英伟达财报提振标普，市场聚焦杰克逊霍尔与通胀
Nvidia Rally, AI Trade & Jackson Hole Preview | The Close 8/27/2026
POPPA JENSEN RIDES TO THE RESCUE. LIVE FROM STUDIO TO A BLOOMBERG HEADQUARTERS, I'M ROMAINE BOSTICK. EMILY: KICK YOU OFF TO THE CLOSING BELL ON A DAY WHEN THE S&P 500 IS HIGHER BY ABOUT 5/10 OF 1% LIFTED FROM THAT OUTLOOK OF NVIDIA. THE STOCK REPORTING EARNINGS OF ABOUT 8% RIGHT NOW. THE FOCUS GOES TO JACKSON HOLE. WE ALREADY HAD TO FED PRESIDENT SAYING THEY WANT THE FED TO ACT SOONER AS INFLATION REMAINS ABOVE THE 2% TARGET PUSHING OF YIELDS ACROSS THE CURVE JUST ABOUT 4.2%.
波帕·詹森前来救援。从演播室直播到彭博总部，我是罗曼·博斯蒂克。艾米丽：在标普500指数因英伟达的展望而上涨约0.5%的这一天，带你进入收盘钟声。该股目前报告盈利约8%。焦点转向杰克逊霍尔。我们已经听到美联储主席表示，由于通胀仍高于2%的目标，他们希望美联储尽快行动，推动各期限收益率升至约4.2%。
OIL ALSO HIGHER. ROMAINE: LET ME GO BACK TO THAT RALLY WITH NVIDIA. A LITTLE BIT MORE ABOUT THE LONGER-TERM BIAS. 70% REVENUE GROWTH, HOW ABOUT THAT? PUTTING A GROWTH RATE ON THE FISCAL YEAR THAT DOESN'T START FOR ANOTHER YEAR AND A HALF, THE BULLISH SIGNAL FOR THE FULCRUM SEES NO LET UP AND DEMAND ANY TIME SOON. JENSEN HUANG MADE IT CLEAR HE DOESN'T SEE ANY LET UP IN THE SUPPLY CONSTRAINTS THAT RIGHT NOW ARE GIVING HIM ANOTHER COMPONENT.
油价也走高。罗曼：让我回到英伟达的涨势。再谈谈长期趋势。70%的营收增长，怎么样？对还有一年半才开始的财年设定增长率，这是看涨信号，表明需求不会很快减弱。黄仁勋明确表示，他看不到供应限制有任何缓解，这目前给了他另一个因素。
NVIDIA HAS ALREADY RAISED PRICES. AMAZON, APPLE, QUALCOMM HAVE ALSO LET FOLKS KNOW THAT PRICE HIKES ARE COMING THERE WAY TOO. THAT IS RAISING QUESTIONS ABOUT INFLATION FATIGUE. MAYBE THAT'S WHY I'M A DAY WHERE NVIDIA HEADS FOR ITS BIGGEST POST-EARNINGS DAY GAME -- AGAIN, THAT IS UNDERWATER.
英伟达已经提高了价格。亚马逊、苹果、高通也让人们知道，它们也将涨价。这引发了关于通胀疲劳的疑问。也许这就是为什么在英伟达迎来财报后最大涨幅的这一天——再次，这仍处于水下。
YOU HAVE A MARKET THAT IS GOING TO BE MUCH MORE INFLUENCE. I COULD TELL YOU THAT RIGHT NOW. THERE IS THIS PRETTY BIG MADE COGNITIVE DISSONANCE. THERE IS SOME SORT OF RECONCILIATION. ROMAINE: KEVIN WARSH WILL BRING UP THE JACKSON HOLE SYMPOSIUM. WARSH LIKELY TO DELIVER AN ECONOMIC OUTLOOK WITH A HAWKISH FLAVOR. THE BID TO KEEP LONG-TERM YIELDS IN CHECK. THE SUCCESS IN DOING SO MIGHT BE A BIT BEYOND HIS CONTROL. WE HAVE BEEN TALKING A LOT ABOUT THIS IDEA WITH STRUCTURAL FACTORS THAT HAVE BEEN PUSHING RATES HIGHER THAT SOME FOLKS HAVE EMBRACED SNIFFING AROUND THAT RAISING A LOT OF QUESTIONS ABOUT WHAT THAT ALL MEANS FOR ALL OF THE ASSETS ACROSS THE SPECTRUM OVER THE NEXT FEW MONTHS.
