<p>在过去几年中，没有哪家公司比 <strong>Nvidia</strong>(NVDA -3.14%) 更受关注。作为支持人工智能（AI）训练的图形处理单元（GPU）领导者，Nvidia 以显著的方式赢得了投资者的青睐。</p>
<p>在过去五年中，这只顶级 AI 股票飙升了 1,590%。相比之下，<strong>标准普尔 500 指数</strong> 在同一时期仅上涨了 95%。投资者显然对这项业务情有独钟，他们相信它是并将继续成为 AI 驱动的技术转型中的赢家。</p>
<p>但对于新接触这家公司的投资者或那些希望增加持仓的人来说，Nvidia 在股价创下历史新高的情况下，是否仍然值得购买？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MDQvbnZpZGlhLWRlc2t0b3Atd2l0aC1udmlkaWEtZ3B1LWluc2lkZS1hbmQtaGlnaGxpZ2h0ZWQucG5nJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MDQvbnZpZGlhLWRlc2t0b3Atd2l0aC1udmlkaWEtZ3B1LWluc2lkZS1hbmQtaGlnaGxpZ2h0ZWQucG5nJnc9NzAw"/></p>
<p>图片来源：Nvidia。</p>
<h2>惊人的财务表现</h2>
<p>Nvidia 数据中心 GPU 的需求不可小觑。在 2020 财年到 2025 财年之间，公司的总收入以 64% 的复合年增长率增长。在 2026 财年第一季度（截至 4 月 27 日），总收入同比飙升 69%，达到 441 亿美元。</p>
<p>Nvidia 的盈利能力同样令人印象深刻，得益于强大的定价能力。上个季度的净收入总计 188 亿美元，公司的净利润率在过去五年中平均达到 36%。</p>
<p>如此卓越的财务表现，得益于 Nvidia 在 AI 领域建立的主导地位。它已将自己定位为支持 AI 基础设施开发的领先 “铲子和镐” 企业，平台和应用将在其基础上构建。归根结底，Nvidia 的股东不需要在 OpenAI 的 ChatGPT、Anthropic 的 Claude 或 <strong>Alphabet</strong> 的 Gemini 之间做出选择——只要整体 AI 行业继续扩展，他们就能受益。</p>
<h2>投资者不应忽视关键风险因素</h2>
<p>Nvidia 最近宣布，经过美国政府批准公司的出口许可证申请后，它应该很快能够在中国出口和销售其 H20 芯片。管理层表示，现有的出口限制导致上个季度损失了 25 亿美元的 H20 收入。</p>
<p>虽然新的批准是一个积极的发展，因为它重新开放了 AI 芯片的主要市场，但这也突显了贸易形势的动态变化。特朗普政府随时可能改变方向，随着 AI 技术越来越被视为具有地缘政治影响的话题，美中之间紧张的关系仍可能影响 Nvidia 未来的业务。这一风险不应被忽视。</p>
<p>还有关于可能的经济衰退会对所有这些 AI 支出产生什么影响的不确定性。如果经济状况恶化，管理层可能会削减资本支出计划，从而给 Nvidia 的销售带来压力。</p>
<h2>Nvidia 的估值令人难以置信</h2>
<p>没有多少股票像 Nvidia 一样经历了如此陡峭的增长。毕竟，在过去五年中，股价几乎上涨了 17 倍。即使你认为这家公司已经变得过于庞大，市值现在达到 4.2 万亿美元，无法再上涨，Nvidia 仍然继续证明怀疑者是错误的。同样，当前的估值仍然合理也令人难以置信。</p>
<p>尽管股价创下历史新高，投资者仍可以以 39.9 的前瞻市盈率购买该股票。与此同时，分析师的共识预期在 2025 财年至 2028 财年之间每股收益将以 32% 的年化速度增长。这样的增长水平使得溢价估值看起来更加合理。</p>
<p>凭借 Nvidia 在行业中的主导地位、令人印象深刻的增长和可观的利润率，尽管股价接近历史高位，购买该股票的理由依然令人信服。</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 1590%，显著超过了标准普尔 500 指数。该公司报告了同比 69% 的收入增长，净收入为 188 亿美元，利润率为 36%。尽管最近获得了向中国出口 H20 芯片的批准，但由于地缘政治紧张局势和潜在的经济衰退对人工智能支出的影响，风险依然存在。英伟达目前的估值，前瞻市盈率为 39.9，被认为较高，但强劲的增长预期使其成为一个有吸引力的投资机会</p>

<p>There has been no company that has gotten more attention in the past couple of years than <strong>Nvidia</strong>(NVDA -3.14%). The leader in graphics processing units (GPUs) that support artificial intelligence (AI) training has won over investors in remarkable fashion.</p>
<div class="lb-trans"><p>在过去几年中，没有哪家公司比 <strong>Nvidia</strong>(NVDA -3.14%) 更受关注。作为支持人工智能（AI）训练的图形处理单元（GPU）领导者，Nvidia 以显著的方式赢得了投资者的青睐。</p>
</div><p>In just the last five years, this top AI stock has soared 1,590%. For comparison's sake, the <strong>S&amp;P 500</strong> index is up just 95% over the same period. Investors are clearly enamored with the business, which they believe is and will continue to be a winner as an AI-driven technological shift takes shape.</p>
