<p>美國總統選舉已被證明是股市的積極催化劑。截至週一，<strong>標準普爾 500 指數</strong> 自 11 月 5 日以來上漲了 5%。但自那時以來表現不佳的股票之一是 <strong>英偉達</strong>(NVDA 1.37%)，其股價下跌超過 6%。</p>
<p>英偉達處於這樣的境地並不尋常，因為它一直是最熱門的成長股之一，尤其是在最近幾年。它最近的掙扎是否意味着它終於達到了頂峯？</p>
<h2>強勁的財報可能不足以再吸引投資者</h2>
<p>當英偉達上個月公佈財報並超出預期時，股價卻沒有大幅上漲，這或許是對投資者的一個重大警告，表明這隻熱門的人工智能（AI）股票可能不再那麼容易起飛。英偉達在截至 10 月 27 日的期間內銷售額幾乎翻了一番，達到 350 億美元，淨收入超過 190 億美元，佔總收入的驚人 55%。它超出了預期，因為 AI 需求依然強勁。</p>
<p>問題在於，當一隻股票的市值已經達到 3 萬億美元，並且交易價格超過其過去 50 倍的收益時，預期已經相當高。儘管英偉達的股票在過去一個月表現並不算太糟，但它仍然是全球三家最有價值的公司之一（另外兩家是 <strong>微軟</strong> 和 <strong>蘋果</strong>）。英偉達可以被視為一隻 “完美定價” 的股票。要想大幅上漲，它可能很容易成為全球最有價值的股票。</p>
<h2>英偉達的股票是否達到了天花板？</h2>
<p>該股票在 11 月 21 日突破了 150 美元的關口，此後未能回到該水平。我確實相信，不僅在該水平上可能存在一些阻力，而且在當前最高市值的水平上也可能存在阻力——今天是蘋果，市值約為 3.8 萬億美元。為了説服投資者相信它應該是全球最有價值的股票，並繼續上漲，英偉達可能需要做得比現在更多。</p>
<p>投資者可能還擔心，未來有越來越多的風險，這可能會影響英偉達的增長前景。</p>
<p>越來越多的科技公司正在開發定製的 AI 芯片，這可能會奪走英偉達的一部分市場份額。中國最近啓動了一項反壟斷調查，以確定英偉達是否違反了反壟斷法。此外，還有擔憂認為 AI 支出可能在不久的將來放緩。對於一隻完美定價的股票來説，這些都是可能會損害英偉達完美形象的潛在裂痕。</p>
<h2>英偉達仍然是一個好的投資嗎？</h2>
<p>如果你打算長期持有英偉達的股票，仍然可以為投資該公司提出強有力的看漲理由。它是 AI 芯片領域的領導者，對其芯片和數據中心的需求依然非常強勁。</p>
<p>但投資者也應該做好股價進一步回調的準備，考慮到其高估值以及市場放緩的可能性。雖然人們很容易認為銷售將繼續飆升，AI 需求只會不斷上升，但科技公司可能會暫停或放慢支出速度，尤其是在經濟條件在不久的將來惡化的情況下。如果發生這種情況，英偉達的股票可能會面臨修正的風險。</p>
<p>我確實相信英偉達的股票在短期內已經達到頂峯，但這並不意味着它在長期內是一個糟糕的投資。投資者只需做好在未來幾個月可能面臨更多逆風和股價下跌的準備，因為這個過熱的股市可能已經到了修正的時機，而英偉達也不例外。</p>

英偉達

<p>標準普爾 500 指數自美國選舉以來上漲了 5%，但英偉達的股票卻下跌了超過 6%。儘管業績強勁，英偉達的高市值和估值可能表明其已達到頂峯。擔憂包括人工智能芯片競爭加劇、中國的監管審查以及人工智能支出可能放緩。雖然英偉達仍然是人工智能領域的領導者，但投資者應為由於其高估值和市場狀況可能出現的股價調整做好準備。該股票在短期內可能已達到頂峯，但仍可能是一個良好的長期投資</p>

