<p>毫无疑问，科技巨头 <strong>英伟达</strong>(NVDA -2.25%) 迄今为止一直是人工智能 (AI) 运动的核心。</p>
<p>它的处理器是大多数数据中心的核心。自 2023 年初人工智能革命全面展开以来，其股票的表现远超整体市场。在这两年间，股价上涨超过 800%，而 <strong>标准普尔 500 指数</strong> 在同一时期仅上涨 58%。</p>
<p>然而，正如往常一样，情况总是会变化。竞争逐渐出现。技术不断演变。客户开始考虑更具体的解决方案来应对他们独特的挑战，而投资者对行业领导者股票的狂热兴趣也逐渐减退。</p>
<p>任何考虑投资或持有 <strong>英伟达</strong> 股票的人，可能更应该考虑科技行业的其他顶级增长潜力股： <strong>迈威尔科技</strong>(MRVL 10.79%)。</p>
<h2>迈威尔科技，近距离了解</h2>
<p>不熟悉它？你并不孤单。其市值不足 1000 亿美元，尤其与英伟达的 3 万亿美元市值相比，确实不太引人注目。迈威尔也并没有引起许多对 “下一个大事件” 保持敏感的对冲基金和资金经理的注意。在《傻瓜投资网》最近对 16 位亿万富翁的对冲基金持仓的调查中，该公司并不是他们的主要持仓之一——但也许它应该是。</p>
<p>迈威尔并不是投资者在寻找新方式参与人工智能运动时首先想到的名字。尽管如此，它一直默默存在。该公司生产从数据中心交换机到硬盘控制器，再到你不常听说但如果不存在就会注意到的计算机处理器。它的技术广泛应用于 5G 连接设备、汽车，以及或许最显著的，越来越需要整面主板协同工作的人工智能数据中心，这些主板共同构成一个庞大的数字大脑。</p>
<p>例如，本周早些时候，该公司推出了新的 Aquila DSP（数字信号处理器），能够每秒处理 1.6 万亿比特的数字数据。这种高效能的技术可以用于连接线长达 20 公里的密集数据中心。因此，市场研究机构 Dell'Oro Group 认为，这种新型数据中心处理器的市场将在未来五年内以平均每年 200% 的速度增长。</p>
<p>这只是迈威尔所制造的众多技术之一。本周早些时候，该公司还宣布了高带宽内存（HBM）模块的设计突破。这一解决方案应能为人工智能平台提供比当前可比系统多 25% 的计算能力，而不占用额外空间。Mordor Intelligence 认为，全球 HBM 市场的更好发展预计将在 2029 年前以近 26% 的年化速度增长。</p>
<p>毫无疑问，英伟达的处理器是工作马。如果人工智能要开始其下一个篇章，那么这些人工智能处理器所连接的技术也需要是下一代的产品。迈威尔科技正在引领这一低调的潮流。</p>
<h2>尽管近期涨幅仍然看好</h2>
<p>无论好坏，迈威尔的增长前景越来越体现在股票价格上。自 2022 年底以来，股价上涨超过 200%，其中大约一半的涨幅是在今年年中之后实现的，因为其研发工作及其需求成为了焦点。</p>
<p>如此大的涨幅似乎很难继续，导致股票的估值达到未来财年的每股预期利润 2.76 美元的 40 倍。这无疑是一个典型的例子，任何合理的回调都是一个买入机会。</p>
<p>虽然这样的估值与整体市场相比似乎高得离谱，但这并不是如今传奇成长股的交易方式。这些股票可以维持甚至增加高额溢价，而不是基于明年的预期收益，而是基于公司在未来五年甚至十年内的合理利润。</p>
<p>毫无疑问，迈威尔科技在捕捉人工智能技术市场可预见的增长方面处于良好位置。Benchmark 分析师 Cody Acree 解释了他最近提高该股目标价的原因：“迈威尔是仅有的两家为三家行业最大超大规模数据中心公司提供英伟达 GPU 竞争加速器的定制硅供应商之一，<strong>亚马逊</strong> 和谷歌已与迈威尔签约，共同开发专门针对其特定人工智能工作负载的定制加速器。”</p>
<p>Acree 补充了他的看涨论点：“经过多年的接触、开发和认证，这些处理器目前正在大规模生产，结合其在光连接方面的强劲增长，迈威尔预计将 ‘远超’ 其 2025 财年和 2026 财年的人工智能目标，分别达到 15 亿美元和 25 亿美元。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA"/></p>
<p>数据来源：StockAnalysis.com。图表由作者提供。</p>
<p>他并不是唯一的看涨者。尽管近期涨幅巨大，绝大多数分析师仍将迈威尔股票评为强烈买入。</p>
<h2>如果你喜欢，就赶紧买入吧</h2>
<p>亿万富翁、对冲基金和其他机构投资者会不会最终加入并将迈威尔科技纳入他们的投资组合？也许会，也许不会。没有人能确定。</p>
<p>不要因为迈威尔目前不是所谓 “巨额资金” 投资者的宠儿而感到气馁。许多了解内情的投资者在英伟达首次崛起时也并不完全支持。这个群体可能需要时间来找到新的宠儿，然后说服自己投入其中。</p>
<p>如果你喜欢这个基本故事以及股票的长期风险与回报的情景，那就可以现在买入——即使是在最近达到的历史高点附近。</p>

