<p><strong>英伟达</strong> 是市场上最受欢迎的人工智能（AI）股票之一。该公司通过设计强大的显卡和服务器系统，在 AI 技术的普及中发挥了开创性作用，使得公司能够训练和部署 AI 模型。</p>
<p>对英伟达显卡的强劲需求导致公司在过去几年中收入和盈利的显著增长，从而使其股价大幅上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3f8b4d0b870cd4b7d1d88d4996a0365.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/d3f8b4d0b870cd4b7d1d88d4996a0365.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>然而，上述图表也显示英伟达在最近几个月失去了动力。更具体地说，截至目前，英伟达的股票在过去三个月下跌了 8%。这可以归因于多个因素，包括对英伟达芯片销售给外国的提议限制、对 AI 支出放缓的担忧，以及 DeepSeek 最近声称开发出一种低成本 AI 模型，这使得科技巨头在昂贵硬件上花费的数十亿变得值得怀疑。</p>
<p>现在，英伟达有很大机会克服这些挑战并再次飙升。然而，投资者可能正在考虑其他选择，以利用 AI 日益增长的采用率，试图多样化他们的投资组合。这就是 <strong>Ciena</strong>（CIEN 1.97%）进入视野的地方。</p>
<p>这家光网络设备提供商在过去三个月中实现了 15% 的健康增长，显著超过了英伟达。更重要的是，该股票还有上涨的空间。让我们看看原因。</p>
<h2>AI 驱动的网络需求将推动 Ciena 的增长</h2>
<p>随着 AI 的出现，对快速网络速度的需求增加，以便能够快速访问和传输大量数据进行处理。任何网络速度的放缓都可能对 AI 模型的性能产生负面影响。不出所料，支持生成性 AI 应用的网络设备销售预计将在 2028 年前以 34% 的年增长率增长。</p>
<p>Ciena 已经开始从这一有利可图的机会中受益，目睹了其光网络设备订单的强劲增长，这些设备能够实现高速数据传输。云服务提供商现在占公司前 10 名客户中的四个。管理层在 2024 年 12 月的财报电话会议上的评论表明，云服务提供商可能会在 AI 的推动下为公司带来更大的影响。根据首席执行官 Gary Smith 的说法：“随着云和 AI 现在成为需求的主要驱动因素，我们相信带宽增长将在未来几年超过历史水平。需要明确的是，AI 不仅仅是一个数据中心现象，它是为了从计算投资的巨大 AI 超级周期中获利；流量已经从数据中心流出，并影响到网络的所有部分。”</p>
<p>AI 驱动的网络需求解释了为什么 Ciena 在上一季度的订单高于其季度收入。公司原本预计订单将低于其季度收入。然而，云服务提供商在构建 AI 基础设施方面的重大投资给 Ciena 带来了提振。</p>
<p>投资者已经看到，未来三年对 AI 相关网络设备的需求将快速增长。这解释了为什么 Ciena 预计其可寻址市场将在 2028 年前增加 120 亿美元，达到 260 亿美元。更重要的是，该公司已被多家第三方研究公司评为北美光网络设备的顶级供应商，这意味着它在利用这一有利的最终市场机会方面处于稳固的位置。</p>
<h2>稳健的财务增长应为更多股票上涨铺平道路</h2>
<p>Ciena 管理层预计，公司收入将在未来三年以 8% 至 11% 的年增长率增长，并在 2027 财年实现 15% 至 16% 的调整后营业利润率。相比之下，Ciena 在 2024 财年的非 GAAP（调整后）营业利润率为 9.7%。</p>
<p>公司收入和利润率的强劲增长应为未来三年公司底线的可观增长铺平道路。这正是共识预期所暗示的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d671c7bb352e5e82ee1742a6e6e88b51.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/d671c7bb352e5e82ee1742a6e6e88b51.png"/></p>
<p>CIEN 当前财年每股收益预期数据来源于 YCharts</p>
<p>上面的图表清楚地表明，Ciena 的每股收益预计将从 2024 财年的每股 1.82 美元以相当健康的速度增长。如果公司在三年后确实实现每股 4.17 美元的收益，并在那时以 34 倍的市盈率交易，与科技股主导的 <strong>纳斯达克 100</strong> 指数的市盈率相符，其股价可能在三年内跃升至 142 美元。</p>
<p>这代表着从当前水平上涨 77%，表明即使在过去几个月的涨幅之后，这只科技股仍然值得购买。</p>

<p>Ciena (CIEN) 在人工智能股票市场上表现优于 Nvidia，过去三个月上涨了 15%，而 Nvidia 的股票下跌了 8%。由于人工智能应用对高速网络的需求推动了 Ciena 的增长，预计未来三年年收入将增长 8% 至 11%。Ciena 的每股收益可能达到 4.17 美元，可能将其股价在三年内提升至 142 美元，为希望在人工智能领域进行多元化投资的投资者提供了显著的上行机会</p>

