<p>市场对 <strong>Nvidia</strong> 的热情已经持续了几年。以至于本月，它再次成为全球市值最大的公司，净资产超过 3.5 万亿美元。人工智能（AI）热潮对该业务带来了巨大的好处，股票在短短几年内上涨了超过 10 倍，因此对于那些没有早早入场的投资者来说，可能会觉得自己错过了机会。</p>
<p>那么，如果投资者想要开设一个新头寸以乘坐 AI 浪潮，现在该怎么办呢？一个在今年遭遇下跌的有前景的 AI 股票是 <strong>应用材料</strong>（AMAT -0.49%）。这家半导体设备制造商因对中国的销售放缓而受到冲击，但聪明的投资者会知道，这只是对一家拥有广泛护城河的企业的暂时逆风。以下是现在是购买应用材料的低谷时机的原因。</p>
<h2>应用材料：制造机器的机器</h2>
<p>许多投资者现在已经知道，Nvidia——像许多其他公司一样——设计的计算机芯片在现代生活中被广泛使用。从数据中心到智能手机再到虚拟现实眼镜，世界由半导体驱动。</p>
<p>制造先进的半导体需要大量的创新，而使它们逐渐变得更小、更强大则需要复杂且先进的机器。这正是应用材料发挥作用的地方。简单来说，该公司生产半导体制造商用来包装、刻蚀和成型芯片的设备和软件。其技术使制造商能够生产出性能更高、耗电更低、占地面积更小的芯片——这些特性在半导体行业中备受推崇。</p>
<p>考虑到这些因素在制造芯片中的重要性，应用材料能够对其机器及其附带的服务合同收取高额费用。在过去四个报告季度中，它从全球客户那里创造了 270 亿美元的收入。</p>
<h2>自由现金流增长，流通股减少</h2>
<p>应用材料的财务表现长期以来一直非常出色。过去四个季度的自由现金流为 75 亿美元，并且在 21 世纪的每个 12 个月期间都保持了现金流为正。尽管应用材料处于一个周期性行业，但由于其机器对制造商的重要性，它能够持续产生正现金流。</p>
<p>随着大量现金流入企业，该公司能够回购大量股票。自 2003 年以来，它的流通股数量减少了超过 50%，这帮助其每股收益（EPS）和每股自由现金流增长。对于投资者来说，这两个指标是长期创造股东价值的最重要指标。过去 10 年，每股自由现金流增长了近 800%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png"/></p>
<p>ACHR 营业收入（TTM）数据来自 YCharts。</p>
<h2>为什么你应该在应用材料股票下跌时买入</h2>
<p>由于在最新的财年季度中中国收入急剧下降，投资者抛售了应用材料的股票。在其截至 10 月 27 日的财年第四季度中，中国收入降至 21 亿美元，而去年同期为 30 亿美元。由于美国的出口限制威胁或已存在，中国的半导体制造商正在订购大量机器。投资者将这些贸易限制视为对上个季度占应用材料收入 30% 的一个主要逆风。</p>
<p>虽然这在短期内是一个担忧，但无论在哪里制造，世界都需要更多的计算机芯片。如果制造这些芯片的工具对在中国运营的公司来说变得不那么可用，那么它们的生产将会转移到其他国家。但应用材料仍然会找到对其备受追捧的机器的需求。</p>
<p>在最近的抛售之后，应用材料的股票现在交易价格比历史最高点低超过 33%。其股票的市盈率（P/E）为 20，基于分析师的估计，前瞻市盈率为 17.7，远低于 <strong>S&amp;P 500</strong> 指数的平均市盈率 30。对于一家应该随着蓬勃发展的半导体市场而增长的公司来说，这些收益比率似乎过于便宜。因此，在这个低谷时机买入一些应用材料的股票，并长期持有。</p>

应用材料

<p>这篇文章讨论了在应用材料（Applied Materials，AMAT）这家半导体设备制造商中的潜在投资机会，因为英伟达（Nvidia）的股票大幅上涨。尽管最近来自中国的收入有所下降，但应用材料有望受益于持续增长的半导体需求。该公司展现出强劲的财务表现，拥有可观的自由现金流和股票回购的历史。目前，应用材料的股价比历史最高点低超过 33%，对于希望利用人工智能和半导体热潮的投资者来说，这是一个具有吸引力的买入机会</p>

