<p>杰富瑞的分析师最近根据他们认为在 2025 年会表现优于其他股票的标准，对所谓的 “七大奇迹” 股票进行了排名。这个名称指的是一组领先的巨型科技股，它们在过去几年中帮助推动了市场的上涨。</p>
<p>在这个组别中，他们的首选是 <strong>英伟达</strong>(NVDA -3.12%) 和 <strong>谷歌</strong>(GOOGL 1.13%)(GOOG 1.16%)。根据杰富瑞的排名，该组还包括 <strong>Meta Platforms</strong>、<strong>苹果</strong>、<strong>亚马逊</strong>、<strong>特斯拉</strong> 和 <strong>微软</strong>。</p>
<p>该公司的排名基于多个定量指标，包括增长、估值、收益率、盈利修正、卖方分析师情绪、投资资本回报率（ROIC）、股价动量以及研发（R&amp;D）与资本支出（capex）支出的比较。</p>
<p>英伟达之所以位居榜首，主要是由于其强劲的增长、上调的指导修正、吸引人的估值以及强烈的分析师情绪。</p>
<p>让我们看看我为什么认为英伟达和谷歌的股票是有吸引力的买入。</p>
<h2>1. 英伟达</h2>
<p>英伟达仍然是一个极具吸引力的组合，具有令人难以置信的强劲增长和吸引人的估值。该公司有望报告连续第二年实现三位数的收入增长，这在其规模下是相当显著的。</p>
<p>与此同时，分析师预计 2025 年的销售增长将超过 50%。而且其前瞻市盈率（P/E）低于 33 倍，市盈率与增长比率（PEG）为 1。PEG 低于 1 通常被认为是被低估的，尽管增长型股票的 PEG 往往远高于 1。</p>
<p>英伟达的增长来自于人工智能（AI）基础设施的疯狂建设以及公司通过其 CUDA 软件平台所创造的广泛护城河。其图形处理单元（GPU）最初是为了加速视频游戏中的图形渲染而创建的，但由于其卓越的处理速度，现已成为 AI 基础设施的支柱。</p>
<p>随着大型科技公司和 AI 初创企业争相改善其 AI 模型，他们需要越来越多的计算能力来训练这些模型，而这主要来自于 GPU。通过英伟达的 CUDA X 库、工具和微服务，其半导体可以轻松编程以执行各种 AI 任务，这使其在 GPU 领域占据了近 90% 的市场份额。</p>
<p>埃隆·马斯克的 xAI 就是 GPU 在 AI 模型训练中日益使用的一个很好的例子。该公司使用了 20,000 个 GPU 来训练其 Grok 2 模型，而最初使用的是 100,000 个 GPU 来训练 Grok 3 模型，但后来在训练的第二阶段将其增加到 200,000 个。同时，马斯克谈到 xAI 的数据中心未来将托管一个 100 万个 GPU 的集群。</p>
<p>与此同时，英伟达最大的客户微软宣布今年将在 AI 数据中心上投资 800 亿美元。为了不落后，由 <strong>甲骨文</strong>、<strong>软银集团</strong> 和 OpenAI 组成的财团讨论了在德克萨斯州的 AI 基础设施上投资高达 5000 亿美元，作为最近宣布的星际计划的一部分。</p>
<p>这些支出无疑将大部分用于 GPU。这些项目展示了英伟达未来仍然存在的增长潜力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5ODAvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5ODAvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 谷歌</h2>
<p>虽然没有任何巨型公司能够接近英伟达最近的增长，但谷歌是一家强劲增长的公司，在七大奇迹中拥有最低的估值，前瞻市盈率仅为 19.4。</p>
<p>上个季度，谷歌的收入增长了 15%，而利润飙升了 34%，每股收益增长了 37%。增长主要得益于其云计算部门 Google Cloud，该部门的收入增长了 35%。</p>
<p>云计算是一项固定成本非常高的业务，一旦业务达到规模，就会有很大的经营杠杆。这在上个季度得到了体现，该部门的盈利能力出现了拐点，部门营业收入从一年前的 2.66 亿美元激增至 19.5 亿美元。</p>
<p>随着组织争相构建自己的 AI 模型和应用，预计这一业务将继续强劲增长，因为谷歌正在增加更多的数据中心容量。同时，谷歌还开发了自己的定制 AI 芯片，并与 <strong>博通</strong> 合作，表示这与 GPU 结合有助于减少 AI 推理处理时间并降低成本。</p>
<p>随着谷歌作为三大云计算公司中最小的公司继续扩展，并凭借其定制芯片的优势，Google Cloud 的利润率应会继续改善，从而带来强劲的盈利增长。</p>
<p>与此同时，谷歌拥有全球主导的搜索引擎 Google 和全球观看量最高的流媒体平台 YouTube。这些业务的收入持续以两位数增长，其整体 Google Services 部门的销售在上个季度增长了 13%。部门营业收入飙升 29%，达到 309 亿美元。</p>
<p>该公司计划在今年将其新的 Gemini AI 模型整合到其各项业务中，以推动增长，同时还计划推广其 Gemini 应用，这是其对 ChatGPT 的回应。</p>
<p>管理层还在投资其他新兴业务，包括量子计算，最近宣布了一项重大的技术突破。它还拥有 Waymo，目前是美国唯一提供付费机器人出租车服务的公司。这些业务目前处于亏损状态，但潜力巨大。</p>
<p>总体而言，谷歌是增长与价值的良好结合，并在其对机器人出租车和量子计算的投资中具有一些稳固的长期选择性。</p>

