<p>投資者在人工智能（AI）熱潮中紛紛購買 <strong>英偉達</strong>（NVDA -3.38%）的股票，推動該股在過去五年中上漲了驚人的 1200%。為什麼投資者對這家公司如此興奮？因為它已成為 AI 芯片的領先設計者，並且是任何有 AI 願景的客户的首選目的地。英偉達不僅銷售全球性能最強的芯片，還提供全系列的 AI 產品。</p><p>所有這些都帶來了雙位數和三位數的收入增長，以及強勁的銷售盈利能力。考慮到未來幾年對 AI 投資的預測以及英偉達對創新的承諾，該公司可能會在相當長的一段時間內繼續實現顯著的盈利增長。這顯然讓投資者對該公司持樂觀態度。</p><p>但投資者並不是唯一購買英偉達股票的人。該公司今年也進行了股票回購，並剛剛宣佈授權未來隨時回購 600 億美元的股票。這是除了其股票購買授權中剩餘的 140 億美元之外的額外計劃。現在，您可能會想知道英偉達回購自己股票對投資者意味着什麼——這是好消息還是壞消息？讓我們來看看。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/7bad8906ce6855421b49d981d097cfe3?x-oss-process=style/lg" alt="" width="700" height="466" original-src="https://pub.pbkrs.com/uploads/2025/7bad8906ce6855421b49d981d097cfe3"/></figure><p>圖片來源：Getty Images。</p><h2 id="n12sl59bf">向投資者返還 240 億美元</h2><p>如前所述，回購對英偉達來説並不是新鮮事。該公司在上半年以回購和分紅的形式向股東返還了超過 240 億美元。多年來，英偉達增加了對自己股票的投資，正如您在下面的圖表中所看到的。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/1298d1a201005363d80447bc7650c726?x-oss-process=style/lg" alt="" width="720" height="441" original-src="https://pub.pbkrs.com/uploads/2025/1298d1a201005363d80447bc7650c726"/></figure><p>NVDA 股票回購（年度）數據來自 YCharts。</p><p>隨着英偉達的最新舉措，它加入了許多大型科技和金融公司發起的回購潮流。<strong>蘋果</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>摩根大通</strong> 今年均宣佈了數十億美元的股票回購，幫助今年的整體股票回購在 8 月達到 1 萬億美元——這是有史以來最快的速度。</p><p>回購通常應被視為積極的，因為它表明管理層對公司及其在經濟環境中的表現充滿信心。這一舉措還減少了市場上的流通股數量，提高了剩餘股票的價值，並彌補了可能因授予員工的股票期權而導致的稀釋。</p><p>所有這些都是積極的。但故事也有消極的一面。通過減少流通股數量，股票回購提高了公司的每股收益。雖然這並不一定是壞事，但一些投資者可能會將回購視為讓收益看起來比實際更好的嘗試。</p><p>此外，一些投資者可能更希望公司在研發（R&amp;D）或業務擴展上投入更多，而不是回購股票。在這些情況下，大規模的股票回購計劃可能對股東來説是壞消息。</p><h2 id="aol2f5zte">AI 基礎設施支出</h2><p>現在，讓我們考慮英偉達的情況。儘管這家 AI 巨頭的增長在最近幾個季度從三位數放緩至兩位數，但增長仍然相當強勁，長期盈利前景穩固。英偉達預測在本十年內 AI 數據中心基礎設施支出可能達到 4 萬億美元。作為芯片及相關產品的領先供應商，英偉達可能會從大型科技公司及其他公司的投資中受益。所有這些意味着英偉達不需要回購股票來讓其每股收益看起來良好。</p><p>至於研發，英偉達隨着時間的推移不斷增加投資，今天它正按承諾每年更新其芯片。該公司去年底推出了 Blackwell 架構，最近推出了 Blackwell Ultra 芯片更新，下一代 Rubin 架構計劃在明年某個時候發佈。同時，自由現金流也在上升。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2025/7ba7d1c68246d9c0b4354ae26365e655?x-oss-process=style/lg" alt="" width="720" height="456" original-src="https://pub.pbkrs.com/uploads/2025/7ba7d1c68246d9c0b4354ae26365e655"/></figure><p>NVDA 自由現金流（季度）數據來自 YCharts。</p><p>所有這些表明，英偉達產生了大量現金，並明智地利用這些現金來推動增長。回購股票的舉措不太可能損害公司創新和增長的能力。</p><p>因此，英偉達計劃回購多達 600 億美元的股票對股東來説遠非負面。相反，這表明這家科技巨頭對其未來及在當今經濟環境及未來環境中發展的能力充滿信心。這意味着，當英偉達準備回購一些自己的股票時，其他投資者也應該考慮投資這隻頂尖的 AI 股票，並且，重要的是，長期持有。</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>英偉達宣佈了一項 600 億美元的股票回購計劃，此外還有 140 億美元的剩餘授權。這一舉措跟隨了主要科技公司的趨勢，反映了管理層對公司未來表現的信心。雖然回購可以提升每股收益，但一些投資者可能更希望將資金用於研發。然而，英偉達在人工智能芯片銷售方面的強勁增長和自由現金流的上升表明，回購不會妨礙其創新。總體而言，這項回購被視為對投資者的積極信號，表明對長期增長的信心</p>

<p>Investors have rushed to buy <strong>Nvidia</strong>(NVDA -3.38%) stock during the artificial intelligence (AI) boom, driving the stock up a mind-boggling 1,200% over the past five years. Why are investors so excited about this one particular company? Because it's become the leading designer of AI chips and the general go-to destination for any customer with AI aspirations. Nvidia sells not only the world's top-performing chip but also a full range of AI offerings.</p>
<div class="lb-trans"><p>投資者在人工智能（AI）熱潮中紛紛購買 <strong>英偉達</strong>（NVDA -3.38%）的股票，推動該股在過去五年中上漲了驚人的 1200%。為什麼投資者對這家公司如此興奮？因為它已成為 AI 芯片的領先設計者，並且是任何有 AI 願景的客户的首選目的地。英偉達不僅銷售全球性能最強的芯片，還提供全系列的 AI 產品。</p>
