<p>對於 <strong>英偉達</strong>（NVDA -0.52%）來説，這一年非常艱難。截至目前，2025 年該芯片製造商的股價下跌了約 8%。但仔細觀察最近的股價走勢，投資者似乎正在重新獲得對這家人工智能（AI）先鋒企業的信心。</p>
<p>在過去三週內，股價上漲了 27%，這得益於使用英偉達 AI 芯片的科技巨頭髮布的積極報告，以及半導體行業同行的鼓舞人心的評論。現在，美國與中國的關税對峙的最新進展表明，英偉達即將公佈的 2026 財年第一季度（截至 4 月 27 日）的業績（將於 5 月 28 日公佈）可能進一步增強投資者對該股票的信心，並推動其股價上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>關税爭端顯示出降温跡象</h2>
<p>特朗普政府上個月決定對來自中國的進口商品徵收 145% 的關税，這對包括英偉達在內的半導體股票造成了壓力，儘管白宮對芯片、處理器和某些其他電子元件的進口免除了相互關税。然而，有報道稱可能會對半導體宣佈一套單獨的關税。</p>
<p>但現在，美國和中國已同意在 90 天內將相互關税降低 115%。因此，進口到美國的中國商品的關税將降至 30%，而進口到中國的美國商品的關税將維持在 10%。這一進展是在中國撤回對美國微芯片進口的關税之後發生的。</p>
<p>早些時候，特朗普總統曾表示願意降低對中國進口商品的關税。這一切表明，迄今為止對英偉達股票造成壓力的關税風暴可能正在減弱。</p>
<p>英偉達客户 <strong>Meta Platforms</strong> 最近表示，鑑於關税的實施，它準備承擔 AI 硬件成本的增加。上個月有報道稱，內存製造商 <strong>美光科技</strong>（Micron Technology）對其某些產品徵收了因關税而增加的附加費，以應對成本的上升。</p>
<p>因此，考慮到英偉達在全球多個地點外包芯片生產，關税負擔可能對其銷售和利潤造成了傷害。這也解釋了為什麼 DigiTimes（通過 Tom's Hardware）最近的報告指出，英偉達將其 AI 圖形處理單元（GPU）的價格提高了多達 15%，以應對與關税相關的影響。</p>
<p>關税引發的全球經濟不確定性可能對 AI 支出產生了負面影響。2 月份 <strong>微軟</strong> 在租賃更多數據中心容量方面的縮減報告加劇了這種擔憂。然而，美國與中國之間的積極關税相關進展應該會緩解對 AI 支出放緩的擔憂，這可能導致英偉達在本月底提供強勁的業績指引。</p>
<h2>中國可能幫助英偉達交出超預期的業績</h2>
<p>分析師預計英偉達在 2026 財年第一季度的收入將達到 430 億美元，比去年同期增長 65%。這與公司的業績指引範圍一致。然而，來自中國客户的訂單激增可能會幫助英偉達的收入超出這些預期。</p>
<p>根據路透社的報道，<strong>字節跳動</strong>、<strong>阿里巴巴</strong> 和 <strong>騰訊</strong> 等公司在 2025 年第一季度下單購買了至少價值 160 億美元的英偉達 H20 AI GPU。</p>
<p>這相當可觀，考慮到英偉達在上一財年來自中國的收入據報道僅超過 170 億美元。因此，中國可能在 2026 財年第一季度對英偉達產生更大的影響，並在幫助公司超越分析師預期方面發揮關鍵作用。</p>
<p>英偉達在中國的收入激增歸因於對低成本 AI 模型需求的增加。同時，該公司一直在調整其 AI 芯片，以使其符合對其芯片出口到中國的管制，這也是它過去為確保進入中國市場所做的。</p>
<p>再加上美國正在進行的 AI 基礎設施項目，如 Stargate，以及英偉達對 AI 芯片供應鏈的出色控制，似乎為這家芯片製造商超越華爾街預期並確保其新獲得的股市勢頭在 5 月 28 日之後繼續奠定了基礎。這就是為什麼精明的投資者可以考慮現在購買這隻 AI 股票。它的前瞻市盈率為 28 倍，相較於美國科技行業 44 倍的市盈率有很大折扣。</p>

英偉達

<p>英偉達的股票在 2025 年面臨挑戰，截至目前下跌了 8%，但由於人工智能領域的積極情緒，最近上漲了 27%。預計在 5 月 28 日公佈的 2026 財年第一季度財報將提升投資者信心，尤其是在美國與中國關税近期放寬的背景下。分析師預計英偉達將報告 430 億美元的收入，這得益於來自中國客户的重大訂單。在有利的市場環境和對人工智能產品強勁需求的推動下，英偉達的股票可能會繼續上漲，使其成為一個具有吸引力的投資機會，市盈率為 28 倍</p>