英伟达

谷歌-A

谷歌-C

<p>杰富瑞的分析师将英伟达和谷歌评选为 2025 年 “七大奇迹” 中的前两只股票，基于增长、估值和分析师情绪。预计英伟达将在 2025 年实现超过 50% 的销售增长，主要受人工智能基础设施需求的推动，而谷歌的前瞻市盈率为 19.4，上个季度报告了 15% 的收入增长，主要由其谷歌云部门推动。由于强劲的增长前景和市场地位，这两只股票被认为是具有吸引力的买入选择</p>

<p>Analysts at <strong>Jefferies</strong> recently ranked the so-called &#34;Magnificent Seven&#34; stocks based on which ones they thought would outperform in 2025. The name refers to a group of leading mega-cap tech stocks that have been helping lead the market higher the past couple of years.</p>
<div class="lb-trans"><p>杰富瑞的分析师最近根据他们认为在 2025 年会表现优于其他股票的标准，对所谓的 “七大奇迹” 股票进行了排名。这个名称指的是一组领先的巨型科技股，它们在过去几年中帮助推动了市场的上涨。</p>
</div><p>Its top picks among the group were <strong>Nvidia</strong>(NVDA -3.12%) and <strong>Alphabet</strong>(GOOGL 1.13%)(GOOG 1.16%). The group also includes, by order of Jefferies' rankings, <strong>Meta Platforms</strong>, <strong>Apple</strong>, <strong>Amazon</strong>, <strong>Tesla</strong>, and <strong>Microsoft</strong>.</p>
<div class="lb-trans"><p>在这个组别中，他们的首选是 <strong>英伟达</strong>(NVDA -3.12%) 和 <strong>谷歌</strong>(GOOGL 1.13%)(GOOG 1.16%)。根据杰富瑞的排名，该组还包括 <strong>Meta Platforms</strong>、<strong>苹果</strong>、<strong>亚马逊</strong>、<strong>特斯拉</strong> 和 <strong>微软</strong>。</p>
</div><p>The firm's rankings were based on several quantitative measures, including growth, valuation, yield, earnings revisions, sell-side analyst sentiment, return on invested capital (ROIC), stock price momentum, and research and development (R&amp;D) versus capex (capital expenditures) spending.</p>
<div class="lb-trans"><p>该公司的排名基于多个定量指标，包括增长、估值、收益率、盈利修正、卖方分析师情绪、投资资本回报率（ROIC）、股价动量以及研发（R&amp;D）与资本支出（capex）支出的比较。</p>
</div><p>Nvidia grabbed the top spot largely due to its strong growth, upward guidance revisions, attractive valuation, and strong analyst sentiment.</p>
<div class="lb-trans"><p>英伟达之所以位居榜首，主要是由于其强劲的增长、上调的指导修正、吸引人的估值以及强烈的分析师情绪。</p>
</div><p>Let's look at why I think both Nvidia and Alphabet stocks are attractive buys.</p>
<div class="lb-trans"><p>让我们看看我为什么认为英伟达和谷歌的股票是有吸引力的买入。</p>
</div><h2>1. Nvidia</h2>
<div class="lb-trans"><h2>1. 英伟达</h2>
</div><p>Nvidia remains a great combination of incredibly strong growth at an attractive valuation. The company is on pace to report its second consecutive year of triple-digit revenue increases, which given its size is quite remarkable.</p>
<div class="lb-trans"><p>英伟达仍然是一个极具吸引力的组合，具有令人难以置信的强劲增长和吸引人的估值。该公司有望报告连续第二年实现三位数的收入增长，这在其规模下是相当显著的。</p>
</div><p>Meanwhile, analysts are projecting more than 50% sales growth in 2025. And it is attractively valued with a forward price-to-earnings ratio (P/E) below 33 times and a price/earnings-to-growth ratio (PEG) of 1. PEGs below 1 are generally considered undervalued, although growth stocks will often have PEGs well above 1.</p>
<div class="lb-trans"><p>与此同时，分析师预计 2025 年的销售增长将超过 50%。而且其前瞻市盈率（P/E）低于 33 倍，市盈率与增长比率（PEG）为 1。PEG 低于 1 通常被认为是被低估的，尽管增长型股票的 PEG 往往远高于 1。</p>
</div><p>Nvidia's growth comes from a combination of the frantic buildout of artificial intelligence (AI) infrastructure and the wide moat the company has created through its CUDA software platform. Its graphics processing units (GPUs), which were originally created to speed up graphics rendering in video games, have become the backbone of AI infrastructure given their superior processing speeds.</p>
