Core Viewpoint - Nvidia's stock has experienced a significant decline of 26% since reaching a 52-week high at the beginning of 2025, with broader market sentiment indicating ongoing challenges for the company [1] Group 1: Challenges Facing Nvidia - The company is facing multiple challenges, including a potential slowdown in AI infrastructure spending, increased competition in the AI chip market, and rising manufacturing costs due to tariffs [2] - Citi has lowered Nvidia's price target from $163 to $150, citing a slight slowdown in U.S. data center spending [2][4] - Data center spending growth is expected to be 35% this year, down from an earlier estimate of 40%, with a further slowdown anticipated in 2026 [4][5] Group 2: Data Center Developments - Microsoft is slowing down data center construction, which is partly due to changes in its arrangement with OpenAI, allowing OpenAI to build its own data center infrastructure [5][6] - OpenAI plans to invest $100 billion in building AI data centers as part of the Stargate project, which could lead to increased demand for Nvidia's chips [6][7] - The first Stargate data center is expected to be completed by mid-next year in Texas, featuring 400,000 Nvidia AI GPU systems [7] Group 3: Financial Outlook - Nvidia's GPUs are priced between $30,000 to $35,000 each, with flagship server systems costing up to $3 million [8] - The Stargate project could lead to investments of up to $500 billion over the next four years, supporting Nvidia's data center business growth [9] - Major cloud computing companies like Alphabet and Amazon are maintaining substantial capital spending plans, which should benefit Nvidia [10] Group 4: Earnings Projections - Analysts forecast a 51% increase in Nvidia's earnings per share to $4.53 in fiscal 2026, with the stock currently trading at 25 times forward earnings, below its five-year average of 40 [12] - If Nvidia achieves the projected earnings and the market rewards it with a higher multiple, the stock price could reach $181, representing a 63% upside from current levels [13][14] - Stronger earnings growth could enable Nvidia to hit the $200 mark, making it an attractive investment opportunity [14]

据参考消息援引美国世界新闻网4月18日报道，在英伟达的人工智能（AI）芯片被限制向中国出口之 际，英伟达首席执行官黄仁勋17日现身北京。这是他3个月内再度造访中国，他表示中国是重要的市 场，希望继续合作。 黄仁勋此行被视为旨在稳定中国市场，进而缓解中美科技紧张局势给英伟达带来的冲击。特朗普对黄仁 勋此行作出回应。 据报道，针对美国政府决定对英伟达的H20芯片设限，黄仁勋承认，美国政府加强芯片出口管制已对英 伟达的业务产生重大影响，但英伟达将继续不遗余力优化符合监管要求的产品体系，坚定不移地服务中 国市场。 有记者询问特朗普对于黄仁勋访问北京有何看法，特朗普回应称："黄仁勋是一个很棒的人，他是我的 朋友，他对我们的国家感到自豪，也很爱国。我完全不担心他。" 国务院副总理何立峰会见美国英伟达公司总裁兼首席执行官黄仁勋 据新华社，中共中央政治局委员、国务院副总理何立峰4月17日晚在人民大会堂会见美国英伟达公司总 裁兼首席执行官黄仁勋。 何立峰表示，中国市场投资和消费潜力巨大，产业转型升级加快推进，是新一轮科技革命和产业变革的 最佳应用场景，始终是外资企业投资和贸易的沃土。欢迎包括英伟达公司在内的更多美资企业深耕中国 ...

Core Viewpoint - Nvidia's stock has recently declined due to concerns over tariffs and export restrictions, impacting its growth potential in the AI chip market [1][5][15] Group 1: Company Overview - Nvidia has established a strong position in the AI market, primarily through its powerful graphics processing units (GPUs) that are essential for AI tasks [3][4] - The company has experienced significant revenue growth, reaching record levels in the billions of dollars over the past few years [4] Group 2: Current Challenges - The uncertainty surrounding tariffs, particularly from the Trump administration, poses a risk to Nvidia and other tech companies, with potential new tariffs on electronics looming [2][5] - Nvidia faces additional challenges with U.S. government restrictions on chip exports to China, requiring a license for its H20 chips, which has led to a $5.5 billion charge related to inventory and purchase commitments [6][7] Group 3: Historical Resilience - Nvidia's CEO Jensen Huang has a history of proactive decision-making in response to challenges, such as securing chip supplies during the pandemic and adapting to initial chip restrictions by designing new compliant products [8][9][11] - Huang's strategic moves have historically resulted in positive outcomes for the company, including share price gains and expanded market reach [11][13] Group 4: Future Outlook - Despite current challenges, Nvidia remains a leader in the high-growth AI market, and there is optimism that Huang will find ways to mitigate the impact of export restrictions [16] - Sales to China accounted for 14% of Nvidia's data center revenue in the 2024 fiscal year, indicating the importance of this market for the company's earnings [15]

