<p>作者：Britney Nguyen</p>
<p>英偉達交出了超出預期的業績，展現了強勁的網絡增長，並表示對未來商業趨勢有很高的可見性。</p>
<p>英偉達的股票在週四的盤前交易中上漲超過 5%。</p>
<p>英偉達在週四安撫了市場，創下了記錄性的業績和樂觀的評論，分析師表示人工智能交易仍然看起來非常健康。</p>
<p>在英偉達（NVDA）發佈報告之前，科技股因對超大規模客户鉅額資本支出的可持續性以及英偉達與其生態系統中其他參與者最近達成的交易的循環性質的擔憂而回落。</p>
<p>現在，英偉達的股票在盤前交易中上漲了 5%，並推動了其他人工智能股票和更廣泛的市場。標準普爾 500 期貨（ES00）上漲了 1.6%。以下是英偉達報告中幫助安撫市場的五個主要方面。</p>
<p>強勁的需求</p>
<p>根據 Bernstein 分析師 Stacy Rasgon 的説法，考慮到客户傳達的支出增加，投資者可能期待英偉達提供&#34;良好的指引&#34;。儘管如此，華爾街仍然需要英偉達首席執行官黃仁勳的一些&#34;引導&#34;，而這通過黃對&#34;超出預期&#34;需求的描述得到了滿足。</p>
<p>Rasgon 指出，英偉達還強調了其競爭力和強大的產品路線圖，並重申了其收入和毛利率在明年將保持的軌跡。Rasgon 在週四的報告中表示，這些因素&#34;可能會給投資者更多信心，以支持對人工智能需求的'更強勁更持久'的展望。&#34;</p>
<p>英偉達報告的財政第三季度收益為 570 億美元，遠超 FactSet 的共識預期的 549 億美元，同比增長 62%。該芯片製造商對當前季度的收入指引為 650 億美元，這也顯著高於 FactSet 共識的 621.7 億美元。</p>
<p>查看更多：英偉達的收益在華爾街引發歡呼：'也許人工智能交易還沒有結束'</p>
<p>Blackwell Ultra 正在開發中，Rubin 按計劃進行。</p>
<p>根據英偉達首席財務官 Colette Kress 的説法，該公司的 Blackwell Ultra 圖形處理單元現在是其&#34;所有客户類別中的領先架構&#34;，儘管其前身 Blackwell 仍然有強勁的需求。該公司還表示，預計其即將推出的 Rubin 平台將在明年下半年快速 ramp。</p>
<p>Susquehanna 的 Christopher Rolland 在最新報告之前指出，Blackwell Ultra 的平均售價更高。</p>
<p>強大的可見性，強大的利潤率</p>
<p>該公司還重申了對其 Blackwell 和 Rubin 人工智能平台在明年實現 5000 億美元收入的可見性。Rasgon 表示，這&#34;暗示了明年數據中心銷售的顯著更高的運行率&#34;，並指出他預計該細分市場的收入至少為 3000 億美元。儘管其組件價格上漲，英偉達預計明年的毛利率將保持在中 70% 的範圍內，Rasgon 表示，這消除了&#34;另一個潛在的壓力因素&#34;。</p>
<p>Rasgon 將英偉達股票的目標價上調至 275 美元，較英偉達週三收盤價 186.52 美元有 47% 的上漲空間。</p>
<p>Wedbush 的 Matt Bryson 分享了類似的觀點，認為英偉達 5000 億美元的收入預測和中 70% 的毛利率目標暗示了上漲空間。由於英偉達在其預測中未包括與 Anthropic 的最新交易等新交易，英偉達有機會超越這個驚人的半萬億數字。</p>
<p>儘管內存組件和其他材料的成本在上升，他的團隊認為英偉達&#34;能夠規避任何逆風&#34;。</p>
<p>William Blair 分析師 Sebastien Naji 補充道，英偉達&#34;擁有定價權，並能夠將增加的成本轉嫁給客户&#34;，這也是其能夠預測穩定利潤率範圍的原因之一，儘管面臨輸入壓力。</p>
<p>網絡領域的新星</p>
<p>英偉達報告稱，其數據中心網絡業務在 10 月份的季度收入為 82 億美元，同比增長 162%。在 Bryson 看來，數據中心產品的增長尤其重要，因為擴展到相關領域為英偉達提供了超越人工智能支出的機會。</p>
<p>閲讀：英偉達的收益已成為股市的關鍵 - 而這次更是如此</p>
<p>對人工智能泡沫擔憂的回應</p>
<p>Jefferies 分析師 Blayne Curtis 表示，英偉達的收益結果和管理層隨後的評論&#34;應該有助於穩定人工智能交易到年底。&#34;</p>
<p>在關於其 GPU 折舊時間表的持續辯論中，Curtis 表示，英偉達的評論稱其雲 GPU 已售罄，且其 Blackwell 和 Hopper 芯片正在充分利用&#34;應該有助於結束有用壽命的討論。&#34;</p>
<p>英偉達首席財務官 Colette Kress 還指出，&#34;我們六年前發運的 A100 GPU 今天仍在全負荷運行。&#34;這很重要，因為投資者開始擔心英偉達芯片的有用壽命可能沒有客户在其會計中建模的那麼長，從而給人工智能交易增加了利潤風險。</p>
<p>-Britney Nguyen</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（結束）道瓊斯新聞社</p>
<p>11-20-25 0912ET</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>英偉達強勁的財務表現，包括第三財季收益增長 62% 至 570 億美元，以及 65 億美元的收入預測，推動其股價上漲超過 5%，並提振了與人工智能相關的股票。分析師強調了強勁的需求、良好的產品路線圖和顯著的收入可見性，預計人工智能平台將帶來 5000 億美元的收入。英偉達的數據中心網絡收入增長了 162%，其定價能力幫助維持了利潤率，儘管成本上升。分析師認為英偉達的業績穩定了人工智能交易，並解決了對 GPU 貶值的擔憂</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>Nvidia delivered a big beat, posted strong networking growth and indicated a lot of visibility into future business trends</p>
<div class="lb-trans"><p>英偉達交出了超出預期的業績，展現了強勁的網絡增長，並表示對未來商業趨勢有很高的可見性。</p>
