<p><strong>英伟达 (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> 为投资者提供了一个看似简单的提议：为其股价支付高额溢价，这家主导的人工智能芯片制造商将继续带来令人难以置信的营收和利润增长。这在过去几年一直是这样，如果相信首席执行官黄仁勋的话，这个成功故事将在本十年末继续上演。</p>
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<p>一方面，公司的过去表现令人难以挑剔，屡次超越市场的高期望。公司的 2026 财年第三季度数据只是这一持续趋势的最新体现。</p>
<p>然而，一些阴云正在出现，关于人工智能泡沫的担忧可能会影响英伟达的表现。如果超大规模云计算公司的资本支出开始放缓，英伟达的增长也将随之减缓。</p>
<p>即使是这种可能性的远期轰鸣声也在拖累 NVDA 的股价，自十月底创下新高以来，股价已下跌了 17%。然而，尽管回调，NVDA 的市盈率仍处于 40 多的高位。</p>
<p>这就引出了一个问题：为 NVDA 支付的溢价是否仍然值得？根据顶级投资者 Daniel Sparks 的说法，可能不值得。</p>
<p>&#34;这一下滑可能不足以完全反映一些股票最大的风险，&#34;这位 5 星级投资者警告道，他是 TipRanks 覆盖的前 1% 股票专家之一。</p>
<p>这并不意味着英伟达不是一家&#34;优秀的企业，&#34;Sparks 迅速补充道。然而，这位投资者进一步解释说，NVDA 的高估值只有在收入持续快速增长且其毛利率保持极高的情况下才有意义。然而，无论英伟达的执行情况如何良好，这两个数字都有可能下降，这位投资者坦言这很可能会继续表现良好。</p>
<p>&#34;更大的风险是人工智能的建设放缓，&#34;Sparks 表示，并指出&#34;半导体行业多年来一直是周期性的。&#34;</p>
<p>其他不确定因素包括来自超大规模云计算公司的竞争加剧，他们正在设计自己的芯片，以及模糊的出口规则。尽管 Sparks 还没有准备好宣布人工智能热潮正在&#34;消退，&#34;这位投资者仍然警惕地关注这一非常现实的可能性。</p>
<p>&#34;股票的高估值意味着如果人工智能热潮出现放缓迹象，投资者可能不会很宽容。我认为目前股票的安全边际不足，&#34;Sparks 总结道。（要查看 Daniel Sparks 的业绩记录，请点击这里）</p>
<blockquote>
<p>这是 Sparks 的观点——华尔街远未放弃。以 39 个买入、1 个持有和 1 个卖出，NVDA 获得了强烈买入的共识评级。其 12 个月的平均目标价为 258.97 美元，意味着潜在上涨约 51%。(见 <strong>NVDA 股票预测</strong>)</p>
</blockquote>

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>顶级投资者 Daniel Sparks 质疑英伟达高股票估值的合理性，指出潜在风险如人工智能增长放缓和竞争加剧。尽管英伟达过去表现强劲，Sparks 警告称，如果增长放缓，其高市盈率可能无法持续。尽管华尔街对该股持乐观态度，达成强烈买入共识，Sparks 对该股的安全边际仍持谨慎态度</p>

