<p>儘管特朗普總統的關税政策在過去六週主導了華爾街的討論，但人工智能（AI）的演變已經吸引了投資者超過兩年。</p>
<p>在最簡單的形式上，人工智能賦予軟件和系統獨立推理和行動的能力，並且有潛力在沒有人類監督的情況下學習新技能。這是一項具有顛覆性技術，具有廣泛的全球應用，普華永道的分析師認為到 2030 年可以使全球國內生產總值（GDP）增加 15.7 萬億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>沒有哪家公司比英偉達更直接受益於人工智能革命</h2>
<p>雖然估計有 15.7 萬億美元的可尋址市場為數十家甚至數百家贏家留出了空間，但沒有哪家公司比半導體巨頭 <strong>英偉達</strong>（NVDA -0.62%）更直接受益於人工智能的崛起。</p>
<p>幾乎在一夜之間，英偉達的 Hopper（H100）圖形處理單元（GPU）成為推動企業 AI 加速數據中心的首選 “大腦”。隨後推出了下一代 Blackwell GPU 架構，能夠進一步加速計算需求，並且比其前身更節能。</p>
<p>在短短兩個財政年度內（英偉達的財政年度在 1 月底結束），英偉達的淨銷售額從 270 億美元飆升至 1305 億美元。作為參考，華爾街的共識預計 2026 財政年度（即今年）的全年銷售額接近 2010 億美元，2027 財政年度為 2480 億美元。</p>
<p>考慮到英偉達的超高速增長率，以及沒有其他直接競爭對手能夠接近其計算速度和能效的組合，華爾街分析師圍繞這隻股票的熱情並不令人驚訝。在 1 月底，我注意到覆蓋英偉達的數十位華爾街分析師的目標價均高於當時的股價。</p>
<p>但時代在變！</p>
<p>英偉達剛剛收到了華爾街的首個賣出評級——在 5 月 28 日之後，英偉達將公佈其 2026 財政年度第一季度的運營結果，我完全預計會有更多分析師跟進。</p>
<h2>一位華爾街分析師與大眾情緒背道而馳</h2>
<p>在 4 月底，Seaport Research Partners 的高級分析師 Jay Goldberg 以 100 美元的目標價（華爾街最低）和賣出評級開始覆蓋英偉達。</p>
<p>儘管 Goldberg 承認英偉達做了很多正確的事情，且其 Blackwell GPU 備受追捧，但他認為牛市預期已經完全反映在股價中，且有許多下行催化劑在等待。</p>
<p>首先，Goldberg 認為英偉達很難超越華爾街的高預期，因為它在 2026 財政年度的 Blackwell 訂單能力已經達到上限。儘管全球領先的芯片製造公司 <strong>台積電</strong> 正在迅速擴大其芯片 - 晶圓 - 基板（CoWoS）能力——CoWoS 對於 AI 加速數據中心所需的高帶寬內存的封裝至關重要——但這仍然限制了英偉達銷售更多下一代硬件的能力。</p>
<p>Goldberg 還預計，企業將在今年晚些時候及 2026 日曆年內認真審視其支出。儘管 Seaport 的高級分析師不認為會形成並破裂 AI 泡沫，但他確實認為企業仍在摸索人工智能的實際應用案例。Goldberg 認為這將導致未來幾個季度 AI 支出/訂單的放緩。</p>
<p>此外，Goldberg 提到對中國的出口限制作為一個顯而易見的阻力。提醒一下，自 2022 年 10 月以來，拜登政府（以及特朗普政府）對許多高性能 AI 芯片和相關設備對中國的出口實施了嚴格限制。作為全球第二大經濟體，中國為英偉達每季度創造數十億美元的銷售額，如果關税相關的不確定性持續，且美中貿易關係惡化，這一數字可能會顯著縮減。</p>
<p>但我相信這只是冰山一角，其他華爾街分析師將在英偉達於 5 月 28 日收盤後揭開 “蓋子” 後跟隨 Goldberg 的腳步。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>華爾街的 AI 寵兒可能會有更多賣出評級</h2>
<p>與 Goldberg 類似，我樂於給予英偉達應得的讚譽。該公司的 Hopper 和 Blackwell 芯片可能會保持其計算優勢，並繼續成為 AI 數據中心所需的硬件。但英偉達近 2.9 萬億美元的估值表明它有很大的壓力要承擔——而且即將面臨的阻力比 Seaport 的高級分析師列出的更多。</p>
<p>可以説，英偉達面臨的最大挑戰是它所面臨的內部競爭。雖然大多數投資者和分析師關注像 <strong>超微</strong> 和華為這樣的直接競爭對手，但他們完全忽視了許多英偉達的頂級客户正在內部開發 AI 芯片和解決方案以在其數據中心使用。</p>
<p>儘管這些公司中的大多數表示，這些內部開發的硬件將與英偉達的 GPU 並行工作，但這並不改變這一事實，即這將導致更便宜且更易獲得的 AI 解決方案，而不是積壓的產品。這顯然是英偉達錯失未來數據中心市場份額的食譜。</p>
<p>同樣重要的是，英偉達正在失去其最大的競爭優勢；而且，我不是在談論 Hopper 或 Blackwell 的計算速度。相反，我指的是它從 AI-GPU 稀缺中獲得的好處。</p>
<p>儘管英偉達無法滿足對其 Blackwell GPU 架構的巨大需求，但這並沒有阻止 AMD 推出成本更低的下一代芯片。它也沒有減緩英偉達頂級客户的內部創新。如這些硬件進入高計算數據中心，它減少了 AI-GPU 的稀缺性和推動英偉達毛利率的巨大定價權。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png"/></p>
<p>NVDA 毛利率（季度）數據來自 YCharts。</p>
<p>一年前，在 2025 財年，英偉達報告了高達 78.4% 的炙手可熱的公認會計原則（GAAP）毛利率。從那時起，其 GAAP 毛利率每個季度都在下降，預計在 5 月 28 日將報告的 2025 財年第一季度將降至估計的 70.6%（+/- 50 個基點）。我們正在目睹英偉達的領先優勢在我們眼前減弱。</p>
<p>最後，歷史強烈表明，人工智能不會逃脱泡沫破裂事件。在過去 30 多年中，每一項下一個重大技術或創新在擴張階段早期都經歷過泡沫。由於絕大多數企業沒有優化其 AI 解決方案，甚至沒有產生正的 AI 投資回報，再次表明投資者高估了這一顛覆性技術的早期效用。</p>
<p>當更多華爾街分析師開始關注這些因素時，我預測對英偉達股票的賣出評級數量將會上升。</p>

英偉達

