<p><strong>英伟达</strong>(NVDA -3.12%) 目前在人工智能（AI）芯片市场中无可争议地处于领先地位。它的收入和盈利都在快速增长，市场普遍预期未来还有更多增长，这也是许多投资者尽管面临高估值仍然愿意购买该股票的原因。</p>
<p>英伟达的两个主要竞争对手，<strong>超微半导体</strong> 和 <strong>英特尔</strong>，希望能够逐步蚕食其市场份额。虽然一些客户可能希望多样化其供应链并探索更便宜的选择，但英伟达最近发布的新显卡表明，它并不打算轻易放弃任何市场份额。</p>
<h2>新款英伟达显卡的价格低于预期</h2>
<p>超微和英特尔可能赢得客户的一种方式是提供价格更为适中的芯片。虽然英伟达的高性能芯片需求旺盛，但价格并不便宜。开发 AI 模型和聊天机器人的科技公司已经表明，他们愿意为这些芯片支付溢价，但价格在未来的购买决策中可能会发挥更大作用，尤其是如果超微或英特尔能够证明他们的芯片并没有显著降低英伟达最新产品的性能。</p>
<p>但英伟达正在表明它愿意在价格上采取更积极的策略。1 月 6 日，该公司发布了最新的 GeForce RTX 50 显卡，令一些分析师感到惊讶的是，许多新卡的定价低于之前的 RTX 40 系列，尽管提供了显著的性能升级。</p>
<p>英伟达还宣布了 Project Digits——它将推出的第一款台式电脑。但以 3000 美元的价格，这并不便宜，主要是为程序员设计的。</p>
<h2>英伟达强大的利润率使其能够采取激进的定价策略</h2>
<p>当一家公司像英伟达一样庞大且盈利丰厚时，它在价格竞争和追求更激进的机会方面处于极佳的位置。该公司不仅在多年来大幅增长了收入，同时也提高了利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.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/4c7b7acfdf58f91db6feb9fc9df6aeb5.png"/></p>
<p>NVDA 营业收入（季度同比增长）数据来源于 YCharts。</p>
<p>凭借如此强大的利润率，该公司可以承受以较低价格提供部分产品的成本，因为它仍然能够保持高水平的盈利能力。这样做可能会阻碍竞争对手，因为超微或英特尔的芯片可能没有足够的价格优势来赢得客户。</p>
<p>有报道称，超微由于英伟达的公告及其带来的价格压力，正在推迟新款 Radeon RX 9000 系列芯片的正式发布。</p>
<h2>投资者是否应该大量购买英伟达的股票？</h2>
<p>在过去三个月中，英伟达的股票已经趋于平稳，投资者似乎对在当前价格水平上购买该股票有所犹豫。该公司的市值为 3.4 万亿美元，当前的前瞻市盈率为 32，略高于 <strong>科技精选行业 SPDR 基金</strong> 的平均水平 30。然而，考虑到英伟达的增长潜力，略高于平均科技股的溢价是合理的。</p>
<p>鉴于英伟达未来的长期增长机会，很难不将其视为长期投资的良好选择。公司的财务状况非常良好，随着英伟达在定价上采取更积极的策略并扩展增长机会，预计未来几年的销售和利润可能会进一步增长。总体而言，尽管估值较高，但这可能是一个值得购买和持有的良好成长股。</p>

英伟达

<p>英伟达继续主导人工智能芯片市场，最近推出了其新的 GeForce RTX 50 显卡，价格低于预期，同时提供了显著的性能升级。这一激进的定价策略可能会对竞争对手 AMD 和 Intel 构成挑战，后者在争夺市场份额方面面临困难。英伟达强劲的利润率使其在价格竞争中仍能保持盈利。尽管英伟达的股票已经趋于平稳，但其长期增长潜力和稳健的财务状况使其成为一个有吸引力的投资选择，尽管估值较高</p>