英伟达

迈威尔科技

<p>英伟达在人工智能市场中占据主导地位，自 2023 年初以来，其股价飙升超过 800%。然而，竞争正在加剧，这促使投资者考虑像迈威尔科技这样的替代选择，后者在人工智能基础设施中默默发挥着重要作用。迈威尔最近的创新，包括强大的数字信号处理器和高带宽内存的进展，使其具备了显著增长的潜力。尽管自 2022 年以来股价上涨了 200%，分析师仍然认为迈威尔是一个强劲的投资机会，尤其是在与亚马逊和谷歌等大型公司合作提供定制人工智能解决方案的背景下</p>

<p>There's no denying that technology powerhouse <strong>Nvidia</strong>(NVDA -2.25%) has been the centerpiece of the artificial intelligence (AI) movement thus far.</p>
<div class="lb-trans"><p>毫无疑问，科技巨头 <strong>英伟达</strong>(NVDA -2.25%) 迄今为止一直是人工智能 (AI) 运动的核心。</p>
</div><p>Its processors are the heart and soul of most data centers. Its stock has beaten the daylights out of the overall market since early 2023, when the artificial intelligence revolution reached its full stride. Shares are up more than 800% during this two-year span, versus the <strong>S&amp;P 500'</strong> s 58% advance for the same timeframe.</p>
<div class="lb-trans"><p>它的处理器是大多数数据中心的核心。自 2023 年初人工智能革命全面展开以来，其股票的表现远超整体市场。在这两年间，股价上涨超过 800%，而 <strong>标准普尔 500 指数</strong> 在同一时期仅上涨 58%。</p>
</div><p>However, as is always the case, things change. Competition creeps in. Technology evolves. Customers begin thinking about more specific solutions to their unique challenges, and investors' euphoric interest in an industry leader's stock fades.</p>
<div class="lb-trans"><p>然而，正如往常一样，情况总是会变化。竞争逐渐出现。技术不断演变。客户开始考虑更具体的解决方案来应对他们独特的挑战，而投资者对行业领导者股票的狂热兴趣也逐渐减退。</p>
</div><p>Anyone considering stepping into -- or holding on to -- a stake in Nvidia might want to instead consider one of the technology industry's other top growth prospects: <strong>Marvell Technology</strong>(MRVL 10.79%).</p>
<div class="lb-trans"><p>任何考虑投资或持有 <strong>英伟达</strong> 股票的人，可能更应该考虑科技行业的其他顶级增长潜力股： <strong>迈威尔科技</strong>(MRVL 10.79%)。</p>
</div><h2>Marvell Technology, up close and personal</h2>
<div class="lb-trans"><h2>迈威尔科技，近距离了解</h2>
</div><p>Not familiar with it? You're not alone. Its sub-$100 billion market capitalization just doesn't turn many heads, particularly compared to Nvidia's $3 trillion market value. Marvell also hasn't exactly caught the eye of many hedge funds and money managers that often have their finger on the pulse of the proverbial &#34;next big thing.&#34; Of The Motley Fool's recent look at 16 different billionaires' hedge fund holdings, the company wasn't a major position for any of them -- but maybe it should be.</p>
<div class="lb-trans"><p>不熟悉它？你并不孤单。其市值不足 1000 亿美元，尤其与英伟达的 3 万亿美元市值相比，确实不太引人注目。迈威尔也并没有引起许多对 “下一个大事件” 保持敏感的对冲基金和资金经理的注意。在《傻瓜投资网》最近对 16 位亿万富翁的对冲基金持仓的调查中，该公司并不是他们的主要持仓之一——但也许它应该是。</p>
</div><p>Marvell isn't a top-of-mind name for investors on the hunt for a new way to plug into the artificial intelligence movement. It's quietly been there all along, though. This company makes everything from data center switches to hard drive controllers to the computer processors you don't hear much about, but would certainly notice if they didn't exist. Its tech is found in 5G connectivity equipment, automobiles, and, perhaps most notably, AI data centers that increasingly need entire walls of motherboards to work together as a single, massive digital brain.</p>
<div class="lb-trans"><p>迈威尔并不是投资者在寻找新方式参与人工智能运动时首先想到的名字。尽管如此，它一直默默存在。该公司生产从数据中心交换机到硬盘控制器，再到你不常听说但如果不存在就会注意到的计算机处理器。它的技术广泛应用于 5G 连接设备、汽车，以及或许最显著的，越来越需要整面主板协同工作的人工智能数据中心，这些主板共同构成一个庞大的数字大脑。</p>