<div class="lb-trans"><p>在过去五年中，这只顶级 AI 股票飙升了 1,590%。相比之下，<strong>标准普尔 500 指数</strong> 在同一时期仅上涨了 95%。投资者显然对这项业务情有独钟，他们相信它是并将继续成为 AI 驱动的技术转型中的赢家。</p>
</div><p>But for investors new to the company or those looking to increase their position, is Nvidia still a buy with shares trading at their all-time high?</p>
<div class="lb-trans"><p>但对于新接触这家公司的投资者或那些希望增加持仓的人来说，Nvidia 在股价创下历史新高的情况下，是否仍然值得购买？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4MDQvbnZpZGlhLWRlc2t0b3Atd2l0aC1udmlkaWEtZ3B1LWluc2lkZS1hbmQtaGlnaGxpZ2h0ZWQucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824804%2Fnvidia-desktop-with-nvidia-gpu-inside-and-highlighted.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><h2>Incredible financial performance</h2>
<div class="lb-trans"><h2>惊人的财务表现</h2>
</div><p>The demand for Nvidia's data center GPUs is impossible to overstate. Between fiscal 2020 and fiscal 2025, the company's total revenue increased at a compound annual rate of 64%. And during the first quarter of fiscal 2026 (ended April 27), the top line soared 69% year over year to $44.1 billion.</p>
<div class="lb-trans"><p>Nvidia 数据中心 GPU 的需求不可小觑。在 2020 财年到 2025 财年之间，公司的总收入以 64% 的复合年增长率增长。在 2026 财年第一季度（截至 4 月 27 日），总收入同比飙升 69%，达到 441 亿美元。</p>
</div><p>Nvidia's profitability is also impressive, driven by strong pricing power. Net income totaled $18.8 billion last quarter, and the company's net profit margin has averaged a superb 36% over the past five years.</p>
<div class="lb-trans"><p>Nvidia 的盈利能力同样令人印象深刻，得益于强大的定价能力。上个季度的净收入总计 188 亿美元，公司的净利润率在过去五年中平均达到 36%。</p>
</div><p>Such an exceptional financial performance has only been possible thanks to the dominant position Nvidia has established in AI. It has positioned itself as the leading picks-and-shovels play, supporting the development of the AI infrastructure atop which platforms and apps will be built. At the end of the day, Nvidia shareholders don't need to choose between OpenAI's ChatGPT, Anthropic's Claude, or <strong>Alphabet</strong>'s Gemini -- they stand to benefit as long as the overall AI industry continues to expand.</p>
<div class="lb-trans"><p>如此卓越的财务表现，得益于 Nvidia 在 AI 领域建立的主导地位。它已将自己定位为支持 AI 基础设施开发的领先 “铲子和镐” 企业，平台和应用将在其基础上构建。归根结底，Nvidia 的股东不需要在 OpenAI 的 ChatGPT、Anthropic 的 Claude 或 <strong>Alphabet</strong> 的 Gemini 之间做出选择——只要整体 AI 行业继续扩展，他们就能受益。</p>
</div><h2>Investors shouldn't overlook key risk factors</h2>
<div class="lb-trans"><h2>投资者不应忽视关键风险因素</h2>
</div><p>Nvidia recently announced that it should soon be able to export and sell its H20 chips in China, following the U.S. government's approval of the company's application for export licenses. Management stated that existing export restrictions resulted in $2.5 billion in lost H20 revenue last quarter.</p>
