[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio56bcd693":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio56bcd693","英伟达2025年走势分析","\u002Fdoc\u002F英伟达2025年走势分析_244823573","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">本周\u003C\u002Fspan> NVDA \u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的\u003C\u002Fspan>CEO\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">黄仁勋在\u003C\u002Fspan>CES\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">发表重磅主题演讲，股市投资者却不感冒。黄仁勋讲话后首个交易日，周二英伟达股价不涨反跌，收跌超\u003C\u002Fspan>6%\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，创四个月来最差单日表现。投资者觉得，黄仁勋演讲净是“花活”没干货，认为目前市场极为关注的英伟达数据中心业务，英伟达本次\u003C\u002Fspan>CES\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">没有提供任何更新进展。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">然而华尔街认为，市场可能担忧过度了。当地时间\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月\u003C\u002Fspan>7\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">日，分析师们参加了英伟达在\u003C\u002Fspan>CES\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">期间举办的问答会议，之后集体发布报告，表达对英伟达未来的看好。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达\u003C\u002Fspan>CEO\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">黄仁勋和\u003C\u002Fspan>CFO Colette Kress\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">主持了本次分析师问答环节，并回答了分析师的各种疑问。总结要点如下：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达重磅推出\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">超级计算机\u003C\u002Fspan>Project Digits\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，一款面向开发人员的\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">工作站（类似于迷你\u003C\u002Fspan>DGX\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">），采用了最新的\u003C\u002Fspan>GB10 Grace Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">超级芯片。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达强调，加速计算是未来的发展方向，表示其商用\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">解决方案的平台优势是相对于\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的主要竞争优势。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达仍处于增长的早期阶段。机器学习是未来的发展方向，这将导致加速计算取代通用计算。因此，大约\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">万亿美元的通用计算安装基础将在未来几年内需要升级。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">管理层预计，\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年第一季度，\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">系列芯片的收入将超出此前“数十亿美元”的预期，同时，\u003C\u002Fspan>Hopper\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">系列产品的合并收入也将在该季度实现增长。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">供应链延迟更多是由需求和供应的失衡及系统复杂性引发，而非单纯的供应问题。尽管如此，\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">系列系统的研发和生产仍完全按计划推进。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">瑞银认为\u003C\u002Fspan>Digits\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">产品为英伟达在\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">领域进一步巩固其护城河提供了又一个途径。该机构预计，\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年收入将达到\u003C\u002Fspan>1332\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，并对英伟达\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第四季度和\u003C\u002Fspan>2026\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第一季度的业绩持乐观态度，预计\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">本季度出货量约为\u003C\u002Fspan>140\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">花旗认为，英伟达增长具有可持续性，源于四个趋势：传统计算市场转向加速计算、\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">成为新的计算层、\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">工厂的需求以及\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">赋能企业生产力。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通预计英伟达数据中心收入将持续增长至\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年，受益于\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">产品的产能提升和市场需求。尽管\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">生产按计划进行，但\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年后市场供需关系可能仍然紧张。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">瑞银看好英伟达：市场担忧过度了，\u003C\u002Fspan>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">护城河巩固，\u003C\u002Fspan>2025\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年收入增长至\u003C\u002Fspan>1332\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达重申，\u003Cstrong>当其\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>Blackwell\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">计算托盘运送给原始设备制造商（\u003C\u002Fspan>OEM\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">）和原始设计制造商（\u003C\u002Fspan>ODM\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">）合作伙伴时，会确认收入。