<p>The market has been infatuated with <strong>Nvidia</strong> for a few years now. So much so that this month, it has once again become the largest company in the world by market capitalization, with a net worth of more than $3.5 trillion. The artificial intelligence (AI) boom has been a huge benefit to the business, and with the stock up more than 10x in just a few short years, it would be understandable for investors who didn't get in earlier to think they missed the boat.</p>
<div class="lb-trans"><p>市场对 <strong>Nvidia</strong> 的热情已经持续了几年。以至于本月，它再次成为全球市值最大的公司，净资产超过 3.5 万亿美元。人工智能（AI）热潮对该业务带来了巨大的好处，股票在短短几年内上涨了超过 10 倍，因此对于那些没有早早入场的投资者来说，可能会觉得自己错过了机会。</p>
</div><p>So what's an investor to do now if they want to open a new position that will let them ride the AI wave? One promising AI stock that has taken a tumble this year is <strong>Applied Materials</strong>(AMAT -0.49%). The semiconductor equipment maker is getting hit due to a slowdown in sales to China, but smart investors will know that this is just a temporary headwind for a business with a wide moat. Here's why now is the time to buy the dip on Applied Materials.</p>
<div class="lb-trans"><p>那么，如果投资者想要开设一个新头寸以乘坐 AI 浪潮，现在该怎么办呢？一个在今年遭遇下跌的有前景的 AI 股票是 <strong>应用材料</strong>（AMAT -0.49%）。这家半导体设备制造商因对中国的销售放缓而受到冲击，但聪明的投资者会知道，这只是对一家拥有广泛护城河的企业的暂时逆风。以下是现在是购买应用材料的低谷时机的原因。</p>
</div><h2>Applied Materials: The machines that make the machines</h2>
<div class="lb-trans"><h2>应用材料：制造机器的机器</h2>
</div><p>Many investors know by now that Nvidia -- like numerous other companies -- designs computer chips that are used extensively in modern life. From data centers to smartphones to virtual reality glasses, the world is powered by semiconductors.</p>
<div class="lb-trans"><p>许多投资者现在已经知道，Nvidia——像许多其他公司一样——设计的计算机芯片在现代生活中被广泛使用。从数据中心到智能手机再到虚拟现实眼镜，世界由半导体驱动。</p>
</div><p>Building advanced semiconductors takes a lot of innovation, and making them progressively smaller and more powerful requires intricate and advanced machines. This is where Applied Materials steps in. Without getting into the nitty-gritty details, the company produces the equipment and software that semiconductor manufacturers use to package, etch, and form their chips. Its technology allows fabricators to produce chips with higher performance, lower electricity consumption, and a smaller surface area -- attributes prized in the semiconductor industry.</p>
<div class="lb-trans"><p>制造先进的半导体需要大量的创新，而使它们逐渐变得更小、更强大则需要复杂且先进的机器。这正是应用材料发挥作用的地方。简单来说，该公司生产半导体制造商用来包装、刻蚀和成型芯片的设备和软件。其技术使制造商能够生产出性能更高、耗电更低、占地面积更小的芯片——这些特性在半导体行业中备受推崇。</p>
</div><p>Given how important these factors are in building chips, Applied Materials is able to charge a lot for its machines and the service contracts that come with them. Over the last four reported quarters, it has generated $27 billion in revenue from customers around the globe.</p>
<div class="lb-trans"><p>考虑到这些因素在制造芯片中的重要性，应用材料能够对其机器及其附带的服务合同收取高额费用。在过去四个报告季度中，它从全球客户那里创造了 270 亿美元的收入。</p>
</div><h2>Free cash flow growth, falling shares outstanding</h2>
<div class="lb-trans"><h2>自由现金流增长，流通股减少</h2>
</div><p>Applied Materials' financial performance has been phenomenal over the long term. Its free cash flow over the last four quarters was $7.5 billion, and it has been cash-flow positive over every 12-month period in the 21st century. Even though Applied Materials operates in a cyclical industry, it has been able to consistently generate positive cash flow due to how important its machines are to manufacturers.</p>
