<p>在过去的几年里，关于人工智能（AI）的讨论点涉及了许多主题，例如这项技术将如何为企业工作环境带来新的效率水平，或者聊天机器人如何能够在眨眼之间回答几乎任何问题的查询。</p>
<p>但在过去几个月中，人工智能叙事中出现了一个新的线索。基础设施项目变得更加引人注目，因为云计算巨头加倍努力承诺建设数据中心并购买高性能芯片组。其中之一是星际之门项目：从现在到 2029 年，<strong>甲骨文</strong>（Oracle）（ORCL 1.73%）、<strong>英伟达</strong>（Nvidia）（NVDA -1.44%）和 OpenAI 表示，他们将在美国投资总计 5000 亿美元用于数据中心和其他数字基础设施。这一计划应该会让投资者感到非常兴奋。</p>
<p>让我们来详细分析一下围绕这个人工智能联盟的新闻，并评估为什么甲骨文和英伟达现在看起来是诱人的买入机会。</p>
<h2>甲骨文正在悄然建立数据中心帝国，而……</h2>
<p>甲骨文的业务包括多种基于云的软件和基础设施解决方案。在人工智能革命期间，它迅速行动，从 <strong>英伟达</strong> 和 <strong>超微半导体</strong> 等公司收购图形处理单元（GPU），并利用这些设备为其数据中心构建训练集群，以便租赁给客户。甲骨文称这种基础设施为基础设施即服务（IaaS），目前是其业务中增长最快的细分市场——同比增长 49%。</p>
<p>尽管如此，甲骨文的 IaaS 产品仍在扩展——在过去四个报告季度中，仅产生了 93 亿美元的销售额。作为参考，这仅占甲骨文总收入的不到 20%。</p>
<p>尽管如此，我认为甲骨文的基础设施服务有望实现显著增长。根据最近的报道，甲骨文正在关注英伟达的 400,000 个 GB200 芯片——业内专家估计这一订单可能价值 400 亿美元。根据交易结构，甲骨文计划将这些 GPU 租赁给 OpenAI。</p>
<p>我认为这种合作关系使甲骨文现在有能力将其 IaaS 业务的规模扩大数倍，这意味着在未来几年内，它的年收入可能达到数百亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>……英伟达的投资者应该对此感到非常兴奋</h2>
<p>我看到几个原因说明这个星际之门交易对英伟达来说意义重大。</p>
<p>首先，英伟达的收入高度集中——仅有两个客户在第一季度就占其销售额的 30%。尽管英伟达并未明确指出其最大的客户是谁，也没有说明他们的消费金额，但华尔街的许多分析师已得出结论，<strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>谷歌</strong> 是其最大的买家之一。</p>
<p>从表面上看，这似乎是一个问题，因为所有这些云计算巨头都在开发自己的定制硅解决方案。当他们用自己的芯片补充现有的基于英伟达的架构时，这可能会导致英伟达未来的收入压力。</p>
<p>然而，其他客户如甲骨文和埃隆·马斯克的 xAI 正迅速崛起，成为英伟达芯片的重要买家。这表明尽管竞争芯片的出现，英伟达硬件的需求仍将保持强劲。</p>
<p>此外，重要的是要理解星际之门项目是一个多年的计划。事实上，OpenAI 据报道正在考虑在全国范围内开设一系列数据中心，与甲骨文的初步建设代表了这一长期计划的第一阶段。</p>
<p>再加上中东的大型企业对建设自己的大型新数据中心（由英伟达芯片提供动力）表现出日益增长的兴趣，英伟达看起来将在未来几年内从与人工智能相关的资本支出中受益匪浅。</p>
<h2>甲骨文和英伟达的股票看起来都是很好的长期买入机会</h2>
<p>看一下甲骨文和英伟达的前瞻市盈率（P/E）倍数，可能会让你认为这两只股票已经变得昂贵。毕竟，<strong>标准普尔 500</strong> 指数的平均前瞻市盈率约为 21。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png"/></p>
<p>ORCL 市盈率（前瞻）数据来源于 YCharts。</p>
<p>尽管如此，难以忽视的是，甲骨文和英伟达在过去几个月中经历的估值压缩，正值特朗普总统的关税和贸易战动荡之际。这两家公司的股票最近都出现了名义上的反弹。然而，每只股票的交易价格仍低于其历史前瞻市盈率水平。</p>
<p>在我看来，投资者现在有很好的机会购买甲骨文和英伟达的股票，因为星际之门项目仍处于早期阶段，而 Blackwell 芯片的生产尚未完全扩展。</p>
<p>我认为甲骨文正在采取正确的步骤来加速其长期增长——我预计基础设施服务将是将其转变为万亿美元业务的关键。至于英伟达，我认为星际之门项目是一个长期催化剂，并会考虑现在就购买股票，因为未来可能会有更多的大交易达成。</p>

甲骨文

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>甲骨文和英伟达计划通过星际之门项目在 2029 年前投资 5000 亿美元用于数据中心和数字基础设施。甲骨文的基础设施即服务（IaaS）部门正在快速增长，预计将为英伟达的 GB200 芯片带来 400 亿美元的订单。这一合作关系可能会显著提升甲骨文的 IaaS 收入。尽管对客户集中度的担忧存在，英伟达预计将受益于对其芯片的持续需求，尤其是在与人工智能相关的资本支出上升的背景下。两只股票被视为具有吸引力的长期投资，目前的交易价格低于历史市盈率水平</p>

<p>For the last few years, many of the talking points around artificial intelligence (AI) have touched on topics such as how the technology will bring new levels of efficiency to corporate work environments or how chatbots could answer queries about virtually anything in the blink of an eye.</p>
<div class="lb-trans"><p>在过去的几年里，关于人工智能（AI）的讨论点涉及了许多主题，例如这项技术将如何为企业工作环境带来新的效率水平，或者聊天机器人如何能够在眨眼之间回答几乎任何问题的查询。</p>
