<p>在 2025 年开局不利后，<strong>英伟达</strong>(NVDA 0.37%) 的股价在过去三个月中表现出色。该芯片制造商在 4 月 7 日创下 52 周低点，此后股价飙升了惊人的 69%，成为全球首家市值达到 4 万亿美元的公司。</p>
<p>英伟达最近的股价上涨并不令人意外，因为年初股价的下跌似乎并不合理，考虑到其因对人工智能（AI）芯片的强劲需求而持续实现的卓越增长。</p>
<p>然而，投资者可能会想知道，在最近的反弹之后，是否值得购买更多英伟达的股票。让我们来探讨一下。</p>
<h2>英伟达再次以高估值交易</h2>
<p>英伟达股票在过去三个月的飙升使其变得昂贵。这一点从以下图表中可以明显看出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png"/></p>
<p>NVDA 市盈率数据来源于 YCharts</p>
<p>在 4 月初，当英伟达的市盈率（P/E）在 30 出头时，投资者以极具吸引力的价格购买了这家快速增长的公司，远低于其五年平均市盈率 70。低于 25 的前瞻市盈率更是吸引人。那时，这家芯片巨头的交易价格相较于科技股密集的纳斯达克 100 指数的平均市盈率 32 有着不错的折扣，而那些在那时购买股票的聪明投资者如今都获得了可观的收益。</p>
<p>好的一面是，英伟达仍然有能力证明其高估值是合理的，并在未来为投资者带来更多收益，这得益于其所处的多个催化因素。从 AI 芯片到加速计算，再到云游戏和企业软件，英伟达将从多个数十亿美元的终端市场中受益，这些市场将帮助其在未来保持稳健的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="594" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>投资者应关注更大的图景</h2>
<p>共识预测显示，英伟达在 2026 财年的收入将增长 53%，接近 2000 亿美元。该公司的数据中心业务在上一季度贡献了 88% 的收入，预计将在本财年占据其收入的很大一部分。假设英伟达的数据中心业务在 2026 财年占据其收入的 90%，那么该部门的收入将达到 1800 亿美元。</p>
<p>这将比上一财年增长 56%。这种强劲增长得益于对英伟达 AI 图形处理单元（GPU）的巨大需求，这些 GPU 被部署在数据中心用于 AI 模型的训练和推理。根据 <strong>美国银行</strong> 的预测，英伟达预计将继续成为 AI 芯片市场的最大参与者，市场份额预计在 80% 到 85% 之间。</p>
<p>美国银行分析师 Vivek Arya 指出，英伟达庞大的客户基础和对供应链的控制将确保这家芯片制造商在这个利润丰厚的市场中保持领先地位。这正是英伟达的数据中心业务仍有很大增长空间的原因。根据麦肯锡的预测，到 2030 年，预计将在 AI 数据中心上花费高达 5.2 万亿美元，此外还将有 1.5 万亿美元用于处理非 AI 工作负载的数据中心。</p>
<p>该咨询公司还指出，这项预计投资的最大部分——60%——将用于设计和制造芯片及计算硬件的公司。这可能使英伟达在未来五年内的数据中心芯片收入机会达到惊人的 4 万亿美元，远超该公司在当前财年可能产生的收入。</p>
<p>即使英伟达在数据中心芯片市场上失去竞争优势，它在未来五年内仍然可以在这一领域实现指数级增长，从而推动其收入飙升。同时，该公司企业 AI 软件解决方案的需求也在快速增长，这些解决方案帮助客户构建 AI 代理和其他应用程序，并帮助他们管理 AI 基础设施以确保生产力和安全性。</p>
<p>在 2025 年 2 月，英伟达管理层指出，其企业收入在季度基础上同比几乎翻了一番，因为客户正在部署其解决方案来微调他们的 AI 模型并开发智能 AI 应用程序等。该公司声称，其生成式 AI 软件平台正在帮助客户显著提高大型语言模型（LLM）的准确性并减少响应时间。</p>
<p>预计到 2030 年，企业 AI 市场将产生 1040 亿美元的收入，因此看到这一业务在长期内对公司产生显著影响并不令人惊讶。</p>
<p>投资者应超越分析师的预测和估值指标，因为即使在近年来收入和盈利的惊人增长之后，英伟达似乎仍处于一个显著的增长曲线的起点。英伟达潜在的收入机会足够庞大，可以帮助其超越市场的预期，这可能推动这只 AI 股票在未来五年内的市值达到甚至 10 万亿美元。</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

<p>英伟达的股票自 4 月触及 52 周低点以来已上涨 69%，成为首家市值达到 4 万亿美元的公司。尽管其估值较高，但由于对人工智能芯片的强劲需求，分析师预计 2026 财年的收入将增长 53%，主要来自其数据中心业务。英伟达预计将在人工智能芯片市场保持主导市场份额，并在数据中心和企业人工智能软件市场拥有显著的增长机会，这可能在未来几年带来可观的收入增长</p>

