<p><strong>英伟达公司</strong> (NASDAQ: NVDA) 报告了 2027 年第一季度的业绩，任何其他标准普尔 500 公司都会将其视为一个具有划时代意义的季度。收入为 816 亿美元，超出市场预期 28 亿美元。</p>
<p>数据中心的收入单独增长了 92%，达到创纪录的 752 亿美元。第二季度的指引为 910 亿美元，几乎比华尔街的预测高出 50 亿美元——明确不包括任何来自中国的贡献。</p>
<p>在报告发布前，周三股价上涨 1.3%，收于 223.47 美元，随后在延长交易中略微下滑。</p>
<p>周四，盘前交易持平。</p>
<p>对于一家刚刚交出半导体历史上最大绝对收入超预期的公司——并宣布在剩余 390 亿美元的基础上再授权 800 亿美元的回购——高盛认为，基本面与市场反应之间的差距是机会所在。</p>
<h2>高盛刚刚将英伟达的目标价提高至 285 美元</h2>
<p>周四，高盛分析师詹姆斯·施奈德重申了对英伟达的买入评级，并将其 12 个月目标价从 250 美元上调至 285 美元，保持 30 倍的倍数不变，并将其正常化的每股收益预期从 8.25 美元上调至 9.50 美元。</p>
<p>他升级的机制比数字本身更为重要。</p>
<p>高盛现在预计英伟达 2027 财年的收入为 4109 亿美元——意味着 90% 的年增长——而 2028 财年的预估跃升至 6351 亿美元。</p>
<p>这两个数字大约比之前的模型高出 4%，每股收益的预估平均上调 6%，以反映更高的收入和更低的税率。</p>
<p>但核心论点并不在于模型的微调。</p>
<p>施奈德写道，高盛认为 “未来几个月股票超越市场的路径更加清晰”，这主要受两个因素驱动：他认为超大规模资本支出预测的上行空间越来越可持续，以及英伟达改善的资本配置框架。</p>
<p><strong>另请阅读：</strong>
<strong>忘掉美光：美国最热门的半导体股票本月已上涨 100%</strong></p>
<p>可持续性论点基于一个特定机制。英伟达每年推动超过 70% 的代币成本降低，而代币价格保持稳定或上升，这在结构上改善了每个大规模推理客户的单位经济。</p>
<p>这里的翻译很重要。代币是 AI 模型的基本工作单位——每个单词、图像片段或处理的代码片段。</p>
<p>当生产一个代币的成本每年下降 70%，而客户支付的价格保持不变时，AI 工作负载的毛利率迅速扩大。这种毛利率的扩张使得万亿美元的超大规模建设在经济上合理，而不是投机性的。</p>
<p>施奈德还指出，英伟达改善的资本配置是一个信心信号。800 亿美元的回购扩展和 25 倍的股息增加标志着公司在上个季度之前几乎没有向股东返还任何现金的重大转变。</p>
<p>仅在 2026 财年，英伟达就通过回购和股息返还了 411 亿美元——管理层似乎准备大幅加快这一速度。</p>
<h2>华尔街一直在攀登同一阶梯</h2>
<p>高盛并不是唯一一家将英伟达重新定价的公司。华尔街在报告发布前一周已经在主要卖方机构中提高了目标价。</p>
<p>根据 Benzinga 分析师股票评级，34 位分析师的共识 12 个月目标价现在为 285.50 美元，意味着从当前水平大约有 29% 的上行空间。最近的三项评级——来自汇丰、DA 戴维森和摩根士丹利——平均为 303.33 美元，表明新的目标价正在将共识推高而不是降低。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>评级</th>
<th>旧目标价</th>
<th>新目标价</th>
<th>相较于英伟达 5 月 20 日收盘的上行空间</th>
</tr>
</thead>
<tbody>
<tr>
<td>Cantor Fitzgerald</td>
<td>超配</td>
<td>$300</td>
<td>$350</td>
<td>+58.6%</td>
</tr>
<tr>
<td>汇丰</td>
<td>买入</td>
<td>$295</td>
<td>$325</td>
<td>+47.3%</td>
</tr>
<tr>
<td>美国银行</td>
<td>买入</td>
<td>$300</td>
<td>$320</td>
<td>+45.0%</td>
</tr>
<tr>
<td>KeyBanc</td>
<td>超配</td>
<td>$275</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>DA 戴维森</td>
<td>买入</td>
<td>$250</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>Wedbush</td>
<td>超越表现</td>
<td>$300</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>高盛</td>
<td>买入</td>
<td>$250</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
<tr>
<td>摩根士丹利</td>
<td>超配</td>
<td>$260</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
</tbody>
</table>
<p><em>来源：Benzinga 分析师评级，英伟达目标价变动 ·2026 年 5 月 12 日至 19 日的一周</em></p>
<h2>那么为什么英伟达股票没有动？</h2>
<p>期权市场在英伟达财报发布前已定价隐含波动约 5-6%。而且该股在过去 12 个月中已经上涨 67%，几乎没有空间让超出预期的业绩——无论多大——给已经将其价格纳入的投资者带来惊喜。</p>
<p>这种模式并不新鲜。</p>
<p>在过去 17 次财报中，英伟达的股票在财报发布后的中位数一天波动几乎为零，七天的中位数回报为负 3.5%。该公司始终超出预期，但股票却始终未能庆祝。</p>
<p><strong>另请阅读：</strong>
<strong>英伟达财报影响追踪器：历史数据揭示隐藏的牛市陷阱</strong></p>
<p>施奈德认为，这次改变计算方式的是二阶导数的故事。</p>
<p>高盛 2027 年日历年每股收益预估为 9.50 美元，超过华尔街共识 30% 以上。</p>
<p>如果这一差距在未来几个季度通过向上的共识修正缩小——由高盛认为可持续的超大规模资本支出升级推动——那么股票要超越市场并不需要扩展倍数。盈利线会发挥作用。</p>
<p><em>照片由 JRdes 通过 Shutterstock 提供</em></p>

