<p><strong>英偉達</strong>（NVDA 4.39%）強勁的第一季度業績被美國政府決定撤銷英偉達針對 H20 芯片的出口許可證所掩蓋，這些芯片是專門為滿足美國施加的限制而設計的。這導致英偉達在第一季度錯失了 25 億美元的銷售額。由於該公司在決定之前的一個季度已經實現了 46 億美元的 H20 銷售，因此 H20 業務的損失使英偉達未來的業務出現了巨大缺口。</p>
<p>然而，英偉達的命運似乎正在改變，他們向投資者傳遞了關於 H20 GPU 重返中國市場的令人振奮的消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>H20 出口預計將很快恢復</h2>
<p>英偉達已申請恢復其 H20 圖形處理單元（GPU）的出口許可證，並表示已獲得美國政府的保證，許可證將被授予。這對英偉達來説是一個巨大的勝利，因為這使其收入流中的一大部分得以恢復，並使英偉達在全球最大的市場之一中增加了立足點。</p>
<p>如上所述，如果沒有出口限制，第一季度的 H20 銷售額將達到 71 億美元。這將佔英偉達總銷售額的約 15%，因此 H20 芯片銷售的恢復將是一個受歡迎的提振。英偉達的第二季度將在 7 月底結束，因此本季度不會有 H20 銷售。然而，積壓的需求可能會在第三季度顯現，可能導致其增長重新加速。</p>
<p>即使沒有第二季度的 H20 銷售，英偉達仍預計年增長率將達到令人印象深刻的 50%，達到 450 億美元。H20 出口限制使第二季度預計損失了 80 億美元的銷售額，因此如果有這些銷售，其收入增長率將達到 77%。這比第一季度的增長率更快，約與公司 2025 財年第四季度的增長率相同。維持英偉達這樣規模的增長率是極具挑戰性的，且從未實現過。隨着 H20 芯片的迴歸，英偉達將有能力維持這一增長水平。</p>
<p>因此，我認為英偉達可以因這一消息而迅速上漲，因為其估值並不像去年這個時候那樣高。</p>
<h2>英偉達的估值比你想象的要好</h2>
<p>英偉達的股票目前並不便宜，市盈率為 38 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.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/cabb95e9e3ab32ed728d9af9f1270386.png"/></p>
<p>NVDA 市盈率（前瞻）數據來源於 YCharts</p>
<p>這是一個昂貴的估值，但與一些大型科技同行相比並沒有貴多少。此外，它是唯一一個增長速度接近的公司。</p>
<p>關於這個估值的另一個要點是，它僅考慮了明年的收益。如果英偉達維持其驚人的增長率（因為 H20 芯片的迴歸），那麼從五年的角度來看，這個估值看起來並不那麼昂貴。</p>
<p>H20 芯片的迴歸對英偉達的未來至關重要，股票在消息發佈後可能會上漲。然而，我認為英偉達股票真正飆升的機會將在 8 月底報告第二季度業績時到來。屆時，他們將提供對其財年第三季度的指導，這可能包括 H20 GPU 的銷售。這一消息可能會導致股票跳漲，因此現在買入股票是一個明智的選擇。</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>英偉達最近關於恢復向中國出口 H20 GPU 的消息可能會顯著提升其股價。在因美國出口限制而損失 25 億美元銷售額後，英偉達已申請恢復其出口許可證，並獲得政府的保證。這可能恢復一條重要的收入來源，預計由於被壓抑的需求，第三季度的銷售額將大幅增長。儘管前瞻市盈率高達 38 倍，英偉達的增長前景依然強勁，預計在 8 月底發佈的第二季度業績後，股價可能進一步上漲，屆時將包括對 H20 銷售的指導</p>