</div><p>Nvidia's stock was up more than 5% in Thursday's premarket action.</p>
<div class="lb-trans"><p>英偉達的股票在週四的盤前交易中上漲超過 5%。</p>
</div><p>Nvidia is calming markets on Thursday, with record results and upbeat commentary that have analysts saying the artificial-intelligence trade still looks plenty healthy.</p>
<div class="lb-trans"><p>英偉達在週四安撫了市場，創下了記錄性的業績和樂觀的評論，分析師表示人工智能交易仍然看起來非常健康。</p>
</div><p>Heading into Nvidia's (NVDA) report, tech stocks had pulled back on concerns about the sustainability of massive capital expenditures from hyperscaler customers and the circular nature of deals recently struck between Nvidia and other players in its ecosystem.</p>
<div class="lb-trans"><p>在英偉達（NVDA）發佈報告之前，科技股因對超大規模客户鉅額資本支出的可持續性以及英偉達與其生態系統中其他參與者最近達成的交易的循環性質的擔憂而回落。</p>
</div><p>Now Nvidia's stock is moving 5% higher in premarket action, and lifting fellow artificial-intelligence shares - and the broader market. S&amp;P 500 futures (ES00) are up 1.6%. Here are the five biggest aspects of Nvidia's report that are helping to calm markets on Thursday.</p>
<div class="lb-trans"><p>現在，英偉達的股票在盤前交易中上漲了 5%，並推動了其他人工智能股票和更廣泛的市場。標準普爾 500 期貨（ES00）上漲了 1.6%。以下是英偉達報告中幫助安撫市場的五個主要方面。</p>
</div><p>Robust demand</p>
<div class="lb-trans"><p>強勁的需求</p>
</div><p>Investors were likely expecting &#34;a good guide&#34; from Nvidia given the spending increases telegraphed by its customers, according to Bernstein analyst Stacy Rasgon. Nonetheless, Wall Street still needed some &#34;hand-holding&#34; from Nvidia CEO Jensen Huang, and it got that through commentary like Huang's description of &#34;off the charts&#34; demand.</p>
<div class="lb-trans"><p>根據 Bernstein 分析師 Stacy Rasgon 的説法，考慮到客户傳達的支出增加，投資者可能期待英偉達提供&#34;良好的指引&#34;。儘管如此，華爾街仍然需要英偉達首席執行官黃仁勳的一些&#34;引導&#34;，而這通過黃對&#34;超出預期&#34;需求的描述得到了滿足。</p>
</div><p>Rasgon noted that Nvidia also talked up its competitiveness and robust product roadmap, and the company reaffirmed the trajectory of its revenue and gross margins going into next year. Those factors &#34;will probably give investors more confidence to underwrite a 'stronger for longer' outlook for AI demand,&#34; Rasgon said in a Thursday note.</p>
<div class="lb-trans"><p>Rasgon 指出，英偉達還強調了其競爭力和強大的產品路線圖，並重申了其收入和毛利率在明年將保持的軌跡。Rasgon 在週四的報告中表示，這些因素&#34;可能會給投資者更多信心，以支持對人工智能需求的'更強勁更持久'的展望。&#34;</p>
</div><p>Nvidia reported fiscal third quarter earnings of $57 billion, which solidly beat the consensus for $54.9 billion on FactSet, and represented a 62% increase from the previous year. The chip maker guided revenue for the current quarter at $65 billion, which also meaningfully topped the FactSet consensus for $62.17 billion.</p>
<div class="lb-trans"><p>英偉達報告的財政第三季度收益為 570 億美元，遠超 FactSet 的共識預期的 549 億美元，同比增長 62%。該芯片製造商對當前季度的收入指引為 650 億美元，這也顯著高於 FactSet 共識的 621.7 億美元。</p>
