<p>以约 5.5 万亿美元的市值，<strong>Nvidia</strong>（NVDA 1.38%）成为 全球最有价值的公司。几乎所有对该公司的乐观情绪都源于其蓬勃发展的数据中心业务，在这里，GPU 驱动着全球最先进的人工智能（AI）模型。在我看来，该公司的上行空间远未耗尽。</p>
<p>尽管数据中心收入将在资本支出超级周期中继续爆炸性增长，Nvidia 正在悄然将自己从芯片设计师转变为整个 AI 基础设施堆栈的更为多元化的架构师。针对性的投资是确保物理、光学和无线基础设施的关键，这将使 AI 扩展到千兆瓦工厂和边缘网络。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA2NTcvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby0xLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA2NTcvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby0xLmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Nvidia。</p>
<h2>预计数据中心的势头将持续</h2>
<p>在接下来的几年里，我完全预计数据中心将继续成为 Nvidia 的主要增长动力。对加速计算的需求没有减缓的迹象，因为超大规模企业正在部署越来越大的芯片集群用于训练、推理，以及现在的 自主 AI。</p>
<p>随着模型因更复杂的应用而变得参数更重，每个后续 GPU 架构的边际收益上升。网络收入有望加速硬件趋势。这一切都表明，数据中心的建设不仅仅是全面开火；它们正在受到 Nvidia 帮助构建的基础设施的强力推动。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Nvidia 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>Nvidia</p>
<p>今日变动</p>
<p>(-1.38%) $-3.11</p>
<p>当前价格</p>
<p>$222.21</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$5.4T</p>
<p>日内区间</p>
<p>$218.37 - $230.00</p>
<p>52 周区间</p>
<p>$129.16 - $236.54</p>
<p>成交量</p>
<p>9.4K</p>
<p>平均成交量</p>
<p>170M</p>
<p>毛利率</p>
<p>71.07%</p>
<p>股息收益率</p>
<p>0.02%</p>
<h2>从芯片制造商到全面的 AI 架构师</h2>
<p>Nvidia 的资本配置策略表明，该公司正在有意识地在 AI 价值链的上下游进行布局。公司的数十亿美元投资并非被动下注。相反，这些举措旨在帮助锁定供应、加速采用并开辟新的可寻址市场。</p>
<p>例如，Nvidia 最近对 <strong>CoreWeave</strong> 的 20 亿美元投资直接资助了到 2030 年建设超过 5 千兆瓦的 AI 工厂。作为回报，CoreWeave 将部署 Nvidia 的 GPU、Vera CPU、BlueField 存储系统和网络设备——形成一个保证需求的良性循环。</p>
<p>随着电气互连消耗更多电力并达到其物理极限，光子学 正在成为以极快速度和更低能耗移动数据的关键。Nvidia 通过对 <strong>Lumentum</strong> 和 <strong>Coherent</strong> 的两项 20 亿美元投资来解决这些问题。</p>
<p>通过共同投资制造，Nvidia 更深入地嵌入 AI 工厂的基础设施——提高附加率，并可能为完整的光学就绪平台确保溢价定价。</p>
<p>此外，该公司对 <strong>Nokia</strong> 的 $10 亿投资 扩展了 Nvidia 在无线边缘的触角。通过这项合作，Nvidia 的加速计算平台被集成到 Nokia 的无线接入网络（RAN）中，以构建原生 AI 的 5G-Advanced 和 6G 部署。这为电信基础设施开辟了巨大的机会，将基站定位为边缘推理和物联网（IoT）的分布式 AI 计算节点。</p>
<p>综合来看，这些举措使 Nvidia 成为一个端到端的 AI 平台提供商，涵盖芯片、互连、存储、云编排和无线智能。总的来说，这些投资降低了 Nvidia 数据中心生态系统的风险，并推动了整个基础设施堆栈的需求。</p>
<h2>到 2028 年，Nvidia 股票可能会交易到什么水平？</h2>
<p>Nvidia 当前的 前瞻市盈率（P/E）约为 26。到 2028 年，我认为投资者可能会给予更高的溢价，因为公司展示了多元化的基础设施领导力。</p>
<p>如果 Nvidia 的前瞻市盈率扩展到 30，基于 2028 年的预计每股收益，股票可能达到约 430 美元。这意味着市值约为 10.5 万亿美元，约为 Nvidia 当前交易水平的两倍。</p>
<p></p>
<p>NVDA 当前财政年度每股收益估计 数据由 YCharts 提供</p>
<p>Nvidia 的基础设施投资正在悄然增强公司的竞争优势。随着 AI 支出从小众实验转向企业部署，该公司有望捕获相较于同行的超额价值。</p>
<p>到 2028 年底，我认为 Nvidia 不会仅仅基于作为 GPU 之王的身份而被估值。我预测该公司将被定价为推动 AI 经济的不可或缺的平台。</p>

