<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/11/Nvidia-stock.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/11/Nvidia-stock.png"/></p>
<p>英伟达的股票在周二早盘交易中小幅下跌，因为这家芯片制造商未能收复前一交易日遭受的部分损失，投资者的关注集中在其最近披露的与人工智能芯片公司 Groq 的协议上。</p>
<p>周二早盘，英伟达的股价下跌了 0.5%，报 187.22 美元，此前周一下跌了 1.2%。</p>
<p>该股的轻微稳定是在半导体领域整体表现混合的背景下出现的，超微公司下跌 0.1%，博通上涨 0.2%。</p>
<h2>Groq 协议的细节</h2>
<p>英伟达的公司特定驱动因素继续是市场对其最近宣布的与私营公司 Groq 达成的非独占技术许可协议的反应。</p>
<p>根据《华尔街日报》的报道，英伟达为获取 Groq 的技术支付了 200 亿美元，这一数字包括许多 Groq 关键员工的补偿方案，这些员工预计将作为协议的一部分加入英伟达。</p>
<p>交易的规模和结构引起了关注。早期报道，包括 CNBC 的初步报道，将该交易描述为收购。</p>
<p>然而，Groq 随后澄清，该协议是一个非独占的许可协议，结合了人才转移，而不是完全的公司收购。</p>
<p>这一区别导致投资者和分析师在评估长期财务和战略影响时产生了不确定性。</p>
<h2>分析师强调推理机会</h2>
<p>尽管对估值存在质疑，一些分析师认为该协议具有战略意义。</p>
<p>瑞穗证券分析师 Vijay Rakesh 表示，该交易增强了英伟达在快速增长的推理芯片市场中的地位，这些芯片用于在人工智能模型训练后运行。</p>
<p>Rakesh 估计，推理目前占 AI 工作负载的 20% 到 40%，他预计这一比例将在未来五年内上升至 60% 到 80%。</p>
<p>“我们认为这笔交易对英伟达在长期内是有利的，因为它为其工程团队增加了关键的知识产权，以构建其推理能力，” Rakesh 在研究报告中写道。</p>
<p>他重申了对英伟达的 “跑赢大盘” 评级，并维持 245 美元的目标价。</p>
<p>瑞穗还指出，推理效率对于推动大规模 AI 基础设施投资的回报变得越来越关键。</p>
<p>该公司表示，英伟达已经展示了强大的执行力，过去十二个月的收入达到 1871.4 亿美元，增长了 65.22%。</p>
<p>尽管如此，这一价格标签引起了关注。《华尔街日报》报道，Groq 预计 2026 年的收入为 14 亿美元，而今年约为 5 亿美元，2024 年约为 9000 万美元，引用了熟悉该公司财务状况的人士。</p>
<p>这一增长前景引发了关于 200 亿美元承诺是否合理的争论。</p>
<h2>竞争压力上升</h2>
<p>围绕英伟达下一阶段增长的争论在全球竞争加剧的背景下展开。</p>
<p>上周《南华早报》报道，上海交通大学和清华大学的研究人员开发了一种基于光子的计算芯片，称为 LightGen，他们声称在某些 AI 训练和推理任务中可以超越传统的硅基处理器。</p>
<p>另外，Meta Platforms 周二宣布已同意收购 Manus，这是一家最初在中国成立、现总部位于新加坡的 AI 初创公司，交易价值约为 25 亿美元。</p>
<p>Manus 表示，其通用 AI 代理超越了 OpenAI 的深度研究能力。</p>
<p>这些发展突显了投资者对大规模 AI 相关资本支出回报可持续性日益感到不安。</p>
<p>在过去两个月中，英伟达的股价下跌了约 8%，微软下跌了 10%，Meta 下跌了 11.8%。</p>
<p>较小公司的下跌幅度更大，甲骨文下跌了 28%，AI 云服务提供商 CoreWeave 下跌超过 45%。</p>
<p>关于英伟达股票仍然承压：是什么在伤害这家 AI 明星？的文章最初发布在 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>英伟达的股票承压，下跌 0.5%，至 187.22 美元，此前与人工智能芯片公司 Groq 达成了一项协议。这项价值 200 亿美元的交易包括非独占许可和人才转移，令投资者对其长期影响产生担忧。分析师认为，这笔交易对英伟达在推理芯片市场的战略价值具有重要意义，该市场预计将显著增长。然而，来自 Meta 等公司的竞争加剧以及中国研究人员的新技术也增加了投资者的不安，导致英伟达的股票在过去两个月内下跌了 8%</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/11/Nvidia-stock.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/11/Nvidia-stock.png"/></p>
<p>Nvidia stock was modestly lower in early trading on Tuesday as the chipmaker failed to claw back some of the losses suffered in the previous session, with investor attention centred on its recently disclosed agreement involving artificial-intelligence chip company Groq.</p>
<div class="lb-trans"><p>英伟达的股票在周二早盘交易中小幅下跌，因为这家芯片制造商未能收复前一交易日遭受的部分损失，投资者的关注集中在其最近披露的与人工智能芯片公司 Groq 的协议上。</p>
</div><p>Nvidia shares were down 0.5% at $187.22 in early Tuesday trading after slipping 1.2% on Monday.</p>
<div class="lb-trans"><p>周二早盘，英伟达的股价下跌了 0.5%，报 187.22 美元，此前周一下跌了 1.2%。</p>
</div><p>The stock’s slight stabilisation came amid broader mixed moves in the semiconductor space, with Advanced Micro Devices down 0.1% and Broadcom up 0.2%.</p>
<div class="lb-trans"><p>该股的轻微稳定是在半导体领域整体表现混合的背景下出现的，超微公司下跌 0.1%，博通上涨 0.2%。</p>
</div><h2>Groq deal in docus</h2>