</div><p>Earlier this week, for instance, the company unveiled its new Aquila DSP (digital signal processor), which is capable of handling 1.6 trillion bits of digital data every second. This power-efficient technology can be used in densely packed data centers with up to 20 kilometers' worth of connectivity wiring. That's why technology market research outfit Dell'Oro Group thinks the market for this new type of data center processor will grow at an average annual clip of 200% over the course of the coming five years.</p>
<div class="lb-trans"><p>例如，本周早些时候，该公司推出了新的 Aquila DSP（数字信号处理器），能够每秒处理 1.6 万亿比特的数字数据。这种高效能的技术可以用于连接线长达 20 公里的密集数据中心。因此，市场研究机构 Dell'Oro Group 认为，这种新型数据中心处理器的市场将在未来五年内以平均每年 200% 的速度增长。</p>
</div><p>That's just one of the kinds of technologies Marvell makes. Also earlier this week, the company announced a design breakthrough for high-bandwidth memory (or HBM) modules. This solution should provide AI platforms with 25% more computing power than comparable systems currently do, without taking up any additional space. Mordor Intelligence believes this better-developed global HBM market is set to grow at an annualized pace of nearly 26% through 2029.</p>
<div class="lb-trans"><p>这只是迈威尔所制造的众多技术之一。本周早些时候，该公司还宣布了高带宽内存（HBM）模块的设计突破。这一解决方案应能为人工智能平台提供比当前可比系统多 25% 的计算能力，而不占用额外空间。Mordor Intelligence 认为，全球 HBM 市场的更好发展预计将在 2029 年前以近 26% 的年化速度增长。</p>
</div><p>Nvidia's processors are workhorses, to be sure. If artificial intelligence is going to begin its next chapter, though, the tech these AI processors are attached to will also need to be next-generation stuff. Marvell Technology is leading this low-profile charge.</p>
<div class="lb-trans"><p>毫无疑问，英伟达的处理器是工作马。如果人工智能要开始其下一个篇章，那么这些人工智能处理器所连接的技术也需要是下一代的产品。迈威尔科技正在引领这一低调的潮流。</p>
</div><h2>Still bullish despite recent gains</h2>
<div class="lb-trans"><h2>尽管近期涨幅仍然看好</h2>
</div><p>For better or worse, Marvell's growth prospects are increasingly being reflected in the stock's price. Shares are up more than 200% since the end of 2022, with roughly half of that gain materializing just since the middle of this year as its research and development efforts -- along with the need for them -- took center stage.</p>
<div class="lb-trans"><p>无论好坏，迈威尔的增长前景越来越体现在股票价格上。自 2022 年底以来，股价上涨超过 200%，其中大约一半的涨幅是在今年年中之后实现的，因为其研发工作及其需求成为了焦点。</p>
</div><p>The big run-up seems like a tough act to follow, leaving shares priced at a frothy 40 times next fiscal year's projected per-share profits of $2.76. This is arguably one of those cases, however, where any decent dip is a buying opportunity.</p>
<div class="lb-trans"><p>如此大的涨幅似乎很难继续，导致股票的估值达到未来财年的每股预期利润 2.76 美元的 40 倍。这无疑是一个典型的例子，任何合理的回调都是一个买入机会。</p>
</div><p>While such a valuation is seemingly sky-high compared to the overall market, that's not how storied growth stocks trade these days. Such stocks can sustain and even add to a steep premium based not on next year's likely earnings, but rather, the company's plausible profit five years and even 10 years down the road.</p>
<div class="lb-trans"><p>虽然这样的估值与整体市场相比似乎高得离谱，但这并不是如今传奇成长股的交易方式。这些股票可以维持甚至增加高额溢价，而不是基于明年的预期收益，而是基于公司在未来五年甚至十年内的合理利润。</p>
