<p><strong>英伟达</strong> 的股票在过去几年中成为人工智能（AI）革命的最大赢家之一，因其数据中心显卡的需求火爆，过去两年股价上涨了近 800%。但过去三个月对这家芯片制造商来说却是艰难的时光。</p>
<p>在过去三个月中，这家半导体巨头的股票下跌了 1%。考虑到英伟达在此期间交出了超出华尔街预期的出色业绩，这一点有些令人惊讶。更重要的是，英伟达的指引也超出了分析师的预期。</p>
<p>然而，关于英伟达能否维持其卓越增长的担忧、其估值以及由于最新一代 Blackwell 处理器的生产提升所带来的短期利润压力似乎正在影响公司的股价。同时，另外两家鲜为人知的芯片公司在过去三个月中因 AI 对其业务的积极影响而获得了巨大的提升：<strong>安霸</strong>（AMBA 3.34%）和 <strong>Lumentum Holdings</strong>（LITE 5.65%）。</p>
<p>在过去三个月中，安霸的股票上涨了 25%，而 Lumentum 的股票几乎上涨了 23%。它们的涨幅超过了英伟达在此期间的表现，值得注意的是，这两家小型芯片制造商的 AI 驱动增长因素刚刚开始显现。</p>
<p>让我们来看看 AI 如何成为安霸和 Lumentum 的催化剂。</p>
<h2>1. 安霸</h2>
<p>安霸设计的芯片被应用于汽车和物联网（IoT）领域。该公司主要以其处理图像和视频的计算机视觉芯片而闻名，现在也在 AI 领域找到了应用。根据一项估计，AI 计算机视觉处理器市场的规模可能会从 2023 年的 172 亿美元增长到 2028 年的 457 亿美元，这得益于汽车、安全监控和消费电子等多个垂直领域的需求增长。</p>
<p>安霸的产品组合已经包括能够处理这些应用中 AI 工作负载的芯片。例如，该公司的 CV5 处理器基于先进的 5 纳米工艺节点，可以在汽车摄像头、消费摄像头甚至机器人中运行基于 AI 的算法。不出所料，该公司正在见证对这一处理器需求的增加。</p>
<p>首席执行官 Fermi Wang 在公司 2024 年 11 月的财报电话会议上表示，其新推出的高价 AI 推理处理器，如 CV5，正在推动创纪录的 AI 收入，并且也有助于提高平均售价（ASP）。好消息是，安霸预计 CV5 的强劲需求将在下一个财政年度（将于下个月开始）持续。此外，该公司估计其 CV7 系列 AI 视觉处理器的需求将在新财政年度开始上升。</p>
<p>更重要的是，这种强劲的需求正在为安霸带来卓越的增长。该公司在 2025 财年第三季度（截至 2024 年 10 月 31 日）的收入同比增长了 63%，达到了 8270 万美元。该芯片制造商的调整后每股利润也从去年同期的每股亏损 0.28 美元转为每股盈利 0.11 美元。</p>
<p>安霸对 2025 财年第四季度的指导收入为 7800 万美元，这将比去年同期增长 51%。该公司预计 2025 财年的总收入将达到 2.79 亿美元，比上一财年增长 23%。其亏损预计将从 2024 财年的每股 0.83 美元缩减至每股 0.30 美元。</p>
<p>如以下图表所示，安霸的收入和利润在未来几个财政年度有望进一步改善，预计到 2027 财年将报告调整后的每股盈利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png?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://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png"/></p>
<p>AMBA 下一财年的收入预估数据来自 YCharts</p>
<p>整体 AI 计算机视觉市场在未来三年有望实现显著增长，因此看到安霸实现华尔街预期的健康增长并不令人惊讶。该公司声称在 2031 财年之前拥有 22 亿美元的汽车收入管道，这可能使其能够在更长时间内维持积极的增长势头。</p>
<p>如果再考虑到 AI 计算机视觉处理器在消费摄像头和安全应用等其他领域的前景，安霸可能在长期内有足够的空间显著扩大其业务。</p>
<h2>2. Lumentum Holdings</h2>
<p>对 AI 服务器中高速数据传输的需求增长正在推动网络设备市场的强劲增长。根据晨星的报告，2023 年至 2028 年间，生成性 AI 网络设备的支出预计将以 34% 的年增长率增加，到预测期末将产生 340 亿美元的年收入。</p>
<p>Lumentum Holdings 已经从这一趋势中受益，上个季度其财务表现出现了良好的转变。该公司在 2025 财年第一季度（截至 2024 年 9 月 28 日）的收入同比增长了 6%，达到了 3.37 亿美元。虽然这乍一看似乎并不令人印象深刻，但投资者应该注意到，Lumentum 在 2024 财年的收入因云计算、网络和工业领域需求疲软而下降了 23%。</p>
<p>然而，情况因 AI 的出现而开始好转。其云计算和网络收入在 2025 财年第一季度同比增长了 23%，抵消了工业业务的疲软。由于云计算和网络现在占 Lumentum 总收入的近 84%，这一业务将推动公司的更强劲增长。</p>
<p>Lumentum 指出，其云客户基础正在增长，新增的超大规模客户正在下订单，购买用于光纤电缆的激光器，以实现 AI 服务器中的高速数据传输。此外，Lumentum 正在积极扩展其制造能力，以便能够满足更多订单。</p>
<p>这些有利的发展解释了为什么 Lumentum 当前季度的收入预估为 3.9 亿美元，比去年增长 6%。更好的是，分析师预计公司的增长率将在年内改善。共识预估显示，Lumentum 在 2025 财年的收入将跃升 17%，达到 15.9 亿美元，预计在下一个财年将迎来更强劲的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png?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://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png"/></p>
<p>LITE 当前财年的收入预估数据来自 YCharts</p>
<p>强劲的收入增长预计将传导至净利润，Lumentum 的每股收益预计在当前财年将跃升 56%，达到 1.58 美元，未来几年也将保持健康增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png?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://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png"/></p>