<div class="lb-trans"><h2>Groq 协议的细节</h2>
</div><p>The company-specific driver for Nvidia continues to be the market reaction to its recently announced agreement to secure a non-exclusive license for technology from privately held Groq.</p>
<div class="lb-trans"><p>英伟达的公司特定驱动因素继续是市场对其最近宣布的与私营公司 Groq 达成的非独占技术许可协议的反应。</p>
</div><p>According to a report by The Wall Street Journal, Nvidia is paying $20 billion for access to Groq’s technology, a figure that includes compensation packages for many of Groq’s key employees who are expected to join Nvidia as part of the arrangement.</p>
<div class="lb-trans"><p>根据《华尔街日报》的报道，英伟达为获取 Groq 的技术支付了 200 亿美元，这一数字包括许多 Groq 关键员工的补偿方案，这些员工预计将作为协议的一部分加入英伟达。</p>
</div><p>The size and structure of the deal have drawn scrutiny. Early reporting, including an initial account by CNBC, described the transaction as an acquisition.</p>
<div class="lb-trans"><p>交易的规模和结构引起了关注。早期报道，包括 CNBC 的初步报道，将该交易描述为收购。</p>
</div><p>However, Groq later clarified that the agreement is a non-exclusive licensing deal combined with a talent transfer, rather than a full corporate takeover.</p>
<div class="lb-trans"><p>然而，Groq 随后澄清，该协议是一个非独占的许可协议，结合了人才转移，而不是完全的公司收购。</p>
</div><p>That distinction has contributed to uncertainty among investors and analysts attempting to assess the long-term financial and strategic implications.</p>
<div class="lb-trans"><p>这一区别导致投资者和分析师在评估长期财务和战略影响时产生了不确定性。</p>
</div><h2>Analysts highlight inference opportunity</h2>
<div class="lb-trans"><h2>分析师强调推理机会</h2>
</div><p>Despite questions around valuation, some analysts see strategic merit in the agreement.</p>
<div class="lb-trans"><p>尽管对估值存在质疑，一些分析师认为该协议具有战略意义。</p>
</div><p>Mizuho analyst Vijay Rakesh said the deal strengthens Nvidia’s position in the fast-growing market for inference chips, which are used to run artificial intelligence models after they are trained.</p>
<div class="lb-trans"><p>瑞穗证券分析师 Vijay Rakesh 表示，该交易增强了英伟达在快速增长的推理芯片市场中的地位，这些芯片用于在人工智能模型训练后运行。</p>
</div><p>Rakesh estimated that inference currently accounts for between 20% and 40% of AI workloads, a share he expects to rise to 60% to 80% over the next five years.</p>
<div class="lb-trans"><p>Rakesh 估计，推理目前占 AI 工作负载的 20% 到 40%，他预计这一比例将在未来五年内上升至 60% 到 80%。</p>
</div><p>“We see this deal as a benefit to Nvidia in the long-run as it adds key IP [intellectual property] to its engineering team to build its inferencing capabilities,” Rakesh wrote in a research note.</p>
<div class="lb-trans"><p>“我们认为这笔交易对英伟达在长期内是有利的，因为它为其工程团队增加了关键的知识产权，以构建其推理能力，” Rakesh 在研究报告中写道。</p>
</div><p>He reiterated an Outperform rating on Nvidia and maintained a $245 price target.</p>
<div class="lb-trans"><p>他重申了对英伟达的 “跑赢大盘” 评级，并维持 245 美元的目标价。</p>
</div><p>Mizuho also noted that inference efficiency is increasingly critical for driving returns on massive AI infrastructure investments.</p>
<div class="lb-trans"><p>瑞穗还指出，推理效率对于推动大规模 AI 基础设施投资的回报变得越来越关键。</p>
