<p><strong>英伟达</strong>(NVDA -6.22%) 是近期历史上最伟大的成长股之一。在过去十年中，这家芯片制造商的股价（经过拆分调整）飙升了 28610%。这将使一笔 modest 的 1000 美元投资变成约 287100 美元。</p>
<p>这种耀眼的增长最初是由英伟达的图形处理单元（GPU）在视频游戏中的快速销售以及支持专业可视化软件和加密货币挖矿推动的。但在过去几年中，用于处理人工智能（AI）任务的高端数据中心 GPU 的销售已经超过了其他用途芯片的销售，成为公司的主要增长引擎。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI5MzYvaWxsdXN0cmF0aW9uLW9mLWFuLWFpLWNoaXAuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI5MzYvaWxsdXN0cmF0aW9uLW9mLWFuLWFpLWNoaXAuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>从 2014 财年到 2024 财年（截至 2024 年 1 月），英伟达的收入以 31% 的年复合增长率（CAGR）增长，净收入以 52% 的 CAGR 增长。从 2024 财年到 2027 财年，分析师预计其收入和净收入将分别以 57% 和 65% 的 CAGR 增长，因为 AI 市场继续扩展。</p>
<p>基于这些乐观的预期，英伟达的股票在前瞻性市盈率为 34 倍的情况下仍然看起来合理估值。但在你开始在这家芯片制造商中建立新头寸之前，你应该审视这些策略，这些策略可以帮助你最大化长期回报。</p>
<h2>了解英伟达的优势和劣势</h2>
<p>英伟达的看涨论点易于理解，但投资者应认识到长期面临的挑战。在最新报告的季度中，英伟达 88% 的收入来自其数据中心芯片，这使其成为对 AI 市场长期增长的纯粹押注。如果这种扩张放缓，英伟达的销售增长可能会突然停滞。</p>
<p>英伟达在这一领域也可能面临更激烈的竞争。根据 TechInsights 的数据，2023 年它占全球所有数据中心 GPU 出货量的 98%，但 <strong>超微半导体</strong> 可能会逐渐凭借其低成本的 Instinct GPU 获得更多市场份额。许多英伟达的顶级超大规模数据中心客户——包括 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong>——也在开发自己的 AI 加速器芯片。</p>
<p>针对 AI 芯片的贸易限制也可能抑制其增长。英伟达对中国的数据中心 GPU 销售已经因出口禁令受到限制，并且在继续垄断高端数据中心 GPU 市场的过程中可能面临反垄断指控。</p>
<h2>使用定投策略来抵消波动性</h2>
<p>英伟达的股票已经相当波动，未来的挑战——可能包括一些陡峭和持久的回撤——可能会让许多投资者感到不安。为了抵消这种波动性可能对你长期产生的影响，遵循定投策略，即在固定的时间间隔内以固定金额购买股票，而不考虑其交易价格。</p>
<p>例如，你可以承诺在每个月的第一个交易日投资 1000 美元于英伟达。如果其股价下跌，这笔资金将购买更多的股票；如果股价上涨，则购买的股票会减少。在多年的时间里，这些增量购买将稀释你的整体风险，并平衡你的长期回报。这是一种通常在更具波动性的投资中效果良好的策略。</p>
<h2>将你的股票锁定在 IRA 中</h2>
<p>许多投资者在过去十年中出售了英伟达的股票，回顾过去，许多人可能会觉得他们这样做得太早。尽管对他们来说，在一项大幅上涨的投资上获利似乎是明智的，但耐心持有英伟达并不采取任何行动将是更聪明的选择。</p>
<p>正如沃伦·巴菲特的导师本杰明·格雷厄姆曾说过，&#34;投资者的主要问题——甚至是他最大的敌人——可能就是他自己。&#34;因此，为了防止自己成为最大的敌人，过早出售英伟达的股票，你应该将其锁定在传统或罗斯 IRA 中。如果你未满 50 岁，你每年可以向这两种 IRA 中贡献最多 7000 美元，但在 59 岁半之前，你不能在不产生罚款和税收的情况下提取这些资金。</p>
<p>虽然你仍然可以在 IRA 内买卖英伟达的股票，但在你年纪更大之前无法提取这些资金可能会防止你冲动地获利。因此，通过每年向 IRA 贡献 7000 美元，利用这些资金每年购买英伟达的股票，并且在可以提取这些资金而不产生任何罚款之前不出售这些股票，应该能让你保持定投的纪律，同时最大化你的长期回报。</p>
<h2>不要只是设定后就忘记它</h2>
<p>如果投资者期望公司在蓬勃发展的 AI 硬件市场中保持领先地位，他们应该长期持有英伟达的股票。但他们不应盲目坚持该股票，忽视其财报和不断变化的市场挑战。如果这家芯片巨头的看涨论点最终受到干扰，投资者仍应准备出售股票以锁定利润。</p>

英伟达

<p>英伟达（Nvidia，股票代码：NVDA）在过去十年中经历了显著增长，股价上涨了 28,610%。该公司的收入在 2014 财年至 2024 财年期间以 31% 的年复合增长率增长，预计在 2024 年至 2027 年期间将实现 57% 的增长，这主要得益于人工智能市场的扩展。建议投资者采用定投策略来管理波动，并考虑将股票锁定在个人退休账户（IRA）中，以避免过早出售。尽管英伟达在数据中心 GPU 领域处于领先地位，但竞争和市场挑战可能会影响未来的增长</p>

