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华尔街见闻

对H20产品计提可能改变英伟达运营模式。分析指出,就像军工企业一样,英伟达将失去了对其高利润芯片销售流向的控制权,未来产品发布将受到地缘政治因素的实时影响。其次,战略延迟将定义其估值,如何在冲突条件下迅速重新部署产品成为关键。

隔夜英伟达遭遇猛烈抛售,盘中一度暴跌10%,收盘大跌6.9%,创下自1月份以来最大单日跌幅,市值一夜之间蒸发超1800亿美元。

该大跌背后的触发因素是,英伟达此前宣布一季度对H20产品计提55亿美元。据瑞银分析师TimArcuri,库存费用表明H20的实际销售额约为130亿美元。

这直接威胁到了英伟达持续超越华尔街预期的能力,过去三年中英伟达每次业绩均大幅超出预期,投资者预期本财年英伟达收入增长56%,该公司将在5月下旬公布第一财季业绩。FactSet估计英伟达在截至1月的财年中数据中心收入约1152亿美元,预计今年销售额将达到约1820亿美元。

不仅仅是短期的财务冲击,更重要的是这可能改变英伟达运营模式。X上的投资分析师@onechancefreedm指出,就像军工企业一样,英伟达将失去了对其高利润芯片销售流向的控制权,未来的产品发布将受到地缘政治因素的实时影响。

英伟达未来财务状况可能不再完全由公司自身掌控,战略延迟将定义其估值,英伟达在未来可能面临的挑战在于如何在冲突条件下快速重新利用其产品。

英伟达或将被“军工化”,失去对收入的控制权

在过去两年里,英伟达的估值大幅上涨,主要基于其在AI芯片市场几乎不受挑战的主导地位和强劲的收入增长。然而,H20芯片的计提可能标志着公司进入了一个新阶段,其中收入确认的时间和数量将部分受制于外部因素。

一位社交媒体X上的投资分析师@onechancefreedm指出,英伟达现在面临着一个类似于国防承包商的困境,其在未来可能面临的挑战是其技术优势在于如何在冲突条件下快速重新利用其产品。

风险提示及免责条款

市场有风险,投资需谨慎。本文不构成个人投资建议,也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资,责任自负。

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