<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg"/></p>
<p>英偉達（NVDA）發佈了又一份驚人的財報，但投資者似乎並不買賬，股價難以反彈。</p>
<p>週四早盤，股價下跌約 1.9%，早盤交易中股價跌至約 219.62 美元。</p>
<p>儘管英偉達再次超越華爾街預期，並預測未來將實現更強勁的增長，但市場反應平淡。</p>
<p>英偉達報告的財年第一季度收入為 816 億美元，比去年增長 85%，超出分析師對約 789 億美元的預期。</p>
<p>該公司還預計第二季度收入增長約 95%。</p>
<p>然而，考慮到英偉達的市值已達到約 5.3 萬億美元，且股價在最近幾個月大幅上漲，投資者似乎不願在業績公佈後立即推動股價大幅上漲。</p>
<p>分析師還指出，關於人工智能芯片和定製計算基礎設施的長期競爭的擔憂日益加劇。</p>
<h2>“需求已經呈現指數級增長”</h2>
<p>英偉達的業績再次受到其數據中心業務爆炸性增長的推動，該業務仍然是全球人工智能基礎設施建設的核心。</p>
<p>首席執行官黃仁勳表示，人工智能計算基礎設施的需求正在迅速加速。</p>
<p>“需求已經呈現指數級增長，” 黃在財報電話會議上對分析師表示。</p>
<p>“原因很簡單：代理人工智能的時代已經到來。”</p>
<p>英偉達現在預測，到本世紀末，年度人工智能基礎設施支出可能會增加到 3 萬億到 4 萬億美元之間，因為人工智能系統將嵌入各個行業。</p>
<p>該公司繼續受益於來自超大規模數據中心、企業、政府和初創公司的鉅額支出承諾，這些公司正在爭相確保先進的人工智能計算能力。</p>
<h2>中國仍然是一個重大問題</h2>
<p>投資者關注的最大領域之一仍然是中國。</p>
<p>英偉達的人工智能芯片已成為美國與中國之間更廣泛技術競爭的核心問題。</p>
<p>今年早些時候，特朗普政府允許英偉達在特定條件下恢復對中國客户的 H200 人工智能芯片的有限銷售。</p>
<p>H200 之前因擔心該技術可能增強中國的軍事和技術能力而受到限制。</p>
<p>然而，英偉達表示，目前並未假設來自中國數據中心芯片銷售的任何收入貢獻。</p>
<p>黃還向 CNBC 承認，該公司 “在很大程度上已將” 中國市場拱手讓給華為，因為北京日益推動國內半導體供應商。</p>
<p>上週，黃與一羣美國商界領袖陪同特朗普進行正式訪問北京，儘管尚不清楚半導體政策是否進行了有意義的討論。</p>
<h2>華爾街仍然看到顯著的上行空間</h2>
<p>儘管股價反應平淡，但主要華爾街公司在財報發佈後大多提高了目標價。</p>
<p>貝爾德將英偉達的目標價從 300 美元上調至 500 美元，同時維持 “跑贏大盤” 評級。</p>
<p>該公司表示，英偉達在人工智能推理和超大規模計算中持續獲得市場份額，並預計即將推出的維拉·魯賓架構的採用將超越前沿人工智能模型公司的布萊克威爾架構。</p>
<p>貝爾德還強調了英偉達在 CPU 領域日益增長的推動力，估計該公司今年的 CPU 收入接近 200 億美元。</p>
<p>高盛將目標價從 250 美元上調至 285 美元，並維持 “買入” 評級。</p>
<p>高盛表示，隨着超大規模人工智能支出的可持續性日益增強，英偉達股票有 “更清晰的超越路徑”。</p>
<p>該銀行還指出，英偉達能夠將人工智能代幣生成成本每年降低超過 70%，即使在人工智能部署規模擴大時，也能保持需求增長。</p>
<p>與此同時，摩根士丹利將目標價從 285 美元上調至 288 美元，並維持 “增持” 評級。</p>
<p>分析師約瑟夫·摩爾表示，強勁的計算需求繼續超過對定製人工智能芯片和應用特定集成電路（ASIC）的擔憂。</p>
<p>摩根士丹利指出，即使是開發自己芯片的超大規模公司，仍然是英偉達的重要客户，因為先進的人工智能計算能力仍然短缺。</p>
<p>文章《為什麼英偉達股票在驚人財報後下跌 2%》最初發表於 Invezz。</p>

