<p><strong>英伟达</strong>(NVDA 0.53%) 是今天市场上最热门的股票之一。在过去五年中，英伟达的股价上涨了近 1,500%，其中在过去 12 个月中又上涨了 20%。</p>
<p>认为涨势结束了吗？再想想。由于一个关键因素，英伟达的股票仍然远比大多数投资者意识到的便宜。</p>
<h2>英伟达的利润将在未来几十年内增长</h2>
<p>人工智能（AI）革命正在全面展开。但我们仍处于早期阶段。2023 年，联合国估计全球人工智能市场的价值约为 1900 亿美元。到 2033 年，该组织认为人工智能市场的价值将飙升至近 5 万亿美元。这是超过 30% 的复合年增长率。</p>
<p>到目前为止，英伟达的增长率超过了人工智能市场的增长率。去年，英伟达的销售额翻了一番。今年，分析师预计销售额将再次增长超过 50%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png"/></p>
<p>NVDA 当前财政年度的收入增长估计数据来自 YCharts</p>
<p>为什么英伟达的增长速度超过整体市场？因为它凭借其卓越的硬件和软件产品迅速获得了市场份额。目前，英伟达的人工智能 GPU 市场份额估计超过 90%。其新款 Blackwell 芯片曾一度售罄超过 12 个月。地球上几乎每个云计算基础设施公司都在争相购买更多英伟达产品。同时，英伟达的 CUDA 开发者平台确保客户被锁定在其硬件和软件生态系统中。</p>
<p>总之，通过早期投资，英伟达在性能方面拥有市场上最好的人工智能 GPU。与此同时，其软件集成确保开发者长期依赖其产品。所有这些使得英伟达能够实现行业领先的毛利率——是 <strong>英特尔</strong> 等竞争对手的两倍多。尽管竞争将会出现，但英伟达已经获得了关键的资本和声誉优势——这种优势应该会持续多年，使其能够比竞争对手收取更高的产品价格。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="469" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>耐心的 NVDA 投资者将获得最大收益</h2>
<p>以 27 倍销售额交易，英伟达的股票对于一个价值 4 万亿美元的企业来说看起来非常昂贵。在盈利方面，股票以 53 倍的历史盈利交易。再一次，这乍一看似乎很贵。但销售额在未来十年或更长时间内有强劲的增长潜力，年增长率超过 30%。考虑到英伟达的竞争优势，利润应该与这一增长密切相关，即使由于竞争加剧，利润率有所压缩。</p>
<p>在前瞻性盈利基础上——即基于分析师对英伟达 <em>明年</em> 预期的收益——股票仅以 38 倍 2026 年盈利交易。这已经是一个更为可接受的估值。再加上另外两年 30% 的利润增长，股票突然以仅 22 倍 2028 年盈利交易。请记住，英伟达可能会继续以这种速度增长到 2033 年及以后。</p>
<p>所以，是的，英伟达的股票在前期是昂贵的。但对于愿意在长期持有期间分摊这一前期溢价的长期投资者来说，股票出乎意料地便宜。但前提是你愿意耐心等待多年，甚至几十年。</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>英伟达的股票在过去五年中飙升了近 1500%，去年增长了 20%。尽管以 27 倍销售额和 53 倍市盈率来看似乎价格昂贵，但分析师预测，由于蓬勃发展的人工智能市场，预计到 2033 年将达到近 5 万亿美元，英伟达将实现强劲增长。英伟达在人工智能 GPU 市场中占据了超过 90% 的份额，受益于其卓越的硬件和软件整合。如果长期投资者能够保持耐心，他们可能会发现英伟达的股票出乎意料地便宜，因为预计未来十年利润将显著增长</p>

