<p>在過去三年中，沒有什麼比人工智能（AI）的崛起更能影響市場，而在人工智能的發展中，沒有哪隻股票比 <strong>Nvidia</strong>（NVDA -3.38%）受益更多。擁有能夠進行瞬時決策的人工智能軟件和系統的前景，可能會在全球大多數行業中引發變革。</p>
<p>Nvidia 已找到其作為企業數據中心圖形處理單元（GPU）主要供應商的市場定位。GPU 是推動瞬時決策以及大型語言模型訓練的 “大腦”。</p>
<p>沒有哪份財報能像 Nvidia 那樣引起更多關注。儘管超越華爾街的共識收入和利潤預測已成為常態，但 Nvidia 最新的財報發出了一個無聲的警報，應該提醒股東，並對人工智能的炒作有所抑制。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Nvidia。</p>
<h2>在財政第二季度，Nvidia 的業務一如既往</h2>
<p>如果説 Nvidia 有什麼優勢，那就是一致性。其 467 億美元的淨銷售額（比去年同期增長 56%）和每股收益（EPS）1.05 美元，均輕鬆超越華爾街分析師設定的標準。這是 Nvidia 的每股收益連續第 11 個季度超出預期。</p>
<p>展現亮點的依然是其數據中心部門，該部門佔報告銷售額的 88% 以上。根據首席執行官黃仁勳的説法，Blackwell 的銷售異常強勁，加上對下一代芯片 Blackwell Ultra 的 “非凡” 需求，推動了這一增長。</p>
<p>或許 Nvidia 財政第二季度報告中最令人印象深刻的運營指標是其公認會計原則（GAAP）毛利率，達到了 72.4%。儘管這比去年同期下降了 270 個基點，但這代表着毛利率在一年多以來首次實現連續季度改善。</p>
<p>黃仁勳並不掩飾他希望保持 Nvidia 計算優勢的願望，並計劃每年推出一款新的先進 AI 芯片。Blackwell Ultra 的推出之後，預計 Vera Rubin 和 Vera Rubin Ultra 將在 2026 年和 2027 年下半年相繼亮相。我們看到的 GAAP 毛利率的上升表明，Nvidia 至少在目前仍在保持其 AI 硬件的強勁定價。</p>
<p>此外，Nvidia 毛利率的逆轉可能表明 AI-GPU 的持續短缺。企業需求超過供應一直是 Nvidia 至今的核心催化劑之一。</p>
<h2>Nvidia 發出了無聲的警告——但投資者會聽嗎？</h2>
<p>然而，這份財報並不是外界所認為的那樣簡單，兩個無聲的警告提醒着華爾街這家最有價值公司和最受追捧的創新可能面臨的麻煩。</p>
<p>第一個問題與 Nvidia 的收入集中度有關，這可以在其向證券交易委員會提交的季度 10-Q 報告中找到。根據公司數據，“在 2026 財年第二季度，來自一位直接客户 A 的銷售額佔總收入的 23%；來自另一位直接客户 B 的銷售額佔總收入的 16%，這兩者均歸因於計算與網絡部門。”</p>
<p>換句話説，在最新季度中，Nvidia 的 467 億美元總銷售額中大約 182 億美元來自僅僅兩家公司。在其數據中心部門（“計算與網絡”）中，這對組合佔銷售額的 44% 以上。在過去一年中，Nvidia 對少數幾家公司在淨銷售和利潤增長方面的依賴程度不斷加深。</p>
<p>一方面，樂觀者可以認為 Nvidia 與這些主導企業緊密相連是一件好事。儘管 Nvidia 並未透露其主要客户的名稱，但客户 A 和 B（無特定順序）可能是 <strong>Meta Platforms</strong>（META -1.69%）和 <strong>Microsoft</strong>（MSFT -0.65%），這兩家 “七大巨頭” 成員正在積極投資於 AI 數據中心基礎設施。</p>
<p>另一方面，Meta 和 Microsoft 都在內部開發用於其數據中心的 AI-GPU。儘管這些芯片對 Nvidia 沒有外部威脅，但它們的成本顯著更低且更易獲得（沒有積壓），並且可能在未來幾個季度輕易奪走 Nvidia 寶貴的數據中心市場份額。</p>
<p>此外，黃仁勳強調每年推出一款新的先進 AI 芯片的計劃，可能會迅速貶值之前一代的 GPU。這可能會迅速降低 Meta 和 Microsoft 等公司已經購買的 GPU 的價值，這反過來可能會延遲升級週期，和/或在未來對 Nvidia 的毛利率造成壓力，如果買家選擇更便宜的硬件。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>但等等——還有更多</h2>
<p>投資者在 Nvidia 最新的財報中會發現的另一個無聲而微妙的警告是對長期股東的 “獎勵”。在之前的股票回購授權下，Nvidia 剩餘 147 億美元，董事會批准了額外 600 億美元的回購計劃。</p>
<p>股票回購和分紅是上市公司為長期投資創造激勵的兩種最直接方式。對於淨收入穩定或增長的企業（Nvidia 顯然符合這一條件），股票回購能夠通過減少流通股數量來提高每股收益。簡而言之，股票回購可以使公司的股票在基本面上對投資者更具吸引力。</p>
<p>那麼，為什麼 600 億美元的股票回購額度對 Nvidia 來説是壞事？</p>
<p>首先，對於一家剛剛實現 56% 年同比銷售增長的公司的投資者來説，最後想看到的就是它將資本用於回購股票。自 2023 年開始以來，英偉達的股價已經上漲超過 1100%，並且其市銷率（P/S）處於歷史高位。除了其股票並不特別便宜之外，600 億美元的股票回購授權表明管理層在尋找其他高增長投資項目方面遇到了困難。</p>
<p>看到英偉達的董事會推動如此大規模的回購計劃也非常奇怪，因為自 2020 年 12 月初以來，沒有任何內部人士購買過該公司的股票。在過去五年中，英偉達的高管和董事會成員已經出售了超過 47 億美元的股票。</p>
<p>考慮到英偉達的收入集中風險和令人困惑的回購額度，公司的情況可能並不像表面上看起來那麼完美，也可能對人工智能革命並不那麼樂觀。</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>英偉達最近的財報顯示，銷售額達到 467 億美元，主要得益於其數據中心部門，該部門佔總收入的 88% 以上。然而，報告引發了對收入集中度的擔憂，兩位客户佔總銷售額的 39%。此外，英偉達對這些客户的依賴，他們正在開發自己的 AI-GPU，這對未來銷售構成風險。儘管毛利率有所改善，但舊款 GPU 的快速貶值潛力可能會影響英偉達的盈利能力和市場地位</p>

