<p><strong>英偉達</strong>(NVDA 3.23%) 近年來實現瞭如此增長——收入飆升至兩位數和三位數的記錄水平——以至於投資者開始懷疑這家人工智能（AI）巨頭是否很快會失去動力。人們擔心英偉達的最佳時光可能已經過去。畢竟，這種增長速度通常不會永遠持續。</p><p>更糟糕的是，在過去幾個月中，關於進口關税和對中國這一主要市場的 AI 芯片出口限制的擔憂，使一些投資者在考慮購買英偉達股票時猶豫不決——儘管其交易價格處於低位。他們擔心潛在的放緩確實正在發生。</p><p>這就是為什麼本週所有目光都集中在英偉達的季度財報上，投資者希望從中獲取關於當前 AI 需求和未來前景的線索。英偉達首席執行官黃仁勳説出了一個關鍵短語，為未來幾個月和幾個季度定下了基調。讓我們考慮接下來可能發生的事情。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/978e5f5dc37d16ad5f1c0c7f0d4b895d?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/978e5f5dc37d16ad5f1c0c7f0d4b895d"/></figure><p>圖片來源：Getty Images。</p><h2 id="odwsjx94">在 AI 熱潮中引領潮流</h2><p>英偉達在這場 AI 熱潮中迅速發展，得益於其芯片，這些芯片已成為全球最受歡迎的產品，以及其全系列的 AI 產品和服務。所有這些都幫助收入大幅增長，使其在最新的財政年度達到創紀錄的 1300 億美元，並推動股票在過去兩年中上漲超過 800%。</p><p>在最新的三個月期間，英偉達繼續做着它每個季度都在做的事情。它超出了分析師的收入和利潤預期，而這次儘管面臨重大阻力，即停止向中國出口 H20 芯片。在這一季度，美國表示之前授權的 H20 現在需要出口許可證。因此，英偉達宣佈了一項 55 億美元的費用，但由於能夠重複使用某些 H20 材料，最終將其降低至 45 億美元。</p><p>整體收入在這一季度增長了 69%，超過 440 億美元，而數據中心收入（包括 AI 產品和服務）激增 73%，達到 390 億美元。稀釋後每股收益（不包括 H20 費用和税收影響）為每股 0.96 美元。</p><h2 id="lsj95em9i">&#34;一股強勁的新增長浪潮&#34;</h2><p>現在，讓我們來看看黃仁勳的評論。他在英偉達的財報電話會議上表示：“這是一股強勁的新增長浪潮的開始。我們已經開始了。我們現在有多個重要的增長引擎。”</p><p>這個想法是，今天及未來，英偉達在多個層面上都在從 AI 中獲益。它繼續推動模型的訓練，但其芯片現在也驅動推理，即 AI 在複雜問題上思考並生成最佳答案的過程。隨着各國和公司旨在擴大其 AI 項目，英偉達在主權 AI、企業 AI 等領域也受益，並有望看到更多增長。</p><p>英偉達表示，在這一季度，它看到了推理需求的 “急劇上升”，其最新平台 Blackwell 使推理吞吐量增加了 30 倍。更好的是，英偉達有持續改進其架構的歷史，因此 Blackwell 不會止步於此。例如，在兩年內，英偉達將其 Hopper 架構的推理性能提高了 4 倍。</p><h2 id="9v3iq7yhq">英偉達的下一步是什麼？</h2><p>考慮到這一切，英偉達的收益和股票表現接下來會發生什麼？英偉達未來可能不會實現三位數或四位數的收入增長，但這並不是令人失望的理由。當一家公司從低收入水平起步時（例如在 AI 熱潮剛開始時），其增長以這種比例爆炸性增長是正常的。</p><p>如今，去年同期的季度已經代表了極高的收入水平——因此英偉達的兩位數增長代表了強勁的表現。這種增長應該會持續，英偉達預計第二季度收入同比增長 50%，達到約 450 億美元。</p><p>而且，英偉達在 AI 芯片市場的持續創新將使其保持主導地位，幫助其在建設持續進行以及 AI 在各行業實際應用的過程中進一步繁榮。</p><p>所有這些對股價都是好消息，因為這種收益勢頭表明，儘管近年來英偉達的股價飆升，但仍有很大的上漲空間。</p>

英偉達

<p>英偉達最近的財報顯示，收入增長了 69%，超過 440 億美元，這得益於對人工智能產品的強勁需求，儘管面臨出口限制。首席執行官黃仁勳宣佈了一場 “強勁的新增長浪潮”，強調了人工智能領域的多個增長引擎。英偉達預計下個季度收入將增長 50%，這表明公司將繼續保持強勁表現。該公司在人工智能芯片方面的創新使其在未來增長中處於良好位置，暗示英偉達的股票仍然具有顯著的上漲潛力</p>