<p>After starting 2025 poorly, shares of <strong>Nvidia</strong>(NVDA 0.37%) have rallied impressively in the past three months. The chipmaker hit a 52-week low on April 7, and it has since shot up a remarkable 69% since then to become the first company in the world to achieve a $4 trillion market capitalization.</p>
<div class="lb-trans"><p>在 2025 年开局不利后，<strong>英伟达</strong>(NVDA 0.37%) 的股价在过去三个月中表现出色。该芯片制造商在 4 月 7 日创下 52 周低点，此后股价飙升了惊人的 69%，成为全球首家市值达到 4 万亿美元的公司。</p>
</div><p>Nvidia's recent jump isn't surprising, as the stock's dip earlier in the year didn't seem justified considering the outstanding growth it has been consistently clocking on account of the terrific demand for its artificial intelligence (AI) chips.</p>
<div class="lb-trans"><p>英伟达最近的股价上涨并不令人意外，因为年初股价的下跌似乎并不合理，考虑到其因对人工智能（AI）芯片的强劲需求而持续实现的卓越增长。</p>
</div><p>However, investors may be wondering right now if it is worth buying more shares of Nvidia following its latest rally. Let's try to find out.</p>
<div class="lb-trans"><p>然而，投资者可能会想知道，在最近的反弹之后，是否值得购买更多英伟达的股票。让我们来探讨一下。</p>
</div><h2>Nvidia is trading at a rich valuation once again</h2>
<div class="lb-trans"><h2>英伟达再次以高估值交易</h2>
</div><p>Nvidia stock's surge in the past three-odd months has made it expensive. This is evident from the following chart.</p>
<div class="lb-trans"><p>英伟达股票在过去三个月的飙升使其变得昂贵。这一点从以下图表中可以明显看出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png" alt="" original-src="https://media.ycharts.com/charts/d124567c5236524d8c710ca449d624af.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率数据来源于 YCharts</p>
</div><p>Investors were getting a great deal on this fast-growing company in early April when its trailing price-to-earnings (P/E) ratio was in the low 30s, well below its five-year average earnings multiple of 70. The forward P/E ratio of less than 25 was even more attractive. The chip giant was trading at a nice discount to the tech-laden Nasdaq-100's average earnings multiple of 32 at that time, and savvy investors who bought the stock then are sitting on impressive gains as of this writing.</p>
<div class="lb-trans"><p>在 4 月初，当英伟达的市盈率（P/E）在 30 出头时，投资者以极具吸引力的价格购买了这家快速增长的公司，远低于其五年平均市盈率 70。低于 25 的前瞻市盈率更是吸引人。那时，这家芯片巨头的交易价格相较于科技股密集的纳斯达克 100 指数的平均市盈率 32 有着不错的折扣，而那些在那时购买股票的聪明投资者如今都获得了可观的收益。</p>
</div><p>The good part is that Nvidia still has the ability to justify its expensive multiples and deliver more gains to investors in the future thanks to the multiple catalysts it is sitting on. From AI chips to accelerated computing to cloud gaming to enterprise software, Nvidia is set to benefit from several multibillion-dollar end markets that could help it keep growing at a solid pace for a long time to come.</p>
<div class="lb-trans"><p>好的一面是，英伟达仍然有能力证明其高估值是合理的，并在未来为投资者带来更多收益，这得益于其所处的多个催化因素。从 AI 芯片到加速计算，再到云游戏和企业软件，英伟达将从多个数十亿美元的终端市场中受益，这些市场将帮助其在未来保持稳健的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ5MTMvcGVyc29uLWZvbGRlZC1oYW5kcy1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824913%2Fperson-folded-hands-computer.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>Investors would do well to look at the bigger picture</h2>
<div class="lb-trans"><h2>投资者应关注更大的图景</h2>
</div><p>Consensus estimates are projecting a 53% increase in Nvidia's revenue in fiscal 2026 to almost $200 billion. The company's data center business, which produced 88% of its revenue in the previous quarter, is going to account for a huge chunk of its top line in the ongoing fiscal year. Assuming Nvidia's data center business produces 90% of its top line in fiscal 2026, its revenue from this segment would land at $180 billion.</p>
<div class="lb-trans"><p>共识预测显示，英伟达在 2026 财年的收入将增长 53%，接近 2000 亿美元。该公司的数据中心业务在上一季度贡献了 88% 的收入，预计将在本财年占据其收入的很大一部分。假设英伟达的数据中心业务在 2026 财年占据其收入的 90%，那么该部门的收入将达到 1800 亿美元。</p>
