<p><strong>英偉達</strong>(NVDA -2.85%) 可能是市場上最受關注的股票，因為它是人工智能 (AI) 建設進展的風向標。英偉達的大部分收入來自於安裝在數據中心以處理 AI 工作負載的圖形處理單元 (GPU)。只要英偉達繼續發佈穩健的業績，投資者就可以假設 AI 投資正在全速推進。</p>
<p>英偉達最近公佈了 2026 財年第一季度的業績（截至 4 月 28 日），表現非常出色。然而，投資者必須關注幾個事項。即使面臨一些阻力，這隻股票今天仍然值得購買嗎？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>美國政府在第一季度為英偉達製造了一些人為阻力</h2>
<p>英偉達的 GPU 及其支持軟件無與倫比，這使得英偉達在數據中心 GPU 市場的市場份額超過 90%。它的主導地位在硬件領域前所未見，這對投資者來説是個好兆頭。</p>
<p>英偉達的增長速度也是同類公司中前所未有的。在第一季度，英偉達的收入同比增長 69%，達到 440 億美元。然而，預計下個季度的增長速度會稍微放緩，收入預計約為 450 億美元，表明收入增長為 50%。</p>
<p>英偉達收入增長放緩的原因與美國政府的出口限制有關。4 月 9 日，英偉達被告知，未經許可無法銷售其 H20 芯片（專門設計以滿足之前美國出口限制的標準），這實際上終止了這些芯片的銷售。這導致英偉達因過剩庫存計提了 45 億美元的費用，並在第一季度未能實現 25 億美元的收入。在限制之前，英偉達銷售了約 46 億美元的 H20 芯片。他們還預計在第二季度銷售約 80 億美元的 H20 芯片。</p>
<p>這表明英偉達的第二季度增長 <em>本應</em> 約為 530 億美元，這將表明 77% 的增長。如果將第一季度未實現的 25 億美元收入加回，英偉達的增長率將達到 79%。作為參考，英偉達在第四季度的增長為 78%，這表明英偉達的客户仍在大量支出購買 GPU，增長率並沒有真正放緩。</p>
<p>這是一個極其看漲的跡象，因為本季度（和下個季度）唯一阻礙英偉達的就是政府的出口限制。</p>
<p>雖然投資者沒有看到像往常一樣的巨幅上漲，但市場對這一消息反應積極，在報告財報後推動英偉達的股價上漲。但這是否意味着現在值得購買這隻股票呢？</p>
<h2>英偉達的股票並不便宜，但投資者需要為質量付出代價</h2>
<p>由於與註銷 H20 庫存相關的一次性費用，英偉達的過去 12 個月每股收益 (EPS) 指標將會有所偏差，這基本上消除了未來一年內過去市盈率 (P/E) 的實用性。相反，我將使用英偉達的前瞻市盈率來評估這隻股票。</p>
<p>英偉達並不是世界上最便宜的股票，前瞻市盈率為 33 倍，但很少有股票能像英偉達一樣快速且持續地增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.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/eb077842743ec04dcf297e24882a1c83.png"/></p>
<p>NVDA 前瞻市盈率數據來自 YCharts。市盈率 = 市價與每股收益的比率。</p>
<p>儘管受到美國政府的阻力，英偉達的核心業務仍然完好無損，表現極為出色。對 GPU 的需求依然強勁，沒有放緩的跡象。我仍然認為英偉達在這裏是一個穩健的買入，投資者需要有三到五年的持股心態，因為 AI 的順風將繼續強勁地支持英偉達。</p>

英偉達

<p>英偉達（Nvidia，NVDA）在人工智能市場中仍然是一個關鍵參與者，2026 財年第一季度的收入同比飆升 69%，達到 440 億美元。儘管美國政府的出口限制影響了 H20 芯片的銷售，但英偉達的市場主導地位和對 GPU 的高需求表明其強勁的增長潛力。分析師建議將英偉達視為長期投資，儘管其前瞻市盈率為 33，但由於其持續增長和持續的人工智能熱潮，仍然值得關注。總體而言，英偉達被認為是一個適合願意持有三到五年的投資者的穩健買入選擇</p>

