<p><strong>英伟达</strong>(NVDA 3.10%)，全球最强大的人工智能（AI）芯片制造商，一直处于 AI 革命的前沿。客户们纷纷涌向这些顶级图形处理单元（GPU），用于训练和推理模型等关键 AI 任务。因此，英伟达在帮助客户迈出 AI 旅程的早期阶段中发挥了关键作用。</p>
<p>此外，公司还开发了一整套 AI 产品和服务，以陪伴客户完成 AI 项目的每个阶段。这一切帮助这家科技巨头在近年来实现了双位数和三位数的季度收入增长，并使收入达到了创纪录的水平。而英伟达保持着超过 70% 的毛利率，销售带来了强劲的盈利能力。</p>
<p>好消息是，这个成功故事可能远未结束。英伟达首席执行官黄仁勋在本月早些时候的 CES 上表示，AI 正在以 “惊人的速度” 进展。考虑到这一点，英伟达的股票在一年后会在哪里呢？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQyMDAvYW4tYWktcG93ZXJlZC1yb2JvdGljLWZpbmdlci1hbmQtYS1odW1hbi1maW5nZXItdG91Y2guanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQyMDAvYW4tYWktcG93ZXJlZC1yb2JvdGljLWZpbmdlci1hbmQtYS1odW1hbi1maW5nZXItdG91Y2guanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>AI 领域的首选玩家</h2>
<p>首先，让我们回顾一下迄今为止的故事。英伟达早早进入 AI 领域，确立了自己作为任何希望建立 AI 项目的公司的首选合作伙伴。最初，这家科技巨头以其 GPU 而闻名，但很快扩展到从网络设备到企业软件的一系列产品和服务。它甚至在医疗和汽车等多个行业中积累了专业知识，以提供针对其需求的特定平台。</p>
<p>随着数据中心进行升级，要求新的 GPU，企业在 AI 领域初试身手，训练模型或开发初步项目，英伟达受益匪浅。</p>
<p>现在让我们展望未来。英伟达应该会继续从这些趋势中受益，因为这些趋势远未结束。黄仁勋表示，全球存在约 1 万亿美元的过时计算机——需要升级以实现加速计算。同样重要的是要记住，大多数已经开始将 AI 融入其业务的公司仍然有很长的路要走——这为英伟达提供了持续的收入机会。</p>
<p>例如，下一波 AI 增长可能是自主 AI，或开发能够考虑复杂问题、推理、寻找解决方案并应用这些解决方案的 AI 软件。英伟达正在推出蓝图，使客户能够轻松设计自己的 AI 代理——而英伟达的合作伙伴也创建了与英伟达软件集成的蓝图。</p>
<h2>Blackwell 架构的推出</h2>
<p>在接下来的一年中，我们应该期待英伟达备受期待的 Blackwell 架构的全面推出，这是一个完全可定制的平台，包含七种不同的芯片、多种网络选项等。生产 ramp 目前正在进行中，预计在当前财年的第四季度，英伟达将在此期间实现数十亿美元的 Blackwell 收入。</p>
<p>下一个重大发布也在即。ZDNet 韩国的一份报告显示，英伟达的下一代架构 Rubin，原定于 2026 年发布，可能会在今年第三季度开始初步发货。</p>
<p>与此同时，旨在将 AI 应用于其业务的公司可能会越来越多地转向这一 AI 领导者。例如，英伟达在 CES 上推出其最新的汽车计算机时，谈到了自动驾驶汽车行业可能成为第一个万亿级的机器人行业——而英伟达已经与所有领先的汽车制造商合作。</p>
<p>在 Blackwell 或 Rubin 等大型平台推出的早期阶段，英伟达可能会面临毛利率的压力——公司表示，在当前季度，随着 Blackwell 的发货，毛利率可能会从中期的 70% 降至低 70% 区间。但这些新产品也应该从商业化的第一季度开始就成为巨大的收入驱动因素。</p>
<p>所有这些都应该继续推动未来几个季度强劲的盈利增长。股票价格会跟随吗？</p>
<p>今天，英伟达的股票交易价格约为未来收益预期的 46 倍。这并不便宜，但比 2022 年时超过 75 倍有所下降，考虑到英伟达的增长机会和盈利记录，这并不算过于昂贵。因此，英伟达的股票在当前水平上还有上涨空间，这意味着在经历了两年的涨幅后，它可能在未来一年轻松实现双位数的增长，为投资者再添一笔胜利。</p>