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">虽然部分\u003C\u002Fspan>ODM\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">合作伙伴因资产负债表限制无法吸收大量库存，\u003Cstrong>但瑞银认为，大型超大规模客户可能提供过渡性融资，以应对\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>NVL72\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">等机架\u003C\u002Fspan>SKU\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的延迟。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">“因此，市场对\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第四季度（\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月）和\u003C\u002Fspan>2026\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第一季度（\u003C\u002Fspan>4\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">月）业绩可能出现‘空窗期’或‘小幅超预期’的担忧是过度的。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">瑞银仍然非常看好英伟达\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第四季度的业绩，\u003Cstrong>预计本季度\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>Blackwell\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的出货量约为\u003C\u002Fspan>140\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，并对\u003C\u002Fspan>2026\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年第一季度的业绩指引持乐观态度。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达还在\u003C\u002Fspan>CES\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">期间发布了\u003C\u002Fspan>DIGITS\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，这英伟达首个推出的台式电脑产品，采用了最新的\u003C\u002Fspan>GB10 Grace Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">超级芯片，集成基于\u003C\u002Fspan>Arm\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">架构的\u003C\u002Fspan>CPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，可提供高达\u003C\u002Fspan>1 petaflop\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">（每秒执行一千万亿次浮点运算）的\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">运算性能。瑞银认为，此次发布略显意外。虽然预计该产品本身不会带来显著的收入增长，\u003Cstrong>但其战略意义在于进一步巩固英伟达在\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">领域的护城河。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">针对商用\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和定制专用集成电路（\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">）之间的平衡，英伟达首先指出，这恰恰表明加速计算是未来的发展方向。具体而言，英伟达强调其商用\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">解决方案所带来的平台优势，这是其相对于\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的主要竞争优势。公司进一步指出，人工智能将成为国家基础设施的一部分，加速计算是未来的趋势。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达强调，当前的\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">发展仍处于非常早期阶段，加速计算将逐步取代通用计算。未来几年，全球约\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">万亿美元的通用计算安装基础需要升级。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">瑞银维持英伟达的目标价为\u003C\u002Fspan>185\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元，当前公司盘后价为\u003C\u002Fspan>138.54\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元，较目标价有约\u003C\u002Fspan>30%\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的升值空间。预计\u003C\u002Fspan>2025\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年收入\u003C\u002Fspan>1332.43\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">息税前利润为\u003C\u002Fspan>887.92\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，净收益为\u003C\u002Fspan>758.14\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">亿美元，每股收益摊薄后为\u003C\u002Fspan>3.05\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元，远高于\u003C\u002Fspan>2024\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年的\u003C\u002Fspan>1.30\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003C!-- [if mso & !supportInlineShapes & supportFields]>\u003Cspan\nstyle='mso-element:field-begin;mso-field-lock:yes'>\u003C\u002Fspan>\u003Cspan\nstyle='mso-spacerun:yes'> \u003C\u002Fspan>SHAPE \u003Cspan\nstyle='mso-spacerun:yes'> \u003C\u002Fspan>\\* MERGEFORMAT \u003Cspan style='mso-element:field-separator'>\u003C\u002Fspan>\u003C![endif]-->\u003C!-- [if gte vml 1]>\u003Cv:rect\n id=\"Rectangle_x0020_1\" o:spid=\"_x0000_s1026\" style='width:24pt;height:24pt;\n visibility:visible;mso-wrap-style:square;mso-left-percent:-10001;\n mso-top-percent:-10001;mso-position-horizontal:absolute;\n mso-position-horizontal-relative:char;mso-position-vertical:absolute;\n mso-position-vertical-relative:line;mso-left-percent:-10001;mso-top-percent:-10001;\n v-text-anchor:top' 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filled=\"f\" stroked=\"f\">\n \u003Co:lock v:ext=\"edit\" aspectratio=\"t\"\u002F>\n \u003Cw:wrap type=\"none\"\u002F>\n \u003Cw:anchorlock\u002F>\n\u003C\u002Fv:rect>\u003C![endif]-->\u003C!