<p>The U.S. presidential election has proven to be a positive catalyst for the stock market. Since Nov. 5, the <strong>S&amp;P 500</strong> has risen by 5% as of Monday. But one stock that hasn't been doing well since then is <strong>Nvidia</strong>(NVDA 1.37%), which has gone in the opposite direction, declining by more than 6%.</p>
<div class="lb-trans"><p>美國總統選舉已被證明是股市的積極催化劑。截至週一，<strong>標準普爾 500 指數</strong> 自 11 月 5 日以來上漲了 5%。但自那時以來表現不佳的股票之一是 <strong>英偉達</strong>(NVDA 1.37%)，其股價下跌超過 6%。</p>
</div><p>It's unusual territory for Nvidia to be in, as it has been among the hottest growth stocks to own, especially in recent years. Are its recent struggles a sign that it has finally hit a peak?</p>
<div class="lb-trans"><p>英偉達處於這樣的境地並不尋常，因為它一直是最熱門的成長股之一，尤其是在最近幾年。它最近的掙扎是否意味着它終於達到了頂峯？</p>
</div><h2>A strong earnings report may not be enough to sway investors anymore</h2>
<div class="lb-trans"><h2>強勁的財報可能不足以再吸引投資者</h2>
</div><p>When Nvidia reported earnings last month and beat expectations, and the stock didn't surge in value, that was perhaps the big warning sign to investors that it may not be so easy for the hot artificial intelligence (AI) stock to take off anymore. Nvidia's sales nearly doubled to $35 billion for the period ended Oct. 27 and net income of more than $19 billion was an astounding 55% of the top line. It beat expectations as AI demand remains robust.</p>
<div class="lb-trans"><p>當英偉達上個月公佈財報並超出預期時，股價卻沒有大幅上漲，這或許是對投資者的一個重大警告，表明這隻熱門的人工智能（AI）股票可能不再那麼容易起飛。英偉達在截至 10 月 27 日的期間內銷售額幾乎翻了一番，達到 350 億美元，淨收入超過 190 億美元，佔總收入的驚人 55%。它超出了預期，因為 AI 需求依然強勁。</p>
</div><p>The problem is that when a stock already has a $3 trillion market cap and is trading at more than 50 times its trailing earnings, expectations are already fairly high. And even though Nvidia's stock hasn't been doing terribly well in the past month, it's still among the top three most valuable companies in the world (the others are <strong>Microsoft</strong> and <strong>Apple</strong>). Nvidia is what you might consider a stock that is &#34;priced to perfection.&#34; For it to rise drastically in value, it could easily become the most highly valued stock in the world.</p>
<div class="lb-trans"><p>問題在於，當一隻股票的市值已經達到 3 萬億美元，並且交易價格超過其過去 50 倍的收益時，預期已經相當高。儘管英偉達的股票在過去一個月表現並不算太糟，但它仍然是全球三家最有價值的公司之一（另外兩家是 <strong>微軟</strong> 和 <strong>蘋果</strong>）。英偉達可以被視為一隻 “完美定價” 的股票。要想大幅上漲，它可能很容易成為全球最有價值的股票。</p>
</div><h2>Has Nvidia's stock hit a ceiling?</h2>
<div class="lb-trans"><h2>英偉達的股票是否達到了天花板？</h2>
</div><p>The stock crossed the $150 mark on Nov. 21 and it hasn't returned to that level since. I do believe that there may be some resistance not only at that level but at whatever the highest market cap is -- today it's Apple, with a market cap of around $3.8 trillion. For Nvidia to convince investors that it should be the most valuable stock in the world, and continue rising in value, it may need to do even more than it has been doing.</p>