英伟达

<p>英伟达作为人工智能芯片生产的领导者，随着对其 GPU 需求的激增，持续蓬勃发展，推动了创纪录的收入，并保持了超过 70% 的毛利率。首席执行官黄仁勋强调了人工智能的快速进展，暗示随着公司升级过时技术，英伟达将面临持续的机会。即将推出的 Blackwell 架构和潜在的 Rubin 架构早期出货预计将推动收入增长。尽管当前的交易价格为 46 倍的预期收益，但英伟达的增长前景表明未来一年股价有进一步上涨的潜力</p>

<p><strong>Nvidia</strong>(NVDA 3.10%), the producer of the world's most powerful artificial intelligence (AI) chips, has been at the forefront of the AI revolution. Customers have piled into these top graphics processing units (GPUs) for the crucial AI tasks of training and inferencing of models. So Nvidia plays a key role in helping customers at the earliest stages of their AI journey.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 3.10%)，全球最强大的人工智能（AI）芯片制造商，一直处于 AI 革命的前沿。客户们纷纷涌向这些顶级图形处理单元（GPU），用于训练和推理模型等关键 AI 任务。因此，英伟达在帮助客户迈出 AI 旅程的早期阶段中发挥了关键作用。</p>
</div><p>On top of this, the company has developed an entire portfolio of AI products and services to accompany customers through every stage of their AI programs. All this has helped the tech giant deliver double- and triple-digit quarterly revenue in recent years and has sent revenue to record levels. And Nvidia, maintaining gross margin above 70%, has delivered strong profitability on sales.</p>
<div class="lb-trans"><p>此外，公司还开发了一整套 AI 产品和服务，以陪伴客户完成 AI 项目的每个阶段。这一切帮助这家科技巨头在近年来实现了双位数和三位数的季度收入增长，并使收入达到了创纪录的水平。而英伟达保持着超过 70% 的毛利率，销售带来了强劲的盈利能力。</p>
</div><p>The great news is this success story may be far from over. Nvidia chief executive officer Jensen Huang, speaking at CES earlier this month, said AI is progressing at an &#34;incredible pace.&#34; Considering this, where will Nvidia stock be in one year? Let's find out.</p>
<div class="lb-trans"><p>好消息是，这个成功故事可能远未结束。英伟达首席执行官黄仁勋在本月早些时候的 CES 上表示，AI 正在以 “惊人的速度” 进展。考虑到这一点，英伟达的股票在一年后会在哪里呢？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQyMDAvYW4tYWktcG93ZXJlZC1yb2JvdGljLWZpbmdlci1hbmQtYS1odW1hbi1maW5nZXItdG91Y2guanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804200%2Fan-ai-powered-robotic-finger-and-a-human-finger-touch.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 go-to player for AI</h2>
<div class="lb-trans"><h2>AI 领域的首选玩家</h2>
</div><p>First, let's consider the story so far. Nvidia got in early on AI, establishing itself as the go-to player for any company interested in setting up a program. Initially, the tech powerhouse was known for its GPUs, but it quickly expanded into a range of products and services, from networking equipment to enterprise software. And it's even developed expertise in various industries, such as healthcare and automobiles, to offer specific platforms tailored to their needs.</p>
<div class="lb-trans"><p>首先，让我们回顾一下迄今为止的故事。英伟达早早进入 AI 领域，确立了自己作为任何希望建立 AI 项目的公司的首选合作伙伴。最初，这家科技巨头以其 GPU 而闻名，但很快扩展到从网络设备到企业软件的一系列产品和服务。它甚至在医疗和汽车等多个行业中积累了专业知识，以提供针对其需求的特定平台。</p>
</div><p>Nvidia has benefited as data centers launched upgrades, requiring new GPUs, and companies got their feet wet in AI, training models or developing initial projects.</p>
<div class="lb-trans"><p>随着数据中心进行升级，要求新的 GPU，企业在 AI 领域初试身手，训练模型或开发初步项目，英伟达受益匪浅。</p>
</div><p>Now let's look to the future. Nvidia should continue to gain from these trends, as they're far from over. Huang has said about $1 trillion in outdated computers exist in the world -- and need to be upgraded for accelerated computing. It's also important to keep in mind that most companies that have started to incorporate AI into their businesses still have much farther to go -- offering Nvidia an ongoing revenue opportunity.</p>
<div class="lb-trans"><p>现在让我们展望未来。英伟达应该会继续从这些趋势中受益，因为这些趋势远未结束。黄仁勋表示，全球存在约 1 万亿美元的过时计算机——需要升级以实现加速计算。同样重要的是要记住，大多数已经开始将 AI 融入其业务的公司仍然有很长的路要走——这为英伟达提供了持续的收入机会。</p>
