<p>今年对于 <strong>英伟达</strong>(NVDA 0.58%) 的股东来说，犹如一场情绪过山车。在新关税的消息以及中国竞争加剧的影响下，公司的股价在今年早些时候暴跌了多达 30%，市值蒸发近 1 万亿美元。</p>
<p>如此急剧的下跌可能暗示英伟达的最佳时光已经过去，但该股最近的表现却表明并非如此。</p>
<p>截至 8 月 7 日，其股价已从 2025 年的低点反弹了 93%，目前市值达到 4.4 万亿美元，成为全球最有价值的公司。</p>
<p>在如此强劲的势头推动下，投资英伟达是否已经为时已晚？继续阅读以了解更多。</p>
<h2>大型科技公司在英伟达的芯片上花费巨资</h2>
<p>英伟达最大的收入来源是其计算和网络业务。该部门包括公司的数据中心服务和备受追捧的图形处理单元（GPU）。</p>
<p>评估其业务健康状况的一个好方法是观察人工智能（AI）的支出。下图展示了过去三年云超大规模公司 <strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>字母表</strong> 以及社交媒体公司 <strong>Meta Platforms</strong> 的资本支出情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="490" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png"/></p>
<p>AMZN 资本支出（TTM）数据来源于 YCharts；TTM = 最近 12 个月。</p>
<p>这些&#34;七大巨头&#34;公司证明，加速的 AI 基础设施支出是英伟达芯片帝国的强大助力。</p>
<p>除了通常的科技巨头，<strong>甲骨文</strong> 的云基础设施服务的日益采用，以及 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong> 等新云平台，提供了另一种 GPU 需求来源，尤其是针对英伟达最新的 Blackwell 架构。新云平台目前受到关注，因为它们以高性能计算（HPC）服务和通过基于云的基础设施访问 GPU 集群的形式提供灵活的软件硬件堆栈。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="437" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>新机会正在出现</h2>
<p>在过去几年中，投资者反复听到评论员谈论数据中心在推动生成性 AI 发展中的重要性。这一点是正确的，但我认为许多投资者在 AI 基础设施支出的演变方面错过了更广泛的视角。</p>
<p>AI 采用的新阶段涉及机器人技术、自动驾驶和量子计算等复杂工作负载。像字母表和 <strong>特斯拉</strong> 这样的公司开始将其自动驾驶汽车货币化，而微软、字母表和亚马逊都在开发自己的定制量子计算芯片。</p>
<p>英伟达刚刚开始在这些新兴机会中扩大其芯片和 CUDA 软件平台的规模。鉴于公司与大型科技公司的深度整合，我对其产品组合在未来更先进的 AI 发展中仍将至关重要持乐观态度。</p>
<h2>到 2025 年底，英伟达的股票价值将是多少？</h2>
<p>下图展示了公司在 AI 革命期间的前瞻市盈率（P/E）倍数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png"/></p>
<p>NVDA 市盈率（前瞻）数据来源于 YCharts。</p>
<p>考虑到上述趋势，前瞻市盈率在 24 到 30 之间的区间可以视为英伟达的支撑区或估值底线。每当其前瞻市盈率跌入此区间时，股价都会强劲反弹。在我看来，这表明投资者仍然看好公司的长期强劲增长，尽管偶尔会出现情绪低迷的短暂时期。</p>
<p>我认为这些估值趋势微妙地暗示市场可能低估了英伟达无处不在的平台的全部潜力。尽管公司在 AI 基础设施方面的影响力巨大，但许多投资者仍然仅仅将其视为半导体业务。随着这些新机会的实现，我认为该股有望实现长期突破——类似于几年前 AI 驱动的初次热潮。</p>
<p>尽管其前瞻市盈率迅速接近之前的高点，但我认为可以合理地认为公司有望进一步扩展估值，并可能达到或超过历史水平。我的逻辑是，未来在机器人技术、自动驾驶汽车和量子计算方面的货币化潜力仍在形成中，尚未完全反映在投资者的股价中。</p>
<p>如果英伟达当前的前瞻市盈率在年底前扩展到与之前高点相符的水平，股价可能会突破 200 美元，接近 220 美元——这意味着相较于当前价格水平上涨 10% 到 20%。因此，我认为到年底，英伟达的股票交易价格将显著高于现在的水平。</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>英伟达的股票自 2025 年低点反弹了 93%，目前市值为 4.4 万亿美元。公司的增长受到主要科技公司增加人工智能基础设施支出的推动。分析师预测，到 2025 年底，英伟达的股票可能达到 220 美元，反映出相较于当前水平有 10-20% 的潜在增长，因为机器人技术、自动驾驶汽车和量子计算等新机会正在出现。尽管过去曾出现下滑，市场可能低估了英伟达的长期增长潜力</p>

<p>This year has been an emotional roller coaster for shareholders of <strong>Nvidia</strong>(NVDA 0.58%). Following the news of new tariffs, in combination with intensifying competition in China, the company's shares plummeted by as much as 30% earlier this year, wiping out nearly $1 trillion in market value.</p>
<div class="lb-trans"><p>今年对于 <strong>英伟达</strong>(NVDA 0.58%) 的股东来说，犹如一场情绪过山车。在新关税的消息以及中国竞争加剧的影响下，公司的股价在今年早些时候暴跌了多达 30%，市值蒸发近 1 万亿美元。</p>
</div><p>Such precipitous declines may have suggested that Nvidia's best days were in the rearview mirror, but the stock's more recent performance says otherwise.</p>
<div class="lb-trans"><p>如此急剧的下跌可能暗示英伟达的最佳时光已经过去，但该股最近的表现却表明并非如此。</p>
</div><p>As of Aug. 7, it had rebounded by 93% from its 2025 lows and now has a market capitalization of $4.4 trillion, making it the most valuable company in the world.</p>
<div class="lb-trans"><p>截至 8 月 7 日，其股价已从 2025 年的低点反弹了 93%，目前市值达到 4.4 万亿美元，成为全球最有价值的公司。</p>
</div><p>With such strong momentum fueling the stock to new highs, is it too late to invest in Nvidia? Read on to find out.</p>