<p>英偉達首次獲得華爾街的賣出評級，評級來自 Seaport Research Partners，分析師 Jay Goldberg 設定了 100 美元的目標價。儘管英偉達在人工智能技術方面實現了顯著增長，但對滿足高期望、訂單能力限制以及潛在的人工智能支出下降的擔憂，使得市場對其前景持更加謹慎的態度。分析師預計，在英偉達即將於 5 月 28 日公佈財報後，可能會有更多的賣出評級，尤其是在面臨對中國的出口限制和內部競爭等挑戰的情況下</p>

<p>Although President Donald Trump's tariff policy has dominated the discussion on Wall Street over the last six weeks, it's the evolution of artificial intelligence (AI) that's captivated investors for well over two years.</p>
<div class="lb-trans"><p>儘管特朗普總統的關税政策在過去六週主導了華爾街的討論，但人工智能（AI）的演變已經吸引了投資者超過兩年。</p>
</div><p>In its simplest form, AI empowers software and systems with the capacity to reason and act on their own, as well as affords the potential to learn new skillsets without the need for human oversight. It's a game-changing technology with broad global application that the analysts at PwC believe can increase worldwide gross domestic product (GDP) $15.7 trillion by 2030.</p>
<div class="lb-trans"><p>在最簡單的形式上，人工智能賦予軟件和系統獨立推理和行動的能力，並且有潛力在沒有人類監督的情況下學習新技能。這是一項具有顛覆性技術，具有廣泛的全球應用，普華永道的分析師認為到 2030 年可以使全球國內生產總值（GDP）增加 15.7 萬億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817600%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-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>No company has more directly benefited from the AI revolution than Nvidia</h2>
<div class="lb-trans"><h2>沒有哪家公司比英偉達更直接受益於人工智能革命</h2>
</div><p>While an estimated $15.7 trillion addressable market leaves room for dozens, if not hundreds, of winners, no company has been a more direct beneficiary of the rise of AI than semiconductor colossus <strong>Nvidia</strong>(NVDA -0.62%).</p>
<div class="lb-trans"><p>雖然估計有 15.7 萬億美元的可尋址市場為數十家甚至數百家贏家留出了空間，但沒有哪家公司比半導體巨頭 <strong>英偉達</strong>（NVDA -0.62%）更直接受益於人工智能的崛起。</p>
</div><p>Almost overnight, Nvidia's Hopper (H100) graphics processing unit (GPU) became the preferred &#34;brains&#34; powering enterprise AI-accelerated data centers. This has been followed up by the next-generation Blackwell GPU architecture, which can further expedite compute needs and is more energy efficient than its predecessor.</p>
<div class="lb-trans"><p>幾乎在一夜之間，英偉達的 Hopper（H100）圖形處理單元（GPU）成為推動企業 AI 加速數據中心的首選 “大腦”。隨後推出了下一代 Blackwell GPU 架構，能夠進一步加速計算需求，並且比其前身更節能。</p>
</div><p>In just two fiscal years (Nvidia's fiscal year ends in late January), Nvidia's net sales skyrocketed from $27 billion to $130.5 billion. For context, Wall Street's consensus calls for nearly $201 billion in full-year sales for fiscal 2026 (this year) and $248 billion in fiscal 2027.</p>
<div class="lb-trans"><p>在短短兩個財政年度內（英偉達的財政年度在 1 月底結束），英偉達的淨銷售額從 270 億美元飆升至 1305 億美元。作為參考，華爾街的共識預計 2026 財政年度（即今年）的全年銷售額接近 2010 億美元，2027 財政年度為 2480 億美元。</p>
</div><p>Given Nvidia's supercharged growth rate and the fact that no other direct competitor has come remotely close to matching its combination of compute speed and energy efficiency, it's no surprise that Wall Street analysts have rallied around the stock market's AI darling. In late January, I noted that the dozens of Wall Street analysts covering Nvidia all had respective price targets that was higher than where shares then traded.</p>