</div><p>Nvidia, the firm said, has already demonstrated strong execution, with revenue reaching $187.14 billion and growing 65.22% over the past twelve months.</p>
<div class="lb-trans"><p>该公司表示，英伟达已经展示了强大的执行力，过去十二个月的收入达到 1871.4 亿美元，增长了 65.22%。</p>
</div><p>Still, the price tag has raised eyebrows. The Wall Street Journal reported that Groq had been projecting revenue of $1.4 billion in 2026, up from about $500 million this year and roughly $90 million in 2024, citing people familiar with the company’s financials.</p>
<div class="lb-trans"><p>尽管如此，这一价格标签引起了关注。《华尔街日报》报道，Groq 预计 2026 年的收入为 14 亿美元，而今年约为 5 亿美元，2024 年约为 9000 万美元，引用了熟悉该公司财务状况的人士。</p>
</div><p>That growth profile has prompted debate over whether the $20 billion commitment is justified.</p>
<div class="lb-trans"><p>这一增长前景引发了关于 200 亿美元承诺是否合理的争论。</p>
</div><h2>Rising competitive pressures</h2>
<div class="lb-trans"><h2>竞争压力上升</h2>
</div><p>The debate around Nvidia’s next phase of growth is unfolding against a backdrop of rising global competition.</p>
<div class="lb-trans"><p>围绕英伟达下一阶段增长的争论在全球竞争加剧的背景下展开。</p>
</div><p>Reports from the South China Morning Post last week said researchers from Shanghai Jiao Tong University and Tsinghua University have developed a photon-based computing chip known as LightGen, which they claim can outperform traditional silicon-based processors in certain AI training and inference tasks.</p>
<div class="lb-trans"><p>上周《南华早报》报道，上海交通大学和清华大学的研究人员开发了一种基于光子的计算芯片，称为 LightGen，他们声称在某些 AI 训练和推理任务中可以超越传统的硅基处理器。</p>
</div><p>Separately, Meta Platforms announced Tuesday that it has agreed to acquire Manus, an AI startup originally founded in China and now based in Singapore, in a deal valued at around $2.5 billion.</p>
<div class="lb-trans"><p>另外，Meta Platforms 周二宣布已同意收购 Manus，这是一家最初在中国成立、现总部位于新加坡的 AI 初创公司，交易价值约为 25 亿美元。</p>
</div><p>Manus has said its general AI agent surpasses OpenAI’s Deep Research capabilities.</p>
<div class="lb-trans"><p>Manus 表示，其通用 AI 代理超越了 OpenAI 的深度研究能力。</p>
</div><p>These developments underscore growing investor unease around the sustainability of returns from massive AI-related capital spending.</p>
<div class="lb-trans"><p>这些发展突显了投资者对大规模 AI 相关资本支出回报可持续性日益感到不安。</p>
</div><p>Nvidia shares are down about 8% over the past two months, while Microsoft has fallen 10% and Meta has dropped 11.8%.</p>
<div class="lb-trans"><p>在过去两个月中，英伟达的股价下跌了约 8%，微软下跌了 10%，Meta 下跌了 11.8%。</p>
</div><p>Declines among smaller players have been steeper, with Oracle down 28% and AI cloud provider CoreWeave falling more than 45%.</p>
<div class="lb-trans"><p>较小公司的下跌幅度更大，甲骨文下跌了 28%，AI 云服务提供商 CoreWeave 下跌超过 45%。</p>
</div><p>The post Nvidia stock remains under pressure: what's hurting the AI darling? appeared first on Invezz</p>
<div class="lb-trans"><p>关于英伟达股票仍然承压：是什么在伤害这家 AI 明星？的文章最初发布在 Invezz 上。</p>
</div>

Nvidia stock remains under pressure: what’s hurting the AI darling?

- Nvidia 股票在周二早盘微幅下跌 0.5%，受投资者关注与 Groq 的协议影响。  
- Nvidia 与 Groq 签署的 200 亿美元许可协议引发了市场的不确定性。  
- 分析师认为该协议有助于 Nvidia 在推理芯片市场的长期战略。

英伟达的股票持续承压：是什么因素在影响这位 AI 宠儿的表现？