<p>沃伦·巴菲特作为首席执行官的退休标志着 <strong>伯克希尔哈撒韦</strong> 一个时代的结束。尽管伯克希尔仍然致力于长期持有高质量的复合型企业，但在新领导层下的一些近期投资组合变动表明，对人工智能（AI）中心的复杂高增长机会的接受度有所提高。</p>
<p>这一证据在伯克希尔最近对两只 “七大奇迹” 股票的处理上表现得尤为明显。在 2025 年第三季度，伯克希尔开始持有 <strong>Alphabet</strong> 的股份。在今年第一季度，这是格雷格·阿贝尔作为伯克希尔首席执行官的第一个完整季度，公司将其在 Alphabet 的持股增加了三倍多，达到近 5400 万股。同时，文件显示伯克希尔完全退出了其长期持有的——尽管规模不大——对 亚马逊 的投资。</p>
<p>这些举动表明阿贝尔愿意在大型科技领袖中进行区分。这种选择性可能为其他结合技术领导力与持久竞争优势的公司打开大门。我认为越来越符合伯克希尔投资特征的一个名字是 <strong>英伟达</strong>（NVDA +0.83%）。继续阅读以了解原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzM1Ni9udmlkaWEtaGVhZHF1YXJ0ZXJzLXdpdGgtbnZpZGlhLXNpZ24taW4tZnJvbnQtMzIucG5nAjZ3PTM4NDACNm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzM1Ni9udmlkaWEtaGVhZHF1YXJ0ZXJzLXdpdGgtbnZpZGlhLXNpZ24taW4tZnJvbnQtMzIucG5nAjZ3PTM4NDACNm9wPXJlc2l6ZQ"/></p>
<p>图片来源：英伟达。</p>
<h2>英伟达正在多元化其商业模式</h2>
<p>众所周知，英伟达在图形处理单元（GPU）市场上占据主导地位，领先于其主要竞争对手 <strong>超威半导体</strong>。英伟达的 CUDA 平台 已成为 AI 开发者的事实标准，形成了一个强大的护城河，竞争对手在规模上难以复制。</p>
<p>英伟达并没有仅仅依靠这一优势，而是系统性地扩展其在整个 AI 堆栈中的生态系统。该公司通过内部开发和战略合作的结合，深化了在高性能网络中的参与。例如，在十月，英伟达 投资了 10 亿美元 与 <strong>诺基亚</strong> 建立合作，专注于 AI 原生无线接入网络（RAN）和边缘基础设施。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTlZEQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTlZEQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英伟达</p>
<p>今日变动</p>
<p>(0.83%) $1.62</p>
<p>当前价格</p>
<p>$196.45</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.7T 市值仅基于公开交易的流通股计算。不包括未上市、私有或双重类别的非交易股份。隐含市值可能有所不同。市值仅基于公开交易的流通股计算。不包括未上市、私有或双重类别的非交易股份。隐含市值可能有所不同。</p>
<p>日内区间</p>
<p>$193.99 - $197.41</p>
<p>52 周区间</p>
<p>$157.34 - $236.54</p>
<p>成交量</p>
<p>1.7M</p>
<p>平均成交量</p>
<p>159M</p>
<p>毛利率</p>
<p>74.15%</p>
<p>股息收益率</p>
<p>0.14%</p>
<p>英伟达还通过对像 <strong>CoreWeave</strong> 这样的新云服务提供商以及光学组件领导者如 <strong>Coherent</strong> 和 <strong>Lumentum</strong> 的定向投资，悄然支持数据中心的建设。此外，英伟达的 NVLink Fusion 平台正在帮助新合作伙伴如 Marvell 开发可以与英伟达架构紧密集成的定制 AI 芯片。</p>
<p>建立多元化的商业模式减少了英伟达对任何单一数据中心产品的依赖，同时将公司推向整个 AI 基础设施建设的中心。</p>
<h2>英伟达拥有强大的盈利能力、稳健的股票回报和吸引人的估值</h2>
<p>在 AI 革命期间，英伟达将其市场领导地位转化为卓越的财务成功。由于 AI 驱动的需求，英伟达的收入和盈利大幅上升，这也促成了过去几年股价超过 1000% 的上涨。</p>
<p>令人鼓舞的是，英伟达通过 扩大其股息计划 来补充其战略投资。这表明管理层有信心继续产生强劲的自由现金流，并愿意与投资者分享超额利润。</p>
<p>从估值的角度来看，英伟达的 前瞻市盈率（P/E）倍数相对于其增长前景变得越来越合理。尽管英伟达的前瞻市盈率显著高于标准普尔 500 指数长期平均前瞻市盈率约为 17，但阿贝尔对溢价估值的接受度更高，只要它们不是过度膨胀。</p>
<p></p>
<p>NVDA 市盈率（前瞻） 数据由 YCharts. 提供。</p>
<p>根据上图的趋势，英伟达的股票显然不再像 AI 周期早期阶段那样昂贵。目前，英伟达更像是一只 价值股——正是伯克希尔在识别能够长期复合资本的新业务时所寻求的那种企业。</p>
<h2>英伟达似乎与伯克希尔的投资纪律高度契合</h2>
<p>伯克希尔的经典投资标准——广泛的经济护城河、强大的管理层、易于理解的业务以及长期复合的潜力——与英伟达的特征高度一致。</p>
<p>该公司在人工智能芯片领域的 品牌实力 和不断扩展的基础设施生态系统，构成了强大的市场准入壁垒，并为其客户带来了高昂的转换成本。与纯粹的半导体公司相比，英伟达在网络和定制芯片架构方面的稳步多元化也帮助其形成了更具韧性和持久性的形象。</p>
<p>在阿贝尔的领导下，英伟达可能成为一个合乎逻辑的科技投资，因为它提供了对长期人工智能趋势的曝光，而不需要伯克希尔放弃对 蓝筹企业 稳定增长的偏好。在一个已经接触到许多塑造下一个工业时代的公司的投资组合中，英伟达代表了一个值得长期持有的有吸引力的候选者。</p>

