<p><strong>苹果</strong>(AAPL -0.52%) 和 <strong>英伟达</strong>(NVDA 3.14%) 是全球最有价值的两家公司。它们的市值均超过 3 万亿美元，可能在不久的将来会有一家公司的市值达到 4 万亿美元。这可能会在明年内发生。</p>
<p>首个达到这一巅峰的股票很可能是这两家科技巨头中的一家。但会是苹果还是英伟达呢？从现在开始，哪一家公司看起来更值得投资？</p>
<h2>支持苹果的理由</h2>
<p>苹果在首先达到 4 万亿美元方面的优势在于，截至上周，它的市值高于英伟达——接近 3.7 万亿美元，而芯片制造商英伟达的市值为 3.4 万亿美元。但这并不是苹果可能首先达到这一目标的唯一原因。</p>
<p>目前，英伟达因人工智能（AI）而经历了巨大的增长，因为许多科技公司依赖其高性能芯片进行与 AI 相关的开发。但其他公司也在开发自己的芯片，这可能在未来对英伟达构成竞争。</p>
<p>例如，苹果一直在使用 <strong>亚马逊</strong> 的芯片来帮助开发其 AI 模型。同时，中国最近对英伟达展开了反垄断调查，这可能会影响其在该市场的长期增长机会。尽管英伟达最近表现良好，但未来可能会面临一些挑战。</p>
<p>另一方面，苹果可能很快会因将 AI 添加到其手机的更多功能中而获得显著提升。该公司已宣布推出苹果智能，但许多新功能，包括增强的 Siri 功能（如编辑照片、从电子邮件中提取 PDF），要到明年才能推出。</p>
<p>随着这些功能的推出，它们可能会在社交媒体上引发关注，并导致更多手机升级和业务收入增长。如果发生这种情况，可能足以将股票推向 4 万亿美元的市值。</p>
<h2>支持英伟达的理由</h2>
<p>英伟达的股票在过去三年中上涨了超过 330%，这让许多投资者担心它是否接近峰值。但考虑到该公司所取得的令人印象深刻的业绩，其估值并不算过分。</p>
<p>根据分析师的预测，英伟达的前瞻市盈率（P/E）为 33，仅比苹果的溢价略高。但尽管苹果的销售增长仅为个位数百分比，英伟达在最近一个季度的收入却飙升了 94%，该季度于 10 月 27 日结束。</p>
<p>对于投资者来说，为一家快速增长的企业支付溢价要比为像苹果这样并未经历销售和利润激增的公司支付溢价更为合理。</p>
<p>而且，随着对 AI 芯片的需求仍然很高，英伟达作为该领域的市场领导者，能够继续受益于这一趋势。尽管投资者在最近几周对该股票持谨慎态度，但强劲的季度业绩或明年的上调指引可能是提醒投资者该公司仍具备惊人增长潜力的催化剂。</p>
<h2>哪只股票将首先达到 4 万亿美元？</h2>
<p>这两只股票很可能在明年都能达到 4 万亿美元的市值。但我认为苹果目前可能更具优势，因为对该公司的预期可能没有那么高。由于需要达到的标准较低，苹果可能更有可能以比英伟达更快的速度上涨。</p>
<p>如果英伟达未能因其最近的业绩而大幅上涨，而该业绩显示出近 100% 的收入增长，这可能表明投资者的预期已经增长到一个程度，使得股票的价值上涨不再像过去那样容易，尤其是在未来几个季度面临更强劲的盈利数字时。</p>
<p>如果你打算长期投资，这两只科技股票都可以是值得持有的好投资。但在短期内，苹果可能具有更大的上行空间。</p>

英伟达

苹果

<p>苹果和英伟达正在争夺首个达到一万亿美元市值的头衔。目前，苹果以近 2.7 万亿美元的市值领先，而英伟达的市值为 1.4 万亿美元。尽管英伟达因人工智能需求而实现了显著增长，但竞争和监管审查等挑战可能会影响其未来。相反，苹果计划增强其人工智能能力，这可能会推动其收入增长。分析师认为，两只股票都有可能达到一万亿美元的市值，但由于预期较低和即将推出的产品特性，苹果可能略占优势</p>