在人工智能芯片巨头英伟达遭遇55亿美元巨额损失、股价盘后重挫之际，加密货币市场应声下跌，比特 币失守86000美元关口，XRP与ADA等主流币种亦齐齐下行。背后的推手不仅是芯片出口禁令，还有特 朗普政府日趋强硬的全球贸易政策。 一、芯片禁售，英伟达突遭重创 4月中旬，美国政府宣布禁止英伟达向中国销售其新一代AI芯片H20，此举立即在市场上激起千层浪。 紧随其后，英伟达在提交给监管机构的文件中披露：公司将因出口受限遭遇高达55亿美元的损失。 市场反应迅速。盘后交易时段，英伟达股价暴跌8%，从前一交易日的97美元跌至89美元左右，市值一 夜蒸发数百亿美元。多头仓位被迫清算，看跌期权交易量飙升，机构投资者的信心受到明显冲击。 值得注意的是，就在前一天，市场还对英伟达第一季度的营收表现持乐观态度，AI概念股整体强势反 弹。突如其来的出口禁令，让多头措手不及。 二、连锁反应：加密市场失血，BTC重挫超3000美元 英伟达的"崩盘"并未止步于股市。作为风险资产代表，加密货币市场迅速产生共振。CoinDesk数据显 示，事件发生后，比特币从盘中高点86,440美元大幅回落，最低跌至83,600美元，24小时跌幅达3%以 上 ...

Group 1 - Jensen Huang, CEO of Nvidia, faces significant challenges due to US tariffs on China, which could result in a loss of approximately $5.5 billion in quarterly revenue and a market value drop exceeding 600 billion RMB since the beginning of the year [2][12] - Huang's strategy includes a visit to China to meet with key figures and emphasize Nvidia's commitment to the Chinese market, despite US government restrictions [3][4] - Nvidia's revenue from China reached a record $17.1 billion in the fiscal year ending January 2024, a 66% increase from the previous year, highlighting the importance of the Chinese market for the company [7] Group 2 - Nvidia's market position is threatened by increased competition in China, with over 50 companies developing technologies that could rival Nvidia's products [15][17] - The company has experienced a significant stock price decline of approximately 26% over three months, resulting in a loss of nearly $90 billion in market value, influenced by both the emergence of competitors and US tariff policies [14][15] - Huang's recent engagement with Chinese officials marks a notable shift in Nvidia's approach, as he has historically avoided political interactions, indicating a potential pivot in strategy to navigate the current geopolitical landscape [8][10] Group 3 - The US government's export restrictions are expected to lead to a revenue loss of $14 billion to $18 billion for Nvidia, which could represent about 20% of its income from China [15][17] - The emergence of domestic competitors like Cambricon, which reported a 4230.22% increase in revenue in Q1, suggests a growing challenge for Nvidia in maintaining its market dominance in China [19][20] - Analysts predict that Nvidia will continue to develop regulatory-compliant products for the Chinese market, indicating a strategic adaptation to the changing landscape [17][18]

Nvidia Corp NVDA has gone from being an AI crown jewel to a geopolitical chess piece. And, it looks like Wall Street just got a front-row seat to a high-stakes poker game between Washington and Beijing.After weeks of tension, the first real blow in the U.S.-China tech trade war has landed: the White House is blocking Nvidia's H20 chip sales to China. "This week were the first shots fired in the trade war in the tech world," said Wedbush analyst Dan Ives.With 145% reciprocal tariffs in play, and tech still a ...

