<p>人工智能对半导体行业的企业来说是一个福音，因为客户升级他们的技术以支持人工智能系统的需求。可以说，这一趋势的最大受益者是行业中的两位巨头，<strong>英伟达</strong>（Nvidia）和 <strong>台湾半导体制造公司</strong>（Taiwan Semiconductor Manufacturing，简称 TSMC）。</p>
<p>英伟达的人工智能相关产品需求旺盛。但它是一家无厂商公司，这意味着它不制造半导体芯片。TSMC 则负责英伟达及其他多家公司的大量制造工作。</p>
<p>这两家公司在今天的人工智能技术发展中都至关重要。因此，决定投资这两位行业领袖中的哪一位可能会很具挑战性。以下是对 TSMC 和英伟达的分析，以确定哪一家公司在长期投资中更具优势。</p>
<h2>台湾半导体成功的关键</h2>
<p>由于人工智能相关的需求，TSMC 在第三季度的收入同比增长了 36%，达到了 235 亿美元。随着业务的蓬勃发展，TSMC 的市值在全球领先的半导体公司中仅次于英伟达。这使得它的规模超过了 <strong>英特尔</strong> 和 <strong>三星</strong> 等行业巨头。</p>
<p>TSMC 成功的关键在于其三纳米（nm）半导体制造工艺。这使得能够制造出具有更高微处理器速度、更低能耗和更强计算能力的半导体芯片，而不增加芯片的尺寸。</p>
<p>与三星等竞争对手不同，TSMC 已经掌握了 3nm 的生产。因此，该公司估计在全球最先进的半导体芯片市场中占有 90% 的市场份额。</p>
<p>其在芯片制造中的领导地位使得美国政府根据《芯片法案》向 TSMC 提供了 66 亿美元的资金，用于在美国建立半导体工厂。美国目前没有制造所需先进芯片的能力。</p>
<p>TSMC 的收入增长也带来了强劲的财务表现。这家半导体巨头在第三季度结束时的总资产为 1949 亿美元，其中现金及现金等价物为 596 亿美元，而总负债为 678 亿美元。</p>
<p>该公司还有效地管理成本，使其第三季度的毛利率上升至 57.8%，而去年为 54.3%。这导致其第三季度的净利润率从去年的 38.6% 增长至 42.8%。</p>
<h2>英伟达的人工智能芯片主导地位</h2>
<p>英伟达与 TSMC 有一个共同点。两者都掌握了推动今天人工智能繁荣的技术，TSMC 凭借其 3nm 制造工艺，而英伟达则专注于加速计算。</p>
<p>英伟达在人工智能时代的成功正是由于这种专注。加速计算使用与 CPU 不同的独立计算处理器来处理数据密集型任务，这是人工智能系统快速高效工作的必要条件。</p>
<p>英伟达在加速计算方面是开创者，早在 1999 年推出其图形处理单元（GPU）时便开始了这一进程。现在，它在其帮助开创的技术市场中占据主导地位，GPU 的市场份额估计达到 80%。</p>
<p>这导致其在截至 10 月 27 日的财政第三季度创下了 351 亿美元的收入，比去年增长了 94%。由于人工智能需求持续旺盛，英伟达预计销售增长将持续到第四季度。它预计第四季度的收入将达到约 375 亿美元，比去年增长 70%。</p>
<p>该公司的新 Blackwell 架构专为人工智能系统设计，预计将推动 2025 年的持续收入增长。英伟达管理层表示，客户对 Blackwell 的需求非常强烈：“需求超过了我们的供应。这是因为我们正处于这一生成性人工智能革命的初期。”</p>
<p>与 TSMC 一样，英伟达在捕捉人工智能需求方面的成功也带来了出色的财务表现。其第三季度的资产负债表显示，总资产为 960 亿美元，其中现金、现金等价物和可交易证券为 385 亿美元。这笔现金的总额超过了第三季度的总负债 300 亿美元。</p>
<h2>在英伟达和 TSMC 之间的选择</h2>
<p>鉴于英伟达和 TSMC 在蓬勃发展的人工智能市场中的领导地位，拥有这两家公司的股票是理想的。但如果你必须选择其中一家公司，哪一家公司会胜出呢？在两者之间的选择取决于几个因素。其中一个是它们的市盈率（P/E），这是评估股票估值的广泛使用指标。该指标告诉你投资者愿意为一美元的收益支付多少。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1fabd20201bcfcc89e5e31d8e486b35b.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/1fabd20201bcfcc89e5e31d8e486b35b.png"/></p>
<p>数据来源于 YCharts。</p>
<p>尽管 TSMC 的市盈率在 2024 年间有所上升，但在撰写本文时仍低于英伟达。这表明与其半导体同行相比，TSMC 的股票更具价值。</p>
<p>结合 TSMC 的关键 3nm 制造工艺，这些因素意味着 TSMC 在作为抓住人工智能长期趋势的更好投资方面略胜于英伟达。</p>

英伟达

<p>半导体行业因人工智能需求而蓬勃发展，英伟达和台湾半导体制造公司（TSMC）是关键参与者。TSMC 的收入同比激增 36%，得益于其先进的 3 纳米制造工艺，确保了在高端芯片市场占有 90% 的份额。作为加速计算的领导者，英伟达报告了 94% 的收入增长，充分利用了人工智能的需求。虽然这两家公司都是强劲的投资选择，但由于 TSMC 的市盈率较低以及其关键的制造能力，TSMC 被认为是更具价值的选择，适合希望从人工智能进步中获益的投资者</p>

<p>Artificial intelligence has been a boon to businesses in the semiconductor industry as customers upgrade their technology to support the needs of AI systems. Arguably the biggest beneficiaries of this trend are two titans of the industry, <strong>Nvidia</strong>(NVDA 0.66%) and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -0.67%), popularly known as TSMC.</p>
