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财经外刊精读 · 互动版 Nvidia sets biggest-ever buyback plan as AI chip competition weighs on stock performance

2026 年 9 月 29 日 · 星期二 本期:股东回报 · 股票回购与估值倍数

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Nvidia raised its share buyback authorization by a record $150 billion, lifting its remaining repurchase capacity to $235 billion. The stock trades at 16.5 times forward earnings, its lowest since 2015 — so the cash is going back to shareholders.

英伟达把股票回购授权追加了创纪录的 1500 亿美元,剩余回购额度升至 2350 亿美元。该股目前约为远期盈利的 16.5 倍,是 2015 年以来最低的估值——于是这些现金被送回股东手里。

$235bn
Remaining buyback capacity — after a $150bn increase, the largest authorization increase in US corporate history; to be used through fiscal 2028.
剩余回购额度 —— 追加 1500 亿美元之后的总额,美国企业史上最大的一次回购授权增幅;计划在 2028 财年结束前用完。
16.5×
Price to 12-month forward earnings — the lowest multiple since January 2015, far below the 15-year average of 30, according to LSEG.
股价/未来 12 个月预期盈利 —— 2015 年 1 月以来最低,远低于过去 15 年平均的 30 倍(LSEG 数据)。
84%
Share of S&P 500 firms — the $150bn increase alone is bigger than the market value of about 84% of the index’s members.
标普 500 成分股比例 —— 光是这 1500 亿美元的增量,就超过指数里约 84% 公司的总市值。
$26bn
Returned to shareholders — buybacks plus dividends in the quarter ended July 26; $99bn of authorization was left at the quarter-end.
返还股东金额 —— 截至 7 月 26 日那一季度的回购加分红;季末还剩 990 亿美元授权额度。
−50%
Fall in overall US buybacks — between July and September 23, as companies turned cautious amid heavy investment needs.
全美回购总额降幅 —— 7 月至 9 月 23 日之间,企业在沉重的投资需求下转为谨慎。
+20%
Nvidia’s gain this year — through Friday’s close, in line with the Nasdaq 100 but far behind AMD (more than doubled) and Intel (more than tripled).
英伟达今年涨幅 —— 截至上周五收盘,与纳斯达克 100 持平,但远落后于 AMD(翻倍有余)与英特尔(涨了两倍多)。

