<p><strong>英偉達</strong>(NVDA 5.41%) 自 2023 年初以來，其市值增加了驚人的 2.5 萬億美元，這得益於其數據中心芯片的銷售激增，這些芯片是全球處理人工智能（AI）工作負載的最佳選擇。然而，英偉達的股票自歷史最高點下跌了 22%，投資者正在努力應對美國與其貿易伙伴之間日益緊張的關係。</p>
<p>儘管半導體不受唐納德·特朗普總統的關税影響，但投資者擔心貿易緊張局勢可能導致經濟放緩，這將迫使英偉達的客户減少對芯片和組件的支出。</p>
<p>根據投資者從一些最強大的 AI 公司獲得的最新指引，目前沒有支出放緩的跡象。但投資者將在 5 月 28 日收到重要更新，屆時英偉達將發佈其 2026 財年第一季度（截至 4 月 27 日）的財務業績。我認為，報告發布後其股票將會飆升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw"/></p>
<p>圖片來源：英偉達。</p>
<h2>英偉達的主要客户仍在大舉支出</h2>
<p>英偉達的 H100 圖形處理單元（GPU）是 2023 年市場上最熱門的數據中心芯片，給予公司驚人的 98% 市場份額。它在 2024 年繼續主導銷售，但開發者現在正在排隊等待英偉達的新芯片，這些芯片基於其 Blackwell 和 Blackwell Ultra 架構。</p>
<p>新的 Blackwell Ultra GB300——將在今年下半年開始發貨——在某些配置下可以提供比 H100 高達 50 倍的性能，使其非常適合下一代 “推理” AI 模型。這些新模型在後台 “思考” 的時間比傳統的大型語言模型（LLMs）更長，清理潛在錯誤，以向最終用户提供最準確的響應。</p>
<p>然而，英偉達首席執行官黃仁勳表示，推理模型需要 100 倍的計算能力來抵消它們消耗的額外令牌（單詞、標點符號和符號），並加快思考過程——否則，用户可能會因為響應速度太慢而放棄它們。這種對額外計算能力的日益需求將有助於支持英偉達未來幾年的銷售，而全球貿易緊張局勢不太可能成為障礙。</p>
<p><strong>Meta Platforms</strong>、<strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>Alphabet</strong> 是英偉達的四大客户。他們在 2025 年進入時預計將在 AI 數據中心基礎設施和芯片上合計支出約 3200 億美元，但華爾街最近擔心關税會影響他們的核心業務，並迫使他們降低資本支出（capex）的預測。</p>
<p>然而，這四家公司最近報告了最新的季度財務業績，_沒有_一家削減其資本支出計劃。事實上，Meta Platforms 將其資本支出預測範圍上調至 640 億至 720 億美元，之前的範圍為 600 億至 650 億美元。</p>
<h2>英偉達即將發佈的報告可能是另一個亮點</h2>
<p>英偉達的指引表明，其 2026 財年第一季度的收入將達到約 430 億美元，比去年同期增長 65%。如果之前的季度可以作為參考，數據中心部門將佔公司總收入的約 90%。這就是 AI GPU 和組件銷售的來源。</p>
<p>根據華爾街的共識估計（由 Yahoo! Finance 提供），英偉達在第一季度的每股收益（EPS）可能為 0.89 美元，比去年同期增長 46%。這是投資者需要關注的重要數字，因為它影響公司的股價和估值。</p>
<p>華爾街分析師還將密切關注英偉達對當前 2026 財年第二季度的指引，因為這將告訴他們公司是否預計至少有_一些_客户由於全球貿易緊張局勢引發的經濟不確定性開始減少對 AI 的支出。分析師將尋找約 464 億美元的總收入指引，基於 Yahoo！彙編的共識。低於該數字的預測可能導致英偉達股票的拋售。</p>
<h2>英偉達股票可能因其第一季度業績而飆升</h2>
<p>儘管投資者對經濟逆風的擔憂使英偉達股票自歷史最高點下跌了 22%，但我認為其 5 月 28 日的第一季度財務報告可能為持續上漲奠定基礎，特別是如果黃仁勳正式消除這些擔憂。</p>
<p>估值是一個關鍵原因。根據公司 2025 財年的每股收益為 2.99 美元，截至目前，其股票的市盈率（P/E）接近 40，這與其 10 年平均值 59.7 相比是一個顯著折扣。</p>
<p>此外，華爾街預計英偉達在 2026 財年將實現每股收益 4.41 美元，使得該股票的前瞻市盈率為 26.4。換句話説，該股票在未來一年必須上漲 126%，才能與其 10 年平均市盈率 59.7 相符。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.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/a8eda7da77685a31c5083166ef70e34e.png"/></p>
<p>NVDA 市盈率數據來源於 YCharts</p>
<p>但長期前景看起來更令人興奮。在英偉達 3 月份的 GTC 大會上，黃仁勳告訴觀眾，他預計到 2028 年，年度數據中心支出將達到 1 萬億美元，這主要是由於推理模型所需的計算能力。</p>
<p>在此背景下，英偉達可能會在 5 月 28 日提供關於其即將推出的 Rubin GPU 架構的更新，該架構預計將比 Blackwell Ultra 提供高達 3.3 倍的性能提升。預計它將在明年正式發佈，並將為開發者創造更先進的推理模型鋪平道路。</p>
<p>簡單來説，我認為 5 月 28 日的報告不僅會消除短期銷售的擔憂，還會提醒投資者英偉達希望在未來幾年內主導人工智能行業。</p>

英偉達財報，一站看懂！

英偉達

<p>英偉達的股票市值因其人工智能數據中心芯片的強勁銷售而顯著上升，儘管在貿易緊張局勢中從峯值下跌了 22%。該公司計劃於 5 月 28 日發佈其 2024 財年第一季度財報，預計收入為 430 億美元，每股收益為 0.89 美元，顯示出強勁的增長。Meta、亞馬遜、微軟和谷歌等主要客户在人工智能基礎設施上的資本支出保持高位。分析師們密切關注英偉達對第二季度的指引，因為這可能會顯著影響股票表現</p>

<p><strong>Nvidia</strong>(NVDA 5.41%) added an eye-popping $2.5 trillion to its market capitalization since the start of 2023, thanks to surging sales of its data center chips, which are the best in the world for processing artificial intelligence (AI) workloads. However, Nvidia stock is down 22% from its all-time high as investors try to navigate growing tensions between the U.S. and its trading partners.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 5.41%) 自 2023 年初以來，其市值增加了驚人的 2.5 萬億美元，這得益於其數據中心芯片的銷售激增，這些芯片是全球處理人工智能（AI）工作負載的最佳選擇。然而，英偉達的股票自歷史最高點下跌了 22%，投資者正在努力應對美國與其貿易伙伴之間日益緊張的關係。</p>
