英伟达(NVDA.US)近期公布亮眼季度业绩与前瞻后股价反而下跌，使得市场看空声音有所升温。部分 做空者将焦点放在应收账款天数(DSO)上升与库存增加这两项指标，引发对公司财务质量的担忧。然 而，天风国际分析师郭明錤表示，这些质疑并无充分依据，也未正确理解英伟达当前的业务结构变化。 智通财经APP获悉，郭明錤指出，英伟达本财年第三季度的应收账款天数从过去数年的平均46天上升至 53天，被部分批评者视为"财务恶化甚至造假"的迹象，但这种看法忽略了应收账款集中度大幅提升这一 关键因素。过去财年英伟达来自大客户的应收账款占比平均仅23.8%，在本季度则攀升至65%。随着账 款更集中于少数大型客户，付款周期拉长是合理现象，尤其云端服务提供商(CSPs)一直以来都有较长账 期，这是行业惯例，反映的是大客户更强的议价能力，而非财务异常。 关于库存，市场也出现"需求不振"或"数据造假"的揣测，因为英伟达库存环比增长32%，似乎与黄仁勋 口中的云端GPU"全部售罄"不符。郭明錤对此回应指出，做空者的比较基准同样存在事实错误。首先， FY23第二季度库存并未下降，而是环比增长约23%至38.89亿美元。其次，本季度库存的32% ...

Core Insights - Nvidia Corporation (NASDAQ: NVDA) was previously rated as a "strong buy" on August 28th, 2025, indicating a positive outlook for the stock despite market fluctuations [1] Company Analysis - The article highlights Nvidia's stock performance and market positioning, suggesting that it remains undervalued in the current market context [1] - The analysis is supported by over two decades of trading experience, emphasizing a strategic approach to market analysis [1] Market Context - The commentary reflects ongoing market trends and trading strategies that have been effective across various asset classes, indicating a comprehensive understanding of market dynamics [1]

Market Overview - Nvidia Corporation (NVDA) shares have experienced a decline of approximately 16% from their 52-week high, indicating a pause in the recent hype cycle surrounding the company [1]. Analyst Background - The analysis is provided by Michael Del Monte, a buy-side equity analyst with over a decade of experience in various sectors including technology, energy, and industrials [1].

Core Insights - U.S. President Donald Trump is considering whether to permit Nvidia to sell advanced artificial intelligence chips to China [1] Group 1 - The decision on Nvidia's ability to sell AI chips to China is currently under review by the U.S. government [1] - Commerce Secretary Howard Lutnick provided insights on this matter during an interview with Bloomberg News [1]

Market Analysis by covering: Gold Spot US Dollar, Gold Futures. Read 's Market Analysis on Investing.com ...

I want to start on your discussions with the European Union. We were hearing some noise that it doesn't necessarily include reducing steel and aluminum tariffs from 50% to 15%. Is that off the table for now.Know what we're talking about. Everything is on the table When you have such a great partner as the European Union. They have 450 million people and a $20 trillion economy.So the opportunity is great. They would like to have steel and aluminum as part of this package. And we think it is very, very import ...

Core Viewpoint - Nvidia's Q3 FY2026 earnings report showcased strong AI demand, with a record revenue increase of $10 billion quarter-over-quarter, indicating that the AI competition is intensifying despite market concerns about an AI bubble [1][2]. Group 1: Financial Performance - Nvidia reported total revenue of $57 billion for Q3, representing a year-over-year growth of 62%, significantly exceeding Wall Street expectations and the company's prior guidance [2]. - The quarter's revenue increase of approximately $10 billion is more than double the total revenue of AMD's data center segment for Q3, which was $4.3 billion [2]. - The GAAP gross margin reached 73.4%, while the non-GAAP gross margin was 73.6%, both surpassing previous guidance, attributed to the increased share of data center business [4]. Group 2: Market Dynamics and Growth Prospects - Nvidia's forward P/E ratio is approximately 38 times, which analysts consider attractive, especially with Q4 revenue guidance of $65 billion, indicating an $8 billion quarter-over-quarter increase [1][7]. - The company has locked in $500 billion in revenue from its Blackwell and Rubin series from early 2025 to the end of 2026, indicating strong future growth potential [5]. - Concerns about an AI bubble were addressed by CEO Jensen Huang, who emphasized the ongoing growth cycle and the significant revenue increases driven by AI applications, such as Meta's GEM model [3]. Group 3: Inventory and Supply Chain - Q3 inventory increased by 32% quarter-over-quarter, and supply commitments rose by 63%, reflecting the company's preparation for future growth, particularly with the upcoming launch of the Rubin GPU [4][5]. - The increase in inventory is seen as a strategic move to mitigate risks associated with the Rubin GPU launch, ensuring adequate supply to meet anticipated demand [5]. Group 4: Competitive Positioning - Nvidia's valuation remains attractive compared to competitors, with its forward P/E ratio being half that of AMD's [7]. - The stock price is currently supported at the $180 level, with a potential drop to $150 representing a forward P/E of 32 times, which analysts view as a compelling buying opportunity [7]. Group 5: Market Concerns - Nvidia's GPU revenue from the Chinese data center market was only $50 million in Q3, aligning with expectations that significant orders would not materialize in this quarter [6]. - The company's stock performance is influenced by broader market trends, with analysts noting that macroeconomic pressures could lead to a decline below current support levels [7][8].

在近期的震荡行情中，关于AI是否存在泡沫的讨论升温，知名投资人段永平也加入其中。日前，他在 回复网友时表示："我不觉得英伟达是泡沫，我会一直卖put的。" 近日，段永平在回复网友时表示："我不觉得英伟达是泡沫，我会一直卖put的。我很开心那些大空头成 了我的客户，我会很乐意收他们的保费的。我确实说过我要在伯克希尔·哈撒韦里面躲一会儿牛市，现 在似乎可以出来了哈。" 根据美股机构投资者13F持仓披露情况，截至2025年三季度末，段永平管理的H&H International Investment持有英伟达59.78万股，持仓市值为1.12亿美元。英伟达位列其第八大持仓。不过，和二季度 末相比，段永平减持英伟达36.7万股。 从近期段永平的发言中，能看出其对英伟达的最新态度。10月以来，段永平曾在雪球多次提及英伟达， 以及自己对AI板块的看法。 从国内市场看，机构依然对科技板块高度关注，大多认为尽管市场出现短期波动，但无碍AI行业的长 期向好趋势。 段永平再谈英伟达 华夏基金表示，TMT行业公募持仓处于高位并伴随丰厚涨幅，叠加年末机构排名临近，或有部分资金 抢跑、提前锁定利润，导致成长风格资金抽离较多。但是，更多 ...

Investors may have developments in China to thank for the move higher. ...

Market Analysis by covering: Nasdaq 100, S&P 500, NVIDIA Corporation. Read 's Market Analysis on Investing.com ...