<p>在短短几年内，<strong>英伟达</strong>（NVDA -3.22%）取得了巨大的成就。该公司从主要为视频游戏市场提供芯片、年收入不足 50 亿美元，发展成为人工智能（AI）芯片的领导者。这种主导地位帮助英伟达在一个季度内的收入超过了过去一整年的收入。最近三个月的收入增长了 94%，创下超过 350 亿美元的纪录。</p>
<p>除此之外，英伟达还取得了其他胜利，例如今年进入道琼斯工业平均指数，并超越 <strong>苹果</strong> 成为全球最有价值的公司，市值超过 3.5 万亿美元。展望未来，英伟达接下来会怎样？我的预测是，一个催化剂将帮助这个人工智能巨头做成其他公司从未做到的事情。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MzQvZ2V0dHlpbWFnZXMtaGFwcHktcGVvcGxlLWdhdGhlci1hcm91bmQtYS1jb21wdXRlci5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MzQvZ2V0dHlpbWFnZXMtaGFwcHktcGVvcGxlLWdhdGhlci1hcm91bmQtYS1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>从视频游戏到人工智能</h2>
<p>在谈论我的预测之前，让我们先考虑一下英伟达迄今为止的发展路径。如前所述，英伟达曾主要为视频游戏市场提供高性能图形处理单元（GPU）。但 GPU 同时处理多项任务的能力意味着它在其他领域也非常有用；英伟达创建的并行计算平台 CUDA 帮助了这一转型的实现。</p>
<p>随着人工智能热潮的兴起，英伟达的 GPU 在这个高增长行业中将发挥重要作用已是显而易见。英伟达全力投入人工智能，不仅根据这一新技术的需求调整其 GPU，还提供了大量相关产品和服务。这帮助公司在人工智能芯片市场占据了超过 80% 的份额，并为未来的胜利奠定了基础。</p>
<p>如今，英伟达是任何希望开发人工智能项目的参与者的 “首选” 来源。英伟达的主要客户包括全球最大的科技公司——从 <strong>Meta Platforms</strong> 到 <strong>微软</strong>。同样重要的是，英伟达的产品和服务在所有公共云上均可用，使客户能够轻松接入英伟达的人工智能产品。</p>
<p>所有这些因素导致公司数据中心业务的收入季度增长达到三位数，利润率超过 70%。因此，英伟达不仅在收入增长方面获胜，在销售利润方面也表现出色。</p>
<p>英伟达的股票表现反映了这一成功故事，过去五年股价飙升 2600%——而今年，它们的涨幅接近 200%。</p>
<h2>英伟达的市场价值将继续上升</h2>
<p>现在，让我们考虑一下我的预测。我认为即将到来的一个催化剂将帮助英伟达做成其他公司从未做到的事情，那就是达到 4 万亿美元的市值。</p>
<p>这个催化剂是什么？就是公司推出的新 Blackwell 架构和有史以来表现最好的芯片。英伟达已经向客户发送了 13000 个 Blackwell GPU 样品。最近，<strong>微软</strong> 和 <strong>甲骨文</strong> 在社交媒体上发布了他们的新 Blackwell 驱动的机架。英伟达计划在本季度内加大生产，并在此期间从 Blackwell 中获得数十亿美元的收入。</p>
<p>此外，英伟达提到对 Blackwell 的需求 “疯狂”，这种需求超过了供应。这应该会推动公司的增长，并让投资者感到满意，因此可能会逐步推高股价。</p>
<p>为了达到 4 万亿美元的市值，英伟达的股价需要从 11 月 21 日市场收盘时约 146 美元的价格上涨约 13% 至 165 美元。考虑到公司今天的估值和增长前景，这显然是有可能的。英伟达的前瞻性市盈率为 50 倍，虽然不便宜，但对于一家高增长公司来说，价格合理，仍有上涨空间。英伟达预测第四季度收入增长约 70%。分析师预计未来五年每股收益年增长 35%。</p>
<p>因此，对 Blackwell 的高需求——一个潜在的颠覆性平台——以及英伟达今天的估值，使得这家公司有可能做到其他公司未曾做到的事情：达到 4 万亿美元的价值。无论这一目标是立即实现还是在未来某个时刻实现，英伟达凭借其领导地位、对创新的承诺和增长前景，成为长期投资人工智能的最佳选择。</p>

英伟达

<p>英伟达已从一家游戏芯片供应商转变为人工智能芯片的领导者，在最近一个季度实现了 94% 的收入增长。该公司旨在达到一万亿美元的市值，推动这一目标的是其新推出的 Blackwell 架构，该架构需求旺盛。英伟达的股票在五年内飙升了 2600%，分析师预测其将继续增长。预计收入将增长 70%，每股收益年增长 35%，英伟达被视为人工智能领域的顶级长期投资</p>