</div><p>But over the last few months, a new thread in the AI narrative has started to emerge. Infrastructure projects are coming into sharper focus as cloud hyperscalers double down on their commitments to build data centers and buy high-performance chipsets. One of these is the Stargate Project: Between now and 2029, <strong>Oracle</strong>(ORCL 1.73%), <strong>Nvidia</strong>(NVDA -1.44%), and OpenAI say they will invest a total of $500 billion into data centers and other digital infrastructure in the U.S. It's a plan that should have investors quite excited.</p>
<div class="lb-trans"><p>但在过去几个月中，人工智能叙事中出现了一个新的线索。基础设施项目变得更加引人注目，因为云计算巨头加倍努力承诺建设数据中心并购买高性能芯片组。其中之一是星际之门项目：从现在到 2029 年，<strong>甲骨文</strong>（Oracle）（ORCL 1.73%）、<strong>英伟达</strong>（Nvidia）（NVDA -1.44%）和 OpenAI 表示，他们将在美国投资总计 5000 亿美元用于数据中心和其他数字基础设施。这一计划应该会让投资者感到非常兴奋。</p>
</div><p>Let's break down the details of the news surrounding this AI consortium, and assess why Oracle and Nvidia look like tempting buys right now.</p>
<div class="lb-trans"><p>让我们来详细分析一下围绕这个人工智能联盟的新闻，并评估为什么甲骨文和英伟达现在看起来是诱人的买入机会。</p>
</div><h2>Oracle is quietly building a data center empire, and...</h2>
<div class="lb-trans"><h2>甲骨文正在悄然建立数据中心帝国，而……</h2>
</div><p>Oracle's business includes a number of cloud-based software and infrastructure solutions. Throughout the AI revolution, it has acted swiftly, acquiring graphics processing units (GPUs) from the likes of Nvidia and <strong>Advanced Micro Devices</strong>, which it has used to build training clusters for its data centers that it can lease to customers. Oracle calls this infrastructure-as-a-service (IaaS), and it's currently the fastest-growing segment of its business -- growing by 49% year over year.</p>
<div class="lb-trans"><p>甲骨文的业务包括多种基于云的软件和基础设施解决方案。在人工智能革命期间，它迅速行动，从 <strong>英伟达</strong> 和 <strong>超微半导体</strong> 等公司收购图形处理单元（GPU），并利用这些设备为其数据中心构建训练集群，以便租赁给客户。甲骨文称这种基础设施为基础设施即服务（IaaS），目前是其业务中增长最快的细分市场——同比增长 49%。</p>
</div><p>With that said, Oracle's IaaS offering is still scaling -- it generated only $9.3 billion in sales over the last four reported quarters. For reference, that was less than 20% of Oracle's total revenue base.</p>
<div class="lb-trans"><p>尽管如此，甲骨文的 IaaS 产品仍在扩展——在过去四个报告季度中，仅产生了 93 亿美元的销售额。作为参考，这仅占甲骨文总收入的不到 20%。</p>
</div><p>Nevertheless, I think Oracle's infrastructure services are poised for significant growth. According to recent reporting, Oracle is eyeing 400,000 of Nvidia's GB200 chips -- an order that industry experts estimate could be worth $40 billion. Per the structure of the deal, Oracle plans to lease these GPUs to OpenAI.</p>
