Nvidia 股票：CES 2025 後因出口限制報告而買入或賣出？

人工智慧晶片領導者英偉達（納斯達克股票代碼：NVDA）最近幾週面臨巨大的動盪。執行長 Jensen Huang 在 CES 2025 上發表主題演講以及有關即將實施出口限制的報道後股價下跌，投資者正在評估 Nvidia 股票在當前水平上是買入還是賣出。

Artificial intelligence (AI) chip giant Nvidia (NASDAQ: NVDA) has seen its stock experience significant turbulence in recent weeks. Following a dip after CEO Jensen Huang’s keynote at CES 2025 and reports of impending export restrictions, investors are debating whether Nvidia stock is a buy or sell at current levels.

人工智慧（AI）晶片巨頭英偉達（納斯達克股票代碼：NVDA）的股價最近幾週經歷了大幅波動。在首席執行官黃仁勳 (Jensen Huang) 在 CES 2025 上發表主題演講以及有關即將實施出口限制的報道後股價下跌後，投資者正在爭論 Nvidia 股票在當前水平是否值得買入或賣出。

After Tuesday’s decline, Nvidia shares appear to be finding some support at their 50-day moving average, a critical technical level. This support indicates some stability, although news of potential Biden administration export restrictions could lead to increased volatility in the stock.

經過週二的下跌後，英偉達股價似乎在 50 日移動平均線（關鍵的技術水平）找到了一些支撐。這種支撐表明了一定程度的穩定性，儘管有關拜登政府潛在出口限制的消息可能會導致該股波動加劇。

The restrictions, which are aimed at limiting AI chip exports to most countries and include a ban on China, could be announced as early as Friday. Such measures would likely impact Nvidia’s sales and growth outlook.

這些限制措施旨在限制向大多數國家出口人工智慧晶片，其中包括對中國的禁令，最早可能在週五宣布。這些措施可能會影響英偉達的銷售和成長前景。

At CES 2025, Jensen Huang unveiled Nvidia’s latest AI innovations, including the Cosmos platform for robotics training and the company’s smallest AI supercomputer to date.

在 CES 2025 上，黃仁勳展示了 Nvidia 最新的人工智慧創新成果，包括用於機器人訓練的 Cosmos 平台和該公司迄今為止最小的人工智慧超級電腦。

The Cosmos platform is designed to handle tasks like video search, summarization, and generating virtual world state, targeting advanced AI applications for autonomous vehicles and humanoids.

Cosmos 平台旨在處理影片搜尋、摘要和產生虛擬世界狀態等任務，針對自動駕駛車輛和類人機器人的高階人工智慧應用。

However, investors were more keenly awaiting updates on Nvidia’s Blackwell chips and hints about its upcoming Rubin chips, both of which are integral to the company’s data center business.

然而，投資者更熱切地等待英偉達 Blackwell 晶片的更新以及即將推出的 Rubin 晶片的暗示，這兩者都是該公司資料中心業務不可或缺的一部分。

Nvidia's data center revenue is set to cross $113 billion for the fiscal year, dwarfing its competitors by a significant margin. But for many, these futuristic ventures pale in comparison to Nvidia’s core AI chip production.

英偉達本財年資料中心營收預計將突破 1,130 億美元，大幅領先競爭對手。但對許多人來說，這些未來的企業與英偉達的核心人工智慧晶片生產相比顯得黯然失色。

In 2024, Nvidia enjoyed a banner year as retail investors poured nearly $30 billion into its stock, overtaking Tesla (NASDAQ: TSLA) as the most popular pick among such investors.

2024 年，英偉達迎來了輝煌的一年，散戶投資者向其股票投入了近300 億美元，超越特斯拉（納斯達克股票代碼：TSLA），成為此類投資者中最受歡迎的選擇。

The stock also reached a market cap of $3 trillion, putting it in the same league as Apple (NASDAQ: AAPL), and Nvidia replaced Intel (NASDAQ: INTC) in the Dow Jones Industrial Average, joining the Magnificent Seven tech leaders.

該股市值也達到了3 兆美元，與蘋果（納斯達克股票代碼：AAPL）並駕齊驅，英偉達取代英特爾（納斯達克股票代碼：INTC）進入道瓊工業平均指數，躋身科技七巨頭之列。

But December was also a rocky month for Nvidia, with several negative news items emerging:

但 12 月對 Nvidia 來說也是一個艱難的月份，出現了一些負面新聞：

In a recent note, Morgan Stanley analyst Joseph Moore named Nvidia a top 2025 pick but trimmed his price target slightly.

在最近的一份報告中，摩根士丹利分析師 Joseph Moore 將 Nvidia 列為 2025 年的首選，但略微下調了其價格目標。

Moore highlighted that delays in Blackwell chip production are unlikely and that shifting from older Hopper chips to Blackwell could ease supply chain pressures.

摩爾強調，Blackwell 晶片生產不太可能出現延遲，從舊的 Hopper 晶片轉向 Blackwell 可以緩解供應鏈壓力。

Other analysts have noted the rise of application-specific integrated circuits (ASICs) that compete with Nvidia's GPUs. While ASICs may gain ground in specific applications, GPUs are expected to remain dominant for AI training purposes due to their versatility.

其他分析師已經注意到與 Nvidia 的 GPU 競爭的專用積體電路 (ASIC) 的興起。雖然 ASIC 可能會在特定應用中取得進展，但 GPU 由於其多功能性，預計將在人工智慧訓練方面保持主導地位。

Nvidia stock is currently showing resilience at its 50-day moving average, a key technical indicator. But several key points must be considered by investors:

英偉達股價目前在 50 日移動均線（一項關鍵技術指標）表現出彈性。但投資人必須考慮幾個關鍵點：

For long-term investors, Nvidia stock remains a compelling choice given the company's leadership in AI, strong fundamentals, and dominant market position. However, the looming export restrictions and recent stock volatility suggest exercising caution.

對於長期投資者來說，鑑於該公司在人工智慧領域的領先地位、強勁的基本面和主導市場地位，英偉達股票仍然是一個令人信服的選擇。然而，迫在眉睫的出口限制和最近的庫存波動表明應謹慎行事。

Short-term traders may want to wait for clarity on regulatory developments before making a move.

短期交易者可能希望等待監管進展明確後再採取行動。