</div><p>For example, the next wave of AI growth may be agentic AI, or the development of AI software to consider complex problems, reason, find solutions, and apply those solutions. Nvidia is launching blueprints that make it easy for customers to design their own AI agents -- and Nvidia partners also have created blueprints that integrate with Nvidia software.</p>
<div class="lb-trans"><p>例如，下一波 AI 增长可能是自主 AI，或开发能够考虑复杂问题、推理、寻找解决方案并应用这些解决方案的 AI 软件。英伟达正在推出蓝图，使客户能够轻松设计自己的 AI 代理——而英伟达的合作伙伴也创建了与英伟达软件集成的蓝图。</p>
</div><h2>The Blackwell rollout</h2>
<div class="lb-trans"><h2>Blackwell 架构的推出</h2>
</div><p>Over the coming year, we should expect a complete rollout of Nvidia's much-anticipated Blackwell architecture, a fully customizable platform featuring seven different chips, multiple networking options, and more. The production ramp has been happening now, in the fourth quarter of the current fiscal year, and Nvidia expects billions of dollars in Blackwell revenue during this period.</p>
<div class="lb-trans"><p>在接下来的一年中，我们应该期待英伟达备受期待的 Blackwell 架构的全面推出，这是一个完全可定制的平台，包含七种不同的芯片、多种网络选项等。生产 ramp 目前正在进行中，预计在当前财年的第四季度，英伟达将在此期间实现数十亿美元的 Blackwell 收入。</p>
</div><p>The next big launch is also on the horizon. A report in ZDNet Korea suggests Nvidia's next-generation architecture Rubin, originally set for launch in 2026, could start initial shipments as early as the third quarter of this year.</p>
<div class="lb-trans"><p>下一个重大发布也在即。ZDNet 韩国的一份报告显示，英伟达的下一代架构 Rubin，原定于 2026 年发布，可能会在今年第三季度开始初步发货。</p>
</div><p>Meanwhile, companies aiming to apply AI to their businesses could turn more and more to this AI leader. For instance, Nvidia, launching its latest car computer at CES, spoke about how the autonomous vehicle industry may become the first multitrillion-dollar robotics industry -- and Nvidia already works with all the leading automotive players.</p>
<div class="lb-trans"><p>与此同时，旨在将 AI 应用于其业务的公司可能会越来越多地转向这一 AI 领导者。例如，英伟达在 CES 上推出其最新的汽车计算机时，谈到了自动驾驶汽车行业可能成为第一个万亿级的机器人行业——而英伟达已经与所有领先的汽车制造商合作。</p>
</div><p>Nvidia may see some pressure on gross margin in the early stages of big platform launches such as Blackwell or Rubin -- the company said that in the current quarter, as it ships Blackwell, gross margin may dip into the low-70% range from the mid-70%. But these new products also should serve as big revenue drivers from the very first quarter of commercialization.</p>
<div class="lb-trans"><p>在 Blackwell 或 Rubin 等大型平台推出的早期阶段，英伟达可能会面临毛利率的压力——公司表示，在当前季度，随着 Blackwell 的发货，毛利率可能会从中期的 70% 降至低 70% 区间。但这些新产品也应该从商业化的第一季度开始就成为巨大的收入驱动因素。</p>
</div><p>All this should continue to drive strong earnings growth in the quarters to come. Will the stock price follow?</p>
<div class="lb-trans"><p>所有这些都应该继续推动未来几个季度强劲的盈利增长。股票价格会跟随吗？</p>
</div><p>Today, Nvidia shares trade for about 46x forward earnings estimates. This isn't cheap, but it's down from more than 75x back in 2022, and it isn't ridiculously expensive, considering Nvidia's growth opportunities and earnings track record. So Nvidia's stock has room to run from today's level, meaning that, after two years of gains, it could easily climb in the double digits to score yet another win for investors over the coming year.</p>
<div class="lb-trans"><p>今天，英伟达的股票交易价格约为未来收益预期的 46 倍。这并不便宜，但比 2022 年时超过 75 倍有所下降，考虑到英伟达的增长机会和盈利记录，这并不算过于昂贵。因此，英伟达的股票在当前水平上还有上涨空间，这意味着在经历了两年的涨幅后，它可能在未来一年轻松实现双位数的增长，为投资者再添一笔胜利。</p>
</div>

Jensen Huang Says AI Is Progressing at an "Incredible Pace." Where Will Nvidia Stock Be in 1 Year?

- Nvidia 在人工智能领域处于领先地位，推动了客户的 AI 项目。  
- 公司推出了 Blackwell 架构，预计将带来数十亿美元的收入。  
- Nvidia 股票有潜力在未来一年继续上涨，尽管当前估值较高。  

黄仁勋表示，人工智能正在以 “难以置信的速度” 进步。一年后英伟达的股票会处于什么位置？