<p>在过去的几年里，巨头科技公司主导了人工智能（AI）的叙事。</p>
<p><strong>微软</strong> 以对 ChatGPT 制造商 OpenAI 的 100 亿美元投资引起了广泛关注。<strong>亚马逊</strong> 迅速跟进，向一个名为 Anthropic 的竞争平台投入了 80 亿美元。还有 <strong>谷歌母公司 Alphabet</strong>，它刚刚进行了有史以来最大的收购——以 320 亿美元收购网络安全公司 Wiz。正如聪明的投资者所知，网络安全在过去两年中已成为 Alphabet 云平台上 AI 应用的主要用例。</p>
<p>尽管这些十亿美元的交易令人兴奋，但没有哪家公司比 <strong>英伟达</strong>（NVDA -1.51%）更能从 AI 的顺风中受益。该公司的图形处理单元（GPU）被认为是开发生成性 AI 的黄金标准，而大型科技公司对此的需求不断增加。</p>
<p>尽管如此，在 AI 革命期间，有一位 “壮丽七侠” 成员显得异常安静，那就是 <strong>苹果</strong>。当然，该公司发布了新款 iPhone，并开发了一款与 OpenAI 集成的工具，名为 Apple Intelligence。但到目前为止，该公司在 AI 领域的尝试在这个技术激动人心的时代显得乏善可陈。</p>
<p>不过，这种情况可能刚刚发生变化。尽管苹果在 AI 领域的到来比预期晚，但关于苹果的一些重大举动的报道正在涌现，这些举动应该会特别让英伟达的投资者感到兴奋。让我们深入探讨，评估为什么英伟达看起来有望在未来几年继续主导 AI 领域。</p>
<h2>苹果终于在 AI 基础设施上投资</h2>
<p>Loop Capital Markets 的分析师 Ananda Baruah 最近发布了一份客户报告，建议苹果正在购买 250 台英伟达 GB300 NVL72 服务器，预计价格约为 10 亿美元。尽管关于英伟达和苹果之间任何新合作的具体细节仍在展开，但我发现 Baruah 报告的时机很有趣。</p>
<p>本月早些时候，苹果引起了广泛关注，因为该公司宣布计划在未来四年内投资 5000 亿美元于制造和先进硅工程等领域。尽管苹果对这一基础设施承诺的新闻发布没有特别提到英伟达，但我认为该公司在这些投资上的决策对芯片制造商来说是一个看涨的指标。我的理由是，苹果的公告与其巨头同伴的计划相呼应。</p>
<p>今年早些时候，亚马逊、微软和 Alphabet 分别宣布计划继续大力投资 AI 基础设施。这些云计算巨头预计仅在今年就将超过 2500 亿美元的资本支出（capex）。当你再加上 <strong>Meta Platforms</strong> 计划投资的 650 亿美元时，来自大型科技公司的 AI 基础设施投资在 2025 年将远超 3000 亿美元。考虑到这些公司都利用英伟达的 GPU 来训练他们的 AI 模型，我认为持续的基础设施投资是英伟达增长前景的强有力指标。</p>
<p>关于苹果服务器交易的传闻特别令人兴奋，因为 GB300 NVL72 服务器集成了英伟达的下一代 GPU 架构——Blackwell Ultra。鉴于 Blackwell 系列芯片组迄今为止的成功推出，我认为大型科技公司资本支出的上升与苹果在 AI 制造方面的雄心结合，将为英伟达在未来几年提供强劲的顺风。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI2MjUvZ2V0dHlpbWFnZXMtMTM0NTA0Mjc0MS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI2MjUvZ2V0dHlpbWFnZXMtMTM0NTA0Mjc0MS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在英伟达股票值得购买吗？</h2>
<p>老实说，很难准确知道我上面提到的增加的 AI 基础设施支出中有多少将分配给英伟达。尽管如此，下面的分析师预测仍然可以帮助描绘出未来几年英伟达可能面临的情况，因为大型科技公司正在加大资本支出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c5a1e1dbfd4aa33096c85ad1ef67bf3.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/5c5a1e1dbfd4aa33096c85ad1ef67bf3.png"/></p>
<p>当前财政年度的 NVDA 收入预测数据来自 YCharts</p>
<p>正如上面的数据所示，华尔街的共识估计表明，英伟达的收入和盈利在未来几年将继续加速增长。这是一个重要的动态，因为英伟达计划在未来几年发布更多的 GPU 架构。换句话说，尽管该公司在研发（R&amp;D）上的支出迅速增加，但分析师预计收入将进一步增长，利润也在上升。这可能表明华尔街对英伟达在 AI 基础设施领域继续主导的乐观态度——保持对竞争对手的可观定价能力，并在长期内产生强劲的单位经济效益。</p>
<p>尽管前景乐观，英伟达的股票在持续的 <strong>纳斯达克</strong> 抛售中遭受了重创。我承认，关于关税的持续不确定性，以及最近围绕中国出口管制的一些发展，可能会给英伟达的股票带来一些短期阻力。但长期前景在持续投资于 AI 基础设施的支持下让我对公司的长期前景持乐观态度。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8992d5c4a87e93253a3a2f24ef4cb33e.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/8992d5c4a87e93253a3a2f24ef4cb33e.png"/></p>
<p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
<p>目前，英伟达的交易价格仅为前瞻性收益的 25 倍——大约是几个月前水平的一半。在我看来，长期投资者目前面临着一个在历史上极具吸引力的估值中投资于 AI 顶级明星的罕见机会。</p>

