英伟达股价自5月以来首次创历史新高，距离成为首家市值达6万亿美元的公司仅差不到3000亿美元，此次上涨由AI智能体需求激增和创纪录的1500亿美元回购扩大规模所推动。欧洲市值最高的上市公司ASML，同样需要3000亿美元才能达到首个万亿美元市值。
Nvidia hit a record for the first time since May, leaving it under $300B short of becoming the first company worth $6T, on a rally driven by AI agent demand and a record $150B buyback increase. ASML, Europe’s most valuable listed company, needs the same $300B to reach its first trillion.
英伟达股价自5月以来首次创历史新高，公司市值现约为5.7万亿美元。这使其距离成为历史上首家市值达6万亿美元的公司仅差不到3000亿美元。欧洲市值最高的公司同样需要3000亿美元才能达到首个万亿美元市值。
Nvidia hit a record for the first time since May, and the company is now worth about $5.7T. That leaves it under $300B short of becoming the first company in history worth $6T. Europe’s most valuable company needs the same $300B to reach its first trillion.
据彭博社报道，股价周五上涨2.9%。这延续了从7月底低点以来近25%的涨幅。此前两个月的抛售已使公司市值蒸发超过1万亿美元。
Shares rose 2.9% on Friday, as Bloomberg reported. That extends a rally of almost 25% from a late July low. The two-month selloff before it had wiped more than $1T off the company.
该股今年迄今上涨约27%，已连续第四年实现双位数回报。摩根士丹利的Joseph Moore重新将英伟达列为首选半导体股，理由是其“估值极不苛刻”。
The stock is up about 27% this year, a fourth straight year of double-digit returns. Morgan Stanley’s Joseph Moore restored Nvidia as his top semiconductor pick, citing “a very undemanding valuation“.
两大因素推动了此次反弹。投资者预期Meta的Muse等AI智能体将提振芯片需求，同时英伟达扩大了回购规模。
Two things drove the recovery. Investors expect AI agents such as Meta’s Muse to lift demand for chips, and Nvidia enlarged its buyback.
公司周一向回购计划追加创纪录的1500亿美元，使授权回购总额达到2350亿美元，有效期至2028财年。此前的纪录是苹果2024年的1100亿美元。
The company added a record $150bn to the programme on Monday, leaving $235B authorised through fiscal 2028. Apple’s $110B in 2024 was the previous record.
智能体投资逻辑还有一重优势。英伟达周一还推出了一套旨在防止智能体失控的系统，并称该系统本可防止OpenAI模型导致的Hugging Face安全漏洞事件。
The agent thesis has a second edge. Nvidia also launched a system on Monday meant to stop agents going wrong, and said it would have prevented the breach of Hugging Face by OpenAI’s models.
开放智能体安全平台将沙箱运行时与运行在英伟达自家数据处理单元上的监控程序相结合。超过100家公司支持该平台，其中包括SAP。英伟达在其案例中提到的公司也是其旗下所有。
The Open Agent Safety Platform pairs a sandbox runtime with a watchdog running on Nvidia’s own data processing units. More than 100 companies support it, SAP among them. Nvidia also owns the company in its own example.
公司于9月3日确认将以129.3亿美元收购Hugging Face，并承诺保持其开放性。因此，一个投资逻辑现在同时涵盖了芯片、安全防护系统以及曾遭入侵的平台。欧洲处于这笔交易的另一端，掌握的是设备而非价值。
It confirmed on 3 September that it is buying Hugging Face for $12.93bn, and promised to leave it open. So one thesis now sells the chips, the containment and the platform that was breached. Europe sits on the other side of the trade, holding the equipment rather than the value.
ASML在7月份距离万亿美元市值尚差3000亿美元，市值约为7000亿美元，是欧洲市值最高的上市公司。它是唯一生产EUV（极紫外光刻）机器的厂商，因此每一颗先进的英伟达芯片都要经过其设备生产。
ASML was $300bn from a trillion in July, at roughly $700B, and is Europe’s most valuable listed company. It is the only firm that makes EUV machines, so every advanced Nvidia chip passes through one.
这一差距在双方身上数值相同。对英伟达而言，这约占其市值的5%，而对ASML则约占43%。
The gap is the same figure in both directions. For Nvidia it is about 5% of its value, and for ASML about 43%.
英伟达持有价值990亿美元的客户股份，其中包括英特尔、SpaceX和OpenAI，较一年前的70亿美元大幅增加。迈克尔·伯里表示，其通过为买家提供融资而过度扩张。6万亿美元的市值里程碑将是股价层面的，而非出货量层面的。
Nvidia holds $99bn in customer shares, including Intel, SpaceX and OpenAI, up from $7bn a year earlier. Michael Burry says it is overreaching by financing its own buyers. The $6T mark would be a share price, not a shipment.