<p><strong>英偉達</strong>(NVDA -0.75%) 迄今為止是人工智能 (AI) 時代最大的成功故事，自 2023 年初 ChatGPT 發佈以來，股價已上漲超過十倍，最近達到了峯值。</p>
<p>英偉達的市值目前約為 3 萬億美元，幾個月前曾接近 4 萬億美元。歷史上沒有其他公司能如此迅速地創造如此多的財富。毫不奇怪，英偉達仍然受到投資者的密切關注，其中一些人想知道股價是否能繼續上漲，而另一些人則希望得到一些保證，以確保他們的意外收益不會在股市下滑中突然消失。</p>
<p>英偉達的股票已經回吐了一些漲幅，截至 3 月 19 日，從 1 月份的峯值下滑了 23%，原因是消費者和商業情緒減弱、收入增長放緩，以及對長期 AI 需求的一些疑慮影響了股價。</p>
<p>然而，由於這一回調，英偉達的股價現在是自 2019 年以來的最低水平，可以説這是一個買入機會。現在是買入英偉達的好時機嗎？讓我們看看公司在今年剩餘時間內可能會有什麼表現。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>不會減速</h2>
<p>英偉達最近舉辦了年度 GTC 大會——全部聚焦於 AI——如果從這次活動中有一個要點，那就是公司沒有打算安於現狀。</p>
<p>在會議上，首席執行官黃仁勳概述了公司的產品路線圖，包括未來的芯片平台如 Rubin 和 Feynman，並預測了 AI 的前景，其中一個預測顯示數據中心資本支出將在 2028 年前達到 1 萬億美元。公司還宣佈了新的合作伙伴關係，包括與 <strong>通用汽車</strong> 合作開發自動駕駛汽車。</p>
<p>在其他公告中，公司表示將建立一個加速量子計算研究中心，使其在一些人認為可能與 AI 一樣具有影響力的新興技術中佔有一席之地。英偉達還與雲計算巨頭 <strong>甲骨文</strong>、<strong>微軟</strong> 和 <strong>谷歌母公司</strong> <strong>Alphabet</strong> 揭曉了新的合作伙伴關係，確保其與主要客户保持緊密關係，並且其芯片和組件繼續滿足他們的需求。</p>
<p>它還推出了一項多年的計劃，向投資者展示其將繼續在 AI 領域推動創新。例如，黃仁勳告訴 GTC 觀眾，Rubin，即將於 2026 年底發佈的下一代 GPU，將驅動一台比當前同類產品強大 14 倍且功耗更低的超級計算機。</p>
<h2>宏觀經濟環境</h2>
<p>英偉達面臨許多公司和行業特定的風險，尤其是它需要 AI 支出繼續增加，但也有一些宏觀經濟因素影響了股價，並使一些投資者保持謹慎。</p>
<p>半導體行業是週期性的，英偉達經歷過幾輪經濟週期，股價曾大幅下跌。這並不意味着 AI 熱潮即將結束，但投資者應當注意這一風險。</p>
<p>關税也給公司帶來了風險，儘管它已經被迫適應對中國出口的限制，這意味着貿易戰並不是一個全新的挑戰。考慮到公司在第四季度的 78% 收入增長和對第一季度的強勁指引，宏觀不確定性似乎並未影響英偉達的業務，儘管可能對股價造成壓力。</p>
<p>經濟衰退或經濟放緩可能會影響業務增長。然而，構成其最大客户的大型科技公司都資金充裕，因此有資源繼續投資於 AI。他們也認為在新技術上的支出不足比過度支出更具風險。</p>
<h2>對英偉達 2025 年的預期</h2>
<p>完美預測股票表現是不可能的，但即使宏觀層面的擔憂影響了更廣泛的股市，2025 年似乎將是英偉達業務的又一個強勁年份。</p>
<p>公司繼續在業務擴展、合作伙伴關係和新產品發佈方面保持積極，新的 Blackwell 平台的需求（目前已全面生產）超出了供應。</p>
<p>預計英偉達將在年內推出更多合作伙伴關係和產品進展。儘管投資者可能會關注公司面臨的潛在阻力，例如 DeepSeek 的影響，但英偉達的整體前景仍然看好，股價在最近的回調後交易於一個有吸引力的估值。</p>

英偉達

<p>英偉達的股票自 1 月份的高峰以來已下跌 23%，受到消費者信心減弱和對長期人工智能需求的懷疑影響。儘管如此，該公司仍然是人工智能領域的領導者，計劃推出新的芯片平台和合作夥伴關係，包括與通用汽車的合作。英偉達強勁的收入增長和積極的擴張表明，儘管面臨宏觀經濟的不確定性，2025 年的前景依然樂觀。當前，股票在近期下跌後被視為一個有吸引力的買入機會</p>

