<p>今年对顶尖科技公司 <strong>Nvidia</strong>(NVDA -2.09%) 来说是一个里程碑年。随着对其产品和服务需求的激增，这家人工智能（AI）芯片领导者连续几个季度交出了创纪录的收益。得益于三位数的股价涨幅，该公司甚至一度成为市值最大的公司，超越了 <strong>Apple</strong>。Nvidia 还获得了加入 <strong>道琼斯工业平均指数</strong> 的邀请，股票成为今年基准指数中表现最佳的股票。</p>
<p>显然，这家人工智能巨头一直在全力以赴。但这一系列里程碑并没有结束。该公司刚刚达成了另一个里程碑，价值约 300 亿美元，充分显示了这只股票对投资者的重要性。让我们仔细看看，并考虑 Nvidia 股票在 2025 年是否值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxNDQvZ2V0dHlpbWFnZXMtc21pbGluZy1pbnZlc3Rvci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxNDQvZ2V0dHlpbWFnZXMtc21pbGluZy1pbnZlc3Rvci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>GPU 是 AI 的自然选择</h2>
<p>不过，首先快速总结一下 Nvidia 的故事。该公司制造世界上性能最强的图形处理单元（GPU），这种芯片最初主要用于视频游戏。但 GPU 同时处理多个任务的能力使其在其他领域也成为自然选择。这就是 GPU 如何以及为何扩展到 AI 的原因。实际上，这种芯片在关键的 AI 任务中发挥着核心作用，例如大型语言模型的训练和推理。</p>
<p>因此，Nvidia 的收入在近年来激增。例如，在最新的一个季度，收入达到了超过 350 亿美元的创纪录水平，超过了仅两年前的整年收入。重要的是，该公司在销售方面也非常盈利，最近几个季度的毛利率超过 70%。</p>
<p>Nvidia 甚至预计在推出其 Blackwell 架构期间，毛利率将保持在 70% 以上。这说明了该公司成本结构的强大，因为新产品的推出通常会对利润产生压力，涉及新的物流和制造流程。</p>
<p>如上所述，这家科技巨头在过去一年中不断取得里程碑，现在它在 2024 年结束时又达成了一个新的里程碑。根据 Vanda Research 的数据，Nvidia 正在成为今年零售投资者购买最多的证券。截至 12 月 17 日，零售投资者的购买代表了近 300 亿美元的净流入。去年，Nvidia 仅是第四大最受购买的股票，净流入约为 110 亿美元，而 <strong>Tesla</strong> 排名第一。数据还显示，自 2021 年以来，零售投资者对 Nvidia 的净流入增加了九倍。</p>
<p>因此，像你我这样的普通投资者最近纷纷涌入 Nvidia，该公司已成为许多投资组合中的关键部分。但 Nvidia 是否具备继续成为投资者最爱，以及这只股票在 2025 年是否值得购买的条件？</p>
<h2>Nvidia 的估值</h2>
<p>Nvidia 在投资者中的受欢迎程度推动了其估值的上升。如今，该股票的交易价格为未来收益预期的 47 倍，接近今年的最高水平。不过，对于一家成长型股票来说，这并不是一个过高的水平，尤其是它在一个仍处于早期阶段的动态行业中运营。Nvidia 首席执行官黄仁勋表示，全球约有 1 万亿美元的过时计算机需要更新，以实现加速计算。这表明，Nvidia 在长期内可能还有更多的增长空间。</p>
<p>近期发生了一些重大事件，可能会继续推动 Nvidia 股票上涨。如前所述，Nvidia 正在推出 Blackwell，这一进程已经在当前季度开始生产 ramp。Blackwell 是一个完全可定制的系统，拥有七种不同的芯片、各种网络选项等，其性能可能会对用户产生颠覆性影响。</p>
<p>说到用户，他们已经排队很久想要参与 Blackwell，需求达到了 “疯狂” 的水平，正如黄仁勋在今年秋季的一次 CNBC 采访中所说。Nvidia 甚至表示，它预计在商业化的第一个季度将实现数十亿美元的 Blackwell 收入。</p>
<p>所有这些意味着，即使在今年的涨幅之后，Nvidia 仍然具备继续吸引零售投资者并位居他们投资名单顶部的能力。这种受欢迎程度并不意味着这只股票一定值得购买，但其他因素确实如此。Nvidia 的市场领导地位、对创新的关注以及 Blackwell 的推出可能会在未来几周和几个月内推动这只股票上涨，使其成为 2025 年值得加入投资组合的顶级股票。</p>

