<p>作者：Britney Nguyen</p>
<p>英伟达支付了一笔 “象征性” 的股息，尽管增加的分红可能会扩大股票的投资者基础，但该公司正在寻找其他现金用途。</p>
<p>英伟达在首席执行官黄仁勋的领导下，将于周三公布 2024 财年第一季度财报。</p>
<p>英伟达会开始支付更为严肃的股息吗？一位分析师表示，这是投资者所希望的，但这并不意味着他们会如愿以偿。</p>
<p>英伟达（NVDA）支付的股息微薄，股票收益率仅为 0.02%。在道琼斯工业平均指数中，科技股的股息收益率通常排名靠后：例如，苹果（AAPL）的股票收益率为 0.35%，而亚马逊（AMZN）则完全不支付股息。</p>
<p>然而，瑞银分析师 Timothy Arcuri 最近写道，他与 “许多投资者” 交谈时发现，他们 “正在推动更大规模的股息承诺”。在他看来，这可能使英伟达的股票对更广泛的投资者基础更具吸引力。</p>
<p>Arcuri 表示，他还可以看到这家芯片制造商在未来 12 个月内将股票回购承诺提高到约 1500 亿美元。英伟达在去年 8 月将其股票回购计划增加了 600 亿美元，创下了公司的纪录。截至其最新的财报（2 月份），英伟达表示其在现有授权下还有 585 亿美元的回购资金。</p>
<p>这一切都涉及到更广泛的资本配置问题。拥有多余现金的公司可以选择囤积现金、通过股东回报分配现金、进行收购或在研发等领域投资于业务。现在，英伟达对另一种选择表现出越来越大的兴趣：投资于人工智能生态系统内的其他公司。</p>
<p>查看更多：随着英伟达财报临近，投资者需要关注的五件事</p>
<p>Arcuri 表示，英伟达今年预计将产生约 1900 亿美元的自由现金流，明年将达到 3200 亿美元。数据研究公司 DataTrek 的联合创始人 Nicholas Colas 周二指出，其现金流正在向人工智能股权投资转移，而不是股票回购。</p>
<p>英伟达最近向其数据中心生态系统中的公司投入了数十亿美元，包括推理芯片制造商 Groq、玻璃制造商康宁（GLW）和云计算公司 CoreWeave（CRWV）。Colas 指出，英伟达在 2026 财年将 39% 的运营现金流用于股票回购，而这一比例在前一年为 52%。</p>
<p>这一趋势 “使得评估其现金流变得更加复杂，” Colas 补充道。他在报告中表示，专注于投资而非回购引发了关于英伟达股东最终能获得多少投资回报的问题。</p>
<p>但 Colas 认为，如果英伟达不表现得像一个投资者，它的故事会 “更清晰”，但 “这并不保证它会成为更好的股票。” 该公司的估值似乎主要源于投资者对其未来增长的乐观情绪。</p>
<p>“通过将资本重新投入到人工智能生态系统中，英伟达希望帮助颠覆性创新的飞轮转动得更快，并（理想情况下）朝着他们的方向发展，” Colas 表示。</p>
<p>他说，英伟达有足够的现金以这种方式运营，但投资者希望看到其投资回报，而他们将在周三的财报中获得更新。</p>
<p>继续阅读：英伟达如何将一笔划算的交易变成其秘密武器</p>
<p>Aptus Capital Advisors 的股票主管 David Wagner 表示，英伟达首席执行官黄仁勋遵循了 “激进的、高速增长的再投资策略，而不是将英伟达转变为传统的现金牛收入股票”，而这种情况不太可能改变。</p>
<p>Wagner 在给 MarketWatch 的电子邮件评论中表示，英伟达并不是在坐拥现金，指出这家芯片制造商今年已承诺投入数百亿美元进行战略投资和资本部署。</p>
<p>Wagner 表示，英伟达并没有向投资者提供应税股息，而是花费资金开发其硬件、确保其技术生态系统，并投资于合作伙伴关系，以部署数千兆瓦的芯片。他表示，这些部署 “应该比小额象征性股息具有更好的长期内部收益率。”</p>
<p>与此同时，如果英伟达宣布增加回购计划，Wagner 表示，这将向市场发出信号，表明其 “人工智能主导地位正在转化为惊人的流动性。”</p>
<p>Wagner 表示，英伟达能够产生足够的多余现金，以便在投资数十亿美元用于研发和其他领域的同时回购数十亿美元的自家股票，这 “是只有顶级巨头才能做到的壮举。”</p>
<p>如果英伟达的收入和每股收益远超华尔街的预期，正如它在最近几个季度所做的那样，Zacks Investment Management 的首席市场策略师 Brian Mulberry 告诉 MarketWatch，他可以看到公司通过提高股息和增加回购授权来向股东返还资本。</p>
<p>但 Argent Capital Management 的投资组合经理 Jed Ellerbroek 表示，任何股息增加可能 “基本上是微不足道的。” 从外部来看，英伟达的股息看起来像是一种象征性股息，作为某种要求而支付，他告诉 MarketWatch。</p>
<p>不要错过：英伟达的财报将成为这些重大投资者辩论的配角</p>
<p>-Britney Nguyen</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>05-19-26 1309ET</p>

