<p><strong>英偉達</strong>(NVDA -0.85%) 在過去幾年中，其收益和股價飆升。這是因為它在全球最受關注的熱門技術之一：人工智能（AI）中建立了主導地位。這家科技公司已成為 AI 芯片領域的領導者，其圖形處理單元（GPU）在速度和整體性能上超越了競爭對手。</p>
<p>該公司還提供多種其他 AI 服務——甚至為某些行業（如醫療保健或汽車工業）專門構建工具。所有這些使得英偉達在 AI 領域成為家喻户曉的名字。</p>
<p>現在，投資者常常問的問題是：英偉達的下一步將是什麼？在過去幾年的爆炸性增長之後，增速會放緩嗎？</p>
<p>我們可能會通過公司本身的線索來回答這些問題。英偉達最近採取了一項不顯眼的——甚至看似普通的舉措——但我的預測是，這可能預示着未來會有大幅增長的動作。讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達的股價飆升</h2>
<p>首先，快速回顧一下迄今為止發生的事情。英偉達在 AI 熱潮初期迅速崛起，其 GPU 迅速成為推動這一革命所需的工具。因此，英偉達的收入自 1990 年代初公司成立以來逐漸增加，但在過去幾年中卻急劇飆升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.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/867ef40d6bf9484f7831671e7d5fe2d4.png"/></p>
<p>NVDA 收入（年度）數據來自 YCharts</p>
<p>現在，真正重要的是：不僅收入大幅增長，英偉達的銷售利潤也非常可觀，最近幾個季度的毛利率始終超過 70%。(在最近一個季度，由於與中國市場出口限制相關的費用，毛利率降至 60%，但如果不考慮這項費用，毛利率達到了 70% 以上的目標。)</p>
<p>英偉達並不是通過年復一年銷售同一款芯片而達到這種收入水平——該公司已成為創新的動力源，不斷更新其 AI 芯片和/或架構，並且在幾個月前發佈的最新版本 Blackwell 中，英偉達表示更新將按年度進行。它已經設定了到 2028 年的年度發佈計劃。</p>
<p>此外，英偉達與重大項目建立了合作關係——例如，為星際之門項目提供芯片——並在全球範圍內簽訂合同，同時在美國進行製造投資。因此，英偉達正在全力以赴，這將幫助它在今天數十億美元的 AI 市場在未來幾年達到萬億美元的預測中受益。</p>
<h2>一項未引起注意的舉動</h2>
<p>而英偉達最近採取的不顯眼的行動——並未引起太多關注——暗示着可能會有重大增長舉措即將到來。上個月底，該公司向監管機構提交了一份混合貨架註冊申請，允許其在未來三年內隨時通過股權或債務籌集資金。英偉達目前大約有 240 億普通股和零優先股在外流通；它獲准發行 800 億普通股和 200 萬優先股，這表明它有足夠的空間進行未來的銷售。</p>
<p>貨架註冊使英偉達能夠在此時間框架內快速規劃發行，使其更容易利用有利的市場條件並抓住出現的機會。這顯然是一個積極的因素。</p>
<h2>投資準備</h2>
<p>第二個積極因素是，這一舉動表明英偉達計劃在不久的將來進行投資——這可能涉及多個領域，從研發到工廠擴張，甚至潛在的收購。這種投資準備意味着未來有增長機會，而英偉達憑藉快速籌集資金的靈活性，能夠很好地從中受益。</p>
<p>我們已經看到英偉達最近專注於增長的證據。例如，在四月份，該公司宣佈投資於兩家美國工廠，以最終制造美國製造的超級計算機，並表示它們應該在 12 到 15 個月內開始增產。</p>
<p>那麼，所有這些對投資者來説為什麼重要？正如我提到的，一個主要的擔憂是關於英偉達未來的增長。但考慮到英偉達在一個增長預測強勁的市場中的領導地位，未來值得樂觀。我的預測是，英偉達決定啓動混合貨架註冊，表明公司準備進行一次重大增長舉措——這可能會為這家科技巨頭和投資者在長期內帶來回報。</p>

英偉達

<p>英偉達在盈利和股價方面經歷了顯著增長，確立了其在人工智能技術，特別是人工智能芯片領域的領導地位。最近，該公司提交了一份混合貨架註冊，允許其在未來三年內通過股權或債務籌集資金。這一舉措表明英偉達正在為未來在研發和製造等領域的投資做準備，暗示潛在的增長機會。分析師對英偉達的未來持樂觀態度，考慮到其強大的市場地位和持續的創新</p>