<div class="lb-trans"><p>在如此强劲的势头推动下，投资英伟达是否已经为时已晚？继续阅读以了解更多。</p>
</div><h2>Big tech is spending big bucks on Nvidia's chips</h2>
<div class="lb-trans"><h2>大型科技公司在英伟达的芯片上花费巨资</h2>
</div><p>Nvidia's largest source of revenue is its computing and networking business. This segment comprises the company's data center services and highly coveted graphics processing units (GPUs).</p>
<div class="lb-trans"><p>英伟达最大的收入来源是其计算和网络业务。该部门包括公司的数据中心服务和备受追捧的图形处理单元（GPU）。</p>
</div><p>A good way to gauge the health of its business is to look at spending on artificial intelligence (AI). The chart below illustrates capital expenditures over the last three years for cloud hyperscalers <strong>Amazon</strong>, <strong>Microsoft</strong>, and <strong>Alphabet</strong>, along with social media company <strong>Meta Platforms</strong>.</p>
<div class="lb-trans"><p>评估其业务健康状况的一个好方法是观察人工智能（AI）的支出。下图展示了过去三年云超大规模公司 <strong>亚马逊</strong>、<strong>微软</strong> 和 <strong>字母表</strong> 以及社交媒体公司 <strong>Meta Platforms</strong> 的资本支出情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png" alt="" original-src="https://media.ycharts.com/charts/eb67dda5bb253f8ccc1e9a14fc2e1db7.png"/></p>
<p>AMZN Capital Expenditures (TTM) data by YCharts; TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 资本支出（TTM）数据来源于 YCharts；TTM = 最近 12 个月。</p>
</div><p>These &#34;Magnificent Seven&#34; companies prove that accelerating AI infrastructure spending is a powerful tailwind for Nvidia's chip empire.</p>
<div class="lb-trans"><p>这些&#34;七大巨头&#34;公司证明，加速的 AI 基础设施支出是英伟达芯片帝国的强大助力。</p>
</div><p>Beyond the usual tech titan suspects, rising adoption of cloud infrastructure services from <strong>Oracle</strong> -- as well as neocloud platforms such as <strong>Nebius Group</strong> and <strong>CoreWeave</strong> -- offer another source for GPU demand, especially for Nvidia's latest Blackwell architecture. Neoclouds are gaining interest at the moment as they offer flexible software-hardware stacks in the form of high-performance computing (HPC) services and access to GPU clusters via cloud-based infrastructures.</p>
<div class="lb-trans"><p>除了通常的科技巨头，<strong>甲骨文</strong> 的云基础设施服务的日益采用，以及 <strong>Nebius Group</strong> 和 <strong>CoreWeave</strong> 等新云平台，提供了另一种 GPU 需求来源，尤其是针对英伟达最新的 Blackwell 架构。新云平台目前受到关注，因为它们以高性能计算（HPC）服务和通过基于云的基础设施访问 GPU 集群的形式提供灵活的软件硬件堆栈。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg0OTEvZ2V0dHlpbWFnZXMtMTQxMjg2MDA2MC0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828491%2Fgettyimages-1412860060-2.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>New opportunities are emerging</h2>
<div class="lb-trans"><h2>新机会正在出现</h2>
</div><p>Over the last few years, investors have repeatedly heard pundits chirp about the importance of data centers in powering generative AI development. This point is valid, but I think many investors are missing the broader picture when it comes to the evolution of AI infrastructure spending.</p>
<div class="lb-trans"><p>在过去几年中，投资者反复听到评论员谈论数据中心在推动生成性 AI 发展中的重要性。这一点是正确的，但我认为许多投资者在 AI 基础设施支出的演变方面错过了更广泛的视角。</p>
</div><p>A new phase of AI adoption involves sophisticated workloads across robotics, autonomous driving, and quantum computing. Companies such as Alphabet and <strong>Tesla</strong> are beginning to monetize their autonomous vehicles, while Microsoft, Alphabet, and Amazon are all developing their own custom quantum computing chips.</p>