-- [if gte vml 1]>\u003Cv:shapetype id=\"_x0000_t75\"\n coordsize=\"21600,21600\" o:spt=\"75\" o:preferrelative=\"t\" path=\"m@4@5l@4@11@9@11@9@5xe\"\n filled=\"f\" stroked=\"f\">\n \u003Cv:stroke joinstyle=\"miter\"\u002F>\n \u003Cv:formulas>\n  \u003Cv:f eqn=\"if lineDrawn pixelLineWidth 0\"\u002F>\n  \u003Cv:f eqn=\"sum @0 1 0\"\u002F>\n  \u003Cv:f eqn=\"sum 0 0 @1\"\u002F>\n  \u003Cv:f eqn=\"prod @2 1 2\"\u002F>\n  \u003Cv:f eqn=\"prod @3 21600 pixelWidth\"\u002F>\n  \u003Cv:f eqn=\"prod @3 21600 pixelHeight\"\u002F>\n  \u003Cv:f eqn=\"sum @0 0 1\"\u002F>\n  \u003Cv:f eqn=\"prod @6 1 2\"\u002F>\n  \u003Cv:f eqn=\"prod @7 21600 pixelWidth\"\u002F>\n  \u003Cv:f eqn=\"sum @8 21600 0\"\u002F>\n  \u003Cv:f eqn=\"prod @7 21600 pixelHeight\"\u002F>\n  \u003Cv:f eqn=\"sum @10 21600 0\"\u002F>\n \u003C\u002Fv:formulas>\n \u003Cv:path o:extrusionok=\"f\" gradientshapeok=\"t\" o:connecttype=\"rect\"\u002F>\n \u003Co:lock v:ext=\"edit\" aspectratio=\"t\"\u002F>\n\u003C\u002Fv:shapetype>\u003C![endif]-->\u003C!-- [if mso & !supportInlineShapes & supportFields]>\u003Cv:shape\n id=\"_x0000_i1025\" type=\"#_x0000_t75\" style='width:24pt;height:24pt'>\n \u003Cv:imagedata croptop=\"-65520f\" cropbottom=\"65520f\"\u002F>\n\u003C\u002Fv:shape>\u003Cspan style='mso-element:field-end'>\u003C\u002Fspan>\u003C![endif]-->\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">花旗：维持英伟达“买入”评级，聚焦短期数据中心增长与长期\u003C\u002Fspan>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">驱动潜力\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">花旗表示，对英伟达维持“买入”评级，目标价为\u003C\u002Fspan>175\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元，较当前股价有\u003C\u002Fspan>24.9%\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的涨幅潜力，预计股价总回报率为\u003C\u002Fspan>24.9%\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">。主要理由包括短期数据中心收入增长前景和长期增长的可持续性。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">管理层预计\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">系列芯片在\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年\u003C\u002Fspan>1\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">季度的表现将超出此前“数十亿美元”的收入指引。此外，“\u003C\u002Fspan>Hopper\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">”和“\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">”系列产品的合并收入也将在该季度实现增长。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">花旗表示，英伟达认为其增长具有可持续性，并阐述了驱动增长的四大趋势：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cul style=\"margin-top: 0in;\" type=\"disc\">\n\u003Cli class=\"MsoNormal\" style=\"mso-list: l0 level1 lfo1; tab-stops: list .5in;\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">传统计算市场的尾部效应：\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达认为，随着越来越多的工作负载转向加速计算，公司将继续受益于价值\u003C\u002Fspan>2\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">万亿美元的传统计算市场。\u003C\u002Fspan>\u003C\u002Fli>\n\u003Cli class=\"MsoNormal\" style=\"mso-list: l0 level1 lfo1; tab-stops: list .5in;\">\u003Cstrong>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">作为新的计算层：\u003C\u002Fspan>\u003C\u002Fstrong>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">不仅增强现有工具，还成为新的计算基础设施。\u003C\u002Fspan>\u003C\u002Fli>\n\u003Cli class=\"MsoNormal\" style=\"mso-list: l0 level1 lfo1; tab-stops: list .5in;\">\u003Cstrong>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">工厂的需求：\u003C\u002Fspan>\u003C\u002Fstrong>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">服务的存在将需要大量的资本支出用于建设“\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">工厂”，这将利好英伟达。\u003C\u002Fspan>\u003C\u002Fli>\n\u003Cli class=\"MsoNormal\" style=\"mso-list: l0 level1 lfo1; tab-stops: list .5in;\">\u003Cstrong>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">赋能企业生产力：\u003C\u002Fspan>\u003C\u002Fstrong>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">代理（如数字化员工）将推动企业效率。\u003C\u002Fspan>\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达表示，在应对供应链延迟方面取得进展，与主要供应商的关系有所改善，同时也与新供应商合作。公司强调，延迟更多是由需求和供应的失衡及系统复杂性引发，而非单纯的供应问题。尽管如此，“\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">”系列系统仍完全按计划推进。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达管理层指出，\u003Cstrong>关于\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>GPU\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">与\u003C\u002Fspan>ASIC\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的讨论表明，加速计算已成为新的发展方向。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">他们认为其\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">方案在规模上优于\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">，并希望打造一个通用计算平台，以应对下一个\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">应用浪潮。此外，国家级\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">基础设施建设也需要英伟达的解决方案，而\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">无法满足这一需求。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">自动驾驶需要大量数据处理和模型训练，英伟达认为，\u003Cstrong>所有电动车公司都需要配备\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>AV\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">平台，而其解决方案正是这一领域的核心。