英伟达

2 倍做多英伟达 ETF - Direxion

2 倍做多英伟达 ETF - GraniteShares

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - GraniteShares

<p>英伟达在 2027 年第一季度报告了创纪录的 816 亿美元收入，超出预期，并预计第二季度销售额将达到 910 亿美元。高盛将英伟大的目标股价从 250 美元上调至 285 美元，理由是强劲的增长前景和改善的资本配置。尽管收入大幅超出预期，英伟达的股票在财报发布后表现有限，反映出之前的价格上涨。分析师们依然持乐观态度，普遍目标价为 285.50 美元，显示出潜在的上行空间</p>

<p><strong>Nvidia Corp.</strong> (NASDAQ: NVDA) reported first-quarter 2027 results that any other company in the S&amp;P 500 would frame as a generational quarter. Revenue of $81.6 billion topped consensus by $2.8 billion.</p>
<div class="lb-trans"><p><strong>英伟达公司</strong> (NASDAQ: NVDA) 报告了 2027 年第一季度的业绩，任何其他标准普尔 500 公司都会将其视为一个具有划时代意义的季度。收入为 816 亿美元，超出市场预期 28 亿美元。</p>
</div><p>Data Center revenue alone grew 92% year-on-year to a record $75.2 billion. And second-quarter guidance of $91 billion landed nearly $5 billion above what Wall Street modeled — explicitly excluding any China contribution.</p>
<div class="lb-trans"><p>数据中心的收入单独增长了 92%，达到创纪录的 752 亿美元。第二季度的指引为 910 亿美元，几乎比华尔街的预测高出 50 亿美元——明确不包括任何来自中国的贡献。</p>
</div><p>The stock closed up 1.3% on Wednesday at $223.47 ahead of the print, then drifted modestly lower in extended trading.</p>
<div class="lb-trans"><p>在报告发布前，周三股价上涨 1.3%，收于 223.47 美元，随后在延长交易中略微下滑。</p>
</div><p>On Thursday, premarket trading was flat.</p>
<div class="lb-trans"><p>周四，盘前交易持平。</p>
</div><p>For a company that just delivered the largest absolute revenue beat in semiconductor history — and announced an $80 billion buyback authorization on top of $39 billion already remaining — Goldman Sachs believes that the gap between fundamentals and market reactions is where the opportunity lies.</p>
<div class="lb-trans"><p>对于一家刚刚交出半导体历史上最大绝对收入超预期的公司——并宣布在剩余 390 亿美元的基础上再授权 800 亿美元的回购——高盛认为，基本面与市场反应之间的差距是机会所在。</p>
</div><h2>Goldman Just Raised Nvidia’s Price Target To $285</h2>
<div class="lb-trans"><h2>高盛刚刚将英伟达的目标价提高至 285 美元</h2>
</div><p>On Thursday, Goldman Sachs analyst James Schneider reiterated his Buy rating on Nvidia and raised his 12-month price target to $285 from $250, applying an unchanged 30x multiple to a normalized EPS estimate that he lifted to $9.50 from $8.25.</p>
<div class="lb-trans"><p>周四，高盛分析师詹姆斯·施奈德重申了对英伟达的买入评级，并将其 12 个月目标价从 250 美元上调至 285 美元，保持 30 倍的倍数不变，并将其正常化的每股收益预期从 8.25 美元上调至 9.50 美元。</p>
</div><p>The mechanics of his upgrade matter more than the number.</p>
<div class="lb-trans"><p>他升级的机制比数字本身更为重要。</p>
</div><p>Goldman now projects Nvidia’s fiscal-year 2027 revenue to $410.9 billion — implying 90% annual growth — while the fiscal-year 2028 estimate jumps to $635.1 billion.</p>
<div class="lb-trans"><p>高盛现在预计英伟达 2027 财年的收入为 4109 亿美元——意味着 90% 的年增长——而 2028 财年的预估跃升至 6351 亿美元。</p>
