<p>像许多高增长股票一样，<strong>英伟达</strong>(NVDA 2.41%) 的股票在过去三年中从基本面来看显得昂贵，尽管其股价几乎上涨了 980%。现在，一些投资者可能觉得自己错过了机会，因为该股票的市盈率（P/E）被认为相对较高。</p>
<p>然而，有人认为英伟达仍然是一只便宜的股票。以下是讨论的两个方面，包括一张真正说明投资者应该关注的图表。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="350" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达股票是昂贵的，还是一个便宜的选择？</h2>
<p>即使考虑到该股票在三年内的显著涨幅，其估值在考虑自由现金流市盈率（P/FCF）和市盈率（P/E）时也有所下降。这是合理的，因为由于对其 GPU 芯片和其他支持人工智能（AI）基础设施产品的前所未有的需求，销售额激增。</p>
<p>这两个财务指标在最近的四月初达到了年度低点。自那时以来，股价飙升，但 P/FCF 和滞后市盈率仍低于过去 12 个月的各自平均水平。基于去年收益的近 50 的市盈率对某些人来说仍然显得过高，但投资者需要向前看，而不是向后看。</p>
<p>预计的前瞻市盈率约为 35，对于像英伟达这样的成长型股票来说，这更为合理。而增长正是推动故事发展的动力。全球数据中心的持续建设推动了对英伟达产品的前所未有的需求。包含其 GPU、网络产品和 AI 架构的服务器集群为这些中心提供动力。</p>
<p>这导致英伟达的数据中心部门销售额飙升。该增长的可视化展示应该让投资者有信心在近期的价格水平上购买该股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="432" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA"/></p>
<p>数据来源：英伟达。图表由作者制作。</p>
<p>英伟达的数据中心销售额每个季度都在不断增加，达到创纪录的水平。该公司计划每年发布下一代芯片。这应该会保持销售的繁荣，并推动股价上涨。</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>尽管英伟达的股票在三年内上涨了 980%，但其价值仍存在争议，有人认为其价格昂贵，也有人认为其价格便宜。虽然其市盈率（P/E）接近 50，看起来很高，但约 35 的前瞻市盈率则表明对成长型投资者来说更具价值。由于对 GPU 芯片和人工智能基础设施的高需求，该公司的数据中心销售正在激增，全球数据中心建设的持续推进也推动了增长。英伟达每年发布下一代芯片的计划进一步增强了对其股票的信心</p>

<p>Like many high-growth stocks, <strong>Nvidia</strong>(NVDA 2.41%) shares looked expensive on a fundamental basis over the last three years, even as its price shot higher by almost 980%. Now, some investors likely feel they've missed out because shares trade at what would be considered a relatively high price-to-earnings (P/E) ratio.</p>
<div class="lb-trans"><p>像许多高增长股票一样，<strong>英伟达</strong>(NVDA 2.41%) 的股票在过去三年中从基本面来看显得昂贵，尽管其股价几乎上涨了 980%。现在，一些投资者可能觉得自己错过了机会，因为该股票的市盈率（P/E）被认为相对较高。</p>
</div><p>However, there's an argument to be made that Nvidia is still an inexpensive stock. Here's a look at both sides of the discussion, including one chart that really tells the story that investors should focus on.</p>
<div class="lb-trans"><p>然而，有人认为英伟达仍然是一只便宜的股票。以下是讨论的两个方面，包括一张真正说明投资者应该关注的图表。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvZG9sbGFyLXNpZ24tYW1pZHN0LWdyZWVuLWNoYXJ0LWRhdGEuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821171%2Fdollar-sign-amidst-green-chart-data.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>Is Nvidia stock expensive, or is it a bargain?</h2>
<div class="lb-trans"><h2>英伟达股票是昂贵的，还是一个便宜的选择？</h2>
</div><p>Even with the stock's resounding three-year gain, its valuation has decreased when looking at price-to-free cash flow (P/FCF) and P/E ratios. That makes sense with sales exploding thanks to unprecedented demand for its GPU chips and other products supporting artificial intelligence (AI) infrastructure.</p>
<div class="lb-trans"><p>即使考虑到该股票在三年内的显著涨幅，其估值在考虑自由现金流市盈率（P/FCF）和市盈率（P/E）时也有所下降。这是合理的，因为由于对其 GPU 芯片和其他支持人工智能（AI）基础设施产品的前所未有的需求，销售额激增。</p>
</div><p>Both of those financial metrics hit one-year lows as recently as early April. The stock has surged higher since then, but both P/FCF and trailing P/E remain below their respective averages over the past 12 months. A P/E of almost 50 based on last year's earnings still may seem excessively high to some, but investors need to look forward, not back.</p>
<div class="lb-trans"><p>这两个财务指标在最近的四月初达到了年度低点。自那时以来，股价飙升，但 P/FCF 和滞后市盈率仍低于过去 12 个月的各自平均水平。基于去年收益的近 50 的市盈率对某些人来说仍然显得过高，但投资者需要向前看，而不是向后看。</p>
</div><p>An estimated forward P/E of about 35 is much more reasonable for a growth stock like Nvidia. And growth is what is driving the story. Ongoing global data center construction is driving unprecedented demand for Nvidia products. Clusters of servers containing its GPUs, networking products, and AI architecture power these centers.</p>
<div class="lb-trans"><p>预计的前瞻市盈率约为 35，对于像英伟达这样的成长型股票来说，这更为合理。而增长正是推动故事发展的动力。全球数据中心的持续建设推动了对英伟达产品的前所未有的需求。包含其 GPU、网络产品和 AI 架构的服务器集群为这些中心提供动力。</p>
</div><p>That's led to rocketing sales in Nvidia's data center segment. A visual display of that growth is what should give investors confidence to buy the stock at recent levels.</p>
<div class="lb-trans"><p>这导致英伟达的数据中心部门销售额飙升。该增长的可视化展示应该让投资者有信心在近期的价格水平上购买该股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjExNzEvbnZpZGlhLXF1YXJ0ZXJseS1kYXRhLWNlbnRlci1yZXZlbnVlLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821171%2Fnvidia-quarterly-data-center-revenue.png&amp;op=resize&amp;w=700"/></p>
<p>Data source: Nvidia. Chart by author.</p>
<div class="lb-trans"><p>数据来源：英伟达。图表由作者制作。</p>
</div><p>Nvidia's data center sales continue to increase to record levels every quarterly period. The company plans to release next-generation chips on an annual cadence as well. That should keep sales thriving and the stock moving higher as a result.</p>
<div class="lb-trans"><p>英伟达的数据中心销售额每个季度都在不断增加，达到创纪录的水平。该公司计划每年发布下一代芯片。这应该会保持销售的繁荣，并推动股价上涨。</p>
</div>

Think Nvidia Stock Is Expensive? This Chart Might Change Your Mind.

- Nvidia 股价在过去三年上涨近 980%，但估值仍被认为较高。  
- 尽管 P/E 比率接近 50，前瞻 P/E 约 35 更合理，反映出增长潜力。  
- 数据中心销售持续创新高，推动 Nvidia 产品需求，未来增长可期。  

觉得英伟达的股票价格过高？这张图表可能会让你改变看法