<p>在 7 月 9 日的早晨，<strong>Nvidia</strong>（NVDA 0.53%）成为首家市值超过 4 万亿美元的公司——这一成就仍然是科技巨头 <strong>微软</strong> 和 <strong>苹果</strong> 所无法企及的。</p>
<p>考虑到 Nvidia 在市值超过 1 万亿美元仅仅过去了两年，这一成就显得尤为令人印象深刻。苹果和 <strong>亚马逊</strong> 在 2018 年达到了 1 万亿美元，微软则在 2019 年紧随其后。</p>
<p>以下是 Nvidia 为何成为全球最有价值公司的原因，真实的业绩如何支持这一叙述，以及为何对于耐心的投资者来说，这只成长股可能还有更多的上涨空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NDYvYWJzdHJhY3QtdmVjdG9yLWZlYXR1cmluZy1hLWJsdWUtYmFyLWdyYXBoLWFuZC1saW5lLWNoYXJ0LXdpdGgtYS1ncmlkLXBhdHRlcm4taW4tdGhlLWJhY2tncm91bmQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="495" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NDYvYWJzdHJhY3QtdmVjdG9yLWZlYXR1cmluZy1hLWJsdWUtYmFyLWdyYXBoLWFuZC1saW5lLWNoYXJ0LXdpdGgtYS1ncmlkLXBhdHRlcm4taW4tdGhlLWJhY2tncm91bmQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>从范式转变中获利</h2>
<p>Nvidia 在短短五年内股价几乎上涨 15 倍的最简单原因是，该公司的商业模式已经从主要依赖于游戏和专业可视化（数字内容和计算机辅助设计）等最终市场，转变为销售用于高性能计算和云基础设施的图形处理单元（GPU）。</p>
<p>人工智能（AI）工作负载对数据中心的要求越来越高。中央处理单元（CPU）非常适合处理顺序任务，如基本计算和互联网浏览。GPU 更擅长并行处理，这涉及处理来自大型数据集的大量信息并实现更高的吞吐量。GPU 已成为训练 AI 模型的基础，因此云计算巨头正在大量投资购买 GPU。</p>
<p>除了硬件，Nvidia 还开发软件和相关基础设施，为数据中心提供 AI 生态系统。Nvidia 的计算统一设备架构（CUDA）软件平台、高速互连和交换芯片、存储解决方案以及冷却系统都是与其 GPU 相辅相成的产品和服务的例子。所有这些解决方案结合在一起，形成了 Nvidia 所称的 AI 工厂，这些工厂是专门为 AI 而非传统计算任务而建造的数据中心。</p>
<p>在比喻意义上，Nvidia 就像是摩天大楼时代初期的钢铁制造商。数据中心的建设从木材、石材和砖块演变为混凝土和钢铁。而 Nvidia 是这个领域的顶级供应商，设计出极其复杂的 GPU 和 AI 系统。</p>
<h2>持续增长的蓝图</h2>
<p>由于 Nvidia 几乎没有竞争，其产品需求旺盛，因此它可以收取高于市场的价格，而其深口袋的超大规模客户也非常乐意支付，因为他们有足够的现金可供支配。</p>
<p>Nvidia 的顶级客户，如微软云、亚马逊网络服务、<strong>Alphabet</strong> 的谷歌云和 <strong>Meta Platforms</strong>，都有着完美的资产负债表和高利润率。因此，他们能够为 Nvidia 的 AI 解决方案支付高价。</p>
<p>Nvidia 的卓越业绩源于 AI 需求的上升以及公司将其大量收入转化为盈利的能力。事实上，Nvidia 将每一美元收入中超过 0.50 美元转化为净利润。</p>
<p>Nvidia 的股价飙升是因为其利润率保持高位，同时收入呈指数级增长。Nvidia 不仅拥有全球最大的市值，而且其净收入排名第四，仅次于 Alphabet、苹果和微软。因此，尽管该股的估值并不像一些同行那样便宜，但 Nvidia 并不是单纯依赖未来业绩来估值。该公司已经赚取了大量利润。其增长可能会放缓，但仍可能比 Alphabet、苹果和微软更快地增长净收入，在未来几年内成为全球最盈利的公司。</p>
<h2>投资 AI 黄金热潮的基础方式</h2>
<p>Nvidia 的业绩不言而喻，但未来在很大程度上依赖于 Nvidia 关键客户的持续 AI 支出。Nvidia 的顶级客户需要向其投资者证明，AI 支出的确带来了可衡量的结果。显著的盈利增长必须跟随高额资本支出，否则可能会面临削减支出的压力。换句话说，Nvidia 在出售工具，但其客户必须继续挖掘黄金，否则他们将不再需要这些工具。</p>
<p>投资者只有在具备高风险承受能力、长期投资视野，并愿意承受公司业绩可能波动的情况下，才应考虑这只股票。</p>
<p>一旦超大规模公司完成基础设施建设，AI 支出最终降温也并不令人惊讶。Nvidia 在市场成熟后将如何表现，以及竞争对手是否最终会迎头赶上，仍有待观察。但就目前而言，该公司在保持竞争优势方面处于良好位置，因为它可以将从业务中产生的现金投入到新技术的研发中。考虑到其固有优势，竞争对手想要在 Nvidia 的 AI 市场份额中占据一席之地，几乎需要取得突破性进展。</p>
<p>在撰写本文时，Nvidia 的前瞻市盈率为 37.9，虽然不再是曾经的超值买入，但对于相信至少会有适度 AI 增长的投资者来说，仍然是一个合理的价值。</p>
<p>Nvidia 是一个很好的例子，表面上看似被高估，但一旦考虑到其基础业务的强劲和未来盈利增长的清晰前景，实际上更为合理。</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>英伟达成为首家市值超过 4 万亿美元的公司，仅在达到 1 万亿美元的两年后实现了这一里程碑。该公司从游戏转型为高性能计算和人工智能工作负载推动了其增长。英伟达的 GPU 对于人工智能模型训练至关重要，吸引了主要云服务提供商的大量投资。在高需求和高溢价的情况下，英伟达将每一美元收入中的超过 0.50 美元转化为利润。尽管未来的增长依赖于持续的人工智能支出，但英伟达在保持市场领先地位和盈利能力方面处于良好位置</p>

<p>On the morning of July 9, <strong>Nvidia</strong>(NVDA 0.53%) became the first company to surpass $4 trillion in market cap -- an achievement still out of reach for tech giants <strong>Microsoft</strong> and <strong>Apple</strong>.</p>
