NVIDIA股份继续下滑，下降了3％

Nvidia股票在周二继续下降趋势，在减少损失之前下降了3％。这次下降是在周一陡峭的8.7％下降之后，这使该股票自9月以来的最低水平达到了最低水平。

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股票在周二继续滑梯，在减少损失之前下降了3％。这是在周一陡峭的8.7％下降之后，这使该股票达到了9月以来的最低水平。

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

NVIDIA在周二进一步股票，扩大了半导体巨人的溃败。

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.

在过去的五次交易中，该股票现在损失了10％以上。最新的压力来自特朗普政府的新关税公告。

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

唐纳德·特朗普总统周二对加拿大和墨西哥进口征收25％的关税。他还对中国进口量增加了10％的职责。

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.

尽管半导体没有直接受这些新关税的影响，但它们仍然可能面临间接的后果。伯恩斯坦分析师Stacy Rasgon在2月的分析中指出，职责将影响数据处理设备的进口，例如使用AI芯片的服务器。

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.

该连接与NVIDIA尤其重要。合同制造商富士康（Foxconn）正在与NVIDIA的Blackwell AI Chips在墨西哥组装服务器的工厂，这是墨西哥的三个国家之一。

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.

这些产品的更高价格可以减少对Nvidia芯片的需求。这种间接影响为已经密切关注股票的投资者增加了另一层关注。

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.

周一的近9％下降是在华尔街日报的一份报告引起了对NVIDIA最新的Blackwell AI GPU到中国的担忧，尽管出口控制了。这一消息重新点燃了投资者担心进一步收紧美国贸易限制的消息。

Trade Restrictions

贸易限制

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.

更严格的技术出口控制对中国的可能性对NVIDIA构成了重大威胁。中国市场约占芯片制造商业务的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.

商务部长霍华德·卢特尼克（Howard Lutnick）对中国的技术销售采取了坚定的立场。在确认听证会上，卢特尼克（Lutnick）特别提到了中国人工智能公司DeepSeek使用的Nvidia筹码。

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

根据经济学家的报告，卢特尼克说：“它必须结束。”他的评论表明，出口限制的可能更艰难的方法。

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.

政府正在考虑两种可能影响NVIDIA运营的选择。官员可能会进一步限制专门的AI芯片到中国的销售，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后专门为中国市场创建的缩小的GPU。根据AI和半导体研究专家Dylan Patel的说法，NVIDIA因预期新限制而暂停了H20的生产。

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.

尽管在1月的九个月内制造了超过100万台单位，但这还是发生了。第二种方法涉及实施AI扩散的框架。

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.

该规则是在拜登给药的最后几天引入的。它的目的是防止中国公司通过第三国获得高级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以前称该规则在宣布时为“误导”。该公司认为，对150多个国家的施加限制有可能疏远盟友，并有可能将其驱逐出华为的AI筹码等中国替代方案。

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.

尽管面临这些挑战，NVIDIA首席执行官詹森·黄（Jensen Huang）于1月底在白宫与特朗普会面。会议建议该公司正在努力维持与政府的公开沟通。

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）的拉斯贡（Rasgon）在周二的一份报告中指出，“ NVDA的中国销售额达到创纪录的水平（约17b $ 17b，在25财年）的销售额在过去10年中的收入百分比最低（13％）。”这种减少的暴露可能会减轻出口控制的未来收紧的打击。

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.”

尽管最近波动性，伯恩斯坦和花旗分析师都保持了对NVIDIA股票的买入评级。拉斯贡（Rasgon）写道：“担心AI交易对我们来说还为时过早，而Nvidia的估值变得越来越有吸引力。”

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

他维持股票价值185美元的目标。花旗分析师阿蒂夫·马利克（Atif Malik）同样保留了他的买入评级。

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：“尽管风险回报对股票看起来有吸引力，而股票交易低于历史杂货，但我们相信投资者正在寻找AI限制和关税对毛利率的关税事件。”