<p>围绕芯片制造商 <strong>Nvidia</strong> 的兴奋感是否正在减退？截至周一，这家科技巨头的股价自 2025 年初以来下跌了 19%。无论是由于其高估值、对经济的担忧、关税，还是即将到来的科技支出放缓的可能性，投资者似乎不再那么渴望拥有这只股票。</p>
<p>让你感到惊讶的是，即使在过去的 12 个月里，Nvidia 的股价也仅上涨了 20%——这是一个稳健的回报，但考虑到人工智能（AI）中的增长机会，这并不是投资者可能期待的芯片制造商的表现。</p>
<p>在这段时间内，有三只股票的表现远远好于 Nvidia，分别是 <strong>Summit Therapeutics</strong>(SMMT -5.62%)、<strong>Rocket Lab USA</strong>(RKLB -5.89%) 和 <strong>AppLovin</strong>(APP -9.42%)。以下是这些股票的涨幅，以及它们是否还有进一步上涨的空间。</p>
<h2>Summit Therapeutics: +366%</h2>
<p>这份名单中表现最好的股票来自一家没有获得批准产品的医疗公司。但这并没有阻止 Summit Therapeutics 的估值超过 140 亿美元。</p>
<p>将一家公司估值如此之高似乎荒谬，但投资者实际上是在为其癌症药物 ivonescimab 的批准定价。近期的一项临床试验显示，该药物在治疗非小细胞肺癌方面的表现优于畅销癌症治疗药物 Keytruda，这引发了热议。</p>
<p>Keytruda 为 <strong>Merck</strong> 创造了数百亿美元的收入，Merck 是全球最大的医疗公司之一。如果 Summit 的 ivonescimab 的效果与 Keytruda 相当，那么可以说，即使在 140 亿美元的市值下，它仍然有更大的上行空间。</p>
<p>但美国监管机构尚未批准该药物。尽管试验结果令人印象深刻，但它是基于在中国进行的试验，参与者可能缺乏足够的多样性，无法说服食品和药物管理局（FDA）其安全性和有效性。Summit 的潜力很高，但风险也同样很大；ivonescimab 绝不是能够确保产生数十亿美元收入的药物，但投资者却像这样购买股票。</p>
<p>除非公司发布来自更具多样性的试验的类似结果，否则你可能更好地采取观望态度，面对这只高估值的股票。</p>
<h2>Rocket Lab USA: +335%</h2>
<p>航空航天公司 Rocket Lab USA 是过去 12 个月中表现远超 Nvidia 的另一只股票。该公司正在经历强劲的增长，并在 2024 年实现了创纪录的业绩。收入增长了 78%，达到 4.36 亿美元，且公司成功进行了 16 次电子轨道发射载具（用于小型卫星）的发射，增长了 60%。</p>
<p>Rocket Lab 继续获得更多合同，并期待未来更大的增长。投资者将关注的一项事件是其更大型号的 Neutron 火箭的成功发射，预计将在下半年进行。如果一切顺利，这可能会带来更多的兴奋（和收入增长）。</p>
<p>然而，Rocket Lab 并未盈利（去年亏损超过 1.9 亿美元），而且公司市值超过 80 亿美元，投资者为该股票支付的价格超过了过去销售额的 20 倍。这里有很多令人兴奋的潜力。但考虑到经济放缓和政府支出可能削减，投资者可能需要在短期内降低对该公司的期望，尤其是考虑到公司的巨大亏损。</p>
<p>该股票今年下跌了 30%，由于其高估值，可能还会进一步下滑。</p>
<h2>AppLovin: +283%</h2>
<p>如果不是因为多位做空者今年发布了对该公司的严厉报告，导致其股价在最近几周下跌，科技股 AppLovin 本可以在这份名单中排名更高。关于 AppLovin 如何获取数据的问题使一些投资者抛售了该股票。该公司对此进行了反驳。</p>
<p>AppLovin 利用人工智能帮助预测趋势，并帮助企业优化广告和营销策略。去年其收入增长了 43%，销售额超过 47 亿美元，净收入更是翻了四倍，达到了 16 亿美元。AppLovin 一直是一个增长机器——但其估值超过 900 亿美元，交易价格超过其收入的 20 倍，接近明年收益的 40 倍（基于分析师的估计）。</p>
<p>即使你不理会做空者的报告，AppLovin 的高价标签也应该让你在购买该股票时三思而后行，尤其是考虑到由于关税和贸易战，经济的不确定性可能导致业务放缓。AppLovin 今年下跌了 18%，如果继续下滑也并不令人惊讶。</p>

Summit治疗

RKLB

<p>英伟达的股票表现不佳，过去一年仅上涨了 20%，而其他三只股票则显著超越了它。Summit Therapeutics 因潜在的癌症药物 ivonescimab 而飙升了 366%，尽管面临监管风险。Rocket Lab USA 在强劲的收入增长和成功的发射下上涨了 335%，但仍处于亏损状态。AppLovin 在收入增长的背景下上涨了 283%，但面临空头卖家的审查和高估值的担忧。在经济不确定性中，投资者被建议对这些高风险股票保持谨慎</p>

