<p>很难想象在过去五年中，有任何股票的表现能超过 <strong>Nvidia</strong>(NVDA -1.42%)。由于人工智能（AI）趋势，该公司成为了巨大的赢家，因为其芯片提供了开发、训练和运行 AI 模型所需的大部分处理能力。</p>
<p>如今，Nvidia 是全球最有价值的公司，市值约为 4.3 万亿美元。它走过了漫长的道路，但可能会让你感到惊讶的是，自 2020 年 9 月以来，它仅是 <strong>标准普尔 500 指数</strong> 中表现第二好的股票。第一名的奖项归属于 <strong>超微电脑</strong>(SMCI -0.62%)，也被称为 Supermicro。（这是基于截至 9 月 1 日的五年回报，不包括五年前未上市的股票。）</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTUvcGVvcGxlLWRpc2N1c3NpbmctYS1zYWxlcy1yZXBvcnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTUvcGVvcGxlLWRpc2N1c3NpbmctYS1zYWxlcy1yZXBvcnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>超微电脑的股票在五年内上涨超过 1400%</h2>
<p>截至 9 月 1 日，超微电脑的股票在过去五年中上涨超过 1400%。这些收益大大超过了 Nvidia 在同一时期内近 1200% 的回报。从美元的角度来看，1 万美元投资于超微电脑今天的价值将超过 15.3 万美元，而相似的投资于 Nvidia 的价值为 12.6 万美元。</p>
<p>无论如何，你的收益仍然会很可观，但与超微电脑相比，你的收益会高得多。值得注意的是，这些收益是在经历了一次特别剧烈的下跌后获得的。在 2024 年初，这家科技公司与其审计师发生了争执，财务报告的可靠性受到质疑。股票暴跌，目前仍比峰值下跌约 60%。因此，如果没有这些逆风，Nvidia 和超微电脑的回报差距可能会更大。</p>
<h2>为什么更好的回报并不意味着一家公司的表现优于另一家</h2>
<p>在股市中，有无数例子表明公司的估值似乎没有意义。炒作和兴奋可以将公司的股票推高到不合理的水平。一个重要的考虑因素是市值。即使在五年前，Nvidia 也是一家成熟的巨型企业，市值超过 3400 亿美元。而超微电脑在那时仍然是小型股，市值仅为 14 亿美元。但其表现迅速将其提升出那个领域。它于 2022 年 12 月被纳入中型股 <strong>标准普尔 400 指数</strong>，并于 2024 年 3 月再次晋升为大型股标准普尔 500 指数。现在，它的市值约为 270 亿美元。</p>
<p>小型股比大型股或巨型股更容易出现大幅上涨。超微电脑在 2020 年仍然是一家相对不知名的公司，但由于对其服务器和相关技术产品的 AI 驱动需求激增，改变了其业务并使其声名鹊起。AI 趋势对 Nvidia 也有很大帮助，但由于其已经如此庞大且交易时的市盈率较高，其增长相对受到了一定限制。</p>
<p>尽管如此，Nvidia 在中期和长期内都取得了一些出色的回报。以 50 的市盈率（P/E）倍数计算，它仍然以较高的溢价交易，而超微电脑的市盈率为 27，可能看起来更合理。</p>
<h2>Nvidia 仍然是更安全的成长股，远胜于其他</h2>
<p>超微电脑在过去五年中可能产生了比 Nvidia 更强的回报，但这并不意味着这种模式会持续下去。超微电脑今天的估值远高于五年前，但其股票在过去 12 个月中仅上涨了 5%。投资者似乎对该股票持更谨慎的看法，这在超微电脑的低利润率和有限盈利能力的背景下是可以理解的。</p>
<p>Nvidia 的业务更为稳健，在过去 12 个月中，其自由现金流总额达到了惊人的 720 亿美元（相比之下，超微电脑为 15 亿美元）。鉴于 Nvidia 在 AI 芯片领域仍然是明显的领导者，并且财务状况依然强劲，从这里来看，Nvidia 显然是比超微电脑更好、更安全的成长股。</p>

超微电脑

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>超微电脑（SMCI）在过去五年中表现优于英伟达（NVDA），其股价上涨超过 1400%，而英伟达的涨幅接近 1200%。尽管英伟达以 4.3 万亿美元的市值成为最有价值的公司，但超微电脑从小盘股迅速成长为大盘股，突显了人工智能趋势的影响。然而，尽管超微电脑近期表现出色，英伟达由于其更强的财务状况和在人工智能芯片市场的领导地位，仍然是一个更安全的投资选择</p>