英伟达

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>这篇文章指出，英伟达可能成为下一个万亿美金的人工智能股票，并且是伯克希尔哈撒韦在首席执行官格雷格·阿贝尔领导下的强有力候选者。文章强调了英伟达在 GPU 市场的主导地位、CUDA 护城河，以及在网络和定制芯片领域的多元化发展。随着收入的指数级增长、强劲的盈利能力以及更合理的前瞻市盈率估值，英伟达符合伯克希尔对广泛经济护城河和长期复合增长的标准</p>

<p>Warren Buffett's retirement as CEO marked the end of an era at <strong>Berkshire Hathaway</strong>. While Berkshire remains committed to long-term ownership of high-quality compounders, some recent portfolio moves under new leadership suggest that there is a greater comfort with sophisticated, high-growth opportunities that sit at the center of artificial intelligence (AI).</p>
<div class="lb-trans"><p>沃伦·巴菲特作为首席执行官的退休标志着 <strong>伯克希尔哈撒韦</strong> 一个时代的结束。尽管伯克希尔仍然致力于长期持有高质量的复合型企业，但在新领导层下的一些近期投资组合变动表明，对人工智能（AI）中心的复杂高增长机会的接受度有所提高。</p>
</div><p>The evidence appears clearly in Berkshire's recent handling of two &#34;Magnificent Seven&#34; stocks. During the third quarter of 2025, Berkshire initiated a stake in <strong>Alphabet</strong>. During the first quarter of this year, which was Greg Abel's first full quarter as CEO of Berkshire, the company more than tripled its Alphabet position to nearly 54 million shares. At the same time, filings show that Berkshire completely exited its long-standing -- albeit modest -- investment in Amazon.</p>
<div class="lb-trans"><p>这一证据在伯克希尔最近对两只 “七大奇迹” 股票的处理上表现得尤为明显。在 2025 年第三季度，伯克希尔开始持有 <strong>Alphabet</strong> 的股份。在今年第一季度，这是格雷格·阿贝尔作为伯克希尔首席执行官的第一个完整季度，公司将其在 Alphabet 的持股增加了三倍多，达到近 5400 万股。同时，文件显示伯克希尔完全退出了其长期持有的——尽管规模不大——对 亚马逊 的投资。</p>
</div><p>These moves suggest that Abel is willing to differentiate among mega-cap technology leaders. Such selectivity could open the door to other companies that combine technological leadership with durable competitive advantage. One name that I think increasingly fits Berkshire's investment profile is <strong>Nvidia</strong>( NVDA +0.83%). Read on to learn why.</p>
<div class="lb-trans"><p>这些举动表明阿贝尔愿意在大型科技领袖中进行区分。这种选择性可能为其他结合技术领导力与持久竞争优势的公司打开大门。我认为越来越符合伯克希尔投资特征的一个名字是 <strong>英伟达</strong>（NVDA +0.83%）。继续阅读以了解原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzczNTYvbnZpZGlhLWhlYWRxdWFydGVycy13aXRoLW52aWRpYS1zaWduLWluLWZyb250LTMyLnBuZyZ3PTM4NDA" 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%2F877356%2Fnvidia-headquarters-with-nvidia-sign-in-front-32.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Nvidia.</p>
<div class="lb-trans"><p>图片来源：英伟达。</p>
</div><h2>Nvidia is diversifying its business model</h2>
<div class="lb-trans"><h2>英伟达正在多元化其商业模式</h2>
</div><p>It's no secret that Nvidia holds a commanding position in the graphics processing unit (GPU) market over its primary rival, <strong>Advanced Micro Devices</strong>. Nvidia's CUDA platform has become the de facto standard for AI developers, creating a powerful moat in hardware and software that competitors are struggling to replicate at scale.</p>
<div class="lb-trans"><p>众所周知，英伟达在图形处理单元（GPU）市场上占据主导地位，领先于其主要竞争对手 <strong>超威半导体</strong>。英伟达的 CUDA 平台 已成为 AI 开发者的事实标准，形成了一个强大的护城河，竞争对手在规模上难以复制。</p>
