<p><strong>英伟达</strong>(NVDA -2.20%) 为早期投资者带来了巨额财富，同时也回报了最近购买股票的投资者。尽管今年面临压力，但在过去三年中，其股价上涨超过 740%。这远远超过了翻倍。</p>
<p>今天购买英伟达股票对任何认为它能够复制这种成功的人来说都是显而易见的选择。但它甚至不需要实现如此罕见的成就就能对投资者有价值。如果五年后它的股价翻倍，它很可能会超越市场，成为几乎任何投资组合中非常有价值的补充。</p>
<p>让我们看看这是否可能成真。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEyODIvcXVhbnR1bS1jbG91ZC1pbWFnZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="400" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEyODIvcXVhbnR1bS1jbG91ZC1pbWFnZS5qcGcmdz03MDA"/></p>
<p>图片来源：英伟达。</p>
<h2>令人羡慕的表现</h2>
<p>自从生成性人工智能（AI）成为炙手可热的趋势以来，英伟达在过去几年中经历了难以置信的增长。科技公司正在竞相开发最具竞争力的 AI 平台或将某些 AI 元素整合到其用户界面中。公司现在提供 AI 生成的内容、图像、摘要等，并利用自主 AI 以更少的人力干预完成更多工作。</p>
<p>所有这些应用的共同点是，它们需要强大的芯片来实现这些魔法。</p>
<p>将生成性 AI 变为现实有两个基本部分。一个是训练或输入阶段，在这个阶段，大型语言模型（LLM）扫描大量数据以建立其知识基础。另一个是推理阶段，在这个阶段，LLM &#34;推断&#34; 被询问或提示的内容，以提供所需的输出。英伟达还为其他行业提供强大的平台，包括游戏，这是在生成性 AI 升温之前推动销售增长的原因。</p>
<p>英伟达势不可挡。在 2026 财年第一季度（截至 4 月 27 日），销售额同比增长 69%。每股收益（EPS）为 0.81 美元，包括因美国政策无法向中国发货而产生的费用。即使考虑到每股 0.15 美元的影响，英伟达的每股收益仍远高于去年的水平。</p>
<h2>不寻常的机会</h2>
<p>随着 LLM 变得更加稳定和有效，它们现在已经超越了推理，进入了推理的更高级阶段，这个阶段需要更长的时间，但能产生更好的结果。使用推理的 LLM 可能需要几秒钟来 “思考”，然后再做出回应，而不是立即给出答案。</p>
<p>为了跟上对强大芯片日益增长的需求，英伟达继续开发更强大的技术。Blackwell 模型已经被 Blackwell Ultra 取代，英伟达计划在 2026 年推出名为 Rubin 的新技术。</p>
<p>&#34;AI 推理令牌生成在短短一年内激增了十倍，&#34;首席执行官黄仁勋表示，&#34;随着 AI 代理成为主流，对 AI 计算的需求将加速增长。&#34;</p>
<p>客户使用这些芯片为所有这些活动提供动力的大型数据中心，而像 <strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>Meta Platforms</strong> 这样的使用 AI 的公司正在建设数据中心。英伟达的数据中心收入在第一季度超过了总收入，同比增长 73%。</p>
<p>英伟达拥有最好的、最强大的芯片，并且在这个市场上遥遥领先。估计它在 AI 芯片市场的份额在 70% 到 95% 之间，随着机会的增长，很容易看出它将如何受益于此。</p>
<h2>价格合理</h2>
<p>尽管有着宏伟的目标和卓越的表现，英伟达的股票并不算贵。以当前价格计算，它的市盈率仅为明年收益预期的 25 倍。这为股票的上涨提供了额外空间，而不会变得不合理昂贵，使得想象其翻倍的情景变得更容易。</p>
<p>从销售的角度来看，它的估值相对较高，市销率为过去 12 个月销售额的 23 倍。这是一个相对高的估值，考虑到它所报告的增长。要想象翻倍，你必须保持这个比例不变，因为它不太可能上升。</p>
<p>保持不变，英伟达需要报告 15% 的年复合增长率才能在五年内翻倍。考虑到其当前的表现和未来的机会，这似乎是非常可行的。即使它无法维持如此高的市销率，它在未来五年内可能仍能实现超过 15% 的增长，这意味着即使在较低的比例下也能翻倍。</p>
<p>所有这些意味着英伟达的股票在未来五年内很可能会翻倍——而且很有可能会更早实现。</p>

