<p><strong>英伟达</strong>(NVDA -2.55%) 在今年的股票表现上名列前茅。该股的涨幅接近 190%，在 <strong>道琼斯工业平均指数</strong> 中表现最佳，在 <strong>纳斯达克 100</strong> 中表现第二，在标准普尔 500 中表现第三。而如此巨大的涨幅原因显而易见：英伟达在当今最热门的行业之一建立了一个帝国。我所说的是人工智能（AI），预计这个市场将从今天的 2000 亿美元增长到十年末的 1 万亿美元。</p>
<p>这家科技巨头制造了开发 AI 项目所需的强大芯片，以及一整套相关产品和服务。这帮助公司的收入达到了创纪录的水平。在最近一个季度，收入达到了 350 亿美元，超过了仅两年前一整年的收入水平。</p>
<p>考虑到公司的势头，你应该在 2025 年前购买英伟达吗？证据正在积累，并且倾向于一个特定的答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNzQvZ2V0dHlpbWFnZXMtMTE3ODEyMTQ4My5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNzQvZ2V0dHlpbWFnZXMtMTE3ODEyMTQ4My5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CUDA 的创建与向人工智能的转变</h2>
<p>但在我们讨论之前，让我们回顾一下英伟达的故事。这个公司并不总是一个 AI 巨头。在早期，英伟达的图形处理单元（GPU）为视频游戏提供动力——然后，随着其同时处理多项任务的能力在其他领域的实用性逐渐显现，英伟达使这一切成为可能。公司推出了并行计算平台 CUDA，GPU 的应用范围迅速扩大，成为 AI 革命的明星。</p>
<p>在英伟达最近的大多数季度中，公司的收益增长达到了三位数。在最新的一个季度，这一增长放缓至两位数——但考虑到比较季度变得相当困难，这并不令人惊讶。例如，在去年第三季度，收入已经飙升至 180 亿美元。在最近的第三季度，收入较之增长了 94%。</p>
<p>重要的是，这个故事不仅仅关乎收入，还关乎盈利能力。英伟达展示了其在销售中产生高利润的能力，毛利率超过 70%。公司甚至预测，这些高毛利率将在未来几周和几个月内通过其新推出的 Blackwell 架构继续保持。这一点令人印象深刻，因为产品发布通常伴随着额外的费用，而公司在初始阶段通常并不是成本效率最高的水平。</p>
<h2>为什么你可能会犹豫现在购买英伟达</h2>
<p>现在让我们考虑一下，在新年之前你是否应该购买这只高飞的股票。你可能犹豫的一个原因是，在发布期间，英伟达的毛利率可能仍然强劲，但公司仍将经历一个过渡期。英伟达表示，确保发布的完美将对毛利率产生一定压力，使其从中等 70% 降至低 70% 区间。这，加上英伟达在 2024 年的激增，可能促使投资者转向其他更具爆发性增长潜力的股票。</p>
<p>也就是说，即使在英伟达最近几个季度令人印象深刻的收益和股价表现之后，这家公司可能仍处于其增长故事的早期阶段。正如我之前提到的，整个 AI 市场将在未来几年内腾飞。而英伟达首席执行官黄仁勋多次强调，在未来四到五年内，约 1 万亿美元必须用于升级数据中心，以推动这一加速计算的转变。</p>
<p>与此同时，英伟达即将推出的 Blackwell 以及未来的芯片——公司承诺每年更新——将有助于推动这些发展。这意味着一个全新的增长时代可能就在眼前。</p>
<h2>证据显示了什么</h2>
<p>考虑到这一点，积累的证据表明，尽快投资英伟达是个好主意——以便从这一波新的增长中受益，这一波增长将在本季度早些时候开始。英伟达预测，它将在这一期间超越数十亿美元的 Blackwell 收入预期。</p>
<p>当然，即使在新年之后购买英伟达也显然可能带来未来的回报。短期内的股票表现通常不会对长期持有产生太大影响——而这才是最佳的投资方式。因此，你并不一定需要急于现在就购买英伟达股票以避免错过机会。但是，如果你恰好在 2025 年底之前寻找股票，证据表明英伟达是一个绝佳的选择。</p>

英伟达

<p>英伟达的股票今年上涨了近 190%，这得益于其在蓬勃发展的人工智能行业中的主导地位。该公司报告了创纪录的收入，最近一个季度的收入达到了数十亿美元，并且保持着超过 70% 的高利润率。尽管在即将推出的 Blackwell 架构期间可能面临利润压力，但随着人工智能市场的扩展，英伟达有望实现显著增长。分析师建议，在 2025 年前投资英伟达可能会带来好处，因为预计该公司将在不断发展的科技领域中继续保持上升趋势</p>