<p>Over the past three years, nothing has moved markets more than the rise of artificial intelligence (AI), and no stock has benefited more from the evolution of AI than <strong>Nvidia</strong>(NVDA -3.38%). The prospect of having software and systems empowered with AI making split-second decisions is a potential game-changer in most industries around the globe.</p>
<div class="lb-trans"><p>在過去三年中，沒有什麼比人工智能（AI）的崛起更能影響市場，而在人工智能的發展中，沒有哪隻股票比 <strong>Nvidia</strong>（NVDA -3.38%）受益更多。擁有能夠進行瞬時決策的人工智能軟件和系統的前景，可能會在全球大多數行業中引發變革。</p>
</div><p>Nvidia has found its niche as the leading supplier of graphics processing units (GPUs) used in enterprise data centers. GPUs are the &#34;brains&#34; that fuel split-second decision-making, as well as the training of large language models.</p>
<div class="lb-trans"><p>Nvidia 已找到其作為企業數據中心圖形處理單元（GPU）主要供應商的市場定位。GPU 是推動瞬時決策以及大型語言模型訓練的 “大腦”。</p>
</div><p>No earnings report tends to garner more attention than Nvidia. While surpassing Wall Street's consensus revenue and profit forecasts has been something of the norm, Nvidia's latest report sounded a silent alarm that should serve as a warning to shareholders, as well as temper artificial intelligence hype.</p>
<div class="lb-trans"><p>沒有哪份財報能像 Nvidia 那樣引起更多關注。儘管超越華爾街的共識收入和利潤預測已成為常態，但 Nvidia 最新的財報發出了一個無聲的警報，應該提醒股東，並對人工智能的炒作有所抑制。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvbnZpZGlhLXZveWFnZXItaGVhZHF1YXJ0ZXJzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWdwdS1haS1zZW1pY29uZHVjdG9yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831406%2Fnvidia-voyager-headquarters-artificial-intelligence-gpu-ai-semiconductor.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：Nvidia。</p>
</div><h2>It was business as usual for Nvidia in the fiscal second quarter</h2>
<div class="lb-trans"><h2>在財政第二季度，Nvidia 的業務一如既往</h2>
</div><p>If there's one thing Nvidia has on its side, it's consistency. Its $46.7 billion in net sales (up 56% from the year-ago period), and its $1.05 in earnings per share (EPS), both handily leaped over the bars laid by Wall Street analysts. This was the 11th consecutive quarter that Nvidia's EPS surpassed expectations.</p>
<div class="lb-trans"><p>如果説 Nvidia 有什麼優勢，那就是一致性。其 467 億美元的淨銷售額（比去年同期增長 56%）和每股收益（EPS）1.05 美元，均輕鬆超越華爾街分析師設定的標準。這是 Nvidia 的每股收益連續第 11 個季度超出預期。</p>
</div><p>The star of the show continues to be its data center segment, which accounted for more than 88% of reported sales. Exceptionally strong sales of Blackwell, coupled with &#34;extraordinary&#34; demand for next-gen chip Blackwell Ultra, according to CEO Jensen Huang, has powered the charge.</p>
