<p>自从 OpenAI 推出 ChatGPT 已经整整两年半了。自这一重要时刻以来，市场和经济中没有比人工智能（AI）更热门的话题了。这是因为每个人都意识到这项技术可能是多么具有革命性。</p>
<p>因此，用户对 AI 服务的需求不可满足，以及企业对 AI 相关基础设施的需求也在不断增加。在这一趋势中，没有哪家公司比 <strong>Nvidia</strong>（NVDA 2.92%）受益更多。截止到 5 月 30 日，其股价在过去五年中上涨了令人印象深刻的 1,420%。</p>
<p>你现在应该购买这只顶级 AI 股票吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA"/></p>
<p>图片来源：Nvidia。</p>
<h2>继续令人难以置信的增长</h2>
<p>Nvidia 再次报告了让市场欢欣鼓舞的财务业绩。该公司在 2026 年第一季度（截至 4 月 27 日）实现了 441 亿美元的收入，同比增长 69%。这一顶线数字超出了华尔街分析师的预期。其增长主要得益于 Nvidia 繁荣的数据中心部门，该部门几乎占据了 90% 的销售额。</p>
<p>盈利能力依然出色，净利润率高达惊人的 43%。调整后的每股收益在第一季度为 0.96 美元，再次超出华尔街分析师的预期。</p>
<p>该公司的巨大成功显然使其建立了广泛的经济护城河，保护了其竞争地位。这其中涉及几个因素。</p>
<p>首先，该公司在 GPU 设计以及 CUDA 软件平台方面拥有无与伦比的无形资产。Nvidia 开发了技术专长，使其在这两个领域始终领先于竞争对手。</p>
<p>而且，客户的转换成本也很高。熟悉该公司硬件、软件、服务和其他 AI 工具的开发者不太可能更改他们的使用方式。所有这些都支持了其行业地位。</p>
<h2>理解风险</h2>
<p>随着 Nvidia 每个季度都如时钟般报告令人难以置信的财务业绩，乐观的投资者可能很难找到持有该公司的缺陷。然而，重要的是要退一步，试图识别关键风险。</p>
<p>一个可能令人担忧的领域是，Nvidia 的客户集中度较高，所谓的超大规模客户占据了很大一部分收入。每个企业都希望拥有多样化和庞大的客户群，这样可以减少客户在谈判中的权力，并降低其中一个客户离开的风险。</p>
<p>增加这一风险的是，这些科技巨头正在开发自己的芯片，这可能使他们在未来对 Nvidia 的依赖越来越少。</p>
<p>美中之间的贸易紧张局势也是需要密切关注的事情。出口限制直接影响了这家芯片制造商的销售，第一季度因库存过剩记录了 45 亿美元的费用。尽管不确定性依然存在，但 Nvidia 的增长仍然出色。</p>
<p>经济衰退，许多人仍然担心这是近期的真实可能性，可能会压制对其 GPU 的需求。技术支出，尤其是 AI，已成为经济中如此重要的一部分，以至于任何显著的宏观疲软都可能导致高管们的悲观情绪。他们可能会决定在条件改善之前大幅削减计划支出。</p>
<p>重要的是不要忽视这些风险。尽管 Nvidia 的持续势头在目前缓解了任何担忧。</p>
<h2>在你的投资组合中获得 AI 曝露</h2>
<p>每当新技术出现时，投资者总是应该以一点怀疑的态度看待事情。这是因为总会有一个初始的兴奋期，导致乐观的狂热，从而导致昂贵的估值。此外，几乎不可能预测事情将如何发展。</p>
<p>然而，随着时间的推移，我对 AI 的持久力越来越乐观。似乎每家公司都以某种方式将其纳入其中。巨额资金正流入这一领域。并且不断有新的发展被引入。当然，没有人知道这将如何在长期内影响整个社会。</p>
<p>结论是，考虑在你的投资组合中获得 AI 曝露可能是一个明智的主意。而且，考虑到 Nvidia 的股价交易在我认为合理的前瞻市盈率 31.6 下，这只股票现在看起来是一个稳健的买入机会。</p>

英伟达

<p>英伟达的股票在过去五年中上涨了 1420%，这得益于对人工智能服务和基础设施的强劲需求。该公司在 2026 年第一季度报告了同比增长 69% 的收入，达到 441 亿美元，净利润率为 43%。尽管面临客户集中度高和贸易紧张等风险，英伟达的增长依然强劲。投资者被鼓励考虑投资英伟达以获取人工智能的曝光，因为其前瞻市盈率为 31.6，表明目前是一个不错的买入时机</p>