市场将受到更大影响。我现在可以告诉你。存在相当大的认知失调。有某种调和。罗曼：凯文·沃什将提及杰克逊霍尔研讨会。沃什可能发表带有鹰派色彩的经济展望。努力控制长期收益率。这样做的成功可能有点超出他的控制。我们一直在讨论结构性因素推高利率的观点，一些人已经接受，并开始探究这对未来几个月所有资产意味着什么，这引发了许多问题。
STEPHANIE GILL JOINS US RIGHT NOW. GREAT TO SEE YOU. WHEN YOU LOOK AT THE EARNINGS REPORT THAT WE GOT OUT OF NVIDIA THAT SEEMS TO SUGGEST THE AI TRADE WILL GO ON BUT YOU HAVE TO STACK IT UP WITH THE OTHER FACTORS GOING ON, IS THERE A CASE TO BE MADE FOR THE AI TRADE OR SHOULD WE BE PAYING A LITTLE BIT MORE ATTENTION TO THE FED INVOLVING MACROECONOMIC FACTORS SURROUNDING US? STEPHANIE: I THINK NVIDIA IS TURNING INTO THE BANK IF YOU LOOK AT THEIR FINANCING.
斯蒂芬妮·吉尔现在加入我们。很高兴见到你。当你看到英伟达的财报时，这似乎表明AI交易将继续，但你必须将其与其他因素结合起来考虑，是否有理由支持AI交易，还是我们应该更多地关注美联储以及围绕我们的宏观经济因素？斯蒂芬妮：我认为如果你看英伟达的融资，它正在变成银行。
THE THING THAT MOVED THEM WAS THAT HUGE INCREASE IN SALES GROWTH. IF YOU LOOK AT THE FREE CASH FLOW, IT IS HALF OF WHAT IS EXPECTED. THEY ARE DOING BUYBACKS, YES. IF YOU DON'T HAVE THEM, THERE WILL BE A DISSIPATION. THE ONE PLACE THIS IS SHOWING UP EVERYWHERE IS IN THE COMMODITIES MARKET. IF THAT DEMAND STARTS TO DIE DOWN, THAT IS THEY SIGNED IT IS DYING DOWN EVERYWHERE ELSE. COPPER FEEDS INTO THE STUFF. I THINK IT MATTERS BECAUSE IF YOU THINK ABOUT THE ISSUANCE OF U.S.
推动他们的是销售增长的大幅提升。如果你看自由现金流，只有预期的一半。他们确实在进行回购，是的。如果没有这些，就会消散。这个问题在商品市场随处可见。如果需求开始减弱，那就是他们在其他领域也减弱的信号。铜是其中的关键。我认为这很重要，因为如果你考虑美国国债的发行。
CORPORATE VERSUS TREASURIES, TREASURIES HAVE BEEN CONSISTENTLY AROUND $2 TRILLION PER YEAR. IF YOU LOOK AT U.S. CORPORATE, FOR THE FIRST TIME IN A DECADE, IT IS $3 TRILLION. THERE IS A COMPETITION TO TAKE THEM DOWN. ROMAINE: WE HAVE SOMEONE ON THE PROGRAM EARLIER IN THE YEAR WHO WERE TAKING CUES FROM THE CORPORATE CREDIT MARKET. NOW IT SEEMS PRETTY OBVIOUS. GET TO THIS IDEA OF WHAT INVESTORS SHOULD PAY ATTENTION TO. I UNDERSTAND THE CORPORATE CREDIT ISSUANCE IS DRIVING YIELDS.
