<p>今年，<strong>英偉達</strong>(NVDA 2.15%) 的股票表現火爆，到目前為止上漲超過 170%，這背後有很多良好的理由。作為科技巨頭，英偉達在人工智能（AI）芯片市場上證明了其主導地位，顯示出全球最大的 AI 客户正在排隊獲取其最新平台。英偉達表示，其即將推出的 Blackwell 架構和芯片的需求已經超過供應，這種情況將持續下去。</p>
<p>公司的成功轉化為巨大的盈利增長，最近幾個季度的淨收入和收入均實現了三位數的增長。這也為英偉達帶來了其他里程碑。例如，<strong>道瓊斯工業平均指數</strong> 邀請該公司加入。由於其驚人的股票表現，英偉達的市值飆升，曾一度超過 <strong>蘋果</strong>，成為全球最有價值的公司。（目前已回到第二的位置，市值為 3.3 萬億美元。）</p>
<p>這一切聽起來都很美好。但如果你考慮購買英偉達的股票或已經持有該股票，有一件可能令人失望的事情你需要現在就知道。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達飆升的市值</h2>
<p>不過，首先快速回顧一下英偉達的故事。英偉達並不總是科技巨頭。就在 2019 年，英偉達的市值總額不到 1000 億美元。而在五年前，該公司的市值不到 100 億美元。英偉達歷史上以其高性能的圖形處理單元（GPU）而聞名，這些芯片為視頻遊戲提供令人興奮的聲音和圖像；遊戲行業是其最大的客户。</p>
<p>但顯然，GPU 在其他行業也可以發揮作用，因此英偉達擴大了其關注範圍，隨着 AI 的興起，英偉達的 GPU 需求激增。作為加速關鍵 AI 任務（如模型訓練和推理）的理想工具，英偉達的 GPU 很快成為開發 AI 平台的公司的首選芯片。</p>
<p>英偉達的業務已經遠遠超出了 GPU，今天提供各種 AI 產品和服務，幾乎成為 AI 客户的一站式商店。如今，英偉達達到了一個關鍵里程碑：Blackwell 的發佈。在第三季度，這家科技巨頭髮運了 13,000 個 GPU 樣品，目前正在加速生產。</p>
<p>現在，讓我們考慮一個可能讓一些投資者感到失望的因素，這可能會影響英偉達的股票表現。我在這裏談論的是收入增長。如前所述，該公司在最近幾個季度穩步實現了三位數的增長——直到最近的第三季度。收入增長放緩至兩位數，增長 94%，超過 350 億美元。公司預測第四季度的收入增長約為 70%，顯示出持續放緩的趨勢。</p>
<h2>一些成長型投資者可能會做什麼</h2>
<p>看到這一趨勢，一些成長型投資者可能會感到失望，轉而選擇那些提供更高增長水平的小型新興公司。這可能會影響股票表現。</p>
<p>如果英偉達能夠在成為成熟市場巨頭後繼續實現三位數的收入增長，那將是非常好的。但從現實角度來看，一旦一家公司達到英偉達目前的收入水平，每個季度實現三位數的增長就變得更加困難。一年前，英偉達的比較季度比現在容易得多。僅僅兩年前，英偉達報告的第三季度收入僅為 59 億美元。今年的第三季度相比之下增長了 490%。</p>
<p>這意味着，儘管看到增長放緩可能令人失望，但這並不是一個負面信號，並不真正意味着放緩。對英偉達產品和服務的需求正在激增，公司保持着超過 70% 的毛利率，顯示出銷售的高盈利能力。因此，將增長放緩放在背景中來看是很重要的，當這樣做時，很明顯英偉達並沒有失去動力，而是進入了下一個增長階段，考慮到 AI 市場的良好增長前景，這可能會導致未來驚人的收入。</p>

英偉達

<p>英偉達的股票今年上漲超過 170%，這得益於其在人工智能芯片市場的主導地位和顯著的盈利增長。然而，第三季度的收入增長已放緩至 94%，第四季度的預測為 70%，這可能會讓一些投資者感到失望。儘管如此，英偉達的需求依然強勁，毛利率超過 70%，顯示出高盈利能力。增長放緩被視為該規模公司自然發展的過程，人工智能市場的前景依然強勁</p>

