<p><strong>英偉達</strong>(NVDA -2.26%) 的股票在年初表現緩慢，但自四月初開始的強勁反彈使其年初至今上漲了約 30%。這種勢頭能否持續將很大程度上取決於這家人工智能（AI）領導者在 8 月 27 日發佈財務第二季度財報時的表現。</p>
<p>英偉達去年的銷售額翻了一番，但維持這樣的增長水平將會很困難。由於客户建立庫存以及競爭芯片開始出現，對其領先的 AI 硬件的需求勢必會減弱。然而，這家科技巨頭並不需要達到這樣的銷售增長水平，才能在其近期的價格水平上仍然成為一個很好的投資。</p>
<p>以下是需要關注的數據點，以查看增長是否仍然足夠強勁，值得現在購買英偉達的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWhlYWRxdWFydGVycy1hdC1kdXNrLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWhlYWRxdWFydGVycy1hdC1kdXNrLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>跡象仍然指向對英偉達芯片的強勁需求</h2>
<p>儘管英偉達的股票在過去幾個月因多個催化因素強勁反彈，但投資者在今年早些時候對其中國業務的有效關閉感到有些消極。</p>
<p>人們擔心由於出口限制而導致的中國銷售損失的影響。英偉達在財務第一季度因其 H20 庫存和因新規則限制對中國的銷售而計提了 45 億美元的費用。H20 芯片是專門為中國市場設計的，之前的出口規則實施後也進行了調整。</p>
<p>但現在，中國似乎成為了 AI 芯片銷售的另一個順風因素，因為與該國的關税和貿易進一步變化。最近的報告稱，英偉達已向合同供應商 <strong>台灣半導體制造公司</strong> 訂購了 30 萬個 H20 圖形處理單元（GPU）。這是一個相當可觀的芯片數量。作為參考，英偉達在 2024 年銷售了約 100 萬個 H20 芯片。</p>
<p>這些銷售將是在對英偉達最強大的 Blackwell 芯片需求激增的環境中進行的，因為數據中心的全球增長正在擴展。英偉達的系統將支持沙特阿拉伯、印度尼西亞、歐洲國家以及美國 5000 億美元的星際門項目等正在進行的 AI 數據中心項目。</p>
<h2>深入分析英偉達的銷售情況</h2>
<p>這都引出了投資者在英偉達下次於 8 月 27 日發佈財報時應該特別關注的內容。所有持續的數據中心增長將引領英偉達領先芯片和軟件的下一波銷售。這是在大科技和 AI 公司幫助推動英偉達創紀錄的 114% 年增長率的前一年之後。</p>
<p>然而，收入增長已從最初的水平放緩。儘管每個季度仍在增加，但季度環比增長已平穩至約 15%，如下圖所示。中國銷售的損失使得最近一個季度的增長僅為 10%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="447" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA"/></p>
<p>數據來源：英偉達財報發佈。圖表由作者製作。</p>
<p>連續四個季度的 15% 增長將代表 75% 的年增長率。這是驚人的銷售增長，對於像英偉達這樣的巨型公司來説更是令人印象深刻。</p>
<p>這是投資者應該關注的英偉達財報中的指標。如果財務第一季度因中國銷售中斷而成為異常，而季度增長重新加速，那麼即使在近期水平上，英偉達看起來也會像是一隻便宜的股票。</p>
<p>最大的問題將是其增長的持續時間。只有首席執行官黃仁勳和季度報告中的評論才能回答這個問題。投資者也應該關注這些暗示，但季度數據中心的增長本身應該是繼續關注英偉達的最重要財務指標。</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>英偉達的股票今年迄今已上漲約 30%，但其未來增長取決於即將於 8 月 27 日發佈的 2024 財年第二季度財報。儘管去年銷售額大幅增長，但由於需求減弱和競爭加劇，維持這一增長可能面臨挑戰。投資者應關注季度增長率，特別是數據中心銷售，因為英偉達正在應對近期的挑戰，包括因失去中國市場銷售而產生的 45 億美元費用。該公司已訂購 30 萬個 H20 GPU，表明需求強勁，尤其是在全球數據中心項目持續進行的情況下</p>

<p><strong>Nvidia</strong>(NVDA -2.26%) shares had a slow start to the year, but a strong rally that began in early April now has them up by about 30% year to date. Whether that momentum can continue will greatly depend on what the artificial intelligence (AI) leader has to say when it reports fiscal second-quarter earnings on Aug. 27.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -2.26%) 的股票在年初表現緩慢，但自四月初開始的強勁反彈使其年初至今上漲了約 30%。這種勢頭能否持續將很大程度上取決於這家人工智能（AI）領導者在 8 月 27 日發佈財務第二季度財報時的表現。</p>
</div><p>Nvidia more than doubled sales last year, but maintaining that level of growth would be difficult. Insatiable demand for its leading AI hardware is bound to wane as customers build inventories and competitive chips begin to appear. Yet the tech giant doesn't need to achieve that level of sales growth for it to still be a great investment at its recent price level.</p>