<p>This has been a difficult year for <strong>Nvidia</strong>(NVDA -0.52%). Shares of the chipmaker are down around 8% so far in 2025 as of this writing. But a closer look at the recent stock price action suggests investors are regaining confidence in the artificial intelligence (AI) pioneer.</p>
<div class="lb-trans"><p>對於 <strong>英偉達</strong>（NVDA -0.52%）來説，這一年非常艱難。截至目前，2025 年該芯片製造商的股價下跌了約 8%。但仔細觀察最近的股價走勢，投資者似乎正在重新獲得對這家人工智能（AI）先鋒企業的信心。</p>
</div><p>The stock has jumped 27% in the past three weeks, thanks to positive reports from tech giants that use Nvidia's AI chips, along with encouraging commentary from peers in the semiconductor industry. Now, the latest development in the U.S.-China tariff standoff suggests that Nvidia's upcoming results for the first quarter of fiscal 2026 (which ended April 27), which will be announced on May 28, could further boost investor confidence in the stock and send it higher.</p>
<div class="lb-trans"><p>在過去三週內，股價上漲了 27%，這得益於使用英偉達 AI 芯片的科技巨頭髮布的積極報告，以及半導體行業同行的鼓舞人心的評論。現在，美國與中國的關税對峙的最新進展表明，英偉達即將公佈的 2026 財年第一季度（截至 4 月 27 日）的業績（將於 5 月 28 日公佈）可能進一步增強投資者對該股票的信心，並推動其股價上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgxMTAvYWJzdHJhY3RfYWlfYmxvY2tzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818110%2Fabstract_ai_blocks.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>The tariff dispute is showing signs of cooling down</h2>
<div class="lb-trans"><h2>關税爭端顯示出降温跡象</h2>
</div><p>The Trump administration's decision to implement duties of 145% on imports from China last month weighed on semiconductor stocks, including Nvidia, even though the White House exempted imports of chips, processors, and certain other electronic components from reciprocal tariffs. However, there were reports that a separate set of tariffs could be announced on semiconductors.</p>
<div class="lb-trans"><p>特朗普政府上個月決定對來自中國的進口商品徵收 145% 的關税，這對包括英偉達在內的半導體股票造成了壓力，儘管白宮對芯片、處理器和某些其他電子元件的進口免除了相互關税。然而，有報道稱可能會對半導體宣佈一套單獨的關税。</p>
</div><p>But now, the U.S. and China have agreed on bringing down the reciprocal tariffs by 115% for a period of 90 days. As a result, the duties on Chinese goods imported into the U.S. will come down to 30%, while tariffs on U.S. goods imported into China will stand at 10%. This development comes in the wake of China's rollback of tariffs on imports of microchips from the U.S.</p>
<div class="lb-trans"><p>但現在，美國和中國已同意在 90 天內將相互關税降低 115%。因此，進口到美國的中國商品的關税將降至 30%，而進口到中國的美國商品的關税將維持在 10%。這一進展是在中國撤回對美國微芯片進口的關税之後發生的。</p>
</div><p>Earlier, President Donald Trump had indicated that he was willing to reduce duties on Chinese imports. All this suggests that the storm of the tariff turmoil that has weighed on Nvidia stock so far this year could be fading.</p>
<div class="lb-trans"><p>早些時候，特朗普總統曾表示願意降低對中國進口商品的關税。這一切表明，迄今為止對英偉達股票造成壓力的關税風暴可能正在減弱。</p>
</div><p>Nvidia customer <strong>Meta Platforms</strong> recently indicated that it was ready to bear the increase in costs of AI hardware thanks to the tariff imposition. There were reports last month that memory manufacturer <strong>Micron Technology</strong>, which supplies high-bandwidth memory (HBM) chips for Nvidia's AI graphics cards, was imposing a tariff-fueled surcharge on some of its products to account for the increased costs.</p>
<div class="lb-trans"><p>英偉達客户 <strong>Meta Platforms</strong> 最近表示，鑑於關税的實施，它準備承擔 AI 硬件成本的增加。上個月有報道稱，內存製造商 <strong>美光科技</strong>（Micron Technology）對其某些產品徵收了因關税而增加的附加費，以應對成本的上升。</p>
</div><p>So, the tariff burden could have hurt Nvidia's sales and margins considering that it outsources chip production across various locations globally. This explains why a recent report by DigiTimes (via Tom's Hardware) states that Nvidia raised the price of its AI graphics processing units (GPUs) by up to 15% to cope with the tariff-related effects.</p>