原文精读 · Full Text

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颜色 = 句子成分,中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Nvidia sets biggest-ever buyback plan as AI chip competition weighs on stock performance
英伟达启动史上规模最大的回购计划,因为 AI 芯片竞争正拖累它的股价表现
PARA 01
Nvidia boosted its share buyback authorization by a record US$150 billion1 eclipsing Apple’s US$110 billion approval in 2024 making a big bet on its own stock as intensifying AI-chip competition weighs on its performance relative to peers
英伟达把股票回购授权追加了创纪录的 1500 亿美元,超过苹果 2024 年 1100 亿美元的授权,等于对自家股票下了一大注,因为日益激烈的 AI 芯片竞争正拖累它相对同行的表现
Photo: an add-in graphics card of the kind Nvidia sells into the AI build-out. Those sales are what fund the record buyback.
Photo: an add-in graphics card of the kind Nvidia sells into the AI build-out. Those sales are what fund the record buyback. 配图(示意图):一张独立显卡 —— 英伟达正是靠这类产品吃到 AI 建设浪潮,也才有钱创下这次回购纪录。 Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 02
Shares of Santa Clara, California-based Nvidia rose more than 2 per cent
总部在加州圣克拉拉的英伟达股价上涨逾 2%
PARA 03
Through Friday the stock was up just over 20 per cent this year broadly in line with the Nasdaq 100 but trailing AMD, which has more than doubled, and Intel, which has more than tripled
截至上周五,这只股票今年以来的涨幅略超 20%,大体上与纳斯达克 100 指数同步,却落后于 AMD(涨了一倍多)和英特尔(涨了两倍多)
Share price performance year to date (close, 25 Sep) Year-to-date share performance, in per cent Intel over +200% AMD over +100% NVIDIA ≈ +20% Nasdaq 100 ≈ +20%
Chart 1 | Nvidia is up about 20 per cent this year — in line with the Nasdaq 100, but far behind AMD and Intel.Basis: Reuters, close on 25 Sep 2026 (last Friday). The article says AMD 'more than doubled' and Intel 'more than tripled'; the chart shows over 100% and over 200%. The colours separate names only and do not show gains or losses.
PARA 04
Technology companies are racing to build AI infrastructure but investors are questioning whether the massive spending boom that propelled Nvidia to become the world’s most valuable company can be sustained
科技公司正在竞相建设 AI 基础设施,但投资者在质疑:那场把英伟达推上全球市值第一的巨额支出狂潮还能不能持续
PARA 05
With strong demand for its pricey processors generating billions in cash Nvidia is using part of the windfall to boost its remaining buyback capacity to US$235 billion2 which it expects to deploy through fiscal 20283
靠着市场对它那些昂贵处理器的强劲需求,公司赚进了数十亿美元现金,英伟达正把其中一部分意外之财用来把剩余回购额度提高到 2350 亿美元,并计划在 2028 财年结束前把这笔额度用完
PARA 06
“The AI buildout won’t continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power,” said Jacob Bourne an analyst at Emarketer
「AI 建设不会永远维持现在的速度,但英伟达正在释放信号:市场对其硬件和服务的需求仍有持久力,」——说这话的是雅各布·伯恩,Emarketer 的一名分析师
PARA 07
Its cash generation is currently strong enough that it believes it can continue investing heavily in the business while also returning capital to shareholders4 he added
它的现金创造能力目前足够强,让它相信自己可以在业务上继续大举投入,同时又把资本返还给股东,他补充说
PARA 08
Nvidia shares were trading at about 16.5 times 12-month forward earnings5 their lowest multiple since January 2015 and well below the 15-year average of 306 according to LSEG data which some analysts see as a sign of slowing profit-growth expectations
英伟达的股价约为未来 12 个月预期盈利的 16.5 倍,这是 2015 年 1 月以来最低的估值倍数,也远低于过去 15 年 30 倍的平均水平(据 LSEG 数据);一些分析师把这看作盈利增长预期正在放缓的信号
Nvidia's valuation ruler: 16.5x vs 30x Price to 12-month forward earnings, in times Now (Sep 2026) 16.5× 15-year average 30×
Chart 2 | At about 16.5 times forward earnings, Nvidia is cheaper than at any point since January 2015.Basis: LSEG data cited by Reuters (28 Sep 2026). '12-month forward earnings' is the consensus forecast of earnings per share over the next 12 months; the lower the multiple, the less the market pays per unit of expected profit.
PARA 09
Ben Barringer head of technology research at Quilter Cheviot said the buyback echoes Apple’s playbook of using repurchases to support its stock as growth slows and valuation multiples come under pressure7
本·巴林杰,Quilter Cheviot 的科技研究主管表示,这次回购呼应了苹果的套路:用回购来托住自家股价,在增长放慢、估值倍数承压之际
PARA 10
Stock buybacks fell about 50 per cent between July and September 23 as companies turned more cautious amid heavy investment needs partly driven by the AI boom fueling Nvidia’s growth, and economic uncertainty
股票回购总额在 7 月至 9 月 23 日之间下降了约 50%,因为企业在沉重的投资需求下变得更谨慎,这部分是 AI 热潮(它推动着英伟达的增长)与经济不确定性造成的
Photo: trading desks turned cautious. US buybacks fell about 50 per cent between July and September 23.
Photo: trading desks turned cautious. US buybacks fell about 50 per cent between July and September 23. 配图(示意图):交易台转向谨慎 —— 7 月至 9 月 23 日,美国股票回购总额下降约 50%。 Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 11
“Our cash generation gives us the capacity to invest in the technologies that advance this transformation and return capital to shareholders,” CEO Jensen Huang said in a statement
「我们的现金创造能力让我们既能投资于推动这一变革的技术,也能向股东返还资本,」首席执行官黄仁勋在一份声明中表示
PARA 12
Nvidia’s growth outlook backs that stance
英伟达的增长展望支撑了这一立场
PARA 13
Last month Nvidia forecast about 70 per cent revenue growth for fiscal 2028 reassuring investors who have questioned how long the AI spending surge can last after years of explosive growth
上个月,英伟达预测 2028 财年营收将增长约 70%,这让那些在多年爆发式增长之后怀疑 AI 支出狂潮还能持续多久的投资者安了心
PARA 14
Monday’s US$150 billion buyback increase exceeds the market capitalization of about 84 per cent of the S&P 500 constituents8 according to data compiled by LSEG
周一宣布的这 1500 亿美元回购增量超过了标普 500 成分股中约 84% 公司的总市值——这是 LSEG 汇总的数据
Photo: the $150 billion increase alone is larger than the market value of about 84 per cent of the S&P 500.
Photo: the $150 billion increase alone is larger than the market value of about 84 per cent of the S&P 500. 配图(示意图):光是这 1500 亿美元的增量,就超过标普 500 中约 84% 公司的总市值。 Unsplash royalty-free stock photo, not the original article's artwork; for illustration only.
PARA 15
Nvidia ended the July quarter with US$22.44 billion in cash and cash equivalents9
英伟达在 7 月结束的那个季度末持有 224.4 亿美元现金及现金等价物
PARA 16
It last announced an US$80 billion share buyback in May
它上一次宣布800 亿美元的股票回购是在 5 月

