<p><strong>英伟达</strong>(NVDA -2.78%) 是全球最有价值的公司，市值约为 4.1 万亿美元。每当它面临逆境时，股票总能找到上涨的机会。</p>
<p>今年年初，投资者因中国开发的预算友好型 AI 模型 DeepSeek R1 的消息而感到不安。这引发了对英伟达下一代芯片大规模投资必要性的质疑，最终导致公司股价下跌。随后在四月初，关于关税的担忧使得股价跌至今年最低点，跌破 100 美元。</p>
<p>然而，英伟达的股票一次又一次地证明了其韧性，并持续上涨。它需要再上涨 22% 才能达到另一个里程碑：5 万亿美元的市值。是否有任何因素可能阻碍英伟达的进展，还是说它只是时间问题，才能达到这个价值？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的增长率预计将保持在 50% 以上</h2>
<p>上周，英伟达发布了最新的财报，需求依然强劲，尤其是其尖端 AI 芯片。其收入同比增长 56%，截至 7 月 27 日的期间总计为 467 亿美元。这略高于分析师预期的 460 亿美元。而调整后的每股利润为 1.05 美元，也高于预期的 1.01 美元。</p>
<p>但对投资者来说，最令人鼓舞的是，指引也看起来不错，因为英伟达仍然预计当前季度的增长率将超过 50%。尽管其增长率正在放缓，但对于英伟达这样规模的企业来说，这仍然是令人印象深刻的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.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/fcbe0c6efd009cc73ee0a20cb17dae87.png"/></p>
<p>NVDA 收入（季度同比增长）数据来自 YCharts。</p>
<h2>英伟达的估值是否终于过高？</h2>
<p>截至 9 月 2 日，英伟达的股票年初至今上涨了约 25%。其市盈率（P/E）约为 50，虽然不便宜，但考虑到公司的极快增长率，这仍然可能不算太贵。根据分析师的估计，其前瞻市盈率约为 38。</p>
<p>英伟达的股价实际上已成为投资者对 AI 整体增长潜力的衡量标准。DeepSeek AI 模型的消息暂时打击了其估值，四月份的关税相关消息也影响了整个股市。考虑到对 AI 芯片的强劲需求，我相信即使在当前价格下，英伟达仍然有可能继续上涨，并且是一个值得投资的选择。</p>
<p>然而，如果有任何担忧或传言称科技公司正在削减对 AI 的投资，坐拥丰厚收益的投资者可能会急于兑现，这可能导致英伟达的价值在短期内下降。</p>
<h2>英伟达何时可能达到 5 万亿美元？</h2>
<p>考虑到 AI 的巨大潜力及其在未来可预见的时间内在 AI 芯片市场的主导地位，我相信英伟达达到 5 万亿美元市值只是时间问题。但我不认为它会在今年或接下来的 12 个月内达到 5 万亿美元。这可能需要数年时间，因为股票的高估值，加上由于关税和贸易战导致的市场不确定性，可能会限制其短期回报。</p>
<p>从股票最新的财报超预期可以看出这一点。尽管英伟达表现良好，指引也很强劲，但股票并没有大幅上涨。投资者显然在考虑更长期的前景，包括其增长放缓以及未来的挑战。英伟达在长期内仍然看起来是一个稳健的投资，但在短期内可能会面临一些挑战。</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>英伟达目前的市值约为 4.1 万亿美元，面临挑战但依然保持韧性。尽管由于竞争和关税的影响，近期股价有所下跌，但其股票年初至今已上涨 25%。英伟达的收入同比增长 56%，预计未来仍将保持超过 50% 的增长。分析师建议的前瞻市盈率为 38，显示出进一步上涨的潜力。尽管达到 5 万亿美元的市值似乎不可避免，但由于市场的不确定性，这可能需要数年时间。尽管面临短期挑战，英伟达仍被视为一个稳健的长期投资</p>

