<p>芯片制造商 <strong>英伟达</strong>(NVDA 3.91%) 在近年来实现了巨大的增长。其人工智能 (AI) 芯片已成为投资于 AI 和下一代技术的科技公司的必需品。考虑到其芯片在聊天机器人和其他与 AI 相关的产品和服务开发中的重要性，该公司的品牌与所有与 AI 相关的事物密切相关。</p>
<p>但令人担忧的是，英伟达的增长可能会停滞。竞争将加剧，尤其是在投资于 AI 的回报不明确的情况下，公司可能会削减支出。在最近几个季度，英伟达的增长率确实在放缓。然而，我认为它有很大机会逆转这一趋势，明年其增长率可能会实际 <em>加速</em>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>中国市场是英伟达的巨大机会</h2>
<p>最近，中美之间的贸易条件有所改善。首席执行官黄仁勋对公司的尖端 Blackwell 芯片能够很快在中国销售表示乐观，称这是一个 &#34;真实的可能性&#34;。目前，预计公司基于旧技术的 H20 芯片将可供中国使用，甚至这也涉及到黄与美国总统唐纳德·特朗普之间的谈判。作为向中国客户销售该芯片的交换，科技公司已同意将 15% 的销售额上交政府。</p>
<p>由于对中国市场的模糊性和不确定性，英伟达并未将 H20 销售纳入其预测。该公司估计，如果能够销售其更新的 Blackwell 芯片，可能会向中国销售数十亿美元的芯片。黄仁勋表示，中国是 AI 的顶级市场，称今年对英伟达来说是一个 500 亿美元的机会，并预计每年将增长约 50%。</p>
<p>如果英伟达明年能够进入中国市场并销售其最新的芯片，那么从那里产生的增长可能会弥补北美和其他市场的增长放缓，从而提升其整体增长率。</p>
<h2>英伟达仍在快速增长</h2>
<p>在其最近一个季度（截至 7 月 27 日），英伟达的收入总计为 467 亿美元，同比增长 56%。这期间公司表示没有向任何中国客户销售 H20 芯片。尽管其增长率最近有所下降，但这并不意味着没有其他因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.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/a6035add96fa3ca6fc18ae4c1cf16fd1.png"/></p>
<p>NVDA 收入（季度同比增长）数据来自 YCharts</p>
<p>上述图表可能表明一个令人担忧的趋势，但考虑到英伟达在过去几年中平均如此高的增长率，出现一定的放缓是不可避免的；如此出色的表现不太可能长期持续。</p>
<p>但令人鼓舞的是，增长率仍高于 50%，而且这是在英伟达无法进入全球顶级 AI 市场中国的情况下。如果英伟达能够向中国销售其 Blackwell 芯片，这可能对其收入和利润产生巨大的影响。</p>
<h2>英伟达的股票现在仍然是便宜的买入吗？</h2>
<p>很难说世界上最有价值的公司英伟达仍然便宜。它的市值超过 4 万亿美元。但考虑到中国市场巨大的增长机会，可能会有一个令人信服的理由支持这一观点。</p>
<p>英伟达的市盈率为 48，但如果其增长率明年加速，并且公司能够保持高利润率，那么这个比率可能会降低。如果是这样，这可能使其成为一个比看起来便宜得多的买入。其市盈率增长 (PEG) 比率为 1.25，也表明考虑到其长期增长前景，这并不是一只非常昂贵的股票。</p>
<p>只要 AI 支出保持强劲，今天购买英伟达股票的投资者仍可能面临更大的上行空间，尤其是在公司能够进入中国这样的热门增长市场的情况下。</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>英伟达因其人工智能芯片经历了显著增长，但对增长放缓的担忧依然存在。首席执行官黄仁勋看到了中国市场的潜力，估计今年有 500 亿美元的机会。如果英伟达能够在中国销售其新款 Blackwell 芯片，可能会抵消其他市场的下滑。尽管最近的收入为 467 亿美元，但增长已放缓，仍保持在 50% 以上。英伟达的高市值和市盈率表明其可能并不便宜，但强劲的人工智能支出和进入中国市场的机会可能会增强其增长前景</p>

<p>Chipmaker <strong>Nvidia</strong>(NVDA 3.91%) has been generating monstrous growth in recent years. Its artificial intelligence (AI) chips have been a necessity for tech companies investing in AI and next-gen technologies. The company's brand has been synonymous with all things AI, given how integral its chips have been in the development of chatbots and other AI-related products and services.</p>
<div class="lb-trans"><p>芯片制造商 <strong>英伟达</strong>(NVDA 3.91%) 在近年来实现了巨大的增长。其人工智能 (AI) 芯片已成为投资于 AI 和下一代技术的科技公司的必需品。考虑到其芯片在聊天机器人和其他与 AI 相关的产品和服务开发中的重要性，该公司的品牌与所有与 AI 相关的事物密切相关。</p>
</div><p>But the nagging concern is that the growth will dry up for Nvidia. Competition will intensify, and companies may cut back on spending, especially if the payoff isn't clear from the investments that they're making in AI. And in recent quarters, Nvidia's growth rate has indeed been slowing down. However, I think there's a good chance it may reverse the trend, and that next year, its growth rate may actually <em>accelerate</em>.</p>
