<p><strong>英偉達</strong>(NVDA 1.05%) 的股票漲幅堪稱歷史上最驚人的之一，從 2023 年初的 3500 億美元市值增長到接近 4.5 萬億美元。其快速增長得益於對圖形處理單元（GPU）的旺盛需求，這是其主要產品。這些設備由於人工智能（AI）軍備競賽的推動，使用量激增，而這種激增遠未結束。</p>
<p>在 8 月 27 日，英偉達將公佈 2026 財年第二季度（截至 7 月 27 日）的業績，我預計英偉達將討論的一些事項可能會為股東帶來爆炸性的回報。儘管英偉達今年迄今表現強勁，但我不會感到驚訝，如果在財報發佈後，股價飆升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達的收入增長可能會重新加速</h2>
<p>英偉達在應對 GPU 需求方面所取得的增長簡直令人難以置信。儘管最近幾個季度增長開始放緩，但英偉達的增長率，加上其龐大的規模，令人震驚。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png"/></p>
<p>NVDA 收入（TTM）數據來自 YCharts</p>
<p>在第二季度，英偉達的增長率預計將再次放緩，管理層預計收入增長約為 50%。這仍然是一個令人印象深刻的數字，但我認為下個季度可能會有一些催化劑促使增長重新加速。</p>
<p>我認為英偉達的股票在財報發佈後會飆升的最大原因之一是其中國業務的迴歸。今年 4 月，英偉達的 H20 芯片出口許可證被撤銷（該芯片專門設計以滿足出口限制）。這關閉了全球第二大 AI 客户的大門，英偉達因此不得不在季度財報中計提減值。</p>
<p>這也影響了第二季度的增長預測。管理層估計，H20 業務將在第二季度造成約 80 億美元的銷售損失。如果這個數字被納入管理層的預測，英偉達預計的收入增長將達到約 77%。這與其預計的 50% 增長相比，差異顯著，但在這一方面有好消息。</p>
<p>在 7 月，英偉達宣佈正在重新申請其中國出口許可證，並獲得了美國政府的保證，將會被批准。雖然英偉達的供應鏈需要一段時間才能恢復，但有消息稱，英偉達向其一位供應商下了 30 萬個 H20 芯片的訂單，以將可用庫存翻倍。與此同時，英偉達可以出售其原本認為需要計提減值的產品。</p>
<p>這可能會在第三季度提供巨大的增長動力，導致管理層給出樂觀的指引。強勁的前景可能會導致股價飆升，但我認為還有另一個原因使英偉達可能會交出一個超預期的季度業績。</p>
<h2>英偉達的股票開始變得昂貴</h2>
<p>由於英偉達在科技巨頭之後大約一個月發佈財報，我們可以根據他們的業績對英偉達的季度表現有一些瞭解。幾乎每家大型科技公司在第二季度的財報中都討論了增加數據中心資本支出的預期。這對英偉達來説是個好兆頭，因為其 GPU 填充了許多數據中心。這表明對 GPU 的需求仍然很高，英偉達在進入季度時應該沒有問題滿足預期，甚至超出預期。</p>
<p>唯一可能阻礙英偉達股票在財報發佈後飆升的因素是其價格。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.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/c7123b0e7055a6c7f9667570b44062d3.png"/></p>
<p>NVDA 市盈率（前瞻）數據來自 YCharts</p>
<p>以 43 倍的前瞻市盈率計算，英偉達接近過去幾年交易的峯值，儘管其增長率有所放緩。儘管其預計的 50% 增長令人印象深刻，但仍低於過去幾年實現的 100% 甚至 200% 的增長。</p>
<p>我們將在 8 月 27 日的公告後瞭解更多信息，但我仍然認為，考慮到股市的樂觀情緒，英偉達的股票在財報發佈後飆升的可能性很大。英偉達的增長預測將因中國業務的迴歸而顯示出重新加速，我認為這一催化劑將是未來股票表現的驅動因素。</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>英偉達的股票在 2026 財年第二季度財報發佈後預計將大幅上漲，原因是人工智能熱潮推動了對 GPU 的強勁需求。儘管預計收入增長 50%，但其中國業務的潛在迴歸可能會顯著提升銷售，之前估計損失為 80 億美元。此外，主要科技公司在數據中心的資本支出上升，表明對英偉達產品的持續需求。然而，股票以 43 倍的未來收益估值可能會抑制預期。總體而言，英偉達未來表現的前景依然樂觀</p>

<p><strong>Nvidia</strong>(NVDA 1.05%) has had one of the most incredible stock rises of all time, growing from a market capitalization of $350 billion at the start of 2023 to one approaching $4.5 trillion. It has risen so quickly thanks to the insatiable demand for graphics processing units (GPUs), its primary product. These devices have seen a spike in usage due to the artificial intelligence (AI) arms race, and that spike is far from over.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 1.05%) 的股票漲幅堪稱歷史上最驚人的之一，從 2023 年初的 3500 億美元市值增長到接近 4.5 萬億美元。其快速增長得益於對圖形處理單元（GPU）的旺盛需求，這是其主要產品。這些設備由於人工智能（AI）軍備競賽的推動，使用量激增，而這種激增遠未結束。</p>
</div><p>On Aug. 27, Nvidia reports Q2 FY 2026 (ending July 27) results, and some of the items I expect Nvidia to address could result in explosive returns for shareholders. Although Nvidia has had a strong year so far, I wouldn't be surprised to see the stock skyrocket following earnings.</p>