<p><strong>Nvidia</strong> is one of the most popular artificial intelligence (AI) stocks on the market. The company has played a pioneering role in the proliferation of AI technology by designing powerful graphics cards and server systems that have allowed companies to train and deploy AI models.</p>
<div class="lb-trans"><p><strong>英伟达</strong> 是市场上最受欢迎的人工智能（AI）股票之一。该公司通过设计强大的显卡和服务器系统，在 AI 技术的普及中发挥了开创性作用，使得公司能够训练和部署 AI 模型。</p>
</div><p>The robust demand for Nvidia's graphics cards has led to remarkable growth in the company's revenue and earnings in the past couple of years, leading to a big jump in its stock price as well.</p>
<div class="lb-trans"><p>对英伟达显卡的强劲需求导致公司在过去几年中收入和盈利的显著增长，从而使其股价大幅上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d3f8b4d0b870cd4b7d1d88d4996a0365.png" alt="" original-src="https://media.ycharts.com/charts/d3f8b4d0b870cd4b7d1d88d4996a0365.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>However, the above chart also shows that Nvidia has lost momentum in recent months. More specifically, Nvidia stock is down 8% in the past three months as of this writing. This can be attributed to multiple factors. These include the proposed restrictions on sales of Nvidia's chips to foreign countries, the fear of a slowdown in AI spending, and the recent claim by DeepSeek that it has developed a low-cost AI model, bringing into question the billions that are being spent by tech giants on expensive hardware.</p>
<div class="lb-trans"><p>然而，上述图表也显示英伟达在最近几个月失去了动力。更具体地说，截至目前，英伟达的股票在过去三个月下跌了 8%。这可以归因于多个因素，包括对英伟达芯片销售给外国的提议限制、对 AI 支出放缓的担忧，以及 DeepSeek 最近声称开发出一种低成本 AI 模型，这使得科技巨头在昂贵硬件上花费的数十亿变得值得怀疑。</p>
</div><p>Now, there is a good chance that Nvidia may be able to overcome these challenges and start soaring once again. However, investors may be considering alternative options to capitalize on the growing adoption of AI in a bid to diversify their portfolios. This is where <strong>Ciena</strong>(CIEN 1.97%) comes into the picture.</p>
<div class="lb-trans"><p>现在，英伟达有很大机会克服这些挑战并再次飙升。然而，投资者可能正在考虑其他选择，以利用 AI 日益增长的采用率，试图多样化他们的投资组合。这就是 <strong>Ciena</strong>（CIEN 1.97%）进入视野的地方。</p>
</div><p>The optical networking equipment provider has logged healthy gains of 15% in the past three months, outperforming Nvidia by a substantial margin. More importantly, the stock has room to run higher. Let's look at the reasons why.</p>
<div class="lb-trans"><p>这家光网络设备提供商在过去三个月中实现了 15% 的健康增长，显著超过了英伟达。更重要的是，该股票还有上涨的空间。让我们看看原因。</p>
</div><h2>AI-fueled networking demand will power Ciena's growth</h2>
<div class="lb-trans"><h2>AI 驱动的网络需求将推动 Ciena 的增长</h2>
</div><p>The requirement for fast networking speeds has increased following the advent of AI so that huge amounts of data can be accessed and moved quickly in servers for processing purposes. Any slowdown in networking speeds could negatively impact the performance of AI models. Not surprisingly, sales of networking equipment to support generative AI applications are expected to increase at an annual rate of 34% through 2028.</p>
<div class="lb-trans"><p>随着 AI 的出现，对快速网络速度的需求增加，以便能够快速访问和传输大量数据进行处理。任何网络速度的放缓都可能对 AI 模型的性能产生负面影响。不出所料，支持生成性 AI 应用的网络设备销售预计将在 2028 年前以 34% 的年增长率增长。</p>
</div><p>Ciena has started benefiting from this lucrative opportunity, witnessing strong growth in orders for its optical networking equipment that enables high-speed data transmission. Cloud providers now account for four of the company's top 10 customers. Management's comments on the December 2024 earnings conference call indicate that cloud providers are likely to move the needle in a bigger way for the company thanks to AI. According to CEO Gary Smith: &#34;With cloud and AI, now the lead drivers of demand, we believe bandwidth growth will rise above those historical levels over the coming years. And to be clear, AI is not just a data center phenomenon to monetize the massive AI super cycle of compute investments; traffic is already flowing out of the data center and impacting all parts of the network today.&#34;</p>
