<p><strong>英伟达</strong>(NVDA 2.27%) 在过去几年中并没有太多的折扣出售。虽然股票曾几次下跌，但这些都是强有力的买入机会。</p>
<p>最近，股票从历史高点下跌了约 10%，这可能被一些人视为买入机会。然而，英伟达在过去几年表现出色，其他投资者担心它可能已经达到了顶峰。</p>
<p>那么，这两种观点中哪一种是正确的呢？我认为最近的下跌看起来像是一个买入机会。但即使明天股价达到历史高点，购买该股票仍然是一个明智的决定。</p>
<h2>英伟达的增长故事还没有结束</h2>
<p>英伟达是人工智能（AI）竞争中最大的受益者之一。其图形处理单元（GPU）是行业内最优秀的产品，对于创建这些强大的 AI 模型至关重要。</p>
<p>GPU 更适合这些复杂的计算任务，因为它们可以并行处理多个计算。它们还可以以集群方式连接，以倍增这种能力，使其能够以惊人的速度处理最艰巨的计算任务。</p>
<p>GPU 不仅适合处理 AI 模型。它们还可以用于处理工程模拟、开发新药、挖掘加密货币以及处理计算机图形（它们最初的用途）。然而，AI 无疑是这一硬件的最大应用场景，未来的趋势将直接影响英伟达。</p>
<p>过去几年，其收入激增，但所有迹象表明，直到 2026 财年（截至 2026 年 1 月），其收入将继续增长。许多 AI 超大规模公司——那些在 AI 竞争中投入大量资金的公司——已表示其支出将从 2024 年的水平上升，英伟达将从中受益。</p>
<p>在上游，该公司的芯片制造商 <strong>台湾半导体制造公司</strong> 给出了强劲收入增长和增加资本支出的指导，以满足对高性能计算硬件（如英伟达 GPU）芯片的需求。</p>
<p>更令人振奋的是，华尔街分析师预计英伟达在 2026 财年的收入将增长 52%。这是令人难以置信的增长，将使年收入总额接近 2000 亿美元，而其当前的过去 12 个月总收入为 1130 亿美元。</p>
<p>这个增长故事还没有结束，且没有迹象表明该公司已经完全饱和市场。尽管如此，如果股票定价不合理，可能就没有更多的上涨空间。</p>
<h2>考虑到其增长，股票的价格合理</h2>
<p>英伟达是一家完全成熟的公司，因此评估股票估值的最佳方法是查看其收益。从过去的收益来看，该股票的市盈率为 54 倍，并不是最便宜的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.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/205c2d0ecc0d249662272fdf5510c4ea.png"/></p>
<p>NVDA 市盈率，数据来源于 YCharts；市盈率 = 价格与收益的比率。</p>
<p>然而，考虑到预计在未来一年内将有如此大的增长，使用过去的收益可能是一个有缺陷的指标。如果我们根据 2026 财年的收益来评估该股票，其市盈率为 31 倍。这与许多其他大型科技公司的市盈率相符，因此英伟达实际上并不高估——它的估值与同行相当。</p>
<p>这可以让投资者有信心现在就购买，即使股票回到历史高点。</p>
<p>AI 趋势远未结束，预计英伟达将受益于支出的增加。尽管该股票在过去几年表现出色，但仍有更多的上涨空间，我预计它在未来几年仍将超越市场。</p>

英伟达

<p>英伟达的股票最近从历史高点下跌了约 10%，引发了关于是否是买入机会的讨论。尽管对其达到顶峰的担忧存在，但英伟达在人工智能领域的增长依然强劲。分析师预计到 2026 财年，收入将增长 52%，总收入接近 2000 亿美元。虽然该股票的市盈率为 54，但与同行在 2026 财年预计收益的市盈率 31 倍相符，表明其并不被高估。人工智能趋势仍在继续，暗示英伟达的股票有进一步上涨的潜力</p>

