<p>半导体设计公司 <strong>Nvidia</strong>(NVDA -3.00%) 在近年来一直在股市中表现出色。作为人工智能（AI）热潮的领先硬件供应商，Nvidia 的销售和利润正在飙升。2024 年股价上涨了 171%，自 2021 年 OpenAI 发布基于 Nvidia 的 ChatGPT 系统以来，股价上涨超过 720%。</p>
<p>Nvidia 是众人谈论的焦点，许多投资者预计其业务将继续飞速增长。但这种热情是有其限度的。有些人会说，Nvidia 飙升的股价已经反映了未来多年的高增长。这位市场宠儿可能面临价格修正，或者只是准备在未来几年内获得较低的价格涨幅。</p>
<p>我并不是说你应该忘记 Nvidia。即使股价可能面临修正，我仍然在谈论一家在蓬勃发展的 AI 市场中占据主导地位的科技领袖。从长远来看，持有该股票应该是有利的。</p>
<p>不过，我认为 Nvidia 并不是现在最值得购买的科技股。你最近仔细看看 <strong>Intel</strong>(INTC -3.67%) 吗？你可能会喜欢这家被低估的芯片巨头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjIvY29uZnVzZWQtaGVhZC1zY3JhdGNoaW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjIvY29uZnVzZWQtaGVhZC1zY3JhdGNoaW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Intel 最近的困境</h2>
<p>近年来，Intel 遇到了一些问题。首席执行官办公室经历了人员更替，长期竞争对手 <strong>Advanced Micro Devices</strong>(NASDAQ: AMD) 在几个关键领域抢占了 Intel 的市场份额，而这家公司曾被称为 &#34;Chipzilla&#34;，在迅速增长的 AI 机会中未能找到立足点。</p>
<p>因此，过去五年中，股价下跌了 71%，目前的交易价格仅为过去销售额的 1.5 倍和明年盈利预期的 20 倍。从历史角度来看，这些估值指标显得便宜，与 AMD 和 Nvidia 的高估值相比极具吸引力。</p>
<p>简而言之，市场似乎在为 Nvidia 的股票定价完美，而为 Intel 的股票定价绝对灾难。后者的市场价值目前低于其账面价值，仿佛在暗示投资者如果 Intel 关闭业务，出售其芯片工厂和其他资产，并找到一种免税方式将所得现金返还给股东，可能会更好。</p>
<h2>Intel 的雄心勃勃的长期计划</h2>
<p>我认为这是对 Intel 的短视看法。</p>
<p>你看，这家半导体先驱正在对其商业模式进行重大调整。这是一个昂贵的计划，涉及在未来五年内花费约 1000 亿美元用于国内芯片制造设施。</p>
<p>这也是一个雄心勃勃的商业构想，应该能将 Intel 转变为一家世界级的第三方芯片制造商，其大部分工厂位于美国。这是一个重要的细节，因为全球科技行业对台湾制造厂的依赖在长期内可能不可持续。</p>
<p>此外，Intel 的第三方芯片代工业务已经吸引了来自全球巨头如 <strong>Microsoft</strong>(NASDAQ: MSFT) 的订单。甚至连 Nvidia 也在考虑将芯片订单交给 Intel，以利用该公司在美国的布局以及几乎完全独立于全球领导者 <strong>Taiwan Semiconductor</strong>(NYSE: TSM) 的供应链。</p>
<p>因此，新的 Intel 并不是你所熟悉的芯片制造商，但经过改造的商业计划在长期内可能会非常有价值。</p>
<h2>Intel 的暂时困境创造了绝佳的购买机会</h2>
<p>我不指望在 2025 年甚至 2026 年看到 Intel 的巨大反弹。以代工为重点的战略转变需要时间，而公司目前正处于临时管理团队的领导下。</p>
<p>但我不介意采取长远的视角。尽管在近年来的动荡中，Intel 的股价可能确实需要修正，但它并不值得遭受 71% 的价格下跌。这甚至不是一个反弹故事，而是投资者对 Intel 剧烈战略转变的过度反应。我宁愿投资于这个被误解的雄心，而不是在高昂的股价下再购买更多 Nvidia 的股票。经过自己的研究，你可能会得出同样的结论。</p>

英特尔

<p>这篇文章讨论了英伟达和英特尔截然不同的投资前景。尽管英伟达因其在人工智能市场的主导地位而经历了显著的股价上涨，但也引发了对潜在价格修正的担忧。相反，尽管英特尔近期面临困境且股价大幅下跌，但其正在进行战略转型，力求成为领先的第三方芯片制造商。作者认为，英特尔目前的低估值相比于英伟达的高股价提供了更好的投资机会，并倡导对英特尔雄心勃勃的计划采取长期投资的视角</p>