<div class="lb-trans"><p>Ciena 已经开始从这一有利可图的机会中受益，目睹了其光网络设备订单的强劲增长，这些设备能够实现高速数据传输。云服务提供商现在占公司前 10 名客户中的四个。管理层在 2024 年 12 月的财报电话会议上的评论表明，云服务提供商可能会在 AI 的推动下为公司带来更大的影响。根据首席执行官 Gary Smith 的说法：“随着云和 AI 现在成为需求的主要驱动因素，我们相信带宽增长将在未来几年超过历史水平。需要明确的是，AI 不仅仅是一个数据中心现象，它是为了从计算投资的巨大 AI 超级周期中获利；流量已经从数据中心流出，并影响到网络的所有部分。”</p>
</div><p>The AI-powered networking demand explains why the orders booked by Ciena in the previous quarter were higher than its quarterly revenue. The company was originally expecting orders to remain below its quarterly revenue. However, the significant investments being made by cloud service providers to build AI infrastructure gave Ciena a boost.</p>
<div class="lb-trans"><p>AI 驱动的网络需求解释了为什么 Ciena 在上一季度的订单高于其季度收入。公司原本预计订单将低于其季度收入。然而，云服务提供商在构建 AI 基础设施方面的重大投资给 Ciena 带来了提振。</p>
</div><p>Investors have already seen how fast the demand for AI-related networking equipment is set to grow over the next three years. This explains why Ciena is expecting its addressable market to increase by $12 billion through 2028 to $26 billion. What's more, the company has been ranked as the top vendor of optical networking equipment in North America by multiple third-party research companies, which means that it is in a solid position to make the most of the lucrative end-market opportunity.</p>
<div class="lb-trans"><p>投资者已经看到，未来三年对 AI 相关网络设备的需求将快速增长。这解释了为什么 Ciena 预计其可寻址市场将在 2028 年前增加 120 亿美元，达到 260 亿美元。更重要的是，该公司已被多家第三方研究公司评为北美光网络设备的顶级供应商，这意味着它在利用这一有利的最终市场机会方面处于稳固的位置。</p>
</div><h2>Solid financial growth should pave the way for more stock upside</h2>
<div class="lb-trans"><h2>稳健的财务增长应为更多股票上涨铺平道路</h2>
</div><p>Ciena management is expecting the company's revenue to grow at an annual rate of 8% to 11% over the next three years, along with an adjusted operating margin of 15% to 16% in fiscal 2027. For comparison, Ciena's non-GAAP (adjusted) operating margin landed at 9.7% in fiscal 2024.</p>
<div class="lb-trans"><p>Ciena 管理层预计，公司收入将在未来三年以 8% 至 11% 的年增长率增长，并在 2027 财年实现 15% 至 16% 的调整后营业利润率。相比之下，Ciena 在 2024 财年的非 GAAP（调整后）营业利润率为 9.7%。</p>
</div><p>The robust growth in the company's revenue and margins should pave the way for terrific growth in the company's bottom line over the next three years. This is precisely what consensus estimates are suggesting.</p>
<div class="lb-trans"><p>公司收入和利润率的强劲增长应为未来三年公司底线的可观增长铺平道路。这正是共识预期所暗示的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d671c7bb352e5e82ee1742a6e6e88b51.png" alt="" original-src="https://media.ycharts.com/charts/d671c7bb352e5e82ee1742a6e6e88b51.png"/></p>
<p>CIEN EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>CIEN 当前财年每股收益预期数据来源于 YCharts</p>
</div><p>The chart above makes it clear that Ciena's earnings are set to grow at a pretty healthy pace from fiscal 2024 levels of $1.82 per share (Ciena's fiscal year ends in November). If the company indeed delivers $4.17 per share in earnings after three years and trades at 34 times earnings at that time, in line with the tech-laden <strong>Nasdaq-100</strong> index's earnings multiple, its stock price could jump to $142 in three years.</p>
<div class="lb-trans"><p>上面的图表清楚地表明，Ciena 的每股收益预计将从 2024 财年的每股 1.82 美元以相当健康的速度增长。如果公司在三年后确实实现每股 4.17 美元的收益，并在那时以 34 倍的市盈率交易，与科技股主导的 <strong>纳斯达克 100</strong> 指数的市盈率相符，其股价可能在三年内跃升至 142 美元。</p>
</div><p>That represents a jump of 77% from current levels, suggesting that this tech stock is still worth buying even after the gains it has clocked in the past few months.</p>
<div class="lb-trans"><p>这代表着从当前水平上涨 77%，表明即使在过去几个月的涨幅之后，这只科技股仍然值得购买。</p>
</div>

This Artificial Intelligence (AI) Stock Has Delivered Bigger Gains Than Nvidia. It Could Soar Another 77%.

- Nvidia 在 AI 领域的增长面临挑战，股价近三个月下跌 8%。  
- Ciena 因 AI 需求增长，订单超出季度收入，预计市场将增至 260 亿美元。  
- Ciena 未来三年收入年增率预期为 8% 至 11%，股价有望上涨 77%。  

这只人工智能（AI）股票的涨幅已经超过了英伟达。它可能还会再上涨 77%