英伟达财报，一站看懂！

英伟达

苹果

<p>据报道，苹果正在以约 10 亿美元的价格购买 250 台英伟达服务器，这标志着其在人工智能基础设施方面的重大投资。这一举措与苹果最近宣布的在未来四年内投资 5000 亿美元用于制造和先进硅工程的计划相一致。分析师认为，这可能会增强英伟达的增长前景，因为主要科技公司正在增加在人工智能方面的资本支出。尽管由于市场条件导致近期股价波动，但英伟达的长期前景依然积极，得益于其在人工智能应用中对 GPU 需求的上升</p>

<p>For the last couple of years, megacap technology companies have dominated the artificial intelligence (AI) narrative.</p>
<div class="lb-trans"><p>在过去的几年里，巨头科技公司主导了人工智能（AI）的叙事。</p>
</div><p><strong>Microsoft</strong> turned heads with its $10 billion investment in ChatGPT maker OpenAI. <strong>Amazon</strong> swiftly followed, pouring $8 billion into a competing platform called Anthropic. And then there's <strong>Alphabet</strong>, which just made its largest acquisition of all time -- a $32 billion purchase of cybersecurity firm Wiz. As smart investors know, cybersecurity has become a major use case in AI applications for Alphabet's cloud platform over the last two years.</p>
<div class="lb-trans"><p><strong>微软</strong> 以对 ChatGPT 制造商 OpenAI 的 100 亿美元投资引起了广泛关注。<strong>亚马逊</strong> 迅速跟进，向一个名为 Anthropic 的竞争平台投入了 80 亿美元。还有 <strong>谷歌母公司 Alphabet</strong>，它刚刚进行了有史以来最大的收购——以 320 亿美元收购网络安全公司 Wiz。正如聪明的投资者所知，网络安全在过去两年中已成为 Alphabet 云平台上 AI 应用的主要用例。</p>
</div><p>While these billion-dollar deals are exciting, no company has benefited more from AI tailwinds than <strong>Nvidia</strong>(NVDA -1.51%). The company's graphics processing units (GPUs) are considered the gold standard for developing generative AI, and big tech just can't get enough.</p>
<div class="lb-trans"><p>尽管这些十亿美元的交易令人兴奋，但没有哪家公司比 <strong>英伟达</strong>（NVDA -1.51%）更能从 AI 的顺风中受益。该公司的图形处理单元（GPU）被认为是开发生成性 AI 的黄金标准，而大型科技公司对此的需求不断增加。</p>
</div><p>With all of this said, one &#34;Magnificent Seven&#34; member that has been suspiciously quiet during the AI revolution is <strong>Apple</strong>. Sure, the company has released a new iPhone model and developed a tool integrated with OpenAI called Apple Intelligence. But so far, the company's foray into the AI realm has been underwhelming during an otherwise generationally exciting period for technology.</p>
<div class="lb-trans"><p>尽管如此，在 AI 革命期间，有一位 “壮丽七侠” 成员显得异常安静，那就是 <strong>苹果</strong>。当然，该公司发布了新款 iPhone，并开发了一款与 OpenAI 集成的工具，名为 Apple Intelligence。但到目前为止，该公司在 AI 领域的尝试在这个技术激动人心的时代显得乏善可陈。</p>
</div><p>Well, that may have just changed. Despite its later-than-anticipated arrival to the AI party, reports are swirling around some major moves related to Apple that should excite Nvidia investors in particular. Let's dig in and assess why Nvidia looks poised to continue dominating the AI landscape for years to come.</p>
<div class="lb-trans"><p>不过，这种情况可能刚刚发生变化。尽管苹果在 AI 领域的到来比预期晚，但关于苹果的一些重大举动的报道正在涌现，这些举动应该会特别让英伟达的投资者感到兴奋。让我们深入探讨，评估为什么英伟达看起来有望在未来几年继续主导 AI 领域。</p>
</div><h2>Apple is finally investing in AI infrastructure</h2>
<div class="lb-trans"><h2>苹果终于在 AI 基础设施上投资</h2>
