<p>作者：Britney Nguyen</p>
<p>英偉達支付了一筆 “象徵性” 的股息，儘管增加的分紅可能會擴大股票的投資者基礎，但該公司正在尋找其他現金用途。</p>
<p>英偉達在首席執行官黃仁勳的領導下，將於週三公佈 2024 財年第一季度財報。</p>
<p>英偉達會開始支付更為嚴肅的股息嗎？一位分析師表示，這是投資者所希望的，但這並不意味着他們會如願以償。</p>
<p>英偉達（NVDA）支付的股息微薄，股票收益率僅為 0.02%。在道瓊斯工業平均指數中，科技股的股息收益率通常排名靠後：例如，蘋果（AAPL）的股票收益率為 0.35%，而亞馬遜（AMZN）則完全不支付股息。</p>
<p>然而，瑞銀分析師 Timothy Arcuri 最近寫道，他與 “許多投資者” 交談時發現，他們 “正在推動更大規模的股息承諾”。在他看來，這可能使英偉達的股票對更廣泛的投資者基礎更具吸引力。</p>
<p>Arcuri 表示，他還可以看到這家芯片製造商在未來 12 個月內將股票回購承諾提高到約 1500 億美元。英偉達在去年 8 月將其股票回購計劃增加了 600 億美元，創下了公司的紀錄。截至其最新的財報（2 月份），英偉達表示其在現有授權下還有 585 億美元的回購資金。</p>
<p>這一切都涉及到更廣泛的資本配置問題。擁有多餘現金的公司可以選擇囤積現金、通過股東回報分配現金、進行收購或在研發等領域投資於業務。現在，英偉達對另一種選擇表現出越來越大的興趣：投資於人工智能生態系統內的其他公司。</p>
<p>查看更多：隨着英偉達財報臨近，投資者需要關注的五件事</p>
<p>Arcuri 表示，英偉達今年預計將產生約 1900 億美元的自由現金流，明年將達到 3200 億美元。數據研究公司 DataTrek 的聯合創始人 Nicholas Colas 週二指出，其現金流正在向人工智能股權投資轉移，而不是股票回購。</p>
<p>英偉達最近向其數據中心生態系統中的公司投入了數十億美元，包括推理芯片製造商 Groq、玻璃製造商康寧（GLW）和雲計算公司 CoreWeave（CRWV）。Colas 指出，英偉達在 2026 財年將 39% 的運營現金流用於股票回購，而這一比例在前一年為 52%。</p>
<p>這一趨勢 “使得評估其現金流變得更加複雜，” Colas 補充道。他在報告中表示，專注於投資而非回購引發了關於英偉達股東最終能獲得多少投資回報的問題。</p>
<p>但 Colas 認為，如果英偉達不表現得像一個投資者，它的故事會 “更清晰”，但 “這並不保證它會成為更好的股票。” 該公司的估值似乎主要源於投資者對其未來增長的樂觀情緒。</p>
<p>“通過將資本重新投入到人工智能生態系統中，英偉達希望幫助顛覆性創新的飛輪轉動得更快，並（理想情況下）朝着他們的方向發展，” Colas 表示。</p>
<p>他説，英偉達有足夠的現金以這種方式運營，但投資者希望看到其投資回報，而他們將在週三的財報中獲得更新。</p>
<p>繼續閲讀：英偉達如何將一筆劃算的交易變成其秘密武器</p>
<p>Aptus Capital Advisors 的股票主管 David Wagner 表示，英偉達首席執行官黃仁勳遵循了 “激進的、高速增長的再投資策略，而不是將英偉達轉變為傳統的現金牛收入股票”，而這種情況不太可能改變。</p>
<p>Wagner 在給 MarketWatch 的電子郵件評論中表示，英偉達並不是在坐擁現金，指出這家芯片製造商今年已承諾投入數百億美元進行戰略投資和資本部署。</p>
<p>Wagner 表示，英偉達並沒有向投資者提供應税股息，而是花費資金開發其硬件、確保其技術生態系統，並投資於合作伙伴關係，以部署數千兆瓦的芯片。他表示，這些部署 “應該比小額象徵性股息具有更好的長期內部收益率。”</p>
<p>與此同時，如果英偉達宣佈增加回購計劃，Wagner 表示，這將向市場發出信號，表明其 “人工智能主導地位正在轉化為驚人的流動性。”</p>
<p>Wagner 表示，英偉達能夠產生足夠的多餘現金，以便在投資數十億美元用於研發和其他領域的同時回購數十億美元的自家股票，這 “是隻有頂級巨頭才能做到的壯舉。”</p>
<p>如果英偉達的收入和每股收益遠超華爾街的預期，正如它在最近幾個季度所做的那樣，Zacks Investment Management 的首席市場策略師 Brian Mulberry 告訴 MarketWatch，他可以看到公司通過提高股息和增加回購授權來向股東返還資本。</p>
<p>但 Argent Capital Management 的投資組合經理 Jed Ellerbroek 表示，任何股息增加可能 “基本上是微不足道的。” 從外部來看，英偉達的股息看起來像是一種象徵性股息，作為某種要求而支付，他告訴 MarketWatch。</p>
<p>不要錯過：英偉達的財報將成為這些重大投資者辯論的配角</p>
<p>-Britney Nguyen</p>
<p>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>05-19-26 1309ET</p>

