<p>最近，Teradyne（NASDAQ: TER）的股票在一个交易日内上涨超过 12%，引起了市场的关注。对于一家市值 210 亿美元的公司来说，这样的波动是相当显著的。</p>
<p>这不禁让人思考：为什么一家专注于半导体测试设备的公司会突然展现出如此强劲的势头？</p>
<p>仔细观察可以发现，这并不是一次短暂的激增，而是市场对一个更深层次现实的觉醒：Teradyne 已成为人工智能（AI）革命中不可或缺的基础性参与者。</p>
<p>尽管 AI 领域的关注点主要集中在高知名度的芯片设计公司，但整个行业的成功依赖于生产出极其复杂且完美运行的硬件。这正是 Teradyne 所提供价值的地方。</p>
<p>该公司作为经典的 “铲子和镐” 模式，提供确保 AI 硬件金矿开采成功所需的基本工具。</p>
<p>最近的股票表现表明，投资者开始充分理解并欣赏这一销售工具的公司的价值。</p>
<h2>为 AI 时代打造工具</h2>
<p>Teradyne 重新获得动力的主要原因是 AI 硬件的爆炸性增长和复杂性。随着 AI 模型变得越来越复杂，驱动它们的芯片正在演变为前所未有的密度和复杂性的技术奇迹。</p>
<p>这给制造商带来了一个关键挑战：确保质量和良率。多千美元的 AI 加速器中的单个缺陷成本巨大，使得严格测试成为关键的质量控制步骤和经济必要性。</p>
<p>这正是对 Teradyne 先进设备需求激增的原因。在公司 2025 年第二季度的财报电话会议上，首席执行官 Greg Smith 确认了这一转变，表示他预计 AI 计算将在今年剩余时间内成为核心半导体测试业务的主要驱动力。</p>
<p>公司正在通过有针对性的创新来支持这一战略。其最近推出的 Magnum 7H 内存测试仪就是一个典型例子。</p>
<p>该系统专门设计用于应对测试高带宽内存（HBM）的独特挑战，这种超快内存直接堆叠在高性能 AI GPU 上。</p>
<p>随着 Magnum 7H 已经开始向主要 HBM 制造商发货，Teradyne 可以直接从每个新建的 AI 服务器中获利。</p>
<p>这一点还得到了战略举措的支持，例如收购 Quantifi Photonics，进一步巩固其在测试另一个关键 AI 组件：硅光子学中的地位。</p>
<h2>Teradyne 战略与底线的交汇</h2>
<p>在 AI 供应链中的战略定位已经转化为稳健的财务表现。尽管第二季度的收入同比下降，反映出消费和汽车市场的持续疲软，但公司的前瞻性指引显示出强劲的、由 AI 驱动的反弹正在进行中。</p>
<p>关键财务指标突显了这一转折点：</p>
<ul>
<li><strong>超出预期：</strong> 在 2025 年第二季度，Teradyne 报告收入为 6.518 亿美元，非 GAAP 每股收益（EPS）为 0.57 美元，轻松超出分析师预期。</li>
<li><strong>强劲的前瞻性指引：</strong> 对于 2025 年第三季度，管理层预计收入将在 7.1 亿至 7.7 亿美元之间。中间值代表强劲的 14% 环比增长率，为管理层的乐观情绪提供了具体的财务支撑。</li>
<li><strong>盈利能力和估值：</strong> 公司第二季度的非 GAAP 营业利润为 15.1%，预计在第三季度指引的中间值将扩大至 19.5%。以约 46 的市盈率（P/E）计算，股票因其增长潜力而被高估，未来几个季度预计将实现。</li>
<li><strong>股东回报：</strong> 这一财务实力支持健康的股东回报，包括每股 0.12 美元的稳定季度股息和积极的股票回购计划，仅在第二季度就从市场上回购了 1.19 亿美元的股票。</li>
</ul>
<h2>华尔街的重新评级开始</h2>
<p>在股票最近上涨后，投资者在询问接下来会发生什么。对华尔街活动的回顾表明，重新评估仍处于早期阶段。根据 18 位分析师的数据，Teradyne 的共识评级为适度买入。</p>
<p>尽管其平均目标价为 118.63 美元，低于当前交易价格，但较旧的目标价拖累了这一数字。</p>
<p>然而，最近的分析师修订显示出明显的看涨趋势。例如，Susquehanna 最近将其目标价提高至 200 美元，理由是 AI 驱动的机会。这种修订表明，随着 AI 增长故事变得更加清晰，一些分析师正在积极重新评估该股票的潜力。</p>
<p>11 个买入评级、5 个持有评级和 2 个卖出评级的分布表明，尽管共识目标仍低于股票最近的价格走势，但积极情绪依然强烈。</p>
<h2>AI 基础设施建设的核心持股</h2>
<p>Teradyne 最近的激增不仅仅是市场的瞬时反应；它反映了其业务的根本转变。该公司在测试复杂电子设备方面的深厚专业知识使其处于这一代人最重要的技术转型的中心。</p>
<p>随着 AI 基础设施的建设持续进行，对更复杂和更强大芯片的需求只会增加。随之而来的是对 Teradyne 所提供的关键测试技术的需求将变得更加明显。</p>
<p>对于寻求参与 AI 大趋势的投资者来说，Teradyne 正在超越其周期性半导体身份，成为一个世俗的增长故事，使其成为任何以技术为重点的投资组合中值得考虑的选择。</p>
<h2>你现在应该投资 1000 美元在 Teradyne 吗？</h2>
<p>在你考虑 Teradyne 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而泰瑞达并不在名单上。</p>
<p>虽然泰瑞达目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

泰瑞达

<p>泰瑞达正在成为人工智能硬件热潮中的关键参与者，其股票最近上涨超过 12%。该公司专注于半导体测试设备，这对于确保复杂人工智能芯片的质量至关重要。尽管整体收入有所下降，泰瑞达 2025 年第二季度的业绩超出预期，其前瞻性指引显示出由人工智能驱动的强劲增长。分析师们开始重新评估该股票，普遍评级为适度买入，一些分析师预计由于人工智能机会将出现显著的价格上涨</p>

<p>A recent jump in Teradyne's NASDAQ: TER stock, which saw it climb over 12% in a single trading session, has caught the market's attention. Such a move is significant for a company with a market capitalization of $21 billion.</p>
<div class="lb-trans"><p>最近，Teradyne（NASDAQ: TER）的股票在一个交易日内上涨超过 12%，引起了市场的关注。对于一家市值 210 亿美元的公司来说，这样的波动是相当显著的。</p>
