<p>5 月 20 日将是股市一个重要的日子，因为全球最大的公司 <strong>Nvidia</strong>（NVDA +0.64%）将发布截至 4 月 26 日的 2027 财年第一季度财报。在最近几年，没有哪一份财报能像 Nvidia 的财报那样引起华尔街的关注，而即将发布的财报也不会例外。投资者是否应该在此之前考虑购买该公司的股票？</p>
<p>我的看法是，这样做并不是一个坏主意，因为有充分的理由认为 Nvidia 可能会迎来一个超预期的季度，这可能会使其股价飙升。当然，我们无法确定这些事情，但让我们考虑几个理由，为什么 Nvidia 的股票在即将发布的财报后可能会大幅上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia logo." width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>主要超大规模云服务商正在疯狂投资</h2>
<p>Nvidia 最大的客户可能是主要的超大规模云服务商，如 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong>。这三家公司在几周前发布了最新的季度财报，均显示云收入加速增长。而且这三家公司在资本支出上投入了巨额资金，主要用于支持其与 人工智能 相关的雄心。例如，Microsoft 表示将在 2026 日历年内支出 1900 亿美元。</p>
<p>Amazon 仍计划支出约 2000 亿美元，截至第一季度末，其支出还不到这一金额的四分之一。Alphabet 的管理层指出，今年的资本支出已经达到 1800 亿到 1900 亿美元，并将在 2027 年显著加速。值得注意的是，即使在这三家云计算巨头之外，其他公司在追求人工智能的过程中也毫不吝啬，<strong>Tesla</strong> 和 <strong>Meta Platforms</strong> 就是其中最显著的例子。</p>
<p>这一切告诉我们关于 Nvidia 什么？该公司仍然是 AI 芯片市场的领导者，与空头的预测相反，AI 泡沫似乎不会在短期内破裂。事实上，需求可能正在加速增长。我们可能会在 Nvidia 即将发布的季度更新中看到这一现象的影响，这可能导致超预期的结果。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia Stock Quote" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>Nvidia</p>
<p>今日变动</p>
<p>(0.64%) $1.41</p>
<p>当前价格</p>
<p>$220.85</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$5.3 万亿</p>
<p>日内区间</p>
<p>$214.95 - $223.74</p>
<p>52 周区间</p>
<p>$124.47 - $223.75</p>
<p>成交量</p>
<p>590 万</p>
<p>平均成交量</p>
<p>1.71 亿</p>
<p>毛利率</p>
<p>71.07%</p>
<p>股息收益率</p>
<p>0.02%</p>
<h2>Nvidia 的同行表现出色</h2>
<p>还有进一步的迹象表明 AI 芯片市场仍然存在健康的需求：Nvidia 在 半导体行业 的一些同行 <strong>AMD</strong> 和 <strong>Intel</strong> 最近发布的财报均超出分析师预期。AMD 的收入同比增长 38%，达到 103 亿美元。该公司的数据中心部门是主要的增长动力，该部门的销售同比激增 57%，达到 58 亿美元，部分原因是 GPU（图形处理单元）出货量增加。</p>
<p>AMD 的股票在财报发布后大幅上涨。Intel 的财报也超出预期，第一季度收入为 136 亿美元，同比增长 7%。该公司归功于在从训练模型转向推理和自主 AI（能够计划和执行任务的自主 AI 系统）过程中对其 CPU（中央处理单元）的强劲需求。换句话说，Intel 的表现也突显了 AI 行业的整体强劲和持续增长。</p>
<h2>Nvidia 的估值合理</h2>
<p>即使 Nvidia 发布超预期的财报，市场的反应可能也会相对平淡，如果这一预期已经反映在股价中。在我看来，情况并非如此。Nvidia 的前瞻市盈率为 26.5 倍，而信息技术股票的平均市盈率为 24.4 倍。考虑到 Nvidia 的市场主导地位和强大的竞争壁垒，其股票似乎估值合理。值得指出的是，尽管 Nvidia 今年表现相当不错，但其表现仍远远落后于 AMD 和 Intel。</p>
<p></p>
<p>AMD 数据来源于 YCharts</p>
<p>也许这不是一个公平的比较。Nvidia 是一家规模更大的公司。然而，考虑到超大规模云服务商的重金投入、AMD 和 Intel 的强劲业绩，以及 Nvidia 今年相对较差的股市表现和吸引人的估值，似乎为另一个超预期的季度奠定了基础。这就是为什么投资者应该在 5 月 20 日之前考虑购买该公司的股票。</p>