核心术语 · Glossary

编号与正文上标一一对应,点正文里的数字可跳到对应卡片。默认只显示英文解释(练阅读);想看中文,点卡片标题。
1share buyback/ˈbaɪbæk/ 点击看中文解释 ↓

A share buyback (also called a share repurchase) is a company using its own cash to buy its own shares back from the market. Those shares are then cancelled, so the same profit is split among fewer shares.

Why it matters here ▸ Nvidia just added $150bn to its buyback authorization — money it plans to spend buying back its own stock over the next few years.

「股票回购」指公司用自有现金从市场上买回自己的股票,买回的股份会被注销;于是同样的利润由更少的股份来分,每股收益(EPS)就被动变高。它是「股东回报」的两种主要形式之一,另一种是分红。

Net profit 100100 shares outstandingBuy back 20 shares80 shares leftProfit unchanged, share count lower=EPS 1 → 1.25EPS +25%, price unchangedNote: the company did not earn more, only the denominator shrank — which is why buybacks are said to 'manage EPS'.
拓展知识:回购和分红的区别:分红直接把现金发给股东,回购把钱花在自家股票上。美国公司偏爱回购,因为分红一旦提高就很难降低(降分红会被市场当成利空),而回购额度只是「授权」,可以不执行、也可以快慢自如。读公告要分清两件事:「授权 1500 亿」≠「已经花掉 1500 亿」。英伟达截至上一季末账上只有 224.4 亿美元现金,真正执行要靠未来几个季度的现金流。
Extended note: A buyback authorization is a permission, not a promise. Boards prefer it to dividends because it is flexible: a repurchase programme can quietly slow down, while a dividend cut is read as bad news. Watch the cash actually spent each quarter, not the size of the authorization.
2windfall/ˈwɪndfɔːl/ 点击看中文解释 ↓

A windfall is a sudden, unexpected amount of money — a gain nobody planned for.

Why it matters here ▸ Reuters calls Nvidia’s cash from selling AI processors a “windfall”, and says part of it is going into the buyback.

「意外之财、天降之利」:一笔没预料到、突然到手的大钱。这里指英伟达靠卖 AI 处理器滚滚而来的现金。

拓展知识:财经报道里 windfall 常出现在三个语境:windfall tax(暴利税,政府对突然暴赚的行业额外征税)、windfall profit(暴利)、windfall gain(意外收益)。要留意它和 revenue(营收)的区别:营收是常规经营所得,windfall 强调「来得突然、超出预期」,往往不可持续,所以市场不会给它太高的估值倍数。
Extended note: Windfalls are normally treated as non-recurring, so analysts strip them out. A company valued on a windfall looks cheaper than it really is.
3fiscal year/ˈfɪskl jɪə/ 点击看中文解释 ↓

A fiscal year is a company’s own 12-month accounting year. It does not have to start in January.

Why it matters here ▸ Nvidia says it will spend the $235bn “through fiscal 2028”. Nvidia’s fiscal year ends in late January, so that is roughly the start of calendar 2028.

「财年」:公司自己划定的 12 个月会计年度,不一定要从 1 月开始。英伟达的财年在 1 月底结束(FY2027 大约到 2027 年 1 月),所以新闻里说「through fiscal 2028」,指的是大约 2028 年 1 月底之前用完额度。

拓展知识:读英美公司财报最容易踩的坑就是财年错位:英伟达「FY2027 第二季度」对应的是 2026 年 2 至 7 月,而不是 2027 年。苹果财年 9 月底结束,微软财年 6 月底结束,沃尔玛财年 1 月底结束。看到「Q2」「FY2028」先在心里换算出自然年,否则会把已经发生的事当成预测。
Extended note: Fiscal years are why a company’s “Q2 FY2027” can fall in calendar 2026. Convert to calendar dates before comparing two companies’ results.
4capital/ˈkæpɪtl/ 点击看中文解释 ↓

In finance, capital is money that has been put to work — the cash shareholders have invested in a business, or the cash that business hands back to them.

