<p>2025 年的科技抛售创造了多个买入机会。去年，无数科技公司的估值飙升，使得寻找便宜货变得困难。如果你一直在等待合适的时机入场或增加持仓，现在可能就是那个时机。</p>
<p>尤其是两家标志性企业今年迄今为止股价大幅下跌：<strong>Palo Alto Networks</strong>（PANW -6.97%）和 <strong>Nvidia</strong>（NVDA -7.03%）。这两家公司目前都有令人信服的投资论点，但其中一家在长期潜力上更具优势。</p>
<h2>Nvidia 相较于 Palo Alto Networks 的巨大优势</h2>
<p>在讨论哪只股票更值得购买之前，首先了解每家公司商业模式之间的关键差异是很重要的。</p>
<p>Nvidia 主要是一家芯片制造商，生产图形处理单元，通常称为 GPU。GPU 是专用芯片，使得许多技术成为可能——从游戏和照片编辑到机器学习和人工智能（AI）应用。简而言之，Nvidia 是众多大型和快速增长行业的重要组件供应商，今天最有前景的行业是人工智能。</p>
<p>而 Palo Alto Networks 则可以被视为一家网络安全公司。其软件提供网络安全、云安全以及一系列其他旨在保护企业免受恶意行为者攻击的安全产品。其产品组合令人印象深刻，拥有超过 80,000 家全球企业客户，保护着数十亿个终端。</p>
<p>GPU 制造和网络安全都是快速增长的市场。这从每家公司的高估值中可以看出。Nvidia 的股票交易价格为销售额的 20.6 倍，而 Palo Alto Networks 为销售额的 14 倍。但在你认为 Palo Alto Networks 是更便宜的股票之前，检查每家公司的增长率是很重要的。华尔街分析师预计，Nvidia 下个季度的增长速度将超过 Palo Alto Networks 的_4 倍_。Nvidia 的利润率也显著更高，得益于其一流的芯片，客户，尤其是人工智能客户，几乎在所有竞争 GPU 中都对其需求最高。</p>
<p>由于 Nvidia 的更高增长率，其股票交易价格仅为未来销售额的 13 倍——相比之下，Palo Alto Networks 的未来销售额估值为 12.2 倍，仅小幅溢价。当你再考虑到其远超同行的利润率时，Nvidia 今天看起来是明显的赢家。但还有一个原因使得 Nvidia 在未来几年甚至几十年都是一个不错的投资选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.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/2a902408def73f2e71bd624852b6f093.png"/></p>
<p>NVDA PS 比率数据来源于 YCharts。</p>
<h2>CUDA 是 Nvidia 的秘密武器</h2>
<p>Nvidia 不仅仅是借助人工智能浪潮实现增长。该公司早期投资于人工智能，这意味着其芯片在多年前就超越了竞争对手的芯片性能。事实上，Nvidia 在 2006 年推出的 CUDA——其专有的计算统一设备架构——可以说是赋予了 Nvidia 在芯片性能和整体市场份额方面保持优势的关键。</p>
<p>CUDA 的主要优势在于它允许开发者轻松快速地为其特定应用定制 Nvidia 的芯片。这提高了性能，有时甚至显著提高。更重要的是，这使得这些客户更深入地融入 Nvidia 的生态系统，使得转向竞争对手的 GPU 变得更加困难。</p>
<p>Nvidia 在 GPU 领域，尤其是用于人工智能和云计算应用的 GPU 的主导地位并非偶然。早期的投资和 CUDA 的供应商锁定应该为公司提供一种在快速发展的科技行业中不常见的持久竞争优势。在回调之后，Nvidia 的估值，尤其是与其他科技明星如 Palo Alto Networks 相比，显得过于诱人，投资者应该预期持续的波动，但现在似乎是长期投资于一家蓝筹企业的绝佳时机，该企业瞄准本世纪最大的增长市场之一：人工智能。</p>

派拓网络

英伟达

<p>最近的科技股抛售创造了买入机会，特别是对于派拓网络和英伟达，这两家公司都经历了股价下跌。作为领先的芯片制造商，英伟达预计将比专注于网络安全的派拓网络实现更快的增长。英伟达的利润率更高，以及其在人工智能领域的早期投资和独有的 CUDA 技术，使其具备了竞争优势。尽管市场波动，英伟达在人工智能领域被视为一个强劲的长期投资</p>

