<p>历史悠久的 <strong>道琼斯工业平均指数</strong>(^DJI -0.28%) 是最古老且最具声望的股票市场指数之一。道琼斯的 30 个成分股是各自行业的领先蓝筹股，代表着各自的股票市场板块。但在过去五年中，道琼斯经历了重大变革。</p>
<p>今年的两次最新变动是，<strong>亚马逊</strong>(AMZN 2.94%) 在 2 月份取代了 <strong>沃尔格林联合公司</strong>，而 <strong>英伟达</strong>(NVDA -1.81%) 在 11 月份取代了 <strong>英特尔</strong>。</p>
<p>亚马逊和英伟达迅速证明了它们在现代化道琼斯中的价值，两者的表现均超过了 <strong>标准普尔 500 指数</strong>(^GSPC 0.25%) 和道琼斯指数。但投资者更关心的是一家公司未来的发展，而不是过去的表现。</p>
<p>以下是为什么英伟达在 2025 年比亚马逊更值得投资的原因，以及在历史高位购买领先成长股时需要考虑的一些因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MTkvZ2V0dHlpbWFnZXMtMTAzMjUyNDM1Ni0xMjAxeDY5MS1mMjYwY2Q2LTIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MTkvZ2V0dHlpbWFnZXMtMTAzMjUyNDM1Ni0xMjAxeDY5MS1mMjYwY2Q2LTIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>共同成功</h2>
<p>在深入讨论之前，值得一提的是，亚马逊的云计算部门亚马逊网络服务（AWS）是英伟达的重要客户。因此，确实存在一种情况，即两家公司都能蓬勃发展并实现超越市场的收益，或者 AWS 的放缓会影响到英伟达。</p>
<p>12 月 3 日，英伟达宣布其最新技术，包括用于生成性人工智能（AI）的 Blackwell 架构，将进入 AWS。通过 AWS Marketplace Private Offers 提供的新计算平台将允许企业在英伟达专家的支持下构建 AI 模型。AWS 在其数据中心开发了液体到芯片的冷却解决方案，为强大的 AI 超级计算机系统（如英伟达 GB200 NVL72）提供空气和液体冷却能力。</p>
<p>英伟达在超大规模数据中心芯片领域无可争议地处于领先地位，而 AWS 是领先的超大规模云服务提供商，其市场份额与 <strong>微软</strong> 云和 <strong>谷歌</strong> 云（由 Alphabet 拥有）相当。根据 Synergy Research Group 于 11 月 1 日发布的报告，AWS 在云市场的市场份额为 31%，而微软为 20%，谷歌为 13%。</p>
<p>然而，AWS 在云领域的主导地位远不及英伟达在数据中心芯片领域的主导地位。</p>
<h2>更好的商业模式</h2>
<p>在其历史上，亚马逊是一家极具灵活性的公司，涉足不同的终端市场，并经历了几次经济不确定性。公司的网络效应、领先的云计算地位、不断增长的电子商务业务，以及多样化和颠覆性的结合，都是购买亚马逊股票的有效理由，仿佛没有明天一样。</p>
<p>截至 2024 年 9 月 30 日的九个月中，AWS 的营业收入占亚马逊总营业收入的 62%。与去年同期相比，AWS 的收入增加了 122.2 亿美元，但其运营费用仅增加了 4.79 亿美元，因此几乎所有的收入增长都转化为营业收入增长。然而，如果没有 AWS 的贡献，亚马逊的增长速度就不会那么快。</p>
<p>AWS 使亚马逊远远超越了电子商务，并使其成为一家更好的企业，但这并不是像数据中心的芯片对英伟达那样的颠覆性改变。</p>
<p>在英伟达最近的一个季度（2025 财年第三季度，截止于 10 月 27 日），英伟达报告的收入为 307.7 亿美元，其中计算业务占 276.4 亿美元，网络业务占 31.3 亿美元。计算和网络部门的营业收入为 220.81 亿美元，使该部门的营业利润率高达 71.8%。作为对比，亚马逊在其最近一个季度的整体营业收入为 174.1 亿美元，而 AWS 的利润率远不及英伟达。</p>
<p>英伟达的游戏和 AI PC、专业可视化以及汽车和机器人部门的总收入为 42.2 亿美元。图形部门的营业收入仅为 15.02 亿美元。</p>
<p>难以置信的是，五年前，英伟达的数据中心业务规模还小于其图形部门。而如今，数据中心业务占英伟达收入的 85% 以上，营业收入的 90% 以上。在这一季度，英伟达表示，云服务提供商占其数据中心收入的约 50%，其余部分则来自消费者互联网和企业公司。这些客户（如 AWS）是全球最高质量的客户。他们正是英伟达希望的客户，因为他们有财力在市场周期中进行投资。</p>
<p>英伟达从一家图形芯片公司转变为一家数据中心芯片公司。相比之下，亚马逊仍然在做许多不同的事情，但其业务中最好的部分是 AWS。英伟达的利润率更高，增长潜力更大，市场份额更具主导性。它是一个更纯粹的数据中心增长投资论，而亚马逊的投资论则跨越更多行业，复杂性更高。</p>
<h2>英伟达的估值合理</h2>
<p>英伟达面临的最大风险是 AI 资本支出的放缓或竞争的出现侵蚀利润率。但到目前为止，这种情况并没有发生。英伟达迄今为止一直是一个以盈利为驱动的故事。事实上，盈利增长已经超过了股价的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10f37cc70bc0592e4f5e0e30f004f4c4.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/10f37cc70bc0592e4f5e0e30f004f4c4.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>最终，英伟达的增长可能会放缓。但在那之前，很难称英伟达为泡沫，因为该业务正在提供真实的、底线的结果。这不是一家有潜力在未来做出惊人事情的公司；相反，它正在现在交付令人难以置信的结果。</p>