</div><p>It begs the question: Why is a company specializing in semiconductor test equipment suddenly demonstrating such strong momentum?</p>
<div class="lb-trans"><p>这不禁让人思考：为什么一家专注于半导体测试设备的公司会突然展现出如此强劲的势头？</p>
</div><p>A closer look reveals this is not a momentary spike but a market awakening to a deeper reality: Teradyne has become an indispensable and foundational player in the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>仔细观察可以发现，这并不是一次短暂的激增，而是市场对一个更深层次现实的觉醒：Teradyne 已成为人工智能（AI）革命中不可或缺的基础性参与者。</p>
</div><p>While much of the focus in the AI space is on high-profile chip designers, the success of the entire industry rests on the ability to produce incredibly complex hardware that works flawlessly. This is where Teradyne provides its value.</p>
<div class="lb-trans"><p>尽管 AI 领域的关注点主要集中在高知名度的芯片设计公司，但整个行业的成功依赖于生产出极其复杂且完美运行的硬件。这正是 Teradyne 所提供价值的地方。</p>
</div><p>The company operates as a classic picks and shovels play, supplying the essential tools needed to ensure the gold rush in AI hardware pays off.</p>
<div class="lb-trans"><p>该公司作为经典的 “铲子和镐” 模式，提供确保 AI 硬件金矿开采成功所需的基本工具。</p>
</div><p>The recent stock performance suggests that investors are beginning to fully understand and appreciate the value of the one selling the tools.</p>
<div class="lb-trans"><p>最近的股票表现表明，投资者开始充分理解并欣赏这一销售工具的公司的价值。</p>
</div><h2>Forging the Tools for the AI Era</h2>
<div class="lb-trans"><h2>为 AI 时代打造工具</h2>
</div><p>The primary force behind Teradyne's renewed momentum is AI hardware's explosive growth and complexity. As AI models become more sophisticated, the chips that power them are evolving into technological marvels of unprecedented density and complexity.</p>
<div class="lb-trans"><p>Teradyne 重新获得动力的主要原因是 AI 硬件的爆炸性增长和复杂性。随着 AI 模型变得越来越复杂，驱动它们的芯片正在演变为前所未有的密度和复杂性的技术奇迹。</p>
</div><p>This creates a critical challenge for manufacturers: ensuring quality and yield. The cost of a single defect in a multi-thousand-dollar AI accelerator is enormous, making rigorous testing a crucial quality control step and an economic necessity.</p>
<div class="lb-trans"><p>这给制造商带来了一个关键挑战：确保质量和良率。多千美元的 AI 加速器中的单个缺陷成本巨大，使得严格测试成为关键的质量控制步骤和经济必要性。</p>
</div><p>This is where demand for Teradyne's advanced equipment is igniting. On the company's second quarter 2025 earnings call, CEO Greg Smith confirmed this shift, stating that he expects AI compute to be the dominant driver of the core Semiconductor Test business for the rest of the year.</p>
<div class="lb-trans"><p>这正是对 Teradyne 先进设备需求激增的原因。在公司 2025 年第二季度的财报电话会议上，首席执行官 Greg Smith 确认了这一转变，表示他预计 AI 计算将在今年剩余时间内成为核心半导体测试业务的主要驱动力。</p>
</div><p>The company is backing this strategy with targeted innovation. Its recently launched Magnum 7H memory tester is a prime example.</p>
<div class="lb-trans"><p>公司正在通过有针对性的创新来支持这一战略。其最近推出的 Magnum 7H 内存测试仪就是一个典型例子。</p>
</div><p>This system is purpose-built to handle the unique challenges of testing High Bandwidth Memory (HBM), the ultra-fast memory stacked directly onto high-performance AI GPUs.</p>
<div class="lb-trans"><p>该系统专门设计用于应对测试高带宽内存（HBM）的独特挑战，这种超快内存直接堆叠在高性能 AI GPU 上。</p>