</div><p>Both numbers sit roughly 4% above the prior model, with EPS estimates raised by an average of 6% to reflect higher revenue and a lower tax rate.</p>
<div class="lb-trans"><p>这两个数字大约比之前的模型高出 4%，每股收益的预估平均上调 6%，以反映更高的收入和更低的税率。</p>
</div><p>But the central argument is not about modeling tweaks.</p>
<div class="lb-trans"><p>但核心论点并不在于模型的微调。</p>
</div><p>Schneider wrote that Goldman sees “a clearer path for the stock to outperform the market over the coming months,” driven by two factors: upside to hyperscaler CapEx forecasts that he believes are increasingly sustainable, and Nvidia’s improved capital allocation framework.</p>
<div class="lb-trans"><p>施奈德写道，高盛认为 “未来几个月股票超越市场的路径更加清晰”，这主要受两个因素驱动：他认为超大规模资本支出预测的上行空间越来越可持续，以及英伟达改善的资本配置框架。</p>
</div><p><strong>Read Also:</strong>
<strong>Forget About Micron: The Hottest US Semiconductor Stock Is Already Up 100% This Month</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>忘掉美光：美国最热门的半导体股票本月已上涨 100%</strong></p>
</div><p>The sustainability argument rests on a specific mechanism. Nvidia is driving over 70% annual token cost reductions while token prices stabilize or rise, which structurally improves the unit economics of every customer running inference at scale.</p>
<div class="lb-trans"><p>可持续性论点基于一个特定机制。英伟达每年推动超过 70% 的代币成本降低，而代币价格保持稳定或上升，这在结构上改善了每个大规模推理客户的单位经济。</p>
</div><p>The translation matters here. A token is the basic unit of work for an AI model — every word, image fragment, or piece of code processed.</p>
<div class="lb-trans"><p>这里的翻译很重要。代币是 AI 模型的基本工作单位——每个单词、图像片段或处理的代码片段。</p>
</div><p>When the cost of producing a token falls 70% a year and the price customers pay holds steady, the gross margin on AI workloads expands rapidly. That margin expansion is what makes the trillion-dollar hyperscaler buildout economically rational rather than speculative.</p>
<div class="lb-trans"><p>当生产一个代币的成本每年下降 70%，而客户支付的价格保持不变时，AI 工作负载的毛利率迅速扩大。这种毛利率的扩张使得万亿美元的超大规模建设在经济上合理，而不是投机性的。</p>
</div><p>Schneider also flagged Nvidia’s improved capital allocation as a confidence signal. The $80 billion buyback expansion and the 25-fold dividend increase mark a meaningful shift from a company that, until last quarter, returned almost nothing to shareholders relative to its cash generation.</p>
<div class="lb-trans"><p>施奈德还指出，英伟达改善的资本配置是一个信心信号。800 亿美元的回购扩展和 25 倍的股息增加标志着公司在上个季度之前几乎没有向股东返还任何现金的重大转变。</p>
</div><p>In fiscal-year 2026 alone, Nvidia returned $41.1 billion through buybacks and dividends — and management appears ready to accelerate that pace materially.</p>
<div class="lb-trans"><p>仅在 2026 财年，英伟达就通过回购和股息返还了 411 亿美元——管理层似乎准备大幅加快这一速度。</p>
</div><h2>The Street Has Been Climbing The Same Ladder</h2>