<p>由于英伟达一直是一个以盈利为驱动的故事，其估值仍然合理。英伟达的市盈率和前瞻市盈率都高于亚马逊。但正如您在图表中所看到的，如果英伟达继续以更快的速度增长其盈利，两家公司之间的估值差距可能会缩小。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/764adfbacc60f0b33d91cee9811cb04d.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/764adfbacc60f0b33d91cee9811cb04d.png"/></p>
<p>NVDA 前瞻市盈率数据来自 YCharts</p>
<h2>只有在具备长期投资心态时才购买英伟达</h2>
<p>英伟达和亚马逊都是优秀的公司，能够从更高的人工智能支出中受益。然而，竞争或周期性放缓可能会迅速使这两家公司看起来更昂贵，导致急剧抛售。</p>
<p>在以历史最高价购买行业领先的成长股时，重要的是要理解导致创纪录高点的因素可能也是导致抛售的原因。华尔街不会浪费时间，仅仅基于短期增长前景就会下调股票评级。然而，好消息是，个人投资者不必被噪音所困扰，而是可以专注于长期投资论点。</p>
<p>对英伟达感兴趣的投资者应继续关注其技术进步的速度以及将这些改进货币化的能力。目前，英伟达在创新方面领先于竞争对手，因此仍然可以为其产品收取高价。此外，其客户表现良好，能够支付几乎英伟达所要求的任何价格。</p>
<p>英伟达正处于巅峰状态，目前还没有任何确凿的理由相信这一点会改变。但如果周期发生转变，英伟达的主要客户如 AWS 和 <strong>Meta Platforms</strong> 会发出信号。股价继续受到盈利增长的推动，这种增长预计将在明年继续。</p>
<p>总之，英伟达的商业模式比亚马逊更简单、更有效，增长也更好，因此现在是更好的购买选择。</p>

英伟达

亚马逊

<p>英伟达和亚马逊最近加入了道琼斯工业平均指数，在 2024 年表现优于标准普尔 500 指数。分析师建议，考虑到英伟达在数据中心芯片领域的强大地位以及与亚马逊的 AWS 相比更高的运营利润率，英伟达可能是 2025 年的更好投资选择。虽然两家公司都受益于彼此的关系，但英伟达在数据中心领域的增长潜力和市场份额使其成为更具吸引力的投资。亚马逊多元化的商业模式在很大程度上依赖于 AWS，但英伟达专注于数据中心的战略提供了更清晰的增长前景</p>

<p>The storied <strong>Dow Jones Industrial Average</strong>(^DJI -0.28%) is one of the oldest and most reputable stock market indexes. The 30 Dow components are industry-leading blue chip stocks representing their respective stock market sectors. But the Dow has undergone major transformations over the last five years.</p>
<div class="lb-trans"><p>历史悠久的 <strong>道琼斯工业平均指数</strong>(^DJI -0.28%) 是最古老且最具声望的股票市场指数之一。道琼斯的 30 个成分股是各自行业的领先蓝筹股，代表着各自的股票市场板块。但在过去五年中，道琼斯经历了重大变革。</p>
</div><p>The two latest changes came this year, with <strong>Amazon</strong>(AMZN 2.94%) replacing <strong>Walgreens Boots Alliance</strong> in February and <strong>Nvidia</strong>(NVDA -1.81%) replacing <strong>Intel</strong> in November.</p>
<div class="lb-trans"><p>今年的两次最新变动是，<strong>亚马逊</strong>(AMZN 2.94%) 在 2 月份取代了 <strong>沃尔格林联合公司</strong>，而 <strong>英伟达</strong>(NVDA -1.81%) 在 11 月份取代了 <strong>英特尔</strong>。</p>
</div><p>Amazon and Nvidia wasted no time proving their value in modernizing the Dow, with both components outperforming the <strong>S&amp;P 500</strong>(^GSPC 0.25%) and Dow indexes year to date. But investors care more about where a company is going than where it has been.</p>
<div class="lb-trans"><p>亚马逊和英伟达迅速证明了它们在现代化道琼斯中的价值，两者的表现均超过了 <strong>标准普尔 500 指数</strong>(^GSPC 0.25%) 和道琼斯指数。但投资者更关心的是一家公司未来的发展，而不是过去的表现。</p>
</div><p>Here's why Nvidia stands out as a better buy than Amazon for 2025, and some factors to consider when buying leading growth stocks at all-time highs.</p>