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>英伟达（Nvidia，股票代码：NVDA）在过去三年中实现了 740% 的显著增长。尽管近期面临压力，分析师建议英伟达的股票在五年内可能翻倍，这得益于其在人工智能芯片市场的主导地位，该市场占据了该行业的 70-95%。公司在 2026 财年第一季度报告了 69% 的销售增长，数据中心收入增长了 73%。英伟达的股票交易价格为明年收益的 25 倍，其增长潜力看起来强劲，使其成为投资组合中有价值的补充</p>

<p><strong>Nvidia</strong>(NVDA -2.20%) has delivered extreme wealth for early investors, but it's also rewarded investors who bought shares fairly recently. Although it's been under pressure this year, it's up more than 740% over the past three years. That's far more than double.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.20%) 为早期投资者带来了巨额财富，同时也回报了最近购买股票的投资者。尽管今年面临压力，但在过去三年中，其股价上涨超过 740%。这远远超过了翻倍。</p>
</div><p>Buying Nvidia stock today would be a no-brainer for anyone who thinks it can replicate that success. But it wouldn't even have to achieve such a rare feat to be valuable to investors. If it doubles five years from now, it would likely beat the market and be a very valuable addition to almost any portfolio.</p>
<div class="lb-trans"><p>今天购买英伟达股票对任何认为它能够复制这种成功的人来说都是显而易见的选择。但它甚至不需要实现如此罕见的成就就能对投资者有价值。如果五年后它的股价翻倍，它很可能会超越市场，成为几乎任何投资组合中非常有价值的补充。</p>
</div><p>Let's see if that might be in the cards.</p>
<div class="lb-trans"><p>让我们看看这是否可能成真。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEyODIvcXVhbnR1bS1jbG91ZC1pbWFnZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821282%2Fquantum-cloud-image.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>Enviable performance</h2>
<div class="lb-trans"><h2>令人羡慕的表现</h2>
</div><p>Nvidia has had an unbelievable run over the past few years since generative artificial intelligence (AI) became the hottest thing since sliced bread. Tech companies are racing to develop the most competitive AI platform or integrate some aspect of AI into their user interfaces. Companies now offer AI-generated content, images, summaries, and more, and they're using agentic AI to get more stuff done with less human intervention.</p>
<div class="lb-trans"><p>自从生成性人工智能（AI）成为炙手可热的趋势以来，英伟达在过去几年中经历了难以置信的增长。科技公司正在竞相开发最具竞争力的 AI 平台或将某些 AI 元素整合到其用户界面中。公司现在提供 AI 生成的内容、图像、摘要等，并利用自主 AI 以更少的人力干预完成更多工作。</p>
</div><p>What's common to all of these applications is that they need powerful chips to make the magic happen.</p>
<div class="lb-trans"><p>所有这些应用的共同点是，它们需要强大的芯片来实现这些魔法。</p>
</div><p>There are two basic parts of bringing generative AI to life. One is training, or the input stage, where large language models (LLM) scan tons of data to build their knowledge base. The other is inference, where the LLMs &#34;infer&#34; what's being asked or prompted to deliver the required output. Nvidia also services other industries with its powerful platform, including gaming, which is what drove higher sales before generative AI heated up.</p>
<div class="lb-trans"><p>将生成性 AI 变为现实有两个基本部分。一个是训练或输入阶段，在这个阶段，大型语言模型（LLM）扫描大量数据以建立其知识基础。另一个是推理阶段，在这个阶段，LLM &#34;推断&#34; 被询问或提示的内容，以提供所需的输出。英伟达还为其他行业提供强大的平台，包括游戏，这是在生成性 AI 升温之前推动销售增长的原因。</p>
</div><p>Nvidia has been unstoppable. In the fiscal 2026 first quarter (ended April 27), sales increased 69% over last year. Earnings per share (EPS) were $0.81, including a charge it took for shipments it couldn't send to China because of U.S. policy. Even with the $0.15-per-share impact, Nvidia's EPS were well above last year's figure.</p>
<div class="lb-trans"><p>英伟达势不可挡。在 2026 财年第一季度（截至 4 月 27 日），销售额同比增长 69%。每股收益（EPS）为 0.81 美元，包括因美国政策无法向中国发货而产生的费用。即使考虑到每股 0.15 美元的影响，英伟达的每股收益仍远高于去年的水平。</p>
</div><h2>Unusual opportunities</h2>
<div class="lb-trans"><h2>不寻常的机会</h2>
</div><p>As LLMs become more stable and effective, they're now going past inference to reasoning, which is a more developed stage of inference that takes a bit longer, but produces better results. Instead of popping out instant answers, LLMs that use reasoning might take a few seconds to &#34;think&#34; and then respond.</p>
