<p><strong>英偉達</strong>(NVDA -0.01%) 今天發佈了財報，市場對此反應平淡。股價在收盤時持平，盤後下跌了幾個百分點。</p>
<p>從收入的頂線數字來看，一切似乎都很積極。該公司超出了分析師對收入的預期，約為 5 億美元，銷售額同比增長了 56%。但當你深入分析未來幾個季度的預測時，情況變得更加陰暗。這讓投資者開始思考如何消化今天發佈的另一條重大消息：創紀錄的 600 億美元股票回購計劃。</p>
<p>你應該對英偉達的大規模股票回購計劃感到興奮嗎？你可能會對答案感到驚訝。</p>
<h2>股票回購並不總是創造股東價值</h2>
<p>讓我們談談公司為什麼要進行股票回購。理論上，公司對其特定市場和情況的理解優於外部人士。因此，管理層有時能夠判斷出其業務的內在價值_高於_當前市場價格。通過回購股票，公司實際上是在自我投資，以低於其認為應有價值的價格回購股票。</p>
<p>鑑於此，股票回購通常應該為投資者創造額外價值。畢竟，公司以低於其價值的價格購買資產——這是幾乎每個投資者都試圖採用的明智投資策略。然而，在實踐中，股票回購也可能會破壞股東價值，因為它們有時是出於其他目的而進行的，而非創造價值。</p>
<p>許多企業——尤其是像英偉達這樣的科技公司——向員工提供股票期權，以激勵他們為公司創造價值。這些股票期權通常需要出售更多股票，從而稀釋股東的權益。許多公司創建股票回購計劃並不是因為其股價便宜，而是為了補償這些股票銷售。</p>
<p>有時，公司進行股票回購僅僅是因為它們沒有其他地方可以投資其資本。現金流巨大的公司但增長機會有限，可能會陷入這種困境，以高價回購股票，儘管這樣做的相對價值較低。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英偉達通過回購 600 億美元股票是否在破壞股東價值？</h2>
<p>那麼，英偉達的情況如何呢？值得注意的是，英偉達已經在回購價值數百億美元的股票。</p>
<p>&#34;在 2026 財年的上半年，英偉達以回購股票和現金分紅的形式向股東返還了 243 億美元，&#34;該公司宣佈。之前的股票回購計劃下還有近 150 億美元的資金。這一數字應與本季度宣佈的 600 億美元新授權相加。</p>
<p>由於英偉達的股價在過去一年中上漲了 40%，這些回購目前為股東創造了積極的價值。英偉達每個季度產生超過 250 億美元的自由現金流，季度資本支出僅為 10 億到 20 億美元。這為股票回購提供了充足的現金。</p>
<p>問題在於：英偉達的預測看起來出乎意料的疲軟。</p>
<p>其下個季度的銷售預測比分析師的共識預期低了 60 億美元。根據彭博社的報道，&#34;該預測未包括來自中國的數據中心收入，而在這個市場上，英偉達面臨着美國出口限制和來自北京的對立壓力。&#34;</p>
<p>此外，英偉達的股本回報率在最近幾個季度中驚人地超過了 100%。雖然回購股票可能會產生積極影響，但與將閒置現金投資於促進增長的項目相比，這一舉動可能會對回報產生整體拖累。除非英偉達找不到足夠的現金使用方式，而這似乎正是今天的情況。</p>
<p>英偉達的股票回購是否能隨着時間的推移創造價值仍有待觀察。但這裏的主要結論是，英偉達正在產生大量現金。然而，儘管在一個巨大的增長市場中運營，該公司似乎沒有太多額外的地方可以投入這些現金。與其讓現金在資產負債表上堆積，公司選擇通過回購將其返還給股東。</p>
<p>因此，儘管管理層無疑對公司的未來感到興奮，但這些回購不應被視為傳統意義上的投資。也就是説，英偉達可能並不是因為從內部人士的角度看其股票便宜而回購股票。它這樣做是因為它已經達到了重新投資於業務的最大能力。</p>

英偉達

<p>英偉達在其財報發佈後宣佈了一項創紀錄的 600 億美元股票回購計劃，該財報顯示收入超出預期，但銷售預測疲軟。雖然股票回購可以創造價值，但也可能稀釋股東權益或表明缺乏增長機會。英偉達最近已向股東返還 243 億美元，但其未來的增長前景似乎有限，這引發了人們對回購是否最終會惠及投資者的擔憂。該公司正在產生可觀的現金流，但可能難以找到有效的再投資機會</p>