<p><strong>Nvidia</strong>(NVDA -0.75%) has been the biggest success story of the artificial intelligence (AI) era thus far with the stock jumping more than tenfold from the start of 2023, shortly after ChatGPT came out, to its recent peak.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -0.75%) 迄今為止是人工智能 (AI) 時代最大的成功故事，自 2023 年初 ChatGPT 發佈以來，股價已上漲超過十倍，最近達到了峯值。</p>
</div><p>Nvidia's market capitalization, which now hovers around $3 trillion, topped out at close to $4 trillion a few months ago. No other company in the history of the stock market has created as much wealth as quickly. Not surprisingly, Nvidia is still closely followed by investors, some of whom want to know if the stock can keep climbing, and others who want some assurance that their windfall gains won't suddenly disappear in a stock market slump.</p>
<div class="lb-trans"><p>英偉達的市值目前約為 3 萬億美元，幾個月前曾接近 4 萬億美元。歷史上沒有其他公司能如此迅速地創造如此多的財富。毫不奇怪，英偉達仍然受到投資者的密切關注，其中一些人想知道股價是否能繼續上漲，而另一些人則希望得到一些保證，以確保他們的意外收益不會在股市下滑中突然消失。</p>
</div><p>Nvidia's shares have already given up some of those gains, sliding 23% (as of March 19) from its peak in January as a combination of weakening consumer and business sentiment, slowing revenue growth, and some doubts about long-term AI demand have weighed on the stock.</p>
<div class="lb-trans"><p>英偉達的股票已經回吐了一些漲幅，截至 3 月 19 日，從 1 月份的峯值下滑了 23%，原因是消費者和商業情緒減弱、收入增長放緩，以及對長期 AI 需求的一些疑慮影響了股價。</p>
</div><p>However, because of that pullback, Nvidia is now the cheapest it's been since 2019, arguably setting up a buying opportunity. Is Nvidia a buy right now? Let's take a look at what the company could have in store for the rest of the year.</p>
<div class="lb-trans"><p>然而，由於這一回調，英偉達的股價現在是自 2019 年以來的最低水平，可以説這是一個買入機會。現在是買入英偉達的好時機嗎？讓我們看看公司在今年剩餘時間內可能會有什麼表現。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTE5NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811960%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>No slowing down</h2>
<div class="lb-trans"><h2>不會減速</h2>
</div><p>Nvidia recently hosted its annual GTC conference -- all heavily focused on AI -- and if there was one takeaway from the event, it's that the company has no intention of resting on its laurels.</p>
<div class="lb-trans"><p>英偉達最近舉辦了年度 GTC 大會——全部聚焦於 AI——如果從這次活動中有一個要點，那就是公司沒有打算安於現狀。</p>
</div><p>At the conference, CEO Jensen Huang outlined the company's product roadmap including future chip platforms like Rubin and Feynman, and touted AI forecasts, including one that showed data center capital expenditure spending reaching $1 trillion by 2028. The company also announced new partnerships, including one with <strong>General Motors</strong> to build autonomous vehicles.</p>
<div class="lb-trans"><p>在會議上，首席執行官黃仁勳概述了公司的產品路線圖，包括未來的芯片平台如 Rubin 和 Feynman，並預測了 AI 的前景，其中一個預測顯示數據中心資本支出將在 2028 年前達到 1 萬億美元。公司還宣佈了新的合作伙伴關係，包括與 <strong>通用汽車</strong> 合作開發自動駕駛汽車。</p>
</div><p>Among its other announcements, the company said it would build an accelerated quantum computing research center, giving it a stake in an emerging technology that some think could be as influential as AI. Nvidia also unveiled new partnerships with cloud hyperscalers <strong>Oracle</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>, ensuring that it maintains close relationship with its top customers and that its chips and components continue to meet their needs.</p>
<div class="lb-trans"><p>在其他公告中，公司表示將建立一個加速量子計算研究中心，使其在一些人認為可能與 AI 一樣具有影響力的新興技術中佔有一席之地。英偉達還與雲計算巨頭 <strong>甲骨文</strong>、<strong>微軟</strong> 和 <strong>谷歌母公司</strong> <strong>Alphabet</strong> 揭曉了新的合作伙伴關係，確保其與主要客户保持緊密關係，並且其芯片和組件繼續滿足他們的需求。</p>
