<p>“繫好安全帶，準備迎接挑戰” 在過去兩週成為華爾街的主題。自從特朗普總統公佈 “解放日” 關税以來，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 都記錄了自成立以來最大的一日點數漲幅和跌幅。</p>
<p>而 “七大奇蹟” 股票在過去兩年中一直是推動整體市場上漲的主要力量，但在最近的拋售中，這些具有高度影響力的企業遭受了重創。</p>
<p>例如，華爾街的人工智能（AI）寵兒 <strong>英偉達</strong>（Nvidia）（NVDA -0.18%）在 1 月的第一週短暫成為全球市值最大的上市公司，市值接近 4 萬億美元。但自 1 月 6 日達到收盤高點以來，其價值已縮水 26%（截至 4 月 11 日），並在 4 月 8 日時暴跌了 36%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvdGFyaWZmcy1lY29ub215LXRyYWRlLXdhci11cy1jaGluYS1vbmUtaHVuZHJlZC1kb2xsYXItY2FzaC10YXgtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvdGFyaWZmcy1lY29ub215LXRyYWRlLXdhci11cy1jaGluYS1vbmUtaHVuZHJlZC1kb2xsYXItY2FzaC10YXgtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>關税是一個問題，但遠不是英偉達最大的擔憂</h2>
<p>一些投資者可能會迅速將這種疲軟歸咎於特朗普總統關税公告帶來的不確定性。</p>
<p>儘管特朗普已對大多數國家的高額互惠關税暫停 90 天，但美國與中國之間一系列升級的關税可能會帶來問題。儘管英偉達並不從中國進口，但這個世界第二大經濟體是英偉達的核心市場之一。中國的報復可能會以抵制英偉達的 AI 硬件的形式出現。</p>
<p>最初，特朗普的解放日公告還呼籲對台灣徵收更高的關税，而台灣是全球領先的芯片製造商 <strong>台灣半導體制造公司</strong>（TSMC -0.90%）的所在地。台灣半導體通常被稱為 TSMC，是芯片 - 晶圓 - 基板封裝技術的關鍵供應商，該技術結合了高帶寬內存，使得 AI 加速的數據中心得以運轉。值得慶幸的是，上週末總統的更新確保芯片和芯片設備將被排除在互惠關税之外。</p>
<p>關税以及特朗普總統改變關税生效時間和內容所帶來的不確定性對英偉達來説是一個問題。然而，關税在當前和潛在的英偉達股東應該擔心的事情中排在較後的位置。還有三個其他因素更可能導致英偉達股票的下跌。</p>
<h2>1. 內部競爭</h2>
<p>競爭幾乎是所有上市公司的普遍問題。儘管英偉達的 Hopper（H100）圖形處理單元（GPU）和後續的 Blackwell GPU 架構目前在高計算數據中心中佔據了大部分市場份額，但它們並不是對日益增長的競爭的免疫。</p>
<p>大多數投資者可能關注的是外部直接競爭對手，如 <strong>超微半導體</strong>（AMD 1.19%）。AMD 繼續開發其 Instinct 系列 AI 加速芯片的新一代產品，這些產品的成本明顯低於英偉達的 AI 硬件。那些不願意在漫長的等待隊列中等待獲取英偉達 AI 芯片的企業可能會選擇 AMD 的 Instinct GPU。</p>
<p>但對英偉達來説，比 AMD 及其同行更大的威脅來自內部。</p>
<p>英偉達收到的最大 GPU 訂單大多來自 “七大奇蹟” 成員。問題在於，這些行業巨頭也在內部開發自己的 AI 芯片和/或解決方案，以便在他們的數據中心中使用。儘管這些內部開發的硬件在計算速度上不太可能優於英偉達的產品，但它們的成本顯著更低且更易獲得（即沒有積壓）。</p>
<p>換句話説，英偉達可以繼續每年推出新的 AI-GPU，但仍然會失去寶貴的數據中心市場份額給自己的頂級客户。這對未來的訂單和英偉達已經回落的毛利率來説都是壞消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>2. 歷史</h2>
<p>第二個問題比關税更令人擔憂的是歷史可能再次重演的可能性。</p>
<p>在過去三十年的大部分時間裏，投資者都有一個下一個重大技術或創新來吸引他們的注意。投資者被潛在顛覆性技術或趨勢附帶的天文數字市場規模所吸引並不罕見。</p>
<p>然而，自 1990 年代中期互聯網出現以來，每一個下一個重大趨勢都經歷了同樣的命運：泡沫破裂事件。專業投資者和普通投資者一貫高估新趨勢或技術獲得廣泛採用和/或獲得實用性的速度，這導致了高期望未能實現。</p>
<p>儘管我們見證了對 AI 基礎設施的積極企業支出，但幾乎沒有證據表明企業在這些 AI 投資中獲得了正回報，或者已經找到了優化其 AI 解決方案的方法。所有新技術和趨勢的成熟都需要時間，可以肯定地説，人工智能目前還遠未達到這一點。</p>
<p>如果歷史重演，投資者的預期被重置，那麼可以説沒有哪家上市公司會比英偉達受到更大的打擊。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fe86db333bee673e1edeef190d4df3b7.png?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://media.ycharts.com/charts/fe86db333bee673e1edeef190d4df3b7.png"/></p>
<p>NVDA PS 比率數據來源於 YCharts。PS 比率 = 市盈率。</p>
<h2>3. 估值</h2>
<p>對英偉達來説，比關税更令人擔憂的第三個問題是其估值。</p>
<p>去年夏天，英偉達的市銷率（P/S）達到了 42.39 的峯值，這與互聯網泡沫破裂前市場領先企業的市銷率峯值一致。儘管英偉達的市銷率自去年夏天以來已減半至 21.06，但這仍是最昂貴的 Mag-7 股票相對於其銷售額所賦予的溢價的兩倍。</p>
<p>如前所述，英偉達的公認會計原則（GAAP）毛利率也開始回落。其 GPU 的卓越定價能力以及 AI-GPU 的稀缺性，幫助其 GAAP 毛利率在 2025 財年第一季度（截至 2024 年 4 月 28 日）達到了 78.4% 的峯值。然而，其 GAAP 毛利率在每個後續季度均有所下降，預計在當前財年第一季度將降至 70.6%（+/- 50 個基點）。</p>