</div><p>With the Magnum 7H already shipping to major HBM manufacturers, Teradyne has a direct line to profit from every new AI server that gets built.</p>
<div class="lb-trans"><p>随着 Magnum 7H 已经开始向主要 HBM 制造商发货，Teradyne 可以直接从每个新建的 AI 服务器中获利。</p>
</div><p>This is further supported by strategic moves, such as the acquisition of Quantifi Photonics, which bolsters its position in testing another critical AI component: silicon photonics.</p>
<div class="lb-trans"><p>这一点还得到了战略举措的支持，例如收购 Quantifi Photonics，进一步巩固其在测试另一个关键 AI 组件：硅光子学中的地位。</p>
</div><h2>Where Teradyne’s Strategy Meets the Bottom Line</h2>
<div class="lb-trans"><h2>Teradyne 战略与底线的交汇</h2>
</div><p>This strategic positioning in the AI supply chain is already translating into solid financial performance. While second-quarter revenue was down year-over-year, a reflection of residual weakness in consumer and automotive markets, the company's forward guidance signals a powerful, AI-driven rebound is underway.</p>
<div class="lb-trans"><p>在 AI 供应链中的战略定位已经转化为稳健的财务表现。尽管第二季度的收入同比下降，反映出消费和汽车市场的持续疲软，但公司的前瞻性指引显示出强劲的、由 AI 驱动的反弹正在进行中。</p>
</div><p>Key financial metrics highlight this turning point:</p>
<div class="lb-trans"><p>关键财务指标突显了这一转折点：</p>
</div><ul>
<li><strong>Beating Expectations:</strong> For Q2 2025, Teradyne reported revenue of $651.8 million and non-GAAP earnings per share (EPS) of $0.57, comfortably surpassing analyst estimates.</li>
<li><strong>Strong Forward Guidance:</strong> For Q3 2025, management projects revenue to land between $710 million and $770 million. At the midpoint, this represents a powerful 14% sequential growth rate, giving concrete financial weight to management's optimism.</li>
<li><strong>Profitability and Valuation:</strong> The company's non-GAAP operating profit was 15.1% in the second quarter and is projected to expand to 19.5% at the midpoint of Q3 guidance. With a trailing price-to-earnings ratio (P/E) of approximately 46, the stock is valued for its growth potential, which upcoming quarters are forecast to deliver.</li>
<li><strong>Shareholder Returns:</strong> This financial strength supports healthy shareholder returns, including a consistent quarterly dividend of $0.12 per share and an active share repurchase program, which removed $119 million of stock from the market in the second quarter alone.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>超出预期：</strong> 在 2025 年第二季度，Teradyne 报告收入为 6.518 亿美元，非 GAAP 每股收益（EPS）为 0.57 美元，轻松超出分析师预期。</li>
<li><strong>强劲的前瞻性指引：</strong> 对于 2025 年第三季度，管理层预计收入将在 7.1 亿至 7.7 亿美元之间。中间值代表强劲的 14% 环比增长率，为管理层的乐观情绪提供了具体的财务支撑。</li>
<li><strong>盈利能力和估值：</strong> 公司第二季度的非 GAAP 营业利润为 15.1%，预计在第三季度指引的中间值将扩大至 19.5%。以约 46 的市盈率（P/E）计算，股票因其增长潜力而被高估，未来几个季度预计将实现。</li>
<li><strong>股东回报：</strong> 这一财务实力支持健康的股东回报，包括每股 0.12 美元的稳定季度股息和积极的股票回购计划，仅在第二季度就从市场上回购了 1.19 亿美元的股票。</li>
</ul>
</div><h2>Wall Street's Re-rating Begins</h2>
<div class="lb-trans"><h2>华尔街的重新评级开始</h2>
