<p>人工智能（AI）帮助 <strong>英伟达</strong>（Nvidia，NVDA -1.81%）的股票在 2024 年取得了惊人的涨幅，截至目前，这家半导体巨头的股价上涨超过 183%，但投资者似乎对公司能否在长期内维持其惊人的增长率产生了怀疑。</p>
<p>这可能就是为什么尽管上个月发布了超出预期的业绩和指引，英伟达的股票仍然回落。该公司 2025 财年第三季度的收入同比增长了 94%，达到了 351 亿美元，而每股收益同比跃升 103%，达到了 0.81 美元。</p>
<p>然而，英伟达对当前季度的收入指引为 375 亿美元，这表明其收入增长速度预计将相对较慢，仅为同比增长 70%。此外，由于推出 Blackwell 处理器，公司在短期内面临的利润压力似乎削弱了投资者的信心。</p>
<p>当然，英伟达可以克服这些挑战，为投资者带来更多收益。然而，那些错过了英伟达上涨机会并希望寻找相对便宜的 AI 股票（其市销率并不高达 31 倍）的人，可以考虑更仔细地关注 <strong>迈威尔科技</strong>（Marvell Technology，MRVL 0.12%）。让我们看看原因。</p>
<h2>迈威尔的业务因 AI 而腾飞</h2>
<p>迈威尔科技于 12 月 3 日发布了其 2025 财年第三季度的业绩（截至 11 月 2 日的三个月）。这家芯片制造商的总收入同比增长了 7%，达到了 15.2 亿美元，超出了市场普遍预期的 14.6 亿美元。其非 GAAP（调整后）每股收益从去年同期的 0.41 美元增加至 0.43 美元，再次超出市场普遍预期的 0.41 美元。</p>
<p>你可能会想，考虑到迈威尔的增长速度较慢，为什么它可能是英伟达的一个不错替代选择，但仔细观察公司的数据中心业务将揭示真实情况。数据中心部门在上个季度贡献了迈威尔 73% 的收入，而去年同期为 39%。该部门的收入同比几乎翻了一番，达到了 11 亿美元，抵消了公司在企业网络、运营商基础设施、汽车/工业和消费品等其他部门的急剧下滑。</p>
<p>好的一点是，迈威尔的数据中心业务的强劲表现，受益于对定制 AI 处理器和光网络设备日益增长的需求，将足以在当前季度推动公司的增长。这从迈威尔对 2025 财年第四季度的收入指引中可以看出，预计将达到 18 亿美元，比去年同期增长 26%。分析师对迈威尔当前季度的收入预期为 16.5 亿美元。</p>
<p>此外，这家芯片制造商预计当前季度的每股收益将达到 0.59 美元，这将比去年同期增长 28%。迈威尔首席执行官马特·墨菲（Matt Murphy）在最新的财报电话会议上指出，对其定制 AI 处理器的强劲需求在其超出预期的表现和强劲指引中发挥了核心作用。</p>
<p>迈威尔管理层相信，它将&#34;显著超越 15 亿美元的全年 AI 收入目标&#34;。这家芯片制造商预计在下一个财年将实现 25 亿美元的 AI 芯片销售，尽管分析师认为其 AI 相关收入明年可能达到 30 亿美元。</p>
<p>分析师们期待迈威尔的 AI 相关业务强劲增长的原因不难理解。毕竟，该公司是两家主要的定制芯片设计公司之一，这些芯片正由主要的云计算提供商开发，以减少对英伟达的依赖，开发内部芯片。这些云公司转向迈威尔和 <strong>博通</strong>（Broadcom）设计他们的内部芯片。</p>
<p>路透社报道，定制 AI 芯片的市场到 2028 年可能价值高达 450 亿美元，而今年的估计为 100 亿美元。同时，由于 AI 的推动，该公司预计到 2028 年在数据中心交换和互连方面还有 260 亿美元的额外收入机会。因此，看到迈威尔在下一个财年及以后实现更强劲的收入和收益增长并不令人惊讶。</p>
<h2>更强劲的增长可能导致股价上涨</h2>
<p>根据迈威尔的 2025 财年第四季度指引，该公司预计将以 57.5 亿美元的收入结束 2025 财年。这比 2024 财年的水平仅增长 4%。其全年每股收益预计将达到 1.56 美元，比上一财年增长 3%。</p>
<p>然而，分析师们预计 2026 财年（将于明年 2 月开始，并与 2025 年日历的 11 个月重合）将实现更强劲的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/94a5d3f9547379aacd8d2801277aff41.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/94a5d3f9547379aacd8d2801277aff41.png"/></p>
<p>MRVL 下一财年的收入预估数据来源于 YCharts</p>
<p>2026 财年的收入预测显示，收入将增长 31%，而每股收益将增长令人印象深刻的 63%。当然，看到分析师在迈威尔最新季度报告后上调他们的预期并不令人惊讶。</p>
<p>然而，即使迈威尔明年实现 75 亿美元的销售，并在那时以 16 倍的销售交易，其市值也可能达到 1200 亿美元。这将比当前水平增长 43%。然而，市场对英伟达等公司的销售倍数给予了更高的 31 倍。</p>
<p>如果迈威尔发生类似情况，并且公司在 2025 年实现更强劲的增长，它可能会带来比上述预期更强劲的收益。</p>

迈威尔科技

<p>英伟达的股票在 2024 年上涨超过 183%，但对其长期增长的担忧导致其近期出现下滑，尽管其盈利表现强劲。相比之下，迈威尔科技正逐渐成为一个有前景的人工智能股票替代品，其收入增长了 7%，数据中心业务显著提升，目前占其收入的 73%。迈威尔预计下个季度收入将增长 26%，这主要得益于对定制人工智能处理器的需求。分析师预测迈威尔将实现强劲增长，预计到 2028 年，定制人工智能芯片市场的潜在收入机会将达到 1000 亿美元</p>

<p>Artificial intelligence (AI) has helped <strong>Nvidia</strong>'s (NVDA -1.81%) stock clock stellar gains in 2024, with shares of the semiconductor giant rising more than 183% as of this writing, but it seems that investors are now having doubts about the company's ability to maintain its stunning growth rate over the long run.</p>