<div class="lb-trans"><p>尽管如此，我认为甲骨文的基础设施服务有望实现显著增长。根据最近的报道，甲骨文正在关注英伟达的 400,000 个 GB200 芯片——业内专家估计这一订单可能价值 400 亿美元。根据交易结构，甲骨文计划将这些 GPU 租赁给 OpenAI。</p>
</div><p>The way I think about this partnership is that Oracle is now in a position to multiply the size of its IaaS business by several times, suggesting it could scale up to be worth tens of billions of dollars annually in the coming years.</p>
<div class="lb-trans"><p>我认为这种合作关系使甲骨文现在有能力将其 IaaS 业务的规模扩大数倍，这意味着在未来几年内，它的年收入可能达到数百亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAyOTQvZ2V0dHlpbWFnZXMtMTQ4MDkyNTExOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820294%2Fgettyimages-1480925118.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>... Nvidia investors should be really excited about it</h2>
<div class="lb-trans"><h2>……英伟达的投资者应该对此感到非常兴奋</h2>
</div><p>I see a couple of reasons why this Stargate deal is meaningful for Nvidia.</p>
<div class="lb-trans"><p>我看到几个原因说明这个星际之门交易对英伟达来说意义重大。</p>
</div><p>First, Nvidia's revenue is highly concentrated -- just two customers accounted for 30% of its sales during the first quarter. Although Nvidia does not explicitly indicate which of its customers are its largest, nor say how much they spend, many analysts on Wall Street have concluded that <strong>Meta Platforms</strong>, <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong> are among its biggest buyers.</p>
<div class="lb-trans"><p>首先，英伟达的收入高度集中——仅有两个客户在第一季度就占其销售额的 30%。尽管英伟达并未明确指出其最大的客户是谁，也没有说明他们的消费金额，但华尔街的许多分析师已得出结论，<strong>Meta Platforms</strong>、<strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>谷歌</strong> 是其最大的买家之一。</p>
</div><p>On the surface, this might look like a problem, as all of these cloud hyperscalers are developing their own custom silicon solutions. As they complement existing Nvidia-based architectures with their own chips, that could lead to a revenue headwind for Nvidia down the road.</p>
<div class="lb-trans"><p>从表面上看，这似乎是一个问题，因为所有这些云计算巨头都在开发自己的定制硅解决方案。当他们用自己的芯片补充现有的基于英伟达的架构时，这可能会导致英伟达未来的收入压力。</p>
</div><p>However, other customers such as Oracle and Elon Musk's xAI are fast emerging as major buyers for Nvidia's chips. This suggests that demand for the company's hardware will remain robust, despite the emergence of rival chips.</p>
<div class="lb-trans"><p>然而，其他客户如甲骨文和埃隆·马斯克的 xAI 正迅速崛起，成为英伟达芯片的重要买家。这表明尽管竞争芯片的出现，英伟达硬件的需求仍将保持强劲。</p>
</div><p>In addition, it is important to understand that the Stargate Project is a multiyear initiative. In fact, OpenAI is reportedly considering opening a host of data centers across the country, with its initial build-out with Oracle representing the first phase of that longer-term plan.</p>
<div class="lb-trans"><p>此外，重要的是要理解星际之门项目是一个多年的计划。事实上，OpenAI 据报道正在考虑在全国范围内开设一系列数据中心，与甲骨文的初步建设代表了这一长期计划的第一阶段。</p>