英伟达

半导体 ETF - VanEck Vectors

英伟达期权收益策略 ETF - YieldMax

费城交易所 半导体 ETF - iShares

1.5 倍做空英伟达 ETF - Tradr

2 倍做多 NVDA ETF - T-Rex

高科技指数 ETF - SPDR

2 倍做多英伟达 ETF - Direxion

2 倍做多英伟达 ETF - GraniteShares

<p>英伟达即将公布其财年第一季度的财报，投资者热切期待有关潜在股息增加和股票回购的消息。目前，英伟达支付的股息仅为 0.02%，但分析师建议更大力度的承诺可能会吸引更多投资者。该公司正将现金流转向人工智能投资，而非股票回购，这引发了对未来股东回报的质疑。英伟达的战略侧重于在技术和合作伙伴关系上的积极再投资，预计将实现强劲的收入和盈利增长</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>Nvidia pays a 'token' dividend, and while an increased payout could broaden the stock's investor base, the company has been finding other uses for its cash</p>
<div class="lb-trans"><p>英伟达支付了一笔 “象征性” 的股息，尽管增加的分红可能会扩大股票的投资者基础，但该公司正在寻找其他现金用途。</p>
</div><p>Nvidia, led by CEO Jensen Huang, will report fiscal first-quarter earnings on Wednesday.</p>
<div class="lb-trans"><p>英伟达在首席执行官黄仁勋的领导下，将于周三公布 2024 财年第一季度财报。</p>
</div><p>Could Nvidia start paying a more serious dividend? It's something investors want, one analyst says, but that doesn't mean they're going to get it.</p>
<div class="lb-trans"><p>英伟达会开始支付更为严肃的股息吗？一位分析师表示，这是投资者所希望的，但这并不意味着他们会如愿以偿。</p>
</div><p>Nvidia (NVDA) pays a paltry dividend, with its stock yielding just 0.02%. Technology stocks generally rank toward the bottom of the Dow Jones Industrial Average when it comes to their dividend yields: Apple shares (AAPL), for example, yield 0.35%, and Amazon.com (AMZN) doesn't do payouts at all.</p>
<div class="lb-trans"><p>英伟达（NVDA）支付的股息微薄，股票收益率仅为 0.02%。在道琼斯工业平均指数中，科技股的股息收益率通常排名靠后：例如，苹果（AAPL）的股票收益率为 0.35%，而亚马逊（AMZN）则完全不支付股息。</p>
</div><p>Yet UBS analyst Timothy Arcuri wrote recently that &#34;many investors&#34; he speaks with &#34;are pushing for a much larger dividend commitment.&#34; That could make Nvidia's stock appeal to a broader investor base, in his view.</p>
<div class="lb-trans"><p>然而，瑞银分析师 Timothy Arcuri 最近写道，他与 “许多投资者” 交谈时发现，他们 “正在推动更大规模的股息承诺”。在他看来，这可能使英伟达的股票对更广泛的投资者基础更具吸引力。</p>
</div><p>Arcuri said he could also see the chip maker upping its share-repurchase commitment to the neighborhood of $150 billion over the next 12 months. Nvidia boosted its stock-buyback program by $60 billion last August, which was a record for the company. As of its latest earnings report in February, Nvidia said it has $58.5 billion remaining under its existing authorization.</p>
<div class="lb-trans"><p>Arcuri 表示，他还可以看到这家芯片制造商在未来 12 个月内将股票回购承诺提高到约 1500 亿美元。英伟达在去年 8 月将其股票回购计划增加了 600 亿美元，创下了公司的纪录。截至其最新的财报（2 月份），英伟达表示其在现有授权下还有 585 亿美元的回购资金。</p>
</div><p>This all gets at the broader question of capital allocation. Companies with excess cash can do things like hoard it, dole much of it out through shareholder returns, make acquisitions or invest in the business through areas like research and development. Now Nvidia is showing increased interest in another option: investing in other companies within the artificial-intelligence ecosystem.</p>
<div class="lb-trans"><p>这一切都涉及到更广泛的资本配置问题。拥有多余现金的公司可以选择囤积现金、通过股东回报分配现金、进行收购或在研发等领域投资于业务。现在，英伟达对另一种选择表现出越来越大的兴趣：投资于人工智能生态系统内的其他公司。</p>