<div class="lb-trans"><p>在 7 月 9 日的早晨，<strong>Nvidia</strong>（NVDA 0.53%）成为首家市值超过 4 万亿美元的公司——这一成就仍然是科技巨头 <strong>微软</strong> 和 <strong>苹果</strong> 所无法企及的。</p>
</div><p>The accomplishment is even more impressive considering it has been just two years since Nvidia passed $1 trillion in market cap. Apple and <strong>Amazon</strong> reached $1 trillion in 2018 and Microsoft followed suit in 2019.</p>
<div class="lb-trans"><p>考虑到 Nvidia 在市值超过 1 万亿美元仅仅过去了两年，这一成就显得尤为令人印象深刻。苹果和 <strong>亚马逊</strong> 在 2018 年达到了 1 万亿美元，微软则在 2019 年紧随其后。</p>
</div><p>Here's why Nvidia has emerged as the most valuable company in the world, why real results support the narrative, and why the growth stock could have more room to run for patient investors.</p>
<div class="lb-trans"><p>以下是 Nvidia 为何成为全球最有价值公司的原因，真实的业绩如何支持这一叙述，以及为何对于耐心的投资者来说，这只成长股可能还有更多的上涨空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1NDYvYWJzdHJhY3QtdmVjdG9yLWZlYXR1cmluZy1hLWJsdWUtYmFyLWdyYXBoLWFuZC1saW5lLWNoYXJ0LXdpdGgtYS1ncmlkLXBhdHRlcm4taW4tdGhlLWJhY2tncm91bmQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824546%2Fabstract-vector-featuring-a-blue-bar-graph-and-line-chart-with-a-grid-pattern-in-the-background.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>Profiting from paradigm shifts</h2>
<div class="lb-trans"><h2>从范式转变中获利</h2>
</div><p>The simplest reason as to why Nvidia is up nearly 15-fold in just five years is that the company's business model has transformed from being largely dependent on end markets like gaming and professional visualization (digital content and computer-aided design) to selling graphics processing units (GPUs) for high-performance computing and cloud infrastructure.</p>
<div class="lb-trans"><p>Nvidia 在短短五年内股价几乎上涨 15 倍的最简单原因是，该公司的商业模式已经从主要依赖于游戏和专业可视化（数字内容和计算机辅助设计）等最终市场，转变为销售用于高性能计算和云基础设施的图形处理单元（GPU）。</p>
</div><p>Artificial intelligence (AI) workloads are demanding more from data centers. Central processing units (CPUs) are ideally suited for processing sequential tasks, like basic calculations and internet browsing. GPUs are better at parallel processing, which involves handling massive amounts of information from large datasets and achieving higher throughput. GPUs have become the backbone of training AI models, so cloud computing hyperscalers are investing substantial capital expenditures in purchasing GPUs.</p>
<div class="lb-trans"><p>人工智能（AI）工作负载对数据中心的要求越来越高。中央处理单元（CPU）非常适合处理顺序任务，如基本计算和互联网浏览。GPU 更擅长并行处理，这涉及处理来自大型数据集的大量信息并实现更高的吞吐量。GPU 已成为训练 AI 模型的基础，因此云计算巨头正在大量投资购买 GPU。</p>
</div><p>In addition to the hardware, Nvidia develops software and associated infrastructure, providing an AI ecosystem for data centers. Nvidia's Compute Unified Device Architecture (CUDA) software platform, high-speed interconnects and switching chips, storage solutions, and cooling systems are examples of products and services that complement its GPUs. All together, these solutions combine to form what Nvidia calls AI factories, which are specialized data centers purpose-built for AI rather than traditional computing tasks.</p>