<p>In just a few years, <strong>Nvidia</strong>(NVDA -3.22%) has accomplished a lot. The company went from primarily serving the video-gaming market with its chips and generating less than $5 billion in annual revenue to a position as artificial intelligence (AI) chip leader. This dominance is helping Nvidia bring in more revenue in just one quarter than it used to generate in a whole year. Revenue climbed 94% to a record of more than $35 billion in the recent three-month period.</p>
<div class="lb-trans"><p>在短短几年内，<strong>英伟达</strong>（NVDA -3.22%）取得了巨大的成就。该公司从主要为视频游戏市场提供芯片、年收入不足 50 亿美元，发展成为人工智能（AI）芯片的领导者。这种主导地位帮助英伟达在一个季度内的收入超过了过去一整年的收入。最近三个月的收入增长了 94%，创下超过 350 亿美元的纪录。</p>
</div><p>On top of this, Nvidia has scored other wins, such as entering the Dow Jones Industrial Average this year and soaring past <strong>Apple</strong> to become the world's most valuable company at more than $3.5 trillion. Now, moving forward, what's next for Nvidia? My prediction is one catalyst will help this AI powerhouse do something that no other company has ever done.</p>
<div class="lb-trans"><p>除此之外，英伟达还取得了其他胜利，例如今年进入道琼斯工业平均指数，并超越 <strong>苹果</strong> 成为全球最有价值的公司，市值超过 3.5 万亿美元。展望未来，英伟达接下来会怎样？我的预测是，一个催化剂将帮助这个人工智能巨头做成其他公司从未做到的事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MzQvZ2V0dHlpbWFnZXMtaGFwcHktcGVvcGxlLWdhdGhlci1hcm91bmQtYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798734%2Fgettyimages-happy-people-gather-around-a-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>From video games to artificial intelligence</h2>
<div class="lb-trans"><h2>从视频游戏到人工智能</h2>
</div><p>Before talking about my prediction, though, let's consider Nvidia's path so far. As mentioned, Nvidia used to mainly serve the video-games market with its high-performance graphics processing units (GPUs). But the GPU's ability to process many tasks at once meant it could be very useful elsewhere too; Nvidia's creation of parallel computing platform, CUDA, helped this transition happen.</p>
<div class="lb-trans"><p>在谈论我的预测之前，让我们先考虑一下英伟达迄今为止的发展路径。如前所述，英伟达曾主要为视频游戏市场提供高性能图形处理单元（GPU）。但 GPU 同时处理多项任务的能力意味着它在其他领域也非常有用；英伟达创建的并行计算平台 CUDA 帮助了这一转型的实现。</p>
</div><p>And as the AI boom picked up, it was clear that Nvidia's GPUs would play a major role in this high-growth industry. Nvidia went all in on AI, not only tailoring its GPUs to the needs of this newish technology but also providing a vast array of related products and services. This helped the company take more than 80% share in the AI chip market and position itself for victory over time.</p>
<div class="lb-trans"><p>随着人工智能热潮的兴起，英伟达的 GPU 在这个高增长行业中将发挥重要作用已是显而易见。英伟达全力投入人工智能，不仅根据这一新技术的需求调整其 GPU，还提供了大量相关产品和服务。这帮助公司在人工智能芯片市场占据了超过 80% 的份额，并为未来的胜利奠定了基础。</p>
</div><p>Today, Nvidia is the &#34;go to&#34; source for any player aiming to develop an AI project. And Nvidia counts the world's biggest technology companies as its major customers -- from <strong>Meta Platforms</strong> to <strong>Microsoft</strong>. It's also important to note that Nvidia's products and services are available across all public clouds, making it easy for customers to get in on Nvidia's AI offerings.</p>
<div class="lb-trans"><p>如今，英伟达是任何希望开发人工智能项目的参与者的 “首选” 来源。英伟达的主要客户包括全球最大的科技公司——从 <strong>Meta Platforms</strong> 到 <strong>微软</strong>。同样重要的是，英伟达的产品和服务在所有公共云上均可用，使客户能够轻松接入英伟达的人工智能产品。</p>
</div><p>All of this has led to triple-digit revenue growth quarter after quarter for the company's data center business and margins surpassing 70%. So not only is Nvidia winning when it comes to revenue growth, it's also winning when it comes to profitability on sales.</p>