<p>Is the excitement surrounding chipmaker <strong>Nvidia</strong> fading? As of Monday, shares of the tech giant were down 19% since the start of 2025. Whether that's due to its high valuation, concerns about the economy, tariffs, or the possibility of a slowdown in tech spending on the horizon, investors don't appear as eager to own the stock anymore.</p>
<div class="lb-trans"><p>围绕芯片制造商 <strong>Nvidia</strong> 的兴奋感是否正在减退？截至周一，这家科技巨头的股价自 2025 年初以来下跌了 19%。无论是由于其高估值、对经济的担忧、关税，还是即将到来的科技支出放缓的可能性，投资者似乎不再那么渴望拥有这只股票。</p>
</div><p>What may surprise you is that even over the past 12 months, Nvidia stock has risen by just 20% -- a solid return but not the type investors may have been expecting from the chipmaker, given the growth opportunities in artificial intelligence (AI).</p>
<div class="lb-trans"><p>让你感到惊讶的是，即使在过去的 12 个月里，Nvidia 的股价也仅上涨了 20%——这是一个稳健的回报，但考虑到人工智能（AI）中的增长机会，这并不是投资者可能期待的芯片制造商的表现。</p>
</div><p>Three stocks which have been far better buys than Nvidia over that stretch are <strong>Summit Therapeutics</strong>(SMMT -5.62%), <strong>Rocket Lab USA</strong>(RKLB -5.89%), and <strong>AppLovin</strong>(APP -9.42%). Here's how much these stocks are up, and whether they can still go higher.</p>
<div class="lb-trans"><p>在这段时间内，有三只股票的表现远远好于 Nvidia，分别是 <strong>Summit Therapeutics</strong>(SMMT -5.62%)、<strong>Rocket Lab USA</strong>(RKLB -5.89%) 和 <strong>AppLovin</strong>(APP -9.42%)。以下是这些股票的涨幅，以及它们是否还有进一步上涨的空间。</p>
</div><h2>Summit Therapeutics: +366%</h2>
<div class="lb-trans"><h2>Summit Therapeutics: +366%</h2>
</div><p>The highest-performing stock on this list is from a healthcare company that doesn't have an approved product in its portfolio. But that hasn't stopped Summit Therapeutics from reaching a valuation of more than $14 billion.</p>
<div class="lb-trans"><p>这份名单中表现最好的股票来自一家没有获得批准产品的医疗公司。但这并没有阻止 Summit Therapeutics 的估值超过 140 亿美元。</p>
</div><p>It may seem ludicrous to value a company so highly, but investors are effectively pricing in the approval of its cancer drug ivonescimab. The hype is due to a recent clinical trial that showed that it performed better than a top-selling cancer treatment, Keytruda, in treating non-small cell lung cancer.</p>
<div class="lb-trans"><p>将一家公司估值如此之高似乎荒谬，但投资者实际上是在为其癌症药物 ivonescimab 的批准定价。近期的一项临床试验显示，该药物在治疗非小细胞肺癌方面的表现优于畅销癌症治疗药物 Keytruda，这引发了热议。</p>
</div><p>Keytruda has generated tens of billions of dollars for <strong>Merck</strong>, which is one of the largest healthcare companies in the world. If Summit's ivonescimab is even in the same ballpark as Keytruda, then you could make the argument that even at a market cap of $14 billion, it still has much more upside.</p>
<div class="lb-trans"><p>Keytruda 为 <strong>Merck</strong> 创造了数百亿美元的收入，Merck 是全球最大的医疗公司之一。如果 Summit 的 ivonescimab 的效果与 Keytruda 相当，那么可以说，即使在 140 亿美元的市值下，它仍然有更大的上行空间。</p>
</div><p>But U.S. regulators haven't approved the drug. While the trial results were impressive, they were based on a trial in China, where the study participants may not be diverse enough to convince the Food and Drug Administration of its safety and effectiveness. Summit's potential is high, but so too is its risk; ivonescimab is by no means a lock to generate billions of dollars in revenue, but investors are buying the stock as if that's the case.</p>
<div class="lb-trans"><p>但美国监管机构尚未批准该药物。尽管试验结果令人印象深刻，但它是基于在中国进行的试验，参与者可能缺乏足够的多样性，无法说服食品和药物管理局（FDA）其安全性和有效性。Summit 的潜力很高，但风险也同样很大；ivonescimab 绝不是能够确保产生数十亿美元收入的药物，但投资者却像这样购买股票。</p>
</div><p>Unless and until the company releases similar results from a more diverse trial, you may be better off taking a wait-and-see approach with this highly-priced stock.</p>
<div class="lb-trans"><p>除非公司发布来自更具多样性的试验的类似结果，否则你可能更好地采取观望态度，面对这只高估值的股票。</p>
</div><h2>Rocket Lab USA: +335%</h2>
<div class="lb-trans"><h2>Rocket Lab USA: +335%</h2>
