<p>毫无疑问，<strong>Nvidia</strong>（NVDA 2.15%）是人工智能（AI）热潮的代表。由于多家科技巨头对其网络基础设施和处理能力进行大量投资，半导体业务达到了新的高度，这为公司及其股票带来了巨大的收益。</p>
<p>在过去五年中，Nvidia 的股价疯涨，截至 11 月 27 日上涨了 2370%。该公司一直在与 <strong>Apple</strong> 争夺全球市值最大的公司称号。</p>
<p>但如此巨大的涨幅意味着未来复制这种增长将变得更加困难。在经历了前所未有的增长后，考虑投资 Nvidia 股票的新投资者是否应该放弃它，而是现在购买另外两只顶级 AI 股票？</p>
<h2>驱动 AI 基础设施</h2>
<p>Nvidia 因销售用于帮助训练 AI 模型的庞大计算系统的图形处理单元（GPU）而声名鹊起。该业务在这一领域的市场份额高达 88%。其他公司在这一技术趋势下积极投资的竞争，导致了对 Nvidia 产品和服务的强劲需求。</p>
<p>在上个季度（2025 财年第三季度，截止到 10 月 27 日），Nvidia 报告的收入为 351 亿美元，同比增长 94%。Nvidia 的利润甚至更为令人印象深刻。该公司公布了 62% 的卓越营业利润率，帮助净收入与 2024 财年同一时期相比激增 109%。</p>
<p>市场对 Nvidia 的热爱导致了巨大的股价上涨。这也导致了高昂的估值。该股票的市盈率（P/E）为 52.6，比 <strong>纳斯达克 100</strong> 指数高出 58%。</p>
<p>有人可能会认为这个估值是合理的。但投资者需要考虑 Nvidia 面临的竞争威胁，尤其是一些最大的客户，如 <strong>Microsoft</strong> 和 <strong>Amazon</strong> 等，正在开发自己的 AI 芯片。这带来了风险，Nvidia 的需求和增长可能会随着时间的推移而减少。</p>
<h2>主导互联网企业</h2>
<p>Nvidia 如今理应受到很多关注，因为其股票在强劲的收入和盈利增长的推动下不断上涨。但那些可能错过了这波上涨的投资者不应被分散注意力，而是要关注那些已经在 AI 竞赛中处于领先地位的企业。我指的是 <strong>Alphabet</strong>（GOOGL -0.17%）（GOOG -0.19%）和 <strong>Meta Platforms</strong>（META 0.90%），这两家公司是全球最具主导地位的互联网公司。</p>
<p>这两家公司所拥有的优势在于它们已经拥有庞大的用户基础。Alphabet 表示，它有 15 种不同的产品和服务，每种服务至少服务于五亿人。而 Meta 的社交媒体应用家族每天活跃用户总数达到 32.9 亿。可能没有其他企业能够如此广泛地立即引入 AI 功能。</p>
<p>Alphabet 在过去几十年中一直在进行 AI 投资，但在首席执行官 Sundar Pichai 大约十年前接任时，它在这一领域的关注度有所增加。其 Gemini 大型语言模型（LLM）不仅为所有 AI 产品提供支持，而且 AI 也渗透到 Google Cloud 的许多业务中，导致客户增长强劲。</p>
<p>另一方面，Meta 有一个针对寻求信息或生成图像的用户的 Meta AI 助手。它已经有超过 100 万广告客户使用其生成性 AI 工具，更有效地将广告定位到合适的用户。</p>
<p>这两家公司都拥有巨大的财务资源来继续推进。它们不仅产生大量的自由现金流，而且资产负债表也非常健康。因此，这些公司的领导层在投入资本进行 AI 相关投资时毫不吝啬。</p>
<p>如果你还没有被说服去购买这两家公司，那么考虑一下它们的估值。截至目前，Alphabet 和 Meta 的市盈率分别为 22.4 和 26.8，远低于 Nvidia 的估值。这使得它们成为考虑购买的顶级 AI 股票，而不是选择 Nvidia。</p>

谷歌-C

谷歌-A

<p>英伟达在过去五年中股价上涨了惊人的 2370%，这得益于其在人工智能基础设施领域的主导地位，拥有 88% 的 GPU 市场份额。然而，其高估值（市盈率为 52.6）以及主要客户开发自有 AI 芯片所带来的竞争威胁引发了对未来增长的担忧。投资者被建议考虑 Alphabet 和 Meta Platforms 作为替代选择，因为它们拥有强大的用户基础，持续进行 AI 投资，且市盈率分别为 22.4 和 26.8，使它们成为有吸引力的 AI 股票选择</p>