<p>It's been exactly two and a half years since OpenAI launched ChatGPT. Since this seminal moment, there has been no topic hotter in markets and the economy than artificial intelligence (AI). That's because everyone is realizing just how revolutionary this technology could be.</p>
<div class="lb-trans"><p>自从 OpenAI 推出 ChatGPT 已经整整两年半了。自这一重要时刻以来，市场和经济中没有比人工智能（AI）更热门的话题了。这是因为每个人都意识到这项技术可能是多么具有革命性。</p>
</div><p>Consequently, there is insatiable demand for AI services among users, as well as AI-related infrastructure for businesses. No company has benefited more from this trend than <strong>Nvidia</strong>(NVDA 2.92%). Its shares are up an impressive 1,420% in the past five years (as of May 30).</p>
<div class="lb-trans"><p>因此，用户对 AI 服务的需求不可满足，以及企业对 AI 相关基础设施的需求也在不断增加。在这一趋势中，没有哪家公司比 <strong>Nvidia</strong>（NVDA 2.92%）受益更多。截止到 5 月 30 日，其股价在过去五年中上涨了令人印象深刻的 1,420%。</p>
</div><p>Should you buy this top AI stock right now?</p>
<div class="lb-trans"><p>你现在应该购买这只顶级 AI 股票吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxMTIvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820112%2Fnvidia-headquarters-with-nvidia-sign-in-front.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><h2>Continuing an unbelievable run</h2>
<div class="lb-trans"><h2>继续令人难以置信的增长</h2>
</div><p>Nvidia once again reported financial results that gave the market reason to cheer. The company generated revenue of $44.1 billion in the 2026 first quarter (ended April 27), which was up 69% year over year. That top-line figure exceeded expectations from Wall Street analysts. It was driven by Nvidia's thriving data center segment, which represents almost 90% of sales.</p>
<div class="lb-trans"><p>Nvidia 再次报告了让市场欢欣鼓舞的财务业绩。该公司在 2026 年第一季度（截至 4 月 27 日）实现了 441 亿美元的收入，同比增长 69%。这一顶线数字超出了华尔街分析师的预期。其增长主要得益于 Nvidia 繁荣的数据中心部门，该部门几乎占据了 90% 的销售额。</p>
</div><p>Profitability remains exceptional, with the net income margin at a phenomenal 43%. Adjusted earnings per share came in at $0.96 in the first quarter, again beating Wall Street analyst estimates.</p>
<div class="lb-trans"><p>盈利能力依然出色，净利润率高达惊人的 43%。调整后的每股收益在第一季度为 0.96 美元，再次超出华尔街分析师的预期。</p>
</div><p>The company's monster success has clearly resulted in the business building out a wide economic moat that protects its competitive standing. There are a couple of factors involved here.</p>
<div class="lb-trans"><p>该公司的巨大成功显然使其建立了广泛的经济护城河，保护了其竞争地位。这其中涉及几个因素。</p>
</div><p>First, the company has unmatched intangible assets when it comes to the design of its GPUs, as well as its CUDA software platform. Nvidia has developed technological know-how that has kept it ahead of the competition, particularly within these two areas.</p>
<div class="lb-trans"><p>首先，该公司在 GPU 设计以及 CUDA 软件平台方面拥有无与伦比的无形资产。Nvidia 开发了技术专长，使其在这两个领域始终领先于竞争对手。</p>
</div><p>And there are switching costs for its customers. Developers that get familiar with the company's hardware, software, services, and other AI tools are unlikely to change what they use. All of this supports its industry position.</p>
<div class="lb-trans"><p>而且，客户的转换成本也很高。熟悉该公司硬件、软件、服务和其他 AI 工具的开发者不太可能更改他们的使用方式。所有这些都支持了其行业地位。</p>
</div><h2>Understanding the risks</h2>
<div class="lb-trans"><h2>理解风险</h2>
</div><p>With Nvidia reporting incredible financial performance every quarter like clockwork, it might be difficult for bullish investors to find any faults with owning the business. However, it's important to take a step back and try to identify key risks.</p>
