<p>大约 30 年前，互联网的出现改变了全球企业的增长轨迹。尽管互联网作为一项技术成熟并且企业完全理解如何利用其潜力花费了几年时间，但它对长期增长趋势产生了显著的积极影响。</p>
<p>自 1990 年代中期以来，华尔街一直在耐心等待美国企业的下一个飞跃。在过去两年中，人工智能（AI）似乎回应了这一呼唤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>人工智能驱动的软件和系统能够在分配的任务上变得更加高效，并且在没有人类干预的情况下学习新的技能。这种随着时间推移而学习和发展的能力赋予了这项技术在全球大多数行业中看似无限的潜力和实用性。</p>
<p>尽管人工智能生态系统庞大，这应该允许众多企业蓬勃发展，但没有哪家公司比前沿半导体股票 <strong>Nvidia</strong>（NVDA -3.22%）更直接受益于人工智能的崛起。自 2023 年开始，Nvidia 的市场价值从 3600 亿美元飙升至超过 3.6 万亿美元，使其成为截至目前最大的上市公司。</p>
<h2>Nvidia 的运营扩张几乎是教科书式的</h2>
<p>不到两年前，当 Nvidia 揭开 2023 财年的面纱（Nvidia 的财年在 1 月底结束）时，该公司报告全年销售额为 270 亿美元。在当前的财年（2025 年），其全年收入接近 1290 亿美元，华尔街预计明年的销售额将接近 1920 亿美元。</p>
<p>这种超凡的增长是由于 Nvidia 的人工智能图形处理单元（GPU）成为运行高计算数据中心的企业的首选。TechInsights 的分析师估计，Nvidia 在数据中心 GPU 出货量中的市场份额在 2022 年和 2023 年达到了 98%。根据该公司两年的销售增长，合理的假设是 Nvidia 的 H100 GPU（通常称为 “Hopper”）及其后续的 Blackwell GPU 架构在寻找买家时没有遇到任何问题。</p>
<p>Nvidia 还能够利用供需法则。由于 Hopper 和下一代 Blackwell 芯片的订单积压，它能够显著提高其硬件的价格。Hopper 的价格大约在 3 万美元到 4 万美元之间，代表了 <strong>Advanced Micro Devices</strong>（AMD 0.63%）的 MI300X 芯片在人工智能加速数据中心中所获得价格的 100% 到 300% 的溢价。</p>
<p>Nvidia 的 CUDA 软件平台也应获得赞誉，因为它的运营扩张几乎是教科书式的。CUDA 是开发者用来最大化 Nvidia GPU 潜力的工具包，包括构建大型语言模型。这个平台帮助保持了客户对 Nvidia 产品和服务的忠诚。</p>
<p>尽管一切看起来对 Nvidia 来说都很完美，正如其股票表现所暗示的那样，但公司最近发布的第三季度运营结果（截至 10 月 27 日的季度）中的一个指标却讲述了不同的故事。</p>
<h2>这个孤立的指标强烈暗示 Nvidia 股票已经达到顶峰</h2>
<p>正如预期的那样，Nvidia 的头条数字看起来与宣传的一样好。季度销售额同比增长 94%，达到 350.8 亿美元，而净收入激增 109%，达到 193 亿美元。这两个数字都远超华尔街的共识预测。</p>
<p>但有一个异常重要的数字显示出疲软的迹象，这预示着 Nvidia 股票可能已经达到顶峰。</p>
<p>当 Nvidia 在 5 月揭开其第一季度运营结果时，报告了 78.4% 的惊人毛利率。公司在毛利率上享有的显著增长是由于人工智能 GPU 的稀缺性及其前述的卓越定价能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.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/e8ae2cefbb4921d6927575b9b76166e9.png"/></p>
<p>NVDA 毛利率（季度）数据来自 YCharts。上述图表尚未反映 Nvidia 财务第三季度的毛利率为 74.6%。</p>
<p>然而，潮流正在转变。在 2025 年第一季度交出 78.4% 的毛利率后，Nvidia 在 2025 年第二季度报告的毛利率为 75.1%，在最新季度为 74.6%。对于财务第四季度，预计毛利率在 73% 到 73.5% 之间，波动幅度为 50 个基点。</p>
<p>尽管 Nvidia 的毛利率现在显著高于人工智能革命形成之前的水平，但我们所见的这种稳定下降证明了人工智能 GPU 的稀缺性正在减弱，竞争正在加剧。</p>
<p>华尔街大多数人关注的是 Nvidia 将面临的外部竞争。AMD 一直在稳步增加其 MI300X 人工智能 GPU 的生产，并最近推出了其下一代 MI325X 芯片，计划在年底前投入生产。AMD 是一家知名品牌，拥有丰富的历史，其人工智能 GPU 的价格远低于 Nvidia 的 Hopper 和 Blackwell 芯片。希望获得先发优势的企业可能会被迫跳过等待 Nvidia 硬件的漫长过程，选择 AMD。</p>
<p>但对 Nvidia 来说，更大的问题可能是来自内部的竞争。许多公司的主要客户按净销售额排名，都是 “七大杰出企业” 的成员，他们都在内部开发人工智能 GPU 以部署在其数据中心。即使这些芯片在计算能力上不及 Nvidia 的硬件，它们仍然明显更便宜且更易于获取。</p>
<p>任何减少人工智能 GPU 稀缺性的因素都将对 Nvidia 的定价能力和毛利率产生不利影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>历史也想说几句话。</h2>
<p>根据我们从英伟达的毛利率趋势来看，其股价可能已经见顶。但历史也有话要说。</p>
<p>尽管互联网在三十年前改变了商业世界，但技术的成熟和企业正确利用它以产生投资回报仍需要时间。在过去的三十年中，包括互联网在内的每一个下一个重大创新，都经历了早期泡沫破裂的事件。</p>
<p>这告诉我们，投资者一贯高估了新技术被消费者和/或企业广泛采用的速度。这也表明，投资者对尖端技术的实用性过于乐观。尽管人工智能可能完全是华尔街所期待的游戏规则改变者，但企业需要时间来弄清楚如何最好地利用人工智能。这就是导致高期望最终落空的原因。</p>
<p>投资者正在眼睁睁地看到这一动态的发生。即使一些华尔街最知名的公司在人工智能数据中心进行了大量投资，但这些企业大多数缺乏明确的计划来在短期内产生积极的投资回报。人工智能的实用性目前并不被充分理解——对于一家毛利率明显下降的公司来说，这是一件令人担忧的事情。</p>

英伟达

