<p>在过去两年中，人工智能（AI）的发展主导了投资领域。AI 驱动的软件和系统能够在没有人类帮助的情况下做出瞬间决策，这项技术可以为全球大多数行业提供运营效率。</p>
<p>在《Sizing the Prize》中，普华永道的分析师将全球可寻址的 AI 市场估计为到本世纪末达到 15.7 万亿美元。即使这个估计只是大致正确，但它指向了一种颠覆性的趋势，能够对众多企业产生积极影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，没有哪家公司比 <strong>Nvidia</strong>（NVDA -2.20%）更直接地受益于人工智能的崛起。Nvidia 的市值在不到两年的时间里飙升超过 3 万亿美元，并且短暂地成为了最有价值的上市公司。</p>
<p>虽然看起来 Nvidia 似乎没有任何问题，但历史先例却不以此为然。十年后，Nvidia 的股票回落，加上其他优秀企业的稳定增长，可能会导致三只非科技股在市值上超过华尔街的 AI 宠儿。</p>
<h2>历史并不站在 Nvidia 这一边</h2>
<p>在讨论之前，我想先给予 Nvidia 应有的赞誉。其 Hopper 图形处理单元（GPU）和后续的 Blackwell GPU 架构占据了企业 AI 加速数据中心中部署的 GPU 的绝大部分。这证明了 Nvidia 正在生产一种明显超越其直接外部竞争对手的优质产品。</p>
<p>Nvidia 还利用了经济稀缺性。由于对 AI GPU 的需求远远超过供应，而全球领先的芯片制造公司 <strong>台积电</strong> 无法快速扩张生产能力以满足需求，Nvidia 的硬件价格比竞争对手的芯片高出 100% 以上。Nvidia 的毛利率在 2025 财年（其财年在 1 月底结束）超过 70% 也就不难理解了。</p>
<p>但自上世纪 90 年代中期以来，有一个历史性的逆风始终未被打破，它正好将人工智能和 Nvidia 纳入了视野。</p>
<p>在过去 30 多年中，每一项下一个重大技术和创新在扩张初期都经历过泡沫破裂事件。换句话说，投资者几十年来一直高估颠覆性趋势的采用率和/或效用，而人工智能似乎也不例外。大多数部署 AI 解决方案的企业尚未优化这些解决方案，且未能从其 AI 投资中获得正回报。</p>
<p>如果历史再次重演，形成并破裂一个 AI 泡沫，Nvidia 几乎肯定会成为最大的输家。这并不是说 Nvidia 在人工智能成熟后不会取得巨大的成功。相反，这指向了一个历史先例，即下一个重大趋势的市场领导者总是在早期由于投资者的过度热情而遭遇挫折。</p>
<p>然而，以下三家非科技巨头都具备在未来 10 年内超越 Nvidia 估值所需的工具和无形资产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
<h2>伯克希尔哈撒韦</h2>
<p>尽管非科技公司往往主导万亿美元的行列，但沃伦·巴菲特的公司 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.52%）（BRK.B -0.77%）似乎最有可能在 2035 年前超过 Nvidia 的市值。</p>
<p>尽管奥马哈的先知将在今年年底卸任首席执行官一职，并将权力交给 Greg Abel，但已经奠定的基础可以为伯克希尔哈撒韦的股票提供双位数的回报。</p>
<p>伯克希尔股票年化回报接近 20% 的一个原因是巴菲特和他的团队专注于周期性业务。巴菲特并没有试图预测不可避免的经济衰退何时发生，而是将其 2800 亿美元的投资组合充满了能够利用非线性增长时期的资产。自二战以来，美国的平均衰退持续时间仅为 10 个月，而典型的扩张期则持续五年，巴菲特和他的团队只需耐心等待时间的魔力。</p>
<p>沃伦·巴菲特还喜欢投资于分红股票。支付定期分红的公司在过去半个世纪中，通常在回报方面表现优于不支付分红的同行。伯克希尔似乎有望在今年收获超过 50 亿美元的分红收入。</p>
<p>不要忽视伯克希尔出色的回购计划。尽管巴菲特在连续三个季度内停止了股票回购，但他在 2018 年 7 月 1 日至 2024 年 6 月 30 日期间，累计花费近 780 亿美元回购自家股票。这些回购帮助提升了伯克希尔的每股收益，使其股票更具吸引力。</p>
<h2>Visa</h2>
<p>在未来 10 年内，另一只能够超越 Nvidia 估值的非科技股就是支付处理领导者 <strong>Visa</strong>（V -5.01%）。Visa 目前的市值为 7150 亿美元，距离 Nvidia 还有超过 2.7 万亿美元的差距。</p>
<p>Visa 的一个核心催化剂与伯克希尔哈撒韦相同：经济周期的不成比例性。由于增长期通常远远长于衰退期，Visa 能够从消费者和企业逐渐增加的支出中受益。</p>
<p>使 Visa 在金融行业中脱颖而出的另一个因素是其普遍避免贷款。尽管选择处理支付和贷款的公司在经济增长期间可以双重获利，但这也使这些双重获利者在经济衰退和经济增长缓慢时期面临信用违约和贷款损失的风险。由于 Visa 避免贷款，因此不必担心拨备资本。简而言之，Visa 在经济低迷时的反弹速度快于大多数金融股票。</p>
<p>可以说，Visa 最大的机会存在于国内市场之外。跨境支付量每年以两位数的百分比持续增长，这反映出大多数新兴市场的银行服务不足。这是一家拥有现金流和资产负债表，能够有机或通过收购进入新市场并维持两位数销售和盈利增长率的公司。</p>
<p>锦上添花的是，Visa 在国内市场占据主导地位。2023 年其处理的信用卡网络购买量约为 6.45 万亿美元，比其三家最接近竞争对手的总和多出约 2.4 万亿美元。Visa 在美国的现金流稳健且可预测。</p>
<h2>沃尔玛</h2>
<p>第三家拥有工具和无形资产，能够在 2035 年前完全超越英伟达市值的非科技股是零售巨头 <strong>沃尔玛</strong>（WMT -0.65%）。沃尔玛的市值为 7650 亿美元，距离英伟达约有 2.7 万亿美元的差距。</p>
<p>沃尔玛显而易见的竞争优势在于其规模。其稳定的运营现金流和雄厚的资金使其能够批量采购产品。在大量购买商品时，沃尔玛能够谈判出更低的单价，从而能够在价格上击败当地商店和全国连锁超市。沃尔玛提供的价值主张吸引了消费者。</p>
