<p>儘管 <strong>英偉達</strong>(NVDA -1.02%) 的股票在 2025 年迄今受到多種公司無法控制的因素的壓力，例如關税和對人工智能 (AI) 硬件支出可能因成本效益模型的出現而放緩的擔憂，但最近的股價走勢表明，該公司正在穩步復甦。</p>
<p>這家芯片設計公司的股票在過去一個月上漲了 28%。好的一點是，即使在最近的上漲之後，英偉達的估值仍然具有吸引力。然而，隨着公司計劃在 5 月 28 日市場收盤後發佈 2026 財年第一季度的財報，對於那些觀望的投資者來説，購買可能會變得更加昂貴。</p>
<p>讓我們看看為什麼可能會出現這種情況。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達似乎再次準備交出亮眼的業績</h2>
<p>英偉達對 2026 財年第一季度（截至 4 月 27 日）的指引中值預計收入為 430 億美元。這將轉化為同比增長 65%。然而，由於對其 AI 圖形處理單元 (GPU) 的巨大需求，英偉達有很大機會超越這一預期。</p>
<p>人們曾擔心，由於關税引發的動盪，英偉達的 AI GPU 需求可能會減弱，同時由於 DeepSeek 的成本效益高但能力強的推理模型的出現，AI 支出可能會下降。然而，最近的討論表明，實際情況可能會有所不同。</p>
<p>例如，路透社上個月報道，中國公司在 2025 年第一季度已下單購買價值 160 億美元的英偉達 H20 GPU。由於對成本效益 AI 模型需求的增加，這款芯片的訂單在 DeepSeek 突破之後顯著上升。中國科技巨頭如 <strong>阿里巴巴</strong>、<strong>騰訊</strong> 和字節跳動據説正在囤積英偉達的芯片，預計由於對芯片製造商施加的出口限制，其供應將出現短缺。</p>
<p>英偉達在 2025 財年的中國收入為 170 億美元。因此，上述 160 億美元的估計表明，它可能在短短一個季度內與中國客户完成了一年的業務。當然，您可能會想知道，前美國政府禁止銷售英偉達針對中國市場的 H20 處理器的決定是否會因損失數十億美元的銷售而影響公司的前景。然而，特朗普政府計劃修改並撤回一些前任政府的出口限制，這可能會成為英偉達中國業務的順風。</p>
<p>與此同時，投資者應注意，英偉達據報道已修改其 H20 AI 芯片以符合限制，並將在 7 月發佈更新版本。英偉達過去曾修改其芯片，以確保其始終遵守不時面臨的出口限制，這使得該公司能夠在中國 AI 市場保持關鍵地位。</p>
<p>因此，儘管與中國相關的業務可能會幫助英偉達交出強於預期的業績，但美國強勁的 AI 支出可能會大大提升其前景。《金融時報》最近的一份報告顯示，<strong>甲骨文</strong> 計劃購買價值 400 億美元的英偉達 Blackwell AI 芯片，以在美國的 OpenAI 數據中心部署。</p>
<p>據報道，這項投資不包括 OpenAI 及其合作伙伴承諾的 5000 億美元投資，用於美國本土 AI 基礎設施的 Stargate 項目。預計英偉達的業務將從 Stargate 中獲得良好推動，這也是公司當前季度指引可能超出市場預期的另一個原因。</p>
<h2>目前的估值太具吸引力，無法忽視</h2>
<p>分析師預計英偉達當前季度的收益同比僅增長 20%。這可以歸因於公司在 Blackwell 處理器初期生產階段預期的利潤壓縮。然而，英偉達的收入強於預期的增長可能使其能夠減輕負面利潤影響，並實現更大的收益增長。</p>
<p>與此同時，英偉達管理層指出，隨着 Blackwell 生產的全面提升，其利潤率將在今年晚些時候恢復到正常範圍。因此，英偉達的收益增長可能會隨着年末的推進而加速。市場共識預計英偉達在 2026 財年第二季度的收益將同比增長 46%。</p>
<p>這就是為什麼精明的投資者應該考慮在 5 月 28 日之前購買英偉達，因為它目前的交易價格為未來收益的 30 倍，遠低於其五年平均未來收益倍數的 40 倍。即使是科技股重鎮的 <strong>納斯達克 100</strong> 指數，其平均收益倍數也為 31。這一切都表明，投資者現在在英偉達股票上獲得了絕佳的交易，他們可能不想錯過，因為公司似乎為強勁的季度業績和指引奠定了基礎，這可能會進一步推動其近期的反彈。</p>

英偉達

<p>英偉達的股票最近上漲了 28%，儘管面臨關税和人工智能支出擔憂的壓力。該公司預計 2026 財年第一季度的收入將達到 430 億美元，同比增長 65%，這得益於對其人工智能 GPU 的強勁需求，特別是來自中國公司的需求。分析師預計，隨着生產的增加，盈利增長將加速，這使得英偉達目前的估值具有吸引力。建議投資者在 5 月 28 日財報發佈之前考慮購買股票，因為公告後價格可能會上漲</p>