<p><strong>Nvidia</strong>(NVDA -6.22%) has been one of the greatest growth stocks in recent history. Over the past decade, the chipmaker's share price (adjusted for splits) soared by 28,610%. That would have turned a modest $1,000 investment into about $287,100.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -6.22%) 是近期历史上最伟大的成长股之一。在过去十年中，这家芯片制造商的股价（经过拆分调整）飙升了 28610%。这将使一笔 modest 的 1000 美元投资变成约 287100 美元。</p>
</div><p>That dazzling growth was initially driven by brisk sales of Nvidia's graphics processing units (GPUs) for video games, as well as to support professional visualization software and cryptocurrency mining. But over the past few years, sales of high-end data center GPUs for processing artificial intelligence (AI) tasks have eclipsed its sales of chips for other uses and become the company's primary growth engine.</p>
<div class="lb-trans"><p>这种耀眼的增长最初是由英伟达的图形处理单元（GPU）在视频游戏中的快速销售以及支持专业可视化软件和加密货币挖矿推动的。但在过去几年中，用于处理人工智能（AI）任务的高端数据中心 GPU 的销售已经超过了其他用途芯片的销售，成为公司的主要增长引擎。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI5MzYvaWxsdXN0cmF0aW9uLW9mLWFuLWFpLWNoaXAuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802936%2Fillustration-of-an-ai-chip.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><p>From fiscal 2014 to fiscal 2024 (which ended in January 2024), Nvidia's revenue grew at a compound annual growth rate (CAGR) of 31% as its net income rose at a CAGR of 52%. From fiscal 2024 to fiscal 2027, analysts expect its revenue and net income to grow at CAGRs of 57% and 65%, respectively, as the AI market continues to expand.</p>
<div class="lb-trans"><p>从 2014 财年到 2024 财年（截至 2024 年 1 月），英伟达的收入以 31% 的年复合增长率（CAGR）增长，净收入以 52% 的 CAGR 增长。从 2024 财年到 2027 财年，分析师预计其收入和净收入将分别以 57% 和 65% 的 CAGR 增长，因为 AI 市场继续扩展。</p>
</div><p>Based on those rosy expectations, Nvidia's stock still looks reasonably valued at 34 times forward earnings. But before you start a new position in this chipmaker, you should review these strategies which could help you maximize your long-term returns.</p>
<div class="lb-trans"><p>基于这些乐观的预期，英伟达的股票在前瞻性市盈率为 34 倍的情况下仍然看起来合理估值。但在你开始在这家芯片制造商中建立新头寸之前，你应该审视这些策略，这些策略可以帮助你最大化长期回报。</p>
</div><h2>Understand Nvidia's strengths and weaknesses</h2>
<div class="lb-trans"><h2>了解英伟达的优势和劣势</h2>
</div><p>The bull thesis for Nvidia is easy to understand, but investors should recognize the longer-term challenges. Nvidia generated 88% of its revenue from its data center chips in its latest reported quarter, which makes it a pure bet on the secular growth of the AI market. If that expansion slows down, Nvidia's sales growth could abruptly stall out.</p>
<div class="lb-trans"><p>英伟达的看涨论点易于理解，但投资者应认识到长期面临的挑战。在最新报告的季度中，英伟达 88% 的收入来自其数据中心芯片，这使其成为对 AI 市场长期增长的纯粹押注。如果这种扩张放缓，英伟达的销售增长可能会突然停滞。</p>
