<p><strong>英伟达</strong>(NVDA -5.74%) 自 2023 年以来一直是 <em>人工智能</em> (AI) 股票的首选。其在此期间的表现令人惊叹，最新的业绩也不例外。然而，华尔街似乎对这只股票感到厌倦。</p>
<p>就像一个体育特许经营在王朝初期可能受到喜爱，但在结束时却被厌恶一样，英伟达似乎不再吸引市场的关注。它报告了 2025 财年第四季度的出色业绩（截至 1 月 26 日），但股票却下跌了。</p>
<p>那么，现在是增持这只股票的好时机吗？我有三个理由说明投资者应该看好英伟达的股票，而不是看空。</p>
<h2>1. Blackwell 增长</h2>
<p>英伟达的图形处理单元 (GPU) 推动了人工智能革命，因为它们可以并行竞争。这使得它们非常适合处理复杂的计算任务，比如训练 AI 模型。迄今为止，我们看到的大多数 AI 训练都发生在英伟达的 Hopper 架构上，但这正在被其最新设计：Blackwell 取代。</p>
<p>Blackwell GPU 在性能上相较于之前的 Hopper 设计有显著提升，包括 AI 训练速度提高四倍。此外，AI 推理（即当 AI 模型接收到输入时，用户期望得到输出）比 Hopper 100 (H100) GPU 便宜 20 倍。Blackwell GPU 将开启一个我们尚未经历过的 AI 创新新阶段，这将继续推动英伟达在这一年中的增长。</p>
<p>尽管 Blackwell 芯片占据了英伟达 356 亿美元数据中心收入中的 110 亿美元，但它们的生产仍在逐步提升。然而，这一提升也导致了华尔街在第四季度关注的一个负面因素：毛利率下降。英伟达的管理层对此有所意识，因为其毛利率从中高 70% 范围下降至第四季度的 73%。这一趋势预计将在第一季度持续，但到年底时会恢复，因为它们在生产 Blackwell GPU 时变得更加高效。</p>
<p>这里需要知道的重点是，这些毛利率将会恢复，英伟达正在以客户为先，尽可能多地推出其创新的 Blackwell 芯片。这一提升将继续推动英伟达的收入增长，投资者对此应该非常看好，即使其毛利率在短期内有所下降。</p>
<h2>2. 持续增长率</h2>
<p>在英伟达最近的增长中，从未有过一家如此规模的公司能够维持如此强劲的增长率。在第四季度，收入同比增长 78%，环比增长 12%。对于第一季度，管理层预计收入为 430 亿美元，表明同比增长 65% 和环比增长 9%。然而，英伟达的管理层有低估指导和超额交付的记录，因此实际数字可能会高出几个百分点。</p>
<p>对于一家如此规模的公司来说，这样的增长令人震惊，华尔街预计这种增长将在今年和明年持续。对于当前财年和下一个财年，华尔街分析师预计收入增长 57% 和 22%，远远超过许多英伟达的大型科技同行。</p>
<p>在人工智能领域和其他英伟达支持的行业中，仍然有大量的增长空间。英伟达的增长远未结束，这也是购买该股票的另一个看涨理由。</p>
<h2>3. 英伟达的股票现在几乎便宜</h2>
<p>在过去几年中，英伟达的股票有时看起来相当昂贵，但我认为它们现在开始显得相当便宜。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.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/d9fc9e6f35cb062dfe0cfb5ed650a777.png"/></p>
<p>NVDA 市盈率数据来源于 YCharts。</p>
<p>英伟达现在的交易价格约为过去收益的 43 倍和未来收益的 28 倍，并且正在发布惊人的增长数据。我们将其与其他一些大型科技公司（如一些 “七大奇迹”）进行对比。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.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/209587ef0825afe42d6b1f2861d9c219.png"/></p>
<p>NVDA 市盈率数据来源于 YCharts。</p>
<p>虽然英伟达在过去的市盈率中仍然是最昂贵的，但差距并不大。当考虑未来收益时，英伟达是这些大型科技公司中最便宜的。</p>
<p>那么，为什么你会购买这三家公司中的任何一家，而不选择购买这家从互联网以来最重要的创新中受益最多的公司呢？这正是为什么英伟达现在是一个绝对值得购买的股票，投资者应该在其最新财报的疲软后增持该股票。</p>

英伟达

<p>英伟达的股票被视为强烈买入，原因有三：1）Blackwell GPU 的推出显著提升了人工智能训练性能，预计将推动收入增长，尽管毛利率暂时下降。2）持续的高增长率，第四季度收入同比增长 78%，第一季度的强劲预测。3）与其他科技巨头相比，英伟达的股票变得相对便宜，当前市盈率为 43 倍，未来市盈率为 28 倍，使其成为一个有吸引力的投资机会</p>