<div class="lb-trans"><h2>华尔街一直在攀登同一阶梯</h2>
</div><p>Goldman is not alone in repricing Nvidia higher. The Street walked into the print with price targets already lifted across the major sell-side desks during the week before the report.</p>
<div class="lb-trans"><p>高盛并不是唯一一家将英伟达重新定价的公司。华尔街在报告发布前一周已经在主要卖方机构中提高了目标价。</p>
</div><p>Per Benzinga Analyst Stock Ratings, the consensus 12-month price target across 34 analysts now sits at $285.50, implying roughly 29% upside from current levels. The three most recent ratings — from HSBC, DA Davidson and Morgan Stanley — average $303.33, suggesting the newer marks are pulling the consensus higher rather than lower.</p>
<div class="lb-trans"><p>根据 Benzinga 分析师股票评级，34 位分析师的共识 12 个月目标价现在为 285.50 美元，意味着从当前水平大约有 29% 的上行空间。最近的三项评级——来自汇丰、DA 戴维森和摩根士丹利——平均为 303.33 美元，表明新的目标价正在将共识推高而不是降低。</p>
</div><table>
<thead>
<tr>
<th>Firm</th>
<th>Rating</th>
<th>Old PT</th>
<th>New PT</th>
<th>Upside vs. NVDA’s May 20 close</th>
</tr>
</thead>
<tbody>
<tr>
<td>Cantor Fitzgerald</td>
<td>Overweight</td>
<td>$300</td>
<td>$350</td>
<td>+58.6%</td>
</tr>
<tr>
<td>HSBC</td>
<td>Buy</td>
<td>$295</td>
<td>$325</td>
<td>+47.3%</td>
</tr>
<tr>
<td>Bank of America</td>
<td>Buy</td>
<td>$300</td>
<td>$320</td>
<td>+45.0%</td>
</tr>
<tr>
<td>KeyBanc</td>
<td>Overweight</td>
<td>$275</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>DA Davidson</td>
<td>Buy</td>
<td>$250</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>Wedbush</td>
<td>Outperform</td>
<td>$300</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>Goldman Sachs</td>
<td>Buy</td>
<td>$250</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
<tr>
<td>Morgan Stanley</td>
<td>Overweight</td>
<td>$260</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>评级</th>
<th>旧目标价</th>
<th>新目标价</th>
<th>相较于英伟达 5 月 20 日收盘的上行空间</th>
</tr>
</thead>
<tbody>
<tr>
<td>Cantor Fitzgerald</td>
<td>超配</td>
<td>$300</td>
<td>$350</td>
<td>+58.6%</td>
</tr>
<tr>
<td>汇丰</td>
<td>买入</td>
<td>$295</td>
<td>$325</td>
<td>+47.3%</td>
</tr>
<tr>
<td>美国银行</td>
<td>买入</td>
<td>$300</td>
<td>$320</td>
<td>+45.0%</td>
</tr>
<tr>
<td>KeyBanc</td>
<td>超配</td>
<td>$275</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>DA 戴维森</td>
<td>买入</td>
<td>$250</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>Wedbush</td>
<td>超越表现</td>
<td>$300</td>
<td>$300</td>
<td>+36.0%</td>
</tr>
<tr>
<td>高盛</td>
<td>买入</td>
<td>$250</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
<tr>
<td>摩根士丹利</td>
<td>超配</td>
<td>$260</td>
<td>$285</td>
<td>+29.2%</td>
</tr>
</tbody>
</table>
</div><p><em>Source: Benzinga Analyst Ratings, Price Target Changes on Nvidia · Week of May 12–19, 2026</em></p>