英伟达

<p>英伟达在 2024 年取得了显著的里程碑，包括创纪录的收益和来自零售投资者的 300 亿美元净流入。该公司以其领先的人工智能 GPU 而闻名，股价飙升，使其成为道琼斯工业平均指数中的顶尖表现者。英伟达的毛利率超过 70%，即将推出的可定制 Blackwell 系统使其有望继续增长。尽管前瞻市盈率高达 47 倍，但其市场领导地位和创新能力表明，英伟达在 2025 年仍然是一个具有吸引力的投资选择</p>

<p>This year has been one of milestones for top tech company <strong>Nvidia</strong>(NVDA -2.09%). The artificial intelligence (AI) chip leader delivered record earnings quarter after quarter as demand for its products and services soared. Thanks to a triple-digit share price gain, the company even temporarily became the largest by market value -- surpassing <strong>Apple</strong>. Nvidia also won a spot among the elite, with an invitation to join the <strong>Dow Jones Industrial Average</strong>, and the stock became the best performer on the benchmark for the year.</p>
<div class="lb-trans"><p>今年对顶尖科技公司 <strong>Nvidia</strong>(NVDA -2.09%) 来说是一个里程碑年。随着对其产品和服务需求的激增，这家人工智能（AI）芯片领导者连续几个季度交出了创纪录的收益。得益于三位数的股价涨幅，该公司甚至一度成为市值最大的公司，超越了 <strong>Apple</strong>。Nvidia 还获得了加入 <strong>道琼斯工业平均指数</strong> 的邀请，股票成为今年基准指数中表现最佳的股票。</p>
</div><p>It's clear that this AI powerhouse has been firing on all cylinders. But the string of milestones isn't over. The company just reached yet another one, worth about $30 billion and showing exactly how important this stock is to investors right now. Let's take a closer look and consider whether Nvidia stock is a buy for 2025.</p>
<div class="lb-trans"><p>显然，这家人工智能巨头一直在全力以赴。但这一系列里程碑并没有结束。该公司刚刚达成了另一个里程碑，价值约 300 亿美元，充分显示了这只股票对投资者的重要性。让我们仔细看看，并考虑 Nvidia 股票在 2025 年是否值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxNDQvZ2V0dHlpbWFnZXMtc21pbGluZy1pbnZlc3Rvci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802144%2Fgettyimages-smiling-investor.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 GPU is a natural for AI</h2>
<div class="lb-trans"><h2>GPU 是 AI 的自然选择</h2>
</div><p>First, though, a quick summary of the Nvidia story so far. The company makes the world's top-performing graphics processing units (GPUs), a type of chip that mainly powered video games in its earlier days. But the GPU's ability to process many tasks at once made it a natural for other areas too. That's how and why the GPU expanded into AI. In fact, this chip plays a central role in crucial AI tasks -- such as the training and inferencing of large language models.</p>
<div class="lb-trans"><p>不过，首先快速总结一下 Nvidia 的故事。该公司制造世界上性能最强的图形处理单元（GPU），这种芯片最初主要用于视频游戏。但 GPU 同时处理多个任务的能力使其在其他领域也成为自然选择。这就是 GPU 如何以及为何扩展到 AI 的原因。实际上，这种芯片在关键的 AI 任务中发挥着核心作用，例如大型语言模型的训练和推理。</p>
</div><p>As a result, Nvidia's revenue has exploded higher in recent years. For example, in the latest quarter, revenue came in at a record of more than $35 billion -- higher than a full year of revenue just two years ago. Importantly, the company is also highly profitable on sales, with a gross margin of more than 70% in recent quarters.</p>
<div class="lb-trans"><p>因此，Nvidia 的收入在近年来激增。例如，在最新的一个季度，收入达到了超过 350 亿美元的创纪录水平，超过了仅两年前的整年收入。重要的是，该公司在销售方面也非常盈利，最近几个季度的毛利率超过 70%。</p>
</div><p>Nvidia even expects gross margin to remain above 70% during the launch of its Blackwell architecture. This illustrates the strength of the company's cost structure -- because launches, involving new logistics and manufacturing processes, generally weigh on profit.</p>
<div class="lb-trans"><p>Nvidia 甚至预计在推出其 Blackwell 架构期间，毛利率将保持在 70% 以上。这说明了该公司成本结构的强大，因为新产品的推出通常会对利润产生压力，涉及新的物流和制造流程。</p>
</div><p>As mentioned above, this tech giant has reached milestone after milestone over the past year, and now it's finishing up 2024 with yet another one. Nvidia is on its way to becoming the most-bought security by retail investors this year. Retail investor purchases represented nearly $30 billion in net inflows into Nvidia as of Dec. 17, according to Vanda Research. Last year, Nvidia was only the No. 4 most-purchased stock, with about $11 billion in inflows, and <strong>Tesla</strong> took the top spot. The data also show that net inflows from retail investors into Nvidia have increased by nine-fold from 2021.</p>