2 倍做多 NVDA ETF - T-Rex

动态半导体 ETF - Invesco

高科技指数 ETF - SPDR

<p>英伟达的市值为 5.5 万亿美元，预计将继续因其数据中心业务和在人工智能基础设施上的战略投资而增长。到 2028 年，如果其市盈率上升至 30，股价可能达到 430 美元，翻倍其当前价值。英伟达对 CoreWeave 和诺基亚等公司的投资使其成为一个全面的人工智能平台提供商，增强了其在不断发展的人工智能经济中的竞争优势</p>

<p>With a market capitalization hovering near $5.5 trillion, <strong>Nvidia</strong>( NVDA 1.38%) stands as the most valuable company in the world. Nearly all of the optimism surrounding the company traces back to its thriving data center operation, where GPUs power the world's most advanced artificial intelligence (AI) models. In my eyes, the company's upside is far from exhausted.</p>
<div class="lb-trans"><p>以约 5.5 万亿美元的市值，<strong>Nvidia</strong>（NVDA 1.38%）成为 全球最有价值的公司。几乎所有对该公司的乐观情绪都源于其蓬勃发展的数据中心业务，在这里，GPU 驱动着全球最先进的人工智能（AI）模型。在我看来，该公司的上行空间远未耗尽。</p>
</div><p>While data center revenue will continue its explosive climb amid a capital expenditure supercycle, Nvidia is quietly transforming itself from a chip designer into a more diversified architect of the entire AI infrastructure stack. Targeted investments are the keys to securing the physical, optical, and wireless foundations that will scale AI to gigawatt factories and edge networks alike.</p>
<div class="lb-trans"><p>尽管数据中心收入将在资本支出超级周期中继续爆炸性增长，Nvidia 正在悄然将自己从芯片设计师转变为整个 AI 基础设施堆栈的更为多元化的架构师。针对性的投资是确保物理、光学和无线基础设施的关键，这将使 AI 扩展到千兆瓦工厂和边缘网络。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA2NTcvbnZpZGlhLWhlYWRxdWFydGVycy1vdXRzaWRlLXdpdGgtYmxhY2stbnZpZGlhLXNpZ24td2l0aC1udmlkaWEtbG9nby0xLmpwZyZ3PTM4NDA" alt="Nvidia headquarters with company logo on a sign." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870657%2Fnvidia-headquarters-outside-with-black-nvidia-sign-with-nvidia-logo-1.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：Nvidia。</p>
</div><h2>Expect data center momentum to continue</h2>
<div class="lb-trans"><h2>预计数据中心的势头将持续</h2>
</div><p>During the next couple of years, I fully expect data centers to remain Nvidia's primary growth vector. Demand for accelerated computing is showing no signs of slowing down as hyperscalers deploy ever-larger chip clusters for training, inference, and now agentic AI.</p>
<div class="lb-trans"><p>在接下来的几年里，我完全预计数据中心将继续成为 Nvidia 的主要增长动力。对加速计算的需求没有减缓的迹象，因为超大规模企业正在部署越来越大的芯片集群用于训练、推理，以及现在的 自主 AI。</p>
</div><p>As models grow more parameter-heavy due to more sophisticated applications, marginal returns on each successive GPU architecture rise. Networking revenue is poised to compound the hardware trend. This is all to say that data center buildouts are not merely firing on all cylinders; they are being supercharged by the infrastructure Nvidia helps build.</p>
<div class="lb-trans"><p>随着模型因更复杂的应用而变得参数更重，每个后续 GPU 架构的边际收益上升。网络收入有望加速硬件趋势。这一切都表明，数据中心的建设不仅仅是全面开火；它们正在受到 Nvidia 帮助构建的基础设施的强力推动。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>Nvidia</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-1.38%) $-3.11</p>
