<p>投资者常常会在脑海中形成一个想法并全力以赴，推动价格达到不切实际的极端。这就是今天投资者在人工智能领域应该担心的风险。<strong>英伟达</strong>(NVDA 0.28%) 几乎是人工智能行业的代表，华尔街对管理层的每一句话都密切关注。但这并不意味着它对每位投资者都是一个好的选择。以下是你可能更倾向于选择高收益的 <strong>道明尼资源</strong>(D -0.27%) 的原因。</p>
<h2>每个人都想参与人工智能革命</h2>
<p>人工智能在许多方面都令人印象深刻，并且发展速度非常快。几乎每个大型企业都开始使用或至少尝试这种技术。几乎每天都有关于人工智能的报道出现在金融报纸、网站或电视频道上。这是一个吸引华尔街的宏观趋势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTczMTQvMjRfMDRfMDMtYW4taW1hZ2Utb2YtYS1yb2NrZXQtc2hpcC1qdW1waW5nLXVwLXN0YWlycy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTQ2NDIzMjQ1Ni0xMTY5eDgwMC1hYWI3ZmRmLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTczMTQvMjRfMDRfMDMtYW4taW1hZ2Utb2YtYS1yb2NrZXQtc2hpcC1qdW1waW5nLXVwLXN0YWlycy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTQ2NDIzMjQ1Ni0xMTY5eDgwMC1hYWI3ZmRmLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>这有其合理的原因，但目前仍不清楚这项技术在长期内将产生多大的影响。同样重要的是，目前也不清楚哪些公司最终会成为赢家或输家。今天，芯片制造商英伟达是一个明显的领导者，制造着人工智能的 “大脑”。令人震惊的是，英伟达的估值目前似乎并不算过于极端，其市销率和市盈率目前均低于五年平均水平。</p>
<p>也就是说，英伟达的 39 倍市盈率高于科技行业大约 33 倍的平均水平。因此，称这只股票便宜也不公平。别忘了，行业中的早期领导者并不总是能够保持领先地位。看看雅虎，它曾是首选的搜索引擎，但最终被 <strong>谷歌</strong> 取代。</p>
<p>换句话说，今天投资英伟达可能看起来是个好主意，但它仍然伴随着一些风险。在人工智能方面，还有另一个选择，那就是投资像道明尼资源这样的受监管电力公用事业。</p>
<h2>为什么选择道明尼而不是英伟达？</h2>
<p>如果你想直接投资人工智能，英伟达将比道明尼更好。但这里有一个重要的重叠，因为人工智能离不开电力。事实上，数据中心对电力的需求预计将在未来 10 年内增长 300%，以满足人工智能行业的增长。这将需要对电网进行大量资本投资，从而推动公用事业的增长。</p>
<p>在这方面，道明尼是一只有趣的股票。首先，它经历了一次企业重组，现在成为一家纯粹的受监管电力公用事业。然而，在此过程中，股息被削减，当前的股息率可能在未来几年内保持不变，同时公司将其股息支付比率逐步降低至行业平均水平。这只股票不受欢迎，提供 4.9% 的股息收益率，而公用事业的平均水平为 2.9%，英伟达的股息收益率仅为 0.05% 左右。</p>
<p>如果你是一个股息投资者，你会发现道明尼显然比英伟达更具吸引力。但这里有一个有趣的变化。道明尼在全球最大的一个数据中心市场中拥有垄断地位。为了突出这一点，它在 2024 年 7 月至 2024 年 12 月期间，数据中心的需求增长了 88%。这是该公用事业长期预测 5% 至 7% 收益增长的核心支柱。</p>
<p>这是一个对公用事业来说不错的数字，如果管理层能够实现这一目标，华尔街最终会给予道明尼更高的估值。这种增长也将导致股息增长的最终恢复，这也将受到投资者的青睐。换句话说，道明尼是一种低风险的转型故事，带有人工智能的元素。对于长期的股息投资者来说，这可能比购买英伟达并希望其在人工智能领域保持领先地位更具吸引力。</p>
<h2>退一步考虑你的人工智能选择</h2>
<p>公平地说，道明尼并不是人工智能领域唯一的电力投资。还有其他公用事业公司将受益，还有一些新的科技初创公司。例如，<strong>Bloom Energy</strong> 提供的电池可以比电力线路更快部署。而 <strong>NuScale Power</strong> 则试图围绕小型核反应堆建立业务，这些反应堆可以放置在人工智能数据中心旁边。但如果你想投资人工智能，但又无法忍受拥有波动性科技股票，考虑道明尼所提供的风险与回报的组合，尤其是其高股息收益率，是很难忽视的。</p>

