<p>在过去几年中，许多企业预算已重新调整，转向人工智能（AI）投资。这一转变在云计算巨头中表现得尤为明显——<strong>微软</strong>、<strong>谷歌母公司</strong> 和 <strong>亚马逊</strong>——以及其他科技巨头如 <strong>Meta Platforms</strong> 和 <strong>甲骨文</strong>。</p>
<p>仅在今年，Meta 就承诺向 Scale AI 投资 143 亿美元，并推出了新的研究中心 Meta 超级智能实验室（MSL）。同时，它还与谷歌云签署了一项为期六年的 100 亿美元协议。与此同时，微软刚刚与新兴的云计算专家 <strong>Nebius</strong> 达成了一项 174 亿美元的交易。</p>
<p>在这一前所未有的 AI 基础设施支出浪潮中，有一个明显的受益者：<strong>英伟达</strong>（NVDA 0.43%）。无论是直接还是间接，这家图形处理单元（GPU）巨头正在占据大量用于 AI 基础设施的资金。</p>
<p>让我们探讨一下大型科技公司如何重塑 AI 格局，以及这些长期趋势为何指向英伟达进一步显著的增长潜力。</p>
<h2>自 ChatGPT 推出以来，AI 基础设施支出加速</h2>
<p>2022 年 11 月 ChatGPT 的推出点燃了全球最大公司的前所未有的 AI 军备竞赛。重要的是要认识到，他们在这场战斗中的资本支出并没有停滞不前——而是在加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1edc4f9906e7bcf6c3cd16cc690a2d2e.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/1edc4f9906e7bcf6c3cd16cc690a2d2e.png"/></p>
<p>AMZN 资本支出（TTM）数据来源于 YCharts。</p>
<p>来自 <strong>高盛</strong> 的数据突显了这些动态变得多么戏剧化。2021 年，谷歌母公司、Meta、亚马逊和微软的资本支出总额约为 1000 亿美元。到明年，华尔街预计这一数字将接近 5000 亿美元。</p>
<h2>这对英伟达意味着什么？</h2>
<p>训练和部署大型语言模型（LLMs）以及构建生成式 AI 应用程序需要巨大的计算能力。GPU 是并行处理器，使其成为提供 AI 工作负载所需计算能力的最佳芯片之一。如今，英伟达在 GPU 市场的份额超过 90%，在 AI 供应链中占据主导地位。</p>
<p>AI 资本支出激增的很大一部分直接流向 GPU 及其性能最大化所需的支持数据中心设备。</p>
<p>这一动态使英伟达处于现代 AI 发展的独特有利位置——并且它准备在云计算巨头和其他数据中心运营商争相确保其下一代芯片的时刻，捕获增量预算分配。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI4MTcvZ2V0dHlpbWFnZXMtOTMxNTAyMjYyLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="402" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI4MTcvZ2V0dHlpbWFnZXMtOTMxNTAyMjYyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达股票值得购买吗？</h2>
<p>云计算巨头的基础设施投资规模反映的不仅仅是全球对 AI 计算能力的明显渴求。它突显了一个更深层次的现实：AI 正成为这些公司的核心增长引擎，而获得最先进芯片的机会已从技术优势转变为竞争生存的关键。</p>
<p>这一支出加速的步伐表明，企业仍处于实施其 AI 战略的早期阶段。这一基础设施投资浪潮远非投机泡沫，而是一些全球最具影响力的公司在转变其传统优先事项并承担复杂项目（如机器人技术、自动化系统、网络安全等）时，经过深思熟虑的长期战略规划的结果。</p>
<p>对于英伟达而言，这一动态应转化为其产品的持续定价能力、持久的重复需求以及快速增长的多年度发展空间。其 GPU 和 CUDA 软件平台已成为企业 AI 技术栈的黄金标准。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0d5813f7d83fdf8bc22f449726d7733c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0d5813f7d83fdf8bc22f449726d7733c.png"/></p>
<p>NVDA 市盈率（前瞻性）数据来源于 YCharts。</p>
<p>综合来看，这些有利因素表明，英伟达可能会经历显著的估值扩张。随着 AI 叙事的基础设施篇章继续展开，英伟达似乎处于一个良好的位置，能够继续作为大型科技公司转型的核心推动者。</p>
<p>基于这些原因，我认为英伟达股票是一个毫无疑问的投资机会，并将其视为市场上最具吸引力的买入和持有机会之一。</p>

<p>亚马逊、微软、谷歌和 Meta 在人工智能基础设施上的投资显著增加，预计支出将从 2021 年的 1000 亿美元上升到明年的近 5000 亿美元。英伟达将从这一趋势中受益匪浅，拥有超过 90% 的 GPU 市场份额，这对人工智能工作负载至关重要。对先进芯片的持续需求使英伟达成为人工智能领域的关键参与者，暗示其强劲的增长潜力，并使其股票成为一个引人注目的买入和持有机会</p>