公司债与国债相比，国债一直稳定在每年约2万亿美元。如果你看美国公司债，十年来首次达到3万亿美元。存在竞争来压低它们。罗曼：今年早些时候，我们节目中有嘉宾从公司信贷市场获取信号。现在这似乎很明显了。回到投资者应该关注什么这个想法。我理解公司信贷发行正在推动收益率。
OBVIOUSLY THE AI TRADE IS INFLATIONARY. THAT DOES NOT APPEAR TO BE ABATING. THEY ARE ALREADY SEEING A SLOWDOWN IN COMPUTER SALES, WHICH IS KIND OF WEIRD. STEPHANIE: THERE ARE A COUPLE OF THINGS I HAVE BOUGHT RECENTLY THAT I HAVE BEEN SHOCKED BY THE PRICE. THE CONSUMER, YOU COULD SEE IN THE EARNINGS THEY ARE DOING REALLY WELL. THEY ARE PICKING THEIR SPOTS IN TERMS OF THE BRANDS. WE SAW THAT WITH ABERCROMBIE & FITCH. THE CONSUMER NEEDS TO TRY TO HANG ON.
显然，AI交易是通胀性的。这似乎没有减弱。他们已经看到电脑销售放缓，这有点奇怪。斯蒂芬妮：我最近买了几样东西，价格让我震惊。消费者，你可以从盈利中看到他们表现很好。他们在品牌选择上很挑剔。我们看到了阿伯克龙比和菲奇的情况。消费者需要努力坚持下去。
THE MARKET IS SO DOMINATED BY THIS AI THEME. I DON'T KNOW IF THAT IS GOING AWAY. I DON'T KNOW IF FREE CASH FLOW WILL MATTER. EMILY: WE HAVE TALKED ABOUT THE TRADE A LOT AND WHAT IT MEANS FOR WHERE INVESTORS SHOULD REALLY BE POSITIONING AGAINST THE RISK THAT THE DOLLAR NO LONGER BECOMES A RELIABLE STORE VALUE, WHAT ARE YOUR THOUGHTS ON THAT? STEPHANIE: IT IS MY WEEKLY BLOG. I HAVE BEEN TALKING ABOUT THIS. USUALLY THE OTHER THINGS LIKE THE TRANSACTIONAL ASPECT OF MONEY TAKES LONGER.
市场被AI主题主导。我不知道这是否会消失。我不知道自由现金流是否会重要。艾米丽：我们讨论了很多关于交易以及它对投资者应该如何定位以应对美元不再成为可靠价值储存的风险意味着什么，你有什么看法？斯蒂芬妮：这是我每周博客的内容。我一直在谈论这个。通常其他方面，比如货币的交易属性，需要更长时间。
I THINK GOLD IS SOMETHING EVERYBODY SHOULD BE CONSIDERING. WE ALSO HAVE MATERIALS IN OUR PORTFOLIOS TO GO BE A PART OF THIS. COMMODITIES IS DEFINITELY A PLACE THAT WILL CONTINUE TO MOVE HIGHER. BITCOIN IS A PLACE I'M NOT QUITE SURE YET ABOUT. IT COULD POTENTIALLY BE AND I THINK FOR THE FINANCIAL SYSTEM IT WILL BE MORE PROMINENT. I'M WATCHING THE TECHNICALS OF THAT AND IS THE RECENT POP UP OR NOT? EMILY: THERE'S A LOT ON WHERE LONG-TERM RATES GO FROM HERE PARTICULARLY WITH JACKSON HOLE.
我认为黄金是每个人都应该考虑的东西。我们的投资组合中也有材料来参与其中。大宗商品肯定是一个会继续上涨的领域。比特币是我还不确定的地方。它有可能成为，而且我认为对金融体系来说，它会更加突出。我在观察它的技术面，以及最近的上涨是否持续？艾米丽：关于长期利率从这里走向何方，特别是杰克逊霍尔会议，有很多讨论。
IS THERE A LEVEL THAT ENTICES MORE BUYERS TO COME IN? EARLIER THIS WEEK THEY WERE SAYING 6% WAS THE LEVEL THEY WOULD COME IN AND BE A BUYER. HOW DOES THAT DYNAMIC PLAY OUT RIGHT NOW? STEPHANIE: I DEFINITELY THINK THERE WILL BE A LEVEL. IF YOU SAW 5.3 ON THE 10 YEAR YOU MIGHT START TO SEE IT. YOU MIGHT START TO THINK BACK LIKE THAT TERM BOND VIGILANTES WHICH WAS QUITE PROMINENT, THAT WAS WHEN THE LAST TIME WE HAD INTEREST COSTS FOR THE U.S.