<p>Semiconductor designer <strong>Nvidia</strong>(NVDA -3.00%) has been crushing the stock market in recent years. As a leading hardware provider for the artificial intelligence (AI) boom, Nvidia's sales and profits are soaring. The stock rose 171% in 2024 and more than 720% since OpenAI released the Nvidia-powered ChatGPT system in 2021.</p>
<div class="lb-trans"><p>半导体设计公司 <strong>Nvidia</strong>(NVDA -3.00%) 在近年来一直在股市中表现出色。作为人工智能（AI）热潮的领先硬件供应商，Nvidia 的销售和利润正在飙升。2024 年股价上涨了 171%，自 2021 年 OpenAI 发布基于 Nvidia 的 ChatGPT 系统以来，股价上涨超过 720%。</p>
</div><p>Nvidia is the talk of the town and many investors expect its business to keep skyrocketing. But the enthusiasm has its limits. Some would say that Nvidia's soaring stock price already accounts for many years of high-octane growth. This market darling might be due for a price correction, or maybe it's just primed for lower price gains over the next couple of years.</p>
<div class="lb-trans"><p>Nvidia 是众人谈论的焦点，许多投资者预计其业务将继续飞速增长。但这种热情是有其限度的。有些人会说，Nvidia 飙升的股价已经反映了未来多年的高增长。这位市场宠儿可能面临价格修正，或者只是准备在未来几年内获得较低的价格涨幅。</p>
</div><p>I'm not saying you should forget about Nvidia. Even if the stock is poised for a price correction, I'm still talking about a dominant technology leader in a thriving AI market. Holding the stock should work out in the long run.</p>
<div class="lb-trans"><p>我并不是说你应该忘记 Nvidia。即使股价可能面临修正，我仍然在谈论一家在蓬勃发展的 AI 市场中占据主导地位的科技领袖。从长远来看，持有该股票应该是有利的。</p>
</div><p>Still, I don't think Nvidia is the best tech stock to buy right now. Have you taken a close look at <strong>Intel</strong>(INTC -3.67%) lately? You might like what you find in the undervalued chip giant.</p>
<div class="lb-trans"><p>不过，我认为 Nvidia 并不是现在最值得购买的科技股。你最近仔细看看 <strong>Intel</strong>(INTC -3.67%) 吗？你可能会喜欢这家被低估的芯片巨头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjIvY29uZnVzZWQtaGVhZC1zY3JhdGNoaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803262%2Fconfused-head-scratching.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>Intel's recent struggles</h2>
<div class="lb-trans"><h2>Intel 最近的困境</h2>
</div><p>Intel has seen its share of issues in recent years. There's been turnover in the CEO office, longtime rival <strong>Advanced Micro Devices</strong>(NASDAQ: AMD) is stealing market share from Intel in a couple of key segments, and the company formerly known as &#34;Chipzilla&#34; has not found a footing in the surging AI opportunity.</p>
<div class="lb-trans"><p>近年来，Intel 遇到了一些问题。首席执行官办公室经历了人员更替，长期竞争对手 <strong>Advanced Micro Devices</strong>(NASDAQ: AMD) 在几个关键领域抢占了 Intel 的市场份额，而这家公司曾被称为 &#34;Chipzilla&#34;，在迅速增长的 AI 机会中未能找到立足点。</p>
</div><p>As such, the stock has fallen 71% in the last five years to trade at just 1.5 times trailing sales and 20 times next-year earnings estimates. These valuation measures are cheap from a historical perspective and extremely affordable next to AMD's and Nvidia's lofty ratios.</p>
<div class="lb-trans"><p>因此，过去五年中，股价下跌了 71%，目前的交易价格仅为过去销售额的 1.5 倍和明年盈利预期的 20 倍。从历史角度来看，这些估值指标显得便宜，与 AMD 和 Nvidia 的高估值相比极具吸引力。</p>
</div><p>In short, the market seems to be pricing Nvidia's stock for perfection while pricing Intel's stock for absolute disaster. The latter's market value is currently below its book value, as though suggesting that investors might be better off if Intel shut down its business, sold its chip factories and other assets, and found a tax-free way to return the resulting cash to shareholders.</p>