<p><strong>Nvidia</strong>(NVDA -5.74%) has been <em>the</em> artificial intelligence (AI) stock to own since 2023. Its performance over this time frame has been incredible, and its latest results were no exception. However, Wall Street seems to be getting bored with the stock.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -5.74%) 自 2023 年以来一直是 <em>人工智能</em> (AI) 股票的首选。其在此期间的表现令人惊叹，最新的业绩也不例外。然而，华尔街似乎对这只股票感到厌倦。</p>
</div><p>Similar to how a sports franchise may be loved at the start of a dynasty run, then hated by the end of it, Nvidia seems not to capture the attention of the market anymore. It reported fantastic fourth-quarter results for its fiscal 2025 year (ended Jan. 26), and yet the stock sold off.</p>
<div class="lb-trans"><p>就像一个体育特许经营在王朝初期可能受到喜爱，但在结束时却被厌恶一样，英伟达似乎不再吸引市场的关注。它报告了 2025 财年第四季度的出色业绩（截至 1 月 26 日），但股票却下跌了。</p>
</div><p>So is this an excellent time to load up on the stock? I've got three reasons why investors should be bullish on Nvidia's stock, not bearish.</p>
<div class="lb-trans"><p>那么，现在是增持这只股票的好时机吗？我有三个理由说明投资者应该看好英伟达的股票，而不是看空。</p>
</div><h2>1. Blackwell growth</h2>
<div class="lb-trans"><h2>1. Blackwell 增长</h2>
</div><p>Nvidia's graphics processing units (GPUs) have powered the AI revolution because they can compete in parallel. This makes them perfectly suited to take on complex computing tasks like training AI models. Most of the AI training that we've seen to date has occurred on Nvidia's Hopper architecture, but that's being replaced by its latest design: Blackwell.</p>
<div class="lb-trans"><p>英伟达的图形处理单元 (GPU) 推动了人工智能革命，因为它们可以并行竞争。这使得它们非常适合处理复杂的计算任务，比如训练 AI 模型。迄今为止，我们看到的大多数 AI 训练都发生在英伟达的 Hopper 架构上，但这正在被其最新设计：Blackwell 取代。</p>
</div><p>Blackwell GPUs provide significant performance boosts over the previous Hopper design, including four times faster AI training. Furthermore, AI inference (which is when an AI model is given an input and a user expects an output) is 20 times cheaper than the Hopper 100 (H100) GPU. Blackwell GPUs will unlock a new phase of AI innovation that we haven't experienced yet, and this will continue to be a boost for Nvidia throughout the year.</p>
<div class="lb-trans"><p>Blackwell GPU 在性能上相较于之前的 Hopper 设计有显著提升，包括 AI 训练速度提高四倍。此外，AI 推理（即当 AI 模型接收到输入时，用户期望得到输出）比 Hopper 100 (H100) GPU 便宜 20 倍。Blackwell GPU 将开启一个我们尚未经历过的 AI 创新新阶段，这将继续推动英伟达在这一年中的增长。</p>
</div><p>Although Blackwell chips made up $11 billion of Nvidia's $35.6 billion in data center revenue, they're still ramping up production on this game-changing product. However, this ramp-up also caused the one negative thing Wall Street focused on during Q4: falling gross margins. Nvidia's management was aware of this, as its gross margins fell from the mid-to high-70% range to 73% in Q4. This pattern should persist through Q1 but recover by the year's end as they become more efficient in producing Blackwell GPUs.</p>
<div class="lb-trans"><p>尽管 Blackwell 芯片占据了英伟达 356 亿美元数据中心收入中的 110 亿美元，但它们的生产仍在逐步提升。然而，这一提升也导致了华尔街在第四季度关注的一个负面因素：毛利率下降。英伟达的管理层对此有所意识，因为其毛利率从中高 70% 范围下降至第四季度的 73%。这一趋势预计将在第一季度持续，但到年底时会恢复，因为它们在生产 Blackwell GPU 时变得更加高效。</p>
</div><p>The big item here is to know that these margins will recover, and Nvidia is putting the customer first by getting out as many of its innovative Blackwell chips as possible. This ramp-up will continue to cause Nvidia's revenue to rise, and investors should be very bullish about that, even if its gross margins take a short-term dip.</p>
<div class="lb-trans"><p>这里需要知道的重点是，这些毛利率将会恢复，英伟达正在以客户为先，尽可能多地推出其创新的 Blackwell 芯片。这一提升将继续推动英伟达的收入增长，投资者对此应该非常看好，即使其毛利率在短期内有所下降。</p>