是否存在一个能吸引更多买家入场的利率水平？本周早些时候，他们曾表示6%是他们愿意入场并成为买家的水平。目前这种动态如何演变？斯蒂芬妮：我确实认为会有一个水平。如果你看到10年期国债收益率达到5.3%，你可能会开始看到这种情况。你可能会回想起“债券义警”这个术语，它曾相当突出，那是在美国利息成本上一次超过3%的时候。
TREASURY MARKET BE OVER 3% AND NOW IT'S BACK TO BEING OVER 3%. THE BOND VIGILANTES MIGHT ACTUALLY HELP KEEP A LID ON IT AND FORCE THE ISSUE. YOU HAD THE WALL STREET JOURNAL OP-ED. IF YOU DO SEE POPS ALL OF THE RHETORIC WILL START TO GET PEOPLE TO PAY ATTENTION TO IT. I STILL DON'T LIKE BEING LONG-DURATION PERSONALLY. ROMAINE: WHETHER IT IS IN THE FIXED INCOME MARKET OR EQUITIES AS WELL. A DAY LIKE TODAY WHERE NVIDIA SURPRISES AND YOU SEE HOW CONCENTRATED THE RALLY IS.
现在又回到了超过3%的水平。债券义警实际上可能有助于抑制收益率并推动问题解决。你看到了《华尔街日报》的评论文章。如果你确实看到收益率飙升，所有言论都会开始引起人们的关注。我个人仍然不喜欢做多长久期。罗曼：无论是在固定收益市场还是股票市场。像今天这样，英伟达带来惊喜，你可以看到涨势是多么集中。
IF IT WEREN'T FOR NVIDIA, EVERY COMPANY THAT IS HIGHER HAS A DIRECT LINK TO NVIDIA, EVERYTHING ELSE IS EITHER FLAT OR DOWN SIGNIFICANTLY. I WONDER IF YOU START TO SEE THAT CONCENTRATION IN THE EQUITY MARKET. STEPHANIE: THE OPPOSITE TO THAT IS IN THE HEALTH CARE SPACE. I THINK IT BENEFITS FROM AI DISCOVERIES AND LINKING THINGS. SOMEONE PUT IT THIS WAY TO ME THAT I REALLY APPRECIATED, YOU HAVE SPECIALIST JUST LIKE DOCTORS COULD BE SPECIALISTS.
如果不是英伟达，所有上涨的公司都与英伟达有直接关联，其他所有股票要么持平，要么大幅下跌。我想知道你是否开始看到股市中的这种集中现象。斯蒂芬妮：与此相反的是医疗保健领域。我认为它受益于人工智能的发现和事物之间的关联。有人这样向我解释，我非常赞同，就像医生可以成为专家一样，你也有专家。
THEY COULD HELP YOU CONNECT THINGS THAT SPECIALISTS ARE NOT LOOKING AT. THAT IS WHAT HAPPENS IN HEALTH CARE. WE ARE MAKING SURE WE HAVE ALLOCATIONS DIRECTLY TIED TO THE AI TRADE. ROMAINE: WE WILL TALK TO THE CEO A LITTLE BIT LATER. STEPHANIE, GREAT TO HAVE YOU. KICKING US OFF TO THE CLOSE ON THIS THURSDAY AFTERNOON. A FOCUS ON COMPUTER STORAGE. NOW IT THINKS IT COULD BE EVERYWHERE. WE WILL CATCH UP WITH THE CHAIRMAN AND CEO TO SEE WHERE THE NEXT OPPORTUNITY LIES.