<p>英伟达的股票因人工智能的崛起而显著增长，其市值从 10 亿美元增加到 2023 年的超过 1.6 万亿美元。该公司报告季度销售额增长了 94%，净收入增长了 109%。然而，一个令人担忧的趋势正在出现，因为英伟达的毛利率从第一季度的 78.4% 下降到第三季度的 74.6%，这表明随着 AMD 竞争的加剧，未来可能面临挑战。分析师建议，这可能意味着英伟达的股票已经达到顶峰</p>

<p>Roughly 30 years ago, the advent of the internet changed the growth trajectory for businesses across the globe. Although it took a few years for the internet to mature as a technology and for businesses to fully understand how to harness its potential, it's had a notably positive impact on long-term growth trends.</p>
<div class="lb-trans"><p>大约 30 年前，互联网的出现改变了全球企业的增长轨迹。尽管互联网作为一项技术成熟并且企业完全理解如何利用其潜力花费了几年时间，但它对长期增长趋势产生了显著的积极影响。</p>
</div><p>Since the mid-1990s, Wall Street has been waiting patiently for the next leap forward for corporate America. Over the last two years, artificial intelligence (AI) appears to have answered the call.</p>
<div class="lb-trans"><p>自 1990 年代中期以来，华尔街一直在耐心等待美国企业的下一个飞跃。在过去两年中，人工智能（AI）似乎回应了这一呼唤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktZmFjZS1jbG91ZC1jb25uZWN0aW9uLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798706%2Fartificial-intelligence-ai-face-cloud-connection-getty.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><p>AI-driven software and systems have the ability to become more proficient at their assigned tasks, as well as learn new skill sets without human intervention. This capacity to learn and evolve over time is what gives this technology seemingly limitless potential and utility in most industries around the globe.</p>
<div class="lb-trans"><p>人工智能驱动的软件和系统能够在分配的任务上变得更加高效，并且在没有人类干预的情况下学习新的技能。这种随着时间推移而学习和发展的能力赋予了这项技术在全球大多数行业中看似无限的潜力和实用性。</p>
</div><p>While the AI ecosystem is vast, which should allow numerous businesses to thrive, no company been a more direct beneficiary of the rise of AI than cutting-edge semiconductor stock <strong>Nvidia</strong>(NVDA -3.22%). Since 2023 began, Nvidia's market value skyrocketed from $360 billion to north of $3.6 trillion, which makes it the largest publicly traded company, as of this writing.</p>
<div class="lb-trans"><p>尽管人工智能生态系统庞大，这应该允许众多企业蓬勃发展，但没有哪家公司比前沿半导体股票 <strong>Nvidia</strong>（NVDA -3.22%）更直接受益于人工智能的崛起。自 2023 年开始，Nvidia 的市场价值从 3600 亿美元飙升至超过 3.6 万亿美元，使其成为截至目前最大的上市公司。</p>
</div><h2>Nvidia's operating expansion has been virtually textbook</h2>
<div class="lb-trans"><h2>Nvidia 的运营扩张几乎是教科书式的</h2>
</div><p>Less than two years ago, when Nvidia lifted the hood on fiscal 2023 (Nvidia's fiscal year ends in late January), the company reported $27 billion in full-year sales. In the current fiscal year (2025), it's pacing closer to $129 billion in full-year revenue, with Wall Street calling for almost $192 billion in sales next year.</p>
<div class="lb-trans"><p>不到两年前，当 Nvidia 揭开 2023 财年的面纱（Nvidia 的财年在 1 月底结束）时，该公司报告全年销售额为 270 亿美元。在当前的财年（2025 年），其全年收入接近 1290 亿美元，华尔街预计明年的销售额将接近 1920 亿美元。</p>