<p><strong>Nvidia</strong>(NVDA -3.12%) is the undisputed leader in the artificial intelligence (AI) chip market these days. It has been generating fantastic growth in both its revenue and earnings, and the expectation that there's much more growth ahead is why many investors aren't shying away from buying the stock, despite its high valuations.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -3.12%) 目前在人工智能（AI）芯片市场中无可争议地处于领先地位。它的收入和盈利都在快速增长，市场普遍预期未来还有更多增长，这也是许多投资者尽管面临高估值仍然愿意购买该股票的原因。</p>
</div><p>Two of Nvidia's key rivals, <strong>Advanced Micro Devices</strong> and <strong>Intel</strong>, are hoping to chip away at its market share. While it's possible that some of its customers may want to diversify their supply chains and explore cheaper options, Nvidia's recent announcement of its new graphics cards is a sign that it isn't about to relinquish any of its market share easily.</p>
<div class="lb-trans"><p>英伟达的两个主要竞争对手，<strong>超微半导体</strong> 和 <strong>英特尔</strong>，希望能够逐步蚕食其市场份额。虽然一些客户可能希望多样化其供应链并探索更便宜的选择，但英伟达最近发布的新显卡表明，它并不打算轻易放弃任何市场份额。</p>
</div><h2>New Nvidia cards are cheaper than expected</h2>
<div class="lb-trans"><h2>新款英伟达显卡的价格低于预期</h2>
</div><p>One way AMD and Intel could potentially win over customers is by offering them more modestly priced chips. While Nvidia's high-performing chips are in heavy demand, they don't come cheap. Tech companies developing AI models and chatbots have shown that they are willing to pay a premium for the chips, but price could play a bigger role in purchasing decisions down the road, especially if AMD or Intel can prove that their chips aren't significant downgrades from Nvidia's latest offerings.</p>
<div class="lb-trans"><p>超微和英特尔可能赢得客户的一种方式是提供价格更为适中的芯片。虽然英伟达的高性能芯片需求旺盛，但价格并不便宜。开发 AI 模型和聊天机器人的科技公司已经表明，他们愿意为这些芯片支付溢价，但价格在未来的购买决策中可能会发挥更大作用，尤其是如果超微或英特尔能够证明他们的芯片并没有显著降低英伟达最新产品的性能。</p>
</div><p>But Nvidia is showing that it's willing to be a bit more aggressive on price. On Jan. 6, the company unveiled its latest GeForce RTX 50 cards, and what took some analysts by surprise was that many of them will be priced lower than the previous RTX 40 series, despite offering significant performance upgrades.</p>
<div class="lb-trans"><p>但英伟达正在表明它愿意在价格上采取更积极的策略。1 月 6 日，该公司发布了最新的 GeForce RTX 50 显卡，令一些分析师感到惊讶的是，许多新卡的定价低于之前的 RTX 40 系列，尽管提供了显著的性能升级。</p>
</div><p>Nvidia also announced Project Digits -- the first desktop computer it will make. But at a price tag of $3,000, it isn't cheap, and is designed primarily for programmers.</p>
<div class="lb-trans"><p>英伟达还宣布了 Project Digits——它将推出的第一款台式电脑。但以 3000 美元的价格，这并不便宜，主要是为程序员设计的。</p>
</div><h2>Nvidia's strong margins allow it to be aggressive</h2>
<div class="lb-trans"><h2>英伟达强大的利润率使其能够采取激进的定价策略</h2>
</div><p>When a company is as big and profitable as Nvidia is, it's in an excellent position to compete on price and also pursue more aggressive opportunities. Not only has the company drastically grown its revenue over the years, it has done so while increasing its profit margins.</p>
<div class="lb-trans"><p>当一家公司像英伟达一样庞大且盈利丰厚时，它在价格竞争和追求更激进的机会方面处于极佳的位置。该公司不仅在多年来大幅增长了收入，同时也提高了利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.png" alt="" original-src="https://media.ycharts.com/charts/4c7b7acfdf58f91db6feb9fc9df6aeb5.png"/></p>
<p>NVDA Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 营业收入（季度同比增长）数据来源于 YCharts。</p>
</div><p>With such strong margins, the company can afford to offer some of its wares at lower prices, knowing that it can still maintain a high level of profitability. Doing so could potentially thwart competitors, as chips from AMD or Intel may not be comparatively cheap enough to win over customers.</p>
<div class="lb-trans"><p>凭借如此强大的利润率，该公司可以承受以较低价格提供部分产品的成本，因为它仍然能够保持高水平的盈利能力。这样做可能会阻碍竞争对手，因为超微或英特尔的芯片可能没有足够的价格优势来赢得客户。</p>
</div><p>There are reports that AMD is holding back the official launch of its new Radeon RX 9000 series chips due to Nvidia's announcement and the pricing pressure that has come as a result of it.</p>
<div class="lb-trans"><p>有报道称，超微由于英伟达的公告及其带来的价格压力，正在推迟新款 Radeon RX 9000 系列芯片的正式发布。</p>
</div><h2>Should investors load up on Nvidia's stock?</h2>
<div class="lb-trans"><h2>投资者是否应该大量购买英伟达的股票？</h2>
</div><p>Nvidia's stock has plateaued in the past three months, and investors appear to be having some hesitancy about buying it at its current levels. The company, which has a market cap of $3.4 trillion, is trading at a forward price-to-earnings multiple of 32, which is slightly higher than the <strong>Technology Select Sector SPDR Fund</strong>'s average of 30. However, given the growth beast that Nvidia is, a bit of a premium over the average tech stock may certainly be warranted.</p>
<div class="lb-trans"><p>在过去三个月中，英伟达的股票已经趋于平稳，投资者似乎对在当前价格水平上购买该股票有所犹豫。该公司的市值为 3.4 万亿美元，当前的前瞻市盈率为 32，略高于 <strong>科技精选行业 SPDR 基金</strong> 的平均水平 30。然而，考虑到英伟达的增长潜力，略高于平均科技股的溢价是合理的。</p>
</div><p>Given the long-term growth opportunities ahead for Nvidia, it's hard not to like the stock as a long-term buy. The company's financials are in excellent shape, and with Nvidia looking to be more aggressive on pricing and expanding its growth opportunities, it's not unreasonable to expect that its sales and profits can go even higher in the years ahead. Overall, it could be a good growth stock to buy and hold onto, despite its high valuation.</p>
<div class="lb-trans"><p>鉴于英伟达未来的长期增长机会，很难不将其视为长期投资的良好选择。公司的财务状况非常良好，随着英伟达在定价上采取更积极的策略并扩展增长机会，预计未来几年的销售和利润可能会进一步增长。总体而言，尽管估值较高，但这可能是一个值得购买和持有的良好成长股。</p>
</div>

Why Nvidia's New Graphics Cards Could Be Bad News for AMD and Intel

- Nvidia 是人工智能芯片市场的领导者，收入和盈利持续增长。  
- 其新发布的显卡价格低于预期，显示出价格竞争的意图。  
- 尽管估值较高，长期增长潜力使其股票仍具吸引力。

为什么英伟达的新显卡可能对 AMD 和英特尔来说是个坏消息