</div><p>All of this has generated double- and triple-digit revenue growth, along with strong profitability on sales. And considering the projections for AI investment in the years to come and Nvidia's commitment to innovation, the company may continue to deliver significant earnings gains for quite some time. This has clearly given investors reason to be bullish about the company.</p>
<div class="lb-trans"><p>所有這些都帶來了雙位數和三位數的收入增長，以及強勁的銷售盈利能力。考慮到未來幾年對 AI 投資的預測以及英偉達對創新的承諾，該公司可能會在相當長的一段時間內繼續實現顯著的盈利增長。這顯然讓投資者對該公司持樂觀態度。</p>
</div><p>But investors aren't the only ones buying shares of Nvidia. The company itself has repurchased shares this year and has just announced an authorization to buy back $60 billion in stock at any point in the future. This is in addition to the more than $14 billion that remains on its share purchase authorization. Now, you may be wondering what Nvidia's interest in buying its own shares means for investors -- is this good or bad news? Let's find out.</p>
<div class="lb-trans"><p>但投資者並不是唯一購買英偉達股票的人。該公司今年也進行了股票回購，並剛剛宣佈授權未來隨時回購 600 億美元的股票。這是除了其股票購買授權中剩餘的 140 億美元之外的額外計劃。現在，您可能會想知道英偉達回購自己股票對投資者意味着什麼——這是好消息還是壞消息？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDgvZ2V0dHlpbWFnZXMtMTE1MDU3MjA1MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831408%2Fgettyimages-1150572051.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>Returning $24 billion to investors</h2>
<div class="lb-trans"><h2>向投資者返還 240 億美元</h2>
</div><p>As mentioned, buybacks aren't a new thing for Nvidia. The company returned more than $24 billion to shareholders in the form of repurchases and dividends in the first half of the year. Over the years, Nvidia has increased its investments in its own shares, as you can see in the chart below.</p>
<div class="lb-trans"><p>如前所述，回購對英偉達來説並不是新鮮事。該公司在上半年以回購和分紅的形式向股東返還了超過 240 億美元。多年來，英偉達增加了對自己股票的投資，正如您在下面的圖表中所看到的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c3d32a9d7d5a12a0a5fd37a8253f9172.png" alt="" original-src="https://media.ycharts.com/charts/c3d32a9d7d5a12a0a5fd37a8253f9172.png"/></p>
<p>NVDA Stock Buyback (Annual) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 股票回購（年度）數據來自 YCharts。</p>
</div><p>And with Nvidia's latest move, it joined a wave of activity launched by a number of major tech and financial companies. <strong>Apple</strong>, <strong>Alphabet</strong>, and <strong>JPMorgan Chase</strong> have each announced billions of dollars in share repurchases this year, helping overall share repurchases for the year reach $1 trillion by August -- the fastest rate ever.</p>
<div class="lb-trans"><p>隨着英偉達的最新舉措，它加入了許多大型科技和金融公司發起的回購潮流。<strong>蘋果</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>摩根大通</strong> 今年均宣佈了數十億美元的股票回購，幫助今年的整體股票回購在 8 月達到 1 萬億美元——這是有史以來最快的速度。</p>
</div><p>Buybacks should generally be viewed as positive, as they suggest management is confident in the company and how it's likely to perform in the economic environment. The move also removes some shares from circulation, boosting the value of the shares that remain on the market and compensating for dilution that may be caused by stock options granted to employees.</p>
<div class="lb-trans"><p>回購通常應被視為積極的，因為它表明管理層對公司及其在經濟環境中的表現充滿信心。這一舉措還減少了市場上的流通股數量，提高了剩餘股票的價值，並彌補了可能因授予員工的股票期權而導致的稀釋。</p>
</div><p>All of that is positive. But there is a negative side to the story, too. By lowering the number of outstanding shares, share repurchases boost a company's earnings per share. While this isn't necessarily bad, some investors may view buybacks as an attempt to make earnings look better than they actually are.</p>