<p>Over the past few years, many corporate budgets have been reoriented toward artificial intelligence (AI) investments. Nowhere is this shift more evident than among the cloud hyperscalers -- <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong>-- as well as other tech titans like <strong>Meta Platforms</strong> and <strong>Oracle</strong>.</p>
<div class="lb-trans"><p>在过去几年中，许多企业预算已重新调整，转向人工智能（AI）投资。这一转变在云计算巨头中表现得尤为明显——<strong>微软</strong>、<strong>谷歌母公司</strong> 和 <strong>亚马逊</strong>——以及其他科技巨头如 <strong>Meta Platforms</strong> 和 <strong>甲骨文</strong>。</p>
</div><p>In just this year alone, Meta committed $14.3 billion to Scale AI and launched a new research hub, Meta Superintelligence Labs (MSL). It also signed a six-year, $10 billion agreement with Google Cloud. Meanwhile, Microsoft just struck a $17.4 billion deal with <strong>Nebius</strong>, a rising neocloud specialist.</p>
<div class="lb-trans"><p>仅在今年，Meta 就承诺向 Scale AI 投资 143 亿美元，并推出了新的研究中心 Meta 超级智能实验室（MSL）。同时，它还与谷歌云签署了一项为期六年的 100 亿美元协议。与此同时，微软刚刚与新兴的云计算专家 <strong>Nebius</strong> 达成了一项 174 亿美元的交易。</p>
</div><p>At the center of this unprecedented wave of AI infrastructure spending stands one clear beneficiary: <strong>Nvidia</strong>(NVDA 0.43%). Whether directly or indirectly, the graphics processing unit (GPU) powerhouse is capturing a significant chunk of the money being spent on AI infrastructure.</p>
<div class="lb-trans"><p>在这一前所未有的 AI 基础设施支出浪潮中，有一个明显的受益者：<strong>英伟达</strong>（NVDA 0.43%）。无论是直接还是间接，这家图形处理单元（GPU）巨头正在占据大量用于 AI 基础设施的资金。</p>
</div><p>Let's explore how big tech is reshaping the AI landscape -- and why these secular tailwinds point to further significant upside for Nvidia.</p>
<div class="lb-trans"><p>让我们探讨一下大型科技公司如何重塑 AI 格局，以及这些长期趋势为何指向英伟达进一步显著的增长潜力。</p>
</div><h2>AI infrastructure spending has accelerated since the launch of ChatGPT</h2>
<div class="lb-trans"><h2>自 ChatGPT 推出以来，AI 基础设施支出加速</h2>
</div><p>The launch of ChatGPT in November 2022 ignited an unprecedented AI arms race among the world's largest companies. What's important to recognize is that their capital expenditures in this battle are not plateauing -- they're accelerating.</p>
<div class="lb-trans"><p>2022 年 11 月 ChatGPT 的推出点燃了全球最大公司的前所未有的 AI 军备竞赛。重要的是要认识到，他们在这场战斗中的资本支出并没有停滞不前——而是在加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1edc4f9906e7bcf6c3cd16cc690a2d2e.png" alt="" original-src="https://media.ycharts.com/charts/1edc4f9906e7bcf6c3cd16cc690a2d2e.png"/></p>
<p>AMZN Capital Expenditures (TTM) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 资本支出（TTM）数据来源于 YCharts。</p>
</div><p>Data from <strong>Goldman Sachs</strong> underscores just how dramatic these dynamics have become. In 2021, Alphabet, Meta, Amazon, and Microsoft collectively had capex of about $100 billion. By next year, Wall Street expects that figure to approach nearly $500 billion.</p>
<div class="lb-trans"><p>来自 <strong>高盛</strong> 的数据突显了这些动态变得多么戏剧化。2021 年，谷歌母公司、Meta、亚马逊和微软的资本支出总额约为 1000 亿美元。到明年，华尔街预计这一数字将接近 5000 亿美元。</p>
</div><h2>What does this mean for Nvidia?</h2>
<div class="lb-trans"><h2>这对英伟达意味着什么？</h2>
</div><p>Training and deploying large language models (LLMs) and building generative AI applications demands extraordinary amounts of computing power. GPUs are parallel processors, which makes them some of the best chips available to provide the type of computing power AI workloads require. Today, Nvidia commands a more than 90% share of the GPU market, giving it a dominant position within the AI supply chain.</p>
<div class="lb-trans"><p>训练和部署大型语言模型（LLMs）以及构建生成式 AI 应用程序需要巨大的计算能力。GPU 是并行处理器，使其成为提供 AI 工作负载所需计算能力的最佳芯片之一。如今，英伟达在 GPU 市场的份额超过 90%，在 AI 供应链中占据主导地位。</p>