<div class="lb-trans"><p>人工智能对半导体行业的企业来说是一个福音，因为客户升级他们的技术以支持人工智能系统的需求。可以说，这一趋势的最大受益者是行业中的两位巨头，<strong>英伟达</strong>（Nvidia）和 <strong>台湾半导体制造公司</strong>（Taiwan Semiconductor Manufacturing，简称 TSMC）。</p>
</div><p>Nvidia is seeing outsized demand for its AI-related products. But it's a fabless firm, meaning it doesn't manufacture its semiconductor chips. TSMC is the one handling a significant portion of the manufacturing for Nvidia and a slew of other companies.</p>
<div class="lb-trans"><p>英伟达的人工智能相关产品需求旺盛。但它是一家无厂商公司，这意味着它不制造半导体芯片。TSMC 则负责英伟达及其他多家公司的大量制造工作。</p>
</div><p>Both companies are important to the development of AI technologies today. So deciding which of these two industry leaders to invest in can prove challenging. Here's a look at TSMC and Nvidia to determine if one edges out the other as the better long-term investment.</p>
<div class="lb-trans"><p>这两家公司在今天的人工智能技术发展中都至关重要。因此，决定投资这两位行业领袖中的哪一位可能会很具挑战性。以下是对 TSMC 和英伟达的分析，以确定哪一家公司在长期投资中更具优势。</p>
</div><h2>Taiwan Semiconductor's key to AI success</h2>
<div class="lb-trans"><h2>台湾半导体成功的关键</h2>
</div><p>Thanks to AI-related demand, TSMC saw revenue increase 36% year over year to $23.5 billion in the third quarter. With its business booming, TSMC's market capitalization is now second only to Nvidia among the leading semiconductor companies in the world. This makes it bigger than industry luminaries such as <strong>Intel</strong> and <strong>Samsung</strong>.</p>
<div class="lb-trans"><p>由于人工智能相关的需求，TSMC 在第三季度的收入同比增长了 36%，达到了 235 亿美元。随着业务的蓬勃发展，TSMC 的市值在全球领先的半导体公司中仅次于英伟达。这使得它的规模超过了 <strong>英特尔</strong> 和 <strong>三星</strong> 等行业巨头。</p>
</div><p>The key to TSMC's success is its three-nanometer (nm) semiconductor manufacturing process. This allows the creation of semiconductor chips with increased microprocessor speed, lower energy consumption, and greater computational power without increasing chip size.</p>
<div class="lb-trans"><p>TSMC 成功的关键在于其三纳米（nm）半导体制造工艺。这使得能够制造出具有更高微处理器速度、更低能耗和更强计算能力的半导体芯片，而不增加芯片的尺寸。</p>
</div><p>TSMC has mastered 3nm production, unlike competitors such as Samsung. As a result, the company is estimated to command a 90% market share for the world's most advanced semiconductor chips.</p>
<div class="lb-trans"><p>与三星等竞争对手不同，TSMC 已经掌握了 3nm 的生产。因此，该公司估计在全球最先进的半导体芯片市场中占有 90% 的市场份额。</p>
</div><p>Its leadership position in chip manufacturing led the U.S. government to award TSMC $6.6 billion in funding as part of the CHIPS Act to build semiconductor factories in the U.S. The U.S. currently has no manufacturing ability to make the advanced chips needed for AI.</p>