</div><p>Aerospace company Rocket Lab USA is another stock that has soundly outperformed Nvidia over the past 12 months. The business has been experiencing strong growth and recently capped off a record performance in 2024. Revenue rose by 78% to total $436 million for the year, and the company achieved 16 launches of its Electron orbital launch vehicle (used for small satellites), an increase of 60%.</p>
<div class="lb-trans"><p>航空航天公司 Rocket Lab USA 是过去 12 个月中表现远超 Nvidia 的另一只股票。该公司正在经历强劲的增长，并在 2024 年实现了创纪录的业绩。收入增长了 78%，达到 4.36 亿美元，且公司成功进行了 16 次电子轨道发射载具（用于小型卫星）的发射，增长了 60%。</p>
</div><p>Rocket Lab continues to secure more contracts and is eyeing much more growth ahead. One event investors will be watching for is the successful launch of its larger Neutron rocket, which is expected to take place in the second half of the year. If all goes according to plan, that could lead to even more excitement (and revenue growth).</p>
<div class="lb-trans"><p>Rocket Lab 继续获得更多合同，并期待未来更大的增长。投资者将关注的一项事件是其更大型号的 Neutron 火箭的成功发射，预计将在下半年进行。如果一切顺利，这可能会带来更多的兴奋（和收入增长）。</p>
</div><p>However, Rocket Lab isn't profitable (it incurred a loss of more than $190 million last year), and with the company at a market capitalization of more than $8 billion, investors are paying over 20 times trailing sales for the stock. There's a lot of exciting potential here. But with a slowdown in the economy and possible cost reductions in government spending, investors may want to temper their expectations for the short term -- especially given the company's considerable losses.</p>
<div class="lb-trans"><p>然而，Rocket Lab 并未盈利（去年亏损超过 1.9 亿美元），而且公司市值超过 80 亿美元，投资者为该股票支付的价格超过了过去销售额的 20 倍。这里有很多令人兴奋的潜力。但考虑到经济放缓和政府支出可能削减，投资者可能需要在短期内降低对该公司的期望，尤其是考虑到公司的巨大亏损。</p>
</div><p>The stock is down 30% this year, and more of a decline could be coming due to its high valuation.</p>
<div class="lb-trans"><p>该股票今年下跌了 30%，由于其高估值，可能还会进一步下滑。</p>
</div><h2>AppLovin: +283%</h2>
<div class="lb-trans"><h2>AppLovin: +283%</h2>
</div><p>Tech stock AppLovin would be higher up on this list if not for multiple short sellers issuing scathing reports about the company this year, which have sent its share price down in recent weeks. Questions about how AppLovin gets its data have pushed some investors to dump the stock. The company refutes these claims.</p>
<div class="lb-trans"><p>如果不是因为多位做空者今年发布了对该公司的严厉报告，导致其股价在最近几周下跌，科技股 AppLovin 本可以在这份名单中排名更高。关于 AppLovin 如何获取数据的问题使一些投资者抛售了该股票。该公司对此进行了反驳。</p>
</div><p>AppLovin uses AI to help predict trends and help businesses optimize advertising and marketing strategies. It had 43% revenue growth last year as sales topped $4.7 billion, and its net income more than quadrupled to $1.6 billion. AppLovin has been a growth machine -- but with a valuation of over $90 billion, it's trading at more than 20 times its revenue and close to 40 times next year's earnings (based on analyst estimates).</p>
<div class="lb-trans"><p>AppLovin 利用人工智能帮助预测趋势，并帮助企业优化广告和营销策略。去年其收入增长了 43%，销售额超过 47 亿美元，净收入更是翻了四倍，达到了 16 亿美元。AppLovin 一直是一个增长机器——但其估值超过 900 亿美元，交易价格超过其收入的 20 倍，接近明年收益的 40 倍（基于分析师的估计）。</p>
</div><p>Even if you dismiss the short-seller reports, AppLovin's high price tag should make you think twice about buying the stock, especially since the business may experience a slowdown given the uncertainty in the economy due to tariffs and trade wars. AppLovin is down 18% this year, and it wouldn't be surprising if it continues to go lower.</p>
<div class="lb-trans"><p>即使你不理会做空者的报告，AppLovin 的高价标签也应该让你在购买该股票时三思而后行，尤其是考虑到由于关税和贸易战，经济的不确定性可能导致业务放缓。AppLovin 今年下跌了 18%，如果继续下滑也并不令人惊讶。</p>
</div>

3 Growth Stocks That Have Dwarfed Nvidia's Returns Over the Past 12 Months

- Nvidia 股价自 2025 年初下跌 19%，投资者热情减退。  
- Summit Therapeutics、Rocket Lab USA 和 AppLovin 在过去 12 个月表现优于 Nvidia。  
- Summit 股价上涨 366%，Rocket Lab 上涨 335%，AppLovin 上涨 283%。

过去 12 个月里，有 3 只增长股的回报率远超 Nvidia