</div><p>Loop Capital Markets analyst Ananda Baruah recently released a client note in which he suggested that Apple is in the process of purchasing 250 Nvidia GB300 NVL72 servers for an estimated price of around $1 billion. While precise details around any new partnerships between Nvidia and Apple are still unfolding, I find the timing of Baruah's report interesting.</p>
<div class="lb-trans"><p>Loop Capital Markets 的分析师 Ananda Baruah 最近发布了一份客户报告，建议苹果正在购买 250 台英伟达 GB300 NVL72 服务器，预计价格约为 10 亿美元。尽管关于英伟达和苹果之间任何新合作的具体细节仍在展开，但我发现 Baruah 报告的时机很有趣。</p>
</div><p>Earlier this month, Apple turned heads after the company announced its plan to invest $500 billion over the next four years into areas such as manufacturing and advanced silicon engineering. While Apple's press announcement for this infrastructure commitment did not specifically reference Nvidia, I see the company's decision around these investments as a bullish indicator for the chipmaker regardless. My reasoning for that is Apple's announcement echoes the plans of its megacap cohorts.</p>
<div class="lb-trans"><p>本月早些时候，苹果引起了广泛关注，因为该公司宣布计划在未来四年内投资 5000 亿美元于制造和先进硅工程等领域。尽管苹果对这一基础设施承诺的新闻发布没有特别提到英伟达，但我认为该公司在这些投资上的决策对芯片制造商来说是一个看涨的指标。我的理由是，苹果的公告与其巨头同伴的计划相呼应。</p>
</div><p>Earlier this year, Amazon, Microsoft, and Alphabet each announced plans to continue investing heavily into AI infrastructure. Collectively, these cloud hyperscalers are forecasting more than $250 billion of capital expenditure (capex) spend just for this year. When you layer the $65 billion that <strong>Meta Platforms</strong> plans to invest, AI infrastructure from big tech eclipses far more than $300 billion for 2025. Considering each of these companies leverage Nvidia's GPUs to train their AI models, I see the continued investments in infrastructure as a strong indicator for Nvidia's growth prospects.</p>
<div class="lb-trans"><p>今年早些时候，亚马逊、微软和 Alphabet 分别宣布计划继续大力投资 AI 基础设施。这些云计算巨头预计仅在今年就将超过 2500 亿美元的资本支出（capex）。当你再加上 <strong>Meta Platforms</strong> 计划投资的 650 亿美元时，来自大型科技公司的 AI 基础设施投资在 2025 年将远超 3000 亿美元。考虑到这些公司都利用英伟达的 GPU 来训练他们的 AI 模型，我认为持续的基础设施投资是英伟达增长前景的强有力指标。</p>
</div><p>What makes the rumors around Apple's server deal particularly exciting is that the GB300 NVL72 servers integrate Nvidia's next-generation GPU architecture, the Blackwell Ultra. Given the successful launch of the Blackwell series chipsets so far, I see the combination of rising capex from big tech plus Apple's ambitions in AI manufacturing as robust tailwinds for Nvidia over the next several years.</p>
<div class="lb-trans"><p>关于苹果服务器交易的传闻特别令人兴奋，因为 GB300 NVL72 服务器集成了英伟达的下一代 GPU 架构——Blackwell Ultra。鉴于 Blackwell 系列芯片组迄今为止的成功推出，我认为大型科技公司资本支出的上升与苹果在 AI 制造方面的雄心结合，将为英伟达在未来几年提供强劲的顺风。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTI2MjUvZ2V0dHlpbWFnZXMtMTM0NTA0Mjc0MS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F812625%2Fgettyimages-1345042741.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 buy right now?</h2>
<div class="lb-trans"><h2>现在英伟达股票值得购买吗？</h2>
</div><p>To be honest, it's hard to know with any real accuracy how much of the increased AI infrastructure spend I outlined above will be allocated toward Nvidia. With that said, the analyst forecasts below can still help paint a picture of what could be in store for Nvidia over the next few years as big tech ratchets up its capex spend.</p>