<div class="lb-trans"><p>考慮到英偉達的超高速增長率，以及沒有其他直接競爭對手能夠接近其計算速度和能效的組合，華爾街分析師圍繞這隻股票的熱情並不令人驚訝。在 1 月底，我注意到覆蓋英偉達的數十位華爾街分析師的目標價均高於當時的股價。</p>
</div><p>But times are a-changing!</p>
<div class="lb-trans"><p>但時代在變！</p>
</div><p>Nvidia just received its first Wall Street sell rating -- and after May 28, which is the date Nvidia will unveil its fiscal 2026 first-quarter operating results, I fully expect more analysts to follow suit.</p>
<div class="lb-trans"><p>英偉達剛剛收到了華爾街的首個賣出評級——在 5 月 28 日之後，英偉達將公佈其 2026 財政年度第一季度的運營結果，我完全預計會有更多分析師跟進。</p>
</div><h2>One Wall Street analyst is bucking popular sentiment</h2>
<div class="lb-trans"><h2>一位華爾街分析師與大眾情緒背道而馳</h2>
</div><p>In late April, Seaport Research Partners' senior analyst Jay Goldberg initiated coverage on Nvidia with a $100 price target (a Wall Street low) and a sell rating.</p>
<div class="lb-trans"><p>在 4 月底，Seaport Research Partners 的高級分析師 Jay Goldberg 以 100 美元的目標價（華爾街最低）和賣出評級開始覆蓋英偉達。</p>
</div><p>Though Goldberg acknowledged that Nvidia has done a lot right and its Blackwell GPU is highly sought-after, he believed the bull case was fully priced in, with numerous downside catalysts waiting in the wings.</p>
<div class="lb-trans"><p>儘管 Goldberg 承認英偉達做了很多正確的事情，且其 Blackwell GPU 備受追捧，但他認為牛市預期已經完全反映在股價中，且有許多下行催化劑在等待。</p>
</div><p>For one, Goldberg believes it'll be difficult for Nvidia to surpass Wall Street's lofty consensus expectations given that it's maxed out its order capacity for Blackwell in fiscal 2026. Even though world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> is rapidly expanding its chip-on-wafer-on-substrate (CoWoS) capacity -- CoWoS is essential for the packaging of high-bandwidth memory needed in AI-accelerated data centers -- it's still holding Nvidia back from selling even more of its next-gen hardware.</p>
<div class="lb-trans"><p>首先，Goldberg 認為英偉達很難超越華爾街的高預期，因為它在 2026 財政年度的 Blackwell 訂單能力已經達到上限。儘管全球領先的芯片製造公司 <strong>台積電</strong> 正在迅速擴大其芯片 - 晶圓 - 基板（CoWoS）能力——CoWoS 對於 AI 加速數據中心所需的高帶寬內存的封裝至關重要——但這仍然限制了英偉達銷售更多下一代硬件的能力。</p>
</div><p>Goldberg also anticipates that businesses will take a hard look at their spending later this year and into calendar year 2026. While Seaport's senior analyst doesn't expect an AI bubble to form and burst, he does believe that businesses are still in the process of feeling out real-world use cases for artificial intelligence. Goldberg suggests this will result in slower AI spending/orders in the quarters to come.</p>
<div class="lb-trans"><p>Goldberg 還預計，企業將在今年晚些時候及 2026 日曆年內認真審視其支出。儘管 Seaport 的高級分析師不認為會形成並破裂 AI 泡沫，但他確實認為企業仍在摸索人工智能的實際應用案例。Goldberg 認為這將導致未來幾個季度 AI 支出/訂單的放緩。</p>
