<p>在過去的三十多年裏，投資者始終有一個或多個顛覆性的創新或趨勢吸引他們的注意。儘管股票拆分的狂熱在 2024 年對華爾街一些最具影響力的企業的估值提升起到了決定性作用，但人工智能（AI）的出現卻在過去兩年中吸引了投資界的資本和想象力。</p>
<p>在最簡單的形式下，人工智能賦予軟件和系統在沒有人類監督的情況下做出瞬時決策的能力。這項技術的應用範圍廣泛，普華永道的分析師認為，到本世紀末，它將為全球經濟增加 15.7 萬億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="400" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>在如此龐大的可尋址市場中，有許多公司有機會成為長期贏家。但就目前而言，沒有哪家公司比半導體巨頭 <strong>Nvidia</strong>（NVDA -1.36%）更直接地受益於人工智能革命。</p>
<p>儘管絕大多數華爾街分析師和普通投資者相信 Nvidia 的股票將會上漲，但最近達成的一個可疑里程碑可能會給這隻股票帶來麻煩。</p>
<h2>Nvidia 成為華爾街最大上市公司的崛起得益於其 AI-GPU 的主導地位</h2>
<p>但在深入探討 Nvidia 最新的里程碑是否對投資者構成問題之前，重要的是要奠定 Nvidia 如何成為華爾街最有價值的上市公司的基礎。</p>
<p>儘管 Nvidia 一直是用於遊戲和加密貨幣挖掘的圖形處理單元（GPU）的關鍵供應商，但其市值超過 3 萬億美元的增長是由於企業對其 Hopper（H100）GPU 和下一代 Blackwell GPU 架構的強烈需求。其硬件已成為 AI 加速數據中心的 “大腦”，Hopper 和 Blackwell 負責訓練大型語言模型（LLMs）並監督生成性 AI 解決方案。</p>
<p>首席執行官黃仁勳設定了每年推出一款新 AI-GPU 的雄心勃勃的目標。Hopper 和 Blackwell 之後，Blackwell Ultra 將在今年晚些時候推出，Vera Rubin 將在 2026 年下半年推出，Vera Rubin Ultra 將在 2027 年下半年推出。黃仁勳願意在創新上大力投資，應該能鞏固 Nvidia 的硬件在數據中心計算能力中的領先地位。</p>
<p>此外，Nvidia 明顯受益於 AI-GPU 的需求超過供應。當某種商品或服務的需求大於其供應時，該商品或服務的價格將上漲，直到需求減弱。在 2024 年初，Nvidia 的 Hopper 芯片售價超過 4 萬美元，顯著高於其直接競爭對手 <strong>Advanced Micro Devices</strong> 為其 Instinct AI 加速芯片定的 1 萬到 1.5 萬美元的價格。</p>
<p>Nvidia 的 CUDA 軟件平台同樣不可或缺。CUDA 是開發者用來構建 LLMs 並最大化其 Nvidia GPU 計算潛力的工具包。可以將 CUDA 視為一個保護傘，將客户留在 Nvidia 高利潤產品和服務的生態系統中。</p>
<p>關鍵在於，Nvidia 並不是偶然成為最大的上市公司。它之所以能登頂，是因為它在自互聯網出現以來最熱門的趨勢中交付了成果。</p>
<h2>這是一個投資者不應忽視的警告</h2>
<p>然而，儘管 Nvidia 的股票自 2023 年初以來飆升了近 870%，但對 Nvidia 來説，情況可能並不完美。雖然我之前指出了 Nvidia 的一些潛在阻力（稍後我會簡要提及這些阻力），但其最新的可疑里程碑可能是對投資者的最大警告。</p>
<p>6 月 3 日標誌着首席財務官 Colette Kress 向證券交易委員會（SEC）提交 Form 4 的確切四年半（54 個月）時間，表明她的兩個兒子間接購買了各 100 股 Nvidia 股票（合計 200 股）。2020 年 12 月 3 日是任何 Nvidia 內部人士最後一次購買其公司股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>在過去的 54 個月中，共有 170 份 Form 4 向 SEC 提交，概述了公司高管和董事的銷售情況。在過去四年中，內部人士累計拋售了超過 33.5 億美元的 Nvidia 股票。</p>
<p>坦率地説，並非所有內部人士的賣出活動都是壞消息。在高知名度的上市公司中，執行補償的絕大部分通常以股票期權和/或普通股的形式存在（其中一些可能會隨着時間的推移而歸屬）。內部人士會出售部分持股或行使股票期權以支付聯邦和/或州税。這種類型的賣出並不令人擔憂。</p>
<p>與此同時，內部人士購買自己公司股票的唯一原因就是：他們相信股票會漲。可以説，沒有人比公司的管理團隊和董事會更瞭解公司。如果在過去 54 個月中沒有一位內部人士願意購買一股 Nvidia 股票，投資者為什麼應該對 Nvidia 股票上漲感到信心呢？</p>
<p>內部人士完全沒有購買行為，加上持續的內部人士賣出（尤其是在 2024 年夏季），表明 Nvidia 股票可能已達到頂峯。</p>
<h2>但等等——還有更多</h2>
<p>正如之前提到的，內部人士的賣出並不是華爾街的 AI 寵兒所面臨的唯一阻力。</p>
<p>例如，競爭壓力很可能已經並將繼續對英偉達的毛利率產生影響。雖然大多數投資者關注的是直接競爭對手如 AMD 和中國華為的生產提升，但更大的擔憂在於，隨着許多主要客户開始內部開發自己的 AI-GPU，未來對英偉達硬件的需求可能會如何。這些成本顯著更低且更易獲得的硬件解決方案可能會減少英偉達未來的機會。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1071351afc424120ff0271a1e3d72900.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1071351afc424120ff0271a1e3d72900.png"/></p>
<p>競爭壓力的增加對英偉達的高毛利率造成了影響。NVDA 毛利率（季度）數據來自 YCharts。</p>
<p>進一步説，目前尚不清楚英偉達的激進創新計劃是否會幫助或阻礙其銷售。一方面，每年推出一款新的 AI 芯片使英偉達有理由對其 AI-GPU 收取溢價。另一方面，這也存在迅速貶值前一代芯片並推遲升級週期的風險。</p>
<p>在監管方面，英偉達也沒有得到太多幫助。從三年前喬·拜登政府開始，到唐納德·特朗普總統任內，英偉達的多款高性能芯片被限制出口到中國。這個世界第二大經濟體一直為英偉達創造數十億美元的季度銷售額。</p>
<p>最後但同樣重要的是，歷史相關性讓人對英偉達感到擔憂。自互聯網誕生以來的三十多年裏，每一次顛覆性創新都經歷過早期泡沫破裂事件。這是因為投資者持續高估了顛覆性技術或趨勢的採用率和早期階段的實用性。</p>
<p>大多數企業在優化其 AI 解決方案方面還遠未達到，甚至沒有產生正的 AI 投資回報。這表明人工智能可能是下一個即將破裂的泡沫。</p>
<p>這些因素的聚合確實表明投資者有理由感到擔憂。</p>

英偉達

