<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg"/></p>
<p>英伟达（NVDA）发布了又一份惊人的财报，但投资者似乎并不买账，股价难以反弹。</p>
<p>周四早盘，股价下跌约 1.9%，早盘交易中股价跌至约 219.62 美元。</p>
<p>尽管英伟达再次超越华尔街预期，并预测未来将实现更强劲的增长，但市场反应平淡。</p>
<p>英伟达报告的财年第一季度收入为 816 亿美元，比去年增长 85%，超出分析师对约 789 亿美元的预期。</p>
<p>该公司还预计第二季度收入增长约 95%。</p>
<p>然而，考虑到英伟达的市值已达到约 5.3 万亿美元，且股价在最近几个月大幅上涨，投资者似乎不愿在业绩公布后立即推动股价大幅上涨。</p>
<p>分析师还指出，关于人工智能芯片和定制计算基础设施的长期竞争的担忧日益加剧。</p>
<h2>“需求已经呈现指数级增长”</h2>
<p>英伟达的业绩再次受到其数据中心业务爆炸性增长的推动，该业务仍然是全球人工智能基础设施建设的核心。</p>
<p>首席执行官黄仁勋表示，人工智能计算基础设施的需求正在迅速加速。</p>
<p>“需求已经呈现指数级增长，” 黄在财报电话会议上对分析师表示。</p>
<p>“原因很简单：代理人工智能的时代已经到来。”</p>
<p>英伟达现在预测，到本世纪末，年度人工智能基础设施支出可能会增加到 3 万亿到 4 万亿美元之间，因为人工智能系统将嵌入各个行业。</p>
<p>该公司继续受益于来自超大规模数据中心、企业、政府和初创公司的巨额支出承诺，这些公司正在争相确保先进的人工智能计算能力。</p>
<h2>中国仍然是一个重大问题</h2>
<p>投资者关注的最大领域之一仍然是中国。</p>
<p>英伟达的人工智能芯片已成为美国与中国之间更广泛技术竞争的核心问题。</p>
<p>今年早些时候，特朗普政府允许英伟达在特定条件下恢复对中国客户的 H200 人工智能芯片的有限销售。</p>
<p>H200 之前因担心该技术可能增强中国的军事和技术能力而受到限制。</p>
<p>然而，英伟达表示，目前并未假设来自中国数据中心芯片销售的任何收入贡献。</p>
<p>黄还向 CNBC 承认，该公司 “在很大程度上已将” 中国市场拱手让给华为，因为北京日益推动国内半导体供应商。</p>
<p>上周，黄与一群美国商界领袖陪同特朗普进行正式访问北京，尽管尚不清楚半导体政策是否进行了有意义的讨论。</p>
<h2>华尔街仍然看到显著的上行空间</h2>
<p>尽管股价反应平淡，但主要华尔街公司在财报发布后大多提高了目标价。</p>
<p>贝尔德将英伟达的目标价从 300 美元上调至 500 美元，同时维持 “跑赢大盘” 评级。</p>
<p>该公司表示，英伟达在人工智能推理和超大规模计算中持续获得市场份额，并预计即将推出的维拉·鲁宾架构的采用将超越前沿人工智能模型公司的布莱克威尔架构。</p>
<p>贝尔德还强调了英伟达在 CPU 领域日益增长的推动力，估计该公司今年的 CPU 收入接近 200 亿美元。</p>
<p>高盛将目标价从 250 美元上调至 285 美元，并维持 “买入” 评级。</p>
<p>高盛表示，随着超大规模人工智能支出的可持续性日益增强，英伟达股票有 “更清晰的超越路径”。</p>
<p>该银行还指出，英伟达能够将人工智能代币生成成本每年降低超过 70%，即使在人工智能部署规模扩大时，也能保持需求增长。</p>
<p>与此同时，摩根士丹利将目标价从 285 美元上调至 288 美元，并维持 “增持” 评级。</p>
<p>分析师约瑟夫·摩尔表示，强劲的计算需求继续超过对定制人工智能芯片和应用特定集成电路（ASIC）的担忧。</p>
<p>摩根士丹利指出，即使是开发自己芯片的超大规模公司，仍然是英伟达的重要客户，因为先进的人工智能计算能力仍然短缺。</p>
<p>文章《为什么英伟达股票在惊人财报后下跌 2%》最初发表于 Invezz。</p>