</div><p>This otherworldly growth is a function Nvidia's AI-graphics processing units (GPUs) being the preferred choice for businesses running high-compute data centers. The analysts at TechInsights pegged Nvidia's share of GPU shipments to data centers at 98% in 2022 and 2023. Based on the company's two-year sales ramp, it'd be a fair assumption that Nvidia's H100 GPU (commonly known as the &#34;Hopper&#34;) and successor Blackwell GPU architecture aren't having any issues finding buyers.</p>
<div class="lb-trans"><p>这种超凡的增长是由于 Nvidia 的人工智能图形处理单元（GPU）成为运行高计算数据中心的企业的首选。TechInsights 的分析师估计，Nvidia 在数据中心 GPU 出货量中的市场份额在 2022 年和 2023 年达到了 98%。根据该公司两年的销售增长，合理的假设是 Nvidia 的 H100 GPU（通常称为 “Hopper”）及其后续的 Blackwell GPU 架构在寻找买家时没有遇到任何问题。</p>
</div><p>Nvidia has also been able to take advantage of the law of supply and demand. With orders for the Hopper and next-generation Blackwell chip backlogged, it's been able to meaningfully increase the price for its hardware. The roughly $30,000 to $40,000 price tag for the Hopper represents a 100% to 300% premium to what <strong>Advanced Micro Devices</strong>(AMD 0.63%) is netting for its MI300X chips for AI-accelerated data centers.</p>
<div class="lb-trans"><p>Nvidia 还能够利用供需法则。由于 Hopper 和下一代 Blackwell 芯片的订单积压，它能够显著提高其硬件的价格。Hopper 的价格大约在 3 万美元到 4 万美元之间，代表了 <strong>Advanced Micro Devices</strong>（AMD 0.63%）的 MI300X 芯片在人工智能加速数据中心中所获得价格的 100% 到 300% 的溢价。</p>
</div><p>Credit also needs to be given to Nvidia's CUDA software platform for its virtually textbook operating expansion. CUDA is the toolkit developers use to maximize the potential of their Nvidia GPUs, including building large language models. This platform has helped keep clients loyal to Nvidia's umbrella of products and services.</p>
<div class="lb-trans"><p>Nvidia 的 CUDA 软件平台也应获得赞誉，因为它的运营扩张几乎是教科书式的。CUDA 是开发者用来最大化 Nvidia GPU 潜力的工具包，包括构建大型语言模型。这个平台帮助保持了客户对 Nvidia 产品和服务的忠诚。</p>
</div><p>Although everything seems to be going perfect for Nvidia, as its stock performance would suggest, one metric in the company's recently released third-quarter operating results (for the quarter ended Oct. 27) tells a different story.</p>
<div class="lb-trans"><p>尽管一切看起来对 Nvidia 来说都很完美，正如其股票表现所暗示的那样，但公司最近发布的第三季度运营结果（截至 10 月 27 日的季度）中的一个指标却讲述了不同的故事。</p>
</div><h2>This lone metric strongly suggests Nvidia stock has hit its peak</h2>
<div class="lb-trans"><h2>这个孤立的指标强烈暗示 Nvidia 股票已经达到顶峰</h2>
</div><p>As expected, Nvidia's headline figures look as good as advertised. Quarterly sales jumped 94% from the year-ago quarter to $35.08 billion, while net income surged 109% to $19.3 billion. Both were well ahead of Wall Street's consensus forecast.</p>
<div class="lb-trans"><p>正如预期的那样，Nvidia 的头条数字看起来与宣传的一样好。季度销售额同比增长 94%，达到 350.8 亿美元，而净收入激增 109%，达到 193 亿美元。这两个数字都远超华尔街的共识预测。</p>
</div><p>But there is one exceptionally important figure that's showing signs of weakness, and it foreshadows the very real possibility of the top being in for Nvidia stock.</p>
<div class="lb-trans"><p>但有一个异常重要的数字显示出疲软的迹象，这预示着 Nvidia 股票可能已经达到顶峰。</p>
