<p>围绕人工智能（AI）股票的热情是否已经降温？许多顶级 AI 股票今年都出现了下跌，包括 <strong>先进微电子</strong>（AMD 1.31%），更为人所知的就是 AMD，以及 <strong>英伟达</strong>（NVDA 0.28%）。到目前为止，它们的股价都下降了大约 15%，这比 <strong>标准普尔 500 指数</strong> 的 4% 的温和下跌要糟糕得多。</p>
<p>人工智能仍然有巨大的潜力来彻底改变企业和整个行业，但投资者已经开始缩减在 AI 方面的投资。如果你打算从长远来看，那么现在可能是将一只顶级 AI 股票加入你的投资组合的好时机。现在这两只芯片股票中，AMD 还是 Nvidia 更好呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>比较它们的估值</h2>
<p>英伟达是全球最有价值的公司之一，市值为 2.8 万亿美元。尽管由于最近的下跌，这一数字有所下降（去年市值超过 3 万亿美元），但仍然接近 AMD 的 17 倍，后者的市值约为 1650 亿美元。虽然 AMD 绝不是一家小公司，但与英伟达相比，它显得微不足道。</p>
<p>虽然你可能认为英伟达是两者中更昂贵的股票，但根据收益来看，它实际上是更便宜的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.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/51a9fefab28d5f2fd91c713c07f259ae.png"/></p>
<p>NVDA 市盈率数据来源于 YCharts</p>
<p>去年，AMD 报告的利润为 16 亿美元，而英伟达在其截至 1 月的财年中，过去四个季度的收益达到了惊人的 729 亿美元。英伟达的业务不仅经历了爆炸性的增长，其利润也在快速增长，平均利润率达到 56%。这使得其市盈率保持相对较低。</p>
<p>相比之下，AMD 的利润率仅为 6%。考虑到每股收益，它是两者中更昂贵的股票。</p>
<h2>哪只 AI 股票可能有更大的上涨空间？</h2>
<p>这两只股票今年都面临困难，但在过去 12 个月中，英伟达仍上涨了约 29%，而 AMD 则下跌了 33%。可以说，AMD 可能会迎来反弹，特别是如果其 AI 芯片能够对英伟达的高价选项形成强有力的竞争。AMD 首席执行官 Lisa Su 之前预测，该公司未来可能会因其 AI 芯片而产生 “数百亿美元的年收入”。</p>
<p>如果 AMD 能够实现如此增长，肯定能吸引更多投资者，并推动股价达到更高的估值。到目前为止，它在很大程度上落后于英伟达。去年，AMD 的销售额增长了 14%，而英伟达在最近的财年中收入翻了一番。但同样重要的是，AMD 的利润率需要改善。否则，即使其增长率加速，其市盈率也可能不会显著下降。高溢价可能会阻碍投资者。</p>
<p>英伟达目前处于领先地位，主导市场并持续创新，推出新的 AI 芯片。AMD 必须证明它能够提供强有力的竞争。在它做到这一点之前，这可能会限制其短期和长期的上涨空间。</p>
<h2>今天我会选择英伟达的股票</h2>
<p>AMD 可能是一个很好的长期投资，但它的运营存在许多不确定性；在这个阶段，它远不是一个稳妥的买入，伴随一些风险。它不仅需要证明其芯片能够对英伟达形成真正的竞争，而且公司还必须改善其个位数的利润率。</p>
<p>凭借更强的财务状况、更具吸引力的估值和在市场中的更强主导地位，英伟达是今天更值得购买的 AI 股票。</p>

英伟达

<p>AMD 和英伟达这两家领先的人工智能股票在 2025 年均出现了约 15% 的下跌，表现逊色于标准普尔 500 指数的 4% 下滑。英伟达的市值为 2.8 万亿美元，报告的收益为 729 亿美元，而 AMD 的利润率仅为 6%。尽管 AMD 在人工智能领域具有增长潜力，但英伟达更强的财务状况和市场主导地位使其目前成为更受欢迎的投资选择。AMD 需要改善其运营和利润率，以有效地与英伟达竞争</p>