<div class="lb-trans"><p>AI 采用的新阶段涉及机器人技术、自动驾驶和量子计算等复杂工作负载。像字母表和 <strong>特斯拉</strong> 这样的公司开始将其自动驾驶汽车货币化，而微软、字母表和亚马逊都在开发自己的定制量子计算芯片。</p>
</div><p>Nvidia has just started to scale up its chips and CUDA software platform across these emerging opportunities. Given the company's existing deep integration with big tech, I'm optimistic that its product suite will still be crucial in future, more-advanced AI development.</p>
<div class="lb-trans"><p>英伟达刚刚开始在这些新兴机会中扩大其芯片和 CUDA 软件平台的规模。鉴于公司与大型科技公司的深度整合，我对其产品组合在未来更先进的 AI 发展中仍将至关重要持乐观态度。</p>
</div><h2>What will Nvidia stock be worth by the end of 2025?</h2>
<div class="lb-trans"><h2>到 2025 年底，英伟达的股票价值将是多少？</h2>
</div><p>The chart below illustrates the company's forward price-to-earnings (P/E) multiple throughout the AI revolution.</p>
<div class="lb-trans"><p>下图展示了公司在 AI 革命期间的前瞻市盈率（P/E）倍数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png" alt="" original-src="https://media.ycharts.com/charts/0349297baf43ef438a092b554dc82c96.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻）数据来源于 YCharts。</p>
</div><p>Given the trends cited above, the forward P/E range between 24 and 30 could be seen as a support zone or valuation floor for Nvidia. Each time its forward P/E dipped into this range, the stock has rebounded strongly. To me, this suggests that investors still see robust long-term growth for the company despite occasional fleeting periods of souring sentiment.</p>
<div class="lb-trans"><p>考虑到上述趋势，前瞻市盈率在 24 到 30 之间的区间可以视为英伟达的支撑区或估值底线。每当其前瞻市盈率跌入此区间时，股价都会强劲反弹。在我看来，这表明投资者仍然看好公司的长期强劲增长，尽管偶尔会出现情绪低迷的短暂时期。</p>
</div><p>I think these valuation trends subtly imply that the market could be underestimating the full breadth of Nvidia's ubiquitous platform. Despite the company's influence across AI infrastructure, many investors still view it purely through the lens of a semiconductor business. As these new opportunities are realized, I think the stock is well positioned for a prolonged breakout -- similar to the initial wave of AI-driven enthusiasm a couple of years ago.</p>
<div class="lb-trans"><p>我认为这些估值趋势微妙地暗示市场可能低估了英伟达无处不在的平台的全部潜力。尽管公司在 AI 基础设施方面的影响力巨大，但许多投资者仍然仅仅将其视为半导体业务。随着这些新机会的实现，我认为该股有望实现长期突破——类似于几年前 AI 驱动的初次热潮。</p>
</div><p>Although its forward P/E is fast-approaching prior highs, I think there is a solid case to be made that the company is positioned for further valuation expansion and could reach or exceed historical levels. My logic is that the monetization potential of future opportunities in robotics, autonomous vehicles, and quantum computing is still taking shape and not yet fully priced into the stock by investors.</p>
<div class="lb-trans"><p>尽管其前瞻市盈率迅速接近之前的高点，但我认为可以合理地认为公司有望进一步扩展估值，并可能达到或超过历史水平。我的逻辑是，未来在机器人技术、自动驾驶汽车和量子计算方面的货币化潜力仍在形成中，尚未完全反映在投资者的股价中。</p>
</div><p>If Nvidia's current forward P/E expands to levels congruent with prior highs by the end of the year, the stock could blow past the $200 price point and reach closer to $220 -- implying an increase between 10% and 20% over current price levels. For this reason, I think Nvidia stock will be trading significantly higher by the end of the year than where it is today.</p>
<div class="lb-trans"><p>如果英伟达当前的前瞻市盈率在年底前扩展到与之前高点相符的水平，股价可能会突破 200 美元，接近 220 美元——这意味着相较于当前价格水平上涨 10% 到 20%。因此，我认为到年底，英伟达的股票交易价格将显著高于现在的水平。</p>
</div>

Prediction: Nvidia Stock Will Be Worth This Much by the End of 2025

- Nvidia 股价经历波动，年初因关税和竞争下跌 30%。  
- 目前股价已反弹 93%，市值达 4.4 万亿美元。  
- AI 基础设施支出推动 Nvidia 未来增长，预计股价将进一步上涨。

预测：到 2025 年底，英伟达的股票将达到这个价值