</div><p>Rather than resting on this dominance alone, Nvidia is systematically expanding its ecosystem across the entire AI stack. The company is deepening its involvement in high-performance networking through a combination of internal development and strategic partnerships. For example, in October, Nvidia invested $1 billion into <strong>Nokia</strong> in a partnership focused on AI-native radio access networks (RAN) and edge infrastructure.</p>
<div class="lb-trans"><p>英伟达并没有仅仅依靠这一优势，而是系统性地扩展其在整个 AI 堆栈中的生态系统。该公司通过内部开发和战略合作的结合，深化了在高性能网络中的参与。例如，在十月，英伟达 投资了 10 亿美元 与 <strong>诺基亚</strong> 建立合作，专注于 AI 原生无线接入网络（RAN）和边缘基础设施。</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>(0.83%) $1.62</p>
<div class="lb-trans"><p>(0.83%) $1.62</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$196.45</p>
<div class="lb-trans"><p>$196.45</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>$4.7TMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.</p>
<div class="lb-trans"><p>$4.7T 市值仅基于公开交易的流通股计算。不包括未上市、私有或双重类别的非交易股份。隐含市值可能有所不同。市值仅基于公开交易的流通股计算。不包括未上市、私有或双重类别的非交易股份。隐含市值可能有所不同。</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$193.99 - $197.41</p>
<div class="lb-trans"><p>$193.99 - $197.41</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$157.34 - $236.54</p>
<div class="lb-trans"><p>$157.34 - $236.54</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.7M</p>
<div class="lb-trans"><p>1.7M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>159M</p>
<div class="lb-trans"><p>159M</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>Nvidia is also quietly supporting data center build-outs through targeted investments in neocloud providers like <strong>CoreWeave</strong> and optical component leaders such as <strong>Coherent</strong> and <strong>Lumentum</strong>. Additionally, Nvidia's NVLink Fusion platform is helping enable new partners like Marvell to develop custom AI chips that can integrate tightly with Nvidia's architecture.</p>
<div class="lb-trans"><p>英伟达还通过对像 <strong>CoreWeave</strong> 这样的新云服务提供商以及光学组件领导者如 <strong>Coherent</strong> 和 <strong>Lumentum</strong> 的定向投资，悄然支持数据中心的建设。此外，英伟达的 NVLink Fusion 平台正在帮助新合作伙伴如 Marvell 开发可以与英伟达架构紧密集成的定制 AI 芯片。</p>
</div><p>Building a diversified business model reduces Nvidia's reliance on any single data center product while pushing the company closer to the center of the entire AI infrastructure build-out.</p>
<div class="lb-trans"><p>建立多元化的商业模式减少了英伟达对任何单一数据中心产品的依赖，同时将公司推向整个 AI 基础设施建设的中心。</p>
</div><h2>Nvidia has strong profitability, robust stock returns, and an attractive valuation</h2>
<div class="lb-trans"><h2>英伟达拥有强大的盈利能力、稳健的股票回报和吸引人的估值</h2>
</div><p>Throughout the AI revolution, Nvidia has translated its market leadership into exceptional financial success. Nvidia's revenue and earnings have risen exponentially thanks to AI-driven demand, which has contributed to share price appreciation of more than 1,000% over the last few years.</p>
<div class="lb-trans"><p>在 AI 革命期间，英伟达将其市场领导地位转化为卓越的财务成功。由于 AI 驱动的需求，英伟达的收入和盈利大幅上升，这也促成了过去几年股价超过 1000% 的上涨。</p>