英偉達

半導體 ETF - VanEck Vectors

英偉達期權收益策略 ETF - YieldMax

費城交易所 半導體 ETF - iShares

1.5 倍做空英偉達 ETF - Tradr

2 倍做多 NVDA ETF - T-Rex

高科技指數 ETF - SPDR

2 倍做多英偉達 ETF - Direxion

2 倍做多英偉達 ETF - GraniteShares

<p>英偉達即將公佈其財年第一季度的財報，投資者熱切期待有關潛在股息增加和股票回購的消息。目前，英偉達支付的股息僅為 0.02%，但分析師建議更大力度的承諾可能會吸引更多投資者。該公司正將現金流轉向人工智能投資，而非股票回購，這引發了對未來股東回報的質疑。英偉達的戰略側重於在技術和合作夥伴關係上的積極再投資，預計將實現強勁的收入和盈利增長</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>Nvidia pays a 'token' dividend, and while an increased payout could broaden the stock's investor base, the company has been finding other uses for its cash</p>
<div class="lb-trans"><p>英偉達支付了一筆 “象徵性” 的股息，儘管增加的分紅可能會擴大股票的投資者基礎，但該公司正在尋找其他現金用途。</p>
</div><p>Nvidia, led by CEO Jensen Huang, will report fiscal first-quarter earnings on Wednesday.</p>
<div class="lb-trans"><p>英偉達在首席執行官黃仁勳的領導下，將於週三公佈 2024 財年第一季度財報。</p>
</div><p>Could Nvidia start paying a more serious dividend? It's something investors want, one analyst says, but that doesn't mean they're going to get it.</p>
<div class="lb-trans"><p>英偉達會開始支付更為嚴肅的股息嗎？一位分析師表示，這是投資者所希望的，但這並不意味着他們會如願以償。</p>
</div><p>Nvidia (NVDA) pays a paltry dividend, with its stock yielding just 0.02%. Technology stocks generally rank toward the bottom of the Dow Jones Industrial Average when it comes to their dividend yields: Apple shares (AAPL), for example, yield 0.35%, and Amazon.com (AMZN) doesn't do payouts at all.</p>
<div class="lb-trans"><p>英偉達（NVDA）支付的股息微薄，股票收益率僅為 0.02%。在道瓊斯工業平均指數中，科技股的股息收益率通常排名靠後：例如，蘋果（AAPL）的股票收益率為 0.35%，而亞馬遜（AMZN）則完全不支付股息。</p>
</div><p>Yet UBS analyst Timothy Arcuri wrote recently that &#34;many investors&#34; he speaks with &#34;are pushing for a much larger dividend commitment.&#34; That could make Nvidia's stock appeal to a broader investor base, in his view.</p>
<div class="lb-trans"><p>然而，瑞銀分析師 Timothy Arcuri 最近寫道，他與 “許多投資者” 交談時發現，他們 “正在推動更大規模的股息承諾”。在他看來，這可能使英偉達的股票對更廣泛的投資者基礎更具吸引力。</p>
</div><p>Arcuri said he could also see the chip maker upping its share-repurchase commitment to the neighborhood of $150 billion over the next 12 months. Nvidia boosted its stock-buyback program by $60 billion last August, which was a record for the company. As of its latest earnings report in February, Nvidia said it has $58.5 billion remaining under its existing authorization.</p>
<div class="lb-trans"><p>Arcuri 表示，他還可以看到這家芯片製造商在未來 12 個月內將股票回購承諾提高到約 1500 億美元。英偉達在去年 8 月將其股票回購計劃增加了 600 億美元，創下了公司的紀錄。截至其最新的財報（2 月份），英偉達表示其在現有授權下還有 585 億美元的回購資金。</p>
</div><p>This all gets at the broader question of capital allocation. Companies with excess cash can do things like hoard it, dole much of it out through shareholder returns, make acquisitions or invest in the business through areas like research and development. Now Nvidia is showing increased interest in another option: investing in other companies within the artificial-intelligence ecosystem.</p>
<div class="lb-trans"><p>這一切都涉及到更廣泛的資本配置問題。擁有多餘現金的公司可以選擇囤積現金、通過股東回報分配現金、進行收購或在研發等領域投資於業務。現在，英偉達對另一種選擇表現出越來越大的興趣：投資於人工智能生態系統內的其他公司。</p>
