近期，有關英偉達（NVIDIA）最新財報的討論在科技與金融圈內引發巨大震動，多家媒體與分析人士指出，這份亮眼到近乎“完美”的財務報告中，隱含著多項無法被合理解釋的重大矛盾，甚至可能反映出企業營運實況與市場陳述之間存在嚴重落差。

最受爭議的部分首先出現在英偉達“應收帳款”的異常激增。根據財報，英偉達當前未收回的貨款總額高達334億美元，僅一年內便暴增89%。更令人擔憂的是，客戶的付款週期從46天延長至53天，延長的這7代表著企業的現金回流正在放緩。依照財務模型估算，這樣的變化意味著約104億美元的貨款可能面臨無法回收的風險。這與英偉達對外宣稱的“產品一片搶購”、“供不應求”形成強烈反差，也引來外界質疑：如果需求真的如管理層所說般火熱，客戶為何遲遲不付款？

第二項令人不安的跡象來自英偉達的“庫存”。儘管公司在公開場合反覆強調AI加速卡的需求“瘋狂”、“供給永遠趕不上市場”，但財報顯示，英偉達的庫存竟累積到198億美元，而且僅三個月內便增加32%。這種庫存暴增的現象通常只會出現在需求減弱、產品滯銷或預期錯誤的情況。大量未售出的晶片與管理層口中的“熱賣”顯然難以同時成立，也讓人懷疑市場真實的AI訂單規模是否已被過度誇大。

然而，最致命、最被分析師強調的矛盾，出現在英偉達的“現金流與帳面利潤”。財報中，英偉達宣稱本季獲得193億美元的淨利，看似驚人的好消息。但實際產生的現金流僅為145億美元，兩者之間足足差48億美元。換言之，英偉達看似賺錢，但這筆錢並沒有真正以現金形式回到公司。其“利潤現金轉化率”僅75%，遠低於台積電、AMD等通常超過95%的健康水平。低轉化率代表帳面利潤品質不佳，也意味著未來現金流可能難以支撐其高速擴張與高額資本投資，甚至可能導致估值風險累積。

綜合上述現象，外界普遍認為英偉達的財報存在多重值得警惕的矛盾：需求與庫存不匹配、利潤與現金流脫節、應收帳款急速膨脹，這些指標明顯不符合一家“供不應求”的科技巨頭應有的財務表現。部分分析師直言，英偉達當前的財務亮眼程度，與其潛藏的不確定性與風險相比，恐怕只是表面風光。隨著市場對AI泡沫化的疑慮升高，英偉達這份財報的矛盾點將可能成為投資人持續關注、甚至重新評估科技板塊估值的重要因素。

Recently, NVIDIA’s latest earnings report has triggered a wave of shock across the technology and financial sectors. Numerous media outlets and analysts have pointed out that behind the seemingly flawless and exceptionally strong financial performance lie several major contradictions that cannot be reasonably explained. Some even argue that these inconsistencies may reveal a serious disconnect between the company’s real operating conditions and the optimistic narrative presented to the market.

The first and most controversial issue concerns the abnormal surge in NVIDIA’s accounts receivable. According to the report, the company’s outstanding payments have climbed to an astonishing USD 33.4 billion—an 89% increase in just one year. Even more worrying, customers’ average payment cycle has lengthened from 46 days to 53 days. This seven-day delay indicates that cash inflow is slowing significantly. Financial modeling suggests that this shift puts roughly USD 10.4 billion of receivables at risk of never being collected. This stands in stark contrast to NVIDIA’s public claims that demand is “extraordinary” and products are “selling out instantly.” Analysts question: if demand is truly as hot as the company insists, why are customers delaying payment?

A second troubling sign emerges from NVIDIA’s inventory levels. Despite repeatedly asserting that demand for AI accelerators is “insane” and that supply can never keep up with the market, the company’s inventory has grown to USD 19.8 billion—up 32% in just three months. Such a rapid rise in inventory typically occurs only when demand weakens, products fail to sell, or the company misjudges market expectations. A massive stockpile of unsold chips cannot logically coexist with claims of overwhelming demand, raising suspicion that the true scale of AI orders may have been overstated.

The most critical and heavily scrutinized contradiction, however, lies in the disparity between cash flow and reported profit. NVIDIA reports an impressive net income of USD 19.3 billion for the quarter. Yet the actual cash generated amounts to only USD 14.5 billion, leaving a gap of USD 4.8 billion. In other words, the company appears profitable on paper, but much of that profit has not materialized as real cash. NVIDIA’s “profit-to-cash conversion ratio” is only 75%, significantly lower than healthy industry benchmarks—such as TSMC and AMD—which typically exceed 95%. A low conversion rate suggests poor earnings quality and signals that the company’s future cash flow may not be sufficient to support its rapid expansion and heavy capital expenditures. It may also increase long-term valuation risks.

Taken together, these red flags—ballooning receivables, rising inventories that contradict supposed strong demand, and a widening gap between profit and cash flow—have raised widespread concern. Analysts warn that such financial indicators do not align with the profile of a company that claims to be in a perpetual state of supply shortage. Some go as far as saying that NVIDIA’s spectacular financial figures may be more surface-level glamour than true underlying strength.

As market concerns about a potential AI bubble continue to grow, the contradictions in NVIDIA’s earnings report are likely to become a focal point for investors. They may even prompt a reassessment of valuations across the entire technology sector.