<p>當 <strong>英偉達</strong>（NVDA 3.97%）上週公佈第四季度財報時，所有的目光再次聚焦於它。然而，英偉達的股票並不處於一兩年前那種讓投資者欣喜若狂的快速增長和似乎無盡的人工智能（AI）機會的狀態。</p>
<p>該公司仍在實現驚人的增長，但投資者的預期似乎與公司的發展軌跡一致，驚喜的空間變得更小。儘管在週三的盤後交易中對第四季度報告的期待很高，但即使公司超出預期，股票在上週四仍下跌了 3%。</p>
<p>英偉達的第四季度業績沒有讓人失望。收入從一年前的季度增長了 78%，達到 393 億美元，超出了市場共識的 382 億美元。增長再次由數據中心部門推動，AI 計算正在這裏進行，數據中心收入增長了 93%，達到 356 億美元。</p>
<p>毛利率從 76% 降至 73%，反映出對新 Blackwell 平台生產擴張的支出增加。然而，運營費用的槓桿效應有所提升，每股收益躍升 82%，達到 0.89 美元，超出市場共識的 0.85 美元。</p>
<p>展望第一季度，公司預計收入約為 430 億美元，環比增長 9%，同比增長 65%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>AI 熱潮已被市場消化</h2>
<p>英偉達的財報及市場反應似乎強調了其財報中的驚喜因素已經消失。</p>
<p>儘管 78% 的收入增長是驚人的，但投資者已經開始期待英偉達這樣的增長，因為對其 Blackwell 組件的需求持續超過供應。現在，隨着預期調整到英偉達的增長和 AI 的巨大機會，英偉達將更難以實現 2023 年和 2024 年股票所展現的那種突破性表現。</p>
<p>在財報電話會議上，首席執行官黃仁勳似乎平息了投資者對 DeepSeek 低成本 AI 模型將削弱公司增長的擔憂，正如一個月前該新模型引發 AI 行業大規模拋售時所擔心的那樣。</p>
<p>儘管有 DeepSeek 的創新，AI 計算的需求仍在增長。黃指出，後訓練階段的計算需求比前訓練階段更多。他還解釋説，公司對 AI 擴展及自身需求有良好的可見性，因為它與客户緊密合作。他還提到，仍有大量 AI 初創公司不斷上線。</p>
<h2>英偉達值得購買嗎？</h2>
<p>儘管 DeepSeek 的擔憂，英偉達在未來幾個月似乎更可能處於區間震盪狀態，因為對龐大 AI 基礎設施建設的益處逐漸被理解。目前尚不清楚什麼可能成為英偉達再次上漲的催化劑。公司可能需要在自動駕駛汽車或自主 AI 等其他 AI 領域看到增長，這將推動股價上漲。</p>
<p>AI 仍處於早期階段，科技巨頭們正在競相追求人工通用智能（AGI），而英偉達似乎在未來也將主導 AI 計算基礎設施。曾幾何時，投資者認為 <strong>英特爾</strong> 和 <strong>超微</strong> 等競爭者會在 GPU 市場上搶佔份額，但英偉達憑藉其 Blackwell 平台的新進展成功抵擋了這些挑戰者，並且在未來很可能繼續保持在數據中心 GPU 市場的領導地位。</p>
<p>目前，該股票的市盈率為 43，這對於一家收入增長 78% 的公司來説看起來是個不錯的價格，儘管這一增長率預計將穩步放緩。從長遠來看，英偉達仍然看起來是一隻必備的股票。它正在引領 AI 革命。黃仁勳已證明自己是一位有遠見的領導者，公司很可能會從尚未顯現的未來技術中受益。</p>
<p>然而，在短期內，投資者應適度調整預期，因為英偉達當前的增長軌跡已被充分理解。對於這家 AI 芯片領導者來説，2025 年可能更多是消化過去兩年的收益，而不是創造新的收益。</p>

英偉達財報，一站看懂！

英偉達

<p>英偉達公佈了強勁的第四季度財報，收入增長 78% 至 393 億美元，數據中心收入增長 93% 是主要驅動力。儘管超出預期，股價仍下跌 3%，因為投資者的預期已調整至其增長軌跡。首席執行官黃仁勳回應了對 DeepSeek 競爭的擔憂，強調了對人工智能計算日益增長的需求。雖然英偉達在人工智能基礎設施方面仍然處於領先地位，但其股價在短期內可能會維持區間波動，市盈率為 43。長期前景依然強勁，但增長預期應適度調整</p>