<p><strong>Nvidia</strong>(NVDA -2.85%) may be the most watched stock in the market, as it's a bellwether for artificial intelligence (AI) buildout progress. Most of Nvidia's revenue comes from graphics processing units (GPUs) installed in data centers to handle AI workloads. As long as Nvidia continues posting solid results, investors can assume that AI investments are moving full speed ahead.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -2.85%) 可能是市場上最受關注的股票，因為它是人工智能 (AI) 建設進展的風向標。英偉達的大部分收入來自於安裝在數據中心以處理 AI 工作負載的圖形處理單元 (GPU)。只要英偉達繼續發佈穩健的業績，投資者就可以假設 AI 投資正在全速推進。</p>
</div><p>Nvidia recently reported first-quarter fiscal year 2026 results (ended April 28), which were spectacular. However, investors must keep an eye on a few items. Even with some headwinds popping up, is the stock still a buy today?</p>
<div class="lb-trans"><p>英偉達最近公佈了 2026 財年第一季度的業績（截至 4 月 28 日），表現非常出色。然而，投資者必須關注幾個事項。即使面臨一些阻力，這隻股票今天仍然值得購買嗎？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk5MDUvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819905%2Fnvidia-voyager-headquarters.jpg&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>The U.S. government created some artificial headwinds for Nvidia in Q1</h2>
<div class="lb-trans"><h2>美國政府在第一季度為英偉達製造了一些人為阻力</h2>
</div><p>Nvidia's GPUs and the software that supports them are second to none, which is how Nvidia has captured a market share topping 90% in the data center GPU market. Its dominance is like nothing seen in the hardware space, and it bodes well for investors.</p>
<div class="lb-trans"><p>英偉達的 GPU 及其支持軟件無與倫比，這使得英偉達在數據中心 GPU 市場的市場份額超過 90%。它的主導地位在硬件領域前所未見，這對投資者來説是個好兆頭。</p>
</div><p>Nvidia is also growing at a pace never seen for a company of its size. In Q1, Nvidia's revenue rose 69% year over year to $44 billion. However, that pace is expected to slow a bit next quarter, with revenue projected to be about $45 billion, indicating 50% revenue growth.</p>
<div class="lb-trans"><p>英偉達的增長速度也是同類公司中前所未有的。在第一季度，英偉達的收入同比增長 69%，達到 440 億美元。然而，預計下個季度的增長速度會稍微放緩，收入預計約為 450 億美元，表明收入增長為 50%。</p>
</div><p>The reason Nvidia's revenue growth is slowing has to do with U.S. government export restrictions. On April 9, Nvidia was informed that it couldn't sell its H20 chips (designed specifically to meet the criteria of previous U.S. export restrictions) without a license, effectively ending the sale of these chips. This caused Nvidia to charge $4.5 billion for excess inventory and fail to realize $2.5 billion in revenue during the first quarter. Before the restrictions, Nvidia sold about $4.6 billion of H20 chips. They also projected sales of around $8 billion in H20 chips during Q2.</p>
<div class="lb-trans"><p>英偉達收入增長放緩的原因與美國政府的出口限制有關。4 月 9 日，英偉達被告知，未經許可無法銷售其 H20 芯片（專門設計以滿足之前美國出口限制的標準），這實際上終止了這些芯片的銷售。這導致英偉達因過剩庫存計提了 45 億美元的費用，並在第一季度未能實現 25 億美元的收入。在限制之前，英偉達銷售了約 46 億美元的 H20 芯片。他們還預計在第二季度銷售約 80 億美元的 H20 芯片。</p>