</div><p>When Nvidia lifted the hood on its first-quarter operating results in May, it reported a scorching-hot gross margin of 78.4%. The dramatic increase the company has enjoyed in its gross margin is a function of AI-GPU scarcity and its aforementioned exceptional pricing power.</p>
<div class="lb-trans"><p>当 Nvidia 在 5 月揭开其第一季度运营结果时，报告了 78.4% 的惊人毛利率。公司在毛利率上享有的显著增长是由于人工智能 GPU 的稀缺性及其前述的卓越定价能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.png" alt="" original-src="https://media.ycharts.com/charts/e8ae2cefbb4921d6927575b9b76166e9.png"/></p>
<p>NVDA Gross Profit Margin (Quarterly) data by YCharts. The above chart isn't yet reflective of Nvidia's fiscal third-quarter gross margin of 74.6%.</p>
<div class="lb-trans"><p>NVDA 毛利率（季度）数据来自 YCharts。上述图表尚未反映 Nvidia 财务第三季度的毛利率为 74.6%。</p>
</div><p>However, the tide is turning. After delivering a 78.4% gross margin in Q1 2025, Nvidia reported a gross margin of 75.1% in Q2 2025 and 74.6% in the latest quarter. For the fiscal fourth quarter, it's forecasting a gross margin of 73% to 73.5%, +/- 50 basis points.</p>
<div class="lb-trans"><p>然而，潮流正在转变。在 2025 年第一季度交出 78.4% 的毛利率后，Nvidia 在 2025 年第二季度报告的毛利率为 75.1%，在最新季度为 74.6%。对于财务第四季度，预计毛利率在 73% 到 73.5% 之间，波动幅度为 50 个基点。</p>
</div><p>Although Nvidia's gross margin is notably higher now than it was prior to the AI revolution taking shape, this steady decline we're witnessing is evidence that AI-GPU scarcity is waning and competition is picking up.</p>
<div class="lb-trans"><p>尽管 Nvidia 的毛利率现在显著高于人工智能革命形成之前的水平，但我们所见的这种稳定下降证明了人工智能 GPU 的稀缺性正在减弱，竞争正在加剧。</p>
</div><p>Most of Wall Street is focused on the external competition Nvidia is going to have to contend with. AMD has been steadily ramping up production of its MI300X AI-GPUs and recently unveiled its next-gen MI325X chip, which it intends to put into production before the end of the year. AMD is a brand-name company with a rich history and a considerably cheaper AI-GPU than Nvidia's Hopper and Blackwell chips. Businesses wanting to gain first-mover advantages may be compelled to skip the potentially long wait for Nvidia's hardware and choose AMD.</p>
<div class="lb-trans"><p>华尔街大多数人关注的是 Nvidia 将面临的外部竞争。AMD 一直在稳步增加其 MI300X 人工智能 GPU 的生产，并最近推出了其下一代 MI325X 芯片，计划在年底前投入生产。AMD 是一家知名品牌，拥有丰富的历史，其人工智能 GPU 的价格远低于 Nvidia 的 Hopper 和 Blackwell 芯片。希望获得先发优势的企业可能会被迫跳过等待 Nvidia 硬件的漫长过程，选择 AMD。</p>
</div><p>But the bigger issue for Nvidia may very well be the competition it's facing from within. Many of the company's top customers by net sales are members of the &#34;Magnificent Seven,&#34; and they're all internally developing AI-GPUs to deploy in their data centers. Even if these chips come up short to Nvidia's hardware in terms of computing capabilities, they're still markedly cheaper and more easily accessible.</p>