<p>This year, <strong>Nvidia</strong>(NVDA 2.15%) stock has been on fire, soaring more than 170% so far, and there have been plenty of good reasons for this top performance. The tech giant has proven its dominance in the artificial intelligence (AI) chip market, showing that the world's biggest AI customers are lining up to get their hands on its latest platform. Nvidia says demand for its upcoming Blackwell architecture and chip has surpassed supply, and that's set to continue.</p>
<div class="lb-trans"><p>今年，<strong>英偉達</strong>(NVDA 2.15%) 的股票表現火爆，到目前為止上漲超過 170%，這背後有很多良好的理由。作為科技巨頭，英偉達在人工智能（AI）芯片市場上證明了其主導地位，顯示出全球最大的 AI 客户正在排隊獲取其最新平台。英偉達表示，其即將推出的 Blackwell 架構和芯片的需求已經超過供應，這種情況將持續下去。</p>
</div><p>The company's successes have translated into massive earnings growth, with quarterly net income and revenue climbing in the triple digits in recent times. This has led to other milestones for Nvidia too. For example, the <strong>Dow Jones Industrial Average</strong> invited the company to join. And Nvidia's market cap, thanks to its incredible stock performance, has skyrocketed, helping it temporarily soar past <strong>Apple</strong> to become the world's most valuable company. (It's since returned to the second spot, with a market value of $3.3 trillion.)</p>
<div class="lb-trans"><p>公司的成功轉化為巨大的盈利增長，最近幾個季度的淨收入和收入均實現了三位數的增長。這也為英偉達帶來了其他里程碑。例如，<strong>道瓊斯工業平均指數</strong> 邀請該公司加入。由於其驚人的股票表現，英偉達的市值飆升，曾一度超過 <strong>蘋果</strong>，成為全球最有價值的公司。（目前已回到第二的位置，市值為 3.3 萬億美元。）</p>
</div><p>All of this sounds fantastic. But if you're considering buying Nvidia stock or already hold shares, there's one potentially disappointing thing about the company you need to know right now.</p>
<div class="lb-trans"><p>這一切聽起來都很美好。但如果你考慮購買英偉達的股票或已經持有該股票，有一件可能令人失望的事情你需要現在就知道。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkzNjYvZ2V0dHlpbWFnZXMtdHdvLXdvbWVuLXN0dWR5LXNvbWV0aGluZy1vbi1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799366%2Fgettyimages-two-women-study-something-on-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Nvidia's soaring market value</h2>
<div class="lb-trans"><h2>英偉達飆升的市值</h2>
</div><p>First, though, a quick summary of the Nvidia story so far. Nvidia wasn't always a technology giant. As recently as 2019, Nvidia's market cap totaled less than $100 billion. And five years before that, the company registered a market value of less than $10 billion. Nvidia historically was known for its top-performing graphics processing units (GPUs), chips that power the exciting sounds and images of video games; the gaming industry was its biggest customer.</p>
<div class="lb-trans"><p>不過，首先快速回顧一下英偉達的故事。英偉達並不總是科技巨頭。就在 2019 年，英偉達的市值總額不到 1000 億美元。而在五年前，該公司的市值不到 100 億美元。英偉達歷史上以其高性能的圖形處理單元（GPU）而聞名，這些芯片為視頻遊戲提供令人興奮的聲音和圖像；遊戲行業是其最大的客户。</p>
</div><p>But it was clear the GPU could be useful in other industries too, so Nvidia expanded its focus, and with the AI boom, Nvidia's GPU saw demand soar. As the ideal tool to accelerate crucial AI tasks such as the training and inferencing of models, Nvidia's GPU soon became the go-to chip for companies developing AI platforms.</p>
<div class="lb-trans"><p>但顯然，GPU 在其他行業也可以發揮作用，因此英偉達擴大了其關注範圍，隨着 AI 的興起，英偉達的 GPU 需求激增。作為加速關鍵 AI 任務（如模型訓練和推理）的理想工具，英偉達的 GPU 很快成為開發 AI 平台的公司的首選芯片。</p>
