<p><strong>超微半导体</strong>（AMD -0.14%）和 <strong>英伟达</strong>（NVDA 0.57%）是竞争对手，但在市值方面，前者远远落后于后者。虽然英伟达的估值超过 4 万亿美元，但 AMD 的估值接近 2630 亿美元。</p>
<p>AMD 的规模远不及更大的芯片制造商，但由于与人工智能（AI）的关联，它确实拥有一些令人惊叹的潜力。关键的考验在于其最新的芯片是否能够提供强有力的竞争，并能够从英伟达那里夺取市场份额。</p>
<p>市场是否错误定价了 AMD 的股票，它是否可能是一个超值交易？还是英伟达真的比其较小的竞争对手更值钱？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>股票在收益方面的比较</h2>
<p>尽管英伟达整体上是更有价值的公司，但它的盈利能力也远高于 AMD。这就是为什么根据各自的市盈率（P/E）倍数来比较股票，是衡量一只股票相对于另一只股票便宜或昂贵的更有效方法。下面的图表显示了它们的前瞻性市盈率倍数，这些倍数是基于分析师对其未来利润的预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png"/></p>
<p>数据来源：YCharts。</p>
<p>虽然它们在市值方面的估值差异显著，但根据它们的前瞻性市盈率倍数，它们的估值相似，而在这一指标上，AMD 实际上是更昂贵的股票。</p>
<h2>为什么 AMD 可能被低估</h2>
<p>与 AMD 相比，英伟达更大、更有盈利能力，看起来更安全。但可以提出一个理由，说明为什么 AMD 仍然可能是一个被低估的投资。它最近推出了新的 Instinct MI400 芯片，预计明年上市。首席执行官 Lisa Su 最近告诉分析师，对于其当前版本 MI350，&#34;前 10 名模型构建者和 AI 公司中的七家&#34;已经在使用它。</p>
<p>如果 MI350 已经吸引了顶级 AI 公司，那么更先进的 MI400 芯片可能会从中受益，并为业务带来更多增长。AMD 的增长率在最近几个季度持续上升，而英伟达则正好相反。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png"/></p>
<p>数据来源：YCharts。</p>
<p>如果这些趋势持续下去，那么可以想象分析师可能会提高对 AMD 的预测，这可能使其在未来看起来更便宜。作为 AI 芯片市场的一个滞后者，AMD 并没有像英伟达那样成为一个令人兴奋的成长股，但这种情况可能很快会改变。</p>
<h2>你应该买哪只股票？</h2>
<p>尽管这两只股票在预计的收益倍数上估值相似，但 AMD 在长期内似乎可能有更大的上行空间，简单来说，因为到目前为止，它的业绩并没有像英伟达那样令人印象深刻。然而，如果其增长率继续改善，而英伟达的增长放缓，它可能会迎来一波大反弹。今年到目前为止，AMD 的股票上涨超过 34%，而英伟达上涨了 27%，投资者开始对 AMD 感到更加乐观。</p>
<p>考虑到英伟达在 AI 芯片市场的主导地位，长期来看，英伟达仍然是更安全的选择。但如果你希望获得更多的上行空间，并且不介意承担一些风险和不确定性，那么在这个阶段，AMD 可能是更好的选择。尽管它可能不是一个便宜的买入，仍然需要提供更强的财务数据来证明它能够对英伟达构成显著竞争，但我认为它正走在正确的道路上，并有潜力成为此时更好的 AI 股票。</p>

英伟达

<p>先进微电子公司（AMD）的市值显著低于英伟达，市值为 2630 亿美元，而英伟达则为 4 万亿美元。尽管如此，AMD 在人工智能领域显示出潜力，特别是其新芯片。虽然英伟达的盈利能力更强，但 AMD 的前瞻市盈率倍数表明其可能被低估。AMD 的增长率正在改善，今年其股票上涨了 34%。投资者可能会发现 AMD 是一个风险更高但潜在回报更丰厚的选择，而英伟达由于其市场主导地位仍然是更安全的选择</p>