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半導體 3 倍做多 - Direxion

<p>英偉達已成為華爾街最大的上市公司，這得益於其在人工智能 GPU 領域的主導地位和顯著的市場需求。然而，一個令人擔憂的趨勢出現了：在過去四年中，沒有任何內部人士購買過英偉達的股票，而高管們則出售了超過 33.5 億美元的股票。這對投資者來説是一個警示信號，儘管英偉達的股票在 2023 年飆升了近 870%。分析師對英偉達的未來仍持樂觀態度，但缺乏內部人士的購買可能預示着潛在的麻煩</p>

<p>For more than three decades, investors have consistently had one or more game-changing innovations or trends to capture their attention at any given time. Though stock-split euphoria played a decisive role in lifting the valuations of some of Wall Street's most-influential businesses in 2024, it's the emergence of artificial intelligence (AI) that's captivated the capital and imagination of the investing community for more than two years.</p>
<div class="lb-trans"><p>在過去的三十多年裏，投資者始終有一個或多個顛覆性的創新或趨勢吸引他們的注意。儘管股票拆分的狂熱在 2024 年對華爾街一些最具影響力的企業的估值提升起到了決定性作用，但人工智能（AI）的出現卻在過去兩年中吸引了投資界的資本和想象力。</p>
</div><p>In its simplest form, AI empowers software and systems with the ability to make split-second decisions without human oversight. The application of this technology is so broad-reaching that the analysts at PwC believe it'll add $15.7 trillion to the global economy by the turn of the decade.</p>
<div class="lb-trans"><p>在最簡單的形式下，人工智能賦予軟件和系統在沒有人類監督的情況下做出瞬時決策的能力。這項技術的應用範圍廣泛，普華永道的分析師認為，到本世紀末，它將為全球經濟增加 15.7 萬億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820519%2Fwoman-artificial-intelligence-ai-virtual-agent-computer-cloud-getty.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><p>With an addressable market this large, there's room for a laundry list of companies to be long-term winners. But as things stand now, no company has been a more-direct beneficiary of the AI revolution than semiconductor titan <strong>Nvidia</strong>(NVDA -1.36%).</p>
<div class="lb-trans"><p>在如此龐大的可尋址市場中，有許多公司有機會成為長期贏家。但就目前而言，沒有哪家公司比半導體巨頭 <strong>Nvidia</strong>（NVDA -1.36%）更直接地受益於人工智能革命。</p>
</div><p>While an overwhelming percentage of Wall Street analysts and everyday investors believe Nvidia stock will head higher, a newly achieved dubious milestone might spell trouble for the stock market's AI darling.</p>
<div class="lb-trans"><p>儘管絕大多數華爾街分析師和普通投資者相信 Nvidia 的股票將會上漲，但最近達成的一個可疑里程碑可能會給這隻股票帶來麻煩。</p>
</div><h2>Nvidia's ascent to Wall Street's largest public company was facilitated by its AI-GPU dominance</h2>
<div class="lb-trans"><h2>Nvidia 成為華爾街最大上市公司的崛起得益於其 AI-GPU 的主導地位</h2>
</div><p>But before diving into whether or not Nvidia's latest milestone is problematic for investors, it's important to lay the foundation of how Nvidia became Wall Street's most-valuable publicly traded company.</p>
<div class="lb-trans"><p>但在深入探討 Nvidia 最新的里程碑是否對投資者構成問題之前，重要的是要奠定 Nvidia 如何成為華爾街最有價值的上市公司的基礎。</p>
</div><p>Though Nvidia has always been a key provider of graphics processing units (GPU) used for gaming and cryptocurrency mining, what kicked off its more-than-$3-trillion increase in market cap is the overwhelming demand from businesses for its Hopper (H100) GPU and next-generation Blackwell GPU architecture. Its hardware has become the &#34;brains&#34; of AI-accelerated data centers, with Hopper and Blackwell responsible for training large language models (LLMs) and overseeing generative AI solutions.</p>