<p><strong>Nvidia</strong>(NVDA -0.85%) has seen its earnings and share price soar over the past several years. This is as it built dominance in one of the world's most-watched hot technologies: artificial intelligence (AI). This tech player has become the leader in the area of AI chips, with its graphic processing units (GPUs) topping rivals in speed and general performance.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -0.85%) 在過去幾年中，其收益和股價飆升。這是因為它在全球最受關注的熱門技術之一：人工智能（AI）中建立了主導地位。這家科技公司已成為 AI 芯片領域的領導者，其圖形處理單元（GPU）在速度和整體性能上超越了競爭對手。</p>
</div><p>The company offers a variety of other AI services too -- even building tools specifically for certain sectors, such as healthcare or the automobile industry. All this has made Nvidia a household name in the world of AI.</p>
<div class="lb-trans"><p>該公司還提供多種其他 AI 服務——甚至為某些行業（如醫療保健或汽車工業）專門構建工具。所有這些使得英偉達在 AI 領域成為家喻户曉的名字。</p>
</div><p>Now, the questions investors often ask are: What will be Nvidia's next move? After the explosive growth of the past few years, will the pace now slow?</p>
<div class="lb-trans"><p>現在，投資者常常問的問題是：英偉達的下一步將是什麼？在過去幾年的爆炸性增長之後，增速會放緩嗎？</p>
</div><p>We may answer those questions thanks to a clue from the company itself. Nvidia recently made an unobtrusive -- and what may even seem ordinary maneuver -- but my prediction is it could signal a big growth move ahead. Let's take a look.</p>
<div class="lb-trans"><p>我們可能會通過公司本身的線索來回答這些問題。英偉達最近採取了一項不顯眼的——甚至看似普通的舉措——但我的預測是，這可能預示着未來會有大幅增長的動作。讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MDIvZ2V0dHlpbWFnZXMtY2FzdWFsLXdvbWFuLWV4ZWN1dGl2ZV90YWJsZXRfb2ZmaWNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821402%2Fgettyimages-casual-woman-executive_tablet_office.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's shares skyrocket</h2>
<div class="lb-trans"><h2>英偉達的股價飆升</h2>
</div><p>First, a quick look at what's happened so far. Nvidia surged onto the scene early in the AI boom with its GPUs, and they rapidly emerged as the tool needed to power this revolution. As a result, Nvidia's revenue, which had gradually increased since the company's launch in the early 1990s, skyrocketed over just the past few years.</p>
<div class="lb-trans"><p>首先，快速回顧一下迄今為止發生的事情。英偉達在 AI 熱潮初期迅速崛起，其 GPU 迅速成為推動這一革命所需的工具。因此，英偉達的收入自 1990 年代初公司成立以來逐漸增加，但在過去幾年中卻急劇飆升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.png" alt="" original-src="https://media.ycharts.com/charts/867ef40d6bf9484f7831671e7d5fe2d4.png"/></p>
<p>NVDA Revenue (Annual) data by YCharts</p>
<div class="lb-trans"><p>NVDA 收入（年度）數據來自 YCharts</p>
</div><p>Now here's what's <em>really</em> important: Not only has revenue taken off, but Nvidia also is very profitable on sales, with gross margin consistently topping 70% in recent quarters. (It dipped to 60% in the most recent quarter on a charge linked to export restrictions concerning the Chinese market, but excluding this charge, gross margin met its above-70% target.)</p>
<div class="lb-trans"><p>現在，真正重要的是：不僅收入大幅增長，英偉達的銷售利潤也非常可觀，最近幾個季度的毛利率始終超過 70%。(在最近一個季度，由於與中國市場出口限制相關的費用，毛利率降至 60%，但如果不考慮這項費用，毛利率達到了 70% 以上的目標。)</p>
</div><p>Nvidia hasn't reached this level of revenue by selling the same chip year after year -- the company has become an innovation powerhouse, updating its AI chips and/or architecture frequently, and as of its latest release, known as Blackwell, a few months ago, Nvidia says updates will come on an annual basis. It's already set out an agenda of annual releases through 2028.</p>
<div class="lb-trans"><p>英偉達並不是通過年復一年銷售同一款芯片而達到這種收入水平——該公司已成為創新的動力源，不斷更新其 AI 芯片和/或架構，並且在幾個月前發佈的最新版本 Blackwell 中，英偉達表示更新將按年度進行。它已經設定了到 2028 年的年度發佈計劃。</p>