<div class="lb-trans"><p>人工智能（AI）帮助 <strong>英伟达</strong>（Nvidia，NVDA -1.81%）的股票在 2024 年取得了惊人的涨幅，截至目前，这家半导体巨头的股价上涨超过 183%，但投资者似乎对公司能否在长期内维持其惊人的增长率产生了怀疑。</p>
</div><p>This is probably why Nvidia stock has retreated despite delivering better-than-expected numbers and guidance last month. The company's revenue for the third quarter of fiscal 2025 increased an impressive 94% from the year-ago period to $35.1 billion, while earnings jumped 103% year over year to $0.81 per share.</p>
<div class="lb-trans"><p>这可能就是为什么尽管上个月发布了超出预期的业绩和指引，英伟达的股票仍然回落。该公司 2025 财年第三季度的收入同比增长了 94%，达到了 351 亿美元，而每股收益同比跃升 103%，达到了 0.81 美元。</p>
</div><p>However, Nvidia's revenue guidance of $37.5 billion for the current quarter suggests that its top line is on track to increase at a relatively slower pace of 70% from the year-ago quarter. Additionally, the margin pressure that the company will face in the near term on account of the rollout of its Blackwell processors seems to have dented investors' confidence.</p>
<div class="lb-trans"><p>然而，英伟达对当前季度的收入指引为 375 亿美元，这表明其收入增长速度预计将相对较慢，仅为同比增长 70%。此外，由于推出 Blackwell 处理器，公司在短期内面临的利润压力似乎削弱了投资者的信心。</p>
</div><p>Of course, Nvidia can overcome these challenges and deliver more gains to investors. However, those who missed out on Nvidia's rally and are looking for a relatively cheaper AI stock that isn't trading at an expensive 31 times sales can consider taking a closer look at <strong>Marvell Technology</strong>(MRVL 0.12%). Let's look at the reasons why.</p>
<div class="lb-trans"><p>当然，英伟达可以克服这些挑战，为投资者带来更多收益。然而，那些错过了英伟达上涨机会并希望寻找相对便宜的 AI 股票（其市销率并不高达 31 倍）的人，可以考虑更仔细地关注 <strong>迈威尔科技</strong>（Marvell Technology，MRVL 0.12%）。让我们看看原因。</p>
</div><h2>Marvell's business is taking off thanks to AI</h2>
<div class="lb-trans"><h2>迈威尔的业务因 AI 而腾飞</h2>
</div><p>Marvell Technology released its fiscal 2025 third-quarter results (for the three months ended Nov. 2) on Dec. 3. The chipmaker's total revenue increased 7% year over year to $1.52 billion, which was higher than the consensus expectation of $1.46 billion. Its non-GAAP (adjusted) earnings increased to $0.43 per share from $0.41 per share in the year-ago period, again beating the consensus estimate of $0.41.</p>
<div class="lb-trans"><p>迈威尔科技于 12 月 3 日发布了其 2025 财年第三季度的业绩（截至 11 月 2 日的三个月）。这家芯片制造商的总收入同比增长了 7%，达到了 15.2 亿美元，超出了市场普遍预期的 14.6 亿美元。其非 GAAP（调整后）每股收益从去年同期的 0.41 美元增加至 0.43 美元，再次超出市场普遍预期的 0.41 美元。</p>
</div><p>You might be wondering why Marvell may be a good alternative to Nvidia considering its slow pace of growth, but a closer look at the company's data center business will reveal the true picture. The data center segment produced 73% of Marvell's top line last quarter, up from 39% in the year-ago period. The segment's revenue nearly doubled on a year-over-year basis to $1.1 billion, offsetting the steep declines that the company witnessed in other segments such as enterprise networking, carrier infrastructure, automotive/industrial, and consumer.</p>