<p>LITE 当前财年的每股收益预估数据来自 YCharts</p>
<p>看到市场因其改善的盈利能力而给予这只科技股更多上涨空间并不令人惊讶。因此，对于投资者来说，现在购买 Lumentum Holdings 并不算晚，因为其云和网络业务似乎正准备迎接更好的未来，得益于 AI。</p>

安霸

<p>尽管英伟达的财报表现强劲，但其股价却出现下滑，这引发了对其增长可持续性的担忧。相比之下，安霸和 Lumentum Holdings 分别实现了 25% 和 23% 的显著涨幅，主要受益于人工智能需求的推动。安霸的收入同比激增 63%，预计在人工智能视觉处理器领域将继续增长。Lumentum 则受益于对生成式人工智能网络设备的支出增加。这两家公司在不断扩大的人工智能市场中处于良好位置，可能在不久的将来超越英伟达</p>

<p><strong>Nvidia</strong> stock has been one of the biggest winners of the artificial intelligence (AI) revolution in the past couple of years, clocking remarkable gains of nearly 800% over the past two years on account of the red-hot demand for its data center graphics cards, but the past three months have been difficult for the chipmaker.</p>
<div class="lb-trans"><p><strong>英伟达</strong> 的股票在过去几年中成为人工智能（AI）革命的最大赢家之一，因其数据中心显卡的需求火爆，过去两年股价上涨了近 800%。但过去三个月对这家芯片制造商来说却是艰难的时光。</p>
</div><p>Shares of the semiconductor giant are down 1% over the past three months. That's a bit surprising considering that Nvidia delivered an outstanding set of results during this period that beat Wall Street's expectations. What's more, Nvidia's guidance was also better than what analysts were looking for.</p>
<div class="lb-trans"><p>在过去三个月中，这家半导体巨头的股票下跌了 1%。考虑到英伟达在此期间交出了超出华尔街预期的出色业绩，这一点有些令人惊讶。更重要的是，英伟达的指引也超出了分析师的预期。</p>
</div><p>However, concerns about Nvidia's ability to sustain its outstanding growth, its valuation, and the short-term margin pressure that will be created by the ramp-up of its latest generation of Blackwell processors seem to be weighing on the company's stock price. Meanwhile, two other little-known chip companies have received a big boost in the past three months thanks to the positive impact of AI on their businesses: <strong>Ambarella</strong>(AMBA 3.34%) and <strong>Lumentum Holdings</strong>(LITE 5.65%).</p>
<div class="lb-trans"><p>然而，关于英伟达能否维持其卓越增长的担忧、其估值以及由于最新一代 Blackwell 处理器的生产提升所带来的短期利润压力似乎正在影响公司的股价。同时，另外两家鲜为人知的芯片公司在过去三个月中因 AI 对其业务的积极影响而获得了巨大的提升：<strong>安霸</strong>（AMBA 3.34%）和 <strong>Lumentum Holdings</strong>（LITE 5.65%）。</p>
</div><p>While Ambarella stock has jumped 25% in the past three months, Lumentum has appreciated nearly 23%. Their gains have been better than what Nvidia has delivered during this period, and the good part is that the AI-focused growth drivers of both of the smaller chipmakers are just kicking in.</p>
<div class="lb-trans"><p>在过去三个月中，安霸的股票上涨了 25%，而 Lumentum 的股票几乎上涨了 23%。它们的涨幅超过了英伟达在此期间的表现，值得注意的是，这两家小型芯片制造商的 AI 驱动增长因素刚刚开始显现。</p>
</div><p>Let's check out how AI is turning out to be a catalyst for Ambarella and Lumentum.</p>
<div class="lb-trans"><p>让我们来看看 AI 如何成为安霸和 Lumentum 的催化剂。</p>
</div><h2>1. Ambarella</h2>
<div class="lb-trans"><h2>1. 安霸</h2>