<div class="lb-trans"><p>以下是为什么英伟达在 2025 年比亚马逊更值得投资的原因，以及在历史高位购买领先成长股时需要考虑的一些因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MTkvZ2V0dHlpbWFnZXMtMTAzMjUyNDM1Ni0xMjAxeDY5MS1mMjYwY2Q2LTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799819%2Fgettyimages-1032524356-1201x691-f260cd6-2.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>Succeeding together</h2>
<div class="lb-trans"><h2>共同成功</h2>
</div><p>Before getting too far into our discussion, it's worth mentioning that Amazon's cloud computing arm, Amazon Web Services (AWS), is a major customer of Nvidia. So there's certainly a scenario where both companies thrive and post market-beating gains, or slowdowns at AWS trickle down to Nvidia.</p>
<div class="lb-trans"><p>在深入讨论之前，值得一提的是，亚马逊的云计算部门亚马逊网络服务（AWS）是英伟达的重要客户。因此，确实存在一种情况，即两家公司都能蓬勃发展并实现超越市场的收益，或者 AWS 的放缓会影响到英伟达。</p>
</div><p>On Dec. 3, Nvidia announced that its latest tech, including its Blackwell architecture for generative artificial intelligence (AI), was coming to AWS. A new computing platform available through AWS Marketplace Private Offers will allow enterprises to build AI models with the support of Nvidia experts. AWS has developed liquid-to-chip cooling across its data centers with a new solution that offers air- and liquid-cooling capabilities for powerful AI supercomputer systems like the Nvidia GB200 NVL72.</p>
<div class="lb-trans"><p>12 月 3 日，英伟达宣布其最新技术，包括用于生成性人工智能（AI）的 Blackwell 架构，将进入 AWS。通过 AWS Marketplace Private Offers 提供的新计算平台将允许企业在英伟达专家的支持下构建 AI 模型。AWS 在其数据中心开发了液体到芯片的冷却解决方案，为强大的 AI 超级计算机系统（如英伟达 GB200 NVL72）提供空气和液体冷却能力。</p>
</div><p>Nvidia is the undisputed leader in chips for hyperscalers, and AWS is the leading hyperscaler -- commanding roughly the same market share as <strong>Microsoft</strong> Cloud and <strong>Alphabet</strong>-owned Google Cloud combined. According to a Nov. 1 report from Synergy Research Group, AWS holds a 31% market share over the cloud market compared to 20% for Microsoft and 13% for Google.</p>
<div class="lb-trans"><p>英伟达在超大规模数据中心芯片领域无可争议地处于领先地位，而 AWS 是领先的超大规模云服务提供商，其市场份额与 <strong>微软</strong> 云和 <strong>谷歌</strong> 云（由 Alphabet 拥有）相当。根据 Synergy Research Group 于 11 月 1 日发布的报告，AWS 在云市场的市场份额为 31%，而微软为 20%，谷歌为 13%。</p>
</div><p>However, AWS doesn't have nearly the dominance in cloud as Nvidia does in chips for data centers.</p>
<div class="lb-trans"><p>然而，AWS 在云领域的主导地位远不及英伟达在数据中心芯片领域的主导地位。</p>
</div><h2>The better business model</h2>
<div class="lb-trans"><h2>更好的商业模式</h2>
</div><p>Over its history, Amazon has been a remarkably flexible company, branching into different end markets and enduring several periods of economic uncertainty. The company's network effects, leading cloud position, growing e-commerce business, and combination of diversification and disruption are valid reasons to buy Amazon stock like there's no tomorrow.</p>