<p>Though <strong>Nvidia</strong>(NVDA -1.02%) stock has been under pressure so far in 2025 owing to several factors outside of the company's control, such as tariffs and concerns that spending on artificial intelligence (AI) hardware could slow down thanks to the arrival of cost-efficient models, recent stock price action suggests that the company is making a solid comeback.</p>
<div class="lb-trans"><p>儘管 <strong>英偉達</strong>(NVDA -1.02%) 的股票在 2025 年迄今受到多種公司無法控制的因素的壓力，例如關税和對人工智能 (AI) 硬件支出可能因成本效益模型的出現而放緩的擔憂，但最近的股價走勢表明，該公司正在穩步復甦。</p>
</div><p>Shares of the chip designer have shot up by 28% in the past month. The good part is that Nvidia is still trading at an attractive valuation even after its recent surge. However, with the company set to release its fiscal 2026 first-quarter results after the market closes on May 28, it could become more expensive to buy for investors who are sitting on the sidelines.</p>
<div class="lb-trans"><p>這家芯片設計公司的股票在過去一個月上漲了 28%。好的一點是，即使在最近的上漲之後，英偉達的估值仍然具有吸引力。然而，隨着公司計劃在 5 月 28 日市場收盤後發佈 2026 財年第一季度的財報，對於那些觀望的投資者來説，購買可能會變得更加昂貴。</p>
</div><p>Let's see why that may be the case.</p>
<div class="lb-trans"><p>讓我們看看為什麼可能會出現這種情況。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk1MTEvcGVyc29uLWxhcHRvcC1hYnN0cmFjdC1jaGFydC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819511%2Fperson-laptop-abstract-chart.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 seems set to deliver blowout results once again</h2>
<div class="lb-trans"><h2>英偉達似乎再次準備交出亮眼的業績</h2>
</div><p>Nvidia's guidance for the first quarter of fiscal 2026 (which ended on April 27) calls for $43 billion in revenue at the midpoint of its guidance range. That would translate into a year-over-year increase of 65%. However, there is a good chance that Nvidia may be able to coast past that expectation thanks to the tremendous demand for its AI graphics processing units (GPUs).</p>
<div class="lb-trans"><p>英偉達對 2026 財年第一季度（截至 4 月 27 日）的指引中值預計收入為 430 億美元。這將轉化為同比增長 65%。然而，由於對其 AI 圖形處理單元 (GPU) 的巨大需求，英偉達有很大機會超越這一預期。</p>
</div><p>There have been concerns that the demand for Nvidia's AI GPUs could wane because of the tariff-fueled turmoil, as well as a potential drop in AI spending because of the emergence of DeepSeek's cost-effective but competent reasoning model. Yet recent chatter indicates that the actual story might turn out to be different.</p>
<div class="lb-trans"><p>人們曾擔心，由於關税引發的動盪，英偉達的 AI GPU 需求可能會減弱，同時由於 DeepSeek 的成本效益高但能力強的推理模型的出現，AI 支出可能會下降。然而，最近的討論表明，實際情況可能會有所不同。</p>
</div><p>For instance, Reuters reported last month that Chinese firms have placed orders for $16 billion worth of Nvidia's H20 GPUs in the first quarter of calendar 2025. The orders for this chip have reportedly surged following the increase in demand for cost-efficient AI models in the wake of DeepSeek's breakthrough. Chinese tech giants such as <strong>Alibaba</strong>, <strong>Tencent</strong>, and ByteDance are said to be stocking up on Nvidia's chips, anticipating a shortage in their supply because of export restrictions imposed on the chipmaker.</p>
<div class="lb-trans"><p>例如，路透社上個月報道，中國公司在 2025 年第一季度已下單購買價值 160 億美元的英偉達 H20 GPU。由於對成本效益 AI 模型需求的增加，這款芯片的訂單在 DeepSeek 突破之後顯著上升。中國科技巨頭如 <strong>阿里巴巴</strong>、<strong>騰訊</strong> 和字節跳動據説正在囤積英偉達的芯片，預計由於對芯片製造商施加的出口限制，其供應將出現短缺。</p>
</div><p>Nvidia's revenue from China stood at $17 billion in all of fiscal 2025. So, the above estimate of $16 billion indicates that it may have done a year's worth of business with Chinese customers in just a quarter. Of course, you may be wondering if the previous U.S. administration's decision to ban sales of Nvidia's China-specific H20 processors is going to dent the company's outlook by costing billions of dollars in sales. However, the Trump administration plans to modify and pull back some of the previous regime's export curbs, and that could turn out to be a tailwind for Nvidia's Chinese business.</p>
<div class="lb-trans"><p>英偉達在 2025 財年的中國收入為 170 億美元。因此，上述 160 億美元的估計表明，它可能在短短一個季度內與中國客户完成了一年的業務。當然，您可能會想知道，前美國政府禁止銷售英偉達針對中國市場的 H20 處理器的決定是否會因損失數十億美元的銷售而影響公司的前景。然而，特朗普政府計劃修改並撤回一些前任政府的出口限制，這可能會成為英偉達中國業務的順風。</p>