<div class="lb-trans"><p>展現亮點的依然是其數據中心部門，該部門佔報告銷售額的 88% 以上。根據首席執行官黃仁勳的説法，Blackwell 的銷售異常強勁，加上對下一代芯片 Blackwell Ultra 的 “非凡” 需求，推動了這一增長。</p>
</div><p>Perhaps the most impressive operating metric in Nvidia's fiscal second quarter report (ended July 27) is its generally accepted accounting principles (GAAP) gross margin, which clocked in at 72.4%. Though this was down 270 basis points from the prior-year period, it represents the first sequential quarterly improvement in gross margin in more than a year.</p>
<div class="lb-trans"><p>或許 Nvidia 財政第二季度報告中最令人印象深刻的運營指標是其公認會計原則（GAAP）毛利率，達到了 72.4%。儘管這比去年同期下降了 270 個基點，但這代表着毛利率在一年多以來首次實現連續季度改善。</p>
</div><p>Huang hasn't been shy about his desire to maintain Nvidia's compute advantages and aims to bring a new advanced AI chip to market each year. The ramp-up of Blackwell Ultra will be followed by the expected debuts of Vera Rubin and Vera Rubin Ultra in the latter-halves of 2026 and 2027, respectively. This uptick we're seeing in GAAP gross margin indicates Nvidia is maintaining strong pricing on its AI hardware, at least for now.</p>
<div class="lb-trans"><p>黃仁勳並不掩飾他希望保持 Nvidia 計算優勢的願望，並計劃每年推出一款新的先進 AI 芯片。Blackwell Ultra 的推出之後，預計 Vera Rubin 和 Vera Rubin Ultra 將在 2026 年和 2027 年下半年相繼亮相。我們看到的 GAAP 毛利率的上升表明，Nvidia 至少在目前仍在保持其 AI 硬件的強勁定價。</p>
</div><p>In addition, Nvidia's about-face with its gross margin may indicate ongoing AI-GPU scarcity. Enterprise demand outweighing supply has been one of Nvidia's core catalysts to this point.</p>
<div class="lb-trans"><p>此外，Nvidia 毛利率的逆轉可能表明 AI-GPU 的持續短缺。企業需求超過供應一直是 Nvidia 至今的核心催化劑之一。</p>
</div><h2>Nvidia is sounding a silent warning -- but will investors listen?</h2>
<div class="lb-trans"><h2>Nvidia 發出了無聲的警告——但投資者會聽嗎？</h2>
</div><p>However, this earnings report isn't the slam-dunk it's made out to be, with two silent warnings alerting to potential trouble on the horizon for Wall Street's most valuable company and most-hyped innovation.</p>
<div class="lb-trans"><p>然而，這份財報並不是外界所認為的那樣簡單，兩個無聲的警告提醒着華爾街這家最有價值公司和最受追捧的創新可能面臨的麻煩。</p>
</div><p>The first issue has to do with Nvidia's concentration of revenue, which can be found in its quarterly filed 10-Q with the Securities and Exchange Commission. Per the company, &#34;For the second quarter of fiscal year 2026, sales to one direct customer, Customer A, represented 23% of total revenue; and sales to a second direct customer, Customer B, represented 16% of total revenue, respectively, both of which were attributable to the Compute &amp; Networking segment.&#34;</p>
<div class="lb-trans"><p>第一個問題與 Nvidia 的收入集中度有關，這可以在其向證券交易委員會提交的季度 10-Q 報告中找到。根據公司數據，“在 2026 財年第二季度，來自一位直接客户 A 的銷售額佔總收入的 23%；來自另一位直接客户 B 的銷售額佔總收入的 16%，這兩者均歸因於計算與網絡部門。”</p>