<div class="lb-trans"><p>因此，考慮到英偉達在全球多個地點外包芯片生產，關税負擔可能對其銷售和利潤造成了傷害。這也解釋了為什麼 DigiTimes（通過 Tom's Hardware）最近的報告指出，英偉達將其 AI 圖形處理單元（GPU）的價格提高了多達 15%，以應對與關税相關的影響。</p>
</div><p>The global economic uncertainty fueled by the tariffs could have negatively affected AI spending. Reports of a pullback by <strong>Microsoft</strong> in leasing more data center capacity in February added to this fear. However, the positive tariff-related development between the U.S. and China should mitigate the concerns about a potential AI spending slowdown, and this could result in solid guidance from Nvidia later this month.</p>
<div class="lb-trans"><p>關税引發的全球經濟不確定性可能對 AI 支出產生了負面影響。2 月份 <strong>微軟</strong> 在租賃更多數據中心容量方面的縮減報告加劇了這種擔憂。然而，美國與中國之間的積極關税相關進展應該會緩解對 AI 支出放緩的擔憂，這可能導致英偉達在本月底提供強勁的業績指引。</p>
</div><h2>China could help Nvidia deliver better-than-expected results</h2>
<div class="lb-trans"><h2>中國可能幫助英偉達交出超預期的業績</h2>
</div><p>Analysts are expecting Nvidia to deliver $43 billion in revenue for fiscal Q1, an improvement of 65% from the year-ago period. That's in line with the company's guidance range. However, a surge in orders from Chinese clients could help Nvidia's top line exceed those expectations.</p>
<div class="lb-trans"><p>分析師預計英偉達在 2026 財年第一季度的收入將達到 430 億美元，比去年同期增長 65%。這與公司的業績指引範圍一致。然而，來自中國客户的訂單激增可能會幫助英偉達的收入超出這些預期。</p>
</div><p>According to a Reuters report, the likes of ByteDance, <strong>Alibaba</strong>, and Tencent placed orders for at least $16 billion worth of Nvidia's H20 AI GPUs in the first three months of 2025.</p>
<div class="lb-trans"><p>根據路透社的報道，<strong>字節跳動</strong>、<strong>阿里巴巴</strong> 和 <strong>騰訊</strong> 等公司在 2025 年第一季度下單購買了至少價值 160 億美元的英偉達 H20 AI GPU。</p>
</div><p>That's quite significant, considering that Nvidia's revenue from China in the previous fiscal year reportedly stood at just over $17 billion. So, China could move the needle in a much bigger way for Nvidia in Q1 of fiscal 2026 and play a key role in helping the company surge past analysts' expectations.</p>
<div class="lb-trans"><p>這相當可觀，考慮到英偉達在上一財年來自中國的收入據報道僅超過 170 億美元。因此，中國可能在 2026 財年第一季度對英偉達產生更大的影響，並在幫助公司超越分析師預期方面發揮關鍵作用。</p>
</div><p>The jump in Nvidia's China revenue has been attributed to an increase in demand for low-cost AI models. Meanwhile, the company has been altering its AI chips to bring them in line with the export controls imposed on the shipments of its chips to China, something that it has done in the past to ensure access to the Chinese market.</p>
<div class="lb-trans"><p>英偉達在中國的收入激增歸因於對低成本 AI 模型需求的增加。同時，該公司一直在調整其 AI 芯片，以使其符合對其芯片出口到中國的管制，這也是它過去為確保進入中國市場所做的。</p>
</div><p>Throw in the AI infrastructure projects going on in the U.S., such as Stargate, and Nvidia's terrific control over the AI chip supply chain, the stage seems set for the chipmaker to coast past Wall Street's expectations and ensure that its newly found stock market momentum continues beyond May 28. That's why savvy investors can consider buying this AI stock right now. It's trading at an attractive 28 times forward earnings, a big discount to the U.S. technology sector's price-to-earnings ratio of 44.</p>
<div class="lb-trans"><p>再加上美國正在進行的 AI 基礎設施項目，如 Stargate，以及英偉達對 AI 芯片供應鏈的出色控制，似乎為這家芯片製造商超越華爾街預期並確保其新獲得的股市勢頭在 5 月 28 日之後繼續奠定了基礎。這就是為什麼精明的投資者可以考慮現在購買這隻 AI 股票。它的前瞻市盈率為 28 倍，相較於美國科技行業 44 倍的市盈率有很大折扣。</p>
</div>

Prediction: Nvidia Stock Is Set for a Massive Rally After May 28

- 英偉達（Nvidia）2025 年股價下跌約 8%，但近期反彈 27%。  
- 中美關税爭端緩和，預計將提升英偉達第一季度財報表現。  
- 中國客户訂單激增，可能推動英偉達超出分析師預期的收入。

預測：英偉達的股票預計將在 5 月 28 日之後出現大幅上漲