<p>AI-GPU 稀缺性的減弱以及公司自身加速的產品更替週期可能會持續對毛利率造成壓力。英偉達每年推出新 AI-GPU 的努力可能導致前一代 AI-GPU 的快速貶值，並減少現有客户升級到下一代硬件的意願。</p>
<p>儘管人工智能解決方案和英偉達的長期前景依然光明，但無論關税方面發生什麼，英偉達的股票在未來幾個季度可能會表現平平。</p>

英偉達

<p>英偉達面臨的挑戰不僅僅是關税，這並不是投資者的主要關注點。關鍵問題包括主要客户開發自己的人工智能芯片帶來的內部競爭，以及技術泡沫歷史模式導致的未達預期。儘管英偉達在 GPU 市場佔據主導地位，但來自 AMD 的競爭和內部發展威脅着其市場份額。此外，人工智能領域的成熟度和投資回報仍然不確定，這與過去技術採用的趨勢相呼應</p>

<p>&#34;Buckle up and hold on&#34; has been something of a theme for Wall Street over the last two weeks. Ever since President Donald Trump unveiled his &#34;Liberation Day&#34; tariffs, the <strong>Dow Jones Industrial Average</strong>, <strong>S&amp;P 500</strong>, and <strong>Nasdaq Composite</strong> have logged some of their largest single-session point gains and declines since their respective inceptions.</p>
<div class="lb-trans"><p>“繫好安全帶，準備迎接挑戰” 在過去兩週成為華爾街的主題。自從特朗普總統公佈 “解放日” 關税以來，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 都記錄了自成立以來最大的一日點數漲幅和跌幅。</p>
</div><p>Whereas the &#34;Magnificent Seven&#34; stocks were responsible for leading the broader market higher for more than two years, these highly influential businesses have taken it on the chin during the recent sell-off.</p>
<div class="lb-trans"><p>而 “七大奇蹟” 股票在過去兩年中一直是推動整體市場上漲的主要力量，但在最近的拋售中，這些具有高度影響力的企業遭受了重創。</p>
</div><p>For instance, Wall Street's artificial intelligence (AI) darling <strong>Nvidia</strong>(NVDA -0.18%) briefly became the world's largest public company and sported a market cap of nearly $4 trillion during the first week of January. But since reaching its closing high on Jan. 6, it's shed 26% of its value (as of April 11), and plunged by as much as 36% (as of April 8).</p>
<div class="lb-trans"><p>例如，華爾街的人工智能（AI）寵兒 <strong>英偉達</strong>（Nvidia）（NVDA -0.18%）在 1 月的第一週短暫成為全球市值最大的上市公司，市值接近 4 萬億美元。但自 1 月 6 日達到收盤高點以來，其價值已縮水 26%（截至 4 月 11 日），並在 4 月 8 日時暴跌了 36%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvdGFyaWZmcy1lY29ub215LXRyYWRlLXdhci11cy1jaGluYS1vbmUtaHVuZHJlZC1kb2xsYXItY2FzaC10YXgtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814636%2Ftariffs-economy-trade-war-us-china-one-hundred-dollar-cash-tax-getty.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>Tariffs are <em>a</em> problem, but far from the biggest concern for AI darling Nvidia</h2>
<div class="lb-trans"><h2>關税是一個問題，但遠不是英偉達最大的擔憂</h2>
</div><p>Some investors might quick to assign the blame for this weakness on uncertainty tied to President Trump's tariff announcement.</p>
<div class="lb-trans"><p>一些投資者可能會迅速將這種疲軟歸咎於特朗普總統關税公告帶來的不確定性。</p>
</div><p>Although Trump has issued a 90-day pause on higher reciprocal tariffs for most countries, a series of escalating tariffs between the U.S. and China could be problematic. Even though Nvidia doesn't import from China, the world's No. 2 economy is one of Nvidia's core markets by net sales. Retaliation from China could take the form of shunning Nvidia's AI hardware.</p>
