<p><strong>英伟达</strong> 在人工智能（AI）加速器芯片领域开创了先河，过去三年一直是市场上表现最好的股票之一，受益于其图形处理单元（GPU）需求的强劲增长，股价上涨超过 1200%。这些 GPU 被广泛用于训练 AI 模型和运行推理应用程序。</p>
<p>这就是为什么英伟达在 2025 年迄今为止 32% 的回报对投资者来说可能显得平淡无奇。毕竟，英伟达的市值超过 4.3 万亿美元，现已成为全球最大的公司。因此，期待英伟达复制近年来令人瞩目的回报并不合理，尤其是考虑到其增长率虽然健康，但相较于之前相对较慢。</p>
<p>然而，市场上还有一些较小的公司正在利用对 AI 硬件快速增长的需求，仍然能够为投资者带来惊人的回报。其中之一是 <strong>Cloudflare</strong>（NET 1.46%），今年迄今为止其表现显著超过英伟达——上涨了惊人的 110%——并且有潜力进一步上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images</p>
<h2>Cloudflare 专注于构建全球 GPU 网络，成效显著</h2>
<p>Cloudflare 传统上以提供内容分发网络（CDN）服务和反向代理网络而闻名，这些服务帮助加快、保护和提高互联网连接的可靠性。其云安全解决方案还保护公共云网络、私有云网络和软件即服务（SaaS）应用程序等系统中的数据。</p>
<p>然而，AI 趋势帮助其开启了一个有利可图的增长途径。它现在正在利用其庞大的全球服务器网络部署图形处理单元（GPU），为客户提供边缘 AI 处理能力。公司的网络覆盖 300 个城市，管理层去年表示，整个网络将配备 GPU，以便在离最终用户更近的地方运行 AI 推理应用程序，这将有助于减少延迟并提高性能。</p>
<p>根据管理层在公司最新的财报电话会议上所说，Cloudflare 已经实现了这一目标。其 Workers AI 无服务器 GPU 平台的需求——该平台允许客户在 Cloudflare 的网络上运行 AI 模型，而无需投资和管理昂贵的硬件——也相当稳健。</p>
<p>Cloudflare 的客户可以在 Workers AI 平台上访问超过 50 个 AI 模型，以根据其需求构建应用程序。他们还可以以具有竞争力的成本在 Cloudflare 网络上存储大型数据集。重要的是，Workers AI 采用按需付费的商业模式，因此客户不必被锁定在订阅合同中。</p>
<p>这种以消费为导向的模式对 Cloudflare 运作良好，因为它帮助公司降低了希望在云中运行 AI 推理的公司的进入门槛。该公司在第二季度获得了几份数百万美元的 Workers AI 合同，这也解释了其剩余履约义务（RPO）同比增长 39% 至近 20 亿美元的令人印象深刻的表现。</p>
<p>这一指标指的是公司未履行合同的总价值，值得注意的是，Cloudflare 的 RPO 增长大大超过了其第二季度收入同比增长 28% 至 5.12 亿美元。这意味着 Cloudflare 正在以更快的速度获得新合同，为长期建立良好的收入管道，预计将导致收入增长加速。此外，Fortune Business Insights 的分析师预测，边缘 AI 的需求将在 2032 年前以 33% 的年化率增长。</p>
<p>在这种背景下，我不会惊讶看到 Cloudflare 的收入管道进一步改善，尤其是考虑到对 GPU 驱动的 AI 云计算能力的巨大需求。</p>
<h2>但在其惊人上涨后，这只股票值得购买吗？</h2>
<p>Cloudflare 在 2025 年的大幅上涨使其交易时的市销率达到 40 倍。与英伟达的市销率 26 倍相比，这显得昂贵。然而，Cloudflare 的 RPO 增长正在加速。该公司在 2024 年第二季度报告了该指标同比增长 37%，这表明其未来收入管道的增长正在上升。</p>
<p>因此，看到 Cloudflare 的收入增长在未来加速并不令人惊讶——这正是分析师们所预测的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.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/7b2498eef44cf193db239ea5e2c2c40c.png"/></p>
<p>当前财年 NET 收入预估数据来自 YCharts。</p>
<p>从某种角度来看，英伟达的收入增长率预计将放缓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.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/5bc94f1114d983c20b669e0193262088.png"/></p>
<p>当前财年 NVDA 收入预估数据来自 YCharts。</p>
<p>因此，Cloudflare 有很大机会通过实现比 AI 芯片领导者更快的增长来证明其昂贵的销售倍数。这就是为什么那些能够承受风险并愿意为这只 AI 股票支付溢价估值的投资者应该考虑在今年的显著上涨后继续增持。</p>

<p>Cloudflare 在 2025 年的表现显著优于 Nvidia，增长率达到 110%，而 Nvidia 为 32%。该公司正在利用其全球 GPU 网络来增强 AI 处理能力，实现了剩余业绩义务（RPO）同比增长 39%，接近 20 亿美元。分析师预测，尽管 Cloudflare 的市销率为 40，高于 Nvidia 的 26，但由于边缘 AI 需求的上升，Cloudflare 未来将实现强劲增长。具有风险承受能力的投资者可以考虑将 Cloudflare 作为其投资组合的有价值补充</p>