<div class="lb-trans"><p>該股票在 11 月 21 日突破了 150 美元的關口，此後未能回到該水平。我確實相信，不僅在該水平上可能存在一些阻力，而且在當前最高市值的水平上也可能存在阻力——今天是蘋果，市值約為 3.8 萬億美元。為了説服投資者相信它應該是全球最有價值的股票，並繼續上漲，英偉達可能需要做得比現在更多。</p>
</div><p>Investors may also be concerned that there are a growing number of risks on the horizon, which could weigh on Nvidia's future growth prospects.</p>
<div class="lb-trans"><p>投資者可能還擔心，未來有越來越多的風險，這可能會影響英偉達的增長前景。</p>
</div><p>More tech companies are creating custom AI chips, which could take some market share away from Nvidia. China recently launched an antitrust investigation to determine whether Nvidia violated its anti-monopoly laws. And there's also the worry that AI spending may slow in the near future. For a stock that is priced to perfection, these are all potential cracks that could tarnish Nvidia's pristine image.</p>
<div class="lb-trans"><p>越來越多的科技公司正在開發定製的 AI 芯片，這可能會奪走英偉達的一部分市場份額。中國最近啓動了一項反壟斷調查，以確定英偉達是否違反了反壟斷法。此外，還有擔憂認為 AI 支出可能在不久的將來放緩。對於一隻完美定價的股票來説，這些都是可能會損害英偉達完美形象的潛在裂痕。</p>
</div><h2>Is Nvidia still a good buy?</h2>
<div class="lb-trans"><h2>英偉達仍然是一個好的投資嗎？</h2>
</div><p>If you're planning to buy and hold Nvidia stock for the long term, there's still a strong bullish case to be made for investing in the company. It's a leader in the AI chip space and demand remains incredibly strong for not just its chips, but data centers as well.</p>
<div class="lb-trans"><p>如果你打算長期持有英偉達的股票，仍然可以為投資該公司提出強有力的看漲理由。它是 AI 芯片領域的領導者，對其芯片和數據中心的需求依然非常強勁。</p>
</div><p>But investors should also brace for more of a pushback in the stock price, given its high valuation, and the possibility of a slowdown in the market. While it's tempting to think sales will continue soaring and AI demand will only keep on going up and up and up, there's the very real possibility that tech companies may pause or slow down their rate of spending, especially if economic conditions worsen in the near future. Should that happen, Nvidia's stock could be vulnerable to a correction.</p>
<div class="lb-trans"><p>但投資者也應該做好股價進一步回調的準備，考慮到其高估值以及市場放緩的可能性。雖然人們很容易認為銷售將繼續飆升，AI 需求只會不斷上升，但科技公司可能會暫停或放慢支出速度，尤其是在經濟條件在不久的將來惡化的情況下。如果發生這種情況，英偉達的股票可能會面臨修正的風險。</p>
</div><p>I do believe that Nvidia's stock has peaked in the near term but that doesn't mean that it's a bad buy for the long haul. Investors should simply brace for the possibility of more headwinds and stock declines in the months ahead, as this overheated stock market could be overdue for a correction, and Nvidia is no exception.</p>
<div class="lb-trans"><p>我確實相信英偉達的股票在短期內已經達到頂峯，但這並不意味着它在長期內是一個糟糕的投資。投資者只需做好在未來幾個月可能面臨更多逆風和股價下跌的準備，因為這個過熱的股市可能已經到了修正的時機，而英偉達也不例外。</p>
</div>

The S&P 500 Has Been Rallying Since the U.S. Election but Nvidia Has Been Struggling. Is It a Sign the Stock May Have Finally Peaked?

- 美國總統選舉推動股市上漲，標普 500 自 11 月 5 日以來上漲 5%。  
- Nvidia 股價卻下跌超過 6%，儘管其財報超出預期，銷售額幾乎翻倍。  
- 投資者需警惕市場風險，Nvidia 可能面臨股價調整。

自美國大選以來，標普 500 指數一直在上漲，但英偉達卻表現不佳。這是否意味着該股可能已經見頂了？