<p>但沃尔玛也是一个创新者。管理层一直在积极投资其在线业务，并加大对会员平台（Walmart+）的投入，以提升有机增长和利润率。在其 2023 财年第一季度（截至 4 月 30 日），全球电子商务销售激增 22%，美国电子商务实现了首个盈利季度。</p>
<p>此外，会员收入增长近 15%。类似于 <strong>好市多</strong> 的会员模式，会员费用流入底线，使沃尔玛在推动流量的商品定价上更加激进。接受某些杂货的较低利润率可以吸引消费者进入其商店或锁定在其生态系统内，从而进行更高利润的可选消费。</p>
<p>最后，基于上述观点，沃尔玛提供基本生活用品，如食品、洗漱用品和家庭清洁产品。在任何经济环境中，它都能吸引消费者，并且完全能够年复一年地产生可预测的现金流。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

南方两倍做多伯克希尔

<p>人工智能（AI）的崛起对投资格局产生了重大影响，英伟达（Nvidia）成为市场的领导者。然而，历史趋势表明，市场领导者往往会面临下滑。分析师预测，到 2035 年，三家非科技公司，特别是伯克希尔哈撒韦（Berkshire Hathaway），可能会超越英伟达的市值，原因在于它们强大的基本面和战略投资。在沃伦·巴菲特（Warren Buffett）的领导下，伯克希尔哈撒韦始终提供强劲的回报，并且在未来增长机会中处于良好位置，尽管 AI 投资面临挑战</p>

<p>For more than two years, the evolution of artificial intelligence (AI) has dominated the investment landscape. The capacity for AI-empowered software and systems to make split-second decisions without the aid of humans is a technology that can provide operating efficiencies throughout most industries around the globe.</p>
<div class="lb-trans"><p>在过去两年中，人工智能（AI）的发展主导了投资领域。AI 驱动的软件和系统能够在没有人类帮助的情况下做出瞬间决策，这项技术可以为全球大多数行业提供运营效率。</p>
</div><p>In <em>Sizing the Prize</em>, the analysts at PwC pegged this global addressable market for AI at $15.7 trillion by the turn of the decade. Even if this estimate is just somewhat in the ballpark, it points to a game-changing trend that can positively impact a long list of businesses.</p>
<div class="lb-trans"><p>在《Sizing the Prize》中，普华永道的分析师将全球可寻址的 AI 市场估计为到本世纪末达到 15.7 万亿美元。即使这个估计只是大致正确，但它指向了一种颠覆性的趋势，能够对众多企业产生积极影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821532%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-invest-getty.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>However, no company has more directly benefited from the rise of artificial intelligence than <strong>Nvidia</strong>(NVDA -2.20%). It took less than two years for Nvidia's market cap to catapult by more than $3 trillion, and for it to, briefly, become the most valuable publicly traded company.</p>
<div class="lb-trans"><p>然而，没有哪家公司比 <strong>Nvidia</strong>（NVDA -2.20%）更直接地受益于人工智能的崛起。Nvidia 的市值在不到两年的时间里飙升超过 3 万亿美元，并且短暂地成为了最有价值的上市公司。</p>
</div><p>While it would appear that nothing can go wrong for Nvidia, historical precedent would beg to differ. A decade from now, Nvidia stock coming back to Earth, coupled with steady growth from other magnificent businesses, can lead to three non-tech stocks blowing past Wall Street's AI darling in the market cap column.</p>
<div class="lb-trans"><p>虽然看起来 Nvidia 似乎没有任何问题，但历史先例却不以此为然。十年后，Nvidia 的股票回落，加上其他优秀企业的稳定增长，可能会导致三只非科技股在市值上超过华尔街的 AI 宠儿。</p>
</div><h2>History isn't on Nvidia's side</h2>
<div class="lb-trans"><h2>历史并不站在 Nvidia 这一边</h2>
