由于股票表现不佳同行，NVIDIA在收入之前面临审查

Nvidia曾经是世界上最有价值的公司，在准备在2月26日发布其第四季度收益时，面临审查。

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

随着NVIDIA准备在2月26日举报第四季度收益时，技术的关注点上升。

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

在过去的六个月中，该公司的股票表现不佳，并且在过去的六个月中，其技术同行和更广泛的市场基准。

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.

市场问题围绕三个主要领域：芯片制造能力，人工智能需求以及最大客户的替代品出现。这些因素促成了该公司最近的市场业绩，截至周四初，股票的交易价格为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，总部位于中国DeepSeek的AI Chatbot引发了NVIDIA的股票价值下降5930亿美元的单日下降时，发生了重大的市场冲击。

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，随后的报告质疑了DeepSeek的主张，并指出聊天机器人依靠高端NVIDIA芯片，这些筹码实际上限制在Biden Administration规则下从出口到中国。

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，包括科技巨头元平台，微软，Google和亚马逊，继续显示出强大的支出计划。这些公司预计仅在2025年就投资了3250亿美元。他们从2023年开始的三年资本支出预计将达到约6900亿美元。

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加工架构上，自12月以来就已经全面生产。与以前的“料斗”模型相比，芯片具有提高的速度和能效。行业分析师预计，布莱克韦尔线的下一次迭代GB300将于今年晚些时候推出。

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分析师Rick Schafer将NVIDIA股票的评级优于“跑赢大盘”，目标股价为175美元。他预测，在云服务提供商对AI加速器的持续需求驱动的驱动下，第四季度的成绩和四月季度的前景都表现出色。

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.

随着新的Blackwell Chip生产的增加，该公司的较旧的H200处理器可能会发现比预期的近期需求更强。 Schafer认为，随着西方公司迅速将新的创新纳入其模型，DeepSeek的出现实际上可以使NVIDIA受益。

Q4 Earnings Report

第四季度收益报告

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报告，分析师项目收入为385亿美元，净收入约为2009亿美元。对于四月份的财政第一季度结束，期望指出的收入为421亿美元，比上一年增长了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.

主要科技公司正在与NVIDIA保持关系，正在开发自己的自定义筹码。这些内部处理器（称为ASIC）主要用于内部工作量，而Nvidia的GPU继续为更广泛的高性能AI应用提供。

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.

竞争格局包括大型评分者与Broadcom和Marvell Technologies等公司之间的合作伙伴关系。但是，分析师指出，这些自定义解决方案有望与Nvidia的处理器共存。

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.

生产能力仍然是关键重点领域。该公司财务负责人科莱特·克雷斯（Colette Kress）在11月的投资者电话中将GPU需求描述为“惊人的”，强调了持续的供应链挑战。

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首席执行官詹森黄（Jensen Huang）可能会在收益电话会议期间讨论几个关键主题，包括DeepSeek对收入预测的潜在影响以及该公司在竞争日益增加的情况下维持市场份额的战略。

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.

该公司的六个月股票绩效显示约9.8％，落后于许多技术行业同行。尽管对AI芯片和强大的收入预测需求持续强劲，但这种表现仍在。

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.

投资者将密切关注管理层对即将到来的季度的指导，特别是关于Blackwell芯片生产量和主要客户的采用率。