<p>There's no denying that <strong>Nvidia</strong>(NVDA 2.15%) is the poster child of the artificial intelligence (AI) craze. The semiconductor business elevated to new heights thanks to sizable investments from multiple tech giants looking to build out their network infrastructure and processing capabilities, leading to monster gains for the company and its stock.</p>
<div class="lb-trans"><p>毫无疑问，<strong>Nvidia</strong>（NVDA 2.15%）是人工智能（AI）热潮的代表。由于多家科技巨头对其网络基础设施和处理能力进行大量投资，半导体业务达到了新的高度，这为公司及其股票带来了巨大的收益。</p>
</div><p>In the past five years, shares of Nvidia have gone bonkers, skyrocketing 2,370% (as of Nov. 27). The company has been jostling with <strong>Apple</strong> for the title of the world's biggest market cap.</p>
<div class="lb-trans"><p>在过去五年中，Nvidia 的股价疯涨，截至 11 月 27 日上涨了 2370%。该公司一直在与 <strong>Apple</strong> 争夺全球市值最大的公司称号。</p>
</div><p>But that huge run-up means it will be much harder to replicate the growth going forward. After an unprecedented run, should new investors considering Nvidia stock perhaps forget it and instead buy two other top AI stocks right now?</p>
<div class="lb-trans"><p>但如此巨大的涨幅意味着未来复制这种增长将变得更加困难。在经历了前所未有的增长后，考虑投资 Nvidia 股票的新投资者是否应该放弃它，而是现在购买另外两只顶级 AI 股票？</p>
</div><h2>Powering AI infrastructure</h2>
<div class="lb-trans"><h2>驱动 AI 基础设施</h2>
</div><p>Nvidia made a name for itself selling the graphics processing units (GPUs) that power vast computing systems used to help train AI models. The business has a ridiculous 88% market share in this sector. And the race among other companies to invest aggressively behind this technological trend resulted in strong demand for Nvidia products and services.</p>
<div class="lb-trans"><p>Nvidia 因销售用于帮助训练 AI 模型的庞大计算系统的图形处理单元（GPU）而声名鹊起。该业务在这一领域的市场份额高达 88%。其他公司在这一技术趋势下积极投资的竞争，导致了对 Nvidia 产品和服务的强劲需求。</p>
</div><p>Last quarter (the third in its 2025 fiscal year, ended Oct. 27), it reported revenue of $35.1 billion, a figure that was up 94% year over year. Nvidia's profits are maybe even more impressive. The business posted a stellar operating margin of 62%, helping net income surge 109% compared to the same period of fiscal 2024.</p>
<div class="lb-trans"><p>在上个季度（2025 财年第三季度，截止到 10 月 27 日），Nvidia 报告的收入为 351 亿美元，同比增长 94%。Nvidia 的利润甚至更为令人印象深刻。该公司公布了 62% 的卓越营业利润率，帮助净收入与 2024 财年同一时期相比激增 109%。</p>
</div><p>The market's love affair with Nvidia has led to tremendous share gains. And this has resulted in a steep valuation. The stock trades for a price-to-earnings ratio (P/E) of 52.6, a 58% premium to the <strong>Nasdaq-100</strong> index.</p>
<div class="lb-trans"><p>市场对 Nvidia 的热爱导致了巨大的股价上涨。这也导致了高昂的估值。该股票的市盈率（P/E）为 52.6，比 <strong>纳斯达克 100</strong> 指数高出 58%。</p>
</div><p>Some might argue that the valuation is reasonable. But investors need to consider Nvidia's competitive threats, namely that some of its biggest customers, like <strong>Microsoft</strong> and <strong>Amazon</strong>, among others, are working on developing their own AI chips. This introduces a risk that Nvidia will see demand, and its growth, start to diminish as we look ahead.</p>
<div class="lb-trans"><p>有人可能会认为这个估值是合理的。但投资者需要考虑 Nvidia 面临的竞争威胁，尤其是一些最大的客户，如 <strong>Microsoft</strong> 和 <strong>Amazon</strong> 等，正在开发自己的 AI 芯片。这带来了风险，Nvidia 的需求和增长可能会随着时间的推移而减少。</p>
</div><h2>Dominant internet businesses</h2>
<div class="lb-trans"><h2>主导互联网企业</h2>