</div><p>Nvidia could also face more intense competition in that space. It accounted for 98% of all data center GPU shipments worldwide in 2023, according to TechInsights, but <strong>Advacned Micro Devices</strong> could gradually gain more ground with its lower-cost Instinct GPUs. Many of Nvidia's top hyperscale data center customers -- including <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong> -- are also developing their own AI accelerator chips.</p>
<div class="lb-trans"><p>英伟达在这一领域也可能面临更激烈的竞争。根据 TechInsights 的数据，2023 年它占全球所有数据中心 GPU 出货量的 98%，但 <strong>超微半导体</strong> 可能会逐渐凭借其低成本的 Instinct GPU 获得更多市场份额。许多英伟达的顶级超大规模数据中心客户——包括 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong>——也在开发自己的 AI 加速器芯片。</p>
</div><p>Trade restrictions for AI chips could also throttle its growth. Nvidia's sales of data center GPUs to China have already been curbed by export bans, and it could face antitrust charges as it continues to monopolize the high-end data center GPU market.</p>
<div class="lb-trans"><p>针对 AI 芯片的贸易限制也可能抑制其增长。英伟达对中国的数据中心 GPU 销售已经因出口禁令受到限制，并且在继续垄断高端数据中心 GPU 市场的过程中可能面临反垄断指控。</p>
</div><h2>Use dollar-cost averaging to offset the volatility</h2>
<div class="lb-trans"><h2>使用定投策略来抵消波动性</h2>
</div><p>Nvidia's stock has already been volatile, and the challenges ahead -- which could include some steep and protracted drawdowns -- could shake out a lot of investors. To offset how such volatility might impact you over the long term, follow a strategy of dollar-cost averaging, which is the practice of buying set dollar amounts of a stock at regular intervals regardless of its trading price.</p>
<div class="lb-trans"><p>英伟达的股票已经相当波动，未来的挑战——可能包括一些陡峭和持久的回撤——可能会让许多投资者感到不安。为了抵消这种波动性可能对你长期产生的影响，遵循定投策略，即在固定的时间间隔内以固定金额购买股票，而不考虑其交易价格。</p>
</div><p>For example, you might commit to investing $1,000 in Nvidia on the first trading day of every month. If its shares are trading lower, that sum will buy more shares. If they're trading higher, it will buy fewer shares. Over a stretch of multiple years, those incremental purchases will dilute your overall risk and even out your long-term returns. It's a strategy that generally works well with more volatile investments.</p>
<div class="lb-trans"><p>例如，你可以承诺在每个月的第一个交易日投资 1000 美元于英伟达。如果其股价下跌，这笔资金将购买更多的股票；如果股价上涨，则购买的股票会减少。在多年的时间里，这些增量购买将稀释你的整体风险，并平衡你的长期回报。这是一种通常在更具波动性的投资中效果良好的策略。</p>
</div><h2>Lock up your shares in an IRA</h2>
<div class="lb-trans"><h2>将你的股票锁定在 IRA 中</h2>