<p><strong>Nvidia</strong>, which pioneered the artificial intelligence (AI) accelerator chip space, has been one of the top performing stocks on the market in the past three years, delivering gains of more than 1,200% on the back of the remarkably strong demand for its graphics processing units (GPUs), which are widely used for training AI models and running inference applications.</p>
<div class="lb-trans"><p><strong>英伟达</strong> 在人工智能（AI）加速器芯片领域开创了先河，过去三年一直是市场上表现最好的股票之一，受益于其图形处理单元（GPU）需求的强劲增长，股价上涨超过 1200%。这些 GPU 被广泛用于训练 AI 模型和运行推理应用程序。</p>
</div><p>That's why Nvidia's returns of 32% so far in 2025 may appear lukewarm to investors. After all, with a market cap in excess of $4.3 trillion, it is now the world's largest company. So, expecting Nvidia to replicate the eye-popping returns that it has clocked in recent years isn't reasonable, especially considering that its growth rate, though healthy, is relatively slower than it was before.</p>
<div class="lb-trans"><p>这就是为什么英伟达在 2025 年迄今为止 32% 的回报对投资者来说可能显得平淡无奇。毕竟，英伟达的市值超过 4.3 万亿美元，现已成为全球最大的公司。因此，期待英伟达复制近年来令人瞩目的回报并不合理，尤其是考虑到其增长率虽然健康，但相较于之前相对较慢。</p>
</div><p>However, there are smaller companies out there capitalizing on the fast-growing demand for AI hardware that can still deliver phenomenal returns to investors. One of these is <strong>Cloudflare</strong>(NET 1.46%), which has significantly outperformed Nvidia so far this year -- it's up by a remarkable 110% -- and has the potential to fly higher.</p>
<div class="lb-trans"><p>然而，市场上还有一些较小的公司正在利用对 AI 硬件快速增长的需求，仍然能够为投资者带来惊人的回报。其中之一是 <strong>Cloudflare</strong>（NET 1.46%），今年迄今为止其表现显著超过英伟达——上涨了惊人的 110%——并且有潜力进一步上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI5MzkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832939%2Fperson-holding-smartphone-smiling.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>Cloudflare's focus on building a global GPU network is paying off</h2>
<div class="lb-trans"><h2>Cloudflare 专注于构建全球 GPU 网络，成效显著</h2>
</div><p>Cloudflare was traditionally known for offering content delivery network (CDN) services and a reverse proxy network that helps make internet connections faster, secure, and more reliable. Its cloud security solutions also secure data across public cloud networks, private cloud networks, and software-as-a-service (SaaS) applications, among other systems.</p>
<div class="lb-trans"><p>Cloudflare 传统上以提供内容分发网络（CDN）服务和反向代理网络而闻名，这些服务帮助加快、保护和提高互联网连接的可靠性。其云安全解决方案还保护公共云网络、私有云网络和软件即服务（SaaS）应用程序等系统中的数据。</p>
</div><p>However, the AI trend has helped it unlock a lucrative growth avenue. It is now leveraging its massive global network of servers to deploy graphics processing units (GPUs) and bring edge AI processing capabilities to its customers. The company's network spans 300 cities, and management said last year that the entire network would be equipped with GPUs to run AI inference applications closer to end users, which will help reduce latency and improve performance.</p>
<div class="lb-trans"><p>然而，AI 趋势帮助其开启了一个有利可图的增长途径。它现在正在利用其庞大的全球服务器网络部署图形处理单元（GPU），为客户提供边缘 AI 处理能力。公司的网络覆盖 300 个城市，管理层去年表示，整个网络将配备 GPU，以便在离最终用户更近的地方运行 AI 推理应用程序，这将有助于减少延迟并提高性能。</p>
</div><p>Based on what management said on the company's latest earnings conference call, Cloudflare has achieved that goal. And demand for its Workers AI serverless GPU platform -- which allows customers to run AI models on Cloudflare's network and forego investing in and managing expensive hardware -- has been solid.</p>
<div class="lb-trans"><p>根据管理层在公司最新的财报电话会议上所说，Cloudflare 已经实现了这一目标。其 Workers AI 无服务器 GPU 平台的需求——该平台允许客户在 Cloudflare 的网络上运行 AI 模型，而无需投资和管理昂贵的硬件——也相当稳健。</p>
</div><p>Cloudflare customers can access more than 50 AI models on the Workers AI platform to build applications based on their needs. They can also store large datasets on the Cloudflare network at competitive costs. Importantly, Workers AI has a pay-as-you-go business model, so customers aren't locked into subscription contracts.</p>
