<p>量子计算正迅速成为推动人工智能（AI）革命的热门新主题之一。在过去一年中，<strong>IonQ</strong>、<strong>Rigetti Computing</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Quantum Computing Inc.</strong> 等公司作为令人兴奋的机会，试图在量子计算领域崭露头角。</p>
<p>虽然 IonQ 及其同行正在追求独特的量子计算方法，但目前尚未达到足以表明其产品和服务在这一阶段真正具有颠覆性的临界质量。然而，在此背景下，半导体巨头 <strong>Nvidia</strong>（NVDA 1.05%）正在悄然进入量子计算领域。</p>
<p>让我们探讨 Nvidia 如何从量子计算中受益，并评估为什么该股票目前对长期投资者来说看起来是一个毫无疑问的买入机会。</p>
<h2>Nvidia 有量子计算业务吗？</h2>
<p>除了其行业领先的芯片帝国外，Nvidia 还建立了一个新兴的软件平台，称为 CUDA。CUDA 作为 Nvidia 整体技术栈的软件支柱，软件开发者可以在 CUDA 上运行 AI 应用程序，并在 Nvidia 的硬件上运行这些程序。</p>
<p>CUDA 与图形处理单元（GPU）的结合使得客户在 Nvidia 生态系统中极为粘性——本质上为公司提供了同时拥有 AI 开发的软件和硬件方面的能力。</p>
<p>随着量子计算的持续发展，Nvidia 自然希望在这一新运动的前沿占据一席之地。更具体地说，该公司提供了 CUDA 平台的扩展，称为 CUDA-Q，旨在应用于传统计算和量子处理。</p>
<p>这里的大想法是，正如 CUDA 已成为现代 AI 开发的基础层，CUDA-Q 也可以作为量子计算的一个重要层——再次将 Nvidia 定位为硬件和软件的核心来源，并增强公司的技术护城河。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>注意量子计算的估值</h2>
<p>投资者常犯的一个错误是通过公司的股价来看待估值。经验丰富的投资者明白，股价只是确定企业价值的一个变量。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="507" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png"/></p>
<p>NVDA PS 比率数据来源于 YCharts</p>
<p>在上面的图表中，Nvidia 与 IonQ 及其较小的同行在市销率（P/S）倍数基础上进行了基准比较。</p>
<p>上述同行中主要的异常值是 Quantum Computing Inc.（也称为 QCi），其市销率接近 4800。这样的估值倍数为何会膨胀到如此戏剧性的水平？答案其实很简单。QCi 的市场价值为 26 亿美元，但该公司在过去一年中仅产生了 38.5 万美元的销售额。</p>
<p>在我看来，QCi 可以被视为一家前期收入企业，几乎没有产品市场契合度，但却凭借其技术未来可能有价值的叙述获得了十亿美元的估值。此外，IonQ、Rigetti 和 D-Wave 的市销率也处于令人不安的类似于股市泡沫的水平。</p>
<p>这些细微差别很重要，需要指出并理解，因为尽管 Nvidia 看起来 “昂贵”，但实际上在这个群体中，它是最便宜的量子计算股票，基于市销率倍数。</p>
<p>另一种看待这一点的方法是，IonQ 和较小的投机性量子计算股票的长期上涨潜力似乎已经被定价。相比之下，Nvidia 更合适的估值倍数可能表明投资者尚未将量子计算等新兴 AI 应用的潜力纳入考虑，仍主要将该公司视为一家芯片股票。</p>
<p>我认为投资者低估了 Nvidia 将其核心芯片业务转向 AI 领域其他部分的潜力。因此，我认为 Nvidia 股票是一个引人注目的买入和持有机会，因为在未来十年中，量子计算等更先进的 AI 应用将逐渐展开。</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>英伟达正在量子计算领域崭露头角，利用其 CUDA 软件平台整合人工智能和量子处理。尽管 IonQ 和 Quantum Computing Inc.等竞争对手的估值很高，但销售额有限，英伟达的市销率则表明其被低估。随着量子计算的逐渐普及，英伟达的硬件和软件双重策略使其在长期增长中处于有利位置，成为希望利用未来人工智能和量子技术进步的投资者的强力买入选择</p>

<p>Quantum computing is swiftly becoming one of the hottest new themes fueling the artificial intelligence (AI) revolution. Over the last year, companies such as <strong>IonQ</strong>, <strong>Rigetti Computing</strong>, <strong>D-Wave Quantum</strong>, and <strong>Quantum Computing Inc.</strong> have emerged as exciting opportunities seeking to make a splash in the quantum computing realm.</p>
<div class="lb-trans"><p>量子计算正迅速成为推动人工智能（AI）革命的热门新主题之一。在过去一年中，<strong>IonQ</strong>、<strong>Rigetti Computing</strong>、<strong>D-Wave Quantum</strong> 和 <strong>Quantum Computing Inc.</strong> 等公司作为令人兴奋的机会，试图在量子计算领域崭露头角。</p>
</div><p>While IonQ and its peers are pursuing unique approaches to quantum computing, none has yet achieved the critical mass needed to suggest their products and services are truly disruptive at this stage. In the background, however, semiconductor powerhouse <strong>Nvidia</strong>(NVDA 1.05%) has been quietly making inroads in the quantum computing arena.</p>
