Core Insights - The article discusses the investment potential of NVIDIA (NVDA), highlighting its strong market position and growth prospects in the semiconductor industry [1]. Group 1: Company Performance - NVIDIA has shown significant growth in revenue, with a reported increase of 50% year-over-year, reaching $7.1 billion in the last quarter [1]. - The company's net income also surged, reflecting a 60% increase compared to the previous year, amounting to $2.4 billion [1]. Group 2: Market Trends - The demand for AI and machine learning technologies is driving the growth of NVIDIA, positioning it as a leader in the GPU market [1]. - The overall semiconductor market is expected to grow at a compound annual growth rate (CAGR) of 10% over the next five years, benefiting companies like NVIDIA [1].

每经记者｜张锦河 每经编辑｜程鹏 记者|张锦河 编辑|程鹏 杜恒峰 校对|陈柯名 北京时间2月26日晚，美股三大指数开盘涨跌不一，道指涨0.38%，纳指跌0.24%，标普500指数跌0.04%。截至发稿，道指涨0.27%，纳指跌0.84%，标普 500指数跌0.36%。有2712只个股上涨，2381只个股下跌。 英伟达财报再超预期却遇冷淡回应，股价直线跳水，截至发稿，跌幅扩大逾3.6%。 纳斯达克中国金龙指数跌0.85%。 热门中概股多数下跌，截至发稿，百济神州跌6.56%，贝壳跌5.85%；百度跌4.83%，公司2025财年营收同比减少3%；瑞幸咖啡跌4.71%，理想汽车跌 4.66%，哔哩哔哩跌3.47%。 | 百济神州 | 329.140 | -6.56% | | --- | --- | --- | | ONC = = | | | | 贝壳 | 16.590 | -5.85% | | BEKE ® | | | | 百度 | 126.240 | -4.83% | | BIDU B . | | | | 瑞幸咖啡 | 35.780 | -4.71% | | 延 LKNCY 日 C | | | | 理想汽车 | ...

来源：华盛证券 华盛资讯2月26日讯，美股三大指数早盘震荡走低，市场观望伊美第三轮谈判，谈判将于晚些时候（北 京时间23:30）恢复。 风险提示: 投资涉及风险，证券价格可升亦可跌，更可变得毫无价值。投资未必一定能够赚取利润，反 而可能会招致损失。过往业绩并不代表将来的表现。在作出任何投资决定之前，投资者须评估本身的财 政状况、投资目标、经验、承受风险的能力及了解有关产品之性质及风险。个别投资产品的性质及风险 详情，请细阅相关销售文件，以了解更多资料。倘有任何疑问，应征询独立的专业意见。 截至发稿，英伟达绩后跌超2%，半导体股集体走弱，博通跌超3%， $AMD 跌超2%，台积电、阿斯麦 跌超1%。 IonQ $IONQ 绩后股价暴涨20%带飞量子计算股！ $RGTI 、 $QUBT 涨超4%。软件股逆势走高，现在服 务涨超3%，赛富时、CrowStrike涨超2%。 免责声明：华盛独家资讯引用之数据或资料可能得自第三方，华盛通将尽可能确认资料来源之可靠性， 但并不对第三方所提供数据或资料之准确性负责，也不构成任何证券、金融产品或工具要约、招揽、建 议、意见或任何保证。证券价格有时会大幅波动，价格可升亦可跌，更 ...

Core Viewpoint - Nvidia is in a precarious position regarding its microchip supply obligations, which could lead to significant financial repercussions if demand for AI products declines, as highlighted by investor Michael Burry [1][5]. Group 1: Supply Obligations and Financial Risks - Nvidia's purchase obligations surged from approximately $16 billion to $95 billion over 12 months, driven by TSMC's demand for longer contracts and upfront cash [2]. - The company's total supply obligations of $117 billion are nearly equivalent to its operating cash flow for the year ending January 25, indicating a tight financial situation [2]. - Burry emphasizes that Nvidia's current strategy of locking in supply chain capacity is unprecedented and poses substantial risks [2][4]. Group 2: Historical Comparisons and Market Dynamics - Burry draws parallels between Nvidia's situation and Cisco during the dot-com bubble, where Cisco faced severe losses after overcommitting to supply chain obligations amid a sudden drop in IT spending [3]. - The high profit margins Nvidia currently enjoys are attributed to strong demand, but these margins could diminish if demand weakens, increasing the company's vulnerability [4]. Group 3: Market Performance and Investor Sentiment - Despite a 65% increase in revenue and net income over the past year, Nvidia's stock fell nearly 3% recently, reflecting investor concerns [7]. - Nvidia's stock has decreased by 8% from its all-time highs in October but remains over 13 times higher since the beginning of 2023, maintaining its status as the world's most valuable public company with a market capitalization of $4.6 trillion [8].

The U.S. stock market opened with a divided front on Thursday, February 26th, 2026, as investors grappled with a high-stakes earnings season and fresh economic data. While the blue-chip heavy Dow Jones Industrial Average (DJI) showed resilience, the tech-heavy Nasdaq Composite (IXIC) and the broader S&P 500 (SPX) faced downward pressure. This divergence comes as the market processes a "sell the news" reaction to blockbuster results from the world’s leading artificial intelligence chipmaker and disappointing ...

Wall Street’s major market averages were lower on Thursday as investors were left underwhelmed by Nvidia’s (NVDA) fourth-quarter results and guidance. For the session, the S&P 500 (SP500) was -1.1%, the Dow (DJI) was -0.4%, and the Nasdaq Composite ( ...

Core Insights - Nvidia reported a strong earnings performance, indicating robust financial health and growth potential [1] Financial Performance - The earnings report showcased significant revenue growth, reflecting the company's strong position in the semiconductor industry [1] - Despite the positive earnings, the stock did not see a corresponding increase in value, suggesting market skepticism or profit-taking by investors [1] Market Reaction - Investors reacted lukewarmly to the earnings report, which may indicate concerns about future growth or market conditions [1] - The stock's performance post-earnings highlights a disconnect between strong financial results and investor sentiment [1]

来源：滚动播报 费城半导体指数在英伟达公布财报后下跌2.8%。 ...

I'm an individual investor heavily influenced by Warren Buffett and Charlie Munger. Munger's 1994 USC Business School Speech is something I think about a lot: "Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return—even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capita ...

Core Insights - The long-term returns of a stock are closely tied to the underlying business's performance, with a business earning 6% on capital over 40 years yielding similar returns for investors, regardless of initial purchase price [1] - A business that earns 18% on capital over 20 to 30 years can provide substantial returns even if purchased at a high price [1] - The impact of taxes on investment returns is significant, with a one-time tax at the end of a long holding period resulting in a higher effective return compared to annual taxation [1] Tax Implications - Compounding at 15% per annum with a 35% tax at the end results in an effective return of 13.3% per annum [1] - Annual taxation at 35% on the 15% return reduces the effective return to 9.75% per year compounded [1] - The difference of 3.5% in returns over long holding periods can lead to substantial wealth accumulation [1]