<p>如果投资者有一件事是非常不喜欢的，那就是不确定性。目前，从新关税、中东和欧洲的地缘政治动荡、失业救济申请等经济指标——甚至还有一些滞胀的低语——都让投资者感到不安。</p>
<p>在过去两年飙升至创纪录高位后，<strong>纳斯达克综合指数</strong> 开始下滑——大型科技股以史诗般的方式大幅抛售。在过去一个月中，人工智能（AI）明星 <strong>英伟达</strong>（NVDA -0.66%）的市值大约损失了 6000 亿美元，股价下跌了 16%。</p>
<p>英伟达是否还会继续下跌，还是现在是利用市场下滑和买入的良机？</p>
<h2>英伟达的业务看起来处于良好位置</h2>
<p>股价的走势与特定企业的基本面并不总是相关。尽管英伟达的股票已经连续几周下滑，但下面的财务概况显示出一个相当引人注目的图景——这表明英伟达的产品和服务需求旺盛，公司能够以高利润率满足这一需求。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.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/7d21904b20a0e71c3fe1177d3ada268b.png"/></p>
<p>NVDA 季度收入数据来自 YCharts</p>
<p>评估英伟达未来的一个好方法是关注其客户的动态。英伟达的一些最大客户包括云计算巨头 <strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亚马逊</strong>，以及另一位 “七大巨头” 成员 <strong>Meta Platforms</strong>。</p>
<p>这些公司最近公布了 2024 日历年的财报。在各自的财报电话会议上，投资者了解到这些人工智能巨头计划在今年的高端指导下花费超过 3200 亿美元用于人工智能基础设施。</p>
<p>考虑到数据中心 GPU 市场的竞争仍然有限，我认为英伟达很可能会从其最大现有客户的资本支出（capex）上升中受益匪浅。</p>
<h2>英伟达的产品线看起来令人惊叹</h2>
<p>在过去一年中，投资者不断听到关于英伟达下一代 GPU 架构 Blackwell 的讨论。好消息是，Blackwell 终于来了，其初步结果并没有让人失望。在第四季度，Blackwell 的收入达到了 110 亿美元——这超过了英伟达首席财务官科莱特·克雷斯的内部预期。</p>
<p>虽然 Blackwell 预计将在短期内成为英伟达最新的增长引擎，但公司已经在开发一系列不容忽视的新产品。</p>
<p>就在几天前，英伟达首席执行官黄仁勋在公司的高调 GTC 大会上发表了演讲。除了 Blackwell，黄还展示了一系列名为 Blackwell Ultra、Rubin 和 Rubin Ultra 的后续架构。在接下来的几年中，英伟达预计将继续发布其市场领先的 GPU 的改进版本。</p>
<p>在我看来，以上提到的大型科技公司的支出预测表明，人工智能仍然是首要任务，我认为这支持英伟达加大研发（R&amp;D）力度并继续以光速创新的努力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在买入英伟达股票合适吗？</h2>
<p>下图展示了英伟达过去几年的市盈率（P/E）倍数。以大约 40 的市盈率计算，英伟达的股票实际上接近五年来的最低估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.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/e7a59594cab51f955abcc21d051c9637.png"/></p>
<p>NVDA 市盈率数据来自 YCharts</p>
<p>人工智能革命不仅是英伟达的风向标——它代表了公司运营的转型，从主要专注于游戏的业务转变为现在为全球最大公司在人工智能领域提供多种应用的业务。</p>
<p>尽管股价暴跌可能给人一种看跌的印象，但本文分析的趋势表明，英伟达的未来前景看起来非常光明。与历史估值水平相比，股票似乎以低价交易，使得持续的抛售成为加倍投资和买入英伟达股票的绝佳机会。</p>

英伟达

<p>目前，由于各种因素，股市面临不确定性，导致大型科技股出现大幅抛售，包括英伟达，其市值已损失约 6000 亿美元。尽管如此，英伟达的业务基本面依然强劲，其产品需求旺盛，且新技术的前景乐观。主要客户预计将大力投资于人工智能基础设施，这对英伟达的增长前景有利。由于其股票的市盈率较低，分析师建议，在市场低迷之际，现在可能是购买英伟达股票的良机</p>