<div class="lb-trans"><p>所有這些都是積極的。但故事也有消極的一面。通過減少流通股數量，股票回購提高了公司的每股收益。雖然這並不一定是壞事，但一些投資者可能會將回購視為讓收益看起來比實際更好的嘗試。</p>
</div><p>On top of this, some investors may prefer that a company invest more in research and development (R&amp;D) or the expansion of its business rather than repurchasing shares. In these cases, a big stock repurchase plan could be bad news for shareholders.</p>
<div class="lb-trans"><p>此外，一些投資者可能更希望公司在研發（R&amp;D）或業務擴展上投入更多，而不是回購股票。在這些情況下，大規模的股票回購計劃可能對股東來説是壞消息。</p>
</div><h2>AI infrastructure spending</h2>
<div class="lb-trans"><h2>AI 基礎設施支出</h2>
</div><p>Now, let's consider the case of Nvidia. Though the AI powerhouse's growth has slowed from triple digits to double digits in recent quarters, growth remains quite strong, and the long-term earnings outlook is solid. Nvidia predicts as much as $4 trillion in AI data center infrastructure spending this decade. And as a leading provider of chips and related products, Nvidia is likely to benefit from those investments from big tech companies and others. All of this means that Nvidia doesn't need to buy back shares to make its earnings per share look good.</p>
<div class="lb-trans"><p>現在，讓我們考慮英偉達的情況。儘管這家 AI 巨頭的增長在最近幾個季度從三位數放緩至兩位數，但增長仍然相當強勁，長期盈利前景穩固。英偉達預測在本十年內 AI 數據中心基礎設施支出可能達到 4 萬億美元。作為芯片及相關產品的領先供應商，英偉達可能會從大型科技公司及其他公司的投資中受益。所有這些意味着英偉達不需要回購股票來讓其每股收益看起來良好。</p>
</div><p>As for R&amp;D, Nvidia has been increasing its investment over time, and today it's on track to update its chips on an annual basis as promised. The company launched its Blackwell architecture late last year, recently made the chip update Blackwell Ultra available, and the next-generation Rubin architecture is planned for release at some point next year. At the same time, free cash flow has been on the rise.</p>
<div class="lb-trans"><p>至於研發，英偉達隨着時間的推移不斷增加投資，今天它正按承諾每年更新其芯片。該公司去年底推出了 Blackwell 架構，最近推出了 Blackwell Ultra 芯片更新，下一代 Rubin 架構計劃在明年某個時候發佈。同時，自由現金流也在上升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/969d64f5e43007749c8c2de431d9dc7c.png" alt="" original-src="https://media.ycharts.com/charts/969d64f5e43007749c8c2de431d9dc7c.png"/></p>
<p>NVDA Free Cash Flow (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 自由現金流（季度）數據來自 YCharts。</p>
</div><p>All of this shows that Nvidia generates a great deal of cash and has been using it wisely to boost growth. The move to repurchase shares is unlikely to harm the company's ability to innovate and grow.</p>
<div class="lb-trans"><p>所有這些表明，英偉達產生了大量現金，並明智地利用這些現金來推動增長。回購股票的舉措不太可能損害公司創新和增長的能力。</p>
</div><p>So, Nvidia's plan to repurchase as much as $60 billion in shares is far from negative for shareholders. Instead, it's a sign of confidence from the tech giant in its future and its ability to advance in today's economic environment and the ones to come. And that means that as Nvidia readies to buy some of its own shares, other investors should consider getting in on this top AI stock, too -- and, importantly, holding on for the long term.</p>
<div class="lb-trans"><p>因此，英偉達計劃回購多達 600 億美元的股票對股東來説遠非負面。相反，這表明這家科技巨頭對其未來及在當今經濟環境及未來環境中發展的能力充滿信心。這意味着，當英偉達準備回購一些自己的股票時，其他投資者也應該考慮投資這隻頂尖的 AI 股票，並且，重要的是，長期持有。</p>
</div>

Nvidia's $60 Billion Buyback Plan: Good or Bad News for Investors?

- 投資者因人工智能熱潮湧向 Nvidia，股價五年上漲 1,200%。
- Nvidia 計劃回購高達 600 億美元的股票，已在上半年返還 240 億美元給股東。
- 儘管回購可能引發爭議，但公司仍在持續投資研發，未來增長前景樂觀。

英偉達的 600 億美元股票回購計劃：對投資者而言是利好還是利空消息？