<div class="lb-trans"><p>你可能会想，考虑到迈威尔的增长速度较慢，为什么它可能是英伟达的一个不错替代选择，但仔细观察公司的数据中心业务将揭示真实情况。数据中心部门在上个季度贡献了迈威尔 73% 的收入，而去年同期为 39%。该部门的收入同比几乎翻了一番，达到了 11 亿美元，抵消了公司在企业网络、运营商基础设施、汽车/工业和消费品等其他部门的急剧下滑。</p>
</div><p>The good part is that the strength of Marvell's data center business, which is benefiting from the growing demand for custom AI processors and optical networking equipment, will be enough to lift the company's growth higher in the current quarter. That's evident from Marvell's fiscal fourth-quarter revenue guidance of $1.8 billion, which would be a 26% jump from the year-ago period. Analysts would have settled for $1.65 billion in revenue from Marvell for the current quarter.</p>
<div class="lb-trans"><p>好的一点是，迈威尔的数据中心业务的强劲表现，受益于对定制 AI 处理器和光网络设备日益增长的需求，将足以在当前季度推动公司的增长。这从迈威尔对 2025 财年第四季度的收入指引中可以看出，预计将达到 18 亿美元，比去年同期增长 26%。分析师对迈威尔当前季度的收入预期为 16.5 亿美元。</p>
</div><p>Additionally, the chipmaker expects earnings to land at $0.59 per share in the current quarter, which would translate into a 28% increase from the same period last year. Marvell CEO Matt Murphy pointed out on the latest earnings conference call that the stronger-than-expected demand for its custom AI processors played a central role in its better-than-expected performance and robust guidance.</p>
<div class="lb-trans"><p>此外，这家芯片制造商预计当前季度的每股收益将达到 0.59 美元，这将比去年同期增长 28%。迈威尔首席执行官马特·墨菲（Matt Murphy）在最新的财报电话会议上指出，对其定制 AI 处理器的强劲需求在其超出预期的表现和强劲指引中发挥了核心作用。</p>
</div><p>Marvell management believes that it will &#34;significantly exceed the full year AI revenue target of $1.5 billion.&#34; The chipmaker is forecasting $2.5 billion in AI chip sales in the next fiscal year, though analysts believe that its AI-focused revenue could go up to $3 billion next year.</p>
<div class="lb-trans"><p>迈威尔管理层相信，它将&#34;显著超越 15 亿美元的全年 AI 收入目标&#34;。这家芯片制造商预计在下一个财年将实现 25 亿美元的 AI 芯片销售，尽管分析师认为其 AI 相关收入明年可能达到 30 亿美元。</p>
</div><p>It is easy to see why analysts are expecting the strong growth in Marvell's AI-related business to continue. After all, the company is one of the two major designers of custom chips, which are being developed by major cloud computing providers to reduce their reliance on Nvidia by developing in-house chips. These cloud companies turn to the likes of Marvell and <strong>Broadcom</strong> for designing their in-house chips.</p>
<div class="lb-trans"><p>分析师们期待迈威尔的 AI 相关业务强劲增长的原因不难理解。毕竟，该公司是两家主要的定制芯片设计公司之一，这些芯片正由主要的云计算提供商开发，以减少对英伟达的依赖，开发内部芯片。这些云公司转向迈威尔和 <strong>博通</strong>（Broadcom）设计他们的内部芯片。</p>
</div><p>Reuters reports that the market for custom AI chips could be worth an impressive $45 billion by 2028, compared to an estimated $10 billion this year. Meanwhile, the company sees an additional revenue opportunity of $26 billion in data center switching and interconnect by 2028, thanks to AI. So, it won't be surprising to see Marvell delivering much stronger revenue and earnings growth in the next fiscal year and beyond.</p>