</div><p>There's little doubt that Marvell Technology is well-positioned to capture at least its fair share of the AI technology market's foreseeable growth. As Benchmark analyst Cody Acree explained of his recent increase in the firm's target price for the stock, &#34;Marvell is one of only two custom silicon suppliers that provide NVDA GPU competitive accelerators to three of the industry's largest hyperscale data center companies, with <strong>Amazon</strong> and Google having contracted Marvell to co-develop custom accelerators uniquely tailored to serve their specific AI workloads.&#34;</p>
<div class="lb-trans"><p>毫无疑问，迈威尔科技在捕捉人工智能技术市场可预见的增长方面处于良好位置。Benchmark 分析师 Cody Acree 解释了他最近提高该股目标价的原因：“迈威尔是仅有的两家为三家行业最大超大规模数据中心公司提供英伟达 GPU 竞争加速器的定制硅供应商之一，<strong>亚马逊</strong> 和谷歌已与迈威尔签约，共同开发专门针对其特定人工智能工作负载的定制加速器。”</p>
</div><p>Acree adds to his bullish thesis: &#34;After years of engagement, development, and qualification, these processors are currently ramping with volume production revenue, which when combined with its strong ramp in Optical Connectivity, Marvell is said to be on pace to 'well-exceed' its FY25 and FY26 targets for AI to earn $1.5 billion and $2.5 billion, respectively.&#34;</p>
<div class="lb-trans"><p>Acree 补充了他的看涨论点：“经过多年的接触、开发和认证，这些处理器目前正在大规模生产，结合其在光连接方面的强劲增长，迈威尔预计将 ‘远超’ 其 2025 财年和 2026 财年的人工智能目标，分别达到 15 亿美元和 25 亿美元。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDA3MzEvMTIxMTI0LW1hcnZlbGwtcmVzdWx0cy1vdXRsb29rLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800731%2F121124-marvell-results-outlook.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: StockAnalysis.com. Chart by author.</p>
<div class="lb-trans"><p>数据来源：StockAnalysis.com。图表由作者提供。</p>
</div><p>He's hardly the only bull. The vast majority of the analyst community still rates Marvell stock as a strong buy, despite its recent enormous gains.</p>
<div class="lb-trans"><p>他并不是唯一的看涨者。尽管近期涨幅巨大，绝大多数分析师仍将迈威尔股票评为强烈买入。</p>
</div><h2>If you like it, just buy it already</h2>
<div class="lb-trans"><h2>如果你喜欢，就赶紧买入吧</h2>
</div><p>Will billionaires, hedge funds, and other institutional stock-pickers ever get on board and add Marvell Technology to their portfolios? Maybe. Or maybe not. Nobody knows for sure.</p>
<div class="lb-trans"><p>亿万富翁、对冲基金和其他机构投资者会不会最终加入并将迈威尔科技纳入他们的投资组合？也许会，也许不会。没有人能确定。</p>
</div><p>Don't be dissuaded just because Marvell isn't currently a favorite among the proverbial &#34;big money&#34; tier of investors. Plenty of these in-the-know investors weren't exactly on board with Nvidia when it first started to roar, either. It can take time for this crowd to find a new darling, and then convince themselves to dive in.</p>
<div class="lb-trans"><p>不要因为迈威尔目前不是所谓 “巨额资金” 投资者的宠儿而感到气馁。许多了解内情的投资者在英伟达首次崛起时也并不完全支持。这个群体可能需要时间来找到新的宠儿，然后说服自己投入其中。</p>
</div><p>If you like the underlying story and the stock's long-term risk-versus-reward scenario, go ahead and buy now -- even near its recently reached record peak.</p>
<div class="lb-trans"><p>如果你喜欢这个基本故事以及股票的长期风险与回报的情景，那就可以现在买入——即使是在最近达到的历史高点附近。</p>
</div>

Should You Forget Nvidia and Buy This Tech Stock Instead?

- Nvidia 在人工智能领域占据主导地位，股价自 2023 年以来上涨超过 800%。  
- Marvell Technology 也在 AI 数据中心中发挥重要作用，股价自 2022 年底以来上涨超过 200%。  
- 分析师普遍看好 Marvell，认为其有潜力在 AI 市场中获得可观份额。  

你是否应该忘记英伟达而转而购买这只科技股？