</div><p>It also introduced a multi-year plan that showed investors it would continue to push the envelope in AI. For example, Huang told the GTC audience that Rubin, its next GPU generation that is set to be released in late 2026, would power a supercomputer that is 14 times more powerful than the current equivalent, and requires less power.</p>
<div class="lb-trans"><p>它還推出了一項多年的計劃，向投資者展示其將繼續在 AI 領域推動創新。例如，黃仁勳告訴 GTC 觀眾，Rubin，即將於 2026 年底發佈的下一代 GPU，將驅動一台比當前同類產品強大 14 倍且功耗更低的超級計算機。</p>
</div><h2>The macroeconomic landscape</h2>
<div class="lb-trans"><h2>宏觀經濟環境</h2>
</div><p>Nvidia faces a number of company- and industry-specific risks, namely that it needs AI spending to continue to increase, but there are also macroeconomic factors that have weighed on the stock and are keeping some investors cautious.</p>
<div class="lb-trans"><p>英偉達面臨許多公司和行業特定的風險，尤其是它需要 AI 支出繼續增加，但也有一些宏觀經濟因素影響了股價，並使一些投資者保持謹慎。</p>
</div><p>The semiconductor industry is cyclical, and Nvidia has gone through several economic cycles before with the stock falling sharply. That doesn't mean the AI boom is about to end, but investors should be mindful of that risk.</p>
<div class="lb-trans"><p>半導體行業是週期性的，英偉達經歷過幾輪經濟週期，股價曾大幅下跌。這並不意味着 AI 熱潮即將結束，但投資者應當注意這一風險。</p>
</div><p>Tariffs also present a risk to the company, though it has already been forced to adapt to restrictions on exports to China, meaning that the trade war isn't an entirely new challenge. Given the company's 78% revenue growth in the fourth quarter and its strong guidance for the first quarter, the macro uncertainty doesn't appear to be impacting Nvidia's business, though it may be weighing on the stock.</p>
<div class="lb-trans"><p>關税也給公司帶來了風險，儘管它已經被迫適應對中國出口的限制，這意味着貿易戰並不是一個全新的挑戰。考慮到公司在第四季度的 78% 收入增長和對第一季度的強勁指引，宏觀不確定性似乎並未影響英偉達的業務，儘管可能對股價造成壓力。</p>
</div><p>A recession or a slowing economy could impact growth of the business. However, the big tech companies that make up its biggest customers are all well-capitalized and therefore have the resources to continue to invest in AI. They also believe that underspending on the new technology is a greater risk than overspending.</p>
<div class="lb-trans"><p>經濟衰退或經濟放緩可能會影響業務增長。然而，構成其最大客户的大型科技公司都資金充裕，因此有資源繼續投資於 AI。他們也認為在新技術上的支出不足比過度支出更具風險。</p>
</div><h2>What to expect for Nvidia in 2025</h2>
<div class="lb-trans"><h2>對英偉達 2025 年的預期</h2>
</div><p>It's impossible to perfectly predict a stock's performance, but 2025 is shaping up to be another strong year for Nvidia's business even if macro-level concerns are weighing on the broader stock market.</p>
<div class="lb-trans"><p>完美預測股票表現是不可能的，但即使宏觀層面的擔憂影響了更廣泛的股市，2025 年似乎將是英偉達業務的又一個強勁年份。</p>
</div><p>The company is continuing to be aggressive with its business expansions, partnerships, and new product launches, and demand for the new Blackwell platform, which is now in full production, is outstripping supply.</p>
<div class="lb-trans"><p>公司繼續在業務擴展、合作伙伴關係和新產品發佈方面保持積極，新的 Blackwell 平台的需求（目前已全面生產）超出了供應。</p>
</div><p>Expect Nvidia to unveil more partnerships and product advances as the year goes on. While investors may have one eye on potential headwinds facing the company, such as the impact of DeepSeek, the overall outlook for Nvidia still looks strong, and the stock is trading at an attractive valuation following the recent pullback.</p>
<div class="lb-trans"><p>預計英偉達將在年內推出更多合作伙伴關係和產品進展。儘管投資者可能會關注公司面臨的潛在阻力，例如 DeepSeek 的影響，但英偉達的整體前景仍然看好，股價在最近的回調後交易於一個有吸引力的估值。</p>
</div>

Nvidia Is Down 23% From Its Peak. Here's How the Rest of 2025 Could Play Out for This Artificial Intelligence (AI) Powerhouse.

- Nvidia 股票自 2023 年初以來上漲超過十倍，市值接近 3 萬億美元。  
- 公司在 GTC 大會上展示了未來產品路線圖，並與多家企業建立新合作。  
- 儘管面臨宏觀經濟風險，Nvidia 仍有強勁的增長前景，預計 2025 年將繼續擴展業務。

英偉達從峯值下跌了 23%。以下是這家人工智能巨頭在 2025 年剩餘時間可能的發展情況