</div><p>Let me preface this discussion by giving Nvidia credit where credit is due. Its Hopper graphics processing units (GPUs) and successor Blackwell GPU architecture account for the lion's share of GPUs deployed in enterprise AI-accelerated data centers. It's a testament that Nvidia is producing a superior product that's clearly outpacing its direct external rivals in compute potential.</p>
<div class="lb-trans"><p>在讨论之前，我想先给予 Nvidia 应有的赞誉。其 Hopper 图形处理单元（GPU）和后续的 Blackwell GPU 架构占据了企业 AI 加速数据中心中部署的 GPU 的绝大部分。这证明了 Nvidia 正在生产一种明显超越其直接外部竞争对手的优质产品。</p>
</div><p>Nvidia also took advantage of economic scarcity. With demand for AI GPUs handily outpacing their supply, and world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> unable to expand its production capacity fast enough to satiate demand, Nvidia's hardware is commanding a 100%-plus premium to rival chips. There's a reason Nvidia's gross margin topped 70% throughout fiscal 2025 (its fiscal year ends in late January).</p>
<div class="lb-trans"><p>Nvidia 还利用了经济稀缺性。由于对 AI GPU 的需求远远超过供应，而全球领先的芯片制造公司 <strong>台积电</strong> 无法快速扩张生产能力以满足需求，Nvidia 的硬件价格比竞争对手的芯片高出 100% 以上。Nvidia 的毛利率在 2025 财年（其财年在 1 月底结束）超过 70% 也就不难理解了。</p>
</div><p>But there's a historical headwind that's lies undefeated since the mid-1990s, and it squarely has artificial intelligence and Nvidia in its proverbial sight.</p>
<div class="lb-trans"><p>但自上世纪 90 年代中期以来，有一个历史性的逆风始终未被打破，它正好将人工智能和 Nvidia 纳入了视野。</p>
</div><p>Every next-big-thing technology and innovation for more than 30 years has endured a bubble-bursting event early in its expansion. In other words, investors have been consistently overestimating the adoption rate and/or utility of game-changing trends for decades -- and AI looks to be no exception. Most businesses deploying AI solutions haven't optimized them and aren't generating a positive return on their AI investments.</p>
<div class="lb-trans"><p>在过去 30 多年中，每一项下一个重大技术和创新在扩张初期都经历过泡沫破裂事件。换句话说，投资者几十年来一直高估颠覆性趋势的采用率和/或效用，而人工智能似乎也不例外。大多数部署 AI 解决方案的企业尚未优化这些解决方案，且未能从其 AI 投资中获得正回报。</p>
</div><p>If history rhymes once more, and an AI bubble were to form and burst, Nvidia would almost certainly be one of the biggest losers. This isn't to say Nvidia won't be wildly successful after artificial intelligence matures as a technology. Rather, it points to the historical precedent that market leaders of next-big-thing trends always falter in the early going due to the overzealousness of investors.</p>
<div class="lb-trans"><p>如果历史再次重演，形成并破裂一个 AI 泡沫，Nvidia 几乎肯定会成为最大的输家。这并不是说 Nvidia 在人工智能成熟后不会取得巨大的成功。相反，这指向了一个历史先例，即下一个重大趋势的市场领导者总是在早期由于投资者的过度热情而遭遇挫折。</p>
</div><p>However, the following three non-tech titans all have the tools and intangibles needed to leapfrog Nvidia's valuation over the next 10 years.</p>