道明尼资源

英伟达

<p>投资者正在权衡英伟达和道明尼资源作为人工智能投资选项的优缺点。英伟达作为人工智能技术的领导者，市盈率较高，但并不被认为过于昂贵。然而，投资英伟达存在风险，因为科技领域的早期领导者可能会失利。相反，道明尼资源作为一家受监管的公用事业公司，提供 4.9% 的股息收益率，并且有望受益于人工智能数据中心对电力日益增长的需求。道明尼在一个主要数据中心市场中拥有垄断地位，提供了一个较低风险的投资机会，具有盈利增长和股息恢复的潜力，吸引了长期股息投资者</p>

<p>Investors often get an idea in their heads and run with it, pushing prices to extremes that aren't realistic. That's the risk that investors should fear today with artificial intelligence. <strong>Nvidia</strong>(NVDA 0.28%) is pretty much the poster child of the AI industry, with Wall Street hanging on every word the management says. But it won't be a good AI choice for every investor. Here's why you may prefer high-yield <strong>Dominion Energy</strong>(D -0.27%) instead.</p>
<div class="lb-trans"><p>投资者常常会在脑海中形成一个想法并全力以赴，推动价格达到不切实际的极端。这就是今天投资者在人工智能领域应该担心的风险。<strong>英伟达</strong>(NVDA 0.28%) 几乎是人工智能行业的代表，华尔街对管理层的每一句话都密切关注。但这并不意味着它对每位投资者都是一个好的选择。以下是你可能更倾向于选择高收益的 <strong>道明尼资源</strong>(D -0.27%) 的原因。</p>
</div><h2>Everybody wants in on the AI revolution</h2>
<div class="lb-trans"><h2>每个人都想参与人工智能革命</h2>
</div><p>Artificial intelligence is impressive in many ways, and it has been developing very quickly, as well. Just about every major corporation has started to use, or at least experiment with, the technology. There probably isn't a day that goes by that AI isn't given space in a financial newspaper, website, or television channel. It is one of those big-picture trends that has captivated Wall Street.</p>
<div class="lb-trans"><p>人工智能在许多方面都令人印象深刻，并且发展速度非常快。几乎每个大型企业都开始使用或至少尝试这种技术。几乎每天都有关于人工智能的报道出现在金融报纸、网站或电视频道上。这是一个吸引华尔街的宏观趋势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTczMTQvMjRfMDRfMDMtYW4taW1hZ2Utb2YtYS1yb2NrZXQtc2hpcC1qdW1waW5nLXVwLXN0YWlycy1fbWYtZGxvYWQtZ2V0dHlpbWFnZXMtMTQ2NDIzMjQ1Ni0xMTY5eDgwMC1hYWI3ZmRmLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817314%2F24_04_03-an-image-of-a-rocket-ship-jumping-up-stairs-_mf-dload-gettyimages-1464232456-1169x800-aab7fdf.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><p>There are good reasons for that, but it still isn't clear just how impactful the technology will be in the long run. And, equally important, it isn't clear what companies will end up being the big winners or the big losers. Today, chipmaker Nvidia is a clear leader, making what amounts to the &#34;brains&#34; of AI. And shockingly, Nvidia's valuation doesn't seem overly extreme right now, with its price-to-sales and price-to-earnings ratios both currently below their five-year averages.</p>
<div class="lb-trans"><p>这有其合理的原因，但目前仍不清楚这项技术在长期内将产生多大的影响。同样重要的是，目前也不清楚哪些公司最终会成为赢家或输家。今天，芯片制造商英伟达是一个明显的领导者，制造着人工智能的 “大脑”。令人震惊的是，英伟达的估值目前似乎并不算过于极端，其市销率和市盈率目前均低于五年平均水平。</p>
</div><p>That said, Nvidia's 39x P/E ratio is above the technology sector's average of around 33x. So it wouldn't be fair to call the stock cheap, either. And don't forget that the early leaders in an industry don't always remain the leaders. Just look at Yahoo!, which was once the go-to search engine but eventually got replaced by <strong>Alphabet's</strong> Google search tool.</p>
<div class="lb-trans"><p>也就是说，英伟达的 39 倍市盈率高于科技行业大约 33 倍的平均水平。因此，称这只股票便宜也不公平。别忘了，行业中的早期领导者并不总是能够保持领先地位。看看雅虎，它曾是首选的搜索引擎，但最终被 <strong>谷歌</strong> 取代。</p>
</div><p>In other words, investing in Nvidia today may seem like a good idea, but it still comes with some risks. There's another option when it comes to AI, and that's buying a regulated electric utility like Dominion Energy.</p>
<div class="lb-trans"><p>换句话说，今天投资英伟达可能看起来是个好主意，但它仍然伴随着一些风险。在人工智能方面，还有另一个选择，那就是投资像道明尼资源这样的受监管电力公用事业。</p>
</div><h2>Why choose Dominion over Nvidia?</h2>
<div class="lb-trans"><h2>为什么选择道明尼而不是英伟达？</h2>