<div class="lb-trans"><p>在其历史上，亚马逊是一家极具灵活性的公司，涉足不同的终端市场，并经历了几次经济不确定性。公司的网络效应、领先的云计算地位、不断增长的电子商务业务，以及多样化和颠覆性的结合，都是购买亚马逊股票的有效理由，仿佛没有明天一样。</p>
</div><p>AWS' operating income comprised 62% of Amazon's total operating income for the nine months ending Sept. 30, 2024. Compared to the same period last year, AWS revenue increased by $12.22 billion, but its operating expenses only increased by $479 million, so nearly all of that revenue gain translated to operating income growth. However, without the contribution from AWS, Amazon simply isn't growing very quickly.</p>
<div class="lb-trans"><p>截至 2024 年 9 月 30 日的九个月中，AWS 的营业收入占亚马逊总营业收入的 62%。与去年同期相比，AWS 的收入增加了 122.2 亿美元，但其运营费用仅增加了 4.79 亿美元，因此几乎所有的收入增长都转化为营业收入增长。然而，如果没有 AWS 的贡献，亚马逊的增长速度就不会那么快。</p>
</div><p>AWS has expanded Amazon far beyond e-commerce and made it a better business, but not in the same way that chips for data centers have been a game changer for Nvidia.</p>
<div class="lb-trans"><p>AWS 使亚马逊远远超越了电子商务，并使其成为一家更好的企业，但这并不是像数据中心的芯片对英伟达那样的颠覆性改变。</p>
</div><p>In Nvidia's recent quarter, which was third-quarter fiscal 2025 (ended Oct. 27), Nvidia reported $30.77 billion in revenue consisting of $27.64 billion from compute and $3.13 billion from networking. Operating income from the compute and networking segment came in at $22.081 billion -- giving the segment a ridiculously high operating margin of 71.8%. For context, Amazon -- as a whole -- booked $17.41 billion in operating income in its recent quarter. And AWS' margins aren't nearly as high as Nvidia's.</p>
<div class="lb-trans"><p>在英伟达最近的一个季度（2025 财年第三季度，截止于 10 月 27 日），英伟达报告的收入为 307.7 亿美元，其中计算业务占 276.4 亿美元，网络业务占 31.3 亿美元。计算和网络部门的营业收入为 220.81 亿美元，使该部门的营业利润率高达 71.8%。作为对比，亚马逊在其最近一个季度的整体营业收入为 174.1 亿美元，而 AWS 的利润率远不及英伟达。</p>
</div><p>Nvidia's gaming and AI PC, professional visualization, and automotive and robotics segments combined for $4.22 billion in revenue. The graphics segment earned just $1.502 billion in operating income.</p>
<div class="lb-trans"><p>英伟达的游戏和 AI PC、专业可视化以及汽车和机器人部门的总收入为 42.2 亿美元。图形部门的营业收入仅为 15.02 亿美元。</p>
</div><p>It's hard to believe, but five years ago, Nvidia's data center business was smaller than its graphics segment. Whereas today, data center makes up over 85% of Nvidia's revenue and over 90% of its operating income. In the quarter, Nvidia said that cloud service providers made up around 50% of its data center revenue, while the remainder consisted of consumer internet and enterprise companies. These customers (like AWS) are some of the highest-quality customers in the world. They are the exact kind of customers Nvidia wants because they have the financial means to invest through market cycles.</p>
