Nvidia’s business prospects have been whipsawed by the U.S. government lately. Last month, the government blocked the sale of artificial intelligence chips to China. Weeks later, it approved the sale of similar chips to the Middle East.

美国政府摇摆不定的政策近期令英伟达的业务前景深受影响。上个月，政府禁止其向中国出售人工智能芯片。几周后，政府又批准向中东出售类似的芯片。

Amid the turmoil, Nvidia still maintained its breakneck growth as the leading provider of the computer chips used for building artificial intelligence.

面对这样的动荡，英伟达作为首屈一指的人工智能芯片供应商仍然保持着高速增长。

Nvidia said on Wednesday that sales in its most recent quarter rose 69 percent from a year earlier to $44.1 billion. Its net income rose 26 percent to $18.78 billion. The company exceeded Wall Street’s expectations for sales of $43.28 billion, but fell short of predictions for a profit of $19.49 billion.

周三，该公司称最近一个季度的销售额同比增长69%，达到441亿美元。净利润增长26%，达到187.8亿美元。公司的销售额超过了华尔街预期的432.8亿美元，但没有达到194.9亿美元的利润预期。

Nvidia’s revenue and profit rose even though, it said on Wednesday, the Trump administration’s restrictions on chips to China will cost it $4.5 billion, a billion dollars less than it estimated in mid-April. The restrictions have pushed Nvidia out of the market for A.I. chips in China, the world’s largest buyer of semiconductors, which are used to power smartphones, cars and other electronics.

英伟达周三表示，特朗普政府对中国芯片的限制令其损失45亿美元，比4月中旬的估计少10亿美元，但收入和利润仍在增长。特朗普政府的限制将英伟达挤出了中国的人工智能芯片市场。中国是世界上最大的半导体进口国，这些芯片用于为智能手机、汽车和其他电子产品提供动力。

Nvidia also projected that revenue in the current quarter would rise 50 percent from a year ago to $45 billion, as it expands sales of its newest A.I. chip, Blackwell. The sales forecast is in line with Wall Street’s prediction of $45.75 billion, suggesting that the tech industry’s embrace of artificial intelligence is in its early stages, with ample room to run.

英伟达还预计，随着其最新的人工智能芯片Blackwell的销售扩大，本季度的收入将比去年同期增长50%，达到450亿美元。这一销售额预测与华尔街预测的457.5亿美元相符，表明科技行业对人工智能的全面接受还处于早期阶段，有很大的发展空间。

Shares in Nvidia rose more than 4 percent in after-hours trading. It finished the trading day as the second-most-valuable company in the world behind Microsoft and ahead of Apple, with a market value of $3.3 trillion.

英伟达的股票在盘后交易中上涨了4%以上。该公司以3.3万亿美元的市值收盘，成为全球市值第二高的公司，仅次于微软，超过了苹果。

“Every nation now sees A.I. as core to the next industrial revolution,” Jensen Huang, Nvidia’s chief executive, said during a call with analysts on Wednesday.

“现在每个国家都把人工智能视为下一次工业革命的核心，”英伟达首席执行官黄仁勋周三在与分析师的电话会议上说。

The company is showing its strength even among the tech industry’s largest companies. For the first time in the A.I. era, its quarterly sales surpassed those of Meta, the social media pioneer. Nvidia’s net income was 13 percent larger than Meta’s profit in their most recent quarters.

即使在科技行业的大公司中，英伟达都显示出了自己的实力。在人工智能时代，它的季度销售额首次超过了社交媒体先驱Meta。在最近几个季度，英伟达的净收入比Meta的利润高出13%。

Nvidia has been the early winner in the tech industry’s race to develop artificial intelligence. Under Mr. Huang, Nvidia cornered the market on A.I. chips by being the first chipmaker to develop the software and servers that would train A.I. systems to recognize images and predict words.

在科技行业开发人工智能的竞赛中，英伟达是早期的赢家。在黄仁勋的领导下，英伟达率先开发出训练人工智能系统识别图像和预测文字的软件及服务器，从而占领了人工智能芯片市场。

But government officials have grown increasingly alarmed about the way adversaries like China could use A.I. to develop autonomous weapons and coordinate military strikes. Those worries have led Washington officials to crack down on Nvidia’s sales.

但政府官员越来越担心，像中国这样的对手可能会利用人工智能来开发自主武器和协调的军事打击。这导致华盛顿官员打击了英伟达的销售。

Mr. Huang spent much of the past few months pushing back on that by traveling the world to meet with government officials. An April meeting with President Trump proved to be unsuccessful when the Commerce Department later pushed forward on limiting sales to China. Mr. Huang later flew to Beijing, where he pledged to find a new way to sell chips there, and then to Taiwan, where he complained that the U.S. government’s restrictions had been a failure.