<p>If there is one thing that investors really don't like, it's uncertainty. Right now, a host of factors ranging from new tariffs, geopolitical unrest in the Middle East and Europe, economic indicators such as jobless claims -- and even some murmurings of stagflation -- have made investors uneasy.</p>
<div class="lb-trans"><p>如果投资者有一件事是非常不喜欢的，那就是不确定性。目前，从新关税、中东和欧洲的地缘政治动荡、失业救济申请等经济指标——甚至还有一些滞胀的低语——都让投资者感到不安。</p>
</div><p>After soaring to record highs over the last two years, the <strong>Nasdaq Composite</strong> has turned southward -- and mega-cap tech stocks have sold off in epic fashion. In just the last month, artificial intelligence (AI) darling <strong>Nvidia</strong>(NVDA -0.66%) has lost roughly $600 billion in market value following a 16% drop in its share price.</p>
<div class="lb-trans"><p>在过去两年飙升至创纪录高位后，<strong>纳斯达克综合指数</strong> 开始下滑——大型科技股以史诗般的方式大幅抛售。在过去一个月中，人工智能（AI）明星 <strong>英伟达</strong>（NVDA -0.66%）的市值大约损失了 6000 亿美元，股价下跌了 16%。</p>
</div><p>Could more drops be in store for Nvidia, or is now a lucrative opportunity to take advantage of the market slump and buy the dip?</p>
<div class="lb-trans"><p>英伟达是否还会继续下跌，还是现在是利用市场下滑和买入的良机？</p>
</div><h2>Nvidia's business looks well-positioned</h2>
<div class="lb-trans"><h2>英伟达的业务看起来处于良好位置</h2>
</div><p>The direction in which a share price moves and the underlying business fundamentals for a specific business are not always correlated. Although shares of Nvidia have been sliding for several weeks now, the financial profile below shows a pretty compelling picture -- one that underscores the demand for Nvidia's products and services are in demand, and the company is able to fulfill this demand at a highly profitable rate.</p>
<div class="lb-trans"><p>股价的走势与特定企业的基本面并不总是相关。尽管英伟达的股票已经连续几周下滑，但下面的财务概况显示出一个相当引人注目的图景——这表明英伟达的产品和服务需求旺盛，公司能够以高利润率满足这一需求。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.png" alt="" original-src="https://media.ycharts.com/charts/7d21904b20a0e71c3fe1177d3ada268b.png"/></p>
<p>NVDA Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>NVDA 季度收入数据来自 YCharts</p>
</div><p>One good way to assess what Nvidia's future could look like is to pay attention to the moves of its customers. Some of Nvidia's largest clients include cloud hyperscalers <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong>, as well as another &#34;Magnificent Seven&#34; member, <strong>Meta Platforms</strong>.</p>
<div class="lb-trans"><p>评估英伟达未来的一个好方法是关注其客户的动态。英伟达的一些最大客户包括云计算巨头 <strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong> 和 <strong>亚马逊</strong>，以及另一位 “七大巨头” 成员 <strong>Meta Platforms</strong>。</p>
</div><p>Each of these companies recently reported earnings for the full calendar year 2024. During their respective earnings calls, investors learned that these AI behemoths are gearing up to spend north of $320 billion on AI infrastructure at the high end of their guidance this year.</p>
<div class="lb-trans"><p>这些公司最近公布了 2024 日历年的财报。在各自的财报电话会议上，投资者了解到这些人工智能巨头计划在今年的高端指导下花费超过 3200 亿美元用于人工智能基础设施。</p>
</div><p>Considering that competition in the data center GPU market is still limited, I think it's highly likely that Nvidia will benefit greatly from rising capital expenditures (capex) among its largest existing customers.</p>
<div class="lb-trans"><p>考虑到数据中心 GPU 市场的竞争仍然有限，我认为英伟达很可能会从其最大现有客户的资本支出（capex）上升中受益匪浅。</p>
</div><h2>Nvidia's pipeline looks incredible</h2>
<div class="lb-trans"><h2>英伟达的产品线看起来令人惊叹</h2>
