<p><strong>英偉達</strong>(NVDA 4.11%) 迄今為止是人工智能 (AI) 熱潮中最大的贏家之一。這家科技巨頭設計了全球最強大的芯片——圖形處理單元 (GPU)，併成為人工智能建設中的明星參與者。GPU 被用於驅動最關鍵的人工智能任務，例如模型的訓練和推理。</p><p>不過，這家公司並不僅僅侷限於芯片。相反，它構建了一個人工智能帝國，提供客户開發和擴展基礎設施所需的產品和服務，並最終將人工智能應用於現實問題。</p><p>所有這些都幫助英偉達的收入季度接季度地達到創紀錄水平；在最新的完整財年中，收入激增 114%，達到 1300 億美元。該公司還能夠在銷售中產生高盈利，毛利率始終超過 70%。</p><p>這非常出色，但考慮到未來可能面臨更嚴峻的經濟環境，投資者對一個特定因素感到擔憂——這個因素可能決定英偉達的增長在未來幾個季度是飆升還是下滑。現在，隨着財報季的展開，我們即將對此獲得一些答案。事實上，一些關鍵信息可能在本週公佈，使得現在成為英偉達的生死攸關時刻。以下是需要關注的內容。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/b1f1019a583bbf7ec573b442ae92d4ea?x-oss-process=style/lg" alt="" width="700" height="421" original-src="https://pub.pbkrs.com/uploads/2025/b1f1019a583bbf7ec573b442ae92d4ea"/></figure><p>圖片來源：Getty Images。</p><h2 id="isqoxck9k">英偉達的高性能產品</h2><p>首先，讓我們考慮一下公司成功的原因。當然，其高性能的產品和服務名列前茅。英偉達最新的 Blackwell 架構於今冬發佈，包含多種顛覆性的元素；這些包括迄今為止最快的芯片，以及在可靠性、網絡和安全性方面的提升。對 Blackwell 的需求如此之高，以至於超過了供應，英偉達仍在不懈努力，確保將這一創新平台交付給客户。</p><p>不過，英偉達成功的另一個重要因素是對人工智能的普遍需求。如果客户對構建大型平台不感興趣，英偉達的收入狀況將大相徑庭。該公司在很大程度上依賴於對人工智能的需求——在最近一個季度，其總收入的 90% 來自數據中心業務。</p><p>這就是為什麼人工智能投資和建設的總體趨勢直接影響其未來幾個季度的收入前景。任何支出下降的跡象都會立即引發投資界對英偉達增長的擔憂。</p><h2 id="sgomrlkig">本週發生的事情</h2><p>這讓我想到了本週需要關注的關鍵事件，因為這些事件可能會嚴重影響英偉達的前景和股票表現。主要的英偉達客户 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>Meta Platforms</strong> 本週各自發布季度財報——在財報電話會議中，這些公司通常會更新其人工智能項目和年度支出計劃。</p><p>儘管這三家公司在最近幾個季度都在全力投入人工智能，但最近的事件可能會改變它們的策略。特朗普總統計劃對全球進口商品徵收關税，可能會在兩個方面對它們造成影響：關税可能會增加它們在進口零部件和成品時的費用，而在關税導致的高價格環境中，消費者可能會減少在這些科技公司產品上的支出。擔憂的是，在這種背景下，英偉達的客户可能會放緩或削減其人工智能支出。</p><p>因此，英偉達的股東（或潛在股東）在聽取微軟、亞馬遜和 Meta 的財報時，密切關注任何關於人工智能計劃的評論將非常重要。</p><h2 id="g7a7za78m">來自 Alphabet 的線索</h2><p>如果你感到擔憂，我有好消息要告訴你。到目前為止，儘管當前的關税動盪，仍然有理由對未來的人工智能需求持樂觀態度。上週，另一家主要的英偉達客户 <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%) 重申了其今年 750 億美元的資本支出計劃，並表示與英偉達的關係是一個 “關鍵優勢”。Alphabet 還表示，當英偉達下一代 Vera Rubin 超級芯片可用時，將提供這些芯片，進一步顯示出對這家芯片設計公司的持續承諾。</p><p>在亞馬遜財報發佈之前，我們還收到了來自亞馬遜網絡服務 (AWS) 的積極信號。上週，一份分析師報告暗示該公司可能會削減人工智能支出，但一位 AWS 高管平息了這種擔憂，表示擴展計劃沒有改變。</p><p>所有這些意味着，英偉達確實達到了一個生死攸關的時刻。人工智能支出的持續強勁將是個好消息，但任何主要客户在支出或人工智能建設上的意外削減都可能對這家芯片巨頭造成重大打擊，至少在短期內。如我上面提到的，目前的跡象表明，這場人工智能熱潮的步伐可能會繼續不受干擾——但只有本週這些大型英偉達客户的保證才能確認這一點。</p>

