<p>2025 年的前几个月对 <strong>英伟达</strong>(NVDA 0.37%) 的投资者来说是痛苦的。早在四月，英伟达的市值跌至约 2.3 万亿美元——比三个月前的峰值下降了 37%。</p>
<p>影响英伟达抛售的因素有很多。</p>
<p>首先是一个名为 DeepSeek 的中国初创公司的出现，该公司声称使用旧款英伟达芯片构建其令人印象深刻的 R1 人工智能 (AI) 模型。这让一些投资者担心，英伟达最新的高价芯片可能不再是支持全球日益增长的 AI 基础设施所必需的。</p>
<p>除了 DeepSeek，投资者还担心新的美国关税政策将如何影响英伟达在海外的增长前景。最后，来自 <strong>超微</strong> 的竞争加上 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong> 等云计算巨头对定制硅的投资，使得人们更加相信英伟达的最佳时光可能已经过去。</p>
<p>然而，在五月份发布的乐观财报之后，投资者似乎认为这些担忧被夸大了。截至 7 月 11 日，英伟达的市值已超过 4 万亿美元——使这家半导体明星再次成为全球最有价值的公司。</p>
<p>随着股价飙升，值得关注英伟达的估值趋势，以评估该股票是否仍然是一个好的投资，或者一些投资者是否已经错过了机会。</p>
<h2>分析英伟达的估值倍数</h2>
<p>下图展示了英伟达在过去几年中的市销率 (P/S) 和前瞻市盈率 (P/E) 倍数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png"/></p>
<p>数据来源：YCharts。</p>
<p>如您所见，英伟达当前的市销率和前瞻市盈率远低于 AI 革命期间的高点。明确来说，这并不一定意味着英伟达注定要达到或超过之前的市销率 46 和前瞻市盈率 51。</p>
<p>此外，公司的倍数并不一定需要扩张，才能使公司增值。英伟达未来的估值取决于公司的增长潜力。</p>
<p>让我们探讨一些可能在未来几年内推动英伟达实现显著增长的催化剂。</p>
<h2>英伟达有哪些催化剂？</h2>
<p>在过去几年中，英伟达的增长主要来自其数据中心业务。英伟达设计的行业领先 GPU 被全球最大的企业用于开发生成性 AI 能力。</p>
<p>然而，该公司在 AI 数据中心之外还有许多投资者可能忽视的机会。</p>
<p>首先，像 <strong>特斯拉</strong> 和谷歌这样的公司已经投资数十亿美元开发自动驾驶技术。英伟达也参与了自动驾驶汽车的开发——在第一季度，其汽车服务业务的销售额达到了 5.67 亿美元。这代表了 72% 的同比增长，使该部门的年收入运行率达到了 23 亿美元。为了更好地理解这一点，英伟达的数据中心业务每年产生的销售额远超过 1000 亿美元。</p>
<p>虽然汽车部门不太可能像数据中心业务那样庞大，但我相信英伟达在这一领域还有很大的增长空间，因为自动驾驶技术正在不断扩展。与 <strong>通用汽车</strong>、<strong>丰田汽车</strong>、<strong>梅赛德斯 - 奔驰</strong>、<strong>沃尔沃</strong>、<strong>Rivian Automotive</strong>、<strong>比亚迪</strong> 等众多合作伙伴合作，英伟达将从自动驾驶汽车的广泛兴起中受益，使其成为自动驾驶机会的中立受益者。</p>
<p>另一个相关机会是 AI 驱动的机器人技术的崛起。像特斯拉和 Figure AI 这样的公司正在开发人形机器人，旨在帮助劳动密集型环境（如仓库）中的劳动力。此外，亚马逊正在其履行中心整合多种机器人驱动的流程，以提高效率。</p>
<p>英伟达是 Figure AI 的投资者，首席执行官黄仁勋曾表示，机器人技术在更广泛的 AI 领域中是一个万亿级的机会。</p>
<p>最后，尽管像 <strong>IonQ</strong> 和 <strong>Rigetti Computing</strong> 这样的公司在量子计算领域备受关注，但英伟达并不是投资者想要忽视的名字。</p>
<p>除了硬件，英伟达还开发了一种名为 CUDA 的 AI 软件平台。该公司悄然将这一架构适配到其他应用中，其中量子计算就是通过引入 CUDA-Q 平台实现的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在英伟达股票值得买吗？</h2>
<p>将自动驾驶、机器人技术和量子计算联系在一起的一个线索是，这三种技术都处于非常初期的阶段。它们的商业覆盖范围仍然有限，但每一种都有潜力在全球范围内颠覆多个行业。而英伟达正好处于中间，拥有为这些技术提供动力的芯片和软件。</p>
<p>随着英伟达的估值倍数从峰值水平回落，许多投资者可能将该业务视为一个成熟的运营。其他人可能对英伟达继续加速增长的能力产生怀疑，因此在定价中考虑了一些风险。</p>
<p>考虑到上述观点，我认为英伟达的股票在长期内将会上涨。公司的股价韧性加上众多能够解锁进一步收入和利润的机会让我对英伟达在长期内超越当前估值感到乐观。</p>
<p>基于这些原因，我认为现在是购买一些英伟达股票并准备紧紧握住的绝佳时机。下一波增长浪潮似乎刚刚开始。</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>英伟达已经从今年早些时候的 1 万亿美元市值损失中反弹，目前市值超过 4 万亿美元，再次成为全球最有价值的公司。最初对竞争和关税的担忧导致了抛售，但强劲的财报改变了投资者的情绪。英伟达的增长主要由其数据中心业务驱动，但在自动驾驶、人工智能驱动的机器人和量子计算等领域的机会也提供了额外的增长潜力。由于估值倍数低于之前的高点，英伟达仍可能是一个良好的投资机会</p>

<p>The first several months of 2025 were painful for <strong>Nvidia</strong>(NVDA 0.37%) investors. Back in April, Nvidia's market capitalization bottomed around $2.3 trillion -- representing a 37% decline from the peak it reached just three months earlier.</p>
<div class="lb-trans"><p>2025 年的前几个月对 <strong>英伟达</strong>(NVDA 0.37%) 的投资者来说是痛苦的。早在四月，英伟达的市值跌至约 2.3 万亿美元——比三个月前的峰值下降了 37%。</p>
</div><p>There were a number of factors that influenced Nvidia's sell-off.</p>
<div class="lb-trans"><p>影响英伟达抛售的因素有很多。</p>