<div class="lb-trans"><p>英伟达的增长来自于人工智能（AI）基础设施的疯狂建设以及公司通过其 CUDA 软件平台所创造的广泛护城河。其图形处理单元（GPU）最初是为了加速视频游戏中的图形渲染而创建的，但由于其卓越的处理速度，现已成为 AI 基础设施的支柱。</p>
</div><p>As large tech companies and AI start-ups rush to improve their AI models, they need more and more computing power to train them, which is largely coming from GPUs. Through Nvidia's CUDA X collection of libraries, tools, and microservices, its semiconductors are easily programmable for various AI tasks, which has allowed it to take a nearly 90% market share in the GPU space.</p>
<div class="lb-trans"><p>随着大型科技公司和 AI 初创企业争相改善其 AI 模型，他们需要越来越多的计算能力来训练这些模型，而这主要来自于 GPU。通过英伟达的 CUDA X 库、工具和微服务，其半导体可以轻松编程以执行各种 AI 任务，这使其在 GPU 领域占据了近 90% 的市场份额。</p>
</div><p>Elon Musk's xAI is a great example of the growing use of GPUs in AI model training. The company used 20,000 GPUs to train its Grok 2 model, while it originally was using 100,000 GPUs to train its Grok 3 model, but then increased it to 200,000 for phase two of its training. Meanwhile, Musk has talked about xAI's data center hosting a 1 million GPU cluster in the future.</p>
<div class="lb-trans"><p>埃隆·马斯克的 xAI 就是 GPU 在 AI 模型训练中日益使用的一个很好的例子。该公司使用了 20,000 个 GPU 来训练其 Grok 2 模型，而最初使用的是 100,000 个 GPU 来训练 Grok 3 模型，但后来在训练的第二阶段将其增加到 200,000 个。同时，马斯克谈到 xAI 的数据中心未来将托管一个 100 万个 GPU 的集群。</p>
</div><p>Meanwhile, Nvidia's largest customer, Microsoft, announced it will spend $80 billion on AI data centers this year. Not to be outdone, a consortium consisting of <strong>Oracle</strong>, <strong>SoftBank Group</strong>, and OpenAI has discussed spending up to $500 billion on AI infrastructure in Texas as part of the recently announced Project Stargate.</p>
<div class="lb-trans"><p>与此同时，英伟达最大的客户微软宣布今年将在 AI 数据中心上投资 800 亿美元。为了不落后，由 <strong>甲骨文</strong>、<strong>软银集团</strong> 和 OpenAI 组成的财团讨论了在德克萨斯州的 AI 基础设施上投资高达 5000 亿美元，作为最近宣布的星际计划的一部分。</p>
</div><p>A lot of this spending will undoubtedly go toward GPUs. These projects demonstrate the type of growth still ahead for Nvidia.</p>
<div class="lb-trans"><p>这些支出无疑将大部分用于 GPU。这些项目展示了英伟达未来仍然存在的增长潜力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ5ODAvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804980%2Fgettyimages-1402452876.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>2. Alphabet</h2>
<div class="lb-trans"><h2>2. 谷歌</h2>
</div><p>While no mega-cap company can come close to matching Nvidia's recent growth, Alphabet is a strong growing company that has the cheapest valuation among the Magnificent Seven with a forward P/E of only 19.4.</p>
<div class="lb-trans"><p>虽然没有任何巨型公司能够接近英伟达最近的增长，但谷歌是一家强劲增长的公司，在七大奇迹中拥有最低的估值，前瞻市盈率仅为 19.4。</p>
</div><p>Last quarter, Alphabet grew its revenue a solid 15%, while its profits soared 34% and its earnings per share climbed 37%. The growth was led by its cloud computing division, Google Cloud, which grew its revenue by 35%.</p>
<div class="lb-trans"><p>上个季度，谷歌的收入增长了 15%，而利润飙升了 34%，每股收益增长了 37%。增长主要得益于其云计算部门 Google Cloud，该部门的收入增长了 35%。</p>