英偉達

2 倍做多英偉達 ETF - Direxion

2 倍做空 NVDA ETF - T-Rex

2 倍做多 NVDA ETF - T-Rex

半導體 ETF - VanEck Vectors

標普半導體 ETF - SPDR

費城交易所 半導體 ETF - iShares

<p>英偉達（Nvidia，股票代碼：NVDA）公佈了強勁的 2024 財年第一季度財報，收入為 816 億美元，同比增長 85%，但股價下跌 1.9%，至 219.62 美元。儘管超出預期並預測第二季度增長 95%，投資者的熱情卻因對人工智能芯片競爭和中國市場的擔憂而減弱。主要華爾街公司提高了目標價，貝爾德（Baird）將其上調至 500 美元，理由是英偉達在人工智能和計算領域的市場份額增長</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/nvidia-ceo-jensen-huang-dgx-spark.jpg"/></p>
<p>Nvidia (NVDA) delivered another blockbuster earnings report, but investors appeared unimpressed as the stock struggled to rally.</p>
<div class="lb-trans"><p>英偉達（NVDA）發佈了又一份驚人的財報，但投資者似乎並不買賬，股價難以反彈。</p>
</div><p>Shares fell around 1.9% on Thursday morning, with the stock slipping to around $219.62 in early trading.</p>
<div class="lb-trans"><p>週四早盤，股價下跌約 1.9%，早盤交易中股價跌至約 219.62 美元。</p>
</div><p>The muted reaction came despite Nvidia once again surpassing Wall Street expectations and forecasting even stronger growth ahead.</p>
<div class="lb-trans"><p>儘管英偉達再次超越華爾街預期，並預測未來將實現更強勁的增長，但市場反應平淡。</p>
</div><p>Nvidia reported fiscal first-quarter revenue of $81.6 billion, up 85% from a year earlier and ahead of analyst expectations for roughly $78.9 billion.</p>
<div class="lb-trans"><p>英偉達報告的財年第一季度收入為 816 億美元，比去年增長 85%，超出分析師對約 789 億美元的預期。</p>
</div><p>The company also projected second-quarter revenue growth of approximately 95%.</p>
<div class="lb-trans"><p>該公司還預計第二季度收入增長約 95%。</p>
</div><p>Still, with Nvidia already valued at roughly $5.3 trillion and shares having surged sharply in recent months, investors appeared reluctant to push the stock materially higher immediately following the results.</p>
<div class="lb-trans"><p>然而，考慮到英偉達的市值已達到約 5.3 萬億美元，且股價在最近幾個月大幅上漲，投資者似乎不願在業績公佈後立即推動股價大幅上漲。</p>
</div><p>Analysts also pointed to growing concerns around long-term competition in artificial intelligence chips and custom computing infrastructure.</p>
<div class="lb-trans"><p>分析師還指出，關於人工智能芯片和定製計算基礎設施的長期競爭的擔憂日益加劇。</p>
</div><h2>“Demand has gone parabolic”</h2>
<div class="lb-trans"><h2>“需求已經呈現指數級增長”</h2>
</div><p>Nvidia’s results were once again driven by explosive growth in its data-center business, which remains at the center of the global AI infrastructure buildout.</p>
<div class="lb-trans"><p>英偉達的業績再次受到其數據中心業務爆炸性增長的推動，該業務仍然是全球人工智能基礎設施建設的核心。</p>
</div><p>Chief executive Jensen Huang said demand for AI computing infrastructure continues to accelerate rapidly.</p>
<div class="lb-trans"><p>首席執行官黃仁勳表示，人工智能計算基礎設施的需求正在迅速加速。</p>
</div><p>“Demand has gone parabolic,” Huang told analysts during the earnings call.</p>
<div class="lb-trans"><p>“需求已經呈現指數級增長，” 黃在財報電話會議上對分析師表示。</p>
</div><p>“The reason is simple: the era of agentic AI is here.”</p>
<div class="lb-trans"><p>“原因很簡單：代理人工智能的時代已經到來。”</p>
</div><p>Nvidia now forecasts that annual AI infrastructure spending could rise to between $3 trillion and $4 trillion by the end of the decade as AI systems become embedded across industries.</p>
<div class="lb-trans"><p>英偉達現在預測，到本世紀末，年度人工智能基礎設施支出可能會增加到 3 萬億到 4 萬億美元之間，因為人工智能系統將嵌入各個行業。</p>
</div><p>The company continues to benefit from enormous spending commitments from hyperscalers, enterprises, governments, and startups racing to secure advanced AI computing capacity.</p>
<div class="lb-trans"><p>該公司繼續受益於來自超大規模數據中心、企業、政府和初創公司的鉅額支出承諾，這些公司正在爭相確保先進的人工智能計算能力。</p>
</div><h2>China remains a major question</h2>
<div class="lb-trans"><h2>中國仍然是一個重大問題</h2>
</div><p>One of the biggest areas of investor focus remains China.</p>
<div class="lb-trans"><p>投資者關注的最大領域之一仍然是中國。</p>
</div><p>Nvidia’s AI chips have become a central issue in the broader technology rivalry between the United States and China.</p>
<div class="lb-trans"><p>英偉達的人工智能芯片已成為美國與中國之間更廣泛技術競爭的核心問題。</p>
</div><p>Earlier this year, the Trump administration allowed Nvidia to resume limited sales of its H200 AI chips to Chinese customers under specific conditions.</p>