<p>The tech sell-off of 2025 has created several buying opportunities. Last year, the valuations for countless tech businesses went through the roof, making it difficult to bargain hunt. If you've been waiting for the right time to jump in or add to your positions, now could be that time.</p>
<div class="lb-trans"><p>2025 年的科技抛售创造了多个买入机会。去年，无数科技公司的估值飙升，使得寻找便宜货变得困难。如果你一直在等待合适的时机入场或增加持仓，现在可能就是那个时机。</p>
</div><p>Two iconic businesses in particular have seen their share prices slump so far this year: <strong>Palo Alto Networks</strong>(PANW -6.97%) and <strong>Nvidia</strong>(NVDA -7.03%). Both companies have compelling investment theses right now, but one stands taller with greater long-term upside.</p>
<div class="lb-trans"><p>尤其是两家标志性企业今年迄今为止股价大幅下跌：<strong>Palo Alto Networks</strong>（PANW -6.97%）和 <strong>Nvidia</strong>（NVDA -7.03%）。这两家公司目前都有令人信服的投资论点，但其中一家在长期潜力上更具优势。</p>
</div><h2>Nvidia has this big advantage versus Palo Alto Networks</h2>
<div class="lb-trans"><h2>Nvidia 相较于 Palo Alto Networks 的巨大优势</h2>
</div><p>Before jumping into which stock is a better buy, it's important to first understand the critical differences between each company's business model.</p>
<div class="lb-trans"><p>在讨论哪只股票更值得购买之前，首先了解每家公司商业模式之间的关键差异是很重要的。</p>
</div><p>Nvidia is primarily a chipmaker that produces graphics processing units, commonly referred to as GPUs. GPUs are specialized chips that make a ton of technologies possible -- everything from gaming and photo editing to machine learning and artificial intelligence (AI) applications. In a nutshell, Nvidia is a major supplier of critical components to a wide array of large and growing industries, the AI industry being the most promising today.</p>
<div class="lb-trans"><p>Nvidia 主要是一家芯片制造商，生产图形处理单元，通常称为 GPU。GPU 是专用芯片，使得许多技术成为可能——从游戏和照片编辑到机器学习和人工智能（AI）应用。简而言之，Nvidia 是众多大型和快速增长行业的重要组件供应商，今天最有前景的行业是人工智能。</p>
</div><p>Palo Alto Networks, meanwhile, can be thought of as a cybersecurity company. Its software delivers network security, cloud security, and a host of other security products meant to protect businesses from bad actors. Its product suite is impressive, boasting more than 80,000 enterprise customers worldwide, with billions of protected endpoints.</p>
<div class="lb-trans"><p>而 Palo Alto Networks 则可以被视为一家网络安全公司。其软件提供网络安全、云安全以及一系列其他旨在保护企业免受恶意行为者攻击的安全产品。其产品组合令人印象深刻，拥有超过 80,000 家全球企业客户，保护着数十亿个终端。</p>
</div><p>Both GPU manufacturing and cybersecurity are growing end markets. That's evidenced by each company's premium valuation. Nvidia shares trade at 20.6 times sales versus 14 times sales for Palo Alto Networks. But before you think Palo Alto Networks is the cheaper stock, it's important to check the growth rates of each business. Wall Street analysts expect Nvidia to grow at more than <em>4 times</em> faster than Palo Alto Networks next quarter. Nvidia also has significantly higher profit margins, aided by its best-in-class chips that customers, especially AI customers, demand above nearly every competing GPU.</p>
<div class="lb-trans"><p>GPU 制造和网络安全都是快速增长的市场。这从每家公司的高估值中可以看出。Nvidia 的股票交易价格为销售额的 20.6 倍，而 Palo Alto Networks 为销售额的 14 倍。但在你认为 Palo Alto Networks 是更便宜的股票之前，检查每家公司的增长率是很重要的。华尔街分析师预计，Nvidia 下个季度的增长速度将超过 Palo Alto Networks 的_4 倍_。Nvidia 的利润率也显著更高，得益于其一流的芯片，客户，尤其是人工智能客户，几乎在所有竞争 GPU 中都对其需求最高。</p>