</div><p>First was the emergence of a Chinese start-up called DeepSeek, which claimed to build its impressive R1 artificial intelligence (AI) model using older Nvidia chips. This led some investors to fear that Nvidia's newest, high-priced chipsets may no longer be necessary to support the world's growing AI infrastructure.</p>
<div class="lb-trans"><p>首先是一个名为 DeepSeek 的中国初创公司的出现，该公司声称使用旧款英伟达芯片构建其令人印象深刻的 R1 人工智能 (AI) 模型。这让一些投资者担心，英伟达最新的高价芯片可能不再是支持全球日益增长的 AI 基础设施所必需的。</p>
</div><p>Beyond DeepSeek, investors were also concerned about how new U.S. tariff policies would impact Nvidia's growth prospects overseas. Lastly, rising competition from <strong>Advanced Micro Devices</strong>, as well as investment in custom silicon from cloud hyperscalers like <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong>, gave credence to the idea that Nvidia's best days may be in the rearview mirror.</p>
<div class="lb-trans"><p>除了 DeepSeek，投资者还担心新的美国关税政策将如何影响英伟达在海外的增长前景。最后，来自 <strong>超微</strong> 的竞争加上 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong> 等云计算巨头对定制硅的投资，使得人们更加相信英伟达的最佳时光可能已经过去。</p>
</div><p>However, following a bullish earnings report back in May, investors seem to now consider these concerns overblown. As of July 11, Nvidia's market cap is just over $4 trillion -- making the semiconductor darling the most valuable business in the world once again.</p>
<div class="lb-trans"><p>然而，在五月份发布的乐观财报之后，投资者似乎认为这些担忧被夸大了。截至 7 月 11 日，英伟达的市值已超过 4 万亿美元——使这家半导体明星再次成为全球最有价值的公司。</p>
</div><p>With shares rocketing higher, it's worth taking a look at Nvidia's valuation trends to assess whether the stock remains a good buy or if some investors have missed the boat.</p>
<div class="lb-trans"><p>随着股价飙升，值得关注英伟达的估值趋势，以评估该股票是否仍然是一个好的投资，或者一些投资者是否已经错过了机会。</p>
</div><h2>Analyzing Nvidia's valuation multiples</h2>
<div class="lb-trans"><h2>分析英伟达的估值倍数</h2>
</div><p>The chart below illustrates Nvidia's price-to-sales (P/S) and forward price-to-earnings (P/E) multiples over the last few years.</p>
<div class="lb-trans"><p>下图展示了英伟达在过去几年中的市销率 (P/S) 和前瞻市盈率 (P/E) 倍数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png" alt="" original-src="https://media.ycharts.com/charts/7f361a3a145742203d029427eaead8cd.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>As you can see, Nvidia's current P/S and forward P/E ratios are well below the highs previously seen during the AI revolution. To be clear, this does not necessarily mean Nvidia is destined to reach or eclipse its prior P/S of 46 and forward earnings multiple of 51.</p>
<div class="lb-trans"><p>如您所见，英伟达当前的市销率和前瞻市盈率远低于 AI 革命期间的高点。明确来说，这并不一定意味着英伟达注定要达到或超过之前的市销率 46 和前瞻市盈率 51。</p>
</div><p>Furthermore, the company's multiples do not necessarily need to expand in order for the company to increase in value. Nvidia's future valuation hinges on the company's growth potential.</p>
<div class="lb-trans"><p>此外，公司的倍数并不一定需要扩张，才能使公司增值。英伟达未来的估值取决于公司的增长潜力。</p>
</div><p>Lets explore some catalysts that could lead to meaningful growth for Nvidia over the next several years.</p>
