AI chipmaker Nvidia （NVDA） is set to report first-quarter earnings on Wednesday, May 28.
人工智能芯片制造商英伟达（NVDA）将于 5 月 28 日星期三公布第一季度财报。
Nvidia is the leading supplier of graphics processing units, which are essential for artificial intelligence. Its stock surged 171% last year and nearly 239% in 2023, as investors bet on its dominant role in the AI boom.
英伟达是图形处理单元（GPU）的领先供应商，而 GPU 对人工智能至关重要。由于投资者看好其在人工智能热潮中的主导地位，其股价去年飙升了 171%，2023 年更是上涨了近 239%。
While Nvidia’s growth remains strong compared to other tech giants, its pace is slowing.
尽管英伟达的增长与其他科技巨头相比仍然强劲，但其增速正在放缓。
The company expects to report about $43 billion in first-quarter revenue, a 65% increase from a year earlier. That is a sharp slowdown from the 262% growth in the same period last year.
该公司预计第一季度收入约为 430 亿美元，同比增长 65%，较去年同期 262%的增幅大幅放缓。
In February, Nvidia posted better-than-expected fourth-quarter results, but its stock dropped 8.5% after reporting a narrowed gross margin. The company attributed this to newer data-center products that were more complicated and costly.
今年 2 月，英伟达公布了好于预期的第四季度业绩，但由于报告显示毛利率收窄，其股价下跌了 8.5%。公司将此归因于新推出的数据中心产品更加复杂且成本更高。
Nvidia stock continued to struggle in March and early April, dragged down by tariff uncertainties. However, the stock has rallied over the past month.
由于关税的不确定性，英伟达股票在三月和四月初持续低迷。然而，该股票在过去一个月内出现了反弹。
Nvidia faces new reality in China market
英伟达在中国市场面临新现实
Just ahead of its next earnings release, Nvidia is benefiting from the U.S. decision to scrap the Biden administration’s AI diffusion rules, which would have restricted the sale of its chips to certain countries.
就在即将发布下一次财报之际，美国决定取消拜登政府有关人工智能扩散的规定，这些规定原本会限制英伟达向某些国家出售芯片，而这一决定使英伟达受益。
Nvidia also became a key topic during President Donald Trump’s trip to Saudi Arabia in May. The company said it will supply several hundred thousand AI processors to Humain, an AI startup backed by the Saudi sovereign wealth fund, over five years.
英伟达也成为了今年 5 月美国前总统唐纳德·特朗普访问沙特阿拉伯期间的一个重要话题。该公司表示，将在未来五年内向由沙特主权财富基金支持的人工智能初创公司 Humain 提供数十万个 AI 处理器。
The AI Diffusion Rule, introduced in January 2025, was designed to restrict advanced AI chip exports to countries such as China. But it drew criticism from companies including Microsoft （MSFT） and Oracle （ORCL） , which argued the limits would hurt U.S. businesses in markets like India and Switzerland while doing little to block China.
2025 年 1 月推出的人工智能扩散规则旨在限制向中国等国家出口先进的人工智能芯片。然而，该规则遭到了微软（MSFT）和甲骨文（ORCL）等公司的批评，这些公司认为，这些限制措施对阻止中国作用不大，却会损害美国企业在印度和瑞士等市场的利益。
Although the rule has been scrapped, the U.S. is still tightening export controls to curb China’s access to advanced AI chips.
尽管该规定已被取消，美国仍在收紧出口管制，以限制中国获得先进的人工智能芯片。
In April, Nvidia said it would take a $5.5 billion charge to export its H20 chips to China and other countries, citing higher costs under new export rules set by Trump. The company also said it now needs a government license to ship the chips.
今年 4 月，英伟达表示，由于特朗普政府制定的新出口规定导致成本增加，公司向中国及其他国家出口 H20 芯片将产生 55 亿美元的费用。该公司还表示，现在出口这些芯片需要获得政府许可。
China remains a key market for Nvidia, making up 13% of its sales in the past financial year. To adapt to the new rules, Nvidia plans to launch another cheaper AI chip for the Chinese market, with production expected to begin as early as September, according to Reuters.
中国仍然是英伟达的重要市场，在过去的财年中占其销售额的 13%。据路透社报道，为适应新的规定，英伟达计划面向中国市场推出另一款更便宜的人工智能芯片，预计最早将于 9 月开始生产。
Meanwhile, Chinese companies like Huawei are speeding up the development of homegrown AI technologies, reducing dependence on U.S. hardware.
与此同时，华为等中国公司正在加快自主人工智能技术的开发，减少对美国硬件的依赖。
Nvidia’s market share in China has dropped from 95% before 2022, when export restrictions began, to 50% now, CEO Jensen Huang said in Taipei last week.
英伟达首席执行官黄仁勋上周在台北表示，自 2022 年出口限制开始以来，英伟达在中国的市场份额已从此前的 95%下降至目前的 50%。
He also warned that more Chinese customers will turn to Huawei chips if U.S. export curbs continue.
他还警告称，如果美国继续实施出口限制，将有更多中国客户转向华为芯片。
Investors will closely watch Nvidia’s profitability, outlook, and any comments on chip production and exports in the upcoming earnings report.
投资者将密切关注英伟达即将发布的财报，特别是其盈利能力、前景展望，以及有关芯片生产和出口的任何评论。
Bank of America warns of “messy” Q2 guidance
美国银行警告称第二季度业绩指引将“混乱”。
Bank of America has updated its views on Nvidia stock ahead of the earnings. It reiterated a buy rating with a price target of $160, according to a research report on May 23.
美国银行在英伟达财报发布前更新了对其股票的看法。据 5 月 23 日的一份研究报告显示，美国银行重申了对英伟达股票的买入评级，并给出了 160 美元的目标价。
The analysts said Nvidia faces near-term headwinds of the U.S. government's chip sales curb to China. However, the stock remains a "top pick" given its "unique leverage to the global AI deployment cycle, and possibility for China sales recovery on new redesigned/compliant products later in the year."
分析师表示，英伟达面临美国政府对华芯片销售限制所带来的短期不利因素。然而，考虑到该公司“在全球人工智能部署周期中的独特优势，以及今年晚些时候通过重新设计或合规产品实现中国市场销售复苏的可能性”，该股票仍然是“首选股”。
Still, the firm flagged risks of a "messy Q2 guide."
不过，该公司仍提醒存在“第二季度指引混乱”的风险。
"NVDA could guide FQ2 to as low as $41bn, below recently lowered ~$46bn consensus," the analysts wrote, adding that this could imply an earnings per share of 85 cents, or 16% below consensus.
分析师写道：“英伟达（NVDA）可能会将第二财季的业绩指引下调至低至 410 亿美元，低于近期已下调后的约 460 亿美元的市场预期。”他们补充称，这可能意味着每股收益为 0.85 美元，比市场预期低 16%。
Analysts also estimate Nvidia’s full-year earnings per share outlook could land between $3.90 and $4.00, about 10% below the current consensus.
分析师还预计，英伟达全年每股收益预期可能在 3.90 美元至 4.00 美元之间，比目前的市场共识低约 10%。
Nvidia stock closed at $131.29 on May 23 and is down 2.23% year-to-date. By comparison, the S&P 500 index is down 1.34% over the same period.
英伟达股票于 5 月 23 日收盘价为 131.29 美元，今年迄今已下跌 2.23%。相比之下，同期标准普尔 500 指数下跌了 1.34%。