英伟达

2 倍做多英伟达 ETF - Direxion

2 倍做空 NVDA ETF - T-Rex

2 倍做多 NVDA ETF - T-Rex

半导体 ETF - VanEck Vectors

标普半导体 ETF - SPDR

费城交易所 半导体 ETF - iShares

<p>英伟达（Nvidia，股票代码：NVDA）公布了强劲的 2024 财年第一季度财报，收入为 816 亿美元，同比增长 85%，但股价下跌 1.9%，至 219.62 美元。尽管超出预期并预测第二季度增长 95%，投资者的热情却因对人工智能芯片竞争和中国市场的担忧而减弱。主要华尔街公司提高了目标价，贝尔德（Baird）将其上调至 500 美元，理由是英伟达在人工智能和计算领域的市场份额增长</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg"/></p>
<p>Nvidia (NVDA) delivered another blockbuster earnings report, but investors appeared unimpressed as the stock struggled to rally.</p>
<div class="lb-trans"><p>英伟达（NVDA）发布了又一份惊人的财报，但投资者似乎并不买账，股价难以反弹。</p>
</div><p>Shares fell around 1.9% on Thursday morning, with the stock slipping to around $219.62 in early trading.</p>
<div class="lb-trans"><p>周四早盘，股价下跌约 1.9%，早盘交易中股价跌至约 219.62 美元。</p>
</div><p>The muted reaction came despite Nvidia once again surpassing Wall Street expectations and forecasting even stronger growth ahead.</p>
<div class="lb-trans"><p>尽管英伟达再次超越华尔街预期，并预测未来将实现更强劲的增长，但市场反应平淡。</p>
</div><p>Nvidia reported fiscal first-quarter revenue of $81.6 billion, up 85% from a year earlier and ahead of analyst expectations for roughly $78.9 billion.</p>
<div class="lb-trans"><p>英伟达报告的财年第一季度收入为 816 亿美元，比去年增长 85%，超出分析师对约 789 亿美元的预期。</p>
</div><p>The company also projected second-quarter revenue growth of approximately 95%.</p>
<div class="lb-trans"><p>该公司还预计第二季度收入增长约 95%。</p>
</div><p>Still, with Nvidia already valued at roughly $5.3 trillion and shares having surged sharply in recent months, investors appeared reluctant to push the stock materially higher immediately following the results.</p>
<div class="lb-trans"><p>然而，考虑到英伟达的市值已达到约 5.3 万亿美元，且股价在最近几个月大幅上涨，投资者似乎不愿在业绩公布后立即推动股价大幅上涨。</p>
</div><p>Analysts also pointed to growing concerns around long-term competition in artificial intelligence chips and custom computing infrastructure.</p>
<div class="lb-trans"><p>分析师还指出，关于人工智能芯片和定制计算基础设施的长期竞争的担忧日益加剧。</p>
</div><h2>“Demand has gone parabolic”</h2>
<div class="lb-trans"><h2>“需求已经呈现指数级增长”</h2>
</div><p>Nvidia’s results were once again driven by explosive growth in its data-center business, which remains at the center of the global AI infrastructure buildout.</p>
<div class="lb-trans"><p>英伟达的业绩再次受到其数据中心业务爆炸性增长的推动，该业务仍然是全球人工智能基础设施建设的核心。</p>
</div><p>Chief executive Jensen Huang said demand for AI computing infrastructure continues to accelerate rapidly.</p>
<div class="lb-trans"><p>首席执行官黄仁勋表示，人工智能计算基础设施的需求正在迅速加速。</p>
</div><p>“Demand has gone parabolic,” Huang told analysts during the earnings call.</p>
<div class="lb-trans"><p>“需求已经呈现指数级增长，” 黄在财报电话会议上对分析师表示。</p>
</div><p>“The reason is simple: the era of agentic AI is here.”</p>
<div class="lb-trans"><p>“原因很简单：代理人工智能的时代已经到来。”</p>
</div><p>Nvidia now forecasts that annual AI infrastructure spending could rise to between $3 trillion and $4 trillion by the end of the decade as AI systems become embedded across industries.</p>
<div class="lb-trans"><p>英伟达现在预测，到本世纪末，年度人工智能基础设施支出可能会增加到 3 万亿到 4 万亿美元之间，因为人工智能系统将嵌入各个行业。</p>
</div><p>The company continues to benefit from enormous spending commitments from hyperscalers, enterprises, governments, and startups racing to secure advanced AI computing capacity.</p>
<div class="lb-trans"><p>该公司继续受益于来自超大规模数据中心、企业、政府和初创公司的巨额支出承诺，这些公司正在争相确保先进的人工智能计算能力。</p>
</div><h2>China remains a major question</h2>
<div class="lb-trans"><h2>中国仍然是一个重大问题</h2>
</div><p>One of the biggest areas of investor focus remains China.</p>
<div class="lb-trans"><p>投资者关注的最大领域之一仍然是中国。</p>
</div><p>Nvidia’s AI chips have become a central issue in the broader technology rivalry between the United States and China.</p>
<div class="lb-trans"><p>英伟达的人工智能芯片已成为美国与中国之间更广泛技术竞争的核心问题。</p>
</div><p>Earlier this year, the Trump administration allowed Nvidia to resume limited sales of its H200 AI chips to Chinese customers under specific conditions.</p>
<div class="lb-trans"><p>今年早些时候，特朗普政府允许英伟达在特定条件下恢复对中国客户的 H200 人工智能芯片的有限销售。</p>