<div class="lb-trans"><p>英偉達去年的銷售額翻了一番，但維持這樣的增長水平將會很困難。由於客户建立庫存以及競爭芯片開始出現，對其領先的 AI 硬件的需求勢必會減弱。然而，這家科技巨頭並不需要達到這樣的銷售增長水平，才能在其近期的價格水平上仍然成為一個很好的投資。</p>
</div><p>Here's the data point to watch to see if growth remains strong enough to justify buying Nvidia stock now.</p>
<div class="lb-trans"><p>以下是需要關注的數據點，以查看增長是否仍然足夠強勁，值得現在購買英偉達的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWhlYWRxdWFydGVycy1hdC1kdXNrLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825150%2Fnvidia-headquarters-at-dusk.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>Signs still point to strong demand for Nvidia chips</h2>
<div class="lb-trans"><h2>跡象仍然指向對英偉達芯片的強勁需求</h2>
</div><p>Although Nvidia stock rallied strongly over the past several months due to several catalysts, investors turned somewhat negative earlier this year when its China business was effectively shut down.</p>
<div class="lb-trans"><p>儘管英偉達的股票在過去幾個月因多個催化因素強勁反彈，但投資者在今年早些時候對其中國業務的有效關閉感到有些消極。</p>
</div><p>The fear was the impact of lost revenue from China sales due to export restrictions. Nvidia took a $4.5 billion charge in the fiscal first quarter for its H20 inventory and canceled sales due to new rules restricting sales to China. The H20 chip was designed specifically for the China market after previous export rules were put in place.</p>
<div class="lb-trans"><p>人們擔心由於出口限制而導致的中國銷售損失的影響。英偉達在財務第一季度因其 H20 庫存和因新規則限制對中國的銷售而計提了 45 億美元的費用。H20 芯片是專門為中國市場設計的，之前的出口規則實施後也進行了調整。</p>
</div><p>But now China looks to be another tailwind for AI chip sales after further changes on tariffs and trade with the country. Recent reports say Nvidia has ordered 300,000 H20 graphics processing units (GPUs) to be manufactured by contract supplier <strong>Taiwan Semiconductor Manufacturing</strong>. That's a meaningful number of chips. For perspective, Nvidia sold about 1 million H20 chips in 2024.</p>
<div class="lb-trans"><p>但現在，中國似乎成為了 AI 芯片銷售的另一個順風因素，因為與該國的關税和貿易進一步變化。最近的報告稱，英偉達已向合同供應商 <strong>台灣半導體制造公司</strong> 訂購了 30 萬個 H20 圖形處理單元（GPU）。這是一個相當可觀的芯片數量。作為參考，英偉達在 2024 年銷售了約 100 萬個 H20 芯片。</p>
</div><p>Those sales will be in addition to a booming environment of demand for Nvidia's most powerful Blackwell chips as data center growth expands globally. Nvidia systems will support AI data center projects already in the works with Saudi Arabia, Indonesia, European nations, as well as the $500 billion Stargate Project in the U.S.</p>
<div class="lb-trans"><p>這些銷售將是在對英偉達最強大的 Blackwell 芯片需求激增的環境中進行的，因為數據中心的全球增長正在擴展。英偉達的系統將支持沙特阿拉伯、印度尼西亞、歐洲國家以及美國 5000 億美元的星際門項目等正在進行的 AI 數據中心項目。</p>