<div class="lb-trans"><p>儘管 Nvidia 一直是用於遊戲和加密貨幣挖掘的圖形處理單元（GPU）的關鍵供應商，但其市值超過 3 萬億美元的增長是由於企業對其 Hopper（H100）GPU 和下一代 Blackwell GPU 架構的強烈需求。其硬件已成為 AI 加速數據中心的 “大腦”，Hopper 和 Blackwell 負責訓練大型語言模型（LLMs）並監督生成性 AI 解決方案。</p>
</div><p>CEO Jensen Huang has set out an ambitious goal of bringing a new AI-GPU to market each year. Following the Hopper and Blackwell are Blackwell Ultra later this year, Vera Rubin in the second-half of 2026, and Vera Rubin Ultra in the latter-half of 2027. Huang's willingness to spend aggressively on innovation should cement Nvidia's hardware as the leader in data center compute ability.</p>
<div class="lb-trans"><p>首席執行官黃仁勳設定了每年推出一款新 AI-GPU 的雄心勃勃的目標。Hopper 和 Blackwell 之後，Blackwell Ultra 將在今年晚些時候推出，Vera Rubin 將在 2026 年下半年推出，Vera Rubin Ultra 將在 2027 年下半年推出。黃仁勳願意在創新上大力投資，應該能鞏固 Nvidia 的硬件在數據中心計算能力中的領先地位。</p>
</div><p>Furthermore, Nvidia has been a clear beneficiary of demand for AI-GPUs outpacing their supply. When demand for a good or service is greater than its supply, the price of said good or service will climb until demand tapers. In early 2024, Nvidia was commanding more than $40,000 for its Hopper chips, which is notably higher than the $10,000 to $15,000 price tag direct rival <strong>Advanced Micro Devices</strong> was assigning to its Instinct AI-accelerating chips.</p>
<div class="lb-trans"><p>此外，Nvidia 明顯受益於 AI-GPU 的需求超過供應。當某種商品或服務的需求大於其供應時，該商品或服務的價格將上漲，直到需求減弱。在 2024 年初，Nvidia 的 Hopper 芯片售價超過 4 萬美元，顯著高於其直接競爭對手 <strong>Advanced Micro Devices</strong> 為其 Instinct AI 加速芯片定的 1 萬到 1.5 萬美元的價格。</p>
</div><p>Nvidia's CUDA software platform has been indispensable, as well. CUDA is the toolkit developers lean on to build LLMs and maximize the compute potential of their Nvidia GPUs. Think of CUDA as the umbrella that keeps customers contained within Nvidia's ecosystem of high-margin products and services.</p>
<div class="lb-trans"><p>Nvidia 的 CUDA 軟件平台同樣不可或缺。CUDA 是開發者用來構建 LLMs 並最大化其 Nvidia GPU 計算潛力的工具包。可以將 CUDA 視為一個保護傘，將客户留在 Nvidia 高利潤產品和服務的生態系統中。</p>
</div><p>The point being that Nvidia didn't become the largest public company by accident. It reached the top of the mountain because it's delivered amid the hottest trend since the advent of the internet.</p>
<div class="lb-trans"><p>關鍵在於，Nvidia 並不是偶然成為最大的上市公司。它之所以能登頂，是因為它在自互聯網出現以來最熱門的趨勢中交付了成果。</p>
</div><h2>This is a warning that investors would be wise not to ignore</h2>
<div class="lb-trans"><h2>這是一個投資者不應忽視的警告</h2>
</div><p>However, things may not be perfect for Nvidia, even if its stock has skyrocketed by close to 870% since the start of 2023. While I've previously pointed out a number of potential headwinds for Nvidia (I'll briefly touch on these headwinds a bit later), its latest dubious milestone might be its biggest warning to investors yet.</p>
<div class="lb-trans"><p>然而，儘管 Nvidia 的股票自 2023 年初以來飆升了近 870%，但對 Nvidia 來説，情況可能並不完美。雖然我之前指出了 Nvidia 的一些潛在阻力（稍後我會簡要提及這些阻力），但其最新的可疑里程碑可能是對投資者的最大警告。</p>