<div class="lb-trans"><p>然而，以下三家非科技巨头都具备在未来 10 年内超越 Nvidia 估值所需的工具和无形资产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE1MzIvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821532%2Fbuffett11-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
</div><h2>Berkshire Hathaway</h2>
<div class="lb-trans"><h2>伯克希尔哈撒韦</h2>
</div><p>Though non-tech companies tend to dominate the trillion-dollar ranks, it's Warren Buffett's company, <strong>Berkshire Hathaway</strong>(BRK.A -0.52%) (BRK.B -0.77%), which seems likeliest to surpass Nvidia's market cap by 2035.</p>
<div class="lb-trans"><p>尽管非科技公司往往主导万亿美元的行列，但沃伦·巴菲特的公司 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.52%）（BRK.B -0.77%）似乎最有可能在 2035 年前超过 Nvidia 的市值。</p>
</div><p>Even though the Oracle of Omaha is stepping down from his role as CEO by the end of this year and handing the reins over to Greg Abel, a foundation has been laid that can sustain double-digit returns for Berkshire Hathaway's stock.</p>
<div class="lb-trans"><p>尽管奥马哈的先知将在今年年底卸任首席执行官一职，并将权力交给 Greg Abel，但已经奠定的基础可以为伯克希尔哈撒韦的股票提供双位数的回报。</p>
</div><p>One reason Berkshire stock has delivered an annualized return of almost 20% spanning 60 years is because Buffett and his team have focused on cyclical businesses. Instead of trying to time when inevitable recessions will occur, Buffett has packed his company's $280 billion investment portfolio and owned assets with businesses that can take advantage of nonlinear periods of growth. With the average U.S. recession since World War II lasting just 10 months and the typical expansion enduring for five years, Buffett and his crew simply need to exercise patience and allow time to work its magic.</p>
<div class="lb-trans"><p>伯克希尔股票年化回报接近 20% 的一个原因是巴菲特和他的团队专注于周期性业务。巴菲特并没有试图预测不可避免的经济衰退何时发生，而是将其 2800 亿美元的投资组合充满了能够利用非线性增长时期的资产。自二战以来，美国的平均衰退持续时间仅为 10 个月，而典型的扩张期则持续五年，巴菲特和他的团队只需耐心等待时间的魔力。</p>
</div><p>Warren Buffett also has a penchant for diving into dividend stocks. Companies that pay a regular dividend have historically run circles around their non-paying peers in the return column over the last half-century. Berkshire appears to be on track to collect more than $5 billion in dividend income this year alone.</p>
<div class="lb-trans"><p>沃伦·巴菲特还喜欢投资于分红股票。支付定期分红的公司在过去半个世纪中，通常在回报方面表现优于不支付分红的同行。伯克希尔似乎有望在今年收获超过 50 亿美元的分红收入。</p>
</div><p>Don't overlook Berkshire's phenomenal buyback program, either. Despite Buffett going cold turkey on share repurchases for three consecutive quarters, he spent close to $78 billion, in aggregate, buying back his own company's stock from July 1, 2018 to June 30, 2024. These buybacks have helped to boost Berkshire's earnings per share and made its stock more attractive.</p>