</div><p>Although semiconductors are exempt from President Donald Trump's tariffs, investors fear trade tensions could cause an economic slowdown, which will force Nvidia's customers to spend less money on chips and components.</p>
<div class="lb-trans"><p>儘管半導體不受唐納德·特朗普總統的關税影響，但投資者擔心貿易緊張局勢可能導致經濟放緩，這將迫使英偉達的客户減少對芯片和組件的支出。</p>
</div><p>Based on the recent guidance investors received from some of the most powerful AI companies, there is no sign of a spending slowdown just yet. But investors will receive an important update on May 28, when Nvidia releases its financial results for its fiscal 2026 first quarter (ended April 27). Here's why I think its stock will soar following the report.</p>
<div class="lb-trans"><p>根據投資者從一些最強大的 AI 公司獲得的最新指引，目前沒有支出放緩的跡象。但投資者將在 5 月 28 日收到重要更新，屆時英偉達將發佈其 2026 財年第一季度（截至 4 月 27 日）的財務業績。我認為，報告發布後其股票將會飆升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc5MTMvbnZpZGlhcy1oZWFkcXVhcnRlcnMtd2l0aC1hLWJsYWNrLW52aWRpYS1zaWduLW91dC10aGUtZnJvbnQucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817913%2Fnvidias-headquarters-with-a-black-nvidia-sign-out-the-front.png&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>Nvidia's top customers are still spending big</h2>
<div class="lb-trans"><h2>英偉達的主要客户仍在大舉支出</h2>
</div><p>Nvidia's H100 graphics processing unit (GPU) was the hottest data center chip on the market for AI developers in 2023, giving the company a staggering 98% market share that year. It continued to dominate sales in 2024, but developers are now lining up for Nvidia's newer chips, which are based on its Blackwell and Blackwell Ultra architectures.</p>
<div class="lb-trans"><p>英偉達的 H100 圖形處理單元（GPU）是 2023 年市場上最熱門的數據中心芯片，給予公司驚人的 98% 市場份額。它在 2024 年繼續主導銷售，但開發者現在正在排隊等待英偉達的新芯片，這些芯片基於其 Blackwell 和 Blackwell Ultra 架構。</p>
</div><p>The new Blackwell Ultra GB300 -- which will start shipping in the second half of this year -- can deliver up to 50 times more performance than the H100 in certain configurations, making it ideal for next-generation &#34;reasoning&#34; AI models. These new models spend more time &#34;thinking&#34; in the background than traditional large language models (LLMs), cleaning up potential errors to deliver the most accurate responses to the end user.</p>
<div class="lb-trans"><p>新的 Blackwell Ultra GB300——將在今年下半年開始發貨——在某些配置下可以提供比 H100 高達 50 倍的性能，使其非常適合下一代 “推理” AI 模型。這些新模型在後台 “思考” 的時間比傳統的大型語言模型（LLMs）更長，清理潛在錯誤，以向最終用户提供最準確的響應。</p>
</div><p>However, Nvidia CEO Jensen Huang says reasoning models need 100 times more computing power to offset the additional tokens (words, punctuation, and symbols) they consume, and to speed up the thinking process -- otherwise, users might abandon them because they are too slow to render responses. This growing need for additional computing capacity will help support Nvidia's sales for years to come, and global trade tensions are unlikely to stand in the way.</p>