</div><p>Cloud computing is a business with very high fixed costs that has a lot of operating leverage once the business reaches scale. That was seen in its last quarter, when the segment saw a profitability inflection point, with segment operating income surging from $266 million a year ago to $1.95 billion.</p>
<div class="lb-trans"><p>云计算是一项固定成本非常高的业务，一旦业务达到规模，就会有很大的经营杠杆。这在上个季度得到了体现，该部门的盈利能力出现了拐点，部门营业收入从一年前的 2.66 亿美元激增至 19.5 亿美元。</p>
</div><p>With organizations scampering to build out their own AI models and applications, expect this business to continue to grow strongly as Alphabet adds more data center capacity. Meanwhile, the company could see even more operating leverage as it has developed its own custom AI chips with the help of <strong>Broadcom</strong>, which it has said in combination with GPUs is helping reduce AI inference processing times and lowering costs.</p>
<div class="lb-trans"><p>随着组织争相构建自己的 AI 模型和应用，预计这一业务将继续强劲增长，因为谷歌正在增加更多的数据中心容量。同时，谷歌还开发了自己的定制 AI 芯片，并与 <strong>博通</strong> 合作，表示这与 GPU 结合有助于减少 AI 推理处理时间并降低成本。</p>
</div><p>As it continues to scale up as the smallest of the big-three cloud computing companies and with its custom chip advantage, Google Cloud's margins should continue to improve, leading to strong earnings growth.</p>
<div class="lb-trans"><p>随着谷歌作为三大云计算公司中最小的公司继续扩展，并凭借其定制芯片的优势，Google Cloud 的利润率应会继续改善，从而带来强劲的盈利增长。</p>
</div><p>At the same time, Alphabet owns the world's dominant search engine in Google and YouTube, the most viewed streaming platform globally. These businesses continue to grow revenue by double digits, with sales for its overall Google Services segment climbing 13% last quarter. Segment operating income soared 29% to $30.9 billion.</p>
<div class="lb-trans"><p>与此同时，谷歌拥有全球主导的搜索引擎 Google 和全球观看量最高的流媒体平台 YouTube。这些业务的收入持续以两位数增长，其整体 Google Services 部门的销售在上个季度增长了 13%。部门营业收入飙升 29%，达到 309 亿美元。</p>
</div><p>The company is looking to incorporate its new Gemini AI model throughout its businesses this year to help drive growth, while also looking to promote its Gemini app, which is its answer to ChatGPT.</p>
<div class="lb-trans"><p>该公司计划在今年将其新的 Gemini AI 模型整合到其各项业务中，以推动增长，同时还计划推广其 Gemini 应用，这是其对 ChatGPT 的回应。</p>
</div><p>Management also has other emerging businesses that it is investing in, including quantum computing, where it recently announced a big technological breakthrough. It also owns Waymo, which is currently the only company offering paid robotaxi rides in the U.S. These are presently money-losing business, but they have big potential.</p>
<div class="lb-trans"><p>管理层还在投资其他新兴业务，包括量子计算，最近宣布了一项重大的技术突破。它还拥有 Waymo，目前是美国唯一提供付费机器人出租车服务的公司。这些业务目前处于亏损状态，但潜力巨大。</p>
</div><p>Overall, Alphabet is a nice combination of growth and value with some solid longer-term optionality with its investments in robotaxis and quantum computing.</p>
<div class="lb-trans"><p>总体而言，谷歌是增长与价值的良好结合，并在其对机器人出租车和量子计算的投资中具有一些稳固的长期选择性。</p>
</div>

One Analyst Firm Just Ranked Nvidia and Alphabet as Its Top 2 "Magnificent Seven" Stocks for 2025. Are Both Stocks Buys?

- Jefferies 分析师对 “七大巨头” 股票进行了排名，Nvidia 和 Alphabet 位列前两名。  
- Nvidia 预计 2025 年销售增长超过 50%，并在 GPU 市场占有近 90% 的份额。  
- Alphabet 以 19.4 的前瞻市盈率被认为估值最低，云计算部门增长强劲。  

一家分析师公司刚刚将英伟达和谷歌-A 评为其 2025 年 “七大杰出” 股票中的前两名。这两只股票都值得购买吗？