“AI信仰”受挫！英伟达(NVDA.US)指引显示增长放缓，美股狂欢迎来降温信号？

Core Viewpoint - Nvidia's latest guidance indicates a slowdown in growth after two years of rapid expansion, raising concerns about the sustainability of investments in artificial intelligence [1][12]. Financial Performance - For the period ending July 27, Nvidia reported a revenue increase of 56%, reaching $46.7 billion, slightly above the average expectation of $46.2 billion [2]. - The adjusted earnings per share were $1.05, surpassing the analyst expectation of $1.01 [2]. - The data center segment generated $41.1 billion in sales, also reflecting a 56% year-over-year growth, while gaming-related revenue was $4.29 billion, exceeding expectations [2]. Market Challenges - Nvidia faces challenges in the Chinese market due to intensified U.S.-China competition, with restrictions on semiconductor exports impacting revenue potential [3][6]. - The company reported no sales of its H20 AI chips to Chinese customers in the second quarter, and the future sales depend on U.S. government approvals [6][12]. AI Investment Trends - Analysts suggest that the initial surge in AI investments may be waning, with large data center operators potentially reducing spending if short-term benefits remain difficult to quantify [7]. - Nvidia's major clients, including Meta, Alphabet, Microsoft, and Amazon, are heavily investing in infrastructure to develop AI models and services [7]. Stock Performance and Valuation - Nvidia's stock price has surged 35% this year, pushing its market capitalization above $4 trillion, but investors are becoming more critical of its performance amid high valuations [14][15]. - The company's price-to-earnings ratio is approximately 34 times its expected earnings for the next 12 months, which is considered reasonable for a tech company with strong growth [13]. Future Outlook - Nvidia's forecast suggests a potential revenue of $54 billion for the third quarter, aligning with Wall Street expectations but falling short of some analysts' predictions of over $60 billion [1][12]. - The company has approved an additional $60 billion stock buyback plan, indicating confidence in its long-term prospects despite current challenges [1].