由於股票表現不佳同行，NVIDIA在收入之前面臨審查

Nvidia曾經是世界上最有價值的公司，在準備在2月26日發布其第四季度收益時，面臨審查。

Tech concerns rise as Nvidia prepares to report Q4 earnings on February 26.

隨著NVIDIA準備在2月26日舉報第四季度收益時，技術的關注點上升。

The company's stock has underperformed both its tech peers and broader market benchmarks over the past six months.

在過去的六個月中，該公司的股票表現不佳，並且在過去的六個月中，其技術同行和更廣泛的市場基準。

Market concerns center around three main areas: chip manufacturing capacity, artificial intelligence demand, and the emergence of cheaper alternatives for its largest customers. These factors have contributed to the company's recent market performance, with shares trading at $139.76 as of early Thursday.

市場問題圍繞三個主要領域：芯片製造能力，人工智能需求以及最大客戶的替代品出現。這些因素促成了該公司最近的市場業績，截至週四初，股票的交易價格為139.76美元。

A major market shock occurred in late January when the launch of China-based DeepSeek's AI Chatbot triggered a $593 billion single-day decline in Nvidia's stock value.

1月下旬，總部位於中國DeepSeek的AI Chatbot引發了NVIDIA的股票價值下降5930億美元的單日下降時，發生了重大的市場衝擊。

However, subsequent reports have questioned DeepSeek's claims, noting that the chatbot relied on high-end Nvidia chips that were actually restricted from export to China under Biden administration rules.

但是，隨後的報告質疑了DeepSeek的主張，並指出聊天機器人依靠高端NVIDIA芯片，這些籌碼實際上限制在Biden Administration規則下從出口到中國。

The hyperscaler market, comprising tech giants Meta Platforms, Microsoft, Google, and Amazon, continues to show robust spending plans. These companies are expected to invest a combined $325 billion in 2025 alone. Their three-year capital expenditure starting from 2023 is projected to reach approximately $690 billion.

Hyperscaler Market，包括科技巨頭元平台，微軟，Google和亞馬遜，繼續顯示出強大的支出計劃。這些公司預計僅在2025年就投資了3250億美元。他們從2023年開始的三年資本支出預計將達到約6900億美元。

Nvidia's new GB200 chip, built on the Blackwell processing architecture, has been in full production since December. The chip boasts improved speed and energy efficiency compared to previous “hopper” models. Industry analysts expect the GB300, the next iteration of the Blackwell line, to launch later this year.

NVIDIA的新GB200芯片建立在Blackwell加工架構上，自12月以來就已經全面生產。與以前的“料斗”模型相比，芯片具有提高的速度和能效。行業分析師預計，布萊克韋爾線的下一次迭代GB300將於今年晚些時候推出。

Oppenheimer analyst Rick Schafer maintains an ‘outperform’ rating on Nvidia stock with a $175 price target. He predicts strong performance in both fourth-quarter results and the April-quarter outlook, driven by continued demand for AI accelerators from cloud service providers.

Oppenheimer分析師Rick Schafer將NVIDIA股票的評級優於“跑贏大盤”，目標股價為175美元。他預測，在雲服務提供商對AI加速器的持續需求驅動的驅動下，第四季度的成績和四月季度的前景都表現出色。

The company's older H200 processors may see stronger-than-expected near-term demand as the new Blackwell chip production ramps up. Schafer suggests that DeepSeek's emergence could actually benefit Nvidia as Western companies rapidly integrate new innovations into their models.

隨著新的Blackwell Chip生產的增加，該公司的較舊的H200處理器可能會發現比預期的近期需求更強。 Schafer認為，隨著西方公司迅速將新的創新納入其模型，DeepSeek的出現實際上可以使NVIDIA受益。

Q4 Earnings Report

第四季度收益報告

Looking ahead to the fourth quarter earnings report, analysts project revenue of $38.5 billion and net income of approximately $20.9 billion. For the fiscal first quarter ending in April, expectations point to revenues of $42.1 billion, representing a 61.6% increase from the previous year.

展望第四季度的收益報告，分析師項目收入為385億美元，淨收入約為2009億美元。對於四月份的財政第一季度結束，期望指出的收入為421億美元，比上一年增長了61.6％。

Major tech companies are developing their own custom chips while maintaining relationships with Nvidia. These in-house processors, known as ASICs, are primarily used for internal workloads, while Nvidia's GPUs continue to serve broader, high-performance AI applications.

主要科技公司正在與NVIDIA保持關係，正在開發自己的自定義籌碼。這些內部處理器（稱為ASIC）主要用於內部工作量，而Nvidia的GPU繼續為更廣泛的高性能AI應用提供。

The competitive landscape includes partnerships between hyperscalers and companies like Broadcom and Marvell Technologies. However, analysts note that these custom solutions are expected to coexist with rather than replace Nvidia's processors.

競爭格局包括大型評分者與Broadcom和Marvell Technologies等公司之間的合作夥伴關係。但是，分析師指出，這些自定義解決方案有望與Nvidia的處理器共存。

Production capacity remains a key focus area. The company's finance chief Colette Kress described GPU demand as “staggering” during a November investor call, highlighting ongoing supply chain challenges.

生產能力仍然是關鍵重點領域。該公司財務負責人科萊特·克雷斯（Colette Kress）在11月的投資者電話中將GPU需求描述為“驚人的”，強調了持續的供應鏈挑戰。

Jensen Huang, Nvidia's CEO, will likely address several crucial topics during the earnings call, including the potential impact of DeepSeek on revenue forecasts and the company's strategy for maintaining market share amid increasing competition.

NVIDIA首席執行官詹森黃（Jensen Huang）可能會在收益電話會議期間討論幾個關鍵主題，包括DeepSeek對收入預測的潛在影響以及該公司在競爭日益增加的情況下維持市場份額的戰略。

The company's six-month stock performance shows a gain of approximately 9.8%, lagging behind many of its tech sector peers. This performance comes despite continued strong demand for AI chips and robust revenue projections.

該公司的六個月股票績效顯示約9.8％，落後於許多技術行業同行。儘管對AI芯片和強大的收入預測需求持續強勁，但這種表現仍在。

Management's guidance for the upcoming quarters will be closely watched by investors, particularly regarding Blackwell chip production volumes and adoption rates among major customers.

投資者將密切關注管理層對即將到來的季度的指導，特別是關於Blackwell芯片生產量和主要客戶的採用率。