<p>Has the excitement surrounding artificial intelligence (AI) stocks cooled off? Many top AI stocks are down this year, including <strong>Advanced Micro Devices</strong>(AMD 1.31%), better known as just AMD, and <strong>Nvidia</strong>(NVDA 0.28%). They have both declined around 15% thus far in 2025, which is worse than <strong>S&amp;P 500</strong>'s more modest drop of 4%.</p>
<div class="lb-trans"><p>围绕人工智能（AI）股票的热情是否已经降温？许多顶级 AI 股票今年都出现了下跌，包括 <strong>先进微电子</strong>（AMD 1.31%），更为人所知的就是 AMD，以及 <strong>英伟达</strong>（NVDA 0.28%）。到目前为止，它们的股价都下降了大约 15%，这比 <strong>标准普尔 500 指数</strong> 的 4% 的温和下跌要糟糕得多。</p>
</div><p>There's still massive potential for AI to revolutionize businesses and entire industries, but investors have been starting to scale back their positions in AI. If, however, you're looking at the long haul, then now can be a great time to add a top AI stock to your portfolio. Which of these two chip stocks is the better option right now: AMD or Nvidia?</p>
<div class="lb-trans"><p>人工智能仍然有巨大的潜力来彻底改变企业和整个行业，但投资者已经开始缩减在 AI 方面的投资。如果你打算从长远来看，那么现在可能是将一只顶级 AI 股票加入你的投资组合的好时机。现在这两只芯片股票中，AMD 还是 Nvidia 更好呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTcwODAvY2VsbC1waG9uZS1hcHBsaWNhdGlvbi13YWl0aW5nLWZvci1hLXZvaWNlLXByb21wdC1mcm9tLWEtdXNlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817080%2Fcell-phone-application-waiting-for-a-voice-prompt-from-a-user.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>Comparing their valuations</h2>
<div class="lb-trans"><h2>比较它们的估值</h2>
</div><p>Nvidia is one of the most valuable companies in the world, with a market cap of $2.8 trillion. That has come down a bit amid its recent decline (last year it was well above $3 trillion), but it's still close to 17 times the value of AMD, which has a market cap of around $165 billion. While AMD isn't a small company by any means, when compared to Nvidia, it looks tiny.</p>
<div class="lb-trans"><p>英伟达是全球最有价值的公司之一，市值为 2.8 万亿美元。尽管由于最近的下跌，这一数字有所下降（去年市值超过 3 万亿美元），但仍然接近 AMD 的 17 倍，后者的市值约为 1650 亿美元。虽然 AMD 绝不是一家小公司，但与英伟达相比，它显得微不足道。</p>
</div><p>While you might think that Nvidia is the pricier of the two stocks given its massive valuation, based on earnings, it's actually the <em>cheaper</em> stock.</p>
<div class="lb-trans"><p>虽然你可能认为英伟达是两者中更昂贵的股票，但根据收益来看，它实际上是更便宜的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.png" alt="" original-src="https://media.ycharts.com/charts/51a9fefab28d5f2fd91c713c07f259ae.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>Last year, AMD reported $1.6 billion in profit, while Nvidia, which has a fiscal year that ends in January, has generated an incredible $72.9 billion in earnings over its last four quarters. Not only has its business been experiencing explosive growth, but Nvidia's bottom line has been growing quickly as its profit margin has averaged 56%. That has enabled its price-to-earnings (P/E) multiple to remain relatively low.</p>
<div class="lb-trans"><p>去年，AMD 报告的利润为 16 亿美元，而英伟达在其截至 1 月的财年中，过去四个季度的收益达到了惊人的 729 亿美元。英伟达的业务不仅经历了爆炸性的增长，其利润也在快速增长，平均利润率达到 56%。这使得其市盈率保持相对较低。</p>