<div class="lb-trans"><p>难以置信的是，五年前，英伟达的数据中心业务规模还小于其图形部门。而如今，数据中心业务占英伟达收入的 85% 以上，营业收入的 90% 以上。在这一季度，英伟达表示，云服务提供商占其数据中心收入的约 50%，其余部分则来自消费者互联网和企业公司。这些客户（如 AWS）是全球最高质量的客户。他们正是英伟达希望的客户，因为他们有财力在市场周期中进行投资。</p>
</div><p>Nvidia went from a chip company for graphics to a chip company for data centers. In contrast, Amazon still does many different things, but the best part of its business is AWS. Nvidia has better margins and more growth potential. It has a more commanding market share. And it is a more pure-play investment thesis on data center growth, whereas Amazon's investment thesis crosses more industries and is more complex.</p>
<div class="lb-trans"><p>英伟达从一家图形芯片公司转变为一家数据中心芯片公司。相比之下，亚马逊仍然在做许多不同的事情，但其业务中最好的部分是 AWS。英伟达的利润率更高，增长潜力更大，市场份额更具主导性。它是一个更纯粹的数据中心增长投资论，而亚马逊的投资论则跨越更多行业，复杂性更高。</p>
</div><h2>Nvidia has a fair valuation</h2>
<div class="lb-trans"><h2>英伟达的估值合理</h2>
</div><p>Nvidia's biggest risks are a slowdown in AI capital spending or competition coming along and eroding margins. But so far, that hasn't happened. Nvidia has so far been an earnings-driven story. In fact, earnings growth has outpaced the growth in the stock price.</p>
<div class="lb-trans"><p>英伟达面临的最大风险是 AI 资本支出的放缓或竞争的出现侵蚀利润率。但到目前为止，这种情况并没有发生。英伟达迄今为止一直是一个以盈利为驱动的故事。事实上，盈利增长已经超过了股价的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/10f37cc70bc0592e4f5e0e30f004f4c4.png" alt="" original-src="https://media.ycharts.com/charts/10f37cc70bc0592e4f5e0e30f004f4c4.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>Eventually, Nvidia's growth will probably slow down. But until that happens, it's hard to call Nvidia a bubble because the business is delivering real, bottom-line results. This isn't a company that has the potential to do amazing things in the future; rather, it is delivering unbelievable results right now.</p>
<div class="lb-trans"><p>最终，英伟达的增长可能会放缓。但在那之前，很难称英伟达为泡沫，因为该业务正在提供真实的、底线的结果。这不是一家有潜力在未来做出惊人事情的公司；相反，它正在现在交付令人难以置信的结果。</p>
</div><p>Because Nvidia has been an earnings-driven story, its valuation remains reasonable. Nvidia has a higher price-to-earnings (P/E) ratio and forward P/E ratio than Amazon. But as you can see in the chart, the gap between the valuations of both companies could narrow if Nvidia continues to grow its earnings at a faster pace.</p>
<div class="lb-trans"><p>由于英伟达一直是一个以盈利为驱动的故事，其估值仍然合理。英伟达的市盈率和前瞻市盈率都高于亚马逊。但正如您在图表中所看到的，如果英伟达继续以更快的速度增长其盈利，两家公司之间的估值差距可能会缩小。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/764adfbacc60f0b33d91cee9811cb04d.png" alt="" original-src="https://media.ycharts.com/charts/764adfbacc60f0b33d91cee9811cb04d.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 前瞻市盈率数据来自 YCharts</p>