</div><p>Many investors sold shares of Nvidia over the past decade, and looking back, many would likely feel they did so prematurely. Though it doubtless seemed prudent to them to take profits on an investment that had massively rallied, patiently sticking with Nvidia and doing nothing would have been the smarter move.</p>
<div class="lb-trans"><p>许多投资者在过去十年中出售了英伟达的股票，回顾过去，许多人可能会觉得他们这样做得太早。尽管对他们来说，在一项大幅上涨的投资上获利似乎是明智的，但耐心持有英伟达并不采取任何行动将是更聪明的选择。</p>
</div><p>As Warren Buffett's mentor Benjamin Graham once said, the &#34;investor's chief problem -- and even his worst enemy -- is likely to be himself.&#34; So to prevent yourself from becoming your own worst enemy and selling your shares of Nvidia too early, you should lock them up in a traditional or Roth IRA. If you're under the age of 50, you can contribute up to $7,000 per year into both types of IRAs, but you can't withdraw those funds without incurring penalties and taxes before the age of 59 1/2.</p>
<div class="lb-trans"><p>正如沃伦·巴菲特的导师本杰明·格雷厄姆曾说过，&#34;投资者的主要问题——甚至是他最大的敌人——可能就是他自己。&#34;因此，为了防止自己成为最大的敌人，过早出售英伟达的股票，你应该将其锁定在传统或罗斯 IRA 中。如果你未满 50 岁，你每年可以向这两种 IRA 中贡献最多 7000 美元，但在 59 岁半之前，你不能在不产生罚款和税收的情况下提取这些资金。</p>
</div><p>While you can still buy and sell your shares of Nvidia within an IRA, the inability to withdraw those funds until you're much older might prevent you from impulsively taking profits. So by contributing $7,000 per year to an IRA, using those funds to purchase shares of Nvidia on an annual basis, and not selling those shares until you can withdraw those funds without any penalties should keep you on a disciplined path of dollar-cost averaging while maximizing your long-term returns.</p>
<div class="lb-trans"><p>虽然你仍然可以在 IRA 内买卖英伟达的股票，但在你年纪更大之前无法提取这些资金可能会防止你冲动地获利。因此，通过每年向 IRA 贡献 7000 美元，利用这些资金每年购买英伟达的股票，并且在可以提取这些资金而不产生任何罚款之前不出售这些股票，应该能让你保持定投的纪律，同时最大化你的长期回报。</p>
</div><h2>Don't just set it and forget it</h2>
<div class="lb-trans"><h2>不要只是设定后就忘记它</h2>
</div><p>Investors should buy and hold Nvidia for the long term if they expect the company to maintain its lead in the booming AI hardware market. But they shouldn't blindly stick with the stock and ignore its earnings reports and evolving market challenges. If the bull thesis for this chip giant is eventually disrupted, investors should still be ready to sell the stock to lock in their profits.</p>
<div class="lb-trans"><p>如果投资者期望公司在蓬勃发展的 AI 硬件市场中保持领先地位，他们应该长期持有英伟达的股票。但他们不应盲目坚持该股票，忽视其财报和不断变化的市场挑战。如果这家芯片巨头的看涨论点最终受到干扰，投资者仍应准备出售股票以锁定利润。</p>
</div>

The Ultimate Guide to Investing in Nvidia for Maximum Returns

- Nvidia 股价在过去十年上涨 28,610%，成为增长股典范。  
- 数据中心 GPU 销售已成为其主要增长引擎，预计未来收入将继续增长。  
- 投资者应采取定投策略，避免因市场波动而过早卖出。

投资英伟达以实现最大回报的终极指南