<p><strong>Advanced Micro Devices</strong>(AMD -0.14%) and <strong>Nvidia</strong>(NVDA 0.57%) are rival companies, but the former is well behind the latter when it comes to market cap. While Nvidia's valuation is north of $4 <em>trillion</em>, AMD's valuation is closer to $263 billion.</p>
<div class="lb-trans"><p><strong>超微半导体</strong>（AMD -0.14%）和 <strong>英伟达</strong>（NVDA 0.57%）是竞争对手，但在市值方面，前者远远落后于后者。虽然英伟达的估值超过 4 万亿美元，但 AMD 的估值接近 2630 亿美元。</p>
</div><p>AMD is nowhere near the size of the larger chipmaker, but it does possess some incredible potential because of its association with artificial intelligence (AI). The key test is whether its latest chips will provide formidable competition and be able to take market share from Nvidia.</p>
<div class="lb-trans"><p>AMD 的规模远不及更大的芯片制造商，但由于与人工智能（AI）的关联，它确实拥有一些令人惊叹的潜力。关键的考验在于其最新的芯片是否能够提供强有力的竞争，并能够从英伟达那里夺取市场份额。</p>
</div><p>Is the market mispricing AMD's stock, and could it be a steal of a deal? Or is Nvidia really worth that much more than its smaller rival?</p>
<div class="lb-trans"><p>市场是否错误定价了 AMD 的股票，它是否可能是一个超值交易？还是英伟达真的比其较小的竞争对手更值钱？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTcvYS1wZXJzb24taW50ZXJhY3Rpbmctd2l0aC1hcnRpZmljaWFsLWludGVsbGlnZW5jZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830697%2Fa-person-interacting-with-artificial-intelligence.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>How the stocks compare with respect to earnings</h2>
<div class="lb-trans"><h2>股票在收益方面的比较</h2>
</div><p>Although Nvidia is the more valuable company overall, it's also much more profitable than AMD. That's why comparing stocks based on their respective price-to-earnings (P/E) multiples is a much more effective way to gauge how cheap or expensive one stock is in relation to another. And the chart below shows what their forward P/E multiples are, which are based on analysts' expectations of their future profits.</p>
<div class="lb-trans"><p>尽管英伟达整体上是更有价值的公司，但它的盈利能力也远高于 AMD。这就是为什么根据各自的市盈率（P/E）倍数来比较股票，是衡量一只股票相对于另一只股票便宜或昂贵的更有效方法。下面的图表显示了它们的前瞻性市盈率倍数，这些倍数是基于分析师对其未来利润的预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png" alt="" original-src="https://media.ycharts.com/charts/5f0a7163655a0f1287d296be899c59c6.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>While their valuations are significantly different in terms of market cap, based on their forward P/E multiples, they are similarly valued, and AMD is in fact the more expensive stock when looking at this metric.</p>
<div class="lb-trans"><p>虽然它们在市值方面的估值差异显著，但根据它们的前瞻性市盈率倍数，它们的估值相似，而在这一指标上，AMD 实际上是更昂贵的股票。</p>
</div><h2>Why AMD may be a bit underrated</h2>
<div class="lb-trans"><h2>为什么 AMD 可能被低估</h2>
</div><p>Nvidia is bigger, more profitable, and the safer-looking stock when compared to AMD. But a case can be made for why AMD could still be an underrated investment. It recently rolled out its new Instinct MI400 chip, which will be available next year. And CEO Lisa Su recently told analysts that for its current version, the MI350, &#34;seven of the top 10 model builders and AI companies&#34; already use it.</p>
