<p>5 月 20 日將是股市一個重要的日子，因為全球最大的公司 <strong>Nvidia</strong>（NVDA +0.64%）將發佈截至 4 月 26 日的 2027 財年第一季度財報。在最近幾年，沒有哪一份財報能像 Nvidia 的財報那樣引起華爾街的關注，而即將發佈的財報也不會例外。投資者是否應該在此之前考慮購買該公司的股票？</p>
<p>我的看法是，這樣做並不是一個壞主意，因為有充分的理由認為 Nvidia 可能會迎來一個超預期的季度，這可能會使其股價飆升。當然，我們無法確定這些事情，但讓我們考慮幾個理由，為什麼 Nvidia 的股票在即將發佈的財報後可能會大幅上漲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia logo." width="1200" height="800" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>主要超大規模雲服務商正在瘋狂投資</h2>
<p>Nvidia 最大的客户可能是主要的超大規模雲服務商，如 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong>。這三家公司在幾周前發佈了最新的季度財報，均顯示雲收入加速增長。而且這三家公司在資本支出上投入了鉅額資金，主要用於支持其與 人工智能 相關的雄心。例如，Microsoft 表示將在 2026 日曆年內支出 1900 億美元。</p>
<p>Amazon 仍計劃支出約 2000 億美元，截至第一季度末，其支出還不到這一金額的四分之一。Alphabet 的管理層指出，今年的資本支出已經達到 1800 億到 1900 億美元，並將在 2027 年顯著加速。值得注意的是，即使在這三家雲計算巨頭之外，其他公司在追求人工智能的過程中也毫不吝嗇，<strong>Tesla</strong> 和 <strong>Meta Platforms</strong> 就是其中最顯著的例子。</p>
<p>這一切告訴我們關於 Nvidia 什麼？該公司仍然是 AI 芯片市場的領導者，與空頭的預測相反，AI 泡沫似乎不會在短期內破裂。事實上，需求可能正在加速增長。我們可能會在 Nvidia 即將發佈的季度更新中看到這一現象的影響，這可能導致超預期的結果。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia Stock Quote" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>Nvidia</p>
<p>今日變動</p>
<p>(0.64%) $1.41</p>
<p>當前價格</p>
<p>$220.85</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$5.3 萬億</p>
<p>日內區間</p>
<p>$214.95 - $223.74</p>
<p>52 周區間</p>
<p>$124.47 - $223.75</p>
<p>成交量</p>
<p>590 萬</p>
<p>平均成交量</p>
<p>1.71 億</p>
<p>毛利率</p>
<p>71.07%</p>
<p>股息收益率</p>
<p>0.02%</p>
<h2>Nvidia 的同行表現出色</h2>
<p>還有進一步的跡象表明 AI 芯片市場仍然存在健康的需求：Nvidia 在 半導體行業 的一些同行 <strong>AMD</strong> 和 <strong>Intel</strong> 最近發佈的財報均超出分析師預期。AMD 的收入同比增長 38%，達到 103 億美元。該公司的數據中心部門是主要的增長動力，該部門的銷售同比激增 57%，達到 58 億美元，部分原因是 GPU（圖形處理單元）出貨量增加。</p>
<p>AMD 的股票在財報發佈後大幅上漲。Intel 的財報也超出預期，第一季度收入為 136 億美元，同比增長 7%。該公司歸功於在從訓練模型轉向推理和自主 AI（能夠計劃和執行任務的自主 AI 系統）過程中對其 CPU（中央處理單元）的強勁需求。換句話説，Intel 的表現也突顯了 AI 行業的整體強勁和持續增長。</p>
<h2>Nvidia 的估值合理</h2>
<p>即使 Nvidia 發佈超預期的財報，市場的反應可能也會相對平淡，如果這一預期已經反映在股價中。在我看來，情況並非如此。Nvidia 的前瞻市盈率為 26.5 倍，而信息技術股票的平均市盈率為 24.4 倍。考慮到 Nvidia 的市場主導地位和強大的競爭壁壘，其股票似乎估值合理。值得指出的是，儘管 Nvidia 今年表現相當不錯，但其表現仍遠遠落後於 AMD 和 Intel。</p>
<p></p>
<p>AMD 數據來源於 YCharts</p>
<p>也許這不是一個公平的比較。Nvidia 是一家規模更大的公司。然而，考慮到超大規模雲服務商的重金投入、AMD 和 Intel 的強勁業績，以及 Nvidia 今年相對較差的股市表現和吸引人的估值，似乎為另一個超預期的季度奠定了基礎。這就是為什麼投資者應該在 5 月 20 日之前考慮購買該公司的股票。</p>