<div class="lb-trans"><p>简而言之，市场似乎在为 Nvidia 的股票定价完美，而为 Intel 的股票定价绝对灾难。后者的市场价值目前低于其账面价值，仿佛在暗示投资者如果 Intel 关闭业务，出售其芯片工厂和其他资产，并找到一种免税方式将所得现金返还给股东，可能会更好。</p>
</div><h2>Intel's ambitious long-term plan</h2>
<div class="lb-trans"><h2>Intel 的雄心勃勃的长期计划</h2>
</div><p>And I think that's a shortsighted view of Intel.</p>
<div class="lb-trans"><p>我认为这是对 Intel 的短视看法。</p>
</div><p>You see, the semiconductor pioneer is making significant shifts to its business model. It's a costly plan that involves spending about $100 billion on domestic chip-making facilities over the next five years.</p>
<div class="lb-trans"><p>你看，这家半导体先驱正在对其商业模式进行重大调整。这是一个昂贵的计划，涉及在未来五年内花费约 1000 亿美元用于国内芯片制造设施。</p>
</div><p>It's also an ambitious business idea that should turn Intel into a world-class third-party chip builder with most of its factories on American soil. That's an important detail, because the global tech industry's reliance on Taiwan-based manufacturing plants may not be sustainable in the long run.</p>
<div class="lb-trans"><p>这也是一个雄心勃勃的商业构想，应该能将 Intel 转变为一家世界级的第三方芯片制造商，其大部分工厂位于美国。这是一个重要的细节，因为全球科技行业对台湾制造厂的依赖在长期内可能不可持续。</p>
</div><p>Furthermore, Intel's third-party chip foundry business has already attracted orders from global giants such as <strong>Microsoft</strong>(NASDAQ: MSFT). Even Nvidia is thinking about sending chip orders to Intel, taking advantage of the company's American footprint and a supply chain that's almost entirely separate from the large but still limited resources available to global leader <strong>Taiwan Semiconductor</strong>(NYSE: TSM).</p>
<div class="lb-trans"><p>此外，Intel 的第三方芯片代工业务已经吸引了来自全球巨头如 <strong>Microsoft</strong>(NASDAQ: MSFT) 的订单。甚至连 Nvidia 也在考虑将芯片订单交给 Intel，以利用该公司在美国的布局以及几乎完全独立于全球领导者 <strong>Taiwan Semiconductor</strong>(NYSE: TSM) 的供应链。</p>
</div><p>So the new Intel is not the chip maker you're used to, but the revamped business plan could be quite valuable in the long run.</p>
<div class="lb-trans"><p>因此，新的 Intel 并不是你所熟悉的芯片制造商，但经过改造的商业计划在长期内可能会非常有价值。</p>
</div><h2>Intel's temporary struggles created a fantastic buying window</h2>
<div class="lb-trans"><h2>Intel 的暂时困境创造了绝佳的购买机会</h2>
</div><p>I don't expect a huge Intel turnaround in 2025 or even 2026. The foundry-focused strategy shift will take time, and the company is under an interim management team right now.</p>
<div class="lb-trans"><p>我不指望在 2025 年甚至 2026 年看到 Intel 的巨大反弹。以代工为重点的战略转变需要时间，而公司目前正处于临时管理团队的领导下。</p>
</div><p>But I don't mind taking the long view. Intel's stock may have been due for a price correction amid the turmoil seen in recent years, but it didn't deserve a 71% price cut. This isn't even a turnaround story, but an investor overreaction to Intel's drastic strategy shift. I'd much rather buy into this misunderstood ambition than pick up more Nvidia shares at sky-high share prices. You might reach the same conclusion after doing your own research.</p>
<div class="lb-trans"><p>但我不介意采取长远的视角。尽管在近年来的动荡中，Intel 的股价可能确实需要修正，但它并不值得遭受 71% 的价格下跌。这甚至不是一个反弹故事，而是投资者对 Intel 剧烈战略转变的过度反应。我宁愿投资于这个被误解的雄心，而不是在高昂的股价下再购买更多 Nvidia 的股票。经过自己的研究，你可能会得出同样的结论。</p>
</div>

Should You Forget Nvidia and Buy This Tech Stock Instead?

- 英伟达在人工智能市场表现强劲，股价在 2024 年上涨 171%。  
- 英特尔面临挑战，股价在过去五年下跌 71%，但其估值相对便宜。  
- 英特尔正转型为第三方芯片制造商，未来可能带来价值。  

你是否应该忘记英伟达而转而购买这只科技股？