</div><p>Nvidia has expanded well beyond the GPU and today offers a wide variety of AI products and services, making it almost the one-stop shop for AI customers. And today, Nvidia has reached a key milestone: the launch of Blackwell. In the third quarter, the tech giant shipped 13,000 GPU samples and currently is in the process of ramping production.</p>
<div class="lb-trans"><p>英偉達的業務已經遠遠超出了 GPU，今天提供各種 AI 產品和服務，幾乎成為 AI 客户的一站式商店。如今，英偉達達到了一個關鍵里程碑：Blackwell 的發佈。在第三季度，這家科技巨頭髮運了 13,000 個 GPU 樣品，目前正在加速生產。</p>
</div><p>Now, let's consider the one disappointing element that could perturb some investors and even weigh on Nvidia's stock performance. And here I'm talking about revenue growth. As mentioned earlier, the company has steadily delivered triple-digit growth quarter after quarter -- until this recent Q3. Revenue growth slowed to the double digits, climbing 94% to more than $35 billion. And the company predicts revenue growth of about 70% year over year for Q4, showing a continued slowdown.</p>
<div class="lb-trans"><p>現在，讓我們考慮一個可能讓一些投資者感到失望的因素，這可能會影響英偉達的股票表現。我在這裏談論的是收入增長。如前所述，該公司在最近幾個季度穩步實現了三位數的增長——直到最近的第三季度。收入增長放緩至兩位數，增長 94%，超過 350 億美元。公司預測第四季度的收入增長約為 70%，顯示出持續放緩的趨勢。</p>
</div><h2>What some growth investors may do</h2>
<div class="lb-trans"><h2>一些成長型投資者可能會做什麼</h2>
</div><p>Seeing this trend, some growth investors may be disappointed and turn away from Nvidia in favor of smaller up-and-coming companies that offer higher growth levels. This may weigh on stock performance.</p>
<div class="lb-trans"><p>看到這一趨勢，一些成長型投資者可能會感到失望，轉而選擇那些提供更高增長水平的小型新興公司。這可能會影響股票表現。</p>
</div><p>It would be great if Nvidia could continue generating triple-digit revenue growth even after becoming a well-established market giant. But, realistically speaking, once a company reaches the level of revenue Nvidia has reached, it's much more difficult to deliver triple-digit growth every quarter. A year ago, Nvidia's comparison quarters were much easier to beat than they are today. Just two years ago, Nvidia reported Q3 revenue of only $5.9 billion. This year's Q3 represents a 490% gain from that level.</p>
<div class="lb-trans"><p>如果英偉達能夠在成為成熟市場巨頭後繼續實現三位數的收入增長，那將是非常好的。但從現實角度來看，一旦一家公司達到英偉達目前的收入水平，每個季度實現三位數的增長就變得更加困難。一年前，英偉達的比較季度比現在容易得多。僅僅兩年前，英偉達報告的第三季度收入僅為 59 億美元。今年的第三季度相比之下增長了 490%。</p>
</div><p>This means that, though it may be disappointing to see slower growth, it isn't a negative sign and doesn't really suggest a slowdown. Demand for Nvidia's products and services is booming, and the company maintains a gross margin of more than 70%, showing high profitability on sales. So, it's important to put the slowdown in growth into context, and when this is done, it's clear that Nvidia isn't losing steam but instead moving on to its next phase of growth, which, considering solid growth prospects for the AI market, could lead to mind-boggling revenue well into the future.</p>
<div class="lb-trans"><p>這意味着，儘管看到增長放緩可能令人失望，但這並不是一個負面信號，並不真正意味着放緩。對英偉達產品和服務的需求正在激增，公司保持着超過 70% 的毛利率，顯示出銷售的高盈利能力。因此，將增長放緩放在背景中來看是很重要的，當這樣做時，很明顯英偉達並沒有失去動力，而是進入了下一個增長階段，考慮到 AI 市場的良好增長前景，這可能會導致未來驚人的收入。</p>
</div>

Here's the 1 Potentially Disappointing Thing About Nvidia You Need to Know Right Now

- Nvidia 股價今年上漲超過 170%，顯示出其在 AI 芯片市場的主導地位。  
- 儘管第三季度收入增長放緩至 94%，但公司仍保持高盈利能力。  
- Nvidia 預計第四季度收入增長約 70%，顯示出持續的市場需求。  

關於英偉達你現在需要知道的一個可能令人失望的事情