<p><strong>英伟达</strong>(NVDA -3.12%)，一家领先的半导体公司，在过去三年中股价飙升了 500%，使其市值达到了惊人的 3.6 万亿美元。虽然 <strong>苹果</strong> 在今年早些时候是市值最大的公司，但在我写这篇文章时，英伟达占据了这个位置。</p>
<p>英伟达的崛起得益于其在人工智能处理器市场的领先地位，但英伟达能否在今年继续保持良好的势头？我认为可以，以下是原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MzcvZ2V0dHlpbWFnZXMtODQwNjEwMTk2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MzcvZ2V0dHlpbWFnZXMtODQwNjEwMTk2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2><strong>英伟达是主导的 AI 处理器公司</strong></h2>
<p>要理解为什么英伟达能够在 2025 年继续称王，我们首先需要了解它为何成为必备的 AI 股票。</p>
<p>多年来，英伟达的图形处理单元（GPU）被科技公司用于开发人工智能系统。这是在 OpenAI 于 2022 年底发布 ChatGPT 之前，开启了人工智能竞赛。英伟达在人工智能领域的早期领先地位，现在为公司提供了几乎无法逾越的护城河。</p>
<p>英伟达在 AI 处理市场的份额估计在 70% 到 95% 之间，远远将竞争对手 <strong>英特尔</strong> 和 <strong>AMD</strong> 抛在了身后。而且没有迹象表明英伟达在 AI 处理器创新的步伐上有所放缓。该公司去年发布了新的 Blackwell 芯片，并在不久之后表示，需求已经超过了供应。</p>
<p>英伟达首席财务官 Colette Kress 在公司第三季度财报电话会议上表示：“Blackwell 的需求令人震惊，我们正在加速扩大供应，以满足客户所提出的惊人需求。”</p>
<p><strong>摩根士丹利</strong> 估计，英伟达今年将发运 60,000 到 70,000 台 Blackwell B200 服务器，每台的价格在 200 万到 300 万美元之间。这里的重点不是准确预测英伟达的预期收入，而是摩根士丹利的估计——结合英伟达关于需求的评论——显示了该公司在 AI 处理器方面的巨大潜力。</p>
<h2><strong>人工智能正在加速</strong></h2>
<p>人工智能在科技领域已经成为主导故事已有几年，这可能让一些人觉得投资的时机已经过去。但人工智能的增长，以及英伟达可能受益的潜力，可能还没有完全被挖掘。</p>
<p>例如，特朗普政府最近宣布了由 <strong>软银</strong>、<strong>甲骨文</strong> 和 OpenAI 主导的 1000 亿美元数据中心支出。未来四年，人工智能基础设施支出可能高达 5000 亿美元。</p>
<p>这项投资可能会促进英伟达的进一步增长，因为该公司满足对 AI 处理器的需求。英伟达首席执行官黄仁勋明确表示，他相信数据中心支出已经在加速增长，他去年表示，基础设施支出在未来五年内可能翻倍达到 2 万亿美元。</p>
<h2><strong>现在投资英伟达的 AI 浪潮是否为时已晚？</strong></h2>
<p>即使在过去几年英伟达的股价大幅上涨，我认为仍然有理由购买该公司的股票。我们仍处于人工智能的早期阶段，科技公司刚刚开始加大数据中心支出以跟上彼此的步伐。</p>
<p>目前，英伟达的股票前瞻市盈率为 32，仅比以科技为主的 <strong>纳斯达克 100</strong> 的前瞻市盈率 26 略高。虽然并不便宜，但现在购买英伟达的股票使投资者能够进入这一领先的 AI 公司，随着市场的不断发展。</p>
<p>只需记住，如果某些 AI 投资未能实现，或者政府对 AI 发展施加限制，可能会出现更多的波动。</p>

英伟达

<p>英伟达（Nvidia，股票代码：NVDA）在 2024 年成为市值最大的公司，市值达到 3.6 万亿美元，这得益于其在人工智能处理器市场的主导地位。英伟达的市场份额在 70% 到 95% 之间，其创新的 Blackwell 芯片需求旺盛，预计今年将发货 6 万到 7 万台服务器。最近的 1000 亿美元数据中心投资可能进一步推动英伟达的增长。尽管其股价大幅上涨，分析师认为随着人工智能的不断发展，仍然存在投资潜力，尽管由于市场不确定性可能会出现波动</p>