</div><p>That would be a 56% increase over the previous fiscal year. This robust growth is being driven by the huge demand for Nvidia's AI graphics processing units (GPUs) which are being deployed in data centers for AI model training and inference purposes. Nvidia is expected to remain the biggest player in the AI chip market with an estimated market share of 80% to 85%, according to <strong>Bank of America</strong>.</p>
<div class="lb-trans"><p>这将比上一财年增长 56%。这种强劲增长得益于对英伟达 AI 图形处理单元（GPU）的巨大需求，这些 GPU 被部署在数据中心用于 AI 模型的训练和推理。根据 <strong>美国银行</strong> 的预测，英伟达预计将继续成为 AI 芯片市场的最大参与者，市场份额预计在 80% 到 85% 之间。</p>
</div><p>Bank of America analyst Vivek Arya points out that the scale of Nvidia's customer base and its control over the supply chain will ensure that the chipmaker remains the top dog in this lucrative market. That's precisely the reason why Nvidia's data center business still has a lot of room for growth. According toMcKinsey, a whopping $5.2 trillion is expected to be spent on AI data centers by 2030, along with an additional $1.5 trillion on data centers for handling non-AI workloads.</p>
<div class="lb-trans"><p>美国银行分析师 Vivek Arya 指出，英伟达庞大的客户基础和对供应链的控制将确保这家芯片制造商在这个利润丰厚的市场中保持领先地位。这正是英伟达的数据中心业务仍有很大增长空间的原因。根据麦肯锡的预测，到 2030 年，预计将在 AI 数据中心上花费高达 5.2 万亿美元，此外还将有 1.5 万亿美元用于处理非 AI 工作负载的数据中心。</p>
</div><p>The consulting firm also points out that the largest chunk of this projected investment -- 60% -- will go toward companies that design and manufacture chips and computing hardware. That could put Nvidia's potential data center chip revenue opportunity at a whopping $4 trillion after five years, much more than the revenue that the company is likely to generate in the current fiscal year.</p>
<div class="lb-trans"><p>该咨询公司还指出，这项预计投资的最大部分——60%——将用于设计和制造芯片及计算硬件的公司。这可能使英伟达在未来五年内的数据中心芯片收入机会达到惊人的 4 万亿美元，远超该公司在当前财年可能产生的收入。</p>
</div><p>Even if Nvidia loses ground in the data center chip market to its rivals, it can still witness exponential growth in this segment over the next five years that could send its revenue soaring. At the same time, demand for the company's enterprise AI software solutions, which help customers build AI agents and other applications, apart from helping them manage their AI infrastructure to ensure productivity and security, has been growing at a nice clip.</p>
<div class="lb-trans"><p>即使英伟达在数据中心芯片市场上失去竞争优势，它在未来五年内仍然可以在这一领域实现指数级增长，从而推动其收入飙升。同时，该公司企业 AI 软件解决方案的需求也在快速增长，这些解决方案帮助客户构建 AI 代理和其他应用程序，并帮助他们管理 AI 基础设施以确保生产力和安全性。</p>
</div><p>In February 2025, Nvidia management pointed out that its enterprise revenue almost doubled year over year on a quarterly basis as customers are deploying its solutions to fine-tune their AI models and to develop agentic AI applications, among others. The company claims that its generative AI software platform is helping customers to significantly increase accuracy and reduce the response time of their large language models (LLMs).</p>
<div class="lb-trans"><p>在 2025 年 2 月，英伟达管理层指出，其企业收入在季度基础上同比几乎翻了一番，因为客户正在部署其解决方案来微调他们的 AI 模型并开发智能 AI 应用程序等。该公司声称，其生成式 AI 软件平台正在帮助客户显著提高大型语言模型（LLM）的准确性并减少响应时间。</p>
</div><p>With the enterprise AI market expected to generate $104 billion in revenue in 2030, it won't be surprising to see this business move the needle in a significant way for the company in the long run.</p>
<div class="lb-trans"><p>预计到 2030 年，企业 AI 市场将产生 1040 亿美元的收入，因此看到这一业务在长期内对公司产生显著影响并不令人惊讶。</p>
</div><p>Investors would do well to look past analysts' estimates and the valuation metrics, as Nvidia seems to be at the beginning of a remarkable growth curve even after the scintillating gains that it has recorded in revenue and earnings in recent years. Nvidia's potential revenue opportunity is massive enough to help it crush the market's expectations, and that could fuel this AI stock's rise to even a $10 trillion valuation in the next five years.</p>
<div class="lb-trans"><p>投资者应超越分析师的预测和估值指标，因为即使在近年来收入和盈利的惊人增长之后，英伟达似乎仍处于一个显著的增长曲线的起点。英伟达潜在的收入机会足够庞大，可以帮助其超越市场的预期，这可能推动这只 AI 股票在未来五年内的市值达到甚至 10 万亿美元。</p>
</div>

Is Nvidia Stock a Buy Now?

- 英伟达股价在过去三个月上涨 69%，市值达 4 万亿美元。  
- 预计 2026 财年收入将增长 53%，数据中心业务占比将达 90%。  
- AI 芯片市场需求强劲，英伟达有望在未来五年实现显著增长。  

英伟达的股票现在是否值得购买？