</div><h2>2. Sustained growth rates</h2>
<div class="lb-trans"><h2>2. 持续增长率</h2>
</div><p>There has never been a company of Nvidia's size that has sustained growth rates as strong as it has during its recent run. In Q4, revenue was up 78% year over year and up 12% over Q3. For Q1, management expects $43 billion in revenue, indicating 65% year over year growth and 9% quarter over quarter growth. However, Nvidia's management has a track record of under-guiding and overdelivering, so the real figures may be a few percentage points higher.</p>
<div class="lb-trans"><p>在英伟达最近的增长中，从未有过一家如此规模的公司能够维持如此强劲的增长率。在第四季度，收入同比增长 78%，环比增长 12%。对于第一季度，管理层预计收入为 430 亿美元，表明同比增长 65% 和环比增长 9%。然而，英伟达的管理层有低估指导和超额交付的记录，因此实际数字可能会高出几个百分点。</p>
</div><p>That's stunning growth for a company of Nvidia's size, and Wall Street expects that growth to persist throughout this year and next. For the current fiscal year and next year, Wall Street analysts expect 57% revenue growth and 22% growth, far exceeding what many of Nvidia's big tech peers are putting up.</p>
<div class="lb-trans"><p>对于一家如此规模的公司来说，这样的增长令人震惊，华尔街预计这种增长将在今年和明年持续。对于当前财年和下一个财年，华尔街分析师预计收入增长 57% 和 22%，远远超过许多英伟达的大型科技同行。</p>
</div><p>There is still plenty of growth left in the AI space and other industries that Nvidia supports. The growth is far from over for Nvidia, and it's another bullish reason to purchase the stock.</p>
<div class="lb-trans"><p>在人工智能领域和其他英伟达支持的行业中，仍然有大量的增长空间。英伟达的增长远未结束，这也是购买该股票的另一个看涨理由。</p>
</div><h2>3. Nvidia's stock is borderline cheap right now</h2>
<div class="lb-trans"><h2>3. 英伟达的股票现在几乎便宜</h2>
</div><p>Nvidia shares have sometimes looked rather expensive throughout their run-up over the past few years, but I'd say they're starting to look rather cheap.</p>
<div class="lb-trans"><p>在过去几年中，英伟达的股票有时看起来相当昂贵，但我认为它们现在开始显得相当便宜。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.png" alt="" original-src="https://media.ycharts.com/charts/d9fc9e6f35cb062dfe0cfb5ed650a777.png"/></p>
<p>NVDA PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率数据来源于 YCharts。</p>
</div><p>Nvidia now trades for about 43 times trailing earnings and 28 times forward earnings and is posting phenomenal growth figures. Let's contrast that with other common big tech companies (like some of the Magnificent Seven).</p>
<div class="lb-trans"><p>英伟达现在的交易价格约为过去收益的 43 倍和未来收益的 28 倍，并且正在发布惊人的增长数据。我们将其与其他一些大型科技公司（如一些 “七大奇迹”）进行对比。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.png" alt="" original-src="https://media.ycharts.com/charts/209587ef0825afe42d6b1f2861d9c219.png"/></p>
<p>NVDA PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率数据来源于 YCharts。</p>
</div><p>While Nvidia is still the most expensive by its trailing P/E ratio, it's not by much. When forward earnings are considered, Nvidia is the cheapest of these other big tech companies.</p>
<div class="lb-trans"><p>虽然英伟达在过去的市盈率中仍然是最昂贵的，但差距并不大。当考虑未来收益时，英伟达是这些大型科技公司中最便宜的。</p>
</div><p>So, why would you buy any of these other three when you can buy the company with the most to benefit from the most important innovation since the Internet? That's exactly why Nvidia is a screaming buy right now, and investors should be loading up on the stock after the weakness from its latest earnings report.</p>
<div class="lb-trans"><p>那么，为什么你会购买这三家公司中的任何一家，而不选择购买这家从互联网以来最重要的创新中受益最多的公司呢？这正是为什么英伟达现在是一个绝对值得购买的股票，投资者应该在其最新财报的疲软后增持该股票。</p>
</div>

3 Reasons Why I'm Buying Nvidia's Stock Like There's No Tomorrow

- Nvidia 在 2023 年以来成为人工智能领域的热门股票。  
- 第四季度财报显示收入同比增长 78%，预计 Q1 收入为 430 亿美元。  
- 尽管毛利率短期下滑，Nvidia 的 Blackwell 芯片将推动长期增长。  

我买入英伟达股票的三个理由，仿佛没有未来