<div class="lb-trans"><p>除了硬件，Nvidia 还开发软件和相关基础设施，为数据中心提供 AI 生态系统。Nvidia 的计算统一设备架构（CUDA）软件平台、高速互连和交换芯片、存储解决方案以及冷却系统都是与其 GPU 相辅相成的产品和服务的例子。所有这些解决方案结合在一起，形成了 Nvidia 所称的 AI 工厂，这些工厂是专门为 AI 而非传统计算任务而建造的数据中心。</p>
</div><p>In a figurative sense, Nvidia is a steelmaker at the dawn of the age of skyscrapers. Data center construction evolved from wood, stone, and bricks to concrete and steel. And Nvidia is the top supplier in town, designing extremely complex GPUs and AI systems.</p>
<div class="lb-trans"><p>在比喻意义上，Nvidia 就像是摩天大楼时代初期的钢铁制造商。数据中心的建设从木材、石材和砖块演变为混凝土和钢铁。而 Nvidia 是这个领域的顶级供应商，设计出极其复杂的 GPU 和 AI 系统。</p>
</div><h2>A blueprint for sustained growth</h2>
<div class="lb-trans"><h2>持续增长的蓝图</h2>
</div><p>Since Nvidia has little competition and its products are in high demand, it can afford to charge a premium price that its hyperscale customers, with deep pockets, are more than willing to pay, as they have the cash to spend.</p>
<div class="lb-trans"><p>由于 Nvidia 几乎没有竞争，其产品需求旺盛，因此它可以收取高于市场的价格，而其深口袋的超大规模客户也非常乐意支付，因为他们有足够的现金可供支配。</p>
</div><p>Top Nvidia customers, like Microsoft Cloud, Amazon Web Services, <strong>Alphabet</strong>'s Google Cloud, and <strong>Meta Platforms</strong>, have impeccable balance sheets and high margins. So they can afford to pay top dollar for Nvidia's AI solutions.</p>
<div class="lb-trans"><p>Nvidia 的顶级客户，如微软云、亚马逊网络服务、<strong>Alphabet</strong> 的谷歌云和 <strong>Meta Platforms</strong>，都有着完美的资产负债表和高利润率。因此，他们能够为 Nvidia 的 AI 解决方案支付高价。</p>
</div><p>Nvidia's impeccable results come from rising AI demand and the company's ability to convert such a massive amount of its revenue into earnings. In fact, Nvidia converts more than $0.50 of every dollar in revenue into net profit.</p>
<div class="lb-trans"><p>Nvidia 的卓越业绩源于 AI 需求的上升以及公司将其大量收入转化为盈利的能力。事实上，Nvidia 将每一美元收入中超过 0.50 美元转化为净利润。</p>
</div><p>Nvidia's stock price has surged because its margins have remained high while it has grown revenue exponentially. Nvidia not only has the largest market cap of any company in the world, but it also generates the fourth-most net income -- behind only Alphabet, Apple, and Microsoft. So while the stock isn't as inexpensive as some of its peers, Nvidia isn't purely valued on future results. The company is already making a ton of money. Its growth could slow, but it will still likely grow its net income faster than Alphabet, Apple, and Microsoft, becoming the most profitable company in the world in the next few years.</p>
<div class="lb-trans"><p>Nvidia 的股价飙升是因为其利润率保持高位，同时收入呈指数级增长。Nvidia 不仅拥有全球最大的市值，而且其净收入排名第四，仅次于 Alphabet、苹果和微软。因此，尽管该股的估值并不像一些同行那样便宜，但 Nvidia 并不是单纯依赖未来业绩来估值。该公司已经赚取了大量利润。其增长可能会放缓，但仍可能比 Alphabet、苹果和微软更快地增长净收入，在未来几年内成为全球最盈利的公司。</p>