</div><p>In other words, approximately $18.2 billion of Nvidia's $46.7 billion in total sales came from just two companies during the latest quarter. Within its data center segment (&#34;Compute &amp; Networking&#34;), this dynamic duo accounted for more than 44% of sales. Over the last year, Nvidia has become increasingly reliant on a narrower group of companies for its net sales and profit growth.</p>
<div class="lb-trans"><p>換句話説，在最新季度中，Nvidia 的 467 億美元總銷售額中大約 182 億美元來自僅僅兩家公司。在其數據中心部門（“計算與網絡”）中，這對組合佔銷售額的 44% 以上。在過去一年中，Nvidia 對少數幾家公司在淨銷售和利潤增長方面的依賴程度不斷加深。</p>
</div><p>On one hand, optimists can argue that it's a good thing Nvidia is intricately tied to these dominant businesses. Though Nvidia doesn't spill the beans on the names of its top clients, customers A and B are (in no particular order) probably <strong>Meta Platforms</strong>(META -1.69%) and <strong>Microsoft</strong>(MSFT -0.65%), with both &#34;Magnificent Seven&#34; members aggressively investing in AI-data center infrastructure.</p>
<div class="lb-trans"><p>一方面，樂觀者可以認為 Nvidia 與這些主導企業緊密相連是一件好事。儘管 Nvidia 並未透露其主要客户的名稱，但客户 A 和 B（無特定順序）可能是 <strong>Meta Platforms</strong>（META -1.69%）和 <strong>Microsoft</strong>（MSFT -0.65%），這兩家 “七大巨頭” 成員正在積極投資於 AI 數據中心基礎設施。</p>
</div><p>On the other hand, both Meta and Microsoft are internally developing AI-GPUs to use in their data centers. Even though these chips present no external threat to Nvidia, they're considerably cheaper and more readily accessible (not backlogged), and they can easily cost Nvidia valuable data center real estate in future quarters.</p>
<div class="lb-trans"><p>另一方面，Meta 和 Microsoft 都在內部開發用於其數據中心的 AI-GPU。儘管這些芯片對 Nvidia 沒有外部威脅，但它們的成本顯著更低且更易獲得（沒有積壓），並且可能在未來幾個季度輕易奪走 Nvidia 寶貴的數據中心市場份額。</p>
</div><p>Furthermore, Huang's emphasis on bringing a new advanced AI chip to market each year has the potential to rapidly depreciate prior-generation GPUs. This could quickly devalue the GPUs that companies such as Meta and Microsoft have already purchased, which in turn may delay upgrade cycles and/or weigh on Nvidia's gross margin in the future if buyers opt for cheaper hardware.</p>
<div class="lb-trans"><p>此外，黃仁勳強調每年推出一款新的先進 AI 芯片的計劃，可能會迅速貶值之前一代的 GPU。這可能會迅速降低 Meta 和 Microsoft 等公司已經購買的 GPU 的價值，這反過來可能會延遲升級週期，和/或在未來對 Nvidia 的毛利率造成壓力，如果買家選擇更便宜的硬件。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0MDYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831406%2Fpaper-certificate-shares-invest-stock-split-market-reverse-getty.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>But wait -- there's more</h2>
<div class="lb-trans"><h2>但等等——還有更多</h2>