<div class="lb-trans"><p>让我们探讨一些可能在未来几年内推动英伟达实现显著增长的催化剂。</p>
</div><h2>What catalysts does Nvidia have?</h2>
<div class="lb-trans"><h2>英伟达有哪些催化剂？</h2>
</div><p>For the last few years, the majority of Nvidia's growth has come from its data center operation. Nvidia designs industry-leading GPUs that are used by the world's largest businesses in their development of generative AI capabilities.</p>
<div class="lb-trans"><p>在过去几年中，英伟达的增长主要来自其数据中心业务。英伟达设计的行业领先 GPU 被全球最大的企业用于开发生成性 AI 能力。</p>
</div><p>However, the company has a number of opportunities outside of AI data centers that investors may be overlooking.</p>
<div class="lb-trans"><p>然而，该公司在 AI 数据中心之外还有许多投资者可能忽视的机会。</p>
</div><p>First, companies such as <strong>Tesla</strong> and Alphabet have invested billions developing autonomous driving technology. Nvidia is tapped into self-driving cars too -- during the first quarter, it generated $567 million in sales from its automotive services businesses. This represented 72% year-over-year growth, giving the segment an annual revenue run rate of $2.3 billion. To put that into perspective, Nvidia's data center business generates well over $100 billion in sales per year.</p>
<div class="lb-trans"><p>首先，像 <strong>特斯拉</strong> 和谷歌这样的公司已经投资数十亿美元开发自动驾驶技术。英伟达也参与了自动驾驶汽车的开发——在第一季度，其汽车服务业务的销售额达到了 5.67 亿美元。这代表了 72% 的同比增长，使该部门的年收入运行率达到了 23 亿美元。为了更好地理解这一点，英伟达的数据中心业务每年产生的销售额远超过 1000 亿美元。</p>
</div><p>While the automotive segment is unlikely to become as large as the data center business, I'm confident Nvidia has much more room to grow in this area as autonomous vehicle technology continues to scale. With partners including <strong>General Motors</strong>, <strong>Toyota Motor</strong>, <strong>Mercedes-Benz</strong>, <strong>Volvo</strong>, <strong>Rivian Automotive</strong>, <strong>BYD</strong> and many more, Nvidia stands to benefit from the broader rise of self-driving cars, making the company an agnostic beneficiary of the autonomous vehicle opportunity.</p>
<div class="lb-trans"><p>虽然汽车部门不太可能像数据中心业务那样庞大，但我相信英伟达在这一领域还有很大的增长空间，因为自动驾驶技术正在不断扩展。与 <strong>通用汽车</strong>、<strong>丰田汽车</strong>、<strong>梅赛德斯 - 奔驰</strong>、<strong>沃尔沃</strong>、<strong>Rivian Automotive</strong>、<strong>比亚迪</strong> 等众多合作伙伴合作，英伟达将从自动驾驶汽车的广泛兴起中受益，使其成为自动驾驶机会的中立受益者。</p>
</div><p>Another related opportunity is the rise of AI-powered robotics. Companies such as Tesla and Figure AI are building humanoid robots that are meant to facilitate the workforce in labor-intensive environments such as warehouses. Moreover, Amazon is integrating a number of robotics-driven processes into its fulfillment centers in order to drive more efficiency.</p>
<div class="lb-trans"><p>另一个相关机会是 AI 驱动的机器人技术的崛起。像特斯拉和 Figure AI 这样的公司正在开发人形机器人，旨在帮助劳动密集型环境（如仓库）中的劳动力。此外，亚马逊正在其履行中心整合多种机器人驱动的流程，以提高效率。</p>
</div><p>Nvidia is an investor in Figure AI, and CEO Jensen Huang has touted robotics as multitrillion-dollar opportunity within the broader AI realm.</p>