</div><p>June 3 marked exactly four-and-a-half years (54 months) since Chief Financial Officer Colette Kress filed Form 4 with the Securities and Exchange Commission (SEC) noting that her two sons had indirectly purchased 100 shares each of Nvidia stock (200 shares on a combined basis). Dec. 3, 2020 is the last time any Nvidia insider has purchased shares of their company.</p>
<div class="lb-trans"><p>6 月 3 日標誌着首席財務官 Colette Kress 向證券交易委員會（SEC）提交 Form 4 的確切四年半（54 個月）時間，表明她的兩個兒子間接購買了各 100 股 Nvidia 股票（合計 200 股）。2020 年 12 月 3 日是任何 Nvidia 內部人士最後一次購買其公司股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA1MTkvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820519%2Finvestor-pressing-sell-button-getty.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><p>Over the last 54 months, 170 separate Form 4s have been filed with the SEC outlining sales from company executive and directors. On a cumulative basis over the trailing-four-year period, insiders have dumped more than $3.35 billion worth of Nvidia stock.</p>
<div class="lb-trans"><p>在過去的 54 個月中，共有 170 份 Form 4 向 SEC 提交，概述了公司高管和董事的銷售情況。在過去四年中，內部人士累計拋售了超過 33.5 億美元的 Nvidia 股票。</p>
</div><p>To be completely upfront and objective, not all insider selling activity is inherently bad news. It's not uncommon for the lion's share of executive compensation at high-profile public companies to be in the form in the stock options and/or common shares (some which may vest over time). Insiders will sell a portion of their holdings or exercise stock options to cover their federal and/or state tax liability. This type of selling isn't worrisome.</p>
<div class="lb-trans"><p>坦率地説，並非所有內部人士的賣出活動都是壞消息。在高知名度的上市公司中，執行補償的絕大部分通常以股票期權和/或普通股的形式存在（其中一些可能會隨着時間的推移而歸屬）。內部人士會出售部分持股或行使股票期權以支付聯邦和/或州税。這種類型的賣出並不令人擔憂。</p>
</div><p>At the time same, there's only one reason insiders buy shares of their own company's stock: they believe it'll head higher. Arguably no individuals know more about a company than its management team and board of directors. If not one of these individuals is willing to purchase a single share of Nvidia stock over the last 54 months, why should investors feel confident that Nvidia stock is headed higher?</p>
<div class="lb-trans"><p>與此同時，內部人士購買自己公司股票的唯一原因就是：他們相信股票會漲。可以説，沒有人比公司的管理團隊和董事會更瞭解公司。如果在過去 54 個月中沒有一位內部人士願意購買一股 Nvidia 股票，投資者為什麼應該對 Nvidia 股票上漲感到信心呢？</p>
</div><p>A complete absence of insider buying, coupled with a steady stream of insider selling (especially in the summer of 2024), points to a potential top for Nvidia shares.</p>
<div class="lb-trans"><p>內部人士完全沒有購買行為，加上持續的內部人士賣出（尤其是在 2024 年夏季），表明 Nvidia 股票可能已達到頂峯。</p>
</div><h2>But wait -- there's more</h2>
<div class="lb-trans"><h2>但等等——還有更多</h2>
</div><p>As alluded earlier, a confluence of insider selling isn't the only headwind Wall Street's AI darling is contending with.</p>
<div class="lb-trans"><p>正如之前提到的，內部人士的賣出並不是華爾街的 AI 寵兒所面臨的唯一阻力。</p>
</div><p>For instance, there's a strong possibility competitive pressures have been and will continue to weigh on Nvidia's gross margin. While most investors have been focused on the production ramp of direct competitors like AMD and China-based Huawei, the bigger concern is what future demand might look like for Nvidia's hardware with many of its top customers by net sales internally developing their own AI-GPUs. These considerably less-costly and more readily available hardware solutions could minimize future opportunities for Nvidia.</p>