<div class="lb-trans"><p>应用材料的财务表现长期以来一直非常出色。过去四个季度的自由现金流为 75 亿美元，并且在 21 世纪的每个 12 个月期间都保持了现金流为正。尽管应用材料处于一个周期性行业，但由于其机器对制造商的重要性，它能够持续产生正现金流。</p>
</div><p>With all the cash coming into the business, the company has been able to repurchase a lot of stock. Since 2003, it has reduced its outstanding share count by more than 50%, which helped it grow its earnings per share (EPS) and free cash flow per share. For investors, these are two of the most important metrics to track as they are what create shareholder value over the long term. Free cash flow per share is up by almost 800% over the last 10 years.</p>
<div class="lb-trans"><p>随着大量现金流入企业，该公司能够回购大量股票。自 2003 年以来，它的流通股数量减少了超过 50%，这帮助其每股收益（EPS）和每股自由现金流增长。对于投资者来说，这两个指标是长期创造股东价值的最重要指标。过去 10 年，每股自由现金流增长了近 800%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png" alt="" original-src="https://media.ycharts.com/charts/796ce38bf48ab4e895a66fbbb724b849.png"/></p>
<p>ACHR Operating Income (TTM) data by YCharts.</p>
<div class="lb-trans"><p>ACHR 营业收入（TTM）数据来自 YCharts。</p>
</div><h2>Why you should buy the dip on Applied Materials stock</h2>
<div class="lb-trans"><h2>为什么你应该在应用材料股票下跌时买入</h2>
</div><p>Investors have sold off Applied Materials stock due to its sharply declining China revenue in its latest fiscal quarter. During its fiscal Q4, which ended Oct. 27, its China revenue fell to $2.1 billion compared to $3 billion in the same period a year ago. Semiconductor manufacturers in China are ordering a lot of machines due to threatened or existing export restrictions from the United States. Investors see those trade restrictions as a major headwind for a segment that accounted for 30% of Applied Materials revenue last quarter.</p>
<div class="lb-trans"><p>由于在最新的财年季度中中国收入急剧下降，投资者抛售了应用材料的股票。在其截至 10 月 27 日的财年第四季度中，中国收入降至 21 亿美元，而去年同期为 30 亿美元。由于美国的出口限制威胁或已存在，中国的半导体制造商正在订购大量机器。投资者将这些贸易限制视为对上个季度占应用材料收入 30% 的一个主要逆风。</p>
</div><p>While this is a concern in the short term, the world will need more computer chips regardless of where they are manufactured. If the tools to make them are less available to companies operating in China, then their production will happen in other nations. But Applied Materials will still find demand for its highly sought-after machines.</p>
<div class="lb-trans"><p>虽然这在短期内是一个担忧，但无论在哪里制造，世界都需要更多的计算机芯片。如果制造这些芯片的工具对在中国运营的公司来说变得不那么可用，那么它们的生产将会转移到其他国家。但应用材料仍然会找到对其备受追捧的机器的需求。</p>
</div><p>After the recent sell-off, Applied Materials is now trading more than 33% below its all-time high. Its stock trades at a trailing price-to-earnings ratio (P/E) of 20 and a forward P/E of 17.7, based on analyst estimates -- well below the <strong>S&amp;P 500</strong> index's average P/E of 30. For a company that should grow along with the booming semiconductor market, these earnings ratios seem far too cheap. So buy up some shares of Applied Materials stock on this dip, and hold onto them for the long haul.</p>
<div class="lb-trans"><p>在最近的抛售之后，应用材料的股票现在交易价格比历史最高点低超过 33%。其股票的市盈率（P/E）为 20，基于分析师的估计，前瞻市盈率为 17.7，远低于 <strong>S&amp;P 500</strong> 指数的平均市盈率 30。对于一家应该随着蓬勃发展的半导体市场而增长的公司来说，这些收益比率似乎过于便宜。因此，在这个低谷时机买入一些应用材料的股票，并长期持有。</p>
</div>

Missed Out on Investing in Nvidia? Here's 1 Artificial Intelligence (AI) Chip Stock to Buy on the Dip

- Nvidia 近期成为全球市值最高公司，受益于人工智能热潮。  
- Applied Materials 由于对中国销售放缓而股价下跌，短期内面临挑战。  
- 该公司长期现金流表现优异，当前股价低于历史高点，适合投资者买入。

错过了投资 Nvidia？这里有一只可以在下跌时买入的人工智能（AI）芯片股票