</div><p>Over the past year, investors have been peppered with talking points about Nvidia's next-generation GPU architecture, Blackwell. Well, Blackwell is finally here, and its initial results did not disappoint. During the fourth quarter, revenue from Blackwell came in at $11 billion -- which was above management's internal estimates, according to Nvidia CFO Colette Kress.</p>
<div class="lb-trans"><p>在过去一年中，投资者不断听到关于英伟达下一代 GPU 架构 Blackwell 的讨论。好消息是，Blackwell 终于来了，其初步结果并没有让人失望。在第四季度，Blackwell 的收入达到了 110 亿美元——这超过了英伟达首席财务官科莱特·克雷斯的内部预期。</p>
</div><p>While Blackwell is expected to be Nvidia's latest growth engine in the near term, the company is already working on a line of new products that should not be overlooked.</p>
<div class="lb-trans"><p>虽然 Blackwell 预计将在短期内成为英伟达最新的增长引擎，但公司已经在开发一系列不容忽视的新产品。</p>
</div><p>Just a few days ago, Nvidia CEO Jensen Huang took the stage at the company's high-profile GTC conference. In addition to Blackwell, Huang showcased a lineup of successor architectures dubbed Blackwell Ultra, Rubin, and Rubin Ultra. Over the next couple of years, Nvidia is expected to continue releasing refined versions of its already market-leading GPUs.</p>
<div class="lb-trans"><p>就在几天前，英伟达首席执行官黄仁勋在公司的高调 GTC 大会上发表了演讲。除了 Blackwell，黄还展示了一系列名为 Blackwell Ultra、Rubin 和 Rubin Ultra 的后续架构。在接下来的几年中，英伟达预计将继续发布其市场领先的 GPU 的改进版本。</p>
</div><p>In my eyes, the spending forecasts from big tech that I referenced above indicate that AI remains a top priority, and I think that supports Nvidia's efforts to double down on research and development (R&amp;D) and continue innovating at light speed.</p>
<div class="lb-trans"><p>在我看来，以上提到的大型科技公司的支出预测表明，人工智能仍然是首要任务，我认为这支持英伟达加大研发（R&amp;D）力度并继续以光速创新的努力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTIwNzkvZ2V0dHlpbWFnZXMtMTQ0MjczMjEzMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812079%2Fgettyimages-1442732133.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>Is Nvidia stock a good buy right now?</h2>
<div class="lb-trans"><h2>现在买入英伟达股票合适吗？</h2>
</div><p>The chart below illustrates Nvidia's price-to-earnings (P/E) multiple over the last several years. At a P/E of roughly 40, Nvidia stock is actually trading close to its cheapest valuation on a P/E basis in five years.</p>
<div class="lb-trans"><p>下图展示了英伟达过去几年的市盈率（P/E）倍数。以大约 40 的市盈率计算，英伟达的股票实际上接近五年来的最低估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.png" alt="" original-src="https://media.ycharts.com/charts/e7a59594cab51f955abcc21d051c9637.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率数据来自 YCharts</p>
</div><p>The AI revolution has not just served as a bellwether for Nvidia -- it represented a transformative shift in the company's operation from primarily a business focused on gaming to one that is now fueling myriad applications across the AI realm for the world's largest companies.</p>
<div class="lb-trans"><p>人工智能革命不仅是英伟达的风向标——它代表了公司运营的转型，从主要专注于游戏的业务转变为现在为全球最大公司在人工智能领域提供多种应用的业务。</p>
</div><p>While a cratering stock price may give the appearance of a bearish narrative, the trends analyzed in this piece suggest that Nvidia's future prospects look incredibly bright. Shares appear to be trading for a bargain compared to historical valuation levels, making the ongoing sell-off stock a terrific opportunity to double down and buy the dip in Nvidia stock.</p>
<div class="lb-trans"><p>尽管股价暴跌可能给人一种看跌的印象，但本文分析的趋势表明，英伟达的未来前景看起来非常光明。与历史估值水平相比，股票似乎以低价交易，使得持续的抛售成为加倍投资和买入英伟达股票的绝佳机会。</p>
</div>

Stock Market Uncertainty Has Rattled Investors. Is Artificial Intelligence (AI) Darling Nvidia Still a Buy?

- 投资者对不确定性极为敏感，当前市场因多重因素而动荡。  
- 尽管 Nvidia 股价下滑，但其财务状况和客户需求依然强劲。  
- Nvidia 的未来前景乐观，当前股价接近五年来最低估值，适合买入。

股市的不确定性已经让投资者感到不安。人工智能（AI）宠儿英伟达仍然值得购买吗？