<div class="lb-trans"><p>英伟达是 Figure AI 的投资者，首席执行官黄仁勋曾表示，机器人技术在更广泛的 AI 领域中是一个万亿级的机会。</p>
</div><p>Lastly, while companies such as <strong>IonQ</strong> and <strong>Rigetti Computing</strong> fetch most of the attention in the world of quantum computing, Nvidia is not a name investors want to sleep on.</p>
<div class="lb-trans"><p>最后，尽管像 <strong>IonQ</strong> 和 <strong>Rigetti Computing</strong> 这样的公司在量子计算领域备受关注，但英伟达并不是投资者想要忽视的名字。</p>
</div><p>Outside of hardware, Nvidia also develops an AI software platform called CUDA. The company has quietly adapted this architecture for other applications with quantum computing being one of them via the introduction of the CUDA-Q platform.</p>
<div class="lb-trans"><p>除了硬件，英伟达还开发了一种名为 CUDA 的 AI 软件平台。该公司悄然将这一架构适配到其他应用中，其中量子计算就是通过引入 CUDA-Q 平台实现的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyOTMvZ2V0dHlpbWFnZXMtODY0NzA3NzQwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824293%2Fgettyimages-864707740.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 a buy right now?</h2>
<div class="lb-trans"><h2>现在英伟达股票值得买吗？</h2>
</div><p>One thread that stitches autonomous driving, robotics, and quantum computing together is that all three technologies are incredibly nascent. Their commercial reach remains limited, but each has the potential to disrupt a number of industries on a global scale. And Nvidia sits right in the middle with the chips and software to power these technologies.</p>
<div class="lb-trans"><p>将自动驾驶、机器人技术和量子计算联系在一起的一个线索是，这三种技术都处于非常初期的阶段。它们的商业覆盖范围仍然有限，但每一种都有潜力在全球范围内颠覆多个行业。而英伟达正好处于中间，拥有为这些技术提供动力的芯片和软件。</p>
</div><p>With Nvidia's valuation multiples down from their peak levels, many investors may see the business as a maturing operation. Others may have doubts around Nvidia's ability to continue accelerating growth and are therefore pricing in some of this risk.</p>
<div class="lb-trans"><p>随着英伟达的估值倍数从峰值水平回落，许多投资者可能将该业务视为一个成熟的运营。其他人可能对英伟达继续加速增长的能力产生怀疑，因此在定价中考虑了一些风险。</p>
</div><p>Given the ideas explored above, I think Nvidia stock is headed higher in the long-run. The resiliency of the company's share price combined with numerous opportunities capable of unlocking further revenue and profits has me optimistic that Nvidia will eclipse its current valuation in the long run.</p>
<div class="lb-trans"><p>考虑到上述观点，我认为英伟达的股票在长期内将会上涨。公司的股价韧性加上众多能够解锁进一步收入和利润的机会让我对英伟达在长期内超越当前估值感到乐观。</p>
</div><p>For these reasons, I think now is a compelling time to scoop up some shares of Nvidia and prepare to hold on tight. The next growth wave appears to be just getting started.</p>
<div class="lb-trans"><p>基于这些原因，我认为现在是购买一些英伟达股票并准备紧紧握住的绝佳时机。下一波增长浪潮似乎刚刚开始。</p>
</div>

After Losing More Than $1 Trillion in Market Cap Earlier This Year, Nvidia Has Reclaimed Its Position as the World's Most Valuable Company. Here's Why I Think It's Headed Even Higher.

- 2025 年初，Nvidia 市值降至约 2.3 万亿美元，较高峰下跌 37%。  
- 主要因素包括中国初创公司 DeepSeek 的竞争及美国关税政策影响。  
- 目前 Nvidia 市值已回升至 4 万亿美元，未来增长潜力仍被看好。

在今年早些时候市值损失超过 1 万亿美元后，NVIDIA 重新夺回了全球最有价值公司的地位。以下是我认为它将继续走高的原因