谷歌-A

亚马逊

微软

<p>英伟达计划于 5 月 20 日发布 2027 财年第一季度财报，预计将因亚马逊、微软和谷歌等主要云服务提供商在人工智能相关项目上的支出增加而表现强劲。分析师认为，英伟达在人工智能芯片市场的领导地位以及 AMD 和英特尔等同行的积极趋势表明其可能会超出预期盈利。尽管最近的股价表现落后于竞争对手，英伟达的估值仍然具有吸引力，使其在财报发布前成为潜在的买入机会</p>

<p>May 20 will be an important day for the stock market, as <strong>Nvidia</strong>( NVDA +0.64%), the largest company in the world, is set to release its first-quarter fiscal year 2027 results for the period ending April 26. No single earnings release has commanded the attention of Wall Street as much as Nvidia's in recent years, and the upcoming one will be no different. Should investors consider purchasing the company's shares before then?</p>
<div class="lb-trans"><p>5 月 20 日将是股市一个重要的日子，因为全球最大的公司 <strong>Nvidia</strong>（NVDA +0.64%）将发布截至 4 月 26 日的 2027 财年第一季度财报。在最近几年，没有哪一份财报能像 Nvidia 的财报那样引起华尔街的关注，而即将发布的财报也不会例外。投资者是否应该在此之前考虑购买该公司的股票？</p>
</div><p>My view is that it wouldn't be a bad idea to do so, as there are good reasons to think Nvidia might be heading toward a beat-and-raise quarter that could send its stock price soaring. Of course, we can't predict these things with certainty, but let's consider several arguments as to why Nvidia's shares might jump on the heels of its upcoming earnings release.</p>
<div class="lb-trans"><p>我的看法是，这样做并不是一个坏主意，因为有充分的理由认为 Nvidia 可能会迎来一个超预期的季度，这可能会使其股价飙升。当然，我们无法确定这些事情，但让我们考虑几个理由，为什么 Nvidia 的股票在即将发布的财报后可能会大幅上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA" alt="Nvidia logo." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F869650%2Fnvidia-logo.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Major hyperscalers are on a spending spree</h2>
<div class="lb-trans"><h2>主要超大规模云服务商正在疯狂投资</h2>
</div><p>Nvidia's biggest customers are likely major hyperscalers -- or leading cloud services providers -- such as <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>. All three reported their latest quarterly results about a couple of weeks ago. All three are seeing accelerating cloud revenue. And all three are spending small fortunes on capex, largely to fund their artificial intelligence (AI)-related ambitions. For instance, Microsoft said it would spend $190 billion during the calendar year 2026.</p>
<div class="lb-trans"><p>Nvidia 最大的客户可能是主要的超大规模云服务商，如 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong>。这三家公司在几周前发布了最新的季度财报，均显示云收入加速增长。而且这三家公司在资本支出上投入了巨额资金，主要用于支持其与 人工智能 相关的雄心。例如，Microsoft 表示将在 2026 日历年内支出 1900 亿美元。</p>
</div><p>Amazon still plans to dish out roughly $200 billion, and, as of the end of the first quarter, it had spent less than a quarter of that. Alphabet's management noted that capex spending, already elevated this year (between $180 billion and $190 billion) would significantly accelerate in 2027. It's also worth noting that even beyond these three cloud computing juggernauts, other companies are sparing no expense in their quest to capitalize on AI. <strong>Tesla</strong> and <strong>Meta Platforms</strong> are among the most notable here.</p>
<div class="lb-trans"><p>Amazon 仍计划支出约 2000 亿美元，截至第一季度末，其支出还不到这一金额的四分之一。Alphabet 的管理层指出，今年的资本支出已经达到 1800 亿到 1900 亿美元，并将在 2027 年显著加速。值得注意的是，即使在这三家云计算巨头之外，其他公司在追求人工智能的过程中也毫不吝啬，<strong>Tesla</strong> 和 <strong>Meta Platforms</strong> 就是其中最显著的例子。</p>
</div><p>What does all this tell us about Nvidia? The company remains the leader in the AI chip market, and contrary to the bears' prediction, the AI bubble doesn't look likely to burst anytime soon. In fact, if anything, demand for AI chips may be accelerating. We could see the impact of this phenomenon on Nvidia's upcoming quarterly update, potentially leading to a beat-and-raise.</p>
<div class="lb-trans"><p>这一切告诉我们关于 Nvidia 什么？该公司仍然是 AI 芯片市场的领导者，与空头的预测相反，AI 泡沫似乎不会在短期内破裂。事实上，需求可能正在加速增长。我们可能会在 Nvidia 即将发布的季度更新中看到这一现象的影响，这可能导致超预期的结果。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>Nvidia</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.64%) $1.41</p>
<div class="lb-trans"><p>(0.64%) $1.41</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$220.85</p>