Why it matters here ▸ Huang says Nvidia’s cash lets it both invest in technology and “return capital to shareholders”. The buyback is that second half.

「资本」:投入到生意里的钱。在「return capital to shareholders(向股东返还资本)」这个固定说法里,指公司把赚到的现金交还给股东 —— 方式就是分红和回购。

拓展知识:一家公司赚到的现金只有两条路:留下来再投资(资本支出 / 研发 / 并购),或者还给股东(分红 + 回购)。判断管理层处在哪个阶段,看两者的比例:高增长公司通常全留下、甚至举债投资;成熟公司才开始大额返还。英伟达同时给出「2028 财年营收增长约 70%」和「1500 亿美元回购」,等于宣称自己两件事都能做 —— 这正是分析师争论的焦点。
Extended note: Capital allocation is the one question to ask about any cash-rich company: reinvest, or return? Doing both at scale is a claim that you have more cash than you can productively spend.
5forward earnings/ˈfɔːwəd ˈɜːnɪŋz/ 点击看中文解释 ↓

Forward earnings are the profits analysts expect a company to make over the next 12 months. They are a forecast, not history.

Why it matters here ▸ Nvidia trades at about 16.5 times 12-month forward earnings — the 16.5 comes from dividing today’s share price by that forecast.

「预期盈利/远期盈利」:分析师对「未来 12 个月」每股收益的一致预测,和「过去 12 个月已经发生的」trailing earnings 相对。新闻里的「12-month forward earnings」就是前者。

拓展知识:倍数怎么算:股价 ÷ 每股预期盈利。用预期盈利算出来的叫 forward P/E(远期市盈率),用过去盈利算出来的叫 trailing P/E。前者是市场对未来下的注,后者是已经发生的事实。分析师说「英伟达只有 16.5 倍」,意思是按未来一年的预测利润来看很便宜;但如果这个预测落空(例如内存涨价压毛利、客户削减资本支出),倍数会瞬间变贵。所以看到远期估值,一定追问一句:这个预测是谁给的、凭什么。
Extended note: A low forward multiple is only good news if the forecast holds. The gap between trailing and forward multiples is where most valuation arguments live.
6multiple/ˈmʌltɪpl/ 点击看中文解释 ↓

A multiple is how many times one number goes into another. In investing it usually means how many times earnings you are paying for a share; a lower multiple means a cheaper valuation.

Why it matters here ▸ Reuters says 16.5 times is Nvidia’s “lowest multiple since January 2015”, well below its 15-year average of 30.

「倍数」:投资里指股价相对于某个财务指标的倍数,最常用的是市盈率(股价/每股盈利),也就是「你愿意为每一元盈利付多少钱」。倍数越低=越便宜,越高=越贵。

拓展知识:同一个词在不同场景含义不同,读财报要认上下文:P/E multiple=市盈率倍数;EV/EBITDA multiple=企业价值/息税折旧摊销前利润倍数(用来比较负债水平不同的公司);multiple compression(倍数收缩)指公司本身没变差,但市场愿意给的倍数下降,股价照样跌。本篇里「最低倍数」暗示分析师担心的是盈利增长在放缓,而不只是股价便宜。
Extended note: Multiple compression can sink a stock even when profits keep rising. That is why “cheap” and “safe” are not the same thing.
7valuation/ˌvæljuˈeɪʃn/ 点击看中文解释 ↓

Valuation is what something is judged to be worth. For a listed company that usually means market value (price times shares), or a multiple of profits.

Why it matters here ▸ Barringer says the buyback follows Apple’s playbook of supporting the stock “as growth slows and valuation multiples come under pressure”.

「估值」:判断一项资产值多少钱。对上市公司来说,常用口径是市值(股价 × 股数),或者利润/现金流/营收的倍数。

拓展知识:估值和价格不是一回事:价格是市场当下成交的价,估值是你用某个口径算出来的「应该值多少」。同一家公司可以同时「股价创新高」和「估值变便宜」—— 只要利润涨得比股价快。英伟达今年股价涨约 20%,但倍数掉到 16.5 倍,说明它的盈利涨得更快。这也是黄仁勋说自家是「增长型价值股」的依据。
Extended note: Price and valuation can move in opposite directions. A stock can rise while getting cheaper, if earnings rise faster.
8market capitalization/ˈmɑːkɪt ˌkæpɪtəlaɪˈzeɪʃn/ 点击看中文解释 ↓

Market capitalization (market cap) is a company’s share price multiplied by its number of shares — the total value the market puts on the whole company.