</div><p>Combine all that with the fact that large players in the Middle East are showing rising interest in building massive new data centers of their own -- powered by Nvidia chips -- and Nvidia looks poised to benefit greatly from AI-related capital expenditures for years to come.</p>
<div class="lb-trans"><p>再加上中东的大型企业对建设自己的大型新数据中心（由英伟达芯片提供动力）表现出日益增长的兴趣，英伟达看起来将在未来几年内从与人工智能相关的资本支出中受益匪浅。</p>
</div><h2>Both Oracle and Nvidia stock look like great long-term buys</h2>
<div class="lb-trans"><h2>甲骨文和英伟达的股票看起来都是很好的长期买入机会</h2>
</div><p>A glance at the forward price-to-earnings (P/E) multiples for both Oracle and Nvidia might lead you to believe both stocks have gotten expensive. After all, the average forward P/E across the <strong>S&amp;P 500</strong> index is about 21.</p>
<div class="lb-trans"><p>看一下甲骨文和英伟达的前瞻市盈率（P/E）倍数，可能会让你认为这两只股票已经变得昂贵。毕竟，<strong>标准普尔 500</strong> 指数的平均前瞻市盈率约为 21。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png" alt="" original-src="https://media.ycharts.com/charts/b6e7bb0ae56d369611984e4f5a5b7498.png"/></p>
<p>ORCL PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>ORCL 市盈率（前瞻）数据来源于 YCharts。</p>
</div><p>With that said, it's hard to overlook the valuation compression that Oracle and Nvidia have experienced over the last couple of months amid President Donald Trump's tariff and trade war turmoil. Both companies' shares have witnessed nominal rebounds of late. However, each stock trades at a discount to its historical forward P/E level.</p>
<div class="lb-trans"><p>尽管如此，难以忽视的是，甲骨文和英伟达在过去几个月中经历的估值压缩，正值特朗普总统的关税和贸易战动荡之际。这两家公司的股票最近都出现了名义上的反弹。然而，每只股票的交易价格仍低于其历史前瞻市盈率水平。</p>
</div><p>In my view, investors have a great opportunity now to pick up share of both Nvidia and Oracle, as the Stargate Project is still in an early stage, and production of Blackwell chips has yet to fully scale.</p>
<div class="lb-trans"><p>在我看来，投资者现在有很好的机会购买甲骨文和英伟达的股票，因为星际之门项目仍处于早期阶段，而 Blackwell 芯片的生产尚未完全扩展。</p>
</div><p>I think Oracle is taking the right steps to supercharge its long-term growth -- I expect that infrastructure services will be the offerings that turn it into a trillion-dollar business. Regarding Nvidia, I see the Stargate Project as a long-run catalyst and would consider scooping up shares now, as more big deals will likely come to fruition over time.</p>
<div class="lb-trans"><p>我认为甲骨文正在采取正确的步骤来加速其长期增长——我预计基础设施服务将是将其转变为万亿美元业务的关键。至于英伟达，我认为星际之门项目是一个长期催化剂，并会考虑现在就购买股票，因为未来可能会有更多的大交易达成。</p>
</div>

40 Billion Reasons to Buy Oracle and Nvidia Stock Like There's No Tomorrow

- Oracle、Nvidia 和 OpenAI 将在 2029 年前投资 5000 亿美元于数据中心。  
- Oracle 的基础设施服务年增长 49%，预计将显著增长。  
- Nvidia 受益于 Stargate 项目，未来几年资本支出将持续增加。  

有 400 亿个理由让你立即购买甲骨文和英伟达的股票