<div class="lb-trans"><p>(-1.38%) $-3.11</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$222.21</p>
<div class="lb-trans"><p>$222.21</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$5.4T</p>
<div class="lb-trans"><p>$5.4T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$218.37 - $230.00</p>
<div class="lb-trans"><p>$218.37 - $230.00</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$129.16 - $236.54</p>
<div class="lb-trans"><p>$129.16 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>9.4K</p>
<div class="lb-trans"><p>9.4K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>170M</p>
<div class="lb-trans"><p>170M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>71.07%</p>
<div class="lb-trans"><p>71.07%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.02%</p>
<div class="lb-trans"><p>0.02%</p>
</div><h2>From chipmaker to full-blown AI architect</h2>
<div class="lb-trans"><h2>从芯片制造商到全面的 AI 架构师</h2>
</div><p>Nvidia's capital allocation strategy suggests the company is making deliberate moves upstream and downstream in the AI value chain. The company's multibillion-dollar investments are not passive bets. Rather, these moves are being made to help lock in supply, accelerate adoption, and open new addressable markets.</p>
<div class="lb-trans"><p>Nvidia 的资本配置策略表明，该公司正在有意识地在 AI 价值链的上下游进行布局。公司的数十亿美元投资并非被动下注。相反，这些举措旨在帮助锁定供应、加速采用并开辟新的可寻址市场。</p>
</div><p>For instance, Nvidia's recent $2 billion stake in <strong>CoreWeave</strong> directly funds the build-out of more than 5 gigawatts of AI factories by 2030. In return, CoreWeave will deploy Nvidia's GPUs, Vera CPUs, BlueField storage systems, and networking equipment -- creating a virtuous loop of guaranteed demand.</p>
<div class="lb-trans"><p>例如，Nvidia 最近对 <strong>CoreWeave</strong> 的 20 亿美元投资直接资助了到 2030 年建设超过 5 千兆瓦的 AI 工厂。作为回报，CoreWeave 将部署 Nvidia 的 GPU、Vera CPU、BlueField 存储系统和网络设备——形成一个保证需求的良性循环。</p>
</div><p>As electrical interconnects consume more power and reach their physical limits, photonics is becoming essential for moving data at blistering speed and lower energy draw. Nvidia addressed these concerns by making two separate $2 billion commitments in <strong>Lumentum</strong> and <strong>Coherent</strong>.</p>
<div class="lb-trans"><p>随着电气互连消耗更多电力并达到其物理极限，光子学 正在成为以极快速度和更低能耗移动数据的关键。Nvidia 通过对 <strong>Lumentum</strong> 和 <strong>Coherent</strong> 的两项 20 亿美元投资来解决这些问题。</p>
</div><p>By co-investing in manufacturing, Nvidia embeds itself deeper into the nuts and bolts of AI factories -- boosting attach rates and potentially securing premium pricing for complete optical-ready platforms.</p>
<div class="lb-trans"><p>通过共同投资制造，Nvidia 更深入地嵌入 AI 工厂的基础设施——提高附加率，并可能为完整的光学就绪平台确保溢价定价。</p>