</div><p>By comparison, AMD's profit margin is just 6%. And with a more modest bottom line, it's the more expensive stock of the two when taking into account its earnings per share.</p>
<div class="lb-trans"><p>相比之下，AMD 的利润率仅为 6%。考虑到每股收益，它是两者中更昂贵的股票。</p>
</div><h2>Which AI stock may have the most upside?</h2>
<div class="lb-trans"><h2>哪只 AI 股票可能有更大的上涨空间？</h2>
</div><p>Both stocks have been struggling this year but when looking at the past 12 months, Nvidia is still up around 29% while AMD has fallen by 33%. A case could be made that AMD may be due for a rally, especially if its AI chips prove to offer formidable competition to Nvidia's high-priced options. AMD CEO Lisa Su previously forecast that the company could generate &#34;tens of billions of dollars in annual revenue&#34; in the near future due to its AI chips.</p>
<div class="lb-trans"><p>这两只股票今年都面临困难，但在过去 12 个月中，英伟达仍上涨了约 29%，而 AMD 则下跌了 33%。可以说，AMD 可能会迎来反弹，特别是如果其 AI 芯片能够对英伟达的高价选项形成强有力的竞争。AMD 首席执行官 Lisa Su 之前预测，该公司未来可能会因其 AI 芯片而产生 “数百亿美元的年收入”。</p>
</div><p>If AMD can generate that much growth, it can certainly help attract more investors and propel the stock to a much higher valuation. Thus far, it's lagged behind Nvidia in a big way. Last year, AMD's sales rose by 14%, while Nvidia more than doubled its revenue during its most recent fiscal year. But what also matters are AMD's margins, which need improvement. Otherwise, its P/E multiple may not come down significantly even if its growth rate accelerates. And a high premium could deter investors.</p>
<div class="lb-trans"><p>如果 AMD 能够实现如此增长，肯定能吸引更多投资者，并推动股价达到更高的估值。到目前为止，它在很大程度上落后于英伟达。去年，AMD 的销售额增长了 14%，而英伟达在最近的财年中收入翻了一番。但同样重要的是，AMD 的利润率需要改善。否则，即使其增长率加速，其市盈率也可能不会显著下降。高溢价可能会阻碍投资者。</p>
</div><p>Nvidia is in pole position today, dominating the market and still innovating and coming up with new AI chips. AMD has to prove that it can put up some formidable competition. And until it does, that could limit its upside both in the near term and the long term.</p>
<div class="lb-trans"><p>英伟达目前处于领先地位，主导市场并持续创新，推出新的 AI 芯片。AMD 必须证明它能够提供强有力的竞争。在它做到这一点之前，这可能会限制其短期和长期的上涨空间。</p>
</div><h2>Nvidia is the stock I'd go with today</h2>
<div class="lb-trans"><h2>今天我会选择英伟达的股票</h2>
</div><p>AMD can potentially be a great long-term investment but it has a lot of question marks around its operations; it's far from a slam-dunk buy at this stage and it comes with some risk. Not only does it need to show that its chips can provide real competition to Nvidia, but the company also has to improve upon its single-digit profit margin.</p>
<div class="lb-trans"><p>AMD 可能是一个很好的长期投资，但它的运营存在许多不确定性；在这个阶段，它远不是一个稳妥的买入，伴随一些风险。它不仅需要证明其芯片能够对英伟达形成真正的竞争，而且公司还必须改善其个位数的利润率。</p>
</div><p>With much stronger financials, a more attractive valuation, and a more dominant position in the market, Nvidia is the better AI stock to buy today.</p>
<div class="lb-trans"><p>凭借更强的财务状况、更具吸引力的估值和在市场中的更强主导地位，英伟达是今天更值得购买的 AI 股票。</p>
</div>

AMD vs. Nvidia: Which Artificial Intelligence Stock Should You Buy on the Dip?

- 人工智能股票的热度似乎有所减退，AMD 和 Nvidia 今年均下跌约 15%。  
- Nvidia 市值为 2.8 万亿美元，盈利能力远超 AMD，且 P/E 比较低。  
- 尽管 AMD 有潜力，但目前 Nvidia 在市场上占据主导地位，风险较小。  

AMD 与 NVIDIA：在股价回调时，哪只人工智能股票值得买入？