</div><p>See more: Nvidia earnings draw cheers on Wall Street: 'Perhaps the AI trade is not yet dead'</p>
<div class="lb-trans"><p>查看更多：英偉達的收益在華爾街引發歡呼：'也許人工智能交易還沒有結束'</p>
</div><p>Blackwell Ultra is cooking and Rubin is on track</p>
<div class="lb-trans"><p>Blackwell Ultra 正在開發中，Rubin 按計劃進行。</p>
</div><p>According to Nvidia CFO Colette Kress, the company's Blackwell Ultra graphics processing units are now its &#34;leading architecture across all customer categories,&#34; though its Blackwell predecessor is still seeing strong demand. The company also said a &#34;fast&#34; ramp of its upcoming Rubin platform is slated for the second half of next year.</p>
<div class="lb-trans"><p>根據英偉達首席財務官 Colette Kress 的説法，該公司的 Blackwell Ultra 圖形處理單元現在是其&#34;所有客户類別中的領先架構&#34;，儘管其前身 Blackwell 仍然有強勁的需求。該公司還表示，預計其即將推出的 Rubin 平台將在明年下半年快速 ramp。</p>
</div><p>Susquehanna's Christopher Rolland noted prior to the latest report that Blackwell Ultra came with higher average selling prices.</p>
<div class="lb-trans"><p>Susquehanna 的 Christopher Rolland 在最新報告之前指出，Blackwell Ultra 的平均售價更高。</p>
</div><p>Strong visibility, strong margins</p>
<div class="lb-trans"><p>強大的可見性，強大的利潤率</p>
</div><p>The company also reiterated its visibility into $500 billion in revenue from its Blackwell and Rubin AI platforms through next year. That &#34;suggests a materially higher run-rate for data-center sales into next year,&#34; Rasgon said, noting that he sees revenue of at least $300 billion for that segment. And with Nvidia projecting that its gross margins will stay in the mid-70s range next year, even as prices for its components go up, Rasgon said that eliminates &#34;another potential overhang.&#34;</p>
<div class="lb-trans"><p>該公司還重申了對其 Blackwell 和 Rubin 人工智能平台在明年實現 5000 億美元收入的可見性。Rasgon 表示，這&#34;暗示了明年數據中心銷售的顯著更高的運行率&#34;，並指出他預計該細分市場的收入至少為 3000 億美元。儘管其組件價格上漲，英偉達預計明年的毛利率將保持在中 70% 的範圍內，Rasgon 表示，這消除了&#34;另一個潛在的壓力因素&#34;。</p>
</div><p>Rasgon raised his price target for Nvidia's stock to $275, representing 47% upside from Nvidia's closing stock price of $186.52 on Wednesday.</p>
<div class="lb-trans"><p>Rasgon 將英偉達股票的目標價上調至 275 美元，較英偉達週三收盤價 186.52 美元有 47% 的上漲空間。</p>
</div><p>Wedbush's Matt Bryson shared a similar perspective that Nvidia's $500 billion revenue projection and mid-70s gross margins target imply room for upside. With Nvidia not including new deals such as its most recent announcement with Anthropic in its projection, there's opportunity for Nvidia to deliver even beyond that eye-popping half-trillion figure.</p>
<div class="lb-trans"><p>Wedbush 的 Matt Bryson 分享了類似的觀點，認為英偉達 5000 億美元的收入預測和中 70% 的毛利率目標暗示了上漲空間。由於英偉達在其預測中未包括與 Anthropic 的最新交易等新交易，英偉達有機會超越這個驚人的半萬億數字。</p>
</div><p>And while costs for memory components and other materials are increasing, his team sees Nvidia &#34;as positioned to sidestep any headwinds.&#34;</p>