<p>All eyes were on <strong>Nvidia</strong>(NVDA 3.97%) once again when it reported fourth-quarter earnings last week. However, Nvidia's stock isn't in the same position as it was a year or two ago when it was delighting investors with skyrocketing growth and a seemingly endless opportunity in artificial intelligence (AI).</p>
<div class="lb-trans"><p>當 <strong>英偉達</strong>（NVDA 3.97%）上週公佈第四季度財報時，所有的目光再次聚焦於它。然而，英偉達的股票並不處於一兩年前那種讓投資者欣喜若狂的快速增長和似乎無盡的人工智能（AI）機會的狀態。</p>
</div><p>The company is still delivering blistering growth, but investor expectations now seem to be aligned with the company's trajectory, and there is less room for surprises. Despite ample anticipation for the fourth-quarter report after hours on Wednesday, the stock was trading down 3% this past Thursday even as the company beat estimates.</p>
<div class="lb-trans"><p>該公司仍在實現驚人的增長，但投資者的預期似乎與公司的發展軌跡一致，驚喜的空間變得更小。儘管在週三的盤後交易中對第四季度報告的期待很高，但即使公司超出預期，股票在上週四仍下跌了 3%。</p>
</div><p>Nvidia didn't disappoint with its fourth-quarter results. Revenue jumped 78% from the quarter a year ago to $39.3 billion, which was ahead of the consensus at $38.2 billion. Growth was again paced by the data center segment, where AI computing is taking place, with data center revenue up 93% to $35.6 billion.</p>
<div class="lb-trans"><p>英偉達的第四季度業績沒有讓人失望。收入從一年前的季度增長了 78%，達到 393 億美元，超出了市場共識的 382 億美元。增長再次由數據中心部門推動，AI 計算正在這裏進行，數據中心收入增長了 93%，達到 356 億美元。</p>
</div><p>The gross margin fell from 76% to 73%, reflecting increased spending on the production ramp-up for the new Blackwell platform. However, it gained leverage in operating expenses, and earnings per share jumped 82% to $0.89, ahead of the consensus at $0.85.</p>
<div class="lb-trans"><p>毛利率從 76% 降至 73%，反映出對新 Blackwell 平台生產擴張的支出增加。然而，運營費用的槓桿效應有所提升，每股收益躍升 82%，達到 0.89 美元，超出市場共識的 0.85 美元。</p>
</div><p>Looking ahead to the first quarter, the company sees revenue of around $43 billion, representing 9% growth on a sequential basis and 65% year over year.</p>
<div class="lb-trans"><p>展望第一季度，公司預計收入約為 430 億美元，環比增長 9%，同比增長 65%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDkyNTMvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F809253%2Fnvidia-hq.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：英偉達。</p>
</div><h2>The AI boom is priced in</h2>
<div class="lb-trans"><h2>AI 熱潮已被市場消化</h2>
</div><p>Nvidia's earnings report, and the market's response, seemed to underscore that the surprise factor in its earnings report is now gone.</p>
<div class="lb-trans"><p>英偉達的財報及市場反應似乎強調了其財報中的驚喜因素已經消失。</p>
</div><p>While 78% revenue growth is phenomenal, investors have come to expect such growth from Nvidia as demand for its Blackwell components continues to outstrip supply. Now that expectations have adjusted to Nvidia's growth, and the massive opportunity in AI, it will be harder for Nvidia to deliver the kind of breakout performance we saw from the stock in 2023 and 2024.</p>
<div class="lb-trans"><p>儘管 78% 的收入增長是驚人的，但投資者已經開始期待英偉達這樣的增長，因為對其 Blackwell 組件的需求持續超過供應。現在，隨着預期調整到英偉達的增長和 AI 的巨大機會，英偉達將更難以實現 2023 年和 2024 年股票所展現的那種突破性表現。</p>
</div><p>On the earnings call, CEO Jensen Huang seemed to quell lingering concerns that DeepSeek's low-cost AI model would sap the company's growth as investors had feared when the new model triggered a massive one-day sell-off in the AI sector a month ago.</p>
