<p><strong>英偉達</strong>(NVDA -0.46%) 的股票上個月在虧損者中名列前茅，因為這家人工智能（AI）芯片領導者在三月份與大盤一起回落。</p>
<p>雖然沒有任何重大新聞對英偉達造成壓力，但對 AI 基礎設施需求可能放緩的跡象似乎推動了股價下跌，此外，消費者信心減弱、關税不確定性以及經濟增長預測下降等因素也引發了對經濟放緩的普遍擔憂。到月底，<strong>CoreWeave</strong> 的首發反應疲軟，這是一家專注於生成式 AI 的雲計算平台，也是英偉達的合作伙伴，這似乎也反映出投資者對 AI 股票的熱情減退。</p>
<p>半導體行業是週期性的，考慮到過去兩年其增長迅猛，投資者似乎對經濟衰退對英偉達的影響感到謹慎。根據 S&amp;P Global Market Intelligence 的數據，三月底時，英偉達的股價下跌了 13%。</p>
<p>從下面的圖表可以看出，英偉達上個月波動較大，但總體上與 <strong>納斯達克綜合指數</strong> 的走勢一致，波動受宏觀層面新聞的影響。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png"/></p>
<p>NVDA 數據來源於 YCharts</p>
<h2>英偉達繼續回落</h2>
<p>英偉達在三月初報告了強勁的第四季度業績，但股價在消息公佈後回落，這表明投資者可能正在逐漸放棄這家 AI 芯片領導者，這一趨勢在三月持續。</p>
<p>公司最大的新聞是其年度 GTC 大會在本月第三週舉行，但即使是首席執行官黃仁勳備受關注的主題演講，宣稱到 2028 年行業內 AI 基礎設施支出將達到 1 萬億美元，以及公司產品線即將取得的進展，也未能提振股價。在主題演講當天，英偉達的股價下跌了 3.5%。</p>
<p>到月底，股價因特朗普總統宣佈汽車關税而下滑，同時 4 月 2 日的 “解放日” 即將到來，屆時將實施互惠關税。此外，英偉達似乎也介入以支持 CoreWeave 的首次公開募股，以每股 40 美元購買 2500 萬美元的股份，以幫助提升投資者對該 AI 平台的信心。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：英偉達。</p>
<h2>英偉達的下一步是什麼</h2>
<p>英偉達上個月的回落是由宏觀經濟環境的變化驅動的，而不是公司基本面的變化，因此不應改變對該股票的投資論點。</p>
<p>事實上，當前股價看起來具有吸引力，前瞻市盈率僅為 25。這對一隻看起來將繼續推動 AI 革命的股票來説是個不錯的價格。</p>

英偉達

<p>英偉達的股票在三月份下跌了 13%，受到更廣泛市場回調和對人工智能基礎設施需求放緩跡象的影響。儘管季度業績強勁，並且 GTC 大會取得了顯著成果，但投資者的熱情減退，尤其是在 CoreWeave 首次亮相反響平淡之後。對經濟放緩、關税和增長預期下降的擔憂也加劇了這一下跌。然而，該股票的前瞻市盈率為 25，仍然具有吸引力，暗示在人工智能領域未來有增長潛力</p>