<div class="lb-trans"><p>但令人担忧的是，英伟达的增长可能会停滞。竞争将加剧，尤其是在投资于 AI 的回报不明确的情况下，公司可能会削减支出。在最近几个季度，英伟达的增长率确实在放缓。然而，我认为它有很大机会逆转这一趋势，明年其增长率可能会实际 <em>加速</em>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTAvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832190%2Ffuturistic-image-showing-many-ideas-going-through-a-persons-mind.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>The Chinese market is a huge opportunity for Nvidia</h2>
<div class="lb-trans"><h2>中国市场是英伟达的巨大机会</h2>
</div><p>Recently, trade conditions between China and the U.S. have been improving. And CEO Jensen Huang is hopeful that the company's cutting-edge Blackwell chip could soon be sold there, saying that it is a &#34;real possibility.&#34; For now, it's the company's H20 chip, which is based on older technology, that is expected to be available to China, and even that involved negotiations between Huang and U.S. President Donald Trump. In exchange for selling the chip to Chinese customers, the tech company has agreed that 15% of those sales will go to the government.</p>
<div class="lb-trans"><p>最近，中美之间的贸易条件有所改善。首席执行官黄仁勋对公司的尖端 Blackwell 芯片能够很快在中国销售表示乐观，称这是一个 &#34;真实的可能性&#34;。目前，预计公司基于旧技术的 H20 芯片将可供中国使用，甚至这也涉及到黄与美国总统唐纳德·特朗普之间的谈判。作为向中国客户销售该芯片的交换，科技公司已同意将 15% 的销售额上交政府。</p>
</div><p>Due to the ambiguity and uncertainty around the Chinese market, Nvidia does not include H20 sales as part of its forecast. The company estimates it could sell billions of dollars worth of chips to China, especially if they are its newer Blackwell chips. Huang says China is a top market for AI, calling it a $50 billion opportunity for Nvidia just this year, and he's projecting it to grow by around 50% per year.</p>
<div class="lb-trans"><p>由于对中国市场的模糊性和不确定性，英伟达并未将 H20 销售纳入其预测。该公司估计，如果能够销售其更新的 Blackwell 芯片，可能会向中国销售数十亿美元的芯片。黄仁勋表示，中国是 AI 的顶级市场，称今年对英伟达来说是一个 500 亿美元的机会，并预计每年将增长约 50%。</p>
</div><p>If Nvidia can access the Chinese market next year and sell its latest chips, the growth it generates from there could more than make up for declining growth in North America and other markets, thus boosting its overall growth rate.</p>
<div class="lb-trans"><p>如果英伟达明年能够进入中国市场并销售其最新的芯片，那么从那里产生的增长可能会弥补北美和其他市场的增长放缓，从而提升其整体增长率。</p>
</div><h2>Nvidia is still growing at a fast clip</h2>
<div class="lb-trans"><h2>英伟达仍在快速增长</h2>
</div><p>In its most recent quarter, which ended on July 27, Nvidia's revenue totaled $46.7 billion, which represented a year-over-year increase of 56%. This was with the company saying it had <em>no sales</em> of its H20 chip to any Chinese-based customers. While its growth rate has been declining of late, that does come with an asterisk.</p>
