如何发展呢？投资者 Johnny Rice 并不完全相信这条跑道是无尽的。</p>
</div><p>&#34;It is hard to argue with the eye-popping numbers Nvidia is delivering, but I do question how long its place at the center of the AI boom – and the AI boom itself – can continue,&#34; explains the investor.</p>
<div class="lb-trans"><p>&#34;很难否认 Nvidia 所交出的惊人数字，但我确实质疑它在人工智能繁荣中心的位置——以及人工智能繁荣本身——能持续多久，&#34; 这位投资者解释道。</p>
</div><p>Rice points out that AI has yet to prove itself in the real economy, which could cause companies (and their shareholders, in particular) to reconsider the huge spending outlays they are devoting to the AI buildout.</p>
<div class="lb-trans"><p>Rice 指出，人工智能尚未在实际经济中证明自己，这可能会导致公司（尤其是其股东）重新考虑他们在人工智能建设上投入的巨额支出。</p>
</div><p>Moreover, the investor cites the recent release of Alphabet's Gemini 3 as another potential cause for alarm. This newest LLM, received with much aplomb and fanfare, was trained on Alphabet's own TPU chips. This could signal that Nvidia's technological moat might not be deep enough to safeguard its place at the head of the class.</p>
<div class="lb-trans"><p>此外，这位投资者提到，Alphabet 最近发布的 Gemini 3 也是另一个潜在的警示信号。这款最新的 LLM 受到了极大的关注和热烈的欢迎，它是在 Alphabet 自家的 TPU 芯片上训练的。这可能表明，Nvidia 的技术护城河可能不足以保障其在行业中的领先地位。</p>
</div><p>&#34;[It] directly challenges the primary narrative driving Nvidia's success, that its chips are so much more advanced than the competition that it is worth paying a hefty premium for them,&#34; adds Rice.</p>
<div class="lb-trans"><p>&#34;[它] 直接挑战了推动 Nvidia 成功的主要叙事，即其芯片比竞争对手更先进，值得为此支付高额溢价，&#34; Rice 补充道。</p>
</div><p>At some point, Rice worries, Nvidia's growth trajectory might cool off considerably. If that happens, investors in NVDA could be in trouble.</p>
<div class="lb-trans"><p>在某个时刻，Rice 担心，Nvidia 的增长轨迹可能会大幅降温。如果那样的话，NVDA 的投资者可能会陷入困境。</p>
</div><p>&#34;In the near term, there are no real signs that (NVDA) will falter. Long term, however, I have my doubts,&#34; sums up Rice. (To watch Johnny Rice's track record, click here)</p>
<div class="lb-trans"><p>&#34;在短期内，没有真正的迹象表明 (NVDA) 会出现问题。然而，从长远来看，我对此表示怀疑，&#34; Rice 总结道。（要查看 Johnny Rice 的业绩记录，请点击这里）</p>
</div><p>Meanwhile, Wall Street remains truly, madly, deeply in love with NVDA. With 39 Buys, 1 Hold, and 1 Sell, NVDA cruises to a Strong Buy consensus rating. The Street's average 12-month price target of $258.45 suggests the stock could climb another ~48% over the next year. (See <strong>NVDA stock forecast</strong>)</p>
<div class="lb-trans"><p>与此同时，华尔街对 NVDA 依然真心、疯狂、深深地爱着。39 个买入，1 个持有，1 个卖出，NVDA 获得了强烈买入的共识评级。华尔街的平均 12 个月目标价为 258.45 美元，暗示该股在未来一年可能再上涨约 48%。（见 <strong>NVDA 股票预测</strong>）</p>
</div>

'Dreams Won't Pay Forever,' Says Investor About Nvidia Stock

- Nvidia 的收入增长至 570 亿美元，同比增长 62%。  
- 投资者对 AI 生态系统的可持续性表示担忧。  
- 华尔街对 Nvidia 维持强烈买入评级，目标价为 258.45 美元。  

投资者谈到英伟达股票时表示：‘梦想不会永远支付’