NVDA 的高增长说法由营销驱动，对循环融资的依赖给 AI 交易带来系统性风险。
逐段跳播
英伟达为了保持增长，将向其他业务投资990亿美元，这样这些业务有了英伟达的支持，就能借到更多钱，因为它们有英伟达背书，从而购买更多英伟达芯片。没有这一点，英伟达就不会增长得那么快，也许整个AI芯片的大厦就会崩塌。
Nvidia to keep on the growth will invest 99 billion into other businesses so that the businesses have the backing of Nvidia can borrow more money because it's backed by Nvidia and buy more of Nvidia chips. Without this, Nvidia would not grow as fast and perhaps the whole house of AI cards would revert.
英伟达能翻倍吗？嗯，能。但那样它就会是11万亿美元。好，他们说他们将增长70%。然而，在我看来这纯粹是营销。他们说这是巨大的需求，受制于物理供应限制。所以在我看来，这更像是贝比·鲁斯指着球会飞向哪里，而所有人都去投资，好在那个位置接住那个球。
can Nvidia double? Hm. Yes, it can. But then it would be 11 trillion. Okay, they say they are going to grow 70%. However, this is in my opinion pure marketing. They are saying this is huge demand constrained by physical supply constraints. So this is in my opinion more like Babe Ruth saying where the ball will go and everybody invest to catch that ball there.
所以，你可以放心，你仍然可以在英伟达上赚到钱。
So, you can feel calm, you can still make your money on Nvidia.
这个频道对 $NVDA 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上只有这一条判断。