</div><p>On top of that, Nvidia has struck partnerships with major projects -- for instance, supplying chips to the Stargate project -- has landed contracts around the world, and is investing in manufacturing in the U.S. So, Nvidia is firing on all cylinders, and this should help it to benefit as today's multibillion-dollar AI market reaches into the trillions, as analysts predict, in the years to come.</p>
<div class="lb-trans"><p>此外，英偉達與重大項目建立了合作關係——例如，為星際之門項目提供芯片——並在全球範圍內簽訂合同，同時在美國進行製造投資。因此，英偉達正在全力以赴，這將幫助它在今天數十億美元的 AI 市場在未來幾年達到萬億美元的預測中受益。</p>
</div><h2>A move that didn't attract attention</h2>
<div class="lb-trans"><h2>一項未引起注意的舉動</h2>
</div><p>And Nvidia's unobtrusive action -- one that didn't attract much attention -- in recent times suggests a major growth move could be around the corner. Late last month, the company filed a mixed-shelf registration with regulators, allowing it to raise capital through equity or debt at any point during the coming three years. Nvidia currently has about 24 billion common shares and zero preferred shares outstanding; it's authorized 80 billion common shares and 2 million preferred shares, suggesting it has plenty of room to launch future sales.</p>
<div class="lb-trans"><p>而英偉達最近採取的不顯眼的行動——並未引起太多關注——暗示着可能會有重大增長舉措即將到來。上個月底，該公司向監管機構提交了一份混合貨架註冊申請，允許其在未來三年內隨時通過股權或債務籌集資金。英偉達目前大約有 240 億普通股和零優先股在外流通；它獲准發行 800 億普通股和 200 萬優先股，這表明它有足夠的空間進行未來的銷售。</p>
</div><p>The shelf registration allows Nvidia to quickly plan an offering during this time frame, making it easier to take advantage of favorable market conditions and get in on opportunities as they arise. That's clearly a positive point.</p>
<div class="lb-trans"><p>貨架註冊使英偉達能夠在此時間框架內快速規劃發行，使其更容易利用有利的市場條件並抓住出現的機會。這顯然是一個積極的因素。</p>
</div><h2>Readiness to invest</h2>
<div class="lb-trans"><h2>投資準備</h2>
</div><p>The second big positive is this move suggests Nvidia aims to invest in the near future -- this could be in a variety of areas, from research and development to factory expansion or even potential acquisitions. This readiness to invest implies growth opportunities lie ahead, and Nvidia, with this flexibility to quickly raise cash, is well positioned to benefit from them.</p>
<div class="lb-trans"><p>第二個積極因素是，這一舉動表明英偉達計劃在不久的將來進行投資——這可能涉及多個領域，從研發到工廠擴張，甚至潛在的收購。這種投資準備意味着未來有增長機會，而英偉達憑藉快速籌集資金的靈活性，能夠很好地從中受益。</p>
</div><p>We've already seen evidence of Nvidia's focus on growth in recent times. For example, in April, the company announced investment in two U.S. factories for the eventual manufacturing of American-made supercomputers and says they should ramp up in 12 to 15 months.</p>
<div class="lb-trans"><p>我們已經看到英偉達最近專注於增長的證據。例如，在四月份，該公司宣佈投資於兩家美國工廠，以最終制造美國製造的超級計算機，並表示它們應該在 12 到 15 個月內開始增產。</p>
</div><p>So, why is all of this important for investors? As I mentioned, one big concern has been about Nvidia's growth moving forward. But considering Nvidia's leadership in a market with strong growth forecasts, there's reason to be optimistic about the future. And my prediction is Nvidia's decision to initiate a mixed-shelf registration signals the company is ready to make a big growth move -- one that could pay off for this tech giant and investors over the long term.</p>
<div class="lb-trans"><p>那麼，所有這些對投資者來説為什麼重要？正如我提到的，一個主要的擔憂是關於英偉達未來的增長。但考慮到英偉達在一個增長預測強勁的市場中的領導地位，未來值得樂觀。我的預測是，英偉達決定啓動混合貨架註冊，表明公司準備進行一次重大增長舉措——這可能會為這家科技巨頭和投資者在長期內帶來回報。</p>
</div>

Prediction: Nvidia's Recent Unobtrusive Maneuver Could Signal a Big Growth Move Ahead.

- Nvidia 在人工智能領域的主導地位推動了其收入和股價的快速增長。  
- 公司最近提交的混合貨架註冊表明其準備在未來進行投資以促進增長。  
- 分析師預測，Nvidia 將在多億美元的 AI 市場中受益，未來前景樂觀。  

預測：英偉達最近低調的動作可能預示着未來將有重大增長舉措