他们可以帮助你连接专家们没有关注到的事物。这就是医疗保健领域正在发生的事情。我们确保我们的配置直接与人工智能交易挂钩。罗曼：稍后我们将与首席执行官进行对话。斯蒂芬妮，很高兴你能来。在这个周四下午为我们开启收盘报道。重点关注计算机存储领域。现在它认为这项技术可能无处不在。我们将与董事长兼首席执行官会面，探讨下一个机遇在哪里。
EMILY: LIFE SCIENCES BENEFITING FROM MARKETS AND STRONGER DEMAND IN ITS LATEST QUARTER. WE WILL SIT DOWN WITH THE CEO EXCLUSIVELY ON THE HEELS OF THE RESULTS. ROMAINE: HOW MUCH DO YOU THINK A LAW FIRM COULD BE WORTH? JOHN MORGAN HAS A PRETTY HIGH PRICE TAG. WE WILL CATCH UP WITH HIM LATER IN THE SHOW AS WELL RIGHT HERE ON BLOOMBERG. ROMAINE: WELCOME BACK, SHARES OF EVER PEERED DOWN ON THE DAY DESPITE THE COMPANY RAISING ITS FULL-YEAR FORECAST AS IT GETS A BOOST FROM THE HYPERSCALERS.
艾米丽：生命科学领域受益于市场表现和最新季度的强劲需求。我们将紧随业绩发布，独家采访首席执行官。罗曼：你认为一家律师事务所可能值多少钱？约翰·摩根有一个相当高的标价。我们稍后也将在节目中与他交流，就在彭博社这里。罗曼：欢迎回来，尽管公司因超大规模数据中心的推动而上调了全年预测，但Ever Peer的股价当日仍下跌。
JOINING US IS THE CHAIRMAN AND CEO, GREAT TO HAVE YOU HERE. IT WAS A GOOD QUARTER. 38% DROP IN REVENUE -- JUMP IN REVENUE. A GETS A LOT OF QUESTIONS AS TO THE EXPECTATIONS COMING INTO THIS QUARTER. WHAT DO YOU THINK YOU COULD DO TO SATISFY INVESTORS GOING FORWARD? IS THIS A GROWTH STORY WITH REGARDS TO HIGHER PRICES? WHERE DOES IT COME FROM?
欢迎董事长兼首席执行官，很高兴您能来。这是一个不错的季度。收入下降了38%——不，是收入跃升。关于本季度的预期，外界有很多疑问。您认为未来如何做才能让投资者满意？这是否是一个关于更高价格的增长故事？增长来自哪里？
THE ANSWER IS BOTH. THE HIGHER PRICES HAVE DRIVEN THE TOP LINE BUT FRANKLY IT IS OUR MARKET SHARE PICKUPS. OUR CORE BUSINESS, CORE SALES OF PRODUCT UP 50%. SALES AS A SERVICE PRODUCT OFFERING WE ARE UP ONE HUNDRED 20% YEAR-OVER-YEAR. YOU PUT THOSE TOGETHER OUR GROWTH RATE IS INCREDIBLE RIGHT NOW. WE ARE UP 50% YEAR-OVER-YEAR JUST IN THE LAST QUARTER WE ARE UP 30%. WE HAVE SEEN A LOT OF STOCK PRICE IMPROVEMENT. TRADING ON A DAILY BASIS IS A FOOL GUESTS.
答案是两者兼有。更高的价格推动了营收增长，但坦率地说，这是我们的市场份额提升。我们的核心业务，核心产品销售额增长了50%。作为服务型产品的销售，我们同比上涨了120%。把这些加在一起，我们目前的增长率非常惊人。我们同比上涨了50%，仅上个季度就上涨了30%。我们看到了股价的大幅改善。每日交易是愚蠢的猜测。
ROMAINE: WITH REGARDS TO THE HYPERSCALER DEALS YOU ARE ADDING , COULD YOU GIVE US A SENSE WHETHER TH
罗曼：关于您正在增加的超级规模交易，您能否让我们了解一下这是否……
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