</div><p>The H200 had previously been restricted over concerns that the technology could strengthen China’s military and technology capabilities.</p>
<div class="lb-trans"><p>H200 之前因担心该技术可能增强中国的军事和技术能力而受到限制。</p>
</div><p>However, Nvidia said it is not currently assuming any revenue contribution from Chinese data-center chip sales in the current quarter.</p>
<div class="lb-trans"><p>然而，英伟达表示，目前并未假设来自中国数据中心芯片销售的任何收入贡献。</p>
</div><p>Huang also acknowledged to CNBC that the company has “largely conceded” the Chinese market to Huawei as Beijing increasingly pushes domestic semiconductor suppliers.</p>
<div class="lb-trans"><p>黄还向 CNBC 承认，该公司 “在很大程度上已将” 中国市场拱手让给华为，因为北京日益推动国内半导体供应商。</p>
</div><p>Last week, Huang joined a group of US business leaders accompanying Donald Trump on an official trip to Beijing, though it remains unclear whether semiconductor policy was meaningfully discussed.</p>
<div class="lb-trans"><p>上周，黄与一群美国商界领袖陪同特朗普进行正式访问北京，尽管尚不清楚半导体政策是否进行了有意义的讨论。</p>
</div><h2>Wall Street still sees significant upside</h2>
<div class="lb-trans"><h2>华尔街仍然看到显著的上行空间</h2>
</div><p>Despite the stock’s muted reaction, major Wall Street firms largely raised price targets following the earnings report.</p>
<div class="lb-trans"><p>尽管股价反应平淡，但主要华尔街公司在财报发布后大多提高了目标价。</p>
</div><p>Baird raised its price target on Nvidia to $500 from $300 while maintaining an Outperform rating.</p>
<div class="lb-trans"><p>贝尔德将英伟达的目标价从 300 美元上调至 500 美元，同时维持 “跑赢大盘” 评级。</p>
</div><p>The firm said Nvidia continues gaining market share in AI inferencing and hyperscale computing and expects adoption of the upcoming Vera Rubin architecture to outpace Blackwell among frontier AI model companies.</p>
<div class="lb-trans"><p>该公司表示，英伟达在人工智能推理和超大规模计算中持续获得市场份额，并预计即将推出的维拉·鲁宾架构的采用将超越前沿人工智能模型公司的布莱克威尔架构。</p>
</div><p>Baird also highlighted Nvidia’s growing push into CPUs, estimating the company now has visibility into nearly $20 billion in CPU revenue this year.</p>
<div class="lb-trans"><p>贝尔德还强调了英伟达在 CPU 领域日益增长的推动力，估计该公司今年的 CPU 收入接近 200 亿美元。</p>
</div><p>Goldman Sachs raised its target to $285 from $250 and maintained a Buy rating.</p>
<div class="lb-trans"><p>高盛将目标价从 250 美元上调至 285 美元，并维持 “买入” 评级。</p>
</div><p>Goldman said it sees a “clearer path” for Nvidia shares to outperform as hyperscaler AI spending becomes increasingly sustainable.</p>
<div class="lb-trans"><p>高盛表示，随着超大规模人工智能支出的可持续性日益增强，英伟达股票有 “更清晰的超越路径”。</p>
</div><p>The bank also pointed to Nvidia’s ability to reduce AI token-generation costs by more than 70% annually, helping maintain demand growth even as AI deployment scales.</p>
<div class="lb-trans"><p>该银行还指出，英伟达能够将人工智能代币生成成本每年降低超过 70%，即使在人工智能部署规模扩大时，也能保持需求增长。</p>
</div><p>Meanwhile, Morgan Stanley lifted its price target to $288 from $285 and maintained an Overweight rating.</p>
<div class="lb-trans"><p>与此同时，摩根士丹利将目标价从 285 美元上调至 288 美元，并维持 “增持” 评级。</p>
</div><p>Analyst Joseph Moore said strong compute demand continues to outweigh concerns around custom AI chips and application-specific integrated circuits, or ASICs.</p>
<div class="lb-trans"><p>分析师约瑟夫·摩尔表示，强劲的计算需求继续超过对定制人工智能芯片和应用特定集成电路（ASIC）的担忧。</p>
</div><p>Morgan Stanley noted that even hyperscalers developing their own chips still remain major Nvidia customers due to ongoing shortages of advanced AI compute capacity.</p>
<div class="lb-trans"><p>摩根士丹利指出，即使是开发自己芯片的超大规模公司，仍然是英伟达的重要客户，因为先进的人工智能计算能力仍然短缺。</p>
</div><p>The post Why Nvidia stock is down 2% after blockbuster earnings appeared first on Invezz</p>
<div class="lb-trans"><p>文章《为什么英伟达股票在惊人财报后下跌 2%》最初发表于 Invezz。</p>
</div>

Why Nvidia stock is down 2% after blockbuster earnings

- Nvidia 公布了强劲的财报，第一季度营收达到 81.6 亿美元，同比增长 85%。  
- 股价下跌约 1.9%，因投资者对未来增长持谨慎态度。  
- 市场关注中美技术竞争及中国市场对公司的影响。

invezz

高盛

摩根士丹利

NVIDIA Corporation

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

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为什么英伟达的股票在创纪录的收益公布后下跌了 2%