</div><p>See more: As Nvidia earnings draw closer, here are 5 things investors need to watch</p>
<div class="lb-trans"><p>查看更多：随着英伟达财报临近，投资者需要关注的五件事</p>
</div><p>Arcuri said Nvidia is on track to generate about $190 billion in free cash flow this year and $320 billion next year. Its cash flow has been shifting toward AI-equity investments and away from stock buybacks, Nicholas Colas, co-founder of DataTrek Research, noted on Tuesday.</p>
<div class="lb-trans"><p>Arcuri 表示，英伟达今年预计将产生约 1900 亿美元的自由现金流，明年将达到 3200 亿美元。数据研究公司 DataTrek 的联合创始人 Nicholas Colas 周二指出，其现金流正在向人工智能股权投资转移，而不是股票回购。</p>
</div><p>Nvidia has recently poured billions into companies in its data-center ecosystem, including inference-chip maker Groq, glassmaker Corning (GLW) and neocloud CoreWeave (CRWV). While Nvidia spent 39% of its operating cash flow buying back stock in fiscal 2026, that was down from 52% in the previous year, Colas noted.</p>
<div class="lb-trans"><p>英伟达最近向其数据中心生态系统中的公司投入了数十亿美元，包括推理芯片制造商 Groq、玻璃制造商康宁（GLW）和云计算公司 CoreWeave（CRWV）。Colas 指出，英伟达在 2026 财年将 39% 的运营现金流用于股票回购，而这一比例在前一年为 52%。</p>
</div><p>That trend &#34;makes valuing its cash flows more complex,&#34; Colas added. The focus on investments rather than buybacks raises questions of how much return on investment Nvidia shareholders will eventually get, he said in his note.</p>
<div class="lb-trans"><p>这一趋势 “使得评估其现金流变得更加复杂，” Colas 补充道。他在报告中表示，专注于投资而非回购引发了关于英伟达股东最终能获得多少投资回报的问题。</p>
</div><p>But while Colas thinks Nvidia would &#34;be a cleaner story&#34; if it wasn't acting like an investor itself, &#34;that doesn't guarantee it would be a better stock.&#34; The company's valuation seems mostly derived from investor optimism over its future growth.</p>
<div class="lb-trans"><p>但 Colas 认为，如果英伟达不表现得像一个投资者，它的故事会 “更清晰”，但 “这并不保证它会成为更好的股票。” 该公司的估值似乎主要源于投资者对其未来增长的乐观情绪。</p>
</div><p>&#34;By recycling capital back into the AI ecosystem, Nvidia is hoping to help the flywheel of disruptive innovation move just a little bit faster and (ideally) in their direction,&#34; Colas said.</p>
<div class="lb-trans"><p>“通过将资本重新投入到人工智能生态系统中，英伟达希望帮助颠覆性创新的飞轮转动得更快，并（理想情况下）朝着他们的方向发展，” Colas 表示。</p>
</div><p>Nvidia has the cash to operate this way, he said, but investors will want to see it pay off, and they're due for an update on Wednesday, when the company reports earnings.</p>
<div class="lb-trans"><p>他说，英伟达有足够的现金以这种方式运营，但投资者希望看到其投资回报，而他们将在周三的财报中获得更新。</p>
</div><p>Read on: How Nvidia turned a steal of a deal into its secret weapon</p>
<div class="lb-trans"><p>继续阅读：英伟达如何将一笔划算的交易变成其秘密武器</p>
</div><p>David Wagner, head of equity at Aptus Capital Advisors, said Nvidia CEO Jensen Huang has followed the playbook of &#34;aggressive, hyper-growth reinvestment rather than turning Nvidia into a traditional cash-cow income stock,&#34; and that's unlikely to change.</p>
<div class="lb-trans"><p>Aptus Capital Advisors 的股票主管 David Wagner 表示，英伟达首席执行官黄仁勋遵循了 “激进的、高速增长的再投资策略，而不是将英伟达转变为传统的现金牛收入股票”，而这种情况不太可能改变。</p>