</div><h2>A foundational way to invest in the AI gold rush</h2>
<div class="lb-trans"><h2>投资 AI 黄金热潮的基础方式</h2>
</div><p>Nvidia's results speak for themselves, but the future is largely dependent on sustained AI spending from key Nvidia customers. Nvidia's top customers need to prove to their investors that spending on AI is leading to measurable results. Meaningful earnings growth must follow high capital expenditures, or there may be pressure to pull back on spending. In other words, Nvidia is selling the picks and shovels, but its customers must continue striking gold or they will no longer need its tools.</p>
<div class="lb-trans"><p>Nvidia 的业绩不言而喻，但未来在很大程度上依赖于 Nvidia 关键客户的持续 AI 支出。Nvidia 的顶级客户需要向其投资者证明，AI 支出的确带来了可衡量的结果。显著的盈利增长必须跟随高额资本支出，否则可能会面临削减支出的压力。换句话说，Nvidia 在出售工具，但其客户必须继续挖掘黄金，否则他们将不再需要这些工具。</p>
</div><p>Investors should only approach the stock if they have a high risk tolerance, a long-term investment horizon, and are willing to endure potential fluctuations in the company's results.</p>
<div class="lb-trans"><p>投资者只有在具备高风险承受能力、长期投资视野，并愿意承受公司业绩可能波动的情况下，才应考虑这只股票。</p>
</div><p>It wouldn't be surprising to see an eventual cooldown in AI spending once hyperscalers complete their foundational buildouts. It remains to be seen how Nvidia will perform once the market matures and if competition eventually catches up. But for now, the company is well positioned to maintain its lead over the competition because it can pour cash generated from the business into research and development for new technologies. Given its inherent advantages, it would take nothing short of a breakthrough for a competitor to take a meaningful slice out of Nvidia's AI market share pie.</p>
<div class="lb-trans"><p>一旦超大规模公司完成基础设施建设，AI 支出最终降温也并不令人惊讶。Nvidia 在市场成熟后将如何表现，以及竞争对手是否最终会迎头赶上，仍有待观察。但就目前而言，该公司在保持竞争优势方面处于良好位置，因为它可以将从业务中产生的现金投入到新技术的研发中。考虑到其固有优势，竞争对手想要在 Nvidia 的 AI 市场份额中占据一席之地，几乎需要取得突破性进展。</p>
</div><p>With a 37.9 forward price-to-earnings ratio, at the time of this writing, Nvidia isn't the dirt cheap no-brainer buy it once was, but it is still a fair value for investors who believe in at least modest AI growth over time.</p>
<div class="lb-trans"><p>在撰写本文时，Nvidia 的前瞻市盈率为 37.9，虽然不再是曾经的超值买入，但对于相信至少会有适度 AI 增长的投资者来说，仍然是一个合理的价值。</p>
</div><p>Nvidia is a good example of a company that looks overvalued if you just glance at the stock's price action, but is actually more reasonably valued once you account for the strength of the underlying business and the clear runway for future earnings growth.</p>
<div class="lb-trans"><p>Nvidia 是一个很好的例子，表面上看似被高估，但一旦考虑到其基础业务的强劲和未来盈利增长的清晰前景，实际上更为合理。</p>
</div>

Nvidia Becomes First Company Ever to Reach $4 Trillion Market Cap. Could the Growth Stock Have Even More Room to Run?

- Nvidia 于 7 月 9 日成为首家市值超过 4 万亿美元的公司。  
- 其业务模式已从依赖游戏转向高性能计算和云基础设施。  
- Nvidia 的客户如微软和亚马逊愿意支付高价，推动其盈利能力持续增长。

英伟达成为首家市值达到 4 万亿美元的公司。这个成长型股票是否还有进一步上涨的空间？