<div class="lb-trans"><p>所有这些因素导致公司数据中心业务的收入季度增长达到三位数，利润率超过 70%。因此，英伟达不仅在收入增长方面获胜，在销售利润方面也表现出色。</p>
</div><p>Nvidia's stock performance has reflected this success story, with shares soaring 2,600% over the past five years -- and this year, they're heading for nearly a 200% increase.</p>
<div class="lb-trans"><p>英伟达的股票表现反映了这一成功故事，过去五年股价飙升 2600%——而今年，它们的涨幅接近 200%。</p>
</div><h2>Nvidia's market value is set to rise</h2>
<div class="lb-trans"><h2>英伟达的市场价值将继续上升</h2>
</div><p>Now, let's consider my prediction. I say that one catalyst right around the corner will help Nvidia do something that no other company has ever done. And that's to make it to a $4 trillion market capitalization.</p>
<div class="lb-trans"><p>现在，让我们考虑一下我的预测。我认为即将到来的一个催化剂将帮助英伟达做成其他公司从未做到的事情，那就是达到 4 万亿美元的市值。</p>
</div><p>What's the catalyst? The company's launch of its new Blackwell architecture and best-performing chip ever. Nvidia already has sent out 13,000 Blackwell GPU samples to customers. And Microsoft and <strong>Oracle</strong> recently posted on social media, showing their new Blackwell-powered racks. Nvidia aims to ramp production in this current quarter and even bring in billions of dollars in revenue from Blackwell during the period.</p>
<div class="lb-trans"><p>这个催化剂是什么？就是公司推出的新 Blackwell 架构和有史以来表现最好的芯片。英伟达已经向客户发送了 13000 个 Blackwell GPU 样品。最近，<strong>微软</strong> 和 <strong>甲骨文</strong> 在社交媒体上发布了他们的新 Blackwell 驱动的机架。英伟达计划在本季度内加大生产，并在此期间从 Blackwell 中获得数十亿美元的收入。</p>
</div><p>On top of this, Nvidia has spoken of &#34;insane&#34; demand for Blackwell, with this demand exceeding supply. This should drive growth for the company and please investors, so it could progressively push the stock higher.</p>
<div class="lb-trans"><p>此外，英伟达提到对 Blackwell 的需求 “疯狂”，这种需求超过了供应。这应该会推动公司的增长，并让投资者感到满意，因此可能会逐步推高股价。</p>
</div><p>To get to a $4 trillion market cap, Nvidia's shares would have to rise about 13% to $165 from the price of about $146 as of the Nov. 21 market close. That's a clear possibility, considering the company's valuation today and growth prospects. Trading at 50 times forward earnings estimates, Nvidia isn't cheap, but it's reasonably priced for a high-growth player, allowing for room to run. Nvidia forecasts fourth-quarter revenue growth of about 70%. And analysts expect annual earnings-per-share growth of 35% over the coming five years.</p>
<div class="lb-trans"><p>为了达到 4 万亿美元的市值，英伟达的股价需要从 11 月 21 日市场收盘时约 146 美元的价格上涨约 13% 至 165 美元。考虑到公司今天的估值和增长前景，这显然是有可能的。英伟达的前瞻性市盈率为 50 倍，虽然不便宜，但对于一家高增长公司来说，价格合理，仍有上涨空间。英伟达预测第四季度收入增长约 70%。分析师预计未来五年每股收益年增长 35%。</p>
</div><p>So, high demand for Blackwell -- a potentially game-changing platform -- along with Nvidia's valuation today make it possible for this company to do something no other company has done: reach $4 trillion in value. And whether this happens right away or at some point down the line, Nvidia, thanks to its leadership, commitment to innovation, and growth prospects, makes a top long-term AI buy.</p>
<div class="lb-trans"><p>因此，对 Blackwell 的高需求——一个潜在的颠覆性平台——以及英伟达今天的估值，使得这家公司有可能做到其他公司未曾做到的事情：达到 4 万亿美元的价值。无论这一目标是立即实现还是在未来某个时刻实现，英伟达凭借其领导地位、对创新的承诺和增长前景，成为长期投资人工智能的最佳选择。</p>
</div>

Prediction: This 1 Catalyst Will Help Nvidia Do Something No Other Company Has Ever Done.

- Nvidia 从视频游戏市场转型为人工智能芯片领导者，季度收入增长 94%。  
- 公司在 AI 芯片市场占有率超过 80%，并与微软等大客户合作。  
- 新架构 Blackwell 的推出可能助力 Nvidia 实现 1 万亿美元市值。  

预测：这个催化剂将帮助英伟达实现其他公司从未做到的事情