Nvidia股价持续承压，为何特朗普关税政策或成投资者"救星"？
英伟达 (Nvidia，NVDA)年初开局不利，而特朗普周三宣布的关税新政可能成为转折点。盘前交易，英伟达股价跌1.35%至108.66美元。该股周二收涨1.6%，终结五连跌颓势。
在周三新关税政策最后期限临近之际，受美国加征关税担忧拖累，英伟达股价随大盘持续下探。截至周二收盘，该股年内累计跌幅已达18%。
当前英伟达估值较近年水平显著回落。FactSet数据显示，其股价对应未来12个月预期市盈率为23倍，远低于过去五年平均40倍的估值水平。
尽管ChatGPT开发商OpenAI等企业报告人工智能产品需求激增，充分印证市场对AI芯片的旺盛需求，但OpenAI首席执行官Sam Altman周二坦言，公司正竭力应对图像生成工具火爆带来的基础设施压力，并寻求第三方芯片资源支持。
不过，在半导体进口关税政策明朗化之前，市场或将继续忽视英伟达的潜在利好。目前尚不清楚美国周三公布的广泛关税政策中是否包含针对芯片等特定行业的附加关税。特朗普此前表示，在实施对等关税计划后，半导体关税将"后续跟进"。
若芯片未被列入加税清单，英伟达股价有望迎来喘息之机——但前提是特朗普未暗示未来可能对半导体采取行动。
文章源自Barron's《Nvidia Stock Is Suffering. Why Trump Tariffs Could Bring Relief for Investors.》
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