<div class="lb-trans"><p>虽然 IonQ 及其同行正在追求独特的量子计算方法，但目前尚未达到足以表明其产品和服务在这一阶段真正具有颠覆性的临界质量。然而，在此背景下，半导体巨头 <strong>Nvidia</strong>（NVDA 1.05%）正在悄然进入量子计算领域。</p>
</div><p>Let's explore how Nvidia stands to benefit from quantum computing and assess why the stock looks like a no-brainer buy for investors with a long-term time horizon right now.</p>
<div class="lb-trans"><p>让我们探讨 Nvidia 如何从量子计算中受益，并评估为什么该股票目前对长期投资者来说看起来是一个毫无疑问的买入机会。</p>
</div><h2>Does Nvidia have a quantum computing business?</h2>
<div class="lb-trans"><h2>Nvidia 有量子计算业务吗？</h2>
</div><p>In addition to its industry-leading chip empire, Nvidia has also built a budding software platform known as CUDA. CUDA serves as the software backbone for Nvidia's overall tech stack. In essence, software developers can run AI applications on CUDA and run these programs on top of Nvidia's hardware.</p>
<div class="lb-trans"><p>除了其行业领先的芯片帝国外，Nvidia 还建立了一个新兴的软件平台，称为 CUDA。CUDA 作为 Nvidia 整体技术栈的软件支柱，软件开发者可以在 CUDA 上运行 AI 应用程序，并在 Nvidia 的硬件上运行这些程序。</p>
</div><p>The combination of CUDA and graphics processing units (GPUs) has kept customers extremely sticky within the Nvidia ecosystem -- essentially providing the company with an ability to own both the software and hardware aspects of AI development.</p>
<div class="lb-trans"><p>CUDA 与图形处理单元（GPU）的结合使得客户在 Nvidia 生态系统中极为粘性——本质上为公司提供了同时拥有 AI 开发的软件和硬件方面的能力。</p>
</div><p>As quantum computing continues to gain momentum, Nvidia is naturally looking to position itself at the forefront of this new movement. More specifically, the company offers an extension of the CUDA platform known as CUDA-Q, which is geared toward applications across both traditional computing and quantum processing.</p>
<div class="lb-trans"><p>随着量子计算的持续发展，Nvidia 自然希望在这一新运动的前沿占据一席之地。更具体地说，该公司提供了 CUDA 平台的扩展，称为 CUDA-Q，旨在应用于传统计算和量子处理。</p>
</div><p>The big idea here is that much like CUDA has become a foundational layer for modern AI development, CUDA-Q could serve as an essential layer for quantum computing -- once again positioning Nvidia as a central source across both hardware and software and strengthening the company's technological moat.</p>
<div class="lb-trans"><p>这里的大想法是，正如 CUDA 已成为现代 AI 开发的基础层，CUDA-Q 也可以作为量子计算的一个重要层——再次将 Nvidia 定位为硬件和软件的核心来源，并增强公司的技术护城河。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgwODgvZ2V0dHlpbWFnZXMtMTM0NzMxMDM3Ny01LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828088%2Fgettyimages-1347310377-5.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>Pay attention to quantum computing valuations</h2>
<div class="lb-trans"><h2>注意量子计算的估值</h2>
</div><p>A common mistake investors make is viewing valuation through the lens of a company's stock price. Seasoned investors understand that share price is simply one variable in determining the value of a business.</p>
<div class="lb-trans"><p>投资者常犯的一个错误是通过公司的股价来看待估值。经验丰富的投资者明白，股价只是确定企业价值的一个变量。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png" alt="" original-src="https://media.ycharts.com/charts/16ff7882c57cb224d67e206b37a0ebe0.png"/></p>
