NVDA 的基本面（70%+ 的增长、护城河）胜过技术面的疲软，回调可买入。
逐段跳播
所以，你有Nvidia和Broadcom那种所谓的循环融资，它们或多或少是从自己的资产负债表上拿出资金，或者利用自己的资产负债表去借更多钱，但它们并不出售在这些公司中的股权。这是一种循环融资的形式。
So, you have the quote circular financing of Nvidia and Broadcom where they're more or less pulling money off of their balance sheet or using their balance sheet to go borrow more money, but they're not selling equity stakes in those companies. That's one form of circular financing.
接下来看Nvidia。本周开盘报230。Nvidia全周稳步下滑，持续下滑。该股本周下跌超过5%，收于218。
Moving on to Nvidia. Started the week at 230. A steady slide, consistent slide all week for Nvidia. Shares were down over 5% this week, close at 218.
黄仁勋出席了高盛的一场会议，他说AGI已经“到来”。我想他是在X上这么说的，但随后他在一场会议上又发表了相关言论，我们稍后会谈到。
Jensen Wong was at a Goldman Sachs conference and he said that AGI has quote arrived. I think he said this on X, but he followed up with statements that we'll talk about here in a moment at a conference.
这一切发生之际，OpenAI的GPT6 Astra发布了，它是一项极其、极其了不起的技术，我认为它是对今年晚些时候、乃至真正进入明年之后将要发生的事情的一次预览和一扇窗口，因为Nvidia制造的这些Rubin系统现在才刚刚进入全国各地的数据中心，而接下来那一批训练运行会变得越来越大，GPT6就是基于此进行的。
This all comes as OpenAI's GPT6 Astra got launched and it is an incredible incredible piece of technology and it is I think a preview and a window what's to come later this year and really as you get into next year as these Reuben systems made by Nvidia are just now making their way into data centers across the country and those next set of training runs they're going to get bigger and bigger and that is what GPT6 was on.
现在，Jensen Wong 对 70% 的增长高度有信心。这是对该公司上个月从财报角度所公布内容的重复。他补充说，如果需求没有受到内存价格的制约，他们的增长实际上会超过 100%；用他的话说，数据中心还受到电力方面的制约，并且能够建成投运。
Now, Jensen Wong is highly confident in 70% growth. This is a reiteration of what the company announced from an earnings standpoint last month. He added that they would actually be growing more than a 100% if the demand wasn't constrained by memory prices and in his words also that data centers are constrained from a power perspective and been able to get stand up.
现在，中国的竞争对手华为继续将其先进 AI 芯片价格上调超过 60%。所以这是 Nvidia 得以保持其护城河的另一种方式，即它的竞争对手也不得不提高价格。
Now Huawei a competitor in China continues to raise its advanced AI chip prices by over 60%. So this is another way that Nvidia just keeps its moat is its competitors have to raise its prices as well.
现在，该公司正因其 200 亿美元的 Grock 授权协议而面临潜在的司法部调查。注意，这是带 Q 的 Grock。这不是 Elon Musk 或 SpaceX 的 Grock。
这是另一家公司，它制造计算机芯片或推理芯片，现在正与 Nvidia 的 GPU 系统搭配使用。这不是一次收购。这是一笔所谓的授权协议，目的是绕过一些监管障碍，同时也把 Grock 团队纳入内部。
Now, the company is facing potential DOJ probe over its $20 billion Grock licensing deal. Now, this is Grock with a Q. This is not Elon Musk or SpaceX's Grock. This is a different company that made computer chips or inference chips that are now being paired with Nvidia's GPU systems. This wasn't an acquisition. This was a quote licensing deal in order to get around some of the regulatory hurdles and also bring the Grock team inhouse.
我记得这家公司是在一个周五被收购的，周一他们就出现在 Nvidia 的圣何塞办公室。一些美国议员认为，这或许是一次不公平的收购，可能会削弱竞争。不过我认为这种说法站不住脚，因为你有 Qualcomm，你有 Marll，你有 Broadcom，你显然还有 AMD、Intel。它们都有相互竞争的芯片。
I remember the company got acquired like on a Friday and Monday they show up to the San Jose offices of Nvidia. Some US lawmakers believe that maybe this was an unfair takeover and could weaken competition. Although I think that's on shaky ground given the fact that you have Qualcomm, you have Marll, you have Broadcom, you obviously have AMD, Intel. They've all got competing chips.
归根结底，这可能只是一次融资努力，因为议员们并不傻。你威胁一些东西，然后你的手心被抹上油水，接着突然之间，司法部诉讼的威胁就不了了之了。
At the end of the day, this might be just a fundraising effort as lawmakers aren't dumb. You threaten some stuff and then you get your palms greased and then all of a sudden the threat of a DOJ lawsuit goes by the wayside.
Nvidia 创出了，我的意思是，我想我们可以把这称为一个更高的高点。有些人会说这是双顶。很难说，但尽管如此，你所有的移动平均线都是正面的。你正好处在较短期的移动平均线上，进一步的回调可能将是买入机会。
Nvidia made I mean I guess we can call that a higher high. Some people would say this a double top. It's hard to say but that all said all your moving averages are positive. You're right on your shorter term moving one further pullbacks probably going to be buying the dip.
这个频道对 $NVDA 的历次判断
The Investor Channel 在这只股票上共 4 条判断，这里只列相邻的几条。