<div class="lb-trans"><p>随着 Nvidia 每个季度都如时钟般报告令人难以置信的财务业绩，乐观的投资者可能很难找到持有该公司的缺陷。然而，重要的是要退一步，试图识别关键风险。</p>
</div><p>One area that could be concerning is that Nvidia has a high customer concentration, with so-called hyperscalers representing a large chunk of revenue. Every business wants a diverse and large group of customers, which reduces the power customers have when it comes to negotiating leverage, and lowers the risk should one of them leave.</p>
<div class="lb-trans"><p>一个可能令人担忧的领域是，Nvidia 的客户集中度较高，所谓的超大规模客户占据了很大一部分收入。每个企业都希望拥有多样化和庞大的客户群，这样可以减少客户在谈判中的权力，并降低其中一个客户离开的风险。</p>
</div><p>Adding to this risk is the fact that these tech giants are working on developing their own chips, which one day might allow them to depend less and less on Nvidia.</p>
<div class="lb-trans"><p>增加这一风险的是，这些科技巨头正在开发自己的芯片，这可能使他们在未来对 Nvidia 的依赖越来越少。</p>
</div><p>Trade tensions between the U.S. and China are also something to pay close attention to. Export restrictions are directly hurting the chipmaker's sales, and it recorded a $4.5 billion charge in the first quarter due to excess inventory. Uncertainty remains, but Nvidia's growth is still superb.</p>
<div class="lb-trans"><p>美中之间的贸易紧张局势也是需要密切关注的事情。出口限制直接影响了这家芯片制造商的销售，第一季度因库存过剩记录了 45 亿美元的费用。尽管不确定性依然存在，但 Nvidia 的增长仍然出色。</p>
</div><p>An economic downturn, which many still fear is a real possibility in the near term, could crush demand for its GPUs. Spending on technology broadly, and AI specifically, has become such a massive part of the economy that any notable macro weakness could lead to pessimism from executives. And they could decide to dramatically cut planned spending until conditions improve.</p>
<div class="lb-trans"><p>经济衰退，许多人仍然担心这是近期的真实可能性，可能会压制对其 GPU 的需求。技术支出，尤其是 AI，已成为经济中如此重要的一部分，以至于任何显著的宏观疲软都可能导致高管们的悲观情绪。他们可能会决定在条件改善之前大幅削减计划支出。</p>
</div><p>It's important not to ignore these risks. Nvidia's ongoing momentum alleviates any concerns at the moment, though.</p>
<div class="lb-trans"><p>重要的是不要忽视这些风险。尽管 Nvidia 的持续势头在目前缓解了任何担忧。</p>
</div><h2>Gaining AI exposure in your portfolio</h2>
<div class="lb-trans"><h2>在你的投资组合中获得 AI 曝露</h2>
</div><p>Anytime a new technology comes along, investors should always approach things with a bit of skepticism. That's because there is always an initial period of excitement that leads to bullish fever, resulting in expensive valuations. What's more, it's almost impossible to predict how things will play out.</p>
<div class="lb-trans"><p>每当新技术出现时，投资者总是应该以一点怀疑的态度看待事情。这是因为总会有一个初始的兴奋期，导致乐观的狂热，从而导致昂贵的估值。此外，几乎不可能预测事情将如何发展。</p>
</div><p>However, as more time passes, I grow more optimistic about the staying power of AI. It seems every company is incorporating it in some way. Gargantuan sums of capital are flowing to the space. And there are new developments being introduced all the time. Of course, no one has any idea how this will impact society at large in the long run.</p>
<div class="lb-trans"><p>然而，随着时间的推移，我对 AI 的持久力越来越乐观。似乎每家公司都以某种方式将其纳入其中。巨额资金正流入这一领域。并且不断有新的发展被引入。当然，没有人知道这将如何在长期内影响整个社会。</p>
</div><p>The takeaway is that it's probably a smart idea to consider gaining AI exposure in your portfolio. And with Nvidia shares trading at what I think is a reasonable forward price-to-earnings ratio of 31.6, the stock looks like a solid buy right now.</p>
<div class="lb-trans"><p>结论是，考虑在你的投资组合中获得 AI 曝露可能是一个明智的主意。而且，考虑到 Nvidia 的股价交易在我认为合理的前瞻市盈率 31.6 下，这只股票现在看起来是一个稳健的买入机会。</p>
</div>

Is Nvidia Stock a Buy Now?

- Nvidia 在 2026 年第一季度营收达 441 亿美元，同比增长 69%。  
- 净利润率高达 43%，调整后每股收益为 0.96 美元，超出预期。  
- 高客户集中度和中美贸易紧张关系可能影响未来增长。  

英伟达的股票现在是否值得购买？