</div><p>Nvidia isn't exactly sitting on its cash, Wagner told MarketWatch in emailed comments, noting that the chip maker has committed tens of billions of dollars to strategic investments and capital deployments just this year.</p>
<div class="lb-trans"><p>Wagner 在给 MarketWatch 的电子邮件评论中表示，英伟达并不是在坐拥现金，指出这家芯片制造商今年已承诺投入数百亿美元进行战略投资和资本部署。</p>
</div><p>Rather than offering investors a taxable dividend, Wagner said Nvidia is spending on developing its hardware, securing its technology ecosystem and investing in partnerships to deploy multiple gigawatts of its chips. These deployments, he said, &#34;should have better long-term [internal rate of return] than a small token dividend.&#34;</p>
<div class="lb-trans"><p>Wagner 表示，英伟达并没有向投资者提供应税股息，而是花费资金开发其硬件、确保其技术生态系统，并投资于合作伙伴关系，以部署数千兆瓦的芯片。他表示，这些部署 “应该比小额象征性股息具有更好的长期内部收益率。”</p>
</div><p>Meanwhile, if Nvidia does announce an increased buyback program, Wagner said, that will signal to the market that its &#34;AI dominance is translating into spectacular liquidity.&#34;</p>
<div class="lb-trans"><p>与此同时，如果英伟达宣布增加回购计划，Wagner 表示，这将向市场发出信号，表明其 “人工智能主导地位正在转化为惊人的流动性。”</p>
</div><p>That Nvidia is generating enough excess cash to be able to buy tens of billions of dollars of its own stock while investing billions into research and development and other areas is &#34;a feat reserved only for elite mega-caps,&#34; Wagner said.</p>
<div class="lb-trans"><p>Wagner 表示，英伟达能够产生足够的多余现金，以便在投资数十亿美元用于研发和其他领域的同时回购数十亿美元的自家股票，这 “是只有顶级巨头才能做到的壮举。”</p>
</div><p>If Nvidia delivers revenue and earnings per share far ahead of Wall Street's expectations, as it has done in recent quarters, Brian Mulberry, chief market strategist at Zacks Investment Management, told MarketWatch he could see the company returning capital to shareholders by both raising its dividend and increasing its buyback authorization.</p>
<div class="lb-trans"><p>如果英伟达的收入和每股收益远超华尔街的预期，正如它在最近几个季度所做的那样，Zacks Investment Management 的首席市场策略师 Brian Mulberry 告诉 MarketWatch，他可以看到公司通过提高股息和增加回购授权来向股东返还资本。</p>
</div><p>But Jed Ellerbroek, a portfolio manager at Argent Capital Management, said that any dividend hike would likely be &#34;largely immaterial.&#34; From the outside, Nvidia's dividend looks like a token dividend that it's paying as some sort of requirement, he told MarketWatch.</p>
<div class="lb-trans"><p>但 Argent Capital Management 的投资组合经理 Jed Ellerbroek 表示，任何股息增加可能 “基本上是微不足道的。” 从外部来看，英伟达的股息看起来像是一种象征性股息，作为某种要求而支付，他告诉 MarketWatch。</p>
</div><p>Don't miss: Nvidia's earnings will play second fiddle to these big investor debates</p>
<div class="lb-trans"><p>不要错过：英伟达的财报将成为这些重大投资者辩论的配角</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>05-19-26 1309ET</p>
<div class="lb-trans"><p>05-19-26 1309ET</p>
</div>

Is Nvidia spending its cash on the right things? Investors will soon get an update.

- Nvidia 支付微薄的股息，股息收益仅为 0.02%。
- 分析师认为，公司可能增加股票回购至 1500 亿美元并投资 AI 生态系统。
- 投资者关注收益公布，期待更高的资本回报率。

Dow Jones

苹果

亚马逊

道琼斯指数

瑞银集团

康宁

Coreweave

NVIDIA Corporation

英伟达是否在正确的领域上花费现金？投资者将很快得到最新消息