谷歌-A

亞馬遜

微軟

<p>英偉達計劃於 5 月 20 日發佈 2027 財年第一季度財報，預計將因亞馬遜、微軟和谷歌等主要雲服務提供商在人工智能相關項目上的支出增加而表現強勁。分析師認為，英偉達在人工智能芯片市場的領導地位以及 AMD 和英特爾等同行的積極趨勢表明其可能會超出預期盈利。儘管最近的股價表現落後於競爭對手，英偉達的估值仍然具有吸引力，使其在財報發佈前成為潛在的買入機會</p>

<p>May 20 will be an important day for the stock market, as <strong>Nvidia</strong>( NVDA +0.64%), the largest company in the world, is set to release its first-quarter fiscal year 2027 results for the period ending April 26. No single earnings release has commanded the attention of Wall Street as much as Nvidia's in recent years, and the upcoming one will be no different. Should investors consider purchasing the company's shares before then?</p>
<div class="lb-trans"><p>5 月 20 日將是股市一個重要的日子，因為全球最大的公司 <strong>Nvidia</strong>（NVDA +0.64%）將發佈截至 4 月 26 日的 2027 財年第一季度財報。在最近幾年，沒有哪一份財報能像 Nvidia 的財報那樣引起華爾街的關注，而即將發佈的財報也不會例外。投資者是否應該在此之前考慮購買該公司的股票？</p>
</div><p>My view is that it wouldn't be a bad idea to do so, as there are good reasons to think Nvidia might be heading toward a beat-and-raise quarter that could send its stock price soaring. Of course, we can't predict these things with certainty, but let's consider several arguments as to why Nvidia's shares might jump on the heels of its upcoming earnings release.</p>
<div class="lb-trans"><p>我的看法是，這樣做並不是一個壞主意，因為有充分的理由認為 Nvidia 可能會迎來一個超預期的季度，這可能會使其股價飆升。當然，我們無法確定這些事情，但讓我們考慮幾個理由，為什麼 Nvidia 的股票在即將發佈的財報後可能會大幅上漲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Njk2NTAvbnZpZGlhLWxvZ28ucG5nJnc9Mzg0MA" alt="Nvidia logo." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F869650%2Fnvidia-logo.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>Major hyperscalers are on a spending spree</h2>
<div class="lb-trans"><h2>主要超大規模雲服務商正在瘋狂投資</h2>
</div><p>Nvidia's biggest customers are likely major hyperscalers -- or leading cloud services providers -- such as <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>. All three reported their latest quarterly results about a couple of weeks ago. All three are seeing accelerating cloud revenue. And all three are spending small fortunes on capex, largely to fund their artificial intelligence (AI)-related ambitions. For instance, Microsoft said it would spend $190 billion during the calendar year 2026.</p>
<div class="lb-trans"><p>Nvidia 最大的客户可能是主要的超大規模雲服務商，如 <strong>Amazon</strong>、<strong>Microsoft</strong> 和 <strong>Alphabet</strong>。這三家公司在幾周前發佈了最新的季度財報，均顯示雲收入加速增長。而且這三家公司在資本支出上投入了鉅額資金，主要用於支持其與 人工智能 相關的雄心。例如，Microsoft 表示將在 2026 日曆年內支出 1900 億美元。</p>
</div><p>Amazon still plans to dish out roughly $200 billion, and, as of the end of the first quarter, it had spent less than a quarter of that. Alphabet's management noted that capex spending, already elevated this year (between $180 billion and $190 billion) would significantly accelerate in 2027. It's also worth noting that even beyond these three cloud computing juggernauts, other companies are sparing no expense in their quest to capitalize on AI. <strong>Tesla</strong> and <strong>Meta Platforms</strong> are among the most notable here.</p>
<div class="lb-trans"><p>Amazon 仍計劃支出約 2000 億美元，截至第一季度末，其支出還不到這一金額的四分之一。Alphabet 的管理層指出，今年的資本支出已經達到 1800 億到 1900 億美元，並將在 2027 年顯著加速。值得注意的是，即使在這三家雲計算巨頭之外，其他公司在追求人工智能的過程中也毫不吝嗇，<strong>Tesla</strong> 和 <strong>Meta Platforms</strong> 就是其中最顯著的例子。</p>
</div><p>What does all this tell us about Nvidia? The company remains the leader in the AI chip market, and contrary to the bears' prediction, the AI bubble doesn't look likely to burst anytime soon. In fact, if anything, demand for AI chips may be accelerating. We could see the impact of this phenomenon on Nvidia's upcoming quarterly update, potentially leading to a beat-and-raise.</p>
<div class="lb-trans"><p>這一切告訴我們關於 Nvidia 什麼？該公司仍然是 AI 芯片市場的領導者，與空頭的預測相反，AI 泡沫似乎不會在短期內破裂。事實上，需求可能正在加速增長。我們可能會在 Nvidia 即將發佈的季度更新中看到這一現象的影響，這可能導致超預期的結果。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>Nvidia</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.64%) $1.41</p>
<div class="lb-trans"><p>(0.64%) $1.41</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$220.85</p>