<p>It's hard to imagine that any stock may have performed better than <strong>Nvidia</strong>(NVDA -1.42%) over the past five years. The company has been a huge winner due to the artificial intelligence (AI) trend, as its chips provide the majority of the processing power used to develop, train, and operate AI models.</p>
<div class="lb-trans"><p>很难想象在过去五年中，有任何股票的表现能超过 <strong>Nvidia</strong>(NVDA -1.42%)。由于人工智能（AI）趋势，该公司成为了巨大的赢家，因为其芯片提供了开发、训练和运行 AI 模型所需的大部分处理能力。</p>
</div><p>Today, Nvidia is the most valuable company in the world, with a market cap of around $4.3 trillion. It has come a long way, but what may surprise you is that since September 2020, it has only been the second-best performing stock on the <strong>S&amp;P 500</strong>. The award for first place goes to <strong>Super Micro Computer</strong>(SMCI -0.62%), also known as Supermicro. (This is based on five-year returns as of Sept. 1, and does not include stocks that weren't public five years earlier.)</p>
<div class="lb-trans"><p>如今，Nvidia 是全球最有价值的公司，市值约为 4.3 万亿美元。它走过了漫长的道路，但可能会让你感到惊讶的是，自 2020 年 9 月以来，它仅是 <strong>标准普尔 500 指数</strong> 中表现第二好的股票。第一名的奖项归属于 <strong>超微电脑</strong>(SMCI -0.62%)，也被称为 Supermicro。（这是基于截至 9 月 1 日的五年回报，不包括五年前未上市的股票。）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwOTUvcGVvcGxlLWRpc2N1c3NpbmctYS1zYWxlcy1yZXBvcnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834095%2Fpeople-discussing-a-sales-report.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>Supermicro's stock has rallied by more than 1,400% in five years</h2>
<div class="lb-trans"><h2>超微电脑的股票在五年内上涨超过 1400%</h2>
</div><p>As of Sept. 1, shares of Supermicro were up by more than 1,400% over the prior five years. Those gains beat the nearly 1,200% return that Nvidia generated during the same stretch by a considerable margin. In terms of dollars, a $10,000 investment in Supermicro would have grown to be worth more than $153,000 today, while a similar investment in Nvidia would be worth $126,000.</p>
<div class="lb-trans"><p>截至 9 月 1 日，超微电脑的股票在过去五年中上涨超过 1400%。这些收益大大超过了 Nvidia 在同一时期内近 1200% 的回报。从美元的角度来看，1 万美元投资于超微电脑今天的价值将超过 15.3 万美元，而相似的投资于 Nvidia 的价值为 12.6 万美元。</p>
</div><p>Either way, you'd still be up big, but your gains would have been far higher with Supermicro. It's also noteworthy that those are its gains after a particularly drastic drop. In the early part of 2024, the tech company had a falling out with its auditor, and there were questions about the reliability of its financial reports. The stock plunged, and it's still down by around 60% from its peak. So if not for those headwinds, the gap between Nvidia and Supermicro's returns could be far greater.</p>
<div class="lb-trans"><p>无论如何，你的收益仍然会很可观，但与超微电脑相比，你的收益会高得多。值得注意的是，这些收益是在经历了一次特别剧烈的下跌后获得的。在 2024 年初，这家科技公司与其审计师发生了争执，财务报告的可靠性受到质疑。股票暴跌，目前仍比峰值下跌约 60%。因此，如果没有这些逆风，Nvidia 和超微电脑的回报差距可能会更大。</p>
</div><h2>Why a better return doesn't mean one business is better than another</h2>
<div class="lb-trans"><h2>为什么更好的回报并不意味着一家公司的表现优于另一家</h2>
