<p><strong>英伟达</strong>(NVDA -0.24%) 是全球市值最大的公司之一，也是最受热议的公司之一。它在当前水平上还能继续增长吗？人工智能（AI）市场是否被过度炒作？竞争是否即将到来？也许最受欢迎的辩论话题之一是：英伟达的股票是否具有良好的价值？</p>
<p>让我们来看看为什么它可能并不像你想的那么昂贵。</p>
<h2>生成性人工智能的关键</h2>
<p>首先，我们要明确一点：考虑到英伟达的市场主导地位和令人印象深刻的增长，股票确实值得某种溢价。因此，即使乍一看它似乎很贵，但这背后有充分的理由。</p>
<p>但让我们考虑一些其他因素。销售和收益都在高速增长，这就是为什么股票在已经高估的情况下仍然继续上涨。换句话说，它的增长并不一定完全反映在股票价格中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwNzYvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwNzYvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby5qcGcmdz03MDA"/></p>
<p>图片来源：英伟达。</p>
<p>也就是说，截至目前，英伟达的市盈率（P/E）为 49，约为 <strong>标准普尔 500</strong> 平均水平的两倍。但考虑到其市盈率与增长率（PEG）比率，这一比率将其估值与收益增长率进行标准化。下面，你可以看到英伟达的 PEG 比率与市场上其他大型公司的比较，包括 <strong>微软</strong>、<strong>苹果</strong>、<strong>亚马逊</strong>、<strong>谷歌母公司</strong> 和 <strong>Meta Platforms</strong>：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5ee2439a0088a36c10b9d66f0f639fc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="488" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5ee2439a0088a36c10b9d66f0f639fc.png"/></p>
<p>数据来源：YCharts。</p>
<p>英伟达的市销率（P/S）也很高，达 26，但它的收入增长速度远快于这些同类公司：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/669d056cb40fc5777c1ee0be043ad2b5.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="488" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/669d056cb40fc5777c1ee0be043ad2b5.png"/></p>
<p>数据来源：YCharts。</p>
<p>这就是为什么任何估值都需要放在上下文中考虑。英伟达可能开始放缓，而市场对其当前季度约 54% 的收入增长指引并不感到兴奋。然而，这仍然远高于其同行，这部分解释了该股票的溢价。</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（Nvidia，股票代码：NVDA）是市值最大的公司，也是其股票价值争论的焦点。尽管其市盈率高达 49，但强劲的销售和盈利增长表明，该股票可能并没有被认为的那么高估。PEG 比率显示出与微软和苹果等主要竞争对手的有利比较。尽管英伟达对当前季度的收入增长指引为 54% 引发了一些担忧，但这一增速仍显著高于同行，证明了其溢价估值的合理性</p>

<p><strong>Nvidia</strong>(NVDA -0.24%) is the largest company in the world by market cap and one of the most hotly debated. Can it still grow higher at its current levels? Is the artificial intelligence (AI) market overhyped? Is competition coming? And perhaps one of the most popular debate topics: Is Nvidia stock a good value?</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -0.24%) 是全球市值最大的公司之一，也是最受热议的公司之一。它在当前水平上还能继续增长吗？人工智能（AI）市场是否被过度炒作？竞争是否即将到来？也许最受欢迎的辩论话题之一是：英伟达的股票是否具有良好的价值？</p>
</div><p>Let's take a look at why it may not be as expensive as you think.</p>
<div class="lb-trans"><p>让我们来看看为什么它可能并不像你想的那么昂贵。</p>
</div><h2>The key to generative AI</h2>
<div class="lb-trans"><h2>生成性人工智能的关键</h2>
</div><p>First, let's get one thing out of the way: Considering Nvidia's dominant market position and impressive growth, the stock does deserve some kind of premium. So, even if it does look expensive at first glance, there are good reasons for that.</p>
<div class="lb-trans"><p>首先，我们要明确一点：考虑到英伟达的市场主导地位和令人印象深刻的增长，股票确实值得某种溢价。因此，即使乍一看它似乎很贵，但这背后有充分的理由。</p>
</div><p>But let's consider some other factors. Both sales and earnings are growing at high rates, which is why the stock continues to climb while carrying an already high valuation. In other words, its growth isn't necessarily fully priced into the stock.</p>
<div class="lb-trans"><p>但让我们考虑一些其他因素。销售和收益都在高速增长，这就是为什么股票在已经高估的情况下仍然继续上涨。换句话说，它的增长并不一定完全反映在股票价格中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwNzYvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831076%2Fnvidia-headquarters-outside-with-black-nvidia-sign-with-nvidia-logo.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><p>That said, Nvidia does trade at a high price-to-earnings (P/E) ratio of 49 as of this writing, about twice the <strong>S&amp;P 500</strong> average. But consider its price/earnings-to-growth (PEG) ratio, which normalizes its valuation against its earnings growth rate. Below, you can see how Nvidia's PEG ratio compares favorably to the market's other largest companies, including <strong>Microsoft</strong>, <strong>Apple</strong>, <strong>Amazon</strong>, <strong>Alphabet</strong>, and <strong>Meta Platforms</strong>:</p>
<div class="lb-trans"><p>也就是说，截至目前，英伟达的市盈率（P/E）为 49，约为 <strong>标准普尔 500</strong> 平均水平的两倍。但考虑到其市盈率与增长率（PEG）比率，这一比率将其估值与收益增长率进行标准化。下面，你可以看到英伟达的 PEG 比率与市场上其他大型公司的比较，包括 <strong>微软</strong>、<strong>苹果</strong>、<strong>亚马逊</strong>、<strong>谷歌母公司</strong> 和 <strong>Meta Platforms</strong>：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5ee2439a0088a36c10b9d66f0f639fc.png" alt="" original-src="https://media.ycharts.com/charts/f5ee2439a0088a36c10b9d66f0f639fc.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nvidia also trades at a rich price-to-sales (P/S) ratio of 26, but it's growing revenue much faster than these same peers as well:</p>
<div class="lb-trans"><p>英伟达的市销率（P/S）也很高，达 26，但它的收入增长速度远快于这些同类公司：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/669d056cb40fc5777c1ee0be043ad2b5.png" alt="" original-src="https://media.ycharts.com/charts/669d056cb40fc5777c1ee0be043ad2b5.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>That's why any valuation needs to be taken in context. Nvidia might be starting to slow down, and the market wasn't thrilled with its guidance for revenue growth of about 54% in the current quarter. However, that's still far above its peers, which partially explains the premium for the stock.</p>
<div class="lb-trans"><p>这就是为什么任何估值都需要放在上下文中考虑。英伟达可能开始放缓，而市场对其当前季度约 54% 的收入增长指引并不感到兴奋。然而，这仍然远高于其同行，这部分解释了该股票的溢价。</p>
</div>

Think Nvidia Stock Is Expensive? These 2 Charts Might Change Your Mind.

- Nvidia 是全球市值最大的公司，面临市场对其未来增长的质疑。  
- 尽管市盈率高达 49，但其销售和盈利仍在快速增长。  
- Nvidia 的市盈率相对增长比率（PEG）优于其他大型公司，显示出其估值的合理性。

觉得英伟达的股票价格过高？这两张图表可能会让你改变看法