英偉達

<p>英偉達正處於一個關鍵時刻，因為它正在為微軟、亞馬遜和 Meta 等主要客户的財報做準備，這可能會影響其以人工智能驅動的增長。由於其高性能 GPU 和對人工智能解決方案的強勁需求，該公司的收入創下了記錄。然而，潛在的關税影響和客户支出變化可能帶來風險。來自 Alphabet 的積極信號和 AWS 的保證表明人工智能投資仍在繼續，但任何意外的支出削減可能會在短期內顯著影響英偉達的前景</p>

<p><strong>Nvidia</strong>(NVDA 4.11%) has been one of the biggest winners of the artificial intelligence (AI) boom so far. The tech giant designs the world's most powerful chip -- a graphics processing unit (GPU) -- and it's become the star player in the AI buildout. GPUs are used to drive the most critical AI tasks, such as the training and inference of models.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 4.11%) 迄今為止是人工智能 (AI) 熱潮中最大的贏家之一。這家科技巨頭設計了全球最強大的芯片——圖形處理單元 (GPU)，併成為人工智能建設中的明星參與者。GPU 被用於驅動最關鍵的人工智能任務，例如模型的訓練和推理。</p>
</div><p>The company hasn't stuck to only chips, though. Instead it's constructed an AI empire, offering the products and services customers need to develop and expand infrastructure and eventually apply AI to real-life problems.</p>
<div class="lb-trans"><p>不過，這家公司並不僅僅侷限於芯片。相反，它構建了一個人工智能帝國，提供客户開發和擴展基礎設施所需的產品和服務，並最終將人工智能應用於現實問題。</p>
</div><p>All of this has helped drive Nvidia's revenue to record levels quarter after quarter; in the latest full year, revenue surged 114% to $130 billion. The company has also been able to generate high profitability on sales, with gross margin consistently topping 70%.</p>
<div class="lb-trans"><p>所有這些都幫助英偉達的收入季度接季度地達到創紀錄水平；在最新的完整財年中，收入激增 114%，達到 1300 億美元。該公司還能夠在銷售中產生高盈利，毛利率始終超過 70%。</p>
</div><p>This is fantastic, but considering the potential for a tougher economic environment ahead, investors have worried about one particular thing -- and this factor could determine whether Nvidia's growth soars or sinks in the quarters ahead. Now, as earnings season unfolds, we're about to get some answers on this point. In fact, some key information could be announced this week, making right now a make-or-break moment for Nvidia. Here's what to watch for.</p>
<div class="lb-trans"><p>這非常出色，但考慮到未來可能面臨更嚴峻的經濟環境，投資者對一個特定因素感到擔憂——這個因素可能決定英偉達的增長在未來幾個季度是飆升還是下滑。現在，隨着財報季的展開，我們即將對此獲得一些答案。事實上，一些關鍵信息可能在本週公佈，使得現在成為英偉達的生死攸關時刻。以下是需要關注的內容。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTYyMzQvZ2V0dHlpbWFnZXMtMTMxNjM3MjM0OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816234%2Fgettyimages-1316372349.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>Nvidia's high-performance products</h2>
<div class="lb-trans"><h2>英偉達的高性能產品</h2>
</div><p>So first, let's consider the reason for the company's success. Of course, its high-performance products and services top the list. Nvidia's latest Blackwell architecture, released this winter, includes various game-changing elements; these include the fastest chip yet, as well as gains in reliability, networking, and security. Demand for Blackwell was so high that it exceeded supply, and Nvidia is still working tirelessly to ensure delivery of this innovative platform to customers.</p>
<div class="lb-trans"><p>首先，讓我們考慮一下公司成功的原因。當然，其高性能的產品和服務名列前茅。英偉達最新的 Blackwell 架構於今冬發佈，包含多種顛覆性的元素；這些包括迄今為止最快的芯片，以及在可靠性、網絡和安全性方面的提升。對 Blackwell 的需求如此之高，以至於超過了供應，英偉達仍在不懈努力，確保將這一創新平台交付給客户。</p>
</div><p>What has also played a big role in Nvidia's success, though, is the general demand for AI. If customers weren't interested in building out major platforms, Nvidia's revenue picture would look much different. The company relies heavily on this need for AI -- in the most recent quarter, 90% of its total revenue came from its data center business.</p>
<div class="lb-trans"><p>不過，英偉達成功的另一個重要因素是對人工智能的普遍需求。如果客户對構建大型平台不感興趣，英偉達的收入狀況將大相徑庭。該公司在很大程度上依賴於對人工智能的需求——在最近一個季度，其總收入的 90% 來自數據中心業務。</p>
</div><p>This is why the general trend in AI investment and buildout directly impacts its prospects for revenue in the quarters ahead. Any signs of a decline in such spending would immediately spark worries in the investment community about Nvidia's growth.</p>
<div class="lb-trans"><p>這就是為什麼人工智能投資和建設的總體趨勢直接影響其未來幾個季度的收入前景。任何支出下降的跡象都會立即引發投資界對英偉達增長的擔憂。</p>