</div><p>In addition, the company's $1 billion investment in <strong>Nokia</strong> extends Nvidia's reach to the wireless edge. Through the partnership, Nvidia's accelerated computing platforms are integrated into Nokia's radio access networks (RAN) to build AI-native 5G-Advanced and 6G deployments. This opens a huge opportunity in telecommunications infrastructure, positioning cell towers as distributed AI compute nodes for edge inference and the Internet of Things (IoT).</p>
<div class="lb-trans"><p>此外，该公司对 <strong>Nokia</strong> 的 $10 亿投资 扩展了 Nvidia 在无线边缘的触角。通过这项合作，Nvidia 的加速计算平台被集成到 Nokia 的无线接入网络（RAN）中，以构建原生 AI 的 5G-Advanced 和 6G 部署。这为电信基础设施开辟了巨大的机会，将基站定位为边缘推理和物联网（IoT）的分布式 AI 计算节点。</p>
</div><p>Collectively, these moves position Nvidia as an end-to-end AI platform provider of chips, interconnects, storage, cloud orchestration, and wireless intelligence. Taken together, these investments de-risk Nvidia's data center ecosystem and pull forward demand across the entire infrastructure stack.</p>
<div class="lb-trans"><p>综合来看，这些举措使 Nvidia 成为一个端到端的 AI 平台提供商，涵盖芯片、互连、存储、云编排和无线智能。总的来说，这些投资降低了 Nvidia 数据中心生态系统的风险，并推动了整个基础设施堆栈的需求。</p>
</div><h2>Where could Nvidia stock trade by 2028?</h2>
<div class="lb-trans"><h2>到 2028 年，Nvidia 股票可能会交易到什么水平？</h2>
</div><p>Nvidia currently sports a forward price-to-earnings (P/E) ratio of roughly 26. By 2028, I think investors are likely to apply more of a premium as the company demonstrates diversified infrastructure leadership.</p>
<div class="lb-trans"><p>Nvidia 当前的 前瞻市盈率（P/E）约为 26。到 2028 年，我认为投资者可能会给予更高的溢价，因为公司展示了多元化的基础设施领导力。</p>
</div><p>If Nvidia's forward P/E expands to 30, the stock could reach about $430 based on 2028 estimated EPS. That implies a market capitalization of roughly $10.5 trillion, or about double where Nvidia trades today.</p>
<div class="lb-trans"><p>如果 Nvidia 的前瞻市盈率扩展到 30，基于 2028 年的预计每股收益，股票可能达到约 430 美元。这意味着市值约为 10.5 万亿美元，约为 Nvidia 当前交易水平的两倍。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>NVDA EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 当前财政年度每股收益估计 数据由 YCharts 提供</p>
</div><p>Nvidia's infrastructure investments are quietly strengthening the company's competitive edge. As AI spending shifts from niche experiments to enterprise deployment, the company is positioned to capture disproportionate value compared to peers.</p>
<div class="lb-trans"><p>Nvidia 的基础设施投资正在悄然增强公司的竞争优势。随着 AI 支出从小众实验转向企业部署，该公司有望捕获相较于同行的超额价值。</p>
</div><p>By the end of 2028, I do not think Nvidia will be valued solely on the basis of being the GPU king. I predict the company will be priced as an indispensable platform powering the AI economy.</p>
<div class="lb-trans"><p>到 2028 年底，我认为 Nvidia 不会仅仅基于作为 GPU 之王的身份而被估值。我预测该公司将被定价为推动 AI 经济的不可或缺的平台。</p>
</div>

Prediction: Nvidia Stock Will Be Worth This Much by the End of 2028

- Nvidia 目前市值约 5.5 万亿美元，成为全球最有价值的公司。  
- 公司正从芯片设计转型为全面的 AI 基础设施架构师。  
- 投资将推动数据中心和 AI 工程的持续增长。

预测：到 2028 年底，英伟达股票将达到这个价值