<p><strong>Nvidia (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> offers investors a seemingly straightforward proposition: pay a steep premium for its share price and the dominant AI chipmaker will keep delivering incredible top- and bottom-line growth. That's been the case for the past few years, and if one is to believe CEO Jensen Huang, the success story will keep rolling along through the end of the decade.</p>
<div class="lb-trans"><p><strong>英伟达 (</strong> <strong>NASDAQ:NVDA</strong> <strong>)</strong> 为投资者提供了一个看似简单的提议：为其股价支付高额溢价，这家主导的人工智能芯片制造商将继续带来令人难以置信的营收和利润增长。这在过去几年一直是这样，如果相信首席执行官黄仁勋的话，这个成功故事将在本十年末继续上演。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>在 TipRanks Premium 上享受 50% 的折扣，放心投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>On the one hand, it is hard to quibble with the company's past performance, which manages to outpace the market's sky-high expectations again and again. The company's third quarter fiscal 2026 numbers were only the latest iteration of this ongoing trend.</p>
<div class="lb-trans"><p>一方面，公司的过去表现令人难以挑剔，屡次超越市场的高期望。公司的 2026 财年第三季度数据只是这一持续趋势的最新体现。</p>
</div><p>And yet, some storm clouds are appearing, as fears of an AI bubble are threatening to rain on Nvidia's parade. If hyperscaler capex starts to slow, so will Nvidia's growth.</p>
<div class="lb-trans"><p>然而，一些阴云正在出现，关于人工智能泡沫的担忧可能会影响英伟达的表现。如果超大规模云计算公司的资本支出开始放缓，英伟达的增长也将随之减缓。</p>
</div><p>Even the distant rumblings of this possibility have been dragging down NVDA's share price, which has fallen by 17% since reaching a new record high in late October. However, despite the pullback, NVDA still trades at an elevated price-to-earnings ratio in the 40s.</p>
<div class="lb-trans"><p>即使是这种可能性的远期轰鸣声也在拖累 NVDA 的股价，自十月底创下新高以来，股价已下跌了 17%。然而，尽管回调，NVDA 的市盈率仍处于 40 多的高位。</p>
</div><p>That leads to the question: Is the premium that one must pay for NVDA still worth it? Maybe not, according to top investor Daniel Sparks.</p>
<div class="lb-trans"><p>这就引出了一个问题：为 NVDA 支付的溢价是否仍然值得？根据顶级投资者 Daniel Sparks 的说法，可能不值得。</p>
</div><p>&#34;The setback may not be significant enough to fully price in some of the stock's biggest risks,&#34; warns the 5-star investor, who is among the top 1% of stock pros covered by TipRanks.</p>
<div class="lb-trans"><p>&#34;这一下滑可能不足以完全反映一些股票最大的风险，&#34;这位 5 星级投资者警告道，他是 TipRanks 覆盖的前 1% 股票专家之一。</p>
</div><p>That doesn't mean that Nvidia is anything other than a &#34;great business,&#34; Sparks hastens to add. However, the investor further explains that NVDA's high valuation can only make sense if revenues continue to expand rapidly and its gross margins remain extremely elevated. Yet, both figures could fall regardless of how well Nvidia executes, which the investor readily admits it is likely to continue doing quite well.</p>
<div class="lb-trans"><p>这并不意味着英伟达不是一家&#34;优秀的企业，&#34;Sparks 迅速补充道。然而，这位投资者进一步解释说，NVDA 的高估值只有在收入持续快速增长且其毛利率保持极高的情况下才有意义。然而，无论英伟达的执行情况如何良好，这两个数字都有可能下降，这位投资者坦言这很可能会继续表现良好。</p>
</div><p>&#34;The bigger risk is that the AI buildout takes a breather,&#34; Sparks opined, noting that &#34;the semiconductor industry has been cyclical for years.&#34;</p>
<div class="lb-trans"><p>&#34;更大的风险是人工智能的建设放缓，&#34;Sparks 表示，并指出&#34;半导体行业多年来一直是周期性的。&#34;</p>
</div><p>Other wild cards include increasing competition from hyperscalers, who are designing their own chips, as well as murky export rules. Though Sparks isn't ready just yet to declare that the AI boom is &#34;fizzling out,&#34; the investor is keeping a wary eye fixed to the horizon for this very real possibility.</p>
<div class="lb-trans"><p>其他不确定因素包括来自超大规模云计算公司的竞争加剧，他们正在设计自己的芯片，以及模糊的出口规则。尽管 Sparks 还没有准备好宣布人工智能热潮正在&#34;消退，&#34;这位投资者仍然警惕地关注这一非常现实的可能性。</p>
</div><p>&#34;The stock's high valuation means investors likely won't be very forgiving if the AI boom shows signs of slowing. I do not believe the stock's margin of safety at the moment is sufficient,&#34; sums up Sparks. (To watch Daniel Sparks' track record, click here)</p>
<div class="lb-trans"><p>&#34;股票的高估值意味着如果人工智能热潮出现放缓迹象，投资者可能不会很宽容。我认为目前股票的安全边际不足，&#34;Sparks 总结道。（要查看 Daniel Sparks 的业绩记录，请点击这里）</p>
</div><blockquote>
<p>That's Sparks' opinion – Wall Street is nowhere close to throwing in the towel. With 39 Buys, 1 Hold, and 1 Sell, NVDA cruises to a Strong Buy consensus rating. Its 12-month average price target of $258.97 implies potential upside of ~51%. (See <strong>NVDA stock forecast</strong>)</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>这是 Sparks 的观点——华尔街远未放弃。以 39 个买入、1 个持有和 1 个卖出，NVDA 获得了强烈买入的共识评级。其 12 个月的平均目标价为 258.97 美元，意味着潜在上涨约 51%。(见 <strong>NVDA 股票预测</strong>)</p>
</blockquote>
</div>

'It's Hard to Justify,' Says Top Investor About Nvidia Stock

- Nvidia 的股价吸引投资者但面临人工智能泡沫风险。
- CEO 黄仁勋表示公司将持续增长，但市场对未来持谨慎态度。
- Wall Street 仍看好，给出强烈买入评级。

顶级投资者表示，很难为英伟达股票的估值找到合理的理由