</div><p>What's encouraging is that Nvidia has supplemented its strategic investments by expanding its dividend program as well. This demonstrates management's confidence to continue generating robust free cash flow and a willingness to share excess profits with investors.</p>
<div class="lb-trans"><p>令人鼓舞的是，英伟达通过 扩大其股息计划 来补充其战略投资。这表明管理层有信心继续产生强劲的自由现金流，并愿意与投资者分享超额利润。</p>
</div><p>From a valuation standpoint, Nvidia's forward price-to-earnings (P/E) multiple has become increasingly reasonable relative to its growth prospects. While Nvidia's forward P/E is notably higher than the long-run average <strong>S&amp;P 500</strong> forward earnings multiple of roughly 17, Abel has a bigger appetite for premium valuations, as long as they aren't overstretched.</p>
<div class="lb-trans"><p>从估值的角度来看，英伟达的 前瞻市盈率（P/E）倍数相对于其增长前景变得越来越合理。尽管英伟达的前瞻市盈率显著高于标准普尔 500 指数长期平均前瞻市盈率约为 17，但阿贝尔对溢价估值的接受度更高，只要它们不是过度膨胀。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>NVDA PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻） 数据由 YCharts. 提供。</p>
</div><p>Given the trends in the chart above, Nvidia stock is clearly no longer as expensive as it was during earlier phases of the AI cycle. Currently, Nvidia looks more like a value stock -- precisely the kind of business that Berkshire historically seeks out when it identifies a new business capable of compounding capital over the long run.</p>
<div class="lb-trans"><p>根据上图的趋势，英伟达的股票显然不再像 AI 周期早期阶段那样昂贵。目前，英伟达更像是一只 价值股——正是伯克希尔在识别能够长期复合资本的新业务时所寻求的那种企业。</p>
</div><h2>Nvidia looks like a strong match for Berkshire's investment discipline</h2>
<div class="lb-trans"><h2>英伟达似乎与伯克希尔的投资纪律高度契合</h2>
</div><p>Berkshire's classic investment criteria -- wide economic moats, strong C-Suite, understandable businesses, and the potential for long-term compounding -- align closely with Nvidia's mold.</p>
<div class="lb-trans"><p>伯克希尔的经典投资标准——广泛的经济护城河、强大的管理层、易于理解的业务以及长期复合的潜力——与英伟达的特征高度一致。</p>
</div><p>The company's brand strength in AI chips and expanding infrastructure ecosystem function as formidable barriers to entry and present high switching costs for its customers. Nvidia's steady diversification into networking and custom-chip architectures also helps give it a more resilient, durable profile compared to pure semiconductor plays.</p>
<div class="lb-trans"><p>该公司在人工智能芯片领域的 品牌实力 和不断扩展的基础设施生态系统，构成了强大的市场准入壁垒，并为其客户带来了高昂的转换成本。与纯粹的半导体公司相比，英伟达在网络和定制芯片架构方面的稳步多元化也帮助其形成了更具韧性和持久性的形象。</p>
</div><p>Under Abel's leadership, Nvidia could emerge as a logical technology investment because it offers exposure to secular AI tailwinds without requiring Berkshire to abandon its preference for steady growth from blue chip businesses. In a portfolio already touching many of the companies shaping the next industrial era, Nvidia represents a compelling candidate for a long-term holding.</p>
<div class="lb-trans"><p>在阿贝尔的领导下，英伟达可能成为一个合乎逻辑的科技投资，因为它提供了对长期人工智能趋势的曝光，而不需要伯克希尔放弃对 蓝筹企业 稳定增长的偏好。在一个已经接触到许多塑造下一个工业时代的公司的投资组合中，英伟达代表了一个值得长期持有的有吸引力的候选者。</p>
</div>