<div class="lb-trans"><p>Cloudflare 的客户可以在 Workers AI 平台上访问超过 50 个 AI 模型，以根据其需求构建应用程序。他们还可以以具有竞争力的成本在 Cloudflare 网络上存储大型数据集。重要的是，Workers AI 采用按需付费的商业模式，因此客户不必被锁定在订阅合同中。</p>
</div><p>This consumption-oriented model is working well for Cloudflare as it helps the company lower the barrier to entry for companies looking to run AI inference in the cloud. The company landed several multimillion-dollar contracts for Workers AI in the second quarter, which explains the impressive 39% year-over-year increase in its remaining performance obligations (RPO) to almost $2 billion.</p>
<div class="lb-trans"><p>这种以消费为导向的模式对 Cloudflare 运作良好，因为它帮助公司降低了希望在云中运行 AI 推理的公司的进入门槛。该公司在第二季度获得了几份数百万美元的 Workers AI 合同，这也解释了其剩余履约义务（RPO）同比增长 39% 至近 20 亿美元的令人印象深刻的表现。</p>
</div><p>This metric refers to the total value of a company's unfulfilled contracts, and it's worth noting that Cloudflare's RPO growth substantially exceeded the 28% year-over-year spike in its Q2 revenue to $512 million. What this means is that Cloudflare is landing new contracts at a faster pace, setting up a nice revenue pipeline for the long run that should lead to accelerating top-line growth. Moreover, the analysts at Fortune Business Insights forecast that demand for edge AI will increase at an impressive annualized rate of 33% through 2032.</p>
<div class="lb-trans"><p>这一指标指的是公司未履行合同的总价值，值得注意的是，Cloudflare 的 RPO 增长大大超过了其第二季度收入同比增长 28% 至 5.12 亿美元。这意味着 Cloudflare 正在以更快的速度获得新合同，为长期建立良好的收入管道，预计将导致收入增长加速。此外，Fortune Business Insights 的分析师预测，边缘 AI 的需求将在 2032 年前以 33% 的年化率增长。</p>
</div><p>In that context, I won't be surprised to see Cloudflare's revenue pipeline improve further, especially considering that there is a tremendous need for GPU-powered AI cloud computing capacity.</p>
<div class="lb-trans"><p>在这种背景下，我不会惊讶看到 Cloudflare 的收入管道进一步改善，尤其是考虑到对 GPU 驱动的 AI 云计算能力的巨大需求。</p>
</div><h2>But is the stock worth buying following its phenomenal surge?</h2>
<div class="lb-trans"><h2>但在其惊人上涨后，这只股票值得购买吗？</h2>
</div><p>Cloudflare's big rally so far in 2025 has left it trading at 40 times sales. That's expensive when compared to Nvidia's price-to-sales ratio of 26. However, Cloudflare's RPO growth is accelerating. The company reported a 37% year-over-year increase in the metric in Q2 2024, indicating that its future revenue pipeline growth is ticking up.</p>
<div class="lb-trans"><p>Cloudflare 在 2025 年的大幅上涨使其交易时的市销率达到 40 倍。与英伟达的市销率 26 倍相比，这显得昂贵。然而，Cloudflare 的 RPO 增长正在加速。该公司在 2024 年第二季度报告了该指标同比增长 37%，这表明其未来收入管道的增长正在上升。</p>
</div><p>As a result, it wouldn't be surprising to see Cloudflare's top-line growth accelerate in the future -- which is precisely what analysts are predicting.</p>
<div class="lb-trans"><p>因此，看到 Cloudflare 的收入增长在未来加速并不令人惊讶——这正是分析师们所预测的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.png" alt="" original-src="https://media.ycharts.com/charts/7b2498eef44cf193db239ea5e2c2c40c.png"/></p>
<p>NET Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>当前财年 NET 收入预估数据来自 YCharts。</p>
</div><p>For some perspective, Nvidia's top-line growth rate is expected to slow down.</p>
<div class="lb-trans"><p>从某种角度来看，英伟达的收入增长率预计将放缓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.png" alt="" original-src="https://media.ycharts.com/charts/5bc94f1114d983c20b669e0193262088.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>当前财年 NVDA 收入预估数据来自 YCharts。</p>
</div><p>So, there is a good chance that Cloudflare may be able to justify its expensive sales multiple by clocking faster growth than the AI chip leader. That's why investors who have a tolerance for risk and a willingness to pay a premium valuation for this AI stock should consider accumulating it, even after its remarkable rally this year.</p>
<div class="lb-trans"><p>因此，Cloudflare 有很大机会通过实现比 AI 芯片领导者更快的增长来证明其昂贵的销售倍数。这就是为什么那些能够承受风险并愿意为这只 AI 股票支付溢价估值的投资者应该考虑在今年的显著上涨后继续增持。</p>
</div>

Meet the Skyrocketing Artificial Intelligence (AI) Stock That's Leaving Nvidia in the Dust

- Nvidia 在过去三年中股价上涨超过 1,200%，成为全球市值最高公司。  
- Cloudflare 通过全球 GPU 网络实现 110% 的股价增长，需求强劲。  
- 预计 Cloudflare 将继续加速增长，可能超越 Nvidia 的增长率。  

认识这只正在迅速崛起的人工智能（AI）股票，它已经将英伟达远远甩在了后面