<p>半导体股票的抛售非常惨烈。<strong>博通</strong> 在 6 月初发布的人工智能（AI）芯片预测低于预期，引发了一场抛售，单日内抹去了超过 1 万亿美元的芯片股票价值，此后抛售再次加剧。受到影响的两大巨头是 AI 芯片领导者 <strong>英伟达</strong>（Nvidia）和其最接近的竞争对手 <strong>超威半导体</strong>（AMD）。</p>
<p>这两只股票都出现了回调。截至目前，英伟达的交易价格约为 199 美元，较其 52 周高点低约 16%。而超威半导体的价格约为 520 美元，表现相对较好，距离其高点大约只有 8%。</p>
<p>对于希望在芯片股票下跌时买入的投资者来说，这是一个不错的机会。但在抛售后，哪只股票更值得购买呢？人们可能会倾向于认为超威半导体——这家较小的公司理论上应该能在较低的基础上更快增长。但最新的数据却讲述了一个不同的故事。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达：更大——且仍在更快增长</h2>
<p>英伟达 2027 财年第一季度（截至 2026 年 4 月 26 日）对于其规模的公司来说是惊人的。收入同比增长 85%，达到 816 亿美元，而数据中心收入——AI 故事的核心——增长 92%，达到 752 亿美元。为了更好地理解，英伟达的数据中心业务现在的规模约为超威半导体整个数据中心部门的 13 倍。</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="英伟达股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英伟达</p>
<p>今日变动</p>
<p>(-0.93%) $-1.85</p>
<p>当前价格</p>
<p>$198.19</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.8 万亿</p>
<p>日内区间</p>
<p>$196.59 - $201.64</p>
<p>52 周区间</p>
<p>$149.26 - $236.54</p>
<p>成交量</p>
<p>440 万</p>
<p>平均成交量</p>
<p>1.617 亿</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>更重要的是，英伟达的增长率并没有放缓。英伟达预计其 2027 财年第二季度的收入约为 910 亿美元，按中位数计算，比去年同期增长约 95%。而这个数字假设中国的数据中心计算收入为零。</p>
<p>然后是利润率。英伟达在该季度的 非 GAAP（调整后） 毛利率为 75%——这一水平显示了公司仍然掌握的定价权。管理层还显著提高了股息，并增加了 800 亿美元的回购授权，在该季度向股东返还了约 200 亿美元。</p>
<h2>超威半导体：一个稳健但不那么令人印象深刻的增长故事</h2>
<p>超威半导体的执行也很出色。</p>
<p>其 2026 财年第一季度的收入同比增长 38%，达到 103 亿美元，数据中心收入增长 57%，达到 58 亿美元，因为其 EPYC 处理器和 Instinct GPU 获得了市场份额。调整后的每股收益增长 43%，达到 1.37 美元，公司创造了创纪录的 26 亿美元 自由现金流。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="超威半导体股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg"/></p>
<h2>NASDAQ: AMD</h2>
<p>超威半导体</p>
<p>今日变动</p>
<p>(-0.02%) $-0.11</p>
<p>当前价格</p>
<p>$519.74</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$8480 亿</p>
<p>日内区间</p>
<p>$503.50 - $524.96</p>
<p>52 周区间</p>
<p>$133.50 - $562.99</p>
<p>成交量</p>
<p>2650 万</p>
<p>平均成交量</p>
<p>3770 万</p>
<p>毛利率</p>
<p>47.09%</p>
<p>竞争形势也在改善。超威半导体的下一代 Instinct 系列正在吸引大型 AI 客户的更多承诺，管理层预计第二季度的收入增长约为 46%。</p>
<p>该公司已经确立了作为英伟达主要替代品的真实地位。</p>
<p>但有两个差距是难以忽视的。首先，超威半导体的增长率远低于英伟达，而不是高于它。其调整后的毛利率约为 55%，比英伟达低约 20 个百分点——反映了英伟达更强的定价权和全栈平台。</p>
<h2>哪个更值得购买？</h2>
<p>在比较两者时，估值 无疑是决定性因素。在回调后，英伟达的市盈率约为 31 倍。对于一家年增长 85%、毛利率为 75% 并在芯片市场最快增长领域占据领先地位的公司来说，这个价格并不算高。</p>
<p>而超威半导体的市盈率约为 170——即使在其最近的下跌之后。这样的倍数意味着需要多年的完美执行和市场份额的重大增长——这些结果是可能的，但远非保证，尤其是在内存芯片成本通胀对整个行业利润率施加压力的情况下。</p>
<p>即使在查看公司的前瞻性估值倍数，或基于分析师对未来 12 个月的共识收益预测的估值时，英伟达的前瞻市盈率为 23，而超威半导体为 74——差距巨大。</p>
<p>当然，这两只股票都有风险。两者都依赖于 AI 基础设施支出的持续强劲，均面临针对出口到中国的芯片的出口规则收紧，而像投资者刚经历的那样的估值重置可能会变得更糟。</p>
<p>尽管如此，当一家公司增长更快、赚取更高的利润、在市场中处于领先地位，并且交易价格仅为另一家公司的估值的一小部分时，决策就变得更容易。</p>
<p>在这次抛售后，英伟达看起来是两者中更具吸引力的购买选择。</p>