<p><strong>Nvidia</strong>(NVDA 0.53%) is one of the hottest stocks on the market today. Over the past five years, Nvidia shares have soared in value by nearly 1,500%, including another 20% in the last 12 months.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 0.53%) 是今天市场上最热门的股票之一。在过去五年中，英伟达的股价上涨了近 1,500%，其中在过去 12 个月中又上涨了 20%。</p>
</div><p>Think the run is over? Think again. Nvidia stock remains far cheaper than most investors realize due to one critical factor.</p>
<div class="lb-trans"><p>认为涨势结束了吗？再想想。由于一个关键因素，英伟达的股票仍然远比大多数投资者意识到的便宜。</p>
</div><h2>Nvidia's profits will rise for decades to come</h2>
<div class="lb-trans"><h2>英伟达的利润将在未来几十年内增长</h2>
</div><p>The artificial intelligence (AI) revolution is in full swing. But we're still in the early innings. In 2023, the United Nations estimated the global artificial intelligence market to be worth roughly $190 billion. By 2033, the organization believes the AI market's value will soar to nearly $5 trillion. That's a compound annual growth rate of more than 30%.</p>
<div class="lb-trans"><p>人工智能（AI）革命正在全面展开。但我们仍处于早期阶段。2023 年，联合国估计全球人工智能市场的价值约为 1900 亿美元。到 2033 年，该组织认为人工智能市场的价值将飙升至近 5 万亿美元。这是超过 30% 的复合年增长率。</p>
</div><p>Thus far, Nvidia's growth rates have exceeded the AI market's growth rate. Last year, Nvidia's sales more than doubled. This year, analysts expect sales to jump again by more than 50%.</p>
<div class="lb-trans"><p>到目前为止，英伟达的增长率超过了人工智能市场的增长率。去年，英伟达的销售额翻了一番。今年，分析师预计销售额将再次增长超过 50%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png" alt="" original-src="https://media.ycharts.com/charts/775be1aceccdb765435690a88fd1cb97.png"/></p>
<p>NVDA Revenue Growth Estimate for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 当前财政年度的收入增长估计数据来自 YCharts</p>
</div><p>Why is Nvidia growing faster than the market overall? Because it rapidly gained market share due to its superior hardware and software offerings. Right now, Nvidia is estimated to have more than 90% of the AI GPU market. Its new Blackwell chips were at one time sold out for more than 12 months. Essentially every cloud computing infrastructure business on the planet is racing to buy more Nvidia products. Nvidia's CUDA developer platform, meanwhile, keeps customers locked in to its hardware and software ecosystem.</p>
<div class="lb-trans"><p>为什么英伟达的增长速度超过整体市场？因为它凭借其卓越的硬件和软件产品迅速获得了市场份额。目前，英伟达的人工智能 GPU 市场份额估计超过 90%。其新款 Blackwell 芯片曾一度售罄超过 12 个月。地球上几乎每个云计算基础设施公司都在争相购买更多英伟达产品。同时，英伟达的 CUDA 开发者平台确保客户被锁定在其硬件和软件生态系统中。</p>
</div><p>In summary, through early investment, Nvidia has the best AI GPUs on the market from a performance standpoint. Its software integration, meanwhile, ensures developers are locked in to their products for the long haul. All of this has allowed Nvidia to post an industry-leading gross margin -- more than double that of competitors like <strong>Intel</strong>. While competition will emerge, Nvidia has gained a critical capital and reputational advantage -- an advantage that should persist for years to come, allowing it to charge more for its products than the competition.</p>
<div class="lb-trans"><p>总之，通过早期投资，英伟达在性能方面拥有市场上最好的人工智能 GPU。与此同时，其软件集成确保开发者长期依赖其产品。所有这些使得英伟达能够实现行业领先的毛利率——是 <strong>英特尔</strong> 等竞争对手的两倍多。尽管竞争将会出现，但英伟达已经获得了关键的资本和声誉优势——这种优势应该会持续多年，使其能够比竞争对手收取更高的产品价格。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ1ODgvZ2V0dHlpbWFnZXMtMTAzODI2MTk5MC0xMjAweDgwNC1lZDM5NGVlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824588%2Fgettyimages-1038261990-1200x804-ed394ee.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>Patient NVDA investors will profit most</h2>
<div class="lb-trans"><h2>耐心的 NVDA 投资者将获得最大收益</h2>
</div><p>Trading at 27 times sales, Nvidia stock looks incredibly pricey for a $4 trillion business. On an earnings basis, shares trade at 53 times trailing earnings. Again, this looks expensive at first glance. But sales have a strong potential to grow by more than 30% per year for a decade or more. And given Nvidia's competitive advantages, profits should closely track this growth, even if margins do compress somewhat due to rising competition.</p>
<div class="lb-trans"><p>以 27 倍销售额交易，英伟达的股票对于一个价值 4 万亿美元的企业来说看起来非常昂贵。在盈利方面，股票以 53 倍的历史盈利交易。再一次，这乍一看似乎很贵。但销售额在未来十年或更长时间内有强劲的增长潜力，年增长率超过 30%。考虑到英伟达的竞争优势，利润应该与这一增长密切相关，即使由于竞争加剧，利润率有所压缩。</p>
</div><p>On a forward earnings basis -- that is, based on what analysts expect Nvidia to earn <em>next</em> year -- shares trade at just 38 times 2026 earnings. That's already a much more palatable valuation. Add another two years of 30% profit growth and shares suddenly trade at just 22 times 2028 earnings. And remember, Nvidia could continue to grow at this rate through 2033 and beyond.</p>
<div class="lb-trans"><p>在前瞻性盈利基础上——即基于分析师对英伟达 <em>明年</em> 预期的收益——股票仅以 38 倍 2026 年盈利交易。这已经是一个更为可接受的估值。再加上另外两年 30% 的利润增长，股票突然以仅 22 倍 2028 年盈利交易。请记住，英伟达可能会继续以这种速度增长到 2033 年及以后。</p>
</div><p>So yes, Nvidia stock is expensive up front. But for long-term investors willing to spread that upfront premium over a long holding period, shares are surprisingly cheap. But only if you're willing to stay patient for years, or even decades at a time.</p>
<div class="lb-trans"><p>所以，是的，英伟达的股票在前期是昂贵的。但对于愿意在长期持有期间分摊这一前期溢价的长期投资者来说，股票出乎意料地便宜。但前提是你愿意耐心等待多年，甚至几十年。</p>
</div>

Nvidia Stock Is Way Cheaper Than You Think. Here's 1 Reason Why.

- Nvidia 股票在过去五年中上涨近 1,500%，预计未来仍将增长。  
- 预计到 2033 年，全球人工智能市场将达到近 5 万亿美元，年均增长率超过 30%。  
- Nvidia 拥有超过 90% 的 AI GPU 市场份额，竞争优势将持续多年。  

英伟达的股票比你想象中便宜得多。以下是其中一个原因