<div class="lb-trans"><p>不要忽视伯克希尔出色的回购计划。尽管巴菲特在连续三个季度内停止了股票回购，但他在 2018 年 7 月 1 日至 2024 年 6 月 30 日期间，累计花费近 780 亿美元回购自家股票。这些回购帮助提升了伯克希尔的每股收益，使其股票更具吸引力。</p>
</div><h2>Visa</h2>
<div class="lb-trans"><h2>Visa</h2>
</div><p>A second non-tech stock that can blow past Nvidia's valuation over the coming 10 years is none other than payment-processing leader <strong>Visa</strong>(V -5.01%). Visa's current market cap of $715 billion places it more than $2.7 trillion behind Nvidia.</p>
<div class="lb-trans"><p>在未来 10 年内，另一只能够超越 Nvidia 估值的非科技股就是支付处理领导者 <strong>Visa</strong>（V -5.01%）。Visa 目前的市值为 7150 亿美元，距离 Nvidia 还有超过 2.7 万亿美元的差距。</p>
</div><p>One of Visa's core catalysts is shared with Berkshire Hathaway: the disproportionate nature of economic cycles. With periods of growth lasting considerably longer than downturns, Visa is able to benefit from consumers and businesses increasing their spending over time.</p>
<div class="lb-trans"><p>Visa 的一个核心催化剂与伯克希尔哈撒韦相同：经济周期的不成比例性。由于增长期通常远远长于衰退期，Visa 能够从消费者和企业逐渐增加的支出中受益。</p>
</div><p>Something else that helps set Visa apart within the financial sector is its general avoidance of lending. Though companies that choose to process payments and lend can double-dip during periods of growth, it also exposes these double dippers to credit delinquencies and loan losses during recessions and sluggish periods of economic expansion. With Visa shying away from lending, it doesn't have to worry about setting aside capital. In short, Visa bounces back from downturns quicker than most financial stocks.</p>
<div class="lb-trans"><p>使 Visa 在金融行业中脱颖而出的另一个因素是其普遍避免贷款。尽管选择处理支付和贷款的公司在经济增长期间可以双重获利，但这也使这些双重获利者在经济衰退和经济增长缓慢时期面临信用违约和贷款损失的风险。由于 Visa 避免贷款，因此不必担心拨备资本。简而言之，Visa 在经济低迷时的反弹速度快于大多数金融股票。</p>
</div><p>Arguably the biggest opportunity for Visa exists beyond domestic borders. Cross-border payment volume has been consistently growing by a double-digit percentage annually, which is reflective of how underbanked most emerging markets are. This is a company that has the cash flow and balance sheet to organically or acquisitively enter new markets and sustain a double-digit sales and earnings growth rate.</p>
<div class="lb-trans"><p>可以说，Visa 最大的机会存在于国内市场之外。跨境支付量每年以两位数的百分比持续增长，这反映出大多数新兴市场的银行服务不足。这是一家拥有现金流和资产负债表，能够有机或通过收购进入新市场并维持两位数销售和盈利增长率的公司。</p>
</div><p>The icing on the cake is that Visa dominates domestically. The roughly $6.45 trillion in credit card network purchasing volume it handled in 2023 is approximately $2.4 trillion more than its three closest competitors, <em>combined</em>. Visa's U.S. cash flow is rock-solid and predictable.</p>
<div class="lb-trans"><p>锦上添花的是，Visa 在国内市场占据主导地位。2023 年其处理的信用卡网络购买量约为 6.45 万亿美元，比其三家最接近竞争对手的总和多出约 2.4 万亿美元。Visa 在美国的现金流稳健且可预测。</p>