</div><p>The chips that Ambarella designs are deployed in automotive and Internet of Things (IoT) applications. The company is primarily known for its computer vision chips that process images and video, and it is now finding applications in the field of AI as well. According to one estimate, the size of the AI computer vision processor market could grow from $17.2 billion in 2023 to $45.7 billion in 2028 thanks to the growing demand from multiple verticals such as automotive, security and surveillance, and consumer electronics applications.</p>
<div class="lb-trans"><p>安霸设计的芯片被应用于汽车和物联网（IoT）领域。该公司主要以其处理图像和视频的计算机视觉芯片而闻名，现在也在 AI 领域找到了应用。根据一项估计，AI 计算机视觉处理器市场的规模可能会从 2023 年的 172 亿美元增长到 2028 年的 457 亿美元，这得益于汽车、安全监控和消费电子等多个垂直领域的需求增长。</p>
</div><p>Ambarella's product portfolio already includes chips capable of processing AI workloads in these applications. For instance, the company's CV5 processor that's based on an advanced 5-nanometer (nm) process node can run AI-based algorithms in automotive cameras, consumer cameras, and even robotics. Not surprisingly, the company is witnessing an increase in demand for this processor.</p>
<div class="lb-trans"><p>安霸的产品组合已经包括能够处理这些应用中 AI 工作负载的芯片。例如，该公司的 CV5 处理器基于先进的 5 纳米工艺节点，可以在汽车摄像头、消费摄像头甚至机器人中运行基于 AI 的算法。不出所料，该公司正在见证对这一处理器需求的增加。</p>
</div><p>CEO Fermi Wang remarked on the company's November 2024 earnings conference call that its new higher-priced AI inference processors, such as the CV5, are driving record AI revenue and also contributing toward a higher average selling price (ASP). The good part is that Ambarella expects the robust demand for CV5 to continue in fiscal 2026, which will begin next month. Additionally, the company estimates that the demand for its CV7 family of AI vision processors will pick up from the new fiscal year.</p>
<div class="lb-trans"><p>首席执行官 Fermi Wang 在公司 2024 年 11 月的财报电话会议上表示，其新推出的高价 AI 推理处理器，如 CV5，正在推动创纪录的 AI 收入，并且也有助于提高平均售价（ASP）。好消息是，安霸预计 CV5 的强劲需求将在下一个财政年度（将于下个月开始）持续。此外，该公司估计其 CV7 系列 AI 视觉处理器的需求将在新财政年度开始上升。</p>
</div><p>More importantly, this solid demand is translating into outstanding growth for Ambarella. Its revenue in the third quarter of fiscal 2025 (which ended on Oct. 31, 2024) increased an impressive 63% year over year to $82.7 million. The chipmaker also swung to an adjusted profit of $0.11 per share from a loss of $0.28 per share in the year-ago period.</p>
<div class="lb-trans"><p>更重要的是，这种强劲的需求正在为安霸带来卓越的增长。该公司在 2025 财年第三季度（截至 2024 年 10 月 31 日）的收入同比增长了 63%，达到了 8270 万美元。该芯片制造商的调整后每股利润也从去年同期的每股亏损 0.28 美元转为每股盈利 0.11 美元。</p>
</div><p>Ambarella's fiscal Q4 guidance of $78 million would translate into a 51% increase in its revenue from the year-ago quarter. The company is on track to finish fiscal 2025 with total revenue of $279 million, which would be a 23% improvement from the previous fiscal year. Its loss is expected to shrink to $0.30 per share from $0.83 per share in fiscal 2024.</p>
<div class="lb-trans"><p>安霸对 2025 财年第四季度的指导收入为 7800 万美元，这将比去年同期增长 51%。该公司预计 2025 财年的总收入将达到 2.79 亿美元，比上一财年增长 23%。其亏损预计将从 2024 财年的每股 0.83 美元缩减至每股 0.30 美元。</p>