<div class="lb-trans"><p>如上所述，这家科技巨头在过去一年中不断取得里程碑，现在它在 2024 年结束时又达成了一个新的里程碑。根据 Vanda Research 的数据，Nvidia 正在成为今年零售投资者购买最多的证券。截至 12 月 17 日，零售投资者的购买代表了近 300 亿美元的净流入。去年，Nvidia 仅是第四大最受购买的股票，净流入约为 110 亿美元，而 <strong>Tesla</strong> 排名第一。数据还显示，自 2021 年以来，零售投资者对 Nvidia 的净流入增加了九倍。</p>
</div><p>So, regular investors like you and me have piled into Nvidia in recent times, and the company has become a key part of many portfolios. But does Nvidia have what it takes to continue being an investor favorite, and is the stock a buy for 2025?</p>
<div class="lb-trans"><p>因此，像你我这样的普通投资者最近纷纷涌入 Nvidia，该公司已成为许多投资组合中的关键部分。但 Nvidia 是否具备继续成为投资者最爱，以及这只股票在 2025 年是否值得购买的条件？</p>
</div><h2>Nvidia's valuation</h2>
<div class="lb-trans"><h2>Nvidia 的估值</h2>
</div><p>Nvidia's popularity among investors has driven valuation higher. Today, the stock trades for 47x forward earnings estimates, around its most expensive level this year. Still, it's not a ridiculously high level for a growth stock, especially one operating in a dynamic industry that's in the early days of its story. Nvidia CEO Jensen Huang says that about $1 trillion in outdated computers operate in the world today, and they'll need to be updated for accelerated computing. This suggests that a lot more growth could be ahead for Nvidia over the long term.</p>
<div class="lb-trans"><p>Nvidia 在投资者中的受欢迎程度推动了其估值的上升。如今，该股票的交易价格为未来收益预期的 47 倍，接近今年的最高水平。不过，对于一家成长型股票来说，这并不是一个过高的水平，尤其是它在一个仍处于早期阶段的动态行业中运营。Nvidia 首席执行官黄仁勋表示，全球约有 1 万亿美元的过时计算机需要更新，以实现加速计算。这表明，Nvidia 在长期内可能还有更多的增长空间。</p>
</div><p>Something big is happening in the near term that could continue pushing Nvidia stock higher. As mentioned, Nvidia is launching Blackwell, a move that's already started with a production ramp during this current quarter. Blackwell is a fully customizable system, with seven different chips, various networking options and more -- and its performance could be a game-changer for users.</p>
<div class="lb-trans"><p>近期发生了一些重大事件，可能会继续推动 Nvidia 股票上涨。如前所述，Nvidia 正在推出 Blackwell，这一进程已经在当前季度开始生产 ramp。Blackwell 是一个完全可定制的系统，拥有七种不同的芯片、各种网络选项等，其性能可能会对用户产生颠覆性影响。</p>
</div><p>Speaking of users, they've been lining up to get in on Blackwell for quite some time, with demand reaching &#34;insane&#34; levels, as Huang said during a CNBC interview this fall. Nvidia even says it expects several billion dollars in Blackwell revenue during this first quarter of commercialization.</p>
<div class="lb-trans"><p>说到用户，他们已经排队很久想要参与 Blackwell，需求达到了 “疯狂” 的水平，正如黄仁勋在今年秋季的一次 CNBC 采访中所说。Nvidia 甚至表示，它预计在商业化的第一个季度将实现数十亿美元的 Blackwell 收入。</p>
</div><p>All this means that Nvidia, even after its gains this year, has what it takes to continue attracting retail investors and landing at the top of their investing lists. This popularity doesn't make the stock a buy -- but other elements do. Nvidia's market leadership, its focus on innovation, and the launch of Blackwell could drive this stock higher in the weeks and months to come, making it a top stock to add to your portfolio for 2025.</p>
<div class="lb-trans"><p>所有这些意味着，即使在今年的涨幅之后，Nvidia 仍然具备继续吸引零售投资者并位居他们投资名单顶部的能力。这种受欢迎程度并不意味着这只股票一定值得购买，但其他因素确实如此。Nvidia 的市场领导地位、对创新的关注以及 Blackwell 的推出可能会在未来几周和几个月内推动这只股票上涨，使其成为 2025 年值得加入投资组合的顶级股票。</p>
</div>

Nvidia Just Reached a $30 Billion Milestone. Is the Stock a Buy for 2025?

- Nvidia 今年创下多个里程碑，季度收入超过 350 亿美元。  
- 零售投资者净流入接近 300 亿美元，成为最受欢迎的股票。  
- Blackwell 系统的推出预计将进一步推动公司增长。  

英伟达刚刚达到了 300 亿美元的里程碑。这只股票适合在 2025 年购买吗？