<div class="lb-trans"><p>儘管內存組件和其他材料的成本在上升，他的團隊認為英偉達&#34;能夠規避任何逆風&#34;。</p>
</div><p>Nvidia has &#34;pricing power and an ability to pass along increased costs to its customers,&#34; added William Blair analyst Sebastien Naji, one reason why it's able to predict a steady margin range despite input pressures.</p>
<div class="lb-trans"><p>William Blair 分析師 Sebastien Naji 補充道，英偉達&#34;擁有定價權，並能夠將增加的成本轉嫁給客户&#34;，這也是其能夠預測穩定利潤率範圍的原因之一，儘管面臨輸入壓力。</p>
</div><p>A rising star in networking</p>
<div class="lb-trans"><p>網絡領域的新星</p>
</div><p>Nvidia reported that its data-center networking business saw revenue of $8.2 billion in the October quarter, which represented 162% growth from the previous year. In Bryson's view, growth there and in other data center products is &#34;particularly important as expanding into adjacencies provides a means for [Nvidia] to outgrow AI spend.&#34;</p>
<div class="lb-trans"><p>英偉達報告稱，其數據中心網絡業務在 10 月份的季度收入為 82 億美元，同比增長 162%。在 Bryson 看來，數據中心產品的增長尤其重要，因為擴展到相關領域為英偉達提供了超越人工智能支出的機會。</p>
</div><p>Read: Nvidia earnings have become crucial to the stock market - and this time even more so</p>
<div class="lb-trans"><p>閲讀：英偉達的收益已成為股市的關鍵 - 而這次更是如此</p>
</div><p>Taking a shot at AI-bubble concerns</p>
<div class="lb-trans"><p>對人工智能泡沫擔憂的回應</p>
</div><p>Jefferies analyst Blayne Curtis said Nvidia's earnings results and subsequent commentary from management &#34;should help steady the ship for the AI trade into the end of the year.&#34;</p>
<div class="lb-trans"><p>Jefferies 分析師 Blayne Curtis 表示，英偉達的收益結果和管理層隨後的評論&#34;應該有助於穩定人工智能交易到年底。&#34;</p>
</div><p>Amid ongoing debates over the depreciation timeline for its GPUs, Curtis said Nvidia's comments that it is sold out of cloud GPUs and that its Blackwell and Hopper chips are being fully utilized &#34;should help put the useful life conversation to bed.&#34;</p>
<div class="lb-trans"><p>在關於其 GPU 折舊時間表的持續辯論中，Curtis 表示，英偉達的評論稱其雲 GPU 已售罄，且其 Blackwell 和 Hopper 芯片正在充分利用&#34;應該有助於結束有用壽命的討論。&#34;</p>
</div><p>Nvidia CFO Colette Kress also noted that &#34;A100 GPUs we shipped six years ago are still running at full utilization today.&#34; That's notable because investors had become worried that Nvidia chips might not have useful lives as long as customers had been modeling through their accounting, adding profit risk to the AI trade.</p>
<div class="lb-trans"><p>英偉達首席財務官 Colette Kress 還指出，&#34;我們六年前發運的 A100 GPU 今天仍在全負荷運行。&#34;這很重要，因為投資者開始擔心英偉達芯片的有用壽命可能沒有客户在其會計中建模的那麼長，從而給人工智能交易增加了利潤風險。</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（結束）道瓊斯新聞社</p>
</div><p>11-20-25 0912ET</p>
<div class="lb-trans"><p>11-20-25 0912ET</p>
</div>

The five biggest Nvidia highlights that are helping soothe the stock market

- Nvidia 發佈強勁財報，第三季度營收達 570 億美元，同比增長 62%。  
- 數據中心網絡業務收入 82 億美元，同比增長 162%。  
- 公司預計未來將實現 5000 億美元收入，維持中高毛利率。  

緩解股市的五大英偉達亮點