</div><p>Following the stock's recent ascent, investors are asking what comes next. A review of Wall Street activity suggests that a reevaluation is in its early stages. According to data from 18 analysts, Teradyne holds a Moderate Buy consensus rating.</p>
<div class="lb-trans"><p>在股票最近上涨后，投资者在询问接下来会发生什么。对华尔街活动的回顾表明，重新评估仍处于早期阶段。根据 18 位分析师的数据，Teradyne 的共识评级为适度买入。</p>
</div><p>While its average price target of $118.63 sits below the current trading price, older targets weigh down this figure.</p>
<div class="lb-trans"><p>尽管其平均目标价为 118.63 美元，低于当前交易价格，但较旧的目标价拖累了这一数字。</p>
</div><p>The most recent analyst revisions, however, show a decidedly bullish trend. For example, Susquehanna recently boosted its price target to $200, citing AI-driven opportunities. This type of revision suggests that some analysts are actively re-rating the stock's potential as the AI growth story becomes clearer.</p>
<div class="lb-trans"><p>然而，最近的分析师修订显示出明显的看涨趋势。例如，Susquehanna 最近将其目标价提高至 200 美元，理由是 AI 驱动的机会。这种修订表明，随着 AI 增长故事变得更加清晰，一些分析师正在积极重新评估该股票的潜力。</p>
</div><p>The breakdown of 11 Buy ratings, 5 Hold ratings, and 2 Sell ratings suggests that positive sentiment is strong, despite the consensus target still falling short of the stock's recent price action.</p>
<div class="lb-trans"><p>11 个买入评级、5 个持有评级和 2 个卖出评级的分布表明，尽管共识目标仍低于股票最近的价格走势，但积极情绪依然强烈。</p>
</div><h2>A Core Holding for the AI Infrastructure Buildout</h2>
<div class="lb-trans"><h2>AI 基础设施建设的核心持股</h2>
</div><p>Teradyne's recent surge is more than just a momentary market reaction; it reflects a fundamental shift in its business. The company's deep-seated expertise in testing complex electronics has placed it at the center of a generation's most significant technological transition.</p>
<div class="lb-trans"><p>Teradyne 最近的激增不仅仅是市场的瞬时反应；它反映了其业务的根本转变。该公司在测试复杂电子设备方面的深厚专业知识使其处于这一代人最重要的技术转型的中心。</p>
</div><p>As the buildout of AI infrastructure continues, the demand for more complex and powerful chips will only grow. With it, the need for the critical testing technology that Teradyne provides will become even more pronounced.</p>
<div class="lb-trans"><p>随着 AI 基础设施的建设持续进行，对更复杂和更强大芯片的需求只会增加。随之而来的是对 Teradyne 所提供的关键测试技术的需求将变得更加明显。</p>
</div><p>For investors seeking a foundational way to participate in the AI megatrend, Teradyne is moving beyond its cyclical semiconductor identity and emerging as a secular growth story, making it a compelling consideration for any technology-focused portfolio.</p>
<div class="lb-trans"><p>对于寻求参与 AI 大趋势的投资者来说，Teradyne 正在超越其周期性半导体身份，成为一个世俗的增长故事，使其成为任何以技术为重点的投资组合中值得考虑的选择。</p>
</div><h2>Should You Invest $1,000 in Teradyne Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Teradyne 吗？</h2>
</div><p>Before you consider Teradyne, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑 Teradyne 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Teradyne wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而泰瑞达并不在名单上。</p>
</div><p>While Teradyne currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然泰瑞达目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

为什么泰瑞达是人工智能硬件热潮中的核心角色