</div><p>See more: As Nvidia earnings draw closer, here are 5 things investors need to watch</p>
<div class="lb-trans"><p>查看更多：隨着英偉達財報臨近，投資者需要關注的五件事</p>
</div><p>Arcuri said Nvidia is on track to generate about $190 billion in free cash flow this year and $320 billion next year. Its cash flow has been shifting toward AI-equity investments and away from stock buybacks, Nicholas Colas, co-founder of DataTrek Research, noted on Tuesday.</p>
<div class="lb-trans"><p>Arcuri 表示，英偉達今年預計將產生約 1900 億美元的自由現金流，明年將達到 3200 億美元。數據研究公司 DataTrek 的聯合創始人 Nicholas Colas 週二指出，其現金流正在向人工智能股權投資轉移，而不是股票回購。</p>
</div><p>Nvidia has recently poured billions into companies in its data-center ecosystem, including inference-chip maker Groq, glassmaker Corning (GLW) and neocloud CoreWeave (CRWV). While Nvidia spent 39% of its operating cash flow buying back stock in fiscal 2026, that was down from 52% in the previous year, Colas noted.</p>
<div class="lb-trans"><p>英偉達最近向其數據中心生態系統中的公司投入了數十億美元，包括推理芯片製造商 Groq、玻璃製造商康寧（GLW）和雲計算公司 CoreWeave（CRWV）。Colas 指出，英偉達在 2026 財年將 39% 的運營現金流用於股票回購，而這一比例在前一年為 52%。</p>
</div><p>That trend &#34;makes valuing its cash flows more complex,&#34; Colas added. The focus on investments rather than buybacks raises questions of how much return on investment Nvidia shareholders will eventually get, he said in his note.</p>
<div class="lb-trans"><p>這一趨勢 “使得評估其現金流變得更加複雜，” Colas 補充道。他在報告中表示，專注於投資而非回購引發了關於英偉達股東最終能獲得多少投資回報的問題。</p>
</div><p>But while Colas thinks Nvidia would &#34;be a cleaner story&#34; if it wasn't acting like an investor itself, &#34;that doesn't guarantee it would be a better stock.&#34; The company's valuation seems mostly derived from investor optimism over its future growth.</p>
<div class="lb-trans"><p>但 Colas 認為，如果英偉達不表現得像一個投資者，它的故事會 “更清晰”，但 “這並不保證它會成為更好的股票。” 該公司的估值似乎主要源於投資者對其未來增長的樂觀情緒。</p>
</div><p>&#34;By recycling capital back into the AI ecosystem, Nvidia is hoping to help the flywheel of disruptive innovation move just a little bit faster and (ideally) in their direction,&#34; Colas said.</p>
<div class="lb-trans"><p>“通過將資本重新投入到人工智能生態系統中，英偉達希望幫助顛覆性創新的飛輪轉動得更快，並（理想情況下）朝着他們的方向發展，” Colas 表示。</p>
</div><p>Nvidia has the cash to operate this way, he said, but investors will want to see it pay off, and they're due for an update on Wednesday, when the company reports earnings.</p>
<div class="lb-trans"><p>他説，英偉達有足夠的現金以這種方式運營，但投資者希望看到其投資回報，而他們將在週三的財報中獲得更新。</p>
</div><p>Read on: How Nvidia turned a steal of a deal into its secret weapon</p>
<div class="lb-trans"><p>繼續閲讀：英偉達如何將一筆劃算的交易變成其秘密武器</p>
</div><p>David Wagner, head of equity at Aptus Capital Advisors, said Nvidia CEO Jensen Huang has followed the playbook of &#34;aggressive, hyper-growth reinvestment rather than turning Nvidia into a traditional cash-cow income stock,&#34; and that's unlikely to change.</p>
<div class="lb-trans"><p>Aptus Capital Advisors 的股票主管 David Wagner 表示，英偉達首席執行官黃仁勳遵循了 “激進的、高速增長的再投資策略，而不是將英偉達轉變為傳統的現金牛收入股票”，而這種情況不太可能改變。</p>