<div class="lb-trans"><p>在其最近一个季度（截至 7 月 27 日），英伟达的收入总计为 467 亿美元，同比增长 56%。这期间公司表示没有向任何中国客户销售 H20 芯片。尽管其增长率最近有所下降，但这并不意味着没有其他因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.png" alt="" original-src="https://media.ycharts.com/charts/a6035add96fa3ca6fc18ae4c1cf16fd1.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><p>The above chart may indicate a troubling trend, but when you consider that Nvidia has averaged such a ridiculously high rate of growth over the past couple of years, it's inevitable to see a bit of a slowdown; such an impressive performance isn't likely to be sustainable for long.</p>
<div class="lb-trans"><p>上述图表可能表明一个令人担忧的趋势，但考虑到英伟达在过去几年中平均如此高的增长率，出现一定的放缓是不可避免的；如此出色的表现不太可能长期持续。</p>
</div><p>But what's encouraging is that it's still above 50%, and that's without Nvidia being able to access one of the top AI markets in the world, in China. If Nvidia is able to sell its Blackwell chips to China, that could have a tremendous impact on both its top and bottom lines.</p>
<div class="lb-trans"><p>但令人鼓舞的是，增长率仍高于 50%，而且这是在英伟达无法进入全球顶级 AI 市场中国的情况下。如果英伟达能够向中国销售其 Blackwell 芯片，这可能对其收入和利润产生巨大的影响。</p>
</div><h2>Could Nvidia stock still be a bargain buy right now?</h2>
<div class="lb-trans"><h2>英伟达的股票现在仍然是便宜的买入吗？</h2>
</div><p>It may seem tough to make a case that the most valuable company in the world, Nvidia, is still cheap. It has a market cap of more than $4 trillion. But there could be a compelling case to be made for it, given the potential for massive growth opportunities in the Chinese market.</p>
<div class="lb-trans"><p>很难说世界上最有价值的公司英伟达仍然便宜。它的市值超过 4 万亿美元。但考虑到中国市场巨大的增长机会，可能会有一个令人信服的理由支持这一观点。</p>
</div><p>Nvidia trades at a price-to-earnings multiple of 48, but if its growth rate accelerates next year and the company is able to maintain high profit margins, that ratio could conceivably come down. And if it does, that could make it a much cheaper buy than it looks to be. Its price-to-earnings-growth (PEG) multiple of 1.25 also suggests that this isn't a terribly expensive stock to own, given the long-term growth prospects it possesses.</p>
<div class="lb-trans"><p>英伟达的市盈率为 48，但如果其增长率明年加速，并且公司能够保持高利润率，那么这个比率可能会降低。如果是这样，这可能使其成为一个比看起来便宜得多的买入。其市盈率增长 (PEG) 比率为 1.25，也表明考虑到其长期增长前景，这并不是一只非常昂贵的股票。</p>
</div><p>As long as AI spending remains strong, there could still be much more upside ahead for investors who buy shares of Nvidia today, especially if the company is able to access a hot growth market such as China.</p>
<div class="lb-trans"><p>只要 AI 支出保持强劲，今天购买英伟达股票的投资者仍可能面临更大的上行空间，尤其是在公司能够进入中国这样的热门增长市场的情况下。</p>
</div>

Why Nvidia's Growth Might Ramp Up Next Year

- Nvidia 的 AI 芯片在技术公司中至关重要，推动了其增长。  
- 预计中国市场将为 Nvidia 带来巨大的销售机会，可能达 500 亿美元。  
- 尽管增长放缓，Nvidia 仍有潜力通过进入中国市场加速增长。  

为什么英伟达的增长可能在明年加速