<p><strong>Nvidia</strong>(NVDA -2.55%) has roared to the top of the charts when it comes to stock performance this year. The shares are heading for an increase of nearly 190% for the top performance in the <strong>Dow Jones Industrial Average</strong>, the second-best performance in the <strong>Nasdaq 100</strong>, and the third-best performance in the S&amp;P 500. And the reason for such gains is clear: Nvidia has built an empire in one of today's hottest industries. I'm talking about artificial intelligence (AI), a market forecast to climb from $200 billion today to $1 trillion by the end of the decade.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.55%) 在今年的股票表现上名列前茅。该股的涨幅接近 190%，在 <strong>道琼斯工业平均指数</strong> 中表现最佳，在 <strong>纳斯达克 100</strong> 中表现第二，在标准普尔 500 中表现第三。而如此巨大的涨幅原因显而易见：英伟达在当今最热门的行业之一建立了一个帝国。我所说的是人工智能（AI），预计这个市场将从今天的 2000 亿美元增长到十年末的 1 万亿美元。</p>
</div><p>The tech giant makes the powerful chips key to the development of AI projects along with a whole portfolio of related products and services. And this has helped revenue climb to record levels. It reached $35 billion in the recent quarter, a higher level than a full year of revenue just two years ago.</p>
<div class="lb-trans"><p>这家科技巨头制造了开发 AI 项目所需的强大芯片，以及一整套相关产品和服务。这帮助公司的收入达到了创纪录的水平。在最近一个季度，收入达到了 350 亿美元，超过了仅两年前一整年的收入水平。</p>
</div><p>Considering the company's momentum, should you buy Nvidia before 2025? Evidence is piling up, and it's favoring one particular answer.</p>
<div class="lb-trans"><p>考虑到公司的势头，你应该在 2025 年前购买英伟达吗？证据正在积累，并且倾向于一个特定的答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNzQvZ2V0dHlpbWFnZXMtMTE3ODEyMTQ4My5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800274%2Fgettyimages-1178121483.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>The creation of CUDA and a shift to artificial intelligence</h2>
<div class="lb-trans"><h2>CUDA 的创建与向人工智能的转变</h2>
</div><p>But before we get to that, let's look at Nvidia's story so far. This company wasn't always an AI giant. In their earlier days, Nvidia's graphics processing units (GPUs) powered video games -- then, as it became clear their ability to handle many tasks at once would be useful in other areas, Nvidia made this possible. The company launched the parallel computing platform CUDA, and the GPU expanded its reach, soon becoming the star of the AI revolution.</p>
<div class="lb-trans"><p>但在我们讨论之前，让我们回顾一下英伟达的故事。这个公司并不总是一个 AI 巨头。在早期，英伟达的图形处理单元（GPU）为视频游戏提供动力——然后，随着其同时处理多项任务的能力在其他领域的实用性逐渐显现，英伟达使这一切成为可能。公司推出了并行计算平台 CUDA，GPU 的应用范围迅速扩大，成为 AI 革命的明星。</p>
</div><p>In most of Nvidia's recent quarters, the company's earnings have climbed in the triple digits. In the latest quarter, that growth slowed to the double digits -- but that's not surprising considering comparison quarters have become quite difficult. For example, in the third quarter of last year, revenue already soared to $18 billion. In the recent third quarter, it advanced 94% from that level.</p>
<div class="lb-trans"><p>在英伟达最近的大多数季度中，公司的收益增长达到了三位数。在最新的一个季度，这一增长放缓至两位数——但考虑到比较季度变得相当困难，这并不令人惊讶。例如，在去年第三季度，收入已经飙升至 180 亿美元。在最近的第三季度，收入较之增长了 94%。</p>
</div><p>Importantly, this story isn't only about revenue, but it's also about profitability. Nvidia has shown its ability to generate high profit on sales, with a gross margin of more than 70%. And the company even predicts these wide margins will continue through the launch of its new Blackwell architecture in the coming weeks and months. This is impressive since product releases come with extra expenses and companies generally aren't at their most cost-efficient levels during the initial stages.</p>
