<p>華爾街最受期待的季度財報之一是 <strong>英偉達</strong>（NVDA -3.72%）昨晚發佈的。這家人工智能（AI）明星公司沒有讓人失望。</p>
<p>數據中心收入持續飆升，首席執行官黃仁勳的語氣依然樂觀。然而，今天股價一度下跌近 5%。儘管部分回升，截至東部時間上午 11:45，股價仍下跌 3.5%。</p>
<p>這使得其在 2025 年的損失進一步擴大，此前在 2024 年取得了驚人的 171% 的回報。不過，根據業務狀況，近期股價的下跌可能對長期投資者來説是個機會。</p>
<h2>沒有時間氣餒</h2>
<p>管理層之前指導投資者預計第四季度收入約為 375 億美元。與去年全年情況一樣，公司以 393 億美元的銷售額超出了這一預期。全年收入同比增長超過一倍。</p>
<p>但投資者正在關注未來，以判斷收入增長何時可能放緩。英偉達預計當前季度銷售額約為 430 億美元。這將比去年大部分時間報告的中等十幾的增長率低於 10% 的環比增長。</p>
<p>投資者還注意到黃仁勳在投資者電話會議上提到的一點。他説：“中國的數據中心銷售仍遠低於出口管制初期的水平。[而且] 中國的數據中心解決方案市場競爭非常激烈。”</p>
<p>另一個擔憂是盈利能力的下降。當前財年第一季度的毛利率預計約為 71%。而在截至 1 月 26 日的財年中，這一數字為 75%。</p>
<p>但英偉達在數據中心業務中仍顯示出令人印象深刻的增長和利潤。同時，其汽車和機器人部門也開始起飛。季度增長表現令人矚目。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw"/></p>
<p>數據來源：英偉達。圖表由作者提供。</p>
<p>雖然與數據中心的 AI 銷售相比仍顯得微不足道，但這可能是英偉達下一個增長階段的催化劑。投資者明智的做法是不要對英偉達下賭注。</p>

英偉達

<p>儘管英偉達發佈了強勁的季度報告，顯示數據中心收入增長和樂觀的首席執行官評論，其股價仍下跌近 5%。截至東部時間上午 11:45，股價下跌 3.5%，在 2024 年回報率達到 171% 後進一步擴大了損失。該公司以 393 億美元的收入超出預期，但對增長放緩和盈利能力的擔憂依然存在。英偉達預計本季度銷售額將達到 430 億美元，顯示出增長放緩的跡象。儘管面臨包括中國市場競爭壓力在內的挑戰，英偉達的數據中心和汽車部門仍顯示出未來增長的潛力</p>

<p>One of the most highly anticipated quarterly reports on Wall Street was provided by <strong>Nvidia</strong>(NVDA -3.72%) last night. And the artificial intelligence (AI) darling didn't disappoint.</p>
<div class="lb-trans"><p>華爾街最受期待的季度財報之一是 <strong>英偉達</strong>（NVDA -3.72%）昨晚發佈的。這家人工智能（AI）明星公司沒有讓人失望。</p>
</div><p>Data center revenue continued to surge higher, and CEO Jensen Huang sounded as optimistic as ever. Yet the stock declined as much as nearly 5% today. While it clawed back some of that drop, shares remained 3.5% lower as of 11:45 a.m. ET.</p>
<div class="lb-trans"><p>數據中心收入持續飆升，首席執行官黃仁勳的語氣依然樂觀。然而，今天股價一度下跌近 5%。儘管部分回升，截至東部時間上午 11:45，股價仍下跌 3.5%。</p>
</div><p>That extended its losses in 2025 after an amazing 171% return in 2024. Based on the state of the business, though, the recent decline in the stock might just be a gift for long-term investors.</p>
<div class="lb-trans"><p>這使得其在 2025 年的損失進一步擴大，此前在 2024 年取得了驚人的 171% 的回報。不過，根據業務狀況，近期股價的下跌可能對長期投資者來説是個機會。</p>
</div><h2>No time to get discouraged</h2>
<div class="lb-trans"><h2>沒有時間氣餒</h2>
</div><p>Management previously guided investors to expect revenue of about $37.5 billion in the fourth quarter. As has been the case all last year, the company exceeded that mark with sales of $39.3 billion. Full-year revenue more than doubled year over year.</p>
<div class="lb-trans"><p>管理層之前指導投資者預計第四季度收入約為 375 億美元。與去年全年情況一樣，公司以 393 億美元的銷售額超出了這一預期。全年收入同比增長超過一倍。</p>
</div><p>But investors are looking ahead to figure out when that revenue growth might slow. Nvidia sees sales of about $43 billion in its current quarter. That would represent sequential growth of less than 10% compared to the mid-teens growth rate it had been reporting most of last year.</p>
<div class="lb-trans"><p>但投資者正在關注未來，以判斷收入增長何時可能放緩。英偉達預計當前季度銷售額約為 430 億美元。這將比去年大部分時間報告的中等十幾的增長率低於 10% 的環比增長。</p>
</div><p>Investors also noticed something Huang said in the conference call for investors. &#34;Data center sales in China remained well below levels seen on the onset of export controls. [And] the market in China for data center solutions remains very competitive,&#34; he said.</p>
<div class="lb-trans"><p>投資者還注意到黃仁勳在投資者電話會議上提到的一點。他説：“中國的數據中心銷售仍遠低於出口管制初期的水平。[而且] 中國的數據中心解決方案市場競爭非常激烈。”</p>
</div><p>Another concern is a decline in profitability. Gross margins in the current fiscal first quarter are expected to be about 71%. That compares to 75% in the fiscal year ended Jan. 26.</p>
<div class="lb-trans"><p>另一個擔憂是盈利能力的下降。當前財年第一季度的毛利率預計約為 71%。而在截至 1 月 26 日的財年中，這一數字為 75%。</p>
</div><p>But Nvidia is still showing impressive growth and profits in the data center business. At the same time, its automotive and robotics segment is also beginning to take off. Quarterly growth there has been impressive.</p>
<div class="lb-trans"><p>但英偉達在數據中心業務中仍顯示出令人印象深刻的增長和利潤。同時，其汽車和機器人部門也開始起飛。季度增長表現令人矚目。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNjQvbnZpZGlhLWF1dG8tYW5kLXJvYm90aWNzLXNlZ21lbnQtcXVhcnRlcmx5LXJldmVudWUucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809264%2Fnvidia-auto-and-robotics-segment-quarterly-revenue.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia. Chart by author.</p>
<div class="lb-trans"><p>數據來源：英偉達。圖表由作者提供。</p>
</div><p>While it still pales in comparison to data center AI sales, this could be the catalyst for Nvidia's next phase of growth. Investors would be wise not to bet against Nvidia.</p>
<div class="lb-trans"><p>雖然與數據中心的 AI 銷售相比仍顯得微不足道，但這可能是英偉達下一個增長階段的催化劑。投資者明智的做法是不要對英偉達下賭注。</p>
</div>

Nvidia Stock Is Tumbling Today. Is This a Chance to Buy?

- Nvidia 發佈了超出預期的季度財報，數據中心收入持續增長。  
- 儘管如此，股價仍下跌 3.5%，投資者關注未來收入增長放緩的可能性。  
- 公司預計當前季度銷售約 430 億美元，汽車和機器人業務也開始增長。  

英偉達股票今天大跌。這是一個買入的機會嗎？