<div class="lb-trans"><p><em>来源：Benzinga 分析师评级，英伟达目标价变动 ·2026 年 5 月 12 日至 19 日的一周</em></p>
</div><h2>So Why Isn’t Nvidia Stock Moving?</h2>
<div class="lb-trans"><h2>那么为什么英伟达股票没有动？</h2>
</div><p>Options markets had priced an implied move near 5–6% ahead of Nvidia earnings. And the stock had already climbed 67% over the prior 12 months, leaving little room for a beat — however large — to surprise investors who had already priced it in.</p>
<div class="lb-trans"><p>期权市场在英伟达财报发布前已定价隐含波动约 5-6%。而且该股在过去 12 个月中已经上涨 67%，几乎没有空间让超出预期的业绩——无论多大——给已经将其价格纳入的投资者带来惊喜。</p>
</div><p>The pattern is not new.</p>
<div class="lb-trans"><p>这种模式并不新鲜。</p>
</div><p>Across the past 17 earnings reports, Nvidia shares have delivered a median one-day post-earnings move of essentially zero, with a seven-day median return of negative 3.5%. The company has consistently beaten estimates and the stock has consistently failed to celebrate.</p>
<div class="lb-trans"><p>在过去 17 次财报中，英伟达的股票在财报发布后的中位数一天波动几乎为零，七天的中位数回报为负 3.5%。该公司始终超出预期，但股票却始终未能庆祝。</p>
</div><p><strong>Read Also:</strong>
<strong>Nvidia Earnings Impact Tracker: Historical Data Shows Hidden Bull Trap</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>英伟达财报影响追踪器：历史数据揭示隐藏的牛市陷阱</strong></p>
</div><p>What changes the calculus this time, in Schneider’s view, is the second-derivative story.</p>
<div class="lb-trans"><p>施奈德认为，这次改变计算方式的是二阶导数的故事。</p>
</div><p>Goldman’s calendar 2027 EPS estimate of $9.50 sits more than 30% above the Street consensus.</p>
<div class="lb-trans"><p>高盛 2027 年日历年每股收益预估为 9.50 美元，超过华尔街共识 30% 以上。</p>
</div><p>If that gap closes through upward consensus revisions over the coming quarters — driven by hyperscaler CapEx upgrades that Goldman believes are sustainable — the multiple does not need to expand for the stock to outperform. The earnings line does the work.</p>
<div class="lb-trans"><p>如果这一差距在未来几个季度通过向上的共识修正缩小——由高盛认为可持续的超大规模资本支出升级推动——那么股票要超越市场并不需要扩展倍数。盈利线会发挥作用。</p>
</div><p><em>Photo by JRdes via Shutterstock</em></p>
<div class="lb-trans"><p><em>照片由 JRdes 通过 Shutterstock 提供</em></p>
</div>

Nvidia Just Did The Impossible: Wall Street Still Wants More

- Nvidia 第一季度营收达 816 亿美元，同比增长 92%。  
- 高盛将价格目标上调至 285 美元，预计 2027 财年收入为 4109 亿美元。  
- 尽管股票涨幅有限，分析师仍看好其未来表现。

benzinga_article

标普 500 指数

高盛

汇丰

汇丰控股

美国银行

科凯国际

摩根士丹利

美光科技

NVIDIA Corporation

GS Hldg R

HSBC 5xShortSG241213

汇丰控股有限公司

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

KEYCORP DEP SHS REP 1/40TH NON CUM PER PFD SER G

KEYCORP DEP SHS REPSTG 1/40TH INT PERP NON CUM H

KEYCORP DEP SHS REP 1/40TH PERP PFD SER F USD25

KEYCORP DEP SHS REP 1/40TH NON CUM PFD SER E

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

英伟达刚刚实现了不可能的壮举：华尔街仍然期待更多