<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>受英偉達強勁的財報和指引推動的美國股市大幅反彈在週四出現回落，這家芯片製造商扭轉了早盤的劇烈漲幅，導致主要指數下跌。</p>
<p>這一變化使投資者重新評估了高企的人工智能估值以及美聯儲在 12 月再次降息的可能性。</p>
<p>道瓊斯工業平均指數最後下跌 332 點，跌幅為 0.7%。標準普爾 500 指數下跌 1%，納斯達克綜合指數下跌 1.3%。</p>
<p>這些損失與早盤的樂觀情緒形成鮮明對比，當時道瓊斯一度上漲 717 點，標準普爾 500 和納斯達克分別在盤中最高點上漲 1.9% 和 2.6%。</p>
<p>英偉達在發佈超出華爾街預期的季度業績後，放棄了高達 5% 的漲幅。該公司還發布了強於預期的第四季度指引。</p>
<p>首席執行官黃仁勳表示，該公司當前一代 Blackwell 芯片的需求 “超出預期”，並拒絕了人工智能熱潮反映泡沫的説法。</p>
<p>儘管評論樂觀，英偉達的股票卻轉為下跌，最後下跌約 1%，對整體市場造成壓力。</p>
<p>投資者對高企的人工智能相關估值感到越來越不安，尤其是在美聯儲今年不再降息的情況下。</p>
<p>這種疲軟延續了與人工智能相關股票的整體降温。截止週三，標準普爾 500 指數本月下跌約 3%，而納斯達克幾乎下跌了 5%。英偉達在週四交易前已經下跌了 7%。</p>
<h2>分析師對英偉達股票保持謹慎</h2>
<p>德意志銀行在財報發佈後，作為唯一一家維持對英偉達中性態度的主要公司，受到 CNBC 報道的關注。</p>
<p>分析師羅斯·塞莫爾將這一決定主要歸因於估值問題。</p>
<p>塞莫爾寫道，該公司對英偉達的長期前景仍持樂觀態度，但認為未來兩年的非凡預期已經反映在股價中。</p>
<p>該分析師對英偉達在人工智能計算、網絡、軟件和系統能力方面的持續領導地位 “印象深刻”，並補充説，英偉達在競爭對手面前的領先優勢似乎更有可能擴大而非縮小。</p>
<p>然而，他指出，股票似乎 “估值合理”，引用 215 美元的目標價，暗示 2027 年日曆年估計的市盈率約為 23 倍，已經假設了未來兩年約 85% 的收入增長。</p>
<h2>中國市場疲軟也影響英偉達股票</h2>
<p>英偉達在第三季度的中國業務仍然是一個壓力點，因為美國的貿易限制繼續重塑競爭格局。</p>
<p>據報道，該公司在截至 10 月 26 日的期間內，僅錄得 5000 萬美元的 H20 芯片銷售——這些是為滿足日益嚴格的出口管制而配置的 Hopper GPU 版本。</p>
<p>首席財務官科萊特·克雷斯表示，“由於地緣政治問題和中國市場競爭日益激烈，季度內並未出現大額採購訂單。”</p>
<p>英偉達報告稱，中國的總收入為 28 億美元，佔季度銷售的 5%，遠低於分析師預測的 84 億美元。</p>
<p>相比之下，美國的收入達到 392 億美元，而台灣的收入為 138 億美元。</p>
<p>關於人工智能交易結束的後續？為何英偉達股票在出色的財報後仍然下滑，首次出現在 Invezz 上。</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>儘管英偉達的財報表現出色，但其股價仍然下滑，導致美國股市的廣泛反彈出現回落。投資者重新評估了人工智能的估值和潛在的美聯儲降息。英偉達的股價轉為負值，影響了主要指數。德意志銀行因估值擔憂維持中立立場。由於美國的貿易限制，英偉達在中國的業務面臨挑戰，影響了銷售。這一消息突顯了投資者的謹慎態度以及影響英偉達股價的地緣政治問題</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image-59-1.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/image-59-1.png"/></p>
<p>A broad US equity rally sparked by Nvidia’s blockbuster earnings and guidance unravelled on Thursday, with the chipmaker reversing steep early gains and pulling major indices lower.</p>
<div class="lb-trans"><p>受英偉達強勁的財報和指引推動的美國股市大幅反彈在週四出現回落，這家芯片製造商扭轉了早盤的劇烈漲幅，導致主要指數下跌。</p>
</div><p>The shift left investors reassessing stretched AI valuations and the likelihood of another rate cut from the Federal Reserve in December.</p>
<div class="lb-trans"><p>這一變化使投資者重新評估了高企的人工智能估值以及美聯儲在 12 月再次降息的可能性。</p>
</div><p>The Dow Jones Industrial Average last traded 332 points lower, a drop of 0.7%. The S&amp;P 500 fell 1%, while the Nasdaq Composite declined 1.3%.</p>
<div class="lb-trans"><p>道瓊斯工業平均指數最後下跌 332 點，跌幅為 0.7%。標準普爾 500 指數下跌 1%，納斯達克綜合指數下跌 1.3%。</p>