来源：环球时报 时隔三个月再次访问中国的英伟达首席执行官黄仁勋近日公开表示，将"坚定不移服务中国市场"，并强 调了中国在全球供应链中的关键作用，认为英伟达与中国市场"共同成长、相互成就"。在美方近来滥施 关税、禁止英伟达对华出口H20芯片的背景下，黄仁勋来到中国、强调中国市场"至关重要"，某种程度 上可以视作美企对美国政府贸易保护主义政策的间接抵制，反映了美国科技界、企业界将中国视作机遇 而非威胁、要合作不要"脱钩"的呼声，有很强的代表性。 中国是全球最具规模的消费市场之一，中国蓬勃发展的产业生态与广阔的应用场景，为包括英伟达在内 众多美国企业的持续创新提供了重要动力。正如黄仁勋所说，"与中国企业的深度合作，也使我们成长 为更具竞争力的国际化企业"。此前还有美国企业负责人表示："我们不需要搭美国政府的便车，我们需 要的是美国政府让条路出来。"对华合作的重要性和迫切性，在美国政府滥施关税的背景下"意外地"更 加凸显。 中美经贸合作为双方带来的经济利益巨大，美国的受益程度丝毫不低于中国。美国从中国进口大量消费 品、中间品和资本品，支持了美国制造业供应链和产业链的发展，丰富了美国消费者选择，降低了生活 成本，提高了 ...

美国《华尔街日报》当地时间4月17日报道认为，美方这一最新芯片出口限制震动了全球市场，此举将 阻止英伟达和AMD对华供应价值数十亿美元的AI芯片，暴露了在科技和贸易领域的"遏华双重野心"， 这也是特朗普政府迄今为止发出的最明确信号。 【文/观察者网 熊超然】针对中国，美国总统特朗普已经在贸易领域挑起了争端，而在科技领域，其政 府也没有停手。最新例证是，美国商务部于当地时间4月15日宣布，英伟达的H20芯片、AMD的MI308 芯片以及同类型人工智能（AI）芯片，出口到中国需要许可证。 早在2022年10月，美国政府就已实施了一系列芯片出口限制措施，且后续不断收紧，以阻止英伟达、 AMD、英特尔等美国半导体巨头在中国销售其最先进芯片，迫使这些企业寻找变通之法。此前，英伟 达曾为符合美国出口规定为中国市场开发定制芯片H20系列，去年2月份开始接受预订。 不过，《华尔街日报》指出，从英伟达CEO黄仁勋近日再度访华，以及他在华的相关表态可以看出，英 伟达并未放弃中国市场。报道还知情人士称，英伟达私下里反对任何新的限制措施，并表示中国已经能 够生产一些与其"对华特供版"H20芯片具有相同水准的芯片。 4月17日，英伟达 ...

Core Viewpoint - The meeting between Shanghai Mayor Gong Zheng and NVIDIA CEO Jensen Huang highlights the importance of collaboration between global tech companies and local enterprises in Shanghai's development as a leading international metropolis [1][4]. Group 1: Shanghai's Economic Development - Shanghai is focusing on becoming a world-class modern socialist metropolis, emphasizing the development of integrated circuits and artificial intelligence as key industries [4]. - The city has established itself as the strongest in China in terms of integrated circuit technology, industry scale, and supply chain completeness [4]. - Shanghai aims to create a market-oriented, law-based, and international business environment to support the growth of various enterprises [4]. Group 2: NVIDIA's Commitment to China - NVIDIA has established a research and development center in Shanghai, indicating the city's significance as a key base for the company [4]. - Jensen Huang emphasized the immense potential of artificial intelligence and the importance of international cooperation for mutual progress and global prosperity [4]. - The Chinese market is crucial for NVIDIA due to its large size and high-quality customer base, with the company having thrived over the past 30 years by focusing on this market [4].

此前在2017年的愚人节，英伟达带来了一个可以帮玩家打游戏的AI助手G-Assist。但玩游戏用机器来代 劳，显然是扭曲了游戏的本质，所以G-Assist当时也确实只是一个愚人节笑话。 然而即便是英伟达自己可能都未曾想到，短短八年时间后，AI行业居然经历了从兴起到衰退、再到爆 发的"过山车"。 就在2025年愚人节前夕，G-Assist从彼时的玩笑变成了现实，这个功能目前已经被英伟达方面集成在 NVIDIA App中，玩家可通过Alt+G快捷键启动。根据官方的介绍，G-Assist是一个本地化的AI游戏助 手，它能提供GPU超频、能效优化、实时信息诊断等传统游戏助手的功能。比如G-Assist会扫描玩家的 电脑，一旦发现显示器支持更高的刷新率却没有得到充分利用，就会提示进行优化。 此外，G-Assist还会从玩家处接收语音、文本输入，并且会对游戏画面的内容进行截图，这些输入再搭 配英伟达为G-Assist准备的游戏知识库，使得其可以基于游戏中正在发生的事件做出富有洞察力的个性 化响应。比如G-Assist可以在游戏中通过识别屏幕上的信息，免去玩家查找攻略的时间。 01 那么问题就来了，G-Assist这样的产 ...