$NVDA · The Compound · 2026-11-06
Nvidia 已进入熊市，下跌 21%；说话者对其 14 倍利润的估值提出质疑，认为正面临估值倍数压缩，并警告称，如果未来十二个月盈利低于预期 5%，该股可能下跌 40%。
逐段跳播
像 Nvidia 这样的公司下跌了10%。
You have companies like Nvidia that are down by 10 %.
Jensen，他们从来就没停过嘴。他们甚至都没想过要提出这个问题。
Jensen, they never stop talking. This... they did n't even think to raise this issue.
所以，周一股市表现很好，但 Nvidia 下跌了3%。昨天真是非常奇怪的一天，标普上涨了1.7%，而 Nvidia 和半导体股票却遭到血洗。
So, on Monday, we had a great day in the stock market, but Nvidia was down 3%. Yesterday we had this really strange day where the S&P rose 1.7% and Nvidia and semiconductor stocks were slaughtered.
我来跟你讲讲 Nvidia 的下跌。
Let me tell you about the decline of Nvidia.
问题在于，Nvidia 终于进入了熊市。它已经下跌了21%。问题在于，大家都在说：“哦，Nvidia 的市值是利润的14倍。”那么，真的是这样吗？
The problem is that Nvidia is finally in a bear market. It has decreased by 21%. The problem is that everyone is saying, "Oh, Nvidia is worth 14 times the profits." Well, is that really the case?
过去12个月里，我们目睹了估值倍数的压缩，而且不只是针对，而是针对全球大多数大型公司，比如 Broadcom 和 Nvidia，它们正是在这轮繁荣中出售的。
Over the past 12 months, we have witnessed a compression of multiples for, not just for, most of the world's largest companies such as Broadcom and Nvidia that are selling under this boom.
如果 Nvidia 未来十二个月的盈利比我们预期的低5%，该股可能会下跌40%。
If Nvidia's earnings are 5% lower over the next twelve months than we expect, the stock could fall by 40%.
观察点
这个频道对 $NVDA 的历次判断
The Compound 在这只股票上共 9 条判断，这里只列相邻的几条。