</div><p>If you want to invest directly in AI, Nvidia will be a better option than Dominion. But there's an important overlap here because AI can't exist without electricity. In fact, data center demand for power is expected to expand by 300% over the next 10 years to satisfy the AI industry's growth. That is going to require material capital investment in the power grid and, in turn, lead to growth for utilities.</p>
<div class="lb-trans"><p>如果你想直接投资人工智能，英伟达将比道明尼更好。但这里有一个重要的重叠，因为人工智能离不开电力。事实上，数据中心对电力的需求预计将在未来 10 年内增长 300%，以满足人工智能行业的增长。这将需要对电网进行大量资本投资，从而推动公用事业的增长。</p>
</div><p>Dominion is an interesting stock in this regard. For starters, it has gone through a corporate repositioning that has resulted in it now being a pure-play regulated electric utility. However, along the way, the dividend was cut and the current rate is likely to stay the same for a few years while the company brings its dividend payout ratio back down toward the industry average. The stock is out of favor, offering a dividend yield of 4.9% versus the utility average of 2.9% and Nvidia's itty bitty 0.05% or so.</p>
<div class="lb-trans"><p>在这方面，道明尼是一只有趣的股票。首先，它经历了一次企业重组，现在成为一家纯粹的受监管电力公用事业。然而，在此过程中，股息被削减，当前的股息率可能在未来几年内保持不变，同时公司将其股息支付比率逐步降低至行业平均水平。这只股票不受欢迎，提供 4.9% 的股息收益率，而公用事业的平均水平为 2.9%，英伟达的股息收益率仅为 0.05% 左右。</p>
</div><p>If you are a dividend investor you will clearly find Dominion more attractive than Nvidia. But there's an interesting wrinkle here. Dominion has a monopoly in one of the largest data center markets on the planet. To highlight that, it witnessed 88% growth in demand from data centers between July 2024 and December 2024. This is a core pillar behind the utility's long-term projection of 5% to 7% earnings growth.</p>
<div class="lb-trans"><p>如果你是一个股息投资者，你会发现道明尼显然比英伟达更具吸引力。但这里有一个有趣的变化。道明尼在全球最大的一个数据中心市场中拥有垄断地位。为了突出这一点，它在 2024 年 7 月至 2024 年 12 月期间，数据中心的需求增长了 88%。这是该公用事业长期预测 5% 至 7% 收益增长的核心支柱。</p>
</div><p>That's a good number for a utility, and if management can achieve that goal Wall Street will eventually afford Dominion a higher valuation. That kind of growth will also lead to an eventual resumption of dividend growth, which will also be viewed favorably by investors. In other words, Dominion is something of a low-risk turnaround story with an AI twist. For long-term dividend investors that will probably be a much more attractive opportunity than buying Nvidia and hoping that it remains in the pole position in AI indefinitely.</p>
<div class="lb-trans"><p>这是一个对公用事业来说不错的数字，如果管理层能够实现这一目标，华尔街最终会给予道明尼更高的估值。这种增长也将导致股息增长的最终恢复，这也将受到投资者的青睐。换句话说，道明尼是一种低风险的转型故事，带有人工智能的元素。对于长期的股息投资者来说，这可能比购买英伟达并希望其在人工智能领域保持领先地位更具吸引力。</p>
</div><h2>Step back and consider you AI options</h2>
<div class="lb-trans"><h2>退一步考虑你的人工智能选择</h2>
</div><p>To be fair, Dominion isn't the only electricity play in the AI sector. There are other utilities that will benefit and some new technology upstarts, too. For example <strong>Bloom Energy</strong> offers power cells that can be deployed more quickly than power lines can be built. And <strong>NuScale Power</strong> is attempting to build a business around small scale nuclear reactors that could be placed right next to AI data centers. But the combination of risk and reward, notably including the stock's lofty dividend yield, Dominion offers is hard to ignore if you want to invest in AI but can't quite stomach owning a volatile technology stock.</p>
<div class="lb-trans"><p>公平地说，道明尼并不是人工智能领域唯一的电力投资。还有其他公用事业公司将受益，还有一些新的科技初创公司。例如，<strong>Bloom Energy</strong> 提供的电池可以比电力线路更快部署。而 <strong>NuScale Power</strong> 则试图围绕小型核反应堆建立业务，这些反应堆可以放置在人工智能数据中心旁边。但如果你想投资人工智能，但又无法忍受拥有波动性科技股票，考虑道明尼所提供的风险与回报的组合，尤其是其高股息收益率，是很难忽视的。</p>
</div>

Better AI Dividend Stock: Nvidia or Dominion

- 投资者对人工智能的热情推动了相关股票价格的极端波动。  
- Nvidia 是 AI 行业的领军企业，但其估值并不便宜。  
- Dominion Energy 提供稳定的股息和数据中心市场的增长潜力。  

哪只 AI 股息股票更好：NVIDIA 还是 Dominion Energy