</div><p>Those losses stood in stark contrast to early-session optimism, when the Dow had jumped as much as 717 points and the S&amp;P 500 and Nasdaq climbed 1.9% and 2.6% at their intraday highs.</p>
<div class="lb-trans"><p>這些損失與早盤的樂觀情緒形成鮮明對比，當時道瓊斯一度上漲 717 點，標準普爾 500 和納斯達克分別在盤中最高點上漲 1.9% 和 2.6%。</p>
</div><p>Nvidia surrendered gains of as much as 5% after releasing quarterly results that exceeded Wall Street expectations on both earnings and revenue. The company also issued stronger-than-expected fourth-quarter guidance.</p>
<div class="lb-trans"><p>英偉達在發佈超出華爾街預期的季度業績後，放棄了高達 5% 的漲幅。該公司還發布了強於預期的第四季度指引。</p>
</div><p>CEO Jensen Huang said demand for the firm’s current-generation Blackwell chips was “off the charts,” and rejected suggestions that the AI boom reflected a bubble.</p>
<div class="lb-trans"><p>首席執行官黃仁勳表示，該公司當前一代 Blackwell 芯片的需求 “超出預期”，並拒絕了人工智能熱潮反映泡沫的説法。</p>
</div><p>Despite the upbeat commentary, Nvidia stock turned negative and was last seen down around 1%, weighing on the broader market.</p>
<div class="lb-trans"><p>儘管評論樂觀，英偉達的股票卻轉為下跌，最後下跌約 1%，對整體市場造成壓力。</p>
</div><p>Investors grew increasingly uneasy about lofty AI-related valuations, particularly if the Fed refrains from additional rate cuts this year.</p>
<div class="lb-trans"><p>投資者對高企的人工智能相關估值感到越來越不安，尤其是在美聯儲今年不再降息的情況下。</p>
</div><p>The weakness continued a broader cooling in AI-linked stocks. Through Wednesday, the S&amp;P 500 was down about 3% for the month, while the Nasdaq had fallen nearly 5%. Nvidia itself had declined 7% for November ahead of Thursday’s session.</p>
<div class="lb-trans"><p>這種疲軟延續了與人工智能相關股票的整體降温。截止週三，標準普爾 500 指數本月下跌約 3%，而納斯達克幾乎下跌了 5%。英偉達在週四交易前已經下跌了 7%。</p>
</div><h2>Analyst remains cautious on Nvidia stock</h2>
<div class="lb-trans"><h2>分析師對英偉達股票保持謹慎</h2>
</div><p>Deutsche Bank stood out as the only major firm to maintain a neutral stance on Nvidia following the earnings release, as per a CNBC report.</p>
<div class="lb-trans"><p>德意志銀行在財報發佈後，作為唯一一家維持對英偉達中性態度的主要公司，受到 CNBC 報道的關注。</p>
</div><p>Analyst Ross Seymore attributed the decision largely to valuation.</p>
<div class="lb-trans"><p>分析師羅斯·塞莫爾將這一決定主要歸因於估值問題。</p>
</div><p>Seymore wrote that the firm remained bullish on Nvidia’s long-term prospects but argued that extraordinary expectations over the next two years were already reflected in the stock price.</p>
<div class="lb-trans"><p>塞莫爾寫道，該公司對英偉達的長期前景仍持樂觀態度，但認為未來兩年的非凡預期已經反映在股價中。</p>