</div><h2>Only buy Nvidia if you have a long-term mindset</h2>
<div class="lb-trans"><h2>只有在具备长期投资心态时才购买英伟达</h2>
</div><p>Nvidia and Amazon are excellent companies that stand to benefit from higher AI spending. However, competition or a cyclical slowdown could quickly make both companies look more expensive, leading to a steep sell-off.</p>
<div class="lb-trans"><p>英伟达和亚马逊都是优秀的公司，能够从更高的人工智能支出中受益。然而，竞争或周期性放缓可能会迅速使这两家公司看起来更昂贵，导致急剧抛售。</p>
</div><p>When buying industry-leading growth stocks at all-time highs, it's important to understand that the factors contributing to the record highs could be the same ones leading to a sell-off. Wall Street will waste no time downgrading a stock based solely on its near-term growth prospects. However, the good news is that individual investors don't have to get caught up in the noise and, instead, can focus on the long-term investment thesis.</p>
<div class="lb-trans"><p>在以历史最高价购买行业领先的成长股时，重要的是要理解导致创纪录高点的因素可能也是导致抛售的原因。华尔街不会浪费时间，仅仅基于短期增长前景就会下调股票评级。然而，好消息是，个人投资者不必被噪音所困扰，而是可以专注于长期投资论点。</p>
</div><p>Investors interested in Nvidia should continue to monitor its pace of technological advancements and ability to monetize those improvements. Currently, Nvidia is out-innovating its competition, so it can still charge top dollar for its products. Furthermore, its customers are doing so well that they can afford to pay pretty much whatever Nvidia is charging.</p>
<div class="lb-trans"><p>对英伟达感兴趣的投资者应继续关注其技术进步的速度以及将这些改进货币化的能力。目前，英伟达在创新方面领先于竞争对手，因此仍然可以为其产品收取高价。此外，其客户表现良好，能够支付几乎英伟达所要求的任何价格。</p>
</div><p>Nvidia is at the top of its game, and there has yet to be any concrete reason to believe it will change. But if the cycle does turn, there will be signs from Nvidia's top customers like AWS and <strong>Meta Platforms</strong>. The stock price continues to be driven by earnings growth, which should continue next year.</p>
<div class="lb-trans"><p>英伟达正处于巅峰状态，目前还没有任何确凿的理由相信这一点会改变。但如果周期发生转变，英伟达的主要客户如 AWS 和 <strong>Meta Platforms</strong> 会发出信号。股价继续受到盈利增长的推动，这种增长预计将在明年继续。</p>
</div><p>In sum, Nvidia has a simpler and more effective business model than Amazon and much better growth, making it the better buy now.</p>
<div class="lb-trans"><p>总之，英伟达的商业模式比亚马逊更简单、更有效，增长也更好，因此现在是更好的购买选择。</p>
</div>

The Newest Dow Growth Stocks Nvidia and Amazon Crushed the S&P 500 in 2024, but Which Is the Best Buy for 2025?

- 道琼斯工业平均指数经历了重大变革，亚马逊和英伟达分别取代了沃尔格林和英特尔。  
- 英伟达在数据中心市场的领导地位和高利润率使其成为更具吸引力的投资选择。  
- 尽管亚马逊的云服务表现良好，但英伟达的增长潜力和商业模式更为简单有效。  

最新的道琼斯成长股英伟达和亚马逊在 2024 年表现优于标普 500 指数，但哪一个是 2025 年的最佳投资选择？