</div><p>That would indicate Nvidia's Q2 growth <em>would</em> have been around $53 billion, which would have indicated 77% growth. If you add back in the $2.5 billion in eliminated revenue in Q1, Nvidia's growth rate would have been 79%. For reference, Nvidia's growth during Q4 was 78%, indicating that Nvidia's clients are still spending a lot of money on GPUs, and the growth rate isn't really slowing.</p>
<div class="lb-trans"><p>這表明英偉達的第二季度增長 <em>本應</em> 約為 530 億美元，這將表明 77% 的增長。如果將第一季度未實現的 25 億美元收入加回，英偉達的增長率將達到 79%。作為參考，英偉達在第四季度的增長為 78%，這表明英偉達的客户仍在大量支出購買 GPU，增長率並沒有真正放緩。</p>
</div><p>This is an extremely bullish indication, as the only thing stopping Nvidia this quarter (and next) is government export restrictions.</p>
<div class="lb-trans"><p>這是一個極其看漲的跡象，因為本季度（和下個季度）唯一阻礙英偉達的就是政府的出口限制。</p>
</div><p>While investors didn't see a gigantic leg up like they're used to seeing with Nvidia, the market reacted positively to the news and sent Nvidia's stock higher after reporting earnings. But does this make it a stock worth buying here?</p>
<div class="lb-trans"><p>雖然投資者沒有看到像往常一樣的巨幅上漲，但市場對這一消息反應積極，在報告財報後推動英偉達的股價上漲。但這是否意味着現在值得購買這隻股票呢？</p>
</div><h2>Nvidia's stock isn't cheap, but investors need to pay up for quality</h2>
<div class="lb-trans"><h2>英偉達的股票並不便宜，但投資者需要為質量付出代價</h2>
</div><p>Because of the one-time charges related to writing off the H20 inventory, Nvidia's trailing-12-month earnings per share (EPS) metric is going to be a bit off, which essentially eliminates the usefulness of the trailing price-to-earnings (P/E) ratio over the next year. Instead, I'll use Nvidia's forward P/E to value the stock.</p>
<div class="lb-trans"><p>由於與註銷 H20 庫存相關的一次性費用，英偉達的過去 12 個月每股收益 (EPS) 指標將會有所偏差，這基本上消除了未來一年內過去市盈率 (P/E) 的實用性。相反，我將使用英偉達的前瞻市盈率來評估這隻股票。</p>
</div><p>Nvidia isn't the cheapest stock in the world, trading at 33 times forward earnings, but then again, few stocks are growing as rapidly and consistently as Nvidia.</p>
<div class="lb-trans"><p>英偉達並不是世界上最便宜的股票，前瞻市盈率為 33 倍，但很少有股票能像英偉達一樣快速且持續地增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png" alt="" original-src="https://media.ycharts.com/charts/eb077842743ec04dcf297e24882a1c83.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts. PE Ratio = price-to-earnings ratio.</p>
<div class="lb-trans"><p>NVDA 前瞻市盈率數據來自 YCharts。市盈率 = 市價與每股收益的比率。</p>
</div><p>Despite the headwind caused by the U.S. government, Nvidia's core business is still intact and doing incredibly well. Demand for GPUs remains high, with no signs of slowing. I still think Nvidia is a solid buy here, and investors need to have the mindset of holding the stock for three to five years, as AI tailwinds are still blowing fiercely in favor of Nvidia.</p>
<div class="lb-trans"><p>儘管受到美國政府的阻力，英偉達的核心業務仍然完好無損，表現極為出色。對 GPU 的需求依然強勁，沒有放緩的跡象。我仍然認為英偉達在這裏是一個穩健的買入，投資者需要有三到五年的持股心態，因為 AI 的順風將繼續強勁地支持英偉達。</p>
</div>

Is Nvidia Stock a Buy Now?

- Nvidia 的第一季度財報顯示收入同比增長 69% 至 440 億美元。  
- 由於美國政府的出口限制，Nvidia 的 H20 芯片銷售受阻，導致未實現收入 25 億美元。  
- 儘管面臨挑戰，Nvidia 的核心業務依然強勁，未來增長潛力依舊。  

英偉達的股票現在是否值得購買？