<div class="lb-trans"><p>随着 LLM 变得更加稳定和有效，它们现在已经超越了推理，进入了推理的更高级阶段，这个阶段需要更长的时间，但能产生更好的结果。使用推理的 LLM 可能需要几秒钟来 “思考”，然后再做出回应，而不是立即给出答案。</p>
</div><p>To keep up with the ever-increasing demands for powerhouse chips, Nvidia continues to develop more powerful technology. The Blackwell model has given way to Blackwell Ultra, and Nvidia is planning on launching new technology, called Rubin, in 2026.</p>
<div class="lb-trans"><p>为了跟上对强大芯片日益增长的需求，英伟达继续开发更强大的技术。Blackwell 模型已经被 Blackwell Ultra 取代，英伟达计划在 2026 年推出名为 Rubin 的新技术。</p>
</div><p>&#34;AI inference token generation has surged tenfold in just one year,&#34; CEO Jensen Huang said, &#34;and as AI agents become mainstream, the demand for AI computing will accelerate.&#34;</p>
<div class="lb-trans"><p>&#34;AI 推理令牌生成在短短一年内激增了十倍，&#34;首席执行官黄仁勋表示，&#34;随着 AI 代理成为主流，对 AI 计算的需求将加速增长。&#34;</p>
</div><p>Clients use these chips to power huge data centers where all of this is taking place, and big AI-using companies like <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Meta Platforms</strong> are building data centers. Nvidia's data center revenue outpaced total revenue in the first quarter, up 73% from last year.</p>
<div class="lb-trans"><p>客户使用这些芯片为所有这些活动提供动力的大型数据中心，而像 <strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>Meta Platforms</strong> 这样的使用 AI 的公司正在建设数据中心。英伟达的数据中心收入在第一季度超过了总收入，同比增长 73%。</p>
</div><p>Nvidia has the best and most powerful chips, and it has the lead in this market by a wide margin. Estimates put it somewhere between 70% and 95% of the AI chip market, and as the opportunity grows, it's easy to see how much it could benefit Nvidia.</p>
<div class="lb-trans"><p>英伟达拥有最好的、最强大的芯片，并且在这个市场上遥遥领先。估计它在 AI 芯片市场的份额在 70% 到 95% 之间，随着机会的增长，很容易看出它将如何受益于此。</p>
</div><h2>Priced to buy</h2>
<div class="lb-trans"><h2>价格合理</h2>
</div><p>Despite its lofty ambitions and premier performance, Nvidia stock isn't very expensive. At the current price, it trades at only 25 of next year's earnings estimates. That gives the stock extra room to increase without becoming unreasonably expensive, making it easier to imagine scenarios where it can double your money.</p>
<div class="lb-trans"><p>尽管有着宏伟的目标和卓越的表现，英伟达的股票并不算贵。以当前价格计算，它的市盈率仅为明年收益预期的 25 倍。这为股票的上涨提供了额外空间，而不会变得不合理昂贵，使得想象其翻倍的情景变得更容易。</p>
</div><p>From a sales perspective, it's fairly expensive, trading at 23 times trailing-12-month sales. That's a premium valuation for the growth that it has reported. To imagine doubling your money, you'd have to keep that ratio constant, because it isn't likely to rise.</p>
<div class="lb-trans"><p>从销售的角度来看，它的估值相对较高，市销率为过去 12 个月销售额的 23 倍。这是一个相对高的估值，考虑到它所报告的增长。要想象翻倍，你必须保持这个比例不变，因为它不太可能上升。</p>
</div><p>Keeping it constant, Nvidia would have to report a compound annual growth rate of 15% to double over five years. That seems very doable, considering its current performance and future opportunities. And even if it can't sustain such a high price-to-sales ratio, it can probably achieve higher than 15% growth over the next five years, which means it can double even at a lower ratio.</p>
<div class="lb-trans"><p>保持不变，英伟达需要报告 15% 的年复合增长率才能在五年内翻倍。考虑到其当前的表现和未来的机会，这似乎是非常可行的。即使它无法维持如此高的市销率，它在未来五年内可能仍能实现超过 15% 的增长，这意味着即使在较低的比例下也能翻倍。</p>
</div><p>All this means Nvidia stock is likely to double over the next five years -- and it's very possible that it could do it even sooner.</p>
<div class="lb-trans"><p>所有这些意味着英伟达的股票在未来五年内很可能会翻倍——而且很有可能会更早实现。</p>
</div>

Can Nvidia Stock Double in 5 Years?

- Nvidia 股票在过去三年上涨超过 740%，吸引了早期和近期投资者。  
- 第一季度销售同比增长 69%，数据中心收入增长 73%。  
- 预计未来五年内，Nvidia 股票有可能翻倍，增长潜力显著。  

英伟达的股票能否在五年内实现翻倍增长？