<p><strong>Nvidia</strong>(NVDA -0.01%) released earnings today, and the market largely shrugged at the results. Shares ended the day flat, falling by a couple of percentage points after hours.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -0.01%) 今天發佈了財報，市場對此反應平淡。股價在收盤時持平，盤後下跌了幾個百分點。</p>
</div><p>When you look at the top-line numbers, everything appears positive. The company beat analyst expectations for revenue by around $500 million, with sales growing by 56% year over year. But when you dig into the forecast for upcoming quarters, the situation turns more gloomy. That has investors wondering how they should digest another big piece of news released today: A record-breaking $60 billion share buyback program.</p>
<div class="lb-trans"><p>從收入的頂線數字來看，一切似乎都很積極。該公司超出了分析師對收入的預期，約為 5 億美元，銷售額同比增長了 56%。但當你深入分析未來幾個季度的預測時，情況變得更加陰暗。這讓投資者開始思考如何消化今天發佈的另一條重大消息：創紀錄的 600 億美元股票回購計劃。</p>
</div><p>Should you be excited about Nvidia's massive share repurchase plan? You might be surprised by the answer.</p>
<div class="lb-trans"><p>你應該對英偉達的大規模股票回購計劃感到興奮嗎？你可能會對答案感到驚訝。</p>
</div><h2>Share repurchases don't always create shareholder value</h2>
<div class="lb-trans"><h2>股票回購並不總是創造股東價值</h2>
</div><p>Let's talk about why companies conduct share repurchases in the first place. In theory, companies understand their specific markets and situations better than outsiders. Therefore, executives can sometimes tell when the intrinsic value of their business is <em>above</em> the current market price for their stock. By repurchasing stock, the company is essentially investing in itself, buying back shares for less than the company believes they should be worth.</p>
<div class="lb-trans"><p>讓我們談談公司為什麼要進行股票回購。理論上，公司對其特定市場和情況的理解優於外部人士。因此，管理層有時能夠判斷出其業務的內在價值_高於_當前市場價格。通過回購股票，公司實際上是在自我投資，以低於其認為應有價值的價格回購股票。</p>
</div><p>Given this, share repurchases should often create extra value for investors. After all, the company is buying an asset for less than it's worth -- a wise investment strategy that nearly every investor tries to employ. In practice, however, share buybacks can also destroy shareholder value, because they are sometimes done for purposes other than value creation.</p>
<div class="lb-trans"><p>鑑於此，股票回購通常應該為投資者創造額外價值。畢竟，公司以低於其價值的價格購買資產——這是幾乎每個投資者都試圖採用的明智投資策略。然而，在實踐中，股票回購也可能會破壞股東價值，因為它們有時是出於其他目的而進行的，而非創造價值。</p>
</div><p>Many businesses -- especially technology companies like Nvidia -- give their workforce stock options to incentivize creating value for the company. These stock options typically require selling more stock, diluting shareholders along the way. Many companies create share buyback programs not because their stock prices are cheap, but to compensate for these share sales.</p>
<div class="lb-trans"><p>許多企業——尤其是像英偉達這樣的科技公司——向員工提供股票期權，以激勵他們為公司創造價值。這些股票期權通常需要出售更多股票，從而稀釋股東的權益。許多公司創建股票回購計劃並不是因為其股價便宜，而是為了補償這些股票銷售。</p>
</div><p>Other times, companies employ share buybacks simply because they have nowhere left to invest their capital. Companies with huge cash flows but limited growth opportunities can get stuck in this trap, buying back stock at high prices despite relatively low value in doing so.</p>
<div class="lb-trans"><p>有時，公司進行股票回購僅僅是因為它們沒有其他地方可以投資其資本。現金流巨大的公司但增長機會有限，可能會陷入這種困境，以高價回購股票，儘管這樣做的相對價值較低。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEyNzUvd29ybGQtbWFwLWRhdGEtc3dpcmxzLTIwODYzMjM5OTUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831275%2Fworld-map-data-swirls-2086323995.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>Is Nvidia destroying shareholder value by buying back $60 billion in stock?</h2>
<div class="lb-trans"><h2>英偉達通過回購 600 億美元股票是否在破壞股東價值？</h2>