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">边缘\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和机器人技术是另两个重要的\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">应用领域。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达看到了训练方面的机会，这是一个巨大的数据中心机遇。机器人领域的企业面临的问题是缺乏数据，因此英伟达在英伟达\u003C\u002Fspan> Omniverse\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">中提供了一个数据生成平台。公司还希望通过模拟来推动行业发展，管理层认为这是其最具优势的领域。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">花旗对英伟达的目标价为\u003C\u002Fspan>175\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元，基于\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">财年的每股收益估算，给予约\u003C\u002Fspan>35\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">倍市盈率。这一倍数接近其一年的历史均值，但低于三年和五年的均值。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通：\u003C\u002Fspan>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">与加速计算驱动英伟达万亿市场机遇，目标价上调至\u003C\u002Fspan>170\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通的研究团队预计，未来十年及更长时间内，对人工智能和加速计算的支出将保持强劲。英伟达在数据中心领域的收入增长预计将持续到\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年，主要得益于新一代\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">产品的产能提升以及强劲的市场需求。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">长期来看，英伟达将通过占据价值\u003C\u002Fspan>1\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">万亿美元的数据中心基础设施市场的更大份额，实现显著收入增长。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">这一趋势受到加速计算转型及\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">解决方案需求上升的驱动。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通表示，\u003C\u002Fspan>Blackwell\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">相关产品的生产按计划进行，预计将支持\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年的收入增长。\u003Cstrong>但进入\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>2025\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年后，市场的供需关系仍可能保持紧张，特别是在先进封装技术、先进内存、网络设备等领域。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">为解决供应链挑战，英伟达团队正在与供应链合作伙伴紧密协作，逐步缓解瓶颈问题。例如，\u003C\u002Fspan>GB200\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">和\u003C\u002Fspan>Ultra\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">产品线预计将在\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年晚些时候实现产能增加。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">训练模型的复杂性、新的扩展定律以及测试时间计算的需求，预计将继续推动对\u003C\u002Fspan>GPU\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">计算能力的长期需求。\u003Cstrong>摩根大通指出，随着推理和长期思考在\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong>AI\u003C\u002Fstrong>\u003Cstrong>\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">推理应用中的份额增加，测试时间的计算变得至关重要。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">英伟达的解决方案在系统集成性、软件堆栈、生态系统以及易用性方面具有显著优势。这种全面的系统解决方案使其在性能上优于定制\u003C\u002Fspan>ASIC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">解决方案。\u003Cstrong>摩根大通预计，企业、垂直市场以及主权客户将继续青睐英伟达的技术。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">代理\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">被认为是英伟达企业客户需求增长的关键驱动力。为了加速代理\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">的应用，英伟达推出了针对特定业务场景的\u003C\u002Fspan>Blueprints\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">解决方案，例如呼叫中心、欺诈检测和风险管理。\u003Cstrong>报告估计，这一领域将对企业和垂直客户收入的增长产生积极推动作用。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">在\u003C\u002Fspan>2025\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">年\u003C\u002Fspan>CES\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">展会上，英伟达推出了下一代\u003C\u002Fspan>Blackwell GeForce RTX 50\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">系列产品，其性能较上一代提升约\u003C\u002Fspan>2\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">倍。同时，英伟达还发布了专注于\u003C\u002Fspan>AI\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">项目的小型超级计算机\u003C\u002Fspan>Project Digits\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">。摩根大通表示，这些举措展示了英伟达在高端游戏及\u003C\u002Fspan>AI PC\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">领域的强势地位，并为其从高端游戏市场扩展到消费市场提供了良机。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp class=\"MsoNormal\">\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">摩根大通对英伟达的评级为“增持”，目标价为\u003C\u002Fspan>170\u003Cspan lang=\"ZH-CN\" style=\"font-family: DengXian; mso-ascii-font-family: Aptos; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Aptos; mso-hansi-theme-font: minor-latin;\">美元。\u003C\u002Fspan>\u003C\u002Fp>","https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202501-stk\u002FUploader5ydavosmhqf_2025_01_09_11_38_56.jpg","2025-01-09T19:37:16.767","2025.01.09","2025\u002F01\u002F09",59269,[22],"NVDA","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]