</div><p>Nvidia is deservedly getting a lot of love these days, as its stock powers higher with strong revenue and earnings growth. But investors who might have missed the rally shouldn't get distracted from businesses that are <em>already</em> leaders in the AI race. I'm talking about <strong>Alphabet</strong>(GOOGL -0.17%)(GOOG -0.19%) and <strong>Meta Platforms</strong>(META 0.90%), two of the most dominant internet companies on the face of the planet.</p>
<div class="lb-trans"><p>Nvidia 如今理应受到很多关注，因为其股票在强劲的收入和盈利增长的推动下不断上涨。但那些可能错过了这波上涨的投资者不应被分散注意力，而是要关注那些已经在 AI 竞赛中处于领先地位的企业。我指的是 <strong>Alphabet</strong>（GOOGL -0.17%）（GOOG -0.19%）和 <strong>Meta Platforms</strong>（META 0.90%），这两家公司是全球最具主导地位的互联网公司。</p>
</div><p>The advantage these two companies possess is that they already have massive user bases. Alphabet says that it has 15 different products and services that serve at least a half-billion people each. And Meta's family of social media apps collectively counts 3.29 billion daily active users. There might be no businesses that have this type of broad reach to immediately introduce AI features to.</p>
<div class="lb-trans"><p>这两家公司所拥有的优势在于它们已经拥有庞大的用户基础。Alphabet 表示，它有 15 种不同的产品和服务，每种服务至少服务于五亿人。而 Meta 的社交媒体应用家族每天活跃用户总数达到 32.9 亿。可能没有其他企业能够如此广泛地立即引入 AI 功能。</p>
</div><p>Alphabet has been making AI investments for decades, but it increased its focus in this area around the time CEO Sundar Pichai took over about a decade ago. Not only does its Gemini large language model (LLM) power all of its AI offerings, but AI also permeates a lot of what Google Cloud does, resulting in strong customer growth.</p>
<div class="lb-trans"><p>Alphabet 在过去几十年中一直在进行 AI 投资，但在首席执行官 Sundar Pichai 大约十年前接任时，它在这一领域的关注度有所增加。其 Gemini 大型语言模型（LLM）不仅为所有 AI 产品提供支持，而且 AI 也渗透到 Google Cloud 的许多业务中，导致客户增长强劲。</p>
</div><p>Meta, on the other hand, has a Meta AI assistant targeted to users seeking to find information or generate images. And it already has over 1 million advertising customers using its generative AI tools to more effectively target their ads to the right users.</p>
<div class="lb-trans"><p>另一方面，Meta 有一个针对寻求信息或生成图像的用户的 Meta AI 助手。它已经有超过 100 万广告客户使用其生成性 AI 工具，更有效地将广告定位到合适的用户。</p>
</div><p>Both of these businesses possess vast financial resources to continue pushing forward. Not only do they generate copious amounts of free cash flow, but they also have pristine balance sheets. It makes sense that the leadership of these companies isn't holding back when it comes to plowing capital into AI-related investments.</p>
<div class="lb-trans"><p>这两家公司都拥有巨大的财务资源来继续推进。它们不仅产生大量的自由现金流，而且资产负债表也非常健康。因此，这些公司的领导层在投入资本进行 AI 相关投资时毫不吝啬。</p>
</div><p>If you aren't yet convinced about buying these two companies, then consider their valuations. As of this writing, Alphabet and Meta trade for P/E multiples of 22.4 and 26.8, respectively, far lower than Nvidia's. This makes them both top AI stocks to consider buying instead of going with Nvidia.</p>
<div class="lb-trans"><p>如果你还没有被说服去购买这两家公司，那么考虑一下它们的估值。截至目前，Alphabet 和 Meta 的市盈率分别为 22.4 和 26.8，远低于 Nvidia 的估值。这使得它们成为考虑购买的顶级 AI 股票，而不是选择 Nvidia。</p>
</div>

Should You Forget Nvidia and Buy 2 Other Artificial Intelligence (AI) Stocks Right Now?

- 英伟达在人工智能领域的市场份额达到 88%，过去五年股价上涨 2,370%。  
- 该公司第三季度营收为 1.1 亿美元，同比增长 94%，净利润增长 109%。  
- 投资者可考虑谷歌和 Meta，市盈率分别为 22.4 和 26.8，低于英伟达的 52.6。  

你是否应该忘记 Nvidia 并立即购买另外两只人工智能（AI）股票？