<div class="lb-trans"><p>例如，競爭壓力很可能已經並將繼續對英偉達的毛利率產生影響。雖然大多數投資者關注的是直接競爭對手如 AMD 和中國華為的生產提升，但更大的擔憂在於，隨着許多主要客户開始內部開發自己的 AI-GPU，未來對英偉達硬件的需求可能會如何。這些成本顯著更低且更易獲得的硬件解決方案可能會減少英偉達未來的機會。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1071351afc424120ff0271a1e3d72900.png" alt="" original-src="https://media.ycharts.com/charts/1071351afc424120ff0271a1e3d72900.png"/></p>
<p>An increase in competitive pressures has weighed on Nvidia's lofty gross margin. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>競爭壓力的增加對英偉達的高毛利率造成了影響。NVDA 毛利率（季度）數據來自 YCharts。</p>
</div><p>To add to this point, it's not yet clear if Nvidia's aggressive innovation schedule is going to help or hinder its sales. On one hand, introducing a new AI chip annually affords Nvidia a reason to charge a premium for its AI-GPUs. Conversely, it also runs the risk of rapidly depreciating the value of prior-generation chips and pushing out upgrade cycles.</p>
<div class="lb-trans"><p>進一步説，目前尚不清楚英偉達的激進創新計劃是否會幫助或阻礙其銷售。一方面，每年推出一款新的 AI 芯片使英偉達有理由對其 AI-GPU 收取溢價。另一方面，這也存在迅速貶值前一代芯片並推遲升級週期的風險。</p>
</div><p>Nvidia hasn't been getting much help on the regulatory front, either. Beginning three years ago during the Joe Biden administration, and continuing under President Donald Trump, Nvidia has had a number of its high-powered chips restricted for export to China. The world's second-largest economy has consistently generated billions in quarterly sales for Nvidia.</p>
<div class="lb-trans"><p>在監管方面，英偉達也沒有得到太多幫助。從三年前喬·拜登政府開始，到唐納德·特朗普總統任內，英偉達的多款高性能芯片被限制出口到中國。這個世界第二大經濟體一直為英偉達創造數十億美元的季度銷售額。</p>
</div><p>Last but certainly not least, historical correlations are worrisome for Nvidia. Since (and including) the advent of the internet more than three decades ago, every game-changing innovation has endured an early inning bubble-bursting event. This is a function of investors persistently overestimating the adoption rate and early stage utility of a game-changing technology or trend.</p>
<div class="lb-trans"><p>最後但同樣重要的是，歷史相關性讓人對英偉達感到擔憂。自互聯網誕生以來的三十多年裏，每一次顛覆性創新都經歷過早期泡沫破裂事件。這是因為投資者持續高估了顛覆性技術或趨勢的採用率和早期階段的實用性。</p>
</div><p>Most businesses aren't anywhere close to optimizing their Ai solutions, or even generating a positive return on their AI investments. This signals that artificial intelligence is likely the next in a long line of bubbles to burst.</p>
<div class="lb-trans"><p>大多數企業在優化其 AI 解決方案方面還遠未達到，甚至沒有產生正的 AI 投資回報。這表明人工智能可能是下一個即將破裂的泡沫。</p>
</div><p>This conglomeration of factors does suggest investors have something to worry about.</p>
<div class="lb-trans"><p>這些因素的聚合確實表明投資者有理由感到擔憂。</p>
</div>

This Dubious Milestone Might Be Nvidia's Biggest Red Flag to Date -- Should Investors Be Worried?

- 投資者對人工智能的關注持續超過兩年，預計將為全球經濟增加 15.7 萬億美元。  
- 儘管英偉達在 AI-GPU 市場中佔據主導地位，但內部人士在過去 54 個月未購入股票。  
- 競爭壓力和監管限制可能影響英偉達的未來增長，投資者需謹慎。  

這個值得懷疑的里程碑可能是英偉達迄今為止最大的警示信號——投資者是否應該感到擔憂？