<div class="lb-trans"><p>$220.85</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$5.3T</p>
<div class="lb-trans"><p>$5.3 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$214.95 - $223.74</p>
<div class="lb-trans"><p>$214.95 - $223.74</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$124.47 - $223.75</p>
<div class="lb-trans"><p>$124.47 - $223.75</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>5.9M</p>
<div class="lb-trans"><p>590 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>171M</p>
<div class="lb-trans"><p>1.71 億</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>71.07%</p>
<div class="lb-trans"><p>71.07%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.02%</p>
<div class="lb-trans"><p>0.02%</p>
</div><h2>Nvidia's peers are flying</h2>
<div class="lb-trans"><h2>Nvidia 的同行表現出色</h2>
</div><p>There are further indications that the AI chip market is still experiencing healthy demand: Some of Nvidia's peers in the semiconductor industry that recently reported earnings -- <strong>AMD</strong> and <strong>Intel</strong> -- exceeded analyst expectations. AMD's top line grew by 38% year over year to $10.3 billion. The company's data center unit was the primary growth driver, with sales from that segment soaring 57% year over year to $5.8 billion, partly due to increased GPU (Graphics Processing Unit) shipments.</p>
<div class="lb-trans"><p>還有進一步的跡象表明 AI 芯片市場仍然存在健康的需求：Nvidia 在 半導體行業 的一些同行 <strong>AMD</strong> 和 <strong>Intel</strong> 最近發佈的財報均超出分析師預期。AMD 的收入同比增長 38%，達到 103 億美元。該公司的數據中心部門是主要的增長動力，該部門的銷售同比激增 57%，達到 58 億美元，部分原因是 GPU（圖形處理單元）出貨量增加。</p>
</div><p>AMD's shares jumped after earnings. Intel also beat on earnings, posting first-quarter revenue of $13.6 billion, up 7% year over year. The company credited strong demand for its CPUs (Central Processing Units) amid the shift from training models to inference and agentic AI (autonomous AI systems that can plan and execute tasks with little human supervision). In other words, Intel's performance also underscores the broader strength and sustained growth of the AI sector.</p>
<div class="lb-trans"><p>AMD 的股票在財報發佈後大幅上漲。Intel 的財報也超出預期，第一季度收入為 136 億美元，同比增長 7%。該公司歸功於在從訓練模型轉向推理和自主 AI（能夠計劃和執行任務的自主 AI 系統）過程中對其 CPU（中央處理單元）的強勁需求。換句話説，Intel 的表現也突顯了 AI 行業的整體強勁和持續增長。</p>
</div><h2>Nvidia is trading at reasonable levels</h2>
<div class="lb-trans"><h2>Nvidia 的估值合理</h2>
</div><p>Even if Nvidia delivers a beat-and-raise and quarter, the market's reaction might be fairly muted if that's already baked into the stock price. In my view, that's not the case. Nvidia is trading at 26.5x forward earnings, versus the average of 24.4x for information technology stocks. Nvidia's shares appear reasonably valued, particularly given its dominant market share and robust competitive moat. It's also worth pointing out that while Nvidia has performed pretty well this year, it has lagged both AMD and Intel by a wide margin.</p>
<div class="lb-trans"><p>即使 Nvidia 發佈超預期的財報，市場的反應可能也會相對平淡，如果這一預期已經反映在股價中。在我看來，情況並非如此。Nvidia 的前瞻市盈率為 26.5 倍，而信息技術股票的平均市盈率為 24.4 倍。考慮到 Nvidia 的市場主導地位和強大的競爭壁壘，其股票似乎估值合理。值得指出的是，儘管 Nvidia 今年表現相當不錯，但其表現仍遠遠落後於 AMD 和 Intel。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>AMD data by YCharts</p>
<div class="lb-trans"><p>AMD 數據來源於 YCharts</p>
</div><p>Perhaps this isn't a fair comparison. Nvidia is a much larger company. However, when considering the heavy spending from hyperscalers, the strong results from AMD and Intel, and Nvidia's comparatively poor stock market performance this year and attractive valuation, the stage appears set for another blowout quarter. That's why investors should consider purchasing the company's shares before May 20.</p>
<div class="lb-trans"><p>也許這不是一個公平的比較。Nvidia 是一家規模更大的公司。然而，考慮到超大規模雲服務商的重金投入、AMD 和 Intel 的強勁業績，以及 Nvidia 今年相對較差的股市表現和吸引人的估值，似乎為另一個超預期的季度奠定了基礎。這就是為什麼投資者應該在 5 月 20 日之前考慮購買該公司的股票。</p>
</div>

Prediction: Nvidia Stock Will Soar on May 20

- Nvidia 將於 5 月 20 日發佈 2027 財年第一季度財報。  
- 主要雲服務商加大投資，推動 AI 芯片需求。  
- Nvidia 股票估值合理，投資者應考慮提前購買。

預測：英偉達的股票將在 5 月 20 日大幅上漲