</div><p>Which is the case for Nvidia, then? It's worth noting that Nvidia has already been purchasing stock worth tens of billions of dollars.</p>
<div class="lb-trans"><p>那麼，英偉達的情況如何呢？值得注意的是，英偉達已經在回購價值數百億美元的股票。</p>
</div><p>&#34;During the first half of fiscal 2026, NVIDIA returned $24.3 billion to shareholders in the form of shares repurchased and cash dividends,&#34; the company announced. Nearly $15 billion remains under the previous share repurchase program. That figure should be added to the $60 billion in new authorizations announced this quarter.</p>
<div class="lb-trans"><p>&#34;在 2026 財年的上半年，英偉達以回購股票和現金分紅的形式向股東返還了 243 億美元，&#34;該公司宣佈。之前的股票回購計劃下還有近 150 億美元的資金。這一數字應與本季度宣佈的 600 億美元新授權相加。</p>
</div><p>Since Nvidia stock has risen by 40% over the past year alone, these repurchases have created positive shareholder value for now. Nvidia is generating more than $25 billion in free cash flow every quarter, with quarterly capital expenditures of just $1 billion to $2 billion. That leaves plenty of cash to direct toward share repurchases.</p>
<div class="lb-trans"><p>由於英偉達的股價在過去一年中上漲了 40%，這些回購目前為股東創造了積極的價值。英偉達每個季度產生超過 250 億美元的自由現金流，季度資本支出僅為 10 億到 20 億美元。這為股票回購提供了充足的現金。</p>
</div><p>Here's the problem: Nvidia's forecast looks surprisingly weak.</p>
<div class="lb-trans"><p>問題在於：英偉達的預測看起來出乎意料的疲軟。</p>
</div><p>Its sales forecast for the next quarter came in $6 billion below consensus analyst expectations. And according to Bloomberg, the &#34;forecast excluded data center revenue from China, a market where Nvidia has struggled with US export restrictions and opposing pressure from Beijing.&#34;</p>
<div class="lb-trans"><p>其下個季度的銷售預測比分析師的共識預期低了 60 億美元。根據彭博社的報道，&#34;該預測未包括來自中國的數據中心收入，而在這個市場上，英偉達面臨着美國出口限制和來自北京的對立壓力。&#34;</p>
</div><p>Additionally, Nvidia's return on equity has been an astounding 100% or more in recent quarters. While buying back stock could have a positive effect, it's possible that this move creates an overall drag on returns when compared to investing the spare cash in growth-boosting projects. Except, that is, if Nvidia can't find enough uses for its cash, which appears to be the case today.</p>
<div class="lb-trans"><p>此外，英偉達的股本回報率在最近幾個季度中驚人地超過了 100%。雖然回購股票可能會產生積極影響，但與將閒置現金投資於促進增長的項目相比，這一舉動可能會對回報產生整體拖累。除非英偉達找不到足夠的現金使用方式，而這似乎正是今天的情況。</p>
</div><p>Whether or not Nvidia's share buybacks create value over time remains to be seen. But the main takeaway here is that Nvidia is producing huge amounts of cash. Yet despite operating in a massive growth market, the company seemingly has few extra places to put that cash. Instead of letting it pile up on the balance sheet, the company is opting to return it to shareholders through buybacks.</p>
<div class="lb-trans"><p>英偉達的股票回購是否能隨着時間的推移創造價值仍有待觀察。但這裏的主要結論是，英偉達正在產生大量現金。然而，儘管在一個巨大的增長市場中運營，該公司似乎沒有太多額外的地方可以投入這些現金。與其讓現金在資產負債表上堆積，公司選擇通過回購將其返還給股東。</p>
</div><p>So while executives are no doubt excited about the company's future, these repurchases shouldn't be considered an investment in the traditional sense. That is, Nvidia likely isn't buying its stock back because it looks cheap from an insider's perspective. It's doing so because it has already reached its maximum ability to reinvest back into the business.</p>
<div class="lb-trans"><p>因此，儘管管理層無疑對公司的未來感到興奮，但這些回購不應被視為傳統意義上的投資。也就是説，英偉達可能並不是因為從內部人士的角度看其股票便宜而回購股票。它這樣做是因為它已經達到了重新投資於業務的最大能力。</p>
</div>

Nvidia Just Announced a Record $60 Billion Buyback -- Here's What It Means for Investors

- Nvidia 發佈財報，營收超出預期，但未來預測疲軟。  
- 公司宣佈 600 億美元的股票回購計劃，已回購 243 億美元股票。  
- 儘管現金流充裕，回購可能未必創造長期股東價值。  

英偉達剛剛宣佈了一項創紀錄的 600 億美元股票回購計劃——這對投資者意味着什麼