Why it matters here ▸ Reuters notes the $150bn increase alone is bigger than the market cap of about 84 per cent of the 500 companies in the S&P 500.

「市值」:股价 × 总股数,也就是市场给整家公司的出价。新闻里拿它当尺子用 ——「1500 亿美元」比标普 500 里约 84% 公司的整体市值还大。

拓展知识:市值排行榜的层级:英伟达是史上第一家市值突破 5 万亿美元的公司(2025 年 10 月),本篇发布时约 5.58 万亿美元。注意市值每天随股价变动;而「企业价值(Enterprise Value, EV)」还要加上净负债 —— 比较两家负债结构不同的公司时,EV 比市值公平。
Extended note: Market cap is a price tag, not a price paid. Enterprise value adjusts it for debt and cash, so it compares companies more fairly.
9cash and cash equivalents/kæʃ ænd kæʃ ɪˈkwɪvələnts/ 点击看中文解释 ↓

Cash and cash equivalents are the money a company can spend right away: bank balances plus short-term investments that can be turned into cash within about three months.

Why it matters here ▸ Nvidia ended the July quarter with US$22.44bn of it — far less than the $235bn authorization, so the buyback has to be funded out of future cash flow.

「现金及现金等价物」:公司随时能动用的钱 —— 银行存款,加上三个月内就能变现的短期投资。它和「回购授权额度」是两个完全不同的概念。

拓展知识:这是读回购公告最关键的区分:授权额度是上限,账面现金是现在能花的钱。英伟达7 月季末账上只有 224.4 亿美元现金,却授权了 2350 亿美元回购,差额要靠接下来几年的经营现金流来填(公司同期还披露了约 2790 亿美元的长期供货与产能承诺)。所以真正值得跟踪的,是每季度财报里「实际回购花了多少」。
Extended note: Authorization is the ceiling; cash on hand sets the floor of what is actually possible. Track reported repurchase spending each quarter.

读后测验 · Check Your Understanding

3 道题。点选项立即判分;解析需要单独点开。
Q1How much did Nvidia add to its share buyback authorization, and what does the total remaining capacity become?
正确答案:B
原文第 1 段与第 5 段各给了一半答案:Nvidia boosted its share buyback authorization by a record US$150 billion、boost its remaining buyback capacity to US$235 billion。A 项把「5 月宣布的 800 亿」和「季末剩余的 990 亿」拼在一起(见末段 It last announced an US$80 billion share buyback in May);C 项把 1100 亿错安给英伟达 —— 那是苹果 2024 年的授权(eclipsing Apple's US$110 billion approval in 2024);D 项把两个数字对调。
Nvidia boosted its share buyback authorization by a record US$150 billion, eclipsing Apple's US$110 billion approval in 2024. Only one option keeps this announcement's two numbers in the right order. A mixes up the May $80bn authorization with the quarter-end $99bn figure; C hands Apple's $110bn record to Nvidia; D simply swaps the two figures.
Q2Why is the timing of Nvidia's record buyback notable in the wider market?
正确答案:C
第 10 段正是本文最关键的对照:Stock buybacks fell about 50 per cent between July and September 23 as companies turned more cautious amid heavy investment needs —— 全市场在收缩,英伟达却创纪录加码,反差本身构成新闻。A 项错:末段写明它在 5 月才刚宣布过 800 亿的回购。B 项错:公司仍在按季分红(每股 0.25 美元),文中从未提及取消分红。D 项错:这次比苹果的 1100 亿更大,而且股价当天上涨逾 2%。
Stock buybacks fell about 50 per cent between July and September 23 as companies turned more cautious amid heavy investment needs. The contrast is the story: the market retreats, Nvidia doubles down. A ignores the May $80bn authorization; B invents a dividend cut; D reverses the comparison and contradicts the 2 per cent share gain.
Q3What does the article suggest the buyback mainly signals?
正确答案:D
第 6 段分析师的引语说得最直白:The AI buildout won't continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power;第 11 段黄仁勋的表述也是「既能投资技术、又能返还资本」。A 项与引语前半句直接冲突(分析师明确否定了「这一速度会永远持续」);B 项与黄仁勋 continuing to invest in the technologies 的说法相反;C 项与 16.5 倍(低于 15 年平均 30 倍)相反。
The AI buildout won't continue at its current pace forever, but Nvidia is signaling confidence that demand for its hardware and services has staying power. A contradicts the first half of the very quote it relies on; B reverses Huang's point about continuing to invest; C ignores that 16.5 times is below, not above, the 15-year average.
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