<p><strong>Nvidia</strong>(NVDA -3.12%), a leading semiconductor company, has seen its share price soar 500% over the past three years, pushing its market cap up to a staggering $3.6 trillion. While <strong>Apple</strong> was the largest company by market cap earlier this year, as I write this, Nvidia holds the spot.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -3.12%)，一家领先的半导体公司，在过去三年中股价飙升了 500%，使其市值达到了惊人的 3.6 万亿美元。虽然 <strong>苹果</strong> 在今年早些时候是市值最大的公司，但在我写这篇文章时，英伟达占据了这个位置。</p>
</div><p>Nvidia's rise has been fueled by its lead in the artificial intelligence processor market, but can Nvidia keep the good times going this year? I think so, and here's why.</p>
<div class="lb-trans"><p>英伟达的崛起得益于其在人工智能处理器市场的领先地位，但英伟达能否在今年继续保持良好的势头？我认为可以，以下是原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MzcvZ2V0dHlpbWFnZXMtODQwNjEwMTk2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804837%2Fgettyimages-840610196-1200x800-5b2df79.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><strong>Nvidia is the dominant AI processor company</strong></h2>
<div class="lb-trans"><h2><strong>英伟达是主导的 AI 处理器公司</strong></h2>
</div><p>To understand why Nvidia can continue to reign in 2025, we first need to understand why it became a must-have AI stock.</p>
<div class="lb-trans"><p>要理解为什么英伟达能够在 2025 年继续称王，我们首先需要了解它为何成为必备的 AI 股票。</p>
</div><p>Nvidia's graphics processing units (GPUs) were used by tech companies for years as they developed artificial intelligence systems. That was before OpenAI released ChatGPT in late 2022, which sparked an AI race. Nvidia's early lead in AI has now given the company a nearly uncrossable moat for artificial intelligence processors.</p>
<div class="lb-trans"><p>多年来，英伟达的图形处理单元（GPU）被科技公司用于开发人工智能系统。这是在 OpenAI 于 2022 年底发布 ChatGPT 之前，开启了人工智能竞赛。英伟达在人工智能领域的早期领先地位，现在为公司提供了几乎无法逾越的护城河。</p>
</div><p>Nvidia has an estimated 70% to 95% share of the AI processing market, leaving rivals <strong>Intel</strong> and <strong>AMD</strong> far behind. And there's no sign that Nvidia is slowing its AI processor innovation pace. The company released its new Blackwell chip last year and said shortly thereafter that demand was already outstripping supply.</p>
<div class="lb-trans"><p>英伟达在 AI 处理市场的份额估计在 70% 到 95% 之间，远远将竞争对手 <strong>英特尔</strong> 和 <strong>AMD</strong> 抛在了身后。而且没有迹象表明英伟达在 AI 处理器创新的步伐上有所放缓。该公司去年发布了新的 Blackwell 芯片，并在不久之后表示，需求已经超过了供应。</p>
</div><p>Nvidia CFO Colette Kress said on the company's third-quarter earnings call that &#34;Blackwell demand is staggering, and we are racing to scale supply to meet the incredible demand customers are placing on us.&#34;</p>
<div class="lb-trans"><p>英伟达首席财务官 Colette Kress 在公司第三季度财报电话会议上表示：“Blackwell 的需求令人震惊，我们正在加速扩大供应，以满足客户所提出的惊人需求。”</p>
</div><p><strong>Morgan Stanley</strong> estimates that Nvidia will ship between 60,000 and 70,000 Blackwell B200 servers this year, with a price tag between $2 million and $3 million for each one. The point here isn't to nail down Nvidia's expected revenue perfectly, but the Morgan Stanley estimates -- combined with Nvidia's comments about demand -- show just how much potential the company has in AI processors for this year.</p>