<div class="lb-trans"><p>今年早些時候，特朗普政府允許英偉達在特定條件下恢復對中國客户的 H200 人工智能芯片的有限銷售。</p>
</div><p>The H200 had previously been restricted over concerns that the technology could strengthen China’s military and technology capabilities.</p>
<div class="lb-trans"><p>H200 之前因擔心該技術可能增強中國的軍事和技術能力而受到限制。</p>
</div><p>However, Nvidia said it is not currently assuming any revenue contribution from Chinese data-center chip sales in the current quarter.</p>
<div class="lb-trans"><p>然而，英偉達表示，目前並未假設來自中國數據中心芯片銷售的任何收入貢獻。</p>
</div><p>Huang also acknowledged to CNBC that the company has “largely conceded” the Chinese market to Huawei as Beijing increasingly pushes domestic semiconductor suppliers.</p>
<div class="lb-trans"><p>黃還向 CNBC 承認，該公司 “在很大程度上已將” 中國市場拱手讓給華為，因為北京日益推動國內半導體供應商。</p>
</div><p>Last week, Huang joined a group of US business leaders accompanying Donald Trump on an official trip to Beijing, though it remains unclear whether semiconductor policy was meaningfully discussed.</p>
<div class="lb-trans"><p>上週，黃與一羣美國商界領袖陪同特朗普進行正式訪問北京，儘管尚不清楚半導體政策是否進行了有意義的討論。</p>
</div><h2>Wall Street still sees significant upside</h2>
<div class="lb-trans"><h2>華爾街仍然看到顯著的上行空間</h2>
</div><p>Despite the stock’s muted reaction, major Wall Street firms largely raised price targets following the earnings report.</p>
<div class="lb-trans"><p>儘管股價反應平淡，但主要華爾街公司在財報發佈後大多提高了目標價。</p>
</div><p>Baird raised its price target on Nvidia to $500 from $300 while maintaining an Outperform rating.</p>
<div class="lb-trans"><p>貝爾德將英偉達的目標價從 300 美元上調至 500 美元，同時維持 “跑贏大盤” 評級。</p>
</div><p>The firm said Nvidia continues gaining market share in AI inferencing and hyperscale computing and expects adoption of the upcoming Vera Rubin architecture to outpace Blackwell among frontier AI model companies.</p>
<div class="lb-trans"><p>該公司表示，英偉達在人工智能推理和超大規模計算中持續獲得市場份額，並預計即將推出的維拉·魯賓架構的採用將超越前沿人工智能模型公司的布萊克威爾架構。</p>
</div><p>Baird also highlighted Nvidia’s growing push into CPUs, estimating the company now has visibility into nearly $20 billion in CPU revenue this year.</p>
<div class="lb-trans"><p>貝爾德還強調了英偉達在 CPU 領域日益增長的推動力，估計該公司今年的 CPU 收入接近 200 億美元。</p>
</div><p>Goldman Sachs raised its target to $285 from $250 and maintained a Buy rating.</p>
<div class="lb-trans"><p>高盛將目標價從 250 美元上調至 285 美元，並維持 “買入” 評級。</p>
</div><p>Goldman said it sees a “clearer path” for Nvidia shares to outperform as hyperscaler AI spending becomes increasingly sustainable.</p>
<div class="lb-trans"><p>高盛表示，隨着超大規模人工智能支出的可持續性日益增強，英偉達股票有 “更清晰的超越路徑”。</p>
</div><p>The bank also pointed to Nvidia’s ability to reduce AI token-generation costs by more than 70% annually, helping maintain demand growth even as AI deployment scales.</p>
<div class="lb-trans"><p>該銀行還指出，英偉達能夠將人工智能代幣生成成本每年降低超過 70%，即使在人工智能部署規模擴大時，也能保持需求增長。</p>
</div><p>Meanwhile, Morgan Stanley lifted its price target to $288 from $285 and maintained an Overweight rating.</p>
<div class="lb-trans"><p>與此同時，摩根士丹利將目標價從 285 美元上調至 288 美元，並維持 “增持” 評級。</p>
</div><p>Analyst Joseph Moore said strong compute demand continues to outweigh concerns around custom AI chips and application-specific integrated circuits, or ASICs.</p>
<div class="lb-trans"><p>分析師約瑟夫·摩爾表示，強勁的計算需求繼續超過對定製人工智能芯片和應用特定集成電路（ASIC）的擔憂。</p>
</div><p>Morgan Stanley noted that even hyperscalers developing their own chips still remain major Nvidia customers due to ongoing shortages of advanced AI compute capacity.</p>
<div class="lb-trans"><p>摩根士丹利指出，即使是開發自己芯片的超大規模公司，仍然是英偉達的重要客户，因為先進的人工智能計算能力仍然短缺。</p>
</div><p>The post Why Nvidia stock is down 2% after blockbuster earnings appeared first on Invezz</p>
<div class="lb-trans"><p>文章《為什麼英偉達股票在驚人財報後下跌 2%》最初發表於 Invezz。</p>
</div>

Why Nvidia stock is down 2% after blockbuster earnings

- Nvidia 公佈了強勁的財報，第一季度營收達到 81.6 億美元，同比增長 85%。  
- 股價下跌約 1.9%，因投資者對未來增長持謹慎態度。  
- 市場關注中美技術競爭及中國市場對公司的影響。

invezz

高盛

摩根士丹利

NVIDIA Corporation

GS Hldg R

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

為什麼英偉達的股票在創紀錄的收益公佈後下跌了 2%