<div class="lb-trans"><p>然而，英偉達首席執行官黃仁勳表示，推理模型需要 100 倍的計算能力來抵消它們消耗的額外令牌（單詞、標點符號和符號），並加快思考過程——否則，用户可能會因為響應速度太慢而放棄它們。這種對額外計算能力的日益需求將有助於支持英偉達未來幾年的銷售，而全球貿易緊張局勢不太可能成為障礙。</p>
</div><p><strong>Meta Platforms</strong>, <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong> are four of Nvidia's top customers. They entered 2025 expecting to spend approximately $320 billion combined on AI data center infrastructure and chips, but Wall Street was recently concerned that tariffs would impact their core businesses, and force them to lower their forecast capital expenditures (capex).</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>、<strong>亞馬遜</strong>、<strong>微軟</strong> 和 <strong>Alphabet</strong> 是英偉達的四大客户。他們在 2025 年進入時預計將在 AI 數據中心基礎設施和芯片上合計支出約 3200 億美元，但華爾街最近擔心關税會影響他們的核心業務，並迫使他們降低資本支出（capex）的預測。</p>
</div><p>However, those four companies recently reported their latest quarterly financial results, and <em>none</em> of them slashed their capex plans. In fact, Meta Platforms revised its forecast capex range upward to between $64 billion and $72 billion, from a previous range of $60 billion to $65 billion.</p>
<div class="lb-trans"><p>然而，這四家公司最近報告了最新的季度財務業績，_沒有_一家削減其資本支出計劃。事實上，Meta Platforms 將其資本支出預測範圍上調至 640 億至 720 億美元，之前的範圍為 600 億至 650 億美元。</p>
</div><h2>Nvidia's upcoming report could be another blowout</h2>
<div class="lb-trans"><h2>英偉達即將發佈的報告可能是另一個亮點</h2>
</div><p>Nvidia's guidance suggests its fiscal 2026 first-quarter revenue will come in at around $43 billion, representing 65% growth compared to the year-ago period. If previous quarters are anything to go by, the data center segment will represent around 90% of the company's total revenue. This is where sales of AI GPUs and components are accounted for.</p>
<div class="lb-trans"><p>英偉達的指引表明，其 2026 財年第一季度的收入將達到約 430 億美元，比去年同期增長 65%。如果之前的季度可以作為參考，數據中心部門將佔公司總收入的約 90%。這就是 AI GPU 和組件銷售的來源。</p>
</div><p>According to Wall Street's consensus estimate (provided by Yahoo! Finance), Nvidia could also deliver earnings per share (EPS) of $0.89 during the first quarter, which would be a 46% increase from the year-ago period. This is an important number for investors to watch, because it influences the company's stock price and valuation.</p>
<div class="lb-trans"><p>根據華爾街的共識估計（由 Yahoo! Finance 提供），英偉達在第一季度的每股收益（EPS）可能為 0.89 美元，比去年同期增長 46%。這是投資者需要關注的重要數字，因為它影響公司的股價和估值。</p>
</div><p>Wall Street analysts will also be laser-focused on Nvidia's guidance for the current fiscal 2026 second quarter, because it will tell them whether the company expects at least <em>some</em> customers to start pulling back on their AI spending due to the economic uncertainty triggered by global trade tensions. Analysts will be looking for total revenue guidance of around $46.4 billion, based on the consensus compiled by Yahoo!. A forecast below that figure could result in a sell-off in Nvidia stock.</p>