<div class="lb-trans"><p>老实说，很难准确知道我上面提到的增加的 AI 基础设施支出中有多少将分配给英伟达。尽管如此，下面的分析师预测仍然可以帮助描绘出未来几年英伟达可能面临的情况，因为大型科技公司正在加大资本支出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c5a1e1dbfd4aa33096c85ad1ef67bf3.png" alt="" original-src="https://media.ycharts.com/charts/5c5a1e1dbfd4aa33096c85ad1ef67bf3.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>当前财政年度的 NVDA 收入预测数据来自 YCharts</p>
</div><p>As the figures above indicate, Wall Street's consensus estimates suggest that Nvidia's revenue and earnings should continue accelerating over the next few years. This is an important dynamic to understand, as Nvidia plans on releasing even more GPU architectures over the next couple of years. In other words, despite the company's rapid spend across research and development (R&amp;D), analysts are projecting even further revenue growth supported by rising profits. This could suggest that Wall Street is optimistic that Nvidia will continue dominating the AI infrastructure landscape -- holding onto its enviable pricing power over competitors and generating robust unit economics over the long run.</p>
<div class="lb-trans"><p>正如上面的数据所示，华尔街的共识估计表明，英伟达的收入和盈利在未来几年将继续加速增长。这是一个重要的动态，因为英伟达计划在未来几年发布更多的 GPU 架构。换句话说，尽管该公司在研发（R&amp;D）上的支出迅速增加，但分析师预计收入将进一步增长，利润也在上升。这可能表明华尔街对英伟达在 AI 基础设施领域继续主导的乐观态度——保持对竞争对手的可观定价能力，并在长期内产生强劲的单位经济效益。</p>
</div><p>Despite the optimistic outlook, shares of Nvidia have gotten punished during the ongoing <strong>Nasdaq</strong> sell-off. I'll concede that ongoing uncertainty around tariffs, as well as some recent developments surrounding export controls in China are likely to bring some near-term headwinds to Nvidia stock. But the long-term outlook supported by continued investments in AI infrastructure has me bullish over the company's long-term picture.</p>
<div class="lb-trans"><p>尽管前景乐观，英伟达的股票在持续的 <strong>纳斯达克</strong> 抛售中遭受了重创。我承认，关于关税的持续不确定性，以及最近围绕中国出口管制的一些发展，可能会给英伟达的股票带来一些短期阻力。但长期前景在持续投资于 AI 基础设施的支持下让我对公司的长期前景持乐观态度。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8992d5c4a87e93253a3a2f24ef4cb33e.png" alt="" original-src="https://media.ycharts.com/charts/8992d5c4a87e93253a3a2f24ef4cb33e.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻性）数据来自 YCharts</p>
</div><p>Right now, Nvidia is trading for just 25 times forward earnings -- approximately half its level seen just a couple of months ago. In my eyes, long-term investors are currently presented with a rare opportunity to invest in AI's top darling at a historically cheap valuation.</p>
<div class="lb-trans"><p>目前，英伟达的交易价格仅为前瞻性收益的 25 倍——大约是几个月前水平的一半。在我看来，长期投资者目前面临着一个在历史上极具吸引力的估值中投资于 AI 顶级明星的罕见机会。</p>
</div>

Did Apple Just Give Nvidia Investors 1 Billion Reasons to Celebrate?

- 苹果计划以约 10 亿美元购买 250 台 Nvidia 服务器，显示其对 AI 基础设施的投资。  
- 大型科技公司预计在 2025 年将 AI 基础设施支出超过 3000 亿美元。  
- Nvidia 的长期前景乐观，尽管短期内面临一些不确定性。  

苹果是否刚刚给了英伟达投资者 10 亿美元的庆祝理由？