英伟达

南方两倍做空英伟达

<p>在半导体市场抛售之后，英伟达似乎比 AMD 更具购买价值。英伟达展现出更强的增长（同比收入增长 85%）、更高的毛利率（75%）以及比 AMD（市盈率 170 倍）更具吸引力的估值（市盈率 31 倍）。尽管 AMD 表现稳健，但英伟达的市场主导地位、定价能力和较低的风险特征使其在最近的下跌后成为更具吸引力的投资机会</p>

<p>The sell-off in semiconductor stocks has been brutal. An artificial intelligence (AI) chip forecast from <strong>Broadcom</strong> in early June that was lower than expected set off a rout that erased more than $1 trillion in chip-stock value in a single session, and the selling has flared up again since. Two of the biggest names caught in it are AI chip leader <strong>Nvidia</strong>( NVDA 0.93%) and its closest challenger, <strong>Advanced Micro Devices</strong>( AMD 0.02%).</p>
<div class="lb-trans"><p>半导体股票的抛售非常惨烈。<strong>博通</strong> 在 6 月初发布的人工智能（AI）芯片预测低于预期，引发了一场抛售，单日内抹去了超过 1 万亿美元的芯片股票价值，此后抛售再次加剧。受到影响的两大巨头是 AI 芯片领导者 <strong>英伟达</strong>（Nvidia）和其最接近的竞争对手 <strong>超威半导体</strong>（AMD）。</p>
</div><p>Both stocks have pulled back. As of this writing, Nvidia trades around $199, about 16% below its 52-week high. AMD, at about $520, has held up better and sits within roughly 8% of its own high.</p>
<div class="lb-trans"><p>这两只股票都出现了回调。截至目前，英伟达的交易价格约为 199 美元，较其 52 周高点低约 16%。而超威半导体的价格约为 520 美元，表现相对较好，距离其高点大约只有 8%。</p>
</div><p>For investors looking to buy the dip on chip stocks, this is a good place to look. But which is the better buy after the sell-off? It is tempting to assume AMD -- the smaller company that should, in theory, grow faster off a lower base. But the latest numbers tell a different story.</p>
<div class="lb-trans"><p>对于希望在芯片股票下跌时买入的投资者来说，这是一个不错的机会。但在抛售后，哪只股票更值得购买呢？人们可能会倾向于认为超威半导体——这家较小的公司理论上应该能在较低的基础上更快增长。但最新的数据却讲述了一个不同的故事。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzYxMjUvbnZpZGlhLXZzLWFtZC5qcGcmdz0zODQw" alt="A line chart with two different lines on the chart." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F876125%2Fnvidia-vs-amd.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Nvidia: bigger -- and still growing faster</h2>
<div class="lb-trans"><h2>英伟达：更大——且仍在更快增长</h2>
</div><p>Nvidia's fiscal first quarter of 2027 (the period ended April 26, 2026) was staggering for a company its size. Revenue rose 85% year over year to $81.6 billion, and data center revenue -- the heart of the AI story -- climbed 92% to $75.2 billion. For perspective, Nvidia's data center business alone is now about 13 times the size of AMD's entire data center segment.</p>
<div class="lb-trans"><p>英伟达 2027 财年第一季度（截至 2026 年 4 月 26 日）对于其规模的公司来说是惊人的。收入同比增长 85%，达到 816 亿美元，而数据中心收入——AI 故事的核心——增长 92%，达到 752 亿美元。为了更好地理解，英伟达的数据中心业务现在的规模约为超威半导体整个数据中心部门的 13 倍。</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>英伟达</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.93%) $-1.85</p>
<div class="lb-trans"><p>(-0.93%) $-1.85</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$198.19</p>
<div class="lb-trans"><p>$198.19</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>$4.8T</p>
<div class="lb-trans"><p>$4.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$196.59 - $201.64</p>
<div class="lb-trans"><p>$196.59 - $201.64</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$149.26 - $236.54</p>