<p><strong>Nvidia</strong>(NVDA 3.23%) has delivered such growth in recent years -- with revenue soaring in the double and triple digits and to record levels -- that investors were starting to wonder if the artificial intelligence (AI) giant soon would run out of steam. The concern was that Nvidia's best days might have already passed. After all, such a pace of growth generally doesn't last forever.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 3.23%) 近年來實現瞭如此增長——收入飆升至兩位數和三位數的記錄水平——以至於投資者開始懷疑這家人工智能（AI）巨頭是否很快會失去動力。人們擔心英偉達的最佳時光可能已經過去。畢竟，這種增長速度通常不會永遠持續。</p>
</div><p>To make matters worse, over the past couple of months, a backdrop of concerns about import tariffs and AI chip export restrictions to the major market of China prompted some investors to think twice before getting in on Nvidia stock -- even as it was trading at bargain levels. They worried that a potential slowdown was indeed happening.</p>
<div class="lb-trans"><p>更糟糕的是，在過去幾個月中，關於進口關税和對中國這一主要市場的 AI 芯片出口限制的擔憂，使一些投資者在考慮購買英偉達股票時猶豫不決——儘管其交易價格處於低位。他們擔心潛在的放緩確實正在發生。</p>
</div><p>That's why all eyes were on Nvidia's quarterly earnings report this week, with investors hoping to gather clues about current AI demand and prospects ahead. And Nvidia Chief Executive Officer Jensen Huang uttered a key phrase that set the tone for the months and quarters to come. Let's consider what may happen next.</p>
<div class="lb-trans"><p>這就是為什麼本週所有目光都集中在英偉達的季度財報上，投資者希望從中獲取關於當前 AI 需求和未來前景的線索。英偉達首席執行官黃仁勳説出了一個關鍵短語，為未來幾個月和幾個季度定下了基調。讓我們考慮接下來可能發生的事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MzMvZ2V0dHlpbWFnZXMtaGFwcHktcGVvcGxlLWdhdGhlci1hcm91bmQtYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819933%2Fgettyimages-happy-people-gather-around-a-computer.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>Setting the pace in the AI boom</h2>
<div class="lb-trans"><h2>在 AI 熱潮中引領潮流</h2>
</div><p>Nvidia has charged ahead in this AI boom thanks to its chip, which have become the most sought-after worldwide, and its entire range of AI products and services. All of this has helped supercharge revenue, lifting it to a record $130 billion in the latest fiscal year, and push the stock to gains of more than 800% over the past two years.</p>
<div class="lb-trans"><p>英偉達在這場 AI 熱潮中迅速發展，得益於其芯片，這些芯片已成為全球最受歡迎的產品，以及其全系列的 AI 產品和服務。所有這些都幫助收入大幅增長，使其在最新的財政年度達到創紀錄的 1300 億美元，並推動股票在過去兩年中上漲超過 800%。</p>
</div><p>And in the latest three-month period Nvidia continued to do something it's done quarter after quarter. It topped analysts' revenue and profit estimates, and this time, it did this in spite of a major headwind, a halt to its H20 chip exports to China. During the quarter, the U.S. said the previously authorized H20 now would require an export license. As a result, Nvidia announced a charge of $5.5 billion, which it lowered to $4.5 billion as it was able to reuse certain H20 materials.</p>
<div class="lb-trans"><p>在最新的三個月期間，英偉達繼續做着它每個季度都在做的事情。它超出了分析師的收入和利潤預期，而這次儘管面臨重大阻力，即停止向中國出口 H20 芯片。在這一季度，美國表示之前授權的 H20 現在需要出口許可證。因此，英偉達宣佈了一項 55 億美元的費用，但由於能夠重複使用某些 H20 材料，最終將其降低至 45 億美元。</p>
</div><p>Overall revenue climbed 69% in the quarter to more than $44 billion, and data center revenue, which includes AI products and services, surged 73% to $39 billion. Diluted earnings per share, excluding the H20 charge and tax impact, came in at $0.96 cents per share.</p>
<div class="lb-trans"><p>整體收入在這一季度增長了 69%，超過 440 億美元，而數據中心收入（包括 AI 產品和服務）激增 73%，達到 390 億美元。稀釋後每股收益（不包括 H20 費用和税收影響）為每股 0.96 美元。</p>