<div class="lb-trans"><p>在 8 月 27 日，英偉達將公佈 2026 財年第二季度（截至 7 月 27 日）的業績，我預計英偉達將討論的一些事項可能會為股東帶來爆炸性的回報。儘管英偉達今年迄今表現強勁，但我不會感到驚訝，如果在財報發佈後，股價飆升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwMTYvcGhvdG8tb2YtZGF0YS1jZW50ZXItd2l0aC1ncHVzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828016%2Fphoto-of-data-center-with-gpus.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 revenue growth could reaccelerate</h2>
<div class="lb-trans"><h2>英偉達的收入增長可能會重新加速</h2>
</div><p>The growth Nvidia has delivered in response to the demand for GPUs is nothing short of incredible. Although growth has started to slow in recent quarters, Nvidia's growth rate, combined with its sheer size, is mind-numbing.</p>
<div class="lb-trans"><p>英偉達在應對 GPU 需求方面所取得的增長簡直令人難以置信。儘管最近幾個季度增長開始放緩，但英偉達的增長率，加上其龐大的規模，令人震驚。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png" alt="" original-src="https://media.ycharts.com/charts/9eeba0c4c3f009b7748686ce05b30a8c.png"/></p>
<p>NVDA Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>NVDA 收入（TTM）數據來自 YCharts</p>
</div><p>In Q2, Nvidia's growth rate is expected to slow again, with management projecting around 50% revenue growth. That's still an impressive figure, but I think there could be some catalysts for reacceleration for the next quarter.</p>
<div class="lb-trans"><p>在第二季度，英偉達的增長率預計將再次放緩，管理層預計收入增長約為 50%。這仍然是一個令人印象深刻的數字，但我認為下個季度可能會有一些催化劑促使增長重新加速。</p>
</div><p>One of the biggest reasons I think Nvidia's stock will soar following earnings is the return of its China business. In April, Nvidia's export license for H20 chips (which were specifically designed to meet export restrictions) was revoked. This shut the door of the second-biggest AI customer in the world, and Nvidia had to take a write-off on its quarterly earnings as a result.</p>
<div class="lb-trans"><p>我認為英偉達的股票在財報發佈後會飆升的最大原因之一是其中國業務的迴歸。今年 4 月，英偉達的 H20 芯片出口許可證被撤銷（該芯片專門設計以滿足出口限制）。這關閉了全球第二大 AI 客户的大門，英偉達因此不得不在季度財報中計提減值。</p>
</div><p>It also affected Q2's growth projection. Management estimated that the H20 business would result in around $8 billion of lost sales during Q2. If that figure were included in management's projection, Nvidia would have been expected to grow revenue by around 77%. That's a significant shift from the 50% growth it's expecting, but there is great news on this front.</p>
<div class="lb-trans"><p>這也影響了第二季度的增長預測。管理層估計，H20 業務將在第二季度造成約 80 億美元的銷售損失。如果這個數字被納入管理層的預測，英偉達預計的收入增長將達到約 77%。這與其預計的 50% 增長相比，差異顯著，但在這一方面有好消息。</p>
</div><p>In July, Nvidia announced that it was reapplying for its China export license, with assurances from the U.S. government that it would be granted. While it will take a while for Nvidia's supply chain to restart, one source stated that Nvidia placed an order of 300,000 H20 chips with one of its suppliers to double available inventory. In the meantime, Nvidia can just sell what it originally thought it would have to write off.</p>