<div class="lb-trans"><p>$149.26 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.4M</p>
<div class="lb-trans"><p>440 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>161.7M</p>
<div class="lb-trans"><p>1.617 亿</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>74.15%</p>
<div class="lb-trans"><p>74.15%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.14%</p>
<div class="lb-trans"><p>0.14%</p>
</div><p>Even more, Nvidia's growth rate isn't slowing. Nvidia guided for revenue of about $91 billion in its fiscal second quarter, which at the midpoint would be up about 95% from a year earlier. And that figure assumes no data center compute revenue from China at all.</p>
<div class="lb-trans"><p>更重要的是，英伟达的增长率并没有放缓。英伟达预计其 2027 财年第二季度的收入约为 910 亿美元，按中位数计算，比去年同期增长约 95%。而这个数字假设中国的数据中心计算收入为零。</p>
</div><p>Then there are the margins. Nvidia's non-GAAP (adjusted) gross margin was 75% in the quarter -- a level that shows how much pricing power the company still commands. Management also notably raised the dividend and added $80 billion to its buyback authorization, returning about $20 billion to shareholders during the quarter.</p>
<div class="lb-trans"><p>然后是利润率。英伟达在该季度的 非 GAAP（调整后） 毛利率为 75%——这一水平显示了公司仍然掌握的定价权。管理层还显著提高了股息，并增加了 800 亿美元的回购授权，在该季度向股东返还了约 200 亿美元。</p>
</div><h2>AMD: a solid but less impressive growth story</h2>
<div class="lb-trans"><h2>超威半导体：一个稳健但不那么令人印象深刻的增长故事</h2>
</div><p>AMD is executing well, too.</p>
<div class="lb-trans"><p>超威半导体的执行也很出色。</p>
</div><p>Its first-quarter 2026 revenue rose 38% year over year to $10.3 billion, with data center revenue up 57% to $5.8 billion as its EPYC processors and Instinct GPUs gained ground. Adjusted earnings per share grew 43% to $1.37, and the company generated a record $2.6 billion in free cash flow.</p>
<div class="lb-trans"><p>其 2026 财年第一季度的收入同比增长 38%，达到 103 亿美元，数据中心收入增长 57%，达到 58 亿美元，因为其 EPYC 处理器和 Instinct GPU 获得了市场份额。调整后的每股收益增长 43%，达到 1.37 美元，公司创造了创纪录的 26 亿美元 自由现金流。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNRC5wbmcmdz0xMjg" alt="Advanced Micro Devices Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMD.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMD</h2>
<div class="lb-trans"><h2>NASDAQ: AMD</h2>
</div><p>Advanced Micro Devices</p>
<div class="lb-trans"><p>超威半导体</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.02%) $-0.11</p>
<div class="lb-trans"><p>(-0.02%) $-0.11</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$519.74</p>
<div class="lb-trans"><p>$519.74</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>$848B</p>
<div class="lb-trans"><p>$8480 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$503.50 - $524.96</p>
<div class="lb-trans"><p>$503.50 - $524.96</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$133.50 - $562.99</p>
<div class="lb-trans"><p>$133.50 - $562.99</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>26.5M</p>
<div class="lb-trans"><p>2650 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>37.7M</p>
<div class="lb-trans"><p>3770 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>47.09%</p>
<div class="lb-trans"><p>47.09%</p>