</div><p>As the following chart shows, Ambarella's top and bottom lines are on track to improve further over the next couple of fiscal years, with the company expected to report an adjusted profit per share in fiscal 2027.</p>
<div class="lb-trans"><p>如以下图表所示，安霸的收入和利润在未来几个财政年度有望进一步改善，预计到 2027 财年将报告调整后的每股盈利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png" alt="" original-src="https://media.ycharts.com/charts/ddd5b682fafc5ac873e6c1b5122ee9bb.png"/></p>
<p>AMBA Revenue Estimates for Next Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AMBA 下一财年的收入预估数据来自 YCharts</p>
</div><p>The overall AI computer vision market is set for impressive growth over the next three years, so it won't be surprising to see Ambarella deliver the healthy growth that Wall Street is expecting from it. The company could be able to sustain its positive momentum for a longer period as well since it claims to have an automotive revenue pipeline of $2.2 billion through fiscal year 2031.</p>
<div class="lb-trans"><p>整体 AI 计算机视觉市场在未来三年有望实现显著增长，因此看到安霸实现华尔街预期的健康增长并不令人惊讶。该公司声称在 2031 财年之前拥有 22 亿美元的汽车收入管道，这可能使其能够在更长时间内维持积极的增长势头。</p>
</div><p>If you throw in the prospects of AI computer vision processors in other areas such as consumer cameras and security applications, Ambarella may have enough room to grow its business significantly in the long run.</p>
<div class="lb-trans"><p>如果再考虑到 AI 计算机视觉处理器在消费摄像头和安全应用等其他领域的前景，安霸可能在长期内有足够的空间显著扩大其业务。</p>
</div><h2>2. Lumentum Holdings</h2>
<div class="lb-trans"><h2>2. Lumentum Holdings</h2>
</div><p>The growing demand for high-speed data transmission in AI servers is driving robust growth in the networking equipment market. According to Morningstar, the spending on generative AI networking equipment could increase at an annual rate of 34% between 2023 and 2028, generating $34 billion in annual revenue at the end of the forecast period.</p>
<div class="lb-trans"><p>对 AI 服务器中高速数据传输的需求增长正在推动网络设备市场的强劲增长。根据晨星的报告，2023 年至 2028 年间，生成性 AI 网络设备的支出预计将以 34% 的年增长率增加，到预测期末将产生 340 亿美元的年收入。</p>
</div><p>Lumentum Holdings is already benefiting from this trend, witnessing a nice turnaround in its financial performance last quarter. The company's revenue in the first quarter of fiscal 2025 (which ended on Sept. 28, 2024) increased 6% year over year to $337 million. While that may not seem very impressive at first, investors should note that Lumentum's top line was down 23% in fiscal 2024 owing to soft demand from the cloud and networking and industrial segments.</p>
<div class="lb-trans"><p>Lumentum Holdings 已经从这一趋势中受益，上个季度其财务表现出现了良好的转变。该公司在 2025 财年第一季度（截至 2024 年 9 月 28 日）的收入同比增长了 6%，达到了 3.37 亿美元。虽然这乍一看似乎并不令人印象深刻，但投资者应该注意到，Lumentum 在 2024 财年的收入因云计算、网络和工业领域需求疲软而下降了 23%。</p>
</div><p>However, things have started changing for the better thanks to AI. Its cloud and networking revenue jumped 23% year over year in fiscal Q1 2025, offsetting the weakness in the industrial business. With cloud and networking now producing nearly 84% of Lumentum's top line, this business is set to drive stronger growth for the company.</p>