<div class="lb-trans"><p>Nvidia 最近宣布，经过美国政府批准公司的出口许可证申请后，它应该很快能够在中国出口和销售其 H20 芯片。管理层表示，现有的出口限制导致上个季度损失了 25 亿美元的 H20 收入。</p>
</div><p>While the new approval is a positive development as it reopens a major market for AI chips, it also highlights just how dynamic the trade situation has been. The Trump administration is willing to change course in an instant, and as AI technology is increasingly viewed as a topic with geopolitical ramifications, the tense relationship between the U.S. and China can still affect Nvidia's business in the future. This risk shouldn't be ignored.</p>
<div class="lb-trans"><p>虽然新的批准是一个积极的发展，因为它重新开放了 AI 芯片的主要市场，但这也突显了贸易形势的动态变化。特朗普政府随时可能改变方向，随着 AI 技术越来越被视为具有地缘政治影响的话题，美中之间紧张的关系仍可能影响 Nvidia 未来的业务。这一风险不应被忽视。</p>
</div><p>There's also the uncertainty around what a possible recession might do to all this AI spending. Should economic conditions deteriorate, executives will likely cut their capital spending plans, putting Nvidia's sales under pressure.</p>
<div class="lb-trans"><p>还有关于可能的经济衰退会对所有这些 AI 支出产生什么影响的不确定性。如果经济状况恶化，管理层可能会削减资本支出计划，从而给 Nvidia 的销售带来压力。</p>
</div><h2>Nvidia's valuation is hard to believe</h2>
<div class="lb-trans"><h2>Nvidia 的估值令人难以置信</h2>
</div><p>There aren't many stocks that have gone parabolic like Nvidia has. After all, over the past five years, shares have climbed nearly 17-fold. Even when you think the company has gotten too large or the market cap, now at $4.2 trillion, can't go any higher, Nvidia continues to prove the skeptics wrong. Along the same vein, it's hard to believe the current valuation is still reasonable.</p>
<div class="lb-trans"><p>没有多少股票像 Nvidia 一样经历了如此陡峭的增长。毕竟，在过去五年中，股价几乎上涨了 17 倍。即使你认为这家公司已经变得过于庞大，市值现在达到 4.2 万亿美元，无法再上涨，Nvidia 仍然继续证明怀疑者是错误的。同样，当前的估值仍然合理也令人难以置信。</p>
</div><p>While shares trade at an all-time high, investors can buy the stock at a forward price-to-earnings ratio of 39.9. Meanwhile, the consensus analyst estimate calls for earnings per share to grow at an annualized pace of 32% between fiscal 2025 and fiscal 2028. That level of growth makes the premium valuation look far more reasonable.</p>
<div class="lb-trans"><p>尽管股价创下历史新高，投资者仍可以以 39.9 的前瞻市盈率购买该股票。与此同时，分析师的共识预期在 2025 财年至 2028 财年之间每股收益将以 32% 的年化速度增长。这样的增长水平使得溢价估值看起来更加合理。</p>
</div><p>With Nvidia's dominance in the industry, impressive growth, and substantial margins, the case for buying the stock remains compelling, even as it trades near record levels.</p>
<div class="lb-trans"><p>凭借 Nvidia 在行业中的主导地位、令人印象深刻的增长和可观的利润率，尽管股价接近历史高位，购买该股票的理由依然令人信服。</p>
</div>

Up 1,590%, Should You Buy Nvidia at Its All-Time High?

- Nvidia 在过去几年中备受关注，股价上涨 1,590%。
- 财报显示，2026 财年第一季度收入同比增长 69%，净利润达 188 亿美元。
- 但需警惕中美贸易风险及经济衰退对 AI 支出的影响。

英伟达上涨了 1590%，你是否应该在其历史高点买入？