</div><h2>Walmart</h2>
<div class="lb-trans"><h2>沃尔玛</h2>
</div><p>The third non-tech stock with the tools and intangibles to fully leapfrog Nvidia's market cap by 2035 is retail powerhouse <strong>Walmart</strong>(WMT -0.65%). Walmart's $765 billion market cap leaves it about $2.7 trillion away from Nvidia as well.</p>
<div class="lb-trans"><p>第三家拥有工具和无形资产，能够在 2035 年前完全超越英伟达市值的非科技股是零售巨头 <strong>沃尔玛</strong>（WMT -0.65%）。沃尔玛的市值为 7650 亿美元，距离英伟达约有 2.7 万亿美元的差距。</p>
</div><p>Walmart's easily identifiable competitive edge is its size. Its steady operating cash flow and deep pockets allow it to purchase products in bulk. When buying large quantities of goods, Walmart is able to negotiate a lower per-unit cost, which in turn allows it to undercut local stores and national grocers on price. Walmart offers a value proposition that speaks to consumers.</p>
<div class="lb-trans"><p>沃尔玛显而易见的竞争优势在于其规模。其稳定的运营现金流和雄厚的资金使其能够批量采购产品。在大量购买商品时，沃尔玛能够谈判出更低的单价，从而能够在价格上击败当地商店和全国连锁超市。沃尔玛提供的价值主张吸引了消费者。</p>
</div><p>But Walmart is also an innovator. Management has been aggressively investing in its online presence and ramping up its membership platform (Walmart+) in an effort to boost organic growth and its margins. During its fiscal first quarter (ended April 30), global e-commerce sales surged 22%, with U.S. e-commerce delivering its first quarter of profitability.</p>
<div class="lb-trans"><p>但沃尔玛也是一个创新者。管理层一直在积极投资其在线业务，并加大对会员平台（Walmart+）的投入，以提升有机增长和利润率。在其 2023 财年第一季度（截至 4 月 30 日），全球电子商务销售激增 22%，美国电子商务实现了首个盈利季度。</p>
</div><p>Furthermore, membership income jumped by nearly 15%. Similar to <strong>Costco Wholesale</strong>'s membership model, membership fees flow to the bottom line and allow Walmart to be more aggressive with its pricing on traffic-driving goods. Accepting lower margins on select groceries gets consumers in its stores or locked within its ecosystem where they can make higher-margin discretionary purchases.</p>
<div class="lb-trans"><p>此外，会员收入增长近 15%。类似于 <strong>好市多</strong> 的会员模式，会员费用流入底线，使沃尔玛在推动流量的商品定价上更加激进。接受某些杂货的较低利润率可以吸引消费者进入其商店或锁定在其生态系统内，从而进行更高利润的可选消费。</p>
</div><p>Lastly, and to build on the point above, Walmart provides basic need goods, such as food, toiletries, and household cleaning products. It's going to draw consumers in any economic climate, and is fully capable of generating predictable cash flow year after year.</p>
<div class="lb-trans"><p>最后，基于上述观点，沃尔玛提供基本生活用品，如食品、洗漱用品和家庭清洁产品。在任何经济环境中，它都能吸引消费者，并且完全能够年复一年地产生可预测的现金流。</p>
</div>

Prediction: 3 Non-Tech Stocks That Can Blow Past Nvidia's Market Cap by 2035

- 人工智能的崛起使投资格局发生变化，市场规模预计达 15.7 万亿美元。  
- Nvidia 受益于 AI 发展，市值在两年内增长超过 3 万亿美元。  
- 历史表明，技术泡沫破裂可能影响 Nvidia，Berkshire、Visa 和 Walmart 有潜力超越其市值。

预测：三只非科技股票可能在 2035 年超越英伟达的市值