<div class="lb-trans"><p>然而，情况因 AI 的出现而开始好转。其云计算和网络收入在 2025 财年第一季度同比增长了 23%，抵消了工业业务的疲软。由于云计算和网络现在占 Lumentum 总收入的近 84%，这一业务将推动公司的更强劲增长。</p>
</div><p>Lumentum points out that its cloud customer base is growing with the addition of new hyperscale customers that are placing orders for its lasers that are used in fiber-optic cables to enable high-speed data transmission in AI servers. What's more, Lumentum is busy expanding its manufacturing capacity so that it can fulfill more orders.</p>
<div class="lb-trans"><p>Lumentum 指出，其云客户基础正在增长，新增的超大规模客户正在下订单，购买用于光纤电缆的激光器，以实现 AI 服务器中的高速数据传输。此外，Lumentum 正在积极扩展其制造能力，以便能够满足更多订单。</p>
</div><p>These favorable developments explain why Lumentum's revenue estimate of $390 million for the current quarter would again be an improvement of 6% over the prior year. Even better, analysts are expecting the company's growth rate to improve as the year progresses. Consensus estimates are projecting a 17% jump in Lumentum's revenue for fiscal 2025 to $1.59 billion, which is expected to be followed by even stronger growth in the next fiscal year.</p>
<div class="lb-trans"><p>这些有利的发展解释了为什么 Lumentum 当前季度的收入预估为 3.9 亿美元，比去年增长 6%。更好的是，分析师预计公司的增长率将在年内改善。共识预估显示，Lumentum 在 2025 财年的收入将跃升 17%，达到 15.9 亿美元，预计在下一个财年将迎来更强劲的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png" alt="" original-src="https://media.ycharts.com/charts/e3ec479a47213f6fa0c1df04e2ab2327.png"/></p>
<p>LITE Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>LITE 当前财年的收入预估数据来自 YCharts</p>
</div><p>The robust top-line growth is expected to filter down to the bottom line, with Lumentum's earnings expected to jump by 56% in the current fiscal year to $1.58 per share followed by healthy growth in the next couple of years as well.</p>
<div class="lb-trans"><p>强劲的收入增长预计将传导至净利润，Lumentum 的每股收益预计在当前财年将跃升 56%，达到 1.58 美元，未来几年也将保持健康增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png" alt="" original-src="https://media.ycharts.com/charts/cb135d95cd47df8b8457a37da27ebaa2.png"/></p>
<p>LITE EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>LITE 当前财年的每股收益预估数据来自 YCharts</p>
</div><p>It won't be surprising to see the market rewarding this tech stock with more upside thanks to its improving earnings power. That's why it isn't too late for investors to buy Lumentum Holdings as its cloud and networking business seems set for better times ahead thanks to AI.</p>
<div class="lb-trans"><p>看到市场因其改善的盈利能力而给予这只科技股更多上涨空间并不令人惊讶。因此，对于投资者来说，现在购买 Lumentum Holdings 并不算晚，因为其云和网络业务似乎正准备迎接更好的未来，得益于 AI。</p>
</div>

These 2 Artificial Intelligence (AI) Stocks Are Outpacing Nvidia's, and They Can Still Soar Higher

- Nvidia 股票在过去两年中上涨近 800%，但最近三个月下跌 1%。  
- Ambarella 和 Lumentum 在 AI 影响下，分别上涨 25% 和 23%。  
- Ambarella 第三季度收入同比增长 63%，Lumentum 云业务收入增长 23%。  

这两只人工智能（AI）股票的表现超过了英伟达的股票，而且它们仍有上涨空间