<p>NVDA PS Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA PS 比率数据来源于 YCharts</p>
</div><p>In the chart above, Nvidia is benchmarked against IonQ and its smaller peers on a price-to-sales (P/S) multiple basis.</p>
<div class="lb-trans"><p>在上面的图表中，Nvidia 与 IonQ 及其较小的同行在市销率（P/S）倍数基础上进行了基准比较。</p>
</div><p>The main outlier in the peer set above is Quantum Computing Inc. (also called QCi), which boasts a P/S ratio of nearly 4,800. How could a valuation multiple balloon to such dramatic levels? The answer is quite simple, really. QCi boasts a market value of $2.6 billion, and yet the company has only generated $385,000 in sales over the past year.</p>
<div class="lb-trans"><p>上述同行中主要的异常值是 Quantum Computing Inc.（也称为 QCi），其市销率接近 4800。这样的估值倍数为何会膨胀到如此戏剧性的水平？答案其实很简单。QCi 的市场价值为 26 亿美元，但该公司在过去一年中仅产生了 38.5 万美元的销售额。</p>
</div><p>In my eyes, QCi could be seen in the same light as a pre-revenue business with little product-market fit and yet somehow has garnered a billion-dollar valuation purely based on the narrative that its technology might one day be worth something. In addition, IonQ, Rigetti, and D-Wave each boast P/S multiples at levels that are eerily reminiscent of stock market bubbles.</p>
<div class="lb-trans"><p>在我看来，QCi 可以被视为一家前期收入企业，几乎没有产品市场契合度，但却凭借其技术未来可能有价值的叙述获得了十亿美元的估值。此外，IonQ、Rigetti 和 D-Wave 的市销率也处于令人不安的类似于股市泡沫的水平。</p>
</div><p>These nuances are important to call out and understand because even though Nvidia may look &#34;expensive,&#34; it's actually the cheapest quantum computing stock in this cohort based on P/S multiples.</p>
<div class="lb-trans"><p>这些细微差别很重要，需要指出并理解，因为尽管 Nvidia 看起来 “昂贵”，但实际上在这个群体中，它是最便宜的量子计算股票，基于市销率倍数。</p>
</div><p>Another way of looking at this is that much (if not all) of the long-run upside appears to be priced in to IonQ and the smaller speculative quantum computing stocks. By contrast, Nvidia's more appropriate valuation multiple could suggest that investors are not yet pricing in the upside of emerging AI applications such as quantum computing and still primarily view the company as solely a chip stock.</p>
<div class="lb-trans"><p>另一种看待这一点的方法是，IonQ 和较小的投机性量子计算股票的长期上涨潜力似乎已经被定价。相比之下，Nvidia 更合适的估值倍数可能表明投资者尚未将量子计算等新兴 AI 应用的潜力纳入考虑，仍主要将该公司视为一家芯片股票。</p>
</div><p>I think investors are discounting Nvidia's potential to parlay its core chip business to other pockets of the AI realm. For these reasons, I think Nvidia stock is a compelling buy-and-hold opportunity as more advanced AI applications such as quantum computing unfold over the next decade.</p>
<div class="lb-trans"><p>我认为投资者低估了 Nvidia 将其核心芯片业务转向 AI 领域其他部分的潜力。因此，我认为 Nvidia 股票是一个引人注目的买入和持有机会，因为在未来十年中，量子计算等更先进的 AI 应用将逐渐展开。</p>
</div>

When You Look Back in 10 Years, You'll Wish You'd Bought This Magnificent Quantum Computing Stock (Hint: It's Not IonQ)

- 量子计算正迅速成为人工智能革命的新主题。  
- Nvidia 在量子计算领域逐渐崭露头角，推出 CUDA-Q 平台。  
- 尽管 Nvidia 股价看似昂贵，但其估值在同行中相对便宜。  

十年后回顾时，你会希望自己曾购买过这只出色的量子计算股票（提示：它不是 IonQ）