</div><p>Due to Nvidia's higher growth rates, shares trade at just 13 times forward sales -- only a small premium to Palo Alto Networks' 12.2 times forward sales valuation. When you add in its far superior profit margins, Nvidia looks like the clear winner today. But there's one other reason why Nvidia is a great bet for the next few years, or even the next few decades.</p>
<div class="lb-trans"><p>由于 Nvidia 的更高增长率，其股票交易价格仅为未来销售额的 13 倍——相比之下，Palo Alto Networks 的未来销售额估值为 12.2 倍，仅小幅溢价。当你再考虑到其远超同行的利润率时，Nvidia 今天看起来是明显的赢家。但还有一个原因使得 Nvidia 在未来几年甚至几十年都是一个不错的投资选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png" alt="" original-src="https://media.ycharts.com/charts/2a902408def73f2e71bd624852b6f093.png"/></p>
<p>NVDA PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>NVDA PS 比率数据来源于 YCharts。</p>
</div><h2>CUDA is Nvidia's secret weapon</h2>
<div class="lb-trans"><h2>CUDA 是 Nvidia 的秘密武器</h2>
</div><p>Nvidia isn't just riding the AI wave to growth. The company invested in AI early, meaning its chips surpassed the performance of competing chips for this application many years ago. In fact, it was company's launch of CUDA -- its proprietary Compute Unified Device Architecture -- way back in 2006 that has arguably given Nvidia the edge it maintains today when it comes to chip performance and overall market share.</p>
<div class="lb-trans"><p>Nvidia 不仅仅是借助人工智能浪潮实现增长。该公司早期投资于人工智能，这意味着其芯片在多年前就超越了竞争对手的芯片性能。事实上，Nvidia 在 2006 年推出的 CUDA——其专有的计算统一设备架构——可以说是赋予了 Nvidia 在芯片性能和整体市场份额方面保持优势的关键。</p>
</div><p>CUDA's main advantage was that it allowed developers to customize Nvidia's chips easily and quickly for their specific applications. This improved performance, sometimes significantly. More importantly, it entrenched these customers into Nvidia's ecosystem, making it more difficult to switch to a competitor's GPUs.</p>
<div class="lb-trans"><p>CUDA 的主要优势在于它允许开发者轻松快速地为其特定应用定制 Nvidia 的芯片。这提高了性能，有时甚至显著提高。更重要的是，这使得这些客户更深入地融入 Nvidia 的生态系统，使得转向竞争对手的 GPU 变得更加困难。</p>
</div><p>Nvidia's dominant position in GPUs, especially those used for AI and cloud compute applications, is no accident. Early investments and CUDA's vendor lock-in should provide the company with a durable competitive advantage not typically seen in the quickly developing tech sector. After the pullback, Nvidia's valuation, especially compared to other tech darlings like Palo Alto Networks, is looking too good to pass up. Investors should expect continued volatility, but now appears to be a great time to take a long-term position in a blue chip business targeting one of the biggest growth markets this century: AI.</p>
<div class="lb-trans"><p>Nvidia 在 GPU 领域，尤其是用于人工智能和云计算应用的 GPU 的主导地位并非偶然。早期的投资和 CUDA 的供应商锁定应该为公司提供一种在快速发展的科技行业中不常见的持久竞争优势。在回调之后，Nvidia 的估值，尤其是与其他科技明星如 Palo Alto Networks 相比，显得过于诱人，投资者应该预期持续的波动，但现在似乎是长期投资于一家蓝筹企业的绝佳时机，该企业瞄准本世纪最大的增长市场之一：人工智能。</p>
</div>

Which Nasdaq Sell-Off Stock Is Cheaper: Palo Alto Networks or Nvidia?

- 2025 年科技股抛售为投资者提供了买入机会。  
- Nvidia 与 Palo Alto Networks 的股价均下滑，前者在 AI 领域具备更大优势。  
- Nvidia 的 CUDA 架构增强了其市场竞争力，适合长期投资。

哪只纳斯达克抛售股票更便宜：派拓网络还是 NVIDIA？