<div class="lb-trans"><p>華爾街分析師還將密切關注英偉達對當前 2026 財年第二季度的指引，因為這將告訴他們公司是否預計至少有_一些_客户由於全球貿易緊張局勢引發的經濟不確定性開始減少對 AI 的支出。分析師將尋找約 464 億美元的總收入指引，基於 Yahoo！彙編的共識。低於該數字的預測可能導致英偉達股票的拋售。</p>
</div><h2>Nvidia stock could soar with the help of its Q1 results</h2>
<div class="lb-trans"><h2>英偉達股票可能因其第一季度業績而飆升</h2>
</div><p>Although investor fears about economic headwinds pushed Nvidia stock down 22% from its all-time high, I think its Q1 financial report on May 28 could set the stage for a sustained upside move, especially if Huang officially puts those concerns to bed.</p>
<div class="lb-trans"><p>儘管投資者對經濟逆風的擔憂使英偉達股票自歷史最高點下跌了 22%，但我認為其 5 月 28 日的第一季度財務報告可能為持續上漲奠定基礎，特別是如果黃仁勳正式消除這些擔憂。</p>
</div><p>Valuation is a key reason why. Based on the company's fiscal 2025 EPS of $2.99, its stock trades at a price-to-earnings (P/E) ratio of nearly 40 as of this writing, which is a steep discount to its 10-year average of 59.7.</p>
<div class="lb-trans"><p>估值是一個關鍵原因。根據公司 2025 財年的每股收益為 2.99 美元，截至目前，其股票的市盈率（P/E）接近 40，這與其 10 年平均值 59.7 相比是一個顯著折扣。</p>
</div><p>Plus, Wall Street expects Nvidia to deliver $4.41 in EPS during fiscal 2026, placing the stock at a forward P/E ratio of 26.4. In other words, the stock would have to soar by 126% over the next year just to trade in line with its 10-year average P/E ratio of 59.7.</p>
<div class="lb-trans"><p>此外，華爾街預計英偉達在 2026 財年將實現每股收益 4.41 美元，使得該股票的前瞻市盈率為 26.4。換句話説，該股票在未來一年必須上漲 126%，才能與其 10 年平均市盈率 59.7 相符。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.png" alt="" original-src="https://media.ycharts.com/charts/a8eda7da77685a31c5083166ef70e34e.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率數據來源於 YCharts</p>
</div><p>But the long-term picture looks even more exciting. At Nvidia's GTC conference in March, Huang told the audience he expects annual data center spending to reach $1 trillion by 2028, primarily because of the computing power required by reasoning models.</p>
<div class="lb-trans"><p>但長期前景看起來更令人興奮。在英偉達 3 月份的 GTC 大會上，黃仁勳告訴觀眾，他預計到 2028 年，年度數據中心支出將達到 1 萬億美元，這主要是由於推理模型所需的計算能力。</p>
</div><p>On that note, Nvidia might even provide an update on its upcoming Rubin GPU architecture on May 28, which could deliver a further increase in performance of 3.3 times compared to Blackwell Ultra. It's expected to officially launch sometime next year, and it'll pave the way for developers to create even more advanced reasoning models.</p>
<div class="lb-trans"><p>在此背景下，英偉達可能會在 5 月 28 日提供關於其即將推出的 Rubin GPU 架構的更新，該架構預計將比 Blackwell Ultra 提供高達 3.3 倍的性能提升。預計它將在明年正式發佈，並將為開發者創造更先進的推理模型鋪平道路。</p>
</div><p>Simply put, I think the May 28 report will not only put short-term sales concerns to bed, but it will also remind investors that Nvidia is looking to dominate the AI industry for years to come.</p>
<div class="lb-trans"><p>簡單來説，我認為 5 月 28 日的報告不僅會消除短期銷售的擔憂，還會提醒投資者英偉達希望在未來幾年內主導人工智能行業。</p>
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Prediction: Nvidia Stock Is Going to Soar After May 28

- Nvidia 市值自 2023 年初增加 2.5 萬億美元，受數據中心芯片銷售激增推動。  
- 儘管股價較歷史高點下跌 22%，但主要客户仍在大幅投資 AI 基礎設施。  
- 預計 5 月 28 日財報將顯示 65% 的收入增長，可能推動股價回升。  

預測：英偉達的股票將在 5 月 28 日之後大幅上漲