<div class="lb-trans"><p>在財報電話會議上，首席執行官黃仁勳似乎平息了投資者對 DeepSeek 低成本 AI 模型將削弱公司增長的擔憂，正如一個月前該新模型引發 AI 行業大規模拋售時所擔心的那樣。</p>
</div><p>Despite the DeepSeek innovation, AI computing needs are only growing. Huang noted that post-training demands more computing that pre-training. He also explained that the company has good visibility into AI expansions and its own demand as it works closely with its customers. He noted the large number of AI start-ups that continue to come online as well.</p>
<div class="lb-trans"><p>儘管有 DeepSeek 的創新，AI 計算的需求仍在增長。黃指出，後訓練階段的計算需求比前訓練階段更多。他還解釋説，公司對 AI 擴展及自身需求有良好的可見性，因為它與客户緊密合作。他還提到，仍有大量 AI 初創公司不斷上線。</p>
</div><h2>Is Nvidia a buy?</h2>
<div class="lb-trans"><h2>英偉達值得購買嗎？</h2>
</div><p>Despite the DeepSeek scare, Nvidia for now seems more likely to be range-bound in the coming months as the benefit of the massive AI infrastructure build-out is understood. At this point, it's unclear what could be the catalyst for Nvidia to take another leg up. The company might need to see a ramp-up in another area of AI such as autonomous vehicles or agentic AI, which would lift the stock.</p>
<div class="lb-trans"><p>儘管 DeepSeek 的擔憂，英偉達在未來幾個月似乎更可能處於區間震盪狀態，因為對龐大 AI 基礎設施建設的益處逐漸被理解。目前尚不清楚什麼可能成為英偉達再次上漲的催化劑。公司可能需要在自動駕駛汽車或自主 AI 等其他 AI 領域看到增長，這將推動股價上漲。</p>
</div><p>AI is still in its early stages as big tech companies race toward artificial general intelligence (AGI), and Nvidia seems likely to dominate AI computing infrastructure in the future as well. At one point, investors believed challengers like <strong>Intel</strong> and <strong>Advanced Micro Devices</strong> would take share in the GPU market, but Nvidia has fended them off with new advances in its Blackwell platform, and it's likely to maintain that leadership in data center GPUs down the road.</p>
<div class="lb-trans"><p>AI 仍處於早期階段，科技巨頭們正在競相追求人工通用智能（AGI），而英偉達似乎在未來也將主導 AI 計算基礎設施。曾幾何時，投資者認為 <strong>英特爾</strong> 和 <strong>超微</strong> 等競爭者會在 GPU 市場上搶佔份額，但英偉達憑藉其 Blackwell 平台的新進展成功抵擋了這些挑戰者，並且在未來很可能繼續保持在數據中心 GPU 市場的領導地位。</p>
</div><p>Currently, the stock trades at a price-to-earnings ratio of 43, which looks like a great price for a company growing revenue by 78%, though that growth rate is set to steadily slow. Over the long term, Nvidia still looks like a must-own stock. It's leading the AI revolution. Huang has proven himself as a visionary, and the company is likely to benefit from future technologies that aren't yet seen.</p>
<div class="lb-trans"><p>目前，該股票的市盈率為 43，這對於一家收入增長 78% 的公司來説看起來是個不錯的價格，儘管這一增長率預計將穩步放緩。從長遠來看，英偉達仍然看起來是一隻必備的股票。它正在引領 AI 革命。黃仁勳已證明自己是一位有遠見的領導者，公司很可能會從尚未顯現的未來技術中受益。</p>
</div><p>However, over the near term, investors should temper their expectations as Nvidia's current growth trajectory is well understood. For the AI chip leader, 2025 could be about digesting the gains of the last two years, rather than making new ones.</p>
<div class="lb-trans"><p>然而，在短期內，投資者應適度調整預期，因為英偉達當前的增長軌跡已被充分理解。對於這家 AI 芯片領導者來説，2025 年可能更多是消化過去兩年的收益，而不是創造新的收益。</p>
</div>

Nvidia Passes Its Latest Test. Here's What It Means for Investors.

- Nvidia 第四季度營收同比增長 78%，達到 393 億美元，超出預期。  
- 數據中心收入增長 93%，但毛利率從 76% 降至 73%。  
- 未來增長預期已調整，短期內可能面臨區間震盪。  

英偉達通過了最新的測試。這對投資者意味着什麼？