</div><h2>Drilling down on Nvidia's sales</h2>
<div class="lb-trans"><h2>深入分析英偉達的銷售情況</h2>
</div><p>That all leads to what investors should specifically be monitoring when Nvidia next reports earnings on Aug. 27. All of the ongoing data center growth will lead the next wave of sales for Nvidia's leading chips and software. That follows a year where big tech and AI companies helped boost Nvidia's record revenue growth by 114% year over year.</p>
<div class="lb-trans"><p>這都引出了投資者在英偉達下次於 8 月 27 日發佈財報時應該特別關注的內容。所有持續的數據中心增長將引領英偉達領先芯片和軟件的下一波銷售。這是在大科技和 AI 公司幫助推動英偉達創紀錄的 114% 年增長率的前一年之後。</p>
</div><p>Revenue growth has slowed from initial levels, though. It has still been increasing every quarter, but quarter-over-quarter increases leveled off to about 15% as the chart below indicates. The loss of China sales then reduced the most recent quarterly growth to just 10%.</p>
<div class="lb-trans"><p>然而，收入增長已從最初的水平放緩。儘管每個季度仍在增加，但季度環比增長已平穩至約 15%，如下圖所示。中國銷售的損失使得最近一個季度的增長僅為 10%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxNTAvbnZpZGlhLWRhdGEtY2VudGVyLXJldmVudWUtZ3Jvd3RoLXFvcS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825150%2Fnvidia-data-center-revenue-growth-qoq.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia earnings releases. Chart by author.</p>
<div class="lb-trans"><p>數據來源：英偉達財報發佈。圖表由作者製作。</p>
</div><p>Four consecutive quarters of 15% growth would represent a 75% annual growth rate. That's stellar sales growth and even more impressive for a megacap company like Nvidia.</p>
<div class="lb-trans"><p>連續四個季度的 15% 增長將代表 75% 的年增長率。這是驚人的銷售增長，對於像英偉達這樣的巨型公司來説更是令人印象深刻。</p>
</div><p>That's the metric from Nvidia's earnings reports investors should focus on. If fiscal Q1 was an anomaly due to the China sales disruption and quarterly growth reaccelerates, Nvidia is going to look like a cheap stock even at recent levels.</p>
<div class="lb-trans"><p>這是投資者應該關注的英偉達財報中的指標。如果財務第一季度因中國銷售中斷而成為異常，而季度增長重新加速，那麼即使在近期水平上，英偉達看起來也會像是一隻便宜的股票。</p>
</div><p>The biggest question will be how long its growth runway can continue. That can only be answered by CEO Jensen Huang and the commentary from the quarterly report. Investors should listen for those hints, too, but the quarterly data center growth itself should be the most important financial metric to continue to watch from Nvidia.</p>
<div class="lb-trans"><p>最大的問題將是其增長的持續時間。只有首席執行官黃仁勳和季度報告中的評論才能回答這個問題。投資者也應該關注這些暗示，但季度數據中心的增長本身應該是繼續關注英偉達的最重要財務指標。</p>
</div>

The Most Important Thing for Nvidia Investors to Watch in 2025

- Nvidia 股價年初表現平平，但自 4 月以來上漲約 30%。  
- 8 月 27 日財報將揭示其 AI 硬件需求及銷售增長的持續性。  
- 投資者需關注數據中心增長對未來銷售的影響。  

2025 年英偉達投資者最重要的關注點