NVIDIA股份繼續下滑，下降了3％

Nvidia股票在周二繼續下降趨勢，在減少損失之前下降了3％。這次下降是在周一陡峭的8.7％下降之後，這使該股票自9月以來的最低水平達到了最低水平。

Nvidia shares continued their slide on Tuesday, falling as much as 3% before trimming losses. This follows Monday’s steep 8.7% drop which brought the stock to its lowest level since September.

NVIDIA股票在周二繼續滑梯，在減少損失之前下降了3％。這是在周一陡峭的8.7％下降之後，這使該股票達到了9月以來的最低水平。

Nvidia shares slid further on Tuesday, extending the semiconductor giant’s rout.

NVIDIA在周二進一步股票，擴大了半導體巨人的潰敗。

The stock has now lost more than 10% over the past five trading sessions. The latest pressure comes from the Trump administration’s new tariff announcements.

在過去的五次交易中，該股票現在損失了10％以上。最新的壓力來自特朗普政府的新關稅公告。

President Donald Trump imposed 25% tariffs on Canadian and Mexican imports on Tuesday. He also added a 10% duty on Chinese imports.

唐納德·特朗普總統週二對加拿大和墨西哥進口徵收25％的關稅。他還對中國進口量增加了10％的職責。

While semiconductors aren’t directly affected by these new tariffs, they could still face indirect consequences. Bernstein analyst Stacy Rasgon noted in a February analysis that the duties would affect imports of data processing equipment, such as servers using AI chips.

儘管半導體沒有直接受這些新關稅的影響，但它們仍然可能面臨間接的後果。伯恩斯坦分析師Stacy Rasgon在2月的分析中指出，職責將影響數據處理設備的進口，例如使用AI芯片的服務器。

This connection is particularly relevant for Nvidia. Contract manufacturer Foxconn is building the world’s largest factory for assembling servers with Nvidia’s Blackwell AI chips in Mexico, one of the three countries hit by tariffs.

該連接與NVIDIA尤其重要。合同製造商富士康（Foxconn）正在與NVIDIA的Blackwell AI Chips在墨西哥組裝服務器的工廠，這是墨西哥的三個國家之一。

Higher prices for these products could reduce demand for Nvidia’s chips. This indirect effect adds another layer of concern for investors already watching the stock closely.

這些產品的更高價格可以減少對Nvidia芯片的需求。這種間接影響為已經密切關注股票的投資者增加了另一層關注。

Monday’s nearly 9% decline came after a Wall Street Journal report raised concerns about Nvidia’s latest Blackwell AI GPUs reaching China despite export controls. This news reignited investor fears about further tightening of US trade restrictions.

週一的近9％下降是在華爾街日報的一份報告引起了對NVIDIA最新的Blackwell AI GPU到中國的擔憂，儘管出口控制了。這一消息重新點燃了投資者擔心進一步收緊美國貿易限制的消息。

Trade Restrictions

貿易限制

The possibility of stricter technology export controls to China poses a major threat to Nvidia. The Chinese market accounts for approximately 15% of the chipmaker’s business.

更嚴格的技術出口控制對中國的可能性對NVIDIA構成了重大威脅。中國市場約佔芯片製造商業務的15％。

Commerce Secretary Howard Lutnick has taken a firm stance on technology sales to China. During his confirmation hearing, Lutnick specifically mentioned Nvidia’s chips being used by Chinese AI firm DeepSeek.

商務部長霍華德·盧特尼克（Howard Lutnick）對中國的技術銷售採取了堅定的立場。在確認聽證會上，盧特尼克（Lutnick）特別提到了中國人工智能公司DeepSeek使用的Nvidia籌碼。

“It’s got to end,” Lutnick stated, according to The Economist’s reporting. His comments signal a potentially tougher approach to export restrictions.

根據經濟學家的報告，盧特尼克說：“它必須結束。”他的評論表明，出口限制的可能更艱難的方法。

The administration is considering two options that could impact Nvidia’s operations. Officials may further restrict sales of specialized AI chips to China, potentially including the H20.

政府正在考慮兩種可能影響NVIDIA運營的選擇。官員可能會進一步限制專門的AI芯片到中國的銷售，包括H20。

The H20 is a scaled-down GPU that Nvidia created specifically for the Chinese market after previous export controls went into effect. According to Dylan Patel, an AI and semiconductor research expert at SemiAnalysis, Nvidia has suspended H20 production in anticipation of new restrictions.

H20是NVIDIA在先前的出口控件生效後專門為中國市場創建的縮小的GPU。根據AI和半導體研究專家Dylan Patel的說法，NVIDIA因預期新限製而暫停了H20的生產。

This comes despite manufacturing over 1 million units in the nine months leading to January. The second approach involves enforcing the framework for AI Diffusion.

儘管在1月的九個月內製造了超過100萬台單位，但這還是發生了。第二種方法涉及實施AI擴散的框架。

This rule was introduced during the final days of the Biden administration. It aims to prevent Chinese firms from accessing advanced GPUs through third countries.

該規則是在拜登給藥的最後幾天引入的。它的目的是防止中國公司通過第三國獲得高級GPU。

Nvidia previously called this rule “misguided” when it was announced. The company argues that imposing restrictions on over 150 countries risks alienating allies and potentially driving them toward Chinese alternatives like Huawei’s AI chips.

NVIDIA以前稱該規則在宣佈時為“誤導”。該公司認為，對150多個國家的施加限制有可能疏遠盟友，並有可能將其驅逐出華為的AI籌碼等中國替代方案。

Despite these challenges, Nvidia CEO Jensen Huang met with Trump at the White House at the end of January. The meeting suggests the company is working to maintain open communication with the administration.

儘管面臨這些挑戰，NVIDIA首席執行官詹森·黃（Jensen Huang）於1月底在白宮與特朗普會面。會議建議該公司正在努力維持與政府的公開溝通。

Bernstein’s Rasgon noted in a Tuesday report that “NVDA’s China sales, while reaching record levels (~$17B in FY25), are at the lowest percentage of revenue (13%) in the last 10 years.” This reduced exposure could soften the blow of any future tightening of export controls.

伯恩斯坦（Bernstein）的拉斯貢（Rasgon）在周二的一份報告中指出，“ NVDA的中國銷售額達到創紀錄的水平（約17b $ 17b，在25財年）的銷售額在過去10年中的收入百分比最低（13％）。”這種減少的暴露可能會減輕出口控制的未來收緊的打擊。

Both Bernstein and Citi analysts maintained their Buy ratings on Nvidia stock despite the recent volatility. Rasgon wrote that “worries that the AI trade is ‘over’ feel a little premature to us, and Nvidia’s valuation is getting increasingly attractive.”

儘管最近波動性，伯恩斯坦和花旗分析師都保持了對NVIDIA股票的買入評級。拉斯貢（Rasgon）寫道：“擔心AI交易對我們來說還為時過早，而Nvidia的估值變得越來越有吸引力。”

He maintained his $185 price target on the stock. Citi analyst Atif Malik similarly kept his Buy rating.

他維持股票價值185美元的目標。花旗分析師阿蒂夫·馬利克（Atif Malik）同樣保留了他的買入評級。

Malik noted, “While risk-reward looks attractive on the stock with stock trading below historical troughs, we believe investors are looking for the clearance event on the overhang from the AI restrictions and tariff impact to gross margins.”

Malik指出：“儘管風險回報對股票看起來有吸引力，而股票交易低於歷史雜貨，但我們相信投資者正在尋找AI限制和關稅對毛利率的關稅事件。”