过去几个月里，黄仁勋花了很多时间奔走于世界各地，与政府官员会面，希望打消这方面的顾虑。4月与特朗普总统的会晤被证明是不成功的，因为商务部后来推动了对中国的禁售。黄仁勋后来飞到北京，承诺要找到一种新的方式向中国销售芯片，然后又飞到台湾，抱怨美国政府的限制措施是失败的。

His efforts haven’t changed the trajectory of Nvidia’s business in China. Since the U.S. government began restricting chip exports, Nvidia’s sales in China have been cut to 13 percent of total revenue from 21 percent two years ago. The company said it would lose $8 billion in the current quarter because of the Trump administration’s restrictions.

他的努力并没有改变英伟达在中国的业务轨迹。自美国政府开始限制芯片出口以来，英伟达在中国的销售额占其总收入的比例已从两年前的21%降至13%。该公司表示，由于特朗普政府的限制，本季度将损失80亿美元。

On Wednesday, Mr. Huang broadened his attack on U.S. restrictions of chip sales to China. He said in prepared remarks that China was the world’s largest A.I. market and that the company that won there would be the global leader. He said the U.S. assumption that it could prevent China from manufacturing competitive chips “was always questionable, and now it’s clearly wrong.”

周三，黄仁勋加大了对美国的对华禁售政策的批评。在一次有讲稿的讲话中，他说中国是世界上最大的人工智能市场，在那里获胜的公司将成为全球领导者。他说，美国认为它可以阻止中国制造有竞争力的芯片的假设“从来站不住脚，而现在已经可以看到是错误的”。

“Shielding Chinese chipmakers from U.S. competition only strengthens them abroad and weakens America’s position,” Mr. Huang said.

“保护中国芯片制造商不受美国竞争的影响，只会增强它们在海外的实力，削弱美国的地位，”黄仁勋说。

Mr. Huang has had more success in persuading the U.S. government to loosen up sales to other countries. After his urging, the Trump administration rolled back Biden-era rules that restricted A.I. chip sales abroad. The change paved the way to a blockbuster deal this month between the United States and the United Arab Emirates to build the world’s largest international hub of A.I. data centers.

黄仁勋在说服美国政府放宽对其他国家的销售方面取得了更大的成功。在他的敦促下，特朗普政府撤销了拜登时代限制人工智能芯片海外销售的规定。这一变化为本月美国和阿拉伯联合酋长国达成一项重磅交易铺平了道路，双方将建立世界上最大的国际人工智能数据中心枢纽。

Nvidia has made selling more chips to governments a key part of its strategy. The company relies on customers like Microsoft, Amazon, Google and Meta for a large portion of its sales. It wants to expand its customer base by adding buyers across Europe and Asia, including the Middle East, where A.I. could be part of the national infrastructure much like a telecommunications network, Mr. Huang has said.

英伟达将向政府出售更多芯片作为其战略的关键部分。该公司的很大一部分销售额来自微软、亚马逊、谷歌和Meta等客户。公司希望在欧洲和亚洲（包括中东）找到更多买家，从而扩大客户群。黄仁勋说，在中东，人工智能可以像电信网络一样成为国家基础设施的一部分。

The United States also doesn’t have the energy resources to support the current demand for data centers. The maximum amount of power available this year for many companies is 50 megawatts, enough to support about 25,000 of Nvidia’s newest A.I. chips. By comparison, OpenAI is planning a 200-megawatt data center next year at an A.I. campus in Abu Dhabi that could support 100,000 of Nvidia’s chips.

美国的能源资源也不足以支持当前对数据中心的需求。许多公司今年可用的最大电量为50兆瓦，可以支持约2.5万块英伟达最新的人工智能芯片的运行。相比之下，OpenAI计划明年在阿布扎比的一个人工智能园区建立一个200兆瓦的数据中心，可以支持10万块英伟达芯片。

The deal was important because Nvidia has a window to sell to countries before competition for A.I. chips increases, said Holger Mueller, principal analyst at Constellation Research, a tech research firm.

科技研究公司星座研究的首席分析师霍尔格·穆勒称，这笔交易很重要，因为在人工智能芯片的竞争加剧之前，英伟达有了一个向各国出售产品的窗口。

“Now they’re the only game in town,” Mr. Mueller said of Nvidia. “These Middle East countries really need them.”

“现在他们是唯一的竞争者，”穆勒在谈到英伟达时说。“这些中东国家真的需要他们。”

Nvidia said it had improved manufacturing of its new Blackwell chips. Cloud computing companies are deploying about 72,000 Blackwell chips a week, which cost more than $30,000 each.

英伟达表示，已经改进了新款Blackwell芯片的制造工艺。云计算公司每周部署约7.2万块Blackwell芯片，每块芯片的价格超过3万美元。

“We’re going to keep our supply chain quite busy for many more years,” Mr. Huang said.

“我们会让我们的供应链继续忙碌很多年，”黄仁勋说。