</div><p>Additionally, and not surprisingly, Goldberg alluded to export restrictions to China as a front-and-center headwind. As a reminder, the Joe Biden Administration (since October 2022) <em>and</em> Trump administration placed stringent export restrictions on many high-powered AI chips and related equipment to China. The world's No. 2 economy by GDP generates billions of dollars in quarterly sales for Nvidia, which could notably shrink if tariff-related uncertainty persists and trade relations between the U.S. and China sour.</p>
<div class="lb-trans"><p>此外，Goldberg 提到對中國的出口限制作為一個顯而易見的阻力。提醒一下，自 2022 年 10 月以來，拜登政府（以及特朗普政府）對許多高性能 AI 芯片和相關設備對中國的出口實施了嚴格限制。作為全球第二大經濟體，中國為英偉達每季度創造數十億美元的銷售額，如果關税相關的不確定性持續，且美中貿易關係惡化，這一數字可能會顯著縮減。</p>
</div><p>But I believe this is just the tip of the iceberg, and other Wall Street analysts will follow in Goldberg's footsteps once Nvidia's lifts the proverbial hood after the closing bell on May 28.</p>
<div class="lb-trans"><p>但我相信這只是冰山一角，其他華爾街分析師將在英偉達於 5 月 28 日收盤後揭開 “蓋子” 後跟隨 Goldberg 的腳步。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc2MDAvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817600%2Finvestor-pressing-sell-button-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>More sell ratings are likely for Wall Street's AI darling</h2>
<div class="lb-trans"><h2>華爾街的 AI 寵兒可能會有更多賣出評級</h2>
</div><p>Similar to Goldberg, I'm happy to give Nvidia credit where credit is due. The company's Hopper and Blackwell chips will likely maintain their compute advantages and remain sought-after hardware for AI data centers. But Nvidia's nearly $2.9 trillion valuation suggests it has big shoes to fill -- and there are more headwinds upcoming than Seaport's senior analyst has listed.</p>
<div class="lb-trans"><p>與 Goldberg 類似，我樂於給予英偉達應得的讚譽。該公司的 Hopper 和 Blackwell 芯片可能會保持其計算優勢，並繼續成為 AI 數據中心所需的硬件。但英偉達近 2.9 萬億美元的估值表明它有很大的壓力要承擔——而且即將面臨的阻力比 Seaport 的高級分析師列出的更多。</p>
</div><p>Arguably the top challenge for Nvidia is the internal competition it's contending with. While most investors and analysts focus on direct competitors like <strong>Advanced Micro Devices</strong> and Huawei, they're completely missing that many of Nvidia's top customers by net sales are internally developing AI chips and solutions to use in their data centers.</p>
<div class="lb-trans"><p>可以説，英偉達面臨的最大挑戰是它所面臨的內部競爭。雖然大多數投資者和分析師關注像 <strong>超微</strong> 和華為這樣的直接競爭對手，但他們完全忽視了許多英偉達的頂級客户正在內部開發 AI 芯片和解決方案以在其數據中心使用。</p>
</div><p>Despite most of these companies noting that this internally developed hardware will work side-by-side with Nvidia's GPUs, it doesn't change the fact that this will lead to cheaper and more readily available AI solutions that aren't backlogged. It's a plain-as-day recipe for Nvidia to miss out on future data center market share.</p>
<div class="lb-trans"><p>儘管這些公司中的大多數表示，這些內部開發的硬件將與英偉達的 GPU 並行工作，但這並不改變這一事實，即這將導致更便宜且更易獲得的 AI 解決方案，而不是積壓的產品。這顯然是英偉達錯失未來數據中心市場份額的食譜。</p>