<div class="lb-trans"><p><strong>摩根士丹利</strong> 估计，英伟达今年将发运 60,000 到 70,000 台 Blackwell B200 服务器，每台的价格在 200 万到 300 万美元之间。这里的重点不是准确预测英伟达的预期收入，而是摩根士丹利的估计——结合英伟达关于需求的评论——显示了该公司在 AI 处理器方面的巨大潜力。</p>
</div><h2><strong>AI is accelerating</strong></h2>
<div class="lb-trans"><h2><strong>人工智能正在加速</strong></h2>
</div><p>AI has been a dominant storyline in the tech space for a few years now, which might make it seem to some as if the time to invest has already passed. But AI's growth, and Nvidia's potential to benefit, likely aren't fully tapped out.</p>
<div class="lb-trans"><p>人工智能在科技领域已经成为主导故事已有几年，这可能让一些人觉得投资的时机已经过去。但人工智能的增长，以及英伟达可能受益的潜力，可能还没有完全被挖掘。</p>
</div><p>For example, the Trump administration recently announced $100 billion in data center spending led by <strong>Softbank</strong>, <strong>Oracle</strong>, and OpenAI. The AI infrastructure spending could be worth up to $500 billion over the next four years.</p>
<div class="lb-trans"><p>例如，特朗普政府最近宣布了由 <strong>软银</strong>、<strong>甲骨文</strong> 和 OpenAI 主导的 1000 亿美元数据中心支出。未来四年，人工智能基础设施支出可能高达 5000 亿美元。</p>
</div><p>This investment could spur more growth for Nvidia as the company meets the demand for AI processors. Nvidia CEO Jensen Huang has been clear about his belief that data center spending is already accelerating, saying last year that infrastructure spending could double to <em>$2</em> <em>trillion</em> over the next five years.</p>
<div class="lb-trans"><p>这项投资可能会促进英伟达的进一步增长，因为该公司满足对 AI 处理器的需求。英伟达首席执行官黄仁勋明确表示，他相信数据中心支出已经在加速增长，他去年表示，基础设施支出在未来五年内可能翻倍达到 2 万亿美元。</p>
</div><h2><strong>Is it too late to ride Nvidia's AI wave?</strong></h2>
<div class="lb-trans"><h2><strong>现在投资英伟达的 AI 浪潮是否为时已晚？</strong></h2>
</div><p>Even with Nvidia's massive share price gains over the past few years, I think there's still a case for buying the company's stock. We're still in the early innings of AI, and tech companies are just beginning to ramp up data center spending to keep up with each other.</p>
<div class="lb-trans"><p>即使在过去几年英伟达的股价大幅上涨，我认为仍然有理由购买该公司的股票。我们仍处于人工智能的早期阶段，科技公司刚刚开始加大数据中心支出以跟上彼此的步伐。</p>
</div><p>Nvidia's shares have a forward price-to-earnings ratio of 32 right now, which is only slightly more expensive than the tech-focused <strong>Nasdaq-100</strong>'s forward P/E of 26. While not exactly cheap, buying Nvidia's shares now allows investors to tap into one of the leading AI companies as this market continues to take shape.</p>
<div class="lb-trans"><p>目前，英伟达的股票前瞻市盈率为 32，仅比以科技为主的 <strong>纳斯达克 100</strong> 的前瞻市盈率 26 略高。虽然并不便宜，但现在购买英伟达的股票使投资者能够进入这一领先的 AI 公司，随着市场的不断发展。</p>
</div><p>Just in keep in mind that there could be more volatility on the way if certain AI investments don't pan out or if government restrictions are placed on AI developments.</p>
<div class="lb-trans"><p>只需记住，如果某些 AI 投资未能实现，或者政府对 AI 发展施加限制，可能会出现更多的波动。</p>
</div>

Nvidia Was One of the Largest Companies by Market Cap in 2024. Will It Continue to Succeed in 2025?

- Nvidia 股价在过去三年上涨 500%，市值达 3.6 万亿美元。  
- 公司在人工智能处理器市场占有 70% 至 95% 的份额，需求持续强劲。  
- 数据中心支出预计将推动 Nvidia 进一步增长，投资者仍可考虑买入。  

英伟达在 2024 年是市值最大的公司之一。它会在 2025 年继续取得成功吗？