</div><p>And the competitive case is improving, too. AMD's next-generation Instinct lineup is drawing larger commitments from big AI customers, and management guided for about 46% revenue growth in the second quarter.</p>
<div class="lb-trans"><p>竞争形势也在改善。超威半导体的下一代 Instinct 系列正在吸引大型 AI 客户的更多承诺，管理层预计第二季度的收入增长约为 46%。</p>
</div><p>The company has carved out a genuine position as the main alternative to Nvidia.</p>
<div class="lb-trans"><p>该公司已经确立了作为英伟达主要替代品的真实地位。</p>
</div><p>But two gaps are hard to ignore. First, AMD's growth rate is well below Nvidia's, not above it. And its adjusted gross margin of about 55% trails Nvidia's by roughly 20 percentage points -- a reflection of Nvidia's stronger pricing power and full-stack platform.</p>
<div class="lb-trans"><p>但有两个差距是难以忽视的。首先，超威半导体的增长率远低于英伟达，而不是高于它。其调整后的毛利率约为 55%，比英伟达低约 20 个百分点——反映了英伟达更强的定价权和全栈平台。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>This is where valuation arguably seals the deal when comparing the two. After the pullback, Nvidia trades at about 31 times earnings. That is hardly a demanding price for a company growing 85% a year, with 75% gross margins and a leading position in the fastest-growing corner of the chip market.</p>
<div class="lb-trans"><p>在比较两者时，估值 无疑是决定性因素。在回调后，英伟达的市盈率约为 31 倍。对于一家年增长 85%、毛利率为 75% 并在芯片市场最快增长领域占据领先地位的公司来说，这个价格并不算高。</p>
</div><p>AMD, meanwhile, trades at a price-to-earnings ratio of about 170 -- even after its recent dip. A multiple like that prices in years of flawless execution and major market share gains -- outcomes that are possible but far from guaranteed, especially as memory-chip cost inflation pressures margins across the industry.</p>
<div class="lb-trans"><p>而超威半导体的市盈率约为 170——即使在其最近的下跌之后。这样的倍数意味着需要多年的完美执行和市场份额的重大增长——这些结果是可能的，但远非保证，尤其是在内存芯片成本通胀对整个行业利润率施加压力的情况下。</p>
</div><p>Even when looking at the company's forward valuation multiples, or their valuations based on analysts' consensus earnings forecasts over the next 12 months, Nvidia has a forward price-to-earnings ratio of 23, and AMD's is 74 -- a huge difference.</p>
<div class="lb-trans"><p>即使在查看公司的前瞻性估值倍数，或基于分析师对未来 12 个月的共识收益预测的估值时，英伟达的前瞻市盈率为 23，而超威半导体为 74——差距巨大。</p>
</div><p>Of course, both stocks come with risks. Both depend on AI infrastructure spending staying strong, both face tightening export rules on chips bound for China, and a valuation reset like the one investors just lived through can always get even worse.</p>
<div class="lb-trans"><p>当然，这两只股票都有风险。两者都依赖于 AI 基础设施支出的持续强劲，均面临针对出口到中国的芯片的出口规则收紧，而像投资者刚经历的那样的估值重置可能会变得更糟。</p>
</div><p>Still, when one company is growing faster, earning much higher margins, leading its market, and trading at a fraction of the other's valuation, the decision gets easier.</p>
<div class="lb-trans"><p>尽管如此，当一家公司增长更快、赚取更高的利润、在市场中处于领先地位，并且交易价格仅为另一家公司的估值的一小部分时，决策就变得更容易。</p>
</div><p>After this sell-off, Nvidia looks like the more attractive buy of the two.</p>
<div class="lb-trans"><p>在这次抛售后，英伟达看起来是两者中更具吸引力的购买选择。</p>
</div>

Better Buy After the Chip Sell-Off: Nvidia or AMD?

- 半导体股票遭遇重挫，创下超 1 万亿美元市值蒸发。  
- Nvidia 和 AMD 的业绩对比显示，Nvidia 增长更快，毛利率更高。  
- 根据估值，Nvidia 被认为是更具吸引力的购买选择。

在芯片抛售之后，英伟达和 AMD 哪个更值得购买？