<p>Shares of <strong>Nvidia</strong>(NVDA -0.46%) were among the losers last month as the artificial intelligence (AI) chip leader pulled back along with the broad market in March.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -0.46%) 的股票上個月在虧損者中名列前茅，因為這家人工智能（AI）芯片領導者在三月份與大盤一起回落。</p>
</div><p>There wasn't any major news that weighed on Nvidia, but signs that demand for AI infrastructure may be slowing seemed to drive the stock lower, as did general fears about a slowdown in the economy driven by weakening consumer sentiment, the uncertainty around tariffs, and declining economic growth forecasts. Toward the end of the month, the weak response to the debut of <strong>CoreWeave</strong>, a generative AI-focused cloud computing platform and a partner of Nvidia, also seemed to reflect waning investor enthusiasm for AI stocks.</p>
<div class="lb-trans"><p>雖然沒有任何重大新聞對英偉達造成壓力，但對 AI 基礎設施需求可能放緩的跡象似乎推動了股價下跌，此外，消費者信心減弱、關税不確定性以及經濟增長預測下降等因素也引發了對經濟放緩的普遍擔憂。到月底，<strong>CoreWeave</strong> 的首發反應疲軟，這是一家專注於生成式 AI 的雲計算平台，也是英偉達的合作伙伴，這似乎也反映出投資者對 AI 股票的熱情減退。</p>
</div><p>The semiconductor sector is cyclical and, given its soaring growth over the last two years, investors seem to be wary about the impact that a recession would have on Nvidia. When March came to a close, the stock finished down 13%, according to S&amp;P Global Market Intelligence.</p>
<div class="lb-trans"><p>半導體行業是週期性的，考慮到過去兩年其增長迅猛，投資者似乎對經濟衰退對英偉達的影響感到謹慎。根據 S&amp;P Global Market Intelligence 的數據，三月底時，英偉達的股價下跌了 13%。</p>
</div><p>As you can see from the chart below, Nvidia was volatile last month, but it generally trended with the <strong>Nasdaq Composite</strong>, fluctuating according to macro-level news.</p>
<div class="lb-trans"><p>從下面的圖表可以看出，英偉達上個月波動較大，但總體上與 <strong>納斯達克綜合指數</strong> 的走勢一致，波動受宏觀層面新聞的影響。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png" alt="" original-src="https://media.ycharts.com/charts/b7ac43e352b140ca62d18fa91f8319f5.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 數據來源於 YCharts</p>
</div><h2>Nvidia continues to pull back</h2>
<div class="lb-trans"><h2>英偉達繼續回落</h2>
</div><p>Nvidia came into March reporting strong results at the end of February for the fourth quarter, but the stock pulled back on the news, a sign that investors may be moving on from the AI chip leader, and that trend continued into March.</p>
<div class="lb-trans"><p>英偉達在三月初報告了強勁的第四季度業績，但股價在消息公佈後回落，這表明投資者可能正在逐漸放棄這家 AI 芯片領導者，這一趨勢在三月持續。</p>
</div><p>The biggest news out of the company was its annual GTC conference, held during the third week of the month, but even CEO Jensen Huang's closely watched keynote address, which touted AI infrastructure spending across the industry reaching $1 trillion in 2028 and upcoming advances in the company's product line, failed to lift the stock. Shares of Nvidia fell 3.5% on March 18, the day of the keynote.</p>
<div class="lb-trans"><p>公司最大的新聞是其年度 GTC 大會在本月第三週舉行，但即使是首席執行官黃仁勳備受關注的主題演講，宣稱到 2028 年行業內 AI 基礎設施支出將達到 1 萬億美元，以及公司產品線即將取得的進展，也未能提振股價。在主題演講當天，英偉達的股價下跌了 3.5%。</p>
</div><p>Toward the end of the month, the stock slumped as President Donald Trump announced auto tariffs and as the April 2 &#34;Liberation Day&#34; of reciprocal tariffs approached. Additionally, Nvidia seemed to jump in to help prop up CoreWeave's IPO, buying $250 million in shares at $40 to help boost investor confidence in the AI platform.</p>
<div class="lb-trans"><p>到月底，股價因特朗普總統宣佈汽車關税而下滑，同時 4 月 2 日的 “解放日” 即將到來，屆時將實施互惠關税。此外，英偉達似乎也介入以支持 CoreWeave 的首次公開募股，以每股 40 美元購買 2500 萬美元的股份，以幫助提升投資者對該 AI 平台的信心。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTM0NjAvbnZpZGlhLWhxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F813460%2Fnvidia-hq.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>圖片來源：英偉達。</p>
</div><h2>What's next for Nvidia</h2>
<div class="lb-trans"><h2>英偉達的下一步是什麼</h2>
</div><p>Nvidia's pullback last month was driven by the shifting macroeconomic environment, rather than any change in the company's fundamentals so it shouldn't change any investing thesis around the stock.</p>
<div class="lb-trans"><p>英偉達上個月的回落是由宏觀經濟環境的變化驅動的，而不是公司基本面的變化，因此不應改變對該股票的投資論點。</p>
</div><p>In fact, the stock looks attractively priced now, trading at a forward P/E of just 25. That's a great price for a stock that looks set to continue driving the AI revolution.</p>
<div class="lb-trans"><p>事實上，當前股價看起來具有吸引力，前瞻市盈率僅為 25。這對一隻看起來將繼續推動 AI 革命的股票來説是個不錯的價格。</p>
</div>

Why Nvidia Stock Lost 13% in March

- Nvidia 股價在 3 月下跌 13%，受整體市場影響。  
- AI 基礎設施需求放緩及經濟前景不明引發投資者擔憂。  
- 儘管公司基本面未變，股價仍因宏觀經濟環境波動。  