<p><strong>Nvidia</strong>(NVDA -2.78%) is the most valuable company in the world, with a market cap of around $4.1 trillion. Every time it faces adversity, the stock finds a way to go higher.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.78%) 是全球最有价值的公司，市值约为 4.1 万亿美元。每当它面临逆境时，股票总能找到上涨的机会。</p>
</div><p>Early this year, investors were rattled by news of a budget-friendly AI model, DeepSeek R1, developed in China. This raised doubts about the necessity of large investments in Nvidia's next-generation chips, ultimately causing a drop in the company's stock price. Then there were the concerns around tariffs in early April, which resulted in the stock hitting its lowest levels this year, falling to below $100.</p>
<div class="lb-trans"><p>今年年初，投资者因中国开发的预算友好型 AI 模型 DeepSeek R1 的消息而感到不安。这引发了对英伟达下一代芯片大规模投资必要性的质疑，最终导致公司股价下跌。随后在四月初，关于关税的担忧使得股价跌至今年最低点，跌破 100 美元。</p>
</div><p>However, time and time again, Nvidia's stock has proven to be resilient, and it has continued to rise higher. It would need to rise by another 22% to hit yet another milestone: $5 trillion in market cap. Are there any factors that could hinder Nvidia's progress, or is it just a matter of time before it reaches that value?</p>
<div class="lb-trans"><p>然而，英伟达的股票一次又一次地证明了其韧性，并持续上涨。它需要再上涨 22% 才能达到另一个里程碑：5 万亿美元的市值。是否有任何因素可能阻碍英伟达的进展，还是说它只是时间问题，才能达到这个价值？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2OTQvc29tZW9uZS11c2luZy1jaGF0Z3B0LW9uLXRoZWlyLXBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830694%2Fsomeone-using-chatgpt-on-their-phone.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>Nvidia's growth rate expected to remain above 50%</h2>
<div class="lb-trans"><h2>英伟达的增长率预计将保持在 50% 以上</h2>
</div><p>Last week, Nvidia posted its latest earnings numbers, and demand remained strong for its cutting-edge AI chips. Its revenue rose by 56% year over year, totaling $46.7 billion for the period ending July 27. That was slightly better than analyst expectations of just over $46 billion. And adjusted per-share profits of $1.05 were also higher than estimates of $1.01.</p>
<div class="lb-trans"><p>上周，英伟达发布了最新的财报，需求依然强劲，尤其是其尖端 AI 芯片。其收入同比增长 56%，截至 7 月 27 日的期间总计为 467 亿美元。这略高于分析师预期的 460 亿美元。而调整后的每股利润为 1.05 美元，也高于预期的 1.01 美元。</p>
</div><p>But what's most encouraging for investors is that the guidance also looks good, as Nvidia still expects to see its growth rate to be above 50% for the current quarter. Although its growth rate is slowing down, that's still incredibly impressive for a business of Nvidia's size.</p>
<div class="lb-trans"><p>但对投资者来说，最令人鼓舞的是，指引也看起来不错，因为英伟达仍然预计当前季度的增长率将超过 50%。尽管其增长率正在放缓，但对于英伟达这样规模的企业来说，这仍然是令人印象深刻的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.png" alt="" original-src="https://media.ycharts.com/charts/fcbe0c6efd009cc73ee0a20cb17dae87.png"/></p>
<p>NVDA Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 收入（季度同比增长）数据来自 YCharts。</p>
</div><h2>Has Nvidia's valuation finally gotten too high?</h2>
<div class="lb-trans"><h2>英伟达的估值是否终于过高？</h2>
</div><p>Year to date, Nvidia's stock has risen by about 25% (as of Sept. 2). It's trading at a price-to-earnings (P/E) multiple of around 50, which isn't cheap, but it still may not be all that expensive given the company's incredibly fast growth rate. And based on analyst estimates, it's trading at a forward P/E multiple of 38.</p>
<div class="lb-trans"><p>截至 9 月 2 日，英伟达的股票年初至今上涨了约 25%。其市盈率（P/E）约为 50，虽然不便宜，但考虑到公司的极快增长率，这仍然可能不算太贵。根据分析师的估计，其前瞻市盈率约为 38。</p>
</div><p>Nvidia's stock price has effectively become a gauge of how much growth potential investors see for AI in general. News of the DeepSeek AI model hurt its valuation temporarily, as did tariff-related news back in April, which affected the stock market as a whole. Given the robust demand anticipated for AI chips, I believe Nvidia, even at its current price, could still climb higher and be a worthwhile investment.</p>
<div class="lb-trans"><p>英伟达的股价实际上已成为投资者对 AI 整体增长潜力的衡量标准。DeepSeek AI 模型的消息暂时打击了其估值，四月份的关税相关消息也影响了整个股市。考虑到对 AI 芯片的强劲需求，我相信即使在当前价格下，英伟达仍然有可能继续上涨，并且是一个值得投资的选择。</p>
</div><p>However, if there are any concerns or rumblings that tech companies are cutting back on AI investments, investors who are sitting on big gains may be eager to cash out, which could lead to a decline in Nvidia's value, at least in the short term.</p>
<div class="lb-trans"><p>然而，如果有任何担忧或传言称科技公司正在削减对 AI 的投资，坐拥丰厚收益的投资者可能会急于兑现，这可能导致英伟达的价值在短期内下降。</p>
</div><h2>When might Nvidia hit $5 trillion?</h2>
<div class="lb-trans"><h2>英伟达何时可能达到 5 万亿美元？</h2>
</div><p>I believe it's only a matter of time before Nvidia hits a $5 trillion market cap, considering the enormous potential of AI and its likely dominance in the AI chip market for the foreseeable future. But I wouldn't expect it to reach $5 trillion this year or even within the next 12 months. It could take multiple years, as the stock's high valuation, combined with uncertainty in the markets due to tariffs and trade wars, may limit its near-term returns.</p>
<div class="lb-trans"><p>考虑到 AI 的巨大潜力及其在未来可预见的时间内在 AI 芯片市场的主导地位，我相信英伟达达到 5 万亿美元市值只是时间问题。但我不认为它会在今年或接下来的 12 个月内达到 5 万亿美元。这可能需要数年时间，因为股票的高估值，加上由于关税和贸易战导致的市场不确定性，可能会限制其短期回报。</p>
</div><p>That's clear from the stock's latest earnings beat. Even though Nvidia did well and its guidance was strong, the stock hasn't been taking off. Investors are clearly thinking about the longer-term picture, including its slowing growth, and what lies ahead. Nvidia still looks to be a solid buy for the long term, but there could be some challenges ahead for it in the short term.</p>
<div class="lb-trans"><p>从股票最新的财报超预期可以看出这一点。尽管英伟达表现良好，指引也很强劲，但股票并没有大幅上涨。投资者显然在考虑更长期的前景，包括其增长放缓以及未来的挑战。英伟达在长期内仍然看起来是一个稳健的投资，但在短期内可能会面临一些挑战。</p>
</div>

Nvidia Stock: Is a $5 Trillion Valuation Inevitable?

- Nvidia 市值约为 4.1 万亿美元，面临挑战时股价仍表现强劲。  
- 最新财报显示，营收同比增长 56%，预计当前季度增长率将超过 50%。  
- 尽管估值较高，分析师认为 Nvidia 仍具投资价值，但短期内可能面临挑战。  

英伟达的股票：五万亿美元的估值是否势在必行？