<p><strong>Nvidia</strong>'s (NVDA 4.39%) strong Q1 results were overshadowed by the U.S. government's decision to revoke Nvidia's export license for H20 chips that were specifically designed to meet U.S.-imposed restrictions. This resulted in Nvidia missing out on $2.5 billion in sales during the first quarter. As the company had already brought in $4.6 billion in H20 sales in the quarter before the decision, the loss of the H20 business resulted in a large hole in Nvidia's business going forward.</p>
<div class="lb-trans"><p><strong>英偉達</strong>（NVDA 4.39%）強勁的第一季度業績被美國政府決定撤銷英偉達針對 H20 芯片的出口許可證所掩蓋，這些芯片是專門為滿足美國施加的限制而設計的。這導致英偉達在第一季度錯失了 25 億美元的銷售額。由於該公司在決定之前的一個季度已經實現了 46 億美元的 H20 銷售，因此 H20 業務的損失使英偉達未來的業務出現了巨大缺口。</p>
</div><p>However, Nvidia's fortunes appear to be changing, and they delivered investors exciting news about H20 GPUs returning to the Chinese market.</p>
<div class="lb-trans"><p>然而，英偉達的命運似乎正在改變，他們向投資者傳遞了關於 H20 GPU 重返中國市場的令人振奮的消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUwODcvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825087%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>H20 exports are expected to resume shortly</h2>
<div class="lb-trans"><h2>H20 出口預計將很快恢復</h2>
</div><p>Nvidia filed to resume its export license for H20 graphics processing units (GPUs), and says it has been assured by the U.S. government that the license will be granted. This is a massive win for Nvidia, as it allows a sizable chunk of its revenue stream to return and allows Nvidia to increase its foothold in one of the largest markets in the world.</p>
<div class="lb-trans"><p>英偉達已申請恢復其 H20 圖形處理單元（GPU）的出口許可證，並表示已獲得美國政府的保證，許可證將被授予。這對英偉達來説是一個巨大的勝利，因為這使其收入流中的一大部分得以恢復，並使英偉達在全球最大的市場之一中增加了立足點。</p>
</div><p>As mentioned above, H20 sales in Q1 would have been $7.1 billion if the export restrictions weren't in place. That would have accounted for about 15% of Nvidia's total sales, so the return of H20 chip sales will be a welcome boost. Nvidia's Q2 ends in late July, so there won't be any H20 sales this quarter. However, pent-up demand could surface in Q3, potentially causing its growth to reaccelerate.</p>
<div class="lb-trans"><p>如上所述，如果沒有出口限制，第一季度的 H20 銷售額將達到 71 億美元。這將佔英偉達總銷售額的約 15%，因此 H20 芯片銷售的恢復將是一個受歡迎的提振。英偉達的第二季度將在 7 月底結束，因此本季度不會有 H20 銷售。然而，積壓的需求可能會在第三季度顯現，可能導致其增長重新加速。</p>
</div><p>Even without second quarter H20 sales, Nvidia still expects an impressive 50% year over year growth rate to $45 billion. The H20 export restriction removed a projected $8 billion in Q2 sales, so if it had had those sales, its revenue growth rate would have been 77%. That's quicker than Q1's rate and about the same growth rate as the company's fiscal 2025 fourth quarter. Maintaining a growth rate at Nvidia's size is incredibly challenging and has never been achieved before. With the return of H20 chips, Nvidia will be positioned to sustain that growth level.</p>
<div class="lb-trans"><p>即使沒有第二季度的 H20 銷售，英偉達仍預計年增長率將達到令人印象深刻的 50%，達到 450 億美元。H20 出口限制使第二季度預計損失了 80 億美元的銷售額，因此如果有這些銷售，其收入增長率將達到 77%。這比第一季度的增長率更快，約與公司 2025 財年第四季度的增長率相同。維持英偉達這樣規模的增長率是極具挑戰性的，且從未實現過。隨着 H20 芯片的迴歸，英偉達將有能力維持這一增長水平。</p>
</div><p>As a result, I think Nvidia can skyrocket off of this news, as it's not valued as highly as it was during this time last year.</p>
<div class="lb-trans"><p>因此，我認為英偉達可以因這一消息而迅速上漲，因為其估值並不像去年這個時候那樣高。</p>
</div><h2>Nvidia's valuation is better than you may expect</h2>
<div class="lb-trans"><h2>英偉達的估值比你想象的要好</h2>
</div><p>Nvidia's stock isn't cheap by any measure right now, as it trades for 38 times forward earnings.</p>
<div class="lb-trans"><p>英偉達的股票目前並不便宜，市盈率為 38 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png" alt="" original-src="https://media.ycharts.com/charts/cabb95e9e3ab32ed728d9af9f1270386.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）數據來源於 YCharts</p>
</div><p>This is an expensive valuation, but it isn't much more expensive than some of its big tech peers. Furthermore, it's the only one remotely close to growing as quickly as it is.</p>
<div class="lb-trans"><p>這是一個昂貴的估值，但與一些大型科技同行相比並沒有貴多少。此外，它是唯一一個增長速度接近的公司。</p>
</div><p>Another item to note regarding this valuation is that it only considers earnings for the next year. If Nvidia maintains its jaw-dropping growth rate (as it could do with H20 chips returning), then this valuation doesn't look all that expensive with a five-year mindset.</p>
<div class="lb-trans"><p>關於這個估值的另一個要點是，它僅考慮了明年的收益。如果英偉達維持其驚人的增長率（因為 H20 芯片的迴歸），那麼從五年的角度來看，這個估值看起來並不那麼昂貴。</p>
</div><p>The return of H20 chips can't be understated for Nvidia's future, and the stock will likely move higher after the news. However, I think the real chance for Nvidia's stock to skyrocket will come when it reports Q2 results in late August. They'll give guidance for its fiscal third quarter at that time, which will likely include H20 GPU sales. This news could cause the stock to jump, making it a smart move to buy the stock now.</p>
<div class="lb-trans"><p>H20 芯片的迴歸對英偉達的未來至關重要，股票在消息發佈後可能會上漲。然而，我認為英偉達股票真正飆升的機會將在 8 月底報告第二季度業績時到來。屆時，他們將提供對其財年第三季度的指導，這可能包括 H20 GPU 的銷售。這一消息可能會導致股票跳漲，因此現在買入股票是一個明智的選擇。</p>
</div>

Nvidia Just Got Incredible News About China That Could Cause The Stock to Skyrocket

- Nvidia 因美國政府撤銷 H20 芯片出口許可，第一季度損失 25 億美元銷售。  
- H20 芯片預計將很快恢復出口，可能推動未來增長。  
- Nvidia 預計第二季度仍將實現 50% 的年增長率。  

英偉達剛剛收到關於中國的重大利好消息，這可能會推動其股價大幅上漲