</div><p>Nvidia isn't exactly sitting on its cash, Wagner told MarketWatch in emailed comments, noting that the chip maker has committed tens of billions of dollars to strategic investments and capital deployments just this year.</p>
<div class="lb-trans"><p>Wagner 在給 MarketWatch 的電子郵件評論中表示，英偉達並不是在坐擁現金，指出這家芯片製造商今年已承諾投入數百億美元進行戰略投資和資本部署。</p>
</div><p>Rather than offering investors a taxable dividend, Wagner said Nvidia is spending on developing its hardware, securing its technology ecosystem and investing in partnerships to deploy multiple gigawatts of its chips. These deployments, he said, &#34;should have better long-term [internal rate of return] than a small token dividend.&#34;</p>
<div class="lb-trans"><p>Wagner 表示，英偉達並沒有向投資者提供應税股息，而是花費資金開發其硬件、確保其技術生態系統，並投資於合作伙伴關係，以部署數千兆瓦的芯片。他表示，這些部署 “應該比小額象徵性股息具有更好的長期內部收益率。”</p>
</div><p>Meanwhile, if Nvidia does announce an increased buyback program, Wagner said, that will signal to the market that its &#34;AI dominance is translating into spectacular liquidity.&#34;</p>
<div class="lb-trans"><p>與此同時，如果英偉達宣佈增加回購計劃，Wagner 表示，這將向市場發出信號，表明其 “人工智能主導地位正在轉化為驚人的流動性。”</p>
</div><p>That Nvidia is generating enough excess cash to be able to buy tens of billions of dollars of its own stock while investing billions into research and development and other areas is &#34;a feat reserved only for elite mega-caps,&#34; Wagner said.</p>
<div class="lb-trans"><p>Wagner 表示，英偉達能夠產生足夠的多餘現金，以便在投資數十億美元用於研發和其他領域的同時回購數十億美元的自家股票，這 “是隻有頂級巨頭才能做到的壯舉。”</p>
</div><p>If Nvidia delivers revenue and earnings per share far ahead of Wall Street's expectations, as it has done in recent quarters, Brian Mulberry, chief market strategist at Zacks Investment Management, told MarketWatch he could see the company returning capital to shareholders by both raising its dividend and increasing its buyback authorization.</p>
<div class="lb-trans"><p>如果英偉達的收入和每股收益遠超華爾街的預期，正如它在最近幾個季度所做的那樣，Zacks Investment Management 的首席市場策略師 Brian Mulberry 告訴 MarketWatch，他可以看到公司通過提高股息和增加回購授權來向股東返還資本。</p>
</div><p>But Jed Ellerbroek, a portfolio manager at Argent Capital Management, said that any dividend hike would likely be &#34;largely immaterial.&#34; From the outside, Nvidia's dividend looks like a token dividend that it's paying as some sort of requirement, he told MarketWatch.</p>
<div class="lb-trans"><p>但 Argent Capital Management 的投資組合經理 Jed Ellerbroek 表示，任何股息增加可能 “基本上是微不足道的。” 從外部來看，英偉達的股息看起來像是一種象徵性股息，作為某種要求而支付，他告訴 MarketWatch。</p>
</div><p>Don't miss: Nvidia's earnings will play second fiddle to these big investor debates</p>
<div class="lb-trans"><p>不要錯過：英偉達的財報將成為這些重大投資者辯論的配角</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>本文由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>05-19-26 1309ET</p>
<div class="lb-trans"><p>05-19-26 1309ET</p>
</div>

Is Nvidia spending its cash on the right things? Investors will soon get an update.

- Nvidia 支付微薄的股息，股息收益僅為 0.02%。
- 分析師認為，公司可能增加股票回購至 1500 億美元並投資 AI 生態系統。
- 投資者關注收益公佈，期待更高的資本回報率。

Dow Jones

蘋果

亞馬遜

道瓊斯指數

瑞銀集團

康寧

Coreweave

NVIDIA Corporation

英偉達是否在正確的領域上花費現金？投資者將很快得到最新消息