</div><h2>&#34;A powerful new wave of growth&#34;</h2>
<div class="lb-trans"><h2>&#34;一股強勁的新增長浪潮&#34;</h2>
</div><p>Now, let's move on to the Huang comments. &#34;This is the start of a powerful new wave of growth,&#34; he said during Nvidia's earnings call. &#34;We're off to the races. We now have multiple significant growth engines.&#34;</p>
<div class="lb-trans"><p>現在，讓我們來看看黃仁勳的評論。他在英偉達的財報電話會議上表示：“這是一股強勁的新增長浪潮的開始。我們已經開始了。我們現在有多個重要的增長引擎。”</p>
</div><p>The idea is that today and into the future Nvidia is gaining from AI on many levels. It continues to power the training of models, but its chips also now drive inference reasoning, or the AI's process of thinking through a complex problem and generating the best answers. And it's also benefiting, and set to see more gains, in the areas of sovereign AI, enterprise AI, and more as countries and companies aim to scale their AI projects.</p>
<div class="lb-trans"><p>這個想法是，今天及未來，英偉達在多個層面上都在從 AI 中獲益。它繼續推動模型的訓練，但其芯片現在也驅動推理，即 AI 在複雜問題上思考並生成最佳答案的過程。隨着各國和公司旨在擴大其 AI 項目，英偉達在主權 AI、企業 AI 等領域也受益，並有望看到更多增長。</p>
</div><p>Nvidia said it saw a &#34;sharp jump&#34; in demand for inference in the quarter, and its latest platform, Blackwell, has led to a 30x increase in inference throughput. Even better, Nvidia has a history of continually improving its architecture so Blackwell won't stop here. For example, over two years, Nvidia increased the inference performance of its Hopper architecture by 4x.</p>
<div class="lb-trans"><p>英偉達表示，在這一季度，它看到了推理需求的 “急劇上升”，其最新平台 Blackwell 使推理吞吐量增加了 30 倍。更好的是，英偉達有持續改進其架構的歷史，因此 Blackwell 不會止步於此。例如，在兩年內，英偉達將其 Hopper 架構的推理性能提高了 4 倍。</p>
</div><h2>What's next for Nvidia?</h2>
<div class="lb-trans"><h2>英偉達的下一步是什麼？</h2>
</div><p>Considering all of this, what happens next for Nvidia's earnings and stock performance? Nvidia may not deliver triple- or quadruple-digit revenue gains in the future, but that isn't a reason to be disappointed. It's normal for a company's growth to explode higher in those proportions when it's starting from low revenue levels, such as during the very start of the AI boom.</p>
<div class="lb-trans"><p>考慮到這一切，英偉達的收益和股票表現接下來會發生什麼？英偉達未來可能不會實現三位數或四位數的收入增長，但這並不是令人失望的理由。當一家公司從低收入水平起步時（例如在 AI 熱潮剛開始時），其增長以這種比例爆炸性增長是正常的。</p>
</div><p>Today, the year-ago quarters already represent an extremely high level of revenue -- so Nvidia's double-digit growth represents strong performance. This should continue, with Nvidia expecting a 50% year-over-year jump in revenue in the second quarter, to about $45 billion.</p>
<div class="lb-trans"><p>如今，去年同期的季度已經代表了極高的收入水平——因此英偉達的兩位數增長代表了強勁的表現。這種增長應該會持續，英偉達預計第二季度收入同比增長 50%，達到約 450 億美元。</p>
</div><p>And Nvidia's ongoing innovation in the AI chip market should keep it in a dominant position, helping it further prosper as the buildout continues and as AI is actually used across industries.</p>
<div class="lb-trans"><p>而且，英偉達在 AI 芯片市場的持續創新將使其保持主導地位，幫助其在建設持續進行以及 AI 在各行業實際應用的過程中進一步繁榮。</p>
</div><p>All of this is great news for the stock price, as this earnings momentum suggests that Nvidia, even after soaring in recent years, still has plenty of room to run.</p>
<div class="lb-trans"><p>所有這些對股價都是好消息，因為這種收益勢頭表明，儘管近年來英偉達的股價飆升，但仍有很大的上漲空間。</p>
</div>

Jensen Huang Says Nvidia's "Off to the Races." Here's What Could Happen Next.

- Nvidia 在最新財報中實現收入 440 億美元，同比增長 69%。  
- CEO 黃仁勳表示，AI 領域將迎來強勁增長，預計下季度收入將達 450 億美元。  
- 儘管面臨出口限制，Nvidia 仍保持市場主導地位，未來前景樂觀。  

黃仁勳表示英偉達已經 “進入競賽”。接下來可能會發生什麼