</div><p>The analyst was “very impressed with NVDA’s continued leadership in AI compute, networking, software and systems capabilities,” adding that Nvidia’s lead over competitors appeared more likely to widen than narrow.</p>
<div class="lb-trans"><p>該分析師對英偉達在人工智能計算、網絡、軟件和系統能力方面的持續領導地位 “印象深刻”，並補充説，英偉達在競爭對手面前的領先優勢似乎更有可能擴大而非縮小。</p>
</div><p>However, he noted the shares appeared “fairly valued,” citing a $215 price target implying roughly a 23x P/E multiple on 2027 calendar year estimates that already assume about 85% revenue growth over two years.</p>
<div class="lb-trans"><p>然而，他指出，股票似乎 “估值合理”，引用 215 美元的目標價，暗示 2027 年日曆年估計的市盈率約為 23 倍，已經假設了未來兩年約 85% 的收入增長。</p>
</div><h2>China weakness also hurts the Nvidia stock</h2>
<div class="lb-trans"><h2>中國市場疲軟也影響英偉達股票</h2>
</div><p>Nvidia’s China business remained a pressure point in the third quarter as US trade restrictions continued to reshape the competitive landscape.</p>
<div class="lb-trans"><p>英偉達在第三季度的中國業務仍然是一個壓力點，因為美國的貿易限制繼續重塑競爭格局。</p>
</div><p>The company reportedly recorded just $50 million in sales of its H20 chips — versions of its Hopper GPUs configured for China to meet tightening export controls — for the period ending October 26.</p>
<div class="lb-trans"><p>據報道，該公司在截至 10 月 26 日的期間內，僅錄得 5000 萬美元的 H20 芯片銷售——這些是為滿足日益嚴格的出口管制而配置的 Hopper GPU 版本。</p>
</div><p>CFO Colette Kress said, “sizable purchase orders never materialised in the quarter due to geopolitical issues and the increasingly competitive market in China.”</p>
<div class="lb-trans"><p>首席財務官科萊特·克雷斯表示，“由於地緣政治問題和中國市場競爭日益激烈，季度內並未出現大額採購訂單。”</p>
</div><p>Nvidia reported $2.8 billion in total China revenue, representing 5% of quarterly sales, well below the $8.4 billion projected by analysts.</p>
<div class="lb-trans"><p>英偉達報告稱，中國的總收入為 28 億美元，佔季度銷售的 5%，遠低於分析師預測的 84 億美元。</p>
</div><p>By comparison, revenue from the US reached $39.2 billion, while Taiwan generated $13.8 billion.</p>
<div class="lb-trans"><p>相比之下，美國的收入達到 392 億美元，而台灣的收入為 138 億美元。</p>
</div><p>The post End of the AI trade? Why Nvidia stock slipped even after stellar earnings appeared first on Invezz</p>
<div class="lb-trans"><p>關於人工智能交易結束的後續？為何英偉達股票在出色的財報後仍然下滑，首次出現在 Invezz 上。</p>
</div>

End of the AI trade? Why Nvidia stock slipped even after stellar earnings

- 美國股市因英偉達財報反彈後回落，主要指數下跌。  
- 道瓊斯工業平均指數下跌 332 點，標普 500 和納斯達克分別下跌 1% 和 1.3%。  
- 投資者對 AI 估值和美聯儲可能的降息持謹慎態度。

AI 交易的終結？為什麼英偉達的股票即便在業績優異後仍然下跌