</div><p>A significant portion of the AI capex surge is flowing directly into GPUs and the supporting data center equipment necessary to maximize their performance.</p>
<div class="lb-trans"><p>AI 资本支出激增的很大一部分直接流向 GPU 及其性能最大化所需的支持数据中心设备。</p>
</div><p>This dynamic places Nvidia in a uniquely enviable position as the backbone of modern AI development -- and it's poised to capture incremental budget allocations as hyperscalers and other data center operators race to secure its next-generation chips the moment they become available.</p>
<div class="lb-trans"><p>这一动态使英伟达处于现代 AI 发展的独特有利位置——并且它准备在云计算巨头和其他数据中心运营商争相确保其下一代芯片的时刻，捕获增量预算分配。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI4MTcvZ2V0dHlpbWFnZXMtOTMxNTAyMjYyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832817%2Fgettyimages-931502262.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>Is Nvidia stock a buy?</h2>
<div class="lb-trans"><h2>英伟达股票值得购买吗？</h2>
</div><p>The magnitude of hyperscaler infrastructure investment reflects more than the world's apparently insatiable appetite for AI computing power. It underscores a deeper reality: AI is becoming the central growth engine for these companies, and securing access to the most advanced chips has shifted from being a matter of technological advantage to being a matter of competitive survival.</p>
<div class="lb-trans"><p>云计算巨头的基础设施投资规模反映的不仅仅是全球对 AI 计算能力的明显渴求。它突显了一个更深层次的现实：AI 正成为这些公司的核心增长引擎，而获得最先进芯片的机会已从技术优势转变为竞争生存的关键。</p>
</div><p>The accelerating pace of this spending suggests that corporations are still in the early stages of implementing their AI playbooks. Far from being a speculative bubble, this wave of infrastructure investment is the result of deliberate, long-term strategic planning by some of the world's most influential companies as they pivot away from their traditional priorities and take on sophisticated projects in robotics, autonomous systems, cybersecurity, and more.</p>
<div class="lb-trans"><p>这一支出加速的步伐表明，企业仍处于实施其 AI 战略的早期阶段。这一基础设施投资浪潮远非投机泡沫，而是一些全球最具影响力的公司在转变其传统优先事项并承担复杂项目（如机器人技术、自动化系统、网络安全等）时，经过深思熟虑的长期战略规划的结果。</p>
</div><p>For Nvidia, this dynamic should translate into sustained pricing power for its wares, durable recurring demand, and a multiyear runway for rapid growth. Its GPUs and CUDA software platform have become the gold standard for enterprise AI tech stacks.</p>
<div class="lb-trans"><p>对于英伟达而言，这一动态应转化为其产品的持续定价能力、持久的重复需求以及快速增长的多年度发展空间。其 GPU 和 CUDA 软件平台已成为企业 AI 技术栈的黄金标准。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0d5813f7d83fdf8bc22f449726d7733c.png" alt="" original-src="https://media.ycharts.com/charts/0d5813f7d83fdf8bc22f449726d7733c.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻性）数据来源于 YCharts。</p>
</div><p>Taken together, these tailwinds suggest that Nvidia could experience meaningful valuation expansion from here. As the infrastructure chapter of the AI narrative continues to unfold, Nvidia appears well positioned to remain as a core enabler of big tech's transformation.</p>
<div class="lb-trans"><p>综合来看，这些有利因素表明，英伟达可能会经历显著的估值扩张。随着 AI 叙事的基础设施篇章继续展开，英伟达似乎处于一个良好的位置，能够继续作为大型科技公司转型的核心推动者。</p>
</div><p>For these reasons, I see Nvidia stock as a no-brainer investment, and view it as one of the most compelling buy-and-hold opportunities in the market.</p>
<div class="lb-trans"><p>基于这些原因，我认为英伟达股票是一个毫无疑问的投资机会，并将其视为市场上最具吸引力的买入和持有机会之一。</p>
</div>

Amazon, Microsoft, Alphabet, and Meta Just Delivered Half a Trillion Dollars Worth of Great News for Nvidia Investors

- 大型科技公司加大对人工智能基础设施的投资，尤其是云计算巨头。  
- Nvidia 在 GPU 市场占有超过 90% 的份额，成为 AI 发展的核心。  
- 预计未来几年，Nvidia 将受益于持续的资本支出和需求增长。  

Motley Fool

谷歌-C

英伟达

谷歌-A

亚马逊、微软、Alphabet 和 Meta 刚刚为英伟达的投资者带来了价值五千亿美元的利好消息