</div><p>Equally important, Nvidia is losing its biggest competitive advantage; and no, I'm not talking about the compute speed of Hopper or Blackwell. Rather, I'm alluding to the benefits it's reaped from AI-GPU scarcity.</p>
<div class="lb-trans"><p>同樣重要的是，英偉達正在失去其最大的競爭優勢；而且，我不是在談論 Hopper 或 Blackwell 的計算速度。相反，我指的是它從 AI-GPU 稀缺中獲得的好處。</p>
</div><p>Though Nvidia can't meet the overwhelming demand for its Blackwell GPU architecture, it's not stopping AMD from bringing less-costly next-generation chips to market. It's also not slowing the aforementioned internal innovation of Nvidia's top clients. As this hardware enters high-compute data centers, it reduces the AI-GPU scarcity and immense pricing power that fueled Nvidia's gross margin.</p>
<div class="lb-trans"><p>儘管英偉達無法滿足對其 Blackwell GPU 架構的巨大需求，但這並沒有阻止 AMD 推出成本更低的下一代芯片。它也沒有減緩英偉達頂級客户的內部創新。如這些硬件進入高計算數據中心，它減少了 AI-GPU 的稀缺性和推動英偉達毛利率的巨大定價權。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png" alt="" original-src="https://media.ycharts.com/charts/0166a9447a9bfc835b9f4d2be8442910.png"/></p>
<p>NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 毛利率（季度）數據來自 YCharts。</p>
</div><p>One year ago, in fiscal 2025, Nvidia reported a scorching-hot generally accepted accounting principles (GAAP) gross margin of 78.4%. Since then, its GAAP gross margin has declined every quarter, and is expected to have fallen to an estimated 70.6% (+/- 50 basis points) for the fiscal first quarter, which it'll report on May 28. We're witnessing Nvidia's leading advantage wane before our eyes.</p>
<div class="lb-trans"><p>一年前，在 2025 財年，英偉達報告了高達 78.4% 的炙手可熱的公認會計原則（GAAP）毛利率。從那時起，其 GAAP 毛利率每個季度都在下降，預計在 5 月 28 日將報告的 2025 財年第一季度將降至估計的 70.6%（+/- 50 個基點）。我們正在目睹英偉達的領先優勢在我們眼前減弱。</p>
</div><p>Lastly, history would strongly suggest that artificial intelligence won't escape a bubble-bursting event. Every next-big-thing technology or innovation for more than 30 years has endured a bubble early in its expansion phase. With an overwhelming majority of businesses not optimizing their AI solutions, or even generating a positive return on their AI investments, it once again appears that investors have overestimated the early innings utility of a game-changing technology.</p>
<div class="lb-trans"><p>最後，歷史強烈表明，人工智能不會逃脱泡沫破裂事件。在過去 30 多年中，每一項下一個重大技術或創新在擴張階段早期都經歷過泡沫。由於絕大多數企業沒有優化其 AI 解決方案，甚至沒有產生正的 AI 投資回報，再次表明投資者高估了這一顛覆性技術的早期效用。</p>
</div><p>When more Wall Street analysts begin paying attention to these factors, I predict the number of sell ratings for Nvidia stock will climb.</p>
<div class="lb-trans"><p>當更多華爾街分析師開始關注這些因素時，我預測對英偉達股票的賣出評級數量將會上升。</p>
</div>

Prediction: Nvidia Just Received Its First Wall Street Sell Rating -- and More Will Follow After May 28

- 人工智能的演變吸引了投資者，預計到 2030 年全球 GDP 將增加 15.7 萬億美元。  
- Nvidia 是 AI 革命的主要受益者，銷售額在兩年內從 270 億美元飆升至 1305 億美元。  
- 分析師預計 Nvidia 面臨更多賣出評級，因其市場份額和利潤率可能下降。  

預測：英偉達剛剛在華爾街獲得了第一個賣出評級——更多的賣出評級將在 5 月 28 日之後出現