<div class="lb-trans"><p>在 7 月，英偉達宣佈正在重新申請其中國出口許可證，並獲得了美國政府的保證，將會被批准。雖然英偉達的供應鏈需要一段時間才能恢復，但有消息稱，英偉達向其一位供應商下了 30 萬個 H20 芯片的訂單，以將可用庫存翻倍。與此同時，英偉達可以出售其原本認為需要計提減值的產品。</p>
</div><p>This will likely provide a huge growth boost during Q3, causing management to give rosy guidance. The strong outlook will likely cause the stock to soar, but there's also another reason I think Nvidia could deliver a blowout quarter.</p>
<div class="lb-trans"><p>這可能會在第三季度提供巨大的增長動力，導致管理層給出樂觀的指引。強勁的前景可能會導致股價飆升，但我認為還有另一個原因使英偉達可能會交出一個超預期的季度業績。</p>
</div><h2>Nvidia's stock is starting to become expensive</h2>
<div class="lb-trans"><h2>英偉達的股票開始變得昂貴</h2>
</div><p>Because Nvidia reports about a month after the tech giants, we can get some idea of how Nvidia's quarter may have gone based on their results. Nearly every big tech company discussed increasing their capital expenditure projections regarding data centers during Q2 results. This bodes well for Nvidia, as its GPUs fill many of these data centers. This indicates that the demand for GPUs is remaining elevated, and Nvidia should have no problem meeting expectations, if not exceeding them, heading into the quarter.</p>
<div class="lb-trans"><p>由於英偉達在科技巨頭之後大約一個月發佈財報，我們可以根據他們的業績對英偉達的季度表現有一些瞭解。幾乎每家大型科技公司在第二季度的財報中都討論了增加數據中心資本支出的預期。這對英偉達來説是個好兆頭，因為其 GPU 填充了許多數據中心。這表明對 GPU 的需求仍然很高，英偉達在進入季度時應該沒有問題滿足預期，甚至超出預期。</p>
</div><p>The only item that could hamper Nvidia's stock from soaring following earnings is its price tag.</p>
<div class="lb-trans"><p>唯一可能阻礙英偉達股票在財報發佈後飆升的因素是其價格。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.png" alt="" original-src="https://media.ycharts.com/charts/c7123b0e7055a6c7f9667570b44062d3.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）數據來自 YCharts</p>
</div><p>At 43 times forward earnings, Nvidia is approaching the peak of where it traded during the past few years, despite its growth rate being slower. While its projected 50% growth is impressive, it's still short of the 100% or even 200% growth it delivered in years past.</p>
<div class="lb-trans"><p>以 43 倍的前瞻市盈率計算，英偉達接近過去幾年交易的峯值，儘管其增長率有所放緩。儘管其預計的 50% 增長令人印象深刻，但仍低於過去幾年實現的 100% 甚至 200% 的增長。</p>
</div><p>We'll find out more following the Aug. 27 announcement, but I still think there's a large chance Nvidia's stock soars following earnings, considering the bullish nature of the stock market. Nvidia's growth projection will likely show reacceleration thanks to the return of the China business, and I think that catalyst will be the driving factor of future stock performance.</p>
<div class="lb-trans"><p>我們將在 8 月 27 日的公告後瞭解更多信息，但我仍然認為，考慮到股市的樂觀情緒，英偉達的股票在財報發佈後飆升的可能性很大。英偉達的增長預測將因中國業務的迴歸而顯示出重新加速，我認為這一催化劑將是未來股票表現的驅動因素。</p>
</div>

Prediction: Nvidia Stock Will Skyrocket After Aug. 27

- Nvidia 市值從 2023 年初的 3500 億美元增長至接近 4.5 萬億美元。  
- 由於對 GPU 的需求激增，Nvidia 預計 Q2 收入增長約 50%。  
- 中國業務恢復可能推動未來股價大幅上漲。

預測：英偉達的股票將在 8 月 27 日之後大幅上漲