<p><strong>Apple</strong>(AAPL -0.52%) and <strong>Nvidia</strong>(NVDA 3.14%) are the two most valuable companies in the world. Their market caps are each well over $3 trillion, and it may only be a matter of time before there's one worth $4 trillion. It could potentially happen within the next year.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL -0.52%) 和 <strong>英伟达</strong>(NVDA 3.14%) 是全球最有价值的两家公司。它们的市值均超过 3 万亿美元，可能在不久的将来会有一家公司的市值达到 4 万亿美元。这可能会在明年内发生。</p>
</div><p>The likelihood is high that the first stock to reach that pinnacle will be one of these two tech giants. But will it be Apple or Nvidia? Which looks to be the better buy from here on out?</p>
<div class="lb-trans"><p>首个达到这一巅峰的股票很可能是这两家科技巨头中的一家。但会是苹果还是英伟达呢？从现在开始，哪一家公司看起来更值得投资？</p>
</div><h2>The case for Apple</h2>
<div class="lb-trans"><h2>支持苹果的理由</h2>
</div><p>The advantage Apple has in reaching $4 trillion first is that as of last week, it had a higher market cap than Nvidia -- nearly $3.7 trillion versus $3.4 trillion for the chipmaker. But that's not the only reason Apple might get there first.</p>
<div class="lb-trans"><p>苹果在首先达到 4 万亿美元方面的优势在于，截至上周，它的市值高于英伟达——接近 3.7 万亿美元，而芯片制造商英伟达的市值为 3.4 万亿美元。但这并不是苹果可能首先达到这一目标的唯一原因。</p>
</div><p>Right now, Nvidia has been experiencing mammoth growth due to artificial intelligence (AI) because many tech companies rely on its high-performance chips for AI-related development. But other companies are developing their own chips, which could provide competition for Nvidia down the road.</p>
<div class="lb-trans"><p>目前，英伟达因人工智能（AI）而经历了巨大的增长，因为许多科技公司依赖其高性能芯片进行与 AI 相关的开发。但其他公司也在开发自己的芯片，这可能在未来对英伟达构成竞争。</p>
</div><p>Apple, for instance, has been using chips from <strong>Amazon</strong> to help develop its AI models. Meanwhile, China has recently launched an antitrust probe into Nvidia, which could affect its long-run growth opportunities in that market. As well as Nvidia has been performing of late, there could be challenges that weigh on the business in the not-too-distant future.</p>
<div class="lb-trans"><p>例如，苹果一直在使用 <strong>亚马逊</strong> 的芯片来帮助开发其 AI 模型。同时，中国最近对英伟达展开了反垄断调查，这可能会影响其在该市场的长期增长机会。尽管英伟达最近表现良好，但未来可能会面临一些挑战。</p>
</div><p>Apple, on the other hand, may soon get a significant boost from AI as it adds it to more features on its phones. The company has announced Apple Intelligence, but many new features, including enhanced Siri capabilities (like editing a photo, extracting a PDF from an email), won't be available until the new year.</p>
<div class="lb-trans"><p>另一方面，苹果可能很快会因将 AI 添加到其手机的更多功能中而获得显著提升。该公司已宣布推出苹果智能，但许多新功能，包括增强的 Siri 功能（如编辑照片、从电子邮件中提取 PDF），要到明年才能推出。</p>
</div><p>As those features roll out, they could generate interest on social media and result in more phone upgrades and revenue growth for the business. If that happens, that may be enough to send the stock to a $4 trillion market cap.</p>
<div class="lb-trans"><p>随着这些功能的推出，它们可能会在社交媒体上引发关注，并导致更多手机升级和业务收入增长。如果发生这种情况，可能足以将股票推向 4 万亿美元的市值。</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英伟达的理由</h2>