<div class="lb-trans"><p>路透社报道，定制 AI 芯片的市场到 2028 年可能价值高达 450 亿美元，而今年的估计为 100 亿美元。同时，由于 AI 的推动，该公司预计到 2028 年在数据中心交换和互连方面还有 260 亿美元的额外收入机会。因此，看到迈威尔在下一个财年及以后实现更强劲的收入和收益增长并不令人惊讶。</p>
</div><h2>Stronger growth could lead to a bump-up in its stock price</h2>
<div class="lb-trans"><h2>更强劲的增长可能导致股价上涨</h2>
</div><p>Based on Marvell's fiscal Q4 guidance, the company is on track to finish fiscal 2025 with revenue of $5.75 billion. That would be an increase of just 4% from fiscal 2024 levels. Its earnings are on track to hit $1.56 per share for the full year, an increase of 3% over the previous fiscal year.</p>
<div class="lb-trans"><p>根据迈威尔的 2025 财年第四季度指引，该公司预计将以 57.5 亿美元的收入结束 2025 财年。这比 2024 财年的水平仅增长 4%。其全年每股收益预计将达到 1.56 美元，比上一财年增长 3%。</p>
</div><p>Analysts, however, are expecting much stronger growth in fiscal 2026 (which will begin in February next year and coincide with 11 months of calendar 2025).</p>
<div class="lb-trans"><p>然而，分析师们预计 2026 财年（将于明年 2 月开始，并与 2025 年日历的 11 个月重合）将实现更强劲的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/94a5d3f9547379aacd8d2801277aff41.png" alt="" original-src="https://media.ycharts.com/charts/94a5d3f9547379aacd8d2801277aff41.png"/></p>
<p>MRVL Revenue Estimates for Next Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>MRVL 下一财年的收入预估数据来源于 YCharts</p>
</div><p>The top-line forecast for fiscal 2026 points toward a 31% increase, while the bottom line will increase by an impressive 63%. Of course, it won't be surprising to see analysts bumping up their estimates following Marvell's latest quarterly report.</p>
<div class="lb-trans"><p>2026 财年的收入预测显示，收入将增长 31%，而每股收益将增长令人印象深刻的 63%。当然，看到分析师在迈威尔最新季度报告后上调他们的预期并不令人惊讶。</p>
</div><p>However, even if Marvell manages to achieve $7.5 billion in sales next year and trades at 16 times sales at that time, its market capitalization could hit $120 billion. That would be a 43% increase from current levels. However, the market has rewarded the likes of Nvidia with a much higher sales multiple of 31.</p>
<div class="lb-trans"><p>然而，即使迈威尔明年实现 75 亿美元的销售，并在那时以 16 倍的销售交易，其市值也可能达到 1200 亿美元。这将比当前水平增长 43%。然而，市场对英伟达等公司的销售倍数给予了更高的 31 倍。</p>
</div><p>If something similar happens with Marvell and the company manages to deliver stronger growth in 2025, it may be able to deliver much stronger gains than what's projected above.</p>
<div class="lb-trans"><p>如果迈威尔发生类似情况，并且公司在 2025 年实现更强劲的增长，它可能会带来比上述预期更强劲的收益。</p>
</div>

Missed Out on Nvidia? Buy This Magnificent Artificial Intelligence (AI) Stock Before It Soars at Least 43% in 2025.

- 英伟达股价在 2024 年上涨超过 183%，但投资者对其长期增长能力产生疑虑。  
- Marvell 技术公司第三季度营收同比增长 7%，数据中心业务贡献了 73% 的收入。  
- 分析师预计 Marvell 在 2026 财年的收入将增长 31%，盈利增长 63%。  

错过了 Nvidia？在 2025 年之前购买这只出色的人工智能（AI）股票，它至少会飙升 43%