<div class="lb-trans"><p>其在芯片制造中的领导地位使得美国政府根据《芯片法案》向 TSMC 提供了 66 亿美元的资金，用于在美国建立半导体工厂。美国目前没有制造所需先进芯片的能力。</p>
</div><p>TSMC's revenue growth also led to strong financials. The semiconductor giant exited Q3 with total assets of $194.9 billion, including $59.6 billion in cash and equivalents, versus total liabilities of $67.8 billion.</p>
<div class="lb-trans"><p>TSMC 的收入增长也带来了强劲的财务表现。这家半导体巨头在第三季度结束时的总资产为 1949 亿美元，其中现金及现金等价物为 596 亿美元，而总负债为 678 亿美元。</p>
</div><p>The company also manages costs effectively, pushing up its Q3 gross margin to 57.8% compared to 54.3% in the previous year. This led to growth in its Q3 net profit margin to 42.8% from 38.6% last year.</p>
<div class="lb-trans"><p>该公司还有效地管理成本，使其第三季度的毛利率上升至 57.8%，而去年为 54.3%。这导致其第三季度的净利润率从去年的 38.6% 增长至 42.8%。</p>
</div><h2>Nvidia's AI chip dominance</h2>
<div class="lb-trans"><h2>英伟达的人工智能芯片主导地位</h2>
</div><p>Nvidia shares a common trait with TSMC. Both mastered technology that enabled today's AI boom, TSMC with its 3nm manufacturing process, and Nvidia with its focus on accelerated computing.</p>
<div class="lb-trans"><p>英伟达与 TSMC 有一个共同点。两者都掌握了推动今天人工智能繁荣的技术，TSMC 凭借其 3nm 制造工艺，而英伟达则专注于加速计算。</p>
</div><p>Nvidia's success in the AI era is due to this focus. Accelerated computing uses a separate computer processor from the CPU to handle data-intensive tasks, which is necessary for AI systems to work quickly and efficiently.</p>
<div class="lb-trans"><p>英伟达在人工智能时代的成功正是由于这种专注。加速计算使用与 CPU 不同的独立计算处理器来处理数据密集型任务，这是人工智能系统快速高效工作的必要条件。</p>
</div><p>Nvidia was a trailblazer in accelerated computing, starting with the introduction of its graphics processing unit (GPU) back in 1999. Now, it dominates the market for the technology it helped to pioneer with an 80% market share in GPUs by some estimates.</p>
<div class="lb-trans"><p>英伟达在加速计算方面是开创者，早在 1999 年推出其图形处理单元（GPU）时便开始了这一进程。现在，它在其帮助开创的技术市场中占据主导地位，GPU 的市场份额估计达到 80%。</p>
</div><p>This led to record revenue of $35.1 billion in its fiscal third quarter, ended Oct. 27, a 94% increase over the prior year. And thanks to unabated AI demand, Nvidia estimates sales growth will continue into the fourth quarter. It expects Q4 revenue to reach around $37.5 billion, a 70% increase over the previous year.</p>
<div class="lb-trans"><p>这导致其在截至 10 月 27 日的财政第三季度创下了 351 亿美元的收入，比去年增长了 94%。由于人工智能需求持续旺盛，英伟达预计销售增长将持续到第四季度。它预计第四季度的收入将达到约 375 亿美元，比去年增长 70%。</p>