<div class="lb-trans"><p>但对 Nvidia 来说，更大的问题可能是来自内部的竞争。许多公司的主要客户按净销售额排名，都是 “七大杰出企业” 的成员，他们都在内部开发人工智能 GPU 以部署在其数据中心。即使这些芯片在计算能力上不及 Nvidia 的硬件，它们仍然明显更便宜且更易于获取。</p>
</div><p>Anything that reduces AI-GPU scarcity is going to adversely impact Nvidia's pricing power and its gross margin.</p>
<div class="lb-trans"><p>任何减少人工智能 GPU 稀缺性的因素都将对 Nvidia 的定价能力和毛利率产生不利影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg3MDYvc3RvY2stbWFya2V0LWNyYXNoLXBsdW5nZS1jaXJjbGUtYm90dG9tLWludmVzdC1kb3ctc3A1MDAtbmFzZGFxLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798706%2Fstock-market-crash-plunge-circle-bottom-invest-dow-sp500-nasdaq-getty.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>History would like a word, too</h2>
<div class="lb-trans"><h2>历史也想说几句话。</h2>
</div><p>Based on the trend we're seeing from Nvidia's gross margin, its shares have likely topped. But history would like a word, as well.</p>
<div class="lb-trans"><p>根据我们从英伟达的毛利率趋势来看，其股价可能已经见顶。但历史也有话要说。</p>
</div><p>Even though the internet transformed the business world three decades ago, it took time for the technology to mature and for businesses to properly utilize it to generate a positive return on their investment. Every next-big-thing innovation for 30 years, including the internet, has worked its way through an early innings bubble-bursting event.</p>
<div class="lb-trans"><p>尽管互联网在三十年前改变了商业世界，但技术的成熟和企业正确利用它以产生投资回报仍需要时间。在过去的三十年中，包括互联网在内的每一个下一个重大创新，都经历了早期泡沫破裂的事件。</p>
</div><p>What this tells us is that investors consistently overestimate how quickly a new technology will be adopted by consumers and/or businesses on a broad basis. It also suggests investors are overly optimistic about the utility of cutting-edge technologies. Though artificial intelligence can be every bit the gamechanger that Wall Street expects it to be, it's going to take time for businesses to figure out how best to utilize AI. This is what leads to lofty expectations eventually falling short.</p>
<div class="lb-trans"><p>这告诉我们，投资者一贯高估了新技术被消费者和/或企业广泛采用的速度。这也表明，投资者对尖端技术的实用性过于乐观。尽管人工智能可能完全是华尔街所期待的游戏规则改变者，但企业需要时间来弄清楚如何最好地利用人工智能。这就是导致高期望最终落空的原因。</p>
</div><p>Investors are seeing this dynamic play out right in front of their eyes. Even with sizable investments in AI data centers from some of Wall Street's most-prominent companies, most of these businesses lack a clear game plan to generate a positive return on their AI investments any time soon. The utility aspect of AI isn't well understood at the moment -- and that's a scary thing for a company whose gross margin is in a decisive decline.</p>
<div class="lb-trans"><p>投资者正在眼睁睁地看到这一动态的发生。即使一些华尔街最知名的公司在人工智能数据中心进行了大量投资，但这些企业大多数缺乏明确的计划来在短期内产生积极的投资回报。人工智能的实用性目前并不被充分理解——对于一家毛利率明显下降的公司来说，这是一件令人担忧的事情。</p>
</div>

Has Nvidia Stock Topped? A Single Metric Offers a Very Clear Answer.

- 人工智能推动了 Nvidia 的市场价值从 2023 年的数十亿美元飙升至超过 1.6 万亿美元。  
- 尽管 Nvidia 的销售和净收入大幅增长，但其毛利率已从 78.4% 下降至 74.6%。  
- 竞争加剧和 AI-GPU 稀缺性减弱可能影响 Nvidia 的定价能力和未来增长。  

英伟达的股票是否已经见顶？一个单一指标给出了非常明确的答案