Prediction: Following Alphabet, This Could Be the Next Trillion-Dollar Artificial Intelligence (AI) Stock Greg Abel Adds to Berkshire's Portfolio

- 沃伦·巴菲特的退休标志着伯克希尔哈撒韦时代结束。  
- 新 CEO 阿贝尔调增对 Alphabet 的持股并完全退出亚马逊投资。  
- 英伟达的多元化商业模式符合伯克希尔投资标准，可能成为新投资重点。

Motley Fool

南方两倍做空英伟达

2 倍做空 NVDA ETF - T-Rex

2 倍做多英伟达 ETF - GraniteShares

1.5 倍做空英伟达 ETF - Tradr

2 倍做多 NVDA ETF - T-Rex

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

南方两倍做多英伟达

2 倍做空 NVDA ETF - GraniteShares

2 倍做多英伟达 ETF - Direxion

2 倍做多 BRKB ETF - Direxion

YieldMax BRK.B Option Income Stgy ETF

Roundhill BRKB WeeklyPay ETF

南方两倍做多伯克希尔

ProShares Ultra NVDA

2 倍做多英伟达 ETF - Leverage Shares

Leverage Shares 2x Cpd Acclrtd NVDAMnETF

NVDA 周配息 ETF - Roundhill

GraniteShares YieldBOOST NVDA ETF

xETFs NVDA Daily Income ETF

NVDA 期权收益策略 ETF - YieldMax

XI二南英伟-U

2 倍做多 MAG7 指数 ETF - Roundhill

半导体 ETF - VanEck Vectors

费城交易所 半导体 ETF - iShares

半导体 3 倍做多 - Direxion

Invesco PHLX Semiconductor ETF

标普半导体 ETF - SPDR

动态半导体 ETF - Invesco

纳斯达克半导体 ETF - First Trust

谷歌-A

谷歌-C

亚马逊

诺基亚

Coreweave

Coherent Corp.

Lumentum控股

迈威尔科技

标普 500 指数

NVIDIA Corporation

Nokia Oyj

预测：继 Alphabet 之后，这可能是 Greg Abel 将添加到伯克希尔投资组合中的下一个市值达万亿美元的人工智能（AI）股票