</div><h2>What's happening this week</h2>
<div class="lb-trans"><h2>本週發生的事情</h2>
</div><p>And this brings me to the crucial happenings to watch this week, as they could seriously impact Nvidia's prospects and stock performance. Major Nvidia customers <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Meta Platforms</strong> each report quarterly earnings this week -- and during earnings calls, these companies generally offer an update on their AI programs and spending plans for the year.</p>
<div class="lb-trans"><p>這讓我想到了本週需要關注的關鍵事件，因為這些事件可能會嚴重影響英偉達的前景和股票表現。主要的英偉達客户 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>Meta Platforms</strong> 本週各自發布季度財報——在財報電話會議中，這些公司通常會更新其人工智能項目和年度支出計劃。</p>
</div><p>Though these three companies have been going all in on AI in recent quarters, recent events could alter their strategies. President Donald Trump's plans to impose tariffs on imports worldwide may hurt them in two ways: Tariffs could increase their expenses as they import parts and finished goods, and in an environment of higher prices caused by tariffs, consumers may have less money to spend on these tech companies' products. The concern is that against this backdrop, Nvidia's customers may slow or cut their AI spending.</p>
<div class="lb-trans"><p>儘管這三家公司在最近幾個季度都在全力投入人工智能，但最近的事件可能會改變它們的策略。特朗普總統計劃對全球進口商品徵收關税，可能會在兩個方面對它們造成影響：關税可能會增加它們在進口零部件和成品時的費用，而在關税導致的高價格環境中，消費者可能會減少在這些科技公司產品上的支出。擔憂的是，在這種背景下，英偉達的客户可能會放緩或削減其人工智能支出。</p>
</div><p>So it will be very important for Nvidia shareholders (or potential shareholders) to listen closely to any comments on AI plans from Microsoft, Amazon, and Meta during their earnings reports.</p>
<div class="lb-trans"><p>因此，英偉達的股東（或潛在股東）在聽取微軟、亞馬遜和 Meta 的財報時，密切關注任何關於人工智能計劃的評論將非常重要。</p>
</div><h2>A clue from Alphabet</h2>
<div class="lb-trans"><h2>來自 Alphabet 的線索</h2>
</div><p>Now if you're worried, I have good news for you. So far, there's reason to be optimistic about AI demand ahead -- even with the current tariff turmoil. Last week another big Nvidia customer, <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%), reiterated its plans for $75 billion in capital spending this year and said its relationship with Nvidia is a &#34;key advantage.&#34; Alphabet also said it will offer Nvidia's next-generation Vera Rubin superchips when they become available, further showing an ongoing commitment to the chip designer.</p>
<div class="lb-trans"><p>如果你感到擔憂，我有好消息要告訴你。到目前為止，儘管當前的關税動盪，仍然有理由對未來的人工智能需求持樂觀態度。上週，另一家主要的英偉達客户 <strong>Alphabet</strong>(GOOG 1.52%)(GOOGL 1.70%) 重申了其今年 750 億美元的資本支出計劃，並表示與英偉達的關係是一個 “關鍵優勢”。Alphabet 還表示，當英偉達下一代 Vera Rubin 超級芯片可用時，將提供這些芯片，進一步顯示出對這家芯片設計公司的持續承諾。</p>
</div><p>We also have a positive signal from Amazon Web Services (AWS) ahead of Amazon's earnings report. Last week, an analyst report suggested the company might be cutting back on AI spending, but an AWS executive calmed fears, saying expansion plans haven't changed.</p>
<div class="lb-trans"><p>在亞馬遜財報發佈之前，我們還收到了來自亞馬遜網絡服務 (AWS) 的積極信號。上週，一份分析師報告暗示該公司可能會削減人工智能支出，但一位 AWS 高管平息了這種擔憂，表示擴展計劃沒有改變。</p>
</div><p>All of this means that yes, Nvidia has reached a make-or-break moment. Ongoing strength in AI spending would be great news, but any surprise cut in spending or AI buildout by a major customer could deal a significant blow to the chip giant, at least in the near term. As I mentioned above, signs so far are showing the pace of this AI boom may continue uninterrupted -- but only reassurances from these big Nvidia customers this week will confirm this.</p>
<div class="lb-trans"><p>所有這些意味着，英偉達確實達到了一個生死攸關的時刻。人工智能支出的持續強勁將是個好消息，但任何主要客户在支出或人工智能建設上的意外削減都可能對這家芯片巨頭造成重大打擊，至少在短期內。如我上面提到的，目前的跡象表明，這場人工智能熱潮的步伐可能會繼續不受干擾——但只有本週這些大型英偉達客户的保證才能確認這一點。</p>
</div>

This Could Be a Make-It-or-Break-It Moment for Nvidia. Here's What to Watch For This Week.

- Nvidia 在人工智能 (AI) 領域取得顯著成功，最新財年收入增長 114% 至 1300 億美元。  
- 90% 的收入來自數據中心業務，客户需求直接影響未來收入前景。  
- 本週微軟、亞馬遜和 Meta 的財報將提供 AI 支出計劃的重要線索。  

這可能是英偉達的成敗關鍵時刻。本週需要關注的事項如下