</div><p>There are countless examples in the stock market of companies with valuations that don't seem to make sense. Hype and excitement can send a company's shares soaring to unjustifiable levels. And an important factor to consider is market cap. Even five years ago, Nvidia was a well-established megacap business with a market cap of more than $340 billion. Supermicro, at that time, was still a small cap, with a market cap of just $1.4 billion. But its performance lifted it rapidly out of that realm. It was added to the mid-cap <strong>S&amp;P 400</strong> index in December 2022 and was promoted again to the large-cap S&amp;P 500 in March 2024. Now, it's worth about $27 billion.</p>
<div class="lb-trans"><p>在股市中，有无数例子表明公司的估值似乎没有意义。炒作和兴奋可以将公司的股票推高到不合理的水平。一个重要的考虑因素是市值。即使在五年前，Nvidia 也是一家成熟的巨型企业，市值超过 3400 亿美元。而超微电脑在那时仍然是小型股，市值仅为 14 亿美元。但其表现迅速将其提升出那个领域。它于 2022 年 12 月被纳入中型股 <strong>标准普尔 400 指数</strong>，并于 2024 年 3 月再次晋升为大型股标准普尔 500 指数。现在，它的市值约为 270 亿美元。</p>
</div><p>It's a lot easier for a small-cap stock to have a huge rally than a large-cap or a megacap stock. Supermicro was still a relatively unknown company back in 2020, but the AI-driven surge in demand for its servers and related tech products transformed its business and put it on the map. The AI trend helped Nvidia enormously as well, but because it was already so large and trading at a loftier price-to-earnings ratio, its growth was a bit more constrained, relatively speaking.</p>
<div class="lb-trans"><p>小型股比大型股或巨型股更容易出现大幅上涨。超微电脑在 2020 年仍然是一家相对不知名的公司，但由于对其服务器和相关技术产品的 AI 驱动需求激增，改变了其业务并使其声名鹊起。AI 趋势对 Nvidia 也有很大帮助，但由于其已经如此庞大且交易时的市盈率较高，其增长相对受到了一定限制。</p>
</div><p>That being said, Nvidia has achieved some fantastic returns, both in the medium term and the long term. And at a price-to-earnings (P/E) multiple of 50, it's still trading at a hefty premium, while Supermicro may look more reasonably priced at a P/E ratio of 27.</p>
<div class="lb-trans"><p>尽管如此，Nvidia 在中期和长期内都取得了一些出色的回报。以 50 的市盈率（P/E）倍数计算，它仍然以较高的溢价交易，而超微电脑的市盈率为 27，可能看起来更合理。</p>
</div><h2>Nvidia is still the safer growth stock to own, by a mile</h2>
<div class="lb-trans"><h2>Nvidia 仍然是更安全的成长股，远胜于其他</h2>
</div><p>Supermicro may have generated stronger returns than Nvidia over the past five years, but that doesn't mean that pattern will continue. Supermicro's valuation is much higher today than it was five years ago, but its shares have risen by just 5% over the past 12 months. Investors appear to be taking a more cautious view of the stock, which is justifiable given Supermicro's low margins and limited profitability.</p>
<div class="lb-trans"><p>超微电脑在过去五年中可能产生了比 Nvidia 更强的回报，但这并不意味着这种模式会持续下去。超微电脑今天的估值远高于五年前，但其股票在过去 12 个月中仅上涨了 5%。投资者似乎对该股票持更谨慎的看法，这在超微电脑的低利润率和有限盈利能力的背景下是可以理解的。</p>
</div><p>Nvidia has a more robust business, and over the past 12 months, its free cash flow has totaled an incredible $72 billion (compared to $1.5 billion for Supermicro). Given that Nvidia remains the clear leader in the AI chip space and still has tremendously strong financials, it looks like a far better and safer growth stock to own from here than Supermicro.</p>
<div class="lb-trans"><p>Nvidia 的业务更为稳健，在过去 12 个月中，其自由现金流总额达到了惊人的 720 亿美元（相比之下，超微电脑为 15 亿美元）。鉴于 Nvidia 在 AI 芯片领域仍然是明显的领导者，并且财务状况依然强劲，从这里来看，Nvidia 显然是比超微电脑更好、更安全的成长股。</p>
</div>

Meet the Only S&P 500 Stock to Have Outperformed Nvidia Over the Past 5 Years

- 超级微计算机（Supermicro）在过去五年中股价上涨超过 1,400%。  
- 英伟达（Nvidia）同期上涨近 1,200%，市值约 4.3 万亿美元。  
- 尽管回报率不同，英伟达在 AI 芯片领域仍是更安全的增长股。  

在过去五年中，唯一一只表现超过 NVIDIA 的标普 500 股票