</div><p>Nvidia's stock has rallied more than 330% over the past three years, prompting many investors to worry about whether it may be approaching a peak. But when you consider the impressive results the company has generated, its valuation isn't all that outlandish.</p>
<div class="lb-trans"><p>英伟达的股票在过去三年中上涨了超过 330%，这让许多投资者担心它是否接近峰值。但考虑到该公司所取得的令人印象深刻的业绩，其估值并不算过分。</p>
</div><p>Based on analyst projections, Nvidia is trading at a forward price-to-earnings multiple (P/E) of 33, which is only slightly higher than Apple's premium. But while the iPhone maker has been growing its sales by single-digit percentages, Nvidia's top line soared by 94% in its most recent quarter, which ended on Oct. 27.</p>
<div class="lb-trans"><p>根据分析师的预测，英伟达的前瞻市盈率（P/E）为 33，仅比苹果的溢价略高。但尽管苹果的销售增长仅为个位数百分比，英伟达在最近一个季度的收入却飙升了 94%，该季度于 10 月 27 日结束。</p>
</div><p>It's much more tenable for investors to pay a premium for a fast-growing business than it is to pay one for a company such as Apple, which isn't exactly experiencing a surge in sales and profits.</p>
<div class="lb-trans"><p>对于投资者来说，为一家快速增长的企业支付溢价要比为像苹果这样并未经历销售和利润激增的公司支付溢价更为合理。</p>
</div><p>And with demand for AI chips still remaining high and Nvidia being a market leader in the space, it can continue to benefit from that trend. Investors have been cautious with the stock in recent weeks, but a strong quarter or upgraded guidance next year could be the catalyst that's needed to remind investors of the phenomenal growth potential that the company still possesses.</p>
<div class="lb-trans"><p>而且，随着对 AI 芯片的需求仍然很高，英伟达作为该领域的市场领导者，能够继续受益于这一趋势。尽管投资者在最近几周对该股票持谨慎态度，但强劲的季度业绩或明年的上调指引可能是提醒投资者该公司仍具备惊人增长潜力的催化剂。</p>
</div><h2>Which stock will hit $4 trillion first?</h2>
<div class="lb-trans"><h2>哪只股票将首先达到 4 万亿美元？</h2>
</div><p>Both stocks could very well end up reaching the $4 trillion mark next year. But I believe Apple may have the inside track right now because expectations may not be as high for the business. And by having a lower bar to hit in order to impress investors, it looks more probable that Apple may be able to rise at a faster rate than Nvidia.</p>
<div class="lb-trans"><p>这两只股票很可能在明年都能达到 4 万亿美元的市值。但我认为苹果目前可能更具优势，因为对该公司的预期可能没有那么高。由于需要达到的标准较低，苹果可能更有可能以比英伟达更快的速度上涨。</p>
</div><p>If Nvidia failed to surge on its recent results, which demonstrated nearly 100% revenue growth, that may be a cause for concern that investor expectations have grown to the point where it may not be as easy for the stock to surge in value as it has in the past, especially as it laps stronger earnings numbers in the quarters ahead.</p>
<div class="lb-trans"><p>如果英伟达未能因其最近的业绩而大幅上涨，而该业绩显示出近 100% 的收入增长，这可能表明投资者的预期已经增长到一个程度，使得股票的价值上涨不再像过去那样容易，尤其是在未来几个季度面临更强劲的盈利数字时。</p>
</div><p>If you're investing in the long haul, both of these tech stocks can be good investments to hang on to. But in the near term, Apple may possess a bit more upside.</p>
<div class="lb-trans"><p>如果你打算长期投资，这两只科技股票都可以是值得持有的好投资。但在短期内，苹果可能具有更大的上行空间。</p>
</div>

Apple vs. Nvidia: Which Will Hit a $4 Trillion Market Cap First?

- 苹果和英伟达是全球最有价值的公司，市值均超过 1 万亿美元。  
- 苹果在市值上领先英伟达，且即将推出更多 AI 功能，可能推动股价上涨。  
- 英伟达虽然增长迅速，但面临竞争和市场预期压力，短期内苹果或更具上涨潜力。

苹果与英伟达：谁将首先达到 4 万亿美元的市值？