$NVDA · Schwab Network · 2026-11-09
NVDA 的增长一直在放缓，今年股价也持续承压，但各项数字依然亮眼；对这样体量的公司来说，明年营收增长接近 70% 看起来是可以实现的，而且考虑到云计算巨头和 SpaceX 对自身建设规模的描述，增速还可能加快。目前没有任何公开信息显示存在违反出口管制的情况，凭借透明度和速度，应能顺利通过董事会调查。
逐段跳播
“Nvidia”就是黄仁勋。黄仁勋就是“Nvidia”。
"Nvidia" is Jensen Huang. Jensen Huang is an "Nvidia".
到目前为止，我们在媒体上还没有看到任何迹象表明 Nvidia 犯了任何错误。我想，一家市值 5 万亿美元的公司拥有世界上最好的出口律师、最好的出口审计师和最好的出口合规官。
So far, we have not seen anything in the press to suggest that Nvidia has made any mistake. I imagine a $5 trillion company has the best export lawyers in the world, the best export auditors, and the best export compliance officers.
最大程度的透明和速度将让公司度过这一关，并重新回到那些成就了 Jensen、也成就了公司今天的事业上，也就是打造世界上最好的图形处理器，来构建超级 AI 社区所依赖的代码工厂。
maximum transparency and speed will allow the company to get through this and get back to the work that made Jensen what it is and what the company has become, which is building the best graphics processing units in the world to create the code factories that the super AI community depends on .
Jensen 是公司的门面。他是公司最好的销售。他是公司最好的交易撮合者，也是公司在全球最好的代言人。不过，请记住，有 60 位经理直接向他汇报。我相信他们每个人都亲身承载着公司的文化和热情，也都了解其他经理同行各自负责的工作领域。
Jensen is the company's front man. He is the company's best seller. He is the company's best dealmaker and the best advocate for his company globally. However , remember that he has 60 managers who report directly to him.
I believe that each of them carries the culture and passion of the company himself and understands the areas of work of his counterparts among the other managers.
我是说，关于 Nvidia、它的股价和估值，以及投资者未来该如何评估这家公司，尤其是它今年一直承受着一些压力，当然，考虑到增速放缓……我是说，数字依然很棒，我们下周会听到公司的说法，但增长确实一直在下降。
I mean, with regard to Nvidia, its stock and valuation, and how investors should evaluate this company in the future, especially since it has been under some pressure this year, considering, of course, the slowdown...
I mean, the numbers are still great, and we'll hear from the company next week, but growth has certainly been declining.
下周财报发布时，我们要关注的一点是：对于这样规模的公司，明年营收增长接近 70% 的数字看起来能实现吗？我们认为可以。
One of the things we will be watching when the earnings report is released next week is: Do next year's figures, with revenue growth approaching 70% for a company of this size, seem achievable? We believe so.
事实上，如果你听听一些最大的云计算公司是怎么说的，以及 SpaceX 是怎么谈它构建系统的，我们认为增长甚至可能进一步加速。因此，我相信营收增长是存在的。
In fact, we think it might accelerate even more if you listen to how some of the biggest cloud computing companies talk and how SpaceX talks about building its systems. Therefore, I believe revenue growth is present.
回到你关于出口管制的那个问题的开头，请记住，目前公开领域没有任何信息表明违反了那些出口管制规定。事实上，Nvidia 迄今为止的所有公开数据都显示它遵守了相关标准。
Returning to the beginning of your question about export controls, remember that there is currently nothing in the public domain that indicates a violation of those export control rules.
In fact, all public data from Nvidia so far shows that it has complied with the standards .
观察点
这个频道对 $NVDA 的历次判断
Schwab Network 在这只股票上共 56 条判断，这里只列相邻的几条。