</div><p>The other silent and subtle warning investors will find in Nvidia's latest earnings release is its &#34;reward&#34; for long-term shareholders. With $14.7 billion remaining under its prior share repurchase authorization, Nvidia's board approved an additional $60 billion worth of buybacks.</p>
<div class="lb-trans"><p>投資者在 Nvidia 最新的財報中會發現的另一個無聲而微妙的警告是對長期股東的 “獎勵”。在之前的股票回購授權下，Nvidia 剩餘 147 億美元，董事會批准了額外 600 億美元的回購計劃。</p>
</div><p>Share buybacks and dividends are two of the most direct ways public companies create incentives for long-term investing. For businesses with steady or growing net income (and Nvidia certainly qualifies), share buybacks have the ability to increase EPS as the outstanding share count declines. In short, share repurchases can make a company's stock more fundamentally attractive to investors.</p>
<div class="lb-trans"><p>股票回購和分紅是上市公司為長期投資創造激勵的兩種最直接方式。對於淨收入穩定或增長的企業（Nvidia 顯然符合這一條件），股票回購能夠通過減少流通股數量來提高每股收益。簡而言之，股票回購可以使公司的股票在基本面上對投資者更具吸引力。</p>
</div><p>So why is a $60 billion share-repurchase allotment bad for Nvidia?</p>
<div class="lb-trans"><p>那麼，為什麼 600 億美元的股票回購額度對 Nvidia 來説是壞事？</p>
</div><p>For starters, the last thing investors of a company that just delivered 56% year-over-year sales growth should want to see is it spending its capital on buybacks. Nvidia stock has gained more than 1,100% since 2023 began and is sporting a historically high price-to-sales (P/S) ratio. Aside from the fact that its shares aren't particularly cheap, a $60 billion share buyback authorization suggests management is struggling to find other high-growth initiatives to invest its capital into.</p>
<div class="lb-trans"><p>首先，對於一家剛剛實現 56% 年同比銷售增長的公司的投資者來説，最後想看到的就是它將資本用於回購股票。自 2023 年開始以來，英偉達的股價已經上漲超過 1100%，並且其市銷率（P/S）處於歷史高位。除了其股票並不特別便宜之外，600 億美元的股票回購授權表明管理層在尋找其他高增長投資項目方面遇到了困難。</p>
</div><p>It's also incredibly odd to see Nvidia's board promote such a sizable repurchase program when no insider has purchased shares of the company since early December 2020. Over the trailing-five-year period, more than $4.7 billion of Nvidia stock has been sold by executives and board members.</p>
<div class="lb-trans"><p>看到英偉達的董事會推動如此大規模的回購計劃也非常奇怪，因為自 2020 年 12 月初以來，沒有任何內部人士購買過該公司的股票。在過去五年中，英偉達的高管和董事會成員已經出售了超過 47 億美元的股票。</p>
</div><p>Between Nvidia's dangerous revenue concentration and its head-scratching buyback allotment, things may not be as perfect for the company or the AI revolution as they appear.</p>
<div class="lb-trans"><p>考慮到英偉達的收入集中風險和令人困惑的回購額度，公司的情況可能並不像表面上看起來那麼完美，也可能對人工智能革命並不那麼樂觀。</p>
</div>

Nvidia Just Sounded the Silent Alarm -- but Are Investors Paying Attention?

- Nvidia 在 AI 領域的領導地位推動了其 46.7 億美元的銷售額增長。  
- 然而，依賴於少數客户的收入集中度和大規模回購計劃引發警示。  
- 投資者需關注潛在的市場風險與未來增長的不確定性。  

英偉達剛剛敲響了無聲的警鐘——投資者是否在關注？