<div class="lb-trans"><p>儘管特朗普已對大多數國家的高額互惠關税暫停 90 天，但美國與中國之間一系列升級的關税可能會帶來問題。儘管英偉達並不從中國進口，但這個世界第二大經濟體是英偉達的核心市場之一。中國的報復可能會以抵制英偉達的 AI 硬件的形式出現。</p>
</div><p>Initially, Trump's Liberation Day announcement also called for a higher tariff on Taiwan, which is home to world-leading chip fabricator <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -0.90%). TSMC, as Taiwan Semi is more commonly known, is a key provider of chip-on-wafer-on-substrate packaging technology that incorporates the high-bandwidth memory needed to make AI-accelerated data centers tick. Thankfully, an update this past weekend from the president ensured that chips and chip equipment would be excluded from reciprocal tariffs.</p>
<div class="lb-trans"><p>最初，特朗普的解放日公告還呼籲對台灣徵收更高的關税，而台灣是全球領先的芯片製造商 <strong>台灣半導體制造公司</strong>（TSMC -0.90%）的所在地。台灣半導體通常被稱為 TSMC，是芯片 - 晶圓 - 基板封裝技術的關鍵供應商，該技術結合了高帶寬內存，使得 AI 加速的數據中心得以運轉。值得慶幸的是，上週末總統的更新確保芯片和芯片設備將被排除在互惠關税之外。</p>
</div><p>Tariffs, and the uncertainty created by President Trump changing when and what tariffs go into effect, are a problem for Nvidia. However, tariffs are pretty far down the list of things current and prospective Nvidia shareholders should be worried about. Three other factors are far more likely to be responsible for weighing down Nvidia stock.</p>
<div class="lb-trans"><p>關税以及特朗普總統改變關税生效時間和內容所帶來的不確定性對英偉達來説是一個問題。然而，關税在當前和潛在的英偉達股東應該擔心的事情中排在較後的位置。還有三個其他因素更可能導致英偉達股票的下跌。</p>
</div><h2>1. Internal competition</h2>
<div class="lb-trans"><h2>1. 內部競爭</h2>
</div><p>Competition is pretty much a universal problem for publicly traded companies. Even though Nvidia's Hopper (H100) graphics processing unit (GPU) and successor Blackwell GPU architecture currently account for the lion's share of GPU market share in high-compute data centers, they're not impervious to growing competition.</p>
<div class="lb-trans"><p>競爭幾乎是所有上市公司的普遍問題。儘管英偉達的 Hopper（H100）圖形處理單元（GPU）和後續的 Blackwell GPU 架構目前在高計算數據中心中佔據了大部分市場份額，但它們並不是對日益增長的競爭的免疫。</p>
</div><p>Most investors are probably focused on external direct competitors, such as <strong>Advanced Micro Devices</strong>(AMD 1.19%). AMD continues to develop new generations of its Instinct series AI-accelerating chips, all of which have been notably less-costly than Nvidia's AI hardware. Businesses that are unwilling to wait in a long queue for access to Nvidia's AI chips might opt for AMD's Instinct GPUs.</p>
<div class="lb-trans"><p>大多數投資者可能關注的是外部直接競爭對手，如 <strong>超微半導體</strong>（AMD 1.19%）。AMD 繼續開發其 Instinct 系列 AI 加速芯片的新一代產品，這些產品的成本明顯低於英偉達的 AI 硬件。那些不願意在漫長的等待隊列中等待獲取英偉達 AI 芯片的企業可能會選擇 AMD 的 Instinct GPU。</p>
</div><p>But there's a bigger threat for Nvidia than AMD and its peers -- a threat that emerges from within.</p>
<div class="lb-trans"><p>但對英偉達來説，比 AMD 及其同行更大的威脅來自內部。</p>
