<p><strong>英伟达</strong>(NVDA 2.09%) 仍然是市场上最好的人工智能 (AI) 股票之一。但随着这家芯片制造商的市销率达到 26.4，许多投资者可能会想，股票是否已经变得太贵而无法购买。不要被误导：英伟达的股票仍然是合理定价的。</p>
<h2>英伟达股票并不像看起来那么贵</h2>
<p>英伟达设计的图形处理单元 (GPU) 提供了支持现代 AI 和机器学习软件所需的处理能力。该公司的毛利率约为 60%——几乎是 <strong>英特尔</strong> 的两倍——这反映了其尖端芯片相较于竞争对手产品的优越性。英伟达可以因为其产品的性能优势以及其广泛使用的软件平台的价值而收取更高的价格，这使得开发者更容易为特定任务编程芯片。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="437" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA"/></p>
<p>来源：Getty Images。</p>
<p>英伟达的硬件本质上正在推动 AI 革命：大多数分析师认为它在 AI 加速器芯片市场的份额高达 85% 到 90%。由于预计 AI 基础设施支出将在 2033 年之前每年增长超过 30%，英伟达有潜力在未来至少十年内大幅增长其销售基础，甚至更久。</p>
<p>由于投资者对这一切的乐观情绪，其股票的市销率高达 26.4 倍。但当你将股票与公司的利润和底线前景进行比较时，估值情况显著改善。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="604" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png"/></p>
<p>数据来源：YCharts。</p>
<p>英伟达的股票目前交易约为 51 倍的收益。这仍然是相当高的溢价。但由于收益增长如此迅速，股票仅以 36.9 倍的明年收益交易。如果它能够保持高毛利率，股票的估值可能会因其快速的销售增长而年复一年显著改善。与像英特尔这样的竞争对手相比，后者在过去三个季度均亏损，英伟达的估值看起来相当合理。</p>
<p>可以肯定的是，股票并不便宜，而且该股票刚刚突破 4 万亿美元的市值门槛。但对于愿意支付前期溢价的耐心投资者来说，它们仍然可能会带来盈利。</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）被认为是顶尖的人工智能股票之一，目前的市销率为 26.4。尽管对其估值存在担忧，英伟达的毛利率约为 60%，显著高于竞争对手如英特尔。预计在人工智能加速器芯片市场中，英伟达的市场份额达到 85-90%，并且人工智能基础设施支出的增长预期使得英伟达的销售潜力强劲。尽管其股票的市盈率为 51 倍，但明年的市盈率降至 36.9 倍，相较于竞争对手而言，这一估值是合理的。对于长期投资者来说，尽管英伟达的估值较高，但仍可能提供盈利机会</p>

<p><strong>Nvidia</strong>(NVDA 2.09%) remains one of the best artificial intelligence (AI) stocks on the market. But with the chipmaker now trading at a price-to-sales multiple of 26.4, many investors may wonder if shares have gotten too expensive to buy. Don't be fooled: Nvidia stock is still reasonably priced.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 2.09%) 仍然是市场上最好的人工智能 (AI) 股票之一。但随着这家芯片制造商的市销率达到 26.4，许多投资者可能会想，股票是否已经变得太贵而无法购买。不要被误导：英伟达的股票仍然是合理定价的。</p>
</div><h2>Nvidia stock isn't as expensive as it seems</h2>
<div class="lb-trans"><h2>英伟达股票并不像看起来那么贵</h2>
</div><p>Nvidia designs graphics processing units (GPUs) that provide the processing power required to support modern AI and machine-learning software. The company's gross margins are around 60% -- nearly twice those of competitors like <strong>Intel</strong> -- a reflection of how superior its cutting-edge chips are compared to the offerings of rivals. Nvidia can simply charge more for its products due largely to their performance superiority, as well as the value of its widely used software platform, which makes it easier for developers to program chips for specific tasks.</p>
<div class="lb-trans"><p>英伟达设计的图形处理单元 (GPU) 提供了支持现代 AI 和机器学习软件所需的处理能力。该公司的毛利率约为 60%——几乎是 <strong>英特尔</strong> 的两倍——这反映了其尖端芯片相较于竞争对手产品的优越性。英伟达可以因为其产品的性能优势以及其广泛使用的软件平台的价值而收取更高的价格，这使得开发者更容易为特定任务编程芯片。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMDIvZ2V0dHlpbWFnZXMtMTk4MDM1Nzk0Ni0xMjAweDc1MC03ZDU5MzkxLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824202%2Fgettyimages-1980357946-1200x750-7d59391.jpg&amp;op=resize&amp;w=700"/></p>
<p>Source: Getty Images.</p>
<div class="lb-trans"><p>来源：Getty Images。</p>
</div><p>Nvidia's hardware is essentially powering the AI revolution: Most analysts believe it has an 85% to 90% market share in AI accelerator chips right now. Because AI infrastructure spending is expected to grow by more than 30% annually through 2033, Nvidia has the potential to grow its sales base aggressively over at least the next decade, and likely beyond.</p>
<div class="lb-trans"><p>英伟达的硬件本质上正在推动 AI 革命：大多数分析师认为它在 AI 加速器芯片市场的份额高达 85% 到 90%。由于预计 AI 基础设施支出将在 2033 年之前每年增长超过 30%，英伟达有潜力在未来至少十年内大幅增长其销售基础，甚至更久。</p>
</div><p>Due to investors' optimism about all of this, its shares trade at a pricey 26.4 times sales. But when you measure the stock against the company's profits and bottom-line outlook, the valuation picture improves considerably.</p>
<div class="lb-trans"><p>由于投资者对这一切的乐观情绪，其股票的市销率高达 26.4 倍。但当你将股票与公司的利润和底线前景进行比较时，估值情况显著改善。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png" alt="" original-src="https://media.ycharts.com/charts/e408f1315eb6fd0e2f02d93880fde7ba.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia shares currently trade at roughly 51 times earnings. That's still quite a premium. But because earnings are growing so fast, shares trade at just 36.9 times next year's earnings. If it can maintain its high gross margins, the stock's valuation could continue to improve dramatically year after year due to its rapid sales growth. Compared to a competitor like Intel, which lost money in each of the last three quarters, Nvidia's valuation looks quite reasonable.</p>
<div class="lb-trans"><p>英伟达的股票目前交易约为 51 倍的收益。这仍然是相当高的溢价。但由于收益增长如此迅速，股票仅以 36.9 倍的明年收益交易。如果它能够保持高毛利率，股票的估值可能会因其快速的销售增长而年复一年显著改善。与像英特尔这样的竞争对手相比，后者在过去三个季度均亏损，英伟达的估值看起来相当合理。</p>
</div><p>To be sure, shares aren't cheap, and the stock just hit the $4 trillion market cap threshold. But for patient investors willing to pay an up-front premium, they could still prove profitable.</p>
<div class="lb-trans"><p>可以肯定的是，股票并不便宜，而且该股票刚刚突破 4 万亿美元的市值门槛。但对于愿意支付前期溢价的耐心投资者来说，它们仍然可能会带来盈利。</p>
</div>

Think Nvidia Stock Is Expensive? These 3 Charts Might Change Your Mind.

- Nvidia 仍是市场上最佳的人工智能股票之一。  
- 尽管市销率为 26.4，Nvidia 股票仍被认为合理定价。  
- 预计 AI 基础设施支出将年均增长 30%，未来十年销售有望快速增长。

觉得英伟达的股票价格过高？这三张图表可能会让你改变看法