</div><p>The company's new Blackwell architecture, designed for AI systems, should spur continued revenue growth into 2025. Customer hunger for Blackwell is so great, Nvidia management stated: &#34;It is the case that demand exceeds our supply. And that's expected as we're in the beginnings of this generative AI revolution.&#34;</p>
<div class="lb-trans"><p>该公司的新 Blackwell 架构专为人工智能系统设计，预计将推动 2025 年的持续收入增长。英伟达管理层表示，客户对 Blackwell 的需求非常强烈：“需求超过了我们的供应。这是因为我们正处于这一生成性人工智能革命的初期。”</p>
</div><p>Like TSMC, Nvidia's success capturing AI demand led to outstanding financials. Its Q3 balance sheet boasted total assets of $96 billion, including $38.5 billion in cash, cash equivalents, and marketable securities. This cash pile alone eclipses total Q3 liabilities of $30 billion.</p>
<div class="lb-trans"><p>与 TSMC 一样，英伟达在捕捉人工智能需求方面的成功也带来了出色的财务表现。其第三季度的资产负债表显示，总资产为 960 亿美元，其中现金、现金等价物和可交易证券为 385 亿美元。这笔现金的总额超过了第三季度的总负债 300 亿美元。</p>
</div><h2>Choosing between Nvidia and TSMC</h2>
<div class="lb-trans"><h2>在英伟达和 TSMC 之间的选择</h2>
</div><p>Given Nvidia and TSMC's leadership position in the burgeoning AI market, it's ideal to own shares in both. But if you had to pick just one, which would win? Choosing between the two comes down to a handful of factors. One is their price-to-earnings (P/E) ratio, a widely used metric to assess stock valuation. This metric tells you how much investors are willing to pay for a dollar's worth of earnings.</p>
<div class="lb-trans"><p>鉴于英伟达和 TSMC 在蓬勃发展的人工智能市场中的领导地位，拥有这两家公司的股票是理想的。但如果你必须选择其中一家公司，哪一家公司会胜出呢？在两者之间的选择取决于几个因素。其中一个是它们的市盈率（P/E），这是评估股票估值的广泛使用指标。该指标告诉你投资者愿意为一美元的收益支付多少。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1fabd20201bcfcc89e5e31d8e486b35b.png" alt="" original-src="https://media.ycharts.com/charts/1fabd20201bcfcc89e5e31d8e486b35b.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源于 YCharts。</p>
</div><p>Although TSMC's P/E multiple has increased over the course of 2024, it's still below Nvidia's at the time of this writing. This indicates TSMC stock is a better value compared to its semiconductor compatriot.</p>
<div class="lb-trans"><p>尽管 TSMC 的市盈率在 2024 年间有所上升，但在撰写本文时仍低于英伟达。这表明与其半导体同行相比，TSMC 的股票更具价值。</p>
</div><p>Combine this with TSMC's key 3nm manufacturing process, and these factors mean TSMC barely edges out Nvidia as the better investment to capitalize on the secular trend of artificial intelligence.</p>
<div class="lb-trans"><p>结合 TSMC 的关键 3nm 制造工艺，这些因素意味着 TSMC 在作为抓住人工智能长期趋势的更好投资方面略胜于英伟达。</p>
</div>

Better Semiconductor Stock: Nvidia vs. Taiwan Semiconductor

- 人工智能推动半导体行业发展，Nvidia 和 TSMC 成为主要受益者。  
- TSMC 第三季度营收同比增长 36%，市值仅次于 Nvidia。  
- TSMC 的 3nm 制程技术使其在市场中占据 90% 的份额。  

更好的半导体股票：英伟达 vs. 台积电