</div><p>Many of the largest GPU orders received by Nvidia have come from members of the Magnificent Seven. The problem is that these industry goliaths are also internally developing AI chips and/or solutions of their own to use in their data centers. Even though this internally developed hardware is unlikely to be superior to Nvidia's in terms of computing speed, it's considerably cheaper and more readily available (i.e., not backlogged).</p>
<div class="lb-trans"><p>英偉達收到的最大 GPU 訂單大多來自 “七大奇蹟” 成員。問題在於，這些行業巨頭也在內部開發自己的 AI 芯片和/或解決方案，以便在他們的數據中心中使用。儘管這些內部開發的硬件在計算速度上不太可能優於英偉達的產品，但它們的成本顯著更低且更易獲得（即沒有積壓）。</p>
</div><p>Put another way, Nvidia can continue to introduce new AI-GPUs annually and still lose valuable data center real estate to its own top customers. That's bad news for future orders and Nvidia's already retracing gross margin.</p>
<div class="lb-trans"><p>換句話説，英偉達可以繼續每年推出新的 AI-GPU，但仍然會失去寶貴的數據中心市場份額給自己的頂級客户。這對未來的訂單和英偉達已經回落的毛利率來説都是壞消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ2MzYvc3RvY2stY2hhcnQtY3Jhc2gtaW52ZXN0LWJyb2tlci10YWJsZXQtY3J5cHRvLXBsdW5nZS1idWJibGUtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814636%2Fstock-chart-crash-invest-broker-tablet-crypto-plunge-bubble-getty.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>2. History</h2>
<div class="lb-trans"><h2>2. 歷史</h2>
</div><p>A second issue that's more of a worry than tariffs is the possibility of history rhyming, once more, on Wall Street.</p>
<div class="lb-trans"><p>第二個問題比關税更令人擔憂的是歷史可能再次重演的可能性。</p>
</div><p>For the better part of the last three decades, investors have had a next-big-thing technology or innovation to hold their attention. It's not uncommon for investors to be drawn in by pie-in-the-sky addressable market figures attached to a potentially game-changing technology or trend.</p>
<div class="lb-trans"><p>在過去三十年的大部分時間裏，投資者都有一個下一個重大技術或創新來吸引他們的注意。投資者被潛在顛覆性技術或趨勢附帶的天文數字市場規模所吸引並不罕見。</p>
</div><p>However, every next-big-thing trend since (and including) the advent of the internet in the mid-1990s has endured the same fate: a bubble-bursting event. Professional and everyday investors consistently overestimate how quickly a new trend or technology will earn widespread adoption and/or gain meaningful utility, which is what leads to lofty expectations not being met.</p>
<div class="lb-trans"><p>然而，自 1990 年代中期互聯網出現以來，每一個下一個重大趨勢都經歷了同樣的命運：泡沫破裂事件。專業投資者和普通投資者一貫高估新趨勢或技術獲得廣泛採用和/或獲得實用性的速度，這導致了高期望未能實現。</p>
</div><p>Though we've witnessed aggressive enterprise spending on AI infrastructure, there's little evidence to suggest that businesses are generating a positive return on these AI investments or have figured out how to optimize their AI solutions. It takes time for all new technologies and trends to mature, and it's safe to say that artificial intelligence isn't anywhere close to this point as of yet.</p>
<div class="lb-trans"><p>儘管我們見證了對 AI 基礎設施的積極企業支出，但幾乎沒有證據表明企業在這些 AI 投資中獲得了正回報，或者已經找到了優化其 AI 解決方案的方法。所有新技術和趨勢的成熟都需要時間，可以肯定地説，人工智能目前還遠未達到這一點。</p>