<p><strong>Nvidia</strong>(NVDA 2.27%) hasn't been on sale much during the last few years. While the stock dipped a few times, these have all been strong buying opportunities.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 2.27%) 在过去几年中并没有太多的折扣出售。虽然股票曾几次下跌，但这些都是强有力的买入机会。</p>
</div><p>Recently, the stock has fallen around 10% from its all-time highs, which some may consider a buying opportunity. However, Nvidia has done so well over the past few years that other investors are concerned that it may have reached its top.</p>
<div class="lb-trans"><p>最近，股票从历史高点下跌了约 10%，这可能被一些人视为买入机会。然而，英伟达在过去几年表现出色，其他投资者担心它可能已经达到了顶峰。</p>
</div><p>So, which of these two camps is right? I think that the most recent dip looks like a buying opportunity. But even if the shares reached all-time highs tomorrow, buying the stock would still be a good decision.</p>
<div class="lb-trans"><p>那么，这两种观点中哪一种是正确的呢？我认为最近的下跌看起来像是一个买入机会。但即使明天股价达到历史高点，购买该股票仍然是一个明智的决定。</p>
</div><h2>Nvidia's growth story isn't finished</h2>
<div class="lb-trans"><h2>英伟达的增长故事还没有结束</h2>
</div><p>Nvidia has been one of the largest beneficiaries of the artificial intelligence (AI) competition. Its graphics processing units (GPUs) are best-in-class products and crucial to creating these powerful AI models.</p>
<div class="lb-trans"><p>英伟达是人工智能（AI）竞争中最大的受益者之一。其图形处理单元（GPU）是行业内最优秀的产品，对于创建这些强大的 AI 模型至关重要。</p>
</div><p>GPUs are better suited for these complex computing tasks because they can process multiple calculations in parallel. They can also be connected in clusters to multiply this ability, allowing them to process the most arduous computing tasks at unreal speeds.</p>
<div class="lb-trans"><p>GPU 更适合这些复杂的计算任务，因为它们可以并行处理多个计算。它们还可以以集群方式连接，以倍增这种能力，使其能够以惊人的速度处理最艰巨的计算任务。</p>
</div><p>GPUs aren't only good for processing AI models. They can also be deployed to process engineering simulations, develop new drugs, mine cryptocurrency, and process graphics on computers (their original intended use). However, AI has been the biggest use case for this hardware by far, and how that trend goes, so will Nvidia.</p>
<div class="lb-trans"><p>GPU 不仅适合处理 AI 模型。它们还可以用于处理工程模拟、开发新药、挖掘加密货币以及处理计算机图形（它们最初的用途）。然而，AI 无疑是这一硬件的最大应用场景，未来的趋势将直接影响英伟达。</p>
</div><p>Its revenue has skyrocketed over the past few years, but all indications are that it will continue to rise throughout fiscal 2026 (ending January 2026). Many of the AI hyperscalers -- companies that are spending a massive amount of money to win the AI competition -- have indicated that their spending will rise from 2024's levels, which Nvidia will benefit from.</p>
<div class="lb-trans"><p>过去几年，其收入激增，但所有迹象表明，直到 2026 财年（截至 2026 年 1 月），其收入将继续增长。许多 AI 超大规模公司——那些在 AI 竞争中投入大量资金的公司——已表示其支出将从 2024 年的水平上升，英伟达将从中受益。</p>
</div><p>Upstream, the company's chip manufacturer, <strong>Taiwan Semiconductor Manufacturing</strong>, gave guidance for strong revenue growth and increased capital expenditures to meet the demand for chips for high-powered computing hardware like Nvidia's GPUs.</p>
<div class="lb-trans"><p>在上游，该公司的芯片制造商 <strong>台湾半导体制造公司</strong> 给出了强劲收入增长和增加资本支出的指导，以满足对高性能计算硬件（如英伟达 GPU）芯片的需求。</p>
</div><p>As a cherry on top, Wall Street analysts project Nvidia's revenue to rise by 52% in fiscal 2026. That's incredible growth, and it will bring total annual revenue to nearly $200 billion versus its current trailing-12-month total of $113 billion.</p>
<div class="lb-trans"><p>更令人振奋的是，华尔街分析师预计英伟达在 2026 财年的收入将增长 52%。这是令人难以置信的增长，将使年收入总额接近 2000 亿美元，而其当前的过去 12 个月总收入为 1130 亿美元。</p>
</div><p>This growth story isn't finished, and there are no indications that the company has fully saturated the market with its products. Still, if the stock isn't priced right, then there may not be room for more upside.</p>
<div class="lb-trans"><p>这个增长故事还没有结束，且没有迹象表明该公司已经完全饱和市场。尽管如此，如果股票定价不合理，可能就没有更多的上涨空间。</p>
</div><h2>The stock carries a reasonable price tag, considering its growth</h2>
<div class="lb-trans"><h2>考虑到其增长，股票的价格合理</h2>
</div><p>Nvidia is a fully mature company, so the best way to assess the stock's valuation is to look at its earnings. From a trailing earnings perspective, the stock isn't the cheapest at 54 times trailing earnings.</p>
<div class="lb-trans"><p>英伟达是一家完全成熟的公司，因此评估股票估值的最佳方法是查看其收益。从过去的收益来看，该股票的市盈率为 54 倍，并不是最便宜的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.png" alt="" original-src="https://media.ycharts.com/charts/205c2d0ecc0d249662272fdf5510c4ea.png"/></p>
<p>NVDA PE ratio, data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>NVDA 市盈率，数据来源于 YCharts；市盈率 = 价格与收益的比率。</p>
</div><p>However, considering that it is expected to grow so much over the next year, using trailing earnings may be a flawed metric. If we value the stock based on fiscal 2026 earnings, it trades for 31 times earnings. That's right in line with where many other big techs trade, so Nvidia actually isn't overpriced right now -- it's right in line with its peers.</p>
<div class="lb-trans"><p>然而，考虑到预计在未来一年内将有如此大的增长，使用过去的收益可能是一个有缺陷的指标。如果我们根据 2026 财年的收益来评估该股票，其市盈率为 31 倍。这与许多其他大型科技公司的市盈率相符，因此英伟达实际上并不高估——它的估值与同行相当。</p>
</div><p>This can give investors confidence to buy it right now, even if the stock goes back to all-time highs.</p>
<div class="lb-trans"><p>这可以让投资者有信心现在就购买，即使股票回到历史高点。</p>
</div><p>The AI trend is far from over, and Nvidia is expected to benefit from increased spending. Even though the stock has done remarkably well over the past few years, there's still room for more upside, and I project that it will still beat the market for years to come.</p>
<div class="lb-trans"><p>AI 趋势远未结束，预计英伟达将受益于支出的增加。尽管该股票在过去几年表现出色，但仍有更多的上涨空间，我预计它在未来几年仍将超越市场。</p>
</div>

Should You Buy the Dip on Nvidia Stock?

- Nvidia 股票近期下跌约 10%，被视为买入机会。  
- 公司在人工智能领域受益显著，预计 2026 财年收入将增长 52%。  
- 尽管市盈率为 54 倍，但基于未来收益估值合理，投资者可放心买入。  

你是否应该在英伟达股票下跌时买入？