<div class="lb-trans"><p>与 AMD 相比，英伟达更大、更有盈利能力，看起来更安全。但可以提出一个理由，说明为什么 AMD 仍然可能是一个被低估的投资。它最近推出了新的 Instinct MI400 芯片，预计明年上市。首席执行官 Lisa Su 最近告诉分析师，对于其当前版本 MI350，&#34;前 10 名模型构建者和 AI 公司中的七家&#34;已经在使用它。</p>
</div><p>If the MI350 is already attracting top AI companies, then the more advanced MI400 chip may be able to benefit from that and drive even more growth for the business. AMD's growth rate has been climbing in recent quarters while Nvidia's has been going in the opposite direction.</p>
<div class="lb-trans"><p>如果 MI350 已经吸引了顶级 AI 公司，那么更先进的 MI400 芯片可能会从中受益，并为业务带来更多增长。AMD 的增长率在最近几个季度持续上升，而英伟达则正好相反。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png" alt="" original-src="https://media.ycharts.com/charts/6b310d1051828f698cf22cb112c66a01.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Should these patterns continue, then it may not be difficult to envision a scenario in which analysts hike their forecasts for AMD, which may make it appear to be a cheaper buy down the road. As a bit of a laggard in the AI chip market, AMD hasn't been nearly as exciting a growth stock as Nvidia, but that could soon change.</p>
<div class="lb-trans"><p>如果这些趋势持续下去，那么可以想象分析师可能会提高对 AMD 的预测，这可能使其在未来看起来更便宜。作为 AI 芯片市场的一个滞后者，AMD 并没有像英伟达那样成为一个令人兴奋的成长股，但这种情况可能很快会改变。</p>
</div><h2>Which stock should you buy?</h2>
<div class="lb-trans"><h2>你应该买哪只股票？</h2>
</div><p>Although these two stocks are similarly valued based on their projected earnings multiples, AMD still looks like it may have more upside in the long run, simply because its results haven't been as impressive as Nvidia's thus far. However, if its growth rate continues to improve as Nvidia's slows down, it may be due for a big rally. So far this year, AMD's stock is up over 34% while Nvidia's has risen by 27%, as investors are starting to feel a bit more bullish on AMD.</p>
<div class="lb-trans"><p>尽管这两只股票在预计的收益倍数上估值相似，但 AMD 在长期内似乎可能有更大的上行空间，简单来说，因为到目前为止，它的业绩并没有像英伟达那样令人印象深刻。然而，如果其增长率继续改善，而英伟达的增长放缓，它可能会迎来一波大反弹。今年到目前为止，AMD 的股票上涨超过 34%，而英伟达上涨了 27%，投资者开始对 AMD 感到更加乐观。</p>
</div><p>Nvidia remains the safer stock to go with in the long run, given its dominance in the AI chip market. But if you're looking for a bit more upside and don't mind taking on some risk and a bit more uncertainty, then AMD could be the better option at this stage. Even though it may not be a bargain buy and still has to deliver some stronger financials to show that it can offer significant competition to Nvidia, I think it's on the right path and has the potential to be the better AI stock to buy at this point.</p>
<div class="lb-trans"><p>考虑到英伟达在 AI 芯片市场的主导地位，长期来看，英伟达仍然是更安全的选择。但如果你希望获得更多的上行空间，并且不介意承担一些风险和不确定性，那么在这个阶段，AMD 可能是更好的选择。尽管它可能不是一个便宜的买入，仍然需要提供更强的财务数据来证明它能够对英伟达构成显著竞争，但我认为它正走在正确的道路上，并有潜力成为此时更好的 AI 股票。</p>
</div>

Is Advanced Micro Devices Stock a Deal Compared to Nvidia?

- AMD 和 Nvidia 是竞争对手，但市值差距显著，前者约为 2630 亿美元。  
- 尽管 Nvidia 更具盈利能力，AMD 的新芯片可能吸引更多 AI 公司，推动增长。  
- 投资者对 AMD 的看法逐渐乐观，股价上涨 34%，可能成为更具潜力的选择。  

与 NVIDIA 相比，Advanced Micro Devices 的股票是否值得购买？