<div class="lb-trans"><p>$220.85</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$5.3T</p>
<div class="lb-trans"><p>$5.3 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$214.95 - $223.74</p>
<div class="lb-trans"><p>$214.95 - $223.74</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$124.47 - $223.75</p>
<div class="lb-trans"><p>$124.47 - $223.75</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>5.9M</p>
<div class="lb-trans"><p>590 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>171M</p>
<div class="lb-trans"><p>1.71 亿</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>71.07%</p>
<div class="lb-trans"><p>71.07%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.02%</p>
<div class="lb-trans"><p>0.02%</p>
</div><h2>Nvidia's peers are flying</h2>
<div class="lb-trans"><h2>Nvidia 的同行表现出色</h2>
</div><p>There are further indications that the AI chip market is still experiencing healthy demand: Some of Nvidia's peers in the semiconductor industry that recently reported earnings -- <strong>AMD</strong> and <strong>Intel</strong> -- exceeded analyst expectations. AMD's top line grew by 38% year over year to $10.3 billion. The company's data center unit was the primary growth driver, with sales from that segment soaring 57% year over year to $5.8 billion, partly due to increased GPU (Graphics Processing Unit) shipments.</p>
<div class="lb-trans"><p>还有进一步的迹象表明 AI 芯片市场仍然存在健康的需求：Nvidia 在 半导体行业 的一些同行 <strong>AMD</strong> 和 <strong>Intel</strong> 最近发布的财报均超出分析师预期。AMD 的收入同比增长 38%，达到 103 亿美元。该公司的数据中心部门是主要的增长动力，该部门的销售同比激增 57%，达到 58 亿美元，部分原因是 GPU（图形处理单元）出货量增加。</p>
</div><p>AMD's shares jumped after earnings. Intel also beat on earnings, posting first-quarter revenue of $13.6 billion, up 7% year over year. The company credited strong demand for its CPUs (Central Processing Units) amid the shift from training models to inference and agentic AI (autonomous AI systems that can plan and execute tasks with little human supervision). In other words, Intel's performance also underscores the broader strength and sustained growth of the AI sector.</p>
<div class="lb-trans"><p>AMD 的股票在财报发布后大幅上涨。Intel 的财报也超出预期，第一季度收入为 136 亿美元，同比增长 7%。该公司归功于在从训练模型转向推理和自主 AI（能够计划和执行任务的自主 AI 系统）过程中对其 CPU（中央处理单元）的强劲需求。换句话说，Intel 的表现也突显了 AI 行业的整体强劲和持续增长。</p>
</div><h2>Nvidia is trading at reasonable levels</h2>
<div class="lb-trans"><h2>Nvidia 的估值合理</h2>
</div><p>Even if Nvidia delivers a beat-and-raise and quarter, the market's reaction might be fairly muted if that's already baked into the stock price. In my view, that's not the case. Nvidia is trading at 26.5x forward earnings, versus the average of 24.4x for information technology stocks. Nvidia's shares appear reasonably valued, particularly given its dominant market share and robust competitive moat. It's also worth pointing out that while Nvidia has performed pretty well this year, it has lagged both AMD and Intel by a wide margin.</p>
<div class="lb-trans"><p>即使 Nvidia 发布超预期的财报，市场的反应可能也会相对平淡，如果这一预期已经反映在股价中。在我看来，情况并非如此。Nvidia 的前瞻市盈率为 26.5 倍，而信息技术股票的平均市盈率为 24.4 倍。考虑到 Nvidia 的市场主导地位和强大的竞争壁垒，其股票似乎估值合理。值得指出的是，尽管 Nvidia 今年表现相当不错，但其表现仍远远落后于 AMD 和 Intel。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>AMD data by YCharts</p>
<div class="lb-trans"><p>AMD 数据来源于 YCharts</p>
</div><p>Perhaps this isn't a fair comparison. Nvidia is a much larger company. However, when considering the heavy spending from hyperscalers, the strong results from AMD and Intel, and Nvidia's comparatively poor stock market performance this year and attractive valuation, the stage appears set for another blowout quarter. That's why investors should consider purchasing the company's shares before May 20.</p>
<div class="lb-trans"><p>也许这不是一个公平的比较。Nvidia 是一家规模更大的公司。然而，考虑到超大规模云服务商的重金投入、AMD 和 Intel 的强劲业绩，以及 Nvidia 今年相对较差的股市表现和吸引人的估值，似乎为另一个超预期的季度奠定了基础。这就是为什么投资者应该在 5 月 20 日之前考虑购买该公司的股票。</p>
</div>

Prediction: Nvidia Stock Will Soar on May 20

- Nvidia 将于 5 月 20 日发布 2027 财年第一季度财报。  
- 主要云服务商加大投资，推动 AI 芯片需求。  
- Nvidia 股票估值合理，投资者应考虑提前购买。

预测：英伟达的股票将在 5 月 20 日大幅上涨