</div><p>If history were to rhyme and investor expectations are reset, there's arguably not a public company that would be hit harder than Nvidia.</p>
<div class="lb-trans"><p>如果歷史重演，投資者的預期被重置，那麼可以説沒有哪家上市公司會比英偉達受到更大的打擊。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fe86db333bee673e1edeef190d4df3b7.png" alt="" original-src="https://media.ycharts.com/charts/fe86db333bee673e1edeef190d4df3b7.png"/></p>
<p>NVDA PS Ratio data by YCharts. PS Ratio = Price-to-sales ratio.</p>
<div class="lb-trans"><p>NVDA PS 比率數據來源於 YCharts。PS 比率 = 市盈率。</p>
</div><h2>3. Valuation</h2>
<div class="lb-trans"><h2>3. 估值</h2>
</div><p>The third issue that's a considerably bigger concern than tariffs for Nvidia is its valuation.</p>
<div class="lb-trans"><p>對英偉達來説，比關税更令人擔憂的第三個問題是其估值。</p>
</div><p>Last summer, Nvidia's price-to-sales (P/S) ratio peaked at 42.39, which is consistent with the peak P/S ratios of market-leading businesses prior to the dot-com bubble bursting. Even though Nvidia's P/S ratio has been halved since last summer to 21.06, this is still double the premium assigned to the priciest Mag-7 stocks, relative to their sales.</p>
<div class="lb-trans"><p>去年夏天，英偉達的市銷率（P/S）達到了 42.39 的峯值，這與互聯網泡沫破裂前市場領先企業的市銷率峯值一致。儘管英偉達的市銷率自去年夏天以來已減半至 21.06，但這仍是最昂貴的 Mag-7 股票相對於其銷售額所賦予的溢價的兩倍。</p>
</div><p>As alluded earlier, Nvidia's generally accepted accounting principle (GAAP) gross margin has begun rolling over, as well. Exceptional pricing power for its GPUs, along with AI-GPU scarcity, helped lift its GAAP gross margin to a peak of 78.4% in the fiscal first quarter of 2025 (ended April 28, 2024). However, its GAAP gross margin has fallen in each successive quarter and is forecast to dip to 70.6% (+/- 50 basis points) in the fiscal first quarter of the current year.</p>
<div class="lb-trans"><p>如前所述，英偉達的公認會計原則（GAAP）毛利率也開始回落。其 GPU 的卓越定價能力以及 AI-GPU 的稀缺性，幫助其 GAAP 毛利率在 2025 財年第一季度（截至 2024 年 4 月 28 日）達到了 78.4% 的峯值。然而，其 GAAP 毛利率在每個後續季度均有所下降，預計在當前財年第一季度將降至 70.6%（+/- 50 個基點）。</p>
</div><p>Waning AI-GPU scarcity and the company's own accelerated product replacement cycle could be an ongoing drag on margins. Nvidia's efforts to bring a new AI-GPU to market annually could lead to rapid depreciation of prior-generation AI-GPUs, as well as lessen the desire by existing customers to upgrade to next-gen hardware.</p>
<div class="lb-trans"><p>AI-GPU 稀缺性的減弱以及公司自身加速的產品更替週期可能會持續對毛利率造成壓力。英偉達每年推出新 AI-GPU 的努力可能導致前一代 AI-GPU 的快速貶值，並減少現有客户升級到下一代硬件的意願。</p>
</div><p>While the very long-term outlook for artificial intelligence solutions and Nvidia remains bright, Nvidia stock could easily underwhelm in the coming quarters, regardless of what happens on the tariff front.</p>
<div class="lb-trans"><p>儘管人工智能解決方案和英偉達的長期前景依然光明，但無論關税方面發生什麼，英偉達的股票在未來幾個季度可能會表現平平。</p>
</div>

Nvidia Has 3 Considerably Bigger Concerns Than Tariffs

- Nvidia 股票因內部競爭、歷史重演和高估值面臨壓力。  
- 儘管特朗普的關税政策引發不確定性，但並非主要問題。  
- 投資者需關注 AI 投資回報和市場成熟度。

英偉達有三個遠比關税更為重要的擔憂