<div class="lb-trans"><p>重要的是，这个故事不仅仅关乎收入，还关乎盈利能力。英伟达展示了其在销售中产生高利润的能力，毛利率超过 70%。公司甚至预测，这些高毛利率将在未来几周和几个月内通过其新推出的 Blackwell 架构继续保持。这一点令人印象深刻，因为产品发布通常伴随着额外的费用，而公司在初始阶段通常并不是成本效率最高的水平。</p>
</div><h2>Why you may hesitate to buy Nvidia now</h2>
<div class="lb-trans"><h2>为什么你可能会犹豫现在购买英伟达</h2>
</div><p>Now let's consider whether you should buy this high-flying stock before the new year. One reason you may hesitate is the fact that, during the launch period, Nvidia's margins may remain strong, but the company still will go through a time of transition. Nvidia said getting the launch just right will weigh somewhat on gross margin, bringing it down to the low-70% range from the mid-70s. This, along with the fact that Nvidia surged in 2024, may prompt investors to turn to other stocks with more potential for explosive growth right away.</p>
<div class="lb-trans"><p>现在让我们考虑一下，在新年之前你是否应该购买这只高飞的股票。你可能犹豫的一个原因是，在发布期间，英伟达的毛利率可能仍然强劲，但公司仍将经历一个过渡期。英伟达表示，确保发布的完美将对毛利率产生一定压力，使其从中等 70% 降至低 70% 区间。这，加上英伟达在 2024 年的激增，可能促使投资者转向其他更具爆发性增长潜力的股票。</p>
</div><p>That said, even after Nvidia's impressive earnings and share price performance in recent quarters, the company may be in the early days of its growth story. As I mentioned earlier, the entire AI market is set to take off over the coming years. And Nvidia chief Jensen Huang has emphasized many times that over the coming four or five years, about $1 trillion must be spent to upgrade data centers as part of this shift to accelerated computing.</p>
<div class="lb-trans"><p>也就是说，即使在英伟达最近几个季度令人印象深刻的收益和股价表现之后，这家公司可能仍处于其增长故事的早期阶段。正如我之前提到的，整个 AI 市场将在未来几年内腾飞。而英伟达首席执行官黄仁勋多次强调，在未来四到五年内，约 1 万亿美元必须用于升级数据中心，以推动这一加速计算的转变。</p>
</div><p>Meanwhile, Nvidia's upcoming Blackwell launch along with future chips -- that it's pledged to update annually -- should help fuel these developments. And that means a whole new era of growth might be just ahead.</p>
<div class="lb-trans"><p>与此同时，英伟达即将推出的 Blackwell 以及未来的芯片——公司承诺每年更新——将有助于推动这些发展。这意味着一个全新的增长时代可能就在眼前。</p>
</div><h2>What the evidence shows</h2>
<div class="lb-trans"><h2>证据显示了什么</h2>
</div><p>Considering this, the evidence that's piling up shows us it's a great idea to get in on Nvidia as soon as possible -- to benefit from this new wave of growth that's starting as early as this current quarter. Nvidia predicts it will beat its forecast of several billion dollars of Blackwell revenue in the period.</p>
<div class="lb-trans"><p>考虑到这一点，积累的证据表明，尽快投资英伟达是个好主意——以便从这一波新的增长中受益，这一波增长将在本季度早些时候开始。英伟达预测，它将在这一期间超越数十亿美元的 Blackwell 收入预期。</p>
</div><p>Of course, even a purchase of Nvidia after the new year clearly could deliver rewards down the road. Stock performance over the short term generally won't have much of an impact if you hold on for the long term -- and that's the best way to invest. So, you don't absolutely have to rush out and buy Nvidia stock right now to avoid missing out. But, if you happen to be shopping for stocks before the end of 2025, evidence suggests Nvidia is a fantastic one to add to your list.</p>
<div class="lb-trans"><p>当然，即使在新年之后购买英伟达也显然可能带来未来的回报。短期内的股票表现通常不会对长期持有产生太大影响——而这才是最佳的投资方式。因此，你并不一定需要急于现在就购买英伟达股票以避免错过机会。但是，如果你恰好在 2025 年底之前寻找股票，证据表明英伟达是一个绝佳的选择。</p>
</div>

Should You Buy Nvidia Before 2025? The Evidence Is Piling Up, and It Says This.

- Nvidia 股价今年上涨近 190%，在主要指数中表现突出。  
- 公司在人工智能领域的强劲增长推动了创纪录的收入。  
- 尽管面临过渡期，未来几年仍有望实现持续增长。  

你应该在 2025 年前购买英伟达吗？证据越来越多，显示出这样的结论