</div><p>At the same time, investors should note that Nvidia has reportedly modified its H20 AI chip to meet the restrictions and will release the updated version in July. Nvidia is said to have modified its chips in the past to ensure that it remains on the right side of the export restrictions that it faces from time to time, and that has allowed the company to remain a key player in the Chinese AI market.</p>
<div class="lb-trans"><p>與此同時，投資者應注意，英偉達據報道已修改其 H20 AI 芯片以符合限制，並將在 7 月發佈更新版本。英偉達過去曾修改其芯片，以確保其始終遵守不時面臨的出口限制，這使得該公司能夠在中國 AI 市場保持關鍵地位。</p>
</div><p>So, while Chinese-related business is likely to help Nvidia deliver stronger-than-expected results for the previous quarter, strong AI spending in the U.S. could give its outlook a big boost. A recent report from the <em>Financial Times</em> suggests that <strong>Oracle</strong> is set to buy $40 billion worth of Nvidia's Blackwell AI chips for deployment in OpenAI's data center in the U.S.</p>
<div class="lb-trans"><p>因此，儘管與中國相關的業務可能會幫助英偉達交出強於預期的業績，但美國強勁的 AI 支出可能會大大提升其前景。《金融時報》最近的一份報告顯示，<strong>甲骨文</strong> 計劃購買價值 400 億美元的英偉達 Blackwell AI 芯片，以在美國的 OpenAI 數據中心部署。</p>
</div><p>This investment is reportedly outside of the $500 billion investment that OpenAI and its partners have pledged in U.S.-based AI infrastructure in the form of the Stargate Project. Nvidia's business is expected to receive a nice boost from Stargate, and that's another reason why the company's guidance for the current quarter could exceed consensus expectations.</p>
<div class="lb-trans"><p>據報道，這項投資不包括 OpenAI 及其合作伙伴承諾的 5000 億美元投資，用於美國本土 AI 基礎設施的 Stargate 項目。預計英偉達的業務將從 Stargate 中獲得良好推動，這也是公司當前季度指引可能超出市場預期的另一個原因。</p>
</div><h2>The valuation is too attractive to ignore right now</h2>
<div class="lb-trans"><h2>目前的估值太具吸引力，無法忽視</h2>
</div><p>Analysts are expecting Nvidia's earnings to increase by just 20% year over year in the current quarter. This can be attributed to the margin compression that the company is anticipating during the initial production ramp of its Blackwell processors. However, stronger-than-expected growth in Nvidia's top line could allow it to mitigate the negative margin impact and deliver a bigger jump in earnings.</p>
<div class="lb-trans"><p>分析師預計英偉達當前季度的收益同比僅增長 20%。這可以歸因於公司在 Blackwell 處理器初期生產階段預期的利潤壓縮。然而，英偉達的收入強於預期的增長可能使其能夠減輕負面利潤影響，並實現更大的收益增長。</p>
</div><p>Meanwhile, Nvidia management points out that its margin profile will return to the normal range later this year when Blackwell production is fully ramped up. So, Nvidia's earnings growth is likely to pick up momentum as the year progresses. Consensus estimates point toward something similar, expecting Nvidia's earnings to jump 46% year over year in fiscal Q2.</p>
<div class="lb-trans"><p>與此同時，英偉達管理層指出，隨着 Blackwell 生產的全面提升，其利潤率將在今年晚些時候恢復到正常範圍。因此，英偉達的收益增長可能會隨着年末的推進而加速。市場共識預計英偉達在 2026 財年第二季度的收益將同比增長 46%。</p>
</div><p>That's why savvy investors should consider buying Nvidia before May 28, as it is trading at 30 times forward earnings right now, which is well below its five-year average forward earnings multiple of 40. Even the tech-laden <strong>Nasdaq-100</strong> index has an average earnings multiple of 31. All this suggests that investors are getting a terrific deal on Nvidia stock right now, and they may not want to miss it since the stage seems set for a strong set of quarterly results and guidance from the company that could supercharge its recent rally.</p>
<div class="lb-trans"><p>這就是為什麼精明的投資者應該考慮在 5 月 28 日之前購買英偉達，因為它目前的交易價格為未來收益的 30 倍，遠低於其五年平均未來收益倍數的 40 倍。即使是科技股重鎮的 <strong>納斯達克 100</strong> 指數，其平均收益倍數也為 31。這一切都表明，投資者現在在英偉達股票上獲得了絕佳的交易，他們可能不想錯過，因為公司似乎為強勁的季度業績和指引奠定了基礎，這可能會進一步推動其近期的反彈。</p>
</div>

Buying Nvidia Stock Before May 28 Could Be Your Last Chance to Get This Magnificent Artificial Intelligence (AI) Stock on the Cheap

- Nvidia 股票在 2025 年面臨壓力，但最近股價上漲 28%。
- 公司預計 2026 財年第一季度收入將達 430 億美元，同比增長 65%。
- 投資者應考慮在 5 月 28 日前購買，當前估值低於五年平均水平。

在 5 月 28 日之前購買英偉達股票可能是您最後一次以低價入手這隻卓越的人工智能（AI）股票的機會